COPY FOR COMPANIES HOUSE Registered number: 0988976 Charity number: 309266 ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) CONTENTS Page Reference and administrative details of the company. its Governors and advisers Governors, report Independent audltor's report on the finan¢ial statements Consolldated statement of financlal activities 3-15 16-19 20 Consolidated balance sheet 21 Company balance sheet Consolidated statement of cash flows 22 23 Notes to the financlal statements 24-41
ST MARY'S SCHOOL (COLCHESTER) LIMITED {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors K Abbott2 A Be111,4 E Eddy2 S Flower (appointed 7 December 2023)1.3 D Hamilton2 A Hampton {appointed 5 December 2024)2 M Jacksonl R G Lambert. Chair of Finance Committee, C(FChair1,3.4 M Loxley (resigned 18 September 2023)3 W Magill, Co-Chair2.3 C Woods (appointed 7 December 2023)4 Finance and Operations Committee 2 Education Committee Strategy and Business Development Committee 4 Bursary Committee Key Management N Griffilhs Principal MA, PGCE, NPQH E L Bevan Head of Finance & Operations Bsc Business Admin, ACA Company registered number 0988976 Charity registered number 309266 Registered office 91 Lexden Road Colchester Essex C03 3RB Company secretary & Finance Manager L Shiret Co-chalrs R G Lambert and W Magill Independent auditor Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchesler Essex C07 7QR Page 1
ST MARYS SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Lloyds Bank PIC 25 Gresham Street London EC2V 7HN Solicilors Birkett Long LLP Faviell House 1 Coval Wells Chelmsford Essex CM1 1WZ Website www.stmaryscolchester.org.uk Page 2
ST MARY'S SCHOOL {COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDING 31 AUGUST 2024 The Governors are pleased to presenl their annual report logether with the consolidated financial statements of the Charity for the year ending 31 August 2024. The annual report setves the purposes of both a Governors, report and a Directors. report under company law. The financial statements have been prepared in accordance wilh the accounting policies set out on pages 24 to 27 01 the attached financial stalemenls and comply with Ihe Charities Act 2011. the Companies Act 2006,. the Memorandum and Articles of Association,. and the Statement of Recommended Practice Accounting and Reporting by Charities {FRS 102)- REFERENCE AND ADMINISTRATION INFORMATION St Mary's School {Colchesterl was founded in 1908 and is registered wilh the Charity Commission under Charity number 309266. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Charilable Company, St Mary's School Icolchesterl Limited is constituled under a Memorandum ol Associalion dated 27 August 1970 as updated on 5 September 2008 and 11 May 2017 and is a registered Charity, number 309266. Governing Body The structure of the Chartty consists of a Board of Govemors that oversees the management of the Charily. a School, which has two principal elements, a Senior School for pupils aged 11-16 and a Lower School (including a Kindergarten) for pupils aged 2-11. The Governors of the Charity who served during the year, were as stated on page 1. They are also the Charity Trustees and the Directors of the Charitable Company. Recrultment and Training of Truslee Directors The Governors are voted onto the Board by the currenl Governing Body members. New Govemors are inducted into the Governing Body and the School (including Board policy and procedures) by current Governors and the School Senior Leadership Team. New Governors are encouraged to gain first-hand knowledge of the working life of the School through supervised visits during the School day and attendance at School events where they meet staff, students and parents. There is a programme of continuous training on offer and new Governors attend workshops run by AGBIS. Organisational Managemenl The Governors are legally responsible for Ihe overall management and control of the School and meet as a whole, ai least three times a year. Governors assisted in the management of Ihe Charity via the operation of four sub-committees: the Education Committee. the Finance & Operations Committee, the Strategy & Business Development Committee and the Bursary Committee. Page 3
ST MARY'S SCHOOL {COLCHESTER) UMITED (A company limited by guarantee) GOVERNOR5, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 The members of the Finance & Operalions IF&O} Committee meet 1- 2 weeks before each meeting of the lull Board and on extra occasions as required. This Committee specifically looks at the budgel and accounts for the curreni year, short- and medium-term forecasts and at infraslructure investment plans and makes recommendations for approval by the Governing Body. The Educalion Committee meets each term before the main Board meeting and the Slrategy & Development Committee meet Imice per year to discuss the strategic direction of the School and the progress of the School's Development Plan. The Bursary Committee meets once a year in the summer term to discuss reapplications of existing bursaries as well as on an ad hoc basis during the year when new bursary applications are received. The Principal and the Head of Finance & Operations attend meetings of the above Committees. Other working groups of Governors and senior staff convene when necessary to evaluate, oversee and I or monitor specific projects or issues. The day to day running of the School is delegated lo the Principal, with the Head of Finance & Operations. the Head of Senior Schod and the He&J ol Lower SCI1 as the Senior Leadership Team (from 1 Septemtrr 2024, the Senior Leadership Team is com[sl ofthe Prirrip, Head of Finan & QErations and Ihe Principal). They are supported by their Wider Leadership Teams. Delivery ol the School's charitable vision and purpose is primarily dependent on the Senior Leadership Team. The Principal is responsible for all educational matters and for the day-to-day management ol the School. She heads the School's Senior Leadership Team and reports to the Board at each meeting. The Principal and Chair of Governors meet regularly. The School Developmenl Plan is the working tool used by all parties and is regularly reviewed by the Governors. 11 reflects the short to medium term strategic direction of the School and is updated regularly. The Head of Finance & Operations is responsible for all non-academic aspects of the School, including researching, recommending and implementing financial decisions, management of the estate, IT infrastructure and maintaining all policies. as well as the management of non-teaching staff. In addition, she is responsible for many of the compliance and regulatory matters affecling the School. She reports directly lo the Principal and also to the Board, as required, at each Governor's meeting. Related party relationships Governors None of our Governors receive remuneration or other benefit from their work with the organisation and any expenses incurred by them on behalf of the School is claimed for and paid. All concerned sign a Conflicts of Interest declaration and are required to declare any interests that may arise. bolh al committee meetings and also through a Declaration of Interests lorm. In the reporting year no interests were declared. Senior Staff (see also section 'Organisational Management) In the year to 31 August 2024, the School's Senior Leadership Team was comprised of Ihe Principal, Head ol Finance & Operations, Head of Senior School and Head of Lower School. The Governors review their pay annually and ensure Ihal the pay policy is applied using agreed crileria. The Principal and the Head of Finance & Operations. salaries are assessed againsl national benchmarking wilhin the independent sector; Ihe other team members are then calculated against the Principal's pay, using an agreed formula. All pay considerations are ultimately subject lo aflordability. Page 4
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDING 31 AUGUST 2024 Employment policy The School supports the principle of equal opportunities and opposes unfair discrimination on Ihe basis of age, sex, marriage and civil partnership, gender reassignment, race, disabilily, sexual orienlalion, religion or belief, pregnancy and maternity and part-lime or fixed-term employment Idefined as 'Protected Characteristics'l. Being a committed equal opportunities employer, the School will take every possible slep to ensure thal employees are treated equally and fairly. Policies and practices will conlorm with the principle of equal opportunities in terms of recruitment. selection. training, promotion. career development, discipline. redundancy and dismissal. All staff are provided with a Staff Handbook detailing all policies and procedures relating to employmenl. The Staff Handbook template is provided by Harrison Clark Rickersby and is reviewed and updated annually. In addition, the Staff Handbook is reviewed annually by the School's external Human Resources consultants, Peninsular. This ensures that the School is provided with any updates required as a result of changes to legislation. The School communicates with all employees regularly Ihrough normal management channels which include weekly staff briefings, termly staff meetings lor all slaff, email communication and team meelings. Staff are informed of any decisions Ihat are likely lo aflect their interests and are consulled on any significanl changes. Charity Code of Govemance The Governing Body remains aware of the Charity Governance Code published in 2017 {updated in 20201 which sets out the principles and recommended practice for good governance within the sector. The Governing Body is satisfied thal the School applies the principles of Ihe code within its current Governance arrangements which includes the use of a Governor Compliance Checklist recommended by Ihe Association of Governing Bodies of Independenl Schools IAGBISI. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The primary objective of the Charity as set oul in Ihe company's Memorandum and Articles of Associalion is the educalion of girls from the age of 'rising 3. 10 16 years. This includes the provision and enhancement of education in three areas of the organisation - Kindergarten for pupils (including boys) aged 'rising 3, to 4, Lower School lor pupils aged 4-11 and Senior School lor Ihose aged 11-16. In the furtherance of this Object, Ihe Governors, as Ihe Charity Truslees, have complied wilh the duty in s.4 01 the Charities Act 2011 to have due regard lo the Charily Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requiremenl under that Act. Aims of the School At St Mary's, our vision is lo empower girls to thrive at Sl Mary's and beyond. Using our expertise in educating girls and the latest research, we empower girls by inspiring them to see the world as one ol lirnitless possibilities and by equipping ihem with the knowledge, experiences and skills needed lo thrive at St Mary's and beyond. We do this in an environment designed specilically for girls. One that is sale in every respect- to experiment and question, lo take risks and follow passions, to innovate and lead. One that is free from judgement and stereotypes, and full of respecl and supporl. Page 5
ST MARY'S SCHOOL (COLCHE5TER) LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 The Aims of St Mary s are, as follows: To provide an ambitious, girl-centred education To loster high aspirations and a bold attitude To create a compassionale culture where every girt is known, supported and understood To develop pupils, understanding of the world so they become dynamic, engaged global citizens To promote inlelleclual curiosity and an enquiring mindset The St Mary's Values are.. Ambitious strive for excellence show determination to succeed see the world as one full of limitless FX)ssibililies Bold have confidence in your abilities be courageous exhibit a willingness lo take positive risks Compassionate show kindness, support and respect towards every individual be community minded and globally aware demonstrate a commitment to protecting the environment Dynamic adopt a positive mindset be imaginative and innovative productively challenge and drive positive change Enquiring be curious, investigate and constructively question be proactive in discovering new interests seize opportLJnities to broaden your knowledge Public Benefit Aims and Intended Impacl The Governing Body has given due consideration to the Charity Commission's guidance on public benefit and undertaken appropriate activities in furtherance of Ihe School's aims for Ihe public benefit. We co- operale with, and fundraise for: many and varied charilies in our ongoing endeavours lo widen public access to the schooling we can provide. The School has a programme to optimise the educational use of our buildings and sporting facilities and to awaken in our pupils an awareness of the wider social context of the education they receive at the School. The School is engaged in sharing the educational expertise of staff wilh others outside the School and developing the involvement of pupils in charilable activities for the wider benefit of Ihe public. We should particularly like to Ihank Ihe members of slaff who are involved in work in the community beyond School, as a nalural part of their own activities. The Curriculum The School upholds rigorous academic standards, guiding pupils toward exceptional levels of achievement. The results Irom public examinations reflect this commilment, wilh 97 % of GCSE outcomes in 2023124 falling within the grades of 9 to 4, and an impressive 38°/o achieving grades between 9 and 7. This performance underscofes the School's dedication to academic excellence and the effectiveness of ils educational stralegies. Page 6
ST MARY'S SCHOOL {COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 The educational framework is designed to nurture all facets of pupil development, emphasising the importance of preparing them for meaningful contributions to society as they Iransition inlo adulthood. The School's philosophy prioritises a comprehensive educational experience, recognising the significance of disciplines such as Art, Music, Design Technology, Drama, and Sporls. Consequently, substantial inveslments are made in these areas to ensure that pupils have the resources and opportunities to thrive. Professional development for staff is a key focus, enhancing the overall School community. In the 2023124 academic year, the institution facilitated the professional growth of three staff members through various National Professional Qualifications, including NPQSL and programmes centered on Leading Behaviour and Culture, as well as Literacy. Means-Tested Assistance The Governing Body considers that bursaries are important in ensuring Ihat children from families who would otherwise not be able to afford the fees can access the education offered. Bursary awards are available to children who meet the geneial entry requirements and are made on the basis of parental means or to relieve hardship where an existing pupil's education and future prospects would be at risk, for example in the case of bereavemenl or redundancy. In assessing means. the School takes a number of factors into consideration including family income, investments and savings and family circumstances. However, the School does not have a large cash endowment and, in funding bursaries, the School has to be mindful of ensuring a balance between fee-paying parents, many ol whom make considerable personal sacrifices to fully fund their children's education, and Ihose benefiting from the awards. Further details of bursaries and how to apply are provided on the School website. Bursaries are subject to annual review so that the School can ensure that support is only provided to those who require it. In 2023124, the School provided means tested bursary assistance lo 7 k)w pupils to the value of £35.310,'13.5/.1 of gross tee income. Round Square St Mary's is a long standing and active member of the Round Square Association. Round Square Schools are characterised by a shared belief in an approach to education built around six themes, the IDEALS, drawn from the theories of the educalionalisl Kurt Hahn. These ideals are Internalionalisrn, Democracy, Environmentalism, Adventure, Leadership and seICe. The Round Square ideals underpin the Discovery Frafflework, which supports Schools in developing and structuring holistic programs that build characler, compelencies and life-skills in its studenls. These ideals provide a common platform, shared by all Schools in the Flound Square neork, around which to collaborate. swap and share learning resources and participate together in joint activities such as conferences, exchanges and academic projects. During the year, Ihe School's Round Square Committee and the Eco Team hosted an online conference for over 100 pupils from Ihe UK, Dubai, India. South Africa, Argentina and Peru. The theme was "Climate change - turning anxiety into action. The pupils designed a range ol activities and discussion points to share the work St Mary's has done as an Eco School. and to allow the olher Schools to share and discuss their actions and ideas to make a positive difference. All pupils across the School are involved in collaboraling with other Round Square Schools. The Lower School pupils created an online collaborative story writing activity whilst the Senior School pupils created collaborations around language acquisition and neurodiversity. Page 7
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 In an excellenl demonstration of the Leadership ideal. the pupil led Round Square Committee organised and ran a weekly coffee shop throughout the Spring Term to raise money for Ihe Catherine Bullen Foundation. Their idea was to use 'food and drink, to support the projecl lo raise money for the irrigation project to grow food at the Good Hope Primary School in the Kalahari Desert. The Senior School Assistant Head Co-curricular and Assistant Head Pastoral attended the Round Square Forum at the Ermitage School near Paris. They presented a 'good practice, session lo Schools from across the European and Mediterranean region about Sl Mary's 'eco journey. and how Schools can engage pupil voice in their activities. The visit also included attending good practice sessions presented by other Round Square Schools and neOrkIng with their slaff. Charitable Giving and Fund-raising As a Round Square School. charitable giving is a key part ol the Service ideal and the pupils at both the Lower and Senior Schools enjoy coming up with original and creative ways lo raise funds and awareness for a number of charities. Lower School The Charity Committee developed a programme of events to encourage pupils lo consider others and raise awareness of those who need support and are less fortunate than them. The committee raised nearly £2,500 through a movie night. old toy sale. Name the Bear competition and a disco. Charities chosen by the pupils were Korban, breaking the cycle of homelessness for young people in Colchester and World Wildlife Trust IWWFI. In addition, our Harvest Festival held at St Albright's church was again well supported by parents providing lots of non-perishable food to be given to St Helena Hospice who were extremely grateful for the contributions. Children in Need is always a great Charity evenl al the Lower School wtth the pupils dressing in non- unilorm, often wearing spots. Alongside this, we held our annual Pudsey Bear raffle, which is always a firm favourite of the pupils, with the Pudsey Bears hand knitted by parents of the slaff. Senior School During the year, the Assislanl Head Co-curricular developed a programme of events and ideas to encourage pupils lo grow as global citizens and encourage philanthropy. As a result, the School supported the followng charities raising over £7,000 during the year: 1. Catherine Bullen Foundation Sl Mary s has supported this local Charity for a number of years, in particular through the work of Ihe Round Square Committee. Roger and Linda Bullen live locally in West Mersea and sel up this Charily to support impoverished communities in rural Namibia. in memory of Iheir daughter, Catherine, who died there whilst travelling lo a medical elective in Southern Africa, whilst training as a medical student. We have developed a link wilh Good Hope Primary School, which seNes Ihe disadvantaged San community in the Kalahari Desert. We have helped purchase cooking equipment, School uniforms and shoes for their pupils, and the most recent project was to help build an irrigation system for Ihe School garden. 2. Beacon House Several former St Mary's staff members have volunteered wilh Ihis local homeless Charity in previous years. Pupil leaders in the School chose to support this Charity at Christmas. so that St Mary's Christmas festivities can help support those that are less fortunale in the local community al that time of year. Page 8
ST MARY'S SCHOOL {COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDING 31 AUGUST 2024 3. Children in Need and Comic Relief The Miss Comrie scholars have traditionally led the aclivities and fundraising in support of these national Charity events. The Miss Comrie scholars decide on activities. competitions and events to run in School., planning, organising and then delivering the charitable days. 4. Sealife Trust A small group of pupils in Year 9 were motivaled to approach the School over their concern for environmental damage and pollution in the seas and oceans. In Summer 2023 they organised a day off timetable lor the whole School to raise awareness of the key issues. and lo lundraise. They continued this in 2024 with a day ol events lo conlinue Io SUPF)Ort Ihis Charity. Use of Facllities Sl Mary's prides itself in supporting the local communty, providing opportunities for educational events and School lacilities lo be used whenever possible. S t M a r y ' s School allows the use of its facilities for a range of aclivilies which are open to non-school fflembers. The following Arts organisations have had use of St Matys Sch1 facilities during the year.. The Actors Lounge Chameleon's Web Theatre Company Associated Board of Ihe Royal Schools of Music IABFISM - for music exams) Theatre Arts Academy London Academy of Music & Dramatic Art {LAMDA- for drama exams) House Events St Mary's operates a successful house system across all year groups encouraging pupils to work together as a team and develop a sense of community and togetherness with each house being led by a team of staff members. In the Autumn term, the pupil and staff House teams at the Senior School organised and ran a community- building festive day al the end of the last week of the term. They designed a range of activities to get each House to work together. culminating in a Christmas Fair in the afternoon, where there were a range of stalls to raise money for the School Christmas charities, as well as hosting a community Chrislmas concert. At the Lower School, we wanted to include more House events for the pupils this year so we held an inter- house talent competition as well as a Speaking competition where the pupils excelled from the youngest reciting nursery rhymes lo the older pupils performing Shakespeare. These wenl alongside the netball, hockey and cross-country house events which were already in place. This acadernic year, the Senior School Sports Day format was changed so that the traditional sports day event was confined to Ihe morning, wilh the afternoon dedicaled to the inaugural 'House Olympics,, organised by the House teams with pupils competing in a range ol traditional sports day competitions to win the Miss Jones cup. The Lower School Sports Day also enjoyed a new format, held at the Garrison track. The pupils enjoyed taking part in Ihe differenl disciplines combined with the normal competitive races. Furthermore, a new calendar of inler-house sporting contests was established in the year lo promote the house spirit and friendly, fun competition. These included the return of the Rowing Regatta, as well as new events such as Christmas volleyball and Tchoukball. These led to participalion from a very large number of pupils across every year group at the Senior School. Page 9
ST MARY'S SCHOOL (COLCHESTER) UMITED (A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 Enrichmenl Enrichmenl activities are a core part of the St Mary's all round education and in the academic year 2023124, a new carousel of Enrichmenl activilies was established at the Senior School as part of every pupil's timetable. These ranged from STEM aclivities such as engineering and coding- creative activities including upcycling and creating sustainable art- to Model Uniled Nations and debating. Following pupil voice feedback, new Options were also introduced back into the limetable, in particular Choir and Orchestra, in addition to the PE options. Clubs continued to be developed during the year a comprehensive lunchtime programme was created with additional pupil-led clubs established including Japanese Club, Model United Nations Club and Bingo Club. As part ol the Model United Nations club, 10 pupils from Year 10 participated in a two day MUN conference at Felsted School. They represented Paraguay and Libya on UN committees such as UNICEF, Environment and Ecology and WHO. Following their successful participation in the MUN conference, Ihese pupils designed and ran an internal conference for St Mary's Year 8 pupils in October 2024. Trips & Educational Visils Numerous trips linked to the curriculum took place throughout Ihe year. At the Senior School, pupils visited Krakow and Auschwitz., whilst this was primarily a History and RS Irip. it was opened to all GCSE pupils as the experience was valuable for everyone. St Mary's has continued to consolidate ils link with the Willem van Oranje School in Oud Beijerland near Rotterdam in the Netherlands. St Marys pupils establish a penpal link late in Year 8 and they meet their penpal early in Year 9 for a range of cultural and relationship-building activilies when the Dutch School visil the UK in the Autumn Term. The Senior School Challenge Week, which happens in June every academic year, continued lo be developed in 2023124. Year 7, Year 8 and Year 10 used the expert services of Flooglebinder, a sustainabilily-locused B Corp, to lead trips lo the Isle of Wight, Pembrokeshire and Croatia. This was to ensure Ihat the weeks were challenging, educalional and focused on Ihe St Mary's Values. Year 9 undertook their Bronze Duke of Edinburgh Award as part ol Iheir Challenge Week. Pupils who remained in School were challenged with a wide range of aclivities from an enterprise day. cultural and sporting activities and running a communty 'service' day. At the Lower School, numerous trips linked to the curriculum took place throughoul the year, including the Year 4 residential to Bawdsey Manor and the Year 5 and 6 residential to Plas Gwynant in Wales, which was a new venue for us. All trips provide pupils with lanlastic experiences where Ihey can build resilience, be bold and be compassionate towards each other. Day trips included Pizza Express, Essex Food and Farming. Hedingham Castle and Mersea Outdoor Centre. Economic Impact In 2018, Oxford Economics was commissioned by the Independent Schools Council, on behalf of their 1,205 Schools in Britain, to assess the economic contribution made by those Schools annually. Using the tool developed as part of Iheir review. Sl Mary s School has contributed the following in 2023124: Total savings generated for the UK laxpayer, as a result of St Mary s pupils not taking up iheir free UK state School place is £2.9m per annum. St Mary's employed 104 people during the perityj. Page 10
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDING 31 AUGU5f 2024 Total amount of UK lax supported by St Mary's School's activities is £2.9m per annum (£1.2m of 'direct tax contribution., £0.3m of 'indirecl tax contribution, and £1.4m of 'induced lax contribulionl,. Total contribution to UK GDP of £6.1m per annum {£4.8m of'direct GDP,, £0.6m of 'indirecl GDP, and £0.7m of 'induced GDP'I. Current Objeclives The School's objeclives are set lo reflect the educational aims and the ethos of the School. and to maintain and enhance the academic success of the School. In setting the objectives and planning the activilies the Govemiro Bcrfjy has given careful consideration to the Charity Commission's guidance on PLtblic benefit. This year, the focus has been on the continued achievement of academic performance and academic value added, and development of the co-curricular programme. The key objectives for the year included- To develop further mechanisms for the improvemenl of academic performance To develop measures ol added value in all areas of School life To enhance the programme of staff training and development To rnaintain, and grow where possible, pupil numbers across Kindergarten. the Lower and the Senior Schools To continue to build on the School's internationalism through membership of organisalions such as the Round Square To develop partnerships to deliver improved outcomes for all involved To identify opportunities in line with the School's ethos that deliver additional income streams Strategies to achieve the year's objeclives These included continuing to review the School's academic syllabus in order to benchmark academic slandards against external public examinations and independent value-added criteria. with academic achievernents being enhanced by a strong emphasis on sporling and social skills. The School continued to develop the expertise of teaching statt and ensuring succession planning and staff development. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THEYEAR In the 2023124 academic year, Ihe School continued to demonstrale its commitment to professional development for slaff, which ultimately benefits the entire School community. Three educalors were supported in pursuing various National Professional Qualificalions, including NPQSL and courses focused on Leading Behaviour and Culture. as well as Literacy. This inveslment in staff development aligns wilh the School's overarching goals, fostering an environment where both educators and pupils can achieve remarkable success. In the realm of sports and extracurricular activities, the School celebrated numerous achievements, including national and regional accolades across various sports disciplines, alongside individual representation at the national level in multiple sports. The Arts department also demonstraled remarkable success, securing several victories in prestigious competitions such as the GSA and ISA. Additionally. pupils engaged in a wide array ol events aimed at fostering internationalism, including our own Model Uniled Nations and Round Square initiatives. Page 11
ST MARY'S SCHOOL {COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 The Lower School pupils again excelled in Ihe Year 6 SATS tests, with all pupils meeting the year group expectations with many achieving the high standard, we were especially proud of Reading wth 70°/., 65°/. in Spelling, Punctuation and Grammar and Maths with 65Q/o meeting the Higher Standard. Of Ihe 20 pupils who took the KS2 SATS. 40Qlo achieved a Higher Standard across all 3 subject areas - Reading1110+1, Maths1110+) and Writing (working at greater depth). A group ol Year 6 pupils attended another local Independent School for the annual Maths Challenge Day, coming 1st against 9 other Independent Schools. Year 4 pupils attended the Public Speaking competition with 1 pupil winning the questioner category. ISA rnusic composition music competition saw 2 pupils gaining 2nd place. The after-school music concerts continue to be highly successful with a large percentage of the pupils taking part in performances lo develop performance skills with an audience. These have seen pupils play a variety of instruments including ukelele, violin, guitar, clarinet, piano and voice at differenl ability levels. A large proportion of the Lower School pupils also take LAMDA exams with a very high percentage achieving distinctions. Success is also seen in ABRSM exams with pupils again gaining excellenl resulls. The Year 3 and 4 production of The Wizard of Oz and the Year 5 and 6 production of Malory Towers were bolh hugely successlul, allowing pupils to develop performance skills on Ihe stage. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School continues to operate against a backdrop of financial. economic and political cha]lenges that are amecting the entire Independent School sector. The Govemors were pleased to see pupil numbers maintained al both the Lower School and Senior School during the year compared to prior year as well as an increase in occupancy at the Kindergarten. Wtih the threal of VAT on fees on the horizon (now confinned to be introduced from 1 January 20251, the Governors were pleased to see Ihe financial impact of the operalional and organisational changes that have been made during the past 12-18 months driving an overall surplus of £303,931 for the year to 31 August 2024. Net fee income increased by £535,87219.8 /.) during ihe year whilst total expenditure increased by only 3.0°/. (£149,640) reflecling the cost reducb'on efforts across the School during Ihe year. Net current assets have increased by £343,011 during Ihe year predominantly driven by a £296.805 increase in the School's cash at bank posilion. Overall, Ihe balance sheet perfomied well compared to prior year1£4.6m compared with £4.3m as at 31 August 20231. The previous years. figures include trading activities and costs to raise funds relating to the trading subsidiary SMS Icolchesterl Limited, trading activtty for this subsidiary company ceased at 31 August 2023 and Ihis trading subsidiary company has subsequently been dissolved. Reserves policy The Governors regularly review the level and nature ol the reserve funds available for Ihe School. Whilsl previously, the Governors aim was to have free reserves equaling io one term's expenditure where practicable, the Governors acknowledge that recent sharp rises in operational costs have resulted in current free reserves falling below that figure1£2.Om summer term 20241. The School carries no debt and the Governing Body approves the funding of capital expenditure out of reseNes, if appropriate. Page 12
ST MARY'S SCHOOL (COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGusf 2024 At the year-end, the School's free reserves, excluding fixed asset reserves. amounted to £837,959. {2023:£577,6831. The Governors will continue to balance further improvements to free resetves with the need to invest for the future and will continue to allow the free reseNes to fall below the benchmark they have sel where required improvements are identified and justified. Throughout the year the Governing Body monilors Ihe situation, using cash flow as a surrogate measure. Investmeni powers and policy The Charity has one investment in a Sterling Liquidity Fund. The Charitrfs inveslmenl objectives are to generate income to support investment across the Estate as well as fund bursary awards, while providing securily ol the capital sum. The Truslees are satisfied with the overall perfomiance of Ihe Charity's investments. Going Concern The School has prepared forecasts that consider the cash position, sources of income, as well as planned expenditure. These forecasts consider anlicipaled pupil numbers. delayed fee payments, reduced fees and other income, bursary support and potential bad debts as well as the likelihood of negative sensitivities on Ihe School's financials. These sensitivities include potential reduclions in pupil numbers as a result of the imposition of VAT on School fees from 1 January 2025 by the Labour government. Resulls of Ihe financial forecasts and expected future cashflows indicate that the cash reserves of Ihe Charity are adequate lo meet their obligations as they fall due. Having regard to the above, Ihe Governors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. FUTURE PLANS The key objective of the Governors is to balance the provision of an excellent all-round education lo all pupils with maintenance and improvemenl to all Ihe School's facilities and assels. However, the Governors recognise that we must plan beyond the immediate lulure to ensure the long-lerm provision of excellent education for the pupils entrusted to our care. Careful moniloring of the financial climale and trends and its effect on parental abilily to mainlain fee paymenl will be a continuing focus, especially given the backdrop of the rising cost of living and inflation and the imF)osilion of VAT on fees from l January 2025. To ensure that we deliver value for money and remain affordable, we monitor the fees charged by other education providers in the area, as well as those charged nationally, whilst ensuring that our excellent standards are maintained. Our locus is to continue to improve urx)n our academic results- develop and add extra value lo the School offer in order to stimulate growth in pupil numbers and to capitalise upon the ongoing success of the Kindergarten as a feeder into the main School. The plan also recognises the importance of the marketing effort in this process. The Governors were pleased to see that 2023124 was another strong year lor the St Mary's transport service, with occupancy levels remaining constant and customer satisfaction high. The bus service continues lo be reviewed regularly to assess potential new routes for expansion. Following extensive research and increasing demand, 2 new roules were launched for the new academic year 2024125 extending out towards Frinlon-on-sea and to the Easl of the School towards Ipswich. The School has also invesled in a new app for parents to use in relation to Ihe bus service, launched in September 2024 that allows them to see live tracking information as well as report absences, amongsl other benefits. Page 13
ST MARY'S SCHOOL (COLCHESTER) LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2024 RISK MANAGEMENT The Governing Bc*tyis responsible for the management of the risksfaced bylhe School. Risks are idenlified, assessed and controls established throughout the year. A formal review ol the School's risk management processes and register is undertaken on an annual basis. Through the annual review of the risk register, the Govemors consider Ihe key risks facing the School and agrees appropriate miligalion. The principal risks Ihe School faces are considered to be.. Ongoing parental affordability remains a high priority particularly in Ihe current uncertain economic environment where il is impacted by high inflation, high interest rates and the recent addition of VAT onfees Irom 1 January 2025 as well as the loss of business rates relief from April 2025. Inability to recruit slaff of the right calibre. The School aims to recruil. retain and develop excellenl staff, and Ihis quality would be at risk il less than optimum staff remuneration and conditions were to depress morale. The School also employs specialist stafl and has clear policies and procedures to ensure high levels ol staff welfare and safety. Inadequate investment in facilities. The aims and ethos of the School require continuing investment in facilities including ICT for teaching and learning, pasloral care, sports, drama and other activities. Failure to generate adequate annual surplus for reinvestment would compromise this. Failure to comply with relevanl regulations. The School is subject lo regulation by a number of bodies, particularly in relalion to safeguarding, child prolection, health and safety and data proleclion. The School appoints and Irains staff appropriately, and takes the necessary specialist advice to ensure compliance. The key controls used by the Charity include: formal agendas for all Committee and Governor activty. detailed terms of reference for all Committees. these are reviewed every three years., comprehensive strategic planning, budgeting and management accounting- established organisational structure and lines of reporting- formal written policies- safeguarding procedures as required by law and best practice for Ihe protection of the vulnerable- a detailed Risk Register reviewed annually by the relevant sub-committees wilh key risks reported to and discussed by the Board Through the risk management processes eslablished for Ihe School. the Governing Body is satislied that the major risks identified have been approprialely mitigated where necessary. It is recognised that systems can only provide reasonable and not absolute assurance that major risks have been managed. The Head of Finan & OFerations conlinues to support the Governing Bcxjy in Ihe management of risk, policy review and best practice. wilh a particular emphasis on safeguarding and regulatory compliance. The Governing Body regularly reviews the etfectiveness of curreni plans and strategies for managing all identified risks for Ihe School. Page 14
ST MARY'S SCHOOL (COLCHESTER} LIMITED (A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDING 31 AUGUST 2024 STATEMENT OF RESPONSIBILITIES The Governors (who are also Directors of St Mary's School Icolchester) Limited for the purposes of company lawl are responsible for preparing the Governors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve Ihe financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charttable company and the group and ol Ihe incoming resources and application of resources, including the income and expendilure, of the charitable group for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply ihem consistently- observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent" state whether applicable accounling standards have been followed, subject to any material departures disclosed and explained in the linancial stalements- prepare the financial stalements on the going concern basis unless il is inappropriate lo presume thal the Charity will conlinue in business. The Governors are responsible for keeping accounting records that are sullicient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable company and the group and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Dlsclosure ol information lo auditors Each of the persons who are Governors at the time when this Governors. report is approved has confirmed that.. so lar as that Governor is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Governors have laken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that infomlation. This report was approved by the Governors on and signed on Iheir behalf by- R G Lambert {Co-Chair of Governors) Page 15
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARYS SCHOOL (COLCHESTER) LIMITED Opinion We have audited the financial statements of St Maws School (Colchesterl Limited (the 'parent Gharitable companV} and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated stalement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable companrfs affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the f5nancial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including Ihe Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Govemors. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may casl significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to goin9 Goncern are described in the relevant sections of this report. Page 16
ST MARYS SCHOOL (COLCHESTER) LIMITED (A Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARYS SCHOOL (COLCHESTER) LIMITED (CONTINUED} Other inforrnation The other infonnation comprises the infomiation included in the Annual report other than the financial statements and our Auditor's report thereon. The Govemors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility IS to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial slatements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalement in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other information, we are required to report Ihat fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Govemors, report for the financial year for which the financial stalements are prepared is consistent with the financial statements. the Govemors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Govemors, report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion.. the parent charitable company ha5 not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us- or the parent charitable company financial statements are not in agreement with the accounting records and returns- or ¢ertain disclosures of Governors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Govemors, responsibilities statement, the Govemors (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Govemors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concem, disclosing. as applicable, matters related lo going concern and using the going concem basis of accounting unless the Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but lo do so. Page 17
ST MARY'S SCHOOL {COLCHESTER) LIMITED {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARYS SCHOOL {COLCHESTER) LIMITED (CONTINUED) Audltor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasoriable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company group and for those that are most significant. we enquired into how management ensures compliance is maintained. We identified that the principle risks of non compliance with laws and regulations related to the regulalory industry that the school as a charitable company operates in. This effects the ability lo continue the charitable aclivities of educating girls 3 - 16 (and boys 3 4) . Other relevant laws and regulations of note include health and safety. Enquiry and review of the entitvs transactions was undertaken to highlight any instances of penalties, fines or legal activity which could suggest non-compliance with laws and regulations. There was no conlradictory evidence found. We also considered those laws and regulations that have adirect impaGi on the preparation of the financial stalements including the Companies AGi 2006. and Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of overide of controls) and determined that the principle risks were related to the override of delegated authorities and the misappropriats'on of funds. In response we incorporated testing of procurement and expenditure and any other entries at risk of falling outside of delegated authorities. Scrutiny of unusual transactions and analytical procedures were used to help identify risk factors in monies received and expended during the year. It is also staled as a reminder, that the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the chariiable company group. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Page 18
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTER) LIMITED (CONTINUED) Use of our report This report is mada solely to the charitable CoMpanS members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Daniel Aldworth FCCA FMAAT (Senior statulory auditor) for and on behalf of Griffin Chapman Chartered Accountants Registered Auditors 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Date: 25 Page 19
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 26.056 6,525,735 26,056 6,525,735 25,460 6,043,425 35, 603 45,972 92,876 92,876 Total income 6,644.667 6,644,667 6,150,460 Expenditure on: Raising funds Charitable activities 73,272 6,191,096 6,340,736 6.340,736 Total expenditure 6.340.736 6.340.736 6,264,308 Net movement in funds 303,931 303,931 (113,848) Reconciliation of funds: Total funds brought forward Net movement in funds 4.301,627 303.931 1,000 4.302,627 303.931 4,476,475 (113,848) Total funds carried forward 4,605,558 1.000 4,606,558 4, 302, 627 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 24 to 41 fomi pari of these financial statements. Page 20
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) REGISTERED NUMBER: 0988976 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets 13 3,767.599 3, 723,944 3,767,599 3, 723.944 Current assets Slocks Debtors Cash at bank and in hand 15 4,467 198,282 2,503,807 13,210 143, 333 2.207, 002 16 2.706,556 2.363,545 Creditors- arnounls falling due within one year 17 (1,817,097) (1, 709, 162) Net current assets 889,459 654,383 Total assets less current liabilities 4,657,058 4,378,327 Creditors.. amounts falling due after more than one year 18 (50,500) (75. 700) Net assets excluding pension asset 4,606,558 4,302, 627 Total net assets 4,606,558 4,302,627 Charity funds Restricted funds Unrestricted fund5 20 1.000 4,605.558 1.000 4.301,627 20 Total funds 4,606,558 4,302,627 The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements.were approved and authorised for issue by the Governors and signed on their behalf by.. Mr R G Lambert (Co-chair of Govemors} Date.. C&- The notes on pages 24 to 41 form part of these financial statements. Page 21
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) REGISTERED NUMBER: 0988976 COMPANY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 3,767,599 3, 723,944 3,767,599 3, 723.945 Current assets Stocks Debtors Cash at bank and in hand 15 16 4.467 198.282 2.503,807 5, 826 167.540 2, 189,634 2.706,556 2,363,OOQ Creditors.. amounts falling due within one year 17 (1.817.097) (1.708,618) Net current assets 889,459 654.382 Total assels less current liabilities 4.657.058 4,378.327 Creditors.. amounts falling due after more than one year 18 (50,500) (75, 700) Net assets excluding pension asset 4.606,558 4.302,627 Total net assets 4.606,558 4.302,627 Charity funds Restricted funds Unrestrirted funds 20 1,000 4,605,558 1,000 4,301,627 20 Total funds 4,606,558 4,302. 627 The company's net movement in funds for the year was £303.931 (2023- £(116, 751)). The Governors acknowledge their responsibilities for complwng witri the requirements of thè Act with respect to accounting records and preparation of financial statements. The financial Aal, by.. ment roved and authorised for issue by the Govemors and signed on their behalf MrRG ambert {Co-Chair of Govemors) Date: 2£ Page 22
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 506.104 170,590 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 92.876 (302,175) 45,972 (234, 936) Net cash used in investing activitles (209,2991 {188.964) Cash flows from financlng activities Net cash provided by finan¢lng activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 296,805 (18,374 2, 225,376 2.207.002 Cash and cash equivalents at the end of the year 2,503.807 2,207, 902 The notes on pages 24 to 41 fomi part of these financial statements Page 23
ST MARY'S SCHOOL (COLCHESTER) LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General infomiation The Charitable Company is a Company limited by guarantee. The members of the Company are the Govemors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.00 per member of the Company. Accounting policies 2.1 Basis of preparation of financial statements The financial slatements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2015). the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. St MaS School (Colchester) Limited meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities {SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charitable Company Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Ststement of financial activities in these financial statements. 2.2 Going concern The Governors assess whether the use of going concem is appropriate, 18 whether Ihere are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charttable Company Group to continue as a going concen. The Governors make this assesment in respect of a period of at least one year from the dale of authorisation for issue of the financial statements and have concluded that the Charitable Company Group has adequate resources to continue in operational existence for the forseeable future and that there are no material uncertainties about the Charitable Company Group's ability to continue as a going concern, thus they continue lo adopt the going concern basis of accounting in preparing the financial statements. Page 24
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charitsble Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset. it is rneasured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in aGcordance with the Charitable Companvs accounting policies. On receipt. donated professional services and facilities are recognised on the basis of the value of the gift to the Charitable Company which is the amount it would have been willing to pay to obtain servi$ or facilities of equivalent economic benefit or) the open market- a corresponding amount is then re¢gnised in expenditure in the period of receipt. Incorne tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure 15 recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable Ihat a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly underlaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company Group- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 25
ST MARYS SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at cosl less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line melhod. Depreciation is provided on the following bases= Freehold propety Motor vehicles Fixtures and fittings School equipment 2% oncost 200/0 on cost 100/0 on cost 250A to 33.3 /0 on cost The assets. residual values. useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate. or if there is an indication of a significant change since the last reporting date. 2.7 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannol be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments. in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid inveslments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 26
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continued} 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimaled reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the arnount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.12 Financial instruments The Charitable Company Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Operating leases Rentals paid under operating lèases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. 2.14 Pensions The Charitable Company Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable CompanyGroup to the fund in respect of the year. 2.15 Fund accounting General fijnds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charitable Company Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance wilh specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged againsl the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 27
ST MARYS SCHOOL (COLCHESTER> LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions- The Charitable Company makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant rÉsk of causing a material adjustment to the carrwng amounts of assets and liabilities within the next financial year are discussed below. Stock stock is stated at the lower of cost (first in first out method) or net realisable value. Stock provisions are recognised for slow moving, obsolete or unsalable inventory and are reviewed on a periodic basis. This figure is incorporated into the value of closing stock at the yearond. Income from donations, legacies and government grants Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donation5 26,056 26,056 25,460 Total 2023 25,460 25,460 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities - Upper Sch(xil Income from charitable activities - Lower School Income from charitsble activities - Kindergarten 4.516,412 1.672,161 337,162 4.516,412 1,672.161 337,162 4,220,181 1,564,947 258, 297 Total 2024 6,525,735 6,525.735 6,043,425 Total 2023 6,043,425 6.043,425 Page 28
ST MARYS SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Shop income 35,603 Total 2023 35,603 35.603 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income - interest 92,876 92,876 45,972 Total 2023 45,972 45,972 Analysis of expenditure on charitable activities Unrestricted funds 2024 Total 2024 Total 2023 Upper School Lower School 4,355,049 1,702.189 283.498 4,355,049 1.702,189 283,498 4,272,765 I. T06,442 272,489 Kindergarten 6,340.736 6,340,736 6,191,096 Total 2023 6. 191.096 6.191,096 Page 29
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities (continued) (continued) Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Upper School Lower School 3.093.044 1.176,130 218,537 1,262,005 526,059 64.961 4,355,049 1,702,189 283,498 4,212,165 1, 706,442 272,489 Kindergarten 4,487,711 1,853,025 6,340,736 6,191,096 Total 2023 4.260, 182 1,930,914 6.191,096 10. Auditor's remuneration 2024 2023 Fees payable to the Charitable Companvs auditor for the audit of the Company's annual accounts Fees payable to the Charitable Companys auditor in respect of.. All non-audit services not included above 11.792 17,400 2,622 2, 580 Page 30
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Slaff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 3,398,188 310,855 3,230,438 371,242 3,398,188 310,855 3.219,980 311,701 585,392 514,203 585.392 514,129 4,294,435 4.055.883 4,294,435 4,045,210 The average number of persons employed by the company during the year was as follows: Group 2024 No. Group 2023 No. Company 2024 Company 2023 Teaching staff DomestiG & non-teaching staff Adminitrative staff Nursery 45 15 35 46 12 28 45 15 35 12 28 95 703 95 103 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 Group 2023 In the band £60.001- £70.000 In the band £70,001- £80.000 In the band £80,001- £90,000 In the band £100.001-£110,000 12. Governors. remuneration and expenses During the year, no Governors received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024. no Govemor expenses have been incurred (2023 - £NIL). Page 31
ST MARYS SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tangible fixed assets Group Assets Motor Fixtures and under vehicles fittings construction Freehold property Total Cost or valuation At 1 September 2023 Additions Transfers beeen classes 4,674,657 51,382 1,261.397 142,219 11,003 15,680 159.956 (144,718) 6,003,116 302,175 133,715 At 31 August 2024 4,808,372 51,382 1.414.619 30,918 6.305.291 Depreciation At 1 September 2023 Charge for the year 1.548.852 88.954 20,182 7,200 710.138 162.366 2.279.172 258.520 At 31 August 2024 1,637,806 27,382 872,504 2,537,692 Net book value At 31 August 2024 3.170.566 24,000 542,115 30,918 3.767.599 At 31 August 2023 3, 125, 805 31.200 551.259 15,680 3, 723,944 Company Assets Motor Fixtures and under vehicles fittings construction Freehold property Total Cost or valuation At 1 September 2023 Additions Transfers between classes 4.674.657 51,382 1.261.397 142,219 11,003 15,680 159,956 (144.718) 6,003,116 302,175 133,715 At 31 August 2024 4.808.372 51,382 1,414,619 30,918 6,305,291 Page 32
ST MARY'S SCHOOL {COLCHESTER} LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tangible fixed assets (continued) Company {continued) Assets Motor Flxtures and under vehicles fittings construction Freehold property Total Depreciation At 1 September 2023 Charge for the year 1.548,852 88.954 20.182 7,200 710.138 162,366 2,279,172 258,520 At 31 August 2024 1,637.806 27,382 872,504 2,537,692 Net book value At 31 August 2024 3.170,566 24.000 542.115 30.918 3,767,599 At 31 August 2023 3.125,805 31,200 551,259 15,680 3, 723, 944 Page 33
ST MARYS SCHOOL (COLCHESTER> LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Fixed asset investments Investments in subsidiary compani85 At 1 September 2023 Amounts written off (1) Net book value At 31 August 2023 Investments subsidiary companies At 1 SepterT7ber 2023 Amounts written off {11 Net book value At 31 August 2023 15. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Finished goods and goods for resale 4.467 13,210 4,467 5,826 Page 34
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayrnents and accrued income 27.488 20.342 27,488 24,318 20,231 756 722,835 29 156 122.835 29 170,765 170,765 198,282 143.333 198,282 167,540 17. Creditor5: Amounts falling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Other taxation and social security Other creditors. accruals and deferred income 167.145 77,028 1.572,924 93,120 71,208 1.544,834 167,145 77,028 1,572,924 93,656 71,208 1, 543, 754 1.817.097 1,709.162 1.817,097 1,708.618 Group 2024 Group 2023 Company 2024 Company 2023 Deferred income and fees in advance Deferred income at 1 September Resources deferred during the year Resources released during the year 663.788 773, 941 663.788 663,669 554, 808 663,669 (601,177) (664.961) (601,177) 773,941 554,808 (664.961) Deferred income at 31 August 726.280 663, 788 726.280 663, 788 18. Creditors: Amounts falling due after more than one year Group 2024 Gmup 2023 Company 2024 Company 2023 Accruals and deferred income 50,500 75. 700 50,500 75, 700 Page 35
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Financial instruments Group 2024 Group 2023 Company 2024 Company 2023 Financial assets Financial assets measured at fair value through income and expenditure Financial assets that are debt instruments measured at amortised cost 2.503.807 2,207.002 2,503,807 2, 189,634 27.517 20,498 27,517 44, 705 2,531,324 2,227,500 2.531,324 2,234,339 Group 2024 Gmup 2023 Company 2024 Company 2023 Financial liabililies Other financial liabilities measured at fair value through income and expenditure 786,692 945.200 786,692 945,200 Financial assets measured at fair value through income and expenditure comprise bank and cash balances. Financial assets are debt instruments measured al amortised cost comprises debtors excluding pre- payrnents and tax recoverable. Other financial liabilities measured at fair value through income and expenditure comprise creditors, excluding taxation, social security and deferred income. Page 36
ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds - all funds Fixed asset fund 577.683 3,723,944 6.644,667 (6,082.216) {258,520) (302,175) 302.175 837,959 3,767,599 4.301.627 6,644,667 (6.340.736) 4.605.558 Restricted funds Restricted Funds- all funds 1,000 1,000 Total of funds 4.302.627 6,644,667 16.340.736) 4.606.558 The transfer of funds reflects unrestricted general funds being utilised to support the purchase of unrestricted fixed asset additions during the year. Statement of funds - prior year BalanGe at I September 2022 Balance 81 31 Augusl 2023 Transfers in/out Income Expenditure Unrestricted funds General Funds - all funds Fixed asset fund 682,045 3. 733.430 6, 150.460 (6,019,886) (244,422) (234, 936) 234, g36 577,683 3. 723, 944 4,415,475 6, 150,460 (6,264,308) 4,301,627 Restricted funds Restricted Funds - all funds 1.000 7,000 Total of funds 4,416,475 6, 150.460 (6.264, 308) 4,302,627 Page 37
ST MARY'S SCHOOL (COLCHESTER} LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure General funds Restricted funds 4,301,627 1,000 6,644,667 (6.340,736) 4,605,558 1,000 4,302.627 6.644.667 (6.340.736) 4,606,558 Summary of funds - prior year Balance at 1 September 2022 Balance al 31 Augus¢ 2023 Transfers in/oul Income Expenditure General funds Restricted funds 4.415,475 1.000 6,150,460 (6,264.308) 4.301,627 1.000 4,416,475 6, 150.460 (6.264,308) 4,302,627 22. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 3.767,599 2.705,556 (1,817.0971 {50,5001 3.767.599 2,706,556 {1,817,0971 (50,5001 1.000 Total 4,605,558 1,000 4,606,558 Page 38
ST MARY'S SCHOOL (COLCHESTERI LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Analysis of net assets between funds (continued) Analysis of net assets betweèn funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 3, 723, 944 2.362, 545 (1,709, 162) (75. 700) 3, 723,944 2,363,545 (1, 709,162) (75, 700) 1,000 Total 4.307,627 1,000 4, 302,627 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net incomelexpenditure for the period las per Statement of Financial Activities) 303,931 (113,848) Adjustments for: Depreciation charges Interest and investments Decrease in stocks Decreasellincrease) in debtors InGreasel{decrease) in creditors 258,520 (92,876) 8.743 {54.949) 82,735 244,422 (45,972) 45,481 155,379 (114.872) Net cash provided by operatlng activities 506.104 170,590 24. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 2,503,807 2.207, 002 Total cash and cash equivalents 2.503.807 2, 207, 002 Page 39
ST MARY'S SCHOOL {COLCHESTER) LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand 2.207,002 296,805 2,503,807 2,207,002 296,805 2,503,807 26. Pension commitments The Charitable Company runs a defined contributions scheme for non-teaching staff. The superannuation charge representing the contributions payable to the defined contribution scheme for the year to 31st August 2024 were £29,402 (2023 '. £27,687). In addition the Charitable Company also operates the teachers pension scheme which was previously available to all teaching staff. Teachers Pension commitments The Teachers, Pension Scheme {TPS) is a statutory, contributory, defined benefit scheme. govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-lime teachers in schools and. from 1 January 2007 is automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis - these contribulions along with those made by employers are credited to the Exchequer. Retirement and other pénsion benefits are paid by public funds provided by Padiamenl. Valuation of the Teachers, Pension Scheme The Govemment Actuary. using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions {Valuations and Employer Cost Capl Directions 2014 published by HM Treasury. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions aboul the value of future costs. design of benefits and many olher factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate. sel by HMT, appling a notional investment return based on 1.70/0 above the rate of CPI. The key elements of th valuation outcome are.. Employer contribution rates set at 28.68 /0 of pensionable pay (including a 0.08 % employer administration Charge) this is an increase of 5 % in employer contributions and the cost control result is such that no change in member benefits is needed. (The Chariiable Company has agreed under consultalion Ihat it will only be funding contributions at 23.68Q/. for scheme members. the 5 % balance will be funded by the employee through salary sacrifice.) Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for Page 40
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 26. Pension commitments (continued) service lo the effective date of £262,000 million. and notional assets (estirnated future contributions together with the notional investments held at the valuation date) of £222.200 million giving a notional past service deficit of £39,800 million. The next valuation result is due to be implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028. The employerfs pension costs payable to TPS in the year amounted to £555,990 {2023 - £486,516). A copy of the valuation report and supporting documentation is on the Teachers. Pensions website. Under the definitions set out in FRS 102. the TPS is an unfunded multi-employer pension scheme. The Charitable Company is unable to identify its share of the undedwng assets and liabilities of the plan. Accordingly, the Charitable Company has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charitable Company has set out above the information available on the scheme. 27. Operating lease commitments At 31 August 2024 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2024 Group 2023 Company 2024 Company 2023 Amounts payable: Not later than 1 year Later than 1 year and not later than 5 years 9,664 33.103 9.365 42,767 9,365 42,767 Total 42,767 52,132 52,132 28. Related party transactions During the year the Charitable Company entered into transactions totalling £16.496 (2023 .. £4,860) with Birkett Long solicitors of which M Loxley is a partner and a Govemor until her resignation on 18 September 2023. These transactions were at commercial rales, at 31st August 2024 £nil12023 £nill were oulslanding. Page 41