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2023-07-31-accounts

Charity Number 505848

STELLA MARIS SCHOOL

FINANCIAL STATEMENTS

31 JULY, 2023

TWJ Partnership LLP Chartered Accountants The Moorings Dane Road Industrial Estate Dane Road Sale Cheshire M33 7BH

STELLA MARIS SCHOOL

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

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CONTENTS PAGE
Contents 1
Trustees annual report 2 - 5
Independent examiners report 6
Statement of financial activities 7
Statement of financial position 8
Statement of cash flows 9
Notes to the financial statements 10 - 14
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Page 1

STELLA MARIS SCHOOL

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 JULY, 2023

The Trustees have pleasure in presenting its Annual Report and financial statements of the school for the year ended 31 July, 2023.

Stella Maris is an independent preparatory school registered with the Department for Education and Employment. The accounts have been prepared to comply with statutory requirements and those of the charity's governing document..

RESPONSIBILITIES OF THE TRUSTEES

The Charities Act requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity at the end of the year and of the incoming and outgoing resources for the year then ended.

ADMINISTRATIVE DETAILS

The school address is Stella Maris School, St. John’s Road, Heaton Mersey, Stockport, Cheshire, SK4 3BR.

The charity correspondence address is as above.

TRUSTEES

Mr J Sibbald - Chair Mrs S Elliott Ms D Maxton Mr D Hall

HEADTEACHER

Mrs N Johnson

SECRETARY TO THE TRUSTEES

Mrs L Coen

INDEPENDENT EXAMINER

TWJ Partnership LLP, The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BH

BANKERS

National Westminster Bank Plc, PO Box 13, 10 Great Underbank, Stockport, Cheshire, SK1 1LL.

CHARITY INFORMATION

The Trust is a registered charity, number 505848 set up by Deed of Trust dated 30 December 1976 and is an unincorporated association.

METHOD OF APPOINTMENT OF TRUSTEES

Trustees, who are in part parents of pupils past or present or associated with the school are usually selected by the Board from recommendations made by fellow Trustees, or by invitation of offering their services. In the last 12 months, the Board has been actively seeking new members through exploring their own networks and engaging with the parent body.

The procedure for the induction of Trustees includes discussion of their skills and experience and how they see may be able to contribute as a member of the Board. The Board seeks to have a wide range of skilled Trustees with ideally only 1 parent Trustee on the Board at any time. Additionally, other individuals may attend certain meetings, in part or in full, acting as advisors to The Board on specific issues or where they bring a particular expertise.

OBJECTIVES AND ACTIVITIES OF THE CHARITY

The Trust's purpose as set out in its Deed of Trust is the teaching and education of boys and girls of primary school age and it has adopted policies to purchase property and equipment and to employ suitable qualified staff to meet this purpose. The school is situated at the registered office at St. John's Road, Heaton Mersey, Stockport, Cheshire.

The Trustees are of the opinion that the objectives of the charity were achieved during the period of this report.

Page 2

STELLA MARIS SCHOOL

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 JULY, 2023

STATEMENT OF CHARITABLE STATUS AND PUBLIC BENEFIT FOR THE YEAR ENDING 31 JULY, 2023

AIMS

Stella Maris School is dedicated to providing first class independent education for boys & girls aged 3- 11 within the Greater Manchester, Stockport and Cheshire areas. We seek to provide a structured educational environment that develops our pupils' capabilities, competencies and skills to the best of their abilities whilst they gain a clear understanding of the wider and local community.

It is our aim to encourage and promote the academic, moral and physical development of our pupils through our academic curriculum, pastoral care and extra-curricular activities, whilst maintaining and reinforcing a warm community spirit.

Stella Maris School operates as a registered charitable trust and this emphasises our commitment to community engagement and deepening relationships with the communities we serve. We are dedicated to the development of a future-facing, knowledge-based economy, and take our role seriously in contributing to a socially inclusive and vibrant, local and wider community.

Our School is committed to safeguarding and promoting the welfare of our pupils and we expect all staff, Trustees and volunteers to share this commitment, which will not be compromised through our school's contribution to public benefit as a registered charitable trust.

OBJECTIVES

In setting our objectives and planning our activities the Trustees of Stella Maris have given careful consideration to the Charity commissioners' general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and fee charging.

Our key objectives include:

Page 3

STELLA MARIS SCHOOL

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 JULY, 2023

ENGAGEMENT WITH THE COMMUNITY

As part of our community engagement, Stella Maris School engages in charitable giving in pursuit of its strategic ambitions. These include:

COMMUNITY EVENTS – Stella Maris actively engages with the local community on a regular basis. We take our role and responsibility within the local community very seriously, valuing our position to be able to contribute to it. We also hold events to which the whole community are invited, such as the Christmas Pantomime and Christmas Fair; in addition to several public Open Events for prospective pupils that we hold throughout each year.

SCHOOL TRIPS - Our pupils are taken on regular educational trips that show support to local areas of interest as well as increasing pupils' knowledge. During the Summer Term we took our Year 6 children on a residential outdoor activity holiday to Waddow Hall in Clitheroe.

BEFORE & AFTERSCHOOL CLUBS - For busy parents we run our After School club until 5.30pm ( subsidised charge ) and continue to run our early morning drop-off from 8am free of charge.

ACTIVITIES - In addition to our school curriculum we offer further enriching extra-curricular activities such as Art Club, LAMDA Speech classes, Cookery, French Club, IT and Coding Club, Mandarin Club, Gardening Club, Music tuition and various sports activities. All pupils from Year 3 - Year 6 take part in weekly Swimming lessons. All pupils from Pre-Prep 1 to Year 6 also learn French on a weekly basis as well as their weekly Games afternoon.

VOLUNTEERS - We normally accept applications from work experience candidates and teachers-in-training to provide potential new teachers with hands-on experience both inside and outside the classroom for short-term and long-term arrangements. Where appropriate we provide all our helpers with references / additional work experience and training as and whenever an opportunity arises. Safer Recruitment and statutory safeguarding checks are carried out prior to any volunteer or staff member joining the school. The school has a fully qualified and certified DSL as well as a Deputy DSL, who is trained to the same level.

FEES - as part of our consideration for school fees and commitment to assisting families in the opportunity to receive the very best in independent education for their children, we regularly review our tuition fees to keep them as competitive as possible. The current school fees are £8,800 per annum.

We also accept the current government nursery grant discount and offer 15 free hours per week for children under the age of 5 years. We provide a number of methods of payment and also a 'sibling discount' to parents with more than one child attending our school and help any families within our school who may need financial assistance.

FUNDRAISING - To help our pupils consider others in the local and wider community, throughout the academic year we fundraise for local and national charities. We donate to local food banks, The Wellspring, Stockport's resource centre for the homeless and disadvantaged people as well as supporting Francis House and various other local charities including the Together Trust. We are always open to suggestions for fundraising schemes and approaches from new charities.

IMPROVEMENTS - We feel fortunate and proud that Stella Maris School is situated in a listed building, within a protected conservation area. We are committed to the upkeep of the site through regular cleaning and the refreshing of paintwork, as well as securing regular electric tests and health and safety reviews throughout the school building. We are keen to show the school and its area off to the best of its appearance with up-to-date displays and the addition of new furniture so that the school is presented beautifully all times. During recent years we have developed the entrance to the school and with help from various PTA fundraising campaigns we have created a garden space and outdoor classroom to provide extra learning opportunities for the children and provide kerb appeal for the school, in order to attract new families and aid our recruitment pipeline from the local area.

Page 4

STELLA MARIS SCHOOL

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 JULY, 2023

FURTHER ADMINISTRATION

CHECKS & TRAINING

We take safeguarding very seriously at Stella Maris School and as part of our Safer Recruitment process all new members of staff and volunteers undertake DBS checks and other statutory checks. Our commitment is to provide the best quality pastoral care for our children and to ensure that all pupils, parents and members of staff are well cared for. All members of staff undertake training in Safeguarding, Child Protection and other Health and Safety Requirements. GDPR improvements as per statutory guidelines are in place. The SCR is maintained by the Headteacher and for quality assurance checked by the Safeguarding Trustee on a termly basis.

ADMISSIONS

Stella Maris is an equal opportunities school. We accept pupils regardless of faith, ethnicity, economic status or gender and promote British Standards. Our application process is simple and straightforward, with parents completing and returning a simple registration form along with £100 registration fee and a copy of their child's birth certificate. To admit a child we just need to be confident that the school will be able to educate him/her to the best of their potential and in line with carefully crafted curriculum and that we give excellent value for money. These are just some of the ways in which Stella Maris School supports the local community, raises awareness amongst our pupils, parents and staff of issues in the surrounding area and provides ways to feed something back into the community in which we work, play and live.

As a registered charitable trust, parents of our pupils are assured that any income of the school must be applied to educational purposes. The school does not have any shareholders, we hold charitable status and do not make a profit. All monies collected from school fees and other revenues contribute towards the running of the school and covers our outgoing expenses.

To find out more about the public benefit that our school provides or Stella Maris as a registered charitable trust please contact the school on 0161 432 0532 or office@stellamarisschool.co.uk

RESERVES POLICY

Reserves are held to meet the working capital requirements of the school. No investment policy is applicable to these funds as any reserves above £25 are short term cashflow movements. At the end of each banking day any excess above £25 is transferred to a deposit account, in which small amounts of interest accrue.

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Principal address: Signed by order of the trustees Stella Maris School St Johns Road Heaton Mersey Stockport Cheshire Mr J Sibbald - Chair SK4 3BR Date :

Page 5

STELLA MARIS SCHOOL

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES

YEAR ENDED 31 JULY, 2023

I report to the charity trustees on my examination of the accounts of Stella Maris for the year ended 31 July, 2023

RESPONSIBILITIES AND BASIS OF THE REPORT

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINERS STATEMENT

As gross income of Stella Maris exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michael Jenkinson ACCA

For & on behalf of: TWJ Partnership LLP Chartered Accountants The Moorings Dane Road Industrial Estate Dane Road Sale Cheshire M33 7BH Date : 13.02.24

Page 6

STELLA MARIS SCHOOL

STATEMENT of FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY, 2023

INCOMING RESOURCES
Incoming resources from charitable activity
Income from other activities
Investment income
TOTAL INCOMING RESOURCES
OUTGOING RESOURCES
Charitable activities
Expenditure on raising funds
Other expenditure
TOTAL OUTGOING RESOURCES
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 £
£
£
£
414,011
463,176
3,883
8,943
396
19
418,290
472,139
425,253
405,626
2,020
3,932
0
90
(427,273)
(409,648)
(8,982)
62,490
239,277
176,786
230,294
239,277
2023
2022

All the activities of the entity are from continuing operations.

The entity has no other recognised items of income and expenses other than the results for the year as set out above.

Page 7

STELLA MARIS SCHOOL

STATEMENT of FINANCIAL POSITION

YEAR ENDED 31 JULY, 2023

Note
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank and in hand
CREDITORS: amounts falling due within one year
7
NET CURRENT ASSETS / (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: amounts falling due after more than one yea
8
TOTAL ASSETS LESS CURRENT LIABILITIES
RESERVES
Charity funds		 £
£
139,838
139,838
11,968
179,087
191,055
79,005
112,050
251,889
21,594
230,294
230,294
230,294
2023		 £
£

141,704

141,704
13,879
225,971
239,850
110,710

129,140

270,844

31,567

239,277

239,277

239,277
2022

These financial statements were approved by the members of the committee on the ....…....................... and are signed on their behalf by:

Principal address: Stella Maris School St Johns Road Heaton Mersey Stockport Cheshire SK4 3BR

Signed by order of the trustees

Mr J Sibbald - Chair

Date :

Page 8

STELLA MARIS SCHOOL

STATEMENT of CASH FLOWS

YEAR ENDED 31 JULY, 2023

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STATEMENT OF CASH FLOWS
2023 2022
£ £ £ £
RETURNS FROM OPERATING ACTIVITIES
Profit/(Deficit) for the financial year (8,982) 62,490
Depreciation 3,138 4,678
Interest received (396) (19)
Interest paid 1,599 1,808
Loss/(profit) on disposal of assets 0 0
Loss/(profit) on disposal of investments 0 0
(4,642) 68,957
Decrease / (increase) in stocks 0 0
Decrease / (increase) in debtors 1,911 (1,452)
Increase / (decrease) in trade and other creditors (41,678) 7,760
NET CASH INFLOW / (OUTFLOW) FROM OPERATING
(44,409) 75,265
ACTIVITIES
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 396 19
Interest paid (1,599) (1,808)
NET CASH INFLOW / (OUTFLOW) FROM RETURNS ON
(1,203) (1,788)
INVESTMENTS AND SERVICING OF FINANCE
CASH FLOWS FROM FINANCING ACTIVITIES
BBLS (loan) - -
NET CASH INFLOW / (OUTFLOW) FROM FINANCING
0 0
ACTIVITIES
CAPITAL EXPENDITURE
Payments to acquire TFAs (1,272) (420)
Proceeds from the sale of TFAs 0 0
NET CASH INFLOW / (OUTFLOW) FROM CAPITAL EXPENDITURE (1,272) (420)
INCREASE / (DECREASE) IN CASH (46,884) 73,056
CASH AT BANK AND IN HAND
Balance brought forward 225,971 152,914
Balance at year end 179,087 225,971
(46,884) 73,056
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Page 9

STELLA MARIS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

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2023 2022
£ £ £ £
INCOMING RESOURCES FROM CHARITABLE ACTIVITY
Fees 384,678 430,101
Music and athletic clubs 17,735 25,339
Stockport MBC 11,598 7,737
414,011 463,176
INCOME FROM OTHER ACTIVITIES
Misellaneous sales 1,003 1,873
Trip income 2,880 570
PAT donation 0 6,500
Grant income 0 0
3,883 8,943
INVESTMENT INCOME
Bank interest receivable 396 19
396 19
TOTAL INCOMING RESOURCES 418,290 472,139
CHARITABLE ACTIVITIES
Staff costs 2 304,161 283,043
Staff training 993 1,276
Stationery, books and equipment 7,952 7,278
Clubs, events and trips 3 25,936 23,399
Rates and water 3,518 2,824
Light and heat 8,351 9,299
Cleaning and domestic 15,270 14,452
Insurance 9,263 8,084
Repairs and maintenance 1,981 21,974
Telephone & Internet 5,672 3,227
Postage, subscriptions and sundries 1,056 1,200
Depreciation 3,138 4,678
Professional fees 4 16,396 15,823
Administration costs 4,009 3,476
Support costs 400 50
Miscellaneous costs 3,499 3,735
Bad debts written off 12,059 0
Interest payable and similar charges 1,599 1,808
425,253 405,626
EXPENDITURE ON RAISING FUNDS
Advertising & marketing 2,020 3,932
2,020 3,932
OTHER EXPENDITURE
Charitable contribution 0 90
0 90
TOTAL OUTGOING RESOURCES 427,273 409,648
NET MOVEMENT IN FUNDS (8,982) 62,490
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Page 10

STELLA MARIS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

1. ACCOUNTING POLICIES

(i) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, and with the Charities Act 2011.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

(ii) Incoming resources

Income from fees is recognised when receivable. Investment and other income are recognised in the period in which they are received. Grants are recognised when receivable. Income received in the reporting year, relating to future periods is carried into the balance sheet as deferred income and released back into the Statement of Financial Activities at the appropriate time.

(iii) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(iv) Resources expended

Resources expended are accounted for on the accruals basis. Expenditure is attributed to cost categories based on the amount expended during the period. The irrecoverable element of VAT is included with the items of expenses to which it relates. Liabilities are recognised when service has been provided.

Cost of generating funds is expenditure on advertising the school’s activities.

Charitable objectives expenditure are those costs which meet the day to day running of the charity in the provision of education.

(v)Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

(vi)Tangible assets

Tangible fixed assets are included at cost. The property has not been depreciated in accordance with FRS 15 as the trustees believe the market value to be greater than the original cost and expenditure is made and taken to the Statement of Financial Activities that enhances the property.

(vii) Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property NIL Plant & machinery 10% reducing balance Fixtures & equipment 25% reducing balance

Depreciation is not provided on buildings as these are intended to be held and maintained to a standard that permits use without a defined useful economic life. This departure from the FRSSE is necessary to show a true and fair view.

(viii) Pension costs

The charity operates a Teachers’ Pension Agency superannuation scheme (a defined benefits scheme) for employees. The assets of the scheme are held separately from those of the charity.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the charity in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. The TPS is a multi-employer scheme and the academy trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the annual contributions payable are charged to the Statement of Financial Activities.

Page 11

STELLA MARIS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

2. EMPLOYEES

The average number of persons employed by the entity during the year amounted to 11 (2022: 12)
2023
£
Wages and salaries
245,666
Social security costs
15,564
Other pension costs
42,932
304,161
3. CLUBS, EVENTS AND TRIPS
2023
£
School trips
3,762
Transport
0
Sport & Swimming lessons
10,809
Rent of facilities
774
Events
2,565
Karate lessons
0
French lessons
2,850
Art lessons
2,200
Music lessons
2,976
25,936
4. PROFESSIONAL FEES
2023
£
Accountancy
3,120
Payroll
0
Bursar
8,557
Other professional fees
4,719
16,396		 2022
£
226,490
13,788
42,766
283,043
2022
£
4,572
6
4,477
44
50
1,200
2,955
3,400
6,695
23,399
2022
£
3,090
1,240
7,794
3,700
15,823

Page 12

STELLA MARIS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

5. FIXED ASSETS

5. FIXED ASSETS
COST
At 1 August, 2021
Additions
Disposals		 Freehold
property
£
116,923
0
0		 Plant &
machinery
£
27,364
0
0		 Fixtures &
equipment
£
41,934
1,272
0		 Total
£
186,221
1,272
0
At 31 July, 2022 116,923 27,364 43,206 187,493
DEPRECIATION
At 1 August, 2021
Charge
Disposals		 0
0
0		 8,804
1,582
0		 35,712
1,555
0		 44,516
3,138
0
At 31 July, 2022 0 10,387 37,268 47,654
NET BOOK VALUE
At 31 July, 2022
At 31 July, 2021
6. DEBTORS amounts owning within one year
Prepayments
Fees owed		 116,923
116,923		 16,977
18,559
2023
£
4,860
7,108		 5,938
6,222		 139,838
141,704
2022
£
3,733
10,146
11,968
7. CREDITORS amounts falling due within one year
2023
£
Trade creditors
5,640
Accruals
3,000
BBLS (loan)
9,973
Fees received in advance
52,087
PAYE & social security
4,791
Other creditors
3,513
Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the
Subsequently, they are measured at the cash or other consideration expected to be received.		 13,879
2022
£
5,786
4,188
9,727
82,418
4,761
3,831
charity.
8. CREDITORS amounts falling due after more than one year
BBLS (loan)		 79,005
2023
£
21,594		 110,710
2022
£
31,567
21,594 31,567

The charity has creditors which are measured at settlement amounts less any trade discounts.

8. PENSIONS AND SIMILAR OBLIGATIONS

The charity operates a Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff. This is a defined benefit scheme.

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS was published 26th October 2023.

Employer contributions amounting to £42,078 (2022: £42,326) were payable to the schemes in the year ending 31 July 2023.

Page 13

STELLA MARIS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY, 2023

TEACHERS PENSION SCHEME

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for fulltime teachers in academies and, from 1 January 2007, 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 contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The Teachers' Pensions Regulations require an annual account to be kept of receipts and expenditure (including the cost of pensions increases). From 1 April 2001, the account has been credited with a real rate of return, which is equivalent to assuming that the balance in the account is invested in notional investments that produce that real rate of return.

The Teachers’ Pensions etc. (Amendment) Regulations 2019 (Statutory Instrument 2019/1134) were laid before the Houses of Parliament on 17 July 2019. These changes came into effect from 1 September 2019.

The TPS is a multi-employer pension scheme. The charity is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the charity has accounted for its contributions to the scheme as if it were a defined contribution scheme.

Valuation of the Teachers Pension Scheme

The latest actuarial valuation of the TPS was carried out as at 31 March 2020 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions. The valuation report was published by the Department for Education on 26th October 2023. The key results of the valuation are as follows:

The new employer contribution rate of 28.6% is applicable from 1 April 2024.

The Teachers Pension Valuation report is published every four years. A copy of the most recent valuation report and supporting documentation is on the Teachers’ Pension website: (https://www.teacherspensions.co.uk/news/employers/2023/10/valuationresult.aspx).

Page 14