Charity Number 505848 STELLA MARIS SCHOOL FINANCIAL STATEMENTS 31 JULY, 2024 ARIS Sc Cessfvl ftk TWJ Partnership LLP Chartered Accountants The Mooring5 Dane Road Industrial Estate Dane Road Sale Cheshire M33 7BH STELLA MARIS SCHOOL FINANCIAL STATEMENTS YEAR ENDED 31 JULY, 2024 CONTENTS PAGE Contents Trustees annual report Independent examlners report statement of financial 3¢tivities Statement of finènclal posltlon Statsment of cash flow5 Note5 to the financial strtements 10.14 PaBe I STELLA MARIS SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 31 JULY, 2024 The Trustees have pleasure In presentlng Its Annual Report and financlal statements of the school for the year ended 31 July, 2024. StÈlla Mari51s an Independent preparatory school registered wlth the Department for Education and Employment. The accounts havo been prepared to comply with Statutory requirernents and those of the ¢harlty's governing document.. RESPONSIBILITIES OF THE TRUSTEE5 The Charltles Act requlres the Trustees to prepare financial statements for each flnancSal year whlth 8lve a true and fair view of the state of the affairs of the ehartty at the end of the year and of the Incomin8 and out80ing resources for the year then ended. ADMINISTRATIVE DETAILS The school address Is Stella Mar15 School, St. John's RDad, Heaton Mersey, Stockport, Che5hlre, 5K4 3BR, Thè charlty correspondence address Is as above. TRUSTEES Mrj Sibbald Mr5 S Elliott Ms D Maxton MrD Hall HEADTEACHER Mr5 N Johnson SECRETARYTO THE TRLISTEES Mrs L CoÈn INDEPENDENT EXAMINER TWJ Partnership LLP, The Moorings, Dane Rrjad Industrial Estste, Dane Road, Sale. Cheshlre, M33 7BH BANKERS National Westminster Bank plc, PO Box 13, 10 Great Underb3nl StOEkporL Cheshlre, SKI ILL CHARITY INFORMATION The Trust IS 3 registered charlty, number 505848 set up by Deed of Trust dated 30 Deeember 1976 and 15 ?n unincorporated a550clation. METHOD OF APPOINTMENT-OF-TRUSTEES Trustees, who are in part parents of pupils past or present or asso¢lated with the school are usu311y selerted by the Board from recommendations made by fellow frustees, or by Invltstlon of offering their se(vices. In the last 12 months, the 803rd has been actlvely seeking new membets through explorlng thelr own networks and en8a8lng with the parent bodv. The procedure for the induction of Trustees Includes discussion of their skills and exporlence to see how they may be able to contrlbute as a member of the Board. The Board seeks to have a wide range of skilled Trustees with ideally only I parent Trustee on the &oard at any time. Additlonally, other Individuals may attend certaln meetings, In part or In full, actlng as advisors to The Board on specific issues orwhere they brlng 8 partlcular exportlse, OBJECTIVES AND ACTIVITIES OF THE CHARITY The Trust's puypose as set out in Its Deed of Trust is tho tea¢hinK and educatlon of boys and girts of primary school age and it has adopted pollcles to purchase property and equipment and to employ sultable quallfled staff to meet thls purpose. The sch¢ol Is situatèd at thè reglstered office at 5t. John's Road, Heaton Merseyi Stockport, Cheshlre. The Trustees are of the opinion that the objectives of the charlty wère achiwed during the perlod of thls report. Pa8e 2 STELLA MARIS SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 31 JULY, 2024 STATEMENT OF CHARITABLE STATUS AND PUBLIC BENEFIT FOR THE YEAR ENDING 31 JULY, 2024 MS Stella Mèrf5 School is dedicated to providing first class independent educatlon for boys & gSr15 aged 3- 11 wlthln the Greater Manchester, StDckpoYt and Ch2shire areas. We se?k to provide a structuréd educatlonal envlronment that develops our puplls, eapabllltles, competencles and skllls to the best of thelr abllitles whllstthey galn a clear understandlng of the wlder and local mmunlty. It 55 our alm to encourage and promote the atademic, moral and physlcal development of our pupils through our academlc curriculumi pastoral care and extra-curricular activities, whilst maintalning and reinforcin£ a w4rm community spirit. Stella Maris School operate5 as a re8iStered charitsble trust and this emphasises our commitment to community en8agement and deepenlng relatlonshlps wlth the communltles we serve. We are ded5cated to the development of a future-faclng, knowledge-ba5ed economy, and take our role seriously in contributinB to a socially Incluslve and vibrnnL local and wider community. Our School15 committed to safeguarding and promoting the welfare of our pupSls and we expect all Staff, Trustees and volunteers to share this commitment, which will not be compromised through our schoal's contribution to public benefit as a registered charllable trust. OBJEcfivES In settln8 our oblectlves and plannln8 our actlvltle5 the Trustees of Stella Marls have glven earelul conslderatlon to the Charlty commissioners, general guidance on publi¢ benefit and In partlcular to its Supplementary public benefit guidance on advancing education and fee charglng. Our key oblectlve5 include.. To enhance and improve the curricular provision for pupils To conyinue to develop the first throughout thè academic year we fundraise for local and ThatFonal charltles. VVÈ donate to local food banks, The We115prlngi Stockport's resource centre for the homeless and dlsadvantage.d peop.le as well_as supportlft8 Francls House and v3rlpus_otheiloc41 Charities ￿cLudIng the Together.Tru&t._We are always opell to suggestions for fundralsing scheme5 and approaches from new charltles. IMPROVEMENTS-We feel fortunate and proud that Stella Marls School Is sltuated in a listed bulldin& wlthln a protected conservatlon area. We are committed to the upkeep of the site throu8h regular cleanlng and the reFreshln8 of palhtwork, Ès well a5 5ecurlng regular elettrical tests and health and safety revlews throughout the school building. We are keen to show the school and Its are8 off to the best of Itg appett￿nce with up-to-date displays and the aifdition of new furnlture, so that the school Is presented beautlfully all times. Durln8 recent years we have developed the entrance to the School and with help from varlous PTA fijndralslng campai8n5 we continue to mainlaln the garden spa¢e and outdoor classroom, to provlde extrd learning DPPDrtunlties for the children and provlde kerb appeal forthe school, to attract new ftmilies and aid our recNitment plpellne from the local area. PaEe 4 STELLA MARIS SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 31 JULY, 2024 FURTHER ADMINISTRATION CHECKS & TRAINING We take Safeguarding very seriously at Stella Maris School and as part of our Safer Recnjitment process all new members of staff and volunteers undertake DBS check5 and other statutory checks. Our commitment is to provide the best quality Pastoral care for our children and to ensure that 311 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 requirements a5 per statutory guideline5 are in place. The SCR is maintained by the Headteacher and for quality assurance checked by the Safeguarding Trustee on 3 termly basis. ADMI5510N5 Stella Maris is an equal opportunities school. We accept pupils fèEardless of faith, ethnicity, economic 5tatU5 or gender and promote British Standard5. Our application proces5 is simple and straightforward. with parents completing and returning a simple registration forrn along with £100 règistration fee and a copy of their child'5 birth certtficate. To admit a child. we just need to be confident that the school will be able to educate himlher to the best ol their potentral and in line with our carefully crafted curriculum and that we give excellent value for money. These are just some of the ways in whach stella Maris School supports the local cgmmunity and raises awareness amongst our pupi15, parents and stsff of any potential issues in the surfounding area. The school provides ways to feed back into the community in which we work, play and live. As a registered charitable trusL parents of our pupils a￿ assured that any income of the ￿h0o1 must be applied to educational purpose5. The school does not have any shareholders. we hold charitable status and do not make a profit. All monies collected from School fee5 and other revenue5 contribute towards the running of the school and covers our OL¢tgoing 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 0161432 0532 or office@stellamarisschool.co.uk RESERVES POLICY Reserves are held to meet the working capital requirements of the 5ch(K)l. No investment policy is applicable to these fund5 a5 any reserves above £25 are short term cashflow movements. At the end of each banking day any exces$ above £25 is transfèrred to a dep051t account, in which small amounts of interest accr￿. STATEMENT OF RESPON518ILifiES OF THE TRUSTEES The Trustees are responsible for prep3rirTrg thè Tru5tee5' Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Acceptèd Accounting Practice). The law applicable to charities in England & Wale5 requires the Tru5tee5 to prepare financial statements for each financial year which 8ive a true and fair view of the state ¢>f 3ff3irs 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 requ1￿￿ to.. 5elert 5Ultable accounting policie5 and then apply them consi5tently- observe the methods and principles in the Charities SORP. make judgements and estimate5 that are reasonable and prudent. state whether applicable accounting standards have been followed. subjett to any marerial departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Principal address.. Stella Maris School St Johns Road He3ton Mersev Stockport Cheshire SK4 38R Signed by order of the trustees Mr D Hall Oate '. Page S STELLA MAR15 SCHOOL INDEPENDENT EXAMINERS REPORTTO THE TRUSTEES YEAR ENDED 31 JULY, 2024 I reportto the charity tru5tee5 on my examlnatlon of the accounts of Stella Mar55 forthe year ended 31 July, 2024. RESPONSIBILITIES AND BASIS OF THE REPORT As the truste05 of the charlty land also it's directors forthe purposes of company lawl you are responsible forthe preparation of the accounts In acEord3nce with the requirement5 of the Companie5 Act 20061'lhe 2006 Act'l. Havlng satlsfied myself that the accounts of the Company are not requlred to be 3udtted under Part 16 of the 2006 Act and are ellglble for independent examlnatlon, I report In respect of my examlnation of your charivs accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examlnatlon I have followed the Dlrettions glven bythe Charlty Commission under section 1451Sllbl of the 2011 Act. INDEPENDENT EXANIINERS STATEME As the gross Income of stella Maris exceedod £2SO,000 your examiner must be a member of a body listed In Section 145 of the 2011 Act. We confirm that we are quèlified to ur)Llertake the examlnatlon as a member of the In5tltute of Chartered Accountants in England and Walès (ICAEWI, whlch Is one of the listed bodies. We have completed our examination. We confirm that no matters have come to our atlentlon In connectlon wlth the examlnatlon glvlng me cause to belleve: accountln8 records were not kèpt In respèct of thè Company as required by Section 386 of the 20D6 Act,. or the accounts do not accord wlth those records; or the accounts do not cornply with the accountlng requlrements tsf section 396 of the 2006 Act otherthan any requlrement that thè accounts glve a 'true and fair view which is not a matter considered a5 part of an independent examination. or the accounts have not been prepared In ac¢ordance with the methods and prlnciples of the Statement of Recommended Practice for accountlng and reportlng by eharitles appllcable to charltles preparing thelr account5 In sccordzncp wlth the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. We have no concerns and have rome acr05s no other matters in connection with the examln2tlon to whlch attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reached. A Rlchard Whltehead FCA For & on behalf of., TWJ Partnership LLP Chartered Accountsnts The Mooring5 Dane Road Indu5trlal Estate Dane Road Sale Cheshire M33 7BH Date . 27.05.25 Page 6 STELLA MARIS SCHOOL STATEMENT of FINANCIAL ACTIVITIES YEAR ENDED 31 JULY, 2024 2024 2023 INCOMING RESOURCES Incomlng resources from charltsble actlvlty Income from other activitles Investment income 359,228 414,Dll 3,883 396 736 TOTAL INCOMING RESOURCES 364,202 418,290 OUTGOING RESOURCES Charitable acttvitie5 Expenditure on ralsing funds Other expendlture 405,759 9,692 50 425,253 1020 TOTAL OUTGOING RESOURCES 1415.5011 1427,2731 NET MOVEMENT IN FUNDS 15L2991 18,9821 Totsl funds brought forward Totsl lund$ carrfed foThvard 230,294 178,995 239,277 230,294 All the activitl¢s of the entity are from ¢ontinuinB operations. The entity has no other recognlsed Items of income and expenses other than the results for the year a5 set OLrt above. Page 7 STELLA MARIS SCHOOL STATEMENT of FINANCIAL POSITION YEAR ENDED 31 JULY, 2024 2024 2023 FIXED ASSETS Tangible assets 136.930 136.930 139,838 139.838 CURRENT ASSETS Debtors Cash at bank and in hand 6.119 132,444 138.563 11.968 179,087 191.055 CREDITORS". amounts falling due within one year NET CURRENT ASSETS I ILIABILITIESI TOTAL ASSETS LESS CURRENT LIABILITIES 85.2(Kl 79.005 53.363 190.293 112,050 251.889 CREDITORS.. amounts falling due after more than ofte yea 11.298 21,594 TOTAL ASSETS LESS CURRENT LIABILITIES 178.995 230,294 RESERVES Charity fvnds 178.995 230.294 178,995 230,294 /r/? o? ) These financial ststements were approved by the members of the committee on the.............................. and are signed on their behalf bv.. Principal address.. Stella Maris School St Johns Road Heaton Mersèy Stockport Cheshire SK4 38R Signed by order of the trustees W4 Mr D Hall Date '. 2,7/5 12..2 ) Page 8 STELLA MARIS SCHOOL STATEMENT of CASH FLOWS YEAR ENDED 31 JULY, 2024 STATEMENT OF CASH FLOWS 2014 2023 RETURNS FROM OPERATING ACTivmES ProNt/lDeficltl for the financlal year Depreclatlon Interest received Interest pald Loss/lprofitl on dlsposal of assets Loss1lprofitl on dlsposal of investments 151,2991 2,909 17361 1,176 18,9821 3,138 13961 1,599 147,9501 14,6421 Decrease I lincreasel in stocks Decrease / Ilncreasel In debtors Increzse / Idecre2sel In trade Énd other credltors NET CASH INFLOW I IOUTFLOWI FROM OPERATING ACTivrriES 5,849 141011 1,911 141,6781 {46,2031 144,4091 R￿URNs ON INVESTMENTS ANDSERVICING OF FINANCE Interest received Interest pald NET CASH INFLOW I IOUTFIOW) FROM R￿URNs ON INVESTMENTS AND SERVICING OF FINANCE 736 11,1761 396 11,5991 1440 11,2031 CASH FLOWS FROM FINANCIN6 ACTIVITIES BBLS Iloanl NET CASH INFLOW I IOUTFLOWI FROM FINANCINfj ACTIVITIES CAp￿AL EXPENDITURE Payments to acquire TFAS Proceeds from the sale of TFAs NET CASH INFLOW/ IOUTFLOW} FROM CAPITAL EXPENDITURE 11.2721 11,2721 INCREASE I {DECREASE} IN CASH 146,6431 146,8841 CASH AT BANKAND IN HAND Balance brought forward Balance at year end 179,087 132W4 225,971 179,087 146,6431 146,8841 PaBe 9 STELLA MARIS SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY, 2024 2024 2023 INCOMING RESOURCES FROM CHARiTABLE ACTIVITY Fees MLJslc and athletic clubs stockport MBC 326,875 18A23 13,926 384,678 17,735 11,598 359,228 414,011 INCOME FROM OTHER ACTIVITIES Mlsellaneous sales Trip income PAT donatl¢n Grant Incorne 763 325 3,150 I,IX)3 2,880 4,238 3,883 INVESTMENT INCOME Bank interest receivable 736 396 736 396 TOTAL INCOMING RESOURCES 364,202 418,290 CHARITABLE ACTivmES stsff costs Stsff trainlng Stttionery. books and equlpment Clubs, event5 3Ad trlps Rates 2nd water Llght and heat Cleaning and domestic Insurance Repairs and malntenance Telephone & Internet Postage, subscrlptlons and sundrle5 Depwiation Prafessional fees Administration costs Support COSts Mlscellanèous costs Bad debts wrltten off Interest payable and slmilar charges 297,280 280 304,161 993 7,952 25,936 3,518 8,351 15,270 9,253 L981 5,672 1,056 3,158 16,396 4,009 400 3,499 12,059 1,599 21,179 3,507 10.533 15,107 13,856 5,513 2,617 1.825 2,909 16,299 3,941 4,232 1,176 405,759 425,253 PENDITURE ON RAISING FUND5 Advertlsln8 & marketlng 9,692 2,020 9,692 2,020 iyrHER EXPENDITURE Charitsble contribution 50 50 TOTAL OUTGOING RESOURCES 415,501 427,273 NET MOVEMENT IN FUNDS 151,299 18,9821 Page 10 STELLA MARIS SCHOOL NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 JULY, 2024 I. ACCOUNTING POLICIES 11} Basis of preparation The financial statements have been prepzred In accordance wlth Accountlng and Reportlng by Charfttes.. the Statement of Recommended Practice: Accounting and ReporUn8 by Charities preparlng thelr accounts irs accordance with the Financial Reportin8 Standard appllcable In the UK and Republlc of Ireland IFRS 1021 issued on 16 july 2014, and with the Charltles Atl 2011, The flnanclal statements have been prepared under the hlstorl¢al cost convention with Items recognlsed at cost or transaction value unless otherwlse stated In the relevant notes tts these account5. 111) lrtcomlng resources Income from ftesls recognised when receivable. Investment and other Income are recognlsed In the perlod In whlch they are received. Grants are recognised when receivable. Income recelved In the reportlng year, relatlne to future periods 15 carried into the balance sheet as deftrred Income and released baek into the Statement of Financi31 Actlvitles at th? appropriate tlme. 11111 judgement5 and key sources of e$tlmatlon uncertalnty The preparation of the financial 5tstements requlres management to make judgements, estimates and assumptions that affect the amaunts reported. These estlmates and judgements are continually reviewed and are based on experience and other factors, Includlng expectBtions of future events that are belleved to be reasonable under the clrcumstsnces, {Iv} Resources expended Resource5 expetbded are accounted for on the accruals basis. Expendlture15 8ttrlbuted to cost eategories based on the amount expended durlng the perlod, The Irrecoverable element of VAT is included with the Items of expenses to which It relates. Llabllitles are recogni5ed when service has been provl¢ed. Cost of generating funds Is expendlture on advertlslng the school's activltles. Charllable oblectlves expendlture are those costs whlch meet the d2y to day runnlng of the charity In the provlslon of educatlon. IvlLlablllty récognttlon Ll8bllltle5 are recogn15ed whgre it15 more Ilkely than not that there Is a legal or construttlve obllgatlon commltlln8 the charlty to P3y out resources and the arnount of the obligatlDn can be MeasU￿d with reasonable certainty. Ivl)T4n¥lble a5$et$ Tanglble fixed assets are included at Cost. The property has not been depreclated in accordance with FRS 15 a5 the trustee5 believe the market vllue to be greater thÈn the origln21 cost and expendlture Is madÈ and t3kÈn to the Statement of Flnanclal Actlvltles that enhance5 the property. (vlil Depreciation Depreciation 15 calculated 50 a5 to write off the c05t of an asset, le55 It5 estimated residual value, over the useful economic life of that asset a5 follows., Freehold Property NIL Plant & machlnery IOYO reducing balance Flxture5 & equlpment 25% reduclng b818nce Depreclatlon Is not provlded on hulldlngs as these are intended to be held and malntalned to a standard that permits use without a deflned useful economlc life. Th15 departure from the FRSSE 15 nece5sarytO show a true and fair view. l¥liiJ Pension ￿$t$ The charlty operates a Teachers, Penslon A8ency superannu?tIon scheme la defined benefits schemel for employees. The issets of the scheme are held separately from those of the charity. The TPS Is an unfunded scheme and contrlbullon5 are calculated so as to sprèad the cost of penslons over employees, working Ilves with the charity in such a way that the pension cost 15 a substantlally level percentsge of current end future penslonable payroll. The tontrlbutlons are determlned by the Government Attuary on the basls of quinquennlal valuations uslng a prospective benefit method. The TPS Is a multi*mployer scheme and the 8tademy trust is unable to identlfy its share of the underlylng assets and Ilabllltles of the scheme on z cons15tent 2nd reasonable basls. The TPS is therefore treated as a defined contrlbutlon scheme and the annual Contributions payable are charged to the Statsmenl of Flnancial Attlvltles, P8ge 11 STELLA MARIS SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY, 2024 2. EMPLOYEE5 The average number Df persons employed by ihe entlty durtng the yeer amounted to 1112022,, 121 2024 2025 Wages and salaries Soclal securlty costs Qther penslon costs 234,674 15,977 46,630 297,280 245,666 15,S64 42,932 304,161 3. CLUBS, EVENTS AND TRIPS 2024 2023 School trlps Transport Sport & Swimming lessons Rent of facllllles Events Karate lessons French le550nS Art le￿on5 Music lessons 4,478 3,762 9,584 1,329 70 10,809 774 2,565 2,850 2,200 2,976 2S,936 2(rt) 3,296 21,179 4. PROFESSIONAL FEES 2024 2023 Accountancy Payroll Bursar other professional fees 3,120 3,120 7,77Z 5A07 16,299 8,557 4,719 16,396 Page 12 STELLA MARIS SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY, 2024 5. FIXED ASSETS Freehold property Plant & machlnery Flxtures & equlpment Totsl COST At l August. 2023 Addltions Dlsposals At 31 July• 2024 116,923 27,364 43,206 187,493 116,923 27,364 43,206 187.493 DEPRECIATION At I Au8us¢ 2023 Charge Disposals At 31 July. 2014 10,387 37,268 IA8S 47,654 11.811 38.752 50,563 BOOKVALUE At 31 July, 2024 116,923 15,553 4,454 136,930 At l August, 2023 116,923 16,977 5,938 139,838 S. DEBTOR5 amounts ownlng wlthln one year 2024 2023 Prepayments Fees owed 1,271 4,860 7,108 6,119 11,968 Debtors are measured L)n Inltlal recognition at settlement amount after any trdde dlscounts or amount advanced by the ¢hartty. Subsequently, they are measured at the cash or other conslderatton expectsd to be recelved. 7. CREDITORS amounts f4lllnB due wlthln one year 2024 2023 Trade credltors Accruals Iloanl Fee5 received in advance PAYE & social security Other creditors 4,841 3,000 10,227 59.486 4.700 2.946 85,200 5,640 3,000 9,973 52,087 4,791 3,513 79,005 8. CREDifoRS amount$ fallln8 due 4fter more one year 2024 2023 BBLS Iloanl 11,298 14298 21,594 21,594 The charity ha5 credltors which are measured at settlement amount5 less any trade discounts. . PENSIONS ANDSIMILAR OBUGATIONS The charlty operates ? TeBchers' Pension Scheme England and Wales tTPSI for academic and related stsff. This is a defined benefit scheme. The pension costs are assessed In accordance wlth the advlce of Independent quallfled actuarles. The latest aC￿arIal valuatlon of the TPS published 26th October 2023. Employer contributlons amountlng to £45.78612023: £42,078) were payable to the schemes in the yéar ending 31 July 2024. Page 13 STELLA MARIS SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY, 2024 TEACHERS PENSION SCHEME Intrnductlon The Teachers, Penslon Scheme ITP51 Is a srdtutory, conrrlbutory, deflned benefit schemei governed bythe Teachers, Penslons Re£ulations120101, and from l April 2014 by the Teachers, Penslon Scheme Regulation5 2014. Membership is automatlc for full.tlme teachers In academles, ahd from l January 2007 automatlc for teachÉrs In part-time emplDymentfollowlng appointment or a change of contract, althouBh they are able to opt out. The TP5 Is an unfunded scheme and Members contribute on a 'pzy a5 you go, ba515- these ¢ontrlbutlons along with those made bv employers are credlted to the Exchequer. Retirement ?nd other pen5i0n benefit5 are paid by public funds provlded by ParliamenL The Teachers, Pensions ReBulatlons requlre an annual account to be kept of recelpts and expenditure lincludin8 the cost of pen51ons increase51, From l Aprll 2001, thè account has bèèn crÈdltèd wlth a real rnte of return, which is Èqulvalent to a5sumlng that the balance In the account Is Invested In notlonal Inve5tsnents that produce thBt re81 rate of return. Varlous amendments have been made to The Teaehers, Penslon Scheme Regulatlons, these can be viewed In detail wlthin the Government's online leglslatlon resource Ihttps',Illeglslation,gov.ukl. The TPS is a multi-employer pension scheme, The charity is unable to identify its share OF the underlylng a55et5 and118bllltles of the Scheme. Accord5ngly, the charlty has accounted for Its contrlbutlons to the scheme as If It were a defined contribution scheme. Valuatlon of the Teachers Penslon Scheme The latest actuarial valuation of the TPS was carried out as at 31 March 2020 and in accordance wlth the Publlc Servlce Penslons Ivaluatlons and Employer Cost Capl Directlons. The valuation report W8s publlshed by the Department for Education on 26th October Z023. The key results of the valuation are a5 follows.. The Employer Contribution rdte is adjusted to allow for the deficit in the scheme as at 31 March 2020. This deflcit Is spread over 3 period of 15 years from l Aprll 2024. The outcome confirrns a need to increase the employer contrfibution rate by 5% from l April 2024 to ensure that the Scheme contlnues to meet present and future obllgatlons, The current employer contributlon r3te of 28.6% was applicable from l April 2024. The Teachers Pension Valuation report is publlshed everyfouryears. A copy of the most recent valuatlon report and supportlng documentation Is on the Teachers, Pènslon w@bsltÈ.' Ihttps.'//www.teacherspenslons.co.uklnÈws/employers120231101valuation- result.aspxl. Psse 14