The Marist School (Sunninghill) Limited
Unaudited Financial Statements
For the Period ended 31 August 2022
For Filing with Registrar
Company Registration No. 13847314 (England and Wales)
The Marist School (Sunninghill) Limited
Contents
Page
Letter from Doctor Martin Stephen and Principal's Report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Balance sheet
8
Notes to the financial statements
9 - 14
The Marist School (Sunninghill) Limited
Letter from Doctor Martin Stephen and Principal's Report
For the period ended 31 August 2022

 

Letter from Doctor Martin Stephen

Dear Stakeholders

As the new Chair of Governors, I am delighted to present the first set of accounts for the Marist School under the ownership of Concept Education Holdings Limited (“Concept Education”).

The Marist School was founded in 1870 and moved to its current site in Sunninghill in 1947. Principally due to the age and small size of their convent community, the Marist Sisters Province of England decided that it was time to hand over the ownership and day to day running of the school to new ownership. We were delighted to assume ownership of the Marist School in May 2022 and to become part of the next step in a distinguished and proud history.

Concept Education is a school operator led by experienced educators from the independent schools’ sector. I am a former High Master of St Paul’s School and Manchester Grammar School, former Head of The Perse School, Cambridge and a former Chair of HMC (The Headmasters’ and Headmistress’s Conference) and our board of directors and our advisory panel includes experienced educators and experts in property, marketing and finance. The Board of Directors of Concept Education also includes Jenny Stephen who is the former Head of South Hampstead High School and former Director of Schools and Colleges for the Alpha Plus Group.

Our CEO is Hugh Dickinson who is a former officer in the Irish Guards, a qualified solicitor and an experienced school governor.

We are delighted that the transition to Concept Education’s ownership was extremely smooth and well received by staff, parents and pupils. In particular, I would thank the Principal Jo Smith for her support throughout.

Concept’s acquisition of the Marist School represents an exciting new chapter for the school which brings with it new ideas and investment. We are already well advanced in our plans and parents and visitors will already see considerable changes, especially to the convent building. Further information on our plans and the school’s progress is set out in the Principal’s Report on page 2.

Kind regards

 

 

 

Doctor Martin Stephen

Chair of Governors

 

Page 1
The Marist School (Sunninghill) Limited
Letter from Doctor Martin Stephen and Principal's Report (Continued)
For the period ended 31 August 2022

Principal’s Report for the Academic Year 2021/2022

With the lifting of restrictions there has been a renewed sense of spirit among staff and pupils across the school as we followed our Continuity in Learning Programme and learned to live with covid. In the Lent and Summer Terms restrictions were finally dissolved and the testing centres returned to previous use. In the classroom collaborative learning increased in importance and our community started to get back to normal. I am delighted that the Continuity of Learning Programmes and improved technology facilitated excellent progress throughout this time which was highlighted through GCSE and A Level results.

The results were testament to a robust return to school programme; a clear wellbeing focus; and the resilience and determination from our students and staff. I would like to thank all staff for their commitment and care during this turbulent time as they provided wellbeing and academic support for their students. I am delighted that over half of grades achieved at GCSE were two or more grades higher than targets achieved on entry to the school.

A Level results 2022:

    A* - A 68%

    A* - B 84%

GCSE results 2022:

    9 – 8 44%

    9 – 7 65%

Two GCSE students achieved 10 Grade 9s and have gone on to be academic scholars in the VI Form. A Level achievement was also high 100% of this cohort achieved their first choice university which is a very impressive outcome. Key subjects at university include Astrophysics, Maths, Psychology, Medicine and International Relations. Students have chosen to study at home and abroad and I am delighted that we are able to facilitate this. Value Added data shows that we remain in the top 1% of schools nationally for A Level.

The new Blended Learning Programme started this academic year has been very successful building on the skills learned during lockdown. Its purpose is for technology to enhance the learning in class; all students in Years 7 to 10 now have laptops to aid their learning. This initiative will be disseminated through the Prep School over time. I am very grateful to the Technical Services team who have worked so well to ensure full training of staff, pupils and parents through lockdown and then, with the Digital Lead, helped to facilitate the Blended Learning Programme.

Outdoor Learning has continued in importance particularly, though not exclusively, in the Prep School. The level of challenge has increased with an improved curriculum which includes bushcraft and greater links to the curriculum in both Senior and Prep.

I am very proud of the variety and quality of the new Co-Curricular Programme with over 100 clubs offered each week. All dedicated to providing the additional curriculum and skills needed for a rounded education. From Maker Space to paddleboarding; from ice skating to rugby to Japanese puzzles. We introduced a new Model United Nations programme; MedSociety and Law Society were revised along with the Oxbridge Programme.

Sport has continued to achieve extremely well this year. We are 7th in the country for both netball and athletics; and I am equally proud that we have developed more variety in sports as national semi-finalists in football and ascot schools swimming champions. We have continued to host a variety of biathlons and tournaments for local Prep and Primary Schools with over 300 children in attendance.

I would like to thank all those who served on the Governing Body, both before and after the School’s acquisition by Concept Education. I would also like to thank our Bursar, James Jordan, who left at the end of the school year after spending much of his tenure dealing with the complications which lockdown, social distancing and remote schooling entailed.

Page 2
The Marist School (Sunninghill) Limited
Letter from Doctor Martin Stephen and Principal's Report (Continued)
For the period ended 31 August 2022
Development and performance

Looking ahead, to the 2022/23 School Year, we have an exciting programme of capital expenditure funded by Concept Education and remain committed to maintaining our high standards of education, nurturing our pupils' talents, and fostering a supportive and inclusive learning environment.

I would like to express my gratitude to our staff, our parents, pupils, Governors and the entire Marist School community for their ongoing support. It is through this collaboration that we are able to achieve our goals and provide an exceptional educational experience.

 

Jo Smith

Principal

 

Page 3
The Marist School (Sunninghill) Limited
Directors' Report
For the period ended 31 August 2022

The directors present their annual report and financial statements for the Period ended 31 August 2022.

Principal activities

The principal activity of the company is that of Education Services via the operation of the Marist School (“the School”). The School was acquired by way of a business and assets purchase in May 2022.

Organisational Management

The Directors of The Marist School (Sunninghill) Limited, as company directors, are legally responsible for the overall management and control of the School.

The Directors delegate certain responsibilities to the Governing Board as set out in the Terms of Reference of the Governing Board.

The day-to-day running of the School is delegated to the Principal. The Head of the Prep School is responsible to the Principal for the day-to-day running of the Prep School.

The Governors meet termly. In addition, there are sub-committees for relevant areas of the School’s operations which meet on a termly basis;

Education Committee

Finance & Site Committee

Catholic Committee

The Principal, Head of the Prep School and Bursar attend meetings of the Governors and Committees. Members of the Leadership Team attend the committee meetings relevant to their area of responsibility.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

H Dickinson
(Appointed 13 January 2022)
G Stephen
(Appointed 1 February 2022)
Page 4
The Marist School (Sunninghill) Limited
Directors' Report (Continued)
For the period ended 31 August 2022

Governors

The Directors are supported by an advisory Board of Governors of up to 12 members, of whom one, appointed by the Bishop of Portsmouth, is an ex-officio member and the remainder are co-opted members.

Each of the governors (except for the ex-officio governor) is appointed for a term of three years and may serve up to three terms. New governors receive induction training from the Principal and other officers of the school as appropriate. Governors also receive training from appropriate external organisations.

All Governors give up their time freely and no remuneration was paid during the year.

The governors who held office during the Period and up to the date of signature of the financial statements were as follows:

G Stephen (Chair)*

W Orr-Ewing (Deputy Chair)*

M Wortley (Chair of the Finance and Site Committee)

J Stephen (Chair of the Education Committee)*

H Dickinson*

J Hall*

J Ogilvy-Stuart*

A Nash

D Hayward

M O’Sullivan

 

*Also directors of Concept Education Holdings Limited

 

Financial Review

The Company is funded through fees and is also supported via a long term loan from its parent company, Concept Education Holdings Limited. The loss for the period was £71,387 and the Directors anticipate that the Company will remain loss making during this transition period, with investment being made in improving the School’s infrastructure and amenities. The Directors have put in place performance improvement measures and a programme to closely monitor expenses. We expect the investment in the School and the performance improvement measures will ultimately result in increased pupil numbers and financial results.

Principal Risks and Risk Management

The Directors and Governing Body conducts annually a review of risk assessments undertaken by the School's management to identify the major risks to which the School (and the subsidiary and associated entities covered by this report) is exposed, and the systems for their mitigation. The Governing Body's Finance and Site Committee reviews the School's Risk Management Report termly.

The Directors consider the principal risks faced by the School to be:

In the opinion of the Directors, the School has established resources and review systems which, under normal conditions, should allow those risks to be mitigated to an acceptable level in its day-to-day operations.

 

 

Page 5
The Marist School (Sunninghill) Limited
Directors' Report (Continued)
For the period ended 31 August 2022
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
H Dickinson
Director
2 October 2023
Page 6
The Marist School (Sunninghill) Limited
Directors' Responsibilities Statement
For the period ended 31 August 2022

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7
The Marist School (Sunninghill) Limited
Balance Sheet
As at 31 August 2022
2022
Notes
£
£
Fixed assets
Intangible assets
4
1,203,651
Tangible assets
5
229,592
1,433,243
Current assets
Debtors
6
1,046,093
Cash at bank and in hand
986,750
2,032,843
Creditors: amounts falling due within one year
7
(3,537,373)
Net current liabilities
(1,504,530)
Net liabilities
(71,287)
Capital and reserves
Called up share capital
9
100
Profit and loss reserves
(71,387)
Total equity
(71,287)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2023 and are signed on its behalf by:
H Dickinson
Director
Company Registration No. 13847314
Page 8
The Marist School (Sunninghill) Limited
Notes to the Financial Statements
For the period ended 31 August 2022
1
Accounting policies
Company information

The Marist School (Sunninghill) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Road, Sunninghill, Ascot, Berkshire, United Kingdom, SL5 7PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors confirm that the company's financial statements are prepared on a going concern basistrue and that the company will continue to meet its liabilities as they fall due.

1.3
Reporting period

As this is the first year that accounts have been produced, the accounting period for the company covers the period from 13 January 2022 to 31 August 2022.

1.4
Turnover

Turnover represents the value of fees charged for educational and other related services delivered to

pupils of the school in the accounting year, net of discounts.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Page 9
The Marist School (Sunninghill) Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2022
1
Accounting policies
(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Straight Line
Computers
20% Striaght Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets
Page 10

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The Marist School (Sunninghill) Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2022
1
Accounting policies
(Continued)
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Page 11
The Marist School (Sunninghill) Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2022
1
Accounting policies
(Continued)
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2022
Number
Teaching staff
89
Administrative staff
20
Other staff
12
Total
121
4
Intangible fixed assets
Goodwill
£
Cost
At 13 January 2022
-
0
Additions
1,234,514
At 31 August 2022
1,234,514
Amortisation and impairment
At 13 January 2022
-
0
Amortisation charged for the Period
30,863
At 31 August 2022
30,863
Carrying amount
At 31 August 2022
1,203,651
Page 12
The Marist School (Sunninghill) Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2022
5
Tangible fixed assets
Plant and machinery etc
£
Cost
Cost acquired on business combination
1,192,169
Additions
71,620
At 31 August 2022
1,263,789
Depreciation and impairment
Depreciation acquired on business combination
1,010,767
Depreciation charged in the Period
23,430
At 31 August 2022
1,034,197
Carrying amount
At 31 August 2022
229,592
6
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
253,768
Other debtors
792,325
1,046,093
7
Creditors: amounts falling due within one year
2022
£
Trade creditors
395,879
Amounts owed to group undertakings
416,230
Taxation and social security
85,258
Other creditors
2,640,006
3,537,373
Page 13
The Marist School (Sunninghill) Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2022
8
Loans and overdrafts
2022
£
Loans from group undertakings and related parties
1,250,000
Payable within one year
1,250,000

 

The loan is unsecured and repayable on demand.

9
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100 £1 Ordinary shares were issued on incorporation
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
£
2,912,500
11
Related party transactions

Included in creditors is an amount of £416,230 due to Concept Education Holdings Limited, the parent company and amount of £1,250,000 relating to the loan.

12
Parent company

At 31 August 2022, the company's parent company was Concept Education Holdings Limited, a company incorporated in England and Wales.

 

Consolidated accounts are not required to be prepared.

 

Page 14
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