Registered number:
Charity number:
(A company limited by guarantee)
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
CONTENTS
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2024
Governors
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
GOVERNORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The Governors (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the Company for the period 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law.
The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Structure, governance and management
a. Constitution
St Catherine's School Twickenham was founded in 1914. On 27 January 1992 it was incorporated as a charitable company, limited by guarantee, registered in England and Wales under company number 2681512 and charity number 1014651. The governing document is the Memorandum and Articles of Association dated 7 December 2009.
b. Organisational structure and decision-making policies
The Governing Body is legally responsible for the overall management and control of the School and meets at least three times per year. The Governing Body delegates to Committees the duties specified under the name of each Committee and may, as they see fit, refer other matters to them respectively from time to time. The current Committees of the Governing Body are as follows: Finance, Premises and General Purposes Education Safeguarding Health and Safety In the opinion of the Board of Governors there is no individual able to exercise significant control over the company, in accordance with the Companies Act 2006. The day to day running of the School is delegated to the employees who are considered to be key management personnel, being the Headmistress and the Bursar and Clerk to the Governors, supported by other members of the Senior Management Team, being the Senior Deputy Head, the Head of Prep, the Head of Sixth Form, the Deputy Head (Academic) and the Deputy Head (Pastoral). The remuneration of key management personnel is set by the Board. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Company’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Structure, governance and management (continued)
c. Methods of appointment or election of Governors
d. Policies adopted for the induction and training of governors
New Governors are inducted into the workings of the School, including Board policy and procedures, through an informal induction programme, including visits to the School, meetings with senior staff and the provision of information relevant to being a Governor and Trustee. Training, seminars and conferences are available to all Governors to enable them to keep abreast of developments affecting the School and the independent school sector.
Objectives and activities
a. Policies
Charitable Objects
The objects of the Charity, in accordance with its Memorandum and Articles of Association, are the advancement of education generally and, in particular, the provision and conduct of an independent Catholic day school for girls, who are educated from the age of five up to the age of eighteen. In the furtherance of this Object the Governors, as the charity trustees, have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub sector guidance concerning the operation of the Public Benefit requirement under that Act. In meeting these objects, the School’s aim is to be a place where girls of all faiths are helped to achieve their personal best and to be part of a friendly and welcoming community. Our goal is to be a school that lives the Gospel values, promotes the dignity of every individual and is committed to inspire all pupils to achieve academic excellence. The spiritual, moral, social and cultural development of pupils is supported through the faith life of the School, which is welcoming and focused on building self worth and belonging. We actively promote the fundamental British values of democracy, the rule of law, individual liberty, free speech and mutual respect and tolerance of those with different faiths and beliefs. The School’s goal is also achieved through a wide range of opportunities for all pupils preparing them for the challenges of adult life and helping them to understand and fulfil their responsibilities to self, family and the wider community. Public benefit aim The School’s public benefit aim includes its admissions policy, to widen access by assisting students from lower income, or otherwise disadvantaged families, to benefit from a St Catherine’s education. It is a requirement that applicants are in sympathy with the Catholic ethos of the School, and selection procedures are also accessible to all applicants regardless of ethnicity, disability or background. We aim to provide the highest quality of academic tuition and to develop the provision of a wide range of opportunities for all pupils, irrespective of their means, faith or cultural background. The School also makes its facilities available to the wider local community. The School’s public benefit aim also includes being a valued and responsible member of the community, through building strong mutually beneficial relationships with other schools and community organisations.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Objectives and activities (continued)
The Board’s main objectives are
(i) to educate pupils to high levels of personal and academic achievement (ii) to further develop marketing strategies to increase pupil retention and recruitment (iii) to further improve communication, both within the School and to external parties (iv) to continue to improve the fabric of the School, its facilities and resources
In setting objectives and planning for activities, the Governors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
ii) Pupils: to continue to monitor and develop pupils who have been identified as Able, Gifted & Talented; to develop schemes of work throughout Key Stages 3, 4 and 5; to cater for GCSE and A Level exams; to continue to develop the new reporting structures; to continue to develop co-curricular provision, and to focus on well being and self worth; to further support pupils through university applications processes; to continue to develop senior and middle management skills, so as to better enable department and pupil progress; to continue to develop the Careers programme; iii) Marketing: to continue to develop marketing materials, and promote a strong and attractive image of the School through the website and social media; to use analysis about the admissions process to improve pupil recruitment; to further develop and maintain effective communication with prospective parents; to continue to raise the School’s profile externally through participation in external events and competitions; to continue to market departmental and whole school successes, including via social media; to monitor and improve transition from Prep to Senior School; to continue to invest in Prep so as to strengthen the Year 3-6 model. iv) Communication: to improve the School website; to ensure all necessary information is readily available on the website; to further develop and improve communications with current parents; to build on the new opportunities afforded by the implementation of the School’s platforms, iSAMS and My School Portal; v) Community: to continue to make the School’s facilities available to the local community, including with St Mary’s University and the Diocese of Westminster; to further develop the regular community newsletter; to further develop links with local primary schools both in the state and independent sectors; to improve the site, including teaching and sporting facilities; to use the new Creative Hub to enable community links.
c. Activities undertaken to achieve objectives
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Strategic report
Achievements and performance
a. Review of activities and factors relevant to achieve objectives
Operational performance of the school
This was another strong year for GCSE results at St Catherine’s. GCSE results were outstanding with a value added score of approximately 1. 42% (2023: 36%) of pupils achieved grades 9-8, 63% (2023: 56%) achieved 9-7 and 81% (2023: 76%) achieved grades 9-6 It was a highly successful year for St Catherine's A Level pupils which was matched with a very strong range of university destinations, with the majority of the year group winning places at Russell Group institutions: 45% (2023: 42%) of the grades were A* A; 72% (2023: 78%) of the grades were A* B; 18% (2023: 11%) of the grades were A*. The School has enjoyed more success with academic competitions, including a Year 9 pupil winning the Independent School Mathematician of the Year. Two pupils won the ISA National Championship for Key Stage 3 debating, and St Catherine’s pupils placed first and second in the Year 9 ISA STEAM competition. There were also successes in competitions for English (first place in the Key Stage 2 Shakespeare monologue), Medicine and Film & Animation. Pupils have continued to enjoy a wide range of co curricular activities. Improvements to the Swimming Pool (including seating and flooring) and work to improve the playing fields have enhanced the PE and Games environment. Additional staff have also been hired to improve the overall sporting provision and there has been an increased number of fixtures across all sports. Our pupils continue to excel at sport, winning medals internally, locally and nationally. Assembly celebrations regularly include praise for outstanding achievement. We continue to have considerable success in athletics, gymnastics, swimming and rowing in particular. Notable achievements included both Prep and Senior reaching the ISA Athletics national finals. A Year 8 pupil won the National Junior Indoor Rowing Championships. Several pupils represent the region, country or nation in their sport. The Duke of Edinburgh’s Award Scheme remains very popular with Senior School pupils and numbers participating at Bronze, Silver and Gold levels are strong. Our musicians have had great success in their Associated Board exams, and drama pupils achieve high LAMDA grades. The drama productions were also great successes, as were the choir concerts, and a pupil cast and crew from the School perform at the Edinburgh Fringe every two years. A Year 4 pupil reached the final of the ISA Music competition, and St Catherine’s placed first for the flute ensemble at the ISA Band Competition. Facilities During the Summer of 2024 a comprehensive refurbishment of much of the site was completed. All main buildings were repainted and carpets were laid across much of the senior school. Upgrades to the playing fields and the swimming pool will enable higher usage of these key sporting assets. Significant upgrades to IT infrastructure, network and security are ongoing. A refurbished ICT suite was completed over the Summer including Apple technology to provide best in class teaching and learning. Other notable improvements include the reconfiguration of internal offices, a new medical room, curtains for the Main Hall and other targeted improvements across a number of other areas. In September 2024 St Catherine’s took over the St James Parish Hall, which is now known as The Creative Hub.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Achievements and performance (continued)
The Hub provides dedicated textiles and drama / performing space for the benefit of the School and the local community.
Public Benefit Through the School’s Public Benefit activity, St Catherine’s aims to be a valued member of the community, sustaining strong relationships with local maintained schools and other civic bodies. Additionally, the School encourages our pupils in their altruistic activities, supporting local, national and international initiatives for the wider good. The School is pleased to make facilities available (including the swimming pool,the Hall and the ‘Creative Hub’) to other school and community groups. Public Service by Staff: Several members of staff have governing roles in maintained primary and senior schools. Other staff contribute to the community in roles within their churches and other volunteer groups, including a staff member who serves as chair of a group supporting refugees in the community through a local organisation Refugees Welcome in Richmond, and another who serves as a Deputy Commissioner within the Scouts. Links with Local Maintained Schools and Community Groups: St Catherine’s continues to forge links with the wider community. We have maintained our very good relationship with St Mary’s University, including support for trainee teachers, and attendance at weekly Mass, where pupils read and sing for the congregation; local parishioners are also invited to attend feast day Masses at St Catherine’s and are invited to enjoy a Christmas lunch with the Prep and Sixth Form girls. During 2024 St Catherine’s invited over 200 local state and independent Sixth Form pupils to attend an all day event ‘Life Beyond School’ at St Catherine’s. We have further developed strong links with St James’ Catholic Primary School, including liaison about inspection preparation and a secondment from St Catherine’s, whereby we are now pleased to provide a part time Chaplain. We also support the Twickenham Choral Society with subsidised access to our facilities and through financial donations to support specific programmes of events in the local community. Staff are also working on projects to widen music partnership with the maintained sector. Links with local groups include the School’s commitment to charity. St Catherine's pupils work hard to support a number of organisations, including the Richmond Christmas Dinner Fund, Mary’s Meals and Justice Defenders. The Creative Hub has enabled more links to be established with the community, including the St James Parish Youth Group. The School also has links with Pope’s Grotto Preservation Trust. The Headmistress sits on the board and we help the objectives of the Trust by opening up the School to host visits to the Grotto. Facilities: We continue to make our School facilities available, either free of charge or at subsidised rates, to local and other charitable groups within and outside school hours. The School remains committed to working with other schools in the area, both independent and state, to support and enhance pupils’ educational experience. Examples of such support include providing resources and support to a number of local maintained schools, making our swimming pool and vehicles available to schools either free of charge or at subsidised rates and providing officials for various County Sporting events, like netball and cross country championships. Bursary Support:
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Achievements and performance (continued)
We continue to offer means tested bursaries, increasing access to families who would not otherwise be able to send their daughters to the school. During this academic year 28 (2023: 36) pupils have benefited from our Bursaries programme.
The spiritual life of the School The spiritual life of the School is an important part of each day at St Catherine’s. Whole School, Senior, Prep and House Assemblies all include prayer and worship. The Chaplaincy have especially important roles, supporting the programme for Mass and liturgies, running retreats and working with other staff to support pupil faith formation and wellbeing. Throughout the year Mass was celebrated at the School on Holy Days of obligation and special feast days. St Catherine’s Day at the end of the Summer Term is an established school event, and includes a Mass for the whole community. A rota enables pupils from each Year Group to attend the Parish Mass on Tuesdays at St Mary’s University. Several pupils in the Senior School received the Sacrament of Confirmation, and many Prep girls received their first Holy Communion. Members of staff attended the Masses to share in the celebrations with the girls. The School Travel Plan The School’s Travel Plan has been awarded Gold level accreditation with STARS, a national scheme which has the objectives of promoting active travel to school, reducing congestion and improving safety around schools.
b. Going concern
After making appropriate enquiries, the governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
c. Fundraising initiatives and performance
The School is beginning a formal appeal for the Music and Art building; the Summer Ball will be the first major fundraiser. The Friends of St Catherine's (FOSC) supports initiatives, funding Prep equipment, pupil talks, sports equipment and academic resources in order to enhance pupil provision and experience.
Financial and risk management objectives and policies
a. Financial review
The total income for the year was 4.6% higher than last year (2023: 6.6% higher). Within that figure, gross fee income was 4.7% higher than the previous year (2023: 2.4% higher). Tuition fees, net of bursary, scholarship awards and other reductions, were 4.6% higher than last year (2023: 3.1% higher). Bursary awards of £286k (2023 : £316k) were made as part of discounts during the year. School Activities Income was £29k lower (2023 : £236k higher). On the expenditure side, the cost of raising funds (bank loan interest and rate cap premium) was £62k higher (2023 - £63k higher) than last year. Charitable activities expenditure was net 4.1% higher than last year (2023:
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Financial and risk management objectives and policies (continued)
b. Reserves policy
At 31 August 2024 there were unrestricted funds of £8,975,631 (2023: £8,946,690) and tangible fixed assets of £8,302,289 giving positive free reserves of £673,342. The SORP definition of free reserves excludes the fixed assets which have been financed by long term loans which are included within the definition. For the purposes of short and medium term financial management, the Governors are concerned more with the management of working capital, and the healthy working capital position is entirely in line with the policy of seeking to maintain free resources of at least six weeks total income, to cover the eventuality of a material decline in incoming resources or material unexpected expenditure.
c. Principal risks and uncertainties
The principal risks currently facing the School are any significant fall in pupil numbers, government action adversely affecting independent schools (including the introduction of VAT on tuition fees from January 2024, increases to employers National Insurance from April 2025 and the loss of mandatory business rate relief from April 2025), the potential failure of compliance with statutory or other regulations and significant cost increases. The general state of the economy will also affect the level and stability of interest rates, which will affect the ability and inclination of banks to lend, the cost of borrowing and the level of investment returns. The key controls used by the School to manage risk include: • Detailed terms of reference for all committees • Comprehensive strategic planning, budgeting and management accounting • Established organisational structures and reporting lines • Periodic review of the risk management matrix delegated to Governors' Committees and consolidated by the Board of Governors • The establishment of dedicated standing committees for Safeguarding • Regular minuted Compliance Meetings, and SEND and Accessibility Meetings attended by SMT and other relevant staff • Regular Health and Safety reviews of the site, including visits by governors • Rolling review of written School policies • Clear authorisation and approval levels and segregation of duties • Governors annual strategy day and skills assessment • Safeguarding procedures as required by law for the protection of children
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Financial and risk management objectives and policies (continued)
d. Fixed assets
The School’s tangible assets are all held for use by the School and at the date of the accounts there is a legal charge and debenture over them as security for the bank loans. The Governors are confident that the market value of these assets which are currently in use are in excess of the value reflected in these financial statements. An independent valuation for secured lending purposes was carried out in 2023 by a firm of Chartered Surveyors which valued the freehold interest in the property at a market value in its existing use and present condition as a fully equipped and operational entity, having regard to its trading potential of £11.3 million.
e. Material investments policy
The investment powers of the Governors are carried out in accordance with the Memorandum and Articles of Association. The Governors continue to keep under review the investment risks and rewards in the current market and the economy. The investment policy is to maximise the total return with a low risk approach, within the bounds of current financial market conditions. Bearing in mind future emerging development plans, all available retained funds, other than those required for project and day to day working capital management, are placed on deposit with competitive reputable banking institutions.
Statement of Trustees' responsibilities
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
Disclosure of information to auditors
Each of the persons who are Governors at the time when this Trustees' report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Feltons, have indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditors at a meeting of the Governors.
Approved by order of the members of the board of Governors on
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM
We have audited the financial statements of St Catherine's School Twickenham (the 'charitable company') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the 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 to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern 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 cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM (CONTINUED)
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees 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 form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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 Trustees' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM (CONTINUED)
As explained more fully in the Trustees' responsibilities statement, the Trustees (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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We obtained an understanding of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with management and those charged with governance, including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance throughout the audit. • We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of journal entries and other adjustments; assessing whether the judgements made in making key accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business that we come across throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM (CONTINUED)
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.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the charitable company's 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 to state to them in an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
1 The Green
Richmond
Surrey
TW9 1PL
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
REGISTERED NUMBER: 2681512
BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the Trustees on
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1.Accounting policies
The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The company is a private company limited by guarantee and is registered in England & Wales. The address of the registered office is Cross Deep, Twickenham, Middlesex, TW1 4QJ.
The members of the Company are the Governors named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
The financial statements are prepared on a going concern basis.
The governors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, they continue to adopt the going concern basis of accounting in preparing the financial statements.
All income is recognised once the 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.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends of St Catherine's is not recognised and refer to the Governors' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1.Accounting policies (continued)
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Redundancy and termination payments are recognised when there is a demonstrable commitment on an individual or group basis that cannot be realistically withdrawn.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1.Accounting policies (continued)
Depreciation is charged as from the year that the assets are brought into use.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1.Accounting policies (continued)
The company participates in a defined contribution pension scheme for the non teaching staff and the pension charge represents the amounts payable by the company to the fund in respect of the year. For information on the Teachers' Pension Scheme, please see note 24.
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 charity makes estimates and assumptions concerning 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 risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Recoverability of receivables
If necessary, the charity establishes a provision for receivables that are estimated not to be recoverable. When assessing the recoverability the governors consider factors such as aging of receivables, past experience of recoverability, and the credit profile of an individual or groups of customers. (ii) Determining residual value and useful economic lives of property, plant and equipment The charity depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Critical areas of judgment:
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the governors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The average number of pupils in each category and the termly fees charged during the year were as follows:
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
8.Analysis of expenditure by activities (continued)
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
8.Analysis of expenditure by activities (continued)
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10.Staff costs (continued)
As a charity, St Catherine's School Twickenham is exempt from tax on income and gains falling within
section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
13.Tangible fixed assets (continued)
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Financial assets measured at amortised cost comprise bank balances, trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise bank loans, trade creditors, other creditors, accruals and deposits.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
20.Analysis of net assets between funds (continued)
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Teachers' Pension Scheme
The School participates in the Teachers' Pension Scheme ("the TPS") for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £574,729 (2023: £567,438) and at the year end £72,737 (2023: £52,249) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Following a consultation with staff which concluded in February 2024 capped the employer contribution rate under a negotiated arrangement that staff in TPS would fund future additional TPS contributions under a salary sacrifice arrangement.
Defined Contribution Pension Schemes
Retirement benefits for some teaching and all non teaching staff are provided by contributions from the employer and employees to defined contribution schemes. The charge for the year ended 31 August 2024 is £124,412 (2023: £54,136) and at year end £25,084 (2023: £8,312) was accrued in respect of contributions to these schemes.
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ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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