Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30106565489477281030342672244810303421065654345129234082082024-06-30812024-06-30752023-07-01falseNo description of principal activity NI007054 2023-07-01 2024-06-30 NI007054 2022-07-01 2023-06-30 NI007054 2024-06-30 NI007054 2023-06-30 NI007054 2023-07-01 NI007054 2022-07-01 NI007054 c:RegisteredOffice 2023-07-01 2024-06-30 NI007054 d:Buildings 2023-07-01 2024-06-30 NI007054 d:Buildings 2024-06-30 NI007054 d:Buildings 2023-06-30 NI007054 d:FurnitureFittings 2023-07-01 2024-06-30 NI007054 d:FurnitureFittings 2024-06-30 NI007054 d:FurnitureFittings 2023-06-30 NI007054 d:CurrentFinancialInstruments 2024-06-30 NI007054 d:CurrentFinancialInstruments 2023-06-30 NI007054 d:Non-currentFinancialInstruments 2024-06-30 NI007054 d:Non-currentFinancialInstruments 2023-06-30 NI007054 c:FRS102 2023-07-01 2024-06-30 NI007054 c:Audited 2023-07-01 2024-06-30 NI007054 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI007054 b:Trustee1 2023-07-01 2024-06-30 NI007054 b:Trustee2 2023-07-01 2024-06-30 NI007054 b:Trustee3 2023-07-01 2024-06-30 NI007054 b:Trustee5 2023-07-01 2024-06-30 NI007054 b:Trustee6 2023-07-01 2024-06-30 NI007054 b:Trustee7 2023-07-01 2024-06-30 NI007054 b:Trustee8 2023-07-01 2024-06-30 NI007054 b:Trustee9 2023-07-01 2024-06-30 NI007054 b:Trustee10 2023-07-01 2024-06-30 NI007054 b:Trustee11 2023-07-01 2024-06-30 NI007054 b:Trustee12 2023-07-01 2024-06-30 NI007054 b:Trustee13 2023-07-01 2024-06-30 NI007054 b:Trustee14 2023-07-01 2024-06-30 NI007054 b:UnrestrictedFundsGeneral 2023-07-01 2024-06-30 NI007054 b:UnrestrictedFundsGeneral 2022-07-01 2023-06-30 NI007054 b:RestrictedIncomeFunds 2023-07-01 2024-06-30 NI007054 b:RestrictedIncomeFunds 2022-07-01 2023-06-30 NI007054 b:UnrestrictedFundsGeneral 2024-06-30 NI007054 b:UnrestrictedFundsGeneral 2023-06-30 NI007054 b:RestrictedIncomeFunds 2024-06-30 NI007054 b:RestrictedIncomeFunds 2023-06-30 NI007054 d:WithinOneYear 2024-06-30 NI007054 d:WithinOneYear 2023-06-30 NI007054 d:BetweenOneFiveYears 2024-06-30 NI007054 d:BetweenOneFiveYears 2023-06-30 NI007054 d:MoreThanFiveYears 2024-06-30 NI007054 d:MoreThanFiveYears 2023-06-30 NI007054 3 2024-06-30 NI007054 3 2023-06-30 NI007054 b:Activity1 2023-07-01 2024-06-30 NI007054 b:Activity1 2022-07-01 2023-06-30 NI007054 b:Activity1 b:TotalUnrestrictedFunds 2023-07-01 2024-06-30 NI007054 b:Activity1 b:TotalUnrestrictedFunds 2022-07-01 2023-06-30 NI007054 b:TotalUnrestrictedFunds 2024-06-30 NI007054 b:TotalUnrestrictedFunds 2023-06-30 NI007054 b:TotalRestrictedIncomeFunds 2024-06-30 NI007054 b:TotalRestrictedIncomeFunds 2023-06-30 NI007054 c:FullAccounts 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: NI007054
Charity number: XN 48119











ROCKPORT SCHOOL LIMITED
(A Company Limited by Guarantee)










TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Reference and Administrative Details of the Company, its Trustees and Advisers
1
Trustees' Report
2 - 8
Independent Auditors' Report on the Financial Statements
9 - 12
Statement of Financial Activities
13
Balance Sheet
14
Statement of Cash Flows
15
Notes to the Financial Statements
16 - 36

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2024


Trustees
M Burke, Chair
A D Marshall, Vice Chair
S P Fitzgerald
J H McKerrow (resigned 13 December 2023)
S Cunningham
R Magee
M H Yang (resigned 13 December 2023)
H Crosslé
B Clarke
Dr. S Mawhinney (appointed 13 December 2023)
P Jeffers (appointed 13 December 2023)
P G Yeaman (appointed 12 September 2024)
J W Johnson (appointed 12 September 2024)

Company registered number
NI007054

Charity registered number
XN 48119

Registered office
Rockport School
15 Rockport Road
Craigavad
Co. Down
BT18 0DD

Independent auditors
UHY Hacker Young Fitch Limited
Suite 2.06, Custom House
Custom House Square
Belfast
BT1 3ET

Bankers
Danske Bank
P.O.Box 183
Donegall Square West
Belfast
BT1 6JS

Solicitors
Thompson Solicitors
37-39 Frances Street
Newtownards
BT23 7DW

Page 1

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Trustees (who are also the Directors of the company for the purposes of company law and are known as Governors) present their annual report together with the audited financial statements of the company (which is also referred to as a charity in these accounts) for the period from 1 July 2023 to 30 June 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). 
 

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The main objects of the charitable company are to carry on an independent school where students may obtain on reasonable terms a sound classical, mathematical, scientific and general education of the highest order and to provide for the training and instruction of pupils and students at the school in every branch of learning, domestic training, parenthood, and to provide such pupils and students with spiritual, moral, mental, and physical training.
The objectives of Rockport School are:
• The advancement of education, particularly the education and advancement of children and young people;
• The advancement of the arts, mathematics, science, culture and heritage;
• The advancement of lifelong participation in sport and leisure;
• The provision of recreational facilities, or the organisation of recreational activities, with the object of    
   improving the conditions of life for the person for who the facilities or activities are primarily intended; 
• The advancement of citizenship or community development; and
• The advancement of the Round Square IDEALS: Internationalism; Democracy; Environment; Adventure;
  Leadership and Service.
During the year the charitable company's main objective was the pursuance of the above objects.
 

Page 2

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Objectives and activities (continued)

b. Strategies for achieving objectives
 

The strategy and main activity to achieve the above objectives was the successful running of the school during the year.                 
This was done as follows:
• Monitoring performance in external public examinations in comparison with national averages and other independent schools;
• Ongoing review of the school's academic syllabus both as to the range of subjects and the level of representation in external public examinations;
• Ongoing development of learning and teaching initiatives supported by in service training;
• Self evaluation of different parts of the school;
• Ongoing review of extra curricular provision taking into account feedback from staff, parents and pupils;
• Maintaining and improving the level of bursary and scholarship funds;
• Continuing to promote a culture of endeavour and achievement in communications with parents, pupils and staff;
• Reviewing school development plan priorities and measuring outcomes against action plans established at the outset;
• Promoting involvement with the wider community with activities such as community service, liaison and partnership with other schools and charities;
• Promoting a culture of citizenship through activities such as Duke of Edinburgh's Award, Young Enterprise, as well as Round Square and other service projects;
• Participation in Round Square conferences and activities and active participation in charitable giving through a wide range of events and opportunities throughout the year;
• Ongoing maintenance and development of the property and facilities of the school; and
• Maintaining effective careers, pastoral and guidance departments to support pupils.
 

Page 3

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Objectives and activities (continued)

c. Activities undertaken to achieve objectives
 

The school is part of a wider community in which it is eager to participate.  Activities to promote links to the local and national community are many and varied.
Several staff contribute to educational bodies, curriculum development and new initiatives at both local and national level.  The School also plays a significant role in supporting the training of new teachers in Northern Ireland as a centre of the training of student teachers from Stranmillis University College and others, providing placements and employing some teachers once qualified.
The Centenary Arts building provides a venue for the practice of music, drama and other creative arts.  The school hosts art exhibitions showcasing the work of pupils and also of local artists; events which are open to the public. The Rockport Community Arts initiative provides a space for local artists and artisans to showcase their skills and to promote the arts to the local community.
The school’s facilities are made available to the wider community for evening, weekend and school holiday use.    A Spanish language school once again used the facilities for a three-week residential programme during July and the school hosted an international summer school in August. Local schools and playgroups continue to visit the school for sporting events and others have used the grounds for a range of activities as well as for access to the beach and coastal path. Charities engaged on sponsored runs and walks continue to use the school facilities as a base or as a rest stop for refreshments and comfort breaks. 
Each May, more than 500 pupils and teachers from 55 local schools participate in the Rockport Invitational Netball Tournament. Holywood Cricket Club and St Paul’s GAA Club have used the school grounds on a regular basis and a group of elite NI athletes trained in the school sports hall and grounds.  
Other events involving the local community are the School Carol Service held annually in St Philip’ and St James’ Church, Holywood, Founder’s Day and Remembrance Day services in Glencraig Parish Church in Craigavad, the school choir visits residential care homes on the run up to Christmas and a large number of students engage in service projects including for the Duke of Edinburgh’s Award Volunteering section. Students and staff attended a Round Square overseas conference hosted by Brookhouse School in Nairobi, Kenya. The conference included a focus on service and environmental projects. A similar venture is planned for the year ahead in Bogotá and Boyacá, Colombia. 
Other projects throughout the year involved pupils working with external agencies and charitable organisations.  The school supported a number of charities including The Poppy Appeal, Northern Ireland Air Ambulance, Marie Curie and the Royal Belfast Hospital for Sick Children. Where possible, the school’s support for charities extends beyond mere fundraising to incorporate elements of community service by the pupils.
 

d. Social investment policies
 

The main purpose of the school is the advancement of education, which is a charitable purpose under the Charities Act (Northern Ireland) 2008 and Charities Act (Northern Ireland) 2013.  In addition, the school provides public benefit by widening access to those who would otherwise not be able to afford the school fees through a generous scholarships and bursaries fund, and through activities which promote and strengthen links to the local and national community.
 
 

Page 4

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Objectives and activities (continued)

e. Grant-making policies
 

Access to the education and facilities offered by the school is not restricted to those who can afford the school fees, and wider access can be achieved through scholarships and means tested financial assistance.  The school’s policy is to continue to maintain the level of bursary and scholarship funding available to beyond 10% of the pupil population.  Whilst the majority of bursary funding will continue to come directly from fee income it is intended to increase the number of endowments and voluntary donations.
 

f. Volunteers
 

The School is grateful for the generous efforts of a large number of its former pupils, parents and other voluntary helpers who are involved in the Board of Governors, Finance and General Purposes Committee, PTFA, Old Rockportian Club, sports clubs, sporting fixtures, school trips, extracurricular activities and fundraising.     
 

Achievements and performance
 

a. Review of activities
 

 During the year ended 30th June 2024 the school had an average of  282 pupils of whom 41 were boarders.
GCSE and GCE results were outstanding, with 88.3% of all grades at GCSE obtained being A* to C grades, above the Northern Ireland average of 82.7%. An impressive 38.3% of the school’s GCSE results were at grades A*-A (compared to the NI average of 31%) and 10.8% of all grades achieved at GCSE were at the very top A* grade (compared to NI average of 8.3%). CAT predictors carried out for this cohort once again demonstrated that the value added effect of a Rockport education has improved grades in most cases by one, if not two and sometimes by three grades. 
At A Level, 100% of all grades attained were at A* to E, with 96.3% of all grades achieved at A* to C, (compared to NI average of 85.1%) once again demonstrating a very high standard. The top grades of A* and A at A level were awarded for 53.2% of the grades at Rockport (NI=30.3%) and the very top grade of A* was achieved in 17% of the grades, compared to 8.2% in NI as a whole.
A summary of the Projects that were completed throughout the year are as follows:
• New classroom block (two rooms) built on the lower lane for History and general subjects
• 6th Form Study Building extended to double capacity for a growing number of students
• Early Years SEND facility/Nurture Room added to R1 Playground
• New tarmac and pothole repairs carried out on Rockport Road and in the school grounds
• Drainage on top pitch further upgraded and improved
 
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the company 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 and in note 27.
 

Page 5

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

b. Reserves policy
 

The Trustees have maintained a level of reserves adequate to fulfil the obligations of the charity and that the reserves are not excessive, given the assets, commitments and size of the charity.  At the year end, the charity had reserves of £2,240,816 (2023 - £2,236,932).
 

c. Principal funding
 

The charitable company is principally funded by incoming resources from the provision of charitable activities.
 

Structure, governance and management
 

a. Constitution
 

Rockport School Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
The company is constituted under a Memorandum of Association dated 26th September 1967 and is registered as a charity with HM Revenue and Customs in Northern Ireland, registered charity number XN 48119.
The company was incorporated on 26 September 1967.
The principal object of the company continues to be a private day and boarding school, incorporating a playgroup.
There have been no following changes in the objectives since the last annual report.
 

b. Methods of appointment or election of Trustees
 

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
 

c. Organisational structure and decision-making policies
 

The Board of Governors (Trustees) meets at least 4 times per year to define and agree strategic priorities for the school, monitor progress, and review the resources available to sustain the company.  The Board of Governors are assisted by a Finance Committee which meets in advance of the Board of Governors' Meetings.  The day to day running of the school is carried out by the Headmaster, assisted by the Senior Management Team listed below:
George Vance     - Headmaster
Rhonda Palmer    - Deputy Head 
Christine Hamill   - Bursar 
 

d. Policies adopted for the induction and training of Trustees
 

All new Trustees are appointed on a three-year term, with the expectation of serving up to two terms, unless they are office bearers.  All new Trustees undergo an induction programme as agreed by the Board and are made aware of all training opportunities that are available to them.
Other advisors are appointed to sub committees following nomination by the Chairman of the Board of Governors on the basis of their specialist skills, knowledge of the school and readiness to commit to contributing to the governance of the school.  These individuals receive the same training as is given to Trustees.
 

Page 6

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management (continued)

e. Related party relationships
 

Other than described to you in note 27 of these financial statements there were no other related party relationships during the year.
 

f. Financial risk management
 

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
 

Plans for future periods
 

The plans for the future as developed by the Trustees include the following: 
• Refurbish Pre-School and After-School building and surrounding area/playground
• Refurbish the SEND facility (the Cottage) in collaboration with the SENDOs/Cottage Staff
• Refurbish/Rewire and refit Staff House 1
• To continue to commit funds to the maintenance and improvement of the school buildings and grounds.
 

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles of the Charities SORP (FRS 102);
Make judgments and accounting estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The Trustees 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

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
 

TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors
 

Each of the persons who are Trustees 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 auditorsUHY Hacker Young Fitch Limitedhave indicated their willingness to continue in office and a resolution to reappoint UHY Hacker Young Fitch Limited will be propsed at the forthcoming Annual General Meeting.
 
 

 

Approved by order of the members of the board of Trustees and signed on their behalf by:
M Burke
Trustee

Date: 29 January 2025
Page 8

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ROCKPORT SCHOOL LIMITED
 

Opinion


We have audited the financial statements of Rockport School Limited (the 'charitable company') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act (Northern Ireland) 2008 and the Charities Act (Northern Ireland) 2013.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 9

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ROCKPORT SCHOOL LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception


In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' 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; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.


Responsibilities of trustees


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.


In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
 

Page 10

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ROCKPORT SCHOOL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements


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:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance with ISAs (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. We identified the laws and regulations applicable to the company through discussions with Trustees and other management, and from our commercial knowledge and experience of the education sector and we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Charities Act (Northern Ireland) 2008 and the Charities Act (Northern Ireland) 2013.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We obtained an understanding of internal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstances but not for the purpose of expressing an opinion of the effectiveness of the Company’s internal controls.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;  tested journal entries to identify unusual transactions; evaluated the appropriateness of accounting policies used, including managements’ use of the going concern basis of accounting, and the reasonableness of accounting estimates and related disclosures made by management; and investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims.
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.


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.


Page 11

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ROCKPORT SCHOOL LIMITED (CONTINUED)


Use of our 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.


Michael Fitch LLB FCA (Senior Statutory Auditor)
for and on behalf of
UHY Hacker Young Fitch Limited
Chartered Accountants and Statutory Auditors
Suite 2.06, Custom House
Custom House Square
Belfast
BT1 3ET

27 March 2025


UHY Hacker Young Fitch Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.


Page 12

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)


 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 JUNE 2024


Unrestricted funds
2024
Restricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £
        £

Income from:







Donations and legacies

3

102,000

35,020

137,020

48,903
 
Charitable activities

4

3,939,769

-

3,939,769

3,924,484
 
Other income

5

64,001

-

64,001

3,810
 
Total income
4,105,770
35,020
4,140,790
3,977,197
Expenditure on:







Charitable activities

6

4,136,906

-

4,136,906

3,629,002
 
Total expenditure
4,136,906
-
4,136,906
3,629,002

Net (expenditure)/income

  

(31,136)

35,020

3,884

348,195
 
Transfers between funds

 18 

52,676

(52,676)

-

-
 
Net movement in funds
  
21,540
(17,656)
3,884
348,195

Reconciliation of funds:

  





Total funds brought forward

  

1,704,105

532,827

2,236,932

1,888,737
 
Net movement in funds

  

21,540

(17,656)

3,884

348,195
 
Total funds carried forward
  
1,725,645
515,171
2,240,816
2,236,932

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 36 form part of these financial statements.
Page 13

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: NI007054


 
BALANCE SHEET
AS AT 30 JUNE 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,855,046
2,478,367

Investments
 12 
100
100

  
2,855,146
2,478,467

Current assets
  

Stocks
 13 
51,599
48,885

Debtors
 14 
271,459
195,935

Cash at bank and in hand
  
501,120
1,184,878

  
824,178
1,429,698

Creditors: amounts falling due within one year
 15 
(1,438,508)
(1,418,816)

Net current liabilities / assets 
  
 
 
(614,330)
 
 
10,882

Total assets less current liabilities
  
2,240,816
2,489,349

Creditors: amounts falling due after more than one year
 16 
-
(252,417)

Net assets excluding pension asset 
  
2,240,816
2,236,932

Total net assets 
  
2,240,816
2,236,932


Charity funds
  

Restricted funds
 18 
515,171
532,827

Unrestricted funds
 18 
1,725,645
1,704,105

Total funds
  
2,240,816
2,236,932

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M Burke
Trustee
Date: 29 January 2025

The notes on pages 16 to 36 form part of these financial statements.
Page 14

 
ROCKPORT SCHOOL LIMITED
 
(A Company Limited by Guarantee)


 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Net cash used in operating activities

185,384
447,573

Cash flows from investing activities

Purchase of tangible fixed assets
(415,958)
(138,087)

Net cash used in investing activities

(415,958)
(138,087)

Cash flows from financing activities

Interest paid
(5,631)
(44,542)

Net cash used in financing activities

(5,631)
(44,542)

Change in cash and cash equivalents in the year
 
(236,205)
 
264,944

Cash and cash equivalents at the beginning of the year
737,279
472,335

Cash and cash equivalents at the end of the year
501,074
737,279

The notes on pages 16 to 36 form part of these financial statements

Page 15

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rockport School Limited is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI007054. 
The Registered Office is Rockport School 15 Rockport Road, Co. Down, BT18 0DD.
The principal activity of the company continues to be a private day and boarding school, incorporating a playgroup.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Rockport School Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Going concern

After making enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operation for at least the next 12 months.
Accordingly the Trustees continue to adopt the going concern basis in preparing the annual report and accounts.

  
2.3

Income

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.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
 
Page 16

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

 
2.5

Tangible fixed assets and depreciation


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.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property
-
Not depreciated
Fixtures and fittings
-
20% straight line

  
2.6

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments held as fixed assets are shown at cost less provision for impairment.

  
2.7

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 17

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.8

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.  Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.9

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.10

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

  
2.11

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.12

Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

  
2.13

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
The company operates a defined benefits pension scheme.  The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers.  Therefore, as required by FRS17 'Retirement benefits', the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities incorporating income and expenditure account represents contributions payable to the scheme in respect of the accounting period.

Page 18

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.14

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.


3.

Income from donations and legacies




Unrestricted funds
2024
Restricted funds
2024
Total
funds
2024
        £
        £
        £
 



Donations

102,000

35,020

137,020





Unrestricted funds
2023
Restricted funds
2023
Total
funds
2023
        £
        £
        £



Donations

6,247

42,656

48,903



4.

Income from charitable activities



Unrestricted funds
2024
Total
funds
2024
        £
        £



School Activities

3,939,769

3,939,769


Page 19

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.Income from charitable activities (continued)



Unrestricted funds
2023
Total
funds
2023
        £
        £



School Activities

3,924,484

3,924,484



5.

Other incoming resources



Unrestricted funds
2024
Total
funds
2024
        £
        £



Hire of School Facilities

64,001

64,001




Unrestricted funds
2023
Total
funds
2023
        £
        £



Hire of School Facilities

3,810

3,810



6.

Analysis of expenditure on charitable activities


Summary by fund type



Unrestricted funds
2024
Total
2024
        £
        £



School Activities

4,136,906

4,136,906




Unrestricted funds
2023
Total
2023
        £
        £



School Activities

3,629,002

3,629,002


Page 20

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.Analysis of expenditure on charitable activities (continued)

Summary by expenditure type





Staff costs
2024
Depreciation
2024
Other costs
2024
Total
2024
        £
        £
        £
        £





School Activities

2,948,448

39,277

1,149,181

4,136,906






Staff costs
2023
Depreciation
2023
Other costs
2023
Total
2023
        £
        £
        £
        £





School Activities

2,538,028

27,006

1,063,968

3,629,002



7.

Analysis of expenditure by activities




Activities undertaken directly
2024
Support costs
2024
Total
funds
2024
        £
        £
        £




School Activities

4,100,822

36,084

4,136,906






Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
        £
        £
        £




School Activities

3,595,173

33,829

3,629,002



Page 21

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.Analysis of expenditure by activities (continued)

Analysis of direct costs



Activities
2024
Total
funds
2024
        £
        £



Staff costs

2,948,448

2,948,448

Depreciation

39,277

39,277

Rent & Rates

18,339

18,339

Insurance

61,064

61,064

Light & Heat

137,323

137,323

Cleaning

15,975

15,975

Repairs

129,033

129,033

School Equipment & Stationery

303,908

303,908

Advertising & PR

50,898

50,898

Telephone

12,889

12,889

Computer Costs

40,005

40,005

Motor Expenses

37,143

37,143

Bad Debts

33,774

33,774

Catering Supplies

183,557

183,557

Sundry

17,383

17,383

Donations

1,800

1,800

Recruitment & Training

8,366

8,366

Bank Interest & Charges

12,059

12,059

Legal & Professional

792

792

Subscriptions

15,635

15,635

Roundsquare

8,960

8,960

Lease of Equipment

24,194

24,194



4,100,822
4,100,822



Page 22

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Activities
2023
Total
funds
2023
        £
        £



Staff costs

2,538,028

2,538,028

Depreciation

27,006

27,006

Rent & Rates

15,608

15,608

Insurance

47,366

47,366

Light & Heat

99,711

99,711

Cleaning

13,474

13,474

Repairs

166,520

166,520

School Equipment & Stationery

256,354

256,354

Advertising & PR

60,811

60,811

Telephone

11,656

11,656

Computer Costs

32,894

32,894

Motor Expenses

17,076

17,076

Bad Debts

38,168

38,168

Catering Supplies

149,994

149,994

Sundry

13,825

13,825

Recruitment & Training

7,730

7,730

Bank Interest & Charges

51,028

51,028

Legal & Professional

(132)

(132)

Subscriptions

14,497

14,497

Roundsquare

13,873

13,873

Lease of Equipment

19,686

19,686



3,595,173
3,595,173


8.

Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's annual accounts
9,152
8,800

Fees payable to the company's auditor in respect of:

All non-audit services not included above
26,030
25,029

Page 23

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.



Staff costs


2024
2023
£
£


Wages and salaries
2,390,707
2,068,516

Social security costs
212,119
188,413

Contribution to defined contribution pension schemes
345,622
281,099

2,948,448
2,538,028

The average number of persons employed by the company during the year was as follows:


2024
2023

No.
No.


Staff
81
75

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


2024
2023

No.
No.


In the band £60,001 - £70,000
1
1

In the band £100,001 - £110,000
1
1


10.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 24

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets




Freehold property
Fixtures and fittings
Total

£
£
£


Cost or valuation

At 1 July 2023
2,386,297
1,013,497
3,399,794

Additions
324,610
91,348
415,958


At 30 June 2024

2,710,907
1,104,845
3,815,752


Depreciation

At 1 July 2023
11,712
909,717
921,429

Charge for the year
-
39,277
39,277


At 30 June 2024

11,712
948,994
960,706


Net book value


At 30 June 2024
2,699,195
155,851
2,855,046


At 30 June 2023
2,374,585
103,780
2,478,365


12.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation



At 1 July 2023
100



At 30 June 2024

100




Net book value




At 30 June 2024
100



At 30 June 2023
100

Page 25

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.



Stocks


2024
2023
£
£

Finished goods and goods for resale
51,599
48,885


14.



Debtors


2024
2023
£
£


Due within one year

Trade debtors
229,632
138,289

Other debtors
41,827
57,646

271,459
195,935


15.



Creditors: Amounts falling due within one year


2024
2023
£
£


Bank overdrafts
46
-

Bank loans
-
195,182

Trade creditors
99,591
67,691

Other taxation and social security
52,000
45,097

Other creditors
25,344
32,367

Accruals and deferred income
1,261,527
1,078,479

1,438,508
1,418,816

2024
2023
£
£


Deferred income at 1 July 2023
259,059
261,012

Resources deferred during the year
403,249
259,059

Amounts released from previous periods
(259,059)
(261,012)

403,249
259,059

Page 26

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

The accruals and deferred income balances include the following:
1. Fees received in advance: £54,635 (2023: £81,495).
2. Invoiced in advance: £403,249 (2023: £259,059).
3. Letting fees received in advance: £22,288 (2023: £51,872).           
4. Study trips: £62,977 (2023: £53,191).

Included in bank loans and overdrafts falling due within one year are three bank loans totalling £nil (2023: £40,624).  These loans are secured by mortgages over three houses included in the company's land and buildings. These loans were fully paid off by Rockport in this accounting period.


16.



Creditors: Amounts falling due after more than one year


2024
2023
£
£


Bank loans
-
252,417


Included within the above are amounts falling due as follows: 

2024
2023
£
£

Between one and two years

Bank loans
-
40,624

Between two and five years

Bank loans
-
121,873

Over five years

Bank loans
-
89,920

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:


2024
2023
£
£


Payable or repayable by instalments
-
89,920

-
89,920

Bank loans not wholly repayable within 5 years are repayable in equal monthly instalments and accrue interest at an annual rate of between 8% and 9%.
Included in bank loans falling due after one year are three bank loans totalling £nil (2023: £252,417) These loans are secured by mortgages over three houses included in the company's land and buildings.
All loans have now been fully repaid.

Page 27

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.



Financial instruments


2024
2023
£
£

Financial assets

Financial assets measured at fair value through income and expenditure
501,120
1,184,878


Financial assets measured at fair value through income and expenditure comprise cash at the bank.
Page 28
 


 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.

Statement of funds


Statement of funds - current year

Balance at 1 July 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 30 June 2024
£

Unrestricted funds






Designated funds







Capital Fund

600,000

-

-

(600,000)

-
 

General funds







General Funds - all funds

1,104,105

4,105,770

(4,136,906)

652,676

1,725,645
 
Total Unrestricted funds




1,704,105

4,105,770

(4,136,906)

52,676

1,725,645

Restricted funds







Restricted Funds - all funds

532,827

35,020

-

(52,676)

515,171
 

Total of funds


2,236,932
4,140,790
(4,136,906)
-
2,240,816
Page 29

 


 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 July 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
30 June 2023
£

Unrestricted funds






Designated funds







Capital Fund

400,000

-

-

200,000

600,000
 

General funds







General Funds - all funds

998,565

3,934,541

(3,629,001)

(200,000)

1,104,105
 
Total Unrestricted funds




1,398,565

3,934,541

(3,629,001)

-

1,704,105


Restricted funds







Restricted Funds - all funds

490,171

42,656

-

-

532,827
 


Total of funds


1,888,736
3,977,197
(3,629,001)
-
2,236,932



Page 30

 


 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.

Summary of funds


Summary of funds - current year

Balance at 1 July 2023
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Balance at 30 June 2024
£
 
Designated funds

600,000

-

-

(600,000)

-
 
General funds

1,104,105

4,105,770

(4,136,906)

652,676

1,725,645
 
Restricted funds

532,827

35,020

-

(52,676)

515,171
 


2,236,932
4,140,790
(4,136,906)
-
2,240,816


Summary of funds - prior year

Balance at
1 July 2022
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Balance at
30 June 2023
£
 
Designated funds

400,000

-

-

200,000

600,000
 
General funds

998,565

3,934,541

(3,629,001)

(200,000)

1,104,105
 
Restricted funds

490,171

42,656

-

-

532,827
 


1,888,736
3,977,197
(3,629,001)
-
2,236,932

Page 31
 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Restricted funds
2024
Total
funds
2024
        £
        £
        £



Tangible fixed assets

2,339,876

515,171

2,855,047

Fixed asset investments

100

-

100

Current assets

824,179

-

824,179

Creditors due within one year

(1,438,508)

-

(1,438,508)

Total 


1,725,647
515,171
2,240,818



Analysis of net assets between funds - prior period

Unrestricted funds
2023
Restricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

1,963,194

515,171

2,478,365

Fixed asset investments

100

-

100

Current assets

1,412,042

17,656

1,429,698

Creditors due within one year

(1,418,816)

-

(1,418,816)

Creditors due in more than one year

(252,417)

-

(252,417)

Total 

1,704,103
532,827
2,236,930


21.



Reconciliation of net movement in funds to net cash flow from operating activities


2024
2023
£
£

Net income for the period (as per Statement of Financial Activities)



3,884

348,195

Adjustments for:

Depreciation charges
38,610
27,006

Interest Paid
5,631
44,542

(Increase)/Decrease in stocks
(3,095)
(17,779)

(Increase)/Decrease in debtors
(54,641)
(60,004)

Increase/(Decrease) in creditors
224,050
105,613

Net cash provided by operating activities
214,439
447,573

Page 32

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


22.



Analysis of cash and cash equivalents


2024
2023
£
£

Cash in hand
501,120
1,184,878

Bank Loans and Overdrafts
(46)
(447,599)

Total cash and cash equivalents
501,074
737,279


23.



Analysis of changes in net debt





At 1 July 2023
Cash flows
At 30 June 2024
£
£

£

Cash at bank and in hand

1,184,878

(683,758)

501,120

Bank overdrafts repayable on demand

-

(46)

(46)

Debt due within 1 year

(195,182)

195,182

-

Debt due after 1 year

(252,417)

252,417

-


737,279
(236,205)
501,074


24.



Capital commitments


There were no capital commitments contracted for but not provided in the financial statements.





25.


Pension commitments

The school's employees belong to three pension schemes: the Northern Ireland Teachers' Pension Scheme (NITPS)  a multi employer defined benefit scheme for academic and related staff; Scottish Widows a defined contribution pension scheme for non-teaching staff and the National Employment Savings Trust (NEST) a defined contribution pension for all other staff not already part of a pension scheme. 
Total pension cost for the year:            
         
2024           2023     2022    2021   
NITPS                       321,429  261,422 244,629 216,971 
Scottish Widows               12,097     9,838    9,358    7,992  
NEST                   12,097     9,838    9,358    7,630    
Total pension cost for the year     345,622  281,099 263,345 232,593
The defined contribution pension scheme pension charge for the period represents contributions payable by the charity to the scheme.             
               
Contributions outstanding at the year end amounted to :         
Page 33

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.Pension commitments (continued)

  
                           
 2024               2023    2022     2021      
NITPS                              39,472              31,109   27,984   25,406 
Scottish Widows                        2,346                1,286         2,341                   - 
NEST                       2,513                1,757         49         58     
Total                              44,330              34,152     30,374         25,464 
           
The amounts outstanding were paid in the post balance sheet period.                        
NITPS           
The NITPS is an unfunded contributory, voluntary membership scheme administered by the Department of Education. The current Regulations under which the scheme operates are the Teachers' Superannuation Regulations (NI) 1998 (as amended).                          Under the definitions set out in The Charity's SORP, the NITPS is a multi-employer pension scheme.The school is unable to identify its share of the underlying assets and liabilities of the scheme, and has therefore accounted for its contributions to the scheme as if it were a defined contribution scheme.
         
From 1 April 2024 the employers' contribution rate is 29.1% of full time salary or if part-time, the full time equivalent salary, and the employees' contribution rate is banded inline with the full-time salary or if part-time, the full-time equivalent salary as follows:

Salary                             2024/25
Up to £34,289.99                         7.4%   
£34,290 to £46,158.99                     8.6%   
£46,159 to £54,729.99                     9.6%   
£54,730 to £72,534.99                   10.2%   
£72,535 to £98,908.99                   11.3%   
£98,909 and above                         11.7%
         
Salary                             2023/24
Up to £32,135.99                           7.4%   
£32,136 to £43,259.99                     8.6%   
£43,260 to £51,292.99                     9.6%   
£51,293 to £67,979.99                   10.2%   
£67,980 to £92,697.99                   11.3%   
£92,698 and above                         11.7%
          
Salary                             2022/23
Up to £29,187.99                           7.4%   
£29,188 to £39,290.99                     8.6%   
£39,291 to £46,586.99                     9.6%   
£46,587 to £61,742.99                   10.2%   
£61,723 to £84,193.99                   11.3%   
£84,194 and above                         11.7%
Salary                             2021/22
Up to £28,309.99                           7.4%   
£28,310 to £38,108.99                     8.6%   
£38,109 to £45,145.99                     9.6%   
£46,146 to £59,885.99                   10.2%   
£59,886 to £81,661.99                   11.3%   
£81,662 and above                        11.7%

Page 34

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Operating lease commitments

At 30 June 2024 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2024
2023
£
£


Not later than 1 year
1,105
903

Later than 1 year and not later than 5 years
-
735

Later than 5 years
-
184

1,105
1,822



27.


Going Concern

The Trustees have a reasonable expectation that the company has adequate resources to continue in operation for at least the next 12 months.
As highlighted in Note 29, there are a number of legislative changes that will arise in the company's 2024/25 financial year in relation to VAT on private education provider fees and employer national insurance. The school will pass on the full VAT charge to parents at the standard VAT rate on all applicable tuition and boarding fees to mitigate against any increased cost to the school. The Trustees do not believe that there will be a significant decrease in pupil numbers due to these changes and preliminary discussions with parents have been positive despite the difficult circumstances.  The Trustees have prepared cashflow statements based on these expectations and are reviewing other methods to manage or reduce costs to minimise the impact on the school's financial position.
Accordingly the Trustees continue to adopt the going concern basis in preparing the annual report and accounts.



28.


Related party transactions

During the year ended 30 June 2024 there were no related party transactions.

Page 35

 
ROCKPORT SCHOOL LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

29.


Post balance sheet events

VAT on Private Education Provider Fees
On 30 October 2024, the UK Government confirmed a significant change to the tax treatment of private education provider fees. Effective from 1 January 2025, private education providers will be required to charge Value Added Tax (VAT) on tuition fees and other related services. This legislative change will impact the financial operations of all private education providers. The Trustees have made the decision to charge VAT at standard rate on all applicable tuition and boarding fees ensuring that it is not a cost to the school.  The Trustees are reviewing other methods to manage or reduce costs to minimise the impact on the school's financial position
Potential Impact on Financial Statements
The introduction of VAT on private education provider fees is expected to have the following implications on our financial statements:
Revenue Recognition: The imposition of VAT will necessitate adjustments in our revenue recognition policies to account for the VAT component on applicable tuition and boarding fees and other services provided by private education providers.
Cost Structure: The additional administrative burden of VAT compliance may lead to increased operational costs. These costs will need to be carefully monitored and managed to mitigate their impact on our overall financial performance.
Cash Flow: The requirement to remit VAT payment to HM Revenue and Customs (HMRC) will affect our cash flow management. It is essential to ensure that sufficient liquidity is maintained to meet these obligations.
Changes to Employers National Insurance
On 30 October 2024, the UK government confirmed a significant change to Employers National Insurance. Effective from 6th April 2025, Employer's National Insurance will be charged at 15% on employee earnings over £5,000 compared to the current structure of 13.8% on employee earning over £9,100. The Trustees are reviewing other methods to manage or reduce costs to minimise the impact on the school's financial position.


30.


Controlling party

The Board of Governors is the ultimate controlling party of the charity.

Page 36