The Ursuline Preparatory School Ilford - Charities report

REGISTERED COMPANY NUMBER: 06636240 (England and Wales)

REGISTERED CHARITY NUMBER: 1130196

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31st August 2025

for

The Ursuline Preparatory School Ilford

Page

Report of the trustees

1

to

4

Independent examiner's report

5

to

6

Statement of financial activities

7

Statement of financial position

8

to

9

Statement of cash flows

10

Notes to the statement of cash flows

11

Notes to the financial statements

12

to

21

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2025. The trustees have adopted the provisions of 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 objects and public benefit aims of the School

The objects as set out in the Memorandum of Association is to acquire, provide, conduct and develop an independent Roman Catholic School for the education of Roman Catholic children, either with or without other Christian or non-Christian children. The Ursuline Preparatory School Ilford Ltd operates as a Roman Catholic Independent day school for boys and girls aged three to eleven.

In furtherance of this objective, the Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's published guidance concerning the operation of the Public Benefit requirement under the Act.

Objectives and activities

Chair's Statement

Given the announcement made in February, 2025, of the intention to close at the end of the Summer term, 2025, this report is functionally brief.

Once the announcement had been made, and, in the absence of any practicable solution, the formal closure process commenced during the Summer term.

Numerous pupils left at this time as schools offering new places tended to want these places to be taken up immediately. This applied, in the main, to Years 5 and below, as Year 6 pupils already had confirmed destinations for September, 2025.

Unfortunately, the Headteacher, Natasha Boyce, had to take sick leave for much of the Summer term but we were lucky to secure the services of Chris Brown (Governor) and Lorraine Pereira (former acting Head Teacher), who collectively steered the Prep for the remainder of its final term. In this respect, there was a very successful conclusion with numerous activities and trips for the pupils. Grateful thanks are due to the PAFA, which funded much of this activity.

There was the customary Year 6 Leavers' Mass and a separate mass and social event to commemorate the closure of the Prep, which included former head teachers, staff and Ursulines.

Finally, on behalf of both Governors and Trustees, I would like to express my deepest thanks to the all the staff of the Prep, who strove to hold things together right until the end, thereby giving the whole community - pupils, families and staff - the best possible experience in the school's final term.

.................................................................

S. Bird

Chair of Trustees

Financial review

Investment powers and policy

These are governed by the Memorandum and Articles of Association, which permit surplus funds to be invested in any investments, security or property as may be thought fit and as may be prescribed by law.

The School's investment objective is to maximise the return on its investment funds while maintaining maximum security and a high degree of liquidity. To meet this objective the School invests in call deposits with a high security rating and either fixed interest rates or with a fixed relationship to base rate.

Reserves policy

The Trustees have established a general reserve policy to afford some protection to the School and its charitable programme and to provide time to adjust to changing financial circumstances.

General Reserves

General Reserves were not restricted or designated for use on a particular programme or for some other defined or designated purpose. The School's policy was to seek to maintain a balance on General Reserves which represented sufficient resources for the current activities of the school to continue in the event of a significant drop in income, and to provide flexibility to undertake future capital projects.

Going concern

As noted above by the Chair of Trustees the school is now closed and has sold the majority of the property.

Financial results

Net outgoing resources for the year were £448,420 (2024: net outgoing resources of £966,586). The results for the year include a further closure costs accrual of £250,000 relating to a potentially increased payment required to The Ursuline Order following the sale of the building together with an uplift to the valuation of the buildings to £2.5million. At the end of this year, the Company had net assets of £131,789 (2024: £619,573).

Structure, governance and management

Organisation

The School is a registered charity (registration number 1130196) and is constituted as a company registered in England and limited by guarantee (registration number 06636240) as defined by the Companies Act 2006. Its objects, powers and constitution are set out in its Memorandum and Articles of Association dated 2nd July 2008.

Formerly part of the Ursuline High School, the Prep School had been an independent school in its own right since 1999. It continued to have close and valued links with the Ursuline Academy with which it is collocated.

The Board comprises a minimum of 5 and a maximum of 9 Trustees. Trustees shall predominantly be of the Roman Catholic faith.

Trustees, are elected via nomination by the Diocese and then election by the members at the AGM.

The Trustees met as a Board once a year to determine the general policy of the school and review its overall management and control, for which they are legally responsible. The day-to-day running of the school was delegated to a Board of Governors (appointed by the Trustees), the Head and the Bursar, supported by other teaching members of the Senior Management Team

Induction and training of new trustees

New Trustees are inducted into the workings of the school, and also of the Company as a registered charity, including Board Policy and Procedures. They are given The Charity Commission leaflets CC3 and CC3(a), Responsibility of Charity Trustees, a copy of the Memorandum and Articles of Association, the latest audited accounts and up to date management figures.

Risk management

The Trustees have an established procedure to review key risks on an ongoing basis.

Reference and administrative details

Registered Company number

06636240 (England and Wales)

Registered Charity number

1130196

Registered office

2-4 Coventry Road

Ilford

Essex

IG1 4QR

Trustees

S A Bird Insurance underwriter

A P Dobson Retired Professor Of Law

P Nicholson Retired headteacher

R Savage Retired teacher

M J Guidotti Retired Bank Manager

Company Secretary

Mrs A Ayankogbe

Independent Examiner

Cooper Paul

Abacus House

14-18 Forest Road

Loughton

Essex

IG10 1DX

Professional advisers and key personnel

Headteacher

N Boyce (until 31st August 2025)

Bursar

A Ayankogbe

Bankers

National Westminster Bank

50 Ilford Hill

Ilford

Essex IG1 2AT

Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

Approved by order of the board of trustees on 29th May 2026 and signed on its behalf by:

S A Bird - Trustee

Independent examiner's report to the trustees of The Ursuline Preparatory School Ilford ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2025.

Responsibilities and basis of report

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

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

Limitation of Scope - Pension Balance

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination.

The school participates in a pension scheme for which no up to date valuation or supporting documentation was available at the time of my examination. As a result, I was unable to obtain sufficient and appropriate evidence regarding the accuracy and completeness of the pension related balances and disclosures included in the financial statements. Given the material nature of this figure, I was unable to determine whether any adjustments might be necessary.The amount currently provided in the accounts is £452,895 based on the valuation as at 30th September 2024.

I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Andrew Gibson

Cooper Paul

Abacus House

14-18 Forest Road

Loughton

Essex

IG10 1DX

29th May 2026

2025

2024

Unrestricted

Restricted

Total

fund

funds

Notes

£

Income and endowments from

Donations and legacies

2

39,438

-

39,438

1,263

Other trading activities

3

819,767

-

819,767

1,117,509

Investment income

4

3,260

-

3,260

3,991

Other income

5,910

-

5,910

21,983

Total

868,375

-

868,375

1,144,746

Expenditure on

Raising funds

5

20,273

-

20,273

1,942

Charitable activities

6

School

1,046,522

-

1,046,522

1,085,900

Other

250,000

-

250,000

1,023,490

Total

1,316,795

-

1,316,795

2,111,332

NET INCOME/(EXPENDITURE)

(448,420

)

-

(448,420

)

(966,586

)

Other recognised gains/(losses)

Gains on revaluation of fixed assets

-

1,015,276

39,364

Net movement in funds

(448,420

)

1,015,276

566,856

(927,222

)

Reconciliation of funds

Total funds brought forward

580,209

39,364

619,573

1,546,795

Total funds carried forward

131,789

1,054,640

1,186,429

619,573

2025

2024

Unrestricted

Restricted

Total

fund

funds

Notes

£

Fixed assets

Tangible assets

11

1,456,173

1,054,640

2,510,813

1,504,332

Current assets

Debtors

12

3,618

-

3,618

7,072

Cash at bank and in hand

205,341

-

205,341

429,077

208,959

-

208,959

436,149

Creditors

Amounts falling due within one year

13

(1,191,678

)

-

(1,191,678

)

(190,559

)

Net current assets

(982,719

)

-

(982,719

)

245,590

Total assets less current liabilities

473,454

1,054,640

1,528,094

1,749,922

Creditors

Amounts falling due after more than one
year

14

(254,409

)

-

(254,409

)

(1,025,869

)

Provisions for liabilities

17

(87,256

)

-

(87,256

)

(104,480

)

NET ASSETS

131,789

1,054,640

1,186,429

619,573

Funds

18

Unrestricted funds

131,789

580,209

Restricted funds

1,054,640

39,364

Total funds

1,186,429

619,573

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 29th May 2026 and were signed on its behalf by:

S A Bird - Trustee

Cash flows from operating activities

Cash generated from operations

1

(445,503

)

33,881

Interest paid

(1,915

)

(758

)

Pension deficit funding

(17,224

)

(16,472

)

Net cash (used in)/provided by operating activities

(464,642

)

16,651

Cash flows from investing activities

Purchase of tangible fixed assets

(10,295

)

(4,960

)

Net cash used in investing activities

(10,295

)

(4,960

)

Cash flows from financing activities

New loans in year

261,438

-

Loan repayments in year

(10,237

)

-

Net cash provided by financing activities

251,201

-

Change in cash and cash equivalents
in the reporting period

(223,736

)

11,691

Cash and cash equivalents at the
beginning of the reporting period

429,077

417,386

Cash and cash equivalents at the end
of the reporting period

205,341

429,077

1.	Reconciliation of net expenditure to net cash flow from operating activities

2025

2024

£

Net expenditure for the reporting period (as per the Statement
of financial activities)

(448,420

)

(966,586

)

Adjustments for:

Depreciation charges

19,090

15,905

Interest paid

1,915

758

Further provision on pension deficit

-

12,427

Decrease in debtors

3,454

1,908

(Decrease)/increase in creditors

(21,542

)

969,469

Net cash (used in)/provided by operations

(445,503

)

33,881

2.	Analysis of changes in net funds/(debt)

At 1/9/24

Cash flow

At 31/8/25

£

Net cash

Cash at bank and in hand

429,077

(223,736

)

205,341

429,077

(223,736

)

205,341

Debt

Debts falling due within 1 year

(10,140

)

(261,598

)

(271,738

)

Debts falling due after 1 year

(14,806

)

10,397

(4,409

)

(24,946

)

(251,201

)

(276,147

)

Total

404,131

(474,937

)

(70,806

)

1.	Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 35 years

Improvements to property

-

2% on cost

Fixtures and fittings

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	Donations and legacies

2025

2024

£

Donations

39,438

1,263

3.	Other trading activities

2025

2024

£

Preparatory School fees

815,675

1,098,948

Nursery fees

(1,521

)

(1,560

)

Lettings

1,430

525

Visits income

2,067

10,215

Club income

2,116

9,381

819,767

1,117,509

4.	Investment income

2025

2024

£

UK Bank interest receivable

3,260

3,991

5.	Raising funds

Raising donations and legacies

2025

2024

£

Bursaries

20,273

1,942

6.	Charitable activities costs

Support

Direct

costs (see

Costs

note 7)

Totals

£

School

730,387

316,135

1,046,522

7.	Support costs

Governance

Other

costs

Totals

£

School

298,829

17,306

316,135

8.	Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

Auditors' remuneration

3,498

6,048

Other non-audit services

2,250

3,600

Depreciation - owned assets

19,090

15,904

Other operating leases

1,555

8,001

9.	Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31st August 2025 nor for the year ended 31st August 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st August 2025 nor for the year ended 31st August 2024.

10.	Staff costs

2025

2024

£

Wages and salaries

445,901

574,857

Social security costs

38,818

50,325

Other pension costs

55,263

67,318

539,982

692,500

The average monthly number of employees during the year was as follows:

2025

2024

Total

18

21

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

2025

2024

£60,001 - £70,000

1

2

£90,001 - £100,000

1

-

2

11.	Tangible fixed assets

Improvements

Fixtures

Freehold

to

and

property

fittings

Totals

£

Cost or valuation

At 1st September 2024

1,202,819

454,941

61,803

1,719,563

Additions

-

10,295

Revaluations

1,015,276

-

1,015,276

At 31st August 2025

2,218,095

454,941

72,098

2,745,134

Depreciation

At 1st September 2024

78,853

78,907

57,471

215,231

Charge for year

6,177

9,099

3,814

19,090

At 31st August 2025

85,030

88,006

61,285

234,321

Net book value

At 31st August 2025

2,133,065

366,935

10,813

2,510,813

At 31st August 2024

1,123,966

376,034

4,332

1,504,332

Cost or valuation at 31st August 2025 is represented by:

Improvements

Fixtures

Freehold

to

and

property

fittings

Totals

£

Valuation in 2024

1,202,819

454,941

72,098

1,729,858

Valuation in 2025

1,015,276

-

1,015,276

2,218,095

454,941

72,098

2,745,134

12.	Debtors: amounts falling due within one year

2025

2024

£

Fees receivable

-

3,759

Other debtors

1,132

-

VAT

2,486

-

Prepayments

-

3,313

3,618

7,072

13.	Creditors: amounts falling due within one year

2025

2024

£

Bank loans and overdrafts (see note 15)

10,300

10,140

Other loans (see note 15)

261,438

-

Fees in advance

-

64,380

Trade creditors

25,395

214

Deposits received from parents

-

24,050

Social security and other taxes

23,987

12,860

Other creditors

-

59,567

Pension control

6,259

8,011

Accrued expenses

864,299

11,337

1,191,678

190,559

14.	Creditors: amounts falling due after more than one year

2025

2024

£

Bank loans (see note 15)

4,409

14,806

Accruals and deferred income

250,000

1,011,063

254,409

1,025,869

15.

Loans

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due within one year on demand:

Bank loans

10,300

10,140

Loan from The Ursuline Order

261,438

-

271,738

10,140

Amounts falling between one and two years:

Bank loans - 1-2 years

4,409

14,806

16.	Secured debts

A loan of £260,000 has been provided by The Ursuline Order with the property as security. The loan is repayable on the sale of the property.

17.	Provisions for liabilities

2025

2024

£

Provision for pension deficit

87,256

104,480

18.	Movement in funds

Net

movement

At

At 1/9/24

in funds

31/8/25

£

Unrestricted funds

General fund

580,209

(448,420

)

131,789

Restricted funds

39,364

1,015,276

1,054,640

TOTAL FUNDS

619,573

566,856

1,186,429

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

Unrestricted funds

General fund

868,375

(1,316,795

)

-

(448,420

)

Restricted funds

-

1,015,276

TOTAL FUNDS

868,375

(1,316,795

)

1,015,276

566,856

Comparatives for movement in funds

Net

movement

At

At 1/9/23

in funds

31/8/24

£

Unrestricted funds

General fund

1,546,795

(966,586

)

580,209

Restricted funds

-

39,364

TOTAL FUNDS

1,546,795

(927,222

)

619,573

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

Unrestricted funds

General fund

1,144,746

(2,111,332

)

-

(966,586

)

Restricted funds

-

39,364

TOTAL FUNDS

1,144,746

(2,111,332

)

39,364

(927,222

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1/9/23

in funds

31/8/25

£

Unrestricted funds

General fund

1,546,795

(1,415,006

)

131,789

Restricted funds

-

1,054,640

TOTAL FUNDS

1,546,795

(360,366

)

1,186,429

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

Unrestricted funds

General fund

2,013,121

(3,428,127

)

-

(1,415,006

)

Restricted funds

-

1,054,640

TOTAL FUNDS

2,013,121

(3,428,127

)

1,054,640

(360,366

)

19.	Related party disclosures

There were no related party transactions for the year ended 31st August 2025.

20.	Post balance sheet events

The Trustees had decided to close the school at the end of this reporting period. Based on this decision, the financial statements have continued to be prepared on break-up basis. Accordingly, the property has been stated at the sales price completed on 27th May 2026 of £2.5 million. In terms of closure costs, the accrual relating to the payment due to Ursuline Order on competition of the sale has been increased to £625,000. Please note that the amount of £625,000 is calculated based on gross selling proceeds but it is only payable if there is sufficient balance after all liabilities are paid.

21.	Staff pensions

SCHEME: TPT Retirement Solutions - Independent Schools' Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 61 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers had agreed that additional contributions woulds be paid, in combination from all employers, to the scheme.

The School has been notified by TPT Retirement Solutions of the estimated employer debt on withdrawal from The Independent Schools' Pension Scheme based on the financial position of the Scheme as at 30 September 2024. As of this date the estimated employer debt for the School was £452,895. This amount has been provided in the accounts.

The pension charge for the year includes contributions payable to the scheme of £33,050 (2024: £35,256).

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £21,412 (2024: £31,907) and at the year-end £1,862 (2024: £1,861) was accrued in respect of contributions to its scheme.

The TPS is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The latest valuation report in respect of the TPS was prepared as at 31 March 2020 and was published in October 2023. The report confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024.

The administration charge remains at 0.08% of the employers' salary costs which increases the employer payment rate from 23.68% to 28.68%.