| Page | |
|---|---|
| Governors'report andstrategic report | 1 - 15 |
| Independent auditors'report | 16 - 19 |
| Statement offinancialactivities | 20 |
| Balance sheet | 21 |
| Cashflow statement | 22 |
| Accountingpolicies | 23 - 25 |
| Notestothefinancialstatements | 26 - 35 |
28 March 2022
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Charitable activities | |||||
| Schoolfeesreceivable | 1 | 7,190,992 | 7,190,992 | 6,786,759 | |
| Ancillarytradingincome | 2 | 315,128 | 315,128 | 251,995 | |
| Government grants- coronavirus | 46,656 | 46,656 | 283,836 | ||
| jobretentionscheme | |||||
| Other trading activities | |||||
| Lettingsincome | 70,959 | 70,959 | 59,611 | ||
| Investments | 2,236 | 2,236 | 15,033 | ||
| Donations | 3,667 | 3,667 | 3,928 | ||
| Total income | 7,582,982 | 46,656 | 7,629,638 | 7,401,162 | |
| Expenditure on: | |||||
| Raising funds | |||||
| Financingcosts | 13,580 | 13,580 | 14,075 | ||
| Fundraisinganddevelopment | 7,253 | 7,253 | 34,368 | ||
| Total deductible costs | 20,833 | 20,833 | 48,443 | ||
| Charitable activities | |||||
| Education | 7,535,628 | 46,656 | 7,582,284 | 7,364,412 | |
| Total expenditure | 5 | 7,556,461 | 46,656 | 7,603,117 | 7,412,855 |
| Net income and net movement in | |||||
| funds | 26,521 | 26,521 | (11,693) | ||
| Fundbalancesbroughtforwardat | |||||
| 1September 2020 | 20,240,201 | 20,240,201 | 20,251,894 | ||
| Fund balances carried forward at | |||||
| 31August 2021 | 14 | 20,266,722 | 20,266,722 | 20,240,201 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangiblefixed assets | 8 | |||||
| Freeholdlandandbuilding | 15,402,894 | 15,640,541 | ||||
| Fixtures,fittingsandequipment | 685,740 | 632,655 | ||||
| Motorvehicles | 51,275 | 61,272 | ||||
| Website | 19,882 | |||||
| 16,159,791 | 16,334,468 | |||||
| Investments | 9 | 100 | 100 | |||
| 16,159,891 | 16,334,568 | |||||
| Current assets | ||||||
| Debtors | 10 | 2,428,707 | 2,296,565 | |||
| Cashandbankandinhand | 5,358,032 | 5,104,080 | ||||
| 7,786,739 | 7,400,645 | |||||
| Creditors: amounts falling due | ||||||
| within one year | 11 | (3,515,642) | (3,418,203) | |||
| Net current assets | 4,271,097 | 3,982,442 | ||||
| Total assets less current | ||||||
| liabilities | 20,430,988 | 20,317,010 | ||||
| Creditors: amounts falling due | ||||||
| after more than one year | 12 | (164,266) | (76,809) | |||
| Net assets | 20,266,722 | 20,240,201 | ||||
| Reserves | ||||||
| Unrestrictedfunds | 14 | 20,266,722 | 20,240,201 | |||
| Total funds | 20,266,722 | 20,240,201 |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Cash flows from operating activities | |||||
| Net cash provided by operating | A | ||||
| activities | 446,553 | 167,990 | |||
| Cash flows from investing activities | |||||
| Paymentsfortangiblefixedassets | (292,290) | (203,673) | |||
| Interestreceived | 2,236 | 15,033 | |||
| Net cash used in investing activities | (290,054) | (188,640) | |||
| Net cash inflow before financing | 156,498 | (20,650) | |||
| Cash flows from financing activities: | |||||
| Fees in advance scheme | |||||
| Newfeesinadvancemoney | 398,480 | 50,088 | |||
| Amountsutilised | (301,026) | (313,085) | |||
| Net cash provided by / (used in) | |||||
| financing activities | 97,454 | (262,997) | |||
| Change in cash and cash | |||||
| equivalents in the reporting period | 253,952 | (283,647) | |||
| Cashandcashequivalents atthe | |||||
| beginningofthereportingperiod | 5,104,080 | 5,387,727 | |||
| Cash and cash equivalents at the | |||||
| end of the reporting period | 16 | 5,358,032 | 5,104,080 | ||
| **Note A- Reconciliation of net income ** | **to net ** | cash provided by operating activities | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Net income for the reporting period | 26,521 | (11,693) | |||
| Adjustments for: | |||||
| Depreciationcharges | 466,967 | 467,473 | |||
| Interestreceivable | (2,236) | (15,033) | |||
| Increaseindebtors | (132,140) | (122,031) | |||
| Increase/ (decrease) increditors | 87,441 | (150,726) | |||
| Net cash provided by operating activities | 446,553 | 167,990 |
| 1. | School fees receivable | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Fees | 7,761,042 | 7,345,143 | |
| Less: | |||
| Scholarships,assisted placesandfeediscounts | (570,050) | (558,384) | |
| 7,190,992 | 6,786,759 | ||
| The above awards were all made to individuals.These include tuition scholarships, | discretionary | ||
| awards,assisted places andsiblingdiscountsmadeto 230 (2020:227) individuals. | |||
| 2. | Ancillary trading income | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Incomefromfundraisingevents | 5,037 | 40,120 | |
| Othereducationalincome | |||
| Extras | 288,808 | 201,125 | |
| Entranceandregistrationfees | 21,283 | 10,750 | |
| 315,128 | 251,995 | ||
| 3. | Expenditure | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Expenditureincludes: | |||
| Depreciation-owned assets | 466,967 | 467,473 | |
| Operatingleaserentals-equipment | 72,345 | 71,788 | |
| Auditor's remuneration (excl VAT) | |||
| -foraudit (current year) | 11,500 | 11,100 | |
| -foraudit (prior year) | 2,000 | ||
| -otherservices | 4,725 | 2,525 | |
| 4. | Staff costs | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Wages andsalaries | 3,838,226 | 3,902,745 | |
| Socialsecurity costs | 380,653 | 373,051 | |
| Pensioncontributions | 683,941 | 674,572 | |
| 4,902,820 | 4,950,368 |
| 2021 | 2020 | |
|---|---|---|
| The averagenumberofemployeesinthe yearwas: | Number | Number |
| Teaching | 92 | 94 |
| Establishment staff | 16 | 14 |
| Administration | 20 | 21 |
| 128 | 129 |
| £60,000- £70,000 | 3 | |
|---|---|---|
| £70,001- £80,000 | 3 | |
| £80,001- £90,000 | 1 | 2 |
| £130,001- £140,000 | 1 |
1 |
| Staff costs | Other | Depreciation | 2021 | 2020 | |
|---|---|---|---|---|---|
| Total | Total | ||||
| £ | £ | £ | £ | £ | |
| Raising funds | |||||
| Financingcosts | 13,580 | 13,580 | 14,075 | ||
| Fundraisingevents | 7,253 | 7,253 | 34,368 | ||
| 20,833 | 20,833 | 48,443 | |||
| Charitable activities | |||||
| Teachingcosts | 3,896,209 | 367,700 | 229,319 | 4,493,228 | 4,410,524 |
| Welfare costs | 357,349 | 357,349 | 328,156 | ||
| Premisescosts | 353,928 | 971,160 | 237,648 | 1,562,736 | 1,536,247 |
| Support costs (Note 6) | 652,683 | 491,765 | 1,144,448 | 1,072,662 | |
| Governancecosts (Note7) | 24,523 | 24,523 | 16,823 | ||
| 4,902,820 | 2,212,497 | 466,967 | 7,582,284 | 7,364,412 | |
| Total expenditure | 4,902,820 | 2,233,330 | 466,967 | 7,603,117 | 7,412,855 |
| Staff costs | Other | Depreciation | 2020 | |
|---|---|---|---|---|
| Total | ||||
| £ | £ | £ | £ | |
| Raising funds | ||||
| Financingcosts | 14,075 | 14,075 | ||
| Fundraisingevents | 34,368 | 34,368 | ||
| 48,443 | 48,443 | |||
| Charitable activities | ||||
| Teachingcosts | 3,895,863 | 284,836 | 229,825 | 4,410,524 |
| Welfare costs | 328,156 | 328,156 | ||
| Premisescosts | 333,375 | 965,224 | 237,648 | 1,536,247 |
| Supportcosts(Note 6) | 721,130 | 351,532 | 1,072,662 | |
| Governancecosts (Note7) | 16,823 | 16,823 | ||
| 4,950,368 | 1,946,571 | 467,473 | 7,364,412 | |
| Total expenditure | 4,950,368 | 1,995,014 | 467,473 | 7,412,855 |
| Support costs | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Staff costs | 652,683 | 721,130 |
| Other expenses | 426,437 | 339,529 |
| Travelexpenses | 64 | 1,286 |
| Legalandprofessionalfees | 54,974 | 44,788 |
| Movement inprovision against debts | 10,290 | (34,071) |
| 1,144,448 | 1,072,662 | |
| Governance costs | ||
| 2021 | 2020 | |
| £ | £ | |
| Audit andstatutoryaccountsfee | 16,950 | 13,625 |
| Audit andstatutory accountsfee-prioryear | 4,250 | |
| Teachers'pensionschemeauditfee | 2,100 | 2,100 |
| Governors'indemnityinsurance | 1,223 | 1,098 |
| 24,523 | 16,823 |
Somerhill Charitable Trust Limited
Notes to the financial statements (continued) Year ended 31 August 2021
8. Tangible fixed assets
| Cost or valuation 1 September 2020 Additions Disposals 31 August 2021 Depreciation 1 September 2020 Charge for the year Disposals 31 August 2021 Net book values 31 August 2021 31 August 2020 |
School freehold land and buildings £ 13,426,688 - - 13,426,688 1,101,879 228,891 - 1,330,770 12,095,918 12,324,809 |
Other freehold land and buildings £ 3,342,000 - ` - 3,342,000 26,268 8,756 - 35,024 3,306,976 3,315,732 |
Equipment fixtures and fittings £ 1,276,543 270,988 (332,254) 1,215,277 643,888 217,903 (332,254) 529,537 685,740 632,655 |
Motor vehicles £ 148,375 - - 14 8,375 87,103 9,997 - 97,100 51,2 75 61,2 72 |
Website £ - 21,302 - 21,302 - 1,420 - 1,420 19,882 - |
Total £ 18,193,606 292,290 (332,254) |
|---|---|---|---|---|---|---|
| 18,153,642 | ||||||
| 1,859,138 466,967 (332,254) |
||||||
| 1,993,851 | ||||||
| 16,159,791 | ||||||
| 16,334,468 |
All freehold land and buildings are valued, for insurance purposes and including contents, at £58 million (2020: £58 million). School freehold land and buildings comprises the school mansion and grounds of 160 acres and other buildings owned by the School that are used for educational purposes. Other freehold land and buildings comprises other residential properties owned by the School.
Page 29
| ixed asset investments | |
|---|---|
| Shares | |
| £ | |
| Investmentinsubsidiarycompany | 100 |
| Cost and net book value | |
| At1September 2020and31August 2021 | 100 |
| Subsidiary undertaking | Country of registration | Class | Shares held | |
|---|---|---|---|---|
| or incorporation | % | |||
| SomerhillEnterprisesLimited | Englandand Wales | Ordinary | 100 | |
| Theaggregateamountofcapitaland | reservesandtheresultof | thisundertakingfortheyearended | ||
| 31August 2021was asfollows: | ||||
| Capital and | Result for | |||
| reserves | the year | |||
| £ | £ | |||
| SomerhillEnterprisesLimited | Dormant | 100 | ||
| 10. | Debtors | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Tradedebtors | 2,102,667 | 2,028,754 | ||
| Other debtors | 70,137 | 67,881 | ||
| Prepaymentsand accruedincome | 255,903 | 199,930 | ||
| 2,428,707 | 2,296,565 |
| reditors: Amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Tradecreditors | 223,604 | 335,806 |
| Othertaxationand socialsecurity costs | 166 | 120,674 |
| Accruals | 209,187 | 92,643 |
| Deferredincome | 2,641,823 | 2,404,958 |
| Advance fees | 196,586 | 186,589 |
| Othercreditors | 244,176 | 277,433 |
| Amounts payabletosubsidiary company | 100 | 100 |
| 3,515,642 | 3,418,203 |
| Fees paid in advanceare analysed asfollows: | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Balance at1September 2020 | 263,398 | 526,394 | |
| New amountspaid | 398,480 | 50,088 | |
| 661,878 | 576,482 | ||
| Amountsutilisedinthe paymentsof fees | (301,026) | (313,084) | |
| Balance at31August 2021 | 360,852 | 263,398 | |
| 12. | Creditors: Amounts falling due after more than one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Feesin advance | 164,266 | 76,809 |
| cancellable operatingleases asfollows. | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Amountspayable: | ||||
| Within oneyear | 64,275 | 40,541 | ||
| Intwoto five years | 70,839 | 84,571 | ||
| Totalcommitment | 135,114 | 125,112 | ||
| Allleasesrelateto amountspayableinrespect | of equipment. | |||
| 14. | Statement of funds | |||
| 14.1 | Current year | |||
| Restricted | Designated | Unrestricted | Total | |
| property | general | |||
| £ | £ | £ | £ | |
| At1September 2020 | 12,324,809 | 7,915,392 | 20,240,201 | |
| Surplus/(deficit) for year | (228,891) | 255,412 | 26,521 | |
| At 31August 2021 | 12,095,918 | 8,170,804 | 20,266,722 | |
| 14.2 | Prior year | |||
| Restricted | Designated | Unrestricted | Total | |
| property | general | |||
| £ | £ | £ | £ | |
| At1September 2019 | 12,545,655 | 7,706,239 | 20,251,894 | |
| Surplus/(deficit)for year | (220,846) | 209,153 | (11,693) | |
| At 31August 2020 | 12,324,809 | 7,915,392 | 20,240,201 |
| Tangible | Investments | Net current | Non-current | Total | |
|---|---|---|---|---|---|
| fixed | assets/ | liabilities | |||
| assets | (liabilities) | ||||
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General | 4,063,873 | 100 | 4,271,097 | (164,266) | 8,170,804 |
| Designatedfund-property | 12,095,918 | 12,095,918 | |||
| 16,159,791 | 100 | 4,271,097 | (164,266) | 20,266,722 | |
| rior year | |||||
| Tangible | Investments | Net current | Non-current | Total | |
| fixed | assets/ | liabilities | |||
| assets | (liabilities) | ||||
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General | 4,009,659 | 100 | 3,982,442 | (76,809) | 7,915,392 |
| Designatedfund- property | 12,324,809 | 12,324,809 | |||
| 16,334,468 | 100 | 3,982,442 | (76,809) | 20,240,201 |
| 16.1 | Current year | |||
|---|---|---|---|---|
| At start of | Cash- | At end of | ||
| year | flows | year | ||
| £ | £ | £ | ||
| Cash | 5,104,080 | 253,952 | 5,358,032 | |
| 16.2 | Prior year | |||
| At start of | Cash- | At end of | ||
| year | flows | year | ||
| £ | £ | £ | ||
| Cash | 5,387,727 | (283,647) | 5,104,080 |
| Prior year Statement of Financial Activities | Prior year Statement of Financial Activities | Prior year Statement of Financial Activities | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Income and endowments from: | |||||
| Charitable activities | |||||
| Schoolfeesreceivable | 6,786,759 | 6,786,759 | |||
| Ancillarytradingincome | 251,995 | 251,995 | |||
| Government grants - |
coronavirus | job | 283,836 | 283,836 | |
| retentionscheme | |||||
| Other trading activities | |||||
| Lettingsincome | 59,611 | 59,611 | |||
| Investments | 15,033 | 15,033 | |||
| Donations | 3,928 | 3,928 | |||
| Total income | 7,117,326 | 283,836 | 7,401,162 | ||
| Expenditure on: | |||||
| Raising funds | |||||
| Financingcosts | 14,075 | 14,075 | |||
| Fundraisinganddevelopment | 34,368 | 34,368 | |||
| Total deductible costs | 48,443 | 48,443 | |||
| Charitable activities | |||||
| Education | 7,080,576 | 283,836 | 7,364,412 | ||
| Total expenditure | 7,129,019 | 283,836 | 7,412,855 | ||
| Net income and net movement in funds | (11,693) | (11,693) | |||
| Fundbalancesbroughtforward at | |||||
| 1September 2020 | 20,251,894 | 20,251,894 | |||
| Fund balances carried forward at | |||||
| 31August 2021 | 20,240,201 | 20,240,201 |