Registered number: 02666998 Charity number: 1007348
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity and its Advisers | 1 - 2 |
| Governors' Report | 3 - 8 |
| Governors' Responsibilities Statement | 9 |
| Independent Auditors' Report on the Financial Statements | 10 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 - 31 |
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS ADVISERS FOR THE YEAR ENDED 31 JULY 2020
| Foundation Governors | Dr R J Faleiro MB BS FRCA FFPMRCA |
|---|---|
| Mr M R Hall DL Hon D. Univ FCA FCMA CGMA FCT | |
| Ms H Barton BSc CEng FRAeS FIMA | |
| Mrs J Bullivant C Eng MICE, Chair | |
| Co-opted Governors | Mr G G Jones, Chair (resigned 18 June 2020) |
| Mrs F M K Apthorpe | |
| Dr V J Churchhouse BSc (Hons) PhD ACMA CGMA | |
| Rev. A Dring | |
| Mr T R Ousley | |
| Mrs S Sandle | |
| Miss S J Hughes | |
| Mrs D Troman | |
| Ms C L Twells (resigned 3 September 2020) | |
| Miss R E Stojak | |
| Company registered number 02666998 Charity registered number 1007348 Registered office Hillsway Littleover Derby DE23 3DT Bursar and Company Secretary Mrs M Mitchell ACA, BA (Hons) Head Mrs A Chapman MA, BA (Hons) Independent auditors Bates Weston Audit Limited Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ Bankers Barclays Bank PLC Level 4, 1 Chapel Quarter Maid Marian Way Nottingham NG1 6HQ Solicitors Flint Bishop LLP St. Michael's Court St. Michael's Lane Derby DE1 3HQ |
Page 1
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
Accountants
Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
Page 2
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2020
The Governors present their annual report together with the audited financial statements for the year from 1 August 2019 to 31 July 2020. The Governors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the 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 (FRS 102).
OBJECTIVES AND ACTIVITIES
Policies and objectives
The objective of the Charity will be to progressively implement and provide educational facilities for the advancement of co-education across the whole school for the children in the Derbyshire/Staffordshire area.
Strategies for achieving objectives
The School's facilities offer children education and instruction in various subjects over a broad spectrum of the curriculum, including academic, classical, scientific, technical and commercial studies.
Activities for achieving objectives
To achieve this, the School currently offers co-education for children from ages 3 to 18.
Achievements and performance
Review of activities
The results for the year and financial position of the School are shown in the annexed financial statements.
The School enjoyed another successful academic year with 530 pupils (2019: 517 pupils) in the school.
Advanced level examination candidates, once again, achieved impressive results in a full range of subjects:
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65% of all entries were graded A*/A.
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92% of all grades achieved were at A* - B, with students securing prestigious university places to study a wide variety of subjects, including medicine, law, languages and STEM courses, as well as top apprenticeships.
-
89% of students completing an Extended Project Qualification achieved grades A* - B.
GCSE results were equally impressive:
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47% of all grades were grade 8/9
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73% of all grades were grade 7+
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The vast majority of students took at least one language at GCSE and 75% of these grades are at 7+ (A*/A equivalent)
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All students took at least one Science at GCSE, with many taking all three Sciences. 77% of these grades are at 7+ (A*/A equivalent)
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In Food and Nutrition and Design Technology 100% of students achieved grades of 7+ (A*/A equivalent).
Page 3
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
In line with its aim to offer all pupils a broad and balanced education, Derby High School offered a range of cocurricular activities to all ages. The school considers co-curricular activities to be a vital part of the overall delivery of its educational objectives. Music, Drama, Art and Sport are particularly strong across both the Primary and Senior Schools. All four areas provide outstanding opportunities beyond the curriculum for pupils. The school has a thriving Duke of Edinburgh’s award scheme offering Bronze, Silver and Gold with large participation rates each year. The School also enjoyed success in a number of activities including the prestigious Engineering Education Scheme and Go4Set. The support of the staff for such a wide range of co-curricular accomplishment is a real strength of the school. The Primary School continues to offer one trip per year group, per term and residential opportunities from Year 3 onwards, including a trip to France for the Y6 pupils, although unfortunately due to Covid restrictions all but the Year 3 residential were cancelled. Senior students enjoyed a wide range of co-curricular trips which included a Geography trip to Iceland and a 10 day visit to Kolkata, India to work with the Cathedral Relief Project. Key charities supported this year included Children in Need, Jeans for Genes and Derby City Mission. Activate Sport uses our facilities for their programmes, benefiting external pupils as well as our own.
During the national closure of schools in the summer term due to COVID-19, the school continued to provide a full and varied educational offering to all pupils. Due to its robust and strong underlying financial position this enabled the School to offer a market leading 30% discount on final term fees. For both Junior and Senior students MS Teams was used to support pupil learning and to provide feedback to classwork and homework. Primary pupils received daily story time read by a variety of Primary and Senior teachers. The school provided strong academic and pastoral care along with co-curricular and super-curricular enrichment. In addition the school provided in-school key worker provision for pupils throughout the Easter holiday and the summer term, ensuring that parents who were front line workers in the fight against Covid were able to continue this important work whilst having child care support where needed. Ongoing educational provision for students who have to self isolate will be live lessons through MS Teams.
Public benefit policy
The Governors consider that they have complied with the public benefit guidance by continuing to operate the School's own 'Assisted Places Scheme' to ensure that gifted children will not be barred from attending the School due to parental financial hardship.
The object for which the School is established is to advance education and training, by the provision and conduct of co-education for pupils aged 3-18. The principal object is met by the provision of an educational environment that will develop to the full the talents of able pupils. In setting objectives and planning activities, the Governors have given due regard to the Charity Commission’s general guidance on public benefit on advancing education and on fee charging. Fees are set by reference to a detailed budgeting process undertaken each year, based on the need to ensure the provision of a first class education environment for the pupils and the continued financial viability of the School in both the short and long term. In discussions surrounding the setting of fees, any Governor who has family members attending the School must declare that interest and not participate in the final decision regarding the level of fees charged.
The School continues to make various awards of Scholarships, Bursaries and Remissions. These awards are granted on the basis of educational ability or on the basis of financial assessment under the parental financial hardship scheme or under the current remission scheme. A Committee of Governors approves all awards. The awards during the period were £434,379 (2019 - £399,696).
School facilities are available for local voluntary organisations and local residents. The Sports Hall is used for junior football leagues, local community leagues, local sports clubs and local community groups. The School acts as a public access centre for music examinations. Pupils work in local primary schools and charitable organisations through the Duke of Edinburgh Award Scheme and Work Experience placements.
Page 4
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
FINANCIAL REVIEW
Going concern
After making appropriate enquiries, the Governors have a reasonable expectation that the Charity 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.
Reserves policy
The total unrestricted funds amount to £6,628,319 (2019 - £6,349,225). A total of £5,045,419 (2019 - £5,168,661) has been deployed as part of the School premises and equipment. Funds designated for future projects are as detailed in the notes to the financial statements. These projects will be undertaken when the opportunity arises, thus with no fixed timescale in mind, but for which for the time being the Governors consider it prudent to retain sufficient finance to meet day to day working capital needs in the absence of free reserves.
The School considers that the appropriate level of free reserves which are not invested in fixed assets should ideally be equivalent to one term's expected expenditure, approximately £2,000,000.
The School's policy is, therefore, to continue to build up reserves by means of annual operating surpluses, including the judicious management of investment assets. Consideration is also given to future capital projects that may be required to ensure the School's facilities are maintained to a high standard.
Major Property Fund
A provision for anticipated major property repair expenditure in future years is maintained. Any movement on this provision will be adjusted for through unrestricted general funds.
Assisted Places Fund
The income from this fund is used to support scholarships granted to parents suffering financial hardship.
The Foundation Fund
This fund represents the net assets of the 1921 Trust on its commencement, to provide and promote the advancement of education, which were gifted to the School on 1 September 1992.
The main assets gifted were the School's premises, which have since been extended and improved.
The School, as set out in its Memorandum and Articles of Association, is unable to distribute any excess assets on its winding up or dissolution. All net assets must be used by or transferred to a similar body for the provision and advancement of education.
Investments policy
The Governors' investment policy is to maximise income and capital growth whilst at the same time spreading the risk.
Funds are deposited in short term low risk investments to give readily available access to funds as and when required.
The performance of the investments is disclosed in note 12 of the financial statements.
Page 5
DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Charity is incorporated under the Companies Act 2006 as a company limited by guarantee and is governed by its Articles of Association. The members of the Company are the Governors named on page 1.
The Charity was established in 1991 to take over the previous School trust and is registered with the Charity Commission under charity number 1007348. The School was originally founded in 1892.
The principal objective of the Charity is the promotion and advancement of co-education.
There have been no changes in the objectives since the last annual report.
Method of appointment or election of Governors
The management of the Charity is the responsibility of the Governors who are elected and co-opted under the terms of the Articles of Association. The School's Articles of Association can be found duly filed on the Charity Commission website.
Foundation Governors are not required to retire by rotation. Following retirement, the remaining Foundation Governors, at their discretion, appoint further Foundation Governors.
Co-opted Governors are appointed at the Board of Governors' discretion for a term not exceeding five years, but are eligible for re-appointment for such further term or terms as the Board of Governors shall in its discretion decide.
The Head leads the School through the next period of its development, building on our 125 year history and promoting the ethos and profile of the School. She leads with passion, vision and energy, and continues to develop the quality of the academic, pastoral and co- curricular provision to enable all our pupils to thrive.
Policies adopted for the induction and training of Governors
New Governors undergo a comprehensive induction and training process once appointed to the board. All Governors receive a manual produced by AGBIS entitled "Manual of Good Practice for Governors of Independent Schools" and are provided with ongoing training each year.
Organisational structure and decision making
The full Board of Governors meet at least once each term to ensure the effective governance of the School. Sub-committees report to the full Board.
The overall educational needs of the School are administered by the Head on a day to day basis.
The Bursar carries out the financial management of the School on a day to day basis along with all noneducational matters, and the strategy is overseen by the Finance and General Purposes Committee.
Page 6
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
Key Management Personnel
The Governors consider that they, together with the Head, the Bursar and those on the Leadership Scale comprise the Key Management Personnel. The Governors give of their time freely and the pay and remuneration of the Head and the Bursar and the senior staff is set by the Finance and General Purposes Committee, and approved by Full Board, and is kept under annual review; as are all staff salaries. A number of criteria are used in setting pay:
-
the organisational structure;
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the salary scales and grade bands;
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the nature of the role and responsibilities;
-
industry benchmarking.
Risk management
The Governors have a risk management process to assess business risk and implement risk management strategies. This involves identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As part of this process the Governors have reviewed the adequacy of the Charity’s current internal controls. The Governors are pleased to report that the Charity’s current internal controls conform with guidelines issued by the Charity Commission.
A formal review of the Charity's risk management processes is undertaken on an annual basis.
The Governors have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial or otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
-
The Charity is operating efficiently and effectively;
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Its assets are safeguarded against unauthorised use or disposition;
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Proper records are maintained and financial information used within the Charity, or for publication, is reliable;
-
The Charity complies with relevant laws and regulations.
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:
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A strategic plan and an annual budget approved by the Governors;
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Regular consideration by the Governors of financial results, variances from budgets, non financial performance indicators and benchmarking reviews;
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Delegation of authority and segregation of duties;
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Identification and management of risk.
Page 7
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
PLANS FOR THE FUTURE
Future developments
Our commitment to investing in our facilities will continue to see refurbishment of our campus facilities which provide an excellent environment for all.
Members' liability
The members of the Charity guarantee to contribute an amount not exceeding £1 each to the assets of the Charity in the event of winding up.
Disclosure of information to auditors
Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:
-
so far as each Governor is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
-
each Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
This report was approved by the Governors, on 8 December 2020 and signed on their behalf by:
Mr M R Hall Mrs J Bullivant Chair of Finance and General Purposes Chair of Governors Committee
Page 8
DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)
STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2020
The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors' Report including the Strategic 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 Governors to prepare financial statements for each financial year. Under company law, the Governors 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102)
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 9
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST
Opinion
We have audited the financial statements of Derby High School Trust (the 'charity') for the year ended 31 July 2020 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 31 July 2020 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.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the Governors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 10
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST (CONTINUED)
Other information
The Governors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Governors' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Governors' Report and the Strategic Report have 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 Governors' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Governors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Page 11
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST (CONTINUED)
Responsibilities of trustees
As explained more fully in the Governors' Responsibilities Statement, the Governors (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 Governors 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 Governors 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 Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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.
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.
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.
Wayne Thomas ACA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Limited Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
10 December 2020
Page 12
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2020
| Note Income and endowments from: Donations and legacies 2 Charitable activities 3 Investments 4 Other income 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 294,411 5,569,465 16,956 137,581 6,018,413 41,598 5,658,609 5,700,207 (39,112) 279,094 6,349,225 279,094 6,628,319 |
Endowment funds 2020 £ - - - - - - 22,608 22,608 - (22,608) 719,984 (22,608) 697,376 |
Total funds 2020 £ 294,411 5,569,465 16,956 137,581 6,018,413 41,598 5,681,217 5,722,815 (39,112) 256,486 7,069,209 256,486 7,325,695 |
Total funds 2019 £ - 5,772,744 13,214 197,580 |
|---|---|---|---|---|
| 5,983,538 | ||||
| 39,202 5,752,396 |
||||
| 5,791,598 | ||||
| 21,117 | ||||
| 213,057 | ||||
| 6,856,152 213,057 |
||||
| 7,069,209 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 31 form part of these financial statements.
Page 13
DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02666998
BALANCE SHEET AS AT 31 JULY 2020
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Total net assets Charity funds Endowment funds 16 Unrestricted funds 16 Total funds |
151,078 1,692,959 1,844,037 (711,072) |
2020 £ 5,742,795 686,667 6,429,462 1,132,965 7,562,427 (236,732) 7,325,695 697,376 6,628,319 7,325,695 |
76,132 1,494,714 1,570,846 (934,062) |
2019 £ 5,888,645 725,538 6,614,183 636,784 7,250,967 (181,758) 7,069,209 719,984 6,349,225 7,069,209 |
|---|---|---|---|---|
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
Mr M R Hall
Chair of Finance and General Purposes Committee
Mrs J Bullivant
Chair of Governors
Date: 8 December 2020
The notes on pages 16 to 31 form part of these financial statements.
Page 14
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2020
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Investment additions Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 16 to 31 form part of these financial statements |
2020 £ 198,486 (241) (241) 198,245 1,494,714 1,692,959 |
2019 £ 271,667 (288) (288) 271,379 1,223,335 1,494,714 |
|---|---|---|
Page 15
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
1. Accounting policies
1.1 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Derby High School Trust 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.
1.2 Company status
The Charity is a company limited by guarantee. The members of the company are the Governors named on page 1. In the event of the Charity being wound up, the liability in the respect of the guarantee is limited to £1 per member of the Charity.
1.3 Fees and similar income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Fees receivable are accounted for in the period in which the service is provided. Fees are stated before deducting bursaries, scholarships and remissions granted by the School.
Grants are included in the Statement of Financial Activities on a receivable basis. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
1.4 Expenditure
Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over relevant categories on the basis of management estimates of the amount attributable to that activity in the period, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the items of expense to which it relates.
Governance costs comprise the cost of running the Charity, including external audit, any legal advise for the Derby High School Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.
Fee remissions, allowances, scholarships and bursaries are included as an expended resource.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Page 16
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
1. Accounting policies (continued)
1.5 Educational supplies
All educational supplies are written off in the year of purchase.
1.6 Leasing commitments
Rentals under operating leases are charged to the Statement of Financial Activities incorporating income and expenditure account on a straight line basis over the lease term.
1.7 Tangible fixed assets and depreciation
All capital items are written off in the year of purchase, except for items costing over £10,000, which are depreciated over their estimated useful life.
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 on the following bases:
Freehold property
- 2% on cost
1.8 Investments and long term deposits
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.
1.9 Pensions
The School is a member of a multi-employer plan. Where it is not possible for the School to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. The scheme is managed by the Department of Education.
The School operates a money purchase scheme for non-teaching staff.
Contributions to both schemes are charged in the Statement of Financial Activities (incorporating income and expenditure account) as they become payable in accordance with the rules of the scheme.
Page 17
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Governors 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 School 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.
Investment income, gains and losses are allocated to the appropriate fund.
1.11 Taxation
The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2. Income from donations and legacies
| Unrestricted funds 2020 £ PTA Donation 23,804 Government grants 270,607 294,411 |
Total funds 2020 £ 23,804 270,607 294,411 |
Total funds 2019 £ - - |
|---|---|---|
| - |
Government grants of £270,607 was receivable in relation to the Coronavirus Job Retention Scheme (CJRS).
Page 18
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
3. Income from charitable activities
| Unrestricted funds 2020 £ School fees receivable 5,521,991 Other ancillary trading income 33,114 Activities for generating funds 14,360 5,569,465 |
Total funds 2020 £ 5,521,991 33,114 14,360 5,569,465 |
Total funds 2019 £ 5,700,605 51,248 20,891 |
|---|---|---|
| 5,772,744 |
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Bank and investment income | 16,956 | 16,956 | 13,214 |
5. Other incoming resources
| Unrestricted funds 2020 £ Sundry income 33,826 Income from school activities 103,755 137,581 |
Restricted funds 2020 £ - - - |
Total funds 2020 £ 33,826 103,755 137,581 |
Total funds 2019 £ 25,519 172,061 |
|---|---|---|---|
| 197,580 |
Page 19
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
6. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Advertising | 41,598 | 41,598 | 39,202 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2020 £ Educational costs 4,156,911 Welfare costs 284,967 Premises costs 745,639 Support costs 447,678 Governance costs 23,414 5,658,609 Total 2019 5,721,424 |
Restricted funds 2020 £ - - - - - - 8,364 |
Endowment funds 2020 £ - - 22,608 - - 22,608 22,608 |
Total funds 2020 £ 4,156,911 284,967 768,247 447,678 23,414 5,681,217 5,752,396 |
Total funds 2019 £ 4,093,547 375,560 821,336 445,503 16,450 |
|---|---|---|---|---|
| 5,752,396 | ||||
Page 20
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
7. Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
| Educational costs Welfare costs Premises costs Support costs Governance costs Total 2019 |
Staff costs 2020 Depreciation 2020 £ £ 3,607,720 - 14,258 - 241,089 145,850 346,538 - - - 4,209,605 145,850 4,078,682 145,850 |
Other costs 2020 £ 549,191 270,709 381,308 101,140 23,414 1,325,762 1,527,864 |
Total funds 2020 £ 4,156,911 284,967 768,247 447,678 23,414 5,681,217 5,752,396 |
Total funds 2019 £ 4,093,547 375,560 821,336 445,503 16,450 |
|---|---|---|---|---|
| 5,752,396 | ||||
8. Auditors' remuneration
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable for the audit of the Charity's annual accounts | 8,100 | 8,100 |
9. Staff costs
| Wages and salaries Social security costs Other pension costs |
2020 £ 3,367,627 313,182 528,796 4,209,605 |
2019 £ 3,374,444 316,367 387,871 |
|---|---|---|
| 4,078,682 |
Page 21
DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
9. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| Management and administration Teaching Domestic and catering |
2020 No. 12 93 22 127 |
2019 No. 13 84 21 |
|---|---|---|
| 118 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| In the band £60,001 | - £70,000 | 1 | 2 |
| In the band £70,001 | - £80,000 | 1 | 1 |
| In the band £80,001 | - £90,000 | 1 | 1 |
For the individual paid between £60,001 - £70,000 the School made total contributions of £15,062 (2019: £20,570) to appropriate pension scheme.
For the individual paid between £70,001 - £80,000 the School made total contributions of £10,837 (2019: £10,189)
For the individual paid between £80,001 - £90,000 the School made contributions of £19,716 (2019: £13,319) to the appropriate scheme.
Key management personnel are considered to be the Head Teacher, Deputy Head Teacher, Head of Juniors and Bursar who received total remuneration of £312,226 (2019: £342,969).
10. Governors remuneration
During the year, no Governor received any remuneration or other benefits (2019 - £NIL) , in their capacity as Governors.
During the year, no Governor expenses have been incurred (2019 - £NIL) .
Page 22
DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
11. Tangible fixed assets
| Cost At 1 August 2019 At 31 July 2020 Depreciation At 1 August 2019 Charge for the year At 31 July 2020 Net book value At 31 July 2020 At 31 July 2019 |
Freehold property £ 7,492,511 |
|---|---|
| 7,492,511 | |
| 1,603,866 145,850 |
|
| 1,749,716 | |
| 5,742,795 | |
| 5,888,645 |
Included in land and buildings is freehold land at a cost of £200,000 (2019 - £200,000), which is not depreciated.
12. Fixed asset investments
| Fair value At 1 August 2019 Additions Revaluations At 31 July 2020 |
Listed investments £ 622,985 - (39,112) 583,873 |
Unlisted investments £ 102,553 241 - 102,794 |
Total £ 725,538 241 (39,112) |
|---|---|---|---|
| 686,667 |
Page 23
(A Company Limited by Guarantee)
DERBY HIGH SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
13. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2020 £ 18,470 8,006 124,602 151,078 |
2019 £ 21,037 21,144 33,951 |
|---|---|---|
| 76,132 |
14. Creditors: Amounts falling due within one year
| Final term fee deposits Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income brought forward Resources deferred during the year Amounts released from previous periods |
2020 £ 28,400 65,443 77,891 175,147 364,191 711,072 2020 £ 600,117 440,783 (600,117) 440,783 |
2019 £ 26,900 143,684 75,281 111,137 577,060 |
|---|---|---|
| 934,062 | ||
| 2019 £ 598,244 600,117 (598,244) |
||
| 600,117 |
Deferred income for the year includes £342,470 fees in advance (2019: £555,182) and trip income included in other creditors totalling £98,313 (2019: £44,935).
Page 24
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
15. Creditors: Amounts falling due after more than one year
| Final term fee deposits Accruals and deferred income |
2020 £ 171,270 65,462 236,732 |
2019 £ 168,560 13,198 |
|---|---|---|
| 181,758 |
Repayment of final term fee deposits is due on the child leaving the school, net of any charges outstanding. No interest is due on these balances.
16. Statement of funds
Statement of funds - current year
| Balance at 1 August 2019 £ Designated funds Major property fund 1,100,000 Assisted places fund 312,785 1,412,785 General funds General Funds 4,936,440 Total Unrestricted funds 6,349,225 Endowment funds The Foundation Fund 719,984 Total of funds 7,069,209 |
Income £ - - - 6,018,413 6,018,413 - 6,018,413 |
Expenditure £ (81,348) (88,033) (169,381) (5,530,826) (5,700,207) (22,608) (5,722,815) |
Transfers in/(out) £ 81,348 55,513 136,861 (136,861) - - - |
Gains/ (Losses) £ Balance at 31 July 2020 £ - 1,100,000 - 280,265 - 1,380,265 (39,112) 5,248,054 (39,112) 6,628,319 - 697,376 (39,112) 7,325,695 |
Gains/ (Losses) £ Balance at 31 July 2020 £ - 1,100,000 - 280,265 - 1,380,265 (39,112) 5,248,054 (39,112) 6,628,319 - 697,376 (39,112) 7,325,695 |
|---|---|---|---|---|---|
| 1,380,265 | |||||
| 5,248,054 | |||||
| 6,628,319 | |||||
| 697,376 | |||||
| 7,325,695 |
Page 25
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
16. Statement of funds (continued)
Statement of funds - prior year
| Designated funds Major property fund Assisted places fund General funds General Funds Total Unrestricted funds Endowment funds The Foundation Fund Restricted funds Friends of Derby High School Total of funds |
Balance at 1 August 2018 £ 1,100,000 357,620 1,457,620 4,655,940 6,113,560 742,592 - 6,856,152 |
Income £ - - - 5,975,174 5,975,174 - 8,364 5,983,538 |
Expenditure £ (81,053) (98,248) (179,301) (5,581,325) (5,760,626) (22,608) (8,364) (5,791,598) |
Transfers in/(out) £ 81,053 53,413 134,466 (134,466) - - - - |
Gains/ (Losses) £ - - - 21,117 21,117 - - 21,117 |
Balance at 31 July 2019 £ 1,100,000 312,785 |
|---|---|---|---|---|---|---|
| 1,412,785 | ||||||
| 4,936,440 | ||||||
| 6,349,225 | ||||||
| 719,984 | ||||||
| - | ||||||
| 7,069,209 |
Page 26
(A Company Limited by Guarantee)
DERBY HIGH SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
16. Statement of funds (continued)
DESIGNATED FUNDS
Major Property Fund
A provision for anticipated major property repair expenditure in future years is maintained. Any movement on this provision will be adjusted for through unrestricted general funds.
Assisted Places Fund
This fund is used to support scholarships granted to parents suffering financial hardship.
ENDOWMENT FUNDS
The Foundation Fund
This fund represents the net assets of the 1921 Trust on its commencement, to provide and promote the advancement of education, which were gifted to the School on 1 September 1992.
The main assets gifted were the School's premises, which have since been extended and improved.
The School, as set out in its Memorandum and Articles of Association, is unable to distribute any excess assets on its winding up or dissolution. All net assets must be used by or transferred to a similar body for the provision and advancement of education.
17. Summary of funds
Summary of funds - current year
| Balance at 1 August 2019 £ Designated funds 1,412,785 General funds 4,936,440 Endowment funds 719,984 7,069,209 |
Income £ - 6,018,413 - 6,018,413 |
Expenditure £ (169,381) (5,530,826) (22,608) (5,722,815) |
Transfers in/(out) £ 136,861 (136,861) - - |
Gains/ (Losses) £ Balance at 31 July 2020 £ - 1,380,265 (39,112) 5,248,054 - 697,376 (39,112) 7,325,695 |
Gains/ (Losses) £ Balance at 31 July 2020 £ - 1,380,265 (39,112) 5,248,054 - 697,376 (39,112) 7,325,695 |
|---|---|---|---|---|---|
| 7,325,695 |
Page 27
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
17. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds Endowment funds Restricted funds |
Balance at 1 August 2018 £ 1,457,620 4,655,940 742,592 - 6,856,152 |
Income £ - 5,975,174 - 8,364 5,983,538 |
Expenditure £ (179,301) (5,581,325) (22,608) (8,364) (5,791,598) |
Transfers in/(out) £ 134,466 (134,466) - - - |
Gains/ (Losses) £ - 21,117 - - 21,117 |
Balance at 31 July 2019 £ 1,412,785 4,936,440 719,984 - |
|---|---|---|---|---|---|---|
| 7,069,209 |
18. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Tangible fixed assets 5,045,419 Fixed asset investments 686,667 Current assets 1,844,037 Creditors due within one year (711,072) Creditors due in more than one year (236,732) Total 6,628,319 |
Endowment funds 2020 £ 697,376 - - - - 697,376 |
Total funds 2020 £ 5,742,795 686,667 1,844,037 (711,072) (236,732) |
|---|---|---|
| 7,325,695 |
Page 28
(A Company Limited by Guarantee)
DERBY HIGH SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Unrestricted funds 2019 Endowment funds 2019 £ £ Tangible fixed assets 5,168,661 719,984 Fixed asset investments 725,538 - Current assets 1,570,846 - Creditors due within one year (934,062) - Creditors due in more than one year (181,758) - Total 6,349,225 719,984 19. Reconciliation of net movement in funds to net cash flow from operating activities 2020 £ Net income for the period (as per Statement of Financial Activities) 256,486 Adjustments for: Depreciation charges 145,850 Gains/(losses) on investments 39,112 Decrease/(increase) in debtors (74,946) Decrease in creditors (168,016) Net cash provided by operating activities 198,486 20. Analysis of cash and cash equivalents 2020 £ Cash in hand 1,692,959 Total cash and cash equivalents 1,692,959 |
Total funds 2019 £ 5,888,645 725,538 1,570,846 (934,062) (181,758) 7,069,209 2019 £ 213,057 145,850 (21,117) 13,866 (79,989) 271,667 2019 £ 1,494,714 1,494,714 |
|---|---|
Page 29
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 August 2019 £ 1,494,714 1,494,714 |
Cash flows £ 198,245 198,245 |
At 31 July 2020 £ 1,692,959 |
|---|---|---|---|
| 1,692,959 |
22. Pensions
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the TPS Regulations 2014. membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in parttime employment following appointment or a change of contract, although they are able to opt out.
The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The pension charge for the year includes contributions payable to the TPS of £516,301 (2019: £376,230). At the year-end £64,216 (2019: £50,375) was accrued in respect of contributions to this scheme. The School also runs a scheme for its non-teaching staff, which is a money purchase scheme. The cost for the year represents the School's contributions to that scheme of £12,495 (2019: £11,641).
VALUATION OF THE TEACHERS' PENSION SCHEME
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
-
employer contribution rates set at 23.68% of pensionable pay, including a 0.08% employer administration charge.
-
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets ( estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million.
-
an employer cost cap of 10.9% of pensionable pay will be applied to future valuations
-
the assumed real rate of return is 2.8% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return is 4.45%.
The TPS valuation for 2016 determined an employer rate of 23.68%, which was payable from 1 September 2019.
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.
Page 30
DERBY HIGH SCHOOL TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
22. Pensions (continued)
Under definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The trust has accounted for its contributions to the scheme as if it were a defined contributions scheme. The trust has set out above the information available on the scheme.
23. Operating lease commitments
At 31 July 2020 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Amounts payable: Not later than 1 year Later than 1 year and not later than 5 years |
2020 £ 10,130 10,601 20,731 |
2019 £ 12,999 20,731 |
|---|---|---|
| 33,730 |
24. Transactions with governors
The Governors who have children that attend the School received scholarships of £2,500 (2019: £2,500).
Governors who are parents of children at the School do not participate in the setting of School fees.
Page 31