#
##
##
|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Company,|its Trustees and advisers||
|Trustees' report||||2-11|
|Independent|auditors'
report|on the financial statements||12-15|
|Consolidated|statement
offinancial activities|||16|
|Consolidated|balance sheet|||17|
|Company
balance sheet||||18|
|Consolidated|statement ofcash flows|||19|
|Notes to the|financial statements|||20 - 42|
##
##
|Trustees|||R Ribchester,|Chair|Chair||
|---|---|---|---|---|---|---|
||||Q Anstee||||
||||KBallantyne||||
||||SDobson||||
||||K Fenwick||||
||||M Hampel||||
||||R Hillier||||
||||J Hind (appointed||16March 2022)||
||||G Hodgson||||
||||M Regan||||
||||K Richards||||
||||J Robson||||
||||RSwart (resigned||1 July 2022)||
||||A Tremlett (resigned|||1 July 2022)|
||||N Turner||||
|Company|registered||||||
|number|||02776914||||
|Charity registered|||||||
|number|||1023407||||
|Registered||office|The Bursars Office||||
||||Durham
School||||
||||Durham||||
||||DH14SZ||||
|Company|secretary||EC Mussell||||
|Headmaster|||KJ McLaughlin||||
|Independent||auditors|Clive Owen LLP||||
||||Chartered
Accountants||||
||||Statutory Auditors||||
||||Kepier House||||
||||Belmont Business||Park||
||||Durham||||
||||DH1 1TW||||
|Bankers|||Barclays Bank|PLC|||
||||6 Market Place||||
||||Durham||||
||||DH1 3NB||||
|Solicitors|||Swinburne
Maddison|||LLP|
||||Venture House||||
||||Aykley Heads|Business Centre|||
||||Durham||||
||||DH1 5TS||||
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||||||Endowment|Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|funds|funds|
||||||2022|2022|2022|2022|2021|
|||||Note|||8|6|F|
|Income and||||||||||
|endowments||from:||||||||
|Donations
and||legacies||3||275,000|184,472|459,472|129,824|
|Charitable
activities||||4||(73,911)|9,411,522|9,337,611|8,675,278|
|Other trading|activities|||5|||209,154|209,154|126,234|
|Investments||||6|8,458|15,341|372,180|395,979|291,355|
|Total income||and||||||||
|endowments|||||8,458|216,430|10,177,328|10,402,216|9,222,691|
|Expenditure|on:|||||||||
|Raising funds|||||||376,617|376,617|304,693|
|Charitable
activities|||||||10,572,287|10,572,287|9,289,755|
|Other expenditure|||||||||270,872|
|Total expenditure|||||||10,948,904|10,948,904|9,865,320|
|Net||||||||||
|income/(expenditure)||||||||||
|before net||||||||||
|(losses)/gains||on||||||||
|investments|||||8,458|216,430|(771,576)|(546,688)|(642,629)|
|Net (losses)/gains|||on|||||||
|investments|||||(38,878)|||(38,878)|123,861|
|Net movement||in||||||||
|funds|||||(30,420)|216,430|(771,576)|(585,566)|(518,768)|
|Reconciliation||of||||||||
|funds:||||||||||
|Total funds brought||||||||||
|forward|||||345,750|1,421,742|(2,175,918)|(408,426)|110,342|
|Net movement||in funds|||(30,420)|216,430|(771,576)|(585,566)|(518,768)|
|Total funds carried||||||||||
|forward|||||315,330|1,638,172|(2,947,494)|(993,992)|(408,426)|
||||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|---|
||||AS AT 31AUGUST 2022||||
||||Note|2022f||2021
6|
|Fixed assets|||||||
|Tangible assets|||14|5,312,643||5,490,316|
|Investments|||15|1,038,147||1,077,025|
|||||6,350,790||6,567,341|
|Current assets|||||||
|Stocks|||16|3,366|50,806||
|Debtors|||17|1,387,565|1,532,993||
|Cash at bank and|in hand|||153,598|484,663||
|||||1,544,529|2,068,462||
|Creditors: amounts|falling|due within|one||||
|year|||18|(4,850,635)|(4,739,240)||
|Net current liabilities||||(3,306,106)||(2,670,778)|
|Total assets less|current|liabilities||3,044,684||3,896,563|
|Creditors: amounts|falling|due after|more||||
|than one year|||19|(4,038,676)||(4,304,989)|
|Net liabilities excluding||pension asset||(993,992)||(408,426)|
|Total net assets||||(993,992)||(408,426)|
|Charltyfunds|||||||
|Endowment
funds|||21|315,330||345,750|
|Restricted funds|||21|1,638,172||1,421,742|
|Unrestricted
funds|||21|(2,947,494)||(2,175,918)|
|Totalfunds||||(993,992)||(408,426)|
##
##
|||COMPANT|STATEMENT|OF FINANCIAL|POSITION|||
|---|---|---|---|---|---|---|---|
||||AS AT 31AUGUST 2022|||||
||||||2022||2021|
||||Note||||6|
|Fixed assets||||||||
|Tangible assets|||14||5,312,643||5,490,316|
|Investinents|||15||1,037,972||1,076,850|
||||||6,350,615||6,567,166|
|Current assets||||||||
|Debtors|||17|1,477,165||1,571,874||
|Cash at bank and|in hand|||5,187||478,751||
|||||1,482,352||2,050,625||
|Creditors: amounts|falling|due within one||||||
|year|||18|(4,824,293)||(4,718,244)||
|Net current liabilities|||||(3,341,941)||(2,667,619)|
|Total assets less|current|liabilities|||3,008,674||3,899,547|
|Creditors: amounts|falling|due after more||||||
|than one year|||19||(4,038,676)||(4,304,989)|
|Net liabilities excluding||pension asset|||(1,030,002)||(405,442)|
|Total net assets|||||(1,030,002)||(405,442)|
|Charltyfunds||||||||
|Endowment
funds|||21||315,330||345,750|
|Restricted funds|||21||1,638,172||1,421,742|
|Unrestricted
funds|||21||(2,983,504)||(2,172,934)|
|Total funds|||||(1,030,002)||(405,442)|
##
||FOR|THE|YEAR ENDED 31AUGUST 202|2||
|---|---|---|---|---|---|
|||||2022|2021|
||||||6|
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities|||(228,148)|158,895|
|Cash flows from Investing|activities|||||
|Dividends,
interests
and rents from investments||||15,341|21,663|
|Proceeds from the sale oftangible fixed||assets|||5,000|
|Purchase oftangible fixed assets||||(135,120)|(59,552)|
|Net cash used In investing|activities|||(119,779)|(32,889)|
|Cash flows from financing|activities|||||
|Repayments
of borrowing||||(56,299)|35,522|
|New finance leases|||||22,537|
|Repayments
offinance leases||||(5,941)|(12,547)|
|Receipt ofendowment||||8,458|(833)|
|Net cash (used in)/provided
by financing|||activities|(53,782)|44,679|
|Change
in cash and cash|equivalents|in|the year|(401,709)|170,685|
|Cash and cash equivalents|at the beginning||ofthe year|484,663|313,978|
|Cash and cash equivalents|at the end of||the year|82,954|484,663|
|The notes on pages 20to 42 form part ofthese financial statements||||||
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##
|Freehold
property|- straight|line over 50years|
|---|---|---|
|Leasehold
property|- straight|line over 15 - 50years|
|Motor vehicles|- straight|line over 10years|
|Fixtures and fittings|- straight|line over 10 - 15years|
|Computer
equipment|- straight|line over 5years|
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##
||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022|2022|2022|2021|
||||F|6|6|6|
||Donations||||||
||Capitaldonations|||||129,824|
||Generaldonations||275,000|184,472|459,472||
||Subtotal detailed disclosure||275,000|184,472|459,472|129,824|
||||275,000|184,472|459,472|129,824|
||Total 2021|||129,824|129,824||
|4.|Income from charitable|activities|||||
||||Restricted|Unrestricted|Total|Total|
||||funds|funds|funds|funds|
||||2022
6|2022
f|2022|2021
6|
||School fees income|||10,299,905|10,299,905|8,311,660|
||Bursaries, grants and allowances||(73,911)|(1,783,474)|(1,857,385)|(1,620,248)|
||Other ancillary fees|||895,091|895,091|1,441,953|
||Government
Income|||||541,913|
||||(73,911)|9,411,522|9,337,611|8,675,278|
||Total 2021|||8,675,278|8,675,278||
##
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##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||F||8|
|Trading|subsidiary|income|209,154|209,154|126,234|
|Total 2021|||126,234|126,234||
##
|||Endowment|Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||funds|funds|funds|funds|funds|
|||2022
E|2022
f|2022|2022f|2021
9|
|Investment|income|8,458|15,341|372,180|395,979|291,355|
|Total 2021||6,127|21,663|263,565|291,355||
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||6|6|8|
|Finance costs||223,098|223,098|192,200|
|Trading subsidiary|expenditure|153,519|153,519|112,493|
|||376,617|376,617|304,693|
|Total 2021||304,693|304,693||
##
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##
|||||Endowment|Restricted|Unrestricted|||
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|Total|Total|
|||||2022
F|2022
f|2022
f|2022
f|2021
8|
|Educational|charitable|activities||||10,522,916|10,522,916|9,228,079|
|Governance|costs|||||49,371|49,371|61,676|
|||||||10,572,287|10,572,287|9,289,755|
|Total 2021||||6,960|90,214|9,192,581|9,289,755||
|Summary|by expenditure||type||||||
|||||Staff costs|Depreciation|Other costs|Total|Total|
|||||2022
6|2022
E|2022
8|2022f|2021
8|
|Educational|charitable|activities||6,547,377|312,793|3,662,746|10,522,916|9,228,079|
|Governance||||||49,371|49,371|61,676|
|||||6,547,377|312,793|3,712,117|10,572,287|9,289,755|
|Total 2021||||6,161,080|297,200|2,831,475|9,289,755||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022f|2022
8|2021
6|
|Exceptional|item - merger costs|||154,446|
|Exceptional|item - merger costs wages and salaries|||116,426|
|||||270,872|
|Total2021||270,872|270,872||
##
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##
##
|||||Support|Total|Total|
|---|---|---|---|---|---|---|
||||Direct costs|costs|funds|funds|
||||2022|2022|2022|2021|
|||||6|6|6|
|Educational|charitable|activities|5,504,248|5,018,668|10,522,916|9,228,079|
|Governance||||49,371|49,371|61,676|
||||5,504,248|5,068,039|10,572,287|9,289,755|
|Total 2021|||5,191,514|4,098,241|9,289,755||
##
|||Educational|||
|---|---|---|---|---|
|||charitable|Total|Total|
|||activities|funds|funds|
|||2022|2022|2021|
|||6|6|6|
|Staff costs||5,096,053|5,096,053|4,722,688|
|Educational|costs|376,114|376,114|347,960|
|Bursaries||||97,174|
|Welfare||32,081|32,081|23,692|
|||5,504,248|5,504,248|5,191,514|
|Total 2021||5,191,514|5,191,514||
##
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##
##
##
##
|||Educational||||
|---|---|---|---|---|---|
|||charitable||Total|Total|
|||activities|Governance|funds|funds|
|||2022|2022|2022|2021|
|||f|6|6|6|
|Staff costs||1,451,324||1,451,324|1,438,392|
|Depreciation||312,793||312,793|297,200|
|Welfare||1,344,237||1,344,237|872,865|
|Support costs ofschooling||622,398||622,398|710,252|
|Premises||1,287,916||1,287,916|717,856|
|Governance|costs||49,371|49,371|61,676|
|||5,018,668|49,371|5,068,039|4,098,241|
|Total 2021||4,036,565|61,676|4,098,241||
##
##
||||2022|2021|
|---|---|---|---|---|
||||f.|F|
|Depreciation
-owned||assets|303,933|289,281|
|Depreciation - assets||on finance lease|8,860|7,919|
|Auditors'|remuneration|- audit|18,560|18,560|
|Operating|lease payments - land and buildings||158,635|238,065|
|Operating|lease payments - other||13,261|13,239|
##
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##
##
||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2022f|2021|2022
f|2021
f|
|Wages and|salaries||5,234,402|4,876,495|5,167,594|4,799,374|
|Social security costs|||500,298|464,187|500,298|464,187|
|Contribution|to defined contribution|pension|||||
|schemes|||812,677|936,824|812,677|936,824|
||||6,547,377|6,277,506|6,480,569|6,200,385|
|||Group|Group|
|---|---|---|---|
|||2022|2021|
|||No.|No.|
|Teaching staff||92|110|
|Non-teaching|staff|88|43|
|||180|153|
|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
##
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##
##
|||Long-term|Short-term|||||
|---|---|---|---|---|---|---|---|
||Freehold|leasehold|leasehold|Motor|Fixtures|Computer||
||property|property
f|property|vehicles|and fittings
6|equipment
6|Total|
|Cost||||||||
|At 1 September||||||||
|2021|1,400,000|5,699,863||142,975|2,555,452|-|9,798,290|
|Additions||||76,343|40,327|18,450|135,120|
|Disposals||||(630)|||(630)|
|Transfers between||||||||
|classes||(149,987)|149,987|-|(353,851)|353,851||
|At 31 August 2022|1,400,000|5,549,876|149,987|218,688|2,241,928|372,301|9,932,780|
|Depreciation||||||||
|At 1 September||||||||
|2021|311,066|1,963,076||62,794|1,971,038||4,307,974|
|Charge for the year|29,624|133,215||19,324|87,165|43,465|312,793|
|On disposals||||(630)|||(630)|
|Transfers between||||||||
|classes||(149,987)|149,987|-|(252,516)|252,516||
|At 31 August 2022|340,690|1,946,304|149,987|81,488|1,805,687|295,981|4,620,137|
|Net book value||||||||
|At 31 August 2022|1,059,310|3,603,572||137,200|436,241|76,320|5,312,643|
|At 31 August 2021|1,088,934|3,736,787|-|80,181|584,414||5,490,316|
##
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##
||Listed|Unlisted|Investment|in||
|---|---|---|---|---|---|
|Group|investments
f|investments|joint ventures||Total|
|Cost or valuation||||||
|At 1 September 2021|818,130|258,720||176|1,077,026|
|Revaluations|(38,879)||||(38,879)|
|At 31 August 2022|779,251|258,720||176|1,038,147|
||||Investments|||
||Listed|Unlisted|in subsidiary|||
||investments|investments|companies||Total|
|Company|F|||6|6|
|Cost or valuation||||||
|At 1 September 2021|818,130|258,720||1|1,076,851|
|Revaluations|(38,879)||||(38,879)|
|At 31 August 2022|779,251|258,720||1|1,037,972|
##
|||||||Group|Group|
|---|---|---|---|---|---|---|---|
|||||||2022
6|2021f|
|Finished|goods|and|goods|for|resale|3,366|50,806|
##
|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022f|2021|2022
8|2021|
|Due within one year||||||
|Trade debtors||1,183,503|1,255,820|1,050,222|1,212,532|
|Amounts
owed by group undertakings||||244,288|162,169|
|Other debtors|||21,800||21,800|
|Prepayments|and accrued income|204,062|255,373|182,655|175,373|
|||1,387,565|1,532,993|1,477,165|1,571,874|
##
##
##
##
||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
||||8|6|6|6|
|Bank overdrafts|||70,644||70,644||
|Bank loans|||252,893|192,384|252,893|192,384|
|Trade creditors|||582,761|357,037|568,112|344,933|
|Other taxation and|social security||129,495|140,722|126,175|133,330|
|Obligations
under finance lease and hire|||||||
|purchase contracts|||8,724|12,354|8,724|12,354|
|Other creditors|||1,344,678|1,254,364|1,337,805|1,254,364|
|Accruals and deferred
income|||2,461,440|2,782,379|2,459,940|2,780,879|
||||4,850,635|4,739,240|4,824,293|4,718,244|
||||Group|Group|Company|Company|
||||2022|2021
6|2022f|2021f|
|Deferred income at 1 September 2021|||2,780,879|715,990|2,780,879|715,990|
|Resources deferred|during the year||2,337,176|2,732,777|2,337,176|2,732,777|
|Amounts
released|from previous|periods|(2,799,199)|(667,888)|(2,799,199)|(667,888)|
|Deferred income at 31August||2022|2,318,856|2,780,879|2,318,856|2,780,879|
##
##
|||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|
|||||2022
E|2021|2022f|2021f|
|Bank loans||||4,019,490|4,136,298|4,019,490|4,136,298|
|Net obligations||under|finance lease and hire|||||
|purchase|contracts|||19,186|21,497|19,186|21,497|
|Accruals|and|deferred|income||147,194||147,194|
|||||4,038,676|4,304,989|4,038,676|4,304,989|
##
##
|Secured debts||||
|---|---|---|---|
|||2022f|2021
6|
|Bank overdrafts||70,644||
|Bankloans||4,272,383|4,328,682|
|Finance leases and hire purchase|contracts|27,910|33,851|
##
##
##
##
|||Balance at 1|||||Balance at|
|---|---|---|---|---|---|---|---|
|||September|||Transfers|Gains/|31 August|
|||2021|Income|Expenditure|in/out|(Losses)|2022|
|||||8|6|6|6|
|Unrestricted||||||||
|funds||||||||
|General
Fund||(6,245,044)|10,177,328|(10,948,904)|47,690||(6,968,930)|
|Revaluation||||||||
|reserve||4,069,126|||(47,690)||4,021,436|
|||(2,175,918)|10,177,328|(10,948,904)|||(2,947,494)|
|Endowment||||||||
|funds||||||||
|Davies Legacy||345,750|8,458|||(38,878)|315,330|
|Restricted||||||||
|funds||||||||
|Trust Funds||519,015|3,341||||522,356|
|The Peter|E.l.|||||||
|Lee Scholarship||||||||
|Fund||902,727|(35,124)||||867,603|
|The Catherine||||||||
|Cookson||||||||
|Charitable|Trust||248,213||||248,213|
|||1,421,742|216,430||||1,638,172|
|Total offunds||(408,426)|10,402,216|(10,948,904)||(38,878)|(993,992)|
##
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##
##
##
##
|Statement offu|nds - prior year||||||
|---|---|---|---|---|---|---|
||Balance at|||||Balance at|
||1 September|||Transfers|Gains/|31 August|
||2020|Income|Expenditure|in/out|(Losses)|2021|
||||||6||
|Unrestricted|||||||
|funds|||||||
|General
Fund|(5,720,055)|9,194,901|(9,768,146)|48,256||(6,245,044)|
|Revaluation|||||||
|Reserve|4,117,382|||(48,256)||4,069,126|
||(1,602,673)|9,194,901|(9,768,146)|||(2,175,918)|
|Endowment|||||||
|funds|||||||
|Davies Legacy|298,706|6,127|(6,960)||47,877|345,750|
|Restricted|||||||
|funds|||||||
|Trust Funds|443,031|9,663|(9,663)||75,984|519,015|
|The Peter E.l.|||||||
|Lee Scholarship|||||||
|Fund|971,278|12,000|(80,551)|||902,727|
||1,414,309|21,663|(90,214)||75,984|1,421,742|
|Totai offunds|110342|9222 691|(9865 320)||123,861|(408,426)|
##
##
##
##
|Analysis ofnet assets between funds -|current year||||
|---|---|---|---|---|
||Endowment|Restricted|Unrestricted|Total|
||funds|funds|funds|funds|
||2022
F|2022|2022|2022f|
|Tangible fixed assets|||5,312,643|5,312,643|
|Fixed asset investments|300,595|737,376|176|1,038,147|
|Current assets|14,735|900,796|628,998|1,544,529|
|Creditors due within one year|||(4,850,635)|(4,850,635)|
|Creditors due in more than one year|||(4,038,676)|(4,038,676)|
|Total|315,330|1,638,172|(2,947,494)|(993,992)|
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|Analysis ofnet assets between funds -|prior year||||
|---|---|---|---|---|
||Endowment|Restricted|Unrestricted|Total|
||funds|funds|funds|funds|
||2021f|2021|2021
8|2021|
|Tangible fixed assets|||5,490,316|5,490,316|
|Fixed asset investments|315,533|761,316|176|1,077,025|
|Current assets|30,217|660,426|1,377,819|2,068,462|
|Creditors due within one year|||(4,739,240)|(4,739,240)|
|Creditors due in more than one year|||(4,304,989)|(4,304,989)|
|Ttl|345,750|1,421,742|(2,175,918)|(408,426)|
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|||||Group|Group|
|---|---|---|---|---|---|
|||||2022|2021|
|||||6||
|Net expenditure
for|the year (as per Statement ofFinancial Activities)|||(585,566)|(518,768)|
|Adjustments
for:||||||
|Depreciation
charges||||312,793|297,200|
|Gains/(losses)
on investments||||38,879|(123,861)|
|Dividends,
interests|and rents|from investments||(15,341)|(21,663)|
|Loss/(profit)
on the|sale offixed assets||||(5,000)|
|Decrease in stocks||||47,440|29,753|
|Decrease/(increase)|in debtors|||145,428|(769,029)|
|Increase/(decrease)|in creditors|||(163,323)|1,399,254|
|Capital donations|||||(129,824)|
|Income attributable|to endowment|||(8,458)|(6,127)|
|Expenditure
attributable
to endowment|||||6,960|
|Net cash provided|by/(used|in) operating|activities|(228,148)|158,895|
||||Group|Group|
|---|---|---|---|---|
||||2022
F|2021f|
|Cash in|hand||(193)|341|
|Cash at|bank||153,791|484,322|
|Overdraft|facility repayable|on demand|(70,644)||
|Total cash and cash equivalents|||82,954|484,663|
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|Operating
lease commitments|Operating
lease commitments|||||
|---|---|---|---|---|---|
|At 31 August
2022 the Group||and the Company
had
commitments
to||make
future
minimum
lease||
|payments|under non-cancefiable|operating leases as follows:||||
|||Group|Group|Company|Company|
|||2022f|2021f|2022f|2021f|
|Not later than
1 year||313,896|246,658|313,896|246,658|
|Later than|1 year and not later than 5years
1,429,645||818,072|1,429,645|818,072|
|Later than|5years|4,177,542|2,043,746|4,177,542|2,043,746|
|||5,921,083|3,108,476|5,921,083|3,108,476|
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