REGISTERED COMPANY NUMBER: 03301881 (England and Wales)
REGISTERED CHARITY NUMBER: 1060403
Report of the Trustees and
Financial Statements
for the Year Ended 31 August 2020
for
Chaigeley Educational Foundation
Chaigeley Educational Foundation
Contents of the Financial Statements for the Year Ended 31 August 2020
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Page|
|Report|of the|Trustees|1|to|9|
|Report|of the|Independent|Auditors|10|to|11|
|Statement|of Financial|Activities|12|
|Balance|Sheet|13|
|Cash|Flow|Statement|14|
|Notes|to|the|Cash|Flow|Statement|15|
|Notes|to|the|Financial|Statements|16|to|25|
|Detailed|Statement|of Financial|Activities|26|to|27|
----- End of picture text -----
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
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 31 August 2020. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal object of the charity is to advance the education and care of children with social emotional and mental health needs. The charity operates two provisions, Chaigeley School, a special school approved by the Department for Education, for boys and girls aged eight to sixteen and Chaigeley Cottages which are 3 children's homes located at the school site. Residents of the children's homes also attend the school.
School
Chaigeley School educates and caters for children and young people with social, emotional and mental health needs. It is a non-maintained special schoo] which serves as a resource for Local Authorities whose own provision has not been able to meet the needs of the pupil. Pupils are referred to Chaigeley School by Local Authorities from across the country but primarily from the North West of England. The number of pupils is between 30 and 45; numbers fluctuate throughout the year depending upon the needs of pupils needing a specialist setting. Chaigeley aims to provide support and educational programmes to enable pupils to reach both their potential academically and develop their social, emotional and behavioural maturity. By doing so pupils can move on from Chaigeley being able to make informed choices about their future. A further aim of Chaigeley is to prepare pupils for a return to education in their home environment, preferably in a mainstream school. Where this is not possible, pupils are encouraged to successfully complete their education at Chaigeley by obtaining qualifications and skills allowing them to participate positively within their community to achieve economic welibeing and feel fully included.
Care
We had 3 houses on site, each one having 2 beds available for children requiring full time care. The homes offered a safe and stable home for some of the most vulnerable children in society. At the beginning of the year, we had one child placed in our homes. The homes were inspected by Ofsted in September 2019 and were rated as inadequate. Following this latest inspection and a poor financial performance of the care provision, the trustees made the decision to close the care provision, this was officially closed in January 2020. This decision enabled the charity to return to a surplus position securing the longer term financial position of the charity.
In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
Chaigeley's main objective over the next three years is to build on current recognised good practice and expand provision in terms of both direct and indirect input to pupils with social, emotional and mental health needs. Staff skills will be developed to meet the increased demands placed upon them with continued professional development.
The key strategies to achieve the objectives as set out in the school development plan are as follows: -
-
Improving further the quality of teaching to reflect the recent changes and expectations of external monitors such as Ofsted and LA's.
-
Developing the curriculum to make it even more relevant and needs specific in terms of interest and motivation as a means of increasing participation and improving outcomes and attendance.
-
Developing the learning environment (including the grounds) to reflect curriculum changes and support increased motivation and attendance of pupils.
-
Increasing the influence of ‘therapy’ as supporting improved behaviour, outcomes and attendance.
-
Introducing a sensory room
-
Developing an onsite vocational centre
Page |
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
OBJECTIVES AND ACTIVITIES
Public benefit
The School's public benefit aims to provide education and care through a structured and controlled environment to students and residents whose needs cannot be met in mainstream education or a traditional family home. This is achieved by encouraging students and residents to learn self-discipline, participate in and be enriched by the challenges of Schoo! life and home life. We aim for all young people to realise their potential.
In setting out policy and planning these activities the Trustees have considered the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In July 2018, Ofsted judged Chaigeley School as a ‘Good' school in all areas. This was as a result of hard work by all staff and trustees and is a rating that we are proud of. We will strive to maintain standards throughout the organisation.
During the autumn term, we had 37 pupils. This had risen to 38 during the spring term and remained at 38 during summer term. The average attendance for the whole year was at 81.50%
At the start of the year, we had 8 pupils about to embark on their final year at School. Whilst academic qualifications are important and we encourage all year 11 pupils to achieve academically, we also do everything we can to develop practical skills and qualifications in order to give all students the best possible preparation for life after school either in the workplace or in further education.
2020 Cohort Key Stage 4 Results
Overview
Examination qualifications grades were determined by a panel of teachers for the 2020 entry and submitted to the relative boards due to the Corona virus outbreak.
Eight pupils achieved externally accredited qualifications. The minimum number of external qualifications any pupil achieved was 5.
Four pupils achieved five or more Level 2 qualifications (GCSE Level 4 or old C grade and Higher). Three pupils achieved seven such grades. This is the highest in terms of overall achievement by a cohort for a number of years. Seven out of these pupils successfully gained a college placement to further their studies.
Five pupils achieved 4 or more level 2 qualifications including either English or Maths. Three pupils achieved at grade 4 and above in English and maths. The first time more than one pupil has achieved this level of achievement since we have been tracking.
There was a much greater number pupils achieving qualifications at levels | and 2 that are classed as ‘higher quality’ qualifications by the DOE that count towards attainment and progress 8. This reflects the shift in out curriculum after review in 2018 to offer more such qualifications.
Page 2
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Although league tables have been suspended for this academic year there has been an estimated increase in the attainment 8 score. Due to the curriculum we offer attainment 8 provides a better way of tracking whole school progress that the Progress 8 score. This measure scores pupils across up to 8 qualifications that are approved by the DfE for inclusion on the school league tables.
There has been a significant increase in overall in Attainment 8 score average for the school from previous years and continues the upward trend from 2018 in the case study we conducted against other schools in our sector In 2019 and particularly in 2020 we would expect to be well above average for schools in our sector.
Part of this increase can be attributed to excellent results achieved in the re-introduced art GCSE, the dual English awards and the increase in ‘high quality’ qualifications offered. We also benefitted this year from having none of the Year 11 cohort of leavers on the Outreach program, this usually effects the overall scoring significantly due to the qualification range we can offer and the nature of the students on that program.
Attainment 8 Scores
2016 3.3 2017 5.7 2018 9.09 2019 13.56 **2020 24.1 ** 2020 is estimated on teacher grades / submitted coursework
Overall added value scores v's pupil predicted grades for qualifications they were entered for improved across all subjects. Pupil predicted grades via Midyis/Yellis system work on a pupils potential capabilities and KS4 outcomes determined by a series of tests.
These outcomes work on the presumption that the pupil will attend school and put in the necessary effort in order to achieve the required outcome. In 2020 five out of the eight pupils achieved at least their predicted expected grades. And all pupils with the exception of one came within | point of average. Individual subject scores compared to previous years can be found below.
Page 3
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
ACHIEVEMENT AND PERFORMANCE
Breakdown of Results by Subjects and Pupils 2020 Cohort - Midyis/Yellis Predicted Grade vs Actual Summative Exam Grades - Headline Analysis
| ENGLISH (8 Pupils) | |
|---|---|
| On Target | 25% |
| Above Target | 37.5% |
| BelowTarget | 37.5% |
| 2020 Average Points Grade Difference | -0.37 |
| 2019 Average Points Grade Difference | -0.5 |
| 2018 Average Points Grade Difference | -0.833 |
| MATHS (8 Pupils) | |
| On Target | 62.5% |
| Above Target | 0% |
| Below Target | 37.5% |
| 2020 Average Points Grade Difference | -0.625 |
| 2019 Average Points Grade Difference | -0.75 |
| 2018 Average Points Grade Difference | -1.33 |
| SCIENCE (7 Pupils) | |
| On Target | 57% |
| Above Target | 14% |
| Below Target | 28% |
| 2020 Average Points Grade Difference | -0.7 |
| 2019 Average Points Grade Difference | -0.5 |
| 2018 Average Points Grade Difference | -1.66 |
| ART (5 Pupils) | |
| On Target | 60% |
| Above Target | 20% |
| Below Target | 20% |
| 2020 Average Points Grade Difference | -0.3 |
| 2019 Average Points Grade Difference | +2 |
| 2018 Average Points Grade Difference | N/A |
| ICT (5 Pupils) | |
| On Target | 40% |
| Above Target | 40% |
| Below Target | 20% |
| 2020 Average Points Grade Difference | -0.6 |
| 2019 Average Points Grade Difference | +0.5 |
| 2018AveragePointsGradeDifference | 0 |
Page 4
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
FINANCIAL REVIEW
Financial position
The number of pupils remained steady throughout the year averaging between 37 and 38. The prepared budget made at the start of the year predicted a surplus due to the plans to close the care provision. This was closed in January 2020. The COVID 19 pandemic madea significant impact on the charity as it did worldwide. The school remained open throughout the year up until the summer break in July. During the year the school was closed, reopened and repurposed.
There were new challenges for senior leaders and staff to manage heightened levels of anxiety of colleagues, pupils and parents. The school ensured that all children that were not attending school received food vouchers and the school found new ways of delivering its offer making frequent phone calls, video calls and sometimes home visits to check on families well-being.
Lessons were delivered remotely and where a pupil did not have access to the technology to do this, the school ensured that the appropriate equipment was provided. The school remained open for the most vulnerable pupils whilst the others learnt from home. The areas of the school that were not being used were re-furbished where possible.
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investment that the trustees see fit. We have limited funds available to invest and consequently we hold our reserves in short term, interest-bearing accounts. This provides low risk investment allowing flexibility for working capital purposes whilst obtaining limited returns.
Reserves policy
In arriving at the reserves policy, the charity considered the risks inherent in running the operations and the management action available to mitigate these risks. Over previous years as the charity has developed its care homes, reserves have been used to fund this to negate the need for any external narrowing. The charity aims to have a minimum of 3 months costs in reserve and aims to achieve this over the next 24 months.
Cashflow Statement
The trustees rely on the provisions of the Companies Act 2006 thresholds for small companies not to prepare a cashflow statement Principal risks and uncertainties Trustees consider financial conditions in sponsoring local authorities on the ability to place students at the school to be a significant risk. The trustees carefully consider projected pupil numbers detailed in the income and expenditure budget to ensure where possible a balanced budget is achieved by controlling expenditure without compromising the quality of provision we deliver to pupils.
Health and Safety and Welfare is always a significant risk area for risk management. The risks range from fire to personal risks (most notably when away from School on trips). The risks associated with activities are managed by thorough planning and active risk management. In the event of a major disaster a trustees have an action plan in place to minimise the impact on the School's daily operation.
Recruitment and retention policies are in place to attract and retain the best employees, ensuring recruitment and procedures are in place for staff to assist pupils in terms of ability and motivation.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Charity is governed by its Memorandum and Articles of Association dated 14th November 2001 and The Instrument of Government dated 5th November 2002.
The Foundation was incorporated on 14 January 1997 as a company limited by guarantee, as defined by the Companies Act 2006, to maintain Chaigeley School, which since 1946 had been carried on as an unincorporated charity.
Page 5
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The skills mix of the group of Trustees is considered regularly and particularly following retirement or resignation of a trustee. Skills audits are taken on an annual basis and where it is felt that there is a need to expand the expertise of the group external advertisements are placed in relevant journals or appropriate organisations contacted. The prospective trustees are invited to the school to see how the school operates and meet other trustees and staff. If the prospective trustee has the suitable skills, knowledge and experience and are positively vetted by the Disclosure and Barring Service they are invited to join the Governing Body prior to election at the following AGM.
New trustees are inducted into the workings of the School, and of the Company as a registered charity on an individual basis following appointment. They are provided with Charity Commission information on the responsibilities of being a trustee and take part in training provided by both the school and external bodies at various times throughout the year to address relevant issues.
Organisational structure
The Governing Body meets at least three times each year, and determines the general policy of the school. The day to day management of the schoo! is delegated to the Headmaster and the school business and finance manager.
Wider network
The School is an active member of the following organisations;
- NASS (National Association of Special Schools)
Risk management
The Trustees are responsible for the identification and control of the risks faced by the school. There are several controls in place that address the risks associated with governance and management, personnel, operations, financial, environmental and compliance risks. Through the committee activities the risks are identified and assessed and controls are put in place to address these risks. Key to the control environment are the controls including comprehensive strategic planning, budgeting and management accounting combined with a clear organisational structure linked into the Trustee meetings.
A formal risk management process has been established with each committee assessing the risks relevant to their area of work. This has been effective in identifying risks and allowed the trustees and management of the charity to implement suitable control procedures to minimise the risk.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 03301881 (England and Wales)
Registered Charity number
1060403
Registered office Chaigeley School Lymm Road Thelwall Warrington Cheshire WA4 2TE
Page 6
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
Trustees Ms J Atherton Human Resources Director Mr S R Boothroyd Finance Director Mr C Haines Engineer Mr M J Hennessey Retired Teacher Mr W Howell Consultant Mrs J Lukey Retired Part Time Lecturer in Further Education Mr E J Silk Retired Educational Psychologist - resigned 28.9.20 Mrs E Yates Retired Teacher Mr T A Askham Accountant Mr D Ashton Family Centre Manager - resigned 7.7.20
Company Secretary N D Conreen
Auditors Voisey & Co Statutory Auditor 8 Winmarleigh Street Warrington Cheshire WAI 1JW
Management Team Mrs Janice Barlow Principal Miss Becky Swift Head of Education Mr Noel Conreen School Business & Finance Manager Mrs Lilian Oakes Head of Outreach - resigned 5.12.2019 Mr Patrick Boyle Assistant Head of Education Mrs Natalie Burleigh Registered Manager - resigned 28.01.2020
Advisers Clerk to the Governors
Mrs A Stewart
Bankers
The Co-operative Bank 1 Balloon Street Manchester M60 4EP
Insurers
Zurich Municipal Mountbatten House Grosvenor Square Southampton SO15 2RP
Page 7
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
REFERENCE AND ADMINISTRATIVE DETAILS Governing Sub Committees
Finance Committee
Mr S Boothroyd (Chair) Mr M Hennessey Mr W Howell Mr C Haines Mr T Askham
Personnel Committee
Ms J Atherton
Mr W Howell (Chair) Mrs J Lukey Mr M Hennessey
Curriculum & SDP Committee
Mrs K Bohm (Chair)
Mr M Hennessey Mrs E Yates
Social & Personal Development Committee
Mr E Silk (Chair) Mr M Hennessey Mrs J Lukey Mrs E Yates
Care Committee
Mr E Silk (Chair) Mr M Hennessey Mrs J Lukey
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Chaigeley Educational Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 8
Chaigeley Educational Foundation (Registered number: 03301881)
Report of the Trustees for the Year Ended 31 August 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Voisey & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. 2 Lae Approved by order ofthe board of trustees on IB jeu forza... and signed on its behalf by:
W Howell - Trustee
Page 9
Report of the Independent Auditors to the Members of Chaigeley Educational Foundation (Registered number: 03301881)
Opinion
We have audited the financial statements of Chaigeley Educational Foundation (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (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 August 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 UK, including the FRC'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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.
Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 10
Report of the Independent Auditors to the Members of Chaigeley Educational Foundation (Registered number: 03301881)
Matters on which we are required to report by exception
In the light of the 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 Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. .
Our 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 a Report of the Independent Auditors 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 Report of the Independent Auditors.
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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Urmston (Senior Statutory Auditor)
for and on behalf of Voisey & Co Statutory Auditor 8 Winmarleigh Street Warrington Cheshire
WAIL 1JW
Date: Pte Rah 08.
Page 11
Chaigeley Educational Foundation
Statement of Financial Activities for the Year Ended 31 August 2020
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Unrestricted funds |
Restricted fund |
Endowment fund |
Total funds |
Total funds |
||
| Notes | £ | £ | £ | £ | £ | |
| INCOME AND | ||||||
| ENDOWMENTS FROM | ||||||
| Donations and legacies | 2 | 1,693 | - | - | 1,693 | 7,868 |
| Charitable activities | 4 | |||||
| Care and education ofchildren | 2,054,769 | 17,190 | - | 2,071,959 | 2,235,742 | |
| Premises costs | - | - | - | - | 23,005 | |
| Othertrading activities | 3 | 4,320 | - | - | 4,320 | 4,320 |
| Other income | - | - | 80,000 | 80,000 | - | |
| Total | 2,060,782 | 17,190 | 80,000 | 2,157,972 | 2,270,935 | |
| EXPENDITURE ON | ||||||
| Charitable activities | 5 | |||||
| General | 5,944 | - | - | 5,944 | - | |
| Teaching costs | 1,420,282 | 12,481 | - | 1,432,763 | 1,579,916 | |
| Welfare costs | 187,979 | - | - | 187,979 | 458,406 | |
| Premises costs | 262,960 | - | 59,948 | 322,908 | 334,338 | |
| Support costs for schooling | 37,384 | - | - | 37,384 | 45,422 | |
| Governance costs | 1,853 | - | - | 1,853 | 2,263 | |
| Total | 1,916,402 | 12,481 | 59,948 | 1,988,831 | 2,420,345 | |
| NET | ||||||
| INCOME/(EXPENDITURE) | 144,380 | 4,709 | 20,052 | 169,141 | (149,410) | |
| Transfers between funds | 14 | 110,000 | - | (110,000) | - | - |
| Netmovement in funds | 254,380 | 4,709 | (89,948) | 169,141 | (149,410) | |
| RECONCILIATION OF | ||||||
| FUNDS | ||||||
| Total funds brought forward | 49,959 | 3,000 | 2,742,927 | 2,795,886 | 2,945,296 | |
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | 304,339 | 7,709 | 2,652,979 | 2,965,027 | 2,795,886 |
The notes form part of these financial statements
Page 12
Chaigeley Educational Foundation (Registered number: 03301881)
Balance Sheet 31 August 2020
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Restricted|Endowment|Total|Total|
|funds|fund|fund|funds|funds|
|Notes|£|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|11|86,595|-|2,652,979|2,739,574|2,848,621|
|CURRENT ASSETS|
|Debtors|12|10,424|-|-|10,424|48,657|
|Cash|at bank|and|in|hand|267,986|7,709|-|275,695|115,299|
|278,410|7,709|-|286,119|163,956|
|CREDITORS|
|Amounts|falling|due|within|one|
|year|13|(60,666)|-|-|(60,666)|(216,691)|
|NET CURRENT ASSETS|217,744|7,709|-|225,453|(52,735)|
|TOTAL|ASSETS|LESS|
|CURRENT LIABILITIES|304,339|7,709|2,652,979|2,965,027|2,795,886|
|NET|ASSETS|304,339|7,709|2,652,979|2,965,027|2,795,886|
|FUNDS|14|
|Unrestricted|funds|304,339|49,959|
|Restricted|funds|7,709|3,000|
|Endowment|funds|2,652,979|2,742,927|
|TOTAL FUNDS|2,965,027|2,795,886|
----- End of picture text -----
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 0.001 tee and were signed on its behalf by:
W Howell - Trustee
The notes form part of these financial statements
Page 13
Chaigeley Educational Foundation
Cash Flow Statement for the Year Ended 31 August 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 77,151 | (19,773) |
| Net cashprovidedby/(used in) operating activities | 77,151 | (19,773) | |
| Cash flows from investing activities | |||
| Purchase oftangible fixed assets | (26,755) | (33,999) | |
| Sale oftangible fixed assets | 110,000 | - | |
| Netcashprovidedby/(used in) investing activities | 83,245 | (33,999) | |
| Change in cash and cash equivalents in the | |||
| reporting period | 160,396 | (53,772) | |
| Cash and cash equivalents at the beginning | |||
| ofthe reporting period | 115,299 | 169,071 | |
| Cash and cash equivalents at the end ofthe | |||
| reportingperiod | 275,695 | 115,299 |
The notes form part of these financial statements
.
Page 14
Chaigeley Educational Foundation
Notes to the Cash Flow Statement for the Year Ended 31 August 2020
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Net|income/(expenditure)|for the|reporting|period|(as|per|the|Statement|of|
|Financial|Activities)|169,141|(149,410)|
|Adjustments|for:|
|Depreciation|charges|105,802|107,241|
|Profit|on|disposal|of fixed|assets|(80,000)|-|
|Decrease/(increase)|in|debtors|38,233|(1,565)|
|(Decrease)/increase|in|creditors|(156,025)|23,961|
|Net|cash|provided|by/(used|in)|operations|77151|(19,773)|
|2.|ANALYSIS|OF CHANGES|IN|NET|FUNDS|
----- End of picture text -----
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|At|1.9.19|Cash|flow|At|31.8.20|
|£|£|£|
|Net|cash|
|Cash|at bank|and|in hand|115,299|160,396|275,695|
|115,299|160,396|275,695|
|Total|115,299|160,396|275,695|
----- End of picture text -----
The notes form part of these financial statements
Page 15
- ACCOUNTING POLICIES
Chaigeley Educational Foundation Notes to the Financial Statements for the Year Ended 31 August 2020
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.
The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 14 January 1997 (company number:03301881) and registered as a charity on 28 January 1997 (charity number: 1060403). The registered office is Chaigeley School Lymm Road, Thelwall, Warrington, WA4 2TE.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Income from the educational and care services represents fees earned in respect of tuition and care given during the year.
Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants,is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to makea distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
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
All assets costing more than £500 are capitalised at cost and depreciated with the exception of freehold land. Depreciation is provided to write off the assets over their anticipated useful lives. Using the following methods and rates:
Fixtures, fittings and equipment 3 to 10 years straight line
Page 16
continued...
Chaigeley Educational Foundation
- ACCOUNTING POLICIES - continued
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
Tangible fixed assets Vehicles 4 years straight line Buildings 50 years straight line
The Trustees have taken the decision as part of the transition to FRS 102 to no longer revalue the buildings every five years. The last revalued amount has been used as the carrying value.
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.
Endowment funds, are funds for which the Trustees must maintain the capital element but the incoming resources derived from the underlying endowment assets can be spent.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The Charity contributes to the Teachers' Pension Defined Benefit Scheme at rates set by the Scheme Actuary and advised to the Charity by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the Charity. In accordance with FRS 102 the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator.
Non teaching staff are enrolled in the Pension Trust Growth Plan. Its treatment is the same as the Teachers’ Pension Defined Benefit Scheme.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legaily enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Page 17
continued...
Chaigeley Educational Foundation
4,
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
1. ACCOUNTING POLICIES - continued
Financial instruments
Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Employee benefits
The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the costs of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
DONATIONS AND LEGACIES
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Donations | 1,693 | 7,868 | |
| OTHERTRADING ACTIVITIES | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Rental income | 4,320 | 4,320 | |
| INCOME FROM CHARITABLE ACTIVITIES | |||
| 2020 | 2019 | ||
| Activity | £ | £ | |
| Income from other Educational | |||
| sources | Care and education ofchildren | - | 70 |
| Grants | Care and education ofchildren | 452,692 | 339,329 |
| Educational and care services | Care and education ofchildren | 1,619,267 | 1,896,343 |
| Grants | Premises costs | - | 23,005 |
| 2,071,959 | 2,258,747 | ||
| Grants received, included in the | above, are as follows: | ||
| 2020 | 2019 | ||
| £ | £ | ||
| PupilPremium Grant | 17,190 | 4,703 | |
| Department ofEducation | 75,502 | 4,626 | |
| Carriedforward | 92,692 | 9,329 |
Page 18
continued...
Chaigeley Educational Foundation
4, INCOME FROM CHARITABLE ACTIVITIES - continued
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Brought|forward|92,692|9,329|
|Education|Funding Agency|360,000|353,005|
|452,692|362,334|
|5.|CHARITABLE|ACTIVITIES|COSTS|
|Support|
|Direct|costs|(see|
|Costs|note|6)|Totals|
|£|£|£|
|General|5,944|-|5,944|
|Teaching|costs|1,430,453|2,310|1,432,763|
|Welfare|costs|187,637|342|187,979|
|Premises|costs|301,527|21,381|322,908|
|Support|costs|for|schooling|17,159|20,225|37,384|
|Governance|costs|-|1,853|1,853|
|1,942,720|46,111|1,988,831|
|6.|SUPPORT|COSTS|
|Governance|
|Management|costs|Totals|
|£|£|£|
|Teaching|costs|2,310|-|2,310|
|Welfare|costs|342|-|342|
|Premises|costs|15,821|5,560|21,381|
|Support|costs|for|schooling|5,047|15,178|20,225|
|Governance|costs|1,853|-|1,853|
|25,373|20,738|46,111|
|7.|NET INCOME/(EXPENDITURE)|
|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|2020|2019|
|£|£|
|Auditors'|remuneration|5,616|5,852|
|Depreciation|-|owned|assets|105,802|107,241|
|Surplus|on|disposal|of fixed|assets|(80,000)|-|
----- End of picture text -----
Page 19
continued...
Chaigeley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
9,
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Wages and salaries | 1,304,412 | 1,629,509 |
| Social security costs | 104,882 | 117,063 |
| Otherpension costs | 172,163 | 135,361 |
| 1,581,457 | 1,881,933 |
The average monthly number of employees during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| Teachers | 15 | 14 |
| Care and teaching support staff | 24 | 32 |
| Domestic andmaintenance | 7 | 7 |
| Administration staff | 4 | 4 |
| 50 | 57 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2020 | 2019 | |||
|---|---|---|---|---|
| £60,001 | - | £70,000 | 2 | 1 |
| £70,001 | - | £80,000 | 1 | 1 |
| 3 | 2 |
The charity considers its key management personnel to be its senior leadership team. The total wage cost including employers national insurance and pension costs was £278,149 (2019: £262,364 )
| 10. | COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES | COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES | ACTIVITIES | ||
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted fund |
Endowment fund |
Total funds |
||
| £ | £ | £ | £ | ||
| INCOME ANDENDOWMENTS FROM | |||||
| Donations and legacies | 4,867 | 3,001 | - | 7,868 | |
| Charitable activities | |||||
| Care and education ofchildren | 2,226,709 | 9,033 | - | 2,235,742 | |
| Premises costs | - | 23,005 | - | 23,005 | |
| Othertrading activities | 4,320 | - | - | 4,320 | |
| Total | 2,235,896 | 35,039 | - | 2,270,935 |
EXPENDITURE ON
Page 20
continued...
Chaigeley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 10. | COMPARATIVES FORTHE STATEMENT OF FINANCIAL | COMPARATIVES FORTHE STATEMENT OF FINANCIAL | ACTIVITIES - | continued | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | ||
| funds | fund | fund | funds | ||
| £ | £ | £ | £ | ||
| Charitable activities | |||||
| Teaching costs | 1,570,882 | 9,034 | - | 1,579,916 | |
| Welfare costs | 458,406 | - | - | 458,406 | |
| Premises costs | 251,384 | 23,005 | 59,949 | 334,338 | |
| Support costs forschooling | 45,422 | - | - | 45,422 | |
| Governance costs | 2,263 | - | - | 2,263 | |
| Total | 2,328,357 | 32,039 | 59,949 | 2,420,345 | |
| NETINCOME/(EXPENDITURE) | (92,461) | 3,000 | (59,949) | (149,410) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 142,420 | - | 2,802,876 | 2,945,296 | |
| TOTAL FUNDS CARRIEDFORWARD | 49,959 | 3,000 | 2,742,927 | 2,795,886 | |
| 11. | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| Freehold | and | Motor | |||
| property | fittings | vehicles | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 September2019 | 3,247,435 | 627,726 | 59,760 | 3,934,921 | |
| Additions | - | 26,755 | - | 26,755 | |
| Disposals | (30,000) | (417,077) | (59,760) | (506,837) | |
| At 31 August2020 | 3,217,435 | 237,404 | - | 3,454,839 | |
| DEPRECIATION | |||||
| At 1 September2019 | 504,508 | 529,362 | 52,430 | 1,086,300 | |
| Charge foryear | 59,948 | 38,524 | 7,330 | 105,802 | |
| Eliminated on disposal | - | (417,077) | (59,760) | (476,837) | |
| At 31 August2020 | 564,456 | 150,809 | - | 715,265 | |
| NET BOOKVALUE | |||||
| At 31 August2020 | 2,652,979 | 86,595 | - | 2,739,574 | |
| At31August2019 | 2,742,927 | 98,364 | 7,330 | 2,848,621 |
Freehold property is valued at fair value.
Page 21
continued...
Chaigeley Educational Foundation
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Trade|debtors|-|38,570|
|Other|debtors|523|-|
|Prepayments|and|accrued|income|9,901|10,087|
|10,424|48,657|
|13.|CREDITORS:|AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2020|2019|
|£|£|
|Trade|creditors|11,837|122,403|
|Social|security|and|other taxes|28,994|75,086|
|Other|creditors|11,873|12,027|
|Accruals|and|deferred|income|7,962|7,175|
|60,666|216,691|
|14.|MOVEMENT|IN|FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.9.19|in|funds|funds|31.8.20|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|49,959|144,380|110,000|304,339|
|Restricted|funds|
|Restricted|Fund|3,000|4,709|-|7,709|
|Endowment|funds|
|Endowment|2,742,927|20,052|(110,000)|2,652,979|
|TOTAL FUNDS|2,795,886|169,141|-|2,965,027|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,060,782|(1,916,402)|144,380|
|Restricted|funds|
|Restricted|Fund|17,190|(12,481)|4,709|
|Endowment|funds|
|Endowment|80,000|(59,948)|20,052|
|TOTAL FUNDS|2,157,972|(1,988,831)|169,141|
----- End of picture text -----
Page 22
continued...
Chaigeley Educational Foundation
- MOVEMENT IN FUNDS- continued
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
Comparatives for movement in funds
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1.9.18|in|funds|31.8.19|
|£|£|£|
|Unrestricted|funds|
|General|fund|142,420|(92,461)|49,959|
|Restricted|funds|
|Restricted|Fund|-|3,000|3,000|
|Endowment|funds|
|Endowment|2,802,876|(59,949)|2,742,927|
|TOTAL FUNDS|2,945,296|(149,410)|2,795,886|
|Comparative|net movement|in|funds,|included|in the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,235,896|(2,328,357)|(92,461)|
|Restricted|funds|
|Restricted|Fund|35,039|(32,039)|3,000|
|Endowment|funds|
|Endowment|-|(59,949)|(59,949)|
|TOTAL|FUNDS|2,270,935|(2,420,345)|(149,410)|
|A|current year|12|months|and prior year|12|months|combined|position|is|as|follows:|
|Net|Transfers|
|movement|between|At|
|At|1.9.18|in funds|funds|31.8.20|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|142,420|$1,919|110,000|304,339|
|Restricted|funds|
|Restricted|Fund|-|7,709|-|7,709|
|Endowment|funds|
|Endowment|2,802,876|(39,897)|(110,000)|2,652,979|
|TOTAL FUNDS|2,945,296|19,731|-|2,965,027|
----- End of picture text -----
Page 23
continued...
Chaigeley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|4,296,678|(4,244,759)|51,919|
|Restricted|funds|
|Restricted Fund|52,229|(44,520)|7,709|
|Endowment|funds|
|Endowment|80,000|(119,897)|(39,897)|
|TOTAL FUNDS|4,428,907|(4,409,176)|19,731|
----- End of picture text -----
Transfers between funds
During the year farmland held outside the curtilage of the main school property was sold to a third party to release funds to assist the working capital of the charity. The land was held within the Endowment fund and the trustees agreed that the funds should be available for the school operations and the accounts reflect a transfer of the sale proceeds to the general fund.
EMPLOYEE BENEFIT OBLIGATIONS
Chaigeley Educational Foundation participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff and The Pensions Trust's Growth Plan for its non-teaching staff.
Teachers' Pension Scheme
The pension charge for the year includes contributions payable to the TPS of £120,674 (2019: £65,490) and at the year-end £12,258 (2019: £10,772) was accrued in respect of contributions to the scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers' Pension Scheme Regulations 2015. Members contribute on a pay as you go basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public fund provided by Parliament.
From Ist September 2015 the employer contribution rate has been 16.48%, which includes an administration levy of 0.08% and this has been increased to a rate of 23.6% from Ist September 2019.
The Teachers’ Pensions Regulations require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. The latest set of accounts available are for the year ended 31st March 2020.
The Pension Trust Growth Plan
The Pensions Trust Growth Plan (the Plan) is funded and is not contracted-out of the State scheme. The Plan is a multi-employer pension plan.
Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement date. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.
Page 24
continued...
Chaigeley Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
15. EMPLOYEE BENEFIT OBLIGATIONS - continued
The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions.
The latest formal valuation of the Plan at 30 September 2018 and completed in 2019 was performed by a professionally qualified Actuary using the Projected Unit Method. The market value of the the Plan's assets at the valuation date was £74.068 million and the Plan's Technical Provisions (i.e past service liabilities) were £99.615 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £25.547 million, equivalent to a funding level of 74% on a Technical Provision valuation basis.
Chaigeley Educational Foundation paid contributions at the rate of 6% and totalling £40,456 (2019: £48,372) during the accounting period. Members paid contributions at a minimum rate of 5% during the accounting period. As at the balance sheet date there were 27 active members.
Pension costs for both schemes are met from unrestricted funds.
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
- FUNDS
Unrestricted Funds
These funds, in the opinion of the Trustees, are free to use in accordance with the charitable objects.
Restricted Funds
These represents funds which have restrictions placed on them by donors, and the monies have not been fully expended in the year.
Endowment Fund
This comprises the land and buildings of Chaigeley School, used exclusively to further the objects of the Charity.
Page 25
Chaigeley Educational Foundation
| Detailed Statement ofFinancial Activities | |||
|---|---|---|---|
| for the Year Ended 31 August 2020 | |||
| 2020 | 2019 | ||
| £ | £ | ||
| INCOME ANDENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 1,693 | 7,868 | |
| Other trading activities | |||
| Rental income | 4,320 | 4,320 | |
| Charitable activities | |||
| Income from other Educational sources | - | 70 | |
| Grants | 452,692 | 362,334 | |
| Educational and care services | 1,619,267 | 1,896,343 | |
| 2,071,959 | 2,258,747 | ||
| Other income | |||
| Gain on sale oftangible fixed assets | 80,000 | - | |
| Total incoming resources | 2,157,972 | 2,270,935 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Wages | 1,304,412 | 1,629,509 | |
| Social security | 104,882 | 117,063 | |
| Pensions | 172,163 | 135,361 | |
| Rates and water | 13,966 | 8,214 | |
| Insurance | 17,159 | 19,816 | |
| Light andheat | 43,388 | 39,681 | |
| Postage and stationery | 8,414 | 6,202 | |
| Motor expenses | 5,332 | 17,400 | |
| Repairs | 55,576 | 77,918 | |
| Care standards costs | 16,172 | 77,425 | |
| Teaching costs | 73,488 | 96,856 | |
| Catering and accommodation | 20,159 | 24,394 | |
| Travel costs | 1,809 | 3,540 | |
| Fundraising and publicity | - | 325 | |
| Depn offreeholdproperty | 59,949 | 59,949 | |
| Depnoffixtures& fittings | 38,523 | 39,644 | |
| Depn ofmotorvehicles | 7,328 | 7,649 | |
| 1,942,720 | 2,360,946 | ||
| Support costs | |||
| Management | |||
| Telephone | 4,717 | 7,265 | |
| Bank charges | 1,453 | 2,263 | |
| Subscriptions | 7,389 | 6,850 | |
| Recruitmentexpenses | 540 | 5,630 | |
| Carriedforward | 14,099 | 22,008 |
This page does not form part of the statutory financial statements
Page 26
Chaigeley Educational Foundation
| Detailed Statement ofFinancial Activities | |||
|---|---|---|---|
| for the Year Ended 31 August2020 | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Management | |||
| Brought forward | 14,099 | 22,008 | |
| Staff training | 2,310 | 10,799 | |
| Health and safety costs | 498 | 499 | |
| Cleaning and laundry costs | 8,006 | 5,253 | |
| Governor training | 60 | 60 | |
| Penalties and fines | 400 | - | |
| 25,373 | 38,619 | ||
| Governance costs | |||
| Auditors’ remuneration | 5,616 | 5,852 | |
| Legal andprofessional fees | 15,122 | 14,928 | |
| 20,738 | 20,780 | ||
| Total resources expended | 1,988,831 | 2,420,345 | |
| Netincome/(expenditure) | 169,141 | (149,410) |
This page does not form part of the statutory financial statements
Page 27