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##
##
|Governors,
Officers and Advisors|||
|---|---|---|
|Annual
Report ofthe Governors|||
|Strategic Report|||
|Statement
ofAccounting
and Reporting|Responsibilities|15|
|Independent
Auditor's
Report||16|
|Consolidated
Statement of Financial Activities||19|
|Consolidated
and School Balance Sheets||20|
|Consolidated
Cashflow Statement||21|
|Notes to the Financial Statements||23|
##
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|---|---|---|
##
|Headmasters|-Cranleigh
School|-Cranleigh
School|||M SReader MA,|MPhil, MBA, QTS|MPhil, MBA, QTS|MPhil, MBA, QTS|
|---|---|---|---|---|---|---|---|---|
||-Cranleigh
Prep|School|||N R Brooks BA,|QTS|||
|Director ofOperations|||||P A Dunn BA||||
|Director ofFinance|||||JA Underdown|BA (Hons)|ACMA||
|Clerk to the Governing
Body|||||P T Roberts MBE, DChA||||
|Principal address
Cranleigh|||School|||Cranleigh|Prep School||
|and Registered|Office
Horseshoe|||Lane||Horseshoe||Lane|
||Cranleigh|||||Cranleigh|||
||Surrey|||||Surrey|||
||GU6 8QQ|||||GU6 8QH|||
||www. cranlei|||h.or||www. cranlei||h re school.or|
|ADVISORS'|||||||||
|Bankers:|Handelsbanken||||||||
||Andrews
House||||||||
||College Road||||||||
||6uildford||||||||
||GU1 4RG||||||||
|Solicitors:|Veale Wasbrough||Vizards||||||
||Narrow Quay House||||||||
||Narrow Quay||||||||
||Bristol||||||||
||BS14QA||||||||
|Auditors:|Crowe U.K. LLP||||||||
||55 Ludgate
Hill||||||||
||London||||||||
||EC4M 7JW||||||||
|investment|Brewin Dolphin|Limited|||||||
|Advisors:|12Smithfield
Street||||||||
||London||||||||
||EC1A9BD||||||||
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||||||Trading||||
|---|---|---|---|---|---|---|---|---|
|||||School Subsidiaries|||||
|||||Unrestricted
Unrestricted||Restricted|||
|||||Funds|Funds|Funds|Group|Group|
|||||2022|2022|2022|2022|2021|
||||Note|R'000|R'000|f'000|R'000|F'000|
|INCOME FROM:|||||||||
|Charitable
activities|||||||||
|School fees|||2|29,243|||29,243|26,029|
|Other Income|||4|902|||902|690|
|Other trading
activities|||||||||
|Facilities and trading
income||||3|613||616|6,229|
|Other incoming
resources||||124|||124|599|
|Share of surplus
from Joint||Venture|||632||632|319|
|Investments|||||||||
|Investment
income||||39||46|85|68|
|Bank and other interest|||||||||
|Voluntary sources|||||||||
|Donations
and legacies||||68||253|321|391|
|Fundraising
events||||||270|270|6|
|Total incoming
resources||||30,379|1,245|569|32,193|34,331|
|EXPENDITURE ON:|||||||||
|Raising funds|||||||||
|Trading costs|||||479||4?9|351|
|Share of loss from Joint Venture|||12||||||
|Other income-generating|activities||||||||
|Financing
costs||||553|||558|775|
|Investment
management||||28|||28|29|
|Fundraising
&development||||||148|148|1|
|Total deductible costs||||5&1|484|148|1,213|1,156|
|Charitable
activities|||||||||
|Education
and grant making||||28,899||49|28,948|25,874|
|Total expenditure||||29,480|484|197|30,161|27,030|
|NET INCOMING
FUNDS FROII OPERATIONS|||||||||
|BEFORETRANSFERS AND INVESTMENT GAINS
Gains/(losses)
on investments
12||||899
~575|761
-|372
~5|2,032
~590|7,301
1,030|
|NET INCOIIE I (EXPENDITURE)||||324|761|367|1,452|8,331|
|Transfers|||3|496|(1,496)|1,000|||
|Other recognised
gains I(losses):|||||||||
|Pension scheme actuarial||gain/(loss)|20|44||||2,248|
|NET MOVEMENT
IN FUNDS FOR THE YEAR||||864|(735)|1,367|1,496|10,579|
|FUNDS B/FWD 1 AUGUST 2021||||45,606|1,306|1,984|48,896|38,317|
|FUNDS C/FWD 3'I JULY 2022||||46,470|571|3,351|50,392|48,896|
|The notes on pages 23to 39form||part ofthese|accounts||||||
##
##
|||School|School|Group|Group|
|---|---|---|---|---|---|
||Note|2022|2021|2022|2021|
|||f'000|E'000|F'000|F'000|
|FIXEDASSETS||||||
|Tangible assets|11|57,139|58,288|57,149|58,309|
|Investments|12|4,128|4,692|8,463|6,770|
|||61,267|62,980|65,612|65,079|
|CURRENT ASSETS||||||
|Stocks||48|36|216|202|
|Debtors - due within one year|13|1,242|5,677|517|396|
|-due after one year|13|57|85|57|85|
|Cash and bank balances||3,610|2,868|3,857|9,268|
|||4,957|8,666|4,647|9,951|
|CURRENT LIABILITIES
Creditors payable
within one year|14|~8,686)|(8,386)|~8,169)|(8,480)|
|||(8,056)|(8,386)|(8,169)|(8,480)|
|NET CURRENT ASSETSI(LIABILITIES)||~3,699)|280|(3,522)|1,471|
|TOTAL ASSETS LESSCURRENT LIABILITIES||58,168|63,260|62,090|66,550|
|LONG-TERM LIABILITIES||||||
|Creditors payable
after one year|15|(11,698)|(17,654)|(11,698)|(17,654)|
|TOTAL NET ASSETS EXCLUDING PENSION LIABILITY||46,470|45,606|50,392|48,896|
|Pension scheme funding|20|||||
|TOTAL NET ASSETS||45,470|45,606|50,392|48,896|
|FUNDS||||||
|Foundation
restricted
funds||||3,351|1,984|
|Trading subsidiaries||||100|100|
|School unrestricted
funds||46,470|45,606|46,941|46,812|
|Pension reserve|20|||||
|TOTAL FUNDS|18|46,470|45,606|50,392|48,896|
##
##
||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|
||||||||@000||f'000|
|Net cash inflow from operations||||||||||
|Net cash provided
by / (used in) operating|||activities (a)||||3,906||10,865|
|Cash flows from investing
activities||||||||||
|Payments
for tangible
fixed assets||||||(585)||(284)||
|Proceeds on sale oftangible
fixed|assets|||||||||
|Purchase of investments||||||(1,678)||(537)||
|Withdrawals
from investments||||||28||29||
|Investment
income and bank interest||received||||39||37||
|Net cash (used in) / provided
by|investing|||activities|||(2,196)||(755)|
|Cash flows from financing
activities||||||||||
|Finance costs paid||||||(586)||(659)||
|Advance fees:
New contracts||||||784||1,883||
|Accrued to|contracts|||||31||53||
|Appropriations
Loan Facility||||||(1,681)
5,669||(1,620)
~1,619||
|Net cash provided
by financing|activities||||||(7,121)||(1,962)|
||||||||(5,411)||8,148|
|Debt repayment
(net)|||||||5,669||1,619|
|Change
in cash and cash equivalents||in|the|reporting|period||258||9,767|
|Cash and cash equivalents
at the|beginning|||ofthe reporting||period|(8,391)||(18,158)|
|Cash and cash equivalents
at the|end|of|the|reporting|period|(b)|8,133||8,391|
##
|(a) Reconciliation
o|f net inco|me t|o net cash t|low from operating|activities|||
|---|---|---|---|---|---|---|---|
||||||2022||2021|
||||||F'000||F'000|
|Net incoming
resources|||||2,032||7,300|
|Elimination
of non-operating||cash|flows:|||||
|Investment
income||||(39)||(37)||
|Finance costs paid||||586||659||
|Pension gains less|contributions||paid|||(2,210)||
|Depreciation||||1,745||1,771||
|Profit from disposal|ofassets|||||||
|(Increase)/Decrease|in stock|||(14)||30||
|(Increase)/Decrease
(Decrease)/Increase|in debtors
in creditors|||(93)
~311|1,874|115
3,237|3,565|
||||||3,906||10,865|
|(b) Analysis ofcash and cash equivalents||||||||
||||||1 August||1 August|
||||||2021||2022|
||||||E' 000||E' 000|
|Cash at bank and
in hand less overdraft
Loan facility - Handelsbanken|||||9,268
~17,659|(5,411)
5,669|3,857
~11,999|
||||||(8,391)|258|(8,133)|
##
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##
|School buildings,|including|including|major extensions|15-50years|
|---|---|---|---|---|
|Staff housing||||50years|
|Furniture,
machinery||and|equipment|3-30years|
|Motor vehicles||||5years|
|iT||||4years|
##
##
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##
##
##
##
##
##
##
##
##
##
|CHARITABLE ACTIVITIES - FEES||2022|2021|
|---|---|---|---|
|||R'000|2'000|
|Fees receivable consist of:||||
|Gross fees||33,351|30,059|
|Less: Total bursaries,
grants and allowances||(4,108)|(4,055)|
|Add back: Bursadies paid for by donations|to the Fee Relief Fund||25|
|The above educational
awards were made|to 349 pupils (2021:384).|29,243|26,029|
##
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|CHARITABLE|ACTIVITIES - OTHER INCOME||||F'000|F'000|
|Educational|visits||||339|182|
|Activities|||||191|115|
|Other||Rental income|||290|294|
|||Registration|fees||72|83|
|||Other|||10|16|
||||||902|690|
|OTHER TRADING ACTIVITIES|||||2022|2021|
||||||R'000|F'000|
|Facilities|and trading
income||||||
|Cranleigh|School||||3|1|
|Cranleigh|Enterprises
Ltd||||484|320|
|Cranleigh|Education Services||Ltd||129|5,908|
||||||616|6,229|
|Other incoming||resources|||||
|Surplus
on asset||sales|||||
|Foundation|(recoveries)||||||
|Other|||||124|599|
||||||124|599|
|Share ofsurplus||from JV|||||
|C R Education
Ltd (see note 12)||||27|632|319|
##
##
##
##
##
|||||FOR THE YEAR ENDED 31 JULY 2022|||
|---|---|---|---|---|---|---|
||||||2022|2021|
|INVESTMENTS|||||8000|F'000|
|Investment||income|||&5|68|
|Bank and|other interest||||||
|Bank interest|||||||
|VOLUNTARY|SOURCES||||2022|2021|
||||||F'000|F'000|
|Donations|and legacies||||||
|Donations|to|Cranleigh|School||68|57|
|Donations|to|Cranleigh|Foundation||253|334|
||||||321|391|
|||||||||||||||||321|321|321|391|391|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|During
the year Cranleigh||Foundation|||has awarded|||grants||to Cranleigh||School totalling|||FQk|(2021: FQk)|||to support||
|bursaries
and
various|capital|||projects|being||carried|out||by the School,||all|of which||were|completed|||in the|year.|
|Cranleigh
Education Services donated|||||f659k||(2021:FOk) to|||the School during|||the year.||||||||
||||||||||||||||||2022|||2021|
|Fundraising
events|||||||||||||||||f'000||F'000||
|Cranleigh
Foundation
Ltd|||||||||||||||||270|||6|
|ANALYSIS OF EXPENDITURE|||||||||||||||||Total|||Total|
||||||Staff|Costs||||Other|Depreciation||||||2022|||2021|
|a) Total expenditure|||||||F'000|||F'000|||F'000||||6'000||F'000||
|Costs ofgenerating
funds|||||||||||||||||||||
|Trading costs||||||||||390|||(5)||||479|||351|
|Cost ofother activities|||||||||||||||||||||
|Financing costs||||||||||558|||||||558|||775|
|Investment||||||||||28|||||||28|||29|
|Fundraising
Total costs ofgenerating|||funds||||94|||148
1,124|~5||||||148
1213|||1
1,156|
|Charitable
expenditure|||||||||||||||||||||
|Education
and grant making|||||||||||||||||||||
|Teaching costs||||||13,451||||2,478|||102|||16,031|||14,508||
|Welfare|||||||2,874|||1,648|||13||||4,535|||3,887|
|Premises|||||||1,101|||3,002|||1,451||||5,554|||4,903|
|Support costs and governance|||||||817|||1,794|||168||||2,779|||2,520|
|Grants and awards||||||||||49|||||||49|||56|
|Total charitable
expenditure||||||18,243||||8,971|||1,734|||28,948|||25,874||
|Total expended||||||18,337||||10,095|||1,729||||30,161||27,030||
||||||||||||||||||2022|||2021|
|b) Grants and awards|||||||||||||||||K'000|||f'000|
|From Restricted Funds:|||||Bursaries|||||||||||||||25|
|From Unrestricted
Funds:|||||Bursaries||||||||||||49|||31|
||||||||||||||||||49|||56|
|c) Governance
included|in|support costs|||||||||||||||2022|||2021|
||||||||||||||||||R'000|||F'000|
|Remuneration
paid to|auditor|||for audit|services|||||School|||||||27|||26|
|||||||||||Subsidiaries|||||||9|||8|
|Reimbursement
ofpersonal|||expenses||to Governors|||- travel costs|||||||||||||
|Other governance
costs|||||||||||||||||135|||125|
||||||||||||||||||171||||
|Travel expenses were|reclaimed
by one member (2021: Nil) ofthe Governing||||||||||||Body.||||||||
|In addition
to the above audit remuneration
the auditor
(2021:f4.6k) and tax advice F0.4k (2021:FQk)|||||||||received fees||for taxation|||compliance|||services|totalling||R4.&k|
##
||FOR THE YEAR ENDED 31 JULY|2022||
|---|---|---|---|
|||2022|2021|
|9.|FINANCING
AND OTHER COSTS|K'000|F'000|
||Bank interest and charges|527|722|
||Advanced fees discounts|31|53|
|||558|775|
|10.|STAFF COSTS AND RELATED PARTY TRANSACTIONS|2022|2021|
|||E'000|f'000|
||The aggregate
payroll costs for the year were as follows|||
||Wages and salaries|14,345|13,393|
||Social security costs|1,464|1,307|
||Pension costs|2,529|2,420|
|||18,338|17,120|
|No Governor|received|remuneration|remuneration|in 2022 (2021:fNil)|in 2022 (2021:fNil)|from Cranleigh|from Cranleigh|Education|Education|Services|Ltd.|The|granting|of a|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|benefit to any Governor|||is consistent|with the School's policies|||for benefits|and|no Governor receives any||||remuneration||
|or benefit that would
not|||be available|to a parent.|||||||||||
|Aggregate
employee-benefits
of18(2021:18)key management|||||||personnel||||2,035||1,804||
|The number|ofhigher paid employees|||in bands of:|||||||||||
|60,001-F 70,000
F
70,001 -F 80,000
80,001-F 90,000||||||||||||23
6
2||20
7
3|
|F
90,001 -|F100,000|||||||||||4||2|
|E 100,001 -|F110,000|||||||||||0||0|
|F 110,001 -F120,000||||||||||||0||1|
|8 120,001 -
f 130,001 -|F130,000
F140,000|||||||||||1
0||0
0|
|F. 140,001 -|F150,000|||||||||||0||0|
|E 150,001 -|f160,000|||||||||||0||0|
|F 160,001 -
f 170,001 -|6170,000
F.180,000|||||||||||0
0||1
0|
|F 180,001 -|2190,000|||||||||||1||0|
|||||||||||||37||34|
|The number|with retirement
benefits|||accruing|||||||||||
|- in Defined|Contribution||schemes was|||||||||34||31|
|ofwhich the|contributions||amounted|to||||||R571,000|||F506,000||
|The average|number|of the School's employees|||during|the year calculated|||on a|full time equivalent|||basis was 342||
|(2021:340).|The average headcount|||for the year was 412(2021:401)|||||||||||
||||||||||||2022|||2021|
||||||||||||K'000|||F.'000|
|Teaching|||||||||||166|||166|
|Welfare||||||||||||78||80|
|Premises||||||||||||33||32|
|Support||||||||||||16||14|
|Other activities||||||||||||49||49|
||||||||||||342|||341|
##
##
##
##
|||||||School|School|Group|Group|
|---|---|---|---|---|---|---|---|---|---|
|13.|DEBTORS|||||2022|2021|2022|2021|
|||||||R'000|E"000|F'000|8'000|
||Fees|||||2|17|2|17|
||Sundry debtors|||||57|91|206|196|
||P repayments|||||287|167|287|167|
||Staff loans|||||79|101|79|101|
||Amounts
due from Cranleigh|Enterprises|||Ltd|37|110|||
||Amounts
due from Cranleigh|Education|||Services Ltd|||||
||Gift aid donations
from subsidiary||companies|||837|5,276|||
|||||||1,299|5,782|574|481|
||All debtors are due within one year, except for &58k|||||(2021:885k)ofstaff loans, which are due after more than||||
||one year.|||||||||
||The above fees are net of bad debt provision 8203k|||||(2021:E353k).||||
|14.|CREDITORS:|||||School
2022|School
2021|Group
2022|Group
2021|
||amounts
falling due within|one|year|||E'000|F'000|R'000|E'000|
||Bank loans (see Note 17)|||||1,297|1,626|1,297|1,626|
||Fees received
in advance|||||366|751|366|751|
||Final term deposits|||||2,105|2,049|2,105|2,049|
||Taxation, social security and|pension||contributions||769|726|769|726|
||Amounts
due to Cranieigh
Enterprises|||Ltd||||||
||Overdraft|||||||||
||Other creditors and accruals|||||2,504|1,969|2,617|2,063|
|||||||7,041|7,121|7,154|7,215|
||Advance fees (see Note 16)|||||1,015|1,265|1,015|1,265|
|||||||8,056|8,386|8,169|8,480|
|15.|CREDITORS:|||||School
2022|School
2021|Group
2022|Group
2021|
||amounts
falling due after one year|||||K'000|f'000|f'000|F'000|
||Bank loans (see Note 17)|||||10,693|16,033|10,693|16,033|
||Advance fees (see Note 16)|||||1,005|1,621|1,005|1,621|
|||||||11,698|17,654|11,698|17,654|
##
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##
|||2022|2021|
|---|---|---|---|
|(a) The amounts
recognised
in the balance sheet are as follows:||R'000|2'000|
|Present value offunded
obligations||(19,616)|(26,861)|
|Fair value of plan assets||21,297|27,094|
|less asset not recognised||(1,681)|(233)|
|Deficit amount shown
in the balance|sheet|||
|||2022|2021|
|(b) Changes
in the present value ofthe defined benefit obligation||K'000|F'000|
|Opening
defined
benefit obligation||26,861|27,136|
|Service cost||559|558|
|Interest cost||443|389|
|Actuarial
loss/(gain)
Benefits paid||(6,613)
~1,634|(581)
~641|
|Defined benefit obligation at year end||19,616|26,861|
|||2022|2021|
|(c)Changes
in the fair value ofthe Scheme assets||R'000|E'000|
|Opening
fair value ofthe scheme assets||2?,094|24,926|
|Interest on assets/Expected
return||451|361|
|Actuarial
gain/(loss)||(5,121)|1,900|
|Employer's
contributions||408|439|
|Employees'
contributions
Benefits paid||99
~1,634|109
~641|
|Closing defined benefit obligation||21,297|27,094|
|||2022|2021|
|(d)Amounts
included
within the Statement ofFinancial Activities||R'000|E'000|
|Current service cost||1,681|233|
|Past service cost (GMP equallsation)||||
|Expected return
on scheme assets
Interest on pension
liabilities||451
~443|361
~389|
|Total amount charged to the Statement ofFinancial Activities||1,689|205|
|Net Actuarial
gains/(losses)||1,492|2,481|
|less asset not recognised||~1,448|~233|
|Net Actuarial
gains/(losses)
recognised|in the year||2,248|
|Net Cumulative
actuarial
gains/(losses)||||
##
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##
|||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
|||||Funds|Funds|Funds|
|||||2021|2021|2021|
|||||f'000|f'000|f'000|
|INCOME FROII:|||||||
|Charitable|activities||||||
||School fees|||26,029||26,029|
||Other income|||690||690|
|Other trading
activities|||||||
||Facilities and trading|income||6,229||6,229|
||Other incoming
resources|||599||599|
||Share ofsurplus
from|Joint Venture||319||319|
|Investments|||||||
||Investment
income|||37|31|68|
||Bank and other interest||||||
|Voluntary|sources||||||
||Donations
and legacies|||31|360|391|
||Fundraising
events||||6|6|
|Total incoming
resources||||33,934|397|34,331|
|EXPENDITURE ON'|||||||
|Raising funds|||||||
||Trading costs|||351||351|
||Share ofloss from Joint Venture||||||
||Other income-generating||activities||||
||Financing costs|||775||775|
||Investment
management|||29||29|
||Fundraising
8 development|||||1|
||Total deductible costs|||1,155||1,156|
|Charitable|activities||||||
||Education
and grant|making||25,818|56|25,&74|
|Total expenditure||||26,973|67|27,030|
|NET INCOMING
FUNDS FROM||OPERATIONS|||||
|BEFORE|TRANSFERS AND INVESTMENT GAINS|||6,961|340|7,301|
|Gains/(losses)
on investments||||854|176|1,030|
|Transfers|||||||
|NET INCOIIE AND CAPITAL (INFLOW)||||7,815|516|8,331|
|Pension|scheme actuarial gain/(loss)|||2,248||2,248|
|NET MOVEMENT
IN FUNDS FOR|||THE YEAR|10,063|516|10,579|
|FUNDS B/FWD 1 AUGUST 2020||||36,849|1,468|38,317|
|FUNDS C/FWD 31JULY 2021||||46,912|1,964|48,896|
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|||||||
|---|---|---|---|---|---|
|Fund balances at|31 July 2022:||Unrestricted|Restricted|Total|
||||Funds|Funds|Funds|
||||f'000|f'000|R'000|
|Fixed assets|||65,612||65,612|
|Current assets|||4,560|87|4,647|
|Current
liabilities|||(8,169)||(8,169)|
|Long term liabilities
Pension scheme assets|||(11,698)||(11,698)|
|Total net assets|||50,305|87|50,392|
|COIIPARATlVE|ALLOCATION|OF NET ASSETSTO FUNDS||||
|Fund balances at|31 July 2021||Unrestricted|Restncted|Total|
||||Funds|Funds|Funds|
||||F'000|8'000|R'000|
|Fixed assets|||65,079||65,079|
|Current assets|||9,864|87|9,951|
|Current
liabilities|||(8,480)||(8,480)|
|Long term liabilities
Pension scheme assets|||(17,654)||(17,654)|
|Total net assets|||48,809|87|4&,896|
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