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2020-08-31-accounts

Page
Company information 1
Directors' report (incorporating the Strategic report)
Independent
auditor's		 report 23
Financial statements ofthe company 26

Directors Directors R Haynes
Brown (Chairman)
J Armstrong
SBradshaw
S L Champkin
G W Dixon
M Dixon
D H TJohnson-Poensgen
S Kay
L E Lindsay
E Martin
J Martin
KE C Sweeney
Secretary S Koziarski
Charity No. 1076456
Company No. 03779971
Principal Address and Registered Office Ardingly
College
College Road
Ardingly
Haywards
Heath
West Sussex
RH17 6SQ
Key Management Personnel
Head ofCollege BA Figgis
Head of Senior School J Johnson
Head of Prep School H Hastings
Director ofFinance and Resources TTrotter
Auditor RSM UK Audit LLP
Portland
25 High Street
Crawley
West Sussex
RH10 1BG

Solicitors
Insurance Brokers
Lloyds Bank pic
Haywards
Heath		 Branch
99-101South Road
Haywards
Heath
West Sussex
RH16 4ND
Knights Solicitors
Eagle Tower
Montpellier
Drive
Cheltenham
Gloucestershire
GL50 1TA
Marsh Insurance Broker Limited
4 Milton Road
Haywards
Heath
West Sussex
RH16 1AH

R Haynes Brown Estates, Finance
&		 Estates, Finance
&		 Estates, Finance
&		 General General General Purposes,
(Chairman) Development, Nominations
JArmstrong Development
SBradshaw (appointed 4'" March Education
2020)
P N Bryan (resigned 3"July 2020) Finance
&		 General Purposes
S L Champidn
G W Dixon Estates
M Dixon (appointed 4e March Education
2020)
E Hewer (resigned 28w November Education
2019)
M E Ireland (resigned 3"July 2020) Finance & General Purposes,
Education, Nominations
D H TJohnson-Poensgen Finance
&		 General Purposes, Estates,
Nominations. Special Responsibility-
IT
S Kay Special Responsibility -Compliance
L E
I indsay		 Special
Responsibility		 —Safeguarding
& Pre-prep
E Martin Education
J Martin (appointed 27v'
November 2019)
J F Sloane (resigned 31"August Finance
&		 General Purposes, Estates,
2020) Education, Development, Nominations.
Special responsibility —Boarding
K E C Sweeney

Notes Unrestricted Restricted Endowed Total Total
Funds
f		 Funds
f		 Funds
6		 2020
6		 2019
f
Income and endowments from:
Charitable
Activities
School fees receivable 2 19,264,438 19,264,438 20,058,898
Ancillary
trading
income		 3 887,460 887,460 844,877
Other trading
activities
Non-ancillary
trading
income		 4 768,161 768,161 1,773,797
Other Activities 4 4,508 4,508 35,019
Investments
Bank and other interest 5 4,624 13,292 17,916 38,058
Voluntary
Sources
Grants and donations 5 1,596,424 110,625 1,707,049 355,834
Other income 2,078 2,078 5,450
TOTAL INCOME 22,527,693 123,917 22,651,610 23,111,933
Expenditure
on:
Raising funds
Non-ancillary
trading		 7 923,874 923,874 1,290,831
Other income generating activities
Financing costs 8 543,032 543,032 454,508
Investment
management
Fundraising
and development		 80,392 80,392 82,381
TOTAL RAISING FUNDS 1,547,298 1,547,298 1,827,720
Charitable
Activities
Education
and grant making		 7 21,026,646 49,780 21,076,426 20,005,216
TOTAL EXPENDITURE 22,573,944 49,780 22,623,724 21,832,936
Net gains/(losses)
on investment
assets		 13 (1,380) (62,585) (6,506)
Net income/(expenditure) (107,456) 74,137 (1,380) (34,699) 1,272,491
Transfers
between
funds		 24
Other recognised
gains/(losses)
Pension scheme actuarial gains 26 406,000 406,000 (570,000)
Net Movement
in funds for the
year		 298,544 74,137 (1,380) 371,301 702,491
Fund balances at 1st September 15,564,734 539,825 270,046 16,374,605 15,672,114
FUND BALANCES AS AT 31STAUGUST 268,666 16,745,906 16,374,605

Notes Unrestricted Restricted Endowed 2020 2019
Funds Funds Funds
6 6 6
Income and endowments from:
Charitable
Activities
School fees receivable 2 19,264,438 19,264,438 20,058,898
Ancillary
trading
income		 3 902,960 902,960 1,153,258
Other trading
activities
Non-ancillary
trading
income		 4 175,858 175,858 249,073
Other activities 4,508 4,508 35,019
Investments
Sank and other interest 5 4,512 13,292 17,804 30,528
Voluntary
sources
Grants and donations 6 1,596,424 110,625 1,707,049 355,834
Other income 2,078 2,078 5,450
TOTAL INCOME 21,950,778 123,917 22,074,695 21,888,060
Expenditure
on:
Raising funds
Non-ancillary
trading
Other income generating
activities
Financing
costs		 8 536,563 536,563 450,802
Investment
management
Fundraising
and development		 80,392 80,392 82,381
TOTAL RAISING FUNDS 616,955 616,955 533,183
Charitable
Activities
Education
and grant making		 7 21,024,147 49,780 21,073,927 20,002,686
TOTAL EXPENDITURE 21,641,102 49,780 21,690,882 20,535,869
Net gains/(losses)
on investment
assets		 13 (61 205) (1,380) (62,585) (6,506)
Net income/(expenditure) 248,471 74,137 (1,380) 321,228 1,345,685
Transfers
between
funds		 24
Other recognised
gains/(losses)
Pension scheme actuarial losses 26 406,000 406,000 (570,000)
Net Movement
in funds for the
year		 654,471 74,137 (1,380) 727,228 775,685
Fund balances at 1st September 15,637,564 539,825 270,046 16,447,435 15,671,749
FUND BALANCES AS AT 31ST
AUGUST		 16,292,035 613,962 268,666 17,174,663 16,447,434

Note Group Charity
2020f 2019
f		 2020
f		 2019
f.
FIXEDASSETS
Tangible assets 12 29,551,579 27,408,152 29,551,579 27,408, 152
Securities Investments 13 963,578 1,026,163 963,578 1,026,163
Investment
in subsidiaries		 3 3
30,515,157 28,434,315 30,515,160 28,434,318
CURRENT ASSETS
Stock 49,730 168,794 18,757 32,054
Debtors 14 974,917 708,017 1,149,406 1,071,743
Cash at bank and
in hand		 1 803,028 1,875,428 1,597,616 1,665,900
2,827,675 2,752,239 2,765,779 2,769,697
CURRENT LIABILITIES
Creditors
payable
within one		 15 (5,784,091) (5,566,721) (5,293,441) (5,511,353)
year
NET CURRENT
ASSETS/(LIABILITIES)		 (2,956,416) (2,814,482) (2,527,662) (2,741,656)
TOTAL ASSETS LESSCURRENT
LIABILITIES		 27,558,741 25,619,833 27,987,498 25,692,662
LONG TERM LIABILITIES
Creditors
payable
after one		 16 (9,487,735) (7,509,128) (9,487,735) (7,509,128)
year
TOTAL NET ASSETS
EXCLUDING PENSION 18,071,006 18,110,705 18,499,763 18,183,534
LIABILITY
Net pension
liability		 26 (1,325,000) (1,736,000) (1,325,000) (1,736,000)
NET ASSETS 16,746,006 16,374,705 17,174,763 16,447,534
REPRESENTED BY:
CALLED UP SHARE 20 100 100 100 100
CAPITAL
ENDOWED FUNDS 22 268,666 270,046 268,666 270,046
RESTRICTED FUNDS 22 613,962 539,825 613,962 539,825
UNRESTRICTED FUNDS
General reserve 22 14,538,278 13,828,734 14,967,035 13,901,563
Pension reserve 26 1,325,000 1,736,000 1,325,000 1,736,000
16,746,006 16,374,705 17,174,763 16,447,534

2020 2019
Notes 6'000 F'000
Cash flows from operating
activities:
Net cash provided
by (used in) operating		 activities 27 2 902999 4 027025
Cash flows from investing
activities:
Dividends,
interest and rents from investments		 17,816 38,058
Proceeds from the sale of property,
plant		 and equipment 7,800 5,450
Purchase ofproperty,
plant and equipment		 (4,027,217) (5,703,373)
Proceeds from sale of investments
Purchase of investments
Net cash provided
by (used in) investing		 activities (4001 501)
Cash flows from financing
activities:
Repayments
of borrowing		 (184,866) (174,555)
Cash inflows from new borrowing 1,753,000
Financing costs (543,032) (454,508)
Receipt ofendowment
Net cash provided
by (used in) financing		 activities 1,025,102 ( '
)
Change
In cash and cash equivalents		 in the year (72,400) (2,251,903)
Cash and cash equivalents
at the beginning		 ofthe year 1,875,428 4,137,331
Cash and cash equivalents
at the end		 of the year 28 1,803,028 1,875,426

2020 2019
6 6
The school fees income comprises
Gross fees 21,458,734 22,231,442
Less: Total scholarships, bursaries, etc (2,194,296) (2,191,252)
Add back. Scholarships, Grants etc paid for by Restricted 18,708
Funds
19,264,438 20,058,898

2020 2019
6
Extras 557,857 526,142
Entrance fees and registration fees 88,098 84,902
Pupiltransport 47,640 64,034
Rent receivable and related income
Commissions
and related		 income 48,803 78,090
Sundry other income 145,062 91,709
887,460 844,877
OTHER TRADING ACTIVITIES
2020 2019
6 6
Non-ancillary
trading
income
Ardingly
Projects		 Limited turnover 342,286 1,575,354
Ardingly
College		 International Limited turnover 328,076 79,326
Lettings income
Rents receivable 97,799 119,117
Interest receivable —pupil bills 4,508 35,019
772,669 1,808,816

5. INVESTMENTS - B ANK AND OTHER INTEREST R ECEIVABLE
Unrestricted Restricted Endowed Total Total
2020
f'		 2019f
Bank interest 3,502 3,502 15,822
Other interest 1,122 13,292 14,414 22,236
4,624 13,292 17,916 38,058
6. OTHER - GRANTS AND DONATIONS
Unrestricted Restricted Endowed Total Total
2020f 2019f
Sundry Bequests & 79,264 110,625 189,889 351,334
Donations
Government 1,167,160 1,167,160
Funding
Legacies 350,000 350,000 4,500
1,596,424 110,625 1,707,049 355,834

a)
Total		 expenditure
Staff costs Support Depreciation Total Total
costs
(note 9) (Note 12) 2020 2019
6
Costs of raising funds
Non ancillary
trading		 354,422 569,452 923,874 1,290,831
Other income generating
activities
Financing cost (note 8) 543,032 543,032 454,508
Investment management
Fundraising and 47,937 32,455 80,392 82,381
development
Total cost
funds		 ofgenerating 402,359 1,144,939 1,547,298 1,827,720
Charitable expenditure
Teaching 10,052,903 897,465 269,749 11,220,117 10,132,349
Welfare 1,313,618 1,020,289 1,489,020 3,822,927 3,870,324
Premises 1,538,135 2,195,377 36,314 3,769,826 3,580,481
School administration 1,154,946 982,607 82,985 2,220,538 2,375,172
Donations
Grants awards and prizes 6,543 6,543 15,985
(note 7b)
Governance 36,475 36,475 30,905
Education
making		 and grant 14,059,602 5,138,756 1,878,068 21,076,426 20,005,216
Total Expenditure 14,461,961 6,283,695 1,878,068 22,623,724 21,832,936

7. ANALYSIS OF EXPENDITURE (Continued)
b) Grants, awards and prizes
Ardingly
College		 makes awards to individual families to support schooling.
2020 2019f
From Endowed Funds:
Other grants and awards
From Restricted Funds:
Other grants and awards
Prizes and leaving
awards		 4,448 15,985
From Unrestricted
Funds:
Other grants and awards
Prizes and leaving awards 2,095
6,543 15,985
c) Total resources expended Total resources expended include:
Ardingly
College reimburses		 governors for out of pocket expenses including
travel subsistence
and
accommodation,
where		 a claim is made. 2 governors were reimbursed during
the year (2019:3).
2020 2019
F 6
Remuneration
paid to auditor		 for audit services 24,817 17,717
Remuneration
paid to auditor		 for non-audit services
Depreciation
oftangible		 fixed assets:
-owned
by the Charitable		 Company 1,878,068 1,509,480
- held under finance leases and hire purchase contracts
(Profit)/loss
on disposal		 offixed assets (2,078) (5,450)
Operating
lease rentals:
- land and buildings
-other assets 51,707 51,916
Cost ofstock/inventories recognised as an expense in the period 872,597 1,066,534
Reimbursement
of personal expenses to governors		 216 1,996
8. FINANCING COSTS
2020
6		 2019f
Bank interest payable 350,809 359,870
Other interest payable
Fees In Advance
debt financing costs
Lease finance costs
Pension Scheme financing cost
Bank charges 31,319 58,875
Otherfinance
costs
Provision
for bad and doubtful		 debts 160,904 35,763
543,032 454,508

STAFF COSTS
2020 2019
E E
The aggregate
payroll		 costs for the year were:
Wages and salaries 11,639,695 11,141,867
Social security costs 1,094,768 1,053,532
Other pension costs 1,727,498 1,240,396
Private medical insurance 2,537
14,461,961 13,438,332
Included
in staff costs		 are redundancy or termination payments
totalling		 E55,238(2019:F12,096).
The amount
outstanding		 at the year-end was F16,320(2019:Enil).
None ofthe governors received remuneration or other benefits from Ardingly College or from any
connected
body.
The Head of College, Head ofSenior School, Prep School Head and the Director of Finance 8
Resources are classed by the school as being the Key Management Personnel.
2020 2019
E E
Aggregate
employee		 benefits of key management personnel 603,446 631,620
The number of higher paid employees whose annual emoluments
were E60,000 or more was:
2020 2019
No No
(restated)
F60,001 - E70,000 7
E70,001 - F80,000 2
E80,001 - E90,000 2
E90,001 - F100,000 1
E100,001 - E110,000
F110,001 - E120,000
E120,001 - F130,000
F130,001 - F140,000
E140,001 - E150,000
F150,001 - E160,000
F160,000 - E170,000
E170,000 - E180,000
The number
with retirement		 benefits accruing:
- in Defined Contribution schemes was
Ofwhich the contributions amounted to E70,758 E67,145
- in Defined Benefit schemes was
Of which the contributions amounted to E137,896 E95,588

The average
number ofemployees
during
the
(2019:429)		 year calculated
on a head count basis, was		 468
2020 2019
No No
Teaching 152 145
Welfare 114 102
Premises 35 33
Support 81 74
Other activities 86 75
468 429

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Securities
Investments
2020f 2019f
Group investments
At 1 September 1,026,163 9,840
New money
invested		 1,022,829
Reinvested
income
Amounts
extracted
Investment
management		 fees
Realised gains/(losses) on investments
Unrealised
gains/(losses)		 on (62,585) (6,506)
investments
Movement
in uninvested		 cash
Group investments at 31August 963,578 1,026,163
Investment
in subsidiaries
Company
investments		 at 31August 963,581 1,026,166
Investments
comprise:
Listed investments
Fixed interest
Equities 963,578 1,026,163
Unlisted
investments
Land and buildings
Other
Cash
Group investments at 31August 963,578 1,026,163
Investment
in subsidiaries		 3 3
Company
investments		 at 31August 963,581 1,026,166
14. DEBTORS
Group Company
2020f 2019f 2020f 2019f
School fees receivable 251,551 161,831 251,551 161,831
Trade debtors 276,869 180,563 18,418 3,259
Staff loans
Other debtors 228,787 93,909 228,787 34,765
Prepayments and accrued income 180,935 258,498 180,935 258,498
Tax recoverable 19,477 2,028 65
Amounts
due		 from subsidiary 452,355 602,202
company
Amounts
due		 from parent company 17,298 11,188 17,298 11,188
974,917 708,017 1,149,409 1,071,743

Group Company
2020f 2019
f		 2020
6		 2019
F
Bank loans and overdraRs 192,192 184,866 192,192 184,866
Otherloans
Net obligations under finance
leases
Deposits from parents 339,051 362,296 339,051 362,296
Fees received
from parents		 in 2,859,419 3,030,866 2,859,419 3,030,866
advance ofterm
Trade creditors 992,343 1,070,941 885,279 1,048,778
Taxation and social security 7,249 14,736 240
Other creditors 215,642 175,289 197,482 178,452
Fees in Advance Scheme 116,297 113,546 116,297 113,546
Accruals 721,135 614,181 703,721 592,309
Deferred
income		 340,763
Amounts
due to		 subsidiary
company
Amounts
due to		 parent company
5,784,091 5,566,721 5,293,441 5,511,353

16. CREDITORS: amounts CREDITORS: amounts falling due falling due after one year
Group Company
2020f 2019
f		 2020
F		 2019f
Bank loans and overdrafts 7,455,126 5,894,318 7,455,126 5,894,318
Fees received from parents in
advance ofterm
Net obligations under finance leases
Deposits from parents 1,817,144 1,467,096 1,817,144 1,467,096
Other creditors
Fees in Advance Scheme 215,465 147,714 215,465 147,714
Amounts
due to		 parent company
9,487,735 7,509,128 9,487,735 7,509,128

2020f 2019f
The bank loan is repayable in instalments
Due affer 5years 4,797,251 5,044,116
Due within 2 to 5 years 2,451,185 658,009
Due within 1 to 2 years 206 600 192,193
Due after more than one year 7,455,126 5,894,318
Due within 1 year 192,192 184,866
7,647,318 6,079,184

receipt


ofnotice.
Assuming
pupils
remain
in the scho		 ol, fees in advance
will be applied		 as follows:
2020f 2019
F
Affer 5 years
Within 2 to 5years 76,520
Within 1 to 2 years 138,945 147,714
Due after more than one year 215,465 147,714
Within 1 year 116,297 113,546
331,762 261,260

FEES IN ADVANCE SCHEN IE (Continued)
Summary
ofmovements		 in liability
Balance at 1 September 2019 261,260
New contracts 186,368
Repayments
Amounts
used to pay fees		 (115,866)
Amount
accrued to contract		 as debt financing cost
Balance at 31August 2020 331,762

The f ut ure
minimum
commitmen		 ts
under non-cancellab		 le
operating		 leases are:
Land and buildings Other
2020
f		 2019 2020f 2019f
Within 1 year 64,477 49,997
Within 1 to 5 years 152,707 92,457
After 5 years 1,864
219,048 142,454

2020 2019f
Authorised
100Ordinary Shares off1 each 100 100
Allotted, called up and fully paid
100Ordinary Shares off1 each 100 100

Bursary Fund 301,073
Ardingly College Prize & Bursary Fund 113,850
Capital Projects 100,000
Student Hardship Fund 57,832
Strength & Conditioning Centre 31,207
150w Anniversary events 10,000
613662

t31Auust2020the sewere:
g , f
Specific Development Campaigns 493,810
Drake Fund 1,263,467
Composition
Fee Schemes		 331,762
General Reserve 15,527,998
Pension Reserve (1,325,000)
Trading
Subsidiary		 (428,759)
15,863,278
have been designated for particular for particular
Greatest Need 6407,087
Science Projects
Solar Car
Capital Projects		 F
f
f		 29,155
17,603
16,445
General
Bursary		 F 7,239

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Total Total
Unrestrictedf Restrictedf Endowedf 2020f 2019
F
Tangible fixed assets 29,262,166 289,413 29,551,579 27,408,152
Securities investments 957,308 6,270 963,578 1,026,163
Advance fees contracts 331,762 331,762 261,260
Net current (3,875,223) 613,962 (27,017) (3,288,278) (3,075,742)
(liabilities)/assets
Long term liabilities
Net pension
liability		 (9,487,735)
~1,325 000		 (9,487,735)
~1325 QDD		 (7,509,128)
~17360,00,
15,863,278 613,962 268,666 16,745,906 16,374,705
Total Total
Unrestrictedf Restrictedf Endowed 2019f 2018f
Tangible fixed assets 27,118,739 289,413 27,408,152 23,214,259
Securities investments 1,018,513 7,650 1,026,163 9,840
Advance fees contracts 261,260 261,260
Net current
(liabilities)/assets		 (3,588,550) 539,825 (27,017) (3,075,742) 1,284,840
Long term liabilities
Net pension
liability		 (7,509,128)
~1,736 1100		 (7,509,128)
~1736000		 (7,628,723)
~1,200,000
15,564,834 539,825 270,046 16,374,705 15,672,216

24. SUMMARY O F MO VEMENTS ON MAJOR FUND S
At,
At 1 Sept
2019
5		 Income Expenditure
6		 Transfers
5		 Gains/
(losses)f		 Aug(
20.
'
I
Endowed —Permanent
Property 283,572 283,57''
Shares 7,650 (1,380) 6,27(
Revaluation (21,176) (21,17t
Total Endowment 270,046 (1,380) 268,66$
Restricted
Funds
Bursary Fund 301,073 301,073
Ardingly
College Prize
& Donation
Fund		 104,755 13,544 (4,448) 113,851
Strength
& Conditioning
Centre		 76,539 (45,332) 31,20/
Student
hardship		 57,458 373 57,831
Capital Proiects 100,000 100,m
15(F'Anniversary events 10,000 10,00C
539,825 123,917 (49,780) 613,961
Unrestricted
Funds
Specie Development
Campaigns		 107,369 393,786 (7,345) 493,8'
Bursary funds
Drake Fund		 1,324,672 35,478 (35,478) (61,205) 1,263,4i
CJRS grant 1,167,160 (1,167,160)
Composition
Fee
Schemes		 261,260 186,368 (115,866) 331,7i
General Reserve 15,680,263 20,519,907 (20,672, 172) 15527 9(
Pension Reserve (1,736,000) 5,000 406,000 (1,325,00
Trading
Subsidiary		 (72,830) 219,994 (575,923) (428,75
15,564,734 22,527,693 (22,573,944) 344,795 15,863,2:
Total Funds 16,374,605 22,651,610 (22,623,724) 343,415 16,745,9(

24. (Continued)
SUMMA		 RY OF MOVE MENTS ON MAJOR FUNDS
At 31
At 1 Sept Gains/ August
2018f incomef Expendituref Transfersf (losses)f 2019
f
Endowed —Permanent
Property 283,572 283,572
Shares 9,840 (2,190) 7,650
Revaluation
Reserve		 (21,176) (21,176)
Total Endowment 272,236 (2,190) 270,046
Restricted
Funds
Bursary Fund
Ardingly
College Prize
& Donation
Fund		 107,763 302,073
12,977		 (1,000)
(15,985)		 301,073
104,755
Strength
&
Conditioning
Centre		 121,871 (45,332) 76,539
Student
Hardship		 57,117 57,458
Mark Lawrence
Bursary		 11,875 75 (17,708) 5,758
298,626 315,466 (80,025) 5,758 539,825
Unrestricted
Funds
Specific Development
Campaigns		 74,466 53,761 (15,100) (5,758) 107,369
Drake Fund
Composition
Fee
Schemes		 1,328,988
219,743		 232,038 (190,521) (4,316) 1,324,672
261,260
General Reserve 14,685,690 21,911,779 (20,917,206) 15,680,263
Pension Reserve (1,208,000) 42,000 (570,000) (1,736,000)
Trading
Subsidiary		 365 556,889 (630,084) (72,830)
15,101,252 22,796,467 (21,752,911) (5,758) (574,316) 15,564,734
Total Funds 15,672,114 23,111,933 (21,832,936) (576,506) 16,374,605
25. CAPITAL COMMITMENTS
At 31 August 2020, the group
had no capital commitments:		 2020f 2019
Expenditure
contracted		 for but not provided
in the		 accounts 3,432,562

from tho
liabilities		 se of the Employer.
The major a
at the balance sheet date are:		 s sumptions
used
by		 the actuary
to value		 the assets
2020 2019
Inflation assumption
(RPI)		 32% 3.5%
Rate of increase
in salaries		 4.2% 4.5%
The assumed
rate of increase to pensions		 in deferment 3.2% 35%
The assumed
rate of interest to pensions		 in payment 3 1% 3.4%
Assumed rate used to discount scheme liabilities 1 7% 1 9%
Average life expectancy 90.4 90.3

and Liabilities at each year end in accor dance with FRS102were:
2020 2019
E 6
Total market value ofassets 3,279,000 3,146,000
Present value of liabilities ~4804 000 ~4,882,000
Deficit 1,325,000 1,736,000

Analysis ofamount recognised in Statement of Financial Activities
2020f 2019
Current service cost 47,000 44,000
Net interest on defined
benefit		 liability 33,000 34,000
Expenses
paid from the Scheme		 8 QQQ 8 000
Total Cost 88,000 86,000
Analysis ofamount recognised in other comprehensive income
2020 2019f
Actual
return
on assets
Return
on assets included
in net interest		 136,000
~60,000		 269,000
~87,000
Asset gain/(loss) 76,000 187,000
Liabifity experience
gain/(loss)
Change ofassumptions
gain/(loss)		 220,000
118000		 (95,000)
~654 000
Remeasurement
gain/(loss)
comprehensive
income		 in other 414,000 ~562,000
Changes
ln the present value of		 the defined benefit liabilities are:
2020f 2019
Opening
value of liabilities		 4,882,000 4,099,000
Interest cost 92,000 115,000
Service cost (including
member		 contributions) 54,000 50,000
Experience
(gain) / loss		 (220,000) 95,000
Change ofassumptions
(gain)
Benefits paid		 / loss (118,000)
~86000		 654,000
~737,000
Closing value of liabilities 4,604,000 4,882 000
Changes
in the fair value ofthe		 assets are as follows:
2020f 2019f
Opening
value ofassets		 3,146,000 2,891,000
Expected return 60,000 81,000
Asset gain 76,000 187,000
Contributions
by employer		 84,000 120,000
Contributions
by members		 7,000 6,000
Benefits paid
Expenses
paid from the scheme
Closing value ofassets		 (86,000)
~8000
3,278 000		 (131,000)
~8,000
3,146,000
e total value ofthe assets is di vided
between the main		 ass et classes as follows:
At 31 Aug 20 At 31 Aug 19
Equities 316% 31 8%
Gilts 12.4% 139%
Bonds 29.5% 27.6%
Property 8.1% 7.5%
Cash 0.3% 0.1%
Annuities 18.1% 19.1%
Total 100% 1PP%

2020 2019 2018 2017 2016
6'000 F'000 F'000 F'000 6'000
Present value of
liabilities 4604 4882 4,099 4 398 4677
Total market value of
assets 3.279 3146 2,891 2,817 2,694
Deficit 1,325 1 736 1,208 1,581 1,983
Experience gain /(loss)
on assets 76 187 75 97 349
Experience gain/(loss)
on liabilities 220 95 97 80 83

INFLOW FROM OP ERATIONS
2020 2019
F 6
Net income for the period (as per the Statement of Financial (34,699) 1,272,491
Activities)
Adjustments
for
Depreciation
charges		 1,878,068 1,509,480
(Gains)/losses
on investments		 62,585 6,506
Dividends,
interest and rents from investments		 (17,916) (38,058)
Financing costs 543,032 454,508
Loss/(profit)
on the sale of fixed assets		 (2,078) (5,450)
Defined benefit pension scheme 406,000 (570,000)
(Increase)/decrease in stocks 119,064 (229)
(Increase)/decrease in debtors (266,900) 360,630
Increase/(decrease) in creditors 216,843 1,037,147
Net cash provided
by (used in) operating		 activities 2,903,999 4,027,025
28. ANALYSIS OF CASH AND CASH EQUIVALENTS
2020 2019
Cash in hand and at bank 1,803,028 1,875,428
Other loans
OverdraR
facilities repayable
on demand
Total cash and cash equivalents 1,803,028 1,875,428
29. ANALYSIS OF CHANGES
IN NET DEBT
At 1 Sept Cash Rows Other noncash At 31 Aug
2019 changes 2020
6 6
Cash and cash equivalents
Cash 1,875,428 (72,400) 1,803,028
Overdrafls
Cash equivalents
1,875,428 (72,400) 1,803,028
Borrowings
Debt due within one year (184,866) 184,866 (192,192) (192,192)
Debt due after one year (5,894,318) (1,753,000) 192,192 (7,455,126)
(6,079,184) (1,568,134) (7,647,318)
Total (4,203,756) (1,640,534) (5,844,290)

31, Consolidated
Statement of		 Financial Activities —Comparative figures by fund type
Year Ended 31 August Unrestricted Restricted Endowed Total
2019
f f f
Income and endowments
from Charitable
activities
School fees receivable 20,058,898 20,058,898
Ancillary
trading
income		 644,877 844,877
Other trading activities
Non-ancillary
trading
income		 1,773,797 1,773,797
Other Activities 35,019 35,019
Investments
Investment
income
Bank and other interest 24,665 13,393 38,058
Voluntary
sources
Grants and donations 53,761 302,073 355,834
Other Income 5,450 5,450
Other incoming
resources
Total Incoming Resources 22,796,467 315,466 23,111,933
Expenditure
on:
Raising funds
Non ancillary
trading		 1,290,831 1,290,831
Other income generating
activities
Financing
costs		 454,508 454,508
Investment
management
Fundraising
and		 82,381 82,381
development
Total Deductible Costs 1,827,720 1,827,720
Charitable
activities
Education
and grant making		 19,925,191 80 025 20 005 216
Total resources expended 21,752,911 80,025 21,832,936
Net gains/(losses)
on		 (4,316) (2,190) (6,506)
investment
assets
Net income/(expenditure) 1,039,240 235,441 (2,190) 1,272,491
Transfers
between
funds		 (5,758) 5,758
Other recognised
gains/(losses)
Pension scheme actuarial (570,000) (570,000)
gains/(losses)
Net movement
in funds for
the year
Fund balances at 1"		 463,482
15,101,252		 241,199
298,626		 (2,190)
272,236		 702,491
15,672,114
September
Fund Balances at31"
August		 15,564,734 539,825 270,046 16,374,605