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2021-08-31-accounts
|
Page |
| Company information |
1 |
| Directors' report (incorporating the Strategic report) |
3 |
| Independent auditor's report |
24 |
| Financial statements of the company |
28 |
| Directors |
Directors |
R Haynes Brown (Chair) |
|
|
J Armstrong |
|
|
S Bradshaw |
|
|
SLChampkin |
|
|
G WDixon |
|
|
VJohnson |
|
|
D H T Johnson-Poensgen |
|
|
S Kay |
|
|
LE Lindsay |
|
|
J Martin |
|
|
R Martin |
|
|
KEC Sweeney |
| Secretary |
|
S Koziarski |
| **Charity ** |
No. |
01076456 |
| Company No. |
|
03779971 |
| Principal Address and Registered Office |
|
Ardingly College |
|
|
College Road |
|
|
Ardingly |
|
|
Haywards Heath |
|
|
West Sussex |
|
|
RH176SQ |
| Key Management Personnel |
|
|
|
Head of College |
BAFiggis |
|
Head of Senior School |
J Johnson |
|
Head of Prep School |
H Hastings |
| Auditor |
|
RSM UKAudit LLP |
|
|
Portland |
|
|
25 High Street |
|
|
Crawley |
|
|
West Sussex |
|
|
RH10 1BG |
|
2020/2021 |
|
2019/2020 |
|
| Senior School |
631 |
(309 boarders) |
602 |
(307 boarders) |
| Preparatory School |
316 |
(32 boarders) |
315 |
(38 boarders) |
| Pre-Preparatory School |
83 |
|
78 |
|
| Total |
1030 |
|
995 |
|
|
2020/2021 |
|
2019/2020 |
|
|
Boys |
Girls |
Boys |
Girls |
| Senior School |
362 |
269 |
336 |
266 |
| Preparatory School |
155 |
161 |
166 |
149 |
| Pre-Preparatory School |
45 |
38 |
38 |
40 |
| Total |
562 |
468 |
540 |
455 |
|
Notes |
Unrestricted |
Restricted |
Endowed |
Total |
Total |
|
|
Funds |
Funds |
Funds |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
|
| Charitable Activities |
|
|
|
|
|
|
| Schoolfees receivable |
2 |
21,058,954 |
|
|
21,058,954 |
19,264,438 |
| Ancillarytrading income |
3 |
1,023,187 |
|
|
1,023,187 |
887,460 |
| Other trading activities |
|
|
|
|
|
|
| Non-ancillarytrading income |
4 |
965,488 |
|
|
965,488 |
768,161 |
| Other Activities |
4 |
4,957 |
|
|
4,957 |
4,508 |
| Investments |
|
|
|
|
|
|
| Bankand other interest |
5 |
359 |
12,421 |
|
12,780 |
17,916 |
| Voluntary Sources |
|
|
|
|
|
|
| Grants and donations |
6 |
399,161 |
353,623 |
|
752,784 |
1,707,049 |
| Other income |
|
10,400 |
|
|
10,400 |
2,078 |
| TOTAL INCOME |
|
23,462,506 |
366,044 |
|
23,828,550 |
22,651,610 |
| Expenditure on: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
| Non-ancillarytrading |
7 |
985,694 |
|
|
985,694 |
923,874 |
| Other income generating activities |
|
|
|
|
|
|
| Financing costs |
8 |
536,020 |
|
|
536,020 |
543,032 |
| Investmentmanagement |
|
|
|
|
|
|
| Fundraising and development |
7 |
71,119 |
|
|
71,119 |
80,392 |
| TOTAL RAISING FUNDS |
|
1,592,833 |
|
|
1,592,833 |
1,547,298 |
| Charitable Activities |
|
|
|
|
|
|
| Education and grantmaking |
7 |
21,867,927 |
173,442 |
|
22,041,369 |
21,076,426 |
| TOTAL EXPENDITURE |
|
23,460,760 |
173,442 |
|
23,634,202 |
22,623,724 |
Netgains/(losses) on investment
assets |
13 |
256,063 |
|
4,085 |
260,148 |
(62,585) |
| Net income/(expenditure) |
|
257,809 |
192,602 |
4,085 |
454,496 |
(34,699) |
| Transfers betweenfunds |
23 |
|
|
|
|
|
| Other recognised gains/(losses) |
|
|
|
|
|
|
| Pension scheme actuarial gains |
25 |
12,000 |
|
|
12,000 |
406,000 |
Net Movement in funds for the
year |
|
269,809 |
192,602 |
4,085 |
466,496 |
371,301 |
| Fund balances at 1stSeptember |
|
15,863,275 |
613,962 |
268,666 |
16,745,903 |
16,374,605 |
| FUND BALANCES AS AT 31ST AUGUST |
|
16,133,084 |
806,564 |
272,751 |
17,212,399 |
16,745,906 |
|
Notes |
Unrestricted |
Restricted |
Endowed |
2021 |
2020 |
|
|
Funds |
Funds |
Funds |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
|
| Charitable Activities |
|
|
|
|
|
|
| Schoolfees receivable |
2 |
21,058,954 |
|
|
21,058,954 |
19,264,438 |
| Ancillarytrading income |
3 |
1,038,687 |
|
|
1,038,687 |
902,960 |
| Other trading activities |
|
|
|
|
|
|
| Non-ancillarytrading income |
4 |
247,093 |
|
|
247,093 |
175,858 |
| Otheractivities |
4 |
4,957 |
|
|
4,957 |
4,508 |
| Investments |
|
|
|
|
|
|
| Bankand other interest |
5 |
345 |
12,421 |
|
12,766 |
17,804 |
| Voluntary sources |
|
|
|
|
|
|
| Grantsand donations |
6 |
399,161 |
353,623 |
|
752,784 |
1,707,049 |
| Other income |
|
10,400 |
|
|
10,400 |
2,078 |
| TOTAL INCOME |
|
22,759,597 |
366,044 |
|
23,125,641 |
22,074,695 |
| Expenditure on: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
| Non-ancillarytrading |
7 |
|
|
|
|
|
| Other income generating |
|
|
|
|
|
|
| activities |
|
|
|
|
|
|
| Financing costs |
8 |
527,804 |
|
|
527,804 |
536,563 |
| Investmentmanagement |
|
|
|
|
|
|
| Fundraising and development |
7 |
71,119 |
|
|
71,119 |
80,392 |
| TOTAL RAISING FUNDS |
|
598,923 |
|
|
598,923 |
616,955 |
| Charitable Activities |
|
|
|
|
|
|
| Education and grantmaking |
7 |
21,865,157 |
173,442 |
|
22,038,599 |
21,073,927 |
| TOTAL EXPENDITURE |
|
22,464,080 |
173,442 |
|
22,637,522 |
21,690,882 |
Netgains/(losses) on investment
assets |
13 |
256,063 |
|
4,085 |
260,148 |
(62,585) |
| Net income/(expenditure) |
|
551,580 |
192,602 |
4,085 |
748,267 |
321,228 |
<
Transfers betweenfunds |
23 |
|
|
|
|
i |
| Other recognised gains/(losses) |
|
|
|
|
|
|
| Pension scheme actuarial gains |
25 |
12,000 |
|
|
12,000 |
406,000 |
Net Movement in funds for the
year |
|
563,580 |
192,602 |
4,085 |
760,267 |
727,228 |
| Fund balancesat 1stSeptember |
|
16,292,034 |
613,962 |
268,666 |
17,174,662 |
16.447.435 |
FUND BALANCES AS AT 31ST
AUGUST |
|
16,855,614 |
806,564 |
272,751 |
17,934,929 |
17,174,663 |
|
Note |
Group |
|
Charity |
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
| FIXED ASSETS |
|
|
|
|
|
| Tangibleassets |
12 |
28,715,400 |
29,551,579 |
28,715,400 |
29,551,579 |
| Securities Investments |
13 |
1,223,726 |
963,578 |
1,223,726 |
963,578 |
| Investment in subsidiaries |
|
|
|
3 |
3 |
|
|
29,939,126 |
30,515,157 |
29,939,129 |
30,515,160 |
| CURRENT ASSETS |
|
|
|
|
|
| Stock |
|
79,725 |
49,730 |
73,137 |
18,757 |
| Debtors |
14 |
465,230 |
974,917 |
1,322,012 |
1,149,406 |
| Cash at bankand in hand |
|
4,222,618 |
1,803,028 |
4,010,708 |
1,597,616 |
|
|
4,767,573 |
2,827,675 |
5,405,857 |
2,765,779 |
| CURRENT LIABILITIES |
|
|
|
|
|
| Creditors payablewithinone |
15 |
(5,457,858) |
(5,784,091) |
(5,373,615) |
(5,293,441) |
| year |
|
|
|
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
|
(690,285) |
(2,956,416) |
32,242 |
(2,527,662) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
29,248,841 |
27,558,741 |
29,971,371 |
27,987,498 |
| LONG TERM LIABILITIES |
|
|
|
|
|
| Creditors payableafterone |
16 |
(10,764,342) |
(9,487,735) |
(1O,764,342) |
(9,487,735) |
| year |
|
|
|
|
|
| TOTAL NET ASSETS |
|
|
|
|
|
| EXCLUDING PENSION |
|
18,484,499 |
18,071,006 |
19,207,029 |
18,499,763 |
| LIABILITY |
|
|
|
|
|
| Net pension liability |
25 |
(1,272,000) |
(1,325,000) |
(1,272,000) |
(1,325,000) |
| NET ASSETS |
|
17,212,499 |
16,746,006 |
17,936,029 |
17,174,763 |
| REPRESENTED BY: |
|
|
|
|
|
| CALLED UP SHARE |
20 |
100 |
100 |
100 |
100 |
| CAPITAL |
|
|
|
|
|
| ENDOWED FUNDS |
21 |
272,761 |
268,666 |
272,761 |
268,666 |
| RESTRICTED FUNDS |
21 |
806,664 |
613,962 |
806,664 |
613,962 |
| UNRESTRICTED FUNDS |
|
|
|
|
|
| General reserve |
21 |
14,861,084 |
14,538,278 |
15,583,614 |
14,967,035 |
| Pension reserve |
25 |
1,272,000 |
1,325,000 |
1,272,000 |
1,325,000 |
|
|
17,212,499 |
16,746,006 |
17,936,029 |
17,174,763 |
|
|
2021 |
2020 |
|
Notes |
£'000 |
£'000 |
| Cash flows from operating activities: |
|
|
|
| Net cash provided by (used in) operating activities |
26 |
3,283,233 |
2,903,999 |
| Cash flows from investing activities: |
|
|
|
| Dividends, interest and rents from investments |
|
12,780 |
17,916 |
| Proceeds from the sale of property, plant and equipment |
|
10,400 |
7,800 |
| Purchase of property, plant and equipment |
|
(1,385,039) |
{4,027,217) |
| Less project spendwritten off |
|
86,524 |
|
| Proceeds from sale of investments |
|
|
|
| Purchaseof investments |
|
|
|
| Net cash provided by (used in) investing activities |
|
(1,275,335) |
(4,001,501) |
| Cash flows from financing activities: |
|
|
|
| Repayments of borrowing |
|
(192,193) |
(184,866) |
| Cash inflows from new borrowing |
|
1,139,908 |
1,753,000 |
| Financing costs |
|
(536,020) |
(543,032) |
| Receipt of endowment |
|
|
|
| Net cash provided by (used in) financing activities |
|
411,695 |
1,025,102 |
| Change in cash and cash equivalents in the year |
|
2,419,593 |
(72,400) |
| Cash and cash equivalents at the beginning of the year |
|
1,803,025 |
1,875,428 |
| Cash and cash equivalents at the end of the year |
27 |
4,222,618 |
1,803,028 |
| Freehold land is not depreciated |
|
| Freehold Buildings: |
- Variable according tothe building and written _off_over |
|
theexpected useful life (see paragraph below) |
| Freehold improvements |
- Overthe useful economic life ofthe improvement |
| Leasehold land |
-Overtheshorteroftheeconomic life oftheassetorthe |
|
life ofthe lease |
| Leasehold enhancement |
- Overtheeconomic life oftheasset |
| Computerequipment |
-25% on cost |
| Telephone system |
- 10% on cost |
| Fixtures and fittings |
- between 5% and 25% on cost |
| Motorvehicles |
- 25% on cost. |
|
2021 |
2020 |
|
£ |
£ |
| The school fees income comprises |
|
|
| Gross fees |
23,473,911 |
21,458,734 |
| Less: Total scholarships, bursaries, etc |
(2,414,957) |
(2,194,296) |
| Add back: Scholarships, Grants etc paid for by Restricted |
|
|
| Funds |
|
|
|
21,058,954 |
19,264,438 |
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Extras |
617,613 |
557,857 |
|
Entrance fees and registration fees |
67,755 |
88,098 |
|
Pupil transport |
81,336 |
47,640 |
|
Rent receivable and related income |
|
|
|
Commissions and related income |
54,726 |
48,803 |
|
Sundry other income |
201,757 |
145,062 |
|
|
1,023,187 |
887,460 |
| 4. |
OTHER TRADING ACTIVITIES |
|
|
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Non-ancillary trading income |
|
|
|
Ardingly Projects Limited turnover |
778,145 |
342,286 |
|
Ardingly College International Limited turnover |
70,000 |
328,076 |
|
Rents receivable |
117,343 |
97,799 |
|
Interest receivable- pupil bills |
4,957 |
4,508 |
|
|
970,445 |
772,669 |
| 5. |
**INVESTMENTS - BANK AND OTHER ** |
**INVESTMENTS - BANK AND OTHER ** |
INTEREST RECEIVABLE |
INTEREST RECEIVABLE |
|
|
|
|
Unrestricted |
Restricted |
Endowed |
Total |
Total |
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
£ |
£ |
|
Bank interest |
14 |
|
|
14 |
3,502 |
|
Other interest |
345 |
12,421 |
|
12,766 |
14,414 |
|
|
359 |
12,421 |
|
12,780 |
17,916 |
| 6. |
OTHER - GRANTS AND DONATIONS |
|
|
|
|
|
|
|
Unrestricted |
Restricted |
Endowed |
Total |
Total |
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
£ |
£ |
|
Sundry Bequests & |
27,145 |
353,623 |
|
380,768 |
189,889 |
|
Donations |
|
|
|
|
|
|
Government Funding |
372,016 |
|
|
372,016 |
1,167,160 |
|
Legacies |
|
|
|
|
350,000 |
|
|
399,161 |
353,623 |
|
752,784 |
1,707,049 |
a)
Total expenditure |
|
|
|
|
|
|
|
Staffcosts |
Support |
Depreciation |
|
Total |
Total |
|
|
costs |
|
|
|
|
|
(note 9) |
|
(Note 12) |
|
2021 |
2020 |
|
£ |
£ |
|
£ |
£ |
£ |
| Costs of raising funds |
|
|
|
|
|
|
| Non ancillary trading |
660,595 |
325,099 |
|
|
985,694 |
923,874 |
| Other incomegenerating |
|
|
|
|
|
|
| activities |
|
|
|
|
|
|
| Financing cost (note8) |
|
536,020 |
|
|
536,020 |
543,032 |
| Investment management |
|
|
|
|
|
|
| Fundraising and |
49,928 |
21,191 |
|
|
71,119 |
80,392 |
| development |
|
|
|
|
|
|
Total cost of generating
funds |
710,523 |
882,310 |
|
|
1,592,833 |
1,547,298 |
| Charitable expenditure |
|
|
|
|
|
|
| Teaching |
10,236,385 |
885,865 |
341,602 |
|
11,463,852 |
11,220,117 |
| Welfare |
1,318,809 |
1,035,058 |
1,663,878 |
|
4,017,745 |
3,822,927 |
| Premises |
1,398,567 |
2,643,109 |
47,113 |
|
4,088,789 |
3,769,826 |
| School administration |
1,300,377 |
1,031,557 |
82,101 |
|
2,414,035 |
2,220,538 |
| Donations |
|
|
|
|
|
|
| Grants awards and prizes |
|
9,161 |
|
|
9,161 |
6,543 |
| (note 7b) |
|
|
|
|
|
|
| Governance |
|
47,787 |
|
|
47,787 |
36,475 |
Education and grant
making |
14,254,138 |
5,652,537 |
2,134,694 |
|
22,041,369 |
21,076,426 |
| Total Expenditure |
14,964,661 |
6,534,847 |
2,134,694 |
|
23,634,202 |
22,623,724 |
| 7. |
ANALYSIS OF EXPENDITURE (Continued) |
| b) |
Grants, awards and prizes |
|
Ardingly College makes awards to individual families to support schooling. |
|
|
2021 |
2020 |
|
|
£ |
£ |
| **From ** |
Endowed Funds: |
|
|
| Other |
grants and awards |
|
|
| **From ** |
Restricted Funds: |
|
|
| Other |
grants and awards |
|
|
| Prizes |
and leaving awards |
9,161 |
4,448 |
| **From ** |
Unrestricted Funds: |
|
|
| Other |
grants and awards |
|
|
| Prizes |
and leaving awards |
|
2,095 |
|
|
9,161 |
6,543 |
| c) |
Total resources expended include: |
|
|
|
|
Ardingly College reimburses governors for out-of-pocket expenses |
|
including travel subsistence and |
|
|
accommodation, where a claim is made. |
One governorwas reimbursed during the year (2020: 2). |
|
|
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Remuneration paid to auditor for audit services |
|
35,400 |
24,817 |
|
Remuneration paid to auditor for non-audit services |
|
3,600 |
|
|
Depreciation of tangible fixed assets: |
|
|
|
|
- owned by the Charitable Company |
|
2,134,694 |
1,878,068 |
|
- held under finance leases and hire |
purchase contracts |
|
|
|
(Profit)/loss on disposal of fixed assets |
|
(10,400) |
(2,078) |
|
Operating lease rentals: |
|
|
|
|
- land and buildings |
|
|
|
|
- other assets |
|
69,506 |
51,707 |
|
Cost of stock/inventories recognised as an expense in the period |
|
705,529 |
872,597 |
|
Reimbursement of personal expenses to governors |
|
48 |
216 |
| 8. |
FINANCING COSTS |
|
|
|
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank interest payable |
|
369,953 |
350,809 |
|
Other interest payable |
|
|
|
|
Fees In Advance debt financing costs |
|
|
|
|
Lease finance costs |
|
|
|
|
Pension Scheme financing cost |
|
|
|
|
Bank charges |
|
33,300 |
31,319 |
|
Other finance costs |
|
37,678 |
|
|
Provision for bad and doubtful debts |
|
95,089 |
160,904 |
|
|
|
536,020 |
543,032 |
| STAFF COSTS |
|
|
|
2021 |
2020 |
|
£ |
£ |
| The aggregate payroll costs for the yearwere: |
|
|
| Wages and salaries |
12,789,929 |
11,639,695 |
| Social security costs |
1,135,752 |
1,094,768 |
| Other pension costs |
1,038,980 |
1,727,498 |
| Private medical insurance |
|
|
|
14,964,661 |
14,461,961 |
|
2021 |
2020 |
|
£ |
£ |
| Aggregate employee benefits of key management personnel |
780,058 |
603,446 |
| The number of higher paid employees whose annual emoluments |
|
|
| were £60,000 or more was: |
|
|
|
2021 |
2020 |
|
No |
No |
|
|
(restated) |
| £60,001 -£70,000 |
7 |
8 |
| £70,001 -£80,000 |
1 |
2 |
| £80,001 -£90,000 |
1 |
1 |
| £90,001 -£100,000 |
1 |
|
| £100,001 -£110,000 |
1 |
1 |
| £110,001 -£120,000 |
|
|
| £120,001 -£130,000 |
|
|
| £130,001 -£140,000 |
|
|
| £140,001 -£150,000 |
|
|
| £150,001 -£160,000 |
|
|
| £160,001 -£170,000 |
|
|
| £170,001 - £180,000 |
|
|
| £180,001 -£190,000 |
|
|
| £190,001 -£200,000 |
|
|
| £200,001 -£210,000 |
|
|
| £210,001 -£220,000 |
|
|
| £220,001 -£230,000 |
1 |
|
| The numberwith retirement benefits accruing: |
|
| - in Defined Contribution schemes was |
11 |
| Ofwhich the contributions amounted to |
£161,862 |
| - in Defined Benefit schemes was |
6 |
| Ofwhich thecontributions amounted to |
£49,225 |
| (2020: 468) |
|
|
|
2021 |
2020 |
|
No |
No |
| Teaching |
147 |
152 |
| Welfare |
116 |
114 |
| Premises |
40 |
35 |
| Support |
79 |
81 |
| Otheractivities |
72 |
86 |
|
454 |
468 |
| 12. TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
|
| Group and company |
Freehold |
|
Assets |
|
|
|
|
|
Land & |
Freehold |
Under |
Plant & |
Computer |
Motor |
|
|
Buildings |
Improvements |
Construction |
Equipment |
Equipment |
Vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
| Cost |
|
|
|
|
|
|
|
| At 1 September 2020 |
26,762,261 |
1,770,147 |
400,224 |
7,253,200 |
2,120,326 |
283,130 |
38,589,288 |
| Additions |
9,226 |
73,565 |
872,383 |
106,714 |
254,842 |
68,309 |
1,385,039 |
| Disposals |
- |
- |
(86,524) |
(53,670) |
- |
(10,414) |
(150,608) |
| Transfers |
- |
65,522 |
(65,522) |
|
|
|
|
| At 31August 2021 |
26,771,487 |
1,909,234 |
1,120,561 |
7,306,244 |
2,375,168 |
341,025 |
39,823,719 |
| Depreciation |
|
|
|
|
|
|
|
| At 1° September 2020 |
3,283,556 |
378,208 |
- |
4,188,521 |
966,069 |
221,355 |
9,037,709 |
| Charge for the year |
851,950 |
160,511 |
- |
656,849 |
421,004 |
44,380 |
2,134,694 |
| Disposals |
- |
- |
- |
(53,670) |
- |
(10,414) |
(64,084) |
| At 31%August 2021 |
4,135,506 |
538,719 |
- |
4,791,700 |
1,387,073 |
255,321 |
11,108,319 |
| Net book value at 31° |
|
|
|
|
|
|
|
| August 2021 |
22,635,981 |
1,370,515 |
1,120,561 |
2,514,544 |
988,095 |
85,704 |
28,715,400 |
| Net book value at 31August |
|
|
|
|
|
|
|
| 2020 |
23,478,705 |
1,391,939 |
400,224 |
3,064,679 |
1,154,257 |
61,775 |
29,551,579 |
| SECURITIES INVESTMENTS |
|
|
|
Securities |
|
|
Investments |
|
|
2021 |
2020 |
|
£ |
£ |
| Group investments |
|
|
| At 1 September |
963,578 |
1,026,163 |
| New money invested |
|
|
| Reinvested income |
|
|
| Amounts extracted |
|
|
| Investment management fees |
|
|
| Realised gains/(losses) on investments |
|
|
| Unrealised gains/(losses) on |
260,148 |
(62,585) |
| investments |
|
|
| Movement in uninvested cash |
|
|
| Group investments at 31 August |
1,223,726 |
963,578 |
| Investment in subsidiaries |
3 |
3 |
| Company investments at 31 August |
1,223,729 |
963,581 |
| Investments comprise: |
|
|
| Listed investments |
|
|
| Fixed interest |
|
|
| Equities |
1,141,480 |
963,578 |
| Unlisted investments |
|
|
| Land and buildings |
|
|
| Other |
|
|
| Cash |
82,246 |
|
| Group investments at 31 August |
1,223,726 |
963,578 |
| Investment in subsidiaries |
3 |
3 |
| Company investments at 31 August |
1,223,729 |
963,581 |
| HL Multi-Manager Income & Growth Trust |
190,662 |
| ASI Global Smaller Companies |
86,832 |
| Invesco UK Equity High Income |
60,610 |
| Fidelity Global Special Situations |
60,330 |
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| School fees receivable |
118,824 |
251,551 |
118,824 |
251,551 |
| Tradedebtors |
46,460 |
276,869 |
|
18,418 |
| Staffloans |
|
|
|
|
| Otherdebtors |
24,238 |
228,787 |
24,238 |
228,787 |
| Prepayments and accrued income |
275,708 |
180,935 |
275,708 |
180,935 |
| Tax recoverable |
|
19,477 |
|
65 |
| Amounts duefrom subsidiary |
|
|
903,242 |
452,355 |
| company |
|
|
|
|
| Amounts duefrom parent company |
|
17,298 |
|
17,298 |
|
465,230 |
974,917 |
1,322,012 |
1,149,409 |
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Bank loans and overdrafts |
206,689 |
192,192 |
206,689 |
192,192 |
| Other loans |
|
|
|
|
| Net obligations underfinance |
|
|
|
|
| leases |
|
|
|
|
| Deposits from parents |
434,542 |
339,051 |
434,542 |
339,051 |
| Fees received from parents in |
2,560,496 |
2,859,419 |
2,560,496 |
2,859,419 |
| advanceofterm |
|
|
|
|
| Tradecreditors |
675,852 |
709,604 |
645,106 |
602,540 |
| Taxationand social security |
309,459 |
289,988 |
303,062 |
282,739 |
| Othercreditors |
265,034 |
215,642 |
264,412 |
197,482 |
| Fees inAdvance Scheme |
280,277 |
116,297 |
280,277 |
116,297 |
| Accruals |
723,399 |
721,135 |
679,031 |
703,721 |
| Deferred income |
2,110 |
340,763 |
|
|
| Amounts duetosubsidiary |
|
|
|
|
| company |
|
|
|
|
| Amounts dueto parent company |
|
|
|
|
|
5,457,858 |
5,784,091 |
5,373,615 |
5,293,441 |
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Bank loans and overdrafts |
8,388,344 |
7,455,126 |
8,388,344 |
7,455,126 |
| Fees received from parents in |
|
|
|
|
| advance of term |
|
|
|
|
| Net obligations under finance |
|
|
|
|
| leases |
|
|
|
|
| Deposits from parents |
2,244,496 |
1,817,144 |
2,244,496 |
1,817,144 |
| Other creditors |
|
|
|
|
| Fees in Advance Scheme |
131,502 |
215,465 |
131,502 |
215,465 |
| Amounts due to parent company |
|
|
|
|
|
10,764,342 |
9,487,735 |
10,764,342 |
9,487,735 |
|
|
2021 |
2020 |
|
|
£ |
£ |
| The |
bank loan is repayable in instalments |
|
|
| Due |
after 5 years |
4,535,654 |
4,797,251 |
| Due |
within 2 to 5 years |
3,633,605 |
2,451,185 |
| Due |
within 1 to 2 years |
219,085 |
206,690 |
| Due |
after more than one year |
8,388,344 |
7,455,126 |
| Due |
within 1 year |
206,689 |
192,192 |
|
|
8,595,033 |
7,647,318 |
|
2021 |
2020 |
|
£ |
£ |
| After 5 years |
|
|
| Within 2 to 5 years |
52,280 |
76,520 |
| Within 1 to 2 years |
79,222 |
138,945 |
| Due after more than one year |
131,502 |
215,465 |
| Within 1 year |
280,277 |
116,297 |
|
411,779 |
331,762 |
| Summary of movements in liability |
£ |
| Balance at 1 September 2020 |
331,762 |
| New contracts |
293,109 |
| Repayments |
|
| Amounts used to pay fees |
(213,092) |
| Amount accrued to contract as debt financing cost |
|
| Balance at 31 August 2021 |
411,779 |
|
**Land and ** |
buildings |
Other |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Within 1 year |
|
|
76,748 |
64,477 |
| Within 1 to 5 years |
|
|
174,112 |
152,707 |
| After 5 years |
|
|
|
1,864 |
|
|
|
250,860 |
219,048 |
|
2021 |
2020 |
|
£ |
£ |
| Authorised |
|
|
| 100 Ordinary Shares of £1 each |
100 |
100 |
| Allotted, called up and fully paid |
|
|
| 100 Ordinary Shares of £1 each |
100 |
100 |
| Bursary Funds |
592,790 |
| Bursary & Prize Fund |
116,996 |
| Student Hardship Fund |
57,946 |
| Strength & Conditioning Centre |
14,763 |
| Schola ChoirTour |
12,268 |
| 150Anniversary events |
10,000 |
| Community &Outreach |
1,801 |
|
806,564 |
| Greatest Need |
£420,017 |
| Science Projects |
£ 28,669 |
| SolarCar |
£ 19,153 |
| Capital Projects |
£ 16,680 |
| General Bursary |
£ 15,288 |
|
|
|
|
Total |
Total |
|
Unrestricted |
Restricted |
Endowed |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
£ |
| Tangiblefixed assets |
28,425,987 |
|
289,413 |
28,715,400 |
29,551,579 |
| Securities investments |
1,213,371 |
|
10,355 |
1,223,726 |
963,578 |
| Advancefees contracts |
411,779 |
|
|
411,779 |
331,762 |
| Net current |
(1,881,611) |
806,564 |
(27,017) |
(1,102,064) |
(3,288,278) |
| (liabilities)/assets |
|
|
|
|
|
| Long term liabilities |
(10,764,342) |
|
|
(10,764,342) |
(9,487,735) |
| Net pension liability |
(1,272,000) |
|
|
(1,272,000) |
(1,325,000) |
|
16,133,184 |
806,564 |
272,751 |
17,212,499 |
16,745,906 |
|
|
|
|
Total |
Total |
|
Unrestricted |
Restricted |
Endowed |
2020 |
2019 |
|
£ |
£ |
£ |
£ |
£ |
| Tangiblefixed assets |
29,262,166 |
|
289,413 |
29,551,579 |
27,408,152 |
| Securities investments |
957,308 |
|
6,270 |
963,578 |
1,026,163 |
| Advancefees contracts |
331,762 |
|
|
331,762 |
261,260 |
Net current
(liabilities)/assets |
(3,875,223) |
613,962 |
(27,017) |
(3,288,278) |
(3,075,742) |
| Long term liabilities |
(9,487,735) |
|
|
(9,487,735) |
(7,509,128) |
| Net pension liability |
(1,325,000) |
|
|
(1,325,000) |
(1,736,000) |
|
15,863,278 |
613,962 |
268,666 |
16,745,906 |
16,374,705 |
|
2021 |
2020 |
| Inflation assumption (RPI) |
3.6% |
3.2% |
| Rate of increase in salaries |
4.6% |
4.2% |
| The assumed rate of increaseto pensions in deferment |
3.6% |
3.2% |
| The assumed rate of interest to pensions in payment |
3.5% |
3.1% |
| Assumed rate used to discount scheme liabilities |
1.6% |
1.7% |
| Average life expectancy |
90.0 |
90.4 |
|
2021 |
2020 |
|
£ |
£ |
| Total market valueof assets |
3,327,000 |
3,279,000 |
| Present valueof liabilities |
(4,599,000) |
(4,604,000) |
| Deficit |
(1,272,000) |
{1,325,000) |
| Analysis of amount recognised in Statement of Financial Activities |
Analysis of amount recognised in Statement of Financial Activities |
|
|
2021 |
2020 |
|
£ |
£ |
| Current servicecost |
33,000 |
47,000 |
| Net interest on defined benefit liability |
22,000 |
33,000 |
| Expenses paid from the Scheme |
8,000 |
8,000 |
| Total Cost |
63,000 |
88,000 |
| Analysis of amount recognised in other comprehensive income |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Actual return on assets |
86,000 |
136,000 |
| Return on assets included in net interest |
(55,000) |
(60,000) |
| Asset gain/(loss) |
31,000 |
76,000 |
| Liability experience gain/(loss) |
124,000 |
220,000 |
| Changeofassumptions gain/(loss) |
(135,000) |
118,000 |
| Remeasurement gain/(loss) in other |
|
|
| comprehensive income |
20,000 |
414,000 |
| Changes in the present value of the defined benefit liabilities are: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Opening valueof liabilities |
4,604,000 |
4,882,000 |
| Interest cost |
77,000 |
92,000 |
| Service cost (including membercontributions) |
38,000 |
54,000 |
| Experience (gain) I loss |
(124,000) |
(220,000) |
| Changeofassumptions (gain) I loss |
135,000 |
(118,000) |
| Benefits paid |
(131,000) |
(86,000) |
| Closing value of liabilities |
4,599,000 |
4,604,000 |
| Changes in the fair value of the assets are as follows: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Opening value of assets |
3,279,000 |
3,146,000 |
| Expected return |
55,000 |
60,000 |
| Asset gain |
31,000 |
76,000 |
| Contributions by employer |
96,000 |
84,000 |
| Contributions by members |
5,000 |
7,000 |
| Benefits paid |
(131,000) |
(86,000) |
| Expenses paidfrom thescheme |
(8,000) |
(8,000) |
| Closing valueofassets |
3,327,000 |
3,279,000 |
|
**At ** |
**31 ** |
Aug 21 |
At 31 Aug 20 |
| Equities |
|
|
35.7% |
31.6% |
| Gilts |
|
|
12.6% |
12.4% |
| Bonds |
|
|
28.2% |
29.5% |
| Property |
|
|
6.6% |
8.1% |
| Cash |
|
|
0.6% |
0.3% |
| Annuities |
|
|
16.3% |
18.1% |
| Total |
|
|
100% |
100% |
|
2021 |
2020 |
2019 |
2018 |
2017 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
| Present valueof |
|
|
|
|
|
| liabilities |
(4,599) |
(4,604) |
(4,882) |
(4,099) |
(4,398) |
| Total market valueof |
|
|
|
|
|
| assets |
3,327 |
3.279 |
3,146 |
2,891 |
2,817 |
| Deficit |
(1,272) |
{1,325) |
(1,736) |
(1,208) |
(1,581) |
| Experience gain /(loss) |
|
|
|
|
|
| onassets |
31 |
76 |
187 |
75 |
97 |
| Experiencegain/(loss) |
|
|
|
|
|
| on liabilities |
124 |
220 |
(95) |
97 |
80 |
| 26. |
**RECONCILIATION OF NET INCOMING RESOURCES TO NET ** |
**RECONCILIATION OF NET INCOMING RESOURCES TO NET ** |
**RECONCILIATION OF NET INCOMING RESOURCES TO NET ** |
CASH |
|
|
|
|
|
|
INFLOW FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
i |
· |
|
|
|
|
|
|
£ |
£ |
|
|
|
**Net income for the period (as per the Statement ** |
|
of Financial |
454,496 |
|
|
(34,699) |
|
|
|
Activities) |
|
|
|
|
|
|
|
|
|
Adjustments for |
|
|
|
|
|
|
|
|
|
Depreciation charges |
|
|
2,134,694 |
|
|
1,878,068 |
|
|
|
(Gains)/losses on investments |
|
|
(260,148) |
|
|
62,585 |
|
|
|
Dividends, interest and rents from investments |
|
|
(12,780) |
|
|
(17,916) |
|
|
|
Financing costs |
|
|
536,020 |
|
|
543,032 |
|
|
|
Loss/(profit) on thesale offixed assets |
|
|
(10,400) |
|
|
(2,078) |
|
|
|
Defined benefitpension scheme |
|
|
|
12,000 |
|
406,000 |
|
|
|
(lncrease)/decrease in stocks |
|
|
(29,995) |
|
|
119,064 |
|
|
|
(lncrease)/decrease in debtors |
|
|
509,687 |
|
|
(266,900) |
|
|
|
lncrease/(decrease) in creditors |
|
|
(50,341) |
|
|
216,843 |
|
|
|
Net cash provided by (used in) operating activities |
|
|
3,283,233 |
|
|
2,903,999 |
|
|
| 27. |
ANALYSIS OF CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
|
|
|
£ |
£ |
|
|
|
Cash in hand and at bank |
|
|
4,222,618 |
|
|
1,803,028 |
|
|
|
Other loans |
|
|
|
|
|
|
|
|
|
Overdraftfacilities repayable on demand |
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents |
|
|
4,222,618 |
|
|
1,803,028 |
|
|
| 28. |
ANALYSIS OF CHANGES IN NET DEBT |
|
|
|
|
|
|
|
|
|
At 1 Sept
Cash flows
Other non-cash |
|
|
|
|
At 31 Aug |
|
|
|
|
2020 |
|
|
changes |
|
|
2021 |
|
|
|
£ |
|
£ |
£ |
|
|
£ |
|
|
| **Cash ** |
and cash equivalents |
|
|
|
|
|
|
|
|
| Cash |
1,803,025 |
2,419,593 |
|
|
|
4,222,618 |
|
|
|
| Overdrafts |
|
|
|
|
|
|
|
|
|
| Cash |
equivalents |
|
|
|
|
|
|
|
|
|
1,803,025 |
2,419,593 |
|
|
|
4,222,618 |
|
|
|
| Borrowings |
|
|
|
|
|
|
|
|
|
Debtdue within one year
(192,192) |
|
(14,497) |
|
|
|
|
(206,689) |
|
|
Debtdue after one year
(7,455,126) |
|
(933,218) |
|
|
|
(8,388,344) |
|
|
|
|
(7,647,318) |
(947,715) |
|
|
|
(8,595,033) |
|
|
|
| Total |
(5,844,293) |
1,471,878 |
|
|
|
(4,372,415) |
|
|
|
| 30. |
**Consolidated Statement of ** |
**Financial Activities -- Comparative ** |
**Financial Activities -- Comparative ** |
**figures by fund ** |
type |
|
Year Ended 31 August |
Unrestricted |
Restricted |
Endowed |
Total |
|
2020 |
|
|
|
|
|
|
£ |
£ |
£ |
£ |
|
Income and endowments |
|
|
|
|
|
from Charitable activities |
|
|
|
|
|
School fees receivable |
19,264,438 |
|
|
19,264,438 |
|
Ancillary trading income |
887,460 |
|
|
887,460 |
|
Other trading activities |
|
|
|
|
|
Non-ancillary trading income |
768,161 |
|
|
768,161 |
|
OtherActivities |
4,508 |
|
|
4,508 |
|
Investments |
|
|
|
|
|
Bankand other interest |
4,624 |
13,292 |
|
17,916 |
|
Voluntary sources |
|
|
|
|
|
Grants and donations |
1,596,424 |
110,625 |
|
1,707,049 |
|
Other Income |
2,078 |
|
|
2,078 |
|
Other incoming resources |
|
|
|
|
|
Total Incoming Resources |
22,527,693 |
123,917 |
|
22,651,610 |
|
Expenditure on: |
|
|
|
|
|
Raising funds |
|
|
|
|
|
Non ancillary trading |
923,874 |
|
|
923,874 |
|
Other income generating |
|
|
|
|
|
activities: |
|
|
|
|
|
Financing costs |
543,032 |
|
|
543,032 |
|
Investment management |
|
|
|
|
|
Fundraising and |
80,392 |
|
|
80,392 |
|
development |
|
|
|
|
|
Total Deductible Costs |
1,547,298 |
|
|
1,547,298 |
|
Charitable activities |
|
|
|
|
|
Education and grant making |
21,026,646 |
49,780 |
|
21,076,426 |
|
Total resources expended |
22,573,944 |
49,780 |
|
22,623,724 |
|
Net gains/(losses) on |
(61,205) |
|
(1,380) |
(62,585) |
|
investment assets |
|
|
|
|
|
Net income/(expenditure) |
(107,456) |
74,137 |
(1,380) |
(34,699) |
|
Transfers between funds |
|
|
|
|
|
Other recognised |
|
|
|
|
|
gains/(losses) |
|
|
|
|
|
Pension schemeactuarial |
406,000 |
|
|
406,000 |
|
gains/(losses) |
|
|
|
|
|
Net movement in funds for
the year |
298,544 |
74,137 |
(1380) |
371,301 |
|
Fund balances at 1° |
15,564,734 |
539,825 |
270,046 |
16,374,605 |
|
September |
|
|
|
|
|
Fund Balances at 31°
August |
15,863,278 |
613,962 |
268,666 |
16,745,906 |