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2021-08-31-accounts
|
Page |
| Company information |
1-2 |
| Directors' report, Strategic reportand the Directors' |
3-37 |
| responsibility statement |
|
| Independent auditor's report |
38-41 |
| Consolidated statement offinancial activities |
42 |
| Company statement of financial activities |
43 |
| Consolidated and Company Balance Sheet. |
44 |
| Consolidated cashflow statement |
45 |
| Notes to thefinancial statements ofthe Company |
46-76 |
| Governors |
M R Slumbers (Chairman) |
|
MrsA-M Edgell (Deputy Chair) |
|
DEAustin |
|
R Crawford Clarke |
|
Baroness J Cumberlege |
|
C F Dennis (resigned 25June 2021) |
|
AD Fairclough (appointed28April 2021) |
|
Prof M J G Farthing |
|
Dr S Godward |
|
TJP Hancock |
|
J B Higgo |
|
Mrs C Houston |
|
H CR Lawson |
|
Mrs H S O'Sullivan |
|
JAScott (appointed 23 June 2021) |
| Ex-Officio Provost |
The Rt Revd C J Meyrick, Bishopof Lynn |
| Secretary and Clerk |
Mrs H Betts |
| Charity No. |
1076483 |
| Company No. |
03779985 |
| Principal address and Registered Office |
Lancing College |
|
Lancing |
|
West Sussex |
|
BN150RW |
| Head |
DT Oliver |
| Bursar |
MB Milling CA |
| Auditor |
RSM UK Audit LLP |
|
Portland |
|
25 High Street |
|
Crawley |
|
RH10 1BG |
| Bankers |
Barclays Bank pic |
|
1 Churchill Place |
|
CanaryWharf |
|
London |
|
E14 5HP |
|
2020/21 |
|
2019/20 |
|
| Seniorschool |
575 |
|
605 |
|
| Hove Prep |
161 |
|
146 |
|
| Hove Pre-Prep |
152 |
|
130 |
|
| Worthing Prep |
117 |
|
110 |
|
| Worthing Pre- |
|
|
|
|
| Prep |
82 |
|
90 |
|
| Total |
1,087 |
|
1,081 |
|
|
2020/21 |
|
2019/20 |
|
|
Boys |
Girls |
Boys |
Girls |
| Seniorschool |
323 |
252 |
348 |
257 |
| Hove Prep |
113 |
48 |
103 |
43 |
| Hove Pre-Prep |
90 |
62 |
72 |
58 |
| Worthing Prep |
61 |
56 |
57 |
53 |
| Worthing Pre- |
|
|
|
|
| Prep |
38 |
44 |
41 |
49 |
| Total |
625 |
462 |
621 |
460 |
|
|
Unrestricted |
Restricted |
Endowed |
Total |
Total |
|
Notes |
Funds |
Funds |
Funds |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
|
| Income from Charitable Activities |
|
|
|
|
|
|
| School fees receivable |
2 |
20,784,542 |
|
|
20,784,542 |
20,203,949 |
| Ancillarytrading income |
3 |
397,650 |
46,200 |
|
443,850 |
439,702 |
| Other trading activities |
|
|
|
|
|
|
| Non-ancillarytrading income |
4 |
400,073 |
|
|
400,073 |
406,610 |
| Investments |
|
|
|
|
|
|
| Investment income |
5 |
20,272 |
|
|
20,272 |
28,576 |
| Bank and other interest |
6 |
3,991 |
957 |
48,710 |
53,658 |
77,392 |
| Other - Grants and donations |
|
|
|
|
|
|
| Grants and donations |
7 |
600,795 |
453,210 |
|
1,054,005 |
1,337,737 |
| TOTAL INCOME |
|
22,207,323 |
500,367 |
48,710 |
22,756,400 |
22,493,966 |
| Expenditure on: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
| Non-ancillarytrading |
8 |
382,528 |
|
|
382,528 |
399,973 |
| Financing costs |
8/9 |
196,483 |
|
|
196,483 |
295,690 |
| Investment management |
8 |
5,875 |
|
|
5,875 |
4,923 |
| Fundraising and development |
8 |
201,265 |
|
|
201,265 |
200,475 |
| Other costs |
8 |
(5,100) |
|
|
(5,100) |
(9,830) |
| TOTAL RAISING FUNDS |
|
781,051 |
|
|
781,051 |
891,231 |
| Charitable Activities |
|
|
|
|
|
|
| Education and grant making |
8 |
21,741,014 |
394,384 |
48,325 |
22,183,723 |
20,145,308 |
| TOTAL EXPENDITURE |
8 |
22,522,065 |
394,384 |
48,325 |
22,964,774 |
21,036,539 |
| Net income and expenditure before |
|
|
|
|
|
|
| transfers |
|
(314,742) |
105,983 |
385 |
(208,374) |
1,457,427 |
| Realised gains/(losses) on |
|
|
|
|
|
|
| investmentassets |
14 |
81,064 |
|
|
81,064 |
4,440 |
| Unrealised gains/(losses) on |
|
|
|
|
|
|
| investment assets |
14 |
65,701 |
|
|
65,701 |
(75,520) |
| Net (expenditure)/income |
|
(167,977) |
105,983 |
385 |
(61,609) |
1,386,347 |
| Transfers betweenfunds |
|
|
|
|
|
|
| NET MOVEMENT IN FUNDS |
|
(167,977) |
105,983 |
385 |
(61,609) |
1,386,347 |
| Fund balances at 1 September 2020 |
|
13,402,802 |
1,459,298 |
1,998,170 |
16,860,270 |
15,473,923 |
| FUND BALANCES AS AT 31 AUGUST 2021 |
|
13,234,825 |
1,565,281 |
1,998,555 |
16,798,661 |
16,860,270 |
|
|
Unrestricted |
Restricted |
Endowed |
Total |
Total |
|
Notes |
Funds |
Funds |
Funds |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
|
| Income from Charitable Activities |
|
|
|
|
|
|
| School fees receivable |
2 |
19,200,881 |
|
|
19,200,881 |
18,663,918 |
| Ancillary trading income |
3 |
371,044 |
46,200 |
|
417,244 |
417,867 |
| Other trading activities |
|
|
|
|
|
|
| Non-ancillary trading income |
4 |
55,240 |
|
|
55,240 |
46,666 |
| Investments |
|
|
|
|
|
|
| Investment income |
5 |
20.272 |
|
|
20,272 |
28,576 |
| Bank and other interest |
6 |
3,991 |
957 |
48,710 |
53,658 |
77,392 |
| Other - Grants and donations |
|
|
|
|
|
|
| Grants and donations |
7 |
525,462 |
453,210 |
|
978,672 |
1,215,966 |
| TOTAL INCOME |
|
20,176,890 |
500,367 |
48,710 |
20,725,967 |
20,450,385 |
| Expenditure on: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
| Financing costs |
8/9 |
198,186 |
|
|
198,186 |
289,967 |
| Investment management |
8 |
5,875 |
|
|
5,875 |
4,923 |
| Fundraising and development |
8 |
201,265 |
|
|
201,265 |
200,475 |
| Other costs |
8 |
(5,100) |
|
|
(5,100) |
(9,830) |
| TOTAL RAISING FUNDS |
|
400,226 |
|
|
400,226 |
485,535 |
| Charitable Activities |
|
|
|
|
|
|
| Education and grant making |
8 |
19,915,582 |
394,384 |
48,325 |
20,358,291 |
18,491,079 |
| TOTAL EXPENDITURE |
8 |
20,315,808 |
394,384 |
48,325 |
20,758,517 |
18,976,614 |
| Net income and expenditure before |
|
|
|
|
|
|
| transfers |
|
(138,918) |
105,983 |
385 |
(32,550) |
1,473,771 |
| Realised gains/(losses) on |
|
|
|
|
|
|
| investment assets |
14 |
81,064 |
|
|
81,064 |
4,440 |
| Unrealised gains/(losses) on |
|
|
|
|
|
|
| investment assets |
14 |
65,701 |
|
|
65,701 |
(75,520) |
| Net income/(expenditure) |
|
7,847 |
105,983 |
385 |
114,215 |
1,402,691 |
| Transfers betweenfunds |
|
|
|
|
|
|
| NET MOVEMENT IN FUNDS |
|
7,847 |
105,983 |
385 |
114,215 |
1,402,691 |
| Fund balances at 1 September 2020 |
|
15,305,946 |
1,459,298 |
1,998,170 |
18,763,414 |
17,360,723 |
| FUND BALANCES AS AT 31 AUGUST 2021 |
|
15,313,793 |
1,565,281 |
1,998,555 |
18,877,629 |
18,763,414 |
|
|
Group |
|
Company |
Company |
|
Notes |
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
| FIXED ASSETS |
|
|
|
|
|
| Tangible assets |
13 |
20,685,918 |
21,425,927 |
20,322,598 |
21,013,706 |
| Investments |
14 |
1,242,614 |
1,081,452 |
1,242,716 |
1,081,554 |
|
|
21,928,532 |
22,507,379 |
21,565,314 |
22,095,260 |
| CURRENT ASSETS |
|
|
|
|
|
| Stocks |
|
197,224 |
184,777 |
49,898 |
54,098 |
| Debtors |
15 |
567,714 |
782,720 |
2,686,424 |
2,897,193 |
| Cash |
16 |
13,127,689 |
10,602,010 |
12,997,597 |
10,512,087 |
|
|
13,892,627 |
11,569,507 |
15,733,919 |
13,463,378 |
| CURRENT LIABILITES |
|
|
|
|
|
| Creditors payablewithin one year |
17 |
(10,343,347) |
(8,249,376) |
(9,742,453) |
(7,827,984) |
| NET CURRENT ASSETS |
|
3,549,280 |
3,320,131 |
5,991,466 |
5,635,394 |
| TOTAL ASSETS LESS CURRENT |
|
|
|
|
|
| LIABILITIES |
|
25,477,812 |
25,827,510 |
27,556,780 |
27,730,654 |
| LONG TERM LIABILITIES |
|
|
|
|
|
| Creditors payable after one year |
18 |
(8,484,295) |
(8,719,350) |
(8,484,295) |
(8,719,350) |
| Provision for liabilities |
32 |
(194,756) |
(247,790) |
(194,756) |
(247,790) |
| TOTAL NET ASSETS |
|
16,798,761 |
16,860,370 |
18,877,729 |
18,763,514 |
| REPRESENTED BY: |
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
|
| Called up share capital |
23 |
100 |
100 |
100 |
100 |
| FUNDS |
|
|
|
|
|
| Endowed funds |
24 |
1,998,555 |
1,998,170 |
1,998,555 |
1,998,170 |
| Restrictedfunds |
25 |
1,565,281 |
1,459,298 |
1,565,281 |
1,459,298 |
| Unrestricted funds: |
|
|
|
|
|
| General reserve |
26 |
13,234,825 |
13,402,802 |
15,313,793 |
15,305,946 |
| EQUITY SHAREHOLDERS' FUNDS |
|
16,798,761 |
16,860,370 |
18,877,729 |
18,763,514 |
|
Notes |
2021 |
2020 |
|
|
£ |
£ |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net cash provided by operating activities |
29 |
3,005,792 |
1,133,955 |
|
|
3,005,792 |
1,133,955 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Dividends, interest and rentfrom investments |
|
73,930 |
105,968 |
| Proceeds from sale ofproperty, plant and equipment |
|
15,366 |
23,006 |
| Purchase of property, plant and equipment |
|
(294,403) |
(336,146) |
| Proceeds from sale of investments |
|
887,347 |
|
| Purchase of investments |
|
(901,744) |
(23,653) |
| Net cash used in investing activities |
|
(219,504) |
(230,825) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Repayment ofborrowing |
|
(64,126) |
(269,079) |
| Financing costs |
|
(196,483) |
(295,690) |
| Net cash used in financing activities |
|
(260,609) |
(564,769) |
| CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR |
|
2,525,679 |
338,361 |
| CASH AND CASH EQUIVALENTSAT THE BEGINNING OF THE YEAR |
|
10,602,010 |
10,263,649 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR |
30 |
13,127,689 |
10,602,010 |
| Freehold land is notdepreciated |
|
| Freehold buildings |
- Variable according to the building and written off over the |
|
expected useful life |
| Freehold improvements |
- Overthe useful economic life ofthe improvement |
| Leasehold land |
- Over the shorter ofthe economic life ofthe asset or the life |
|
ofthe lease |
| Computer equipment |
- 25% on cost |
| Fixturesand fittings |
- between 4% and 25% on cost |
| Motorvehicles |
- 25% on cost |
| The School fees income comprises: |
|
|
|
|
|
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Gross fees |
23,484,276 |
21,603,279 |
22,721,205 |
20,857,588 |
| Less: Total scholarships, bursaries, etc. |
(3,071,030) |
(2,773,694) |
(2,854,964) |
(2,531,378) |
|
20,413,246 |
18,829,585 |
19,866,241 |
18,326,210 |
| Add back Scholarships, Bursaries, Grants |
|
|
|
|
| etc. paid for by: |
|
|
|
|
| Endowed Funds |
48,325 |
48,325 |
49,430 |
49,430 |
| The Lancing College Foundation: |
|
|
|
|
| Restricted Funds |
322,971 |
322,971 |
288,278 |
288,278 |
|
20,784,542 |
19,200,881 |
20,203,949 |
18,663,918 |
| Unrestricted |
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Extras |
247,635 |
243,762 |
246,808 |
237,559 |
| Entrancefees and registration fees |
105,822 |
103,127 |
105,384 |
103,134 |
| Commissions |
12,611 |
12,611 |
14,544 |
14,544 |
| Other income |
31,582 |
11,544 |
28,866 |
18,530 |
|
397,650 |
371,044 |
395,602 |
373,767 |
| Restricted |
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Contributions tothe Chapel Maintenance Fund |
46,200 |
46,200 |
44,100 |
44,100 |
| Total |
443,850 |
417,244 |
439,702 |
417,867 |
| Turnover |
658,547 |
691,253 |
| Cost ofsales |
(611,019) |
(647,346) |
| Gross profit |
47,528 |
43,907 |
| Administration |
(44,238) |
(34,519) |
| Operating profit |
3,290 |
9,388 |
| GiftAid donation |
|
(8,617) |
| Retained profit |
3,290 |
771 |
|
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Non-ancillary trading income |
|
|
|
|
| Buxbrass Limited |
658,547 |
9,338 |
691,253 |
17,955 |
| Less: Income eliminated on consolidation |
(248,961) |
|
(272,554) |
|
| Less: Grants and Donations -Government CJRS |
(40,613) |
|
(40,985) |
|
| Buxbrass Limited |
368,973 |
9,338 |
377,714 |
17,955 |
| Other activities |
|
|
|
|
| Rents receivable |
30,794 |
45,596 |
24,153 |
23,968 |
| Interest on overduefees |
306 |
306 |
4,743 |
4,743 |
|
400,073 |
55,240 |
406,610 |
46,666 |
|
2021 |
2020 |
|
£ |
£ |
| Income from Charitable Activities |
|
|
| School fees |
1,583,660 |
1,540,032 |
| Ancillary trading income |
26,606 |
21,835 |
| Non-ancillary trading income |
600 |
185 |
| Grants and Donations -Government CJRS |
34,719 |
80,787 |
| TOTAL INCOME |
1,645,585 |
1,642,839 |
| EXPENDITURE |
|
|
| Education and grant making |
(1,824,712) |
(1,659,952) |
| Deficit for the year |
(179,127) |
(17,113) |
|
**Group and ** |
Company |
| Unrestricted |
2021 |
2020 |
|
£ |
£ |
| Securities Investment Income |
|
|
| Equities and Fixed Interest |
20,272 |
28,576 |
|
|
Unrestricted |
Restricted |
Endowed |
**Group and ** |
Company |
|
|
|
|
|
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
£ |
| Bank |
interest |
3,991 |
957 |
385 |
5,333 |
27,962 |
| Other |
interest |
|
|
48,325 |
48,325 |
49,430 |
|
|
3,991 |
957 |
48,710 |
53,658 |
77,392 |
|
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Restricted: |
|
|
|
|
| Other Donations |
453,210 |
453,210 |
440,413 |
440,413 |
| Unrestricted: |
|
|
|
|
| Government Grants - CJRS |
564,958 |
489,625 |
885,567 |
763,796 |
| Other Donations |
35,837 |
35,837 |
11,757 |
11,757 |
|
1,054,005 |
978,672 |
1,337,737 |
1,215,966 |
| 8 |
ANALYSIS OF EXPENDITURE |
|
|
|
|
|
|
| a) |
Total expenditure |
Staff costs |
Support costs |
Depreciation |
|
Total 2021 |
Total 2020 |
|
|
(note 10) |
|
(note |
13) |
|
|
|
|
£ |
£ |
£ |
|
£ |
£ |
|
Costs of raising funds |
|
|
|
|
|
|
|
Fundraising and development |
145,199 |
56,066 |
|
|
201,265 |
200,475 |
|
Financing costs (note 9) |
|
198,186 |
|
|
198,186 |
289,967 |
|
Investment management |
|
5,875 |
|
|
5,875 |
4,923 |
|
Profit on disposal of asset |
|
(5,100) |
|
|
(5,100) |
(9,830) |
|
Total for Company |
145,199 |
255,027 |
|
|
400,226 |
485,535 |
|
Finance costs ofsubsidiary |
|
(1,703) |
|
|
(1,703) |
5,723 |
|
Loss on disposal of investment |
|
|
|
|
|
|
|
Non ancillary trading costs of |
176,732 |
199,147 |
|
6,649 |
382,528 |
399,973 |
|
subsidiaries |
|
|
|
|
|
|
|
Total for Group |
321,931 |
452,471 |
|
6,649 |
781,051 |
891,231 |
|
Charitable expenditure |
|
|
|
|
|
|
|
Teaching |
8,514,814 |
937,056 |
334,403 |
|
9,786,273 |
9,316,634 |
|
Welfare |
1,561,974 |
740,537 |
|
19,311 |
2,321,822 |
2,147,681 |
|
Premises |
1,065,874 |
3,738,285 |
631,800 |
|
5,435,959 |
4,286,369 |
|
School administration and |
1,275,520 |
1,144,867 |
|
|
2,420,387 |
2,286,629 |
|
governance |
|
|
|
|
|
|
|
Grants awards and prizes |
|
4,175 |
|
|
4,175 |
6,003 |
|
Movement in pension recovery |
(53,034) |
|
|
|
(53,034) |
(47,210) |
|
plan (note 32) |
|
|
|
|
|
|
|
School charitable expenditure |
12,365,148 |
6,564,920 |
985,514 |
|
19,915,582 |
17,996,106 |
|
Expenditure from otherfunds: |
|
|
|
|
|
|
|
Restricted |
|
394,384 |
|
|
394,384 |
445,544 |
|
Endowment |
|
48,325 |
|
|
48,325 |
49,429 |
|
Total for Company |
12,365,148 |
7,007,629 |
985,514 |
|
20,358,291 |
18,491,079 |
|
Total for Subsidiary |
1,346,131 |
447,318 |
|
31,983 |
1,825,432 |
1,654,229 |
|
Total for Group |
13,711,279 |
7,454,947 |
1,017,497 |
|
22,183,723 |
20,145,308 |
|
Total resources expended |
|
|
|
|
|
|
|
• Company |
12,510,347 |
7,262,656 |
985,514 |
|
20,758,517 |
18,976,614 |
|
• Group |
14,033,210 |
7,907,418 |
1,024,146 |
|
22,964,774 |
21,036,539 |
| Grants and prizes |
**Group and ** |
Company |
|
2021 |
2020 |
| From unrestricted funds |
£ |
£ |
| Prizes and leaving awards |
4,175 |
6,003 |
|
2021 |
2020 |
| Company: |
£ |
£ |
| Remuneration paid to auditor for audit services |
20,985 |
14,662 |
| Reimbursement ofpersonal expenses to Governors |
|
908 |
| Other Governance costs |
208,629 |
124,898 |
|
229,614 |
140,468 |
|
2021 |
2020 |
| Group: |
£ |
£ |
| Remuneration paid to auditor for audit services |
29,105 |
21,892 |
| Reimbursement ofpersonal expenses to Governors |
|
908 |
| Other Governance costs |
209,604 |
126,785 |
|
238,709 |
149,585 |
| FINANCING COSTS |
|
|
|
|
|
Group |
Company |
Group |
Company |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Fees inAdvance debt financing costs |
24,856 |
24,588 |
35,477 |
35,023 |
| Lease finance costs |
10,201 |
10,201 |
11,803 |
11,803 |
| Bank interest payable |
106,707 |
106,707 |
144,494 |
144,494 |
| Provision for bad and doubtful debts |
54,719 |
56,690 |
103,916 |
98,647 |
|
196,483 |
198,186 |
295,690 |
289,967 |
| 10 |
STAFF COSTS |
|
|
|
|
|
|
Group |
Company |
Group |
Company |
|
|
2021 |
2021 |
2020 |
2020 |
|
|
£ |
£ |
£ |
£ |
|
Total staff costs comprises: |
|
|
|
|
|
Wages and salaries |
11,506,352 |
10,261,611 |
10,624,089 |
9,412,280 |
|
Social security costs |
1,118,526 |
1,008,268 |
1,061,517 |
954,149 |
|
Pension contributions |
1,408,332 |
1,240,468 |
1,521,577 |
1,339,174 |
|
|
14,033,210 |
12,510,347 |
13,207,183 |
11,705,603 |
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
| Aggregate |
employee |
benefits |
of |
key |
personnel |
(The |
Head |
and |
Bursar) |
407,433 |
366,224 |
|
Group |
|
Company |
Group |
|
Company |
|
2021 |
|
2021 |
2020 |
|
2020 |
|
Number |
|
Number |
Number |
|
Number |
| Teaching |
|
153 |
124 |
|
157 |
126 |
| Others |
|
250 |
232 |
|
243 |
223 |
|
|
403 |
356 |
|
400 |
349 |
|
Group |
|
Company |
|
Group |
|
Company |
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
Number |
|
Number |
|
Number |
|
Number |
|
| £60,001 -£70,000 |
|
18 |
|
18 |
|
9 |
|
9 |
| £70,001 -£80,000 |
|
5 |
|
5 |
|
5 |
|
5 |
| £80,001 -£90,000 |
|
1 |
|
1 |
|
2 |
|
|
| £90,001 - £100,000 |
|
3 |
|
2 |
|
|
|
|
| £100,001 - £110,000 |
|
1 |
|
1 |
|
|
|
|
| £110,001 - £120,000 |
|
1 |
|
1 |
|
|
|
|
| £170,001 - £180,000 |
|
|
|
|
|
|
|
|
| £200,001 - £210,000 |
|
1 |
|
1 |
|
|
|
|
| Company |
Land and |
Freehold |
Motor |
Computer |
Fittings and |
Company |
|
Buildings |
Improvements |
Vehicles |
Equipment |
Equipment |
Total |
|
Freehold |
|
|
|
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Cost |
|
|
|
|
|
|
| At 1 September2020 |
19,583,470 |
1,062,287 |
69,328 |
2,001,465 |
4,808,450 |
27,525,000 |
| Additions |
15,873 |
|
|
162,785 |
115,748 |
294,406 |
| Disposals |
|
|
|
(32,219) |
|
(32,219) |
| As 31 August 2021 |
19,599,343 |
1,062,287 |
69,328 |
2,132,031 |
4,924,198 |
27,787,187 |
| Depreciation |
|
|
|
|
|
|
| At 1 September2020 |
1,594,443 |
351,300 |
61,348 |
1,418,244 |
3,085,959 |
6,511,294 |
| Charge forthe year |
341,878 |
49,932 |
4,560 |
273,875 |
315,269 |
985,514 |
| On disposals |
|
|
|
(32,219) |
|
(32,219) |
| At 31 August 2020 |
1,936,321 |
401,232 |
65,908 |
1,659,900 |
3,401,228 |
7,464,589 |
| Net book value |
|
|
|
|
|
|
| at 31 August 2021 |
17,663,022 |
661,055 |
3,420 |
472,131 |
1,522,970 |
20,322,598 |
| Net book value |
|
|
|
|
|
|
| at 31 August 2020 |
17,989,027 |
710,987 |
7,980 |
583,221 |
1,722,491 |
21,013,706 |
| Group |
Company |
Land and |
Under |
Computer |
Fittings and |
Group |
|
Total |
Buildings |
Construction |
Equipment |
Equipment |
Total |
|
|
Short |
|
|
|
|
|
|
Leasehold |
|
|
|
|
| Cost |
£ |
£ |
£ |
£ |
£ |
£ |
| At 1 September 2020 |
27,525,000 |
182,619 |
10,266 |
96,884 |
544,139 |
28,358,908 |
| Additions |
294,406 |
|
|
|
|
294,406 |
| Disposals |
(32,219) |
|
(10,266) |
|
(56,109) |
(98,594) |
| As 31 August 2021 |
27,787,187 |
182,619 |
|
96,884 |
488,030 |
28,554,720 |
| Depreciation |
|
|
|
|
|
|
| At 1 September 2020 |
6,511,294 |
41,318 |
|
93,611 |
286,758 |
6,932,981 |
| Charge forthe year |
985,514 |
8,214 |
|
1,842 |
28,576 |
1,024,146 |
| On disposals |
(32,219) |
|
|
|
(56,106) |
(88,325) |
| At 31 August 2021 |
7,464,589 |
49,532 |
|
95,453 |
259,228 |
7,868,802 |
| Net book value |
|
|
|
|
|
|
| at 31 August 2021 |
20,322,598 |
133,087 |
|
1,431 |
228,802 |
20,685,918 |
| Net book value |
|
|
|
|
|
|
| at 31 August 2020 |
21,013,706 |
141,301 |
10,266 |
3,273 |
257,381 |
21,425,927 |
| 14 |
INVESTMENTS |
|
|
|
|
2021 |
2020 |
|
Unrestricted |
£ |
£ |
|
Group Investments as at 1 September |
1,081,452 |
1,128,879 |
|
Reinvested income |
20,272 |
28,576 |
|
Investment managementfee |
(5,875) |
(4,923) |
|
Realised gains on investments |
81,064 |
4,440 |
|
Unrealised gains in investments |
65,701 |
(75,520) |
|
Closing market value |
1,242,614 |
1,081,452 |
|
Group Investments at 31 August |
1,242,614 |
1,081,452 |
|
Investments in subsidiaries |
102 |
102 |
|
Company investments at 31 August |
1,242,716 |
1,081,554 |
|
Investments comprise: |
|
|
|
Listed investments |
|
|
|
Fixed Interest |
202,631 |
209,218 |
|
Equities |
908,128 |
665,020 |
|
|
1,110,759 |
874,238 |
|
Alternative investments |
|
|
|
Preference shares |
|
40,519 |
|
Other |
73,071 |
152,298 |
|
|
73,071 |
192,817 |
|
Cash |
58,784 |
14,397 |
|
Group Investments at 31 August |
1,242,614 |
1,081,452 |
|
Investments in subsidiaries |
102 |
102 |
|
Company investments at 31 August |
1,242,716 |
1,081,554 |
|
2021 |
|
2020 |
|
| Investments in subsidiaries comprise: |
£ |
|
£ |
|
| Investment in subsidiary trading company - Buxbrass Ltd |
|
2 |
|
2 |
| Investment in Lancing College Prep School atWorthing Ltd |
|
100 |
|
100 |
|
|
102 |
|
102 |
| DEBTORS |
|
|
|
|
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Fee debtors |
190,894 |
150,500 |
174,475 |
149,547 |
| Trade debtors |
35,262 |
2,176 |
|
|
| Amounts owed by group undertakings |
|
396 |
2,202,496 |
2,174,929 |
| Other debtors |
85,307 |
169,928 |
85,307 |
169,928 |
| Prepayments and accrued income |
256,251 |
456,617 |
224,146 |
402,789 |
| Tax recoverable |
|
3,103 |
|
|
|
567,714 |
782,720 |
2,686,424 |
2,897,193 |
| CASH AT BANK BY FUND |
|
|
|
|
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Restricted |
1,797,246 |
1,563,045 |
1,797,246 |
1,563,045 |
| Unrestricted |
11,134,442 |
8,843,350 |
11,004,350 |
8,753,427 |
| Endowed |
196,001 |
195,615 |
196,001 |
195,615 |
|
13,127,689 |
10,602,010 |
12,997,597 |
10,512,087 |
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Bank loans and overdrafts (note 19) |
237,943 |
203,333 |
237,943 |
203,333 |
| Net obligations under finance leases (Note 21) |
82,584 |
92,484 |
82,584 |
92,484 |
| Deferred consideration offreehold ofthe |
62,549 |
64,127 |
62,549 |
64,127 |
| Prep School Hove |
|
|
|
|
| Trade creditors |
1,095,434 |
496,506 |
1,013,751 |
451,931 |
| Amounts owing to group undertakings |
124 |
164 |
124 |
164 |
| Taxes and social security costs |
274,493 |
252,216 |
238,267 |
226,088 |
| Advance fees (note 20) |
313,162 |
527,340 |
313,162 |
527,340 |
| Other creditors |
243,439 |
229,437 |
205,215 |
190,245 |
| Accruals |
1,403,023 |
827,642 |
1,325,100 |
775,037 |
| Final term deposits |
601,800 |
717,815 |
568,850 |
686,265 |
| Deferred income - fees received in advance |
6,028,796 |
4,838,312 |
5,694,908 |
4,610,970 |
|
10,343,347 |
8,249,376 |
9,742,453 |
7,827,984 |
|
|
|
Group |
|
Company |
|
|
|
|
2021 |
2020 |
2021 |
2020 |
| Amounts falling due; |
|
|
£ |
£ |
£ |
£ |
| After 5 years |
|
|
88,193 |
79,193 |
88,193 |
79,193 |
| Within 2 to |
5 years |
|
1,812,215 |
1,692,855 |
1,812,215 |
1,692,855 |
within
1 to |
2 years |
|
662,796 |
454,304 |
662,796 |
454,304 |
| Due after more than |
|
1 year |
2,563,204 |
2,226,352 |
2,563,204 |
2,226,352 |
| Due within |
1 year |
|
601,800 |
717,815 |
568,850 |
686,265 |
|
|
|
3,165,004 |
2,944,167 |
3,132,054 |
2,912,617 |
|
|
Group |
|
Company |
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
Bank Loans
(note 19) |
|
5,353,724 |
5,388,334 |
5,353,724 |
5,388,334 |
| Net obligations under finance leases |
|
30,988 |
113,572 |
30,988 |
113,572 |
| (note 21 |
) |
|
|
|
|
| Final term deposits |
|
2,563,204 |
2,226,352 |
2,563,204 |
2,226,352 |
| Advance |
fees (note 20) |
401,216 |
793,381 |
401,216 |
793,381 |
| Deferred |
consideration offreehold ofthe |
135,163 |
197,711 |
135,163 |
197,711 |
| Prep School Hove |
|
|
|
|
|
|
|
8,484,295 |
8,719,350 |
8,484,295 |
8,719,350 |
|
|
|
|
**Group and ** |
Company |
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
£ |
| Due |
After 5 |
years |
|
3,450,178 |
3,761,670 |
| Due |
within |
2 to 5 years |
|
1,427,660 |
1,219,998 |
| Due |
within |
1 to 2 years |
|
475,886 |
406,666 |
| Due |
after more than |
|
1 year |
5,353,724 |
5,388,334 |
| Due |
within |
1 year |
|
237,943 |
203,333 |
|
|
|
|
5,591,667 |
5,591,667 |
|
|
Group |
|
Company |
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
| After 5 |
years |
144,599 |
175,824 |
144,599 |
175,824 |
| Within |
2 to 5 years |
104,802 |
264,357 |
104,802 |
264,357 |
| Within |
1 to 2 years |
151,815 |
353,200 |
151,815 |
353,200 |
|
|
401,216 |
793,381 |
401,216 |
793,381 |
| Within |
1 year |
313,162 |
527,340 |
313,162 |
527,340 |
|
|
714,378 |
1,320,721 |
714,378 |
1,320,721 |
|
Group |
|
Company |
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
| Liabilities at 1 September |
1,320,721 |
1,602,436 |
1,320,721 |
1,602,436 |
| New contracts |
|
223,493 |
|
223,493 |
|
1,320,721 |
1,825,929 |
1,320,721 |
1,825,929 |
| Amounts utilised in payment offees |
(526,519) |
(450,750) |
(526,519) |
(450,750) |
| Amounts repaid |
(79,824) |
(54,458) |
(79,824) |
(54,458) |
| Liabilities at 31 August |
714,378 |
1,320,721 |
714,378 |
1,320,721 |
| FINANCE LEASE OBLIGATIONS |
|
|
|
**Group and ** |
Company |
|
2021 |
2020 |
| Amounts falling due: |
£ |
£ |
| After 5 years |
|
|
| Within 2to 5 years |
5,435 |
30,988 |
| Within 1 to 2 years |
25,553 |
82,584 |
|
30,988 |
113,572 |
| Within 1 year |
82,584 |
92,484 |
|
113,572 |
206,056 |
|
|
Land and |
Buildings |
|
|
2021 |
2020 |
|
|
£ |
£ |
| Expiry |
date: |
|
|
| Within |
one year |
53,765 |
53,765 |
| Within |
1 to 2 years |
53,765 |
53,765 |
| Within |
2to 5 years |
107,530 |
161,295 |
|
|
215,060 |
268,825 |
|
**Group ** |
**and ** |
Company |
|
|
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 |
| Group and Company |
|
|
|
Movement in funds |
|
|
|
Balance at 1 |
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance at 31 |
|
2020 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August 2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Endowed Funds |
1,998,170 |
48,710 |
(48,325) |
|
|
1,998,555 |
| Group and Company |
|
|
|
Movement in funds |
|
|
|
Balance at 1 |
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance at 31 |
|
2019 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August 2020 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Endowed Funds |
1,996,913 |
50,686 |
(49,429) |
|
|
1,998,170 |
|
|
|
|
Movement in funds |
|
|
|
|
Balance at 1 |
|
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance |
at 31 |
|
2020 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August |
2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
| Chapel Maintenance |
5,988 |
46,246 |
(46,354) |
|
|
|
5,880 |
| Woodard Benefit Fund |
272,535 |
|
(21,522) |
|
|
251,013 |
|
| Appeal Donations |
1,180,775 |
454,121 |
(326,508) |
|
|
1,308,388 |
|
| Group and Company |
1,459,298 |
500,367 |
(394,384) |
|
|
1,565,281 |
|
|
|
|
|
Movement in funds |
|
|
|
|
Balance at 1 |
|
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance |
at 31 |
|
2019 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August |
2020 |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
| Chapel Maintenance |
29,183 |
44,249 |
(67,444) |
|
|
|
5,988 |
| Woodard Benefit Fund |
293,883 |
|
(21,348) |
|
|
272,535 |
|
| Appeal Donations |
1,092,926 |
444,601 |
(356,752) |
|
|
1,180,775 |
|
| Group and Company |
1,415,992 |
488,850 |
(445,544) |
|
|
1,459,298 |
|
|
|
|
|
Movement in funds |
|
|
|
Balance at 1 |
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance at 31 |
|
2020 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August 2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Designated Funds: |
|
|
|
|
|
|
| Foundation account |
1,275,397 |
35,837 |
(157,713) |
146,765 |
|
1,300,286 |
| General funds |
14,030,549 |
20,141,053 |
(20,158,095) |
|
|
14,013,507 |
| Company |
15,305,946 |
20,176,890 |
(20,315,808) |
146,765 |
|
15,313,793 |
| Subsidiary |
|
|
|
|
|
|
| Prep school subsidiary |
(1,950,457) |
1,645,587 |
(1,824,699) |
|
|
(2,129,569) |
| Trading subsidiary |
47,313 |
658,546 |
(655,258) |
|
|
50,601 |
| Consolidation adjustments |
|
(273,700) |
273,700 |
|
|
|
| Group |
13,402,802 |
22,207,323 |
(22,522,065) |
146,765 |
|
13,234,825 |
|
|
|
|
Movement in funds |
|
|
|
Balance at 1 |
|
|
|
|
|
|
September |
|
|
Investment |
|
Balance at 31 |
|
2019 |
Income |
Expenditure |
gains /(losses) |
Transfer |
August 2020 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Designated Funds: |
|
|
|
|
|
|
| Foundation account |
1,319,187 |
41,021 |
(13,731) |
(71,080) |
|
1,275,397 |
| General funds |
12,628,631 |
19,869,828 |
(18,467,910) |
|
|
14,030,549 |
| Company |
13,947,818 |
19,910,849 |
(18,481,641) |
(71,080) |
|
15,305,946 |
| Subsidiary |
|
|
|
|
|
|
| Prep school subsidiary |
(1,933,342) |
1,642,839 |
(1,659,954) |
|
|
(1,950,457) |
| Trading subsidiary |
46,542 |
691,297 |
(690,526) |
|
|
47,313 |
| Consolidation adjustments |
|
(290,555) |
290,555 |
|
|
|
| Group |
12,061,018 |
21,954,430 |
(20,541,566) |
(71,080) |
|
13,402,802 |
|
|
|
Net current |
Long term |
Total |
|
Fixed assets |
Investments |
Assets/ |
Liabilities |
2021 |
|
|
|
(Liabilities) |
|
|
|
£ |
£ |
£ |
£ |
£ |
| Share capital |
|
|
100 |
|
100 |
| Endowed funds |
|
|
1,998,555 |
|
1,998,555 |
| Restricted funds |
|
|
1,565,281 |
|
1,565,281 |
| Unrestricted funds |
20,322,598 |
1,242,716 |
2,427,530 |
(8,679,051) |
15,313,793 |
| Company |
20,322,598 |
1,242,716 |
5,991,466 |
(8,679,051) |
18,877,729 |
| Subsidiary companies (Note 33): |
|
|
|
|
|
| Prep school at Worthing |
243,640 |
(100) |
(2,373,109) |
|
(2,129,569) |
| Buxbrass |
119,680 |
(2) |
(69,077) |
|
50,601 |
| Group |
20,685,918 |
1,242,614 |
3,549,280 |
(8,679,051) |
16,798,761 |
|
|
|
Net current |
Long term |
Total |
|
Fixed assets |
Investments |
Assets/ |
Liabilities |
2020 |
|
|
|
(Liabilities) |
|
|
|
£ |
£ |
£ |
£ |
£ |
| Share capital |
|
|
100 |
|
100 |
| Endowed funds |
|
|
1,998,170 |
|
1,998,170 |
| Restricted funds |
|
|
1,459,298 |
|
1,459,298 |
| Unrestricted funds |
21,013,706 |
1,081,554 |
2,177,826 |
(8,967,140) |
15,305,946 |
| Company |
21,013,706 |
1,081,554 |
5,635,394 |
(8,967,140) |
18,763,514 |
| Subsidiary companies (Note 33): |
|
|
|
|
|
| Prep school at Worthing |
285,892 |
(100) |
(2,236,247) |
|
(1,950,455) |
| Buxbrass |
126,329 |
(2) |
(79,016) |
|
47,311 |
| Group |
21,425,927 |
1,081,452 |
3,320,131 |
(8,967,140) |
16,860,370 |
| 29 |
**RECONCILIATION OF NET INCOMING RESOURCES ** |
TO NET CASH |
|
|
|
|
INFLOW FROM OPERATIONS |
|
|
**Group and ** |
Company |
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
£ |
|
Net (expenditure)/ income for the year |
|
|
(61,609) |
1,386,347 |
|
Adjustments for |
|
|
|
|
|
Depreciation oftangible fixed assets |
|
|
1,024,146 |
1,043,174 |
|
Profit on sale offixed assets |
|
|
(5,100) |
(13,997) |
|
(Gain)/losses on investments |
|
|
(146,765) |
71,080 |
|
Interest receivable |
|
|
(73,930) |
(105,968) |
|
Interest payable |
|
|
196,483 |
295,690 |
|
Increase in stocks |
|
|
(12,447) |
(27,315) |
|
Decrease in debtors |
|
|
215,006 |
26,069 |
|
lncrease/(decrease) in creditors |
|
|
1,870,008 |
(1,541,125) |
|
Net cash provided by operating activities |
|
|
3,005,792 |
1,133,955 |
| 30 |
ANALYSIS OF CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
£ |
|
Cash in hand and at bank |
|
|
13,127,689 |
10,602,010 |
|
Total cash and cash equivalents |
|
|
13,127,689 |
10,602,01 O |
| 31 |
ANALYSIS OF CHANGES IN NET DEBT |
|
|
|
|
|
|
Balance at 31 |
Cash flows |
Other non-cash |
Balance at 31 |
|
|
August 2020 |
|
changes |
August 2021 |
|
|
£ |
£ |
£ |
£ |
|
Cash and cash equivalents |
|
|
|
|
|
Cash |
10,602,010 |
2,525,679 |
|
13,127,689 |
|
|
10,602,010 |
2,525,679 |
|
13,127,689 |
|
Borrowings |
|
|
|
|
|
Loans falling duewithin one year |
(203,333) |
(34,610) |
|
(237,943) |
|
Loans falling due after one year |
(5,388,334) |
34,610 |
|
(5,353,724) |
|
Finance lease obligation duewithin one year |
(92,484) |
9,900 |
|
(82,584) |
|
Finance lease obligation due after one year |
(113,572) |
82,584 |
|
(30,988) |
|
|
(5,797,723) |
92,484 |
|
(5,705,239) |
|
Total |
4,804,287 |
2,618,163 |
|
7,422,450 |
|
|
|
|
|
|
Company |
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
|
£'000 |
£'000 |
| TPT |
Retirement |
Solutions |
-The |
Growth |
Plan |
195 |
248 |
| 32 |
PENSION SCHEMES (Continued) |
|
|
|
Present Values of Provision |
2021 |
2020 |
|
|
£ |
£ |
|
Present value of provision |
194,756 |
247,790 |
|
Reconciliation of opening and closing provisions |
2021 |
2020 |
|
|
£ |
£ |
|
Provision at 1 September |
247,790 |
295,000 |
|
Unwinding of the discount factor |
1,203 |
2,591 |
|
Deficit contribution paid |
(53,975) |
(52,403) |
|
Remeasurements - impact of any change in assumptions |
(262) |
2,602 |
|
Remeasurements - amendments to the contribution schedule |
|
|
|
Provision at 31 August |
194,756 |
247,790 |
|
Income and expenditure impact |
2021 |
2020 |
|
|
£ |
£ |
|
Interest expense - unwinding of the discount factor |
1,203 |
2,591 |
|
Remeasurements - impact of any change in assumptions |
(262) |
2,602 |
|
Remeasurements - amendments to the contribution schedule |
|
|
|
Costs recognised in income and expenditure account |
|
|
|
Assumptions |
2021 |
2020 |
|
|
% per |
% per |
|
|
annum |
annum |
|
Rate of discount |
0.63 |
0.55 |
| at each year end period: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Year1 |
55,595 |
53,975 |
| Year2 |
57,263 |
55,595 |
| Year3 |
58,980 |
57,263 |
| Year4 |
25,000 |
58,980 |
| Year 5 |
|
25,000 |
|
196,838 |
250,813 |
| 34 |
**Consolidated Statement of Financial Activities - Comparative figures ** |
**Consolidated Statement of Financial Activities - Comparative figures ** |
by fund type |
|
|
|
|
Unrestricted |
Restricted |
Endowed |
Total |
|
Year ended 31 August 2020 |
Funds |
Funds |
Funds |
2020 |
|
|
£ |
£ |
£ |
£ |
|
Income and endowments from: |
|
|
|
|
|
Income from Charitable Activities |
|
|
|
|
|
School fees receivable |
20,203,949 |
|
|
20,203,949 |
|
Ancillary trading income |
395,602 |
44,100 |
|
439,702 |
|
Other trading activities |
|
|
|
|
|
Non-ancillarytrading income |
406,610 |
|
|
406,610 |
|
Investments |
|
|
|
|
|
Investment income |
28,576 |
|
|
28,576 |
|
Bank and other interest |
22,369 |
4,337 |
50,686 |
77,392 |
|
Voluntary sources |
|
|
|
|
|
Grants and donations |
897,324 |
440,413 |
|
1,337,737 |
|
TOTAL INCOMING RESOURCES |
21,954,430 |
488,850 |
50,686 |
22,493,966 |
|
Expenditure on: |
|
|
|
|
|
Raising funds |
|
|
|
|
|
Non-ancillaryTrading |
399,973 |
|
|
399,973 |
|
Financing costs |
295,690 |
|
|
295,690 |
|
Investment management |
4,923 |
|
|
4,923 |
|
Fundraising anddevelopment |
200,475 |
|
|
200,475 |
|
Other costs |
(9,830) |
|
|
(9,830) |
|
TOTAL DEDUCTIBLE COSTS |
891,231 |
|
|
891,231 |
|
Charitable Activities |
|
|
|
|
|
Education and grant making |
19,650,335 |
445,544 |
49,429 |
20,145,308 |
|
TOTAL EXPENDITURE |
20,541,566 |
445,544 |
49,429 |
21,036,539 |
|
Net income and expenditure before |
|
|
|
|
|
transfers |
1,412,864 |
43,306 |
1,257 |
1,457,427 |
|
Realised gains/(losses) on |
|
|
|
|
|
investment assets |
4,440 |
|
|
4,440 |
|
Unrealised gains/(losses) on |
|
|
|
|
|
investment assets |
(75,520) |
|
|
(75,520) |
|
Net income/(Expenditure) |
1,341,784 |
43,306 |
1,257 |
1,386,347 |
|
Transfers betweenfunds |
|
|
|
|
|
NET MOVEMENT IN FUNDS |
1,341,784 |
43,306 |
1,257 |
1,386,347 |
|
Fund balances at 1 September 2019 |
12,061,018 |
1,415,992 |
1,996,913 |
15,473,923 |
|
FUND BALANCES AS AT 31 AUGUST 2020 |
13,402,802 |
1,459,298 |
1,998,170 |
16,860,270 |