##
##
|||Page|
|---|---|---|
|Company
information|||
|Report ofthe trustees||3 —10|
|Independent
auditor's|Report|11 —14|
|Statement of financial|activities|15|
|Statement of financial|position|16|
|Statement of cash flows||17|
|Notes to the financial|Statements|18 —35|
##
|Trustees||Mr S.H.W. Pilcher (Chairman)|Mr S.H.W. Pilcher (Chairman)|Mr S.H.W. Pilcher (Chairman)|Mr S.H.W. Pilcher (Chairman)|||
|---|---|---|---|---|---|---|---|
|||Mr J.D.B.Anderson,||CBE||||
|||Mr. N.C.J.Bewes||||||
|||Mr. K.A.M. Edmunds||||||
|||The Rev. R Marsden||(resigned||31/08/2022)||
|||Mrs. C.M. Pellereau||||||
|Secretary||Fiona J Edwards||||||
|Registered|office|Kingham
Hill School||||||
|||Kingham||||||
|||Chipping
Norton||||||
|||Oxon||||||
|||OX7 6TH||||||
|Auditors||Moore Kingston|Smith||LLP|||
|||Chartered
Accountants|||and Registered||Auditors|
|||9 Appold Street||||||
|||London||||||
|||EC2A 2AP||||||
|Bankers||Barclays Bank PLC||||||
|||Wytham
Court||||||
|||11West Way||||||
|||Oxford||||||
|||OX2 OJB||||||
|||National
Westminster|||Bank PLC|||
|||1 Town
Hall Buildings||||||
|||Bridge Street||||||
|||Banbury||||||
|||Oxon||||||
|||OX16 SJS||||||
|Solicitors||Stone King LLP||||||
|||13Queen Square||||||
|||Bath||||||
|||BA1 2HJ||||||
|Investment|managers|Investec Wealth|8 Investment|||Limited||
|||30 Gresham
Street||||||
|||London||||||
|||EC2V 7QN||||||
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|||||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|funds|
|||||||2022|2022|2022|2021|
||||||Note|f'000|f'000|f'000|6'000|
|Income||||||||||
|Donations||||||741|232|973|1,042|
|Income from charitable||||activities||10,905||10,905|9,712|
|Income from other||trading||||||||
|activities||||||1,463||1,463|1,139|
|Government
grants|||||||||244|
|Investment
income||||||168||169|167|
|Total income||||||13,277|233|13,510|12,304|
|Expenditure||||||||||
|Cost of raising funds||||||161||161|140|
|Expenditure
on|charitable|||||||||
|activities||||||12,405|64|12,469|11,881|
|Interest
payable|||||23|113||113|104|
|Total expenditure||||||12,679|64|12,743|12,125|
|Total income|less||total expenditure|||598|169|767|179|
|Net investment|(losses)/gains||||14|(379)||(379)|769|
|Net income for||the||year||219|169|388|948|
|Transfers|||||26|215|(215)|||
|Net movement||in funds for the year||||434|(46)|388|948|
|Reconciliation|of||funds|||||||
|Total funds brought|||forward||26|39,320|516|39,836|38,888|
|Total funds carried||forward|||26|39,754|470|40,224|39,836|
##
##
|||||2022|2022|2022|2021|2021|
|---|---|---|---|---|---|---|---|---|
||||Note|f'000||6'000|f'000|6'000|
|Fixed assets|||||||||
|Tangible assets|||13|||34,732||35,484|
|Investments:|||14|||7,141||7,477|
|||||||41,873||42,961|
|Current assets|||||||||
|Stock|||15||44||18||
|Debtors|||16||689||449||
|Cash at bank and
in hand||||3,853|||3,394||
|||||4,586|||3,861||
|Creditors: amounts|falling due||||||||
|within one year|||17|(1,951)|||(2,097)||
|Net current assets||||||2,635||1,764|
|Total assets less current
liabilities||||||44,508||44,725|
|Creditors: amounts|falling due||||||||
|after more than one||year|18|||(4,277)||(4,679)|
|Provision for liabilities|||19|||(7)||(210)|
|Net assets||||||40,224||39,836|
|Reserves|||||||||
|Unrestricted
income funds|||26|||39,754||39,320|
|Restricted
income funds||||||470||516|
|Total charity funds||||||40,224||39,836|
|Company
Registration|Number:||00365812||||||
|The financial statements||were approved|by the trustees|and|authorised|for issue|||
|on 30 November
2022|and signed on their behalf by:||||||||
|S.H.W. Pilcher|||K.A.M||Edmunds||||
|Trustee|||Trustee||||||
##
##
|tatement ofcash flows for th|e year e|nded 31|july 2022||||
|---|---|---|---|---|---|---|
|Reconciliation
ofnet income for|the year||||2022|2021|
|to net cash flows from operating|activities||||K'000|000|
|Net income for the year before investments|||||767|179|
|Depreciation|||||1,255|1,396|
|Loss on sale oftangible
fixed assets|||||||
|Decrease/(increase)
in stock|||||(26)|4|
|Decrease/(increase)
in debtors|||||(240)|5|
|(Decrease)/increase
in creditors|||||(259)|182|
|(increase)/decrease
in provision|||||(203)|(51)|
|Return
on investments|||||(164)|(167)|
|Net cash inflow from operating
activities|||||1,130|1,548|
|Cash flows from investing
activities|||||||
|Dividends
and interest
received|||||167|169|
|Purchases of tangible
fixed assets|||||(508)|(396)|
|Sale proceeds of tangible
fixed assets|||||||
|Purchases of fixed asset investments|||||(1,059)|(597)|
|Unrealised
gain/(loss)
on investments|||||||
|Sales of fixed asset investments|||||718|932|
|Net cash inflow/(outflow)
from investing||activities|||(682)|108|
|Cash flows from financing
activities|||||||
|Proceeds from bank loan|||||||
|Repayment
of bank loan|||||(281)|(210)|
|Repayment
offinance lease funding|||||(7)|(7)|
|Net cash (outflow)/inflow
from financing||activities|||(288)|(217)|
|Change
in cash and cash equivalents|||||||
|in the reporting
period|||||161|1,439|
|Cash and cash equivalents
at the beginning|||||||
|ofthe reporting
period|||||4,588|3,149|
|Cash and cash equivalents
at the|end||||||
|ofthe reporting
period|||||4,749|4,588|
|Cash and cash equivalents
consist of:|||||||
|Investment
cash|||||896|1,194|
|Cash|||||3,853|3,394|
||||||4,749|4,588|
|Analysis ofchanges
in net debt|||At 01/08/21|Cashflows|Non-cash|At 31/07/22|
||||000|OOOO|K'000|OOOO|
|Cash|||4,588|161||4,749|
|Loans due within
one year|||(333)||(136)|(469)|
|Loans due after more than one year|||(4,347)|99|207|(4,041)|
|Finance lease obligations|||(17)|8||(9)|
||||(109)|268|71|230|
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|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|2|Donations||||Note|6'000|6'000|
||Restricted to development||||8/9|14|1|
||Restricted to bursaries||||8/9|199|66|
||Restricted to educational||purposes||8/9|19|117|
||Unrestricted||||8/9|741|858|
|||||||973|1,042|
|3|Income from charitable||activities|||||
||Kingham
Hill School|||||9,809|8,454|
||Kingham
Hill School restricted|||||39||
||Oak Hill College|||||1,096|1,258|
|||||||10,905|9,712|
|4|Income from other trading|||activities||||
||Kingham
Hill School|||||505|256|
||Oak Hill College|||||958|883|
|||||||1,463|1,139|
|5|Investment
income|||||||
||Income from listed investments|||||160|166|
||Restricted interest
receivable||||8/9|1|1|
||Unrestricted
interest
receivable||||8/9|7||
|||||||168|167|
|6|Cost of raising funds|||||||
||Development
office|||||||
||Kingham
Hill School|||||131|110|
||Investment
management|fees||||30|30|
|||||||161|140|
|7|Expenditure
on charitable|||activities||||
||Kingham
Hill School unrestricted|||||9,802|9,005|
||Kingham
Hill School restricted|||||64|55|
||Oak Hill College unrestricted|||||2,499|2,761|
||Governance
administration||costs|||104|60|
|||||||12,469|11,881|
##
|for the year e|nd|e|d 31|july 2022 (contin|ued)||||
|---|---|---|---|---|---|---|---|---|
|||||||2022||2021|
|8.Kingham
Hill|School|||||6'000||K'000|
|Income|||||||||
|Fees||||||9,809||8,454|
|Less: Bursaries 8 concessions||||||(1,477)||(1,234)|
|||||||8,332||7,220|
|Rental income||||||149||133|
|Investment
income||||||3|||
|Restricted
donations||||||39||87|
|Unrestricted
donations||||||102||100|
|Restricted other|income||||||||
|Government
grants||||||||230|
|Inter trust grants||||||194||75|
|Unrestricted
other||income||||356||123|
|Total income||||||9,175||7,968|
|Expenditure|||||||||
|Cost ofgenerating|||funds||||||
|Development||||||131||110|
|Charitable
expenditure|||||||||
|Academic||||||3,841||3,563|
|Restricted
academic||||||64||55|
|Administrative|||||||||
|Staff costs|||||324||411||
|Insurance
costs|||||66||65||
|IT and office costs|||||174||157||
|Legal and professional|||||119||92||
|Bank charges|||||12||11||
|Other costs|||||5||11||
|Total administrative|||costs|||700||747|
|Marketing||||||142||99|
|Transport||||||240||187|
|Premises||||||1,182||1,114|
|Leisure centre||||||136||83|
|Catering||||||734||567|
|Domestic||||||451||363|
|Depreciation||||||753||876|
|Finance costs||||||113||104|
|Other||||||146||172|
|Total charitable|expenditure|||||8,502||7,930|
|Total expenditure||||||8,633||8,040|
|Total income|less||total|expenditure||542||(72)|
|Transfers|||||||||
|Net movement||in|funds|||542||(72)|
|Net assets of|Kingham|||Hill|||||
|School||||||13,641||12,997|
||||||23||||
##
##
||||||2022||2021|
|---|---|---|---|---|---|---|---|
|9|Oak Hill College||||K'000||f'000|
||Income|||||||
||Student fees||||1,084||1,195|
||Less: Bursaries||||(147)||(23)|
||||||937||1,172|
||Rental income||||945||870|
||Restricted
donations||||193||97|
||Unrestricted
donations||||639||758|
||Restricted
investment|income|||1||1|
||Unrestricted
investment||income||4||1|
||Government
grants||||||14|
||Joint appointments||||12||63|
||Other income||||13||13|
||Total income||||2,744||2,989|
||Expenditure|||||||
||Charitable
expenditure|||||||
||Academic costs||||620||935|
||Administrative
costs|||||||
||Staff costs|||235||244||
||Insurance
costs|||23||21||
||IT and office costs|||100||116||
||Legal and professional|||62||73||
||Bank charges|||3||3||
||Other costs|||25||34||
||Total Administrative|Costs|||448||491|
||Marketing costs||||137||154|
||Catering costs||||73||40|
||Household
costs||||74||73|
||Premises costs||||495||525|
||Depreciation||||505||520|
||Total charitable
expenditure||||2,352||2,738|
||Total expenditure||||2,352||2,738|
||Total income less|total expenditure|||392||251|
||Transfers|||||||
||Net movement
in|funds|||392||251|
||Net assets ofOak|Hill|College||19,485||19,092|
##
##
|or t|he year ended 31july 2022 (continued)|he year ended 31july 2022 (continued)|he year ended 31july 2022 (continued)|||
|---|---|---|---|---|---|
|10|Auditors'
remuneration|||2022|2021|
|||||f'000|f'000|
||Auditors'
remuneration|||||
||Audit fees|||33|36|
||Other advice|||2||
||Previous year|overprovision|||(5)|
||Total auditors'|remuneration||35|31|
|11|Employees|and payroll||2022|2021|
|||||No.|No.|
||Average
monthly
number ofemployees:|||||
||Kingham
Hill|School||154|155|
||Oak Hill College|||36|42|
||Governance|||2|1|
|||||192|198|
|||||2022|2021|
|||||K'000|OOOO|
||Staff costs:|||||
||Wages and salaries|||4,578|4,738|
||Social security|costs||435|427|
||Other pension costs|||602|670|
|||||5,615|5,835|
|||||2022|2021|
||Other pension costs comprise|||K'000|OOOO|
||Defined benefit schemes|||418|374|
||Defined contribution||scheme|184|296|
|||||602|670|
##
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|%of pensionable|stipends|01/02/22 to|01/02/21 to|
|---|---|---|---|
|||31/12/23|31/12/22|
|Deficit repair contributions||11.9%|71/|
|||2022|2021|
|---|---|---|---|
|||8'000|8'000|
|Balance sheet liability at 1|August|18|31|
|Deficit contributions
paid||(11)|(15)|
|Interest cost (recognised|in SoFA|||
|Remaining
charge* (recognised
in SoFA)|||2|
|Balance sheet liability at 31 Dec 2021|||18|
|Balance she|et liability at 31 D|ec 20|2|1|1|||||18|
|---|---|---|---|---|---|---|---|---|---|---|
|*Comprises|change
in agreed|deficit||recovery||plan and change|in discount rate between
year-ends.||||
|This liability|represents
the present||value of||the deficit contributions
agreed|||as at the accounting|date and has||
|been valued|using the following|assumptions|||set by reference||to the duration|ofthe deficit recovery||payments:|
||||||||2022|2021||2020|
|Discount rate pa|||||||0.0%|0.2%||1.1%|
|Price inflation
pa|||||||n/a|3.1%||2.8%|
|Increase to|total pensionable|payroll||pa|||-1.5%|1.6%||1.3%|
##
|Section 28.11Aof FRS 102requires|agreed deficit recovery|payments to be recognised|as a liability.|The movement|
|---|---|---|---|---|
|in the provision
is set out below:|||||
|||2022||2021|
|||8000||6000|
|Balance sheet liability at 1 August|2021|192||230|
|Deficit contributions
paid||(46)||(46)|
|Interest cost (recognised
in SoFA)||1||3|
|Remaining
charge* (recognised
in SoFA)||147||5|
|Balance sheet liability at 31 December 2021||||192|
##
##
##
||OOOO|
|---|---|
|Cost|21,455|
|Depreciation|(6749)|
|Net book value||
|At July 2022|14,706|
|At July 2021|14,770|
##
##
|14|Fixed asset investments|Fixed asset investments|Fixed asset investments||2022|2021|
|---|---|---|---|---|---|---|
||||||000|000|
||Investments
(at market||value) are represented
by:||||
||Fixed interest securities||||1,720|1,851|
||Managed
funds||||1,173|2,490|
||Equity shares||||3,352|1,942|
||||||6,245|6,283|
||Cash deposits||||896|1,194|
||||||7,141|7,477|
||No individual
holding|is considered
material||in the context ofthe overall portfolio|||
||Investment
Comprise:||||||
||UK Fixed interest||||1,222|1,415|
||Overseas
Fixed Interest||||498|436|
||Equities
and Unit Trusts||||4,525|4,432|
||Short Term Deposits||||896|1,194|
||||||7,141|7,477|
||Opening
balance:||||||
||Cost at 1 August 2021||||5,445|5,614|
||Cumulative
unrealised||gain/(loss)
at 1 August|2021|838|235|
||Valuation
at 1 August|2021|||6,283|5,849|
||Movements
in the|year:|||||
||Purchases
at cost||||1,059|597|
||Sales at proceeds||||(718)|(932)|
||Net (loss)/gain
on revaluation||||(379)|769|
||Valuation
at 31July 2022||||6,245|6,283|
||Closing balance:||||||
||Cost at 31July 2022|||||5,826|
||Cumulative
unrealised||gain at 31July 2022|||419|
|||||||6,245|
|15|Stock||||2022|2021|
||||||000|000|
||Raw materials
and consumables||||40|14|
||Goods for resale||||4|4|
||||||44|18|
##
|16|Debtors||||2022|2021|
|---|---|---|---|---|---|---|
||||||6'000|f'000|
||Fees||||445|356|
||Less: provision for doubtful|||debts|(108)|(212)|
||||||337|144|
||Prepayments
and|accrued income|||277|222|
||Other debtors||||75|83|
||||||689|449|
||Provision for doubtful||debts||||
||At 1 August||||(212)|(180)|
||Further
provisions|||||(98)|
||Amounts
recovered||||104||
||Amounts
written|off||||66|
||At 31 July||||(108)|(212)|
|17|Creditors: amounts||falling due within one year||2022|2021|
||||||000|K'000|
||Deposits received|in advance|||237|383|
||Trade creditors||||295|237|
||Other creditors||||259|221|
||Other taxation
and social security||||113|103|
||Bank loan (see Note 23)||||469|333|
||Finance lease funding||(see Note 25)||9|9|
||Accruals and deferred||income||569|811|
||||||1,951|2,097|
##
|Creditors: amounts|falling due after more than one year|2022|2021|
|---|---|---|---|
|||000|K'000|
|Deposits received
in advance||234|213|
|Finance lease funding|(see Note 24)|2|8|
|Bank loan (see Note 23)||4,041|4,458|
|||4,277|4,679|
##
##
##
##
##
||The loa|n is repayable
as under:|||
|---|---|---|---|---|
||||2022|2021|
||||000|OOOO|
||Within|1 year|469|333|
||Within|1 - 2 years|938|666|
||Within|2 - 5 years|1,407|1,000|
||Over 5 years||1,696|2,792|
||||4,510|4,791|
|24|Finance lease||||
||||2022|2021|
||||6'000|f'000|
||Within|1 year|9|9|
||Within|1 - 2 years|2|8|
||Within|2 - 5 years|||
||Over 5 years||||
|||||17|
##
|The Kingham|The Kingham|The Kingham|Hill Trust|Hill Trust||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Notes to the|financial statements||||for the year ended|31July 2022 (continued)||||||||
|26 Reserves||||||Unrestricted|income funds||Restricted|income|funds|||
|||||||||Total|||Total|||
||||||Revaluation|Capital|General|Unrestricted|Oak Hill
Kingham||restricted|Total||
||||||reserve
6'000|reserve
f'000|reserve
f000|funds
f'000|College
f'000
Hill School
E'000||funds
f'000|funds
F000||
|At 1 August||2021|||16,895|11,715|10,710|39,320|345|171|516|39,836||
|Income|||||||13,131|13,131|195|38|233|13,364||
|Expenditure|||||||(12,532)|(12,532)||(65)|(65)|(12,597)||
|Investment||gains/(losses)|||||(379)|(379)|1||1|(378)||
|Transfers|(see below)|||||(597)|811|214|(215)||(215)||(1)|
|Depreciation||on revalued||assets||||||||||
|Net movement|||in funds|||(597)|1,031|434|(19)|(27)|(46)||388|
|At 31 July|2022||||16,895|11,118|11,741|39,754|326|144|470|40,224||
|||||||Unrestricted|income funds||Restricted|income|funds|||
|||||||||Total|||Total|||
||||||Revaluation|Capital|General|Unrestricted|Oak Hill
Kingham||restricted|Total||
||||||reserve|reserve|reserve|funds|College
Hill School||funds|funds||
||||||g'000|g'000|6'000|g'000|6'000|6'000|g'000|g'000||
|At 1 August||2020|||16,895|12,295|9,211|38,401|348|139|487|38,888||
|Income|||||||10,862|10,862|98|87|185|11,047||
|Expenditure|||||||(10,81 3)|(10,81 3)||(55)|(55)|(10,868)||
|Investment||gains/(losses)|||||769|769|||||769|
|Transfers|(see below)|||||(580)|681|101|(101)||(101)|||
|Depreciation||on revalued||assets||||||||||
|Net movement|||in funds|||(580)|1,499|919|(3)|32|29||948|
|At 31 July|2021||||16,895|11,715|10,710|39,320|345|171|516|39,836||
##