2021-08-31-accounts - Oswestry School

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				Page
Reference and administrative		details ofthe School, its Governors	and advisers	1-2
Chairman's statement
Governors' report				4-15
Independent auditors'	report	on the financial statements		16-19
Statement offinancial	activities			20
Balance sheet				21
Statement ofcash flows				22
Notes to the financial	statements			23-44

Governors
			Mr PTWilcox-Jones,	Chairman&
			Mr T Moore-Bridger,	Vice Chairman&
			Mr E Bowen
			Mr C Dillon (appointed	8 December 2020)i
			MrJ R Edwards (resigned			8 November 2020)i
			Mr DSEvans (appointed			23 March 2021)
			Mr D P Evisoni
			Reverand H L Gibbons
			Miss BYGull
			MrJ Hancock (resigned		4December 2020)
			Mr H Jones (resigned	1	December 2020)
			Mrs AJ Lee1
			Mr J D Lloyd (appointed		23March 2021)
			Mr C Schofield (resigned			6 May 2021)
			Mrs RWarner
			Mr J Wastling
			Mr BWeltii
			' Member ofthe Finance			and General Purpose Committee
Company	registered
number			03931222
Charity registered
number			1079822
Registered		office	Upper Brook Street
			Oswestry
			Shropshire
			SY112TL
Company	secretary		Mr P A Bowd
Independent		auditors	WR Partners
			Statutory Auditors
			Belmont House
			Shrewsbury Business	Park
			Shrewsbury
			Shropshire
			SY26LG
Bankers			NatWest Bank Pic
			17Church Street
			Oswestry
			Shropshire
			SY112SX

					Unrestricted	Restricted	Endowment	Total	Total
					funds	funds	funds	funds	funds
					2021	2021	2021	2021	2020
				Note	E	6	E	6
Income from:
Donations and		legacies			5,575	63,634		69,209	112,911
Charitable activities					5,379,614			5,379,614	5,863,861
Other trading	activities				182,079			182,079	78,306
Investments					3,413		1,206	4,619	2,591
Other income					329,507			329,507
Total income		and
endowments					5,900,188	63,634	1,206	5,965,028	6,057,669
Expenditure	on:
Raising funds				10	186,960			186,960	f70,277
Charitable activities				11	5,383,881	50,883		5,434,764	5,996,442
Total expenditure					5,570,841	50,883		5,621,724	6,166,719
Net
income/(expenditure)
before net
gains/(losses)		on
investments					329,347	12,751	1,206	343,304	(109,050)
Net gains/(losses)			on
investments					585		10,465	11,050	(191)
Net
income/(expenditure)					329,932	12,751	11,671	354,354	(109,241)
Transfers between
funds				21	(61,219)	61,219
Net movement		in
funds					268,713	73,970	11,671	354,354	(109,241)
Reconciliation		of
funds:
Total funds brought
forward					3,664,345	239,202	762,331	4,665,878	4,775,119
Net movement		in funds			268,713	73,970	11,671	354,354	(109,241)
Total funds carried
forward					3,933,058	313,172	774,002	5,020,232	4,665,878

		Note		2021f		2020
Fixed assets
Tangible assets		15		7,843,256		8,008,353
Investments		16		92,513		81,463
				7,935,769		8,089,818
Current assets
Stocks		17	56,338		63,813
Debtors		18	93,766		172,108
Cash at bank and	in hand		1,117,104		364,904
			1,267,208		600,825
Creditors: amounts	falling due within one
year		19	(2,553,417)		(2,300,910)
Net current liabilities				(1,286,209)		(1,700,085)
Total assets less	current liabilities			6,649,560		8,389,731
Creditors: amounts	falling due after more
than one year		20		(1,629,328)		(f,723,853)
Total net assets				5,020,232		4,665,878
Charity funds
Endowment funds		21		774,002		762,331
Restricted funds		21		313,172		239,202
Unrestricted funds		21		3,933,058		3,864,345
Total funds				5,020,232		4,665,878

							2021	2020
						Note	E
Cash flows from operating		activities
Net cash used in operating	activities					23	1,140,359	35,025
Cash flows from investing		activities
Purchase oftangible fixed assets							(87,071)	(104,263)
Net cash used in investing		activities					(87,071)	(104,263)
Cash flows from financing		activities
Cash inflowe from new borrowing							300,000
Repayments of borrowing							(64,203)	(109,187)
New finance leases								155,971
Repayments offinance leases							(72,262)	(70,115)
Net cash provided by/(used		in) financing		activities			163,535	(23,331)
Change in cash and cash	equivalents		in	the year			1,216,823	(92,568)
Cash and cash equivalents	at the beginning			ofthe year			(99,719)	(7,151)
Cash and cash equivalents		at the end	of	the year		24	1,117,104	(99,719)
The notes on pages 23 to 44		form part ofthese financial			statements

Freehold property	- 50years
Long-term fixtures and fittings	- 20years
Fixtures and fittings	- 10years
Motor vehicles	- 10years
Kitchen equipment	- 5years
Computer equipment	- 5years

					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					6
	School Fees				4,765,750	4,765,750	5,308,026
	Registration		Income		47,985	47,985	34,007
	Shop Income				92,569	92,569	75,843
	Other School		Income		161,726	161,726	124,431
	Covid Support Income				311,584	311,584	321,464
	Total 2021				5,379,614	5,379,614	5,863,861
	Total 2020				5,863,861	5,863,861
6.	Charitable	activities - school fees
						2021	2020
	Gross school		fees			7,081,611	8,078,878
	Scholarship,		bursaries	and remissions		(2,075,944)	(2,374,378)
	COVID-19	discount				(239,917)	(306,474)
	Total					4,765,750	5,308,026

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		5	6
Lettings/Hire	ofSchool	182,142	182,142	70,917
Recital Series Income		(63)	(63)	7,389
		182,079	182,079	78,306
Total 2020		78,306	78,306

		Unrestricted	Endowment	Total	Total
		funds	funds	funds	funds
		2021 5	2021 6	2021 6	2020f
Listed	Investments	19	1,206	1,225	1,220
Cash	Investments	3,394		3,394	1,371
		3,413	1,206	4,619	2,591
Total	2020	2,591		2,591

Unrestricted	Total	Total
funds	funds	funds
2021 E	2021 6	2020f
329,507	329,507

		Unrestricted	Total	Total
		funds	funds	funds
		2021 8	2021 8	2020f
Finance costs		76,093	76,093	87,38t
Fundraising	costs	110,867	110,867	82,916
		186,960	186,960	170,277
Total 2020		170,277	170,277

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021	2021	2021	2020
	8	8	8
Teaching	2,545,846	29,627	2,575,473	2,664,823
Welfare	618,604		618,804	512,762
Premises	1,187,433	21,256	1,208,689	1,744,075
Support costs and governance	1,031,998		1,031,998	1,074,782
	5,383,881	50,883	5,434,764	5,996,442
Total 2020	5,910,641	85,801	5,996,442

				Total	Total
	Staffcosts	Depreciation	Other costs	funds	funds
	2021	2021	2021	2021	2020
			8	6
Teaching	2,483,902		91,571	2,575,473	2,664,823
Welfare	101,008		517,596	618,604	512,762
Premises	466,685	252,168	489,836	1,208,689	1,744,075
Support costs and governance	414,833		617,165	1,031,998	1,074,782
	3,466,428	252,168	1,716,168	5,434,764	5,996,442
Total 2020	3,535,511	840,779	1,620,152	5,996,442

				2021	2020
Depreciation	oftangible	fixed assets —held under finance lease		54,949	85,179
Depreciation	oftangible	fixed assets —owned	by the charity	197,219	755,600
Auditors' remuneration		-audit and accounts	preparation	14,580	13,800
				266,748	854,579

2021 6	2020f
2,886,035	2,987,330
231,915	237,641
348,478	310,540
3466428	3535511

The average number of	persons employed by	the School d	uring the year w	as as follows:
				2021	2020
				No.	No.
Academic				81	77
Administrative				17	18
Estates				36	36
Welfare				4	8
				138	139
The average headcount	expressed as full-time	equivalents	was:
				2021	2020
				No.	No.
Academic				64	68
Support				15	16
Estates				26	26
Welfare				3	6
				108	116

2021	2020
No.	No.

	Freehold	Motor	Fixtures and
	property	vehicles	fittings	Total
	6	6	6	5
Cost or valuation
At 1 September 2020	8,558,274	245,814	3,429,799	12,233,887
Additions	69,694		17,377	87,071
At 31 August 2021	8,627,968	245,814	3,447,176	12,320,958
Depreciation
At 1 September 2020	1,619,571	140,973	2,464,990	4,225,534
Charge for the year	119,628	20,652	111,888	252,168
At 31 August 2021	1,739,199	161,625	2,576,878	4,477,702
Net book value
At 31 August 2021	6,888,769	84,189	870,298	7,843,256
At 31August 2020	6,938,703	104,841	964,809	8,008,353

The net book value of assets	The net book value of assets	contracts, included	above, are
as follows:
		2021	2020
		8
Motor Vehicles		31,282	56,711
Furniture,	fittings and equipment	174,192	220,474
		205,474	277,185

	Listed
	investments
	8
Cost or valuation
At 1 September 2020	81,463
Revaluations	11,050
At 31 August 2021	92,513
Net book value
At 31August 2021	92,513
At31August 2020	81,463

2021	2020f
56,338	63,813

		2021	2020
		K
Due within one year
Fee debtors		950	35,852
Other debtors		21,429	10,599
Prepayments	and accrued income	49,669	108,744
Trade debtors		21,718	15,903
		93,766	172,108

			2021f	2020f
Bank overdrafts				464,523
Bank loans			376,603	109,187
Deposits held			385,057	274,677
Trade creditors			124,515	83,809
Fees in advance			1,105,294	705,472
Composite fees			245,225	234,088
Other taxation and social secudty			62,104	52,191
Obligations under finance lease and hire purchase		contracts	57,134	66,490
Other creditors			160,641	213,423
Accruals and deferred	income		36,844	96,950
			2,553,417	2,300,910

				2021	2020
				5
Bank loans				1,517,547	1,549,166
Net obligations	under finance lease and	hire purchase	contracts	111,781	174,687
				1,529,328	1,723,853
Bank Loans
Included within	the above are amounts	falling due as	follows:
				2021	2020
				8
Between one and two years
Bank loans				82,825	91,059
Between two and five years
Bank loans				248,777	248,777
Over five years
Bank loans				1,185,844	f,209,330

					2021	2020
					E	5
Payable	or	repayable	by	instalments	1,483,040	1,081,797
					1,483,040	f,061,797

Obligations under finance leases and hire purchase co	ntracts, included above, are payable as	follows:
	2021	2020
	K
Between one and two years	47,262	66,490
Between two and five years	64,618	59,138
Over five years		115,549
	111,780	241,177

Statement	of	funds -	current year
			Balance at 1					Balance at
			September 2020 6	Income 6	Expenditure E	Transfers in/out E	Gains/ (Losses) E	31August 2021 5
Unrestricted		funds
Designated
funds
School
Development
Fund					330,000			330,000
Generalfunds
General Funds			1,016,233	5,900,188	(5,570,841)	(391,219)	585	954,946
Revaluation	reserve		2,648,112					2,648,112
			3,664,345	5,900,188	(5,570,841)	(391,219)	585	3,603,058
Total Unrestricted
funds			3,664,345	5,900,188	(5,570,841)	(61,219)	585	3,933,058
Endowment	funds
School Charity		Fund	33,477	37			4,431	37,945
Mrs Wynne Corrie
Memorial Fund			8,069					8,069
Exhibition &
Scholarship	Fund		38,992	1,169			6,034	46,195
Endowed Land			681,793					681,793
			762,331	1,206			10,465	774,002

Statement offunds	- prior year
	Be/ence et					Balance at
	1September 20'l9	income f	Expenditure	Transfers inrout	Gains (Losses)f	31August 2020f
Unrestricted funds
General Funds	1,069,226	5,944,758	(6,080,918)	83,951	(784)	1,016,233
Revaluation reserve	2,648,112					2,648,112
	3,717,338	5,944,758	(6,080,918)	83,951	(784)	3,664,345
Endowment funds
School Charity Fund	34,551				(1,074)	33,477
Mrs Wynne Corrie
Memorial Fund	8,033				36	8,059
Exhibition &
Scholarship Fund	37,361				1,631	38,992
Endowed Land	681,793					681,793
	761,738				593	762,331
Restricted funds
David Holbache
Appeal Fund	162,616	16,693	(11,086)			168,223
Refurbishment Fund	133,427	40,000	(21,256)	(83,951)		68,220
COVID- Hardship
Fund		51,454	(48,695)			2,759
Old Osweslrian
Society		4,764	(4,764)
	296,043	112,911	(85,801)	(83,951)		239,202
Total offunds	4,775,119	6,057,669	(6,166,719)		(191)	4,665,878

Analysis	ofnet assets between funds -	current year
		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2021	2021	2021	2021
			9	8	Z
Tangible	fixed assets	6,941,569	219,894	681,793	7,843,256
Fixed asset investments		1,510		91,003	92,513
Current	assets	1,172,724	93,278	1,206	1,267,208
Creditors	due within one year	(2,493,978)			(2,493,978)
Creditors	due in more than one year	(1,688,767)			(1,688,767)
Total		3,933,058	313,172	774,002	5,020,232

Analysis	ofnet assets between funds -	prior year
		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2020	2020	2020f	2020f
Tangible	fixed assets	7,085,410	241,150	681,793	8,008,353
Fixed asset investments		925		80,538	81,463
Current	assets	429,843	170,982		600,825
Creditors	due within one year	(2,127,980)	(172,930)		(2,300,910)
Creditors	due in more than one year	(1,723,853)			(1,723,853)
Total		3,664,345	239,202	762,331	4,665,878

23.	Reconciliation of	net movement	net movement	net movement	in	funds to	funds to	net	cash flow	from	operating	activities
												2021f	2020
	Net income/expenditure for			the	year		(as	per	Statement	of	Financial
	Activities)											354,354	(109,241)
	Adjustments for:
	Depreciation charges											252,168	840,779
	Gains/(losses) on investments											(11,050)	191
	Decrease in stocks											7,475	2,336
	Decrease in debtors											78,342	65,352
	Increase/(decrease)		in creditors									59,248	(353,429)
	Increase/(decrease)		in fees received			in advance						399,822	(410,962)
	Net cash provided	by operating			activities							1,140,359	35,026
24.	Analysis ofcash and cash equivalents
												2021 8	2020f
	Cash in hand											1,117,104	364,904
	Overdraft facility repayable on demand												(464,623)
	Total cash and cash		equivalents									1,1'l7,104	(99,719)

			At 1
			September		At 31
			2020	Cash flows	August 2021
			6	6
Cash at bank and in hand			364,904	752,200	1,117,104
Bank overdrafts	repayable	on demand	(464,623)	464,623
Debt due within	1 year		(814,659)	(667,238)	(1,481,897)
Debt due after 1 year			(1,549,166)	31,619	(1,517,547)
Finance leases			(241,177)	72,262	(168,915)
			(2,704,721)	653,466	(2,051,255)

cancellable	o	perating leases as follows:
			2021	2020
Not later than		1 year	49,818	50,598
Later than	1 year and not later than 5years		37,769	87,587
			87,587	138,185