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2022-08-31-accounts
|
Page |
| Reference and administrative details of the School, its Governors and advisers |
1 |
| Chairman's statement |
2-3 |
| Governors'report |
4-15 |
| Independent auditors' report on the financial statements |
16-19 |
| Statement of financial activities |
20 |
| Balance sheet |
21 |
| Statement of cash flows |
22 |
| Notes to the financial statements |
23 - 44 |
| Governors |
Mr P T Wilcox-Jones, Chairmani |
|
Mr T Moore-Bridger, Vice Chairmani |
|
Mr E Bowen |
|
Mrs H V Cox (appointed 7 December 2021) |
|
Mr C J Dillon! |
|
Mr D S Evans |
|
Mr D P Evisoni |
|
Reverand H L Gibbons |
|
Miss B Y Gull |
|
Mrs L M Guy Jenkins (appointed 7 December 2021) |
|
Mrs A J Leel |
|
Mr J D Lloyd |
|
Mrs R M Warner |
|
Mr J M Wastling |
|
Mr B Weltit |
|
1 Member of the Finance and General Purpose Committee |
| Company registered |
|
| number |
03931222 |
| Charity registered |
|
| number |
1079822 |
| Registered office |
Upper Brook Street |
|
Oswestry |
|
Shropshire |
|
SY11 2TL |
| Company secretary |
Mr P A Bowd |
| Independent auditors |
WR Partners |
|
Statutory Auditors |
|
Belmont House |
|
Shrewsbury Business Park |
|
Shrewsbury |
|
Shropshire |
|
SY2 6LG |
| Bankers |
NatWest Bank Plc |
|
17 Church Street |
|
Oswestry |
|
Shropshire |
|
SY11 2SX |
| Senior Leadership Team |
Mr P Middleton (Headteacher) (Appointed 1 January 2022) |
|
Mr P Bowd (Bursar) |
|
Mrs C Belk (Head of Bellan House) |
|
Mrs L Lang (Deputy Head) (Resigned 31 August 2022) |
|
|
Unrestricted |
Restricted |
Endowment |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
funds |
|
|
2022 |
2022 |
2022 |
2022 |
2021 |
|
Note |
£ |
£ |
£ |
£ |
£ |
| Income from: |
|
|
|
|
|
|
| Donations and legacies |
4 |
□ |
68,837 |
|
68,837 |
69,209 |
| Charitable activities |
5 |
6,448,441 |
- |
- |
6,448,441 |
5,379,614 |
| Other trading activities |
7 |
223,667 |
- |
- |
223,667 |
182,079 |
| Investments |
8 |
7,052 |
- |
1,245 |
8,297 |
4,619 |
| Other income |
9 |
- |
- |
- |
- |
329,507 |
| Total income and |
|
|
|
|
|
|
| endowments |
|
6,679,160 |
68,837 |
1,245 |
6,749,242 |
5,965,028 |
| Expenditure on: |
|
|
|
|
|
|
| Raising funds |
10 |
220,955 |
- |
■ |
220,955 |
186,960 |
| Charitable activities |
11 |
6,380,283 |
26,106 |
- |
6,406,389 |
5,434,764 |
| Total expenditure |
|
6,601,238 |
26,106 |
- |
6,627,344 |
5,621,724 |
| Net income before |
|
|
|
|
|
|
| net (losses)/gains on |
|
|
|
|
|
|
| investments |
|
77,922 |
42,731 |
1,245 |
121,898 |
343,304 |
| Net (losses)/gains on |
|
|
|
|
|
|
| investments |
|
(5) |
- |
(5,082) |
(5,087) |
11,050 |
| Net |
|
|
|
|
|
|
| income/(expenditure) |
|
77,917 |
42,731 |
(3,837) |
116,811 |
354,354 |
| Transfers between |
|
|
|
|
|
|
| funds |
21 |
50,000 |
(50,000) |
- |
- |
- |
| Net movement in |
|
|
|
|
|
|
| funds |
|
127,917 |
(7,269) |
(3,837) |
116,811 |
354,354 |
| Reconciliation of |
|
|
|
|
|
|
| funds: |
|
|
|
|
|
|
| Total funds brought |
|
|
|
|
|
|
| forward |
|
3,933,058 |
313,172 |
774,002 |
5,020,232 |
4,665,878 |
| Net movement in funds |
|
127,917 |
(7,269) |
(3,837) |
116,811 |
354,354 |
| Total funds carried |
|
|
|
|
|
|
| forward |
|
4,060,975 |
305,903 |
770,165 |
5,137,043 |
5,020,232 |
|
|
|
2022 |
|
2021 |
|
Note |
|
£ |
|
£ |
| Fixed assets |
|
|
|
|
|
| Tangible assets |
15 |
|
7,859,456 |
|
7,843,256 |
| Investments |
16 |
|
87,426 |
|
92,513 |
|
|
|
7,946,882 |
|
7,935,769 |
| Current assets |
|
|
|
|
|
| Stocks |
17 |
61,787 |
|
56,338 |
|
| Debtors |
18 |
133,079 |
|
93,766 |
|
| Cash at bank and in hand |
|
1,934,803 |
|
1,117,104 |
|
|
|
2,129,669 |
|
1,267,208 |
|
| Creditors: amounts falling due within one |
|
|
|
|
|
| year |
19 |
(3,060,224) |
|
(2,553,417) |
|
| Net current liabilities |
|
|
(930,555) |
|
(1,286,209) |
| Total assets less current liabilities |
|
|
7,016,327 |
|
6,649,560 |
| Creditors: amounts falling due after more |
|
|
|
|
|
| than one year |
20 |
|
(1,879,284) |
|
(1,629,328) |
| Total net assets |
|
|
5,137,043 |
|
5,020,232 |
| Charity funds |
|
|
|
|
|
| Endowment funds |
21 |
|
770,165 |
|
774,002 |
| Restricted funds |
21 |
|
305,903 |
|
313,172 |
| Unrestricted funds |
21 |
|
4,060,975 |
|
3,933,058 |
| Total funds |
|
|
5,137,043 |
|
5,020,232 |
|
|
2022 |
2021 |
|
Note |
£ |
£ |
| Cash flows from operating activities |
|
|
|
| Net cash used in operating activities |
23 |
1,295,765 |
1,140,359 |
| Cash flows from investing activities |
|
|
|
| Proceeds from the sale of tangible fixed assets |
|
13,753 |
- |
| Purchase of tangible fixed assets |
|
(300,992) |
(87,071) |
| Net cash used in investing activities |
|
(287,239) |
(87,071) |
| Cash flows from financing activities |
|
|
|
| Cash inflows from new borrowing |
|
- |
300,000 |
| Repayments of borrowing |
|
(168,432) |
(64,203) |
| Repayments of finance leases |
|
(22,395) |
(72,262) |
| Net cash (used in)/provided by financing activities |
|
(190,827) |
163,535 |
| Change in cash and cash equivalents in the year |
|
817,699 |
1,216,823 |
| Cash and cash equivalents at the beginning of the year |
|
1,117,104 |
(99,719) |
| Cash and cash equivalents at the end of the year |
24 |
1,934,803 |
1,117,104 |
| The notes on pages 23 to 44 form part of these financial statements |
|
|
|
|
Unrestricted |
Restricted |
Total |
Total |
|
funds |
funds |
funds |
funds |
|
2022 |
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
| Donations |
- |
68,837 |
68,837 |
69,209 |
| Total 2021 |
5,575 |
63,634 |
69,209 |
|
|
Unrestricted |
Total |
Total |
|
funds |
funds |
funds |
|
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
| School Fees |
6,031,344 |
6,031,344 |
4,765,750 |
| Registration Income |
57,418 |
57,418 |
47,985 |
| Shop Income |
105,072 |
105,072 |
92,569 |
| Other School Income |
254,607 |
254,607 |
161,726 |
| Covid Support Income |
- |
- |
311,584 |
| Total 2022 |
6,448,441 |
6,448,441 |
5,379,614 |
| Total 2021 |
5,379,614 |
5,379,614 |
|
|
2022 |
2021 |
|
£ |
£ |
| Gross school fees |
8,427,642 |
7,081,611 |
| Scholarship, bursaries and remissions |
(2,396,298) |
(2,075,944) |
| COVID-19 discount |
|
(239,917) |
| Total |
6,031,344 |
4,765,750 |
|
Unrestricted |
Total |
Total |
|
funds |
funds |
funds |
|
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
| Lettings/Hire of School |
223,667 |
223,667 |
182,142 |
| Recital Series Income |
- |
- |
(63) |
|
223,667 |
223,667 |
182,079 |
| Total 2021 |
182,079 |
182,079 |
|
|
Unrestricted |
Endowment |
Total |
Total |
|
funds |
funds |
funds |
funds |
|
2022 |
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
| Listed Investments |
69 |
1,245 |
1,314 |
1,225 |
| Cash Investments |
6,983 |
- |
6,983 |
3,394 |
|
7,052 |
1,245 |
8,297 |
4,619 |
| Total 2021 |
3,413 |
1,206 |
4,619 |
|
|
|
Unrestricted |
Total |
Total |
|
|
funds |
funds |
funds |
|
|
2022 |
2022 |
2021 |
|
|
£ |
£ |
£ |
| Land |
Disposal Proceeds |
- |
- |
329,507 |
| _Total _ |
2021 |
329,507 |
329,507 |
|
|
Unrestricted |
Total |
Total |
|
funds |
funds |
funds |
|
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
| Finance costs |
68,606 |
68,606 |
76,093 |
| Fundraising costs |
152,349 |
152,349 |
110,867 |
|
220,955 |
220,955 |
186,960 |
| Total 2021 |
186,960 |
186,960 |
|
|
Unrestricted |
Restricted |
|
|
|
funds |
funds |
Total |
Total |
|
2022 |
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
| Teaching |
2,895,082 |
4,850 |
2,899,932 |
2,575,473 |
| Welfare |
813,599 |
- |
813,599 |
618,604 |
| Premises |
1,478,369 |
21,256 |
1,499,625 |
1,208,689 |
| Support costs and governance |
1,193,233 |
- |
1,193,233 |
1,031,998 |
|
6,380,283 |
26,106 |
6,406,389 |
5,434,764 |
| Total 2021 |
5,383,881 |
50,883 |
5,434,764 |
|
|
**Staff costs ** |
Depreciation |
Other costs |
Total |
Total |
|
2022 |
2022 |
2022 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
£ |
| Teaching |
2,758,801 |
- |
141,131 |
2,899,932 |
2,575,473 |
| Welfare |
127,940 |
- |
685,659 |
813,599 |
618,604 |
| Premises |
527,901 |
281,875 |
689,849 |
1,499,625 |
1,208,689 |
| Support costs and governance |
461,485 |
- |
731,748 |
1,193,233 |
1,031,998 |
|
3,876,127 |
281,875 |
2,248,387 |
6,406,389 |
5,434,764 |
| Total 2021 |
3,466,428 |
252,168 |
1,716,168 |
5,434,764 |
|
|
2022 |
2021 |
|
£ |
£ |
| Depreciation of tangible fixed assets - held under finance lease |
42,351 |
54,949 |
| Depreciation of tangible fixed assets - owned by the charity |
239,526 |
197,219 |
| Auditors' remuneration - audit and accounts preparation |
13,175 |
14,580 |
|
295,052 |
266,748 |
|
2022 |
2021 |
|
£ |
£ |
| Wages and salaries |
3,235,048 |
2,886,035 |
| Social security costs |
285,540 |
231,915 |
| Other pension costs |
355,539 |
348,478 |
|
3,876,127 |
3,466,428 |
|
2022 |
2021 |
|
No. |
No. |
| Academic |
81 |
81 |
| Administrative |
16 |
17 |
| Estates |
36 |
36 |
| Welfare |
6 |
4 |
|
139 |
138 |
|
2022 |
2021 |
|
No. |
No. |
| Academic |
64 |
64 |
| Support |
15 |
15 |
| Estates |
26 |
26 |
| Welfare |
4 |
3 |
|
109 |
108 |
|
2022 |
2021 |
|
No. |
No. |
| In the band £60,001 - £70,000 |
2 |
|
| In the band £100,001 -£110,000 |
- |
1 |
|
Freehold |
Motor |
Fixtures and |
|
|
property |
vehicles |
fittings |
Total |
|
£ |
£ |
£ |
£ |
| Cost or valuation |
|
|
|
|
| At 1 September 2021 |
8,627,968 |
245,814 |
3,447,176 |
12,320,958 |
| Additions |
53,506 |
54,950 |
192,536 |
300,992 |
| Disposals |
- |
(14,574) |
(18,844) |
(33,418) |
| At 31 August 2022 |
8,681,474 |
286,190 |
3,620,868 |
12,588,532 |
| Depreciation |
|
|
|
|
| At 1 September 2021 |
1,739,199 |
161,625 |
2,576,878 |
4,477,702 |
| Charge for the year |
122,493 |
24,513 |
134,871 |
281,877 |
| On disposals |
- |
(11,659) |
(18,844) |
(30,503) |
| At 31 August 2022 |
1,861,692 |
174,479 |
2,692,905 |
4,729,076 |
| Net book value |
|
|
|
|
| At 31 August 2022 |
6,819,782 |
111,711 |
927,963 |
7,859,456 |
| At 31 August 2021 |
6,888,769 |
84,189 |
870,298 |
7,843,256 |
|
2022 |
2021 |
|
£ |
£ |
| Motor vehicles |
49,454 |
31,282 |
| Fixtures and fittings |
80,778 |
174,192 |
|
130,232 |
205,474 |
|
Listed |
|
investments |
|
£ |
| Cost or valuation |
|
| At 1 September 2021 |
92,513 |
| Revaluations |
(5,087) |
| At 31 August 2022 |
87,426 |
| Net book value |
|
| At 31 August 2022 |
87,426 |
| At 31 August 2021 |
92,513 |
|
2022 |
2021 |
|
£ |
£ |
| School shop items |
61,787 |
56,338 |
| 18. Debtors |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Due within one year |
|
|
| Fee debtors |
13,726 |
950 |
| Other debtors |
37,616 |
21,429 |
| Prepayments and accrued income |
65,330 |
49,669 |
| Trade debtors |
16,407 |
21,718 |
|
133,079 |
93,766 |
| 19. Creditors: Amounts falling due within one year |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Bank loans |
142,926 |
376,603 |
| Deposits held |
424,409 |
385,057 |
| Trade creditors |
261,340 |
124,515 |
| Fees in advance |
1,796,548 |
1,105,294 |
| Composite fees |
125,821 |
245,225 |
| Other taxation and social security |
68,023 |
62,104 |
| Obligations under finance lease and hire purchase contracts |
52,014 |
57,134 |
| Other creditors |
110,630 |
160,641 |
| Accruals and deferred income |
78,513 |
36,844 |
|
3,060,224 |
2,553,417 |
|
2022 |
2021 |
|
£ |
£ |
| Bank loans |
1,582,792 |
1,517,547 |
| Net obligations under finance lease and hire purchase contracts |
94,506 |
111,781 |
| Amounts owed to other participating interests |
201,986 |
- |
|
1,879,284 |
1,629,328 |
|
2022 |
2021 |
|
£ |
£ |
| Between one and two years |
|
|
| Bank loans |
142,926 |
82,926 |
| Amounts owed to other participating interests |
110,936 |
- |
| Between two and five years |
|
|
| Bank loans |
393,777 |
248,777 |
| Amounts owed to other participating interests |
91,050 |
- |
| Over five years |
|
|
| Bank loans |
1,046,089 |
1,185,844 |
|
2022 |
2021 |
|
£ |
£ |
| Payable or repayable by instalments |
1,046,089 |
1,185,844 |
|
1,046,089 |
1,185,844 |
|
2022 |
2021 |
|
£ |
£ |
| Between one and two years |
40,382 |
47,262 |
| Between two and five years |
54,125 |
64,518 |
| Over five years |
- |
- |
|
94,507 |
111,780 |
|
Balance at 1 |
|
|
|
|
Balance at |
|
September |
|
|
Transfers |
Gains/ |
31 August |
|
2021 |
Income |
Expenditure |
in/out |
(Losses) |
2022 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
|
|
| Designated |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| School |
|
|
|
|
|
|
| Development |
|
|
|
|
|
|
| Fund |
330,000 |
|
|
|
|
330,000 |
| General funds |
|
|
|
|
|
|
| General Funds |
954,946 |
6,679,160 |
(6,601,238) |
50,000 |
(5) |
1,082,863 |
| Revaluation reserve |
2,648,112 |
- |
- |
- |
- |
2,648,112 |
|
3,603,058 |
6,679,160 |
(6,601,238) |
50,000 |
(5) |
3,730,975 |
| Total Unrestricted |
|
|
|
|
|
|
| funds |
3,933,058 |
6,679,160 |
(6,601,238) |
50,000 |
(5) |
4,060,975 |
| Endowment funds |
|
|
|
|
|
|
| Endowment Funds - all |
|
|
|
|
|
|
| funds |
- |
1,245 |
- |
□ |
- |
1,245 |
| School Charity Fund |
37,945 |
- |
- |
- |
(3,040) |
34,905 |
| Mrs Wynne Corrie |
|
|
|
|
|
|
| Memorial Fund |
8,069 |
|
|
- |
27 |
8,096 |
| Exhibition & |
|
|
|
|
|
|
| Scholarship Fund |
46,195 |
- |
- |
- |
(2,069) |
44,126 |
| Endowed Land |
681,793 |
- |
- |
- |
- |
681,793 |
|
774,002 |
1,245 |
- |
- |
(5,082) |
770,165 |
|
Balance at |
|
|
|
|
Balance at |
|
1 September |
|
|
Transfers |
Gains/ |
31 August |
|
2020 |
Income |
Expenditure |
in/out |
(Losses) |
2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
|
|
| Designated funds |
|
|
|
|
|
|
| School |
|
|
|
|
|
|
| Development Fund |
- |
- |
- |
330,000 |
- |
330,000 |
| General funds |
|
|
|
|
|
|
| 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 |
| David Holbache |
|
|
|
|
|
|
| Appeal Fund |
168,223 |
11,427 |
|
592 |
|
180,242 |
| Refurbishment Fund |
68,220 |
40,000 |
(21,256) |
45,966 |
- |
132,930 |
| COVID- Hardship |
|
|
|
|
|
|
| Fund |
2,759 |
9,007 |
(26,427) |
14,661 |
|
- |
| Old Oswestrian |
|
|
|
|
|
|
| Society |
- |
3,200 |
(3,200) |
- |
- |
- |
|
239,202 |
63,634 |
(50,883) |
61,219 |
- |
313,172 |
| Total of funds |
4,665,878 |
5,965,028 |
(5,621,724) |
- |
11,050 |
5,020,232 |
|
Unrestricted |
Restricted |
Endowment |
Total |
|
funds |
funds |
funds |
funds |
|
2022 |
2022 |
2022 |
2022 |
|
£ |
£ |
£ |
£ |
| Tangible fixed assets |
6,852,954 |
324,709 |
681,793 |
7,859,456 |
| Fixed asset investments |
1,504 |
- |
85,922 |
87,426 |
| Current assets |
2,127,219 |
- |
2,450 |
2,129,669 |
| Creditors due within one year |
(3,041,418) |
(18,806) |
- |
(3,060,224) |
| Creditors due in more than one year |
(1,879,284) |
- |
- |
(1,879,284) |
| Total |
4,060,975 |
305,903 |
770,165 |
5,137,043 |
|
Unrestricted |
Restricted |
Endowment |
Total |
|
funds |
funds |
funds |
funds |
|
2021 |
2021 |
2021 |
2021 |
|
£ |
£ |
£ |
£ |
| 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 |
(2,553,417) |
- |
- |
(2,553,417) |
| Creditors due in more than one year |
(1,629,328) |
- |
- |
(1,629,328) |
| Total |
3,933,058 |
313,172 |
774,002 |
5,020,232 |
|
2022 |
2021 |
|
£ |
£ |
| Net income for the year (as per Statement of Financial Activities) |
116,811 |
354,354 |
| Adjustments for: |
|
|
| Depreciation charges |
281,877 |
252,168 |
| (Gains)/losses on investments |
5,087 |
(11,050) |
| (Profit)/loss on the sale of fixed assets |
(10,838) |
- |
| Decrease/(increase) in stocks |
(5,449) |
7,475 |
| Decrease/(increase) in debtors |
(39,313) |
78,342 |
| Increase in creditors |
256,336 |
59,248 |
| Increase/(decrease) in fees received in advance |
691,254 |
399,822 |
| Net cash provided by operating activities |
1,295,765 |
1,140,359 |
|
2022 |
2021 |
|
£ |
£ |
| Cash in hand |
1,934,803 |
1,117,104 |
| Total cash and cash equivalents |
1,934,803 |
1,117,104 |
|
At 1 |
|
|
|
September |
|
At 31 |
|
2021 |
Cash flows |
August 2022 |
|
£ |
£ |
£ |
| Cash at bank and in hand |
1,117,104 |
817,699 |
1,934,803 |
| Debt due within 1 year |
(1,481,897) |
(457,577) |
(1,939,474) |
| Debt due after 1 year |
(1,517,547) |
(65,245) |
(1,582,792) |
| Finance leases |
(168,915) |
22,395 |
(146,520) |
|
(2,051,255) |
317,272 |
(1,733,983) |
|
2022 |
2021 |
|
£ |
£ |
| Not later than 1 year |
17,902 |
49,818 |
| Later than 1 year and not later than 5 years |
27,211 |
37,769 |
|
45,113 |
87,587 |