2022-08-31-accounts

	Page
Trustees,officersandadvisers
ReportoftheTrustees	4-17
IndependentAuditor'sReport	18-21
Consolidatedstatementoffinancialactivities	22
Balancesheets	23
Consolidatedcashflowstatement	24
Notestothefinancialstatements	25 —50

THEDEANCLOSE	FOUNDATION	FOUNDATION	FOUNDATION
CONSOLIDATEDSTATEMENTOFFINANCIALACTIVITIES						FORTHE	YEARENDED
31AUGUST2022(incorporatinga consolidated					IncomeandExpenditure		account)
			Unrestricted		Restricted	Endowed
			funds		funds	funds	Total	Total
	Notes		2022		2022	2022	2022	2021
			£		£	£	£	£
Incomefrom:
Charitableactivities
Schoolfeesreceivable Ancillarytradingincome	& NM		22,532,816 289,940		- -	- -	22,532,816 289,940	20,067,790 261,817
Governmentgrantincome				-	-	-	-	231,398
Othertradingactivities
Non-ancillarytradingincome		3	4,946,671		-	-	4,946,671	4,037,285
investments Investmentincome	41(c)		68,704		35,825	-	104,529	99,495
Bankandotherinterest			13,355		-	-	13,355	18,699
Voluntarysources
Grantsanddonations			49		198,385	-	198,434	578,950
Totalincomingresources			27,851,535		234,210	-	28,085,745	25,295,434
Expenditureon:
Raisingfunds
Non-ancillarytrading	3		4,039,683		-	-	4,039,683	3,274,058
Financingcosts			356,330		-	-	356,330	284,242
Investmentmanagement			22,690		723		23,413	22,004
Fundraisinganddevelopment			117,952		-	-	117,952	76,073
Totaldeductiblecosts	7		4,536,655		723	-	4,537,378	3,656,377
Charitableactivities
Educationandgrantmaking			23,588,453		102,055	-	23,690,508	21,427,899
Totalexpenditure	7		28,125,108		102,778	-	28,227,886	25,084,276
Net(outgoing)/incomingfunds	from		(273,573)		131,432	-	(142,141)	211,158
operationsbeforetransfersand
investmentgains
(Losses)/gainsoninvestments			(330,460)		(10,525)	-	(340,985)	477,101
Transfersbetweenfunds			522,786		(503,135)	(19,651)	-	-
Netmovementinfunds			(81,247)		(382,228)	(19,651)	(483,126)	688,259
Fundbalancesat1 September2021			16,753,380		759,346	530,587	18,043,313	17,355,054
Fundbalancesat31August
2022	18		16,672,133		377,118	510,936	17,560,187	18,043,313
Thenotesonpages25to50form	part	ofthesefinancial		statements.
					99

			Group	Group	Foundation	Foundation	Foundation
		Notes	2022	2021	2022	2021
			£	£	£		£
Fixedassets
Intangible			554,441	665,329		:	-
Negativegoodwill Tangible		10	(60,809) 31,863,321	(76,670) 31,969,783	(60,809) 31,621,877	(76,670) =31,755,723
Investments		11	3,088,732	3,381,739	4,719,121	5,123,016
			35,445,685	35,940,181	36,280,189	36,802,069
Currentassets
Stocks			137,121	120,031	14,239	12,814
Debtors		12	1,657,162	1,606,685	1,486,017	1,448,419
Cashatbankandinhand			84,724	74,293	28,659	45,088
			1,879,007	1,801,009	1,528,915	1,506,321
Currentliabilities
Creditorspayablewithinoneyear		13	(9,493,118)	(9,634,753)	(10,046,065)	(10,209,902)
Netcurrentliabilities			(7,614,111)	(7,833,744)	(8,517,150)	(8,703,581)
Totalassetslesscurrent	liabilities		27,831,574	28,106,437	27,763,039	28,098,488
Longtermliabilities
Creditorspayableafteroneyear		14 (10,271,387)		(10,063,124)	(10,210,802)	(10,063,124)
Netassets			17,560,187	18,043,313	17,552,237	18,035,364
Financedby:
Endowedfunds		18a	510,936	530,587	510,936	530,587
Restrictedfunds		18b	377,118	759,346	377,118	759,346
Unrestrictedfunds		18c	16,672,133	16,753,380	16,664,183	16,745,431
Totalfunds		18	17,560,187	18,043,313	17,552,237	18,035,364
Thenetresultforthefinancialyear		dealtwithinthefinancialstatementsoftheparentcharity				wasa deficitof
£483,126(2021:surplus	£688,259).Thefinancialstatementswereapproved				andauthorised	forissuebythe
BoardofTheDeanClose	Foundationon3 December2022and			signedonits	behalfby:
—Cd	-	KathrynCarden hairman
	-	MatthewSmith
		Treasurer
Thenotesonpages25to	50form	partofthesefinancialstatements.
			DR

THE	DEANCLOSEFOUNDATION	DEANCLOSEFOUNDATION
NOTES	TOTHEFINANCIALSTATEMENTSFORTHE			YEAR	ENDED31	AUGUST	2022
(CONTINUED)
4	Charitableactivities- ancillarytrading		income
						2022	2021
						£
	Registrationfees					29,837	36,355
	Holidaycourses					918	130,650
	Pupilsinsurancediscounts					1,051	12,529
	Sundryreceipts					136,743	68,483
	Schooltripsandactivities					121,391	13,800
						289,940	261,817
	Netincoming/(outgoing)	resources
	Thisisstatedaftercharging/(crediting):
		Group	Foundation		Group		Foundation
		2022		2022	2021		2021
		£		£			£
	Depreciationoftangible
	fixedassets
	-Owned	1,429,402	1,375,139		1,221,737		1,175,416
	-Heldunderhire	25,976	14,429
	purchase
	Amortisationofgoodwill	110,888			110,888
	Amortisationofnegative	(15,861)	(15,861)		(2,643)		(2,643)
	goodwill
	Auditor’sremuneration:
	-Feespayableforthe
	auditofthefinancial	30,000	24,000		26,550		21,350
	statements
	-Taxandotheradvisory	2,500			2,000
	services
	Operatingleases:
	-LandandProperty	406,949	406,949		320,919		320,919
	Interestpayable
	-Underhirepurchase	9,228		4,582
	-Other	300,338	300,338		254,683		254,683
	(Profit)/lossondisposal	(81,867)	(81,867)		3,160		3,160
	oftangiblefixedassets

			Other		Total	Total
		Staffcosts	costs	Depreciation	2022	2021
		£	£	£	£	£
	Costsofgeneratingfunds
	Tradingcosts	2,831,618	1,142,254	65,811	4,039,683	3,274,058
	Financingcosts	-	356,330	-	356,330	284,242
	Investmentmanagement
	fees	-	23,413	-	23,413	22,004
	Developmentcosts	74,414	43,538	-	117,952	76,073
	Totalcostsofgenerating	2,906,032	1,565,535	65,811	4,537,378	3,656,377
	funds
	Charitableactivities
	Educationandgrantmaking
	Teaching	11,180,808	762,544	-	11,943,352	11,169,136
	Welfare	756,664	1,832,477	-	2,589,141	2,342,690
	Premises	482,696	2,394,948	777,535	3,655,179	2,914,216
	Supportcostsand
	governance	2,557,857	2,238,830	612,032	5,408,719	4,869,058
	Grants,awardsandprizes	-	94,117	-	94,117	132,799
	Totalcharitable	14,978,025	7,322,916	1,389,567	23,690,508	21,427,899
	expenditure
	Totalexpended	17,884,057	8,888,451	1,455,378	28,227,886	25,084,276
7	(b)Governanceincludedin	supportcosts
					2022	2021
					£	£
	Remunerationpaidtoauditor				30,000	26,550
	Reimbursementofpersonal	expensestoTrustees			3,967	735
	Othergovernancecosts				5,332	5,018
					39,299	32,203
	OftheTrustees6 (2021:2)	receiveda total	of£3,967(2021:£735)in		respectofrepaymentoftravel
	andaccommodationcostsandattendanceat		trainingandconferences.

	Freehold	Assets		Fixtures
	landand	under		and	Plantand
	property	construction		fittings	equipment	Total
	£		£	£		£
Cost
At1 September2021	37,369,001	1,248,046		3,109,087	4,736,690	46,462,824
Additions Transfers Disposals	592,232 1,248,046 (167,724)	- (1,248,046) -		511,704 - (196,250)	381,259 - (314,161)	1,485,195 - (678,135)
At31August2022	39,041,555		-	3,424,541	4,803,788	47,269,884
Depreciation At1 September2021 Chargefortheyear Disposals	9,620,999 776,363 (33,305)		- - -	2,022,552 380,084 (196,250)	2,849,490 298,931 (312,301)	14,493,041 1,455,378 (541,856)
At31August2022	10,364,057		-	2,206,386	2,836,120	15,406,563
Netbookvalue
At31August2022	28,677,498		-	=1,218,155	1,967,668	31,863,321
At31August2021	27,748,002	1,248,046		1,086,535	1,887,200	31,969,783
Thenetbookvalueofassets	heldunderfinance	leasesorhire	purchasecontracts		includedabove	withinPlant
andEquipmentis£228,973(2021:ENil).
Tangiblefixedassets- TheDeanCloseFoundation
	Freehold	Assetsunder		Fixtures
	landand	construction		and	Plantand
	property	£		fittings	equipment	Total
	£			£	£	£
Cost
At1 September2021	37,369,001	1,248,046		2,888,452	4,526,648	46,032,147
Additions	592,232	-		438,202	361,567	1,392,001
Transfers	1,248,046	(1,248,046)		-	-	-
Disposals	(167,724)	-		(196,250)	(314,161)	(678,135)
At31August2022	39,041,555	-		3,130,404	4,574,054	46,746,013
Depreciation
At1 September2021	9,621,000	-		1,904,210	2,751,214	14,276,424
Chargefortheyear	776,363	-		330,698	282,507	1,389,568
Disposals	(33,305)	-		(196,250)	(312,301)	(541,856)
At31August2022	10,364,058	-		2,038,658	2,721,420	15,124,136
Netbookvalue
At31August2022	28,677,497	-		1,091,746	1,852,634	31,621,877
At31August2021	27,748,001	1,248,046		984,242	1,775,434	31,755,723
Thenetbookvalueofassetsheldunderfinance		leasesorhire		purchasecontracts	includedabove	withinPlant
andEquipmentis£125,054(2021:ENil).

11(a)	Investments
									Group	Group
									2022	2021
									£	£
	At1 September2021 Realised(losses)/gains Unrealised(losses)/gains Managementfees Dividendsreinvested								3,381,739 (44,409) (296,576) (23,412) 71,390	2,862,746 61,963 415,138 (22,004) 63,896
	At31August2022								3,088,732	3,381,739
	Detailsoftheadditionsanddisposalsduring			theyear			areshownin	theCashFlowStatement.
	Thesebalancescanbefurtheranalysedasfollows:
				Group		_‘Foundation			Group	Foundation
					2022		2022		2021	2021
					£		£		£	g
	(a) Investmentinsubsidiaries					-	1,630,389		-	1,741,277
	(b) OtherInvestments		2,785,097				2,785,097		3,290,224	3,290,224
	atmarketvalue:
	(c) Investmentsheldincash		303,635				303,635		91,515	91,515
			3,088,732				4,719,121		3,381,739	5,123,016
11(b)	Investments— Group
	Investments held onnon-UK	stock	markets		totalled		£615,144	(2021:	£704,536).	Within the
	investmentportfolio,therearenospecificinvestments						whichrepresentmorethan5%			oftheoverall
	investmentportfolio(2021:515	unitsofEdgewoodL SelectFund(USSelectGrowth)								witha market
	valueof£188,046).
	Themarketvaluesofquotedinvestmentsheld				at	31	August2022	are	basedupon	stockmarket
	quotedpricesattheyearenddate.
11(c)	Investmentincome
									2022	2021
									£
	Dividendsfrommanagedfunds								70,385	65,808
	Interestongovernmentstocks								97	187
	Interestoncashdeposits								547
	Rentalincomeonproperty								33,500	33,500
									104,529	99,495

THE	DEANCLOSEFOUNDATION
NOTESTOTHEFINANCIALSTATEMENTS (CONTINUED)		FORTHEYEARENDED		31AUGUST2022
12	Debtors
		Group	Foundation	Group	Foundation
		2022	2022	2021	2021
		£	£	£	g
	Feesandextras(lessprovisionfor
	baddebts)	996,549	969,921	1,035,390	1,000,651
	Otherdebtors	182,644	92,362	143,588	71,868
	Prepaymentsandaccruedincome	477,969	423,734	427,707	375,900
		1,657,162	1,486,017	1,606,685	1,448,419
	Feesandextrasarestatedafterimpairment	provisionstotalling£487,140(2021:£415,411).
13	Creditors:amountsfallingduewithin	oneyear
		Group	Foundation	Group	Foundation
		2022	2022	2021	2021
		£	£	£	£
	Bankloans(seenote14)	431,511	431,511	385,000	385,000
	Otherloan(seenote14)	71,376	71,376	71,376	71,376
	Bankoverdraft	220,262	220,262	19,801	19,801
	Feesreceivedinadvance	3,042,358	3,042,358	2,139,233	2,139,233
	Tradecreditors	873,191	765,012	813,235	738,298
	Amountsowedtosubsidiaries	-	850,736	-	882,212
	Taxationandsocialsecurity	1,321,800	1,321,800	2,200,319	2,200,319
	Othercreditors	291,500	259,450	300,983	280,200
	Accrualsanddeferredincome	701,120	560,808	879,409	668,066
	Obligationsunderfinanceleaseand	37,933	20,685	-	-
	hirepurchasecontracts(seenote16)
	Depositsheld	1,676,441	1,676,441	2,235,923	2,235,923
		8,667,492	9,220,439	9,045,279	9,620,428
	Compositionfees(seenote15)	825,626	825,626	589,474	589,474
		9,493,118	10,046,065	9,634,753	10,209,902

			Group	Foundation	Group	Group	Foundation
			2022	2022	2021		2021
			£	£		£	£
	Financialassetsmeasured	atfair	3,088,732	3,088,732	3,381,739		3,381,739
	value
	Financialassetsheldatfairvalueincludeassetsheldasinvestments.
18	Netassetsofthefunds	oftheGroup	andTheDeanCloseFoundation
	Thenetassetsheldasat31August2022forthevariousfundsareasfollows:
		Goodwill	Fixedassets	Netcurrent
		on	and	(liabilities)/	|Long	term
	consolidation		Investments	assets	liabilities		Total
		£	£	£		£	£
	Endowedfunds	-	510,936		-	-	510,936
	Restrictedfunds	-	377,118		-	-	377,118
	Generalfunds	-	35,392,135	(8,517,150)	(10,210,802)		16,664,183
	Foundation	-	36,280,189	(8,517,150)	(10,210,802)		17,552,237
	Subsidiaryandother	(945,947)	241,443	903,039	(60,585)		137,950
	funds
	Consolidation	1,500,388	(1,630,388)		-	-	(130,000)
	adjustments
	Group	554,441	34,891,244	(7,614,111)	(10,271,387)		17,560,187

THE	DEANCLOSEFOUNDATION	DEANCLOSEFOUNDATION
NOTES	TOTHEFINANCIAL	STATEMENTSFORTHEYEARENDED						31AUGUST2022
(CONTINUED)
18	Netassetsofthefunds	oftheGroup	and	theDeanCloseFoundation(continued)
		Goodwill	Fixed	assets	Netcurrent
		on		and	assets/		Longterm
	Comparative2021 consolidation		Investments		(liabilities)			liabilities		Total
		£		£	£			£		£
	Endowedfunds	-		530,587	-				-	530,587
	Restrictedfunds	-		759,346	-				-	759,346
	Generalfunds	-	35,512,136		(8,703,581)		(10,063,124)			16,745,431
	Foundation	-	36,802,069		(8,703,581)		(10,063,124)			18,035,364
	Subsidiaryand	(945,947)	214,059		869,837			-		137,949
	otherfunds
	Consolidation	1,611,276	(1,741,276)		-				-	(130,000)
	adjustments
	Group	665,329	35,274,852		(7,833,744)		(10,063,124)			18,043,313
18(a)	Endowedfunds:Movementsintheyear			(Group	andFoundation)
										Balance
		Balanceat								at31
		1September		Incoming	Amounts					August
		2021	endowments		expended			Transfers		2022
		£		£		£			£	£
	Permanentendowments:
	ArtsCouncilGrant	530,587			-	-		(19,651)		510,936
	ThegrantreceivedfromtheArtsCouncil		inrespectof		theconstruction		in	1997of	the	newMusic
	Schoolamountedto£982,561.Thisisbeingamortisedovertheuseful					lifeof		theMusic		School,with
	theamortisationchargeof£19,651forthe		year	beingtransferredtounrestrictedfunds.
	Thegrantisanendowment	fundbyvirtue	ofits	purpose	beingtoprovide		Artsinthe		communityby
	buildingtheMusicSchoolandissubjectto		certainconditionsbeingmet.
										Balance
	Comparative2021	Balanceat								at31
		1September		Incoming	Amounts					August
		2020	endowments		expended			Transfers		2021
		g		£		£			£	£
	Permanentendowments:
	ArtsCouncilGrant	550,238			-	-		(19,651)		530,587
			45

THEDEANCLOSEFOUNDATION	THEDEANCLOSEFOUNDATION	THEDEANCLOSEFOUNDATION	THEDEANCLOSEFOUNDATION
NOTESTOTHEFINANCIAL	STATEMENTSFOR			THEYEAR	ENDED	31AUGUST2022
(CONTINUED)
24 ConsolidatedStatement		ofFinancialActivities- Comparativefiguresbyfund
			Unrestricted	Restricted	Endowed
			funds	funds	funds	Total
	Notes		2021	2021	2021	2021
			£	£	£	£
Incomefrom:
Charitableactivities
Schoolfeesreceivable		2	20,067,790	-	-	20,067,790
Ancillarytradingincome		4	261,817	-	-	261,817
Governmentgrantincome			231,398	-	-	231,398
Othertradingactivities
Non-ancillarytradingincome		3	4,037,285	-	-	4,037,285
Investments
Investmentincome	11(c)		63,878	35,617	-	99,495
Bankandotherinterest			18,699	-	-	18,699
Voluntarysources
Grantsanddonations			3,005	575,945	-	578,950
Totalincomingresources			24,683,872	611,562	-	25,295,434
Expenditureon:
Raisingfunds
Non-ancillarytrading		3	3,274,058	-	-	3,274,058
Financingcosts			284,242	-	-	284,242
Investmentmanagement			21,325	679	-	22,004
Fundraisinganddevelopment			76,073	-	-	76,073
Totaldeductiblecosts		7	3,655,698	679	-	3,656,377
Charitableactivities
Educationandgrantmaking			21,289,782	138,117	-	21,427,899
Totalexpenditure		7	24,945,480	138,796	-	25,084,276
Netoutgoingfundsfromoperations			(261,608)	472,766	-	211,158
beforetransfersandinvestment	gains
Gainsoninvestments			462,374	14,727	-	477,101
Transfersbetweenfunds			19,651	-	(19,651)	-
Netmovementinfunds			220,417	487,493	(19,651)	688,259
Fundbalancesat 1September
2020			16,532,963	271,853	550,238	17,355,054
Fundbalancesat31August
2021	18		16,753,380	759,346	530,587	18,043,313