Charity Registration No. 1092152 Company Registration No. 04158590 {England and Wales) INAURA SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Lentells Chartered Certified Accounianis
INAURA SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs Sara Clay Mrs Julia Gibbs Mrs Tessa Munt MrAndrew Wamer MrsAmanda Hannah (Appointed 1 November 20211 (Appointed 1 November 2021) MrA Bradley Charity nurnber 1092152 Company number 04158590 Registered office McKJr View Burrowbridge Bridgwaler Somerset United Kingdom TA7 ORB Auditor Lentells Limited Ash House Cook Way Bindon Road Taunton Somerset TA2 6BJ
INAURA SCHOOL CONTENTS Page Trustees. report Slalemenl of trustees. responsibilities Independent auditorfs report Statement of financial actiwbes 10 Balan sheet 11 Statement of Cash flows 12 Notes to the financial statements 13-21
INAURA SCHOOL TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 The trustees present their annual report and financial statements for the year ended 31 August 2021. The financial slalements have been prepared in ac(x)rdance with the accounting policies set out in note 2 to the financial ststements and comply with the charitsble compan$ memorandum and articles of association, the Companies Act 2006 and "Accounting and ReFM)rting by Charities.. Statement of Recommended Practice applicable to ¢harilies preparing their a¢unt$ in accordance with the Financial Retx)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191". Objectives and activities Inaura Sch(x)l is an independent, co-educational SEND school for pupils who have cornplex educational, social, emotional and mentsl health needs. The school has three education leaming bases located in the county of Somerset. We provide student educational day placements for Somerset local authority and the surrounding local authorities including Bath and Northeast Somerset, Bristol, Dorset, North Somerset and Gloucestershire. Our Key Stage 2-3 learning ntre is located in Wedmore while our Outdoor Leaming Centre and Forest School are located nearby in the Westhay Moor Nature Reserve. Our Key Stage 3, 4 and 5 leaming base is located in Burrowbridge and we are actively seeking to acquire another Key Stage 3, 4 and 5 sile in the region. All of our students have Eduration Health and Care Plans and a pla¢ed with us through Iheir local authority SEND departments. We work with students who have encountered challenges in mainstream, pupil referral units and other special school setb'ngs. Many of our students have eXperiend failure in multiple educational settings. That is why we do things a little dwfferently. Our approach encompasses a relational and non-c4)ercive philosophy for teaching and leaming. This philosophy focuses on building trust and systematically removing the barriers that pupils encountered in their previous learning journeys. The aim of Inaura School is lo.. Re-engage our pupils irb education Fa¢ilitste experiences of SUC$$ Raise self-esteem Raise self-awareness Enable our young people to realise Independen in their own lrfe Our philosophy is rooted in the belief that every individual wll leam when presented with the right conditions. Our goal is to help sludents enjoy leaming again. This 360-degree learnernIred approach focuses on the Head. Heart. Hands and Home. Head - Promoting academic leaming and the gaining of qualifications to enable Choi and social mobility- Heart - Promoting emotional resilience, relationship building. higher self*steem and self-awareness to facilitate experiences of success. Hands- Promoti'ng hands on activities that are flexible. practical and proactive rather than 'sil and gel, lecture style learning. Home- Promoting quality homelschool relationships through effective communication and wllaboration with parentlcarers that closes the loop between the expectations of home and school.
INAURA SCHOOL TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Our Ethos The school ethos is based on compassion, equality. openness and honesty. Inaura's highest priority is lo keep our students safe. healthy, happy and inspire them to over(x)me personal obslacles that prevent them from learning. What we belleve at Inaura School We believe all young people are able and genuinely want to leam. This wll only occur rf we remove the barriers that are holding them back from engaging with school and assist Ihem in overcoming past, present and future challenges. We will never enable leamt helplessness. We will empower students lo leam the skills that will enable them to confront life's obstades with confidence, poise and resilience. In+aura - Our name means 'radIan piercing the darkness within.. The school's objectives are.. Improve the repLrtalion of the school as a leader in innovative teaching and leaming for SENDISEMH students Build partnerships with other SENDISEMH schools in the region Improve the school's public profile while marketing the SchI.S unique selling points Build partnerships with various philanlhropical organizations and trusts willing to support the school's continued growth while providing additior)al financial stability The Relational Approach When using the relational approach. we look for opportunities to ueate positive conditions allowing us to invite the student Iwilhoul coercion or conditional slalementsl lo do what we are asking them to do. The challenging situation provides a way to build stronger relationships through tnjst and understanding. We want students to be safe. have fun and engage in their leaming. Sometimes we will not be able to give students what they want but we worf( very hard to ensure that we give them what they need. How does Inaura School do this? Using non-coercive techniques Applying resloraty've justice appnM¢hes Building relationships that encourage change and enable personal empowerment Reiterating the mantra - Be safe.. Have fvn.. Engage in your leaming We believe that this approach combined with our 1=1 student to teacher ratio and small group settings are what make Inaura unique amongst other schools working wth SENDISEMH young people who would otherwise be disengaged from the learning prosS. A¢hi9vemenls and performance Financial review The school business is viable and independent professionals have approved our financial management plans. The school has made a surplus this year of £15,773 and has mel all the annual budget figures. The school no longer needs to secure short-term loans to assist with the cash 11ow difficulties that occurred previously and has successfully mitigated those periods. The school has continued to take enomious steps lo consolidate the overall performan registered on the 14th 10 16th January 2020 Ofsted inspection Whe the sch¢)ol was rated as Good. We recently decommissioned our East Huntspill site and have been actively searching for a new location that would allow us to expand capacity while upgrading our facility and offerings to the students. We have placed a bid on a suitable location an¢J await the results lo see if we are successful.
INAURA SCHOOL TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Principal funding sources All income this year has come from local authority referrals to the school. Services have been provided lo five local authorities this year, but the majority of referrals come from Bath and North East Somerset, North Somersel, Somerset, Bristol and GIouSter Counuls. We will continue lo promote our school to other local aulhorilies. Fundraising The school was SUCsSl in receiving grant lunding to assisl with moving and developing a new school prernises in Wedmore lo the sum of £25,000. We are seeking to apply for further funding for the Outdoor Leaming Centre and Forest School provision in 2022 and 2023. Investment and reserves policy The school continues to be remunerated on a four-month cycle in advan, so there is a 'dynamic reserve,, which reduces lo a minimum every four months. We will need to continue to apply our risk management policy lo our premises portfolio and staffing levels each year. The school has opened a business savings account with the Nationwide Building Society where all reserves will be held_ Principal risks and uncertainties The trustees have assessed the major risks to which the charitable oL)mpany is exposed, and are satisfied that systems are in Pla to mitigate exposure to the major risks. Stwcture. governance and management Governing document Inaura Sch1 is a company limited by guarantee and a registered chartty number 1092152. 11 was incorporated on 12 February 2001 and its memorandum and articles of asswation have been amended by special resolutions dated 11 May 2002, 3 March 2007, 28 February 2009. 23 June 2020 and 8 October 2020. The MpanY was registered as a charity on 22 May 2002. Signatories to the memorandum and arbcles are liable up to a maximum of £10 in the event of dissolution. The trustees, who are also the directors for the purpose of company law. and who seNed during the year and up lo the dale of signature of the financial statements were= Mrs Sara Clay Mrs Julia Gibbs Mrs Tessa Munl Mr Andrew Warner MrsAmanda Hannah MrA Bradley {Appointed 1 November 2021) {Appointed 1 November 2021)
INAURA SCHOOL TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Recruitmant and appointment of new twustses 2021-2022 Inaura's Trustees are all directors of the company limited by guarantee. In accordance with its articles of association two Trustees resign each year in rolation and for the last five years have been re-elected immediately. Inaura has benefited from a loyal and Committed Trustee group. Trustees give their time voluntsrily and no expenses were claimed durir)g the year. The trustees have had due regard lo the Charity Commission's guidance on public benefit. The Trustees are all professionals with substsntial experience in business, Iherapeulic, social and educational work. Trustees meet for a regular lermly meeting, with a fourth optional meeting on a floating dale lo coincide with an annual Charity public event. This appears to be a sUCSfi11 model and will be continued. Board of Govornors The board of governors are responsible for working with the h0o1 lo ensure that il delivers the best possible edLJcation for present and future PLJpils. This includes best practi in appointing and managing staff as well as ensuring that child protection and safeguarding remain the school's first priority. Together with the Head Teacher, who is responsible for the day-to-day management. they set Ihe school's aims, policies and the overall strategy. The board of govemors are responsible for ensuring the efficient and effective monitoring of the school's finances. The board meets six times per year. Since 2017, the school has appointed six new governors and four governors have resigned. Organisational structure for 2021-2022 The school has a Head Teacher and Deputy Head Teacher who report to the Board of Govemors. The school's senior leadership team consists of the Head Teacher, Deputy Head Teacher, Designated Safeguarding Lead, SENDCO, Business Manager and Curriculum Lead. The school has four middle level managerrteachers. four administrators, a finance assistsnl, three specialist teachers, a literacy tutor. a music therapist. sensory integration therapist and iwenty-four learning support workers and ancillary stsff. Trustees recognise that as the schcKJl develops, their responsibilities need lo be fully understood and &n8¢led and make use of the Charity Commission's extensive guide booklets and the Department for Education's Governance Handb)k lo referen the correct approach lo any unfamiliar g0Veman issues. The school is a member of the The Key for Govemors who provide information. advice, guidan, research and training for governing boards. Audltor In a¢¢ordan¢e with the wmpany's articles, a resolubon proposing that Lentells Limited be reappointed as auditor of the company will be put at a General Meelirbg. The trustees. report was approved by the Board of Trustees. Signed on la1 @ 10.23 MrAndrew Warner Trustee Dale..
INAURA SCHOOL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021 The trustees, who are also the directors of Inaura Sch(M)I for the purFK)se of company law, are responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and United Kingdom Accounbng Standards (United Kingdom GenerallyAccepted Accounting Practice). Company Law requires the trustees to prepare financial statemer)ts for each financial year which give a true and fair view of the slate of affairs of the charitsble company and of the incoming reSoUrS and application of resources. including the income and expenditure. of the charitable company for that year. In preparing these financial slalements. the trustees are required to.. select 5uilable accounting policies and then apply them consistently- observe the method5 and principles in the Charities SORP- make judgements and eslimales that are reasonable and prudent- slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the finanual statements.. and prepare the finanoal statements on the going concem basis unless it is inappropriate to presume that the charitable company will contsnue in operation. The Iruslees are responsible for keeping adequate a¢¢ounting records that dIose with reasonable ac¢ura¢y at any time the financial position of the charitable company and enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INAURA SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INAURA SCHOOL Opinion We have audited the financial statements of Inaura Schwl {the 'charitable company'l for the year ended 31 August 2021 which comprise the statement of financial activits"es. the balance sheet, the slalement of cash flows and the notes lo Ihe financial statements. including significant accounting policies_ The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including FRS 102 "The Financial Reporbng Stsndard applicable in the UK and Republic of Ireland" Iuniled Kingdom Generally ACpIed Accounting Praclicel. In our opinion, the financial statements= give a true and fair view of the slate of the charitable compan$ affairs as al 31 August 2021 and of its incoming resour¢es and application of resources. for the year then ended", have been propedy prepared in accordance Wbth United Kingdom Generally Accepted Accounting Practice., and have been prepared in acrdan with the wuirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan wlh lnternab.onal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fijrther described in the Audilorfs responsibilities for the audit of the financiel slalements section of our report. We are independent of the charitsble company in accordan with the ethical requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tnjstees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have not identified any material vncertainlies relating lo events or conditions that, individually or collectively, may cast signthcant doubt on the charitable company's ability to conlinue as a going concern for a period of at least Iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustee5 bwth respect to going concem are described in the relevant sections of this rerM)rt. Other Infomiatlon The other information comprises the infomation included in the annual report other than the financial slalemenls and our auditor's report thereon. The trustees are responsible for the other infomation contained within the annual pOrt. Our opinion on the financial ststements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other infom)ation is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsislen¢ies or apparent material misstslements. we are required to determine whether this gives rise lo a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a malerial misstslement of this other information, we are required lo report that fact. We have nothing to report in this regard.
INAURA SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INAURA SCHOOL Matters on which wo are roquired to report by exception We have nothing to report in respect of the following matlers in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion.. the infomation given in the financial statements is in(x)nsislent in any material respect with the Iruslees, report., or sufficient accounting records have not been kept., or the financial ststements are not in agreement with the a¢counting records.. or we have not received all the information and explanations we requi for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charitsble company for the purpose of company law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable Ihe pparatIOn of financial ststements thal are free from material misslalement, whether due to fraud or error. In preparing the financial stalemenls, the tru51ees are responsible for assessing the chariiable company's abilily tr> continue as a going cOnrn, disclosing, as applicable, malters related lo going concem and using the going con basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's resF>onsibilities for the audit of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtsin reasonable assurance about whether Ihe finanual ststements as a whole are free from material misstatement, whether due lo fraud or eOr. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee thal an audit conducted in accordan with ISAS IUKI will always detect a material misstatement when tt exi51s. Misslatemenls can arise from fraud or eThor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the ec4)nomic deusions of usets taken on the basis of these financial stslemenls. Irregularities, including fraud, are instances of non-compliance wth laws and regulats"ons. We design procedures in line with our responsibilities, outlined at)ove. to detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting iegUlalies, including fraud, is detailed below.
INAURA SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INAURA SCHOOL As part of our audit planning we obtsined an understsnding of the legal and regulatory frameworf( that is applicable to the entity and the industrylsector in which it operates to identify the key laws and regulations affecting the entity- As part of this assessment prOsS we discussed with management the laws and regLJlations applicable lo the company, review other communications and considered findings frown previous audits. The key laws and regulations we identified were the Health and Safety al Work, Data Protection and the Childrens. Act. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalemenls, primarily Companies Act 2006 and relevant UK tsx law. We discussed with management how the Complian with these laws and regulations is monitored and discussed policies and prOdureS in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulab'ons and deal with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-complian with laws and regulations on the entity's ability to continue trading and the risk of material misstalemenl to the financial slalemenls. Based on this understanding we designed our audit procedures lo identrfy non-compliance with such laws and regulakn'ons. Our procedures involved the following.. Enouiries of management regarding their knoedge of any rKJn-compliance with laws and regulations that could affect the financial ststements", Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.. and Review of board minutes As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud. of which management (y)nfimied there had been none during or after the period. We also evaluated the risk of fraud through management override. They key risks we identified were related to cut-off in respect of revenue re¢ognilion. In response to the identified risk. as part of our audit worf( we.. Review journal eniries throughoul the year. for ac¢ura¢y and appropriateness., Reviewed estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by managemenl in making the estimates.. Undertook specific cut-off procedures in respect of revenLbe recognition. Given the inherent limitations of an audit, the more remote the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the greater the risk that we will not detect all irregul8rilies, including those leading lo a material misstslemenl in the fin8nGial stslemenls, as we are less likely to become aware of InStanS of non-complian. The risk of nol detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. A further description of our responsibilities is available on Ihe Finanoal Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditorfs report.
INAURA SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INAURA SCHOOL This report is made solely to the company's members, as a tM)dy, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state lo the company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body. for our audit work, for this report, or for the opinions we have fomied. P A Stallard FCA (Senior Statutory Auditor) for and on beha of Lentells Limited Chartarad Certified Accountsnts ststutory Audltor Ash House Cook Way Bindon Road Taunton Somerset TA2 6BJ Lentells Limited is eligible for appoinlment as auditor of the charitable company by virtue of ils eligibility for appointment as auditor of a company under sectbon 1212 of the Companies Act 2006.
INAURA SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restrided funds nds 2021 2021 Total Unrestricted Restricted funds funds 2020 2020 Total 2021 2020 Noles Donations and grants Charitsble activities 31.240 31.240 1.566,749 1.569,816 3,960 3,960 1.569.816 1.566.749 Total incorne 1.566.749 31.240 1.597,989 1.569,816 3,960 1.573.776 enditura on.. Charitable activities Education 1.553.256 28.960 1.582,216 1.467.121 1.467.121 Total charitable expenditure 1,553,256 28,960 1.582,216 1.467.121 1,467,121 Net income for the yearl Not movement in funds 13.493 2.280 15.773 102.695 3,960 106,655 Fund balances 8t 1 September 2020 35,954 3.960 39,914 166.741) {66,7411 Fund balances at 31 August 2021 49.447 6.240 55,687 35,954 3,960 39,914 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The ststement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
INAURA SCHOOL BALANCE SHEET ASAT31 AUGUST2021 2021 2020 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 12,179 12,038 10 35,973 610,885 61,442 538,356 646.858 599,798 Creditors.. amounts falling due within one year 11 150,8721 164,5911 N81 Current assets 595,986 535,207 Total assets less current liabilities 608,165 547,245 Deferred income 12 {552,4781 1507,3311 Nat assets 55.687 39.914 Income funds Restricted funds Unrestricted funds 13 6,240 49,447 3,960 35,954 55,687 39,914 The company is enliued lo Ihe exemption from the audil requirement ntsIned in section 477 of the Companies Act 2006, for the year ended 31 August 2021. although an audit has been carried OLrt under section 144 of the Charities Act 2011. The directors acknowledge their resp)nsibilities for complying with the quirements of the Companies Act 2006 with respect to accounting recx)rds and the preparation of financAal statements. These financial statements have been prepared in accordan with Ihe provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the Trustees on ......................... Soned on 1&1OS122@ 10.23 MrAndrew Warner Trustee Company Reglstratlon No. 04158590 11
INAURA SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Notes Cash flows from operatlng actlvlties Cash generated from operations 17 81,569 263,686 Investing activities Purchase of tangible fixed assets 19.040) 17.0621 Net cash used in investing activities 19,040) 17,0621 Net cash used in financing activities Net increase in cash and cash equivalents 72.529 256,624 Cash and cash equivalents at beginning of year 538.356 281,732 Cash and ¢a$h equivalgnts at end of year 610,885 538,356 12-
INAURA SCHOOL STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Critical accounting estimates and judgements In the application of the charitsble company's accounting policies, the trustees a required lo make judgements, estimates and assumptions aboul Ihe carying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions a based on historical experien and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and vndedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and fvture periods where the revision affects both current and future periods. Accounting policies Charity information Inaura School is a private company limited by guarantee incorporated in England and Wales. The registered office is Moor View. Burrowbridge, Bridgwater, Somerset. TA7 ORB, United Kingdom. 2.1 Accounting convention The financial statements have been prepared in accordan wth, the Companies Act 2006 and "Accounting and Reporting by Charities- Statement of Recommended Pra¢li¢e applicable to charities preparing their accounts in aC(X)rdan with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191". The charitsble company is a Public Benefit Entity as defined by FRS 102. The financial slalemenls are prepared in slerfing, which is the functional currency of the charitable company. Monetsry amounts in these finanual statements are rounded lo the nearest £. The financial statements have been prepared under the hislorical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair value. The principal accounting FX)licies adopted are set out below. 2.2 Going concem At the lime of approving the financial statements. the truslees have a reasonable expectation that the charitable company has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the goir)g (xjncem basis of accounting in preparing the financial ststements. 2.3 Charltable funds Unrestricted funds are available for use at the discretion of the Injstees in furtherance of their charitable objectives. Restricted funds are subject lo specifi¢ conditions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial ststements. 2.4 Income Income is recognised when the charitable company is legally entitled to it after any perfomiance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be reived. 13-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies (Continued) Expenditu is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required in setuement, and the amount of the obligation can be measured reliably. Expenditure is dassrfied by activity. The costs of eath activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. sha Costs which contribute to more than one activity and support costs which are not atth"butable to a single activity are apportioned between those activities on a basis consistenl with the use of resources. Central siaff Costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 2.5 Intangible fixed assets other than goodwill Intangible assets a¢quired separately from a business are recognised at Cosl and are subsequently measured al cost less accumulated amortisalion and accumulated impaimienl losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Software 5 years 2.6 Tanglble fixed assets Tangible fixed assets are initially measured at cosl and subsequendy measured at wst or valuation, net of depreciation and any impairrnent105ses. Depreciation is recognised so as to write off the cost or valuation of sssels less their residual values over their useful lives on the following bases= Leasehold improvements Plant and equipmenl Fixtures and fittings over peri(*l of lease 33°k on straighl line basis and 20°k on straight line basis 20Yo on straight line basis The gain or loss arising on the disposal of an asset is detem)ined as the differen between the sale proceeds and the carying value of the asset. and is recognised in the slalement of financial activities. 2.7 Impairment offixed assets Al each reporting end dale, the charitable (x)mpany rewews the carrying amounts of its tangible and intangible assets lo detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delermine the exlenl of the impaimient loss lif any). 2.8 Cash and cash equlvalenls Cash and cash equivalents indude cash in hand. deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 14-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies (Continued) 2.9 Financial instruments The charitsble company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the charitable (x)mpanVs balance sheet when the charitable company becomes party lo the contraclual provisions of Ihe inslrument. Financial assets and liabilities are offsel. with Ihe net amounts presented in the financial ststements, when there is a legally enforable right to set off the recognised amounts and there 15 an intention lo settle on a nel basis or to realise Ihe assel and setue the liability simulianeously. Basic financial assets Basic financial assets, which include debtor5 8nd cash and bank balances, are ini(1811y measured al transaction pri¢e including transaction costs and are subsequendy carried at amortised wst using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of Ihe future reiptS discounted at a market rate of inlerest. Financial assets classified as receivable within one year are not amortised. Bas1¢ flnanclal Ilabllltles Basic finanaal liabilities. induding credilors and bank loans are initially recognised at transaction price unless the arrangement constitutes a finan¢ing transaction, where the debt instrument is measured al the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt inslnjments are subsequendy carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for g(S or services Ihat have been acquired in the ordinary course of operabons from suppliers. Arnounts payable are classified as current Iiabililies if payment Is due within one year or less_ If not. they are presented as non-current liabilities. Trade creditors are COgniSed initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dereonition of financial liabilities Financial liabililies are deCogniSed when the charilable company's contractual obligations expire or are discharged or cancelled. 2.10 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed lo terminate the ewnploywnenl of an employee or lo provide termination benefits. 2.11 Retirement benefrts Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. 15-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Donations and grants Restricted Reslricled funds funds 2021 2020 Grant income 31,240 3.960 Charitable activities Education Education 2021 2020 Servi$ provided under contract 1.566,749 1,569,816 Charitable activities Education Education 2021 2020 Staff costs Student therapy Student activities Telephone Books and journals Consultanl and practitioner fees LiCenS and regislrations 1,247,168 1,167,609 6,009 1,222 14,497 9,704 12,704 12,655 1,739 459 2,598 5,836 4,792 4,893 1.289,507 1,202,378 Share of support costs (see note 61 Share of governan costs (see note 6} 279,016 13,693 244,175 20,568 1,582.216 1,467,121 Analysis by fund Unrestricted funds Restricted funds 1.553,256 1.467.121 28,960 1.582,216 1.467,121 16-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Support costs Support Govemance costs costs 2021 Support Govemance costs costs 2020 Research and Iraining Finan costs Motor and travel Premises costs Office costs 9,157 9,157 346 35,460 172,351 61,702 8,878 397 42,475 137,9SO 54,475 8,878 397 42,475 137,950 54.475 35,460 172,351 61.702 Audit fees Legal and professional DBS fees 10.100 3.208 385 10,100 3,208 385 6,958 12,893 717 6,958 12,893 717 279,016 13.693 292,709 244,175 20,568 264,743 Analysed between Charitable actimties 279.016 13.693 292,709 244,175 20,568 264,743 Governan ¢osls indudes payments lo the audilors of £10.1(K)12020- £6.9581 for audit fees. Trustees None of the Iruslees lor any persons connecled with them} received any remuneration or benefits from the charitable company during the year. Employees The average monthly number of employees during the year was". 2021 Number 2020 Number Education 48 46 Employment Costs 2021 2020 Wages and salaries Social security costs Other pension costs 1.131,140 86,509 21,440 1.058,921 86,767 20,981 1,239,089 1.166,669 17-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Employees (Continued) The number of employees whose annual remunerabon was more than £60.000 is as follows= 2021 Number 2020 Number £60,000 to £70,000 £70,001 to £80,000 Tangible fixed assets Leasèhold Improvements Plant and Flxturès and e4ulpmÈnt flttlngs Total Cost Al 1 September 2020 Additions 54.922 31.384 9.040 15,451 101.757 9,040 At 31 August 2021 54.922 40.424 15,451 110,797 Depreciation and impainnent Al 1 September 2020 Depreciation charged in the year 48.7 2.484 25,568 6.415 15.451 89,719 8,899 Al 31 August 2021 51.184 31.983 15,451 98.618 Carying amount Al 31 August 2021 3,738 8,441 12,179 Al 31 August 2020 6.222 5,816 12,038 10 Debtors 2021 2020 Amounts falling due within one year: Trade debtors Prepayments and accrued income 18,821 17,152 53,996 7.446 35,973 61,442 18-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 11 Creditors: amounts falling due within one year 2021 2020 Notes Other taxation and social security Deferred income Trade creditors Accruals and deferred income 27,980 26.955 25,000 4,288 8,348 12 12,669 10,223 50,872 64,591 12 Deferred incorne 2021 2020 Deferred grant income Deferred tuition income 25,000 507,331 552,478 552,478 532.331 Deferred income is included in the financial statements as follows= 2021 2020 Current liabilities Shown as deferred income on the fa of the balan sheet 25,000 507.331 552,478 552,478 532,331 Tuition fees are invoiced and received by Inaura School in advance of Ihe temi to which they relate. 19-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 13 Rostricted funds The income funds of Ihe charity indude restricled funds comprising the following unexpended balances of donations and grants held on trust for spectfic purposes.. Movement in funds Balance at Incoming Balance at Incorning 1 SeptÈmbÈr rÈsourte$ 1 SeptÈmbÈr rÈsourtes 2019 2020 Movement in funds Resources èxpÈndÈd Balance at 31 August 2021 North Somerset Council - Pension grant Poolbridge Grant Covid Catch up grants 3.960 3.960 13.9601 {25.0001 25,000 6,240 6,240 3,960 3,960 31,240 128.9601 6.240 14 Analysls of net assets between funds Unstricted Restrlcted hjnds funds 2021 2021 Totsl Unrestricted Restricted funds fijnds 2020 2020 Totsl 2021 2020 Fund balances at 31 August 2021 are represented by.. Tangible assets Current assetsl 12.179 12.179 12,038 12.038 583.506 6,240 595.986 531,247 3,960 535,207 Provisions and deferred income 1552.478} 1552.478) 1507,3311 1507,3311 43.207 6.240 55.687 35.954 3,960 39,914 15 Operating lease commitments Al the reporting end date the charitable company had outstanding commitrnents for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2021 2020 Within one year Between two and five years In over five years 61,992 245,077 128,892 57.626 244,754 190,350 435,961 492,730 Total lease payments made in the year in respect of land and buildings amounted to £89,379 12020.. £89,154) -20-
INAURA SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15 Operating lease commitments (Continued) 16 Related party transactions There were no disdosable related party transackn.ons during the year {2020- £Nil). Remuneration of key management personnel The remuneration of key management personnel is as follows. 2021 2020 Aggregate compensation 272,768 253,182 17 Cash generated from operations 2021 2020 Surplus for the year 15.773 106,655 Adjuslmenls for.. Depreciation and impaiment of tangible fixed assets 8.899 14.756 Movements in working capital.. Decrease in debtors Increaselldecreasel in creditors Increase in defeThed income 25.469 11.281 20,147 45,871 12,9691 99,373 Cash generated from operations 81.569 263,686 21