2020-08-31-accounts - Birkenhead School

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GOVERNORS		Mr A.J.Cross LLB (Hans) (Chairman)	Mr A.J.Cross LLB (Hans) (Chairman)	Mr A.J.Cross LLB (Hans) (Chairman)	Mr A.J.Cross LLB (Hans) (Chairman)
		Mr I.G. Boumphrey
		Mr M.R. Cashin	MA
		Mr A.D.Goatee MA, JP
		Mrs L.A.C. Dodd		BA	(Hons) Chartered	FCSI
		Mr M.S.Fumiss
		Mrs J.L Greensmith			CBE, DL
		DrJ.K.Moore OBE, FRCA, MBA
		Mr D.I.Pottinger
		Mr E.N. Rice FRICS
		Mr W.D.C. Rushworth			BA
HEADMASTER		P.R.Vicars MA
SECRETARY/BURSAR		M.J.Turner MA
REGISTERED	OFFICE	The Lodge
		58 Beresford Road
		Oxton
		Wirral
		CH43 2JD
BANKERS		National Westminster			Bank Pic
		6 Grange Road	West
		Charing Cross
		Birkenhead
		CH41 4DF
AUDITORS		McLintocks (NW)		Limited
		46 Hamilton Square
		Birkenhead
		CH41 5AR
SOLICITORS		Jolliffe 8Co LLP
		6StJohn Street
		Chester
		CH1 1DA
		Bermans LLP
		Lancaster House
		Tithebarn Street
		Mercury Court
		Liverpool
		L2 2QP
INVESTMENT	MANAGERS	Rathbone Investment			Management
		Port of Liverpool		Building
		Pier Head
		Liverpoo I
		L3 1NW

		Unresbicted	Restricted	Endowment	Total	Total
		funds	funds	funds	2020	2019
	Note	E	E	E	K	E
INCOME AND ENDOWMENTS Donations and Legacies	FROM 2	190,825	15,214		206,039	66,651
Charitable activities Fees receivable Catering income Activity courses School trips Other income	3	8,226,714 438,989 96,529 24,947 100,204			8,226,714 438,989 96,529 24,947 100,204	7,800,274 553,975 91,316 278,439 135,252
Other trading activities Investment income Other income	4 5	52,791 177,769 78,662	10,901 3,201	433	63,692 181,403 78,662	52,263 182,658 128,759
Total		9,387,430	29,316	433	9417 179	9289587
EXPENDITURE ON
Raising funds	6	108,709			108,709	110,857
Charitable activities Grants awards and prizes Teaching costs Catering and welfare Premises Activity courses School trips		2,832 6,429,199 691,706 1,432,382 104,165 29,206	16,622	1,145	3,977 6,445,821 691,706 1,432, 382 104,165 29,206	4,346 6,034,047 854,248 1,385,939 76,543 281,073
Total	7	8,798,199	16,622	1,145	8,815,966	8,747,053
Net gains/(losses) on investments		238,390		610	239,000	86,787
Net income carried forward		827,621	12.694	(102)	840,213	629,321

		Unre stricted	Restricted	Endowment	Total	Total
	Note	funds E	funds F	f~un s E	2020	2019f
Net income brought forward		827,621	12,694	(102)	840,213	629,321
Transfer between funds		46,831	(46,831)
		874,452	(34,137)	(102)	840,213	629,321
Actuarial (losses) gains on defined benefit pension scheme	18	88,000			88,000	(420,000)
Net movement in funds		962,452	(34,137)	(102)	928,213	209,321
RECONCILIATION OF FUNDS
Total funds brought forward		15,510,750	151,369	28,248	15,690,367	15,481,046
TOTAL FUNDS CARRIED FORWARD		16,473,202	117,232	28,146	16,618,580	15,690,367

BALANCESHEET AT 3	1 A	UGUST 2020
					2020	2019
				~rou	Cot~an	~Grou	~Com an
			Note	6	6	E	E
FIXEDASSETS Tangible fixed assets Investments			12 13	11,118,021 5,372,274	10,932,197 28,146	11,073,882 4,994,089	10,833,795 27,536
				16,490,295	10,960,343	16,067,971	10,911,331
CURRENT ASSETS
Debtors			14	532,744	1,047, 252	553,492	941,695
Cash at bank and in hand				2,588,552	2,433,779	2,218,085	2,149,417
				3,121,296	3,481,031	2,771,577	3,091,112
CREDITORS: amounts within one year	falling due		15	(2,582,011) (2,571,322)		(2,693,181)	(2,681,699)
Net current assets (liabilities)				539,285	909,709	78,396	409,413
NET ASSETS EXCLUDING PENSION LIABILITY				17,029,580	11,870,052	16,146,367	11,320,744
Defined benefit pension	scheme asset (liability)		18	(411,000) (411,000)		(456,000)	(456,000)
NET ASSETS INCLUDING		PENSION
(LIABILITIES)/ASSETS				16,618,580	11,459,052	15,690,367	10,864,774
FUNDS
Unrestricted: general pension reserve			18	16,884,202 11,841,906 (411,000) (411,000)		15,966,750 (456,000)	11,292,496 (456,000)
			16	16,473,202	11,430,906	15,510,750	10,836,496
Restricted			16	117,232		151,369
Endowment			16	28,146	28,146	28,248	28,248
TOTAL FUNDS				16,618,580	11,459,052	15,690,367	10,864„744

B ENHE D CHOOL ONSOLID ED CASH	OW STAT	ENT FOR 'T	D 31AUG
			2020	2019
		Note		E
Cash inflow from operating activities: Cash generated from operations			683,978	959,170
Net cash provided by (used in) operating activities			683,978	959,170
Cash flows from investing	activities:
Dividends interest and rents	from investments		181,403	182,658
Proceeds from sale offixed	asset investments		924,827	747,278
Proceeds from sale offixed	assets
Purchase of tangiblefixed assets Purchase offixed asset investments			(352,701) (1,156,605)	(359,308) (1,170,837)
Net cash provided by (used in) investing activities			(403,076)	(600,209)
Change in cash and cash reporting period	equivalents	in the	280,902	358,961
Cash and cash equivalents ofthe reporting period	at the beginning		2,499,185	2,140,224
Cash and cash equivalents reporting period	at the end	ofthe	2,780, 087	2,499,185

RECONCILIATION OF NET INCOME TO NET CASH FLOW	RECONCILIATION OF NET INCOME TO NET CASH FLOW	FROM OPERATING
ACTIVITIES
		2020	2019
			F
Net income for the reporting period (as per the statement offinancial activities)		840,213	629,321
Adjustments for:
Depreciation charges		308,562	292,370
(Gains) on disposal ofassets (Gains) on investment Pension fund non cash adjustment Dividends interest and rents from investments Decrease in debtors (Decrease) increase in creditors		(235,972) 43,000 (181,403) 20,748 (111,170)	(83,759) 58,000 (182,658) 105,522 140,374
Net cash provided by (used in) operating	activities	683,978	959,170
ANALYSYS OF CHANGES IN NET DEBT

VOLUNTARY	INCOME
		Unrestri cted	Restricted	Total	Total
		funds	funds	2020	2019
		8	E	6	8
Donations General donations Government grants Legacies		33,582 157,243	15,214	48,796 157,243	55,651 11,000
		190,825	15,214	206,039	66,651
SCHOOL FEES				2020	2019 8
The school's	fee incomecomprised:
Gross fees Less bursaries, scholarships		and discounts		9,556,275 (1,329,561)	8,606,570 (806,296)
				8,226,714	7,800,274

TRADING INCOME	2020	2019
School shop commission Hire offacilities Fundraising events	15,345 31,531 16,816	13,665 24,878 13,720
	63,692	52,263

INVESTMENT INCOME		Unrestricted funds	Restricted funds	Endowment funds	2020	2019
		K	E		E	E
Dividends Bank interest Common Investments Fund shares Rental income (including recharges)		115,695 22,909 39,165	3,201	433	118,896 22,909 433 39,165	117,758 18,733 810 45,357
		177,769	3,201	433	181,403	182,658
EXPENDITURE ON RAISING FUNDS					2~00	2019
					E	F
Publicity and marketing Investment management	costs				73,342 35,367	76,195 34,662
					108,709	110,857

EXPENDITURE	TABLE ACT	IVITIES
	Staff costs E	~Oi 9	Other ~co s E	Support costs 8	Total 2020	Total 2019 6
Charitable expenditure Grants awards and prizes Teaching costs Welfare Premises Activity courses School trips	5,230, 152 42,312 508,035 35,811	151,209 6,223 146,868	3,977 445,505 575,973 633,119 60,939 29,206	618,955 67,198 144,360 7,415	3,977 6,445,821 691,706 1,432,382 104,165 29,206	4,346 6,034,047 854,248 1,385,939 76,543 281,073
Total	5,816,310	304,300	1,748,719	837,928	8,707,257	8,636,196

basis consiste	of the resour	ces.
				Activity	Total	Total
	TeaeThin	Welfare	Premises	courees	2~20 6	2019 f
Staff costs Depreciation Office costs	382,546 170,469	41,118 662 18,330	84,816 3,600 37,799	4,580 2,046	513,060 4,262 228,644	485,343 4,718 204,698
Recruitment, hospitality and presentations Subscriptions and affiliations Bank charges Governance costs	7,366 6,660 5,469 46,445	792 716 588 4,992	1,633 1,477 1,212 13,823	88 80 65 556	9,880 8,932 7,334 65,816	13,631 8,800 6,260 41,643
	618,955	67,198	144,360	7,415	837,928	768,618

TO THE F NANCIAL TATEME TS FOR THE	YEAR ENDED 31 UGUST 2020 conttn	u d
STAFF COSTS	2020	~201
		E
Wages and salaries Social security costs Pension contribution Apprenticeship levy	5,038,342 474,097 849,461 9,833	4,845,615 453,842 621,095 7,711
	6,371,733	5,928,263

The average number of full time equiva	lent employees in the p	eriod, excluding directors, wa	s:
		2020	2019
		No.	No.
Teaching Teaching support Technical support Estates support Administration Early years Welfare		72 11 7 20 13 25 1	71 7 6 20 14 24 1
		149	143
The number of higher paid employees	was:
f60,001 - 870,000
670,001 - 680,000
F80,001 - 890,000
890,001 - 6100,000
8100,001 - E110,000
6110,001 - 5120,000

COMPARATIVES FOR THE ST	ATEMENT	OF FIN	ANCIAL ACTIV	ITIES
			Unrestrl cted	Restricted	Endowment	Total
		Note	funds f	funds	funds f	2019
INCOME AND ENDOWMENTS Donations and Legacies	FROM		45,602	21,049		66,651
Charitable activities Fees receivable Catering income Sports courses Schooltrips Other income			7,800,274 553,975 91,316 278,439 135,252			7,800,274 553,975 91,316 278,439 135,252
Other trading activities Investment income Other income			44,156 177,883 125,696	11,170 3,965	810	52,263 182,658 128,759
Total			9,252,593	36,184	810	9,289,587
EXPENDITURE ON Raising funds			110,064	793		110,857
Charitable activities Grants awards and prizes Teaching costs Catering and welfare Premises Sports courses School trips			4,346 6,033,237 854,248 1,385,939 76,543 281,073		810	4,346 6,034,047 854,248 1,385,939 76,543 281,073
Total			8,745,450	793	810	8,747,053
Net gains on investments			85,031		1,756	86,787
Net income			592,174	35,391	1,756	629,321

COMPARATIVES FOR THE STATEMEN	T OF FIN	ANCIAL ACTIVIT	IES (continu	ed)	ed)
		Unrestri cted	Restricted	Endowment		Total
		funds	funds	funds		2019
		E	F			E
Net income brought forward		592,174	35,391	1,756		629,321
Transfer between funds		96,436	(96,436)
		688,610	(61,045)	1,756		629,321
Actuarial gains on defined benefit pension scheme		(420,000)				(420,000)
Net movement in funds		268,610	(61,045)	1,756		209,321
RECONCILIATION OF FUNDS
Total funds broug ht forward		15,242,140	212,414	24,492	15,481,046
TOTAL FUNDS CARRIED FORWARD		15,510,750	151,369	28,248	15,690,367
NET INCOME(EXPENDITURE)				2020 6		2019 6
Resources expended include Operating lease payments Auditors remuneration: for audit services for accountancy Directors' liability insurance Depreciation of owned fixed assets	services			13,470 11,500 6,338 6,945 308,562		13,470 11,000 6,335 6,350 295,398

TANGIBLE FIXEDASSETS
				Furniture
	Land and	Assets under		and	Motor
	B indi	C	t Hl 6	a~LJII t	vehicles	Total 6
Group At 1 September 2019 Additions	11,575,063		47,292 246,652	2,183,170 71,845	177,330 34,204	13,982,855 352,701
Transfers			(1,150)	1,150
At 31 August 2020	11,575,063		292,794	2,256, 165	211,534	14,335,556
Depreciation At 1 September 2019 Charge for period	879,812 203,071			1,917,602 78,795	111,559 26,696	2,908„973 308,562
At 31 August 2020	1,082,883			1,996,397	138,255	3,217,535
Net book value
At 31August 2020	10,492,180		292,794	259,768	73,279	11,118,021
At 31 August 2019	10,695,251		47,292	265,568	65,771	11,073,882
Company At 1 September 2019 Additions	11,370,063		47,292 246,652	2,145,904 71,845	177,330 34,204	13,740,589 352,701
Transfers			(1,150)	1,150
At 31 August 2020	11,370,063		292,794	2,218,899	211,534	14,093,290
Depreciation At 1 September 2019 Charge for period	864,237 199,471			1,880,998 78,132	111,559 26,696	2,856,794 304,299
At 31 August 2020	1,063,708			1,959,130	138,255	3,161,093
Net book value At 31 August 2020	10,306,355		292,794	259,769	73,279	10,932,197
At 31 August 2019	10,505,826		47,292	264,905	65,771	10,883,795

FIXEDASSET INVESTMENTS	2020	2019
	E	E
Group Market value at 1 September 2019 Additions at cost	4,994,088 1,156,605	4,325,685 1,170,837
Disposals at opening market value Revaluation changes (Decrease) in deposits	(999,351) 310,496 (89,564)	(758,801) 95,281 161,087
Market value at 31August 2020	5,372, 274	4,994,089
Historical cost at 31 August 2020	4,549,466	4,407,507
The investments comprise: Government	~220 F	2019 E
UK stocks	208,568	214,710
UK equities and funds Overseas equities and funds Common Investment Funds	1,733,435 2,822,648 28,146	2,390,413 1,689,360 27,536
Cash awaiting investment Investment property in Nantwich Solar panels	191,535 332,918 55,024	281,100 332,918 58,052
	5,372,274	4,994,088
	2020	2019
Company	6	E
Market value at 1 September 2019	27,536	25,780
Revaluation changes	610	1,756
Market value at 31August 2020	28,146	27,536
Historical cost at 31 August 2020	12,366	12,366
The investments comprise:	2020 6	2019 6
Common Investment Fund shares	27,534	25,778
Investment in subsidiary company - see note 20(a)	2	2
	27,536	25,780

14,	DEBTORS								2020			2019
								~G		~C	~Grou	~Com an
								F		F	6	F
	Fees receivable							331,684		331,684	311,917	311,917
	Other debtors							5,217			132,869	334
	Prepayments	and		accrued		income		186,471		186,471	98,745	98,745
	Amounts due	from subsidiary					undertakings			529,097		530,699
	Tax recoverable							9,372			9,961
								532,744	1,047,252		553,492	941,695
15.	CREDITORS:		AMOUNTS			FALLING DUE			2020			2019
	WITHIN ONE		YEAR					~Grou 6		trftgtpggy 6	~rou	~Com an
	Fee payments		in advance					1,272,631	1,272,631		1,127,413	1,127,413
	Trade creditors							188,850		188,850	347,713	347,713
	Other taxation		and social			security		113,388		113,149	121,469	121,469
	Other creditors							758,983		758,983	847,412	847,412
	Accruals and	deferred			income			248,159		237,709	249,174	237,692
								2,582,011	2,571,322		2,693,181	2,681,699
16.	ANALYSIS OF MOYEMENT					IN	FUNDS
							Balance at				Gains	Balance at
						1	September				Losses and	31 August
							~219	Lnnm	Exggnditttre		transfers	2020
							E	6			E	6
	Unrestricted funds
	Generalfunds						15,966,750	9,387,430	(8,755,199)		285,221	16,884,202
	Pension deficit						(456,000)			(43,000)	88,000	(411,000)
							15,510,750	9,387,430	(8,798,199)		373,221	16,473,202
	Restricted funds
	Bursary funding						140,192	22.463		(4,056)	(46,831)	111,768
	Restricted fund raising						11,177	6,853		(12,566)		5,464
	Permanent endowment
	Prize and Scholarship			Funds			28,248	433		(1,145)	610	28,146
	Total funds						15,690,367	9,417,179	(8,815,966)		327,000	16,618,580

Comparatives f	or th	e previo	us year
			Balance at					Gains	Balance at
			1 September 2018	Income	~E*	Ei		Losses and transfers	31 August 2019
			E	6					F
Unrestri cted funds
General funds Pension surplus	(deficit)		15,220,140 22,000	9,252,593	(8,687,450) (58,000)			181,467 (420,000)	15,966,750 (456,000)
			15,242,140	9,252,593	(8,745,450)			(238,533)	15,510,750
Restricted funds
Bursary funding Restricted fundraising			211,614 800	25,014 11,170			(793)	(96,436)	140,192 11,177
Permanent endowment
Prize and Scholarship		Funds	26,492	810			(810)	1,756	28,248
Total funds			15,481,046	9,289,587	(8,747,053)			(333,213)	15,690,367

ANALYSIS OF NET ASSETS BETW	EEN FUNDS
Group	Unrestri cted	Restricted	Endowment
	funds	funds	funds	Total
	8	6	8	8
Tangible fixed assets Investments Cash and bank Net current (liabilities) Defined benefit pension asset	11,118,021 5,314,273 2,433,781 (1,981,873) (411,000)	29,855 154,771 (67,394)	28,146	11,118,021 5„372,274 2,588,552 (2,049,267) (411,000)
	16,473,202	117,232	28,146	16,618,580
Company	Unrestri cted	Restricted	Endowment
	funds	funds	funds	Total
		E	E	8
Tangible fixed assets Investments Cash and bank Net current (liabilities) Defined benefit pension asset	10,932,197 2,433,779 (1,524,070) (411,000)		28,146	10,932,197 28,146 2,433,779 (1,524,070) (411,000)
	11,430,906		28,146	11,459,052

employer con	t	ributions	amounted to	amounted to	629,722 (2019:f29,882).
Membership		numbers	at 31August		2020	2020	2019
Active						4	4
Deferred						2	3
Pensioners						21	22
Widow						3	2
The actuarial	assumptions			underlying	the assets and liabilities as at 31 August 2020 were:-
Assumptions						2020	2019
Rate of CPI inflation						24%	2.3%
Rate of salary		increases				3.9%	38%
Rate of pension increases						2.5%	2.4%
Discount rate							1.8%
The assets in the Fund			and	expected	rate of return were:
						2020	2019
						6000's	6000*a
Equities						1,789	1,990
Government	bonds					92	397
Other bonds						507	214
Property						331	351
Cash/liquidity						198	125
Other						757	818
Total market	value ofassets					3,674	3,895
Actuarial value		of (liabilities)				(4,085)	(4,351)
Fund surplus/(deficit)						(411)	(456)

The amounts recognised in statement	of financial activities are	as follows:-
		31	August	31 August
			2020	2019
			F000's	6000's
Current service cost			50	40
Net interest cost			10	36
Administration expenses			1	1
Total included in employee expenses			61	77
Changes in the present value of the	defined benefit obligations	are as follows:
Opening defined benefit obligation Current/past service cost Interest on pension liabilities Members contributions			4,351 52 77 8	3,756 76 100 8
Actuarial (gains)losses on liabilities Benefits/transfers paid			(217) (186)	568 (157)
Benefit obligations at end of year			4,085	4,351
Changes in the fair value of plan assets are as follows:-			2020	2019
			6000's	K000's
Opening fair value of plan assets Interest on pension plan assets Remeasurements			3,895 69 (129)	3,778 100 148
Employer contributions Members contributions			18 8	19 8
Benefits/transfers paid			(186)	(157)
Administration expenses			(1)	(1)
Fair value of plan assets at 31August 2020			3,674	3,895
Statement ofrecognised gains and losses
Actuarial gains/(losses) recognised	in the STRGL		88	(420)

20.	SUBSIDIARY AND RELATED ENTITIE	SUBSIDIARY AND RELATED ENTITIE	S (continued)
(a)	Novitas Services Limited			2020	2019
	Turnover			6	6
	Cost ofsales
	Gross profit
	Other income
	Administrative	expenses		(4,262)	(4,718)
	Profit/(Loss)			(4„262)	(4,718)
	The aggregate	ofthe assets, liabilities	and funds was:	2020	~20 9
				F	6
	Assets			185,825	190,087
	Liabilities			(351,867)	(351,867)
				(166,042)	(161,780)
	Share capital			2	2
	Profit and krss	account		(166,044)	(161,778)
				(166,042)	(161,780)

		2020	2019
		K	E
Incoming Resources Gains on	resources expended investments	201,922 (102,145) 238,390	718,395 (225,081) 85,031
Net movement in funds		338,167	578,345

20.	SUBSIDIAR	Y AND RELATED E	NTITIE	S (continued	)
(b)	Birkenhead	School Foundation	Trust	—connected	charity
	The aggregate of the assets, liabilities			and funds	was:	2020	2019
	Assets Liabilities					5,513,489 (187,920)	5,177,717 (190,315)
						5,325,569	4,987,402
	Unrestricted funds Restricted funds					5,208,337 117,232	4,836,033 151,369
						5,325,569	4„987,402