2021-08-31-accounts - Birkenhead School

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

GOVERNORS	Mr A.J.Cross LLB (Hons) (Chairman)	Mr A.J.Cross LLB (Hons) (Chairman)	Mr A.J.Cross LLB (Hons) (Chairman)	Mr A.J.Cross LLB (Hons) (Chairman)
	Mr I.G. Boumphrey
	Mr M.R. Cashin	MA
	Mr A.D. Coates	MA, JP
	Mrs L.A.C. Dodd		BA	(Hons) Chartered	FCSI
	Mr M.S.Furniss
	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
	6Grange Road	West
	Charing Cross
	Birkenhead
	CH41 4DF
AUDITORS	McLintocks (NW)		Limited
	46 Hamilton Square
	Birkenhead
	CH41 5AR
SOLICITORS	Jolliffe &Co 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
	I iverpool
	L3 1NW

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	2021	2020
	Note			F.	F.
INCOME AND ENDOWMENTS	FROM
Donations and Legacies	2	107,743	19,861		127,604	206,039
Charitable activities
Fees receivable	3	9,096,251			9,096,251	8,226,714
Catering income Activity courses School trips Other income		512,354 132,285 59,303 118,884			512,354 132,285 59,303 118,884	438,989 96,529 24,947 100,204
Other trading activities Investment income	4 5	33,381 184,051	7,929 2,198	866	41,310 187,115	63,692 181,403
Other income		116,018			116,018	78,662
Total		10,360,272	29,988	866	10,391,126	9,417,179
EXPENDITURE ON
Raising funds	6	105,787			105,787	108,709
Charitable activities Grants awards and prizes				' 3,381	3,381	3,977
Teaching costs Catering and welfare Premises		7,013,280 799,485 1,519,100	10,671		7,023,951 799,485 1,519,100	6,445,821 691,706 1,432,382
Activity courses School trips		158,812 65,562			158,812 65,562	104,165 29,206
Total	7	9,662,026	10,671	3,381	9,676,078	8,815,966
Net gains/(losses) on investments		918,857		4,959	923,816	239,000
Net income carried forward		1,617,103	19,317	2,444	1,638,864	840,213

				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	funds	2021	2020
			Note		K	R	R	F.
Net income brought forward				1,617,103	19,317	2,444	1,638,864	840,213
Transfer	between	funds		40,617	(40,617)
				1,657,720	(21,300)	2,444	1,638,864	840,213
Actuarial benefit	gains on defined pension scheme		18	467,000			467,000	88,000
Net movement		in funds		2,124,720	(21,300)	2,444	2,105,864	928,213
RECONCILIATION OF FUNDS
Total funds brought forward				16,473,202	117,232	28,146	16,618,580	15,690,367
TOTAL	FUNDS	CARRIED FORWARD		18,597,922	95,932	30,590	18,724,444	16,618,580

						2021	2020	2020
					~Grou	~Com an	~Grou	C~om an
				Note
FIXEDASSETS
Tangible fixed assets Investments				12 13	11,422,373 6,360,375	11,240,148 33,105	11,118,021 10,932,197 5,372,274 28,146
					17,782,748	11,273,253	16,490,295 10,960,343
CURRENT ASSETS
Debtors				14	283,897	790,841	532,744	1,047,252
Cash at bank and in	hand				3,471,853	3,260,237	2,588,552	2,433,779
					3,755,750	4,051,078	3,121,296	3,481,031
CREDITORS: amounts		falling due
within one year				15	(2,819,054)	(2,808,510)	(2,582,011)(2,571,322)
Net current assets (liabilities)					936,696	1,242,568	539,285	909,709
NET ASSETS EXCLUDING			PENSION LIABILITY		18,719,444	12,515,821	17,029,580	11,870,052
Defined benefit pension scheme asset (liability)				18	5,000	5,000	(411,000)	(411,000)
NET ASSETS INCLUDING			PENSION
(LIABILITIES)/ASSETS					18,724,444	12,522,821	16,618,580	11,459,052
FUNDS
Unrestricted: general pension	reserve			18	18,592,922 5,000	12,490,231 5,000	16,884,202 (411,000)	11,841,906 (411,000)
				16	18,597,922	12,495,231	16,473,202	11,430,906
Restricted				16	95,932		117,232
Endowment				16	30,590	30,590	28,146	28,146
TOTAL FUNDS					18,724,444	12,525,821	16,618,580	11,459,052

CONSOLI	DATED CASH FL	OW STATEMENT FO	R THE YEAR E	NDED 31 AUGUST 2021
			Note	2021	2020f
Cash flows from operating		activities:
Cash generated from operations				1,432,817	683,978
Investing	activities:
Dividends	interest and rents	from investments		187,115	181,403
Proceeds	from sale offixed	asset investments		697,601	924,827
Proceeds	from sale offixed	assets
Purchase	oftangible fixed assets			(669,318)	(352,701)
Purchase	offixed asset investments			(874,821)	(1,156,605)
Net cash	generated from investing
activities				(659,423)	(403,076)
Net increase in cash and cash equivalents				773,394	280,902
Cash and	cash equivalents	at the beginning
ofthe reporting period				2,780,087	2,499,185
Cash and	cash equivalents	at the end ofthe
reporting	period			3,553,481	2,780,087

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW	RECONCILIATION OF NET INCOME TO NET CASH FLOW	FROM OPERATING
	ACTIVITIES
			2021	2020
				R
	Net income for the reporting period (as per the statement offinancial activities)		1,638,864	840,213
	Adjustments for:
	Depreciation charges		364,966	308,562
	(Gains) on disposal ofassets
	(Gains) on investment		(920,788)	(235,972)
	Pension fund non cash adjustment		51,000	43,000
	Dividends interest and rents from investments		(187,115)	(181,403)
	Decrease in debtors		248,847	20,748
	(Decrease) increase in creditors		237,043	(111,170)
	Net cash provided by (used in) operating	activities	1,432,817	683,978
2.	ANALYSYS OF CHANGES IN NET DEBT
	The group had no debt during the year

VOLUNTARY I	NCO	ME
			Unrestricted		Restricted	Total	Total
				funds	funds	2021	2020
						E
Donations
General donations				57,102	19,861	76,963	48,796
CJRS grants				50,641		50,641	157,243
				107,743	19,861	127,604	66,651
Included in donation		ofF48,796for 2020 is		an amount ofF15,214which		is restricted.
SCHOOL FEES						2021	2020
						R
The school's fee income comprised:
Gross fees						10,104,342	9,556,275
Less bursaries,	scholarships		and discounts			(1,008,091)	(1,329,561)
						9,096,251	8,226,714

TRADING INCOME						2021	2020
School shop commission						10,470	15,345
Hire offacilities						21,074	31,531
Fundraising events						9,766	16,816
						41,310	63,692
INVESTMENT INCOME			Unrestricted	Restricted	Endowment
			funds	funds f	funds	2021 E	2020
Dividends			119,662	2,198		121,860	118,896
Bank interest			9,509			9,509	22,909
Common Investments	Fund shares				866	866	433
Rental income (including		recharges)	54,880			54,880	39,165
			184,051	2,198	866	187,115	181,403
For the year ended 31		August 2020
Dividends			115,695	3,201			118,896
Bank interest			22,909				22,909
Common Investments	Fund shares				433		433
Rental income (including		recharges)	39,155				39,165
			177,769	3,201	433		181,403
EXPENDITURE ON RAISING FUNDS						2021	2020
						E
Publicity and marketing						68,063	73,342
Investment management		costs				37,724	35,367
						105,787	108,709

EXPENDITURE	ON CHARITABLE ACT	IVITIES
	Staff		Other	Support	Total	Total
	costs	~De reciat1on	costs	costs	2021	2020
			R
Charitable expenditure
Grants awards	and prizes		3,381		3,381	3,977
Teaching costs	5,764,143	202,168	388,795	668,845	7,023,951	6,445,821
Welfare	49,084	6,611	667,787	76,003	799,485	691,706
Premises	540,623	145,960	684,504	148,013	1,519,100	1,432,382
Activity courses	77,623		73,471	7,718	158,812	104,165
School trips			65,562		65,562	29,206
Total	6,431,473	354,739	1,883,500	900,579	9,570,291	8,707,257
For the year ended 31 August 2020
Grants awards	and prizes		3,977			3,977
Teaching costs	5,230,152	151,209	445,505	618,955		6,445,821
Welfare	42,312	6,223	575,973	67,198		691,706
Premises	508,035	146,868	633,119	144,360		1,432,382
Activity courses	35,811		60,939	7,415		104,165
School trips			29,206			29,206
Total	5,816,310	304,300	1,748,719	837,928		8,707,257

basis consiste	nt with the use	ofthe resour	ces.
					Activity	Total	Total
		~Teachic	Welfare	Premises	courses	2021	2020
							R
Staff costs		458,814	52,374	99,515	5,319	616,022	513,060
Depreciation		3,028		3,600		6,628	4,262
Office costs		142,705	16,290	30,952	1,653	191,600	228,644
Recruitment,	hospitality
and presentations		5,251	599	1,139	61	7,050	9,880
Subscriptions	and affiliations	6,519	744	1,414	76	8,753	8,932
Bank charges		5,432	620	1,178	63	7,293	7,334
Governance	costs	47,096	5,376	10,215	546	63,233	65,816
		668,845	76,003	148,013	7,718	900,579	837,928

For the year	ended 31August 2020	ended 31August 2020			Activity	Total
		T~eachic	Welfare	Premises	courses	2020
		F				f.
Staff costs		382,546	41,118	84,816	4,580	513,060
Depreciation			662	3,600		4,262
Office costs		170,469	18,330	37,799	2,046	228,644
Recruitment,	hospitality
and presentations		7,366	792	1,633	88	9,880
Subscriptions	and affiliations	6,660	716	1,477	80	8,932
Bank charges		5,469	588	1,212	65	7,334
Governance	costs	46,445	4,992	13,823	556	65,816
		618,955	67,198	144,360	7,415	837,928

STAFF	COST	S
			2021	2020
				R
Wages	and salaries		5,599,805	5,038,342
Social security		costs	527,217	474,097
Pension	contribution		908,250	849,461
Apprenticeship		levy	12,223	9,833
			7,047,495	6,371,733

			7,047,495	7,047,495	7,047,495	6,3	71,733
The directors	have received no remuneration		during the year or the previous year.
The average	number	of full time equivalent	employees	in the period, excluding	directors,	was:
					2021		2020
					No.		No.
Teaching					74		72
Teaching support					12		11
Technical support					7		7
Estates support					22		20
Administration					15		13
Early years					31		25
Welfare					1		1
					163		149

STAFF COSTS (continued)
		2020	2019
		No.	No.
The number of higher paid employees	was:
f60,001 - f70,000
f70,001 - 880,000
f80,001 - F90,000
f90,001 - F100,000
f100,001 - 6110,000
f110,001 - f120,000
E120,001 - 8130,000
F130,000 - 2140,000

				Unrestricted	Restricted	Endowment		Total
				funds	funds	funds		2020
			Note	R	R
INCOME AND	ENDOWMENTS	FROM
Donations and	Legacies			190,825	15,214			206,039
Fees receivable				8,226,714			8,226,714
Catering income				438,989				438,989
Sports courses				96,529				96,529
School trips				24,947				24,947
Other income				100,204				100,204
Other trading activities				52,791	10,901			63,692
Investment income				177,769	3,201	433		181,403
Other income				78,662				78,662
Total				9,387,430	29,316	433	9,417,179
EXPENDITURE ON
Raising funds				108,709				108,709
Charitable activities
Grants awards	and prizes			2,832		1,145		3,977
Teaching costs				6,429,199	16,622	-		6,445,821
Catering and welfare				691,706				691,706
Premises				1,432,382		-		1,432,382
Sports courses				104,165				104,165
School trips				29,206				29,206
Total				8,798,199	16,622	1,145		8,815,966
Net gains on investments				238,390		610		239,000
Net income				827,621	12,694	(102)		840,213

Unrestricted	Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	2019
					E
Net income brought forward		827,621	12,694	(102)	840,213
Transfer between funds		46,831	(46,831)
		874,452	(34,137)	(102)	840,213
Actuarial gains on defined
benefit pension scheme		88,000			88,000
Net movement in funds		962,452	(34,137)	(102)	928,213
RECONCILIATION OF FUNDS
Total funds brought forward		15,510,750	151,369	28,248	15,690,367
TOTAL FUNDS CARRIED FORWARD		16,473,202	117,232	28,146	16,618,580
NET INCOME(EXPENDITURE)				2021	2020
					R
Resources expended include
Operating lease payments				13,470	13,470
Auditors remuneration: for audit services				12,000	11,500
for accountancy	services			5,640	6,338
Directors' liability insurance				7,526	6,945
Depreciation of owned fixed assets				364,966	308,562

TANGIBLE FIXEDASSET	S
			Furniture
	Land and	Assets under	and	Motor
	~Buildin e	Conetruotlon	~eul ment	vehlolee	Total
				E
Group
At 1 September 2020	11,575,063	292,794	2,256,165	211,534	14,335,556
Additions		299,026	344,438	25,854	669,318
Transfers		(127,305)	127,305
At 31August 2021	11,575,063	464,515	2,727,908	237,388	15,004,874
Depreciation
At 1 September 2020	1,082,883		1,996,397	138,255	3,217,535
Charge for period	203,069		132,507	29,390	364,966
At 31 August 2021	1,285,952		2,128,904	167,645	3,582,501
Net book value
At 31 August 2021	10,289,111	464,515	599,004	69,743	11,422,373
At 31 August 2020	10,492,180	292,794	259,768	73,279	11,118,021
Company
At 1 September 2020	11,370,063	292,794	2,218,899	211,534	14,093,290
Additions		299,026	344,437	25,854	669,317
Transfers		(127,305)	127,305
At 31 August 2021	11,370,063	464,515	2,690,641	237,388	14,762,607
Depreciation
At 1 September 2020	1,063,708		1,959,130	138,255	3,161,093
Charge for period	199,469		132,507	29,390	361,366
At 31 August 2021	1,263,177		2,091,637	167,645	3,522,459
Net book value
At 31 August 2021	10,106,886	464,515	599,004	69,743	11,240,148
At 31 August 2020	10,306,355	292,794	259,769	73,279	10,932,197

FIXEDASSET INVESTMENTS	2021	2020
Group
Market value at 1 September 2020	5,372,274	4,994,088
Additions at cost	874,821	1,156,605
Disposals at opening market value	(644,134)	(999,351)
Revaluation changes	867,322	310,496
(Decrease) in deposits	(109,907)	(89,564)
Market value at 31 August 2021	6,360,375	5,372,274
Historical cost at 31August 2021	4,822,986	4,549,466
The investments comprise:	2021	2020
UK Government stocks	210,336	208,568
UK equities and funds	2,164,231	1,733,435
Overseas equities and funds	3,478,972	2,822,648
Common Investment Funds	33,105	28,146
Cash awaiting investment	81,628	191,535
Investment property in Nantwich	340,108	332,918
Solar panels	51,996	55,024
	6,360,376	5,372,274
	2021	2020
Company		f.
Market value at 1 September 2020	28,146	27,536
Revaluation changes	4,959	610
Market value at 31August 2021	33,105	28,146
Historical cost at 31August 2021	12,366	12,366
The investments comprise:	2021	2020
		E
Common Investment Fund shares	33,103	28,144
Investment in subsidiary company - see note 20(a)	2	2
	33,105	28,146

14.	DEBTORS						2021		2020
						~Grou	~Com an	~Grou	~Com an
								R
	Fees receivable					161,984	161,984	331,684	331,684
	Other debtors					6,963	1,748	5,217
	Prepayments and accrued			income		98,665	98,665	186,471	186,471
	Amounts due from subsidiary				undertakings		528,444		529,097
	Tax recoverable					16,285		9,372
						283,897	790,841	532,744	1,047,252
15.	CREDITORS:	AMOUNTS		FALLING DUE			2021		2020
	WITHIN ONE YEAR					~Grou	~Com an	~Grou	~Com an
							F
	Fee payments	in advance				1,489,100	1,489,100	1,272,631	1,272,631
	Trade creditors					362,085	362,085	188,850	188,850
	Other taxation and social			security		161,421	161,421	113,388	113,149
	Other creditors					680,935	680,935	758,983	758,983
	Accruals and deferred		income			125,513	114,969	248,159	237,709
						2,819,054	2,808,510	2,582,011	2,571,322
16.	ANALYSIS OF	MOVEMENT			IN FUNDS
					Balance at			Gains	Balance at
					1 September			Losses and	31August
					2020	Income	~Ea enditure	transfers	2021
	Unrestricted funds
	General funds				16,884,202	10,360,272	(9,611,026)	959,474	18,592,922
	Pension deficit				(411,000)	-	(51,000)	467,000	5,000
					16,473,202	10,360,272	(9,662,026)	1,426,474	18,597,922
	Restricted funds
	Bursary funding				111,768	22,059	(287)	(40,617)	92,923
	Restricted fundraising				5,464	7,929	(10,384)		3,009
	Permanent endowment
	Prize and Scholarship		Funds		28,146	866	(3,381)	4,959	30,590
	Totalfunds				16,618,580	10,391,126	(9,676,078)	1,390,816	18,724,444

				Balance at			Gains	Balance at
				1 September			Losses and	31August
				2019	Income	~Ex endlture	transfers	2020
							F.
Unrestricted	funds
General funds				15,966,750	9,387,430	(8,755,199)	285,221	16,844,202
Pension surplus		(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 fundraising				11177	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

ANALYSIS	OF NET ASSETS BETW	EEN FUNDS
Group		Unrestricted	Restricted	Endowment
		funds	funds	funds	Total
Tangible fixed assets		11,422,373			11,422,373
Investments		6,234,347	92,923	33,105	6,360,375
Cash and bank		3,471,853			3,471,853
Net current	(liabilities)	(2,535,651)	3,009	(2,515)	(2,535,157)
Defined benefit pension asset		5,000			5,000
		18,597,922	95,932	30,590	18,724,444
Company		Unrestricted	Restricted	Endowment
		funds	funds	funds	Total
		F	R
Tangible fixed assets		11,240,148			11,240,148
Investments				33,105	33,105
Cash and bank		3,260,237			3,260,237
Net current	(liabilities)	(2,015,154)		(2,515)	(2,017,669)
Defined benefit pension asset		5,000			5,000
		12,490,231		30,590	12,520,821

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

The actuarial	assumptions	underlying	the assets and liabilities as at 31August 2021	were:-
Assumptions				2021	2020
Rate of CPI inflation				2 7%	24%
Rate of salary	increases			4.2%	3.9%
Rate of pension increases				2 8%	2.5%
Discount rate				1 7%	1 7%
The assets in	the Fund and	expected	rate of return were:
				2021	2020
			F000's		F000's
Equities				1,748	1,789
Government	bonds			115	92
Other bonds				968	507
Property				321	331
Cash/liquidity				152	198
Other				816	757
Total market	value ofassets			4,120	3,674
Actuarial value of (liabilities)			(4,115)		(4,085)
Fund surplus/(deficit)					(411)

The amounts recognised in statemen	t offina	ncial activities are	as follows:-
				31August	31August
				2021	2020
				OOOO's	OOOO's
Current service cost				46	50
Net interest cost				7	10
Administration expenses				1	1
Total included in employee expenses					61
Changes in the present value ofthe	defined	benefit obligations	are as follows:
Opening defined benefit obligation				4,085	4,351
Current/past service cost				46	52
Interest on pension liabilities				68	77
Members contributions				9	8
Actuarial (gains)losses on liabilities				63	(217)
Benefits/transfers paid				(156)	(186)
Benefit obligations at end ofyear				4,115	4,085
Changes in the fair value of plan assets are		as follows:-
				2021	2020
				f000's	ROOO's
Opening fair value of plan assets				3,674	3,895
Interest on pension plan assets				61	69
Remeasurements				530	(129)
Employer contributions				3	18
Members contributions				9	8
Benefits/transfers paid				(156)	(186)
Administration expenses				(1)	(1)
Fair value of plan assets at 31August 2021				4,120	3,674
Statement of recognised gains and losses
Actuarial gains/(losses) recognised	in the STRGL			467	88

under non-cancellable operating leases, wh	ich fall due as follows
	2021	2020
Within one year	5,665	1,951
Between two and five years	4,249	15,580
	9,914	17,531

20.	SUBSIDIARY	AND RELATED ENTITIES	(continued)
(a)	Novitas Services Limited			2021	2020
	Turnover
	Cost ofsales
	Gross profit
	Other income
	Administrative	expenses		(3,600)	(4,262)
	Profit/(Loss)			(3,600)	(4,718)
	The aggregate	ofthe assets, liabilities	and funds was:	2021	2020
					R
	Assets			182,225	185,825
	Liabilities			(351,867)	(351,867)
				(169,642)	(166,042)
	Share capital			2	2
	Profit and loss	account		(169,644)	(166,044)
				(169,642)	(166,042)

A summary ofthe results for the Trust is shown	below:
	2021	2020
Incoming resources	373,733	336,922
Resources expended	(244,895)	(237,145)
Gains on investments	918,857	238,390
Net movement in funds	1,047,695	338,167

20.	SUBSIDIAR	Y AND RELATED E	NTITIE	S (continued	)
(b)	Birkenhead	School Foundation	Trust	—connected	charity
	The aggregate ofthe assets, liabilities			and funds	was:	2021	2020
	Assets					6,560,385	5,513,489
	Liabilities					(187,121)	(187,920)
						6,373,264	5,325,569
	Unrestricted	funds				6,277,332	5,208,337
	Restricted funds					95,932	117,232
						6,373,264	5,325,569

Year
Liability
	275,714	238,571	201,429	164,286	127	143	90,000	60,000	30	000