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2020-08-31-accounts

Page
Company information
Directors' report (incorporating the Strategic report) 4
Independent
auditor's		 report 23
Financial statements ofthe company 25to 59

Directors P Owston
LLB MBA (Chair and Custos)
J C Barnsdale
MRICS
SJ Gundy BSc(Hons) ACA
K Muthukumarappan
MBBSFRCOG M Med Sci
CJ Peake BAPGCE
A M Pepper
M C Phillips
BA (Hans) PGCE
A C Swain BA
KTruscott
MA FCIPD
M P Stephenson
BA (Hons) MSc
N J Porter BScMRICS
RW G Ross BA(Hons) MSc
Secretary RJ Dunmore
BAACA
Charity No. 1103326
Company No. 05011039
Principal Address and Registered Office Worksop College
Works op
Nottinghamshire
S803AP
Key Management Personnel
Headmaster DrJ M Price PhD, BScHons
Head —Senior School C ETilley BA (Hons)
Head —Preparatory School DJThorpe BSc(Hons)
Finance Director J Moulsdale
BA(Hons) (ACMA)
Auditor RSM UK Audit LLP
Central Square
5'" Floor
29Wellington
Street
Leeds
LS1 4DL
Bankers Santander
pic
Bootle Centre
Merseyside
L304GB
Solicitors Veale Wasbrough
Vizards LLP
Narrow Quay House
Narrow Quay
Bristol
BS14QA

DIRECTORS WHO ARE ALSO TRUSTE WHO ARE ALSO TRUSTE ES ES ES
The directors who served during the year, and the committees
ofwhich they were members,
are:
P Owston (Chair) Finance and General Purposes Committee
Estates Sub-Committee
Education
Committee
Human
Resource Committee
CJ D Anderson Resigned 16Sept 2019 Finance and General Purposes Committee
Estates Sub-Committee
S D Armstrong Finance and General Purposes Committee
J C Barnsdale (Vice Chair) Finance and General Purposes Committee
Estates Sub-Committee
S Cundy Finance and General Purposes Committee
Governance
Audit and Risk Committee
A N Hurton Resigned 24 July 2020 Finance and General Purposes Committee
Governance
Audit and Risk Committee
K Muthukumarappan Education
Committee
Governance
Audit and Risk Committee
CJ Peake Lead Governor for Public Benefit
Governance
Audit and Risk Committee
A M Pepper Finance and General Purposes Committee
Estates Sub-Committee
N J Porter Appointed 20 May 2020 Finance and General Purposes Committee
Estates Sub-Committee
RW6 Ross Appointed 20 May 2020 Finance and General Purposes Committee
PJSikes Resigned 8 July 2020 Education
Committee
R RSteel Resigned 17June 2020 Education
Committee
M P Stephenson Appointed 3 March 2020 Finance and General Purposes Committee
A C Swain Finance and General Purposes Committee
KTruscott Appointed 27 Nov 2019 Safeguarding
Governor
Human
Resources Committee
Education
Committee

Board
Finance and General Purposes Committee
Education
Committee
Governance
Audit and Risk Committee
Estates Sub-Committee

Notes Unrestiicted Restricted Endowed Total Total
Funds Funds
E		 Funds 2020f 2019
E
Income and endowments from:
Charitable
Activities
School fees receivable 2 6,444,572 6,444,572 8,411,510
Ancillary
trading
income		 3 277,160 277,160 397,366
Other trading activities
Non-ancillary
trading
income		 4 187,227 187,227 598,032
Investments
Investment
income		 2,784 3,893 8,933 15,610 18,375
Bank and other interest 177 5 182 320
Donations
Grants and donations 7 530,022 530,022 3,247
Other incoming resources 53,522
TOTAL INCOMING
RESOURCES		 7,441,942 3,898 8,933 7,454,773 9,482,372
Expenditure
on:
Raising funds
Non-ancillary
trading		 123,464 123,464 280,106
Financing costs 9 261,607 261,607 363,034
Investment
management		 566 882 737 2,185 5,415
Fundraising
and development		 594 594 4,432
Total 386,231 882 737 387,850 652,987
Charitable
Activities
Education
and grant making		 8 8,634,831 (8,047) (1,379) 8,625,405 9,791,679
TOTAL EXPENDITURE 9,021,062 (7,165) (642) 9,013,255 10,444,666
Net (losses) on investment assets 14 (14,810) 4,982 8,797 (1,031) (18,151)
Net (expenditure)/income (1,593,930) 16,045 18,372 (1,559,513) (980,445)
Transfers
between
funds		 184,203 (176,921) (7,282)
Net Movement
in funds for the
year		 (1,409,727) (160,876) 11,090 (1,559,513) (980,445)
Fund balances at 1stSeptember 5,083,477 199,993 142,128 5,425,598 6,406,043
FUND BALANCES AS AT 31STAUGUST 3,673,750 39,117 153,218 3,866,085 5,425,598

Notes Unrestdicted Restricted Endowed 2020 2019
Funds Funds Funds
E
Income and endowments from:
Charitable
Activities
School fees receivable 2 6,444,572 6,444,572 8,411,510
Ancillary
trading
income		 3 277,160 277,160 397,366
Other trading activities
Non-ancillary
trading
income
Investments
Investment
income		 5 2,784 3,893 8,933 15,610 18,375
Bank and other interest 6 101 5 106 120
Donations
Grants and donations 7 546,060 546,060 102,854
Other incoming resources 53,522
TOTAL INCOMING
RESOURCES		 7,270,677 3,898 8,933 7,283,508 8,983,747
Expenditure
on:
Raising funds
Non-ancillary
trading
Financing costs 9 260,283 260,283 360,852
Investment
management		 566 882 737 2,185 5,416
Fundraising
and development		 594 594 4,432
Total 261,443 882 737 263,062 370,700
Charitable
Activities
Education
and grant making		 8 8,588,354 (8,047) (1,379) 8,578,928 9,575,341
TOTAL EXPENDITURE 8,849,797 (7,165) (642) 8,841,990 9,946,041
Net (losses) on investment assets 14 (14,810) 4,982 8,797 (1,031) (18,151)
Net (expenditure)/income (1,593,930) 16,045 18,372 (1,559,513) (980,445)
Transfers between
funds		 25 184,203 (176,921) (7,282)
Net Movement
in funds for the
year		 (1,409,727) (160,876) 11,090 (1,559,513) (980,445)
Fund balances at 1stSeptember 5,083,477 199,993 142,128 5,425,598 6,406,043
FUND BALANCES AS AT
AUGUST		 31ST 3,673,750 39,117 153,218 3,866,085 5,425,598

Note Group Charity
2020 2019 2020 2019
E
FIXEDASSETS
Tangible assets - 13 11,316,722 11,590;217 11,315,954 11,589,249
Securities
Investments		 14 155657 475,285 156857 475,385
11,472,679 12,065,502 11,472,011 12,064,634
CURRENT ASSETS
Stock 117,473 133,105 30,334 37,682
Debtors 15 1,651,365 2,163,022 1,692,488 2,306,723
Cash at bank and in hand 78,770 157,997 35,458 33228
1,&47,608 2,454,124 1,758,280 2,377,634
CURRENT LIABiLITIES
Creditors payable
within one year		 16 (9,234,931) (8,807,337) (9„144,935), (8,729,978)
NET CURRENT LIABILITIES (7,387,323) (6,353,213) (7,385,655) (6,352,344)
TOTAL ASSETSLESSCURRENT
LIABILITIES		 4,085,356 5,712,289 4,085,356 5,712,289
LONG TERM LIABILITIES
Creditors payable after one year 17 (27,999) (65,331) (27,999) (65,331)
TOTAL NETASSETS
EXCLUDING PENSION 4,057,357 5,646,958 4,057,35'7 5,646,958
LIABILITY
Net pension
liability		 29 (191,172) (221,260) (191,172) (221,260)
NET ASSETS 3,866,185 5,425,698 3,866,185 5,425,698
REPRESENTED BY:
CALLED UP SHARE CAPITAL 22 100 100 100 100
ENDOWED FUNDS 25 153,218 142,128 153,218 142,128
RESTRICTED FUNDS 25 39,117 199,993 39,117 199,993
UNRESTRICTED FUNDS
General reserve 25 3,864,922 5,304,737 3,864,922 5,304,737
Pension reserve 28 (191,172) (221,260) (191,172) (221,260)
3,866,185 5,425,698 3,866,185 5,425,698

2020 2020 2019 2019
Note E
NET CASH FLOW (USED IN)
PROVIDED BYOPERATING
ACTIVITES 73,418 108,148
Cash flow from investing
activities:
Dividends,
interest		 and rents from 15,792 18,695
investments
Proceeds from the sale of property, (14) 42,388
plant and equipment
Purchase of property,
plant and		 (60,902) (201,802)
equipment
Net cash provided by/ (used in) 320,421 350,000
investing
activities
Investment
management
fees
Investment
write off		 2,184
2,036
279,517 209,281
CASH FLOWS FROM FINANCING
ACTIVITIES
Repayments
ofborrowing		 (101,500) (203,000)
Financing costs (261,607) (363,034)
(363,107) (566,034)
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (10,172) (248,605)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE YEAR 1s~
SEPTEMBER (993,748) (745,143)
CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR 31s~ 36 (1,003,920) (993,748)
AUGUST

2020 2019
F
The school fees income comprises
Gross fees 9,123,695 10,066,760
Less: Total scholarships, bursaries, etc (1,633,226) (1,655,250)
Less: Discounts given (1,045,897)
6,444,572 8,411,510

2020 2019
F
Extras 171,546 259,460
Entrance fees and registration fees 19,290 13,980
Fees in lieu ofnotice 29,001 27,333
Pupil transport 53,835 88,430
Commissions and related income 3,488 7,269
Sundry other income 894
277,160 397,366
OTHER TRADING ACTIVITIES
2020 2019
F
Non-ancillary trading income
Woodard Schools (Nottinghamshire) Enterprises Limited 147,668 541,098
Rents receivable 39,559 56,934
187,227 598,032
INVESTMENTS - INVESTMENT INCOME
Unrestricted Restricted Endowed
Total		 Total
Funds Funds Funds
2020		 2019
Securities investment income
Fixed interest 2,784 3,893 8,933
15,610		 18,375
2,784 3,893 8,933
15,610

INVE
up		 STMENTS - BAN K AND OTHER INTERE ST RECEIVAB LE
Unrestricted Restricted Endowed Total Total
Funds Funds Funds 2020f 2019
E
Bank interest 173 173 305
Other interest 4 9 15
177 182 320
pany
Unrestricted Restricted Endowed Total Total
Funds Funds Funds 2020 2019
Bank interest 97 97 120
Other interest 4 9
101 106 120
VOLUNTARY SOURCES - GR
Group		 ANTS AND DON ATIONS
Unrestricted Restricted Endowed Total Total
Funds Funds Funds 2020 2019f
Worksop College Foundation
General donations		 880
1,670		 880
1,670		 1,030
2,217
Coronavirus
Job Retention
Scheme grant 527,472 527,472
530,022 530,022 3,247

.VOLUNTARY SOU RCES - GRANT S AND DONAT IONS (continu ed)
Company
Unrestricted Restricted Endowed Total Total
Funds Funds Funds 2020 2019
F
Worksop College Foundation
General donations		 880
1,670		 880
1,670		 1,030
2,217
Coronavirus
Job		 Retention
Scheme grant 514,205 514,205
Gift aid donation from trading
subsidiary 29,305 29,305 99,607
546,060 546,060 102,854
8.
ANALYSIS OF		 EXPENDITURE
Group
a)
Total expenditure		 Staff costs
(note 10)
F.		 Support
Costs
F		 Depreciation Total
2020
6		 Totai
2019
F
Costs ofraising funds
Non ancillary
trading
Financing cost (note 9)
investment
management
Fundraising
and development		 69,159 54,113
261,607
2,184
594		 193 123,465
261,607
2,184
594		 280,106
363,034
5,415
4,432
Total cost ofgenerating funds 69,159 318,498 193 387,850 652,987
Charitable
expenditure
Teaching
Welfare		 4,627,769
479,065		 224,054
258,891		 49,401
43,033		 4,901,224
780,989		 5,097,105
1,092,878
Premises 527,471 1,070,246 241,770 1,839,487 2,303,026
School administration
Movement
in pension
recovery plan (note 28)		 624,512 433,781 1,058,293 1,311,669
~32,445
6,258,817 1,986,972 334,204 8,579,993 9,772,223
Governance costs 45,412 45,412 19,456
Education
and grant making		 6,258,817 2,032,384 334,204 8,625,405 9,791,679
Total Expenditure 6,327,976 2,350,882 334,397 9,013,255 10,444,666

Company
a)
Total		 expenditure
Staff costs Support Depreciation Total Total
(note 10) Costs
F		 2020
6		 2019
Costs ofraising funds
Financing cost (note 9) 260,283 260,283 360,852
Investment management 2,184 2„184 5,415
Fundraising and development 594 594 4,432
Total cost ofgenerating funds 263,061 263,061 370,700
Charitable expenditure
Teaching 4,627,769 224,054 49,401 4,901,224 4,880,381
Welfare 479,065 258,891 43,033 780,989 1,092,878
Premises 527,471 1,023,770 241,770 1,793,011 2,302,928
School administration 624,512 433,781 1,058I293 1,311,977
Movement in pension recovery plan (note (32,445)
28)
6,258,817 1,940,496 334,204 8,533,517 9,555,885
Governance costs 45,412 45,412 19,456
Education and grant making 6,258,817 1,985,908 334,204 8,578,929 9,575,341
Total Expenditure 6,258,817 2,248,969 334,204 8,841,990 9,946,041

Group
2020 2019
E
Bank interest payable 27,260 12,518
Bank loan interest payable 95,414 88,287
Lease finance costs 1,136 3,755
Bank charges 37,756 32,607
Provision
for bad and		 doubfful debts 130,129 225,867
Movement
in		 pension recovery plan (30,088)
261,607 363,034
Company
2020f 2019
Bank interest payable 27,260 12,685
Bank loan interest payable 95,414 88,287
Lease finance costs 1,136 3,755
Bank charges 36,432 30,426
Provision
for bad and		 doubtful debts 130,129 225,699
Movement
in		 pension recovery plan (30,088)
260,283 360,852
10.STAFF COSTS
Group
2020f 2019
The aggregate payroll costs for the year were:
Wages and salaries 5,035,991 5,290,517
Social security costs 444,373 494,885
Other pension costs 832,932 610,170
Private medical insurance 14,680 18,185
6,327,976 6,413,757

Company 2020 2019
E E
The aggregate
payroll costs for the year were:
Wages and salaries
Social security costs
Other pension costs
Private medical insurance		 4972026
440,998
831,113
14,680		 5,084,484
460,041
607,241
18,185
6,258,817 6,169,951
2020 2019
F. F
Aggregate
employee		 benefits ofkey management personnel f391,884 F287,491
The number ofhigher paid employees whose annual emoluments were
260,000 or more was: 2020 2019
No No
F60,001 - F70,000
670,001 - F80,000
F100,001 - F110,000
The number
with retirement		 benefits accruing:
- in Defined Contribution schemes was
Ofwhich the contributions amounted to
- in Defined Benefit schemes was
Ofwhich the contributions amounted to F41,440 F29,697

not to participate
in a pension sche		 me.
The average number ofemployees during the year calculated on a head count basis, was 224
(2019:237) 2020 2019
No No
Teaching
Other activities		 88
136		 95
138
224 233

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14.SECURITIES INVESTMENTS 14.SECURITIES INVESTMENTS
Securities
Investments
2020f 2019f
Company
investments
At 1 September 475,285 849,153
Amounts
extracted		 (320,421) (350,000)
Investment
management
Investment
write off		 fees (2,184)
(2,036)		 (5,415)
Realised gains on investments
Unrealised
(losses) on investments		 17,990
~12,677		 89,151
~107605,
Group investments
at 31August		 155,957 475,285
Investment
in subsidiaries		 100 100
Company
investments		 at 31August 156,057 475,385
Investments
comprise:
Listed investments
Fixed interest 3,591 25,162
Equities 5,546 291,555
Multi-asset 137,546 23,380
Alternative
Investments
Hedge Funds 10,430
Property 31,836
Commodities 11,979
Other 23,145
Cash 9,274 57,798
Group investments
at 31August		 155,957 475,285
Investment
in subsidiaries		 100 100
Company
investments		 at 31August 156,057 475,385

DEBTORS
Group
2020		 2019 Company
2020		 2019
K
School fees receivable 1,246,455 1,834,954 1,246,455 1,834,955
Trade debtors 21,775 78,353 16,070 3,261
Other debtors 19,399 19,399
Prepayments
Amounts
due		 and accrued income
from subsidiary		 383,135 230,316 344,427
85,536		 219,608
229,500
company
1,651,365 2,163,022 1,692,488 2,306,723
CREDlT ORS: amounts
falling due		 within one yea r
Group
2020		 2019 Company
2020		 2019
Bank loans and overdrafts 4,174,439 4,344,995 4,174,439 4,344,995
Net obligations
under finance		 37,332 65,170 37,332 65,170
leases
Deposits from parents
Trade creditors		 725,805
395,800		 610,638
280,013		 725,805
382„096		 610,638
236,473
Taxation and social security
Other creditors		 591,13&
178,203		 120,285
203,213		 580,639
178,203		 114,552
203,206
Fees in Advance Scheme 227,086 434,354 227,086 434,354
Accruals 302,887 268,904 237,094 136,502
Deferred income 2,540,293 2,456,517 2,540,293 2,560,839
Amounts due to parent company 61,948 23,248 61,948 23,249
9,234,931 8,807,337 9,144,935 8,729,978

17. CREDITORS: CREDITORS: amounts falling due after falling due after one year
Group Company
2020 2019 2020 2019
F
Net obligations under finance leases 27,999 65,331 27,999 65,331
27,999 65,331 27,999 65,331
18. BANK LOAN
2020 2019
P
The bank loan is repayable in instalments
Due within 1 year 3,091,750 3,193,250

the school, fees in advance will be applied as follows:
2020f 2019
F
Within 2 to 5years 10,791 17,172
Within
1 to 2 years		 63,429 95,169
Due after more than one year 74,220 112,341
Within
1 year		 152,866 322,013
227,086 434,354
Summary
ofmovements		 in liability
Balance at 1 September 2019 434,354
New contracts 146,468
Amounts
used to pay fees		 (353,736)
Balance at 31August 2020 227,086

2020 2019
F
Amounts
falling due:
Within 2to 5years 318
Within 1 to 2years 27,999 34,540
Due after more than one year 27,999 34,858
Within 1 year 37,332 65,780
65,331 100,638

Other
2020 2019
Within
1 year		 136,579 65,780
Within
1 to 5
After 5years		 years 339,256
113,429		 34,858
318
589,264 100,956
SHARE CAPITAL
2020 2019
E
Authorised
100Ordinary Shares ofF1 each 100 100
Allotted, called up and fully paid
100Ordinary Shares ofE1each		 100 100

Unrestricted Restricted Endowed Total
Funds Funds Funds 2020
E F
Tangible fixed assets
Securities investments		 11,316,722
5,454		 12,957 137,546 11,316,722
155,957
Net current (liabilities)/assets
Long term liabilities		 (7,429,255)
219,171		 26,160 15,672 (7,387,323)
219,171
3,673,750 39,117 153,218 3,866,185
Prior year comparative figures: Unrestricted Restricted Endowed Total
Fundsf Funds Funds 2019
Tangible fixed assets
Securities investments		 11,590,217
142,289		 192,361 140,635 11,590,217
475,285
Net current (liabilities)/assets
Long term liabilities		 (6,362,338)
286,591		 7,632 1,493 (6,353,213)
286,591
5,083,577 199,993 142,128 5,425,698

At 31
At 1 Sept Incoming Resources Gains/ August
2019
P		 resources expended
f		 Transfers
P		 (losses)
F		 2020
Endowed
Funds
Revaluation
Reserve		 482 1,379 1,861
Special Endowment 141,646 8,933 (737) (7,282) 8,797 151,357
142,128 8,933 642 (7,282) 8,797 153,218
Restricted
Funds
Revaluation
Reserve		 21,722 8,047 29,769
Benefit Fund 134,977 2,542 (517) (123,991) (1,487) 11,524
Sheila Fletcher Fund 29,011 704 (365) (51,572) 10,310 (11,912)
Mountgarret
Fund		 1,211 65 (2,036) (760)
Simpson
Smith Fund		 13,072 587 (1,358) (1,805) 10,496
199,993 3,898 7,165 (176,921) 4,982 39,117
Unrestricted
Funds
General Reserve 5,048,697 7,408,186 (9,020,496) 264,915 3,701,302
Pension Reserve (221,260) 30,088 (191,172)
Revaluation
Reserve		 (3,266) 54,212 50,946
Endowment
Fund		 146,956 2,784 (566) (80,712) (69,022) (560)
Worksop Foundation 112,350 884 113,234
5,083,477 7,441,942 (9,021,062) 184,203 (14,810) 3,673,750
Total Funds 5,425,598 7,454,773 (9,013,255) (1,031) 3,866,085

At 31
At 1 Sept Incoming Resources Gains/ August
2018
f		 resources
f		 expended
f		 Transfers
f		 (losses)
f		 2019
Endowed
Funds
Revaluation
Reserve		 3,754 (3,272) 482
Special Endowment 142,873 5,916 (1,269) (5,874) - 141,646
146,627 5,916 (1,269) (5,874) (3,272) 142,128
Restricted Funds
Revaluation
Reserve		 77,940 (56,218) 21,722
Benefit Fund 235,850 5,247 (1,891) (146,778) 42,549 134,977
Sheila Fletcher Fund 67,386 1,824 (634) (55,669) 16,104 29,011
Mountgarret
Fund		 901 64 (64) 310 1,211
Simpson
Smith Fund		 12,603 470 (1) 13,072
394,680 7,605 (2,525) (202,512) 2,745 199,993
Unrestricted
Funds
General Reser ve 5,687,866 9,430,078 (10,439,036) 369,789 5,048,697
Pension Reserve (253,715) 32,455 (221,260)
Revaluation
Reserve		 60,960 (64,226) (3,266)
Endowment
Fund		 258,312 5,281 (161,403) 46,602 146,956
Worksop
Foundation		 111,313 1,037 112,350
5,864,736 9,468,851 (10,440,872) 208,386 (17,624) 5,083,477
Total Funds 6,406,043 9,482,372 10,444,666) (18,151) 5,425,598

The financial assumptions
underlying		 the valuation as at 30 September 2017were as the valuation as at 30 September 2017were as the valuation as at 30 September 2017were as follows:
%p.a.
Annualised
yield on the FTSE		 Actuaries'
Government		 Securities Over 15Year 1.4
Fixed Interest Yield Index
Market implied
inflation as calculated
by the difference between the
annualised
yield on long-dated
(over 15years) fixed interest Gilts and the
annualised
real yield (over 5years) on index-linked		 Gilts (assuming an
average of2.5% p.a. inflation)
Pre retirement
discount rate
Post retirement
discount rate		 1.3
Inflation (RPI) 3.0

From 1 April 2016 to 30 September 2025: F12.945m per annum
(payable
monthly
and
increasing
by 3% each on 1stApril)
From 1 April 2016 to 30 September 2028: F54,560 per annum
(payable
monthly
and
increasing
by 3% each on 1st April)
Present Values of Provision Present Values of Provision 2020 2019
f.
Present value of provision 139,299 165,701
Reconciliation
ofopening		 and closing provisions 2020 2019
F
Provision at 1 September
Unwinding
ofthe discount
Deficit contribution
paid
Remeasurements
-impact
Other		 factor
ofany change		 in assumptions 165,701
1,456
(29,459)
1,273
328		 192,213
3,017
(27,351)
(2,178)
Provision at 31August 139,299 165,701
Income and expenditure impact 2020 2019
F
Unwinding
ofthe discount		 factor 1,456 3,017
Remeasurements
-impact		 ofany change in assumptions 1,273 (2,178)
Costs recognised
in income and expenditure		 account 2,729 839

2020 2019
%per %per
annum annum
0 55% 1.22%

at ea ch year end period:
2020 2019
Year 1 30„343 29,238
Year 2 31,254 30,545
Year 3 32,191 30,862
Year 4 33,157 32,187
Year 5 14,054 33,523
Year 6 13,884
140,999 170,239

Present Values of Provision Present Values of Provision Present Values of Provision 2020 2019
F
Present value of provision 51,873 55,559
Reconciliation
ofopening		 and closing provisions 2020 2019
Provision at 1 September 55,559 61,502
Unwinding
ofthe		 discount factor 584 1,153
Deficit contribution paid (4,775) (5,359)
Remeasurements -impact ofany change in assumptions 505 (1,737)
Provision at 31August 51,873 55,559
Income and expenditure impact 2020 2019f
Interest expense 584 1,153
Unwinding
ofthe		 discount factor
Remeasurements -impact ofany change in assumptions 505 (1,737)
Costs recognised in income and expenditure account 1,089 ~584

2020 2019
%per %per
annum annum
0.90% 1.10%

The following schedule shows the deficit contribution
at each year end period:		 s
agreed between the company
and t		 he scheme
2020 2019
K F
Year 1 4,918 4,775
Year 2 5,066 4,918
Year 3 5,218 5,066
Year 4 5,374 5,218
Year 5 5,535 5,374
Year 6 5,702 5,535
Year 7 5,873 5,702
Year 8 6,049 5,873
Year 9 6,230 6,049
Year 10 4,278 6,230
Year 11 4,278
54,243 59,018

30. Consolidated
Statement of		 Financial Activities —Comparative Financial Activities —Comparative figures by fund type
Year Ended 31August Unrestricted Restricted Endowed Total
2019 f f f
Income and endowments
from Charitable
activities
School fees receivable 8,411,510 8,411,510
Ancillary
trading
income		 397,366 397,366
Other trading
activities
Non-ancillary
trading		 598,032 598,032
income
Investments
Investment
income		 4,854 7,605 5,916 18,375
Bank and other interest 320 320
Voluntary
sources
Grants and donations 3,247 3,247
Other incoming
resources		 53,522 53,522
Total Incoming
Resources		 9,468,851 7,605 5,916 9,482,372
Expenditure
on:
Raising funds
Non ancillary
trading costs		 280,106 280,106
Financing costs 363,034 363,034
Investment
management		 1,621 2,525 1,269 5,415
Fundraising
and		 4,432 4,432
development
Total Deductible Costs 649,193 2,525 1,269 652,987
Charitable
activities
Education
and grant making		 9,791,679 9,791,679
Total resources expended 10,440,872 2,525 1,269 10,444,666
Net (losses)gains
on
investment
assets		 17,624 2,745 3,272 18,151
Net income/(expenditure) (989,645) 7,825 1,375 (980,445)
Transfers
between
funds		 208,386 ~202,512 5,874
Net movement
in funds
for the year
Fund balances at 1"		 (781,259)
5,864,736		 (194,687)
394,680		 (4,499)
146,627		 (980,445)
6,406,043
September 2018
Fund Balances at31"
August 2019		 5,083,477 199,993 142,128 5,425,598

2020 2019
Net (expenditure)/
income for the reporting
financial activities)		 period (as per the statement of (1,559,513) E
(980,445)
Adjustments
for:
Impairment
charges
Depreciation
charges
(Gains)/ losses on investments
Dividends,
interest and rents from investments
Financing costs
Loss/(profit)
on the sale offixed assets
Defined benefit pension scheme		 334,397
(5,313)
(15,792)
261,607
14		 600,207
423,419
18,150
(18,695)
363,034
(7,670)
(increase)/decrease
in stocks
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors
Net cash provided
by (used in) operating		 activities 15,632
511,657
530,729
73,418		 (26,791)
403,460
~666,620
108,146
36. ANALYSIS OF CHANGES
IN NET FUNDS/(DEBT)
2020 2019
Cash at bank and in hand 78,770 157,997
Overdraft
facility repayable
on demand		 (1,082,690) (1,151,745)
Total cash and cash equivalents (1,003,920) (993,748)