##
|||||Page|
|---|---|---|---|---|
|Company|information||||
|Directors'|report (incorporating||the Strategic report)|4|
|Independent
auditor's||report||23|
|Financial|statements|ofthe company||25to 59|
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||||||
|---|---|---|---|---|
|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|
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|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||
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|Board||
|---|---|
|Finance and General Purposes|Committee|
|Education
Committee||
|Governance
Audit and Risk Committee||
|Estates Sub-Committee||
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|||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||||||||
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##
||||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||
##
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##
##
##
|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|
##
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##
##
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##
|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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##
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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)|
##