2021-08-31-accounts - King's Schools Taunton Ltd

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	Page
Company Information
Directors' Report (incorporating the Strategic Report)
Directors' Responsibilities Statement	23
Independent Auditor's Report	24
Consolidated Statement of Financial Activities	28
Charity Statement ofFinancial Activities	29
Consolidated and Charity Balance Sheet	30
Consolidated Cash Flow Statement	31
Notes to the Financial Statements	33

Directors	Directors			L M Nash BEd FIOD	L M Nash BEd FIOD	ISM (Chairman
				Dr RA K Mott BA PhD (Vice-Custos)
				CA Cavaghan-Pack		BEdJP
				CA Cooper
				M D Featherstone	MA PGCE
				M A Gunn MA (Ed)
				C H Hirst MA
				JER Houghton MA
				R M U Lambert MA
				WJ Morrison BScMRICS
				Bishop W N Stock	BA, Dip Theol.
				M FTrimble BScACA FCSI
				Commodore JRA	Woodard BASC (Hone), MSc, PG Cert
Secretary				SC Worthy BA MBA
Charity	Number			1103346
Company		Number		05064301
Registered		Office		20 Holway Avenue
				Taunton
				TA1 3AR
Principal	Addresses			King's College Taunton
				South Road
				Taunton
				Somerset
				TA1 3LA
				King's Hall School
				Kingston Road
				Taunton
				Somerset
				TA2 SAA
Key Management			Personnel
Heads				R R Biggs, MA BSc(King's College Taunton)
				JTSChippendale,	BSc(King's Hall School)
Director	ofFinance and			SC Worthy BA MBA
Operations

Auditors		RSM UK Audit LLP	RSM UK Audit LLP
		Hartwell House
		55-61 Victoria Street
		Bristol
		BS16AD
Tax advisers		RSM UK Tax and Accounting			Limited
		St Philips Point
		Temple Row
		Birmingham
		West Midlands
		B25AF
Bankers		National Westminster		Bank pic
		49 North Street
		Taunton
		TA1 1NB
Solicitors		DAS Law Limited
		North Quay
		Temple Back
		Bristol
		BS16FL
		Porter Dodson
		The Quad
		Blackbrook Park	Avenue
		Taunton
		TA1 2PX
		Veale Wasbrough	Vizards
		Narrow Quay House
		Narrow Quay
		Bristol
		BS14QA
Insurance	Brokers	Marsh Insurance	Brokers Limited
		1 Tower Place West
		Tower Place
		London
		ED3R 5BU

			2020-21	2019-20
Energy consumption	used to calculate emissions	(kWh)	6,631,655.06	5,514,569.90
Energy consumption	break down (kWh):
~gas			3,887,998.50	3,118.257.00
~electricity			1,484,278.50	1,399,664.00
~ transport fuel			167,915.43	216,021.29
~ Delivery Vehs Diesel			8,974.86	13,893.89
~ Fuel —Garden Machinery			8,702.57	3,231.09
~ burning oil				25,708.00
~ gas oil			1,073,785.20	737,795.04

DIRECTORS
The Directors who served during	the year,	and the committees	of which they are members,		are:
L M Nash (Custos)			All committees
Dr RA K Mott (Vice-Custos)			All committees
SJCarder	(retired 30	November 2020)	Education and Pastoral
C A Cavaghan-Pack			Education and Pastoral
C A Cooper			Finance and Estates
G P Davis			Finance and Estates, Remuneration
M D Featherstone			Education and Pastoral
M A Gunn	(appointed	17March 2021)	Education and Pastoral
C H Hirst			Education and Pastoral,	Remuneration
J E R Houghton			Finance and Estates
R M U I ambert			Finance and Estates
WJ Morrison			Finance and Estates
LCScott	(retired 26	April 2021)	Education and Pastoral
Bishop Nigel Stock			Education and Pastoral
M FTrimble			Finance and Estates, Remuneration,
			Appointments
Commodore JRA Woodard			Education and Pastoral

					Unrestricted	Restricted	Total	Total
				Notes	Funds	Funds	2021	2020
INCOME FROM:
Charitable Activities
School fees receivable					12,846,580		12,846,580	12,407,3(7
Ancillary trading income					915,707		915,707	624,185
Other trading activities
Non-ancigary trading income					189,349		189,349	226,266
Other activities								9,872
Investments
Investment Income					26,913		26,913	36,165
Bank and other interest					511		511	12,411
Voluntary sources
Appeal income and donations					360,591	211,063	571,654	786,667
TOTAL INCOME					14,339,651	211,063	14,550,714	14,104,883
EXPENDITURE ON:
Raising funds
Non-ancigary trading					24,973		24,973	30,047
Financing costs					(14,980)		(14,980)	(78,837)
Investment management					18,521		18,521	20,497
					28,514		28,514	(28,293)
Charitable Activities
Education and grant making				7	14,529,554	19,200	14,548,754	14,208,853
TOTAL EXPENDITURE					14,558.068	19,200	14,577,268	14,180,560
Net income and expenditure	before transfers				(218,417)	191,863	(26,554)	(75,677)
Realised gains/(losses) on investment			assets	13	66,092		66,092	(28,468)
Unmalised gains on investment		assets		13	219,017		219,017	53,813
Net income					66,692	191,863	258,555	(50,332)
Transfers between funds				21	875	(875)
NET MOVEMENT IN FUNDS FOR THE			YEAR		87,567	190,988	258,5SS	(50,332)
Fund balances at 1 September		2020			18,180,155	213,315	18,393,470	18,443,802
FUND BALANCES at 31August		2021			18,247,722	404,303	18,6S2,025	18,393,470

						Unrestricted	Restricted	Total	Total
					Notes	Funds	Funds	2021	2020
INCOME FROM:
Charitable Activities
School fess receivable						12,846,580		12,846,580	12,407,317
Ancillary trading income						915,707		915,707	624,185
Other trading activities
Non-ancillary trading income						164,376		164,376	198,219
Other activities									9,872
Investments
Investment Income						26,913		26,913	36,165
Bank and other interest						511		511	12,411
Voluntary sources
Appeal income and donations						360,591	211,083	571,654	786,667
TOTAL INCOME						14,314,678	211,063	14,525,741	14,074,835
EXPENDITURE ON:
Raising funds
Financing costs						(14,980)		(14,980)	(78,837)
Investment management						18,521		18,521	20,497
						3,541		3,541	(58,340)
Charitable Activities
Education and grant making					7	14,529,554	19,200	14,548,754	14,208,853
TOTAL EXPENDITURE						14,533,095	19,200	14,652,295	14,150,513
Net income and expenditure		before transfem				(218,417)	191,863	(26,554)	(75,677)
Realised gains/(losses)	on investment			assets	13	66,092		66,092	(28,468)
Unrealised gains on investment			assets		13	219,017		219,017	53,813
Net income						66,692	191,863	258,555	(50,332)
Transfers between funds					21	875	(875)
NET MOVEMENT IN FUNDS FOR THE				YEAR		67,567	tao,ass	2ss,sss	(50,332)
Fund balances at 1 September		2020				18,180,155	213,315	18,393,470	18,443,802
FUND BALANCES at 31August			2021			18,247,722	404,303	18,652,025	18,393,470

		GROUP		CHARITY	CHARITY
	Notes	2021	2020	2021	2020
		6		6	f
FIXEDASSETS
Tangible assets	12	15,235,322	15,506,882	15,235,322	15,506,882
Investments	13	2,724,114	2,249,599	2,724,114	2,249,599
Investments in subsideries	13			101	101
		17,959,436	17,756,481	17,95$,537	17,756,582
CURRENT ASSETS
Stocks		15,145	22,782	15,145	22,782
Debtors		675,459	678,743	1,376,7$5	1,285,986
Cash		6,761,413	5,911,109	6,055,298	5,280,509
		7,452,017	6,012634	7,447,238	6,589,277
CREDITORS: due within one year	15	(5,154,915)	(4,392,603)	(5,150,237)	(4,369,347)
NET CURRENT ASSETS		2,297,102	2,220,031	2,2$7,001	2,219,930
TOTAL ASSETSLESSCURRENT LIABILITIES		20,256,538	19,976,512	20,256,538	19,976,512
CREDITORS: due atter more than one year	1$	(1,604,413)	(1,582,942)	(1,604,413)	(1,582,942)
TOTAL NETASSETS		18,652,125	18,393,570	18,652,125	18,393,570
CAPITAL AND RESERVES
Called up sham capital	1$	100	100	100
FUNDS
Restricted funds	21	404,303	213,315	404,303	213,315
Unrestricted funds
General	21	15,3$7,4$5	15,653,483	15,397,495	15,653,483
Designated	21	2,850,227	2,526,672	2,850,227	2526,072
		18,247,722	18,160,155	18,247,722	18,180,155
EQUITYSHAREHOLDERS'FUNDS		18,652,125	18,393,570	1$,652,125	18,393,570

					2021	2020
					6	f
Cash flows from operating	activitlesr
Net cash provided by (used	In) operating	activities			1,230,$78	44,322
Cash flows from investing	activities:
Dividends, interest and rents	from investments				27,424	48,576
Purchase of properly, plant and equipment					(191,025)	(121,385)
Proceeds from sale ofinvestments					1,866,357	490,102
Purchase of investments					(2,074,277)	(440,951)
Net cash provided by (used	in) investing	activities			(371,521)	(23,559)
Cash flows from financing	actlvltlesr
Financing costs					(8,863)	(9,943)
Net cash provided by (used	in) financing	acthdties			(8,853)	(9,943)
Change In cash and cash equivalents in		the year			860,304	10,720
Cash and cash equivalents	atthe beginning		ofthe year		6,911,109	5,900,389
Cash and cash equivalents	atthe end of	the year			$,761,413	5,911,109
Reconciliation ofnet Income/(expenditure)			to net cash flow from operating	activities
					2021	2020
					6	f
Net income/(expenditure) for period (as		per	the Statement of
Financial Activities)					258,555	(50,332)
Adjustments fon
Depreciation charges					462,684	507,740
(Gains)ecsses on investments					(285,116)	(25,345)
Dividends, interest and rents	from investments				(27,424)	(se,575)
Financing costs					27,374	30,440
Decrease/(increase) in stocks					7,637	(1,314)
Decrease/(increase) in debtors					3,284	(es,oei)
Increase/(decrease) in creditors					783,784	(284,210)
Net cash provided by (used	in) operating	activities			1,230,678	44,322

			2021	2020
			E
Analysis ofcash and cash equivalents
Cash at bank and in hand			6,761813	5911109
Total cash and cash equivalents			$,7$1,413	5,911,109
Analysis ofchanges In Net Debt
	At 1stSept	Cash	Other non-	At31stAug
	2020	gown	cash changes	2021
Cash and cash equivalents
Cash at bank snd in hand	5,011,108	850,304		6,761/13
Total	5,811,108	850,304		6.761A13

2	CHARITABLE AC	TIV	ITIES - A	NCILLARY	TRADING INCOME	TRADING INCOME		Group and Charity
								2021	2020
								f	f
	Extra subjects							619,321	358,280
	Entrance and	registration		fees and fees in lieu		ofnotice		93,672	88,730
	Commissions	and	other income					202,714	167,175
								915,707	624,185
3	OTHER TRADING	ACTIVITIES						Group
	Nonwncglary trading		income					2021f	2020
	Rents receivable		and other sales					15,886	4,800
	WST Enterprises		Limited					10,874	04,335
	King's College	Schools International			Limited			162,589	159,131
								189,349	228,256
								Charity
	Nonwncglary trading		income					2021f	2020
	Rents receivable		snd other sales					15,886	4,800
	WST Enterprises		I imited					5,027	50,242
	King's College	Schools International			Limited			143,463	143,177
								164,376	198,219
								Group and Charity
	Other activities							2021	2020
								f	f
	Interest on overdue fees								9,872
									0,872
4	INVESTMENTS - INVESTMENT INCOME							Group and Charity
								Total	Total
	Securities investment		income		Unrestrictedf		Rash ictedf	2021 f	2020 f
	Equities					11,028		11,028	15,141
	Fixed interest					8,875		8,875	18,673
	Alternatives					7,010		7,010	2,351
						26,913		26,913	30,155
5	INVESTMENTS - BANK AND OTHER INTEREST							Group and Charity
								Total	Total
					Unrestrictedf		Restricted f	2021	2020f
	Bank interest					511		511	12,411
						511		511	12,411

VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	VOLUNTARY SOURCES - GRANTS AND	DONATIONS	DONATIONS					Group and Charity	Group and Charity
													Total	rota(
								Unrestricted		Restricted			2021	2020
									5			8	8
	Government Grant CJRS							244,548					244,648	618,531
	Donations							116,043		211,063			327,106	108,135
								360,591		211,063			571,654	705,6S7
ANALYSIS OF EXPENDITURE
a)	Total Expenditure									Group
				Staff Costs				Support		Depreciation			Total	Total
						(nots 9)f			Costs 8	(note		12) 8	2021 f	2020f
Costs of raising funds:
	Non ancillary trading								24,325				24,$73	30,047
	Financing cost (note 8)								(14,980)				(14,980)	(78,837)
	Investment management								18,521				18,521	20,497
	Total cost of raising funds						648		27,866				28,514	(28,293)
Charitable expenditure
	Teaching			6,106,899				511,647			28,616		6,647,182	6,837,398
	Welfare				718,562			1,203,549			4,707		1,$28,818	1,550,591
	Premises				858,637			2,027,240		272,755			3,158,632	2,821,739
	School administration			1,116,918				1,233,810		156,507			2,507,236	2,658,T43
	Grants, awards and prizes
	(ail from unrestricted funds)								6,038				6,038	I1,255
	Governance							283,669					283,669	215,50T
	ExpendiWre nom restricted
	funds								19,200				19,200	6,520
Total charitable expenditure				8,801,016				5,285,153		462,585			14,648,764	14,208,853
Total expenditure				8,801,664				5,313,019		462,585			14,677,26814,180,560
b)	Governance included	in support				costs
	King's Schools Taunton	reimbumes				governors		for out	ofpocket expenses			including	travel subsistence	and
	accommodation, where	a claim		is	made. Two trustees were reimbursed						21,017during the year (2020:two were
	reimbursed a total of5837)
													Total	rota(
													2021	2020
													8
	Remuneration paid to auditor		for audit services										23,010	21,900
	Additional remuneration	paid	to	auditors			for prior year							010
	Reimbursement ofpersonal expenses						to governors						1,017	837
													24,027	23,347
FINANCING COSTS													Group and Company
													2021	2020
													5	f
	Other interest paid												1,326	762
	Bank charges												7,527	9,I82
	Pmvision for bad and doubtful		debts										(23,833)	(88,781)
													(14,980)	(78,837)


STAFF COSTS		Group
The aggregate payroll costs for the year were.		2021	2020
		E	E
Wages and salaries		7,170,272	7,277,845
Social security	costs	643,5'73	sssssf
Teachers' pension contributions		871.339	901,318
Other pension	contributions	111,462	113,924
Pdivate Medical	Insurance	5,018	4,066
		8,801,664	8,953,014
		Charity
		2021	2020
Wages and salanes		7,169,624	7,273,811
Social security	costs	643,573	655,851
Teachers' pension contributions		871,339	901,318
Other pension	contributions	111,462	113,924
Pnvate Medical	Insurance	5,018	4,066
		8,801,016	8,948,980

oonnected	body.
							2021	2020
							E
Aggregate	employee	benefits	of	key	management	personnel	394,807	413,922

The	number	o	femployees whose a	nnual emoluments were E60,000 or more was:
				2021	2020
				(number)	(number)
			E60,001 - E70,000	2	3
			E 70,001 - k 80,000	1
			E 80,001 - E90,000	1
		7 90,001-f100,000		1
		E	100,001 - E 110,000	1
		E	110,001 - E 120,000
The	average	number ofemployees		during the year calculated on a head count basis was:
				2021	2020
				(number)	(number)
	Teaching		staff	129	130
	Others			143	137
				272	257

GROUP		Freehold
		Land &	Plant &	Furniture	Computer	Motor
		Buildings f	Equipment f	&Fittingsf	Equipmentf	Vehicles f	Total
Cost
At 1 September	2020	17,717,722	672,828	943,814	825,953	23,400	20,183,717
Additions			161,552		29,473		191,025
At 31 August 2021		17,717,722	834,380	943,814	855J26	23,400	20,374,742
Depreciation
At 1 September	2020	2,807,505	391,443	582,769	579,795	15,323	4,676,835
Charge for the year		260,320	67,763	13,401	117,433	3,668	462,585
At 31 August 2021		3,067,825	459,206	896,170	697,228	18,991	5,139,420
Net book value
At 31 August 2021		14,649,897	375,174	47,644	158,198	4,409	15,235,322
Net book value				Furniture
at 31August 2020		14,910,217	281,385	61,045	246,158	8,077	15,506,882
COMPANT		Land &
		Buildings	Plant &		Computer	Motor
		Freeholdf	Equipmentf	&Fittings f	Equipmentf	Vehicles f	Total f
Cost
At 1 September	2020	17,717,722	672,628	943,814	825,953	23,400	20,183,717
Additions			161,552		29,473		191,025
At 31 August 2021		17,717,722	834y380	943)814	855)426	23y400	20)374742
Depreciation
At 1 September	2020	2,807,505	391,443	882,769	579,795	15,323	4,676,835
Charge forthe year		260,320	67,763	13,401	117,433	3,668	462,585
At 31 August 2021		3,067,825	459,206	896,170	697,228	18,991	5,139,420
Net book value
At 31August 2021		14,649,897	375,174	47,644	158,198	4,409	15,235,322
Net book value
at 31 August 2020		14,910,217	281,385	61,045	246,158	8,077	15,506,882

SECURITIES INVESTMENTS
Group investments		2021	2020f
At 1 September 2020		2,496,655	2,457,180
New money invested		71,589	56,938
Reinvested income		26,913	36,165
Amounts extracted		(74,624)	(58,468)
Management fees		(18,521)	(20,505)
Realised gains on investments		66,092	(28,468)
Unrealised gains on investments		219,017	53,813
Group investments at 31August	2021	2,787,121	2,496,655
Less: Investments classified as	cash	(63,007)	(247,056)
Group Investments at 31 August	2021	2,724,114	2,249,599
Investments in subsidaries		101	101
Company investments at 31 August 2021		2,724,215	2249,700
Investments comprise:
Listed investments
Fixed interest		250,568	631,907
Equities		1,541,762	1,159,403
Alternative investments
Hedge funds		72,462	100,168
Commercial property funds			52,032
Commodities and other		859,322	306,089
Group investments at 31August	2021	2,724,114	2,249,599
Investments in subsidiaries		101	101
Company investments at 31August 2021		2,724,215	2,249,700

Black Rock ICS Institutional	Black Rock ICS Institutional	Sterling	Liquidity	Fund	300,000	11.01%
JP Morgan GBP Liquidity	LVNAV Fund				300,000	11.01%
JP Morgan America Equity		Fund			157,795	5.79%

14	DEBTORS				Group		Company
					2021f	2020f	2021	2020 6
	School fees receivable				215,113	171,813	215,113	171,813
	Trade debtors				11,281	123,749
	Other debtors				68,158	36,347	65,775	36,347
	Prepayrnents and accrued income				382,835	346,834	382,835	346,834
	Amounts owed by group	undertakings					713,000	730,992
	Woodard Corporation				72		72
					675A59	678,743	1.376,795	1,285,986
15	CREDITORS: Amounts	falling due within		one year	Group		Company
					2021	2020	2021	2020
					8			6
	Deposits from parents				379,351	320,458	379,351	320,458
	Fees received in advance ofterm				2,777,150	2,150,710	2,777,150	2 150,710
	Trade creditors				834,238	684,181	833,160	884,181
	Taxes and Social Security costs				160,866	208,443	160,866	188,467
	Pension Scheme Deficit	Recovery Plan			44,920	43,612	44,920	43,612
	Other creditors				499,648	455,116	499,048	455,116
	Woodard Corporation					62		62
	Accruals				458,742	330,021	455,742	326,721
					5,154,915	4,392,603	5,150,237	4,369,347
	Summary of movement		in deferred income
	Balance at 1 September	2020					2,150,710
	Amounts arising in the year						2,777,150
	Amounts transferred to SOFA						(2,150,710i
	Balance at 31 August 2021						2,777,150
	Deferred income arises	due	tofee payments received		in advance ofthe new	financial year.
16	CREDITORS: Amounts	falling due after one year					Group and Company
							2021	2020
								5
	Deposits from parents						1i491,970	1,426,339
	Pension Scheme Deficit	Recovery Plan					112,443	158,603
							1,604,413	1,582,042

17	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES		Group and	Company
	The future minimum	commitments		under non-cancellable		operating leases
	for vehicles and temporary		buildings		are:
							2021	2020
							5
	within 1 year						104,204	50,843
	within 1 to 5years						153,530	94,236
	aRer 5years
							257,734	145,079
18	SHARE CAPITAL						Group and	Company
							2021	2020
	Authorised
	100Ordinary shares	off 1	each				100	100
	Allotted. called up and fully paid
	100Ordinary shares	off. 1	each				100	100
19	FINANCIAL INSTRUMENTS
							Group and	Company
							2021	2020
	FINANCIAL ASSETS:						5
	Investments held at	FVthrough		Profit and Loss			2,724,114	2,249,599

19	FINANCIAL	INSTRUMENTS
	FINANCIAL	ASSETS:
	Investments	held at FVthrough	Profit and Loss

shorlfafi, the Trustee has asked the participating follows: Deficit contributions	employers to pay additional c	ontribution	ontribution	s to the scheme as	s to the scheme as
From 1 April 2016to 30September 2025	212,945,440 per annum 3%OneaCh 1 A ril	(payable		monthly snd increasing
From 1 Apnl 2016to 30September 2026:	254,550per annum (payable 3%oneach1A ril)		morithly		and increasing by
The recovery plan contributions are afiocsted to each participating employer in		line	vnth	their	esfimated share of
the Sense 1 and Series 2scheme liabilities.


Present Values ofProvision				2021	2020
				5	5
Present value cfprovision				157,363	200,216
				Period ending	31 August
Reconciliation ofopening snd closing provisions				2021	2020
				6	6
Provision astarl of period				200,215	238,632
Uruunding ofthe discount factor	(interest	expense)		972	2,095
Deficit contributicn paid				(43,612)	(42342)
Remeasurements -impact ofany	change	in assumptions		(212)	1,830
Remeasurements -amendments	tothe contribution		schedule
Provision at end of period				157,363	200,215

Income and expenditure	Income and expenditure				2021	2020
					6
Interest expense					972	2,096
Remeasurements	- impact ofany	change	in assumptions		(212)	1,630
Remeasurements	-amendments	to the contribution		schedule
Assumptions					2021	2020
					%per annum	%psr annum
Rate ofdiscount					0.63

Deficit	contributions	2021	2020
		6
Year'	1	44,920	43,612
Year	2	46,266	44,920
Year'	3	47,656	46,268
Year	4	20,200	47,650
Year	5		20,200
		159,044	202 656

The Company's	net assets belong to the various funds as follows:	net assets belong to the various funds as follows:
		Fixed assets	Inwmtments	Net current	Long term	Total
				assets	gabglges
				5	8
Share capital				100		100
Restricted funds				404,303		404,303
Unrestricted	funds
General		15,235,322	101	1,766,457	(1,604,413)	16,397,467
Designated			2,724,114	126,141		2,850,255
Company		16,236,322	2,724,215	2,29T,001	(1,604,413)	18,662,125
Trading subsidiary			(101)	101
Group - 31August 2021		15,235,322	2,724,114	2,297,102	(1,604,413)	18,652,125
		Fixed assets	Investments	Net current	Lon9 Ieflrr	Total
				assets	gabgities
				5	5
Share capital				100		100
Restricted funds				213,315		213,316
Unrestricted	funds
General		15,506,882	101	1,729,441	(1,582,942)	15,653,482
Designated			2,249,599	277,075		2,526,674
Company		16,606,882	2,24$,700	2,219,931	(1,582,$42)	18,393,671
Trading subsidiary			(101)	101
Group - 31August 2020		15,506,882	2,249,599	2,220,032	(1,682,942)	18,3$3,571

24	Reconciliation ofnet	incoming	resources	to net cash
	inflow from operations				2021	2020
						f
	Net Income for the year ended 31August 2021				258,555	(50,332)
	Adjustments for
	Depreciation charges				462,585	507,740
	(Gains)Losses on investments				(466.662)	54,245
	Financing costs				(8,853)	(9,943)
	Purchase oftangible	fixed assets			(181,026)	(121,396)
	(Increase)/decrease	in stocks			7,637	(1,314)
	(Increase)/decrease	in debtors			3,284	(84,051)
	Increase/(decrease)	in creditors			783,783	(254,210)
	tlat Cash provided by (used In)		operating	activities	850,304	10,720
26	Analysis ofcash snd cash equivalents				2021	2020
						f
	Cash in hand snd at	a bank			6,761,413	5,9/1,109

Year Ended 31August	20	20
						Unrestricted	Restricted	TOTAL
					Notes	Funds	Funds	2020
INCOME FROM:
Charitable Activities
School fees receivable						12,407,317		12,407,317
Ancillary trading income						624,185		624,185
Other trading activities
Non-ancillary trading income						228,266		228,266
Other activities						9,872		9,872
Investments
Investment Income						36,165		36,165
Bank and other interest						12,411		12,411
Voluntary sources
Appeal income and donations						756,814	29,853	786,667
TOTAL INCOME						14,075,030	29,853	14,104,883
EXPENDITURE ON:
Raising funds
Non-ancillary trading						30,047		30,047
Financing costs						(78,837)		P8,837)
Investment management						20,497		20,497
						(28,293)		(28,293)
Charitable Activities
Education and grant making					7	14,202,333	6,520	14,208,853
TOTAL EXPENDITURE						14,174,040	6,520	14,180,560
Nst income and expenditure		before transfers				(99,010)	23333	(75,677)
Realised gains/(losses)	on investment			assets	1$	(28,468)		(28,468)
Unrealised gains on investment			assets		13	53,813		53,813
Net income						P3,665)	23,333	(50,332)
Transfers between funds					21	875	(875)
NET MOVEMENT IN FUNDS FOR THE				YEAR		(72,790)	22458	(50332)
Fund balances at 1 September			2019			18,252,945	190,857	18,443,802
FUND BALANCES st 31August			2020			18,180,155	213,315	18,393,470