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2021-08-31-accounts

Page
Company information 1
Directors' report (incorporatingtheStrategic report) 2-16
Independent auditors' report 17-20
Financial statements of the company 21-42

Directors Mr G C Lloyd, FCA, CPFA (Chairman)
Mrs K Bates, LPQH, Cert. Ed
Mr M R Havard, BSc, Econ (Hons) (Vice Chair)
MrJF Holmes, BSc (Hons), FCA
ProfessorPJ Knowles, BA, PhD
Mr P R Lacey, MA
Mrs J E Newley, MA, Cert. Ed
MrJC Rawlins, FRICS, MRAC
Mrs CF Wood, BSc (Hons)
Provost The Revd Canon B D Clover, MA, FRSA, LTCL
Secretary Mr RA Leek
Charity No. 1103522
Company No. 05091977
Principal Address and Registered Office TheCathedral School, CardiffRoad, Llandaff,
Cardiff, CF5 2YH
Key Management Personnel
Head Mrs CV Sherwood, MA (Hons Cantab)
Bursar Mr RA Leek
Auditors RSM UK Audit LLP
Hartwell House, 55-61 Victoria Street, Bristol, BS1
6AD
Bankers Barclays PLC, 6" Floor, 5 Callaghan Square,
Cardiff, CF1O 5BT
VealeWasbroughVizards, Narrow Quay House,
Solicitors NarrowQuay, Bristol, BS1 4QA
Geldards LLP, 4Capital Quarter, Tyndall Street,
Cardiff, CF1O 4BZ
Insurance Brokers Marsh, 1 Tower PlaceWest, Tower Place, London,
EC3R 5BU

2020/2021 2019/2020
SeniorSchool 460 467
PreparatorySchool 179 178
Pre-Preparatory School 157 155
Total 796 800
2020/2021 2019/2020
Boys Girls Boys Girls
Senior School 289 171 296 171
Preparatory School 114 65 115 63
Pre-Preparatory School 103 54 98 57
Total 506 290 509 291

KPI Target Actual 2021 Actual 2020
Surplus 5% of netfees 4.6% 1%
Pupil Numbers 800 796 800
Total salariestonetfees 70% of netfees 68% 69%
ALevel target Average score of 55% 85% 56%
GradeAorabove
GCSE Level target Average score of 65% 86% 78.9%
Grade7orabove

G C Lloyd (Chairman) Estates, Finance, Nominations,
Remuneration, Risk Management
Mrs KBates Education, Remuneration, Risk
Management
M R Havard (Vice Chair) Estates, Nominations, Remuneration,
Risk Management
J F Holmes Finance, Nominations, Remuneration,
Risk Management
PR Lacey Education,Nominations,
Remuneration, Risk Management
P J Knowles Education, Remuneration, Risk
Management
Mrs J E Newley Education, Estates, Risk Management
JC Rawlins Estates, Finance, Nominations, Risk
Management
Mrs CFWood Estates, Finance, Risk Management

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST2021 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company arsd the charstable company's members as a body, for our audit work, for this report or for the opin￿nS we have formed. KEVIN BARWCK (Senior Slatutory Auditor} For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Hathell HoLtse 55-61 Victoria Street Bristol BS16AD

Notes Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Income and endowments from:
Charitable Activities
Schoolfeesreceivable 2 8,787,227 8,787,227 8,350,135
Ancillarytrading income 3 264,406 264,406 288,622
Other trading activities
Non-ancillarytrading income 4 12,557 12,557 30,239
Investments
Investmentincome 5 545 545 535
Bankand other interest 5 244 244 3,540
Other - Grants and donations
Grantsand donations 6 50,663 50,663 116,829
Other incoming resources
TOTAL INCOMING
RESOURCES		 22 9,115,097 545 9,115,642 8,789,900
Expenditure on:
Raising funds
Financing costs 7a (61,321) (61,321) (83,317)
TOTAL DEDUCTIBLE COSTS (61,321) (61,321) (83,317)
Charitable Activities
Education and grantmaking 7a (8,627,878) (20,547) (8,648,425) (8,613,772)
TOTAL EXPENDITURE (8,689,199) (20,547) (8,709,746) (8,697,089)
Netgains/(losses) on investment
assets		 13 1,950 1,950 (2,090)
Net income/(expenditure) 425,898 (18,052) 407,846 90,721
Net Movement in funds for the
year		 425,898 (18,052) 407,846 90,721
Fund balances at 1stSeptember 7,629,481 163,468 7,792,949 7,702,228
**FUND BALANCES AS AT 31ST ** AUGUST 8,055,379 145,416 8,200,795 7,792,949
Note
2021 2020
£ £
FIXED ASSETS
Tangibleassets 12 9,469,617 9,744,253
Investments 13 11,460 9,510
9,481,077 9,752,763
CURRENT ASSETS
Stock 3,058 4,783
Debtors 14 298,648 390,009
Cash at bank and in hand 2,003,846 1,338,152
2,305,552 1,732,944
CURRENT LIABILITIES
Creditors payablewithinoneyear 15 (1,501,792) (1,420,775)
NET CURRENTASSETS 803,760 312,169
TTAI AET¢I EC(IIDDEAIT
LIABILITIES		 10,284,837 10,065,932
LONG TERM LIABILITIES
Creditors payable afteroneyear 16 (2,018,597) (2,189,743)
TOTAL NET ASSETS
EXCLUDING PENSION 8,266,240 7,876,189
LIABILITY
Net pension liability 23 (65,345) (83,140)
NET ASSETS 8,200,895 7,793,049
REPRESENTED BY:
CALLED UP SHARE CAPITAL 19 100 100
ENDOWED FUNDS 20
RESTRICTED FUNDS 20 145,416 163,468
UNRESTRICTED FUNDS
General reserve 20 8,055,379 7,629,481
8,200,895 7,793,049
2021 2020
Notes £'000 £'000
Cash flows from operating activities:
Net cash provided by operating activities 24 894,127 441,944
Cash flows from investing activities:
Dividends, interest and rents from investments 789 4,075
Purchaseof property, plant and equipment (30,556) (62,678)
Net cash provided by investing activities (29,767) (58,603)
Cash flows from financing activities:
Repayments of borrowing (141,045) (48,511)
Financing costs (57,621) (83,317)
Repayment offinance lease obligations (10,557)
Net cash provided by financing activities (198,666) (142,385)
Change in cash and cash equivalents in the year 665,694 240,956
Cash and cash equivalents at the beginning of the year 1,338,152 1,097,196
Cash and cash equivalents at the end of the year 25 2,003,846 1,338,152

Freehold Land and Buildings: - Variable according to the building and written off over
the expected useful life (see paragraph below)
Freehold improvements - Over the useful economic life of the improvement
Leasehold land and Buildings - Overthe shorterof the economic life of the asset or the
life of the lease
Plant and Equipment - 25% on cost
Computer equipment - 25% on cost
Motor vehicles - 25% on cost

2021 2020
£ £
The School fees income comprises
Gross fees 9,749,437 9,796,672
Less: Total scholarships, bursaries, etc (804,374) (767,675)
Less: Discount for COVID-19 (157,836) (678,862)
8,787,227 8,350,135
3. CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME
2021 2020
£ £
Extras
Entrance fees and registration fees 16,115 14,140
Fees in Lieu of Notice 6,376 7,273
Extra Subjects 150,227 107,137
Sundry Other Income 73,646 142,179
School Shop Commission 18,042 17,893
264,406 288,622
4. OTHER TRADING ACTIVITIES
2021 2020
£ £
Non-ancillary trading income
Lettings income 11,250 23,678
Interest receivable- pupil bills 1,307 6,561
12,557 30,239
5. **INVESTMENTS - INVESTMENT ** INCOME
Unrestricted Restricted Total Total
2021 2020
£ £ £ £
Bank interest 244 244 3,540
Other interest 545 545 535
244 545 789 4,075
6. Other- Grants and Donations
Unrestricted Restricted Total Total
£ £ 2021 2020
£ £
Government grants - CJRS 50,663 50,663 116,829
50,663 50,663 116,829

a)
Total expenditure
Staff Support Depreciation Total Total
costs costs
(note 9) (Note 12) 2021 2020
£ £ £ £ £
Costs of raising funds
Financing cost (note 8) 61,321 61,321 83,317
Total cost of generating
funds		 61,321 61,321 83,317
Charitable expenditure
Teaching 5,154,992 373,950 23,123 5,552,065 4,973,100
Welfare 117,413 501,947 619,360 558,200
Premises 235,429 978,441 282,069 1,495,939 1,593,711
School administration and 454,306 524,003 978,309 1,496,661
Governance
Donations 8,053
Grants awards and prizes 20,547 20,547
(note 7b)
Movement in Pension (17,795) (17,795) (15,953)
recovery plan
Education and grant
making		 5,962,140 2,381,093 305,192 8,648,425 8,613,772
Total Expenditure 5,962,140 2,442,414 305,192 8,709,746 8,697,089

2021 2020
£ £
From Restricted Funds:
Scholarships 20,547 8,053
From Unrestricted Funds:
Bursaries (Hardship) 210,025 192,747
Bursaries (Scholarships) 205,170 205,365
Bursaries (Siblings) 33,450 24,390
Scholarships 178,015 187,889
647,207 618,444
2021 2020
£ £
Remuneration paid to auditor for audit services 19,560 19,145
Additional remuneration paid to auditor for prior year
Remuneration paid to auditor for non-audit services 2,580
Depreciation of tangible fixed assets:
- owned by the Charitable Company 305,192 617,873
- held under finance leases and hire purchase contracts 8,192
Operating lease rentals:
- land and buildings 67,400 73,400
- other assets 101,198
Reimbursement of personal expenses to Governors 354
Other Governance Costs - Legal Fees 11,520 5,986
504,870 727,530
8. FINANCING COSTS
2021 2020
£ £
Bank interest payable 47,053 54,979
Lease finance costs 132
Bank charges 10,568 10,801
Provision for bad and doubtful debts 3,700 17,405
61,321 83,317
9. STAFF COSTS
2021 2020
£ £
The aggregate payroll costs for the yearwere:
Wages and salaries 4,600,123 4,458,303
Social security costs 455,282 434,075
Other pension costs 900,290 868,538
Private medical insurance 6,445 5,197
5,962,140 5,766,113
9.
STAFF COSTS (Continued)
2021 2020
£ £
Aggregateemployee benefits of key management personnel 235,246 233,997
The numberof higher paid employees whoseannual emoluments were
£60,000 or morewas:
2021 2020
No No
£60,001 -£70,000 3 3
£70,001 -£80,000
£80,001 -£90,000 1 1
£90,001 -£100,000 1 1
The numberwith retirement benefits accruing:
- in Defined Contribution schemes was 1 1
Ofwhich thecontributions amounted to £16,150 £16,150
(2020: 157)
2021 2020
No No
Teaching 82 83
Welfare 13 9
Premises 17 18
Support 35 36
Otheractivities 10 11
157 157

12. TANGIBLE FIXED ASSETS
Group and company Freehold Leasehold
Land & Land & Plant & Computer Motor
Buildings Buildings Equipment Equipmen1 Vehicles Total
£ £ £ £ £ £
Cost
At 1s September2020 4,465,688 8,546,423 440,146 94,806 13,547,063
Additions - - - 30,556 - 30,556
Disposals
At 31°'August 2021 4,465,688 8,546,423 440,146 30,556 94,806 13,577,619
Depreciation
At 1September2020 196,841 3,163,160 352,441 90,368 3,802,810
Chargefortheyear 44,942 212,725 35,448 7,63€ 4,438 305,192
At 31°'August 2021 241,783 3,375,885 387,889 7,639 94,806 4,108,002
Net book value at 31st
August 2021 **4,223,905 ** 5,170,538 52,257 22,917 - 9,469,617
Net book valueat 31%August
2020 4,268,847 5,383,263 87,705 4,438 9,744,253

2021 2020
£ £
Group investments
At 1 September 9,510 11,600
Unrealised gains/(losses) on 1,950 (2,090)
investments
School investments at 31 August 11,460 9,510
Investments comprise:
Listed investments
Equities- Murray Investments 11,460 9510
School investments at 31 August 11,460 9,510
14. DEBTORS
2021 2020
£ £
School fees receivable 62,181 59,776
Prepayments and accrued income 235,841 329,530
Amounts due from parent company 626 703
298,648 390,009
15. CREDITORS: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 191,945 141,045
Deposits from parents 18,000 21,300
Fees received from parents in 797,804 834,674
advance of term
Trade creditors 124,610 87,767
Taxation and social security 117,070 105,292
Other creditors 170,828 169,540
Accruals 81,535 61,157
1,501,792 1,420,775

2021 2020
£ £
Balance at 1 September 834,674 1,057,224
Amounts arising intheyear 797,804 834,674
Amounts transferred toSOFA (834,674) (1,057,224)
**Balance ** at 31 August 797,804 834,674
2021 2020
£ £
Bank loans and overdrafts 1,655,815 1,847,761
Deposits from parents 362,782 341,982
2,018,597 2,189,743
BANK LOAN
2021 2020
£ £
The bank loan is repayable in instalments
Duewithin 1 to 2years 398,011 191,944
Duewithin 2 to 5years 1,257,804 1,655,817
Dueafter5years
Due after morethan oneyear 1,655,815 1,847,761
Duewithin 1 year 191,945 141,045
1,847,760 1,988,806

**Land and ** buildings Other
2021 2020 2021 2020
£ £ £ £
Within 1 year 67,400 58,400 101,198 89,580
Within 1 to 5years 260,600 233,600 174,336 63,208
After 5 years 2,303,200 2,384,000
2,631,200 2,676,000 275,534 152,788

SHARE CAPITAL
2021 2020
£ £
Authorised
100 Ordinary Shares of £1 each 100 100
Allotted, called up and fully paid
100 Ordinary Shares of £1 each 100 100

Total Total
Unrestricted Restricted Share 2021 2020
Capital
£ £ £ £ £
Tangible fixed assets 9,469,617 9,469,617 9,744,253
Investments 11,460 11,460 9,510
Net current assets 669,704 133,956 100 803,760 182,027
Long term liabilities (2,083,942) (2,083,942) (2,142,741)
8,055,379 145,416 100 8,200,895 7,793,049
Total Total
Unrestricted Restricted Share 2020 2019
Capital
£ £ £ £ £
Tangible fixed assets 9,744,253 9,744,253 10,307,640
Investments 9,510 9,510 11,600
Net current
assets/(liabilities)		 27,969 153,958 100 182,027 (448,933)
Long term liabilities (2,142,741) (2,142,741) (2,167,979)
7,629,481 163,468 100 7,793,049 7,702,328

At 1 Sept Incoming Resources Gains/ At 31 August
2020 resources expended (losses) 2021
£ £ £ £ £
Restricted Funds
Revaluation
Reserve		 5,411 1,950 7,361
ChoristerSpecial
Fund		 76,276 545 76,821
Special Fund­
Support		 81,781 (20,547) 61,234
163,468 545 (20,547) 1,950 145,416
Unrestricted Funds
General Reserve 7,629,481 9,115,097 (8,689,199) 8,055,379
7,629,46i - ....----
3,1 12,UMI		 (6,669, i99) 6,055,373
Total Funds 7,792,949 9,115,642 (8,709,746) 1,950 8,200,795
At 31
At 1 Sept Incoming Resources Gains/ August
2019 resources expended (losses) 2020
£ £ £ £ £
Restricted Funds
Revaluation
Reserve		 7,501 (2,090) 5,411
ChoristerSpecial
Fund		 75,741 535 76,276
Special Fund­
Support		 89,834 (8,053) 81,781
173,076 535 (8,053) (2,090) 163,468
Unrestricted Funds
General Reserve 7,529,152 8,789,365 (8,689,036) 7,629,481
7,529,152 8,789,365 (8,689,036) 7,629,481
Total Funds 7,702,228 8,789,900 (8,697,089) (2,090) 7,792,949

23. PENSION SCHEMES (Continued)
Present Values of Provision 2021 2020
£ £
Present value of provision 65,345 83,140
Reconciliation of opening and closing provisions 2021 2020
£ £
Provision at 1 September 83,140 99,093
Unwinding of the discount factor 403 870
Deficit contribution paid (18,110) (17,583)
Remeasurements - impact of any change in assumptions (88) 760
Remeasurements - amendments to the contribution schedule
Provision at 31 August 65,345 83,140
Income and expenditure impact 2021 2020
£ £
Interest expense 403 870
Unwinding of the discount factor
Remeasurements - impact of any change in assumptions (88) 760
Remeasurements - amendments to the contribution schedule
Assumptions 2021 2020
% per % per
annum annum
Rate of discount 0.63 0.55

at each year end period:
2021 2020
£ £
Year1 19 18
Year2 19 19
Year3 20 19
Year4 8 20
Year 5 8
Year6
66 84

**24. ** RECONCILIATION OF NET INCOMING RESOURCES TO NET
CASH INFLOW FROM OPERATIONS
2021 2020
£ £
Net income for the period (as per the Statement of Financial 407,845 90,721
Activities)
Adjustments for
Depreciation charges 305,192 365,396
Fixed asset adjustments (Impairment 2020) 260,669
Interest Receivable (789) (4,075)
Interest Payable 83,317
57,621
Pension Provision Movement (17,795) (15,953)
(gains)/ losses on investments (1,950) 2,090
Decrease/(increase) in stocks 1,725 (1,742)
Decrease_I_ (increase) in debtors 91,361 (64,497)
Increase/ (decrease) in creditors 50,917 (273,982)
Net cash provided by (used in) operating activities 894,127 441,944
**25. ** ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
£ £
Cash in hand and at bank 2,003,846 1,338,152
Overdraftfacilities repayable on demand
Total cash and cash equivalents 2,003,846 1,338,152

Other non-
At 1Sept cash At 31%'Aug
2020 Cashflows changes 2021
£ £ £ £
Cash and cash equivalents
Cash 1,338,152 665,694 2,003,846
Overdraftfacility repayable
on demand
1,338,152 665,694 2,003,846
Borrowings
Loans falling duewithinone (141,045) (50,900) (191,945)
year
Loans falling due after more (1,847,761) 238,999 (47,053) (1,655,815)
than oneyear
Finance leaseobligations
Total {1,988,806) 188,099 (47,053) (1,847,760)
Total (650,654) 853,793 (47,053) 156,086