2022-08-31-accounts - Queen Elizabeth's Hospital

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

Contents		Pages
Governors' report		1to20
Statement ofGovernors' responsibilities		21
Independent auditors'	report	22to 26
Statement offinancial	activities	27
Balance sheet		28
Cash flow statement		29
Notes to the financial	statements	30to 54

			Unrestricted	Restricted	Endowment	Total	Total
		Notes	Funds	Funds	Funds	2022	2021
			E	E	E	E	E
Income and endowments		from:
Voluntary sources
Grants and donations			10,858	251,104		261,962	176,662
Charitable activities
School fees receivable		2	10,917,281			10,917,281	9,992,443
Other trading activities
Sundry letting			25,473			25,473	21,090
Investments
Investment income		3	374,165	23,446		397,611	366,326
Bank and other interest		3	7,955			7,955	6,659
Other
Other income		4					18,908
Profit on sale offixed	assets		20,000
Total income and endowments			11,355,732	274,550		11,630,282	10,582,088
Expenditure on:
Raising funds
Financing costs			31,060			31,060	33,568
Investment management			293,076	1,952	49,935	344,963	111,547
Fundraising costs			59,766			59,776
Total deductible costs			383,902	1,952	49,935	435,789	145,115
Charitable activities
Education and grant making			10,575,029	172,291		10,747,320	9,722,594
Total expenditure		5	10,958,931	174,243	49,935	11,183,109	9,867,709
Net income before transfers
and investment gains			396,801	100,307	(49,935)	447,173	714,379
Gains/(losses) on investments				(29,094)	(744,231)	(773,325)	1,308,069
Gains on investment properties					40,000	40,000	380,000
Transfers between funds		13	(53,260)		53,260
Net movement in funds			343,541	71,213	(700,906)	(286,152)	2,402,448
Fund balances brought	forward		12,713,329	1,393,388	12,686,703	26,793,420	24,390,972
Fund balances carried	forward		13,056,870	1,464,601	11,985,797	26,507,268	26,793,420

				Notes	2022	2021
Fixed assets					E	E
Tangible	assets			7	9,026,837	9,326,103
Securities	investments			8	8,608,098	9,433,310
Property	investments			8	3,647,527	3,607,527
					21,282,462	22,366,940
Current	assets
Debtors					61,414	89,311
Cash and	deposits				8,556,470	7,776,274
					8,617,884	7,865,585
Current	Liabilities
Creditors:	amounts	falling	due within one year	10	(2,617,682)	(2,528,924)
Net Current Assets					6,000,202	5,336,661
Total assets less current			liabilities		27,282,664	27,703,601
Long term liabilities
Creditors:	amounts	falling	due after one year		(775,396)	(910,181)
Net assets					26,507,268	26,793,420
Endowed	Funds				11,985,797	12,686,703
Restricted Funds					1,464,601	1,393,388
Unrestricted Funds					13,056,870	12,713,329
					26,507,268	26,793,420

			Notes	2022	2021
Cash flows from operating activities:
Net cash provided by operating activities			16a)	752,838	1,068,825
Cash flows from investing activities:
Dividends, interest and rents from investments				397,611	366,326
Purchase of property, plant and equipment				(285,969)	(149,534)
Purchase of investments					(196,520)
Net cash provided by/(used in) investing	activities			111,642	20,272
Cash flows from financing activities:
Cash inflows from new borrowing
Cash repaid on borrowings				(53,224)	(50,739)
Interest paid on borrowings				(31,060)	(33,568)
Net cash provided by financing activities				(84,284)	(84,307)
Change in cash and cash equivalents	in the reporting	period		780,196	1,004,790
Cash and cash equivalents brought forward				7,776,274	6,771,484
Cash and cash equivalents carried forward			16j)	8,556,470	7,776,274

Freehold	buildings	over 50years
Freehold	improvements	over 15to 50years
Fixtures,	fittings and equipment	over 3to 5years
Motor vehicles		over 5years

						2022	2021
						f	f
The School's fee income comprised:
Gross fees					12,035,209		11,063,342
Less: Total scholarships,	bursaries	and	allowances		(1,284,844)		(1,246,170)
					10,750,365		9,817,172
Add back: Bursaries etc	paid for by restricted			funds	166,916		175,271
					10,917,281		9,992,443
INVESTMENT INCOME
		2022		2022	2022	2022	2021
	Unrestricted		Restricted		Endowment
	Funds			Funds	Funds	Total	Total
		f				f	f
Property income	115,705					115,705	108,760
Interest receivable		7,955				7,955	6,659
Income from investments	258,460			23,446		281,906	257,566
	382,120			23,446		405,566	372,985

			Staff Costs	Depreciation	Other	Total	Total
			2022	2022	2022	2022	2021
			E	E	F	E	E
Raising funds:
Financing costs					31,060	31,060	33,568
Investment management:
Securities	investments				51,887	51,887	48,305
Property investments					293,076	293,076	63,242
Fundraising costs			37,234		22,532	59,766
Total costs of raising funds			37,234		398,555	435,789	145,115
Charitable expenditure:
Teaching			5,696,221	177,912	708,517	6,582,650	5,981,636
Welfare			84,760		654,029	738,789	669,831
Premises			384,283	407,323	1,201,917	1,993,523	1,696,170
Support and governance			520,964		739,103	1,260,067	1,195,054
Grants, awards	and prizes				172,291	172,291	179,903
			6,686,228	585,235	3,475,857	10,747,320	9,722,594
Total Expended			6,723,462	585,235	3,874,412	11,183,109	9,867,709
Grants, awards	and prizes
						2022	2021
						f	f
From Restricted		Funds:
Bursaries and other grants			and awards			166,916	175,271
Prizes and leaving		awards				5,375	3,793
Other costs							839
						172,291	179,903

Staff costs comprise:				2022	2021
				f	f
Wages and salaries				5,178,316	4,840,016
Defined contribution	pension scheme employer's		contributions	68,387	59,426
Defined benefit pension scheme operating		costs		911,040	832,547
Social Security				565,719	496,016
				6,723,462	6,228,005

			2022	2021
Teaching			81	79
Welfare			2	2
Premises			12	12
Support			28	28
			2022	2021
Number of higher	paid employees	in bands of:
f130,001 to f140,000
f100,001 to f110,000
f70,001 tof80,000
f60,001 tof70,000

Administration costs include:	Administration costs include:	2022	2021
		E	E
Depreciation - owned assets		585,235	620,242
Loss on	disposal offixed assets		8,100
Auditors'	remuneration	11,160	10,200
Auditors'	non-audit remuneration	1,122	540

PENSION COSTS (continued)	PENSION COSTS (continued)
Present value of	rovision					2022	2021
						E	E
Present value of	provision					9,245	47,983
Reconciliation of	o enin and closin		rovisions:			2022	2021
						E	E
Provision at start	ofyear					47,983	61,050
Unwinding ofthe	discount factor	(interest expense)				272	296
Deficit contribution paid						(9,568)	(13,298)
Re-measurements	-impact ofchange		in assumptions			(407)	(65)
Remeasurements	-amendments	to the contribution			schedule	(29,035)
Provision at end	ofyear					9,245	47,983
Income and ex enditure im act:						2022	2021
						E	E
Unwinding ofthe	discount factor	(interest expense)				272	296
Re-measurements	- impact ofchange		in assumptions			(407)	(65)
Remeasurements	-amendments	to the contribution			schedule	(29,035)
Costs recognised	in income and expenditure			account		(29,170)	231
						2022	2021
						'/o	'/o
Rate ofdiscount	(/o per annum)					4.46	0.63

																LA
										LA	CD	LA	CO		LA		LA	C)		m CO	C)
										LA C) CO	LA CO	Ct	CO CO «D			LA CO LA	C4 C)	CV 'LO		CI	'LO m
																					CD
						0 0 Q	MI «U .L' Z «U)	LLI				'LO CO c5	'LO CO CV		mm CD		CO CI	'LO CO (V
L/I Zp	«U5r tg L	I-Z LLt I- t/la	cv NO Vl bg c(		«U x Lt	N ba r I-	r «U .9 U			C) LA 'LO 'LO	CO C) C)	CO	m m		CO CO (V	«D		CD m		LO CI
tn x LLI	~ J2 Q Py	Z Z	Vl U «II c			'U 0	r			LA			CD LO		C)	m C) 'LO		CD		LA	'LO		C) (U LA
		LL	«U L tg			«U tU LL	0			(4 LA			CD C3		CV	CI				PJ m	CI m		'LO Lfl CO
Z D (y	~~ 0 lJ	pI- ~ t/I +' LLt L0 o~ Z					LQ. E			C) C3			m C) C)		CO 'LO	C)		C)		«D Ol LA	CD		bO C tb0
													«O		CO			LA		«5			C
										mm			m		LA CO			C& CO		m			«U E
																		CV		LA	LA
																							E
																							E0
																							LJ
						'U 0	Ur			C) C)			C) C)							C) C)	C) C)		«g CL
						«U «U				C) CO			«5 CO							C) CO	C3 CO		fb
						L
																							le
				t/l
				L/I Q X											A4							I-Z	00 LI LA
				tXI						C) CV L «U E			C)		C) L «U E	fb		(V (V C)	«U	C)	C)	I-	«U 0C «U
				Z I-					0	«U CL «U LA u «b	C0 0	Vl «b Vl0 CL IA CI	bO m	C0 tb LJ «U L	«U CL «U LA	«U 0 4 b«I	Vl fb 0 CL N	bb «b	«Q 00 CO «UZ:	bO m	bO m	p I-	L tb «LI «U tb

			Property	Securities
			investments	investments	Total
			E	E	E
Market value at 1 September		2021	3,607,527	9,433,310	13,040,837
Additions
Costs ofmaintaining investments				(51,887)	(51,887)
Change in market value			40,000	(773,325)	(733,325)
Market value at 31 August	2022		3,647,527	8,608,098	12,255,625
Historical cost			1,098,127	6,956,225	8,054,352
Securities investments comprise:					Value
Quilter Cheviot Portfolio					8,605,459
Investments held with Smith		8 Williamson			2,637
Investment in subsidiary,	QEH International		Schools Limited		2
					8,608,098

DEBTORS
		2022	2021
		E	E
Fees receivable		17,614	5,245
Other debtors		8,490	5,081
Prepayments	and accrued income	35,310	78,985
		61,414	89,311

	2022	2021
	E	E
Fees in advance	1,265,661	1,265,033
Sundry creditors and accruals	1,156,251	1,085,442
Taxation 8 Social Security	140,020	125,225
Bank loan	55,750	53,224
	2,617,682	2,528,924
CREDITORS: Amounts falling due after more than one year
	2022	2021
	E	f
Sundry creditors and accruals (1-2years)	13,823	25,253
Sundry creditors and accruals (2-5years)	26,161	56,700
Sundry creditors and accruals (over 5years)	19,689	22,253
Deferred income (1-2years)	12,987	34,443
Deferred income (2-5years)	3,817	15,590
Deferred income (over 5years)	134,882	136,155
Bank loa n (1-2years)	58,429	55,750
Bank loan (2-5years)	193,315	184,109
Bank loan (over 5years)	312,293	379,928
	775,396	910,181

Deferred	income at 1 September 2021	1,513,773
Resources	deferred during the year	1,345,384
Amounts	released from previous years	(1,372,529)
Deferred	income at 31 August 2022	1,486,628

							2022	2021
							E	E
Financial assets measured		at	fair value	through		income and
expenditure
Securities investments							8,608,098	9,433,310
Financial assets measured		at	amortised	cost
Fees receivable							17,614	5,245
Other debtors							8,490	5,081
Cash and deposits							8,556,470	7,776,274
							8,582,574	7,786,600
Financial liabilities	measured		at amortised		cost
Sundry creditors and	accruals						1,006,672	940,908
Bank loan							619,787	673,011
							1,626,459	1,613,919

ENDOWMENTS	ENDOWMENTS
				E
Balance	at 1 September 2021			12,686,703
Change	in market value			(704,231)
Transfer	from unrestricted	fund		53,260
Costs of	maintaining the endowed		funds	(49,935)
Balance	at 31 August 2021			11,985,797

Balance	at 1 September	at 1 September	2021	266,307
Amount	repaid in	the year		(53,260)
Balance	remaining	at 31	August 2022	213,047

RESTRICTED	FUNDS
		As at			Gains,	As at
	1	September	Incoming	Resources	losses and	31August
		2021	resources	expended	transfers	2022
		E	E	E	E	E
John James Prize Fund			3,000	(3,000)
John James Gift			30,000	(30,000)
Bursary Fund		950,901	217,839	(91,782)		1,076,958
QEH Old Boys' Benevolent
Fund		354,904	10,605	(10,605)	(31,046)	323,858
Scholarship,	Bursary 8 Prize
Fund		87,583	13,106	(36,904)		63,785
		1,393,388	274,550	(172,291)	(31,046)	1,464,601
		As at			Gains,	As at
	1	September	Incoming	Resources	losses and	31August
		2020 f	resources E	expended f	transfers E	2021 E
John James Prize Fund		15,250	1,500	(1,500)	(15,250)
John James Gift			30,000	(30,000)
Bursary Fund		917,815	135,211	(102,125)		950,901
QEH Old Boys' Benevolent
Fund		307,226	9,786	(9,786)	47,678	354,904
Scholarship,	Bursary 8 Prize
Fund		96,713	12,113	(36,493)	15,250	87,583
		1,337,004	188,610	(179,904)	47,678	'l,393,388

		Unrestricted	Restricted	Endowment
		Funds	Funds	Funds	Total
		f	f	f	f
Fund balances at 31 August 2022 are
represented by:
Tangible	fixed assets	9,026,837			9,026,837
Securities	investments	2	323,858	8,284,238	8,608,098
Property	investments			3,647,527	3,647,527
Current assets		7,423,109	1,140,743	54,032	8,617,884
Liabilities		(3,393,078)			(3,393,078)
Total net	assets	13,056,870	1,464,601	11,985,797	26,507,268
			Linked Charities
		QEH f	QEH SBP f	QEH Trust f	Total f
Fund balances at 31 August 2022
analysed	between the linked charities
Tangible	fixed assets	9,026,837			9,026,837
Securities	investments	323,860	392,085	7,892,153	8,608,098
Property	investments			3,647,527	3,647,527
Current assets		8,500,067	63,785	54,032	8,617,884
Liabilities		(3,393,078)			(3,393,078)
Total net	assets	14,457,686	455,870	11,593,712	26,507,268

		Unrestricted	Restricted	Endowment
		Funds	Funds	Funds	Total
		E	E	E	f
Fund balances at 31 August 2021		are
represented by:
Tangible	fixed assets	9,326,103			9,326,103
Securities	investments	2	354,905	9,078,403	9,433,310
Property	investments			3,607,527	3,607,527
Current assets		6,826,329	1,038,483	773	7,865,585
Liabilities		(3,439,105)			(3,439, 105)
Total net	assets	12,713,329	1,393,388	12,686,703	26,793,420
			Linked Charities
		QEH	QEH SBP	QEH Trust	Total
		E	E	E	E
Fund balances at 31 August 2021
analysed	between the linked charities
Tangible	fixed assets	9,326,103			9,326,103
Securities	investments	354,907	429,672	8,648,731	9,433,310
Property	investments			3,607,527	3,607,527
Current assets		7,777,228	87,584	773	7,865,585
Liabilities		(3,439, 105)			(3,439, 105)
Total net	assets	14,019,133	517,256	12,257,031	26,793,420

						2022	2021
						E	E
	Net income/expenditure		for the reporting		period (as per the
	statement offinancial		activities)			(286,152)	2,402,448
	Depreciation charges					605,235	620,241
	Disposal of Fixed Assets					(20,000)	8,100
	Dividends, interest and rents from investments					(397,611)	(366,326)
	(Increase)/decrease	in debtors				27,897	48,688
	Increase/(decrease) in		creditors			7,197	(38,130)
	Endowment costs					51,887	48,305
	Interest on loans					31,060	33,568
	(Gains)/losses on investments					733,325	(1,688,069)
	Net cash inflow from		operating	activities		752,838	1,068,825
b)	Analysis ofnet funds
					At 1 September	Cash	At 31August
					2021	flow	2022
					E	E	E
	Cash at bank				7,776,274	780,196	8,556,470
						2022	2021
c)	Analysis ofcash and	cash equivalents				E	f
	Cash in hand					3,961,105	3,182,536
	Notice deposits (less	than 3 months)				4,595,365	4,593,738
	Total cash and cash	equivalents				8,556,470	7,776,274

cancell	ab	le operating leases was:
			2022	2021
			E	E
Amounts		payable:
Within	1	year	27,961	6,339
Between		1 and 5years	83,074	11,622
Total			111,035	17,961


19. STATEMENT OF FINANCIAL ACTIVITIES				FOR YEAR ENDED 31AUGUST		2021
			Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds	2021	2020
			E	E	E	E	E
Income and endowments		from:
Voluntary sources
Grants and donations			9,686	166,976		176,662	169,186
Charitable activities
School fees receivable			9,992,443			9,992,443	9,059,673
Ancillary trading income							370
Other trading activities
Sundry letting			21,090			21,090	32,926
Investments
Investment income			344,692	21,634		366,326	326,498
Bank and other interest			6,659			6,659	28,279
Other
Other income			18,908			18,908	152,250
Total income and endowments			10,393,478	188,610		10,582,088	9,769,182
Expenditure on:
Raising funds
Financing costs			33,568			33,568	35,950
Investment management			63,242	1,835	46,470	111,547	151,960
Fundraising costs							(3,349)
Total deductible costs			96,810	1,835	46,470	145,115	184,561
Charitable activities
Education and grant making			9,542,691	179,903		9,722,594	9,294,147
Total expenditure			9,639,501	181,738	46,470	9,867,709	9,478,708
Net income before transfers
and investment gains			753,977	6,872	(46,470)	714,379	290,474
Gains on investments				49,512	1,258,557	1,308,069	235,554
Gains on investment properties					380,000	380,000	70,000
Transfers between funds			(53,260)		53,260
Net movement in funds			700,717	56,384	1,645,347	2,402,448	596,028
Fund balances brought	forward		12,012,612	1,337,004	11,041,356	24,390,972	23,794,944
Fund balances carried	forward		12,713,329	1,393,388	12,686,703	26,793,420	24,390,972