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2021-08-31-accounts

2021

REGISTERED CHARITY NUMBER: 1109826 REGISTERED COMPANY NUMBER: 5447105

Giggleswick School

Annual Report and Financial Statements Year ended 31 August 2021

Annual Report and Financial Statements
Year ended 31 August 2021
Contents
DRAFT Page
Report of the Governors 3
Governors’ responsibilities in the preparation of the financial statements 9
Independent Auditor’s Report 10
Consolidated Statement of Financial Activities 13
Consolidated and Charity Balance Sheets 15
Consolidated Cash Flow Statement 16
Statement of Accounting Policies 18
Notes to the Accounts 22

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Giggleswick School REPORT OF THE GOVERNORS

Report of the Governors

The Governors of Giggleswick School present their report and financial statements for the year ended 31 August 2021.

Giggleswick School is an ancient foundation founded in 1512 and which received a Royal Charter from King Edward VI in 1553. The School is based in the village of Giggleswick in the Yorkshire Dales and provides education to children up to the age of 18.

Giggleswick School is a registered charity with number 1109826. The School is operated as a company limited by guarantee number 5447105, known as Giggleswick School. The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Giggleswick School – James Carr Trust retains most of the School’s fixed assets in the form of land and property.

The charitable object of Giggleswick School is to advance education by the provision of a day and boarding school for girls and boys in particular in or near the ancient parish of Giggleswick and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

The principal activity of Giggleswick School is the provision of education.

Public benefit

In considering the aims of Giggleswick School the Board of Governors has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission and determined that certain activities be central to the provision of education at the School and to its links with the community, these being:

Giggleswick School is one of the principle businesses in the North Craven district of the Yorkshire Dales and makes a significant contribution to the local economy through employment and bringing new people into the area, procurement of local services and goods, provision of cultural and educational activities and housing.

The School plays a central role in the community through:

Widening access

Giggleswick School aims to make it possible for pupils who may not normally be able to afford the full fees to benefit from attending the School by offering places at reduced cost. The School has limited resources from its permanent endowment assets to fund such reductions in fees but actively raises funds to allow more children to benefit from a Giggleswick education.

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Giggleswick School REPORT OF THE GOVERNORS

In 2020/21 a total of 47 pupils (2019/20: 42) were helped by the School through means-tested bursarial help. Included in these are pupils who are also supported by the following organisations: Royal National Children's Foundation, Buttle Trust, the BMTA Trust Ltd, the Northern Counties

Children’s Benevolent Society, The Reedham Trust, Children of Heroes, and the Collinge Trust. The total financial impact of this help on the School was £504k (2020: £353k). All those families which benefited were required to submit a confidential statement of financial circumstances. These are reviewed by the Bursar and discussed with the Headmaster before a decision to grant an award is made. DRAFT

Fee remission was also granted to families serving with HM Armed Forces amounting to £99k (2020: £59k). Total bursarial assistance (including Forces bursaries) was £603k (2020: £413k). In addition, the School provided scholarships worth £731k (2020: £679k).

Achievements and performance

In the past year 406 children have been on roll at Giggleswick School, including children from more than 12 countries. The total pupil roll includes 94 children in Giggleswick Junior School and Mill House Pre-School.

This year was the second academic year of working with the impact of the Coronavirus COVID-19 and the School’s priority has continued to be a high standard of academic excellence and variety of cocurricular activities, despite the challenges presented by the pandemic. Public examinations followed an evidence-based approach and this involved a considerable effort from all staff involved. At A-Level 83% of results were A*-B, and the equivalent grades were at 93% for BTEC.

For pupils moving on to higher education the university entrance was very successful in the summer; Russell Group university uptake accounted for 70% of places, and 84% of pupils obtained their first choice university. The average UCAS score was 156 points.

At GCSE the results were that 51% achieved grades 9-7 and 97% achieved grades 9-4.

Strategic objectives

The mission statement for Giggleswick School is: “To support every child in their lifelong journey of learning so that they have the skills to lead fulfilling lives and make a valued contribution to society”.

This mission is underpinned by the values of the School – Ambition, Participation and Respect – and a vision to be a flourishing, values-driven boarding school that:

The strategic objectives fall under the pillars of Learning, Wellbeing, and Resourcing:

Learning: Giggleswick School’s mission is supported by achieving the best academic outcomes for each individual, fostering a joy in learning and preparing children for life beyond school.

Wellbeing: Giggleswick School’s mission is supported by all members of the Giggleswick community feeling comfortable, healthy and happy and by ensuring safeguarding is the highest priority.

Resourcing: Giggleswick School’s mission is supported by a high standard of facilities, the most able staff and by financial resilience.

At the heart of our future strategic developments will be a commitment to academic excellence, an enhanced co-curriculum offering and continued investment in our facilities, in particular boarding facilities.

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Giggleswick School REPORT OF THE GOVERNORS

Financial review

Summary consolidated financial information:

2021
2020
DRAFT
£000

£000

Income
School fees
7,534
7,109
Donations
33
280
Ancillary income
376
385
Activities for generating funds
232
238
Grants
156
456
Other
259
30
Total Incoming Resources
8,590
8,498
Expenditure
Teaching
4,052
4,676
Welfare
1,644
1,633
Premises
1,257
1,119
Administration
1,450
1,607
Fundraising costs
112
120
Cost of activities for generating funds
80
104
Other
5
3
Total Resources Expended
8,600
9,262
Net (outgoing) resources before transfers
(10)
(764)

Giggleswick School is funded mainly through fees for tuition and boarding, donations, investment income and income from our commercial activities.

The retained deficit was £10k (2020: deficit of £764k).

As in the previous financial year, the School’s income was adversely affected by the Coronavirus COVID-19 pandemic. Despite this, income from school fees increased to £7,534k (2020: £7,109k). Fee income is stated after a fee credit of £328k which was given to parents in recognition of the closure of the campus for part of the spring term. The School was able to benefit by £156k from the Coronavirus Job Retention Scheme provided by HMRC (2020: £456k). The School also realised a profit of £259k on the sale of tangible fixed assets.

Total expenditure was £8,600k (2020: £9,262k), a marked reduction in expenditure which was a result of cost-cutting measures introduced at the end of the previous financial year. Premises expenditure includes £57k incurred as a result of measures put in place to manage the risk of COVID.

The aggregate fund balances decreased by £10k to £6,724k (2020: £6,734k). These funds include restricted reserves of £735k (2019: £735k). This includes £327k (2020: £327k) of restricted reserves which are matched by investments.

Unrestricted reserves were £1,346k negative (2020: £1,469k negative). The School has invested £2,140k (2020: £2,354k) of unrestricted reserves in land and buildings meaning that free reserves are £3,486k negative (2020: £3,823k negative).

Going concern

The Board of Governors are of the view that the School remains a going concern and that the financial statements are prepared on an appropriate basis.

As at 31 August 2021 the School had consolidated net positive resources before investment gains of £35k compared to £764k (negative) in the prior year. Incoming Resources increased by 1.1% to £8,590k and Total Resources Expended decreased by 7.1% to £8,600k.

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Giggleswick School REPORT OF THE GOVERNORS

The School manages its cash flow to ensure there are sufficient funds available to meet its obligations. In 2020/21 there was an increase in cash and cash equivalents of £83k (2020: increase of £429k). The bank overdraft facility is subject to annual review and the bank have indicated that they are supportive of a renewal of the facility.

Investments

Giggleswick School is fortunate in holding a number of bequests and endowments which are represented by investments. At 31 August 2021, the total value of investments was £2,500k (2020: £2,505k). At the year-end investments were held in low-risk cash holdings. DRAFT

These liquid funds underpin the operating cash requirements of the School which are provided through an overdraft facility. The aim of the investment portfolio is to maintain its value at a level which at least matches the level of overdraft facility required. The long-term investment objective is to provide funding for investment once the short-term objective is met.

The risk strategy to achieve the investment objectives is deliberately cautious and is focussed upon minimising volatility in value.

The base currency of the investment portfolio is Sterling. Cash balances are deposited with institutions with a minimum rating of A-.

The Investment Committee has selected investment managers, Sarasin and Partners LLP, to implement the agreed asset allocation strategy. The Investment Committee have responsibility for agreeing strategy, selecting managers and monitoring the investment assets. Performance is monitored against agreed market indices and, at an overall level, against both a composite benchmark and inflation. Capital may only be withdrawn from the portfolio with the approval of the full Governing Body on the advice of the Investment Committee.

Policy for holding reserves

The Board of Governors consider that reserves should be sufficient to ensure that Giggleswick School is able to meet its annual expenditure commitments from its core charitable objective of providing education by investing in the estate and maintaining excellence in standards. At 31 August 2021 the School held negative unrestricted reserves of £1,345k. The Governors are reviewing the balance sheet structure to better match liabilities and assets through releasing cash from surplus assets and pursuing a strategy to generate surpluses.

Fundraising

The School’s in-house Development Department is responsible for fundraising and is not bound by any scheme or standard. Fundraising activities are reported to the Governors through the Headmaster’s report. No complaints have been received in respect to fundraising.

Risk Management policy

The major risks to which Giggleswick School might be exposed are regularly considered by the Senior Leadership Team and by the Finance & Strategy Committee. The School’s risk register is maintained and reviewed by the Bursar. Where appropriate, steps are taken to mitigate identified risks and, if appropriate, to insure against the potential financial impact of the residual risks. The Governors consider that the necessary steps have been taken and continue to be taken to identify and mitigate major risks.

Principle strategic risks faced

The Governors consider that the key strategic risks faced by the School are related to management of cash flow, delivering a surplus on the operating position and ensuring a sustainable financial position. Alongside these risks there remains a risk of campus closure (due to the pandemic) and the associated impact upon pupil and staff welfare, pupil education and ultimately on fee income.

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Giggleswick School REPORT OF THE GOVERNORS

The Governing Body

The Trustees and Directors of Giggleswick School are the Governors of the School. The Governors determine the strategy and policies of the School. The Board of Governors meets three times a

year and delivers its responsibilities through a committee structure, which is set out below:

----- Start of picture text -----
Governing Body
DRAFT
Investment Committee Academic & Co-Curricular Finance & Strategy Committee Boarding & Wellbeing Nominations & HR Committee
Committee Committee
----- End of picture text -----

All Governors are encouraged to spend time observing the delivery of school activities and meeting pupils and staff, to better understand how the School operates. Alongside this they undertake regular refresher training in safeguarding.

Charity Governance Code

The Governing Body have reviewed compliance against the voluntary requirements of the Charity Governance Code and are satisfied that they comply with this in all material respects.

Management arrangements

The day-to-day management of the School is delegated to the Headmaster and the Bursar. The Senior Leadership Team meets weekly during term-time to discuss day-to-day matters concerning the operations of the School. Its members include the Headmaster, the Head of the Junior School, the Bursar, the Deputy Head Wellbeing, the Deputy Head Academic, and the Senior Master. Senior management are remunerated based on their performance for the year and industry benchmarks, subject to the approval of the Board of Governors.

The other ‘standing’ committees include the Health & Safety Committee, and the Joint Consultative Committee.

Appointment of Governors

The Governing Body comprises up to 21 individuals, three of whom are nominated representatives from colleges of the Universities of Oxford and Cambridge with whom Giggleswick has a special connection:

The Governors may, at their discretion, also appoint a former pupil of Giggleswick School as an additional co-opted governor.

The principal method of recruiting new governors is through the Nominations & HR Committee. The process of identification may include consultation with members of the Governing Body, parents and Old Giggleswickians. In addition, the Headmaster and individual governors may suggest to the committee the names of individuals who they believe merit consideration by it. These suggestions will be made through the Clerk to the Governors. The Committee will make recommendations to the Governing Body for the appointment (and re-appointment) of Governors.

Newly-appointed Governors receive an induction on the School, which includes background information such as the strategic plan, ethos and policies, along with meetings with members of the Senior Leadership Team.

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Giggleswick School REPORT OF THE GOVERNORS

Reference and administrative details

Principal address

Bankers Investment managers Auditors DRAFT Insurance brokers

Solicitors

Giggleswick School, Settle, North Yorkshire BD24 0DE.

Barclays Bank, 49 High Street, Skipton, BS23 1DT.

Sarasin and Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU. Crowe U.K. LLP, the Lexicon, Mount Street, Manchester M2 5NT. Marsh Ltd, Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex RH16 3SY. Farrer & Co, 66 Lincoln’s Inn Fields, London WC2A 3LH. Wrigleys Solicitors LLP, 19 Cookridge Street, Leeds LS2 3AG.

Governing Body

Mr A V Thursby BBA Chairman Mr R R Waldie BA Vice-chairman Mr R A Bellfield MBA, BSc(Hons), Cert Ed Mr R A P Brocklehurst MA, MBA Mr M R Corner BSc, MBA Mr I M Cornelius BA Mr T R Coxon MA Young OG governor Mrs E C Davis BSc, ATT Mr N Dodd BA FCA Mr L M Donner BA Dip.arch RIBA Mrs G M Harper BA Mr C J Hodgen From 11.06.21 Mr A M Jarman MA Prof P A Madden FRS FRSE Nominated by The Queen’s College Oxford Mrs R H Taylor BA Dr F E Waldmann MA (Cantab) PhD Nominated by Christ’s College Cambridge Dr H E Watson From 11.06.21 Nominated by St John’s College Cambridge Headmaster Bursar & Clerk to the Governors Mr M M Turnbull BA, MA (until 31.12.21) Mr M Z Hodge BA, CPFA Mr S E Hart MA (from 01.01.22)

Statement of disclosure of information to auditors

The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditors

A resolution to reappoint Crowe U.K. LLP, Chartered Accountants, as auditors will be put to the governors at the meeting of the governing body. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities. This report, which incorporates the Strategic Report, was approved by the Governors on 19 March 2022 and signed on their behalf by:

…………………………

Mr A V Thursby BBA - Chairman

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Giggleswick School

GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Governors (who are also directors of Giggleswick School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of DRAFT the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2021

Opinion

We have audited the financial statements of Giggleswick School (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement, the Statement of Accounting Policies and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of DRAFT Ireland (United Kingdom Generally Accepted Accounting Practice).

DRAFT In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2021

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: DRAFT

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement set out on page 9, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2021

company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Employment legislation and Health and Safety Legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. DRAFT We identified the greatest risk of material impact on the financial statements from irregularities, DRAFT including fraud, to be within the timing of recognition of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Strategy Committee about their own identification and Draft assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, sample testing of other income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vicky Szulist Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor The Lexicon Mount Street Manchester M2 5NT Date

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2021

Endowed
Restricted
Unrestricted		 Endowed
Restricted
Unrestricted		 Endowed
Restricted
Unrestricted		 Total
2020
£
7,109,221
385,220
237,826
5,344
-
24,486
280,004
455,962

8,498,063

103,993
119,682
2,937

226,612
9,035,988

9,262,600

(764,537)
Funds Funds Funds Total
Notes
2021
2021
2021		 2021
INCOMING RESOURCES
Charitable activities:
School fees
2		 £
-		 £
-		 £
7,534,301		 £
7,534,301
Draft
DRAFT
DRAFT
Other ancillary income
3
Other trading activities:
Activities for generating
funds
5
Other incoming resources:
Profit on sale investments
Profit on sale of tangible assets
8
Investment income
4
Voluntary income
1
Grant income
1
TOTAL INCOMING
RESOURCES
EXPENDITURE
Raising funds:
Costs of activities for
generating funds
6
Fundraising costs
6
Investment management
costs
6
CHARITABLE ACTIVITIES
Education and grant making
6
TOTAL RESOURCES
EXPENDED
Net outgoing resources before
transfers
6		 -
-
-
-
-
-
-
-
-
-
1,846
1,846
131,589
133,435
(133,435)		 -
-
-
-
-
31,519
-
31,519
-
-
679
679
30,767
31,446
73		 376,141
231,536
-
259,243
51
1,372
155,850
8,558,494
79,324
112,179
2,682
194,185
8,241,244
8,435,429
123,065		 376,141
231,536
-
259,243
51
32,891
155,850
8,590,013
79,324
112,179
5,207
196,710
8,403,600
8,600,310
(10,297)

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2021

Endowed
Funds
Restricted
Funds
Unrestricted
Funds		 Endowed
Funds
Restricted
Funds
Unrestricted
Funds		 Endowed
Funds
Restricted
Funds
Unrestricted
Funds		 Total Total
2021 2021 2021 2021 2020
£ £ £ £ £
Net outgoing resources before
transfers		 (133,435) 73
123,065
(10,297)
(764,537)
Draft
DRAFT
DRAFT
Transfer between funds
(Loss)/Gain on investments
NET MOVEMENT IN FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 -
93

(133,342)
7,467,360
7,334,018		 -
-
34
316


107
123,381

735,225
(1,468,968)

735,332
(1,345,587)		 -
443

(9,854)
6,733,617
6,723,763		 -
(49,274)

(813,811)
7,547,428
6,733,617

All of the above results are derived from continuing operations. The School has no recognised gains or losses other than the net movement in funds for the year.

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Giggleswick School BALANCE SHEETS 31 August 2021

Company Registration No: 5447105

Consolidated Consolidated School

 School
Notes
2021 2020 2021 2020
£ £ £ £
FIXED ASSETS
Tangible assets
8
Investments
9

8,588,023
2,500,050

8,933,179
2,504,813
8,588,023
2,500,050
8,933,179
2,504,813
DRAFT
Investment in subsidiary
undertaking
9
-
-
10,000
10,000



11,088,073
11,437,992
11,098,073
11,447,992


CURRENT ASSETS

Stocks
27,228
25,257
27,228
25,257
Debtors and prepayments
10
449,408
310,737
449,387
310,551
Cash at bank and in hand
11,823
14,930
2,739
2,894


488,459
350,924
479,354
338,702
CREDITORS: due within one
year
11
(4,297,589)
(4,334,310)
(4,297,589)
(4,331,372)



NET CURRENT LIABILITIES
(3,809,130)
(3,983,386)
(3,818,235)
(3,992,670)


CREDITORS: due after more
than one year
12
(555,180)
(720,989)
(555,180)
(720,989)


NET ASSETS
13
6,723,763
6,733,617
6,724,658
6,734,333


FUNDS OF THE CHARITY
ENDOWED FUNDS
14
7,334,018
7,467,360
7,334,018
7,467,360
RESTRICTED INCOME FUNDS
14
735,332
735,225
735,332
735,225

8,069,350
8,202,585
8,069,350
8,202,585
UNRESTRICTED INCOME
FUNDS
14
(1,345,587)
(1,468,968)
(1,344,692)
(1,468,252)




TOTAL FUNDS
6,723,763
6,733,617
6,724,658
6,734,333

The net results for the financial year dealt with in the financial statements of the parent charity was a deficit of £9,858 (2020: deficit of £763,821).

The financial statements on pages 13 to 36 were approved by the Governors and authorised for issue on 19 March 2022 and are signed on its behalf by:

Mr A V Thursby BBA Chairman

15 | P a g e

Giggleswick School

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2021


Note		 2021 2020
£ £
Nt h ifltfl f ti
1		 25736 844248
e cas now/(ouow) rom operaons
a		 , (,)
Net cash provided by investing activities
1b		 106,407 187,722
DRAFT
Net cash provided by financing activities
1c
(48,907)
1,085,450


CHANGE IN CASH AND CASH EQUIVALENTS IN THE
YEAR
83,236
428,924
CASH AND CASH EQUIVALENTS AT START OF PERIOD
(1,556,609)
(1,985,533)


CASH AND CASH EQUIVALENTS AT END OF PERIOD

(1,473,373)
(1,556,609)


CASH AND CASH EQUIVALENTS COMPRISE:
2021
£
2020
£
Bank Overdraft
(1,485,196)
(1,571,539)
Cash at bank and in hand
11,823
14,930



CASH AND CASH EQUIVALENTS
(1,473,373)
(1,556,609)
1a
Reconciliation of net incoming/(outgoing) resources to net cash
flow from operating activities
2021
£
2020
£
Net change in resources
(10,298)
(764,537)
Add back:
Return on investments:
Investment income
(51)
(24,486)
Servicing of finance:
Bank interest paid
48,907
64,550


Net incoming/(outgoing) resources from operating activities
38,558
(724,473)
Depreciation charges
498,042
543,471
Profit on sale of tangible assets
(259,243)
(5,344)
Investment Management Charges
5,207
2,937
(Increase) in stock
(1,967)
(740)

(Increase)/Decrease in debtors
(Decrease) in creditors
Net cash inflow/(outflow) from operating activities
(138,670)
(116,191)

25,736
34,338
(694,437)

(844,248)

16 | P a g e

Giggleswick School

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2021

1b
Cash flows from investin activities		 1b
Cash flows from investin activities		 2021 2021
g
£
Investment income
Payments to acquire tangible fixed assets		 51
(152,887)
DRAFT

Profit on sale in tangible assets
Receipts on the sale of investments
1c
Cash flows from financing activities
Interest paid
Receipts from bank loans
1d
Reconciliation of net debt
At 1
September
2020
£
Cash and Cash Equivalents
Cash in hand and at bank
14,930
Bank overdraft
(1,571,539)
Borrowings
(1,556,609)
Loans falling due within one year
(700,000)
Loans falling due after one year
(450,000)
(2,706,609)

17 | P a g e

Giggleswick School ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2019.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. DRAFT

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 9 May 2005 (company number: 5447015) and registered as a charity on 1 September 2005 (charity number: 1109826). The address of the registered office is Giggleswick School, Giggleswick, Settle, North Yorkshire, BD24 0DE.

The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Accordingly, these accounts present the consolidated results of Giggleswick School and James Carr Trust for the year ended 31 August 2021.

GOING CONCERN

Giggleswick School’s business activities, together with the factors likely to affect its future development, performance and financial position are set out in the Report of the Governors on pages 3 to 8.

The School meets its day-to-day working capital requirements through an overdraft facility that is renewed annually. The School’s forecasts and projections, taking account of likely changes in pupil numbers, show that the School should be able to operate within the level of its current facility. The School’s discussions with its bankers indicate that they will continue the overdraft facility and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms in the future.

The Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GROUP FINANCIAL STATEMENTS

The financial statements consolidate the results of Giggleswick School and its wholly owned subsidiary Giggleswick Services Ltd (company number 3900669) using the acquisition method on a line-by-line basis. All intra-group transactions and balances between group companies are eliminated on consolidation. A separate Statement of Financial Activities for the School itself is not presented because the School has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only cash flow statement with the consolidated accounts.

18 | P a g e

Giggleswick School ACCOUNTING POLICIES

FUND ACCOUNTING

General funds, which are generated from the main school activities, are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

DRAFT Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular purpose. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowed funds are those that form part of the permanent capital of the charity and must be held indefinitely. Where endowed funds are held in relation to fixed assets the depreciation is charged as allowable expenditure on the endowed funds.

INCOMING RESOURCES

All incoming resources including legacies are included in the SOFA when the charity is legally entitled to the income, the amount can be reliably quantified and the economic benefit is considered probable.

Donated assets and facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost.

FEES AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for Scholarship, Bursaries and other grants. Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. Investment income earned on them in the meantime, if exceeding the provision for any debt-financing costs arising under the contract, is taken to a designated fund to cover any ultimate shortfall that may arise on the Scheme.

RESOURCES EXPENDED

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. General administrative overheads (including premises) are considered to be attributable to school activities and those other costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Governance costs are those incurred in meeting the constitutional and statutory requirements of the School and include audit fees and costs linked to the strategic management of the school.

ACTIVITIES

The Governors consider that the school has one activity being the education of boys and girls aged from 2 to 18 years.

19 | P a g e

Giggleswick School ACCOUNTING POLICIES

FIXED ASSETS

Fixed assets are stated at cost. Depreciation is provided on all tangible fixed assets other than land and is calculated at the following rates on a straight-line basis so as to write off the net cost less residual value of the individual assets over their estimated useful lives as follows:

Freehold buildings - 2% Plant and machinery - 15% Fixtures and fittings - 25% DRAFT

A full year’s depreciation is charged in the year of acquisition.

Purchases costing less than £500 are written off to expenditure in the period in which the item is acquired.

Fixed assets are reviewed for impairment where there is an indication of impairment.

INVESTMENTS AND INVESTMENT INCOME

Unlisted fixed asset investments are stated at cost. Other investments are re-valued annually to midmarket value. There is a recognised market for all non-cash investments held. Unrealised gains and losses on revaluation and realised gains and losses on disposal are allocated to the fund to which the investments relate.

Investments in subsidiaries are valued at cost less provision for impairment.

Bank and building society interest is recognised on an accruals basis. All other investment income is recognised on a receipts basis.

STOCK

Stock is valued at the lower of cost and net realisable value.

ADVANCE FEE SCHEME CREDITORS

Amounts received under the school’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

PENSIONS AND OTHER POST-RETIREMENT BENEFITS

The School contributes to the Pensions Trust Growth Plan for certain of its employees. This in most respects is a money purchase arrangement but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme as it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.

The School also contributes to the Aviva Pension Trust for Independent Schools (APTIS), a defined contribution pension scheme. The pension charge represents the amounts payable to APTIS for the year. The School was a member of the Teachers’ Pension Scheme (TPS) up until 31 August 2020. Under the definitions set out in FRS102, the TPS is a multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the School has taken advantage of the exemption under FRS102 and has accounted for its contributions as if it were a defined contribution scheme.

20 | P a g e

Giggleswick School ACCOUNTING POLICIES

LEASED ASSETS AND OBLIGATIONS

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the income and expenditure account in proportion to the remaining balance outstanding.

DRAFT All other leases are “operating leases” and the annual rentals are charged to the income and expenditure account on a straight-line basis over the lease term.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year other than the provision for the pension deficit levy. The School has an obligation to pay deficit funding contributions towards the support staff defined benefit pension plan. This provision is dependent on a number of factors including discount rate, life expectancy and asset valuations. The assumptions reflect historical experience and current trends.

21 | P a g e

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

1 LEGACIES, VOLUNTARY AND GRANT
INCOME Unrestricted
Restricted
Total
2021
2021		 2021
£
£		 £
HMRC Furlough Grant 155,850
-
155,850
Donations and legacies 1,372
31,519
32,891
DRAFT
157,222
31,519
188,741
Unrestricted
Restricted
Total
2020
2020		 2020
£
£		 £
HMRC Furlough Grant 455,962
-
455,962
Donations and legacies 280,004
-
280,004
735,966
-
735,966
Consolidated and School
2. CHARITABLE ACTIVITIES – FEES RECEIVABLE 2021 2020
£ £
Total fees chargeable
9,647,074
8,688,923
Less:
Reduction for siblings (82,931) (74,050)
Staff allowances (324,417) (343,444)
Scholarships (731,098) (679,114)
Bursaries (603,390) (412,647)
Other (43,350) (70,447)
Fee credit due to virtual term (327,587) -

Net tuition and boarding fees		 7,534,301
7,109,221

Means-tested bursaries totalling £504,224 were paid to 47 pupils (2020: £353,251 to 42 pupils).

22 | P a g e

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
 Consolidated and School
3.
OTHER FEES
2021

2020
£ £
DRAFT
Miscellaneous fees
Nursery extended care
Examination fees
School transport
School trips
Extra tuition
Music
Registration
4.
INVESTMENT INCOME
Restricted
funds
Endowed
funds
Unrestricted
£
£
£
Income from
investments
-
-
51






-
-
51



5.
ACTIVITIES FOR GENERATING
FUNDS
Rent from land and properties
Rent from school houses
Hire of premises and facilities
Merchandise income
Camps and courses
Sundry income
Uniform Shop Income
Golf Club fees
Theatre Performances
Foundation Income (restricted)
Transfer from OG Memorial Library and
Chapel Organ Appeal
Sub-total
Profit on Sale of Investments
-
Profit on Sale of Fixed Assets

23 | P a g e

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

6. ANALYSIS OF EXPENDITURE

(a) Total expenditure

DRAFT
Costs of generating funds
Cost of other activities
Fundraising costs
Investment management costs
Total costs of generating funds
Charitable expenditure -
Education and grant making
Teaching
Welfare
Premises repair and
maintenance
Support costs and governance
Total charitable expenditure
Total expended		 Staff costs
£
69,597
90,826
-
160,423
3,606,473
579,826
591,289
713,308
5,490,896
5,651,319		 Deprec-
iation
£
-
-
-
-
52,659
121,359
312,877
11,148
498,043
498,043		 Other
£
9,727
21,353
5,207
36,287
393,036
943,051
352,892
725,682
2,414,661
2,450,948		 Total
2021
£
79,324
112,179
5,207
196,710
4,052,168
1,644,236
1,257,058
1,450,138
8,403,600
8,600,310

(b) Governance included in support costs:

Governance costs
Audit services
Governors Expenses and Training		 21,776
512

22,288

Net outgoing resources for the year are stated after charging:

Depreciation on own assets
Auditors remuneration - audit
- other services
Operating lease costs		 2021
£
498,043
21,776
2,596
71,053
 2020
£
543,471
15,510
2,130
67,026

24 | P a g e

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

1 ANALYSIS OF EXPENDITURE
DRAFT
(a) Total expenditure
Staff costs
£
Costs of generating funds
Cost of other activities
65,608
Fundraising costs
99,421
Investment management costs
-
Total costs of generating funds
165,029
Charitable expenditure
Education and grant making
Teaching
4,172,751
Welfare
591,766
Premises repair and
maintenance
544,662
Support costs and governance
604,971
Total charitable expenditure
5,914,150
Total expended
6,079,179
(b) Governance included in support costs:
Governance costs
Audit services
Governors Expenses and Training		 Deprec-
iation
£
-
-
-
-
65,045
137,055
321,741
19,630
543,471
543,471		 Other
£
38,385
20,261
2,937
61,583
438,494
904,044
252,987
982,842
2,578,367
2,639,950		 Total
2020
£
103,993
119,682
2,937
226,612
4,676,290
1,632,865
1,119,390
1,607,443
9,035,988
9,262,600
17,640
1,617


19,257

(b) Governance included in support costs:

25 | P a g e

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

7.
EMPLOYEES
 2021
No.		 2020
No.
The average number of persons employed by the school, analysed
DRAFT
by category was as follows:
Teachers
Ancillary Staff
Laundry and sewing
Medical and welfare
Maintenance
Caretakers, cleaners and security
Catering (contracts held with external contractor)
Administrative
Trading
Voluntary
The aggregate employment costs of these persons were as follows:
Wages and salaries
Social security costs
Other pension costs
Benefits in kind
Aggregate employee benefits of key management personnel
The number of employees whose emoluments exceeded £60,000
were:
£60,001 - £70,000
£70,001 - £80,000
£90,001 - £100,000
£100,001 - £110,000
£140,001 - £150,000
£150,001 - £160,000		 75
22
1
24
11
26
28
16
2
3
208

2021
£

4,697,120
401,868
503,864
48,467
5,651,319
260,085
2021
No.

2
3
-
1
1
-
 80
25
2
24
11
26
34
17
2
2


223
2020
£

4,869,161
429,489
725,478
55,051


6,079,179
304,513
2020
No.

2
2
1
-
-
1

Of the employees whose emoluments exceed £60,000, six are accruing benefits under a defined benefit pension scheme and all had contributions paid into a money purchase pension scheme of £71,071 (2020: £12,547).

Key management personnel include the Headmaster and the Bursar; their remuneration is set annually by the Governors.

None of the Governors received any remuneration or benefits through being a governor of the school.

During the year there were termination payments of £4,569 (2020: £264,143). There was £nil (2020: £45,527) outstanding at the year-end.

26 | P a g e

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

8.
TANGIBLE FIXED ASSETS		 Land and
freehold		 Consolidated and School
Plant and
Fixtures and
fittings		 Consolidated and School
Plant and
Fixtures and
fittings

properties
machinery
£		 Total
DRAFT
Cost
At 1 September 2020
Additions
At 31 August 2021
Depreciation
At 1 September 2020
Charged in the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020		 £
13,908,985
-
13,908,985
5,347,624
276,180
5,623,804
8,285,181
8,561,361
 £
897,363
83,701
981,064
797,540
36,697
834,237
146,827
99,823
 1,159,419
69,186
1,228,605
887,424
185,166
1,072,590
156,015
271,995
 £
15,965,767
152,887
16,118,654
7,032,588
498,043
7,530,631
8,588,023
8,933,179

8.

All fixed assets are held for use on direct charitable activities. Freehold land and buildings acquired prior to May 1926 are included at nil value.

During the year receipts from the sale of tangible fixed assets totalled £259,243. This included the sale of a house, 1 South End, which was fully depreciated.

Consolidated and School Consolidated and School
INVESTMENTS
Restricted Unrestricted
funds funds Total
£ £ £
At 1 September 2020 1,214,720 1,290,093 2,504,813
Disposals - - -
Investment gain 127 316 443
Management Costs (2,525)
 (2,681) (5,206)
At 31 August 2021 1,212,322
 1,287,728
 2,500,050
Equities 492
Liquid Assets 2,499,558
2,500,050

9. INVESTMENTS

The fixed asset investments are held primarily to provide an investment return. The investments were liquidated in December 2019 and the funds are currently held in a sterling liquidity fund.

Investment in subsidiary undertaking

Giggleswick Services Ltd is incorporated in the United Kingdom and pays all its profits to Giggleswick School by gift aid. The School owns the entire share capital of 10,000 ordinary shares of £1 each. Giggleswick Services Ltd operates the commercial residential letting of the School

27 | P a g e

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

premises and has a 31 August accounting reference date. Giggleswick International Ltd is wholly owned and controlled by the School. There were no activities in this company in the year.

DRAFT
10. DEBTORS
Fees
General debtors
Prepayments and accrued income
Other debtors
 Consolidated
2021
£
2020
£
404,821
221,925
3,071
3,486
28,739
73,036
12,777
12,290

449,408
310,737

 School
2021
£
2020
£
404,821
221,925
3,050
3,315
28,739
73,037
12,777
12,274
449,387
310,551

Bad debts of £6,750 were written off during the year (2020: £5,689) and there was an increase in provision of £14,475 (2020: £262).

11.
CREDITORS: due within one year
Bank overdrafts
Bank Loan
CBIL <1 yr
Trade Creditors
Deposits
Deferred income
Other Creditors
Other tax and social security
Pension costs
Accrued charges
Pension deficit levy (note 19)
Deferred income – Advance fee
scheme creditors		 Consolidated
2021
£
2020
£
1,485,200
1,571,539
700,000
700,000
90,000
-
90,426
89,546
356,282
292,606
1,198,755
943,128
119,735
299,960
98,949
137,053
13,191
86,470
64,146
134,275
67,176
62,175
13,729
17,558

4,297,589
4,334,310

 School
2021
£
2020
£
1,485,200
1,571,539
700,000
700,000
90,000
-
90,426
89,546
356,282
292,606
1,198,755
943,128
119,735
297,022
98,949
137,053
13,191
86,470
64,146
134,275
67,176
62,175
13,729
17,558
4,297,589
4,331,372

The creditors classifications have been reviewed during the year and adjusted to better reflect the nature of the business and the prior year note 8 comparatives have been reclassified to conform with current period presentation. There is no change to the overall balance of creditors due within one year.

The bank overdraft facility is secured on the School’s investment portfolio. The loan is secured against a property transaction and has been fully repaid subsequent to the year-end.

28 | P a g e

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Consolidated and School
f

 Consolidated and School
f

 Consolidated and School
f
12. CREDITORS:due ater one year 2021
£		 2020
£
DRAFT
Deferred Income – advance fee scheme creditors
Coronavirus Business Interruption Loan (CBIL)
Pension deficit levy (note 19)
Deferred Fee Income at 1 Sept 2020
Released in the year
New funds received in the year
Deferred Fee Income at 31 August 2021		 27,029
360,000
168,151
555,180
2021
£
51,313
(17,558)
7,003
40,758		 33,755
450,000
237,234

720,989

2020
£
48,739
(40,109)
42,683
51,313

The School received a Coronavirus Business Interruption Loan for £450,000 in August 2020. The loan is to be repaid in 60 monthly instalments commencing 12 months after drawdown on a floating rate basis under which the interest rate will never be less than the margin of 3.4%. The approximate amount of interest payable will be £15,750.

At 31 August 2021 the future payments under the Coronavirus Business Interruption Loan were as follows:

Less than one year
Between two and five years inclusive
More than five years		 2021
£
90,000
360,000
-
450,000
 2020
£
7,500
360,000
82,500
450,000

29 | P a g e

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

13. ALLOCATION OF NET ASSETS

Tangible
assets		 Investments Net
liabilities		 Total
2021
£ £ £ £
Endowed funds:
Scholarship funds and other - 886,135 - 886,135
Land and buildings 6,447,884 - - 6,447,884
DRAFT
Restricted funds:
Graham Watson Scholarship Fund - 326,185 - 326,185
Foundation and other - -
 409,146 409,146
6,447,884 1,212,320 409,146 8,069,350
Unrestricted funds:
School 2,140,139 1,287,730
 (4,773,457) (1,345,587)
8,588,023 2,500,050
 (4,364,311) 6,723,763
ALLOCATION OF NET ASSETS
Tangible Net Total
assets Investments liabilities 2020
£ £ £ £
Endowed funds:
Scholarship funds and other - 887,887 - 887,887
Land and buildings 6,579,473 - - 6,579,473
Restricted funds:
Graham Watson Scholarship Fund - 326,830 - 326,830
Foundation and other - -
 408,395 408,395
6,579,473 1,214,717 408,395 8,202,585
Unrestricted funds:
School 2,353,706 1,290,096
 (5,112,770) (1,468,968)
8,933,179 2,504,813
 (4,704,375) 6,733,617

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Giggleswick School NOTES TO THE ACCOUNTS

for the year ended 31 August 2021

14. STATEMENT OF FUNDS

1 Sept
2020
£
Endowed funds:
Land and buildings
6,579,473
Scholarship and other funds
887,887
Restricted funds:
Graham Watson Scholarship Fund
326,830
Foundation Bursaries
144,031
Annual Fund
123,098
Hardship Fund
23,730
Boarding Refurbishment Fund
25,000
Chapel Fund
92,536
Bursary fund
-

Total restricted and endowed funds
8,202,585

Unrestricted funds:
General Funds: School
(1,468,968)

Total unrestricted funds
(1,468,968)


Total funds
6,733,617
 Income
Expenditure
Investment
gains/(losses)
£
£
£
-
(131,589)
-
-
(1,846)
93
-
(679)
34
-
-
-
-
(6,567)
-
9,403
(21,005)
-
-
-
-
1,062
-
-
21,054
(3,195)
-
31,519
(164,881)
127
8,558,493
(8,435,429)
316
8,558,492
(8,435,429)
316



8,590,012
(8,600,310)
443		 Transfers
31 Aug
2021
£
£
-
6,447,884
-
886,134
-
326,185
-
144,031
-
116,531
-
12,128
-
25,000
-
93,598
-
17,859

-
8,069,350

-
(1,345,588)

-
(1,345,588)


-
6,723,762

The total funds of the School are £6,724,657 which are £895 more than the consolidated funds. The difference relates to the unrestricted funds of Giggleswick Services Ltd.

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Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

14. STATEMENT OF FUNDS

Endowed funds:
Land and buildings
Scholarship and other funds
Restricted funds:
Graham Watson Scholarship Fund
Foundation Bursaries
Annual Fund
Hardship Fund
Boarding Refurbishment Fund
Chapel Fund
Total restricted and endowed funds
Unrestricted funds:
General Funds: School
Total unrestricted funds

Total Funds		 1 Sept
2019
£
6,713,748
906,309
333,611
146,960
130,458
-
-
91,731

8,322,817

(775,389)

(775,389)


7,547,428
 Income
Expenditure
Investment
gains/(losses)

£
£
£
-
(134,275)
-
8,667
(1,042)
(17,380)
3,190
(383)
(6,398)
2,610
(5,539)
-
27,821
(11,681)
-
23,730
-
1,500
-
-
805
-
-
68,323
(152,920)
(23,778)
8,429,740
(9,109,680)
(25,496)
8,429,740
(9,109,680)
(25,496)
8,498,063
(9,262,600)
(49,274)


 Transfers
31 Aug
2020
£
£
-
6,579,473
(8,667)
887,887
(3,190)
326,830
-
144,031
(23,500)
123,098
23,730
23,500
25,000
-
92,536

(11,857)
8,202,585

11,857
(1,468,968)

11,857
(1,468,968)



-
6,733,617

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Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

15. PENSION SCHEMES

AVIVA PENSION TRUST FOR INDEPENDENT SCHOOLS

The School withdrew from the Teachers’ Pension Scheme on 1[st] September 2020 and transferred its participants to the Aviva Pension Trust Independent Schools Scheme (APTIS Scheme). The APTIS scheme is a defined contribution pension scheme. It is set up as part of AVIVA’s ‘Master Trust’ – a trust-based pension arrangement managed by independent professional trustees. Giggleswick School pays contributions at the rate of 15% whilst members pay contributions of at least 7.5%.

THE PENSIONS TRUST PENSION SCHEME

Certain employees of Giggleswick School are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which in most respects is a money purchase arrangement, although it does include certain guarantee elements as described below.

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee, and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions.

The latest formal valuation of the Plan at 30 September 2020 was performed by a professionally qualified actuary using the Projected Unit Method. The market value of the Plan’s assets at the valuation date was £799 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £832.3 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £33.3 million, equivalent to a funding level of 96%.

Giggleswick School paid contributions at rates between 4% and 10% and totalling £98,768 during the accounting period. Members paid contributions at various rates during the accounting period. As at the balance sheet date there were 85 active members of the Plan employed by Giggleswick School. The School continues to offer membership of the Plan to its employees.

16. OPERATING LEASE COMMITMENTS

At 31 August 2021 the future minimum lease payments under non-cancellable operating leases was as follows:

Less than one year
Between two and five years inclusive		 Other
2021
£
41,640
31,042
72,682
2020
£
46,569
64,933
111,502

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NOTES TO THE ACCOUNTS for the year ended 31 August 2021

Giggleswick School

17. FINANCIAL INSTRUMENTS

2021 2020
£ £
Financial assets measured at fair value 2,500,050 2,504,813

Financial assets held at fair value include assets held as investments

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £Nil (2020: £Nil).

18. RELATED PARTY TRANSACTIONS

Giggleswick School owns all the issued share capital of Giggleswick Services Limited, a company incorporated in England, which provides commercial residential letting of Giggleswick School premises during the school holiday periods. In the year ended 31 August 2021 Giggleswick Services Limited had a turnover of £Nil (2020: £Nil) and a loss before tax and gift aid to Giggleswick School of £176 (2020: profit £716). At 31 August 2021 the company had shareholder’s funds of £9,108 (2020 £9,284).

Two Governors educate their children at the School.

19. PENSION CREDITOR

Consolidated and School
2021 2020
£ £
Included in creditors: due within one year 67,176 62,175
Included in creditors: due after one year 168,151 237,234

The pension creditor represents the discounted value of the agreed future contributions to be paid to the defined benefit pension scheme.

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Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2021

20. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – Comparative figures by fund type


Notes
INCOMING RESOURCES
Charitable activities:
School fees
2
Other ancillary income
3
Other trading activities:
Activities for generating
funds
5
Other incoming resources:
Profit on sale investments
Profit on sale of tangible assets
Investment income
4
Voluntary income
1
Grant income
1
TOTAL INCOMING
RESOURCES
EXPENDITURE
Raising funds:
Costs of activities for
generating funds
6
Fundraising costs
6
Investment management
costs
6
CHARITABLE ACTIVITIES
Education and grant making
6
TOTAL RESOURCES
EXPENDED
Net outgoing resources before
transfers		 Endowed
Funds
Restricted
Funds
Unrestricted
Funds
2020
2020
2020
£
£
£
-
-
7,109,221
-
-
385,220
-
56,466
181,360
-
-
5,344
-
-
-
8,667
3,190
12,629
-
-
280,004
-
-
455,962


8,667
59,656
8,429,740


-
-
103,993
-
-
119,682
1,042
383
1,512


1,042
383
225,187
134,275
17,220
8,884,493


135,317
17,603
9,109,680


(126,650)
42,053
(679,940)		 Total
2020
£
7,109,221
385,220
237,826
5,344
-
24,486
280,004
455,962
8,498,063
103,993
119,682
2,937
226,612
9,035,988
9,262,600
(764,537)

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Giggleswick School

NOTES TO THE ACCOUNTS for the year ended 31 August 2021

  1. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – Comparative figures by fund type
Endowed Restricted Unrestricted
Funds Funds Funds Total
2020 2020 2020 2020
£ £ £ £
Net outgoing resources before
transfers (126,650) 42,053
(679,940)		 (764,537)
Transfer between funds (8,667) (3,190) 11,857 -
Gain on investments (17,380)
 (6,398)
 (25,496)
 (49,274)
NET MOVEMENT IN FUNDS (152,697) 32,465 (693,579)
 (813,811)
Total funds brought forward 7,620,057 702,760 (775,389)
 7,547,428
TOTAL FUNDS CARRIED
FORWARD 7,467,360 735,225 (1,468,968) 6,733,617

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