2020-08-31-accounts - Stockport Grammar School

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

				CONTENTS
					Pages
Reference and administrative			details		3-12
Governors'	report
					13 —15
Independent	Auditors'	report
Statement	of financial	activities
Balance sheet
Cash flow	statement				19-34
Notes forming part of		the financial		statements

re	as set out below:
	Co-optative Governors C F Dunn (Chairman)			Nominative Governors J A Shackleton (The Old Stopfordians
*	A P Carr (Vice Chairman) P A Cuddy			Assn ciat ion) Professor A	J	C	Bloor	(The University
	Miss S E Carroll			of Manchester)
*	P Miiner Mrs S Lansbury			Mrs C S Muscutt ofthe School)			(The	Teachi	g Staff
	P L Giblin (to 31.06 2020
	P J Bntton (to 31 03.2020)
	A C Simpson
	J M R Lee
	N R Booth
	J C P Mason
	A J Gardiner
	Dr L Gholkar (from 9.12.19)
	Co-optative Governors		are	Nominative	Governors			are appointed
	appointed by the Board		of	by their respective			nominating
	Governors for a period	of five		organisations		for	up to	two
	years, after which they can		be	consecutive	three-year			periods.
	appointed for further five year
	pei'lode.

	Notes	Unrestdcted School 6	Funds Designated f	Funds Designated f	Restricted Funds	Endowed Funds 6	Total Funds 2020 6		Total Funds 2019 5
INCOME AND ENDOyyMENTS
FROIVU
Charitable Activities School fees Other educational income Other ancillary trading income	2 3 3	13,910,275 66,634 889,141					13,910,275 66,634 839,14i	14,143,582 85,940 1,487,857
Other tradmg activities Other income investment income Voluntary Sources Donations and legacies		273,648 27,186		87,098 25 157	61,963 349 082		273,648 176,247 374 239		34,794 189,707 ~00'
7ota I Income		15166 884	112255		411 045		15690 184	1	20 91
EXPENDITURE QN:
Raising funds Fundraising costs Financing costs Investment management	7	10,364 7,134		60,138	11,285	668	10,364 7,134 72,091		13,408 11,495 76,322
Charitable activities Education and grantmaking Tote I exp en ditu re	6	~15 2 3 316 15230.814	~5203 115341		~31309 324 382	668	15581 616 ~15 671 205	1 01 84 1615 2
NET INCOIIIIING FUNDS FROM
OPERATION BEFORE
TRANSFERS AND
INVESTMENT GAINSI(LOSSES) Gams/(losses) on investments	10	(63,930)		18,246 (3,086)	8,933 86,663	(1,970) (668)	25,209 18,979		86,840 79,729
Transfers between funds	24	103 125			103125
NET INCOME AND IVIQVFIVIENT IN FUNDS		39,195		15,160	(7,529)	(2,638)	44,188		166,569
Funds balances at 1 September Funds balances at 31 August	21	20 321 007 3~317 6 7 ~~			~21 716 ~87	123190 ~52	26 473 560		26 6

	STGCKPORT GRA)tf))y)AR SCHQOL	STGCKPORT GRA)tf))y)AR SCHQOL	STGCKPORT GRA)tf))y)AR SCHQOL	STGCKPORT GRA)tf))y)AR SCHQOL
	Company	number	6261625
	BALANCE SHEET
	AS AT 31 AUGUST 2020
				2020		2019
	Notes
FIXEDASSETS
Tangible Fixed Assets	9		17,951,08'I			15,881,509
Securities Investments	10		4,492,155			4,750,722
Property Investments	11			854 186		745 tlotl
			23,297,422			21,377,231
CURRENT ASSETS
Stocks	12	63,484			50,504
Debtors	13	536,360			599,280
Cash		4 703 170			6 438 366
		5,303,014			7,088,150
CREDITORS: Amounts
falling due within one year	14	1 803735			1 655 650
NET CURRENT ASSETS			3	409 279		5 432 5011
Total Assets Less
Current Liabilities			26,796,701			26,809,731
CREDITORS: Amounts
falling due after one year	15			278 953		~f336 171
TO'TAL NET ASSETS	21
ENDOWED FUNDS	22			120,552		123,190
RESTRICTED FUNDS	23		2,704,187			2,711,716
UNRESTRICTED FUNDS
Designated and general
funds	24		23	090009		23 638654
TOFAL FUNDS

					Notes	2020	2019
						E
Cash flows from operating		activities:
Net cash provided by operating activities					26	~686 417	1.066 767
Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from the sale of investments Purchase of investments Purchase offixed assets						176,247 4,218,067 (4,043,477) ~f2 454 575	189,707 525,511 l474,376) ~550.479
Net cash used in investing	activities					2 333 738	309637
Cash flows from financing Repayments of borrowing		activities				(80,741) ~T174	(143,622) ~11 495
interest paid on borrowings
Net cash used in financing	activities					87 875	155117
Change in cash and cash	entitlements		in the	reporting		1 735 196	602 013
period
Cash and cash equivalents reporting period		at the	beginning	of the	27	~6438 366	5 836 353
Cash and cash equivalents		at the end of the		reporting	27	4 0 1
period

HAI'ITABI	EACTIVITIES:	FEES	RECEIVABLE
			Seniorf	Sunior	2020f	2019
The school's fee income
comprised: Gross fees			11,978,708	3,260,810	15.239,518	15,414,885
Less: Total	bursades, grants	and
allowances funds	from unrestricted				1 329243 $~0~7	1 271 303

Less: Total bursades, grants an allowances from unrestricted funds	d	d		1 329243 $~0~7	1 271 303
After School Care fees included	in the above amounted		to f44,961	(2019:F51,789).
Scholarships, bursaries and other awards tested bursaries totalling f1,309,442 were		were paid to paid to 117	154 pupils (2019.149). VVithin this means pupils (2019:F1,264,356to 115pupils).
CHARITABLE ACTIVITIES: OTHER INCOME
				2020	2019
Other educational charitable	activities			F.	F
Entrance and registration fees Courses and sub-lettings				30,580 ~36054	24,220 61 720
Other ancillary activities Tuck shop Schoolrneals				5,070 569,679	6,696 878,730
Morning club School trips Fee interest received				3,340 308,274 ~2778	5,052 596,893 4B6
Other incoming resources Governm en t grant Other				174,796 ~98 852 ~68	34794
INVESTMENT INCOME
				Total	Total
	Unrestrictedf		Restricted f,	2020f	2019f
Bank interest received		27,977	579	28,556	32,691
Dividends received		48,392	61,384	109,776	111,888
investment property rentai		~37915 114284	~61 963	37915 176247	45 128 189707

DONATIONS AND LEGACIES
					Total	Total
		Unrestrictedf		Restrictedf	2020f	2019f
General appeal donations Bursary appeal donations		25,157		140,200	25,157 140,200	2,965 104,147
Prize fund donations				38	38	38
School donations				1,250	1,250	6,967
Stopfordians				1,884	1,884	28,915
Bursaries from Stockport Grammar
School Educational Foundation				80,388	80,388	70,200
Baxendaie Bursary						23,400
Stopfordian Trust Bursary				17,997	17,997	23,400
6w form quad building donation Hallam Trust				103,125 ~4200	103,125 4200
ANALYSIS OF TOTAL RESOURCES EXPENDED
a) Total expenditure	Staff		Other	Depreciation	Total	Total
	costs 6		costsf		2020f	2019f
Costs ofgenerating funds; Financing costs (note 7)			7,134		7,134	11,495
Investment management			72,091		72,091	76,322
Fundraislng for voluntary
resources			10364		10364	13408
Total costs ofgenerating
funds:			69589		89589	1012
Charitable activities
Teaching	9,273,010	916,337			10,189,347	9,762,010
Welfare	600,059	674,548			1,274,607	1,424,236
Premises	200,444	1,041,254		583,529	1,625,227	1,999,572
Loss on disposai offixed asset						296,000
Support costs and governance	909,019	909,830		106,536	1,925,385	2,170,094
Grants, awards and prizes (note 6 (b)) Total charitable expenditure	~182532	36 050 3909019		690065	367050 ~15 581616	~619 5 16013847
Total resources expended
b) Grants, awards and prices
					2020f	2019f
From Restricted Funds:
Bursaries and other grants					311,847	327,609
From Unrestricted Funds:
Bursaries and other awards					55 203	4326

DONATIONS AND LEGACIES
							Total	Total
			Unrestrictedf		Restrictedf		2020f	2019f
General appeal donations Bursary appeal donations			25,157		140,200		25,157 140,200	2,965 104,147
Prize fund donations						38	38	38
School donations					1,250		1,250	6,967
Stopfordians					1,884		1,884	28,915
Bursaries from Stockport Grammar
School Educational Foundation					80,388		80,388	70,200
Baxendaie Bursary								23,400
Stopfordian Trust Bursary					17,997		17,997	23,400
6w form quad building donation Hallam Trust					103,125 ~4200		103,125 ~4200
					~39
ANALYSIS OF TOTAL RESOURCES EXPENDED
a) Total expenditure
	Staff			Other	Deprec&ation		Total	Total
	costsf			costs F			2020	2019f
Costs ofgenerating funds:
Financing costs (note 7)				7,134			7,134	11,495
Investment management				72,091			72,091	76,322
Fundraislng for voluntary resources				10364			~10364	13408
Total costs ofgenerating
funds:				89589			89589	101225
Charitable activities
Teaching	9,273,010		916,337				10,189,347	9,762,010
Welfare	600,059		674,548				1,274,607	1,424,236
Premises	200,444		1,041,254		583,529		1,825,227	1,999,572
Loss on disposal offixed asset								296,000
Support costs and governance	909,019		909,830		106,536		1,925,385	2,170,094
Grants, awards and prizes
(note 6 (b)) Total charitable expenditure	~182	32	367050 3909019		~69	065	367050 ~15 581 616	361935 16013847
Total resources expended
b) Grants, awards and prices
							2020f	2019 F
From Restricted Funds:
Bursaries and other grants							311,847	327,609
From Unrestricted Funds:
Bursaries and other awards							55203	34326

c) Governance included In support costs;	c) Governance included In support costs;						2020f		2019 F
Remuneration paid to auditor Remuneration paid to auditor Remuneration paid to auditor Reimbursement of personal Other governance costs	for audit services for assurance services for non-audit related services expenses to Governors						15,000 615 2,100 3,200 ~4335		15,000 595 1,600 5,073 47618
Course and travel expenses were claimed by 2 Governors				(2019:7).
FINANCE AND OTHER COSTS
							2020		2019
							6
Bank loan interest									~1
STAFF COSTS AND RELATED PARTY TRANSACTIONS
							2020		2019
							6
The aggregate payroll costs for the year			were as
follows: Wages and salaries Social security costs Other Pension costs						8,434,057 866,021 1 662 464 2surau		8,440,149 858,982 1 221663 23urru24
Neither the Governors nor any persons connected with them received							any remuneration		or other
benefits for their work on the	Governing body.
During the year, one settlement agreement			of510,000 was		paid.		2020		2019
							6		E
Aggregate employee benefits ofkey management				personnel
The number of higher paid	employees was						2020 No.		2019 No.
Taxable emoluments band:
560,001 - 570,000
F70,001 - 580,000
580,001 -590,000
f100,001 - 5110,000
F110,001 - 5120,000
5120,001 - F130,000
The average number of employees during number of employees calculated on a full		the year was 301 (2019:304), whilst the average time equivalent basis was:
							2020		2019
							No.		No.
Teaching Welfare Premises Support							127 28 7 62		131 27 7 60

Governance included Insupport costs;
c)				2020f		2019 5
Remuneration paid to auditor for audit services Remuneration paid to auditor for assurance services Remuneration paid to auditor for non-audit related services Reimbursement of personal expenses to Governors Other governance costs				15,000 615 2,100 3,200 ~47335		15,000 595 1,600 5,073 47618
Course and travel expenses were claimed by 2 Governors	(2019:7).
FINANCE AND OTHER COSTS
				2020		2019
				6
Bank loan interest						~1
STAFF COSTS AND RELATED PARTY TRANSACTIONS
				2020		2019
				6		E
The aggregate payroll costs for the year were as
follows: Wages and salaries Social security costs Other Pension costs			8,434,057 866,021 1 662 666 2s$2562		8,440,149 858,982 1 227 663
Neither the Governors nor any persons connected with them received				any remuneration		or other
benefits for their work on the Governing body.
During the year, one settlement agreement of510,000was		paid.		2020		2019
Aggregate employee benefits ofkey management	personnel
The number of higher paid employees was				2020 No.		2019 No.
Taxable emoluments band:
560,001 - 570,000
570,001 - F80,000
580,001 -590,000
f100,001 - 5110,000
F110,001 - f120,000
f120,001 - 5130,000
The average number of employees during the year was 301 (2019;304), whilst the average number of employees calculated on a full time equivalent basis was:
				2020		2019
				No.		No.
Teaching Welfare Premises Sup port				127 28 7 62		131 27 7 60

ANGIBLE FIXEDASS	ETS
	Assets under	Freehold	Fixtures &	Computer	iucicr	Total
	construction	Land &	Fittings	System &	Vehicles
		Buildings		Cabung
		E		E
Cost
1 September 2019 Additions	497,872 2,479,529	18,537,688 28,781	2,057,946 190,587	902,051 66,057	24,262	22,019,819 2,764,954
D is pcs a is Transfer	(5,317) ~52	~597	(70,656)	(23,624)		(99,597)
31August2020
Depreciaucn
1 September 2019 Charge for Year Eliminated on diepussle 31August 2020		4,164,716 361,235	1,179,106 222,294 ~06	770,226 106,536 ~624	24,262	6,138,310 690,065 ~2
Net book value
31 August2020
31August 2019

				Designated Fundsf	Total 2020	Total 2019 6
Valuation at Addition		1 September	2019	745,000 109186	745,000 109186	745,000
Valuation	at	31 August 2020

OCKS
			2020	2019
				6
Goods for resale and consumables
EBTORS
e within one year:
			2020f	2019 6
Trade debtors: Fees outstanding Bad debt provision School fees Other debtors Deferred payments for supplies Prepayments	for the following	year	304,225 ~25 608 58,617 87,474 41,725 ~348 544	71,007 {443670 27,337 234,747 70,459 266 737

REDITORS: Amounts falling due within one ye	ar
	2020 6	2019f
Bank loan Trade creditors Taxation and social security Other creditors Fee deposits (see note 16) Fees in advance (see note 17) Accruals and deferred income	84,754 583,271 205,209 53,394 48,160 366,848 ~462 099	80,802 573,387 208,273 96,575 57,699 210,694 428 220

REDITORS: Amounts falling due after one yea	r
	2020	2019
		f
Bank loans Fee deposits (see note 16) Feesin advance	28,7'l3 225,858 24 382	113,406 210,768 11997
	27L853

The bank loans fall due as follows.	The bank loans fall due as follows.
Between one and two years		2020f ~87		2019 ~4
FEE DEPOSITS
Fee deposits are returned	via the offset of future fees (or alternatively	as a donation	to the
School) and are expected	to be applied as follows
		2020f		2019f
In one year or less Between one and two years Between two and five years Over five years		48,160 17,850 76,598 131410		57,699 15,750 68,700 126.318
		~2
IViovements offee deposits
		2020f		2019
Balance at 1 September New deposits received Deposits utilised		268,467 135,020 ~129469		253,500 128,409 ~113442
Balance at 31 August

urned, subject to specific conditions but, assumi vance fees will be applied as follows:	ng the relevant pupils remain in the	School,
	2020f	2019
In one year or less Between one and two years	342,466 24 382	210,694 11 997
	~366

FOR THE YE	AR E		I3ED 31	AUGUST 2020
Movements on advance fees:
					2020		2019
					6		6
Balance at 1 September New advance fees received Amounts utilised in payments				222,691 354,851 ~210 694			233,601 222,691 {2233 601
Balance at 31 August
FINANCIAL INSTRUMENTS
					2020		2019
					6
Financial assets
Financial assets measured at fair value income and expenditure			through	5,347,741			5,495,722
Financial assets measured at fair value			compnse	assets held as investments.
The School's income, expense,	gains	and losses		in respect of financial	instruments	are
summarised below
					2020		2019
					6		2
Total investment income for financial		assets
measured at fair value through expenditure	income		and		176,247		189,707
Net gains/(losses) on financial fair value through income and	assets measured expenditure			at	25,209		79,729
Impairment losses on financial amortised cost	assets		measured	at	211,368		31,625

cancelia	b	le operating leases was:
			2020	2019
			6	6
Within Within Greater	1 1	year —5years than 5years	23,700 48,000 23 000	23,700 48,000 35000

The Charity's		net asset	s bel	ong to the vano	ong to the vano	us funds as	us funds as	us funds as	follow	s:
				Fixed Assets		Investments			Net	Current	Long	tecum	Fund
										Assets/	(Liabilities)		Balances
									(Liabilities)				2020
								8		6
Endowment		funds					109,969			10,583			120,552
Restricted	funds					2,207,131				497,056			2,704,187
Unrestncted		funds		17951	081	3	029	241	2	991 641	~278 953		23 693009
Comparative		net assets of the funds			of the	Charity —2019.
				Fixed Assets		Investments			Net	Current	Long	term	Fund
										Assets/	{Liabilities)		Balances
									(Liabilities)				2019
								6		6			5
Endowment		funds					122,000			1,190			123,190
Restricted	funds					2,333,284				378,432			2,711,716
Unrestricted		funds		15881	509	3	040	438	5	052 878	~336 171		23 638 654
ENDOWED		FUNDS: MOVEMENTS			IN THE YEAR
			At	1 Sept	Incoming		Amounts			Investment		Transfers	At 31
				2019	Resources		Expended			Gains /			August
										(Losses)			2020
Permanent											6		5
en dowm ents:
Endowment				I9,162							424		19,586
Prize Funds				26,167							580		26,747
Sykes Trust		Fund		77 861					~668	{22974			74219
Comparative		endowed	fund	—2019:
			At	'I Sept	Incoming			Amounts		Investment		Tiansfers	At 31
				2018	Resources		Expended			Gains /			August
										(Losses)			2019
Permanent													6
endowments:
Endowment				17,940						1,222			19,162
Prize Funds				24,499						1,668			26,167
Sykes Trust		Fund		76 670					~485	1	676		77 861
			1~19

RESTRICTED FUNDS:	MOt/Eit/IENTS	IN THE YEA	R
	At 1 Sept 2019	Incoming Resources	Amounts Expended	Investment Gains / (Losses)	Transfers	At 31 August 2020
		6
Benjamin Smith Fund Bursary Appeal Pnze funds Sykes Trust Funds Sports	96,734 1,321,674 8,832 350 868	2,860 167,167 1,108 1,702 1,250	(1,430) (96,534) (1,108) (1,702) (1,250)	2,067 13,100 196		100,231 1,405,307 9,028 350 868
Stockport Grammar
School Educational Foundation Bursary Roy Clough Fund Nicholas Henshall	8,068 1,095,592 155,850	80,388 25,441 3,742	(80,388) (79,198) (37,131)	3,378 (9,808)		8,068 1,045,213 112,653
Stopfordian Trust Bursary Old Stopfordlans Fund 6e Form quad building The Hallam Trust	23,848	17,997 2,065 103,125 4,200	(17,997) (3,444) ~4200		(103,125)	22,470
Comparative restricted	funds —2019;
	At 1 Sept 2018	incoming Resources f	Amounts Expended f	Investment Gains / (Losses)f	Transfers	At 31 August 2019f
Benjamin Smith Fund B~rsary Appeal Pnzefunds Sykes Trust Funds Sports	90,927 1,286,335 8,269 350 1,613	2,806 130,606 1 087 2,093 6,967	(2,948) (96,203) (1,087) (2,093) (7,712)	5,949 836 563		96,734 1,321,574 8,832 350 868
Stockport Grammar
School Educational Foundation Butsary Roy Clough Fund Nicholas Henshall	4,558 1,117,199 186,975	70,200 26,240 4,004	(66,690) (80,654) (40,148)	32,807 5,019		8,068 1,095,592 155,850
Baxendale Bursary		23,400	(23400)
Stopfordian Trust Bursary Old Stopfcrdians Fund		23,400 29013	(23,400) ~5165			23 848

UNRESTRICTED F	UNDS: II/IOVEl	illENTS IN TH	E YEAR
	At 1 Sept 2019	Incoming Resources	Amounts Expended	Investment Gains ) (Losses)	Transfers	At 31 August 2020
Designated				6
Funds:
Albert Johnston Fund Investment Fund General appeal	18,775 3,089,772 150,214	29 84,190 26,176	(1,500) (107,842)	16,878		17,304 3,082,998 176,390
The Pilkingtcn Fund	58 886	1 860	~5999	'I 368		56 115
Genera I Reserve	3,317,647 20 321 007	112,255 15 166884	(115,341) ~5» 1	18,246	103125	3,332,807 ~20 360 202
Comparative unrestricted funds —2019:
	At 1 Sept 2018	Incoming Resources	Amounts Expended	Investment Gains i	Transfers	At 31 August
				(Losses)		2019
Designated				6
Funds:
Albert Johnston
Fund Investment Fund General appeal	19,942 3,066,032 146,139	436 86,158 4,075	(1,000) (89,134)	(603) 26,716		18,775 3,089,772 150,214
The Pilkington Fund	58555	2305		3876		~58 886
General Reserve	3,290,668 20 200 988	92,974 15789 122	(95,984) ~91	29,989		3,317,647 20 321 007

OPERATING ACTIVITI	ES
					2020	2019
						5
Net income for the reporting			period (as per the
statement offinancial	activities)				44,188	166,569
Adjustments for:
Depreciation charges					690,065	713,862
Loss on asset disposal						296,000
Assets under construction		written		offto expenditure	5,317
Gains on investments					(25,209)	(79,729)
Dividends, interest and	rents from			investments	(176,247)	(189,707)
increase in stocks					(12,980)	(1,046)
Decrease/(Increase) in	debtors				62,920	(55,587)
Increase in creditors					91,229	204,910
Interest paid on borrowings					7 134	11495
Net cash provided by	operating			activities
ANALYSIS OF CASH AND		CASH		EQUIVALENTS
					2020	2019
						6
Cash at bank					4 703 170	6 438 366
Total cash and cash equivalents

NAL	YSIS OF	C	HA	NGES IN NET DEB	T
				At 1 September	Cash flows	Non-cash	At 31
				2019		changes	August 2020
Cash	at bank			6,438,366	(1,735,196)		4,703,170
~ebt	due within		1
year				(80,802)	80,741	(84,693)	(84,754)
Debt	due after	1
year				~113k4n6k		84693	28 713

	Notes	I/nrestricted	Funds	Reftricted Funds	Endowed Funds	Total Funds	Total Funds
		School 8	Designated 8			2019f	2018f
INCONIE AND ENDOWIVlENTS
FROM:
Charitable Activities School fees Other educabonal mcome Other ancillary trading income	2 3 3	14 143 582 85,940 1,487,857				14,143,582 85,940 1,487,857	14,094,604 91,743 1,294,786
Other trading activities Other income Investment income		34,794 36,909	90,049	62,749		34,794 189,707	66,248 191,023
Voluntary Sources Donations and legacies	5	40	2 925	~27 067		260 032	~220
Total income		15 789 122	92974	319816		16 201 912	155c 001
EXPENDITURE ON:
Raising funds Fundraismg costs Financing costs Investment management	7	13,408 11,495	61,658	14,179	485	13,408 11,495 76,322	20,208 17,501 48,137
Charitable activities Education and grantmalring		15644 200	34326	335 32'I		16013 847	15 13
Total expenditure	6	15669 103	95984	~39500	485	16115072	24 316
NET INCOMING FUNDS FROM
OPERATION BEFORE
TRANSFERS AND
INVESTIVIENT GAINS/(LOSSES)		120,019	(3,010)	(29,684)	(485)	86,840	734,685
Gains/(losses) on investments	10		29,989	45,174	4,566	79,729	107,019
Transfers between funds	24
NET INCONIE AND MOVEMENT IN FUNDS		120,019	26,979	15,490	4,081	166,569	841,704
Funds balances at 1 September		20 200 988	3 290 668	2696 226	119109	26 306 991	65 287
Funds balances at 31 August	21