12/01/2022
| Notes Incomeandendowments from: Donations and legacies Charitable activities: School fees Other educational income Other ancillary trading income Investments 2 Charitable Gift from Saint Martin's (Solihull) Limited 4 Total Income Expenditure on: Raising funds Charitable activities: School operating costs Total Expenditure 3 Net gains/(losses) on investments: Net lossesoninvestment properties Net gains/(losses) on otherinvestments Total net gains/(losses) on investments Net income and net movementin funds Reconciliationoffunds: Total funds brought forward Total funds carried forward |
Unrestricted funds £ 1,000 18,449,637 57,111 664,602 1,097,632 20,269,982 (172,210) (19,559,644) (19,73 1,854) (105,000) 643,858 538,858 1,076,986 55,286,969 56,363,955 |
Restricted funds £ 217,740 23,972 241,712 (6,240) (149,775) (156,015) 75,382 75,382 161,079 1,391,511 1,552,590 |
Endowment Total funds 2021 £ £ 218,740 18,449,637 57,111 664,602 1,121,604 - 20,511,694 (178,450) Total 2020 £ 965,917 14,642,200 63,783 1,164,344 1,222,813 8,712,465 26,771,522 (185,030) - (19,709,419) (18,058,189) - (19,887,869) (18,243,219) (105,000) 99,245 818,485 99,245 713,485 99,245 1,337,310 491,118 57,169,598 590,363 58,506,908 (900,851) (180,616) (1,081,467) 7,446,836 49,722,762 57,169,598 |
|||
|---|---|---|---|---|---|---|
| Notes | 2021 |
2020 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 8 | 39,399,007 | 39,666,327 |
| Investments | 9 | 20,655,050 | 19,058,896 |
| 60,054,057 | 58,725,223 | ||
| Current assets | |||
| Debtors | 10 | 467,634 | 1,503,095 |
| Short term deposits | 377,128 | 376,901 | |
| Cash at bank and in hand | 2,647,531 | 2,489,789 | |
| 3,492,293 | 4,369,785 | ||
| Creditors:Amounts falling due within one year | 11 | (4,057,659) | (4,661,580) |
| Net current liabilities | (565,366) | (291 ,795) | |
| Total assets less current liabilities | 59,488,691 | 58,433,428 | |
| Creditors:Amounts falling due after more than one year | 12 | (98 1,783) | (1,263,830) |
| Total net assets | 58,506,908 | 57,169,598 | |
| The fundsofthe Group: | |||
| Endowment | 13 | 590,363 | 491,118 |
| Restricted | 13 | 1,552,590 | 1,391,511 |
| Unrestricted | 13 | 56,363,955 | 55,286,969 |
| Total Group funds | 58,506,908 | 57,169,598 |
| Fixed assets Tangible assets Investments Current assets Debtors Short term deposits Cash at bank andinhand Creditors:Amounts falling due within oneyear Net current liabilities Total assets less current liabilities Creditors:Amounts falling due after more than one year Total net assets The fundsofthe charity: Endowment Restricted Unrestricted Total charity funds Notes 8 9 10 11 12 13 13 13 |
2021 £ 39,399,007 20,655,05 I 60,054,058 477,247 377,128 2,597,864 3,452,239 (4,052,515) (600,276) 59,453,782 (981,783) 58,471,999 |
2020 £ 39,666,327 19,058,897 |
|
|---|---|---|---|
| 58,725,224 | |||
| Cash flows from operating activities: Netcash usedinoperating activities Cash flows from investing activities: Dividends, interest and other income from investments Purchaseofinvestments Proceeds from salesofinvestments Proceeds from salesofinvestment properties Purchaseoftangible fixed assets Giftofcash from Saint Martin's (Solihull) Ltd. Netcash used in investing activities Cash flows from financing activities Receipts/(payments)ofendowment Change in cash and cash equivalentsinthe reporting period Cash and cash equivalents at the beginningofthe reporting period Cash and cash equivalentsatthe endofthe reporting period Reconciliationofnet income/(expenditure) to net cash flow from operating activities Netincome/(expenditure) for the reporting period Adjustments for: Depreciation charges Net (incoming)/outgoing endowment resource (Gains)/losses on investments Dividends, interest and other income from investments Decreaseindebtors Decreaseincreditors Charitable gift from Saint Martin's (Solihull) Ltd. Net cash usedinoperating activities Analysisofchanges in cash and cash equivalents Cash at bank Cash awaiting reinvestment Short term deposits Total cash and cash equivalents b/f £ 2,489,789 281,268 376,90I 3,147,958 |
( |
|---|---|
| Income and endowments from: Donations and legacies Charitable activities: School fees Other educational income Other ancillary trading income Investments Charitable Gift from Saint Martin's (Solihull) Limited Total Income Expenditure on: Raising funds Charitable activities: School operating costs Total Expenditure Net lossesoninvestments: Net losses on investment properties Net losses on other investments Total net losses on investments Net income and net movement in funds Reconciliationoffunds: Total funds brought forward Total funds carried forward |
Unrestricted funds £ 32,480 14,642,200 63,783 1,164,344 1,190,201 8,712,465 25,805,473 (185,030) (17,916,447) (18,101,477) (900,851) (127,869) (1,028,720) 6,675,276 48,611,693 55,286,969 |
Restricted funds £ 933,437 12,733 946,170 (128,974) (128,974) 817,196 574,315 1,391,511 |
Endowment Total funds 2020 £ £ 965,917 14,642,200 63,783 1,164,344 19,879 1,222,813 8,712,465 19,879 26,771,522 (185,030) (12,768) (18,058,189) (12,768) (18,243,219) (900,851) (52,747) (180,616) (52,747) (1,081,467) (45,636) 7,446,836 536,754 49,722,762 491,118 57,169,598 |
Total 2020 £ 965,917 14,642,200 63,783 1,164,344 1,222,813 8,712,465 |
|
|---|---|---|---|---|---|
| 26,771,522 | |||||
Solihull School
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021
fr th |
e year ended 31 August 2021 |
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|---|---|---|---|---|---|---|
| 2 | ISTMENT INCOME | Unestcted Fuds |
Restricted Fuds |
Total 2021 |
Total 2020 |
|
| £ | £ | £ | £ | |||
| Investent income comprises: | ||||||
| Income fom investents listed recognised stock exchage |
on a | 232,645 | 23,972 | 256,617 | 252,308 | |
| Income fom investment properies | 864,358 | 864,358 | 954,379 | |||
| Ban and other interest | 629 | 629 | 16,126 | |||
| 1,097,632 | 23,972 | 1,121,604 | 1,222,813 | |||
| 3 | EXPENDIT | |||||
| Staf | Other | Total | Total | |||
| costs | Depreciation | costs | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Raising fnds: | ||||||
| Investment management | 178,450 | 178,450 | 185,030 | |||
| Chartable activities: | ||||||
| School operating costs Goverance costs |
13,033,823 42,198 |
1,257,663 | 5,272,342 103,393 |
19,563,828 145,591 |
17,846,296 211,893 |
|
| 13,076,021 | 1,257,663 | 5,554,185 | 19,887,869 | 18,243,219 | ||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Total suppor costs included in | expendite are | 1,695,847 | 1,603,059 |
The support costs represent the management and administrative costs of the School charged directly to the School operating costs category of the Statement of Financial Activities.
Page 30
| Tangible fixed assets Investments Investments in subsidiary Debtors Trade Creditors Other Creditors Accruals Pension scheme liability Cash Total |
2021 Gift recognised £ 2020 Gift recognised £ 7,069,726 401 ,776 500 1,463,842 (24,163) (1,731,402) (130,149) (118,017) 1,780,352 8,712,465 |
|---|---|
| 5 STAFF COSTS The average monthly numberofpersons employed by the Group during the year was: Academic Non-academic Staffcosts for above persons: Wages and salaries Social security costs Other pension costs |
2021 Number 180 81 261 2021 £ 10,169,447 1,030,442 1,876,132 13,076,021 |
2020 Number 173 72 245 2020 £ 9,579,703 944,546 1,714,308 12,238,557 |
|---|---|---|
| STAFF COSTS ( continued) | ||
|---|---|---|
| The numberofemployees who received emoluments in the following | 2021 | 2020 |
| bands were: | Number | Number |
| £60,001 - £70,000 | 3 | 2 |
| £70,001 - £80,000 | 2 | 4 |
| £80,001 - £90,000 | ||
| £90,000 - £100,000 | I | 2 |
| £100,001- £110,000 | 1 | 1 |
| £110,001 - £120,000 | 1 | 1 |
| £190,001- £200,000 | 1 | |
| £200,001 - £210,000 | 1 |
unteers is not reflected in the StatementofFinancial Activities. |
||
|---|---|---|
| MOVEMENT IN FUNDS FOR THE YEAR | 2021 | 2020 |
| £ | £ | |
| The movement in funds for the financial year is after charging: | ||
| Auditors' remuneration | ||
| For audit services | 34,128 | 52,878 |
| Other financial services | 15,480 | |
| Depreciationoftangible fixed assets | ||
| Owned assets | 1,257,663 | 1,083,964 |
| Staff costs (see note 5) | 13,076,021 | 12,238,557 |
| Operating lease rentals | 82,710 | 52,148 |
| Bad debt charge | 167,215 | 198,485 |
| Trustee indemnity insurance | 1,014 | 883 |
| Costorvaluation 1 September 2020 Additions Eliminations 31August 2021 Depreciation 1 September 2020 Charged in the year Eliminations 31August 2021 Net book value 31August 2021 31August 2020 |
Freehold land and buildings £ 37,880,828 146,631 (496,916) 37,530,543 |
Long Furniture Leasehold and equipment £ 1,111,413 5,305,580 429,580 (86,054) 1,111,413 5,649,106 434,745 2,535,148 22,228 536,268 (86,054) 456,973 2,985,362 654,440 2,663,744 |
Computer equipment £ 859,910 286,900 (206,746) 940,064 518,328 222,927 (206,746) 534,509 405,555 |
Assets in courseof construction Total £ £ 24,012 45,181,743 127,232 990,343 (789,716) 151,244 45,382,370 5,515,416 1,257,663 (789,716) 5,983,363 151,244 39,399,007 24,012 39,666,327 |
||
|---|---|---|---|---|---|---|
| 2,027,195 476,240 (496,916) 2,006,519 35,524,024 35,853,633 |
||||||
| 676,668 2,770,432 |
341,582 |
| 9 | INVESTMENTS | Group | Charity | ||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 2020 |
|||||
| £ | £ | £ £ |
|||||
| Investment properties at fair value 10,961,000 |
11,066,000 |
10,961,000 11,066,000 |
|||||
| Listed and other investmentsatfair | |||||||
| value 9,693,550 |
7,992,396 |
9,693,550 7,992,396 |
|||||
| Investment in subsidiaries and joint | |||||||
| ventures at cost 500 |
500 | 501 501 |
|||||
| 20,655,050 | 19,058,896 |
20,655,051 19,058,897 |
|||||
| Analysed as follows: | 2021 2020 |
||||||
| £ £ |
|||||||
| Investment properties at fair value: | |||||||
| Brought forward | 11,066,000 13,031,000 |
||||||
| Disposal proceeds | (1,064,149) | ||||||
| Net loss on investment properties | (105,000) (900,851) |
||||||
| At31August | 10,961,000 11,066,000 |
||||||
| Investment properties were revalued at fair value by | the Governors on | both31August 2020 and31 | |||||
| August 2021. The annual valuationofinvestment properties is reviewed in detail by the Proper | ty | ||||||
| Sub Committee in accordance with guidelines set outbythe Royal InstituteofChartered Surveyors. | |||||||
| Individual properties are examined in detail and the proposed valuation reviewed and discuss | ed | ||||||
| with professional advisors. The Governors recognise that conditions in the property investme | nt | ||||||
| market remain challenging with the retail and hospitality | sectors | remaining | under particular | ||||
| pressure. The diversityofthe portfolio provides | some protection against this pressure with | ||||||
| valuations taking into account items such as current and expected | market yields, local market | ||||||
| conditions, length ofleases and individual covenant strengths. | |||||||
| The costofinvestment properties at31August 2021 | was £6,842,256 (2020: £6,842,256). | ||||||
| 2021 | 2020 |
||||||
| £ | £ |
||||||
| Listed and other investments at fair value: | |||||||
| Brought forward | 7,992,396 | 6,632,196 |
|||||
| Additions at cost | 1,998,762 | 2,133,349 |
|||||
| Charitable Gift from Saint Martin's (Solihull) Ltd | 401,776 | ||||||
| Disposal proceeds | (1,084,684) (1,141,277) |
||||||
| Net gain/(loss) on investments | 818,485 | (180,616) |
|||||
| (Reduction)/increase in cash awaiting reinvestment | (31,409) 146,968 |
||||||
| At31August | 9,693,550 | 7,992,396 |
| 9 INVESTMENTS (continued) |
9 INVESTMENTS (continued) |
|
|---|---|---|
| Listedandother investments at fair value comprise: Listed investments Cash awaiting reinvestment 10 DEBTORS Trade debtors Other debtors Amount due from Group undertakings Prepayments and accrued income 11 CREDITORS: Amounts fallingduewithin one year Trade creditors Other creditors Refundable parent deposits Other taxandsocial security creditors Deferred income Accruals Pension scheme cessation creditor (LGPS) Defined benefit pension scheme liability (TPT) Amount due to Group undertakings |
2021 2020 £ £ 9,443,691 249,859 9,693,550 7,711,128 281 ,268 7,992,396 Group Charity 2021 2020 2021 2020 £ £ £ £ 5,110 1,595 42,735 100,131 42,735 100,130 14,723 14,796 419,789 1,401,369 419,789 1,401,169 467,634 1,503,095 477,247 1,516,095 Group Charity 2021 2020 2021 2020 £ £ £ £ 384,107 433,862 384,107 433,862 314,180 402,580 314,180 402,580 556,900 553,450 556,900 553,450 296,516 298,477 294,924 298,477 1,822,405 1,124,635 1,822,405 1,124,569 362,087 1,590,176 358,535 1,590,176 304,721 238,810 304,721 238,810 16,743 19,590 16,743 19,590 33,510 4,057,659 4,661,580 4,052,515 4,695,024 |
|
| 12 CREDITORS: Amounts falling due after more than one year Deferred income Pension scheme cessation creditor (LGPS) Defined benefit pension scheme liability (TPT) |
2021 £ 14,670 910,846 56,267 981,783 Group 2020 £ 20,693 1,155,338 87,799 1,263,830 |
Charity 2021 2020 £ £ 14,670 910,846 56,267 20,693 1,155,338 87,799 981,783 1,263,830 |
|---|---|---|
| 2021 £ At1 September 1,145,328 Funds receivedinyear 1,826,376 Amounts released (1,134,629) At31August 1,837,075 |
2020 £ 1,544,119 1,094,609 (1,493,400) |
|---|---|
| 1,145,328 |
| Fund balance at 31August 2020 £ Unrestricted Funds 55,286,969 Restricted Funds: Silhillian Fund 1,276,999 EGWilcox Fund 103,758 Other 10 754 Total Restricted 1,391,511 Endowment Fund 491,118 Total 57,169,598 |
Net gainson Funds balance at Income Expenditure investments 31August 2021 £ £ £ £ 20,269,982 19,738,593 545,597 56,363,955 126,744 110,074 75,382 1,369,051 32,000 32,000 103,758 822968 13,941 79 781 241,712 156,015 75,382 1,552,590 99,245 590,363 20,511,694 19,894,608 720,224 58,506,908 |
|---|---|
| Fund balance at 31August 2020 £ Unrestricted Funds 55,199,234 Restricted Funds: Silhillian Fund 1,276,999 EGWilcox Fund 103,758 Other IO754 Total Restricted 1,391,511 Endowment Fund 491,118 Total 57,081,863 |
Income £ 20,283,589 126,744 32,000 82,968 241,712 20,525,301 |
Net gains on Funds balance at Expenditure investments 31August 2021 £ £ £ 19,699,374 545,597 56,329,046 110,074 75,382 1,369,051 32,000 I03,758 13941 79781 156,015 75,382 1,552,590 99,245 590,363 19,855,389 720,224 58,471,999 |
|---|---|---|
| Unrestricted funds £ Fund balances at31August 2021 were: Tangible fixed assets 39,399,007 Investments 18,847,434 Net current liabilities (900,703) Liabilities: amounts falling due (981,783) after more than one year 56,363,955 Unrestricted funds £ Fund balancesat31August 2020 were: Tangible fixed assets 39,666,327 Investments 18,567,778 Net current liabilities (1,683,306) Liabilities: amounts falling due (1,263,830) after more than one year 55,286,969 |
Restricted funds £ 1,217,253 335,337 1,552,590 Restricted funds £ 1,391,511 1,391,511 |
Endowment funds £ 590,363 |
Total £ 39,399,007 20,655,050 (565,366) (981,783) 58,506,908 |
|---|---|---|---|
| Unrestricted funds £ Fund balances at31August 2021 were: Tangible fixed assets 39,399,007 Investments 18,847,435 Netcurrent liabilities (935,613) Liabilities: amounts falling due after (981,783) more than one year 56,329,046 Unrestricted funds £ Fundbalances at31August 2020 were: Tangible fixed assets 39,666,327 Investments 18,567,779 Netcurrent liabilities (1,771,042) Liabilities: amounts falling due after more than one year (1,263,830) 55,199,234 |
Restricted Endowment funds funds £ £ 1,217,253 590,363 335,337 1,552,590 590,363 Restricted Endowment funds funds £ £ 491,118 1,391,511 1,391,511 491,118 |
Total £ 39,399,007 20,655,051 (600,276) (981,783) 58,471,999 Total £ 39,666,327 19,058,897 (379,531) (1,263,830) 57,081,863 |
|---|---|---|
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Teacher's Pension Scheme contribution cost | 1,625,446 | 1,508,246 |
ife and one with The Pensions Trust. |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| StandardLife/fhePensions Trust Pension Scheme contribution cost | 250,686 | 206,062 |
| 2021 | 2020 |
|---|---|
| £ | £ |
| Amounts payable within I year Amounts payable within 2 - 5 years |
2021 £ 55,214 50,340 105,554 |
2020 £ 90,320 71,640 161,960 |
|---|---|---|