| Notes | Unrestricted | Restricted | 2022 | 2021 | |||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||||
| f. | |||||||
| INCOME from: | |||||||
| Charitable activities |
2 | 20,592,616 | 20,592,616 | 20,145,935 | |||
| Activities to generate funds | |||||||
| Other income | 333,384 | 333,384 | (93,553) | ||||
| Investment income |
10,022 | 10,022 | 904 | ||||
| Total income | 20,936,022 | 20,936,022 | 20,053,286 | ||||
| EXPENDITURE on: | |||||||
| Charitable activities |
|||||||
| School Expenditure | 18,368,472 | 18,368,472 | 16,464,011 | ||||
| Grants and Donations | 4,168 | 4,168 | 4,511 | ||||
| Total expenditure | 5 | 18,372,640 | 18,372,640 | 16,468,522 | |||
| NET INCOME BEFORE | GAINS & | LOSSES | 7 | 2,563,382 | 2,563,382 | 3,584,764 | |
| Pension scheme actuarial | gain /(loss) | 14 | 4,885,000 | 4,885,000 | 326,000 | ||
| NET INCOME l NET MOVEMENT | IN FUNDS | 7,448,382 | 7,448,382 | 3,910,764 | |||
| Funds brought forward |
43,355,264 | 2,867 | 43,358,131 | 39,447,367 | |||
| Fund balances carried forward | 50,803,646 | 2,867 | 50,806,513 | 43,358,131 |
| Notes | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| R | ||||||
| Cash flows from operating | activities | |||||
| Net income before gains per | SOFA | 2,563,382 | 3,584,764 | |||
| Adjustments for: |
||||||
| Depreciation oftangible assets |
1,534,285 | 1,399,295 | ||||
| Interest received | (10,022) | (904) | ||||
| Interest paid | 13,503 | 56,504 | ||||
| Decrease / (increase) in debtors |
16,234 | 13,546 | ||||
| Increase/(decrease) in creditors |
508,621 | 501,268 | ||||
| (Profit) / Loss on disposal of | fixed assets | (16,500) | (5,000) | |||
| Pension costs | 997,000 | 900,000 | ||||
| Pension contributions | (407,000) | (390,000) | ||||
| Net cash generated from operating |
activities | 5,199,503 | 6,059,473 | |||
| STATEMENT OF CASHFLOWS | ||||||
| Net cash generated from operating |
activities | 5,199,503 | 6,059,473 | |||
| Cash flows from investing | activities | |||||
| Purchases of tangible assets |
(961,750) | (781,137) | ||||
| Proceeds from the sale offixed assets | 16,500 | 5,000 | ||||
| Interest received | 10,022 | 904 | ||||
| Net cash used in investing | activities | (935,228) | (775,233) | |||
| Cash flows from financing | activities | |||||
| (Repayment) of long term loan |
(1,587,500) | {850,000) | ||||
| Interest paid | (13,503) | (56,504) | ||||
| Net cash from I{used in) financing | activities | (1,601,003) | (906,504) | |||
| Net increasel (decrease) in | cash | 2,663,273 | 4,377,736 | |||
| Cash and cash equivalents | at the beginning | ofthe year | 9,731,155 | 5,353,419 | ||
| Cash and cash equivalents | at the end ofthe | year | 13 | 12,394,428 | 9,731,155 |
| STAFF COSTS | ||
|---|---|---|
| 2022 | 2021 | |
| E | E | |
| Staff salaries and wages | 9,278,533 | 8,499,379 |
| Social security costs | 1,077,443 | 969,040 |
| Pension costs' | 2,521,531 | 2,318,348 |
| Restructuring costs |
52,068 | 5,104 |
| Staff costs | 12,929,575 | 11,791,871 |
| Agency staff costs | 95,777 | 8,712 |
| Other staff costs | 24,112 | 33,228 |
| Total staff costs | 13449 484 | 11933811 |
| Made up as follows | ||
| Teaching staff | 9,758,687 | 9,058,362 |
| Other | 3299777 | 2 775449 |
| 13948484 | 11833811 |
| 2021 | |||
|---|---|---|---|
| No. | |||
| E60,000 - E69,999 | 36 | 32 | |
| E70,000 - E79,999 | 13 | 9 | |
| F80,000 - E89,999 | 1 | ||
| E90,000 - F99,999 | 1 | 3 | |
| E100,000-E109,999 | 3 | 1 | |
| E110,000-E119,999 | 2 | ||
| E120,000-F129,999 | |||
| E150,000-E159,999 | |||
| E160,000-E169,999 |
| NET INCOME | 2022 | 2021 | |||
|---|---|---|---|---|---|
| R | 8 | ||||
| Net income is stated after | charging: | ||||
| Depreciation | 1,534,285 | 1,399,295 | |||
| Auditor's remuneration |
16,356 | 15,576 | |||
| Furniture | |||||
| Freehold | htnd | and | |||
| TANGIBLE ASSETS | and buildings | equipment | Total | ||
| p | 6 | ||||
| Cost as at 1 August 2021 | 49,235,984 | 4,193,310 | 53,429,294 | ||
| Additions | 129,499 | 832,251 | 961,750 | ||
| Transfers Disposals |
16 | 382 | ~291977 | ~308359 | |
| Cost at 31July 2022 | 49,349,101 | 4,733,584 | 54,082,685 | ||
| Depreciation | |||||
| Depreciation as at 1 August 2021 | 8,832,038 | 2,036,318 | 10,868,356 | ||
| Charge forthe year | 999,085 | 535,200 | 1,534,285 | ||
| Elimination on disposal |
(16,382) | (291,976) | (308,358) | ||
| Transfers | |||||
| At 31July 2022 | 9,814,741 | 2,279,542 | 12,094,283 | ||
| Net book value | |||||
| At 31July 2022 | 30534 | 300 | 2454042 | 41,005,402 | |
| At31 July 2021 | 40 403 | 046 | 2 150092 | 42 600938 | |
| DEBTORS due within one year: | |||||
| 2022 | 2021 | ||||
| 6 | 8 | ||||
| Trade debtors | 3,658 | 11,879 | |||
| Other debtors | 3,550 | 10,110 | |||
| Accrued income and prepayments | 318740 | 320193 | |||
| 325 948 | 342 102 | ||||
| CREDITORS: amounts | falling due within one year | ||||
| 2021 | |||||
| 6 | |||||
| Trade creditors | 713,715 | 393,567 | |||
| Taxation and social security | 271,572 | ||||
| Sundry creditors | 399,044 | 162,886 | |||
| Accruah | 201,731 | 534,984 | |||
| Fee deposits and advance payments |
216,835 | 312,830 | |||
| Bank Loan | 850 0110 | ||||
| 1 002 097 | ~204 267 |
| Fee deposits and advance payments | 1,434,368 | 1,324,377 | ||||||
|---|---|---|---|---|---|---|---|---|
| Bankloan | 737500 | |||||||
| 1404300 | ~001077 | |||||||
| Analysis ofLoans | ||||||||
| Not wholly repayable within five years |
by instalments: | |||||||
| Wholly repayable within five years: |
1,587,500 | |||||||
| Included in current liabilties |
1,587,500 ~850,000 |
|||||||
| 737,500 | ||||||||
| Instalments not due within five years |
||||||||
| Loan maturity analysis |
||||||||
| In more than one year but not more than two years | 475,000 | |||||||
| In more than two years but not more than | five years | 262,500 | ||||||
| In mors than five years | ||||||||
| The loan facility was secured by a first legal charge over the freehold land and buildings | at Ibstock Place School. | |||||||
| The School has repaid the outstanding | loans duing the financial year using excess cash | funds, | ||||||
| MOVEMENT IN FUNDS |
Fund | |||||||
| balances at | ||||||||
| 1August | Incoming | Resources | Gains/ | Fund balances | ||||
| 2021 | resources | expended | Transfers | (Losses) | at 31July 2022 | |||
| E | E | F | ||||||
| Resbfcted Funds | ||||||||
| Bayliss Fund | 2,867 | 2,867 | ||||||
| Total restricted funds | 2 807 | 2 067 | ||||||
| Unrestricted Funds |
||||||||
| Designated -Pension liability reserve |
(4,960,000) | 590,000 | 4,885,000 | (665,000) | ||||
| Designated&GPS Pension fluctuation |
4,885,000 | 4,885,000 | ||||||
| reserve | ||||||||
| Designated-Building development |
2,000,000 | 2,000,000 | ||||||
| Designated-Bursary fund |
145,641 | 145,641 | ||||||
| General Fund | 40315264 | 20 930022 | 17782040 | ~7030641 | 4443S M5 | |||
| Total unrestricted funds |
43355204 | 20936022 | 10372640 | 4 805 000 | 50 003 046 | |||
| Total funds | 43358 131 | 20 936022 | 10372640 | 4 085 000 | 50000513 |
| a) | Principal Actuarial | Assumptions | Assumptions | ||||||
|---|---|---|---|---|---|---|---|---|---|
| At | 31July | At 31 July | |||||||
| 2022 | 2021 | ||||||||
| Rate of increase In salaries |
3.75% | 3.80% | |||||||
| Rate ofincrease for | pensions | in payment/inflation | 2.75% | 2.80% | |||||
| Discount rate for scheme liabilities | 340% | 1.60% | |||||||
| Inflation assumption | (CPI) | 1.75% | 2.80% | ||||||
| Retafl Prices Index assumption | (RPI) | 2.75% | 3.15% | ||||||
| Expected return on |
scheme assets | at 31 July | |||||||
| The current mortality |
assumptions | include sufficient allowance | for future improvements | in mortality rates. | |||||
| The assumed life expectations |
on | retirement | age 65are: |
| e) | Amounts recognised in the Balance Sheet |
Amounts recognised in the Balance Sheet |
|||||
|---|---|---|---|---|---|---|---|
| At 31July | At 31 July | ||||||
| 2022 | 2021 | ||||||
| 8 | |||||||
| Present value ofthe defined benefit obligation |
(8,868,000) | (12,217,000) | |||||
| Fair value of Fund assets (bid value) | 8203000 | 7257000 | |||||
| (Deficit)/Surplus | 665000 | 4,960,000 | |||||
| Net defined benefit (liability)/asset | 685000 | 4,960000 | |||||
| f) | Changes in the present value ofthe defined |
benefit obligation | were as follows: | ||||
| At 31July | At 31 July | ||||||
| 2022 | 2021 | ||||||
| R | |||||||
| Opening defined benefit obligation |
(12,217,000) | (10,990,000) | |||||
| Service cost | (912,000) | (830,000) | |||||
| Interest cost | (195,000) | (148,000) | |||||
| Employee contributions |
(129,000) | (112,000) | |||||
| Experience (loss)/gain on defined benefit obligation |
(30,000) | 200,000 | |||||
| Change in financial assumptions |
4,435,000 | (676,000) | |||||
| Change in demographic assumptions |
141,000 | ||||||
| Past service costs, including curtailments |
|||||||
| Benefits paid net oftransfers in |
180000 | 198 000 | |||||
| Defined benefit obligation at end ofyear | 8868 OOO | 12217000 | |||||
| g) | Changes in the fair value ofthe scheme assets |
were as follows: | |||||
| At 31July | At 31 July | ||||||
| 2022 | 2021 | ||||||
| R | |||||||
| Opening fair value ofscheme assets |
7,257,000 | 6,214,000 | |||||
| Interest on assets | 119,000 | 86,000 | |||||
| Return on Assets less interest | 480,000 | 661,000 | |||||
| Other actuarial gains / (losses) |
|||||||
| Administration expenses |
(9,000) | (8,000) | |||||
| Employer contributions | 407,000 | 390,000 | |||||
| Employee contributions Benefits paid plus unfunded net oftransfers |
in | 129,000 ~180M0 |
112,000 198000 |
||||
| Closing fair value offund assets | 8 03000 | 7 25? 000 | |||||
| h) | Sensitivity analysis: | ||||||
| The sensitivity regarding the principal assumptions |
used to measure | the scheme liabilities are set out below. | |||||
| Change in assumptions as at 31 July 2022: |
|||||||
| ROOOs | tooos | aooos | |||||
| Adjustment to discount rate |
&1% | 0,0% | -0.1% | ||||
| Present value oftotal obligation | 8,687 | 8,868 | 9,053 | ||||
| Projected service cost | 467 | 483 | 500 | ||||
| Adjustment to long term salary increase |
0.0'Yo | -0.1'Ya | |||||
| Present value oftotal obligation | 8,886 | 8,868 | 8,850 | ||||
| Projected service cost | 483 | 483 | 483 | ||||
| Adjustment to pension increases and deferred |
revaluation | +01% | 0.0'Yo | -0.1% | |||
| Present value oftotal obligation | 9,036 | 8,868 | 8,704 | ||||
| Projected service cost | 500 | 483 | 467 | ||||
| Adjustment to life expectancy assumptions |
+1year | None | - 1 year | ||||
| Present value oftotal obligation | 9,182 | 8,868 | 8,565 | ||||
| Projected service cost | 502 | 483 | 465 |