## **ST. EDWARD'S SCHOOL STATEMENT OF ACCOUNTS YEAR ENDED 31 MARCH 2023**
Registered Charity No: 1159721
## **CONTENTS**
## Page
|1.|Statutory Information|
|---|---|
|2. - 5.|Report of the Governors|
|6. - 8.|Report of the Auditors|
|9|Statement of Financial Activities|
|10.|Balance Sheet|
|11.|Cash Flow Statement|
|12. - 21.|Notes to the Accounts|
## **FLETCHER & PARTNERS**
## **CHARTERED ACCOUNTANTS**
## **SALISBURY**
Page 1
## **ST. EDWARD'S SCHOOL GOVERNORS' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023**
**Property Trustee:** Clifton Diocese **Governors:** M H Tennant Esq. LLB (Hons.), BA(Hons.), Dip.Mus.(Open) (Chairman) Mrs B G H Cherry BSc MRICS A Dewar Esq. Mrs S Murphy Mrs S M Peach OBE JP Rev C Pettet L Taylor Esq. M Argenti Esq. (appointed 5 July 2022) **Officers** Headmaster: G Maher Esq. MA Finance Manager: Mrs K Donlon FMAAT **Address:** Melchet Court Sherfield English Romsey Hants SO51 6ZR **Advisers** Auditors: Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury SP1 2LZ Bankers: Royal Bank of Scotland, 14 Minster Street, Salisbury SP1 1TP CCLA, 80 Cheapside, London EC2V 6DZ Solicitors: Paris Smith LLP, Number 1 London Road Southampton, SO15 2AE Stockbrokers: Brewin Dolphin Securities Ltd., 9 Colmore Row, Birmingham B3 2BJ **Registered Number** Charity No: 1159721
Page 2
**ST. EDWARD'S SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023**
The Governing Body present their annual report and the audited accounts of St. Edward's School for the year ended 31 March 2023. These have been prepared to comply with the Charities Act 2011, the charity's constitution and the Statement of Recommended Practice "Accounting and Reporting by Charities (FRS102)".
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The School was originally constituted under the control of the Diocese of Clifton (DoC) by Trust Deeds dated 24 October 1962 and 1 June 1978, and in accordance with Statutory Instrument 1978 No. 629. The Trust was modified by a Scheme of the Charity Commission dated 4 April 2023.
The School developed independently, largely free from the control of the DoC, but in accordance with its protocols.
The School is now constituted as a Charitable Incorporated Organisation (CIO) which was registered on 23 December 2014 and to which the School’s activities were transferred on 1 September 2015. Within the CIO, the Governors are trustees. The DoC as the freeholder of Melchet Court, has agreed to grant to the CIO, presently a licensee, a lease of 125 years at a peppercorn rent and on other terms to be negotiated.
## **Appointment and induction of Governors**
The school is managed by a very active Board of Governors, whose experience spans many professional disciplines. Governors are appointed at a Meeting of the Board on the basis of nominations generated by existing Governors having regard to eligibility, personal competence, specialist skills and local availability. New Governors are provided with an induction programme relating to the charity and their responsibilities.
## **Organisational structure**
Overall responsibility for the management of the Charity rests with the Governors, who meet monthly. The Governors have established subcommittees for finance and property, whose function is to examine issues in detail and make recommendations to the main Board. An ad hoc committee may be constituted to deal with applications for readmission following exclusion. Day to day management and administration is delegated to the Headmaster.
## **Key management**
The Governors consider that the Headmaster, Deputy Head, the Head of (Pastoral) Care, Head of Education, Finance Manager, Director of Development and the SENCo comprise the key leadership personnel of the School in charge of directing and controlling, running and operating the School on a day to day basis. The remuneration of the key leadership is set by reference to comparative posts in the maintained and independent school sectors and is reviewed annually.
## **Related parties**
Transactions with the Diocese are shown in Note 17 to the accounts.
## **Public Benefit**
The Governors confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
## **OBJECTIVES AND ACTIVITIES**
St Edward's is an independent school for boys who experience social, emotional and mental health difficulties (SEMH).
The school provides day and weekly boarding facilities over thirty-eight weeks of the year. The geographical spread of user local authorities stretches across southern England, London and the eastern Home Counties. In 2022-23 an average of 60 pupils were placed in the school by local authorities. Pupils' placements are subject to the National Contract (or equivalent). Local authorities draw on Ofsted and other reports of the school's performance and are at liberty to conduct additional monitoring visits to confirm the efficient allocation of public resources.
Operating within the Roman Catholic Diocese of Clifton, its purpose is to meet the special educational and care needs of boys aged between 9 and 18 years who, because of the challenges they face, have been unable to cope in mainstream schools and other special educational establishments. The school strives to educate pupils to the maximum of their potential, and to address pupils' difficulties in the terms in which these are described in pupils' Educational, Health and Care Plans.
Page 3
## **ST. EDWARD'S SCHOOL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Objectives and activities (continued)**
Pupils who attend St Edward's have been assessed by their Local Authority as needing the type of provision which the school provides. The fees charged by the school are therefore borne by the Local Authority and, as a consequence, pupils attend the school irrespective of their, or their families', financial means.
It is the Governors' belief that, by helping its pupils to realise their potential, the school benefits not only its pupils and their families but the whole of society.
## **Aims and objectives for the year**
- Educate pupils who have either: previously proved resistant to learning and presented sometimes serious behavioural difficulties in other settings, including other behavioural settings; or: for whom St Edward's is the natural transition from Primary provisions.
- Support and guide pupils’ social, emotional, spiritual, moral and cultural development.
- Maintain a safe level of pupil occupancy.
- Maintain and develop the school’s facilities to best meet pupil need.
- Meet the budgetary and financial criteria set in order to achieve these objectives.
## **Strategies**
The school maintains a set of common principles and practices in the planning, delivery and evaluation of the National Curriculum; strong emphasis is placed upon the provision of useful and relevant learning experiences within a structured environment. The school's planning for the curriculum is linked to a detailed financial plan. Priorities for funding the school's initiatives are evidenced in the School's Improvement Plan. There is consultation at all levels - staff team, management and the Board of Governors - in determining priorities for improvement.
The National Curriculum is offered to the end of Key Stage 3. GCSE, Functional Skills, ELCs, AQA, ASDAN and BTEC courses are offered in Key Stage 4. An impressive range of vocational and recreational pursuits is offered to pupils. The aim is to encourage and instruct pupils experiencing SEMH difficulties in the productive use of work, leisure and recreational time. Post-16 students can pursue courses in school and/or at local colleges, with a bespoke programme at school including work experience, independent living skills, social skills and further therapeutic support.
The school maintains strong links with professional associations, external organisations and charities. It makes its facilities available for use by local sporting, cultural and recreational clubs and local historical and other groups.
The school continues to maintain extensive communication with parents, carers and local authorities, producing regular informative news publications. The school's new website is now live www.melchetcourt.com
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities during the year**
The School continued to provide education to pupils aged 9 years to 18 from a wide range of social backgrounds from Hampshire and surrounding counties. The achievements listed below, coupled with a host of other successes in the year, are testimony to the Charity's ongoing commitment to nurture the spiritual, artistic, intellectual and sporting life of pupils with Social, Emotional and Mental Health (SEMH) needs.
- New teaching building; 6 additional classrooms, 6 breakout spaces, 3 offices and 1 sensory room and 6 toilets
- New car park
- New boiler house
- New landscaping
- Additional therapy suite
- Food technology room
- Outdoor classroom
- All weather play pitch
- Additional OT play equipment
- Upgraded residential accommodation to include new bathroom
- Electrical Charging points for vehicles (supports carbon neutral policy)
- New ICT suite
Page 4
## **ST. EDWARD'S SCHOOL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Charitable activities during the year (continued)**
- Upgraded art room
- New admissions brochure
- New app to support communication with stakeholders
- Continued investment in staff CPD
- Curriculum enrichment- additional GCSEs, Outdoor Education Programme, Duke of Edinburgh Award, Forest School Curriculum, Music Provision and Alternative Curriculum for more vulnerable pupils
- Fibre Optic cable – to support investment in assistive technologies
- Leadership review to support school growth
- Continued maintenance of estate and buildings
- Pastoral Care review to support school growth
- New signage
- Continued charity work, at home and abroad
- Use of school grounds to support strong environmental focus
- Staff recruitment to support growth
- Co-ordinators appointed; Assistive Technology
## **Investments**
The Governors' investment policy is to invest in a mixed portfolio of fixed interest and equity investments, subject to a medium degree of risk, with the objective of generating income and capital growth that will maintain real value to finance the charity's expenditure on its charitable objectives. The investments are in keeping with, and have regard for, the views of the Catholic Church and its teachings. During the year the portfolio achieved an overall rate of return (from income and capital) of -4.1%. This compares with a return of -5.0% on the WMA Private Investors Income Index (Total Return), which the school uses as its benchmark.
## **FINANCIAL REVIEW**
## **Review of financial transactions**
Pupils' fees in 2022/23 amounted to £5,021,171, compared with £4,181,437 in the previous year. Investment and other income was £306,862 resulting in total General Fund income of £5,328,033. General Fund expenditure was £4,769,025 resulting in a surplus of £559,008 before investment losses. The school spent £138,399 from its designated funds during the year. Additionally, the school received a restricted donation in the year of £236,546, out of which, £7,424 was spent before the year end. This resulted in net income before investment losses of £649,731.
## **Review of financial position**
After adjusting for the realised and unrealised gains and losses on the school's investments, the net assets at the end of the year were £8,644,122 (2022: £8,216,289) and the Governors expect that with the income from pupils' fees these will be sufficient to fund the school's activities for the foreseeable future.
## **Principal risks and uncertainties**
Through the risk management processes established for the School, the Governors are satisfied that the major risks to which the School is exposed have been reviewed and systems or procedures have been established to mitigate those risks. It is recognised that systems can provide reasonable but not absolute assurance major risks have been eliminated.
The most significant risks identified by the Governors are: cutbacks in local authority funding for SEND pupil placements; a serious and unforeseen safeguarding issue; and failure of key IT systems. These risks are managed by detailed strategies including (1) ensuring that the quality of the setting is of the highest level while keeping fees to the minimum; (2) having comprehensive and robust safeguarding policies and procedures and (3) ensuring that there is an effective IT disaster recovery plan.
## **Reserves policy**
The Governors' reserves policy is to maintain the General Fund at a sufficient level to cover the School's working capital requirements, to provide a contingency against an unexpected drop in pupil numbers and to provide funds in the event of the School's needing to be wound up. These translate to a target of between £4m and £5m.
The Major Building Repair Fund is maintained at a sufficient level to enable the School to undertake the anticipated major repair projects.
The West Wing Fund, now renamed as the Declan Building Fund, was established by the Governors in 2012 and was created to provide the funds which have now been used for the redevelopment of the school's West Wing.
Page 5
**ST. EDWARD'S SCHOOL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Reserves policy (continued)**
The Staff Accommodation Fund was created to provide funds for the repair of staff accommodation.
The Development Fund was created to provide funds for small-scale projects of a capital or one-off nature.
The restricted Bridge Fund was created for the refurbishment and restoration of buildings for the provision of therapeutic services.
The policy is reviewed annually to ensure that it is still appropriate.
## **PLANS FOR FUTURE PERIODS**
The school's objectives for the future are:
To maintain preferred provider status within local authority strategic planning.
To return a costs met result with surplus sufficient to justify expansion programmes.
To maintain an efficient and effective staffing quota, subject to continuing efficiency reviews and the challenges inherent in local authority spending restrictions.
To develop staff competencies so as best meet the needs and challenges presented by young people attending the school.
To further improve the quality of the School's provision.
To maintain and develop the school's ability to provide alternative curriculum opportunities for pupils who experience a greater degree of vulnerability.
To continue to generate sufficient funds for the proper maintenance and care of the school's wider premises and to facilitate improvement and development.
To render the school's educational building stock better fit for purpose through an improvement programme.
To consider new and alternative streams of income which support the mission of the school. To exercise diligence in succession management planning, so as to safeguard the future prosperity of St Edward's.
It is intended that these will be met by following the strategies set out above. The provision continues to be considered by the agencies we work with to be of very high quality.
## **ACCOUNTING AND REPORTING RESPONSIBILITIES**
Charity law requires the Governors to prepare financial statements, for each financial year, in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) which give a true and fair view of the financial activities of the charity during the year and of its financial position at the end of the year. In preparing those statements, the Governors are required to:
- 1) Select suitable accounting policies and then apply them consistently;
- 2) Make judgements and estimates that are reasonable and prudent;
- 3) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- 4) Prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the provisions of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Governors: M H Tennant - Chairman of Governors
Approved by the Governors: 12 July 2023
Page 6
## **INDEPENDENT AUDITORS' REPORT TO THE GOVERNORS OF ST. EDWARD'S SCHOOL**
## **Opinion**
We have audited the financial statements of St Edward's School for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and related notes, including the summary of significant accounting policies, set out on pages 9 to 21. 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 Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: -
- i) give a true and fair view of the state of the charity's affairs as at 31 March 2023, and of its incoming resources and application of resources for the year then ended;
ii) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and iii) have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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 prepartion of the accounts 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 School’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. The other information comprises the information included in the Governors' Annual Report, other than the financial statements and our auditorʼs 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.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Annual Report.
Page 7
## **INDEPENDENT AUDITORS' REPORT TO THE GOVERNORS OF ST. EDWARD'S SCHOOL (CONTINUED)**
We have nothing to report in respect of the following matter where the Charities Act 2011 requires us to report to you if, in our opinion:
- i) the information given in the Governors' Annual Report is inconsistent in a any material respect with the financial statements;
ii) sufficient accounting records have not been kept; iii) the financial statements are not in agreement with the accounting records and returns; or iv) we have not received all the information and explanations we require for our audit.
## **Responsibilities of the Governors**
As explained more fully in the Governors' Responsibilities Statement, set out on page 5, the Governors 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 they 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 Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' 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 auditorʼs 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to detecting irregularities, including fraud, is detailed below:
- we ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and that they remained alert to instances of non-compliance throughout the audit;
- we identified the legal and regulatory requirements applicable to the School, including the review of the latest Ofsted reports, and obtained an understanding of how the School complies with these requirements through discussions with management and those charged with governance;
- we assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur. This was done by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
- we addressed the risk of fraud through management bias and the over-ride of controls by assessing whether judgements and assumptions made by management were indicative of potential bias and by investigating the rationale behind significant or unusual transactions. In order to address the risk of irregularities we carried out procedures which included agreeing the financial statements to underlying documentation and enquiring of management as to actual and potential litigation and instances of non-compliance;
- we obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate to our audit objectives, but not for the purposes of expressing an opinion on the effectiveness of the School’s internal control.
Page 8
## **INDEPENDENT AUDITORS' REPORT TO THE GOVERNORS OF ST. EDWARD'S SCHOOL (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements (continued)**
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance to enquiry of management and inspection of relevant correspondence. Furthermore, misstatements due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment and collusion.
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.
## **Use of our report**
This report is made solely to the Governors, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations under section 154 of that Act. Our audit work has been undertaken so that we might state to the Governors 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 assume responsibility to anyone other than the charity's Governors as a body, for our audit work, for this report, or for the opinions we have formed.
Crown Chambers Bridge Street Salisbury SP1 2LZ 28 July 2023
FLETCHER & PARTNERS Chartered Accountants and Statutory Auditors.
Fletcher & Partners is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 9
## **ST. EDWARD'S SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|Note
**INCOME FROM:**
**Donations and legacies**
**Charitable activities**
Pupils' fees
**Other trading activities**
Lettings and wayleaves
**Investments**
2
**Other**
Staff rents
Other income
**Total**
**EXPENDITURE ON:**
**Costs of generating funds**
Investment management charges
**Charitable activities**
Costs of operation of school
3
**Total**
Net income/(expenditure) before gains
and losses on investments
Net gains / (losses) on investments
Unrealised
Realised
**Net income / (expenditure)**
Transfers between funds
14
Appropriation of surplus
Capital expenditure
Other fund transfers
Other gains and losses
Actuarial gains/(losses)
16
Removal of loan provision
12
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|General
Fund
500
5,021,171
5,973
188,826
95,682
15,881
5,328,033
21,403
4,747,622
4,769,025
559,008
(362,469)
(64,150)
132,389
(500,000)
1,347,662
(311,540)
(118,410)
323,131
873,232
6,689,759
£7,562,991|Designated
Funds
-
-
-
-
-
-
-
-
138,399
138,399
(138,399)
-
-
(138,399)
500,000
(1,347,662)
311,540
-
-
(674,521)
1,526,530
£852,009|Restricted
Fund
236,546
-
-
-
-
-
236,546
-
7,424
7,424
229,122
-
-
229,122
-
-
-
-
-
229,122
-
£229,122||Year to
31/03/2023
237,046
5,021,171
5,973
188,826
95,682
15,881
5,564,579
21,403
4,893,445
4,914,848
649,731
(362,469)
(64,150)
223,112
-
-
-
(118,410)
323,131
427,833
8,216,289
£8,644,122||Year to
31/03/2022|
|---|---|---|---|---|---|---|---|
||||||||4,431
4,181,437
5,218
202,980
88,702
9,621
4,492,389
30,113
4,322,043
4,352,156
140,233
188,204
37,314
365,751
-
-
-
-
-
365,751
7,850,538
£8,216,289|
The notes on pages 12 to 21 form part of these accounts
Page 10
**ST. EDWARD'S SCHOOL BALANCE SHEET AS AT 31 MARCH 2023**
|Note
2023
**FIXED ASSETS**
Tangible assets
6
3,118,377
Investments
8
4,958,859
8,077,236
**CURRENT ASSETS**
Debtors
9
150,210
Cash at bank and in hand
10
1,147,371
1,297,581
**CREDITORS: Amounts falling due**
**within one year**
11
301,942
NET CURRENT ASSETS
995,639
TOTAL ASSETS LESS CURRENT LIABILITIES
9,072,875
**PROVISIONS FOR LIABILITIES**
**AND CHARGES**
12
(428,753)
NET ASSETS
£8,644,122
**FUNDS (UNRESTRICTED)**
General Fund
7,562,991
Designated Funds
14
852,009
Restricted Funds
15
229,122
TOTAL FUNDS
£8,644,122
Signed on behalf of the Board of Governors
M H Tennant - Governor
Approved by the Governors:
12 July 2023|2022|2022|
|---|---|---|
||148,915
1,447,328
1,596,243
287,138|1,648,166
5,909,817|
|||7,557,983
1,309,105|
|||8,867,088
(650,799)|
|||£8,216,289|
|||6,689,759
1,526,530
-|
|||£8,216,289|
||||
The notes on pages 12 to 21 form part of these accounts
Page 11
**ST. EDWARD'S SCHOOL CASH FLOW STATEMENT AS AT 31 MARCH 2023**
|Note
2023
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash provided by (used in)
operating activities
a
613,135
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends and interest from investments
188,826
Proceeds from the sale of property, plant and equipment
-
Purchase of property, plant and equipment
(1,597,731)
Proceeds from sale of investments
1,329,081
Purchase of investments
(857,161)
Net cash provided by (used in)
investing activities
(936,985)
**CHANGE IN CASH AND CASH EQUIVALENTS**
**IN THE REPORTING PERIOD**
b
£(323,850)
**NOTES TO THE CASH FLOW STATEMENT**
**a. Reconciliation of net income/(expenditure)**
**with net cash flow from operating activities**
2023
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
223,112
Adjustments for:
Depreciation charges
127,520
(Gains)/losses on investments
426,619
Dividends and interest from investments
(188,826)
(Profit)/loss on disposal of fixed assets
-
(Increase)/decrease in debtors
(1,295)
Increase/(decrease) in creditors
43,330
Increase/(decrease) in provisions
(17,325)
Net cash flow from operating activities
£613,135|2022|2022|
|---|---|---|
||202,980
-
(1,600,601)
1,084,888
(198,951)|68,132
(511,684)|
|||£(443,552)|
|||2022|
|||365,751
75,179
(225,518)
(202,980)
-
90,523
21,760
(56,583)|
|||£68,132|
Net cash flow from operating activities includes investment income since this forms part of the Charity's operating income.
|**b. Analysis of cash and cash equivalents**
Cash at bank and in hand
Bank overdraft
Investment cash deposits|At 31.3.23
1,147,371
-
9,258
1,156,629
£|At 1.4.22|
|---|---|---|
|||1,447,328
(28,526)
61,677|
|||£1,480,479|
The notes on pages 12 to 21 form part of these accounts
Page 12
**ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS AS AT 31 MARCH 2023**
## **1. ACCOUNTING POLICIES**
## **a. Basis of Accounting**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard (FRS) 102 and the Charities Act 2011.
The School constitutes a public benefit entity as defined by FRS 102.
The governors consider that there are no material uncertainties about the School's ability to continue as a going concern. The most significant areas of future uncertainty that may affect the carrying value of assets held by the School are the level of investment return and the performance of investment markets. In the Governors' opinion there are no significant judgements that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period.
## **b. Pupils' Fees**
Pupils' fees represent the value of services charged to Local Authorities and are accounted for in the period in which the service is provided.
- **c. Resources Expended**
Expenditure is accounted for on an accruals basis. The school is not registered for VAT and all costs include input VAT where this has been charged.
Charitable activities include all expenditure incurred in meeting the educational and care needs of the pupils. The nature of the school is such that this is considered to be one activity.
Support costs are all attributable to the one charitable activity and consist of administration (including salaries, office costs and staff training), information technology and marketing.
Governance costs comprise the costs of audit, legal advice and compliance with constitutional and statutory requirements. They include a proportion of the salaries of members of staff who are engaged in these activities, apportioned on the basis of the time spent. Governance costs are included within charitable activities.
Amounts payable under operating leases are charged as expenditure on a straight-line basis over the lease terms.
## **d. Tangible Fixed Assets**
Educational equipment used directly in carrying out the charitable purposes of the school is written off on acquisition, on the basis that it has no economic value.
Other fixed assets costing more than £5,000 are capitalised and depreciation is calculated to write off the costs over their expected useful economic lives as follows:
|xed assets costing more than £5,000 are capitalised
ir expected useful economic lives as follows:|and depreciation is calculated to write off the cos|
|---|---|
|Assets under construction|None until assets are brought into use|
|Declan Building|2% straight line basis|
|Improvements to property|10% straight line basis|
|Telephone and computer network|20% to 33 1/3% straight line basis|
|Fixtures, fittings and garden equipment|25% straight line basis|
|Motor vehicles|25% straight line basis|
A full year's depreciation is charged for assets purchased during the year. Impairment reviews are carried out when there is an indication that an asset's recoverable amount is less than its net book value.
## **e. Heritage Assets**
Heritage assets are capitalised if the acquired cost or acquisition value is greater than £5,000, otherwise the cost is written off at acquisition.
Page 13
## **ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS AS AT 31 MARCH 2023**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **f. Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **g. Debtors**
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
## **h. Cash at bank and in hand**
Cash at bank and in hand includes cash and cash on deposit.
## **i. Creditors**
Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
## **j. Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
## **k. Pension Costs**
Contributions in respect of the Teachers' Pension Scheme and the multi-employer scheme operated on behalf of other staff are charged as expenditure in the period to which they relate.
## **l. Provisions**
Provisions are recognised when the School has a present obligation as a result of a past event and it is probable that the School will be required to settle the obligation. Provisions are measured at the Governors' best estimate of the amount required to settle the obligation.
## **m. Fund Accounting**
Where the Governors have set aside certain amounts out of the school's general funds for specific purposes, these are referred to as 'designated funds' and accounted for separately. Income arising on designated funds is credited to the general fund and capital gains and losses are credited or charged to the designated fund on which they arose. When donations are received for specific purposes they are credited to separate restricted funds and any income arising is credited to the same funds.
Page 14
## **ST. EDWARD'S SCHOOL**
## **NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **2. INVESTMENT INCOME**
|**2.**
**INVESTMENT INCOME**
Year to
Year to
31/03/2023
31/03/2022
Income from quoted investments
182,624
202,829
Interest on cash held on deposit
6,202
151
£188,826
£202,980
**3.1 CHARITABLE ACTIVITIES - 2023**
Year to
Year to
Staff costs
Other costs
Depreciation
31/03/2023
31/03/2022
Teaching
1,661,654
123,475
34,011
1,819,140
1,557,046
Welfare
760,270
34,823
-
795,093
818,272
Household
253,055
124,077
47,127
424,259
366,099
Premises
172,523
786,865
12,395
971,783
890,789
Transport
-
16,498
5,219
21,717
23,805
Support costs of school
Information technology
53,170
60,243
28,768
142,181
129,091
Marketing costs
-
5,093
-
5,093
2,696
Administration
480,698
124,053
-
604,751
435,027
Governance costs (note 4)
82,160
27,268
-
109,428
99,218
£3,463,530
£1,302,395
£127,520
£4,893,445
£4,322,043
**_3.2 CHARITABLE ACTIVITIES - 2022_**
_Year to_
_Staff costs_
_Other costs_
_Depreciation_
_31/03/2021_
_Teaching_
_1,478,424_
_78,622_
_-_
_1,557,046_
_Welfare_
_793,408_
_24,864_
_-_
_818,272_
_Household_
_217,829_
_103,057_
_45,213_
_366,099_
_Premises_
_164,079_
_718,136_
_8,574_
_890,789_
_Transport_
_-_
_23,805_
_-_
_23,805_
_Support costs of school_
_Information technology_
_54,843_
_52,856_
_21,392_
_129,091_
_Marketing costs_
_-_
_2,696_
_-_
_2,696_
_Administration_
_349,848_
_85,179_
_-_
_435,027_
_Governance costs (note 4)_
_66,922_
_32,296_
_-_
_99,218_
_£3,125,353_
_£1,121,511_
_£75,179_
_£4,322,043_
**4.**
**GOVERNANCE COSTS**
Year to
Year to
31/03/2023
31/03/2022
Staff costs
82,160
66,922
Auditors' remuneration : for audit
10,900
10,900
: for other services
3,500
4,700
Legal fees
9,720
12,014
Professional fees
802
4,682
Governors' travel expenses (8 Governors (2022: 0))
2,346
-
£109,428
£99,218
Travel expenses totalling £559 (2022: £Nil) were held in creditors, due to 7 Governors, as at 31 March 2022.
A premium of £907 was paid for Governor Indemnity Insurance (2022: £1,085).
**5.**
**STAFF COSTS**
Year to
Year to
31/03/2023
31/03/2022
Salaries and wages
2,723,612
2,469,534
Social security costs
275,646
237,574
Pension costs
464,272
418,245
£3,463,530
£3,125,353||Year to
31/03/2022
202,829
151
£202,980
Year to
31/03/2022|
|---|---|---|
|||1,557,046
818,272
366,099
890,789
23,805
129,091
2,696
435,027
99,218
£4,322,043
Year to
31/03/2022|
|||2,469,534
237,574
418,245
£3,125,353|
Page 15
## **ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **5. STAFF COSTS (continued)**
The number of employees whose emoluments (excluding employer pension contributions) over £60,000 were :
|2023
Gross emoluments
£60,000 - £70,000
1
£70,000 - £80,000
1
£80,000 - £90,000
1
£90,000 - £100,000
-
£100,000 - £110,000
-
£110,000 - £120,000
1
___
For these four employees (2022: three), retirement benefits are accruing in the Teachers' Pension Scheme.
The contributions amounted to:
£61,415
The average numbers of employees, analysed by function, were:
2023
Teaching (including Special School Assistants)
40
Care
18
Administration, domestic and maintenance
30
___
88
___|2022
-
1
1
-
1
-
___
£43,300|2022|
|---|---|---|
|||2022|
|||36
19
27
___
82
___|
The School considers its key management personnel to be the senior leadership team which comprised the Headmaster, Deputy Head, Head of (Pastoral) Care, Head of Education, Finance Manager, Director of Development and the SENCo. The total employee benefits of the key management personnel were £548,325 (2022: £508,768).
The Governors received no remuneration in either of these years.
## **6. TANGIBLE FIXED ASSETS**
|Telephone
Improvements
Declan
and computer
toproperty
Building
network
COST
At 1 April 2022
981,490
1,567,540
263,063
Additions
106,966
1,347,662
62,539
Disposals
-
-
-
At 31 March 2023
1,088,456
2,915,202
325,602
DEPRECIATION
At 1 April 2022
967,148
-
250,993
Charge for the year
12,395
34,011
28,768
Disposals
-
-
-
At 31 March 2023
979,543
34,011
279,761
NET BOOK VALUE
At 31 March 2023
108,913
£
2,881,191
£
45,841
£
At 31 March 2022
14,342
£
1,567,540
£
12,070
£
**Capital Commitments**
Contracted for but not provided for in the accounts
Authorised by Governors but not contracted for|Fixtures,
Fittings and
Garden
Equipment
474,444
59,688
-
534,132
420,230
47,127
-
467,357
£66,775
£54,214|Motor
Vehicles
87,017
20,876
-
107,893
87,017
5,219
-
92,236
£15,657
£0
2023
£179,994
£0|Total|
|---|---|---|---|
||||3,373,554
1,597,731
-|
||||4,971,285|
||||1,725,388
127,520
-|
||||1,852,908|
||||£3,118,377|
||||£1,648,166|
||||2022|
||||£1,361,266|
||||£0|
Authorised by Governors but not contracted for
Page 16
**ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **7. HERITAGE ASSETS**
The school has a collection of artefacts from the First World War which are considered to be heritage assets. No items were acquired for an amount of more than £5,000 and consequently in accordance with School's accounting policy no value is attributed to their costs in the Balance Sheet.
## **8. INVESTMENTS**
Listed investments, at market value, and cash managed by Brewin Dolphin Securities Ltd. were invested as follows :-
|Market value at 1 April 2022
Acquisitions at cost
Disposals at opening market value
Increase/(decrease) in cash balances
Net unrealised gains / (losses)
Market value at 31 March 2023
Investments at market value comprised:
UK Bonds
UK Equities
Overseas Bonds
Overseas Equities
Other Investments
Cash Deposits
Historical cost|General
Fund
2023
5,909,817
857,161
(1,393,232)
(52,418)
(362,469)
£4,958,859
838,230
964,096
370,282
1,506,883
1,270,110
9,258
£4,958,859
£4,537,148|General
Fund
2022|
|---|---|---|
|||6,715,593
198,951
(1,047,573)
(145,358)
188,204|
|||£5,909,817|
|||784,623
1,181,490
455,359
2,123,907
1,302,760
61,677|
|||£5,909,816|
|||£4,876,625|
At 31 March 2023 there were no (2022: one) individual investments where the market value was greater than 5% of the total market value of the portfolio.
## **9. DEBTORS**
|Local Authority fees
Investment income receivable
Other debtors
Prepayments
**10. CASH AT BANK AND IN HAND**
Bank current and deposit accounts
Cash in hand|2023
84,856
17,139
5,432
42,783
£150,210
2023
1,146,638
729
£1,147,367|2022|
|---|---|---|
|||62,595
8,937
1,580
75,803|
|||£148,915|
|||2022|
|||1,446,989
339|
|||£1,447,328|
Page 17
## **ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **11. CREDITORS: Amounts falling due within one year**
|**CREDITORS: Amounts falling due within one year**|||
|---|---|---|
|Bank overdraft
Trade creditors
Other creditors
Pension contributions
Accruals
Tax & social security|2023
-
67,713
41,782
51,502
70,115
70,830
£301,942|2022|
|||28,526
72,792
33,312
49,005
42,184
61,319|
|||£287,138|
## **12. PROVISIONS FOR LIABILITIES AND CHARGES**
|**PROVISIONS FOR LIABILITIES AND CHARGES**||
|---|---|
|Deferred
Pension
Holiday pay
loan
liability
accrued
Brought forward provisions at 1 April 2022
323,131
268,068
59,600
Additions
-
-
-
Reduction
(323,131)
134,174
(33,089)
Carried forward provisions at 31 March 2023
£0
£402,242
£26,511|Total
provisions|
||650,799
-
(222,046)|
||£428,753|
## **Deferred loan**
During the year ended 31 March 2023 it was confirmed that the lender has no recourse to the School's assets for the repayment of the deferred loan.
## **Pension liability**
This is set out in more detail in Note 15.
## **Holiday pay accrual**
A provision has been made for the value of any holiday which staff have accrued at each year end but not yet taken. The movement in the provision is charged to staff costs.
## **13.1 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2023**
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2023**|||||
|---|---|---|---|---|
|Tangible fixed assets
Investments
Net current assets
Long term liabilities||General
Fund
3,118,377
4,958,859
143,630
(428,753)
£7,792,113|Designated
Funds
-
-
852,009
-
£852,009|Total
Funds|
|||||3,118,377
4,958,859
995,639
(428,753)|
|||||£8,644,122|
## _**13.2 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2022**_
|**_ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2022_**|||||
|---|---|---|---|---|
|_Tangible fixed assets_
_Investments_
_Net current assets_
_Long term liabilities_||_General_
_Fund_
_1,648,166_
_5,909,817_
_(217,425)_
_(650,799)_
_£6,689,759_|_Designated_
_Funds_
_-_
_-_
_1,526,530_
_-_
_£1,526,530_|_Total_
_Funds_|
|||||_1,648,166_
_5,909,817_
_1,309,105_
_(650,799)_|
|||||_£8,216,289_|
Page 18
**ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **14.1 DESIGNATED FUNDS - 2023**
|Major Building Repairs Fund
Declan Building (formerly
West Wing) Fund
Staff Accommodation Fund
Development Fund|At 1.4.22
856,122
658,817
11,591
-
£1,526,530|Expended
(revenue)
(138,399)
£(138,399)|Expended
(capital)
(1,347,662)
£(1,347,662)|Transfers
-
623,131
(11,591)
200,000
£811,540|At 31.3.23|
|---|---|---|---|---|---|
||||||717,723
(65,714)
-
200,000|
||||||£852,009|
The funds have been designated by the Governors for specific school purposes as follows :-
## MAJOR BUILDING REPAIRS FUND
The fund was created to provide funds for the repairs, refurbishment and restoration of the Grade II listed buildings at Melchet Court, together with monuments, gardens and walls and other buildings within the curtilage of the estate.
DECLAN BUILDING (FORMERLY WEST WING) FUND
The fund was created to provide funds for the redevelopment of the West Wing.
STAFF ACCOMMODATION FUND
This fund was created to provide funds for the repair of staff accommodation. DEVELOPMENT FUND
This fund was created to provide funds for small-scale projects of a capital or one-off nature.
## _**14.2 DESIGNATED FUNDS - 2022**_
|_Major Building Repairs Fund_
_West Wing Fund_
_Staff Accommodation Fund_
_Development Fund_|At 1.4.21
_924,596_
_2,026,357_
_11,591_
_-_
_£2,962,544_|Expended
(revenue)
_(68,474)_
_-_
_-_
_-_
_(£68,474)_|Expended
(capital)
_-_
_(1,567,540)_
_-_
_-_
_£(1,567,540)_|Transfers
_-_
_200,000_
_-_
_-_
_£200,000_|At 31.3.22|
|---|---|---|---|---|---|
||||||_856,122_
_658,817_
_11,591_
_-_|
||||||_£1,526,530_|
## **15 RESTRICTED FUND**
||At|1.4.22|Incoming|Expended|Transfers|At|31.3.23|
|---|---|---|---|---|---|---|---|
||||Resources|(revenue)||||
|The Bridge Fund||-|236,546|(7,424)|-||229,122|
The Bridge Fund was created for the refurbishment and restoration of buildings for the provision of therapeutic services.
## **16.1 PENSION COSTS - 2023**
Teaching staff belong to the Teachers' Pension Scheme. This is an unfunded defined benefit scheme operated by the Government with contributions calculated on an actuarial basis, but set in relation to the current service period only. In accordance with FRS 102 the contributions have been accounted for as if this were defined contribution scheme. The employer's contribution is 23.68% of contributory salary with effect from 1 September 2019. During the year to 31 March 2023, the employer's contributions were £176,147 (2022: £151,971). £22,321 was owed to the scheme at the year end and included in creditors (2022: £18,710).
Certain other staff belong to the Hampshire County Council scheme. This is a funded defined benefit multiple employer scheme, in which the individual assets and liabilities of the member employers are identified separately and the actuarial assumptions used for the valuations were tailored to the individual employers rather than averaged across the whole scheme.
Page 19
**ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **16.1PENSION COSTS (continued)**
During the year ended 31 March 2023 the scheme actuary carried out a full revaluation of the scheme as at 31 March 2022. The School's liability at 31 March 2023 is therefore the calculated liability at 31 March 2022 as adjusted by subsequent contributions and increases in earned member benefits, and with both assets and liabilities assumed to increase from the March 2022 figure in accordance with the discount rate used by the actuary for the purposes of the March 2022 revaluation. The basis of calculation was also changed to the attained aged methodology, refecting the School's participation in the scheme.
The movements in the net liability during the year ended 31 March 2023 are as follows:
|Liability at 1 April 2022
Revaluation of fund assets at 1 April 2022
Effect of change in actuarial assumptions at 1 April 2022
Contributions in year
(Increase)/decrease in defined benefit liability
Interest
Liability at 31 March 2023|Plan assets
6,532,316
254,684
-
6,787,000
224,370
-
261,300
£7,272,670|Obligations
(6,800,384)
-
(396,093)
(7,196,477)
-
(201,371)
(277,064)
(£7,674,912)|Net liability
(268,068)
254,684
(396,093)
(409,477)
224,370
(201,371)
(15,764)
(£402,242)|
|---|---|---|---|
|||||
The total employer's contributions during the year were £178,597 (2022: £192,638). A total of £18,839 was outstanding at the year end and included in creditors (2022: £18,578).
The principal actuarial assumptions used in the valuations are
|sumptions used in the valuations are||
|---|---|
|Discount rate|3.85%|
|Future salary increases|3.30%|
In the event that the school were to leave the scheme it would be liable to make a termination payment to the scheme calculated on more conservative actuarial assumptions than the overall scheme deficit. This payment was calculated at £3.398 million as at 31 March 2022 although it is possible that the payment could be mitigated depending on the circumstances.
The school also operates a defined contribution scheme on behalf of other employees. The assets of these schemes are held separately from those of the school in an independently administered funds. During the year to 31 March 2023, the employer's contributions amounted to £61,835 (2022: £56,627). There was £10,342 unpaid to the scheme at the year end (2022: £11,717).
## _**16.2PENSION COSTS - 2022**_
_The movements in the net liability during the year ended 31 March 2022 are as follows:_
|_Liability at 1 April 2021_
_Contributions in year_
_(Increase)/decrease in defined benefit liability_
_Interest_
_Liability at 31 March 2022_|_Plan assets_
_6,064,435_
_240,465_
_-_
_227,416_
_£6,532,316_|_Obligations_
_(6,344,982)_
_-_
_(217,465)_
_(237,937)_
_(£6,800,384)_|_Net liability_
_(280,547)_
_240,465_
_(217,465)_
_(10,521)_
_(£268,068)_|
|---|---|---|---|
|||||
## **17. RELATED PARTY AND CONTROL**
The school land and buildings are owned by Clifton Diocese and occupied by the school which maintains them. The school pays the buildings insurance of £25,893 (2022: £20,244) and core services and other services of £257 (2022: £278) to the Clifton Diocese.
The school received £4,705 from the Clifton Diocese in the year in respect to farm tenancy agreements (2022: £4,705).
Page 20
## **ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## **18. OPERATING LEASES**
At 31 March 2023 the School had future minimum lease payments under non-cancellable operating leases as follows:
|Amounts due within one year
Amounts due between two and five years|2023
2022
3,394
2,439
12,162
-
£15,556
£2,439
Equipment|2023
2022
4,032
7,344
-
3,696
£4,032
£11,040
Motor Vehicles|2023
2022
4,032
7,344
-
3,696
£4,032
£11,040
Motor Vehicles|
|---|---|---|---|
||||7,344
3,696|
||||£11,040|
The total amounts charged as an expense during the year for operating leases were £11,251 (2022: £11,642)
Page 21
**ST. EDWARD'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 MARCH 2023**
## _**19. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES**_
|**_INCOME FROM:_**
**_Donations and legacies_**
**_Charitable activities_**
_Pupils' fees_
**_Other trading activities_**
_Lettings and wayleaves_
**_Investments_**
**_Other_**
_Staff rents_
_Other income_
**_Total_**
**_EXPENDITURE ON:_**
**_Costs of generating funds_**
_Investment management charges_
**_Charitable activities_**
_Costs of operation of school_
**_Total_**
_Net income/(expenditure) before gains_
_and losses on investments_
_Net gains / (losses) on investments_
_Unrealised_
_Realised_
**_Net income / (expenditure)_**
_Transfers between funds_
_Appropriation of surplus_
_Capital expenditure_
_Other gains and losses_
_Actuarial gains_
**_Net movement in funds_**
_Total funds brought forward_
**_Total funds carried forward_**|_Note_
_2_
_3.2_
_14.2_
_15.2_|_General_
_Fund_
_4,431_
_4,181,437_
_5,218_
_202,980_
_88,702_
_9,621_
_4,492,389_
_30,113_
_4,253,569_
_4,283,682_
_208,707_
_188,204_
_37,314_
_434,225_
_(200,000)_
_1,567,540_
_-_
_1,801,765_
_4,887,994_
_£6,689,759_|_Designated_
_Funds_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_68,474_
_68,474_
_(68,474)_
_-_
_-_
_(68,474)_
_200,000_
_(1,567,540)_
_-_
_(1,436,014)_
_2,962,544_
_£1,526,530_||_Year to_
_31/03/2022_|
|---|---|---|---|---|---|
||||||_4,431_
_4,181,437_
_5,218_
_202,980_
_88,702_
_9,621_
_4,492,389_
_30,113_
_4,322,043_
_4,352,156_
_140,233_
_188,204_
_37,314_
_365,751_
_-_
_-_
_-_
_365,751_
_7,850,538_
_£8,216,289_|