2021-06-30-accounts - Sarum College

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

				Page
Trustees' report				1 -10
Independent	auditors' report			11-14
Consolidated	statement offinancial	activities		15
Consolidated	Income and expenditure		account	16
Consolidated	balance sheet			17 - 18
Charity balance sheet				19-20
Consolidated	statement ofcash flows			21
Notes to the	financial statements			22-45
Appendix I -	Restricted funds			46

	CONSOLIDATED	CONSOLIDATED	STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES
		FOR THE YEAR ENDED 30JUNE 2021
		Unrestricted		Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
			2021	2021	2021	2021	2020
		Note	5	5	E	8
Income and endowments
from:
Friends subscriptions		3	13,814			13,814	14,847
Capital grants and donations		3	69,867	159,385		229,252	25,586
Education & promotion	grants
and donations
				73,935		73,935	24,026
Government grants - furlough
scheme		3	126,009			126,009	71,631
Charitable activities		4	864,263			864,263	1,128,143
Other trading activities		5	103,482			103,482	411,272
Investments		7	104	8,076		8,180	7,873
Total income and
endowments			1,177,539	241,396		1,418,935	1,683,378
Expenditure on:
Raising funds		8	112,791	1,770		114,561	294,646
Charitable activities		9	1,089,196	54,962		1,144,158	1,452,352
Total expenditure			1,201,987	56,732		1,258,719	1,746,998
Net income I(expenditure)
before investment gains			(24,448)	184,664		160,216	(63,620)
Net gains on investments		17	1,092	3,295	69,072	73,459	21,239
Net income I(expenditure)
before other recognised
gains and losses			(23,356)	187,959	69,072	233,675	(42,381)
Net movement in funds			(23,356)	187,959	69,072	233,675	(42,381)
Reconciliation offunds:
Total funds brought forward			1,093,584	771,396	429,364	2,294,344	2,336,725
Total funds carried forward			1,070,228	959,355	498,436	2,528,019	2,294,344

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Note	2021 f	2021 F	2021 F	2020f
Income				1,177,539	241,396	1,418,935	1,690,828
Gains on investments				1,092	3,295	4,387	1,644
Gross income in the reporting		period		1,178,631	244,691	1,423,322	1,684,596
Less: Total expenditure				1,201,987	56,732	1,258,719	1,710,624
Net income/(expenditure)	for	the year		(23,356)	187,959	164,603	(62,402)
Net income/(expenditure)	for	the financial
year			23	(23,356)	187,959	164,603	(62,402)

			AS AT 30	JUNE 2021
					2021		2020
			Note		E
Fixed assets
Tangible assets			16		1,385,142		1,440,770
Investments			17		524,613		451,510
					1,909,755		1,892,280
Current assets
Stocks			18	4,541		23,718
Debtors			19	135,220		98,626
Investments			20	2,771		2,414
Cash at bank and	in	hand		992,668		644,338
				1,135,200		769,096
Creditors: amounts		falling due within one
year			21	(303,525)		(333,621)
Net current assets					831,675		435,475
Total assets less	current liabilities				2,741,430		2,327,755
Creditors: amounts		falling due after more
than one year			22		(213,411)		(33,411)
Net assets					2,528,019		2,294,344
Charity Funds
Endowment funds			23		498,436		429,364
Restricted funds			23		959,355		771,396
Unrestricted funds			23		1,070,228		1,093,584
Total funds					2,528,019		2,294,344

				RE	GISTERED NUMBER: 09510	GISTERED NUMBER: 09510	356
					CHARITY BALANCE SHEET
					AS AT 30JUNE 2021
							2021		2020
					Note		F		6
Fixed assets
Tangible assets					16		1,385,142		1,440,770
Investments					17		524,623		451,520
							1,909,765		1,892,290
Current assets
Stocks					18	4,541		23,718
Debtors					19	166,710		150,315
Investments					20	2,771		2,414
Cash at bank and		in	hand			949,099		577,874
						1,123,121		754,321
Creditors:	amounts		falling	due within one
year					21	(292,783)		(320,183)
Net current assets							830,338		434,138
Total assets less		current		liabilities			2,740,103		2,326,428
Creditors:	amounts		falling	due after more
than one year					22		(213,411)		(33,411)
Net assets							2,526,692		2,293,017
Charity Funds
Endowment	funds				23		498,436		429,364
Restricted	funds				23		959,355		771,395
Unrestricted	funds				23		1,068,901		1,092,258
Total funds							2,526,692		2,293,017

	FO	R T	HE YEAR ENDED 30JU	NE 2021
					2021	2020
				Note	6
Cash flows from operating	activities
Net cash provided by operating activities					151,203	102,546
Cash flows from investing	activities:
Dividends and interest from	investments				8,180	7,873
Purchase of tangible fixed assets					(11,053)	(11,424)
Net cash used in investing	activities				(2,873)	(3,551)
Cash flows from financing	activities:
Repayments of borrowings						(10,000)
Cash inflowe from new borrowing					200,000
Net cash provided by/(used in) financing			activities		200,000	(10,000)
Change in cash and cash	equivalents	In	the year		348,330	88,995
Cash and cash equivalents	brought forward				644,338	555,343
Cash and cash equivalents	carried forward			27	992,668	644,338
The notes on pages 22 to 45 form part		ofthese financial statements.

						2021f	2020f
Income						1,366,008	1,387,640
Gift aid from		subsidiary		company		8,295	85,772
Sub total						1,374,303	1,473,412
Expenditure						(1,214,087)	(1,537,032)
Net income/(expenditure)				before investment	gains	160,216	(63,620)
Net gains on investments						73,459	21,239
Net income/(expenditure)						233,675	(42,381)
Total funds	brought		forward			2,293,017	2,335,398
Total fund	carried forward					2,526,692	2,293,017
Represented		by:
						2021	2020
						6
Endowment		funds				498,436	429,364
Restricted	funds					959,355	771,395
Unrestricted		funds				1,068,901	1,092,017
						2,526,692	2,293,017

						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						2021 6	2021	2021f	2020 6
Friends subscriptions						13,814		13,814	14,847
Capital grants and donations						69,867	159,385	229,252	25,586
Education	&	promotion		grants	and donations
							73,935	73,935	24,026
Government		grants	—furlough		scheme	126,009		126,009	71,631
Total 2020						209,690	233,320	443,010	136,090
Total 2020						99,489	36,601	136,090

			Unrestricted	Total
			funds	funds
			2021	2020
			6	6
Educational	programmes		722,326	710,957
Bookshop			24,195	148,155
Library			28,295	24,671
Charitable	Hospitality		47,742	200,805
RSCM Licence		fee	36,915	36,915
Other Charitable		Activities	4,790	6,640
Total 2021			864,263	1,128,143
Total 2020			1,128,143

Income	from othe	r trading activities
			Unrestricted	Total
			funds	funds
			2021	2020
				F
Other income from		property	31,566	26,836
Trading	subsidiary	turnover	71,916	384,436
Total 2021			103,482	411,272

	Financial performance ofthe trading subs	Financial performance ofthe trading subs	Financial performance ofthe trading subs	Financial performance ofthe trading subs	Financial performance ofthe trading subs	Financial performance ofthe trading subs	idiary	idiary
	The charity owns the whole of the ordinary						share		capital,	consisting	of	10 ordinary shares of F1 each, of
	Sarum College Services	Limited,		a company				incorporated		in the UK	(registered		number 01931038). The
	company exists to raise	funds	for the		charity			to	use for	its charitable		purposes. The summary		financial
	performance of the subsidiary		alone is:
													2021	2020
													6	6
	Turnover											71,916		384,436
	Cost ofsales											(61,653)		(295,689)
	Gross profit											10,263		88,747
	Administration expenses												(1,968)	(2,975)
	Interest receivable
	Profit/(loss)												8,295	85,772
	Amount gift aided to the	charity											(8,295)	(85,772)
	Retained in subsidiary
	The assets and liabilities	ofthe	subsidiary			were:
													2021f	2020f
	Current assets											55,635		73,993
	Creditors: amounts falling due		within one			year						(54,298)		(72,656)
	Total net assets												1,337	1,337
6.	Financial performance	ofthe	trading		subsidiary				(continued)
													2021	2020
														6
	Aggregate share capital	and reserves											1,337	1,337

							Unrestricted	Restricted	Total	Total
							funds	funds	funds	funds
							2021 6	2021f	2021	2020
	Dividends		on common	investment		funds	75	8,076	8,151	7,873
	Interest	on	cash deposits				29		29
	Total 2021						104	8,076	8,180	7,873
	Total 2020						71	7,802	7,873
8.	Analysis	ofexpenditure			on raising funds
							Direct	Support	Total	Total
							costs	costs	2021	2020
							2021	2021	6	6
							6
	Voluntary	income					9,193	25,227	34,420	17,369
	Other income from property						12,641	22,868	35,509	67,310
	Trading	subsidiary					42,664	1,968	44,632	209,967
	Total 2021						64,498	50,063	114,561	294,646
	Total 2020						223,949	70,697	294,646

Analysis o	f ex	penditure on charitab	le activities
			Direct	Support
			costs	costs	Total	Total
			2021f	2021f	2021	2020f
Educational	programmes		418,772	225,997	644,769	747,504
Bookshop			32,553	16,561	49,114	254,100
Library			49,113	28,257	77,370	76,904
Charitable	Hospitality		217,916	133,563	351,479	348,331
RSCM Licence		fee		20,328	20,328	23,261
Other Charitable		Activities		1,098	1,098	2,252
Total 2021			718,354	425,804	1,144,158	1,452,352
Total 2020			948,425	503,927	1,452,352

Direct costs
			Educational
			programmesf	Bookshopf	Libraryf
Direct			418,772	32,553	49,113
			Charitable	Total	Total
			Hospitality	2021	2020f
Direct			217,916	718,354	948,425
In 2020, the charity incurred	the following	Direct costs:

Support costs
		Raising	Educational
		funds	programmes 8	Bookshopf	Library 6
Central management		24,810	138,526	4, 135	6,203
Overheads		8,571	47,855	1,429	2,143
Premises		8,864	19,592	7,340	13,355
Depreciation		4,436	12,127	3,421	6,202
Governance		1,414	7,897	236	354
Total 2021		48,095	225,997	16,561	28,257
Total 2020		70,697	225,243	58,966	29,407
			Other
	Charitable	RSCM	Charitable	Total	Total
	Hospitality	Licence fee	Activities F	2021f	2020 E
Central management	26,878	5,491	712	206,755	231,099
Overheads	9,286	1,897	246	71,427	127,217
Premises	59,434	8,613	52	117,250	141,600
Depreciation	36,433	4,014	47	66,680	65,008
Governance	1,532	313	41	11,787	9,700
Total 2021	133,563	20,328	1,098	473,899	574,624
Total 2020	164,798	23,261	2,252

Detailed b	reakdown of net i	ncome I(expen	diture) -Group
		Income	Direct costs	Income less	Allocated	Net income I
		E	6	direct costs F	support costs f	(expenditure)
Charitable	activities
Educational	programmes	722,326	418,772	303,554	225,997	77,557
Bookshop		24,195	32,553	(8,358)	16,561	(24,919)
Library		28,295	49,113	(20,818)	28,257	(49,075)
Charitable	hospitality	47,742	217,916	(170,174)	133,563	(303,737)
RSCM licence fee		36,915		36,915	20,328	16,587
Other charitable activities		4,790		4,790	1,098	3,692
		864,263	718,354	145,909	425,804	(279,895)
Other income sources
Voiuntaty income		443,010	9,193	433,817	25,227	408,590
Other income from property		31,566	12,641	18,925	22,868	(3,943)
Trading subsidiary		71,916	42,664	29,252	1,968	27,284
Investment	income	8,180		8,180		8,180
		554,672	64,498	490,174	50,063	440,111
		1,418,935	782,852	636,083	475,867	160,216

				2021	2020
				F	F
Depreciation	oftangible	fixed assets:
—owned by the charitable			group	66,680	65,008
Analysis of	staff costs
				2021f	2020 F
Salaries and	wages			704,662	842,167
Social security costs				57,443	68,084
Pension costs - Sarum College			schemes	60,682	69,268
				822,787	979,519

Tangible fixed assets
	Freehold	Other fixed
Group and Charity	propertyf	assetsf	Totalf
Cost
At 1 July 2020	1,956,535	540,649	2,497,184
Additions		11,052	11,052
At 30June 2021	1,956,535	551,701	2,508,236
Depreciation
At 1 July 2020	606,288	450,126	1,056,414
Charge for the year	42,051	24,629	66,680
At 30June 2021	648,339	474,755	1,123,094
Net book value
At 30June 2021	1,308,196	76,946	1,385,142
At 30June 2020	1,350,247	90,523	1,440,770

Fixed asset Investments
	Listed
	securities
Group	F
Market value
At1 July2020 Revaluations	451,510 73,103
At 30June 2021	524,613

	Listed	Unlisted
	securities	securities	Total
Charity	6		6
Market value
At 1 July 2020	451,510		451,520
Revaluations	73,103		73,103
At 30June 2021	524,613	10	524,623

Stocks
		Grou		Chari
	2021	2020	2021	2020
	F		6	F
Other stock	4,541	5,718	4,541	5,718
Bookshop		18,000		18,000
	4,541	23,718	4,541	23,718

Debtors
				Grou		Charl
			2021 F	2020 F	2021f	2020 8
Trade debtors			33,616	36,431	26,581	28,902
Amounts owed		by group undertakings			43,556	59,218
Other debtors				190		190
Prepayments	and accrued income		101,604	62,005	96,573	62,005
			135,220	98,626	166,710	150,315

		Grou	Chari
		2021	2020
		F
Listed	investments	2,771	2,414

				Grou		Chari
			2021f	2020 8	2021 9	2020
Bank loans and overdraffs			20,000		20,000
Trade creditors			86,744	62,785	86,744	62,677
Other taxation and social security			8,233	15,423	7,419	10,945
Other creditors			84,368	123,901	75,690	116,924
Accruals and deferred	income		104,180	131,512	102,930	129,637
			303,525	333,621	292,783	320,183
				Grou		Chari
Deferred income - students		fees
received in advance,	rent	received
in advance and hospitality		income
Invoiced in advance
Deferred income at 1 July 2021			68,498	47,904	67,998	47,141
Resources deferred during the year			55,187	68,498	55,187	67,998
Amounts released from	previous years		(68,498)	(47,904)	(67,998)	(47,141)
Deferred income at 30	June 2021		55,187	68,498	55,187	67,998

Credi	tors: Am	ounts falling du	e after more than one ye	ar
				Grou	and	Chari
				2021		2020
				F		5
Other	creditors	—concessionary	loan	33,411		33,411
Bank	loan			180,000
				213,411		33,411

								Balance at
								30June
						Expendituref	f	2021 f
Designated funds
Dickinson				100				100
General	funds
General	Fund			1,088,722	1,177,539	(1,210,313)		1,055,948
General	Fund	- Fair value reserve		4,762			1,092	5,854
Other General		funds				8,326		8,326
				1,093,484	1,177,539	(1,201,987)	1,092	1,070,128
Total Unrestricted			funds	1,093,584	1,177,539	(1,201,987)	1,092	1,070,228

The General Fund	fair	value reserve	represents cumulative gains	on investments.
Endowment funds
Permanent Endowments			17,141		17,141
Permanent Endowments	- Fair value
reserve			94,404		94,404
Other charities in connection		with The
Sarum College Trust			38,257		38,257
Other charities - Fair value reserve			279,562	69,072	348,634
			429,364	69,072	498,436

Restricted funds
Capital funds		618,651	159,385	(30,087)		747,949
Education and promotion	funds	134,537	82,011	(26,645)		189,903
Education and promotion	funds - Fair
value reserve		18,208			3,295	21,503
		771,396	241,396	(56,732)	3,295	959,355

Total of funds					2,294,344	1,418,935	(1,258,719)	73,459	2,528,019
Statement offunds - prior				year
									Balance at
					Balance at				30June
					1 July 2019		Expenditure 6	F	2020 f
Designated funds
Dickinson					100				100
					100				100
Generalfunds
General Fund					1,150,886	1,638,975	(1,701,139)		1,088,722
General Fund - Fair value			reserve		4,435			327	4,762
Total Unrestricted		funds			1,155,421	1,638,975	(1,701,139)	327	1,093,584
Endowment		funds
Permanent Endowments					17,141				17,141
Permanent Endowments			- Fair value
reserve					89,424			4,980	94,404
Other charities	in connection			with The
Sarum College	Trust				38,257				38,257
Other charities	- Fair value			reserve	264,521			15,041	279,562
					409,343			20,021	429,364

Restricted funds
Capital funds		638,392	12,575	(32,316)		618,651
Education and promotion	funds	116,252	31,828	(13,543)		134,537
Education and promotion	funds - Fair
value reserve		17,317			891	18,208
		771,961	44,403	(45,859)	891	771,396
Total offunds		2,336,725	1,683,378	(1,746,998)	21,239	2,294,344

Material funds
		Brought Forward	Income f		Expenditure	f	Gains/ (Losses)	Carried Forward
							6	F
Restricted funds
Capital Projects:
Garfield Weston		114,997			(4,705)			110,292
Lift		68,505			(4,840)			63,665
Attic bedroom appeal		56,562			(1,553)			55,009
General appeal		102,445			(2,383)			100,062
Kitchen 8 refectory	appeal	80,550		75	(7,113)			73,512
Haverstock building	access	73,000						73,000
Haverstock educational
project		71,000						71,000
Seaton - IT and building			133,750					133,750
Science for seminaries		10	50,958					50,968
Endowment funds
Mrs Mary Fletcher	Trust	95,399					14,103	109,502
Purposes imposed	(and trust law restrictions)		on material	funds:

Analysis	of net assets between	funds -current yea	r
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021 8	2021 F	2021f	2021 8
Tangible	fixed assets		889,020	496,122		1,385,142
Fixed asset investments			4,950	26,227	493,436	524,613
Current	assets		693,194	437,006	5,000	1,135,200
Creditors	due within one year		(303,525)			(303,525)
Creditors	due in more than one year		(213,411)			(213,411)
			1,070,228	959,355	498,436	2,528,019
Analysis	of net assets between	funds - prior year
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2020	2020	2020	2020
			8	F	6	8
Tangible	fixed assets		914,561	526,209		1,440,770
Fixed asset investments			4,214	22,932	424,364	451,510
Current	assets		541,841	222,255	5,000	769,096
Creditors	due within one year		(333,621)			(333,621)
Creditors	due in more than one year		(33,411)			(33,411)
			1,093,584	771,396	429,364	2,294,344

							Grou
						2021	2020
						8
Net income/(expenditure)			for the	year (as per Statement	of Financial
Activities)						233,675	(42,381)
Adjustment for:
Depreciation charges						66,680	64,008
Gains on investments						(73,459)	(21,239)
Dividends and interest from investments						(8,180)	(7,873)
Decrease in stocks						19,177	17,939
(Increase)/decrease		in debtors				(36,594)	24,358
(Decrease)/increase		in creditors				(50,096)	67,734
Net cash provided	by operating			activities		151,203	102,546
Analysis ofcash and cash equivalents
							Grou
						2021f	2020f
Cash in hand						343	624
Notice deposits (less		than 3 months)				992,325	643,714
Total						992,668	644,338

Grou	and	Chari
2021		2020
6

Re	stricted funds
							Transfers	and
				Balance			investment		Balance
				~6.2020	jggome	Expenditure	~inc ~loss 8)		30.6.20221
a)	Capital Capital Projects: Garllekl Weston Cellars: Pilgrim Trust Bookshop Extension: Esmee Fairburn	Foundation		114,997 2,517 8,047		(4,705) (3,701)			110,292 2,517 4,346
	Organ Practice Room: Hymns Anaent & Modern Residential Facilities: Laing Foundation			2,756 5,948		(90) (194)			2,666 5,754
	Music:
	Jones Organ - Foundation for Sports Victorian Era Organ —Tahar Ministry 2021 leavers Lift		and the Arts	3,278 518 68,505	560	(820) (4,840)			2,458 518 560 63,665
	Attic Bedroom Appeal Library environment Library —Matthews Legacy Serum Cross - Sophie Hacker Window Appeal Mercers - Common Room			56,562 300 14,366 948 13,876 25,858		(1,553) (609) (240) (294) (1,069)			55,009 300 13,757 708 13,582 24,789
	Seaton - IT, front & inside building Capital Appeal - General Kitchen 8 Refectory Appeal Capital Appeal - Chapeylecture room Tlndall Charitable Trust - Chapel floor Tindall Charitable Trust - Refectory Tindall Charitable Trust -IT Project Dickinson - Chairs			102,445 80,550 500 337 18,446 23,125	133,750 75 25,000	(2,383) (7,113) (1,226) (1,250)			133,750 100,062 73,512 500 337 17,220 25,000 21,875
	Ms Marilyn Marks - Landscaping Haverstock - Building access			1,772 73,000 618,651					1,772 73,000 747,949
b)	Educational and Promotional
	Music; Church Music Resource Library			187					187
	Christian Spirituality Programme:
	General Donations				250	(250)
	Principal's Discretionary Fund Des Quar6er Trust Fund Organ Lessons -Tindall Trust Tony Palmer Essay Prize PNET Salisbury Field Mission Partner			25,762 4,882 500 720 1,000 10,618				2,880	28,642 4,882 500 720 1,000 10,618
	Gosling - library journals Library - Sowter;Elmgrant:LFD Library - Sowter Rural Ministry Missionary Association CHF Donation Hargreaves Dawson legacy Science for Seminaries			1,212 1,183 307 5,499 200 7,080	50,958 4,250 6,395 82	(581) (2,970) (6,433)		415	631 2,463 269 5,996 200 7,080 50,958
	Haverstock eductional project Art &Sacred Places			71,000 2,260					71,000 2,260
	Garfield Weston - Clergy &Trauma Video conferendng			8,335 12,000	12,000	(8,335)			24,000
	Other charities In connection with
	The Serum College Trust			152,745					211,406
				r771396					959,355