**Charity number: 1167545**
## **WEST BUCKLAND SCHOOL**
## **GOVERNORS' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2020**
**WEST BUCKLAND SCHOOL**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Governors and advisers**|1 - 2|
|**Governors' report**|3|
|**Independent auditors' report on the financial statements**|15 - 17|
|**Consolidated statement of financial activities**|18|
|**Consolidated balance sheet**|19|
|**Charity balance sheet**|20|
|**Consolidated statement of cash flows**|21|
|**Notes to the financial statements**|22 - 43|
**WEST BUCKLAND SCHOOL**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2020**
## **Governors, Officers and Advisers**
The governors of West Buckland School are the school's charity trustees under charity law and the directors of the Charitable Incorporated Organisation. The members of the Governing Body who served in office as governors during the year and subsequently are detailed below (all co-optative unless stated differently):
Mr J M H Light LLB, (Chair of Governors)1,3,5,6 Mr K R Underwood, (VIce Chair)1,3,5 Mr IP Blewett2,6 Mr A G Boggis MA2 Dr T A Brummit, (Nominative Governor - Representative of the OWBA)2 Ms L Cairns BA, (Retired July 2020)2
Dr R J Fisher-Smith BA MA PhD, (Nominative Governor - Representative of Exeter University)2,4 Mr JJ Hall MA, (Oxon) ^1 Mr P W Hevingham1 Mr A Jackson, (Retired October 2019)1,5 Mr G C James, (Nominative Governor - Representative of the Bishop of Exeter)2,4 Mr N Kingdon BDS, MOrthRCS1,3,6 Mr J Palk BA2,6 Mrs S C E Salvidant BEd2,4,6 Mr P R Stucley BA, (Nominative Governor - Representative of the Lord Lieutenant of Devon) ^1,3,5 Dr R J Fisher-Smith BA MA PhD2,4,7 Mrs N J Wild BA (Hons) MRICS4 Mr JT Wilson MA, (Oxon) ^1
- 1 Finance Committee - Chaired by Mr K R Underwood
- 2 Education and Pastoral Committee - Chaired by Mr I P Blewett
- 3 Nominations' Committee - Chaired by Mr J M H Light LLB
- 4 Prep School Committee - Chaired by Mrs S C E Salvidant BEd
- 5 Marketing Committee - Chaired by Mr P R Stucley BA
> 6 Governance Policy & Compliance Committee - Chaired by Mr N G Kingdon BDS MOrthRCS
- ^ Indicates Parent of Pupil at the School.
**Charity registered number** 1167545
**Principal office** West Buckland School West Buckland Barnstaple Devon EX32 0SX
**Independent auditors** Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS
Page 1
**WEST BUCKLAND SCHOOL**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
|**Bankers**|HSBC Bank plc|
|---|---|
||Stratus House|
||Emperor Way|
||Exeter Business Park|
||Devon|
||EX1 3QS|
|**Solicitors**|Crosse Wyatt|
||7 East Street|
||South Molton|
||Devon|
||EX36 3BX|
||Barlow Robbins LLP|
||The Oriel|
||Sydenham Road|
||Guildford|
||Surrey|
||GU1 3SR|
||Veale Wasbrough Vizards LLP|
||Narrow Quay|
||Bristol|
||BS1 4QA|
|**Insurance Brokers**|Zurich|
||Zurich House|
||2 Gladiator Way|
||Farnborough|
||Hampshire|
||GU14 6GB|
|**Surveyors**|Lambert Smith Hampton|
||Lynx House|
||Pynes Hill|
||Exeter|
||Devon|
||EX2 5JL|
Page 2
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT FOR THE YEAR ENDED 31 JULY 2020**
## ***29(51256¶ 5(3257 )25 7+( <($5 (1'(' -8/<**
The governors of the West Buckland School Governing Body present their Annual Report, together with the audited financial statements, for the year ended 31 July 2020 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
West Buckland School was founded in 1858. It is constituted as a Charitable Incorporated Organisation (CIO) called West Buckland School (Charity No: 1167545). The CIO is governed by a scheme sealed by the Charity Commission on 8 June 2016.
The CIO operates two schools known as West Buckland School and West Buckland Prep School. There is one Governing Body for the two schools. Details of the members of the Governing Body, WRJHWKHU ZLWK WKH VFKRRO¶V SULQFLSDO DGYLVHUV DUH JLYHQ RQ SDJHV DQG
The school also has two separate registered charities, the West Buckland School Foundation (No: 1096487) plus the Bursary Fund (No: 1096487-1). The Old West Buckland Association (OWBA) maintains contact with past staff, pupils and parents and supports the school. The OWBA is an unincorporated association.
In addition the school has a company limited by guarantee known as West Buckland Activities Ltd (Company Number: 2520795) which deals with activities such as the tuck shop and lettings for which separate accounts are maintained.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **GOVERNING DOCUMENTS**
The CIO is governed by its Charitable Scheme sealed by the Charity Commission on 8 June 2016.
## **GOVERNING BODY**
The Governing Body, on 31 July 2020, comprised 15 governors. Eleven co-opted governors elected and serve for a period of 5-years and 4 nominated by other organisations. The latter governors are nominated by the Lord Lieutenant of Devon (ex-officio representative of the Lord Lieutenant, to serve until the office holder does not wish to be a charity trustee), Exeter University (4-years) and the OWBA alumnus (3-years) and the Bishop of Exeter (4-years).
New co-opted members of the Governing Body are elected on the basis of nominations from the governors based on the cDQGLGDWHV¶ SURIHVVLRQDO TXDOLWLHV VNLOOV H[SHULHQFH SHUVRQDO FRPSHWHQFH and local availability at suitably convened meeting of Trustees.
## **METHOD OF APPOINTMENT, ELECTION, INDUCTION AND TRAINING OF GOVERNORS**
New governors are inducted into the workings of the school, including Governing Body policy and procedures, through an induction programme organised for them by the Bursar. New governors are encouraged to attend specialist external courses on the role and responsibilities of charity trustees.
All governors are also encouraged to attend external trustee training courses designed to keep them informed and updated on current issues in the sector and new regulatory requirements. Records of training are maintained, and internal training organised accordingly
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**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
## **ORGANISATIONAL MANAGEMENT**
The members of the Governing Body, as charity trustees, are legally responsible for the overall management and control of the CIO and its senior and preparatory schools. They meet, as a full board, 4-times a year (during the COVID-19 period these meetings were held by video conference). Detailed work is conducted on their behalf by various sub committees, which in turn make reports and recommendations for the Governing Body to approve. The main Committees are the Finance, Educational and Pastoral, Governance, Policy and Compliance, Nominations, Marketing and Prep School.
The Headmaster and the Bursar (also Clerk to the Governing Body) are appointed by the governors. The (Senior School) Headmaster is delegated responsibility for the overall, day-to-day, running of the school. Annually, the governors review and approve a budget which determines salary levels, general expenditure and fee levels for the next year, as proposed by the Bursar, in association with the Headmaster.
Governing Body activity is carried out by six committees:
- The Finance Committee scrutinises revenue, the budget and capital expenditure. This committee also supervises and finalises the audited financial statements and annual report for approval by the Governing Body. The Finance Committee is chaired by Mr Kevin Underwood.
- The Education and Pastoral Committee considers educational and pastoral policy, with specific responsibility for safeguarding. The committee is chaired by Ms Loraine Cairns.
- 7KH 1RPLQDWLRQV¶ &RPPLWWHH FRQVLGHUV VXFFHVVLRQ SODQQLQJ DQG JRYHUQRU VHOHFWLRQ induction and training. The committee is chaired by Mr John Light.
- The Prep School Committee determines all routine policy matters at the Prep School and makes recommendations, in relation to the Prep School, on other matters to the relevant committees or the Governing Body. The committee is chaired by Mrs Sallie Salvidant.
� The Governance, Policy and Compliance Committee oversees governance and compliance matters. The committee is chaired by Mr Neil Kingdon.
- The Marketing Committee considers the Marketing Strategy for the school and its implementation. The committee is chaired by Mr Peter Stucley.
In addition, the Governing Body has convened three working groups that have met throughout the financial year; one to review and guide decisions relating to the impact of COVID-19, which met twice weekly (by video conference) during the summer Term, another has the remit to look at the affordability of the incrHDVH LQ HPSOR\HUV¶ FRQWULEXWLRQV WR WKH 7HDFKHU¶V 3HQVLRQ 6FKHPH 736 DQG the third looking at the possibility of the school operating a franchise school in an overseas location.
The specific running of the 2 schools is delegated to the respective Heads and Bursar. They are also supported by their Senior Leadership and Management Teams and together these groups are the key management personnel. The Senior and Prep Headmasters, Deputy Head (Senior School) and the Bursar attend all meetings of the Governing Body.
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**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
## PAY POLICY FOR SENIOR STAFF
Remuneration is set by the Board, with the policy objective of encouraging enhanced performance DQG RI UHZDUGLQJ IDLUO\ FRQWULEXWLRQV WR WKH VFKRRO¶V VXFFHVV 7KH +HDGPDVWHU UHYLHZV VHQLRU salaries and the Chair of Governors reviews the salaries of the Headmaster and the Bursar.
The appropriateness and relevance of remuneration is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.
We aim to recruit, subject to experience, and provide scope for career progression. Delivery of the VFKRRO¶V FKDULWDEOH YLVLRQ DQG SXUSRVH LV SULPDULO\ GHSHQGHQW RQ RXU NH\ PDQDJHPHQW SHUVRQQHO Staff costs are the largest single element of our charitable expenditure.
## **GROUP STRUCTURE AND RELATIONSHIPS**
West Buckland Activities Limited was formed in 1990 and primarily undertakes the trading activities in the uniform shop and tuck shop providing services to the school community. The Company also manages some letting activity when school facilities are not being used. This includes local community groups gaining access to, and benefit from, school amenities.
7KH +HDGPDVWHU LV D PHPEHU RI WKH +HDGPDVWHUV¶ DQG +HDGPLVWUHVVHV¶ &RQIHUence (HMC) and the VFKRRO DOVR GUDZV RQ WKH H[SHUWLVH RI WKH ,QGHSHQGHQW 6FKRROV¶ %XUVars Association (ISBA), Independent Schools Council (ISC) and the Association of Governing Bodies of Independent Schools (AGBIS). The Headmaster of the Preparatory School is a member of the Independent Association of Prep Schools. Both Headmasters are Independent Schools Inspectorate (ISI) inspectors.
## **EMPLOYMENT POLICY**
The CIO is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the CIO.
Communication with employees continues through normal management channels in a variety of forms on a weekly basis and also through exceptional channels to apprise staff of current issues at least termly. Governors also hold Staff Consultation and Information Forums for both academic and support staff twice per year.
## **OBJECTIVES AND ACTIVITIES**
## **Charitable Objects**
7KH &KDULW\¶V Rbjects are as set out in the Charitable Scheme. First, to advance the education of boys and girls by the provision of a school in, or near, West Buckland at which religious instruction shall be given in accordance with the principles of the Christian faith. The charity trustees make rules to govern the provision of religious education at the SFKRRO LQ IXOILOPHQW RI WKH FKDULW\¶V REMHFW 7KHVH rules must allow for any pupil at the School to be exempted from receiving religious instruction at the request of their parents or legal guardians. Second, to further the education of pupils by the award of prizes (or other suitable reward) on the recommendation of the Head Teacher. The charity trustees make rules relating to the award of grants and prizes in fulfilmHQW RI WKH FKDULW\¶V REMHFW
Page 5
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
## **MISSION**
As an educational charity for children, West BucklaQG 6FKRRO¶V PLVVLRQ LV WR SURYLGH D SHUVRQDOLVHG innovative and excellent education within a happy and inclusive environment. To promote resilience and adaptability thus preparing our students to contribute to, and gain from, a world of possibilities and opportunities.
Objectives for the Year - 2019/20
The objectives for the Academic Year 2019/20 were as follows:
- To successfully prepare for ISI inspection
- To continue to invest in the future of teaching and learning.
- To develop quality academic staff within a culture of continual improvement by reviewing the appraisal system and senior team professional development.
- To appoint a new Bursar.
- To continue to review opportunities abroad.
- To rationalise ICT systems and increase use of Surface devices (desktop enabled laptops/tablets) to support learning.
- To introduce a leadership and mentoring scheme linked to our diploma programme for Sixth Form students.
- To prepare for transition to a new 9-GCSE curriculum, and changes in lesson length and timetable to enable a healthy and productive learning environment.
- To consider boarding and new Extra Curricular Activity (ECA) opportunities in Prep school.
- To meet the challenges facing the independent sector (Brexit, loss of Business Rates Relief, ,QFUHDVH LQ 7HDFKHUV¶ 3HQVLRQV (PSOR\HUV¶ &RQWULEXWLRQV DQG FRQWLQXH WR EH WKH EHVW performing school in North Devon and beyond.
- Complete the transition of Personalised Learning Department (PLD) to a new and enhanced
- space
- Rewrite tutor programme and Personal, Social, Health and Economic education (PHSE)
- scheme of work to ensure compliance with Relationships and Sex Education RSE guidance.
- 3URPRWH :HVW %XFNODQG 6FKRRO¶V (FR-school credential by exploring sustainability opportunities throughout the school.
## **REVIEW OF ACHIEVEMENTS REPORT FOR 2019 - 2020**
The academic year 2019-2020 will be remembered by COVID. Schools had to respond to an emerging pandemic and many plans were abandoned to accommodate the impact of the virus. Government lockdown from 23 March and cancellation of summer examinations meant that school had to develop a home learning provision at short notice while estimating reasonable and fair grades
Page 6
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
for Year 11 and Year 13 pupils unable to prove themselves on paper. West Buckland School was quick to establish a working committee and developed:
- A comprehensive home learning programme using Teams which was accessed by all pupils (some children were provided with devices to support this programme).
- A robust and compliant procedure to award Centre Assessed Grades (CAG) as an alternative to examinations.
Both provisions were tested and well-received by the pupils, staff and parents.
Regarding the future of teaching and learning; with a clear focus for West Buckland School on metacognition, study skills and feedback, Teaching and Learning strategies were developed to embed research in the process.
On developing quality academic staff within a culture of continual improvement. Senior leaders have undergone prolonged reflection and coaching thURXJK µYLVLEOH OHDGHUV¶ WR LGHQWLI\ WHDP VWUHQJWKV DQG promote leadership and coaching skills. The appraisal process and lesson observation form was reviewed.
With regard to the rationalising of IT and its support to learning, the roll-out of Surface devices GHVNWRS HQDEOHG ODSWRSV WDEOHWV FRQWLQXHG WR EH H[SORUHG 7KH VFKRRO¶V SODQQHG PRYH WR SharePoint and Teams as its internal interface was accelerated as a result of COVID-19 with a rapid turnover of hardware and training for all staff ahead of lockdown.
Concerning opportunities abroad: West Buckland School has appointed an Agent to represent the school in China.
The leadership and mentoring scheme has now been linked to a diploma programme for Sixth Form pupils. This resulted in a larger number of applicants and a greater range of leadership opportunities for pupils. The first diplomas will be celebrated next academic year.
The changes to delivering a 9-GCSE programme and revised 2-week timetable with different lesson length were finalised through staff and parents' discussions then communicated in good time for effective implementation in September 2020.
The boarding opportunities in Prep School were re-viewed but it was decided there was no capacity in staffing to develop this at this stage.
The Finance Committee has undertaken a great deal of work to identify and assess the likely impact of the many threats facing the sector. Brexit has yet to happen; however, when it does, we are wellplaced to deal with the challenges regarding visas and Tier 4 status for our overseas staff and pupils. Other threats such as VAT on school fees or loss of charitable status and business rates relief have not yet materialised but governors and senior staff are actively looking at alternative sources of income to mitigate these threats.
The transition of pupils from Prep School to Senior School was successfully reviewed.
## **0$,1 $&7,9,7,(6 81'(57$.(1 72 )857+(5 7+( &+$5,7<¶6 385326(6 )25 38%/,& BENEFIT**
West Buckland School is a charitable trust which seeks to benefit the public through the pursuit of its stated objects. The school sets its fees to ensure that its first-class education is accessible to as many individuals within the North Devon area, and beyond, as possible. It welcomes children from all
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**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
backgrounds, creeds and nationalities, with the only restriction being on whether the individual will thrive and prosper to their best potential within the school environment. It is also an equalopportunities employer.
The School provided a little over £1m in bursaries and scholarships in the year. The West Buckland )RXQGDWLRQ¶V %XUVDU\ )XQG RI � P FRQWLQXHV WR SURYLGH LQFome to help support the Bursary Programme and in the last year 16 pupils throughout the School received 100% bursaries supported by the Foundation and the School. These bursaries are for entry into Year 7 until the end of the Sixth Form. The determination of Bursary students to achieve their potential in every way they can, and take advantage of every opportunity they can find, positively impacts on every part of our school FRPPXQLW\ )XUWKHU GHWDLO RI WKH )RXQGDWLRQ¶V DFWLYLWLHV LV GHWDLOHG EHORZ
We work with 10 local state schools providing sporting and academic support with joint activities in music, art and design as well as visiting speaker events hosted at West Buckland School. Our extensive sports facilities are used on a regular basis by local clubs including swimming, kayaking, cricket, volleyball, squash and lifesaving. The swimming pool is also used by three of our neighbouring state primary schools.
Many of these activities were curtailed during the second half of this financial reporting period due to the closure of the School in March but we continued to deliver support to the community:
- The DT department set about designing and making plastic PPE masks for the local care homes and hospitals at a time when they had none. In total, we supplied over 500 masks. Recipients including North Devon district hospital, South Molton Community Hospital, numerous care homes and the North Devon Hospice.
- We sent our food waste to Exmoor Zoo, which was forced to close to the public but still had to feed its animals.
- We donated all the protective eyewear that we had in all our school laboratories to GP surgeries in the area.
- In addition, Prep raised £615 for the NHS Charities Trust, whilst others pupils undertook their own fund-raising activities (climbing a virtual Mount Everest using the stairs and swimming the distance to Lundy Island) for the National Bereavement Partnership and the North Devon Hospice.
## **SENIOR SCHOOL**
The achievements and performance of the School have continued to be of the very highest order. In no order of priority, the academic results, breadth of extra-curricular activities and individual performances are demonstrated in the following commentary:
Following the closure of schools in March, the Secretary of State cancelled public examinations and replaced them with a system of centre assessed grades (CAG) and rank orders. The CAG submitted was intended to be that which the centre thought it mostly likely the candidate would achieve, with the original intention being that these grades would be standardised across schools using a mathematical algorithm. The latter was abandoned at a late stage following publication of A-Level results.
The 2020 A-level and GCSE CAG results make it difficult to make historic comparison within the VFKRRO RU RI WKH VFKRRO¶V SHUIRUPDQFH UHODWLYH WR RWKHUV ,QGHHG WKH JRYHUQPHQW DQQRXQFHG DW DQ early stage there would be no performances tables this year, and ISC did not provide the press with data for the annual league tables produced by the national newspapers. Accordingly, no figures are presented within this annual report.
The school enjoyed numerous achievements but of particular note: the newly appointed Head of Tennis has secured a strong link with the community offering lessons at the school and benefitting the pupils. The school were National finalists in tennis and gymnastics; regional finalists in nearly all
Page 8
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
JLUOV¶ DQG ER\V¶ KRFNH\ DJH JURXSV LQFOXGLQJ LQGRRU :HVW ILQDOLVWV DQG HOHYHQ SXSLOV SOD\LQJ DW representative level; County netball champions in several age groups with six girls playing at representative level; we have seen the introduction of a sub-aqua diving club; three pupils represented Devon in cross-country championships; West Buckland DofE students have received the highest number of gold awards in the County and almost the highest in the South West with 21 collecting their gold medals from Buckingham Palace.
With regard to Performing Arts, we saw a range of fantastic dance and art installations on the campus and provided a pODWIRUP IRU D ORFDO FRPSDQ\ %HDIRUG $UWV ZKLFK SURYHG YHU\ SRSXODU 7KH VFKRRO¶V FDQG\IORVV SURGXFWLRQ RI µLegall\ %ORQGH¶ ZDV SHUIRUPHG DW %DUQVWDSOH¶V ORFDO 4XHHQ¶V 7KHDWUH supporting the venue and giving wonderful opportunities to the pupils. Despite lockdown, 59 pupils took practical music exams and 35 took LAMDA exams
We encourage curiosity above all and ask that our pupils explore new activities while supporting them to excellence in their passions. This applies as much to their academic thirst as it does to sport, music, drama or other. All pupils access a rich curricular and extra-curricular programme with tutor oversight to ensure sufficient but not burdensome stretch. There is a focus on engagement as well as opportunity for excellence and this has ensured strong participation in academia, music, art, drama and sport; and considerable success.
## **PREP SCHOOL**
The Prep School continues to thrive both in terms of growth in pupil numbers, and the quality of education offered.
Developments in teaching and learning have continued at a pace with the appointment of a new Deputy Head (Teaching and Learning). New methods of assessing and tracking pupils have been implemented, along with a new spelling scheme of work and a move to a new Humanities curriculum in place of discreet history and geography subjects. Importantly, the breadth of our curriculum, supported by numerous trips and visits, continues to develop. The ECA programme provides variety via activities including debating, chess, horse riding, engineering, climbing, swimming, coding, nature detectives, art, ballet, Spanish and surfing and others.
There have been many achievements and successes throughout this year. Scholarship success for our Year 6 pupils is evidence of the high standards reached in the classroom and the Prep School is always delighted to hear of the successes of former Prep pupils in their GCSE and A level results and university careers.
Music continues to shine and in the exams for the Associated Board for the Royal School of Music, pupils achieved a 100% pass rate, including 15 Merits and 6 Distinctions. The termly informal concerts are often the starting point for our musicians and the number of performers grew significantly.
There have been numerous plays and house competitions throughout the year including poetry, art, photography and sport, all of which are an important part of the school year and showcased the talent and confidence of our pupils
Sport continues to play an important part of school life for all children. The move to Wednesday afternoon matches for Years 5 and 6 resulted in more fixtures and an improved quality of fixtures, with many triangular fixtures against school throughout Somerset and Devon. Tennis success continued with many county champions and players nationally ranked.
The COVID-19 lockdown during the summer term meant learning was delivered in a different way. During this time all pupils from Reception to Year 6 enjoyed live lessons conducted on TEAMS and
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**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
the quality of teaching and support was praised universally by parents. Alongside supporting key worker children in school, all Prep pupils enjoyed time back in school with their teachers and peers, prior to the end of the summer term.
## **WEST BUCKLAND SCHOOL FOUNDATION**
West Buckland School Foundation continues to coordinate all major fundraising initiatives on behalf of the School. These funds enable the School to invest in several projects, year on year, which enhance and enrich the educational experience for our students. During 2019/20 there was no major capital fundraising campaign.
Some of the smaller projects the Foundation funded in 2019/20 include the purchase of a reward system and reading area for the Prep School, an outdoor learning hub for extra-curricular activities, items for the new Personalised Learning Department, photography kit for the Art Department, branded sub-suits for rugby, hockey and netball players, as well as new Smart TVs for the boarding houses. The Foundation has also contributed towards the costs of a kit for an electric car for Design Technology students.
Following lockdown in March 2020, the Foundation helped fundraise for the West Buckland School COVID-19 Emergency Fund. The Fund was set up to assist parents of WBS pupils who had been most severely affected by the crisis. £168,875 was pledged to the fund from 35 donors. In May 2020, the Emergency Fund paid out £39,615 towards school fees, supporting 27 pupils.
The Foundation has been pledged over £2m in legacies.
A key part of the FoundatiRQ¶V ZRUN LV WR VXSSRUW WKH 2OG :HVW %XFNODQG $VVRFLDWLRQ 2:%$ DQG LWV activities including reunions and publications. Together we communicate the aspirations of the school to alumni, parents, former parents, and other members of the West Buckland community and organise events to involve everyone in the life of West Buckland School. Unfortunately, many OWBA events had to be cancelled or postponed following lockdown in March 2020. During lockdown the OWBA communicated regularly with the alumni and the wider school community.
## **FINANCIAL REPORT**
## **INVESTMENT POLICY AND PERFORMANCE**
7KH VFKRRO¶V LQYHVWPHQW REMHFWLYHV DUH WR EDODQFH WKH current and future needs by:
- Maintaining (at least) the value of the investments in real terms.
- Producing a consistent and sustainable income to support expenditure.
- Delivering these objectives within acceptable levels of risk.
To meet these objeFWLYHV WKH VFKRRO¶V LQYHVtments as a whole are managed to produce an appropriate balance between risk and return. The investment strategy is monitored by the Finance Committee, as is investment performance, which is reported below, within the Strategic Report.
At the year-end tKH VFKRRO¶V HPHUJHQF\ UHSDLUV IXQG WRWDOOHG �
The overall total investment return was 1% over the year.
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**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
The school has sufficient cash reserves which were freed-up when the decision was taken to take out a loan to cover the development of the new buildings known as the Morpurgo Library and Parkers 6th-form boarding house. The interest rate for the 25 year term of the loan is fixed at 2.18%.
Governors will determine how to invest the cash surplus in accordance with the investment strategy. Presently, with uncertainties surrounding Brexit, the investment strategy is to keep reserves on GHSRVLW ZLWK VHYHUDO ILQDQFLDO LQVWLWXWLRQV LQ µFDVK¶
## **5(6(59(6¶ 32/,&<**
7KH 5HVHUYHV¶ 3ROLF\ LV WR EXLOG XS VXIILFLHQW IXQGV IURm operational surpluses to enable the school to maintain, refurbish and improve the educational facilities along with retaining funds for unforeseen expenditure or significant reduction in revenue.
The impact of COVID-19 has reduced reserves, but the School continues to maintain adequate reserves and intends to increase reserves to equal between 3- PRQWKV¶ ZRUWK RI H[SHQGLWXUH )UHH reserves, i.e. those unrestricted funds not designated for any specific purpose, remain steady at not less than £2.3m, and within the limits set by the governors.
## **FINANCIAL REVIEW**
The School was closed in March following the Government direction due to the impact of COVID-19. Fees for the Summer Term had to be adjusted for day and boarding pupils as the school moved to online teaching. There were no charges for catering or bus travel and while expenditure was also reduced in catering, bus contracts, trips and activities the overall impact was a significant reduction in income for the year. The reduction in fees for the summer term was authorised by the Full Governing Board and the impact and recovery is being closely monitored by the Finance Committee. The Governors are conscious of the further impact of depreciation and the Interest Rate Swap (negotiated in 2016 as part of the financing of Parkers 6th Form Boarding House and the Morpurgo Library buildings ± a non-FDVK FRVW WKDW WUDFNV /,%25 WR FUHDWH D µFXUUHQW¶ YDOXH RI WKH ORDQ *RYHUQRUV DUH pleased, however, to report a small surplus prior to depreciation and the value of the interest rate swap in a very challenging year.
The impact of COVID-19 also restricted capital investment although we have continued to maintain our facilities and deliver improvements to the fabric of buildings and assets across the campus.
## **GOING CONCERN**
After making appropriate enquiries and having considered the impact of COVID-19 on the income, expenditure and reserves over this year, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **TEA&+(56¶ 3(16,21 6&+(0( 67$7(0(17**
The School participateV LQ WKH 7HDFKHUV¶ 3HQVLRQ 6FKHPH 736 IRU LWV WHDFKLQJ VWDII 7KH SHQVLRQ charge for the year includes contributions payable to the TPS of £673,405 (2019 £444,966) and at the year-end £79,070 (2019 £59,059) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The 7HDFKHUV¶ 3HQVLRQV 5HJXODWLRQV DV DPHQGHG DQG 7KH 7HDFKHUV¶ 3HQVLRQ 6FKHPH
Page 11
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
Regulations 2014 (as aPHQGHG 0HPEHUV FRQWULEXWH RQ D ³SD\ DV \RX JR´ EDVLV with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by the exchequer.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by tKH *RYHUQPHQW $FWXDU\¶V 'HSDUWPHQW 7KH PRVW UHFHQW DFWXDULDO YDOXDWLRQ RI WKH 736 was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the UXOLQJ LQ WKH µ0F&ORXG 6DUJHDQW FDVH¶ 7KLV FDVH KDV Uequired the courts to consider cases UHJDUGLQJ WKH LPSOHPHQWDWLRQ RI UHIRUPV WR 3XEOLF 6HUYLFH 3HQVLRQV LQFOXGLQJ WKH 7HDFKHUV¶ Pensions.
On 27th June 2019 the Supreme Court denied the government permission to appeal the Court of $SSHDO¶V MXGJPHQW WKDW Wransitional provisions introduced to the reformed pension schemes in 2015 JDYH ULVH WR XQODZIXO DJH GLVFULPLQDWLRQ 7KH JRYHUQPHQW LV UHVSHFWLQJ WKH &RXUW¶V GHFLVLRQ DQG KDV said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a SDXVH WR WKH FRVW FDS PHFKDQLVP IROORZLQJ WKH &RXUW RI $SSHDO¶V UXOLQJ LQ WKH 0F&ORXG 6DUJHDQW case and until there is certainty about the value of pensions to employees from April 2015 onwards.
In view of the above rulings and decisions the assumptions used in the 31st March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.
Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.
Following the increase in TPS employer contributions, the school commenced collective consultation with teaching staff concerning alternative pension arrangements. We will advise our stakeholders of the outcome of those negotiations in due course.
## **FINANCIAL RISK MANAGEMENT**
The governors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Major risks and uncertainties are managed through a robust governance process (during the summer term twice weekly conference calls to support the Heads and the Bursar) and an annual review of the strategic plan. Governors have considered all decisions (feel levels, staff salaries and capital expenditure) in light of COVID-19 and the financial impact on the school.
Page 12
**WEST BUCKLAND SCHOOL**
**GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
On 31 July 2016, the School entered into a £4.5m loan, with HSBC, to finance the building of a new library (Morpurgo Building) and a combined boarding house and sixth form centre (Parkers), which were all opened in late-2015. Due to the amount of the loan, and the time it may take to generate additional fee revenues from the benefit of the investment into the new facilities, it was assessed that the term needed to be as long as possible (25 years) and included a capital repayment holiday (the first 5 years which ends 2020/21).
The school sought to operate with significant liquidity headroom and forecasts only a steady rate of growth, recognising that it operates in a remote area; but, with a niche catchment, particularly attractive to boarding pupils. The project is a long-term strategy to increase capacity and to improve facilities in order to maintain its market competitiveness, rather than a speculative investment.
Separately, the longer-term impact of the COVID-19 measures is being monitored by the Finance Committee which assesses the risks of pupil numbers, particularly international boarders, reducing due to quarantine measures imposed in different countries. Budgets for the next financial period have been scrutinised and an assessment made with regard to the medium-term costs in order to replenish reserves over the next three years.
The potential loss of Business Rates Relief (BRR) which charities such as West Buckland School currently benefit is also anticipated. If it were to become law in England, the School is prepared to implement actions to ensure it can withstand the financial penalty.
Finally, we continue to monitor the longer-term impact of COVID-19 and will review our contingency plans accordingly.
## **PLANS FOR FUTURE PERIOD**
As COVID- FRQWLQXHV WR SUHVHQW FKDOOHQJHV DFURVV WKH FRXQWU\ WKH VFKRRO¶V SULRULW\ LV WKH continued delivery of education in a safe and secure environment.
## **FUTURE DEVELOPMENTS**
Future developments will be made to reflect the current broad aims of the governance strategy:
1. Facilitate an excellent teaching and learning in a safe and secure environment.
2. Facilitate the best academic result that each student is capable of achieving.
3. Develop quality academic staff within a culture of continual improvement.
4. 0DLQWDLQ H[FHOOHQW ILQDQFLDO PDQDJHPHQW WR VXSSRUW WKH 6FKRRO¶V IXUWKHU HGXFDWLRQDO DQG estates development.
5. Ensure that the Governing Body and Senior Leadership Team deliver first rate governance and leadership displaying a clear direction.
6. To increase the balanced UK and International student roll throughout.
7. To develop an excellent boarding offer and extra-curricular activities for all ages, maintaining our reputation for excellent pastoral care.
8. To maintain and develop supportive relationships in the local community to provide exemplary public benefit.
Page 13
**WEST BUCKLAND SCHOOL**
## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020**
## ***29(51256¶ ),1$1&,$/ 5(63216,%,/,7,(6 67$7(0(17**
The governors are responsible for preparing the governors' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The governors are responsible for keeping proper accounting records that are sufficient to show and H[SODLQ WKH FKDULW\¶V WUDQVDFWLRQV DQG GLVFORVH ZLWK UHDVRQDEOH DFcuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding and assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the governors on 6 January 2021 and signed on their behalf by:
**Mr JMH Light LLB** Chair of Governors
Page 14
## **WEST BUCKLAND SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL**
## **Opinion**
We have audited the financial statements of West Buckland School (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 July 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 July 2020 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Governors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 15
**WEST BUCKLAND SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL (CONTINUED)**
## **Other information**
The Governors are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and 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**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Governors' report is inconsistent in any material respect with the financial statements; or
- the parent charity has not kept sufficient accounting records; or
- the parent charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Governors' responsibilities statement, the Governors are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Governors 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 Group's and the parent charity'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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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.
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 Auditors' report.
Page 16
**WEST BUCKLAND SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL (CONTINUED)**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Bishop Fleming LLP**
Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS 13 April 2021
Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 17
**WEST BUCKLAND SCHOOL**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020**
|**Note**
**INCOME FROM:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds:
8
Voluntary income
Fundraising trading
Charitable activities:
9
Depreciation
_._ Other charitable activities
**TOTAL EXPENDITURE**
Net gains on investments
**NET MOVEMENT IN FUNDS BEFORE**
**OTHER RECOGNISED**
**GAINS/(LOSSES)**
**OTHER RECOGNISED**
**GAINS/(LOSSES):**
Other recognised gains/(losses)
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2020**
**£**
**-**
**9,123,757**
**87,893**
**13,603**
**9,225,253**
**130,074**
**38,169**
**535,593**
**8,971,251**
**9,675,087**
**7,634**
**(442,200)**
**(323,489)**
**(765,689)**
**14,138,646**
**(765,689)**
**13,372,957**|**Restricted**
**funds**
**2020**
**£**
**90,000**
**-**
**-**
**374**
**90,374**
**-**
**-**
**-**
**113,091**
**113,091**
**243**
**(22,474)**
**-**
**(22,474)**
**182,236**
**(22,474)**
**159,762**|**Total**
**funds**
**2020**
**£**
**90,000**
**9,123,757**
**87,893**
**13,977**
**9,315,627**
**130,074**
**38,169**
**535,593**
**9,084,342**
**9,788,178**
**7,877**
**(464,674)**
**(323,489)**
**(788,163)**
**14,320,882**
**(788,163)**
**13,532,719**|Total
funds
2019
£
95,700
9,292,939
131,920
20,779
9,541,338
91,528
76,873
428,078
8,780,778
9,377,257
9,105
173,186
(360,258)
(187,072)
14,507,954
(187,072)
14,320,882|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 22 to 43 form part of these financial statements.
Page 18
## **WEST BUCKLAND SCHOOL**
## **CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2020**
|**Note**
**FIXED ASSETS**
Tangible assets
15
Investments
16
**CURRENT ASSETS**
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
21
**NET ASSETS EXCLUDING PENSION**
**ASSET**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
**TOTAL FUNDS**|**35,632**
**314,055**
**1,000,000**
**2,868,204**
**4,217,891**
**(2,189,200)**
**159,762**|**2020**
**£**
**16,265,353**
**153,216**
**16,418,569**
**2,028,691**
**18,447,260**
**(4,914,541)**
**13,532,719**
**13,532,719**
**159,762**
**13,372,957**
**13,532,719**|46,394
349,887
1,000,000
2,469,880
3,866,161
(1,481,713)
182,236|2019
£
16,488,128
145,339
16,633,467
2,384,448
19,017,915
(4,697,033)
14,320,882
14,320,882
182,236
14,138,646
14,320,882|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
**Mr J M H Light LLB** Chair of Governors Date: 6 January 2021
The notes on pages 22 to 43 form part of these financial statements.
Page 19
## **WEST BUCKLAND SCHOOL**
## **CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2020**
|**Note**
**FIXED ASSETS**
Tangible assets
15
Investments
16
**CURRENT ASSETS**
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
21
**NET ASSETS EXCLUDING PENSION**
**ASSET**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
**TOTAL FUNDS**|**34,221**
**337,616**
**1,000,000**
**2,788,194**
**4,160,031**
**(2,187,485)**
**159,762**|**2020**
**£**
**16,264,225**
**153,216**
**16,417,441**
**1,972,546**
**18,389,987**
**(4,914,541)**
**13,475,446**
**13,475,446**
**159,762**
**13,315,684**
**13,475,446**|44,659
345,947
1,000,000
2,389,951
3,780,557
(1,440,076)
182,236|2019
£
16,486,572
145,339
16,631,911
2,340,481
18,972,392
(4,697,033)
14,275,359
14,275,359
182,236
14,093,123
14,275,359|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Governors on 06 January 2021 and signed on their behalf by:
**Mr J M H Light LLB** Chair of Governors
The notes on pages 22 to 43 form part of these financial statements.
Page 20
## **WEST BUCKLAND SCHOOL**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2020**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash provided by operating activities
26
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**NET CASH USED IN INVESTING ACTIVITIES**
**CASH FLOWS FROM FINANCING ACTIVITIES**
Repayments of borrowing
Interest paid
**NET CASH USED IN FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**
27|**2020**
**£**
**828,819**
**13,977**
**(312,818)**
**(298,841)**
**(28,730)**
**(102,924)**
**(131,654)**
**398,324**
**2,469,880**
**2,868,204**|2019
£
498,206
20,779
(436,711)
**(415,932)**
(90,301)
(86,460)
**(176,761)**
**(94,487)**
2,564,367
2,469,880|
|---|---|---|
The notes on pages 22 to 43 form part of these financial statements
Page 21
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **1. GENERAL INFORMATION**
West Buckland School is charit constituted under a trust deed, registered in England and Wales,charity number is 1167545. The registered address is West Buckland School, West Buckland, Barnstaple, EX32 0SX.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
West Buckland School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
## **2.2 GOING CONCERN**
The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast doubt on the ability of the School to continue as a going concern.
After making appropriate enquiries and having considered the impact of COVID-19 on the income, expenditure and reserves over this year, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements.
Page 22
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.3 INCOME**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Page 23
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.5 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Consolidated statement of financial activities.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Freehold property 2% straight line - Furniture, equipment & all4-25 years straight line weather pitch
## **2.7 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
## **2.8 STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.9 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 24
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.11 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
## **2.12 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.13 FINANCE LEASES AND HIRE PURCHASE**
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
## **2.14 OPERATING LEASES**
Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.
## **2.15 PENSIONS**
Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers' Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers' Pensions on behalf of the Department for Education and Skills.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in note 24, the TPS is a multi-employer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.
The School also administers a Group Personal Pension Plan and a Death in Service Life Assurance for certain non-teaching staff. Additionally, a separate personal pension scheme is operated for the Bursar.
Page 25
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Charity entered into an interest rate swap in 2016. The interest rate swap is revalued each year by the Charity's bank. The Charity's bank values the swap based on estimates and assumptions of the interest rate for the remaining period of the swap. Revaluation movements in the swap are recognised in the Statement of Financial Activities.
## Critical areas of judgment:
The Charity obtains use of fixed assets as a lessee. The classification of such leases as operating or finance lease requires the Governors to determine, based on an evaluation of the terms and conditions of the arrangements, whether the School retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
At regular intervals management review the debtor ledgers for any debts which are proving difficult to collect. Management then makes a provision for bad debts against the identified debts.
## **4. INCOME FROM DONATIONS AND LEGACIES**
|**Unrestricted**
**funds**
**2020**
**£**
Donations
-
TOTAL 2019
5,700|**Restricted**
**funds**
**2020**
**£**
90,000
90,000|**Total**
**funds**
**2020**
**£**
**90,000**
95,700|Total
funds
2019
£
95,700|
|---|---|---|---|
|||||
Page 26
## **WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**2020**
**£**
Tuition and boarding fees
9,828,267
Remitted Fees
(425,791)
Bursaries and scholarships
(1,048,958)
Other income
770,239
**TOTAL 2020**
9,123,757
TOTAL 2019
9,292,939|**Total**
**funds**
**2020**
**£**
**9,828,267**
**(425,791)**
**(1,048,958)**
**770,239**
**9,123,757**
9,292,939|Total
funds
2019
£
10,026,935
(317,691)
(1,008,259)
591,954
9,292,939|
|---|---|---|
||||
## **6. INCOME FROM OTHER TRADING ACTIVITIES**
|**Unrestricted**
**funds**
**2020**
**£**
Lettings of premises
534
TOTAL 2019
1,375
**Income from non charitable trading activities**
**Unrestricted**
**funds**
**2020**
**£**
West Buckland Activities Limited
87,359
TOTAL 2019
130,545|**Total**
**funds**
**2020**
**£**
**534**
1,375
**Total**
**funds**
**2020**
**£**
**87,359**
130,545|Total
funds
2019
£
1,375|
|---|---|---|
|||Total
funds
2019
£
130,545|
||||
Page 27
## **WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **7. INVESTMENT INCOME**
|**Unrestricted**
**funds**
**2020**
**£**
Bank interest and dividends
13,603
TOTAL 2019
20,413|**Restricted**
**funds**
**2020**
**£**
374
366|**Total**
**funds**
**2020**
**£**
**13,977**
20,779|Total
funds
2019
£
20,779|
|---|---|---|---|
|||||
## **8. EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME**
|**Unrestricted**
**funds**
**2020**
**£**
Foundation other costs
29,960
Foundation wages
90,967
Foundation social security costs
6,079
Foundation pension costs
3,068
130,074
TOTAL 2019
91,528
**OTHER TRADING EXPENSES**
**Unrestricted**
**funds**
**2020**
**£**
West Buckland Activities Limited
38,169
TOTAL 2019
76,873|**Total**
**funds**
**2020**
**£**
**29,960**
**90,967**
**6,079**
**3,068**
**130,074**
91,528
**Total**
**funds**
**2020**
**£**
**38,169**
76,873|Total
funds
2019
£
25,000
58,642
5,749
2,137
91,528|
|---|---|---|
|||Total
funds
2019
£
76,873|
||||
Page 28
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2020**
**£**
Teaching
5,118,412
Welfare
1,006,339
Premises
1,860,333
Support
1,521,760
9,506,844
TOTAL 2019
9,111,129|**Restricted**
**funds**
**2020**
**£**
-
-
10,167
102,924
113,091
97,727|**Total**
**funds**
**2020**
**£**
**5,118,412**
**1,006,339**
**1,870,500**
**1,624,684**
**9,619,935**
9,208,856|Total
funds
2019
£
4,805,341
1,111,845
1,864,956
1,426,714
9,208,856|
|---|---|---|---|
|||||
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Teaching
Welfare
Premises
Support
TOTAL 2019|**Activities**
**undertaken**
**directly**
**2020**
**£**
5,118,412
1,006,339
1,870,500
1,624,684
9,619,935
9,208,856|**Total**
**funds**
**2020**
**£**
**5,118,412**
**1,006,339**
**1,870,500**
**1,624,684**
**9,619,935**
9,208,856|Total
funds
2019
£
4,805,341
1,111,845
1,864,956
1,426,714
9,208,856|
|---|---|---|---|
|||||
Page 29
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
**Analysis of direct costs**
|Staff costs
Depreciation
Support
Other costs
Governance -
costs of
Trustees'
training and
expenses
Governance -
Professional
charges
Governance -
auditors'
remuneration
TOTAL 2019|**Teaching**
**2020**
**£**
4,455,693
-
-
662,719
-
-
-
5,118,412
4,805,341|**Welfare**
**2020**
**£**
250,831
-
-
755,508
-
-
-
1,006,339
1,111,845|**Premises**
**2020**
**£**
494,833
534,209
-
841,458
-
-
-
1,870,500
1,864,956|**Support**
**2020**
**£**
754,323
-
17,406
765,660
1,239
75,206
10,850
1,624,684
1,426,714|**Total**
**funds**
**2020**
**£**
**5,955,680**
**534,209**
**17,406**
**3,025,345**
**1,239**
**75,206**
**10,850**
**9,619,935**
9,208,856|Total
funds
2019
£
5,317,940
428,078
11,176
3,401,190
4,933
36,339
9,200
9,208,856|
|---|---|---|---|---|---|---|
||||||||
## **11. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|**Group**
**2020**
**£**
**4,840,477**
**464,120**
**751,197**
**6,055,794**|Group
2019
£
4,451,359
435,510
497,599
5,384,468|**Charity**
**2020**
**£**
**4,840,477**
**464,120**
**751,197**
**6,055,794**|Charity
2019
£
4,451,359
435,510
497,599
5,384,468|
|---|---|---|---|---|
Page 30
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **11. STAFF COSTS (CONTINUED)**
The average number of persons employed by the charity during the year was as follows:
|Educational staff - full time
Educational staff - part time
Support staff - full time
Support staff - part time|**Group**
**2020**
**No.**
**59**
**17**
**50**
**41**
**167**|Group
2019
No.
56
24
45
57
182|**Charity**
**2020**
**No.**
**59**
**17**
**50**
**41**
**167**|Charity
2019
No.
53
24
45
57|
|---|---|---|---|---|
|||||179|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|Group|
|---|---|---|
||**2020**|2019|
||**No.**|No.|
|In the band £60,001 - £70,000|**3**|3|
|In the band £70,001 - £80,000|**2**|2|
|In the band £110,000 - £120,000|||
||**1**|1|
The Key management personnel of the Charity comprise the Trustees (who do not receive remuneration for their role as Trustees) and the Senior Management Team. The total amount of employee benefits (including employer National Insurance and employer pension contributions) received by key management personnel for their services to the Charity was £610,642 (2019: £620,744).
## **12. GOVERNORS' REMUNERATION AND EXPENSES**
During the year, no Governors received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 July 2020, expenses totalling £1,168 (2019: £2,205) were paid to 3 (2019: 5) Governors.
## **13. NET INCOME / EXPENDITURE**
This is stated after charging: **2020 2019 £ £** Depreciation of tangible fixed assets: - owned by the charitable group 535,593 428,494 - held under finance leases - - Auditors' remuneration - audit 13,020 12,420 Auditors' remuneration - other services - -
Page 31
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **14. INTEREST RATE SWAP MOVEMENT**
|Brought forward liability
Loss for year
Carry forward liability|**2020**
**£**
**(166,052)**
**(323,489)**|
|---|---|
||**(489,541)**|
The purpose of the interest rate swap is to fix the School’s interest rate through until 2041. As forecasts for interest rates for the remaining term vary, then so the swap instrument has a value and that value is recognised in these accounts. The movement represents the change in valuation and does not encompass any cash movement. By the end of the term of the swap, its value will be back to zero.
## **15. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST OR VALUATION**
At 1 August 2019
Additions
At 31 July 2020
**DEPRECIATION**
At 1 August 2019
Charge for the year
At 31 July 2020
**NET BOOK VALUE**
At 31 July 2020
At 31 July 2019|**Freehold**
**property**
**£**
**17,708,439**
**277,745**
**17,986,184**
**2,443,680**
**367,727**
**2,811,407**
**15,174,777**
15,264,759|**Furniture,**
**equipment**
**and all**
**weather**
**pitch**
**£**
**3,997,094**
**35,073**
**4,032,167**
**2,773,725**
**167,866**
**2,941,591**
**1,090,576**
1,223,369|**Total**
**£**
**21,705,533**
**312,818**
**22,018,351**|
|---|---|---|---|
||||**5,217,405**
**535,593**
**5,752,998**|
||||**16,265,353**|
||||16,488,128|
Page 32
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **15. TANGIBLE FIXED ASSETS (CONTINUED) CHARITY**
|**COST OR VALUATION**
At 1 August 2019
Additions
At 31 July 2020
**DEPRECIATION**
At 1 August 2019
Charge for the year
At 31 July 2020
**NET BOOK VALUE**
At 31 July 2020
At 31 July 2019|**Freehold**
**property**
**£**
**17,708,439**
**277,745**
**17,986,184**
**2,443,680**
**367,727**
**2,811,407**
**15,174,777**
15,264,759|**Furniture,**
**equipment**
**and all**
**weather**
**pitch**
**£**
**3,987,556**
**35,073**
**4,022,629**
**2,765,743**
**167,438**
**2,933,181**
**1,089,448**
1,221,813|**Total**
**£**
**21,695,995**
**312,818**
**22,008,813**|
|---|---|---|---|
||||**5,209,423**
**535,165**
**5,744,588**|
||||**16,264,225**|
||||16,486,572|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
Group Group Charity Charity 2020 2019 2020 2019 £ £ £ £
Furniture, equipment and all weather pitch 429,191 458,191 429,191 458,191
Included in Freehold Property was Land at a cost of £2,457,684 which was not depreciated.
Page 33
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **16. FIXED ASSET INVESTMENTS**
|**Group and charity**
**COST OR VALUATION**
At 1 August 2019
Revaluations
**AT 31 JULY 2020**
**NET BOOK VALUE**
**AT 31 JULY 2020**
_AT 31 JULY 2019_|**Listed**
**investments**
**£**
**145,339**
**7,877**|
|---|---|
||**153,216**|
|||
||**153,216**|
||145,339|
## **17. STOCKS**
|Stocks
**DEBTORS**
**DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2020**
**£**
**35,632**
**Group**
**2020**
**£**
**-**
**2,097**
**-**
**260,619**
**51,339**
**314,055**|Group
2019
£
46,394
Group
2019
£
-
33,073
-
243,313
73,501
349,887|**Charity**
**2020**
**£**
**34,221**
**Charity**
**2020**
**£**
**-**
**-**
**25,988**
**260,289**
**51,339**
**337,616**|Charity
2019
£
44,659|
|---|---|---|---|---|
|||||Charity
2019
£|
|||||-
-
31,635
243,311
71,001|
|||||345,947|
## **18. DEBTORS**
Page 34
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **19. CURRENT ASSET INVESTMENTS**
|**Group**
Group
**2020**
2019
**£**
£
Fixed term deposits
**1,000,000**
1,000,000
**20.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Group**
Group
**2020**
2019
**£**
£
Bank loans
**75,000**
-
Trade creditors
**54,868**
132,077
Other taxation and social security
**119,602**
119,951
Obligations under finance lease and hire
purchase contracts
**33,778**
62,508
Other creditors
**765,308**
693,669
Accruals and deferred income
**1,140,644**
473,508
**2,189,200**
1,481,713|**Charity**
**2020**
**£**
**1,000,000**
**Charity**
**2020**
**£**
**75,000**
**54,853**
**119,602**
**33,778**
**765,308**
**1,138,944**
**2,187,485**|Charity
2019
£
1,000,000
Charity
2019
£
-
132,077
107,992
62,508
693,669
443,830|
|---|---|---|
|||1,440,076|
## **21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans
Other creditors
Derivatives - interest rate swap|**Group**
**2020**
**£**
**4,425,000**
**-**
**489,541**
**4,914,541**|Group
2019
£
4,500,000
30,981
166,052
4,697,033|**Charity**
**2020**
**£**
**4,425,000**
**-**
**489,541**
**4,914,541**|Charity
2019
£
4,500,000
30,981
166,052|
|---|---|---|---|---|
|||||4,697,033|
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
|Payable by instalments|**Group**
**2020**
**£**
**3,525,000**
**3,525,000**|Group
2019
£
3,825,000
3,825,000|**Charity**
**2020**
**£**
**3,525,000**
**3,525,000**|Charity
2019
£
3,825,000|
|---|---|---|---|---|
|||||3,825,000|
The bank loan is secured via a legal charge over freehold property of the School.
Page 35
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **22. FINANCIAL INSTRUMENTS**
|**FINANCIAL ASSETS**
Financial assets measured at fair value
through income and expenditure
**FINANCIAL LIABILITIES**
Derivative financial instruments measured at
fair value through income and expenditure
held as part of a trading portfolio|**Group**
**2020**
**£**
**3,868,204**
**Group**
**2020**
**£**
**(489,541)**|Group
2019
£
3,469,880
Group
2019
£
(166,052)|**Charity**
**2020**
**£**
**3,788,194**
**Charity**
**2020**
**£**
**(489,541)**|Charity
2019
£
3,389,951
Charity
2019
£
(166,052)|
|---|---|---|---|---|
Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
Derivative financial instruments measured at fair value through income and expenditure held as part of a trading portfolio comprise derivatives.
Page 36
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **23. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR**
|**Balance at 1**
**August 2019**
**£**
**UNRESTRICTE**
**D FUNDS**
**DESIGNATED**
**FUNDS**
Extraordinary
repair fund
**133,124**
Fixed assets
**11,700,076**
**11,833,200**
**GENERAL**
**FUNDS**
General Funds
**2,305,446**
**TOTAL**
**UNRESTRICT**
**ED FUNDS**
**14,138,646**
**RESTRICTED**
**FUNDS**
Prize funds
**11,954**
Sundry funds
**34,411**
6th form interest
fund
**13,872**
Floodlights and
playground
**121,999**
**182,236**
**TOTAL OF**
**FUNDS**
**14,320,882**|**Income**
**£**
**-**
**-**
**-**
**9,225,253**
**9,225,253**
**-**
**374**
**90,000**
**-**
**90,374**
**9,315,627**|**Expenditure**
**£**
**-**
**(524,042)**
**(524,042)**
**(9,151,045)**
**(9,675,087)**
**-**
**-**
**(102,924)**
**(10,167)**
**(113,091)**
**(9,788,178)**|**Transfers**
**in/out**
**£**
**-**
**312,818**
**312,818**
**(312,818)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2020**
**£**
**7,634**
**140,758**
**(323,489)**
**11,165,363**
**(315,855)**
**11,306,121**
**-**
**2,066,836**
**(315,855)**
**13,372,957**
**206**
**12,160**
**37**
**34,822**
**-**
**948**
**-**
**111,832**
**243**
**159,762**
**(315,612)**
**13,532,719**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2020**
**£**
**7,634**
**140,758**
**(323,489)**
**11,165,363**
**(315,855)**
**11,306,121**
**-**
**2,066,836**
**(315,855)**
**13,372,957**
**206**
**12,160**
**37**
**34,822**
**-**
**948**
**-**
**111,832**
**243**
**159,762**
**(315,612)**
**13,532,719**|
|---|---|---|---|---|---|
||||||**2,066,836**|
||||||**13,372,957**|
||||||**12,160**
**34,822**
**948**
**111,832**
**159,762**|
||||||**13,532,719**|
Page 37
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **23. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR**
|**UNRESTRICTE**
**D FUNDS**
**DESIGNATED**
**FUNDS**
Extraordinary
repair fund
Fixed assets
**GENERAL**
**FUNDS**
General Funds
**TOTAL**
**UNRESTRICT**
**ED FUNDS**
**RESTRICTED**
**FUNDS**
Prize funds
Sundry funds
Renewable
funds for
Devon grant
6th form interest
fund
Floodlights and
playground
**TOTAL OF**
**FUNDS**|Balance at
1 August
2018
£
125,068
12,040,850
12,165,918
2,153,488
14,319,406
11,065
33,885
1,100
10,332
132,166
188,548
14,507,954|Income
£
-
-
-
9,450,972
9,450,972
-
366
-
90,000
-
90,366
9,541,338|Expenditure
£
-
(417,227)
(417,227)
(8,862,303)
(9,279,530)
-
-
(1,100)
(86,460)
(10,167)
(97,727)
(9,377,257)|Transfers
in/out
£
-
436,711
436,711
(436,711)
-
-
-
-
-
-
-
-|Gains/
(Losses)
£
8,056
(360,258)
(352,202)
-
(352,202)
889
160
-
-
-
1,049
(351,153)|Balance at
31 July 2019
£
133,124
11,700,076
11,833,200|
|---|---|---|---|---|---|---|
|||||||2,305,446|
|||||||14,138,646|
|||||||11,954
34,411
-
13,872
121,999
182,236|
|||||||14,320,882|
Page 38
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **24. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
||**Balance at 1**|**Balance at 1**||||||**Transfers**|**Transfers**|**Gains/**|**Gains/**|**Balance at**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**August 2019**||**Income**||**Expenditure**|||**in/out**||**(Losses)**||**31 July 2020**|
||**£**||**£**|||**£**||**£**||**£**||**£**|
|Designated|||||||||||||
|funds|**11,833,200**||**-**|||**(524,042)**||**312,818**||**(315,855)**||**11,306,121**|
|General funds|**2,305,446**||**9,225,253**|||**(9,151,045)**||**(312,818)**||**-**||**2,066,836**|
|Restricted funds|**182,236**||**90,374**|||**(113,091)**||**-**||**243**||**159,762**|
||**14,320,882**||**9,315,627**|||**(9,788,178)**||**-**||**(315,612)**||**13,532,719**|
||||||||||||||
|**SUMMARY OF FUNDS - PRIOR**|||**YEAR**||||||||||
||Balance at||||||||||||
||1 August|||||||Transfers||Gains/||Balance at|
||2018||Income|||Expenditure||in/out||(Losses)||31 July 2019|
||£||£|||£||£||£||£|
|Designated|||||||||||||
|funds|12,165,918||-|||(417,227)||436,711||(352,202)||11,833,200|
|General funds|2,153,488||9,450,972|||(8,862,303)||(436,711)||-||2,305,446|
|Restricted funds|188,548||90,366|||(97,727)||-||1,049||182,236|
||14,507,954||9,541,338|||(9,377,257)||-||(351,153)||14,320,882|
## **25. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|**Unrestricted**
**funds**
**2020**
**£**
Tangible fixed assets
16,153,521
Fixed asset investments
141,056
Current assets
4,044,750
Creditors due within one year
(2,051,829)
Creditors due in more than one year
(4,914,541)
**TOTAL**
13,372,957|**Restricted**
**funds**
**2020**
**£**
111,832
12,160
35,770
-
-
159,762|**Total**
**funds**
**2020**
**£**
**16,265,353**
**153,216**
**4,080,520**
**(2,051,829**
**(4,914,541**
**13,532,719**|
|---|---|---|
Page 39
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **25. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
|Unrestricted
funds
2019
£
Tangible fixed assets
16,366,129
Fixed asset investments
133,385
Current assets
3,817,878
Creditors due within one year
(1,481,713)
Creditors due in more than one year
(4,697,033)
**TOTAL**
14,138,646
**26.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income/expenditure for the period (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Interest paid
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**NET CASH PROVIDED BY OPERATING ACTIVITIES**|Restricted
funds
2019
Total
funds
2019
£
£
121,999
16,488,128
11,954
145,339
48,283
3,866,161
-
(1,481,713)
-
(4,697,033)
182,236
14,320,882
**FROM OPERATING**
**Group**
Group
**2020**
2019
**£**
£
**(464,674)**
173,186
**535,593**
428,494
**(7,877)**
(9,105)
**(13,977)**
(20,779)
**102,924**
86,460
**10,762**
(6,489)
**35,832**
(17,155)
**630,236**
(136,406)
**828,819**
498,206|
|---|---|
Page 40
**WEST BUCKLAND SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **27. ANALYSIS OF CASH AND CASH EQUIVALENTS**
|Cash in hand
Notice deposits (less than 3 months)
**TOTAL CASH AND CASH EQUIVALENTS**|**Group**
**2020**
**£**
**1,868,843**
**999,361**
**2,868,204**|Group
2019
£
1,472,193
997,687|
|---|---|---|
|||2,469,880|
## **28. ANALYSIS OF CHANGES IN NET DEBT**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
Liquid investments|**At 1 August**
**2019**
**£**
**2,469,880**
**-**
**(4,500,000)**
**(62,508)**
**1,000,000**
**(1,092,628)**|**Cash flows**
**£**
**398,324**
**(75,000)**
**75,000**
**28,730**
**-**
**427,054**|**At 31 July**
**2020**
**£**
**2,868,204**
**(75,000)**
**(4,425,000)**
**(33,778)**
**1,000,000**
**(665,574)**|
|---|---|---|---|
## **29. PENSION COMMITMENTS**
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £76,220 (2019: £44,113). £11,880 (2019: £9,830) were payable to the fund at the balance sheet date and are included in creditors.
There are several pension schemes available to certain employees of the School, the Teachers' Pension Scheme for teaching staff, and a Group Personal Pension Plan and a Death in Service Life Assurance for non-teaching staff. Additionally, a Contribution Pension Scheme was operated for the Bursar.
## **Teachers' Pension Scheme**
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full time teachers in academies and, from 1 January 2007, automatic for teachers in part time employment following appointment or a change of contract, although they are able to opt out.
The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
## **Valuation of the Teachers' Pension Scheme**
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial
Page 41
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **29. PENSION COMMITMENTS (CONTINUED)**
scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was prepared by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
- employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge)
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
- an employer cost cap of 10.9% of pensionable pay will be applied to future valuations
- the assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return is 4.45%
The TPS valuation for 2012 determined an employer rate of 16.4%, which was payable from September 2015. The latest valuation of the Teachers’ Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2016. As a result of this valuation TPS employers will pay an increased contribution rate of 23.68% from 1 September 2019 (this includes the administration levy of 0.8%).
The employer's pension costs paid to TPS in the year amounted to £671,909 (2019: £444,966).
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.
Under the definitions set out in FRS 102, the TPS is an unfunded multi employer pension scheme. The Academy Trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Academy Trust has set out above the information available on the scheme.
## **30. OPERATING LEASE COMMITMENTS**
At 31 July 2020 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2020**
**£**
**17,891**
**51,863**
**69,754**|Group
2019
£
21,629
69,753
91,382|**Charity**
**2020**
**£**
**17,891**
**51,863**
**69,754**|Charity
2019
£
20,401
69,753|
|---|---|---|---|---|
|||||90,154|
Page 42
**WEST BUCKLAND SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **31. RELATED PARTY TRANSACTIONS**
During the year three governors had children at the School and were paying school fees. One governor was in receipt of bursary funding. All fees were at published rates and the bursary was assessed in the same way as for other parents at the School. There were no favourable terms in respect of fees or bursaries as a result of being a governor.
No other related party transactions took place in the period of account other than those already listed in note 11.
## **32. PRINCIPAL SUBSIDIARIES**
**----- Start of picture text -----**
West Buckland Activities Limited
Subsidiary name West Buckland Activities Limited
Basis of control 100% shareholding
Total assets as at 31 July 2020 £ 84,975
Total liabilities as at 31 July 2020 £ (27,702)
Total equity as at 31 July 2020 £ 57,273
Turnover for the year ended 31 July 2020 £ 87,359
Expenditure for the year ended 31 July 2020 £ (43,623)
Profit for the year ended 31 July 2020 £ 43,715
**----- End of picture text -----**
During the year West Buckland set up a new trading sudsidiary West Buckland International, in which it. has 100% shareholding. In the year West Buckland International did not trade and has no assets or liabilities at the balance sheet date.
Page 43