**Charity number: 1167545** ## **WEST BUCKLAND SCHOOL** ## **GOVERNORS' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 JULY 2021** ## **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**|17 - 20| |**Consolidated statement of financial activities**|21| |**Consolidated balance sheet**|22| |**Charity balance sheet**|23| |**Consolidated statement of cash flows**|24| |**Notes to the financial statements**|25 - 48| **WEST BUCKLAND SCHOOL** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021** ## **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) (retired December 2020)1,2,3 Mr K R Underwood, (Vice Chair)1,3 Mr IP Blewett, (VIce Chair)2 Mr A G Boggis MA, (Chair of Governors) (appointed December 2020)1,2,3 Dr T A Brummit2 Dr R J Fisher-Smith BA MA PhD, (Nominative Governor - Representative of Exeter University)2 Mr JJ Hall MA, (Oxon) ^1 Mr P W Hevingham1 Mr G C James, (Nominative Governor - Representative of the Bishop of Exeter)2 Mr N Kingdon BDS, MOrthRCS1,3 Mr J Palk BA, (retired July 2021)2 Mrs S C E Salvidant BEd2 Mr P R Stucley BA, (Nominative Governor - Representative of the Lord Lieutenant of Devon) ^1,3 Mrs N J Wild BA (Hons) MRICS2 Mr JT Wilson MA, (Oxon) ^1 Mrs G Cotton, (appointed October 2020)1 > 1 Finance Committee > 2 Education Committee > 3 Governance Committee **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 **Bankers** HSBC Bank plc Stratus House Emperor Way Exeter Business Park Devon 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 2021** ## **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 2021** 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 2021 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, together with the school¶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 2021, 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 for as long as he or she holds that office), Exeter University (4-years), 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 gRYHUQRUV�EDVHG�RQ�WKH�FDQGLGDWHV¶�SURIHVVLRQDO�TXDOLWLHV� skills, experience, personal competence and local availability at a 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. Page 3 **WEST BUCKLAND SCHOOL** ## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **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, Education and Governance Committees with sub-committees formed as necessary (for example, Compliance, Nominations, Estates and Facilities). The Headmaster and the Bursar (also Clerk to the Governors) 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 three committees: - The Education Committee considers educational matters for the whole school and pastoral - policy, with specific responsibility for safeguarding. The committee is chaired by Mr Blewett � The Finance Committee scrutinises revenue, the budget and capital expenditure and marketing. 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 Underwood. - The Governance Committee oversees governance and compliance matters as well as - nominations. The committee is chaired by Mr Kingdon. In addition, sub-committees are established to consider current topics, there is a sub-committee exploring options for International Schools (chaired by Mr Hevingham) and a sub-committee to review the approach to prioritising Estates Development (chaired by Mr Underwood). 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 Headmaster and the Bursar are all invited to attend meetings of the Governing Body. ## **PAY POLICY FOR SENIOR STAFF** Remuneration is set by the Board, with the policy objective of encouraging enhanced performance and of rewarding, fairly, contributions to the sFKRRO¶V�VXFFHVV� The Headmaster reviews senior salaries and the Chair of Governors reviews the salaries of the Headmasters 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 sFKRRO¶V�FKDULWDEOH�YLVLRQ�DQG�SXUSRVH�LV�SULPDULO\�GHSHQGHQW�RQ�RXU�NH\�PDQDJHPHQW�SHUVRQQHO. Staff costs are the largest single element of our charitable expenditure. Page 4 **WEST BUCKLAND SCHOOL** **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **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. The Headmaster is a member of the Headmasters¶ and Headmistresses¶ Conference (HMC). HMC is a kite mark of global quality, innovation and excellence in education. There are currently 298 Schools meeting this quality. Standards in HMC independent schools are exceptionally high and parents can be assured that they are choosing the very best education for their child. At the heart of every HMC school is a commitment to the benefits of a holistic educational experience: academic excellence coupled with a strong emphasis on pastoral care and exceptional co-curricular opportunities. The school also draws on the expertise of the Independent Schools¶ Bursars 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 (IAPS). ,$36�LV�D�VFKRROV�DVVRFLDWLRQ�ZLWK�RYHU�����RI�WKH�ZRUOG¶V�OHDGLQJ�SUHS�VFKRROV�LQ� membership. Schools must reach a very high standard to be eligible for membership, with strict criteria on teaching a broad curriculum, maintaining excellent standards of pastoral care and keeping VWDII�PHPEHUV¶�SURIHVVLRQDO�GHYHORSPHQW�WUDLQLQJ�XS�WR�GDWH� 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** The Charity¶s objects 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 School in fulfilment of the charity¶s object. These 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 fulfilment of the charity¶s object. Page 5 **WEST BUCKLAND SCHOOL** ## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **MISSION** As an educational charity for children, West Buckland School¶V mission is to provide a personalised, 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. ## **Strategic Objectives** The broad aims of the strategy for the Academic Year 2020/21 were as follows: ## **1** To facilitate excellent teaching and learning in a safe and secure environment. ## **2** To facilitate the best academic result that each student is capable of achieving. ## **3** To develop quality academic staff within a culture of continual improvement. ## **4** 7R�PDLQWDLQ�H[FHOOHQW�ILQDQFLDO�PDQDJHPHQW�WR�VXSSRUW�WKH�6FKRRO¶V�IXUWKHU�HGXFDWLRQ� and estates development, at all times. ## **5** To ensure 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 the school. ## **7** To develop an excellent boarding and extracurricular offer for all ages, maintaining our reputation for excellent pastoral care. ## **8** To maintain and develop supportive relationships in the local community to provide outstanding Public Benefit. Page 6 **WEST BUCKLAND SCHOOL** ## **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **Development Plan for 2020/21** Further to the strategic aims, the following development plan was set for the year 2020/21: - x To develop understanding and provision for Social, Emotional and Mental Health as well as Special Educational Needs by training all staff - x To develop the senior leadership and management team - x Review the appraisal and staff development programme - x Continue the migration of the school intranet and learning platform to Teams and SharePoint - x Introduce the new two-week timetable and Extra Curricular Activity (ECA) programme - x Agree the process for trialling managed devices in the school - x Develop and improve the scholar programmes - x Consider how to improve diversity and inclusion within the school - x Introduce greater focus on our school environment and its impact on the planet and biodiversity - x Prepare to manage the impact of Covid-19 with increase boarding and medical provision - x Increase the opportunity for pupils to lead and influence the school - x Introduce holiday camps for pupils who cannot travel - x Upgrade the campus in key areas: teaching rooms, pupil social space, boarding - x Review and improve IT infrastructure - x Develop relationships with international communities with a mind to improved pupil connections and financial opportunities - x Estate developments to be more eco-friendly - x Improve connection and communication with international families and agents - x Maintain a strong, pupil-centric approach to the pandemic with excellent school and online provision - x Strengthen links with the community through OWBA and Foundation events ## **REVIEW OF ACHIEVEMENTS REPORT FOR 2020 - 2021** The School has reviewed market research which has indicated that there may be difficulties achieving the overseas pupil number targets. Local interest has increased following the shift towards living outside the major conurbations during the pandemic. The School received very positive publicity from its home learning offer over the COVID lockdown periods. Virtual Open Days were also seen as very successful and will be blended with the physical Open Days in the future. The links with the Foundation and the OWBA were strengthened during the challenging period, with financial support provided for a number of pupils. :RUN�KDV�EHHQ�FRQGXFWHG�RQ�WKH�6FKRRO¶V�(VWDWH�WR�XSJUDGH�teaching, social, medical and boarding spaces. We have completely revised the process for identifying estates development priorities and identified the highest priority as the construction of an Innovation Centre as part of our move to enhance the use and application of technology as an enabler across the curriculum. We have improved and increased the medical and boarding oversight to support our boarding students and successfully run a number of activity camps for them and others over the school holiday periods. Having learned from the online experience we have continued to develop our IT support across the school, moving to Teams and SharePoint in all areas. Managed Devices will start to be provided next Year as the second stage of this development. Page 7 **WEST BUCKLAND SCHOOL** **GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** We have revised our Scholarship programme to provide tailored and individual support to Scholars to recognise and develop their potential and established. A pupil led equality, diversity and exclusivity group has been established in the school. A pupil environment and sustainability group has been established. ## **MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE &+$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. Eighty-nine percent of pupils have attended their firm of insurance university course of choice over the past decade, rising to 98% in 2020-21. It welcomes children from all 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 equal-opportunities employer. The Headmaster provides means-tested bursaries and scholarships in the year worth around £1.4m. 7KH�:HVW�%XFNODQG�)RXQGDWLRQ¶V Bursary Fund of £2.2m continues to provide income to help support the Bursary Programme and in the last year 14 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 community. Applications from puSLOV�LQ�**Income from:**
Grants and donations
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 income/(expenditure) before net**
**(losses)/gains on investments**
Net (losses)/gains on investments
**Net income/(expenditure)**
Transfers between funds
23
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains/(losses) on interest rate swap
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**-**
**10,094,698**
**6,934**
**10,723**
**10,112,355**
**100,107**
**5,214**
**571,396**
**9,354,063**
**10,030,780**
**81,575**
**(1,459)**
**80,116**
**101,665**
**181,781**
**268,592**
**450,373**
**13,372,957**
**450,373**
**13,823,330**|**Restricted**
**funds**
**2021**
**£**
**9,167**
**-**
**-**
**381**
**9,548**
**-**
**-**
**-**
**116,805**
**116,805**
**(107,257)**
**1,792**
**(105,465)**
**(101,665)**
**(207,130)**
**-**
**(207,130)**
**159,762**
**(207,130)**
**(47,368)**|**Total**
**funds**
**2021**
**£**
**9,167**
**10,094,698**
**6,934**
**11,104**
**10,121,903**
**100,107**
**5,214**
**571,396**
**9,470,868**
**10,147,585**
**(25,682)**
**333**
**(25,349)**
**-**
**(25,349)**
**268,592**
**243,243**
**13,532,719**
**243,243**
**13,775,962**|_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_
_(472,551)_
_7,877_
_(464,674)_
_-_
_(464,674)_
_(323,489)_
_(788,163)_
_14,320,882_
_(788,163)_
_13,532,719_| |---|---|---|---|---| The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 25 to 48 form part of these financial statements. Page 21 **WEST BUCKLAND SCHOOL** ## **CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2021** |**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
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
**Total funds**|**47,117**
**331,729**
**-**
**3,987,897**
**4,366,743**
**(2,172,920)**
**49,155**|**2021**
**£**
**15,855,689**
**153,549**
**16,009,238**
**2,193,823**
**18,203,061**
**(4,427,099)**
**13,775,962**
**49,155**
**13,726,807**
**13,775,962**|_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_
_159,762_
_13,372,957_
_13,532,719_| |---|---|---|---|---| The financial statements were approved and authorised for issue by the Governors and signed on their behalf by: **Mr A G Boggis MA** Chair of Governors Date: 10 December 2021 The notes on pages 25 to 48 form part of these financial statements. Page 22 ## **WEST BUCKLAND SCHOOL** ## **CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2021** |**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**
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
**Total funds**|**45,832**
**329,738**
**-**
**3,975,305**
**4,350,875**
**(2,171,197)**
**49,155**|**2021**
**£**
**15,854,984**
**153,549**
**16,008,533**
**2,179,678**
**18,188,211**
**(4,427,099)**
**13,761,112**
**13,761,112**
**49,155**
**13,711,957**
**13,761,112**|_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_| |---|---|---|---|---| The financial statements were approved and authorised for issue by the Governors on 10 December 2021 and signed on their behalf by: ## **Mr A G Boggis MA** Chair of Governors The notes on pages 25 to 48 form part of these financial statements. Page 23 ## **WEST BUCKLAND SCHOOL** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021** |**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
Redemption of current asset investment
**Net cash provided by/(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|**2021**
**£**
**456,583**
**11,104**
**(161,732)**
**1,000,000**
**849,372**
**(88,814)**
**(97,448)**
**(186,262)**
**1,119,693**
**2,868,204**
**3,987,897**|_2020_
_£_
_828,819_
_13,977_
_(312,818)_
_-_
**(298,841)**
_(28,730)_
_(102,924)_
**(131,654)**
**398,324**
_2,469,880_
_2,868,204_| |---|---|---| The notes on pages 25 to 48 form part of these financial statements Page 24 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **1. GENERAL INFORMATION** West Buckland School is charitable incorporated orgainisation, 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 25 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **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. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 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. Page 26 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **2. ACCOUNTING POLICIES (continued)** ## **2.4 EXPENDITURE (CONTINUED)** 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. ## **2.5 GOVERNMENT GRANTS** Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. ## **2.6 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. ## **2.7 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 ## **2.8 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. Page 27 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **2. ACCOUNTING POLICIES (continued)** ## **2.9 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. ## **2.10 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. ## **2.11 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. ## **2.12 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. ## **2.13 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. ## **2.14 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. ## **2.15 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. Page 28 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **2. ACCOUNTING POLICIES (continued)** ## **2.16 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. ## **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. Page 29 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **4. INCOME FROM GRANTS AND DONATIONS** |**Restricted**
**funds**
**2021**
**£**
Donations
-
Government grants
9,167
**TOTAL 2021**
9,167
_TOTAL 2020_
_90,000_
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**funds**
**2021**
**£**
Tuition and boarding fees
11,272,140
Remitted Fees
(506,204)
Bursaries and scholarships
(1,385,524)
Other income
714,286
**TOTAL 2021**
10,094,698
_TOTAL 2020_
_9,123,757_
**6.**
**INCOME FROM OTHER TRADING ACTIVITIES**
**Income from fundraising events**
**Unrestricted**
**funds**
**2021**
**£**
Lettings of premises
-
_TOTAL 2020_
_534_|**Total**
**funds**
**2021**
**£**
**-**
**9,167**
**9,167**
_90,000_
**Total**
**funds**
**2021**
**£**
**11,272,140**
**(506,204)**
**(1,385,524)**
**714,286**
**10,094,698**
_9,123,757_
**Total**
**funds**
**2021**
**£**
**-**
_534_|_Total_
_funds_
_2020_
_£_
_90,000_
_-_
_90,000_
_Total_
_funds_
_2020_
_£_
_9,828,267_
_(425,791)_
_(1,048,958)_
_770,239_
_9,123,757_
_Total_
_funds_
_2020_
_£_
_534_| |---|---|---| Page 30 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **6. INCOME FROM OTHER TRADING ACTIVITIES (CONTINUED)** ## **Income from non charitable trading activities** |**Unrestricted**
**funds**
**2021**
**£**
West Buckland Activities Limited
6,934
_TOTAL 2020_
_87,359_|**Total**
**funds**
**2021**
**£**
**6,934**
_87,359_|_Total_
_funds_
_2020_
_£_
_87,359_| |---|---|---| |||| ## **7. INVESTMENT INCOME** |**Unrestricted**
**funds**
**2021**
**£**
Bank interest and dividends
10,723
_TOTAL 2020_
_13,603_|**Restricted**
**funds**
**2021**
**£**
381
_374_|**Total**
**funds**
**2021**
**£**
**11,104**
_13,977_|_Total_
_funds_
_2020_
_£_
_13,977_| |---|---|---|---| ||||| ## **8. EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME** |**Unrestricted**
**funds**
**2021**
**£**
Foundation other costs
19,975
Foundation wages
70,674
Foundation social security costs
6,300
Foundation pension costs
3,158
**TOTAL 2021**
100,107
_TOTAL 2020_
_130,074_|**Total**
**funds**
**2021**
**£**
**19,975**
**70,674**
**6,300**
**3,158**
**100,107**
_130,074_|_Total_
_funds_
_2020_
_£_
_29,960_
_90,967_
_6,079_
_3,068_| |---|---|---| |||_130,074_| |||| Page 31 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **8. EXPENDITURE ON RAISING FUNDS (CONTINUED)** ## **OTHER TRADING EXPENSES** |**Unrestricted**
**funds**
**2021**
**£**
West Buckland Activities Limited
4,791
Trading account depreciation
423
**TOTAL 2021**
5,214
_TOTAL 2020_
_38,169_|**Total**
**funds**
**2021**
**£**
**4,791**
**423**
**5,214**
_38,169_|_Total_
_funds_
_2020_
_£_
_37,741_
_428_| |---|---|---| |||_38,169_| |||| ## **9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** ## **Summary by fund type** |**Unrestricted**
**funds**
**2021**
**£**
Teaching
5,224,862
Welfare
1,423,178
Premises
1,757,023
Support
1,520,396
**TOTAL 2021**
9,925,459
_TOTAL 2020_
_9,506,844_|**Restricted**
**funds**
**2021**
**£**
105,690
-
10,167
948
116,805
_113,091_|**Total**
**funds**
**2021**
**£**
**5,330,552**
**1,423,178**
**1,767,190**
**1,521,344**
**10,042,264**
_9,619,935_|_Total_
_funds_
_2020_
_£_
_5,118,412_
_1,006,339_
_1,870,500_
_1,624,684_| |---|---|---|---| ||||_9,619,935_| ||||| Page 32 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES** |Teaching
Welfare
Premises
Support
**TOTAL 2021**
_TOTAL 2020_|**Activities**
**undertaken**
**directly**
**2021**
**£**
5,330,552
1,423,178
1,767,190
1,521,344
10,042,264
_9,619,935_|**Total**
**funds**
**2021**
**£**
**5,330,552**
**1,423,178**
**1,767,190**
**1,521,344**
**10,042,264**
_9,619,935_|_Total_
_funds_
_2020_
_£_
_5,118,412_
_1,006,339_
_1,870,500_
_1,624,684_| |---|---|---|---| ||||_9,619,935_| ||||| ## **ANALYSIS OF DIRECT COSTS** |Staff costs
Depreciation
Support
Other costs
Governance -
costs of
Trustees'
training and
expenses
Governance -
Professional
charges
Governance -
auditors'
remuneration
**TOTAL 2021**
_TOTAL 2020_|**Teaching**
**2021**
**£**
4,538,786
-
-
791,766
-
-
-
5,330,552
_5,118,412_|**Welfare**
**2021**
**£**
543,336
-
-
879,842
-
-
-
1,423,178
_1,006,339_|**Premises**
**2021**
**£**
298,367
570,974
-
897,849
-
-
-
1,767,190
_1,870,500_|**Support**
**2021**
**£**
745,064
-
15,292
724,015
820
24,228
11,925
1,521,344
_1,624,684_|**Total**
**funds**
**2021**
**£**
**6,125,553**
**570,974**
**15,292**
**3,293,472**
**820**
**24,228**
**11,925**
**10,042,264**
_9,619,935_|_Total_
_funds_
_2020_
_£_
_5,955,680_
_534,209_
_17,406_
_3,025,345_
_1,239_
_75,206_
_10,850_| |---|---|---|---|---|---|---| |||||||_9,619,935_| |||||||| Page 33 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **11. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs|**Group**
**2021**
**£**
**4,913,167**
**487,709**
**804,809**
**6,205,685**|_Group_
_2020_
_£_
_4,840,477_
_464,120_
_751,197_
_6,055,794_|**Charity**
**2021**
**£**
**4,913,167**
**487,709**
**804,809**
**6,205,685**|_Charity_
_2020_
_£_
_4,840,477_
_464,120_
_751,197_| |---|---|---|---|---| |||||_6,055,794_| The average number of persons employed by the charity during the year was as follows: |Educational staff
Support staff|**Group**
**2021**
**No.**
**78**
**96**
**174**|_Group_
_2020_
_No._
_76_
_91_
_167_|**Charity**
**2021**
**No.**
**78**
**96**
**174**|_Charity_
_2020_
_No._
_76_
_91_| |---|---|---|---|---| |||||| |||||_167_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: ||**Group**|_Group_| |---|---|---| ||**2021**|_2020_| ||**No.**|_No._| |In the band £60,001 - £70,000|**-**|_3_| |In the band £70,001 - £80,000|**3**|_2_| |In the band £80,001 - £90,000|**2**|_-_| |In the band £110,001 - £120,000|**-**|_1_| |In the band £130,001 - £140,000|**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 £658,217 (2020: £610,642). ## **12. GOVERNORS' REMUNERATION AND EXPENSES** During the year, no Governors received any remuneration or other benefits _(2020 - £NIL)_ . During the year ended 31 July 2021, expenses totalling £820 (2020: £1,168) were paid to 3 (2020: 3) Governors. Page 34 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **13. NET INCOME / EXPENDITURE** This is stated after charging: |Depreciation of tangible fixed assets:
- owned by the charitable group
- held under finance leases
Auditors' remuneration - audit
Auditors' remuneration - other services|**2021**
**£**
**552,583**
**18,813**
**11,925**
**3,681**
**587,002**|_2020_
_£_
_523,051_
_12,542_
_13,020_
_-_| |---|---|---| |||_548,613_| ## **14. INTEREST RATE SWAP MOVEMENT** |Brought forward liability
Gain/(Loss) for the year
Carry forward liability|**2021**
**£**
**(489,541)**
**268,592**
**(220,949)**|_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 2020
Additions
At 31 July 2021|**Freehold**
**property**
**£**
**17,986,184**
**45,962**
**18,032,146**|**Furniture,**
**equipment**
**and all**
**weather**
**pitch**
**£**
**4,032,167**
**115,770**
**4,147,937**|**Total**
**£**
**22,018,351**
**161,732**| |---|---|---|---| ||||**22,180,083**| Page 35 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **15. TANGIBLE FIXED ASSETS (CONTINUED)** ## **GROUP (CONTINUED)** |**DEPRECIATION**
At 1 August 2020
Charge for the year
At 31 July 2021
**NET BOOK VALUE**
At 31 July 2021
_At 31 July 2020_|**Freehold**
**property**
**£**
**2,811,407**
**380,757**
**3,192,164**
**14,839,982**
_15,174,777_|**Furniture,**
**equipment**
**and all**
**weather**
**pitch**
**£**
**2,941,591**
**190,639**
**3,132,230**
**1,015,707**
_1,090,576_|**Total**
**£**
**5,752,998**
**571,396**| |---|---|---|---| ||||**6,324,394**| ||||| ||||**15,855,689**| ||||_16,265,353_| Page 36 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **15. TANGIBLE FIXED ASSETS (CONTINUED) CHARITY** |**COST OR VALUATION**
At 1 August 2020
Additions
At 31 July 2021
**DEPRECIATION**
At 1 August 2020
Charge for the year
At 31 July 2021
**NET BOOK VALUE**
At 31 July 2021
_At 31 July 2020_|**Freehold**
**property**
**£**
**17,986,184**
**45,962**
**18,032,146**
**2,811,407**
**380,757**
**3,192,164**
**14,839,982**
_15,174,777_|**Furniture,**
**equipment**
**and all**
**weather**
**pitch**
**£**
**4,022,629**
**115,770**
**4,138,399**
**2,933,181**
**190,216**
**3,123,397**
**1,015,002**
_1,089,448_|**Total**
**£**
**22,008,813**
**161,732**| |---|---|---|---| ||||**22,170,545**| ||||**5,744,588**
**570,973**| ||||**6,315,561**| ||||| ||||**15,854,984**| ||||_16,264,225_| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: Group Group Charity Charity 2021 2020 2021 2020 £ £ £ £ Furniture, equipment and all weather pitch 54,752 429,191 54,752 429,191 Included in Freehold Property was Land at a cost of £2,457,684 which was not depreciated. Page 37 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **16. FIXED ASSET INVESTMENTS** |**GROUP AND CHARITY**
**COST OR VALUATION**
At 1 August 2020
Revaluations
AT 31 JULY 2021
**NET BOOK VALUE**
AT 31 JULY 2021
_AT 31 JULY 2020_|**Listed**
**investments**
**£**
**153,216**
**333**| |---|---| ||**153,549**| ||| ||**153,549**| ||_153,216_| |**17.**
**STOCKS**
Stocks
**18.**
**DEBTORS**
**DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
**19.**
**CURRENT ASSET INVESTMENTS**
Fixed term deposits|**Group**
**2021**
**£**
**47,117**
**Group**
**2021**
**£**
**1,991**
**-**
**260,361**
**69,377**
**331,729**
**Group**
**2021**
**£**
**-**|_Group_
_2020_
_£_
_35,632_
_Group_
_2020_
_£_
_2,097_
_-_
_260,619_
_51,339_
_314,055_
_Group_
_2020_
_£_
_1,000,000_|**Charity**
**2021**
**£**
**45,832**
**Charity**
**2021**
**£**
**-**
**-**
**260,361**
**69,377**
**329,738**
**Charity**
**2021**
**£**
**-**|_Charity_
_2020_
_£_
_34,221_
_Charity_
_2020_
_£_
_-_
_25,988_
_260,289_
_51,339_
_337,616_
_Charity_
_2020_
_£_
_1,000,000_| |---|---|---|---|---| Page 38 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income|**Group**
**2021**
**£**
**225,000**
**351,446**
**-**
**122,693**
**13,814**
**740,749**
**719,218**
**2,172,920**|_Group_
_2020_
_£_
_75,000_
_54,868_
_-_
_119,602_
_33,778_
_765,308_
_1,140,644_
_2,189,200_|**Charity**
**2021**
**£**
**225,000**
**351,446**
**1,312**
**122,033**
**13,814**
**740,749**
**716,843**
**2,171,197**|_Charity_
_2020_
_£_
_75,000_
_54,853_
_-_
_119,602_
_33,778_
_765,308_
_1,138,944_| |---|---|---|---|---| |||||_2,187,485_| ## **21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** |Bank loans
Net obligations under finance lease and hire
purchase contracts
Derivatives - interest rate swap|**Group**
**2021**
**£**
**4,200,000**
**6,150**
**220,949**
**4,427,099**|_Group_
_2020_
_£_
_4,425,000_
_-_
_489,541_
_4,914,541_|**Charity**
**2021**
**£**
**4,200,000**
**6,150**
**220,949**
**4,427,099**|_Charity_
_2020_
_£_
_4,425,000_
_-_
_489,541_| |---|---|---|---|---| |||||_4,914,541_| 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**
**2021**
**£**
**3,300,000**
**3,300,000**|_Group_
_2020_
_£_
_3,525,000_
_3,525,000_|**Charity**
**2021**
**£**
**3,300,000**
**3,300,000**|_Charity_
_2020_
_£_
_3,525,000_| |---|---|---|---|---| |||||_3,525,000_| The bank loan is secured via a legal charge over freehold property of the School. Page 39 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **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**
**2021**
**£**
**3,987,897**
**Group**
**2021**
**£**
**(220,949)**|_Group_
_2020_
_£_
_3,868,204_
_Group_
_2020_
_£_
_(489,541)_|**Charity**
**2021**
**£**
**3,975,305**
**Charity**
**2021**
**£**
**(220,949)**|_Charity_
_2020_
_£_
_3,788,194_
_Charity_
_2020_
_£_
_(489,541)_| |---|---|---|---|---| 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 40 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **23. STATEMENT OF FUNDS** |**STATEMENT OF FUNDS**||||| |---|---|---|---|---| |**STATEMENT OF FUNDS - CURRENT YEAR**
**Balance at 1**
**August 2020**
**£**
**Income**
**£**
**UNRESTRICTED**
**FUNDS**
**DESIGNATED**
**FUNDS**
Emergency repair
fund
**140,758**
**-**
Fixed assets
**11,165,363**
**-**
**11,306,121**
**-**
**GENERAL FUNDS**
General Funds
**2,066,836**
**10,015,832**
**TOTAL**
**UNRESTRICTED**
**FUNDS**
**13,372,957**
**10,015,832**
**RESTRICTED**
**FUNDS**
Prize funds
**12,160**
**-**
Sundry funds
**34,822**
**381**
6th form interest
fund
**948**
**-**
Floodlights and
playground
**111,832**
**-**
Other government
grants (job
retention scheme)
**-**
**105,690**
**159,762**
**106,071**
**TOTAL OF FUNDS**
**13,532,719**
**10,121,903**|**Expenditure**
**£**
**-**
**(561,229)**
**(561,229)**
**(9,469,551)**
**(10,030,780)**
**-**
**-**
**(948)**
**(10,167)**
**(105,690)**
**(116,805)**
**(10,147,585)**|**Transfers**
**in/out**
**£**
**-**
**337,014**
**337,014**
**(235,349)**
**101,665**
**-**
**-**
**-**
**(101,665)**
**-**
**(101,665)**
**-**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2021**
**£**
**(1,459)**
**139,299**
**268,592**
**11,209,740**
**267,133**
**11,349,039**
**-**
**2,377,768**
**267,133**
**13,726,807**
**1,518**
**13,678**
**274**
**35,477**
**-**
**-**
**-**
**-**
**-**
**-**
**1,792**
**49,155**
**268,925**
**13,775,962**|| |**Balance at 1**
**August 2020**
**£**
**UNRESTRICTED**
**FUNDS**
**DESIGNATED**
**FUNDS**
Emergency repair
fund
**140,758**
Fixed assets
**11,165,363**
**11,306,121**
**GENERAL FUNDS**
General Funds
**2,066,836**
**TOTAL**
**UNRESTRICTED**
**FUNDS**
**13,372,957**
**RESTRICTED**
**FUNDS**
Prize funds
**12,160**
Sundry funds
**34,822**
6th form interest
fund
**948**
Floodlights and
playground
**111,832**
Other government
grants (job
retention scheme)
**-**
**159,762**
**TOTAL OF FUNDS**
**13,532,719**||||| |||||**11,349,039**| |||||**2,377,768**| |||||**13,726,807**| |||||**13,678**
**35,477**
**-**
**-**
**-**| |||||**49,155**| |||||**13,775,962**| Page 41 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **23. STATEMENT OF FUNDS (CONTINUED)** The specific purposes for which the funds are to be applied is as follows: The prize funds consists of The Thomas Shepherd Law Scholarship and the Comers Clarke Scholarship. The carried forward on this fund represents the value of the investments making up the fund. Sundry funds comprise a number of small funds representing either donations made to the School by various bodies, assets donated to the School, grants received by the School for specific purposes or smaller restricted prize and sponsorship funds. The Floodlights and playground funds were raised for the two capital projects. The value of the fund is represented by the assets concerned and depreciation on the equipment is charged against the fund. As the restriction has now gone, this has been transferred to the fixed assets fund. The 6th form interest fund represents funding from the West Buckland School Foundation to cover the interest payments for the first five years of the loan relating to the 6th form facility. This fund is now fully spent. Page 42 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **23. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR** |**UNRESTRICTE**
**D FUNDS**
**DESIGNATED**
**FUNDS**
Emergency
repair fund
Fixed assets
**GENERAL**
**FUNDS**
General Funds
**TOTAL**
**UNRESTRICT**
**ED FUNDS**
**RESTRICTED**
**FUNDS**
Prize funds
Sundry funds
6th form interest
fund
Floodlights and
playground
**TOTAL OF**
**FUNDS**|_Balance at_
_1 August_
_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_|_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)_
_£_
_7,634_
_(323,489)_
_(315,855)_
_-_
_(315,855)_
_206_
_37_
_-_
_-_
_243_
_(315,612)_|_Balance at_
_31 July 2020_
_£_
_140,758_
_11,165,363_| |---|---|---|---|---|---|---| |||||||_11,306,121_| |||||||_2,066,836_| |||||||_13,372,957_| |||||||_12,160_
_34,822_
_948_
_111,832_| |||||||_159,762_| |||||||_13,532,719_| Page 43 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **24. SUMMARY OF FUNDS** |**SUMMARY OF FUNDS - CURRENT YEAR**
**Balance at 1**
**August 2020**
**£**
**Income**
**£**
Designated
funds
**11,306,121**
**-**
General funds
**2,066,836**
**10,015,832**
Restricted funds
**159,762**
**106,071**
**13,532,719**
**10,121,903**
**SUMMARY OF FUNDS - PRIOR YEAR**
_Balance at_
_1 August_
_2019_
_£_
_Income_
_£_
Designated
funds
_11,833,200_
_-_
General funds
_2,305,446_
_9,225,253_
Restricted funds
_182,236_
_90,374_
_14,320,882_
_9,315,627_|**SUMMARY OF FUNDS - CURRENT YEAR**
**Balance at 1**
**August 2020**
**£**
**Income**
**£**
Designated
funds
**11,306,121**
**-**
General funds
**2,066,836**
**10,015,832**
Restricted funds
**159,762**
**106,071**
**13,532,719**
**10,121,903**
**SUMMARY OF FUNDS - PRIOR YEAR**
_Balance at_
_1 August_
_2019_
_£_
_Income_
_£_
Designated
funds
_11,833,200_
_-_
General funds
_2,305,446_
_9,225,253_
Restricted funds
_182,236_
_90,374_
_14,320,882_
_9,315,627_|**Expenditure**
**£**
**(561,229)**
**(9,469,551)**
**(116,805)**
**(10,147,585)**
_Expenditure_
_£_
_(524,042)_
_(9,151,045)_
_(113,091)_
_(9,788,178)_|**Transfers**
**in/out**
**£**
**337,014**
**(235,349)**
**(101,665)**
**-**
_Transfers_
_in/out_
_£_
_312,818_
_(312,818)_
_-_
_-_|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2021**
**£**
**267,133**
**11,349,039**
**-**
**2,377,768**
**1,792**
**49,155**
**268,925**
**13,775,962**
_Gains/_
_(Losses)_
_£_
_Balance at_
_31 July 2020_
_£_
_(315,855)_
_11,306,121_
_-_
_2,066,836_
_243_
_159,762_
_(315,612)_
_13,532,719_|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2021**
**£**
**267,133**
**11,349,039**
**-**
**2,377,768**
**1,792**
**49,155**
**268,925**
**13,775,962**
_Gains/_
_(Losses)_
_£_
_Balance at_
_31 July 2020_
_£_
_(315,855)_
_11,306,121_
_-_
_2,066,836_
_243_
_159,762_
_(315,612)_
_13,532,719_| |---|---|---|---|---|---| ||||||**13,775,962**| ||||||_Balance at_
_31 July 2020_
_£_
_11,306,121_
_2,066,836_
_159,762_| |Designated
funds
General funds
Restricted funds|_Balance at_
_1 August_
_2019_
_£_
_11,833,200_
_2,305,446_
_182,236_
_14,320,882_||||| ||||||_13,532,719_| ## **25. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
15,754,024
Fixed asset investments
139,871
Current assets
4,331,266
Creditors due within one year
(2,172,920)
Creditors due in more than one year
(4,427,099)
Difference
101,665
**TOTAL**
13,726,807|**Restricted**
**funds**
**2021**
**£**
101,665
13,678
35,477
-
-
(101,665)
49,155|**Total**
**funds**
**2021**
**£**
**15,855,689**
**153,549**
**4,366,743**
**(2,172,920**
**(4,427,099**
**-**| |---|---|---| |||**13,775,962**| Page 44 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **25. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR** |_Unrestricted_
_funds_
_2020_
_£_
Tangible fixed assets
_16,153,521_
Fixed asset investments
_141,056_
Current assets
_4,182,121_
Creditors due within one year
_(2,189,200)_
Creditors due in more than one year
_(4,914,541)_
**TOTAL**
_13,372,957_
**26.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net expenditure for the year (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_
_2020_
_Total_
_funds_
_2020_
_£_
_£_
_111,832_
_16,265,353_
_12,160_
_153,216_
_35,770_
_4,217,891_
_-_
_(2,189,200)_
_-_
_(4,914,541)_
_159,762_
_13,532,719_
**FROM OPERATING**
**Group**
_Group_
**2021**
_2020_
**£**
_£_
**(25,349)**
_(464,674)_
**571,396**
_535,593_
**(333)**
_(7,877)_
**(11,104)**
_(13,977)_
**97,448**
_102,924_
**(11,485)**
_10,762_
**(17,674)**
_35,832_
**(146,316)**
_630,236_
**456,583**
_828,819_| |---|---| Page 45 ## **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **27. ANALYSIS OF CASH AND CASH EQUIVALENTS** |Cash in hand
Notice deposits (less than 3 months)
**TOTAL CASH AND CASH EQUIVALENTS**|**Group**
**2021**
**£**
**2,988,436**
**999,461**
**3,987,897**|_Group_
_2020_
_£_
_1,868,843_
_999,361_| |---|---|---| |||| |||_2,868,204_| ## **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**
**2020**
**£**
**2,868,204**
**(75,000)**
**(4,425,000)**
**(33,778)**
**1,000,000**
**(665,574)**|**Cash flows**
**£**
**1,119,693**
**(150,000)**
**225,000**
**13,814**
**(1,000,000)**
**208,507**|**At 31 July**
**2021**
**£**
**3,987,897**
**(225,000)**
**(4,200,000)**
**(19,964)**
**-**| |---|---|---|---| ||||**(457,067)**| ## **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 £78,524 (2020: £76,220). £11,036 (2020: £11,880) 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 schools 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 46 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **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 0.08%). The employer's pension costs paid to TPS in the year amounted to £723,127 (2020: £671,909). 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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme. ## **30. OPERATING LEASE COMMITMENTS** At 31 July 2021 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**
**2021**
**£**
**17,818**
**34,044**
**51,862**|_Group_
_2020_
_£_
_17,891_
_51,863_
_69,754_|**Charity**
**2021**
**£**
**17,818**
**34,044**
**51,862**|_Charity_
_2020_
_£_
_17,891_
_51,863_| |---|---|---|---|---| |||||| |||||_69,754_| Page 47 **WEST BUCKLAND SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **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 12. ## **32. PRINCIPAL SUBSIDIARIES** |**West Buckland Activities Limited**|| |---|---| |Subsidiary name|West Buckland Activities Limited| |Basis of control|100% shareholding| |Total assets as at 31 July 2021|£ 17,914| |Total liabilities as at 31 July 2021|£ (3,064)| |Total equity as at 31 July 2021|£ 14,850| |Turnover for the year ended 31 July 2021|£ 6,927| |Expenditure for the year ended 31 July 2021|£ (5,214)| |Profit for the year ended 31 July 2021|£ 1,720| West Buckland also has a 100% shareholding in West Buckland International (a trading subsidiary). In the year West Buckland International did not trade and has no assets or liabilities at the balance sheet date. Page 48