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2021-08-31-accounts

. * CHURCHER'S COLLEGE Annual Report & Financial Statements For the year ended 31 August 2021 ?; Registered company number:10813349 Registered charity number:1173833

Page
Report ofthe Trustees 1to19
Report ofthe Independent
Auditors		 20 to 21
Consolidated Statement ofFinancial Activities 22
Consolidated Balance Sheet 23
Charity Balance Sheet 24
Cash Flow Statement 25
Notes to the Cash Flovv Statement 26
Notes to the Financial
Statements		 27 to 45

GOVERNORS, DIRE GOVERNORS, DIRE GOVERNORS, DIRE CTORS AND CHARIT CTORS AND CHARIT CTORS AND CHARIT Y TRUST Y TRUST Y TRUST EES
The Governors ofChurcher's College ("the College")are the College's charity trustees under charity law. The members
ofthe Governing Body who served in office as Governors during the year and subsequently are detailed below. The list
also shows those Governors who are also directors ofthe subsidiary company Churcher's College Enterprise Ltd (CCE
Ltd).
' Name , Governor Status (2) (3) (4)
M JGallagher (Chairman) ! Co-opted (2)
J Bloomer (Vice Chairman) Co-opted (2)
, SBarrett , Co-opted (2) (4)
SBeecham Co-opted
KBush , Senior School Parents Association—
Nominated Governor
J Franklin Co-opted
T'
C Herraman-Stowers Co-opted
EHynes-Laitt (from June 2020) Co-opted
W A Jones Co-opted (3)
PLawrence (from March 2020) Co-opted
M Leigh Co-opted
I'
RMay ,'Co-opted
DMoses Co-opted (4)
ROates (from March 2021) l Junior School Parents Association—
Nominated Governor
A Robinson '
,		 Co-opted (4)
' CStrick (from June 2020) Co-opted
,'L Wetzel (to March 2021) ' Junior School Parents Association-
';. Nominated Governor

Junior School (Reception —Year 2) X3,610 K3,440
Junior School (Years 3 —6) K3,855 K3,670
Senior School (All Years) K5,480 5.5,345

A table ofs ortin results b s ort over the last ort over the last 5 ears: ears:
1"XV 15.4% - 36% - 63% - 53% - COVID
Rngby All 63.5% - 61% 65% I 62% COVID
Pla ed 8 - 130 I ll - COVID
1slXI 71.4% 67.9% 50% 46% 42% 30% 58% 33/0 COVID COVID
Hpckey All 63.0% 53% 48% 37% 50% 40% 53% 41/0 COVID COVID
Played 127 166 97 121 180 185 115 179 COVID COVID
1"VII - 66.7% - 60% - 47% - 39% - COVID
All - 61.2% - 46% - 60% 56% COVID
Played - 191 - 175 - 233 - 137 - COVID
1"XI 55.6% - 55% - 40% - COVID COVID 57%
Cricket 6 .8% 5% 67% 8 % 55% 63'/
Played 76 79
16		 6 65 19 COVID COVID 42 * 18 *
1" - 100% 100% - 0% COVID COVID 0%
Rpnnders All 85.5% 640/ 73P/ COVID COVID 75%
Played 55
16		 53%
14		 COVID COVID 16
250/ 5po/ 250/ Ippo/ COVID COVID 0% 0%
Tennis All COVID COVID 79% 57%
Played 25 (0) 34 (5) 23 24 COVID COVID 20 17
~ a
Grade 1 6 5 — 11 - 5 COVID 13
2 11 17 14 17 8 22 7 COVID 15 30
3 17 20 11 19 18 15 15 COVID 24 31
4 26 14 12 18 19 19 6 COVID 18 19
5 37 13 39 16 44 19 21 COVID 26 16
6 14 35 20 12 13 13 13 COVID 12 20
7 15 10 19 26 10 3 6 COVID 16 10
8 10 3 20 14 23 20 7 COVID 17 8
TOTAL 136 112 140 122 146 111 80 141 134

I I I
I I I
I I I I
I		 I
I		 i I I I
Gross Fee Income 2,499.9 2,570.8 14,473.6 14,807.2 16,973.5 17,378.0
Net Fee Income 2,304.1 2,404.8 12,535.1 13,047.0 14,839.2 15,451.8
Letting Income 11.8 12.2 71.1 65.1 82.9 77.3
Surplus/(Loss) 60.8 (79.9) 1,893.5 1,535.2 (22.7) (44.3) 1,931.6 1,411.0
Net Fee Income % 2.6% (3.3%) 15.1% 11.8% 13.0% 9.1%

FOR THK YEAR ENDED 31 STAU GUST 2021
2021 2020
Unrestricted Restricted Endowment Total Total
fi.mds funds funds funds funds
Notes
INCOME AND
ENDOWMENTS FROM
Donations
and legacies		 83,101 60,171 143,272 221,649
Investment
income		 34,970 34,970 35,133
Charitable
activities
Education
and grant making		 6 18,057,376 18,057,376 17,588,975
Other incoming
resources		 4 198,127 198,127 426,760
Total 18,338,604 95,141 18,433,745 18,272,517
EXPENDITURE ON
Raising funds 18,304 18,304 26,000
Charitable
activities
Education
and grant making		 16,711,844 83,101 16,794,945 16,146,110
Trading
subsidiary
expenditure		 170,701 170,701 158,474
Total 16,900,849 83,101 16,983,950 16,330,584
NET INCOME BEFORE 1,437,755 12,040 1,449,795 1,941,933
TRANSFERS
Transfers between
funds		 26
NET INCOME 1,437,755 12,040 1,449,795 1,941,933
Other recognised
gains/losses
Unrealised
gain on fixed assets		 155,000 155,000
Gains/losses
on investment		 3,534 3,534 (2,034)
assets
Actuarial
gains/losses
on		 (1,648) (1648) (155738)
defined benefit schemes
Net movement
in funds		 1,436,107 170,574 1,606,681 1,784, 161
RECONCILIATION
OF
FUNDS
Total funds brought
forward		 7,309,806 1,143,765 11,054,353 19,507,924 17,723,763
TOTAL FUNDS CARRIED
FORWARD 8,745,913 1,314,339 11,054,353 21,114,605 19,507,924

FOR THE YEAR ENDED 31STAU GUST 2021
2021 2020
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Notes
FIXEDASSETS
Tangible
assets		 14 17,805,889 11,054,353 28,860,242 24,563,557
Investments
Investments 16 12,123 12,123 8,589
Investment
property		 17 950,000 950,000 795,000
17,805,889 962,123 11,054,353 29,822,365 25,367,146
CURRENT ASSETS
Stocks 18 1,717 1,717 1,663
Debtors 19 472,653 472,653 140,443
Cash at bank and in hand 55,649 352,216 407,865 1,030,501
530,019 352,216 882,235 1,172,607
CREDITORS
Amounts
falling due within		 one
year 20 (4,260,719) (4 260719) (3774 740)
NET CURRENT (3,730,700) 352,216 (3,378,484) (2,602, 133)
LIABILITIES
TOTAL ASSETSLESS
CURRENT LIABILITIES 14,075,189 1,314,339 11,054,353 26,443,881 22,765,013
CREDITORS
Amounts
falling after more		 than
one year 21 (5,329,276) (5,329,276) (3,257,089)
NET ASSETS 8,745,913 1,314,339 11,054,353 21,114,605 19,507,924
FUNDS 26
Unrestricted
funds		 8,745,913 7,309,806
Restricted
funds		 1,314,339 1,143,765
Endowment
funds		 11,054,353 11,054,353
TOTAL FUNDS 21 114605 19507 924

FORTIIK YEAR ENDED 31STAU GUST 2021
2021 2020
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Notes
FIXEDASSETS
Tangible assets 15 16,196,927 11,054,353 27,251,280 22,952,694
Investments
Investments 16 1,600,000 12,123 1,612,123 1,608,589
Investment
property		 17 950,000 950,000 795,000
17,796,927 962,123 11,054,353 29,813,403 25,356,283
CURRENT ASSETS
Stocks 18 1,717 1,717 1,663
Debtors 19 467,286 467,286 137,117
Cash at bank and in hand 48,491 352,216 400,707 1,016,121
517,494 352,216 869,710 1,154,901
CREDITORS
Amounts
falling due within		 one
year 20 (4,276,288) (4,276,288) (3,827,532)
NKT CURRENT (3,758,794) 352,216 (3,406,578) (2,672,631)
LIABILITIES
TOTAL ASSETSLESS
CURRENT LIABILITIES 14,038,133 1,314,339 11,054,353 26,406,825 22,683,652
CREDITORS
Amounts
falling after more		 than
one year 21 (5,329,276) (5,329,276) (3,257,089)
NET ASSETS 8,708,857 1,314,339 11,054,353 21,077,549 19,426,563
FUNDS 26
Unrestricted
funds		 8,708,857 7,228,445
Restricted funds 1,314,339 1,143,765
Endowment
funds		 11,054,353 11054 353
TOTAL FUNDS 21,077,549 19,426,563

CONSOLIDATED
CASH		 FLOWV STATEMENT FLOWV STATEMENT FLOWV STATEMENT
FOR THE YEAR ENDED 31STAUGUST 2021
2021 2020
Notes
Cash flows from operating activities:
Cash generated
from operations		 1,884,872 2,017,673
Cash flows from investing activities:
Purchase oftangible
fixed assets		 (4,429,399) (2,790,081)
Dividend &interest received 2,522 2,685
Net cash provided
by (used		 in) investing (4,426,877) (2,787,396)
activities
Cash flows from financing activities:
Bank loan received 2,000,000 2,000,000
Loan repayments
in year		 (425,874) (444,981)
Net cash provided
by (used in) financing		 1,574, 126 1,555,019
activities
Change in cash and cash equivalents in the
reporting
period		 (967,879) 785,296
Cash and cash equivalents at the beginning of
the reporting
period		 1,030,501 245,205
Cash and cash equivalents at the end ofthe
reporting
period		 62,622 1,030,501

2021 2020
Net income/(expenditure)
for the reporting		 period (as per the statement
offinancial
activities)		 1,449,795 1,941,933
Adjustments
for:
Gain/(losses)
on defined benefit scheme		 (1,648) (155,738)
Depreciation offixed assets 132,714 135,162
Dividends
& interest received		 (2,522) (2,685)
(Increase)/decrease
in stocks		 (54) 93,364
(Increase)/decrease
in debtors		 (332,210) 360,587
(Decrease)/increase
in creditors		 638,797 (354,950)
Net cash provided
by operating		 activities 1,884,872 2,017,673
ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
Cash at bank and in hand 407,865 1,030,501
Overdrafts
falling due within one year		 (345,243)
Total cash and cash equivalents 62,622 1,030,501

2021 2020
Development
donations		 60,171 100,649
Donations
from Richard Churcher		 Foundation Fund 83,101 121,000
143,272 221,649
4. OTHER INCOMING RESOURCES —GROUP
2021 2020
Tuck Shop income
Lettings		 12,207 1,248
11,621
Trading
income Churcher's		 College Enterprises Limited 52,105 71,125
Grants —Government Job Retention Scheme 133,815 342,766
198,127 426,760
5. INVESTMENT INCOME —GROUP
2021 2020
Rental Income 32,448 32,448
Dividends k interest received 2,522 2,685
34,970 35,133
6. INCOME FROM CHARITABLE ACTIVITIES —GROUP
2021 2020
Activity
Gross school fees Education and grant making 17,378,035 16,973,539
Entrance
and registration		 fees Education and grant making 47,424 36,481
Lunches
and milk		 Education and grant making 602,541 549,882
Other income (excl shop
income) Education and grant making 29,376 29,073
18,057,376 17,588,975
7. RAISING FUNDS —GROUP
Raising donations and legacies
2021 2070
Raising donations and legacies —Richard Churcher
Foundation		 18,304 26,000

Grant funding
Direct costs of activities Support costs Totals
(See note 9) (See note 10)
Education and grant making 14,840,743 1,926,241 27,961 16,794,945
Trading costs: CCE 168,188 2,513 170,701
15,008,931 1,926,241 30,474 16,965,646
9. GRANTS PAYABLE —GROUP
2021 2020
Bursaries and other grants and awards 1,926,241 2,134,369
10. SUPPORT COSTS —GROUP
2021 2020
Legal fees 7,224 7,234
Auditors remuneration 15,550 22,060
Accounts preparation services 7,200 8,400
Tax advisory
services		 500 300
30,474 37,994

2021 2020
Wages and salaries 8,781,750 8,028,796
Social security costs 851,392 824,926
Other pension costs and apprenticeship levy 1,812,003 1,717,284
10,945,145 10,571,006

The average monthly
number		 ofe mpl oyees
during the year was as		 follows:
2021 2020
Teaching 125 128
Administration 32 31
Technicians 27 26
Cleaners 20 19
Site 11 12
Nurses 2 2
217 218
2021 2020
Number ofhigher paid employees in bands of:
K60,000 —f.70,000 18
f70,001 —$80,000 2
f80,001 —f90,000 2
690,001 - X100,000 3
f100,001 - f110,000
f.110,001 - X120,000
F120,001 - f130,000
X130,001 - f140,000
f.140,001 - f150,000
f150,001 - f160,000
f.160,001 - 5.170,000
f.170,001 —f.180,000
The number
with retirement		 benefits accruing
- in Defined Benefit schemes was 206 205
Ofwhich the contributions amounted to f691,527 X676,874

TANGIBLE FIXEDASSETS - GR OUP
Freehold Assets under Plant and
property construction machinery
COST
At 1st September 2020 25,927,375 3,703,696 467,971
Additions 245,253 3,946,732 54,304
At 31stAugust 2021 26,172,628 7,650,428 522,275
DEPRECIATION
At 1st September 2020 5,262,660 359,498
Charge for year 22,609 24,246
At 31st August 2021 5,285,269 383,744
NKT BOOK VALUE
At 31st August 2021 20,887,359 7,650,428 138,531
At 31st August 2020 20,664,715 3,703,696 108,473
Motor Computer
vehicles equipment Totals
COST
At 1st September 2020 50,955 476,810 30,626,807
Additions 183,110 4,429,399
Disposals
At 31st August 2021 50,955 659,920 35,056,206
DEPRECIATION
At 1st September 2020 39,939 401,153 6,063,250
Charge for year 3,672 82,187 132,714
At 31st August 2021 43,611 483,340 6,195,964
NET BOOK VALUE
At 31st August 2021 7,344 176,580 28,860,242
At 31st August 2020 11,016 75,657 24,563,557

TANGIBLE FIXEDASSETS —CH ARITY continued
Freehold Assets under Plant and
property construction machinery
COST
At 1st September 2020 23,991,732 3,703,696 448,965
Additions 245,253 3,946,732 54,304
At 31stAugust 2021 24,236,985 7,650,428 503,269
DEPRECIATION
At 1st September 2020 4,927,017 351,355
Charge for year 22,609 22,345
At 31st August 2021 4,949,626 373,700
NET BOOK VALUE
At 31st August 2021 19,287,359 7,650,428 129,569
At 31stAugust 2020 19,064,715 3,703,696 97,610
Motor Computer
vehicles equipment Totals
COST
At 1st September 2020 50,955 476,810 28,672,158
Additions 183,110 4,429,399
Disposals
At 31st August 2021 50,955 659,920 33,101,557
DEPRECIATION
At 1st September 2020 39,939 401,153 5,719,464
Charge for year 3,672 82,187 130,813
At 31st August 2021 43,611 483,340 5,850,277
NET BOOK VALUE
At 31st August 2021 7,344 176,580 27,251,280
At 31st August 2020 11,016 75,657 22,952,694

FIXEDASSET INVESTMENTS —GROUP
Listed
Investments
~KKT VALUE
At 1stSeptember 2020 8,589
Revaluation 3,534
At 31stAugust 2021 12,123
NET BOOK VALUE
At 31stAugust 2021 12,123
At 31stAugust 2020 8,589

FIXEDASSETINVESTMENTS —CHAR ITY
Shares in
group Listed
undertakings investments Totals
MARKET VALUE
At 1st September 2020 1,600,000 8,589 1,608,589
Revaluations 3,534 3,534
At 31stAugust 2021 1,600,000 12,123 1,608,589
NKT BOOK VALUE
At 31stAugust 2021 1,600,000 12,123 1,612,123
At 31st August 2020 1,600,000 8,589 1,608,589

Nature ofbusiness: Operation ofSport Faciliti Nature ofbusiness: Operation ofSport Faciliti es
Class ofshares: holding
Ordinary 100.00
2021 2020
Aggregate
Turnover		 capital and reserves 1,637,056
126,853		 1,681,361
131,646
Profit/(loss) for the year (44,305) (23,039)

MARKET VALUE
As at 1st September 2020 795,000
Revaluation 155,000
At 31st August 2021 950,000
NET BOOK VALUE
At 31st August 2021 950,000
At 31st August 2020 795,000

STOCKS — GROUP AND CHARITY
2021 2020
Stocks 1,717 1,663
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP CHARITY
2021 2020 2021 2020
Trade debtors 448,757 59,031 443,390 58,334
Other debtors 4,604 3,599 4,604 3,599
Prepayments and accrued income 19,292 75,184 19,292 75,184
VAT 2,629
472,653 140,443 467,286 137,117

GROUP CHARITY
2021 2020 2021 2020
Bank loans and overdraft (see note 23) 458,238 425,975 458,238 425,975
Fees received in advance (see note 22) 2,980,264 2,373,637 2,980,264 2,373,637
Trade creditors 455,491 374,486 445,476 370,623
Deposits from parents 110,875 90,825 110,875 90,825
VAT 1,709
Pension deficit (see note 24) 17,770 17,769 17,770 17,769
Other creditors 76,589 294,863 76,569 294,853
Amounts due to related undertaking 32,900 60,765
Accrued expenses 159,783 197,185 154,196 193,085
4,260,719 3,774,740 4,276,288 3,827,532

GROUP CHARITY
2021 2020 2021 2020
Bank loans (see note 23) 3,909,246 2,022, 140 3,909,246 2,022, 140
Fees received in advance (see note 22) 423,951 321,304 423,951 321,304
Deposits f'rom parents 817,875 717,672 817,875 717,672
Pension deficit (see note 24) 178,204 195,973 178,204 195,973
5,329,276 3,257,089 5,329,276 3,257,089

2021 2020
Within one year 475,268 379,196
Within one to two years 211,940 174,860
Within two to five years 212,011 146,444
899,219 700,500

An analysis ofthe maturity ofloans is given below:
2021 2020
Amounts
falling due within one year on demand:
Bank overdraft 345,243
Bank loans 112,995 425,975
458,238 425,975
Amounts
falling due between two and five years:
Bank loans -2-5 years 926,332 435,153
Amounts
falling due in more than five years:
Bank loans more 5yr 2,982,914 1,586,987

Minimum
lease payments
under non-cancellable
operating		 leases fall due as follows:
2021 2020
Within one year
Between one and five years		 117,642
131,390		 114,201
234,693
249,032 348,894

At 1.9.20 Net movement Transfer Transfer At 31.8.21
in funds between funds
Unrestricted funds
General fund 7,309,806 1,436,107 8,745,913
Restricted funds
RCF 1,143,765 170,574 1,314,339
Permanent Endowment Fund 11,054,353 11,054,353
TOTAL FUNDS 19,507,924 1,606,681 21,114,605
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General fund 18,338,604 (16,900,849) (1,648) 1,436,107
Restricted funds
RCF 95,141 (83,101) 158,534 170,574
Permanent Endowment Fund
TOTAL FUNDS 18,433,745 (16,983,950) 156,886 1,606,681

Comparativ e movement in fund s s
At 1.9.19 Net movement Transfer At 31.8.20
in funds between funds
Unrestricted funds
General
fund		 5,538,393 1,771,413 7,309,806
Restricted funds
RCF 1,131,017 12,748 1,143,765
Permanent Endowment Fund 11,054,353 11,054,353
TOTAL FUNDS 17,723,763 1,784,161 19,507,924
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General
fund		 18,136,735 (16,209,584) (155,738) 1,771,413
Restricted funds
RCF 135,782 (121,000) (2,034) 12,748
Permanent Endowment Fund
TOTAL FUNDS 18,272,517 (16,330,584) (157,772) 1,784,161

At 1.9.20 Net movement Transfer Transfer At 31.8.21
in funds between funds
Unrestricted funds
General fund 7,228,445 1,480,412 8,708,857
Restricted funds
RCF 1,143,765 170,574 1,314,339
Permanent Endowment Fund 11,054,353 11,054,353
TOTAL FUNDS 19,426,563 1,650,986 21,077,549
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General fund 18,286,956 (16,804,896) (1,648) 1,480,412
Restricted funds
RCF 95,141 (83,101) 158,354 170,574
Permanent Endowment Fund
TOTAL FUNDS 18,382,097 (16,887,997) 1,886 1,650,986

Comparativ e movement in fund s s
At 1.9.19 Net movement Transfer At 31.8.20
in funds between funds
Unrestricted funds
General
fund		 5,433,993 1,794,452 7,228,445
Restricted funds
RCF 1,131,017 12,748 1,143,765
Permanent Endowment Fund 11,054,353 11,054,353
TOTAL FUNDS 17,619,363 1,807,200 19,426,563
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General
fund		 18,061,822 (16,111,632) (155,738) 1,794,452
Restricted funds
RCF 135,782 (121,000) (2,034) 12,748
Permanent Endowment Fund
TOTAL FUNDS 18,197,604 (16,232,632) ~157,772) 1,807,200