|||Page|| |---|---|---|---| |Chairman's
Report|||| |Report ofthe Trustees|2|to|9| |Report ofthe Independent
Auditors|10|to|12| |Statemeat ofFinancial Activities||13|| |Balaace Sheet||14|| |Cash Flow Statement|||| |Notes to the Cash Flow Statement||16|| |Notes to the Financial Statements|17|to|28| |Detailed Statement ofFinancial Activities|29|to|31| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||for the Year|Ended 31July 2|021||| |---|---|---|---|---|---|---|---|---| ||||||||31.7.21|31.7.20| |||||Unrestricted|Restricted|Endowment|Total|Total| |||||funds|funds|fund|funds|funds| ||||Notes|f|f.|f.|6|f| |INCOME AND||||||||| |ENDOWMENTS|FROM|||||||| |Donations
and legacies|||2|5,413||11,046|16,459|151,656| |Charitable
activities|||5|||||| |Vocational Centre||||2,372,172|||2,372,172|2,174,783| |Outdoor Education|Centre|||31,483|||31,483|22,539| |Petty Pool Plus||||6,300|||6,300|37,694| |New Classroom Build||||||||45,000| |Other trading activities||||||48,000|48,000|41,425| |Investment
income||||||17,039|17,039|24,813| |Total||||2,415,368||76,085|2,491,453|2,497,910| |EXPENDITURE|ON|||||||| |Raising funds|||6|4,819||9,189|14,008|40,202| |Charitable
activities|||7|||||| |Vocational Centre||||2,236,255||98,567|2,334,822|2,146,097| |Outdoor Education|Centre|||74,895|||74,895|143,012| |Petty Pool Plus||||||||11,560| |Total||||2,315,969||107,756|2,423,725|2,340,871| |Net gains/(losses)|on|||||||| |investments||||||177,178|177,178|(57,223)| |NET INCOME||||99,399||145,507|244,906|99,816| |RECONCILIATION||OF||||||| |FUNDS||||||||| |Total funds brought||forward||493,308||2,214,227|2,707,535|2,607,719| |TOTAL FUNDS|CARRIED|||||||| |FORWARD||||592,707||2,359,734|2,952,441|2,707,535| ## |||||||31.7.21|31.7.20| |---|---|---|---|---|---|---|---| ||||Unrestricted|Restricted|Endowment|Total|Total| ||||funds|funds|fund|funds|funds| |||Notes|f|f||f|f| |FIXEDASSETS|||||||| |Tangible assets||14|93,800||993,862|1,087,662|1,163,720| |Investments||15|||1,115,979|1,115,979|950,150| ||||93,800||2,109,841|2,203,641|2,113,870| |CURRENT|ASSETS||||||| |Debtors||16|64,222||9,791|74,013|439,874| |Cash at bank|and in band||870,429||240,101|1,110,530|491,953| ||||934,651||249,892|1,184,543|931,827| |CREDITORS|||||||| |Amounts
falling due within one|||||||| |year||17|(435,743)|||(435,743)|(338,162)| |NET CURRENT ASSETS|||498,908||249,892|748,800|593,665| |TOTAL ASSETSLESS|||||||| |CURRENT|LIABILITIES||592,708||2,359,733|2,952,441|2,707,535| |NET ASSETS|||592,708||2,359,733|2,952,441|2,707,535| |FUNDS||18|||||| |Unrestricted|funds|||||592,708|493,308| |Endowment|funds|||||2,359,733|2,214,227| |TOTAL FUNDS||||||2,952,441|2,707,535| ## |||for the Year Ende|d 31July 2021|| |---|---|---|---|---| ||||31.7.21|31.7.20| |||Notes|f|f| |Cash fiows from operating|activities|||| |Cash generated
&om operations|||612,714|198,820| |Net cash provided
by operating
activities|||612,714|198,820| |Cash flows from investing|activities|||| |Purchase oftangible fixed assets|||(22,525)|(190,765)| |Purchase offixed asset investments|||(187,902)|(261,485)| |Sale offixed asset investments|||199351|268,002| |Dividends
received|||17,039|24,813| |Net cash provided
by/(used|in) investing|activities|5,863|(159,435)| |Change in cash and cash equivalents||in||| |the reporting
period|||618,577|39,385| |Cash aad cash equivalents|at the|||| |beginning ofthe reporting|period||491,953|452,568| |Cash and cash equivalents|at the end|of||| |the reporting
period|||1,110,530|491,953| ## ||RECONCILIATION|RECONCILIATION|RECONCILIATION|OFNET INCOME TO NET CASH FLOW FROM|OFNET INCOME TO NET CASH FLOW FROM|OPERATING ACTIVITIES|OPERATING ACTIVITIES| |---|---|---|---|---|---|---|---| |||||||31.7.21|31.7.20| |||||||I|| ||Net income|for the|reporting||period (as per the Statement ofFinancial||| ||Activities)|||||244,906|99,816| ||Adjustments|for:|||||| ||Depreciation|charges||||98,583|96,026| ||(Gain)flosses|on investments||||(177,178)|57,223| ||Dividends
received|||||(17,039)|(24,813)| ||Decrease/(increase)||in|debtors||365,861|(101,258)| ||Increase in creditors|||||97,581|71,826| ||Net cash provided||by|operations||612,714|198,820| |2.|ANALYSIS|OFCHANGES|||IN NET FUNDS||| ||||||At 1.8.20|Cash flow|At 31.7.21| |||||||f|f| ||Net cash||||||| ||Cash at bank|and in|hand||491,953|618,577|1,110,530| ||||||491,953|618,577|1,110,530| ||Total||||491,953|618,577|1,110,530| ## ## ## ## ## ## ## ## |Freehold property|-2%,3.3%aad 6.67%on cost| |---|---| |Plant and machinery|-25%on cost and 10%on cost| |Fixtures and fittings|-25%on cost| |Motor vehicles|-25%on cost| |Computer
equipment|-25%on cost| ## ## ## ## ## ## ## ## ## ## ## |DONATIONS
AND|LEGACIES||||| |---|---|---|---|---|---| |||||31.7.21|31.7.20| ||Unrestricted|Restricted|Endowment|Total|Total| ||funds|funds|funds|funds|funds| ||||f|f|E| |Donations|5,413||1,255|6,668|151,656| |Legacies|||9,791|9,791|| ||5,413||11,046|16,459|151,656| ## ## ||||||||31.7.21|31.7.20| |---|---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Endowment|Total|Total| |||||funds|funds
f.|fundsf|funds
f.|funds
f| ||Fundraising
events|||||||425| ||Management
charge|||||48,000|48,000|41,000| |||||||48,000|48,000|41,425| |4.|INVESTMENT|INCOME||||||| ||||||||31.7.21|31.7.20| |||||Unrestricted|Restricted|Endowment|Total|Total| |||||funds|funds|funds|funds|funds| ||||||f.||f.|| ||Other fixed asset|invest-||||||| ||Fll|||||17,039|17,039|24,813| ||INCOME FROM CHARITABLE ACTIVITIES|||||||| ||||||||31.7.21|31.7.20| |||||Activity||||f| ||Sales and supplies|||Vocational Centre|||23,927|21,565| ||Grants|||Vocational Centre|||5,000|| ||Service level agreements|||Vocational Centre|||2,343,245|2,153418| ||Sales and supplies|||Outdoor Education|Centre||31,483|22,539| ||Sales and supplies|||Petty Pool Plus|||6,300|37,694| ||Grants|||New Classroom Build||||45,000| ||||||||2,409,955|2,280,016| ||Grants received, included||in the|above, are as follows:||||| ||||||||31.7.21|31.7.20| ||||||||f|| ||Baily Thomas Charitable||Fund|||||20,000| ||Edward Gostling|Foundation||||||25,000| ||Swire Charitable|Trust|||||5,000|| ||||||||5,000|45,000| ## ## ||||||||31.7.21|31.7.20| |---|---|---|---|---|---|---|---|---| ||||Unrestricted||Restricted|Endowment|Total|Total| |||||fundsf|funds
f|funds|funds
6|funds
f.| ||Staffcosts|||4,819|||4,819|31,449| ||Investment|management|costs|||||| ||||||||31.7.21|31.7.20| ||||Unrestricted||Restricted|Endowment|Total|Total| |||||funds|funds
f|fundsf|funds|funds
f.| ||Portfolio management|||||9,189|9,189|8,753| ||Aggregate|amounts||4,819||9,189|14,008|40,202| |7.|CHARITABLE ACTIVITIES COSTS|||||||| ||||||||Support|| |||||||Direct|costs(see|| |||||||Costs
f.|note 8)
f.|Totals
f| ||Vocational|Centre||||1,975,208|359,614|2,334,822| ||Outdoor Education Centre|||||68,724|6,171|74,895| |||||||2,043,932|365,785|2,409,717| |8.|SUPPORT|COSTS||||||| ||||||||Governance|| |||||||Management|costs|Totals| |||||||f||E| ||Vocational|Centre||||276,650|82,964|359,614| ||Outdoor Education Centre|||||6,171||6,171| |||||||282,821|82,964|365,785| |9.|NET INCOME/(EXPENDITURE)|||||||| ||Net income/(expenditure)||is stated|ager charging/(crediting):||||| ||||||||31.7.21|31.7.20| |||||||||f| ||Auditors'
remuneration||||||6,000|3,000| ||Depreciation - owned assets||||||98,583|96,025| ||Other operating
leases||||||39,375|62,353| ## ## ## ## ## |STAFF COSTS||||||| |---|---|---|---|---|---|---| ||||||31.7.21|31.7.20| |Wages and salaries|||||1,522,965|1,348,974| |Social security costs|||||120,382|106,602| |Other pension costs|||||44,922|43,210| ||||||1,688,269|1,498,786| |The average monthly|number ofemployees||during the year was|as follows:||| ||||||31.7.21|31.7.20| |Management,
Admin|&Teaching||||69|69| |The number ofemployees||whose employee|benefits (excluding|employer pension|costs) exceeded|f60,000 was;| ||||||31.7.21|31.7.20| |f60,001-670,000|||||1|1| |KI00,000-6105,000|||||1|| ## ## ||||||||Year Ended|Year Ended| |---|---|---|---|---|---|---|---|---| ||||||||31.7.21|31.7.20| ||||Unrestricted|Restricted|The Petty Pool|||| ||||funds|funds|Trust|funds|Total funds|Total funds| ||||f.|f|f.||f.|| |Unrealised|gains/(losses)|||||||| |on fixed asset investments|||||162,025||162,025|(53,613)| |Realised gains/(losses)||on||||||| |fixed asset|investments|||||15,153|15,153|(3,610)| ||||||177,178||177,178|(57,223)| ## |14.|TANGIBLE FIXEDASSETS||||| |---|---|---|---|---|---| ||||Freehold|Classroom|Plant and| ||||property
f|Building
f|machinery
f| ||COST||||| ||At I August 2020||889,405|590,053|104,803| ||Additions||||10,100| ||Disposals||||| ||At 31July 2021||889,405|590,053|114,903| ||DEPRECIATION||||| ||At I August 2020||417,383|20,968|76,473| ||Charge for year||24,534|22,711|14,068| ||Eliminated
on disposal||||| ||At 31July 2021||441,917|43,679|90,541| ||NET BOOKVALUE||||| ||At 31July 2021||447,488|546,374|24,362| ||At 31July 2020||472,022|569,085|28,330| |||Fixtures|||| |||and|Motor|Computer|| |||fittings
f.|vehicles
f|equipment
8|Totals
f| ||COST||||| ||At I August 2020|43,646|148,144|49,422|1,825,473| ||Additions|||12,425|22,525| ||Disposals|||(9,429)|(9,429)| ||At 31July 2021|43,646|148,144|52,418|1,838,569| ||DEPRECIATION||||| ||At I August 2020|35,936|86,989|24,004|661,753| ||Charge for year|7,164|20,657|9,449|98,583| ||Eliminated
on disposal|||(9,429)|(9,429)| ||At 31July 2021|43,100|107,646|24,024|750,907| ||NKT BOOKVALUE||||| ||At 31July 2021|546|40,498|28,394|1,087,662| ||At 31July 2020|7,710|61,155|25,418|1,163,720| ## ||||Notes to tbe Financial Statements - continued
far the Year Ended 31July 2021|Notes to tbe Financial Statements - continued
far the Year Ended 31July 2021||| |---|---|---|---|---|---|---| |15.|FIXEDASSET||INVESTMENTS|||| ||||||31.7.21|31.7.20| ||||||f|| ||Shares||||1,080,509|932,309| ||Other||||35,470|17,841| ||||||1,115,979|950,150| ||Additional|information||as follows:||| |||||||Listed| |||||||investments| |||||||6| ||MARKET|VALUE||||| ||At I August|2020||||932,309| ||Additions|||||170,273| ||Disposals|||||(184,098)| ||Revaluations|||||162,025| ||At 31 July 2021|||||1,080,509| ||NET BOOK VALUE|||||| ||At 31July 2021|||||1,080,509| ||At 31July 2020|||||932,309| ||||||31.07.21|31.07.20| ||||||6|f| ||UK Equities &Fixed Interest||||409,961|384,596| ||Overseas Equities||||621,613|470,478| ||Alternatives||||48,935|77,236| ||||||1,080,509|932,310| ||The change|in valuation||in the year was f.162,025.||| ||Investments|(neither listed nor unlisted) were as follows:||||| ||||||31.7.21|31.7.20| ||||||f|f.| ||Funds held|by broker|||35,470|17,841| ||The investments||are held by The Petty Pool Trust (the linked charity).|||| ## ## ## |DEBTORS:|for tbe Year Ended 31
AMOUNTS FALLING DUE~ONE|July 2021
YEAR|| |---|---|---|---| |||31.7.21|31.7.20| |||E|f| |Trade debtors||23,592|406,756| |Other debtors|||4,499| |Prepayments|and accrued income|50,421|28,619| |||74,013|439,874| ## |CREDI|TORS: AMOUNTS FA|LLING DUE WI|THIN ONE YEAR||| |---|---|---|---|---|---| |||||31.7.21|31.7.20| |Trade creditors||||63,258|75,678| |Social security and other taxes||||30,406|25,834| |Other creditors||||8,571|205| |Accruals|and deferred income|||333,508|236,445| |||||435,743|338,162| |Deferred|income comprises sales|invoices raised in|advance ofthe year to which it relates.||| ||||||31.07.21| ||||||f| |Balance|as at 1stAugust 2020||||| |Amount|released to income earned|from charitable|activities||| |Amount|deferred in year||||3,000| |Balance|as at 31stJuly 2021||||3,000| |MOVEMENT IN FUNDS|||||| |||||Net|| |||||movement|At| ||||At 1.8.20|in funds|31.7.21| |||||8|8| |Unrestricted
funds|||||| |General|fund||493,308|99,400|592,708| |Endowment
funds|||||| |The Petty Pool Trust|||2,214,227|145,506|2,359,733| |TOTAL|FUNDS||2,707,535|244,906|2,952,441| ## ## ## ## |||||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---|---|---| |||||resources
f|expended
f|losses
f.|in funds
f| |Unrestricted|funds||||||| |General fund||||2,415,368|(2,315,968)||99,400| |Eadowment|funds||||||| |The Petty Pool Trust||||76,085|(107,757)|177,178|145,506| |TOTAL FUNDS||||2,491,453|(2,423,725)|177,178|244,906| |Comparatives|for movement||ia funds||||| ||||||Net|Transfers|| ||||||movement|between|At| |||||At 1.8.19|in funds|funds|31.7.20| |||||f|f|f|f,| |Unrestricted|funds||||||| |General fund||||472,839|21,454|(985)|493,308| |Restricted funds|||||||| |New Build Restricted Donations|||||(985)|985|| |Endowment|funds||||||| |The Petty Pool Trust||||2,134,880|79,347||2,214,227| |TOTAL FUNDS||||2,607,719|99,816||2,707,535| |Comparative|net movement|in|funds, included|in the above are as follows:|||| |||||Incoming|Resources|Gains and|Movement| |||||resources
f.|expended
f.|losses
f.|in funds
f| |Unrestricted|fuads||||||| |General fund||||2,260,336|(2,238,882)||21,454| |Restricted fuads|||||||| |New Build Restricted Donations||||15,481|(16,466)||(985)| |Endowment|funds||||||| |The Petty Pool Trust||||222,093|(85,523)|(57,223)|79,347| |TOTAL FUNDS||||2,497,910|(2,340,871)|(57,223)|99,816| ## ## ## ||||||Net||| |---|---|---|---|---|---|---|---| ||||||movements|in|| |||||At 1.8.20
f|fundsf||At 31.7.21
f| |Unrestricted||funds|||||| |General fund||||181,970|(40,277)||141,693| |Designated|building||funds|1,082,107|755||1,082,862| |||||1,264,077|(20,323)||1,243,754| |Endowment||funds|||||| |Legacy Endowment|||fund|950,150|185,028||1,135,178| |||||2,214,227|97,506||2,359,733| ## ## ## ## ## |||||Detailed Statement|ofFinancial|Activities||| |---|---|---|---|---|---|---|---|---| |||||for the Year Ended 31July||2021||| ||||||||31.7.21|31.7.20| |||||Unrestricted|Restricted|Endowment|Total|Total| |||||funds|funds|funds|funds|funds| ||||||||6|f.| |INCOME AND ENDOWMENTS||||||||| |Donations
and legacies||||||||| |Donations||||5,413||1,255|6,668|151,656| |Legacies||||||9,791|9,791|| |||||5,413||11,046|16,459|151,656| |Other trading activities||||||||| |Fundraising
events||||||||425| |Management
charge||||||48,000|48,000|41,000| |||||||48,000|48,000|41,425| |Investmentincome||||||||| |Other fixed asset invest - PII||||||17,039|17,039|24,813| |Charitable
activities||||||||| |Sales and supplies||||61,710|||61,710|81,798| |Grants||||5,000|||5,000|45,000| |Service level agreements||||2,343,245|||2,343,245|2,153,218| |||||2,409,955|||2,409,955|2,280.016| |Total incoming
resources||||2,415,368||76,085|2,491,453|2,497,910| |EXPENDITURE||||||||| |Raising donations|and|legacies||||||| |Wages||||4,157|||4,157|27,875| |Social security||||496|||496|2,610| |Pensions||||166|||166|964| |||||4,819|||4,819|31,449| |Investment
management|||costs|||||| |Portfolio management||||||9,189|9,189|8,753| |Charitable
activities||||||||| |Wages||||1,351,700||51,238|1,402,938|1,243,881| |Social security||||110,174|||110,174|98,909| |Pensions||||41,753|||41,753|39,929| |Rates and water||||3,025|||3,025|2,944| |Insurance||||36,307|||36,307|35,657| |Light and heat||||37,726|||37,726|30,178| |Postage and stationery||||37,566|||37,566|39,050| |Residents'
and students'||trips||9,451|||9,451|23,836| |Canied forward||||1,627,702||51,238|1,678,940|1,514,384| ||||||Detaged Statement|ofFinancial|Activities||| |---|---|---|---|---|---|---|---|---|---| ||||||for the Year Ended 31July||2021||| |||||||||31.7.21|31.7.20| ||||||Unrestricted|Restricted|Endowment|Total|Total| ||||||funds|funds|funds|funds|funds| ||||||8|||f|E| |Charitable
activities|||||||||| |Brought forward|||||1,627,702||51,238|1,678,940|1,514,384| |Motor expenses|||||16,986|||16,986|26,454| |Farm costs|||||23,592|||23,592|16,297| |Repairs|||||181,114|||181,114|264,040| |Educational
costs|||||19,940|||19,940|25,058| |Catering
and accommodation|||||24,368|||24,368|28,524| |Advertising|||||||||238| |Bad debts|||||409|||409|4,005| |Freehold pmperty|||||||24,534|24,534|24,535| |Short leasehold|||||||22,711|22,711|20,968| |Plant and machinery|||||14,068|||14,068|18,267| |Fixtures and fittings|||||7,164|||7,164|11,154| |Motor vehicles|||||20,657|||20,657|13,670| |Computer
equipment|||||9,449|||9,449|7,432| ||||||1,945,449||98,483|2,043,932|1,975,026| |Support costs|||||||||| |Management|||||||||| |Wages|||||115,870|||115,870|77,218| |Social security|||||9,712|||9,712|5,083| |Pensions|||||3,003|||3,003|2,317| |Other operating|leases||||39,375|||39,375|62,353| |Telephone|||||9,630|||9,630|9,764| |Advertising|||||1,384|||1,384|128| |Sundries|||||6,710|||6,710|8,991| |Bank charges|||||424||85|509|727| |Subscriptions|||||2,355|||2,355|7,597| |Training costs|||||16,612|||16,612|28,517| |Health &safety|costs||||30,223|||30,223|22,204| |Cleaning snd laundry|||costs||37,680|||37,680|20,254| |Recruitment
costs|||||9,758|||9,758|| ||||||282,736||85|282,821|245, 153| |Governance
costs|||||||||| |Auditors'
remuneration|||||6,000|||6,000|3,000| |Legal and professional||||fees|11,435|||11,435|5,344| |Consultancy
fees|||||17,529|||17,529|31,146| |Management
charge|||||48,000|||48,000|41,000| ||||||82,964|||82,964|80,490| |Total resources expended|||||2,315,968||107,757|2,423,725|2,340,871| |Net income before gains||||and|||||| |losses|||||99,400||(31,672)|67,728|157,039| |Realised recognised||gains and losses|||||||| |Carried forward|||||99,400||(31,672)|67,728|157,039| ## |||Detailed Statemen
for the Year|t ofFinancial
Ended 31July|Activities
2021||| |---|---|---|---|---|---|---| ||||||31.7.21|31.7.20| |||Unrestricted|Restricted|Endowment|Total|Total| |||funds|funds|funds|funds|funds| |||8|f|f||f,| |Realised recognised|gains and losses|||||| |Brought forward||99,400||(31,672)|67,728|157,039| |Realised gains/(losses)|on fixed|||||| |asset investments||||177,178|177,178|(57,223)| |Net income||99,400||145,506|244,906|99,816|