| Page | |
|---|---|
| School information | 2 |
| Governors’ Report | 4 |
| Strategic Report | 10 |
| Independent Auditors’ report | 16 |
| Statement offinancial activities | 20 |
| Balance sheet | 21 |
| Cash flow statement | 22 |
| Notes to the financial statements | 24 |
| Note | Unrestricted | Restricted | Designated | Endowed | Total | Total | |
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | 2023 | 2022 | ||
| INCOME AND ENDOWMENTS | £ | £ | £ | £ | £ | £ | |
| FROM: | |||||||
| Charitable Activities | |||||||
| School Fees | 2 | 8469338 | - | - | - | 8469338 | 8,434961 |
| Ancillary trading | 3 | 425,167 | - | - | - | 425167 | 387,130 |
| Investment income | 6 | 6,638 | 144028 | - | - | 150666 | 207,179 |
| Grants and donations | 4 | 36,066 | 48,940 | - | - | 85,006 | 277,927 |
| Other activities | 5 | 485,422 | - | - | 485,422 | 63,312 | |
| TOTAL INCOMING RESOURCES | 9,422,630 | 192,968 | 9,615,598 | 9,370,509 | |||
| RESOURCES EXPENDED | |||||||
| Charitable activities | |||||||
| Education and grant making | 9,585,808 | 844,895 | 9,013 | 62,616 | 10,502,332 | 9,639,310 | |
| TOTAL EXPENDITURE | 8 | 9,585,808 | 844,895 | 9,013 | 62,616 | 10,502,332 | 9,639,310 |
| NET OUTGOING FUNDS FROM | (163.178) | (651,927) | (9,013) | (62,616) | (886,734) | (268,801) | |
| OPERATIONS BEFORE | |||||||
| TRANSFERS AND INVESTMENT | |||||||
| GAINS | |||||||
| (Loss)/gains on investments | - | (152,957) | - | - | (152,957) | (474,101) | |
| Transfers | 15 | 1,465,370 | (1.465,370) | - | - | - | - |
| MOVEMENT IN FUNDS | 1,302,192 | (2,270,254) | (9,013) | (62,616) | (1,039,691) | (742.902) | |
| Fund balances brought forward | 3,746,236 | 3,647,269 | 313,249 | 2,263,176 | 9,969,929 | 10,712,831 | |
| ‘P September 2022 | |||||||
| FUND BALANCES CARRIED | |||||||
| FORWARD AT 31 AUGUST 2023 | 15 | 5,048,426 | 1,377,015 | 304,236 | 2,200,560 | 8,930,238 | 9,969,929 |
| Qidham Hulme Grammar Schoo BALANCE SHEET 31 August 2023 Company Registration No: 06125927 |
ls | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | £ | £ | |
| FIXED ASSETS | |||
| Tangible fixed assets | 9 | 6545528 | 5,756319 |
| Investments | 10 | 3804,027 | 5,257,085 |
| 10,349,555 | 11,013,404 | ||
| CURRENT ASSETS | |||
| Debtors | 11 | 308,751 | 284,295 |
| Cash at bank and in hand | 529,090 | 377,663 | |
| 837,841 | 661,958 | ||
| CREDITORS: Amounts fatling due | |||
| within one year | 12 | (2,027,244) | (1,406,333) |
| NET CURRENT LIABILITIES | (1,189,403) | (744,375) | |
| CREDITORS: Amounts falling due after more | 14 | (229,913) | (299,100) |
| than one year | |||
| TOTAL NET ASSETS | 8930,239 | 9,969,929 | |
| FUNDS | |||
| Endowed Funds | 15 | 2,200,560 | 2,263,176 |
| Restricted Funds | 15 | 1,377,015 | 3,647,269 |
| Unrestricted Funds | 15 | 5,048,428 | 3,746,235 |
| Designated Funds | 15 | 304,236 | 313,249 |
| 8,930,239 | 9,969,929 |
| CASH FLOW STATEMENT forthe year ended 31 August 2023 |
|||||
|---|---|---|---|---|---|
| Note | 2023 | 2022 | |||
| £ | £ | £ | £ | ||
| NET CASH OUTFLOW FROM | (602,772) | (353,893) | |||
| OPERATIONS | |||||
| CASH FLOWS FROM INVESTING | |||||
| ACTIVITIES | |||||
| Investment income receipts | 150,666 | 207,179 | |||
| Purchases fortangible fixed assets | (1,166,572) | (246,532) | |||
| Purchases in shares and long term deposits | (1,320,577) | (2,023,801) | |||
| Proceeds from sale of investments | 2,620,674 | 2,106,725 | |||
| Proceeds from sale of fixed assets | 385,000 | ||||
| NET CASH PROVIDED BY INVESTING | 669,193 | 43,571 | |||
| ACTIVITIES | |||||
| 66,421 | (310,322) | ||||
| FINANCING | |||||
| Grants and Donations | 85,006 | 277,927 | |||
| CHANGE IN CASH AND CASH | 151,427 | (32,395) | |||
| EQUIVALENTS IN THE YEAR | |||||
| Cash and cash equivalents at the | 377,663 | 410,058 | |||
| beginning ofthe year | |||||
| Cash and cash equivalents at the end | 529,090 | 377,663 | |||
| ofthe year | |||||
| I. Reconciliation of net income to net cash outflow from operating |
activities | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Net outgoing resources | (886,734) | (268,801) | |||
| Non-operating cashflows eliminated: | |||||
| Investment income | (150,666) | (207,1 | 79) | ||
| Donations | (85,006) | (277,927) | |||
| Depreciation | 367,392 | 341,973 | |||
| Profit on Sale ofAsset | (375,025) | ||||
| Decrease/(increase) in debtors | (24,457) | 122,770 | |||
| (Decrease)/increase in creditors | 620,911 | (59,600) | |||
| Decrease in long term liability | (69,187) | (5,128) | |||
| NET CASH OUTFLOW FROM OPERATIONS | (602,772) | (353,893) |
| ool Fees | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| The School’s fee income comprised: | ||
| Gross tuition fees | 9,020,261 | 9,029,408 |
| Less: Fee discounts | (169,857) | (195314) |
| Tuition fees after discounts | 8,850,404 | 8,834,094 |
| Less: Total bursaries, scholarships and allowances | (1,234,975) | (1,362,661) |
| 7,615,429 | 7,471,433 | |
| Add back: Bursaries paid by restricted funds | 844,896 | 955,202 |
| Hardship Fund | 9,013 | 8,326 |
| 8,469,338 | 8,434,961 | |
| 2023 | 2022 | |
| £ | £ | |
| Grants, awards and prizes paid for by Restricted and | ||
| Designated Funds | ||
| Comprised: | ||
| Bursaries funded by investment income | 144,028 | 205,880 |
| Bursaries funded by investment gains | 700,867 | 749,322 |
| Hardship Fund | 9,013 | 8,326 |
| 853,908 | 963,528 |
| Ancillary trading | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| After school care and other | 27,309 | 25,890 |
| School meals | 248,028 | 241,546 |
| Busfares | 77,534 | 71,135 |
| Entrance and registration fees | 13,400 | 11,580 |
| Courses, examination fees and sub letting | 58,895 | 36979 |
| 425,167 | 387,130 |
| Restricted | Designated | Unrestricted | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2023 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | ||
| Foundation Account | - | . | 20.259 | 20,259 | |
| Donations | 48,940 | - | 15,807 | 64,747 | |
| Other Donations | - | - | - | - | |
| 48,940 | 36,066 | 85,006 | |||
| Restricted | Designated | Unrestricted | Total | ||
| Funds | Funds | Funds | Funds | ||
| 2022 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | ||
| Foundation Account | 19,981 | 19,981 | |||
| Donations | 251,105 | - | - | 251,105 | |
| Other Donations | - | 6,841 | 6,841 | ||
| Hardship Donations | - | ||||
| 251,105 | 26,822 | 277,927 | |||
| 5. | Other activities | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Miscellaneous income | 464,142 | 49,762 | |||
| Interest and account charges | 21,280 | 13,550 | |||
| 485,422 | 63,312 |
| Restricted | Unrestricted | Total | |||
|---|---|---|---|---|---|
| Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | |||
| £ | £ | £ | |||
| Income | from | quoted investments | 144,028 | 144,028 | |
| Interest | from | cash deposits | 6,638 | 6,638 | |
| 144,028 | 6,638 | 150,666 | |||
| Restricted | Unrestricted | Total | |||
| Funds | Funds | Funds | |||
| 2022 | 2022 | 2022 | |||
| £ | £ | £ | |||
| Income | from | quoted investments | 205,880 | 205,880 | |
| Interest | from | cash deposits | - | 1,299 | 1,299 |
| 205,880 | 1,299 | 207,179 |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Total staffcosts comprised: | ||
| Wages and salaries | 5,604,649 | 5,101,182 |
| Social security costs | 517,110 | 489,530 |
| Pension contributions | 906,219 | 860345 |
| 7,027,978 | 6,451,057 | |
| Aggregate employee benefits of key management personnel | 923,820 | 489,908 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| No | No | |||
| More | than | £60,000 but less than £70,000 | 2 | 1 |
| More | than | £90,000 but less than £100,000 | 1 | |
| More | than | £100,000 but less than £120,000 | ||
| 3 | 2 |
| Analysis ofTotal Resource | s Expended | |||
|---|---|---|---|---|
| Staff | Other | Depreciation | Total | |
| Costs | 2023 | |||
| £ | £ | £ | £ | |
| Charitable activities: | ||||
| Teaching | 4,959,755 | 1,087,689 | - | 6,047,444 |
| Welfare | 220,893 | 233,622 | - | 454,515 |
| Premises | 473,080 | 594,847 | 290,240 | 1,358,167 |
| Support costs and | 1,218,455 | 492,691 | 77,152 | l,T88,298 |
| governance | ||||
| School operating costs | 6,872,183 | 2,408,849 | 367,392 | 9,648,424 |
| Grants, awards and prizes | 853,908 | - | 853,908 | |
| 6,872,183 | 3,262,757 | 367,392 | 10,502,332 |
| Staff | Other | Depreciation | Total | ||
|---|---|---|---|---|---|
| Costs | 2022 | ||||
| £ | £ | £ | £ | ||
| Charitable activities: | |||||
| Teaching | 4,844,782 | 882,254 | - | 5727,036 | |
| Welfare | 140,042 | 189,496 | - | 329,538 | |
| Premises | 425,712 | 482,496 | 270,175 | 1,178,383 | |
| Support costs and | 969,372 | 399,634 | 71,819 | 1,440,825 | |
| governance | |||||
| School operating costs | 6,379,908 | 1,953,880 | 341,994 | 8,675,782 | |
| Grants, awards and prizes | - | 963,528 | 963,528 | ||
| 6,379,908 | 2,917,408 | 341,994 | 9,639,310 | ||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Governance costs included in support | costs | ||||
| Expenses and other costs | 4,503 | 632 | |||
| Auditors’ remuneration | 19,890 | 18,000 | |||
| 24,393 | 18,632 |
| Tangible Fixed Assets | |||
|---|---|---|---|
| Freehold | Fixtures, | ||
| land and | fittings and | ||
| buildings | vehicles | Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 September2022 | 7,957,615 | 2,533,346 | 10,490,961 |
| Additions | 322,512 | 844,060 | 1,166,572 |
| Disposals | (45,000) | - | (45,000) |
| As at 31 August 2023 | 8,235,127 | 3,377,406 | 11,612,533 |
| Depreciation | |||
| As at 1 September 2022 | 2,911567 | 1,823,074 | 4,734,641 |
| Charge for the year | 160,244 | 207,149 | 367,392 |
| Disposals | (35,025) | - | (35,025) |
| As at 31 August 2023 | 3,036,784 | 2,030,222 | 5,067,007 |
| Net BookValue | |||
| As at 31 August 2023 | 5,198,343 | 1,347,184 | 6,545,528 |
| As at 31 August2022 | 5,046,048 | 710,272 | 5,756,320 |
| Investments | |||
|---|---|---|---|
| Listed | Cash | Total | |
| Investments | Deposits | ||
| £ | £ | £ | |
| Market value at 1 September2022 | 5,103,630 | 153,455 | 5,257,085 |
| Additions | 1,362,383 | 1,362,383 | |
| Withdrawal | - | (41,806) | (41,806) |
| Disposals | (2,411,206) | - | (2,411,206) |
| Net investment gain/(reduction) | (362,429) | - | (362,429) |
| Marketvalue at 31 August 2023 | 3,692,378 | 111,649 | 3,804,027 |
| Endowed | 194,590 | - | 194,590 |
| Restricted | 1,780,350 | - | 1,780,350 |
| Unrestricted | 1,717,438 | 111,649 | 1,829,087 |
| 3,692,378 | 111,649 | 3,804,027 | |
| At 31 August 2022 | |||
| Endowed | 194,590 | - | 194,590 |
| Restricted | 2,648,304 | - | 2,648,304 |
| Unrestricted | 2,260,736 | 153,455 | 2,414,191 |
| 5,103,630 | 153,455 | 5,257,085 |
| 11. | Debtors | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Tuition fees | — Parents | 44,045 | 114,932 | |
| Other debtors | 264,706 | 169,363 | ||
| 308,751 | 284,295 | |||
| 12. | Creditors: | Amounts falling due within one year | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Trade creditors | 656,108 | 374,699 | ||
| Taxation and social security | 211,849 | 222,168 | ||
| Deposits | 191,800 | 176,906 | ||
| Other creditorst | 253,226 | 225,444 | ||
| Deferred Income (see note 17) | 436,179 | 343,389 | ||
| Loan | 17,317 | 10,649 | ||
| Accruals | 260,766 | 53,078 | ||
| 2027,245 | 1,406,333 |
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Financial | assets measured at amortised cost (a) | 757,636 | 677,101 |
| Financial | assets measured at fair value (b) | 3,692,378 | 5,103,629 |
| Financial | liabilities measured atamortised cost (c) | (1031,913) | (709,004) |
| Financial | liabilities measured at fair value (d) | (316,451) | (377,794) |
| Creditors: Amounts falling due after more than one year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Provision for pension deficit levy payments (See Note 20)*** | 197342 | 261,523 |
| Bounce Back Loan* | 16,280 | 37,577 |
| Loan Minibus** | 16291 | - |
| 229,913 | 299,100 | |
| Provision for pension deficit levy payments | ||
| Included in Creditors: payable within 1 year*** | 69,221 | 68,045 |
| Long term liability: payable after 1 year | 197.342 | 261,523 |
| 266,563 | 329,568 |
| Balance as at 1 Incoming Resources Investment loss Transfer Balance as at |
September 2022 resources expended 31 August 2023 |
£ £ £ £ £ £ |
Unrestricted Funds 3,746,235 9,422,630 (9,585,807) - 1,465,370 5,048,428 |
Designated Funds 313,249 - (9,013) - - 304,236 |
Restricted Funds 3,647,269 192,968 (844,895) (152,957) (1,465,370) 1,377,015 |
Endowed Funds 2,263.176 - (62,616) - - 2,200,560 |
9,969,929 9,615,598 (10,502,331) (152,957) 8,930,239 |
The Board of Governors of the School decided to transfer the unfunded bursaries recorded over the prior years since 2008 from the restricted | funds to the unrestricted funds to support the working capital requirements of the school. The transfer totals to £1 .4m (2022: Nil). | Balance as at 1 Incoming Resources Investment Transfer Balance as at 31 |
September 2021 resources expended gain August 2022 |
£ £ £ £ £ £ |
Unrestricted Funds 3,445,877 8,913,524 (8,613,166) - - 3,746,235 |
Designated Funds 321,575 - (8,326) - - 313,249 |
Restricted Funds 4,619,587 456,985 (955,202) (474,101) - 3,647,269 |
Endowed Funds 2,325,792 - (62,616) - 2,263,176 |
10,712,831 9,370,509 (9,639,310) (474.101) 9,969,929 |
38 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Qidham Hulme Grammar Schools | NOTES TO THE FINANCIAL STATEMENTS | for the year ended 31 August 2023 | 15. Analysis of Funds (continued) |
Restricted Funds Balance as at 1 Incoming Resources Investment Transfer to Balance as at |
September 2022 resources expended (loss) unrestricted 31 August 2023 |
funds | £ £ £ £ £ £ |
Bursaries & Prizes 3,335,934 192,968 (844,895) (152,957) (1,465,370) 1,065,680 |
Fund | Bursary Appeal Fund 18,741 - - - - 18,741 |
Bursary Fund 153,280 - - - - 153,280 |
Capital Project Fund 139.314 - - - - 139,314 |
3,647.269 192,968 (844,895) (152,957) (1,465.370) 1,377,015 |
The Restricted Funds operate to fund bursaries and capital expenditure projects. The Endowed funds constitute the depreciated historic cost of the land | and buildings on the Chamber Road site when the School incorporated in 2007. | The endowed fund is explained in note 22. | Restricted Funds Balance as at 1 Incoming Resources lnvestmen Balance as at |
September 2021 resources expended t (loss) 31 August 2022 |
£ £ £ £ £ |
Bursaries & Prizes Fund 4,308,252 456,985 (955,202) (474,101) 3,335,934 |
Bursary Appeal Fund 18,741 - - - 18,741 |
Bursary Fund 153,280 - - - 153,280 |
Capital Project Fund 139,314 - - - 139,314 |
4,619,587 456,985 (955.202) (474,101) 3,647,269 |
39 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | Investments | Net | Long | Funds | |
|---|---|---|---|---|---|
| Assets | Current | Term | Carried | ||
| Liabilities | Liability | forward | |||
| 2023 | |||||
| £ | £ | £ | £ | £ | |
| Unrestricted/Designated | 4,539,558 | 1,829,087 | (786,068) | (229,913) | 5,352,664 |
| Restricted | - | 1,780,350 | (403,335) | - | 1,377,015 |
| Endowed | 2,005,970 | 194,590 | - | - | 2,200,560 |
| 6,545,528 | 3,804,027 | (1,189,403) | (229,913) | 8,930,239 | |
| Fixed | Investments | Net | Long | Funds | |
| Assets | Current | Term | Carried | ||
| Liabilities | Liability | forward | |||
| 2022 | |||||
| £ | £ | £ | £ | £ | |
| Unrestricted | 3,687,734 | 2,414,191 | (1,743,341) | (299,100) | 4,059,484 |
| Restricted | - | 2,648,304 | 998,965 | - | 3,647269 |
| Endowed | 2,068,586 | 194,590 | - | - | 2,263,176 |
| 5,756,320 | 5,257,085 | (744,375) | (299,100) | 9,969,929 |
| conditions on the receipt of notice, Assuming pupils wi advance will be applied as follows: |
ll remain in the School, fees | in |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Within one year | 414,051 | 311.306 |
| 2to5years | 22,128 | 32,083 |
| 436,179 | 343,389 | |
| Summary of movements in liability | ||
| Balance at 1 September 2022 | 343,389 | |
| New contracts | 102,745 | |
| Amounts deducted | (9,955) | |
| Balance at 31 August 2023 | 436,179 |
| 2023 | 2022 | |
|---|---|---|
| Plant & Equipment | £ | £ |
| Less than 1 year | 42,474 | 43,088 |
| Between 2 and 5 years | 75956 | 108,066 |
| Over 5 years | - | - |
| 118430 | 151,154 |
| Period Ending | Period Ending | ||
|---|---|---|---|
| 31 August | 31 August | ||
| 2023 | 2022 | ||
| (es) | (es) | ||
| Provision at start | of period | 331,055 | 399,945 |
| Unwinding ofthe | discountfactor (interestexpense) | 12,553 | 9,843 |
| Deficit contribution paid | (68,045) | (66,063) | |
| Remeasurements assumptions |
- impact of any change in | (9,000) | (12,670) |
| Remeasurements | -amendments to the contribution | - | - |
| schedule | |||
| Provision atend of period | 266,563 | 331,055 |
| Period Ending | Period Ending | ||
|---|---|---|---|
| 31 August | 31 August | ||
| 2023 | 2022 | ||
| (es) | (es) | ||
| Interest expense | 12,553 | 9,843 | |
| Remeasurements assumptions |
— impact ofany change in | (9,000) | (12,670) |
| Remeasurements | — amendments to the contribution | - | - |
| schedule | |||
| Contributions paid in respect offuture service* | * | * | |
| Costs recognised | in income and expenditure account | * | * |
| 31 August | 31 August | 31 August | ||
|---|---|---|---|---|
| 2023 | 2022 | 2021 | ||
| % per annum | % per annum | % perannum | ||
| Rate | ofdiscount | 6.03 | 4.26 | 2.70 |
| Note | Unrestricted | Restricted | Designated | Endowed | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | 2022 | ||
| INCOME AND ENDOWMENTS | £ | £ | £ | £ | £ | |
| FROM: | ||||||
| Charitable Activities | ||||||
| School Fees | 2 | 8,434,961 | - | - | - | 8,434,961 |
| Ancillary trading | 3 | 387,130 | - | - | - | 387,130 |
| Investment income | 6 | 1,299 | 205,880 | - | - | 207,179 |
| Grants and donations | 4 | 26,822 | 251,105 | - | - | 277,927 |
| Other activities | 5 | 63,312 | - | - | - | 63,312 |
| TOTAL INCOMING RESOURCES | 8,913,524 | 456,985 | 9.370,509 | |||
| RESOURCES EXPENDED | ||||||
| Charitable activities | ||||||
| Education and grant making | 8,613,166 | 955,202 | 8,326 | 62,616 | 9,639,310 | |
| 8,613,166 | 955,202 | 8,326 | 62,616 | 9,639,310 | ||
| TOTAL EXPENDITURE | 8 | |||||
| NET OUTGOING FUNDS FROM | 300,358 | (498,217) | (8,326) | (62,616) | (268,801) | |
| OPERATIONS BEFORE | ||||||
| TRANSFERS AND INVESTMENT | ||||||
| GAINS | ||||||
| Transfers | - | - | - | - | - | |
| (Loss) on investments | - | (474,101) | - | - | (474,101) | |
| 300,358 | (972,318) | (8.326) | (62,616) | (742,902) | ||
| MOVEMENT IN FUNDS | ||||||
| Fund balances brought forward | 3,445,877 | 4,619,587 | 321,575 | 2,325,792 | 10,712,831 | |
| 1 September 2021 | ||||||
| FUND BALANCES CARRIED | 9,969.929 | |||||
| FORWARD AT 31 AUGUST 2022 | 15 | 3,746,235 | 3,647,269 | 313,249 | 2,263,176 |