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|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|
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||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)||
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|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|
##
##
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##
##
##
##
##
|||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||