2021-08-31-accounts - West Kirby Educational Trust

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		PAGE
Introduction by the President
Report ofthe Trustees (Directors)		2 —9
Report ofthe Auditor		10 —13
Statement of Financial Activities		14
Statement ofOther Comprehensive	Income	15
Balance Sheet
Cash Flow Statement		17
Notes to the Financial Statements		18 —32

STATEMENT OF FINANCIAL AC TM77ES	STATEMENT OF FINANCIAL AC TM77ES
(INCLUDING INCOME AND EXPENDITURE		AC C CONTI
							17monthp riiod
		Notes	2021	2021	2021	2021	ended Aug 2020
			Unrestricted	Other Restricted	Endowment	Total	Total
			Fund	Fund	Fund	Funds	Funds
Incoming Resources			6
Donations and legacies							11,57D
Hiring offaciiiTies			4,928			4,928	11,08D
income from invesbnenls					4,640	4,640	5,736
Income from charitable acfivifiesi
School Fees		3.1	5,953,781			5353,781	7,723,532
Gmnts Received		3.2	146,146			146,146	298,545
Contribuficn to school trips							251
Other Income
Other income		3.3	27,395			27,395	2,339
Property Rental Income			11,549			1tA49	5,136
Expected Return on Pension	Scheme Assets						200,000
Total income and endowments			6,143,799		4,640	6,148,439	8258,tgt
Resources expended
ihipenditure on raising funds
Costs ofgenerating voluntary	income	5					399
Costs ofgenerating funds		6					2,561
Expenditure on charitabl	activi6es	4	5,271,144	20,014		5291,158	6,769,340
Total Resources Expended			5271,144	20,014		5291,158	6,772,300
Het gains/Dosses) on investmenls					18278	18278	11,576
Ret incomel(expenditure)			872,655	(20,014)	%918	875,559	1,497,467
Transfer between funds			( 6,557)		6,557
Other recognised gainslloses
Achwrial gainsl(losses) on defined benelit
pension scheme		24	(250,000)			(250,000)	(515,000)
(Shorthll)/Gain on expected	return on assets	24	924,000			924,000	609,000
Gain on dhposal offixed assets			113,070			113,070
Net movement in funds			1,653,168	(20,014)	29,475	1,662,629	1,591,467
Total funds bmught forward		24	6,447,951	717,793	241,334	T,407,0Tl	5,815,611
Total funds cerned fonvard			8,101,119	697,779	270,809	9,O69,7OT	7,407,077

LANCE SHEET
					17month period
			Notes	2021	ended Aug 2020
					6
RXEDASSETS
Tangible Assets			10	7,only	6,494,428
Fixed Asset Investments			9	124,693	106,415
				7202,210	6,600,843
CURRENTASSETS
Debtors			11	236,721	153,476
Cash at bank and in hand			18	3$28$45	2,803,114
				3,765,666	2,956,590
Less
Creditors falling due within one year			12		67,249
NET CURRENT ASSETS				3,326,318	2,889,341
TOTAL ASSETSLESSCURRENT		LIABILlllES		10~~8	9,490,184
Less
Creditors falling due after	more than one year		13	821	4,107
NETASSETSexcluding	pension	liabliity		10427,707	9,486,077
Pension liabliity			19	1,458,000	2,079,000
NETASSETS including	pension	liabTrly		9,069,707	7,407,077
CAPITAL AND RESERVES
Unrestricted funds
General Fund			23	8,101,119	6,447,951
Restricted Funds
Restricted Funds			14	697,779	717,793
Endowment Fund			23	270,809	241,334
				9,069,707	7,407,077
Appmved by the Board on:
2 &'C	b'22		Dme
	~D 1
The notes set out on pages 18-32		form part	ofthese financial statements

			17month period
	Notes	2021	endedAug 2020
			6
Cash flow from operabng activibas
Cash generated from operations Intmest and dividends received	17	1,481,121 4,640	608,923 5,736
Net cash fmm operating activiTies		1,485,761	614,659
Cash flow from invesbng activities
Pumhase oftangi1ile fixed asset Purchase offixed asset investment		(1,099,755)	( 195,000)
Sale oftangible fixed assets		339,824
Net cash from invesbng activities		(759031)	( 195,000)
Cash flow from financing acfivities
Net cash from financing acfivibes
(Decrease)/inomase in cash and cash equivalents			419,659
Cash and cash equivalents at the
beginning ofyear	18	2,803,114	2,383,455
Cash and cash equivalents at the
end ofyear	18	3A28,945	2,803,114

Depreciation
Depreciation is calculated to write offthe costoffixed assets on a straight			line basis over their estimated	useful lives as follows:
Plant		15years
Motor Vehicles		5years
ICT Equipment		3years
Furniture	&Equipment	10years
Freehold	Buildings	50 years
Leased	Assets	Over the period ofthe lease
Land		Not depreciated

Grants re	ceivable
							17month	period
			Unrestricted	Rastricted	2021		ended Aug 2020
				f
Educa0on	and skigs funidng
Pupil Premium			45,414			45,414		15,215
LACPP
Teachers	Grant NMSS		44,260			44260
Bursary Income								1,965
Other grants			49,318			49218	281,365
Department	ofEducation		7,154			7,154
Sundry
			146,146			146,146
Other income
							17month	penod
			Unrestricted	Restricted	2021		ended Aug 2020
			f					f
Uniform Sales			2,079			2,079		968
Receipts from insurance		claims	24,744			24,744
Enterprise	and fundraising	income	572			572		1,371
						27295		2,339

4 CHARITABLE EXPENDITURE	4 CHARITABLE EXPENDITURE	2021	2021	2021	17month penod ended Aug 2020
		General	Restricted	Total	Total
Direct Educadon Salaries Equipment Acbvities &Exam fees Further Education		Fund 2,190,731 182,975 11,716 14,552	Fund 5	Funds 6 ?„190,731 182II75 11,716 14$52	Funds 6 2,578,843 179,195 5,427 26,188
		2,399,974		2,399$?4	2,787,653
Childcsre Services
Salaries Child Care Salaries Medical/Therapeutic		746,142 97,073		746,142 97,073	1,330,007 102,679
		843215		843215	1,432,686
Estahgshment Expenses
Salaries		280,5D6		280/06	247,210
Gardens &LandscaPing		15,522		15rf?2	20,341
Buildings &Plant		236,465		236,465	234,018
Rent
Equipment &Repairs		80,256		80256	114,040
Provisions		129,491		129,491	174,887
Services		82.486		82,486	91,669
Cleaning, Laundry &Hygiene		31,287		31/87	41,077
Depreciagon		274,896	20,014	294vgf0	325,407
		113D909	20014	1,150rl23	1,248,449
Support Coom
Salaries		358,356		358,356	415,733
Printing, Stationery, Postage &Telephone		33,940		33940	46,916
Adverbsing		9,869		9,869	4,982
Insurance		47,030		47,030	43,157
Generalltrie Insurance	gvensions)	52,802		52,802	62,454
Travel		33,453		33,453	53258
Sundries		27,326		27426	16,834
Training		36,937		36,937	52,351
Payroll Bureau		8,676		8,676	12,000
Professional Fees		123,602		123,602	2D6,149
Ren IRate/Bank Charges &other interest		664		664	940
Bad debts		602		602	9,529
		733,257		733257	924,303
Governance costs
Salaries
Auditom remuneration	forAudit Services	10,506		10,506	19,829
Auditors remunerabon	for Other Services	96D		960	4,420
		11,466		11,466	24,249
School pension costs
Pensions administration		152,323		152223	69,000
Past service costs
		152,323		152323	69,000
Total		5,271,144	20,014	5291,158	6,769,340

								17momh period	17momh period
						Resbfcted	2021	endedAug 202D
	Salaries								f
									399
									399
6	COSTOF GENERATING		FUNDS
								17month period
					Unrestricted		2021	endedAug 2020
	Salaries						f
									2,561
									2,561
7	NET INCOME FORTHE		YEAR
	The net income forthe year are stated ader				charging:
								17month	period
							2021	endedAug	2D20
	Depreciation- owned Pension costs	assets					294rlt0	f 325,407
							402223	352,000
8	INCOME FROM UK INVESTMENTS
								17month	period
							2021	ended Aug 2020
							f
	Income from unlisled Interest on deposits	fixed	asset investmenls				4,640		5,736
									3,715
9	EDGED ASSETINVESTMENTS
								17month	period
						2021	2021	ended Aug	2020
						Special Fund	Total		Total
							f		f
	Valua0on 1September2020 Addition				-unlisted -Ungsled	106,415	106,415	94,839
	(Decrease) / Increase in market value Valuation 31August 2021 Bookvalue31 August2021				-unlisted	18278 124,693 124,693	18,278 124,693 124,693	11,576 106,415 1D6,415
	Induded in the charity's	investments		at the balance sheet date in the share capital ofcompanies		include the fogowing:
09KRSPension Trustees			Mmited
Nature ofBusiness: non trading company
						31.0821	31.0820

NOTES TO THE FINANCIAL STATEMENTS
10TANGIBLE RXEDASSETS
	Land	Freehold	Plant	Motor	Furniture 6	TOTAL
	f	Property 8		Vehicles	Equipment
Cosh
At beginning ofyear	30,000	8,326,458	767,135	91,033	277,112
AddiTions		643,030	304,315	44,830	107,58D	t,a99,755
Disposals		( 299,916)		(40,609)	( 16,133)	( 356,658)
At end ofyear	30,000	8,669,572	1,D71,450	95,254	368,559	10$34r835
Depreciation:
At beginning ofyear		2,254,836	526,264	83,415	132,795	2097210
Charge foryear		165,553	93,545	5,155	25,659	289/12
On disposal		(76,613)		(40,609)	( 12,682)	( 129,904)
At end ofyear		2,343,776	619,809	47,961	145,772	3,157218
Net book value:
At31 August2021	30,000	6,325,796		47293	222,78T	7,077/17
At 31August 2020	30.000	6,D71,622	24D,871	7,618	144217	6,494,428

11	DEBTORS
							17month period
					2021		ended Aug 2D20
								f
	Trade debtom					73,944		59,641
	Amounts owed by fellow group undertakings							1
	Other debtors					52,010		6,274
	Prepaymenls	and accrued income				110,766		87,580
						216,721	153,476
12	CREDITORS	FALLING DUE IhilTHIN ONE YEAR
							17month period
					2021		ended Aug 202D
								r'
	Fees and grants charged Ireceived		in advance	(see note 20)
	Trade Credkom					326,062		18,582
	Accfuals					51,814		17,0DD
	Other creditors					58,186		28,381
	Hire purchase	contracts				3286		3,286
								67,249
13	CREDITORS FALUNG DUEAFTER MORE THAN ONE YEAR
							17month	period
					2021		ended Aug 2020
						6
	Hire purchase	conbacts				821		4,107

RECONCILIATI	ON	QF MOVEMENT IN THE SCHOOL FUNDS
				17month period
			2021	ended Aug 2020
				f
Surplus/(deficit)	for	the year	1,662,629	1,591,467
Funds at beginning		ofyear	7,40T,077	5,815,610
Funds at end ofyear

17	RECONCILIATION OFPROFI FROM OPERATIONS	T TO	CASH GENER	ATED
								17month	period
					2021			ended Aug 2020
	Net income/(expenditure)					1,662,629		1,497,467
	Depreciation						289$12		325,408
	(Gain)/ on disposal offixed assets					(113,070)
	Return on pension scheme assets					(924,000)			(200,000)
	Investment income						(4,640)		( 5,736)
	Pension scheme interest on pension		liabilities				250„000		283,000
	Pension scheme past senrice costs
	Pension scheme administration	expenses					153,DOD		69,000
	(Gain)/loss on investment						(18,278)		( 11,576)
						1295,553		1,957,563
	Decrease/(increase) in trade and other debtom						( 83245)		191,959
	(Decrease)/increase in tmde and other creditom						368,813	( 635,599)
	Payments to reduce pension deficit					{100,000)		(905,000)
	Net cash inflow from operating	ac6vities				1,481,121			608,923
18	CASH AND CASH EQUNALENTS
	The amounts disdosed on the Cash		Flow Statement	in respect ofcash and cash equivalents	are in respect ofthese Balance Sheet amounts:
	ended
	Year ended 31August 2021 Period
								17month	period
					2021			ended Aug 2020
	Cash and cash equivalents 31August202					6 3428B45		2,003,114
					17month	period
					ended Aug		2020		2019
							6
	Cash and cash equivalenfs					2,803,114		2,383,455
	(Decrease)/increase in cash and cash equivalents						T25,831		419,659
19	PENSION LNBILITY
								17month	period
					2021			ended Aug 202D
	Shortfall ofpension scheme assets		lo liabitities						6
	Brought forward					2,079,000		2,926,000
	Movement in year					(	621,000)	( 847,000)
	Balance as at31.0821					1,458,000		2079,0DO

														17month period	17month period	17month period
													2021	ended	Aug 2020
Broughtforward																f
Received during	the year															329,364
Released in the	year
																(329,364)
Balance as at31.D8.21
Average number ofpersons Teaching, induding Teaching				employed, Assistants		excluding			Directors, analysed		by function was:		2021	17month period ended Aug 2020
Childcare, Care	home &Cliriical Services												50			44
Administration &Finance													30			35
Establishment													'l2			12
													15			11
													107			102
Staffcosts comprise: Salaries &wages Social Secunly costs Pension scheme costs													f 3,05R555 279rrtt		3,964,923 330,684
													340242			379,825
													3A72,808		4,675,432
The Directors receive no remuneration,					orfees,			or	reimbursement	of	expenses	for their services to the charily.
														17month		pwiod
													2021	ended Aug 2020
No ofemployees	Salary Band			f60000	-669999
No ofemployees	Salary Band			680000-669999
No ofhigher paid	employees		accruing benefits under a defined benefits scheme
One tiigher paid employee		has beneMs			accruing			under a money		purchase scheme
FINANCIAL COMMITMENTS
At31August 2021 the school			was committed				to	making the following			payments	in the next tweive months	under non cancellable
operating leases:
														17month	period
													2021	ended Aug		2D20
Operating leases which expire: Wdhin 1year In 1-5years 5years plus													OKce Equipment 6 3286 821	Office Equipment f 7,267 5,274
													4,107			12,541

The major assumptions u	sed forthe calcu	lations were:
			2021	~77	70 ' d
					70 t2020
Discount rate RPI inflafion CPI inflation Rate ofincrease ofdeferred Rate ofincrease in pensions	pensions in payment	pre 1 April 2006	1.6'/0 3.3'/o 2.8'/o 28'/o 3.2'/0		1.5'/o 2 90/o 2 30/a 2 3o/ 2 9o/
		Post 31 March 2006	2 6a%%d		2.4o%%d
Mortality (pre retirement) Mortality (post retirement)			Nil 63PMA/63PFA		Nil 63PMA/63PFA

25	ANALYSIS OF FUNDS	SY	NETA	SSETS
					Unrestricted funds	Restricted funds
					General	Restricted	Endowment
					Fund	Fund	Fund	Total
	Opening balance at01.D920				6,447,951	717,793	241,334	7,407,078
	Net (outgoing)/incoming	resoumes		before
	transfers and investment	gains			872,655	( 20,014)	22,918	875,559
	Tmnsfersr
	Pension actuarial gain/(deficit)				(250,000)			( 250,000)
	Gain on disposal offixed	assets			113,D70			113,070
	(Shortfag)/Gain on expected		return	on assets	924,000			924,000
	Repayment ofloan from
	endowment funds				( 6,557)		6,557
	Closing balance at31.0821				8,101,119		270,809	9,0ti9,707
	Represented by:
	Tangible gxed assets				6,379,738	697,779		7,077,517
	Investments						124,693	124,693
	Other net assets				3,179,381		146,116	3,325,497
	Provision for pension shorthg				(1,458,000)			(1,458,000)
	Closing balance at31.08.21				8,101,119		270,809	9,069,707
	Prior year.
	Tangible Dxed assets				5,776,636	717,792		6,494,428
	lrlvesirrlenis						106,415	1D6,415
	Other net assets				2,750,315		134,919	2,885234
	Provision for pension shortfall				( 2,D79,000)			( 2,079,000)
	Closing balance at31.0820				6,447,951	717,792	241,334	7,407,0TI
26	RESERVESNOTE						2021	202D
	Reserves exduding pension		liability				10',707	9,486,077
	Pension resenre						(1A58,000)	( 2,079,000)
	Reserves						9,069,T07	7,4D7,07/
27	RELATED PARTY
	There were no disdosable	related pariy transac6ons			during the year (2020-none).

						17mondr period
			2020	202D	2D20	ended Aug 2020	2019
			Unrestricted	Other Restricted	Endowment	Total	Total
Incoming Resources			Fund f	Fund f	Fund f	Funds f	Funds f
Donations and legacies Hiring offacilities Income from investments Income from charhable activities:			11570 11,080 932			11~0 11,080 5,736	4,178 7,744 3,715
School Fees Grants Received			7,723,532 298,545			7,723432 298~	5,338,219 15,096
Contribution to school trips			251			251
Other Income
Other income			2,339			2,339	951
Property Rental Income			5,138			5,138
Expected Return on Pension	Scheme Assets		200,0DD			200,000	145,000
Total income and endowments			8,253,387		4,804	8258,191	5,515,128
Resources expended
Expenditure on raising funds
Costs ofgenerating vo/unlmy	income		399			399	387
Costs ofgenerating funds			2,561			2461	2,486
Expenditure on charitable Total Resources Expended	activities		6,74D,987 6,743$47	28253		6,769,340 6,7T2,300	5219,026 5222,700
Net gains/gosses) on investments					11,576	11E/6	6,936
Net income/(expenditure)			1409/MD	(28253)	16280	IA97,467	299,364
Transfer between funds			( 9,289)		9,289
Other recognised gains/loses
Actuarial gairw/(losses) on defined		benefit
pension scheme			( 515,000)			(515,000)	( 332,000)
(Shorffafi)/Gain on expected	return	on assets	609,000			609,000	276,000
Gain on disposal offixed assets							60
Net movement in funds			1~4,151	(28253)	25,669	1491rssy	243,424
Total funds brought forward			4,853,799	746,146	215,665	5,815,610	5,572,186
Total funds canied forward			6,447,950	717,793	241,334	TA07,0T/	5,815,610