2023-08-31-accounts - West Kirby Educational Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Report ofthe Trustees	1	to	6
Report ofthe Independent Auditors	7	to	10
Statement ofFinancial Activities
Balance Sheet		12
Cash Flow Statement		13
Notes to the Cash Flow Statement		14
Notes to the Financial Statements	15	to	31
Detailed Statement ofFinancial Activities	32	to	33

								31.8.23	31.8.22
					Unrestricted	Restricted	Endowment	Total	Total
					fund	funds	fund	funds	funds
				Notes
INCOME AND
ENDOWMENTS		FROM
Donations and legacies					593			593	1,405
Charitable activ]ties
Direct Education					6,658,129	344,664		7,002,793	6,643,417
Investment income					7,802		2,521	10,323	9,342
Other income					35,020			35,020	18,673
Total					6,70],544	344,664	2,521	7,048,729	6,672,837
EXPENDITURE		ON
Charitable activities
Direct Education					2,874,067			2,874,067	3,039,454
Childcare Services					775,359			775,359	722,417
Establishment Expenses					1,325,631	344,664		1,670,295	1,394,873
Support Costs					1,243,063			1,243,063	990,071
Governance costs					22,738			22,738	14,327
School pension costs					118,389			118,389	134,000
Total					6,359,247	344,664		6,703,911	6,295, 142
Net gains/(losses)	on
investments							1,345	1,345	(11,776)
NET INCOME					342,297		3,866	346,163	365,919
Transfers between		funds		18	2,520		(2,520)
Other recognised		gains/(losses)
Gains on revaluation		offixed
assets									48,923
Actuarial gains/(losses)			on
defined benefit schemes					(217,000)			(217,000)	1,100,000
Net movement in	funds				127,817		1,346	129,163	1,514,842
RECONCILIATION			OF
FUNDS
Total funds brought		forward			10,47],631		]12,917	10,584,548	9,069,706
TOTAL FUNDS CARRIED
FORWARD					10,599,448		114,263	]0,713,711	]0,584,548

					31.8.23	31.8.22
		Unrestricted	Restricted	Endowment	Total	Total
		fund	funds	fund	funds	funds
	Notes
FIXEDASSETS
Tangible assets	12	8,980,722			8,980,722	7,230,845
Investments	13			114,263	114,263	112,917
		8,980,722		114,263	9,094,985	7,343,762
CURRENT ASSETS
Debtors	14	205,337			205,337	139,700
Cash at bank		2,101,017			2,101,017	3,607,442
		2,306,354			2,306,354	3,747, 142
CREDITORS
Amounts falling due within one
year	15	(346,628)			(346,628)	(254,356)
NET CURRENT ASSETS		1,959,726			1,959,726	3,492,786
TOTAL ASSETSLESS
CURRENT LIABILITIES		10,940,448		114,263	11,054,711	10,836,548
PENSION LIABILITY	19	(341,000)			(341,000)	(252,000)
NET ASSETS		10,599,448		114,263	10,713,711	10,584,548
FUNDS	18
Unrestricted funds					10,599,448	10,471,631
Endowment funds					114,263	112,917
TOTAL FUNDS					10,713,711	10,584,548

					31.8.23	31.8.22
				Notes
Cash flows from operating		activities
Cash generated from operations					614,589	515,667
Net cash provided by operating activities					614,589	515,667
Cash flows from investing		activities
Purchase oftangible fixed	assets				(2,123,869)	(771,131)
Sale oftangible fixed assets					2,500	315,628
Net cash used in investing	activities				(2,121,369)	(455,503)
Cash flows from financing		activities
Capital repayments in year					(821)
Income attributable to endowment					2,521	6,557
Expenditure attributable to		endowment			(1,345)	11,776
Net cash provided by financing activities					355	18,333
Change in cash and cash	equivalents		in
the reporting period					(1,506,425)	78,497
Cash and cash equivalents		at the
beginning ofthe reporting		period			3,607,442	3,528,945
Cash and cash equivalents		at the end	of
the reporting period					2,101,017	3,607,442

			Notes to the Cash Flow Statement for the Year Ended 31 August 2023	Notes to the Cash Flow Statement for the Year Ended 31 August 2023
RECONCILIATION			OF NET INCOME TO NET CASH FLOW FROM		OPERATING ACTIVITIES
					31.8.23	31.8.22
Net income	for the	reporting		period (as per the Statement ofFinancial
Activities)					346,163	365,919
Adjustments	for:
Depreciation	charges				370,265	351,097
(Gain)/losses	on investments				(1,345)	11,776
Loss on disposal of		fixed assets			1,226
Incoine attributable		to	endowment		(2,521)	(6,557)
Expenditure	attributable		to endowment		1,345	(11,776)
Pension scheme adjustments					(128,000)	(106,000)
(Increase)/decrease		in debtors			(65,637)	97,020
Increase/(decrease)		in creditors			93,093	(185,812)
Net cash provided		by	operations		614,589	515,667
ANALYSIS	OF CHANGES IN NET FUNDS
				At 1.9.22	Cash flow	At 31.8.23
Net cash
Cash at bank				3,607,442	(1,506,425)	2,101,017
				3,607,442	(1,506,425)	2,101,017
Debt
Finance leases				(821)	821
				(821)	821
Total				3,606,621	(1,505,604)	2,101,017

3.	DONATIONS	AND LEGACIES	AND LEGACIES
					31.8.23	31.8.22
	Donations				593	1,405
4.	INVESTMENT INCOME
					31.8.23	31.8.22
	Rents received				7,802	2,497
	Income from investments				2,521	6,845
					10,323	9,342
5.	INCOME FROM CHARITABLE ACTIVITIES
					31.8.23	31.8.22
			Activity
	School fees		Direct Education		6,658,129	6,449,267
	Contribution to school trips		Direct Education			81
	Pupil premium		Direct Education		29,220	32,388
	Grants		Direct Education		315,444	161,681
					7,002,793	6,643,417
6.	CHARITABLE ACTIVITIES		COSTS
					Support
				Direct	costs (see
				Costs	note 7)	Totals
	Direct Education			2,873,997	70	2,874,067
	Childcare Services				775,359	775,359
	Establishment	Expenses			1,670,295	1,670,295
	Support Costs				],243,063	1,243,063
	Governance costs				22,738	22,738
	School pension	costs			118,389	118,389
				2,873,997	3,829,914	6,703,911

SUPPORT COSTS
				Charitable
				activities
				(excluding
			Human	other	Governance
	Management		resources	costs)	costs	Totals
Direct Education		70				70
Childcare Services		775,359				775,359
Establishment Expenses			493,922	],175,147	1,226	1,670,295
Support Costs			606,414	636,649		1,243,063
Governance costs					22,738	22,738
School pension costs			112,000	6,389		118,389
		775,429	1,212,336	],818,185	23,964	3,829,914
NET INCOME/(EXPENDITURE)
Net income/(expenditure)	is stated	after charging/(crediting):
					31.8.23	31.8.22
Auditors' remuneration					17,500	9,571
Auditors' remuneration	for non audit work				5,238	4,756
Depreciation - owned assets					370,266	351,099
Hire ofplant and machinery						664
Deficit on disposal offixed assets					1,226

STAF	F COSTS
		31.8.23	31.8.22
Wages	and salaries	4,536,579	3,987,608
Other	pension costs	112,000	134,000
		4,648,579	4,121,608

		31.8.23	31.8.22
Teachers		28	52
Childcare, Care	home &Clinical services	66	28
Administration	and finance	12	12
Domestic &Maintenance		22	19
		128

The num	be	r ofemployees whose employee benefits	(excluding employer pension costs) exceeded	f60,000 w
			31.8.23	31.8.22
f.60,001	-	670,000	1	1
f70,001	-	$80,000	I	1
690,001	-	F100,000	I	I

These employees held the position ofPrincipal, ofthe 6 total senior leadership team.	These employees held the position ofPrincipal, ofthe 6 total senior leadership team.	Operations Direct	or and Deputy H	eadteacher an	d comprised
COMPARATIVES FOR THE STATEMENT		OF FINANCIAL	ACTIVITIES
		Unrestricted	Restricted	Endowinent	Total
		fund	funds	fund	funds
INCOME AND ENDOWMENTS FROM
Donations and legacies		1,405			1,405
Charitable activities
Direct Education		6,596,778	46,639		6,643,417
Investment income		2,785		6,557	9,342
Other income		18,673			18,673
Total		6,619,641	46,639	6,557	6,672,837
EXPENDITURE	ON
Charitable activities
Direct Education		3,039,454			3,039,454
Childcare Services		722,417			722,417
Establishment Expenses		1,348,234	46,639		1,394,873
Support Costs		990,071			990,071
Governance costs		14,327			14,327
School pension costs		134,000			134,000
Total		6,248,503	46,639		6,295,142
Net gains/(losses)	on investments			(11,776)	(11,776)

			for the Year E	nded 31 August	2023	2023
11.	COMPARATIVES	FOR THE	STATEMENT	OF FINANCIAL	ACTIVITIES - continued
				Unrestricted	Restricted	Endowment	Total
				fund	funds	fund	funds
	NET INCOME/(EXPENDITURE)			371,138		(5,219)	365,919
	Transfers between funds			850,451	(697,778)	(152,673)
	Other recognised gains/(losses)
	Gains on revaluation	offixed assets		48,923			48,923
	Actuarial gains on defined benefit schemes			1,100,000			1,100,000
	Net movement in funds			2,370,512	(697,778)	(157,892)	1,5]4,842
	RECONCILIATION	OF FUNDS
	Total funds brought forward			8,101,119	697,778	270,809	9,069,706
	TOTAL FUNDS CARRIED FORWARD			10,471,631		112,917	10,584,548
12.	TANGIBLE FIXEDASSETS
					Fixtures
			Freehold	Plant and	and	Motor
			property	machinery	fittings	vehicles	Totals
	COST
	At 1 September 2022		8,658,885	1,105,048	698,638	95,255	10,557,826
	Additions		1,845,607	183,408	94,854		2,123,869
	Disposals				(24,329)		(24,329)
	At 31 August 2023		10,504,492	1,288,456	769,163	95,255	12,657,366
	DEPRECIATION
	At 1 September 2022		2,425,732	678,279	162,657	60,313	3,326,981
	Charge for year		180,402	131,279	49,055	9,530	370,266
	Eliminated on disposal				(20,603)		(20,603)
	At 31August 2023		2,606,134	809,558	191,109	69,843	3,676,644
	NET BOOK VALUE
	At 31 August 2023		7,898,358	478,898	578,054	25,412	8,980,722
	At 31 August 2022		6,233,153	426,769	535,981	34,942	7,230,845

			Listed	Unlisted
			investments	investments	Totals
MARKET VALUE
At 1 September 2022			112,916		112,917
Revaluations			1,346		1,346
At 31 August 2023			114,262		114,263
NET BOOK VALUE
At 31 August 2023			114,262		114,263
At 31August 2022			112,916		112,917
There were no investment	assets outside the UK.
Cost or valuation at 31August 2023 is represented		by:
			Listed	Unlisted
			investments	investments	Totals
Valuation in 2023			114,262	1	114,263

	Registered office: West Kirby Residential Schoo Nature ofbusiness: Dormant	Registered office: West Kirby Residential Schoo Nature ofbusiness: Dormant	l, Meols Drive, West K	irby, Wirral, CH48 5DH
	Class ofshare:		holding
	Ordinary		100
				31.8.23	31.8.22
	Aggregate capital and reserves				1
14.	DEBTORS
				31.8.23	31.8,22
	Amounts falling due within one year:
	Trade debtors			100,393	36,660
	Other debtors			6,984	5,800
	Prepayments	and accrued income		95,048	85,563
				202,425	128,023
	Amounts falling due after more than one year:
	Other debtors	& 1 year		2,912	11,677
	Aggregate amounts			205,337	139,700

CREDITORS	:	AMOUN	TS FALLING DUE WITHIN ONE	YEAR
				31.8.23	31.8.22
Hire purchase	(see note 16)				821
Trade creditors				243,470	165,296
Other creditors				9,564	27,952
Accruals and deferred income				93,594	60,287
				346,628	254,356
LEASING AGREEMENTS
Minimum lease		payments	fall due as follows:
				Hire purchase	contracts
				31.8.23	31.8,22
Net obligations		repayable:
Within one year					821
				Non-cancellable	operating
				leases
				31.8.23	31.8.22
Within one year				1,913	4,592
Between one and five years					1,913
				1,913	6,505

MOVEMEN	T IN FUNDS
			Net	Transfers
			movement	between	At
		At 1.9.22	in funds	funds	31.8.23
Unrestricted	funds
General fund		10,471,631	125,297	2,520	10,599,448
Endowment	funds
Endowment	Fund	112,917	3,866	(2,520)	114,263
TOTAL FUNDS		10,584,548	129,163		10,713,711

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted funds
General fund		6,701,544	(6,359,247)	(217,000)	125,297
Restricted funds
ESFA Funding		344,664	(344,664)
Endowment funds
Endowment Fund		2,52]		1,345	3,866
TOTAL FUNDS		7,048,729	(6,703,911)	(215,655)	129,163
Comparatives for movement	in funds
			Net	Transfers
			movement	between	At
		At 1.9.21	in funds	funds	3].8.22
Unrestricted funds
General fund		8,101,119	1,520,061	850,451	10,471,631
Restricted funds
Donation fund - restricted		56,864		(56,864)
Art and home economics grant	fund-
Restricted		40,970		(40,970)
Wooden Spoon Fund - Restricted		6,013		(6,013)
Miss French Donation Fund -	Restricted	186,601		(186,601)
Devolved Capital Formula Grant		68,247		(68,247)
School Capital Allocation Fund-
Restricted		147,983		(147,983)
Capital grant		137,641		(137,641)
DFC NMSS		53,459		(53,459)
		697,778		(697,778)
Endowment funds
Endowment Fund		270,809	(5,219)	(152,673)	112,917
TOTAL FUNDS		9,069,706	1,5]4,842		]0,584,548

		Incoming	Resources	Resources	Gains and	Movement
		resources	expended		losses	in funds
Unrestricted funds
General fund		6,619,641	(6,248,503)		1,148,923	1,520,061
Restricted funds
Devolved Capital Formula	Grant	8,202		(8,202)
School Capital Allocation	Fund-
Restricted		38,437		(38,437)
		46,639		(46,639)
Endowment funds
Endowment Fund		6,557			(11,776)	(5,219)
TOTAL FUNDS		6,672,837	(6,295,142)		1,137,147	1,514,842
A current year 12 months	and prior year 12 months	combined	position	is as follows:
				Net	Transfers
			movement		between	At
		At 1.9.21	in funds		funds	31.8.23
Unrestricted funds
General fund		8,101,119	1,645,358		852,971	10,599,448
Restricted funds
Donation fund - restricted		56,864			(56,864)
Art and home economics grant fund-
Restricted		40,970			(40,970)
Wooden Spoon Fund - Restricted		6,013			(6,013)
Miss French Donation Fund - Restricted		186,601			(186,601)
Devolved Capital Formula	Grant	68,247			(68,247)
School Capital Allocation	Fund-
Restricted		147,983			(147,983)
Capital grant		137,641			(137,641)
DFC NMSS		53,459			(53,459)
		697,778			(697,778)
Endowment funds
Endowment Fund		270,809		(1,353)	(155,193)	114,263
TOTAL FUNDS		9,069,706	1,644,005			10,713,711

	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
Unrestricted funds
General fund	13,321,185	(12,607,750)	931,923	1,645,358
Restricted funds
Devolved Capital Formula Grant	8,202	(8,202)
School Capital Allocation Fund-
Restricted	38,437	(38,437)
ESFA Funding	344,664	(344,664)
	391,303	(391,303)
Endowment funds
Endowment Fund	9,078		(10,431)	(1,353)
TOTAL FUNDS	13,721,566	(12,999,053)	921,492	1,644,005

	2023	2022
Teacher's Pension	120,918	107,129
Stakeholder Pension	85,806	355,221
Deficit Pension Payments	240,000	240,000
	446,724	702,350

			2023	2022	2021
The actuarial	value ofassets at	31 August	4,684,000	5,618,000	7,667,000
The actuarial	value ofliabilities	at 31 August	(5,025,000)	(5,870,000)	(9,125,000)
Produces an	actuarial deficit of		(341,000)	(252,000)	(1,458,000)

		Defined	benefit
		pension	plans
		31,8.23	31.8.22
Current service cost
Interest cost		233,000	261,000
Past service cost
Administration	costs	104,000	111,000
		337,000	372,000
Actual return	on plan assets	(821,000)	(2,841,000)

Changes	in the present value ofthe defined benefit obligatio	n are as follows:
		Defined	benefit
		pension	plans
		31.8.23	31.8.22
Opening	defined benefit obligation	5,870,000	9,125,000
Interest	cost	241,000	142,000
Actuarial	losses/(gains)	(821,000)	(2,841,000)
Benefits	paid	(265,000)	(556,000)
		5,025,000	5,870,000

Changes	in th	e fair value ofsche	me assets are as follows:
				Defined	benefit
				pension	plans
				31.8.23	31.8.22
Opening	fair value ofscheme assets			5,618,000	7,667,000
Interest	income/cost			233,000	119,000
Contributions		by employer		240,000	240,000
Administration		expenses		(104,000)	(111,000)
Benefits	paid			(265,000)	(556,000)
Return on plan assets (excluding			interest
income)				(1,038,000)	(],74],000)
				4,684,000	5,618,000

			Defined	benefit
			pension	plans
			31.8.23	31.8.22
Return on	plan assets (excluding	interest
income)			(1,038,000)	(1,741,000)
Actuarial	gains/(losses)		821,000	2,841,000
			(217,000)	1,100,000

The major categories ofscheme assets as a percentage o	ftotal scheme assets are as follows:
	Defined	benefit
	pension	plans
	31.8.23	31.8.22
Equity, property &other	75.76/o	25.42/o
Cash		42.49'/o
Liability driven investments	8.90/o	16.54/o
Buy in policy	15.33/o	15.55/o
	100.00/0	100.00/0

					31.8.23	31.8.22
Discount	rate				5.30'/o	4.20'/o
Retail prices index inflation					3.20o/o	3.50'/o
Consumer	prices index inflation				2.70'/o	3.00'/o
Inflation	linked increases	in deferment			2.70'/o	3.00'/o
GMP equalisation allowance					0.50'/o	0.50'/o
Inflation	linked increases	in payment	Pre	1 April 2006	3.15'/o	3.40'/o
Mortality	after retirement				100'/o	100'/0
Inflation	linked increases	in payment	Post	31March 2006	2.55'/o	2.70'/o

										2023		2022
Meu									21.4	years	22.0	years
Women									23.9	years	24.4	years
Longevity	at	age	65,for	futtue	pensioners	now	agreed	45:
										2023		2022

for the Year Ended	31August 2023
	31.8.23	31.8.22
INCOME AND ENDOWMENTS
Donations and legacies
Donations	593	1,405
Investment income
Rents received	7,802	2,497
Income &om investments	2,521	6,845
	10,323	9,342
Charitable activities
Schoo I fees	6,658,129	6,449,267
Contribution to school trips		81
Pupil premium	29,220	32,388
Grants	315,444	161,681
	7,002,793	6,643,417
Other income
Other income Hiring offacilities	8,697 26,323	9,444 9,229
	35,020	18,673
Total incoming resources	7,048,729	6,672,837
EXPENDITURE
Charitable activities
Direct Education - Wages Direct Education - Further education	2,660,884	2,455,378 59,267
Residential care for pupils Direct Education - Equipment	21,858 90,718	18,455 58,378
Direct Education - Activities	99,974	62,975
Playground hire	563	500
	2,873,997	2,654,953
Support costs
Management
Child Care - Wages Bad debts	775,359 70	471,436 24
	775,429	471,460
Human resources
Wages	1,100,336	1,060,794
Can ied fonvard	1,100,336	1,060,794

		31.8.23	31.8.22
Human resources
Brought forward		1,100,336	1,060,794
Pensions administration		112,000	134,000
		1,212,336	1,194,794
Charitable activities (excluding other costs)
Hire ofplant and machinery			664
Rates and water		138,301	129,899
Insurance		97,748	100,381
Advertising		30,587	26,013
Postage and stationery		39,645	48,179
Gardens &landscaping		16,722	19,265
Buildings &plant		390,652	656,045
Equipment &repairs		61,495	75,460
Provisions		140,208	113,726
Cleaning, laundry &hygiene		41,657	24,004
Payroll bureau		3,162	6,085
Travel		41,733	45,036
Sundries		12,578	21,530
Training		91,445	67,008
Professional fees		213,122	200,159
Subscriptions		24,259	21,707
Computer costs		94,968	53,350
Telephone		9,638
Depreciation oftangible	fixed assets	370,265	351,097
		1,818,185	1,959,608
Governance costs
Auditors' remuneration		17,500	9,571
Auditors' remuneration	for non audit work	5,238	4,756
Gain on sale oftangible	fixed assets	1,226
		23,964	14,327
Total resources expended		6,703,911	6,295,142
Net income		344,818	377,695