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CONTENTS |
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Pages |
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| Chairman’s Statement |
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1 |
| Governors’ Annual Report including |
Strategic Report |
2 |
— 19 |
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| IndependentAuditor’s Report |
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20 |
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— 23 |
| Consolidated Statement of Financial |
Activities |
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24 |
| Consolidated Balance Sheet |
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25 |
| Charity Balance Sheet |
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26 |
| Consolidated Cash Flow Statement |
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27 |
| Notes to the Financial Statements |
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28 |
|
- 49 |
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|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
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| David Hallé (Chair) |
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. |
. |
. |
• |
• |
• |
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| Susan Hilary Buckle (Vice Chair) |
Safeguarding Governor |
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. |
. |
. |
. |
. |
. |
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Chair Safeguarding |
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| Sister MargaretAnne Banning |
Order Appointed Rep |
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. |
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. |
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| Margaret Mary O’Keefe |
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• |
• |
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- |
| Julia Feeney |
Order Appointed Rep, |
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• |
. |
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i Chair SLC |
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| Jonathan Hennah |
Chair F&GP |
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| Simon Wilson |
Chair Education |
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. |
. |
. |
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. |
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| Paul Barras |
Bishops Representative |
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. |
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. |
. |
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| Margaret Elizabeth Cross |
Chair of Remuneration |
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. |
. |
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. |
. |
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| Justin Snoxall |
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. |
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| Rachel Tetchner |
- |
- |
- |
. |
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| Stephen Slack |
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| Prof Francoise Le Saux |
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. |
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• |
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• |
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| Mary Robertson |
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. |
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. |
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| Leo Ring |
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| Giles Watson |
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. |
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• |
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| Amy Bainbridge |
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. |
|
A Crowe
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOSEPH'S COLLEGE READING TRUST (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Reading
Date 30 March 2023
Page 23
|
Notes |
Unrestricted |
Restricted |
|
Endowment |
2022 |
2021 |
|
|
Funds |
Funds |
|
Funds |
Total |
Total |
|
|
£ |
£ |
|
£ |
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
|
|
| FROM: |
|
|
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
|
|
| College fees receivable |
4 |
6,396,124 |
|
- |
- |
6,396,124 |
5,864,209 |
| Ancillarytrading income |
5 |
1,300,874 |
|
- |
- |
1,300,874 |
995,614 |
| Other trading activities: |
6 |
44,683 |
|
- |
- |
44,683 |
38,618 |
| Grants and donations |
7 |
5,368 |
|
|
|
5,368 |
21,821 |
| TOTAL INCOME |
|
7,747,049 |
|
- |
- |
7,747,049 |
6,920,262 |
| College operating costs |
|
7,671,954 |
|
- |
50,000 |
7,721,954 |
7,027,931 |
| Raising funds |
|
|
|
|
|
|
|
| Financing |
|
85,403 |
|
- |
- |
85,403 |
119,425 |
| SJCR Enterprises Limited |
|
3,819 |
|
|
- |
3,819 |
9,466 |
| TOTAL EXPENDITURE |
8 |
7,761,176 |
|
|
50,000 |
7,811,176 |
7,156,822 |
| NET INCOMEI(EXPENDITURE) |
|
(14,127) |
|
- |
(50,000) |
(64,127) |
(236,560) |
| Transfers |
|
12,400 |
(12,400) |
|
- |
- |
|
| NET MOVEMENT IN FUNDS |
|
(1,727) |
(12,400) |
|
(50,000) |
(64,127) |
(236,560) |
| Fund balances brought forward |
|
(604,313) |
12,400 |
|
4,483,333 |
3,891,420 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
|
|
|
| FORWARD |
|
(606,040) |
|
- |
4,433,333 |
3,827.293 |
3.891,420 |
|
|
Group |
Group |
|
|
Notes |
2022 |
|
2021 |
| FIXED ASSETS |
|
|
|
|
| Tangible assets |
11 |
7,016.160 |
|
7,144,953 |
| CURRENT ASSETS |
|
|
|
|
| Debtors |
12 |
340,303 |
|
312,075 |
| Stock |
13 |
18,791 |
|
27,028 |
| Cash at bank and in hand |
|
216,134 |
|
120,761 |
|
|
575,228 |
|
459,864 |
| LIABILITIES |
|
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,414,981) |
|
(2,216,603) |
| NET CURRENT LIABILITIES |
|
(1,839,753) |
|
(1,756,739) |
| TOTAL ASSETS LESS CURRENT |
|
|
|
|
| LIABILITIES |
|
5,176,407 |
|
5,388,214 |
| Creditors: Amounts falling due after more than |
|
|
|
|
| one year |
15 |
(1,349,114) |
|
(1.496.794) |
| TOTAL NET ASSETS |
|
3,827,293 |
— |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
|
| Endowment Funds |
|
|
|
|
| Leasehold property donation |
1la |
4,433,333 |
|
4,483,333 |
| Restricted Funds |
17a |
|
- |
12,400 |
| Unrestricted income funds |
|
|
- |
|
| General fund |
17 |
(606,040) |
|
(604,313) |
| TOTAL FUNDS |
18 |
3,827,293 |
|
3,891,420 |
|
|
College |
|
|
Notes |
2022 |
2021 |
| FIXED ASSETS |
|
|
|
| Tangible assets |
11 |
7,016,160 |
7,144,953 |
| Investments |
lib |
1 |
1 |
|
|
7,016,161 |
7,144,954 |
| CURRENT ASSETS |
|
|
|
| Debtors |
12 |
347,711 |
321,646 |
| Stock |
13 |
18,791 |
27,028 |
| Cash at bank and in hand |
|
205,599 |
107,848 |
|
|
572,101 |
456,522 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,411,855) |
(2,213,262) |
| NET CURRENT LIABILITIES |
|
(1,839,754) |
(1,756,740) |
| TOTAL ASSETS LESS CURRENT |
|
5,176,407 |
5,388,214 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due after more than |
|
|
|
| one year |
15 |
(1,349,114) |
(1,496,794) |
| TOTAL NET ASSETS |
|
3,827,293 |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
| Endowment Funds |
|
|
|
| Leasehold property donation |
11a |
4,433,333 |
4,483,333 |
| Restricted Funds |
17a |
|
12,400 |
| Unrestricted income funds |
|
- |
|
| General fund |
17 |
(606,040) |
(604,3j) |
| TOTAL CHARITY FUNDS |
19 |
3,827,293 |
3,891.420 |
|
Notes |
2022 |
2021 |
|
|
£ |
£ |
| Cash flows from operating activities: |
|
|
|
| Net cash provided by operating activities |
20 |
641,372 |
588,066 |
| Cash flows from investing activities: |
|
|
|
| Interest income |
|
- |
- |
| Interest paid |
|
(64,916) |
(69,593) |
| Purchase of tangible fixed assets |
|
(339,591) |
(327,824) |
| Net cash used in investing activities |
|
(404,507) |
(397,417) |
| Cash flows from financing activities: |
|
|
|
| Repayment of borrowing |
|
(141,492) |
(132,352) |
| Net cash (used in) financing activities |
|
(141,492) |
(132,352) |
| (Decrease)Iincrease in cash and cash equivalents in |
20a |
|
|
| the year |
|
95,373 |
58,297 |
| Cash and cash equivalents at the beginning ofthe year |
|
120,761 |
62,464 |
| Total cash and cash equivalents at the end ofthe year |
20b |
216,134 |
120.761 |
|
2022 |
2021 |
|
£ |
£ |
| Fees receivable consist of: |
|
|
| Gross School fees |
6,985,660 |
6,384,915 |
| Less: total scholarships, bursaries and discounts |
(589,536) |
(520706) |
| Net School Fees |
6.396.124 |
5,864.209 |
| ANCILLARY TRADING INCOME |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Catering income |
300,711 |
225,124 |
| Music income |
239,864 |
221,496 |
| Extended Dayand Holiday Club income |
291,571 |
244,176 |
| Transport income |
80,823 |
55,103 |
| Other operating income |
199,363 |
200,739 |
| Trip income |
188,542 |
48,976 |
|
1,300,874 |
995.614 |
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
| Rental |
income |
|
36,529 |
22,499 |
| SJCR |
Enterprises |
Ltd |
8,154 |
16,119 |
|
|
|
44,683 |
38.618 |
|
2022 |
2021 |
|
£ |
£ |
| TURNOVER |
8,154 |
16,119 |
| Cost of sales |
(515) |
(6,505) |
| GROSS PROFIT |
7,639 |
9,614 |
| Administrative expenses |
(3,304) |
(2,964) |
| OPERATING PROFIT |
4,335 |
6,650 |
| Gift Aid Payable |
(4,335) |
(6,650) |
| PROFIT ON ORDINARY ACTIVITIES |
|
|
| BEFORE TAXATION |
|
|
| Tax on profit on ordinary activities |
|
- |
| RETAINED EARNINGS AT THE END OF THE YEAR |
|
|
| NET ASSETS |
|
I |
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
£ |
£ |
| Coronavirus |
Job |
Retention |
Scheme |
Grant |
- |
17,421 |
| Donations |
|
|
|
|
5,368 |
4,400 |
|
|
|
|
|
5,368 |
21.821 |
8.
COLLEGE OPERATING COSTS |
8.
COLLEGE OPERATING COSTS |
|
|
|
|
| 2022 |
Staff |
Other |
Depreciation |
2022 |
2021 |
|
Costs |
|
|
Total |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
| School Operating Costs: |
|
|
|
|
|
| Teaching costs |
3,415,273 |
64,970 |
- |
3,480,243 |
3,339,488 |
| Welfare costs |
84,146 |
547,704 |
- |
631,850 |
612,984 |
| Premises |
141,498 |
609,754 |
- |
751,252 |
738,962 |
| Support costs |
1,207,164 |
1,183,061 |
418,384 |
2,808,609 |
2,286,497 |
|
4,848,081 |
2,405,489 |
418,384 |
7,671,954 |
6,977,931 |
| Endowmentfund: |
|
|
|
|
|
| Long term lease |
|
|
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
| expenditure |
4,848,081 |
2,405,489 |
468,384 |
7,721,954 |
7,027,931 |
| Cost ofgenerated funds |
|
|
|
|
|
| Finance costs |
- |
85,403 |
- |
85,403 |
119,425 |
| Total expenditure - |
4,848,081 |
2,490,892 |
468,384 |
7,807,357 |
7,147,356 |
| College |
|
|
|
|
|
| Trading expenditure |
|
3,819 |
|
3,819 |
9A |
| Total expenditure - |
|
|
|
|
|
| Group |
4.848.081 |
2.494.711 |
468,384 |
7,811,176 |
7.156,822 |
| 2021 |
|
|
|
Staff |
|
Other |
Depreciation |
2021 |
2020 |
|
|
|
|
Costs |
|
|
|
Total |
Total |
|
|
|
|
£ |
|
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
|
|
|
|
| School Operating |
Costs: |
|
|
|
|
|
|
|
|
| Teaching costs |
|
|
3,174,768 |
|
|
164,720 |
- |
3,339,488 |
3,275,936 |
| Welfare costs |
|
|
|
88,931 |
|
524,053 |
- |
612,984 |
597,363 |
| Premises |
|
|
|
169,193 |
|
569,769 |
- |
738,962 |
616,976 |
| Support costs |
|
|
1,190,764 |
|
|
663,164 |
432,569 |
2,286,497 |
2,056,136 |
|
|
|
4,623,656 |
|
|
1,921,706 |
432,569 |
6,977,931 |
6,546,411 |
| Endowment fund.’ |
|
|
|
|
|
|
|
|
|
| Long term lease |
|
|
|
|
- |
- |
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
|
|
|
|
| expenditure |
|
|
4,623,656 |
|
|
1,921,706 |
482,569 |
7,027,931 |
6,596,411 |
| Cost ofgenerated funds |
|
|
|
|
|
|
|
|
|
| Finance costs |
|
|
|
|
- |
119425 |
- |
119,425 |
116,951 |
| Total expenditure |
- College |
|
|
|
|
|
|
|
|
|
|
|
4,623,656 |
|
|
2,041,131 |
482,569 |
7,147,356 |
6,713,362 |
| Trading expenditure |
|
|
|
|
- |
9,466 |
- |
9,466 |
18,430 |
| Totalexpenditure |
- Group |
|
|
|
|
|
|
|
|
|
|
|
4.623,656 |
|
|
2050.597 |
482.569 |
7,156.822 |
6,731.792 |
9.
NET EXPENDITURE |
|
|
FOR THE |
|
|
YEAR |
|
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
|
|
|
£ |
£ |
| Net income for the year |
|
|
|
|
|
|
|
|
|
| This is stated after charging: |
|
|
|
|
|
|
|
|
|
| Operating |
leases |
— equipment |
|
|
|
|
|
147,452 |
131,341 |
|
|
— land |
|
and buildings |
|
|
|
120,000 |
80,000 |
| Depreciation |
|
|
|
|
|
|
|
468,384 |
482,569 |
| Bank interest payable |
|
|
|
|
|
|
|
64,916 |
69,594 |
| Auditor’s remuneration |
|
|
|
— Audit |
services |
|
|
15,770 |
14,080 |
|
|
|
|
— Other |
services |
|
|
2,640 |
2,360 |
| STA |
FF COSTS |
|
|
|
|
|
2022 |
|
2021 |
|
|
No. |
|
No. |
|
|
No. |
|
No. |
| The |
average actual number of persons employed by |
|
|
|
| the |
College (excluding Governors) during the year was |
|
142 |
140 |
| Wages and salaries |
3,743,052 |
3,638,914 |
| Social Security costs |
346,560 |
334,148 |
| Pension costs |
758,469 |
608,594 |
|
4,848.081 |
4.581.656 |
| £60,000-f70,000 |
3 |
1 |
| £70,000-80,000 |
- |
I |
£80,000
- £90,000 |
I |
|
| £90,000-f100,000 |
I |
- |
| £100,000 -£110,000 |
- |
- |
| £110,000 -£120,000 |
|
I |
|
5 |
3 |
|
|
|
Total |
£ |
|
10,497,825 |
339,591 |
|
|
|
|
10,837,416 |
|
3,352,872 |
468,384 |
|
3,821,256 |
|
7,016,160 |
7.144.953 |
|
|
Assets under |
construction |
£ |
|
105,501 |
65,763 |
- |
|
|
(105,501) |
65,763 |
|
- |
- |
|
|
|
65,763 |
105,501 |
| Long Term |
Leasehold |
Property |
Improvements |
£ |
|
4,008,415 |
200,828 |
|
|
|
105,501 |
4,314,744 |
|
1,757,512 |
317,412 |
|
2,074,924 |
|
2,239,820 |
2.250.903 |
|
Fixtures |
Fittings and |
Equipment |
£ |
|
1,315,409 |
73,000 |
|
- |
|
|
1,388,409 |
|
1,068,630 |
100,515 |
|
1,169,145 |
|
219,264 |
246,779 |
|
Freehold |
Land and |
Buildings |
£ |
|
68,500 |
- |
|
|
|
|
68,500 |
|
10,063 |
457 |
|
10,520 |
|
57.980 |
58.437 |
|
Long Term |
Leasehold |
Property |
£ |
|
5,000,000 |
- |
|
|
- |
|
5,000,000 |
|
516,667 |
50,000 |
|
566,667 |
|
4433.333 |
4.483.333 |
|
|
|
|
|
Cost: |
1 September2021 |
Additions |
Disposals |
|
|
Transfers |
31 August2022 |
Depreciation: |
1 September2021 |
Charge in the year |
Disposals |
31 August2022 |
Net Book Value |
31 August2022 |
31 August 2021 |
| DEBTORS GROUP |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,826 |
23,107 |
| Prepayments and accrued income |
135,792 |
104,415 |
|
340,303 |
312.075 |
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,684 |
20,507 |
| Prepayments and accrued income |
135,792 |
100,731 |
| SJCR Enterprises Ltd |
7,550 |
15,855 |
|
347.711 |
32L44 |
| 13. |
STOCK GROUP and COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Catering supplies and Academic resources |
18.791 |
27,028 |
| 14. |
CREDITORS GROUP |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (note 16) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,539 |
419,860 |
|
Accruals |
95,464 |
145,607 |
|
|
2,414,981 |
2.2166D2 |
|
CREDITORS COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (notel6) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,413 |
419,219 |
|
Accruals |
92,464 |
142,907 |
|
|
2.411,855 |
2.213,262 |
| CREDITORS GROUP and COLLEGE |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Amounts falling due afterone year: |
|
|
| Bank loans (note 16) |
1,349,114 |
1.496794 |
|
2022 |
2021 |
|
£ |
£ |
| The principal amounts repayable: |
|
|
| Within one year |
147,291 |
141,103 |
| One to two years |
153,248 |
147,291 |
| Two to five years |
499,145 |
479,290 |
| Overfive years |
696,721 |
870,213 |
|
1,496,405 |
1.63749i |
| UNRESTRICTED |
FUNDS |
|
|
|
|
| 2022 |
31 August |
|
|
|
31 August |
|
2021 |
Incoming |
Outgoing |
Transfer |
2022 |
|
Total |
Resources |
Resources |
|
Total |
|
£ |
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,747,049 |
(7,761,176) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50.000) |
|
4,433,333 |
|
3.891.420 |
7,747,049 |
(7.811,176) |
|
3,827,293 |
| SCHOOL |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,745,548 |
(7,759,675) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50,000) |
|
4,433,333 |
|
3.891.420 |
7,745,548 |
(7,809,675) |
|
3,827,293 |
| 2021 |
|
31 August |
|
|
31 August |
|
|
2020 |
Incoming |
Outgoing |
2021 |
|
|
Total |
Resources |
Resources |
Total |
|
|
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| General fund |
|
(417,753) |
6,920,262 |
(7,106.822) |
(604.313) |
|
|
(417.753) |
6.920.262 |
j7, 106,822) |
(604.313) |
| SCHOOL |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| Generalfund |
|
(417,753) |
6,910,796 |
(7,097,356) |
(604,313) |
|
|
(417i52, |
6,910.796 |
J].097.356) |
(604.313) |
|
31 |
August |
|
|
|
31 |
August |
|
|
2021 |
Incoming |
Outgoing |
|
|
2022 |
|
|
Total |
Resources |
Resources |
Transfer |
|
Total |
|
|
£ |
£ |
£ |
£ |
|
£ |
| Bursaryfund |
|
12,400 |
|
|
(12,400) |
|
|
| 2022 |
|
|
Net |
|
|
|
|
Tangible |
|
Current |
Long-term |
|
2022 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Transfers |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
|
| income |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| General fund |
2,582,827 |
- |
(1,852,153) |
(1,349,114) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Bursary |
|
|
|
- |
(12,400) |
|
| Fund |
|
|
|
|
|
|
| Endowment |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Leasehold |
4,433,333 |
- |
- |
- |
- |
4,433.333 |
| Netassets |
7,016,160 |
- |
(1.839,753) |
(1.349,114) |
- |
3,827,293 |
|
|
FU |
DS |
— G |
OUP (CON |
TIN |
U |
D) |
|
|
|
| 2021 |
|
|
|
|
Net |
|
|
|
|
|
|
|
Tangible |
|
|
|
Current |
|
Long-term |
|
|
2021 |
|
|
Assets |
Investments |
|
|
Liabilities |
|
Liabilities |
|
|
Total |
|
|
£ |
|
£ |
|
£ |
|
|
£ |
|
£ |
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| Generalfund |
2,661,620 |
|
|
- |
(1,769,139) |
|
(1,496,794) |
|
|
(604,313) |
|
| Restricted Funds |
|
|
|
|
|
|
|
|
|
|
|
| BursaryFund |
|
- |
|
- |
12,400 |
|
|
|
- |
12,400 |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,483,333 |
|
|
- |
|
- |
|
|
- |
4,483,333 |
|
| Netassets |
7,144.953 |
|
|
- |
(1.756.739) |
|
(1.496.794) |
|
|
3,891.420 |
|
| NALYSIS OF NET |
ASSETS BETWEEN |
|
FUNDS |
|
- COLLEGE |
|
|
|
|
|
|
| 2022 |
Tangibl |
|
|
Net Current |
|
Long |
|
term |
|
|
2022 |
|
e |
Investments |
|
Liabilities |
|
Liabilities |
|
|
Transfer |
|
Total |
|
Assets |
£ |
|
|
£ |
|
£ |
|
|
£ |
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| General fund |
2,582,8: |
|
1 |
(1,852,154) |
|
(1,349,114) |
|
|
|
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Bursary Fund |
|
|
- |
|
12,400 |
|
|
- |
|
(12,400) |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,433,3: |
|
- |
|
- |
|
|
- |
|
- |
4,433,333 |
| Netassets |
7.016.lt |
|
1 |
(1,839.754) |
|
(1.349.114) |
|
|
|
- |
3,827,293 |
|
|
— |
( |
) |
|
| 2021 |
Tangible |
|
Net Current |
Long term |
2021 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Generalfund |
2,661,620 |
1 |
(1,769,140) |
(1,496,794) |
(604,313) |
| RestrictedFunds |
|
|
|
|
|
| Bursary Fund |
- |
|
12,400 |
- |
12,400 |
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
|
|
4,483,333 |
| Netassets |
7,144.953 |
1 |
(1,756,740) |
(1,496,794) |
3,891,420 |
|
2022 |
2021 |
|
£ |
£ |
| Net (expenditure) |
(64,127) |
(236,560) |
| Adjustments for: |
|
|
| Depreciation charges |
468,384 |
482,569 |
| Interest income |
|
|
| Interest paid |
64,916 |
69,594 |
| (Profit)/Ioss on disposal of tangible assets |
|
6,947 |
| (Increase) / decrease in stock |
8,237 |
(9,498) |
| Decrease /(increase) in debtors |
(28,228) |
24,612 |
| Increase I (decrease) in creditors |
192,190 |
250,402 |
| Net cash provided by operating activities |
641,372 |
588,066 |
| 20a. |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
(Decrease)/Increase in cash during the year |
|
95,373 |
58,297 |
|
Loan repayments |
|
141,492 |
119,036 |
|
Change in net debt |
|
236,865 |
177,333 |
|
Net debt at 1 September |
|
(1,517,136) |
(1,694,469) |
|
Net debt at 31 August |
|
(1,280,271) |
(1.517.136) |
| 20b. |
ANALYSIS OF DEBT |
|
|
|
|
|
Net debtas at |
|
Net funds at |
|
|
1 August |
Cash |
31 August |
|
|
2021 |
Change |
2022 |
|
|
£ |
£ |
£ |
|
Cash atbankand in hand |
120,761 |
95,373 |
216,134 |
|
Loans |
(1,637,897) |
141.492 |
(1,496,405) |
|
|
(1.517.136) |
236,865 |
(1,280,271) |
| 21. |
COMMITMENTS UNDER LEASES |
|
|
|
|
At 31 August 2022, the charity had total future minimal lease |
|
payments under |
non-cancellable |
|
operating leases as follows: |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
Restated |
|
|
|
£ |
£ |
|
Plant and machinery: |
|
|
|
|
Expiring in one year |
|
143,135 |
121,340 |
|
Expiring in the second to fifth year |
|
223,082 |
202,237 |
|
Expiring after five years |
|
7,140 |
- |
|
|
|
373,357 |
323,577 |
|
Land and buildings: |
|
|
|
|
Expiring in one year |
|
120,000 |
120,000 |
|
Expiring in the second to fifth year |
|
480,000 |
480,000 |
|
Expiring after five years |
|
117,940,000 |
118,060,000 |
|
|
|
118,540,000 |
118,660,000 |
|
|
|
118,913,357 |
118,983.577 |
|
2022 |
2021 |
|
£ |
£ |
| Interest income and expense: |
|
|
| Total interest expense for financial liabilities held at amortised cost |
64,916 |
69,594 |
| Impairment loss (movement in bad debt provision) |
(8,027) |
25,644 |
|
Unrestricted |
Restricted |
Endowment |
2021 |
|
Funds |
Funds |
Funds |
Total |
|
£ |
£ |
£ |
£ |
| INCOMEAND ENDOWMENTS FROM |
|
|
|
|
| Charitable activities: |
|
|
|
|
| College fees receivable |
5,864,209 |
- |
- |
5,864,209 |
| Ancillarytrading income |
995,614 |
- |
- |
995,614 |
| Othertrading activities: |
38,618 |
|
- |
38,618 |
| Grants anddonations |
21,821 |
|
|
21,821 |
| TOTAL INCOME |
6,920,262 |
- |
- |
6920.262 |
| College operating costs |
6,977,931 |
|
50,000 |
7,027,931 |
| Raising funds |
|
|
|
|
| Financing |
119,425 |
- |
- |
119,425 |
| SJCR Enterprises Limited |
9,466 |
- |
- |
9,466 |
| TOTAL EXPENDITURE |
7,106,822 |
|
50,000 |
7,156,822 |
| NETINCOME/(EXPENDITURE) |
(186,560) |
|
(50,000) |
(236,560) |
| NETMOVEMENT IN FUNDS |
(186,560) |
|
(50,000) |
(236,560) |
| Fundbalances brought forward |
(417,753) |
12,400 |
4,533,333 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
| FORWARD |
(604313) |
12400 |
4483,333 |
3.891,420 |
|
CONTENTS |
|
|
|
|
|
Pages |
|
|
| Chairman’s Statement |
|
|
|
1 |
| Governors’ Annual Report including |
Strategic Report |
2 |
— 19 |
|
| IndependentAuditor’s Report |
|
20 |
|
— 23 |
| Consolidated Statement of Financial |
Activities |
|
|
24 |
| Consolidated Balance Sheet |
|
|
|
25 |
| Charity Balance Sheet |
|
|
|
26 |
| Consolidated Cash Flow Statement |
|
|
|
27 |
| Notes to the Financial Statements |
|
28 |
|
- 49 |
|
|
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|
| David Hallé (Chair) |
|
|
|
. |
. |
. |
• |
• |
• |
|
| Susan Hilary Buckle (Vice Chair) |
Safeguarding Governor |
|
|
. |
. |
. |
. |
. |
. |
|
|
Chair Safeguarding |
|
|
|
|
|
|
|
|
|
| Sister MargaretAnne Banning |
Order Appointed Rep |
|
|
. |
|
|
. |
|
|
|
| Margaret Mary O’Keefe |
|
|
|
• |
• |
|
|
|
|
- |
| Julia Feeney |
Order Appointed Rep, |
|
|
|
|
• |
. |
|
|
|
|
i Chair SLC |
|
|
|
|
|
|
|
|
|
| Jonathan Hennah |
Chair F&GP |
|
|
|
|
|
|
|
|
|
| Simon Wilson |
Chair Education |
|
|
. |
. |
. |
|
. |
|
|
| Paul Barras |
Bishops Representative |
|
|
. |
|
|
. |
. |
|
|
| Margaret Elizabeth Cross |
Chair of Remuneration |
|
|
. |
. |
|
|
. |
. |
|
| Justin Snoxall |
|
|
|
. |
|
|
|
|
|
|
| Rachel Tetchner |
- |
- |
- |
. |
|
|
|
|
|
|
| Stephen Slack |
|
|
|
|
|
|
|
|
|
|
| Prof Francoise Le Saux |
|
|
|
. |
|
• |
|
|
• |
|
| Mary Robertson |
|
|
|
. |
|
|
. |
|
|
|
| Leo Ring |
|
|
|
|
|
|
|
|
|
|
| Giles Watson |
|
|
|
. |
|
• |
|
|
|
|
| Amy Bainbridge |
|
|
|
|
|
|
|
|
. |
|
A Crowe
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOSEPH'S COLLEGE READING TRUST (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Reading
Date 30 March 2023
Page 23
|
Notes |
Unrestricted |
Restricted |
|
Endowment |
2022 |
2021 |
|
|
Funds |
Funds |
|
Funds |
Total |
Total |
|
|
£ |
£ |
|
£ |
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
|
|
| FROM: |
|
|
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
|
|
| College fees receivable |
4 |
6,396,124 |
|
- |
- |
6,396,124 |
5,864,209 |
| Ancillarytrading income |
5 |
1,300,874 |
|
- |
- |
1,300,874 |
995,614 |
| Other trading activities: |
6 |
44,683 |
|
- |
- |
44,683 |
38,618 |
| Grants and donations |
7 |
5,368 |
|
|
|
5,368 |
21,821 |
| TOTAL INCOME |
|
7,747,049 |
|
- |
- |
7,747,049 |
6,920,262 |
| College operating costs |
|
7,671,954 |
|
- |
50,000 |
7,721,954 |
7,027,931 |
| Raising funds |
|
|
|
|
|
|
|
| Financing |
|
85,403 |
|
- |
- |
85,403 |
119,425 |
| SJCR Enterprises Limited |
|
3,819 |
|
|
- |
3,819 |
9,466 |
| TOTAL EXPENDITURE |
8 |
7,761,176 |
|
|
50,000 |
7,811,176 |
7,156,822 |
| NET INCOMEI(EXPENDITURE) |
|
(14,127) |
|
- |
(50,000) |
(64,127) |
(236,560) |
| Transfers |
|
12,400 |
(12,400) |
|
- |
- |
|
| NET MOVEMENT IN FUNDS |
|
(1,727) |
(12,400) |
|
(50,000) |
(64,127) |
(236,560) |
| Fund balances brought forward |
|
(604,313) |
12,400 |
|
4,483,333 |
3,891,420 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
|
|
|
| FORWARD |
|
(606,040) |
|
- |
4,433,333 |
3,827.293 |
3.891,420 |
|
|
Group |
Group |
|
|
Notes |
2022 |
|
2021 |
| FIXED ASSETS |
|
|
|
|
| Tangible assets |
11 |
7,016.160 |
|
7,144,953 |
| CURRENT ASSETS |
|
|
|
|
| Debtors |
12 |
340,303 |
|
312,075 |
| Stock |
13 |
18,791 |
|
27,028 |
| Cash at bank and in hand |
|
216,134 |
|
120,761 |
|
|
575,228 |
|
459,864 |
| LIABILITIES |
|
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,414,981) |
|
(2,216,603) |
| NET CURRENT LIABILITIES |
|
(1,839,753) |
|
(1,756,739) |
| TOTAL ASSETS LESS CURRENT |
|
|
|
|
| LIABILITIES |
|
5,176,407 |
|
5,388,214 |
| Creditors: Amounts falling due after more than |
|
|
|
|
| one year |
15 |
(1,349,114) |
|
(1.496.794) |
| TOTAL NET ASSETS |
|
3,827,293 |
— |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
|
| Endowment Funds |
|
|
|
|
| Leasehold property donation |
1la |
4,433,333 |
|
4,483,333 |
| Restricted Funds |
17a |
|
- |
12,400 |
| Unrestricted income funds |
|
|
- |
|
| General fund |
17 |
(606,040) |
|
(604,313) |
| TOTAL FUNDS |
18 |
3,827,293 |
|
3,891,420 |
|
|
College |
|
|
Notes |
2022 |
2021 |
| FIXED ASSETS |
|
|
|
| Tangible assets |
11 |
7,016,160 |
7,144,953 |
| Investments |
lib |
1 |
1 |
|
|
7,016,161 |
7,144,954 |
| CURRENT ASSETS |
|
|
|
| Debtors |
12 |
347,711 |
321,646 |
| Stock |
13 |
18,791 |
27,028 |
| Cash at bank and in hand |
|
205,599 |
107,848 |
|
|
572,101 |
456,522 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,411,855) |
(2,213,262) |
| NET CURRENT LIABILITIES |
|
(1,839,754) |
(1,756,740) |
| TOTAL ASSETS LESS CURRENT |
|
5,176,407 |
5,388,214 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due after more than |
|
|
|
| one year |
15 |
(1,349,114) |
(1,496,794) |
| TOTAL NET ASSETS |
|
3,827,293 |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
| Endowment Funds |
|
|
|
| Leasehold property donation |
11a |
4,433,333 |
4,483,333 |
| Restricted Funds |
17a |
|
12,400 |
| Unrestricted income funds |
|
- |
|
| General fund |
17 |
(606,040) |
(604,3j) |
| TOTAL CHARITY FUNDS |
19 |
3,827,293 |
3,891.420 |
|
Notes |
2022 |
2021 |
|
|
£ |
£ |
| Cash flows from operating activities: |
|
|
|
| Net cash provided by operating activities |
20 |
641,372 |
588,066 |
| Cash flows from investing activities: |
|
|
|
| Interest income |
|
- |
- |
| Interest paid |
|
(64,916) |
(69,593) |
| Purchase of tangible fixed assets |
|
(339,591) |
(327,824) |
| Net cash used in investing activities |
|
(404,507) |
(397,417) |
| Cash flows from financing activities: |
|
|
|
| Repayment of borrowing |
|
(141,492) |
(132,352) |
| Net cash (used in) financing activities |
|
(141,492) |
(132,352) |
| (Decrease)Iincrease in cash and cash equivalents in |
20a |
|
|
| the year |
|
95,373 |
58,297 |
| Cash and cash equivalents at the beginning ofthe year |
|
120,761 |
62,464 |
| Total cash and cash equivalents at the end ofthe year |
20b |
216,134 |
120.761 |
|
2022 |
2021 |
|
£ |
£ |
| Fees receivable consist of: |
|
|
| Gross School fees |
6,985,660 |
6,384,915 |
| Less: total scholarships, bursaries and discounts |
(589,536) |
(520706) |
| Net School Fees |
6.396.124 |
5,864.209 |
| ANCILLARY TRADING INCOME |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Catering income |
300,711 |
225,124 |
| Music income |
239,864 |
221,496 |
| Extended Dayand Holiday Club income |
291,571 |
244,176 |
| Transport income |
80,823 |
55,103 |
| Other operating income |
199,363 |
200,739 |
| Trip income |
188,542 |
48,976 |
|
1,300,874 |
995.614 |
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
| Rental |
income |
|
36,529 |
22,499 |
| SJCR |
Enterprises |
Ltd |
8,154 |
16,119 |
|
|
|
44,683 |
38.618 |
|
2022 |
2021 |
|
£ |
£ |
| TURNOVER |
8,154 |
16,119 |
| Cost of sales |
(515) |
(6,505) |
| GROSS PROFIT |
7,639 |
9,614 |
| Administrative expenses |
(3,304) |
(2,964) |
| OPERATING PROFIT |
4,335 |
6,650 |
| Gift Aid Payable |
(4,335) |
(6,650) |
| PROFIT ON ORDINARY ACTIVITIES |
|
|
| BEFORE TAXATION |
|
|
| Tax on profit on ordinary activities |
|
- |
| RETAINED EARNINGS AT THE END OF THE YEAR |
|
|
| NET ASSETS |
|
I |
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
£ |
£ |
| Coronavirus |
Job |
Retention |
Scheme |
Grant |
- |
17,421 |
| Donations |
|
|
|
|
5,368 |
4,400 |
|
|
|
|
|
5,368 |
21.821 |
8.
COLLEGE OPERATING COSTS |
8.
COLLEGE OPERATING COSTS |
|
|
|
|
| 2022 |
Staff |
Other |
Depreciation |
2022 |
2021 |
|
Costs |
|
|
Total |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
| School Operating Costs: |
|
|
|
|
|
| Teaching costs |
3,415,273 |
64,970 |
- |
3,480,243 |
3,339,488 |
| Welfare costs |
84,146 |
547,704 |
- |
631,850 |
612,984 |
| Premises |
141,498 |
609,754 |
- |
751,252 |
738,962 |
| Support costs |
1,207,164 |
1,183,061 |
418,384 |
2,808,609 |
2,286,497 |
|
4,848,081 |
2,405,489 |
418,384 |
7,671,954 |
6,977,931 |
| Endowmentfund: |
|
|
|
|
|
| Long term lease |
|
|
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
| expenditure |
4,848,081 |
2,405,489 |
468,384 |
7,721,954 |
7,027,931 |
| Cost ofgenerated funds |
|
|
|
|
|
| Finance costs |
- |
85,403 |
- |
85,403 |
119,425 |
| Total expenditure - |
4,848,081 |
2,490,892 |
468,384 |
7,807,357 |
7,147,356 |
| College |
|
|
|
|
|
| Trading expenditure |
|
3,819 |
|
3,819 |
9A |
| Total expenditure - |
|
|
|
|
|
| Group |
4.848.081 |
2.494.711 |
468,384 |
7,811,176 |
7.156,822 |
| 2021 |
|
|
|
Staff |
|
Other |
Depreciation |
2021 |
2020 |
|
|
|
|
Costs |
|
|
|
Total |
Total |
|
|
|
|
£ |
|
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
|
|
|
|
| School Operating |
Costs: |
|
|
|
|
|
|
|
|
| Teaching costs |
|
|
3,174,768 |
|
|
164,720 |
- |
3,339,488 |
3,275,936 |
| Welfare costs |
|
|
|
88,931 |
|
524,053 |
- |
612,984 |
597,363 |
| Premises |
|
|
|
169,193 |
|
569,769 |
- |
738,962 |
616,976 |
| Support costs |
|
|
1,190,764 |
|
|
663,164 |
432,569 |
2,286,497 |
2,056,136 |
|
|
|
4,623,656 |
|
|
1,921,706 |
432,569 |
6,977,931 |
6,546,411 |
| Endowment fund.’ |
|
|
|
|
|
|
|
|
|
| Long term lease |
|
|
|
|
- |
- |
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
|
|
|
|
| expenditure |
|
|
4,623,656 |
|
|
1,921,706 |
482,569 |
7,027,931 |
6,596,411 |
| Cost ofgenerated funds |
|
|
|
|
|
|
|
|
|
| Finance costs |
|
|
|
|
- |
119425 |
- |
119,425 |
116,951 |
| Total expenditure |
- College |
|
|
|
|
|
|
|
|
|
|
|
4,623,656 |
|
|
2,041,131 |
482,569 |
7,147,356 |
6,713,362 |
| Trading expenditure |
|
|
|
|
- |
9,466 |
- |
9,466 |
18,430 |
| Totalexpenditure |
- Group |
|
|
|
|
|
|
|
|
|
|
|
4.623,656 |
|
|
2050.597 |
482.569 |
7,156.822 |
6,731.792 |
9.
NET EXPENDITURE |
|
|
FOR THE |
|
|
YEAR |
|
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
|
|
|
£ |
£ |
| Net income for the year |
|
|
|
|
|
|
|
|
|
| This is stated after charging: |
|
|
|
|
|
|
|
|
|
| Operating |
leases |
— equipment |
|
|
|
|
|
147,452 |
131,341 |
|
|
— land |
|
and buildings |
|
|
|
120,000 |
80,000 |
| Depreciation |
|
|
|
|
|
|
|
468,384 |
482,569 |
| Bank interest payable |
|
|
|
|
|
|
|
64,916 |
69,594 |
| Auditor’s remuneration |
|
|
|
— Audit |
services |
|
|
15,770 |
14,080 |
|
|
|
|
— Other |
services |
|
|
2,640 |
2,360 |
| STA |
FF COSTS |
|
|
|
|
|
2022 |
|
2021 |
|
|
No. |
|
No. |
|
|
No. |
|
No. |
| The |
average actual number of persons employed by |
|
|
|
| the |
College (excluding Governors) during the year was |
|
142 |
140 |
| Wages and salaries |
3,743,052 |
3,638,914 |
| Social Security costs |
346,560 |
334,148 |
| Pension costs |
758,469 |
608,594 |
|
4,848.081 |
4.581.656 |
| £60,000-f70,000 |
3 |
1 |
| £70,000-80,000 |
- |
I |
£80,000
- £90,000 |
I |
|
| £90,000-f100,000 |
I |
- |
| £100,000 -£110,000 |
- |
- |
| £110,000 -£120,000 |
|
I |
|
5 |
3 |
|
|
|
Total |
£ |
|
10,497,825 |
339,591 |
|
|
|
|
10,837,416 |
|
3,352,872 |
468,384 |
|
3,821,256 |
|
7,016,160 |
7.144.953 |
|
|
Assets under |
construction |
£ |
|
105,501 |
65,763 |
- |
|
|
(105,501) |
65,763 |
|
- |
- |
|
|
|
65,763 |
105,501 |
| Long Term |
Leasehold |
Property |
Improvements |
£ |
|
4,008,415 |
200,828 |
|
|
|
105,501 |
4,314,744 |
|
1,757,512 |
317,412 |
|
2,074,924 |
|
2,239,820 |
2.250.903 |
|
Fixtures |
Fittings and |
Equipment |
£ |
|
1,315,409 |
73,000 |
|
- |
|
|
1,388,409 |
|
1,068,630 |
100,515 |
|
1,169,145 |
|
219,264 |
246,779 |
|
Freehold |
Land and |
Buildings |
£ |
|
68,500 |
- |
|
|
|
|
68,500 |
|
10,063 |
457 |
|
10,520 |
|
57.980 |
58.437 |
|
Long Term |
Leasehold |
Property |
£ |
|
5,000,000 |
- |
|
|
- |
|
5,000,000 |
|
516,667 |
50,000 |
|
566,667 |
|
4433.333 |
4.483.333 |
|
|
|
|
|
Cost: |
1 September2021 |
Additions |
Disposals |
|
|
Transfers |
31 August2022 |
Depreciation: |
1 September2021 |
Charge in the year |
Disposals |
31 August2022 |
Net Book Value |
31 August2022 |
31 August 2021 |
| DEBTORS GROUP |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,826 |
23,107 |
| Prepayments and accrued income |
135,792 |
104,415 |
|
340,303 |
312.075 |
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,684 |
20,507 |
| Prepayments and accrued income |
135,792 |
100,731 |
| SJCR Enterprises Ltd |
7,550 |
15,855 |
|
347.711 |
32L44 |
| 13. |
STOCK GROUP and COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Catering supplies and Academic resources |
18.791 |
27,028 |
| 14. |
CREDITORS GROUP |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (note 16) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,539 |
419,860 |
|
Accruals |
95,464 |
145,607 |
|
|
2,414,981 |
2.2166D2 |
|
CREDITORS COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (notel6) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,413 |
419,219 |
|
Accruals |
92,464 |
142,907 |
|
|
2.411,855 |
2.213,262 |
| CREDITORS GROUP and COLLEGE |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Amounts falling due afterone year: |
|
|
| Bank loans (note 16) |
1,349,114 |
1.496794 |
|
2022 |
2021 |
|
£ |
£ |
| The principal amounts repayable: |
|
|
| Within one year |
147,291 |
141,103 |
| One to two years |
153,248 |
147,291 |
| Two to five years |
499,145 |
479,290 |
| Overfive years |
696,721 |
870,213 |
|
1,496,405 |
1.63749i |
| UNRESTRICTED |
FUNDS |
|
|
|
|
| 2022 |
31 August |
|
|
|
31 August |
|
2021 |
Incoming |
Outgoing |
Transfer |
2022 |
|
Total |
Resources |
Resources |
|
Total |
|
£ |
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,747,049 |
(7,761,176) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50.000) |
|
4,433,333 |
|
3.891.420 |
7,747,049 |
(7.811,176) |
|
3,827,293 |
| SCHOOL |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,745,548 |
(7,759,675) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50,000) |
|
4,433,333 |
|
3.891.420 |
7,745,548 |
(7,809,675) |
|
3,827,293 |
| 2021 |
|
31 August |
|
|
31 August |
|
|
2020 |
Incoming |
Outgoing |
2021 |
|
|
Total |
Resources |
Resources |
Total |
|
|
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| General fund |
|
(417,753) |
6,920,262 |
(7,106.822) |
(604.313) |
|
|
(417.753) |
6.920.262 |
j7, 106,822) |
(604.313) |
| SCHOOL |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| Generalfund |
|
(417,753) |
6,910,796 |
(7,097,356) |
(604,313) |
|
|
(417i52, |
6,910.796 |
J].097.356) |
(604.313) |
|
31 |
August |
|
|
|
31 |
August |
|
|
2021 |
Incoming |
Outgoing |
|
|
2022 |
|
|
Total |
Resources |
Resources |
Transfer |
|
Total |
|
|
£ |
£ |
£ |
£ |
|
£ |
| Bursaryfund |
|
12,400 |
|
|
(12,400) |
|
|
| 2022 |
|
|
Net |
|
|
|
|
Tangible |
|
Current |
Long-term |
|
2022 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Transfers |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
|
| income |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| General fund |
2,582,827 |
- |
(1,852,153) |
(1,349,114) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Bursary |
|
|
|
- |
(12,400) |
|
| Fund |
|
|
|
|
|
|
| Endowment |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Leasehold |
4,433,333 |
- |
- |
- |
- |
4,433.333 |
| Netassets |
7,016,160 |
- |
(1.839,753) |
(1.349,114) |
- |
3,827,293 |
|
|
FU |
DS |
— G |
OUP (CON |
TIN |
U |
D) |
|
|
|
| 2021 |
|
|
|
|
Net |
|
|
|
|
|
|
|
Tangible |
|
|
|
Current |
|
Long-term |
|
|
2021 |
|
|
Assets |
Investments |
|
|
Liabilities |
|
Liabilities |
|
|
Total |
|
|
£ |
|
£ |
|
£ |
|
|
£ |
|
£ |
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| Generalfund |
2,661,620 |
|
|
- |
(1,769,139) |
|
(1,496,794) |
|
|
(604,313) |
|
| Restricted Funds |
|
|
|
|
|
|
|
|
|
|
|
| BursaryFund |
|
- |
|
- |
12,400 |
|
|
|
- |
12,400 |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,483,333 |
|
|
- |
|
- |
|
|
- |
4,483,333 |
|
| Netassets |
7,144.953 |
|
|
- |
(1.756.739) |
|
(1.496.794) |
|
|
3,891.420 |
|
| NALYSIS OF NET |
ASSETS BETWEEN |
|
FUNDS |
|
- COLLEGE |
|
|
|
|
|
|
| 2022 |
Tangibl |
|
|
Net Current |
|
Long |
|
term |
|
|
2022 |
|
e |
Investments |
|
Liabilities |
|
Liabilities |
|
|
Transfer |
|
Total |
|
Assets |
£ |
|
|
£ |
|
£ |
|
|
£ |
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| General fund |
2,582,8: |
|
1 |
(1,852,154) |
|
(1,349,114) |
|
|
|
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Bursary Fund |
|
|
- |
|
12,400 |
|
|
- |
|
(12,400) |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,433,3: |
|
- |
|
- |
|
|
- |
|
- |
4,433,333 |
| Netassets |
7.016.lt |
|
1 |
(1,839.754) |
|
(1.349.114) |
|
|
|
- |
3,827,293 |
|
|
— |
( |
) |
|
| 2021 |
Tangible |
|
Net Current |
Long term |
2021 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Generalfund |
2,661,620 |
1 |
(1,769,140) |
(1,496,794) |
(604,313) |
| RestrictedFunds |
|
|
|
|
|
| Bursary Fund |
- |
|
12,400 |
- |
12,400 |
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
|
|
4,483,333 |
| Netassets |
7,144.953 |
1 |
(1,756,740) |
(1,496,794) |
3,891,420 |
|
2022 |
2021 |
|
£ |
£ |
| Net (expenditure) |
(64,127) |
(236,560) |
| Adjustments for: |
|
|
| Depreciation charges |
468,384 |
482,569 |
| Interest income |
|
|
| Interest paid |
64,916 |
69,594 |
| (Profit)/Ioss on disposal of tangible assets |
|
6,947 |
| (Increase) / decrease in stock |
8,237 |
(9,498) |
| Decrease /(increase) in debtors |
(28,228) |
24,612 |
| Increase I (decrease) in creditors |
192,190 |
250,402 |
| Net cash provided by operating activities |
641,372 |
588,066 |
| 20a. |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
(Decrease)/Increase in cash during the year |
|
95,373 |
58,297 |
|
Loan repayments |
|
141,492 |
119,036 |
|
Change in net debt |
|
236,865 |
177,333 |
|
Net debt at 1 September |
|
(1,517,136) |
(1,694,469) |
|
Net debt at 31 August |
|
(1,280,271) |
(1.517.136) |
| 20b. |
ANALYSIS OF DEBT |
|
|
|
|
|
Net debtas at |
|
Net funds at |
|
|
1 August |
Cash |
31 August |
|
|
2021 |
Change |
2022 |
|
|
£ |
£ |
£ |
|
Cash atbankand in hand |
120,761 |
95,373 |
216,134 |
|
Loans |
(1,637,897) |
141.492 |
(1,496,405) |
|
|
(1.517.136) |
236,865 |
(1,280,271) |
| 21. |
COMMITMENTS UNDER LEASES |
|
|
|
|
At 31 August 2022, the charity had total future minimal lease |
|
payments under |
non-cancellable |
|
operating leases as follows: |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
Restated |
|
|
|
£ |
£ |
|
Plant and machinery: |
|
|
|
|
Expiring in one year |
|
143,135 |
121,340 |
|
Expiring in the second to fifth year |
|
223,082 |
202,237 |
|
Expiring after five years |
|
7,140 |
- |
|
|
|
373,357 |
323,577 |
|
Land and buildings: |
|
|
|
|
Expiring in one year |
|
120,000 |
120,000 |
|
Expiring in the second to fifth year |
|
480,000 |
480,000 |
|
Expiring after five years |
|
117,940,000 |
118,060,000 |
|
|
|
118,540,000 |
118,660,000 |
|
|
|
118,913,357 |
118,983.577 |
|
2022 |
2021 |
|
£ |
£ |
| Interest income and expense: |
|
|
| Total interest expense for financial liabilities held at amortised cost |
64,916 |
69,594 |
| Impairment loss (movement in bad debt provision) |
(8,027) |
25,644 |
|
Unrestricted |
Restricted |
Endowment |
2021 |
|
Funds |
Funds |
Funds |
Total |
|
£ |
£ |
£ |
£ |
| INCOMEAND ENDOWMENTS FROM |
|
|
|
|
| Charitable activities: |
|
|
|
|
| College fees receivable |
5,864,209 |
- |
- |
5,864,209 |
| Ancillarytrading income |
995,614 |
- |
- |
995,614 |
| Othertrading activities: |
38,618 |
|
- |
38,618 |
| Grants anddonations |
21,821 |
|
|
21,821 |
| TOTAL INCOME |
6,920,262 |
- |
- |
6920.262 |
| College operating costs |
6,977,931 |
|
50,000 |
7,027,931 |
| Raising funds |
|
|
|
|
| Financing |
119,425 |
- |
- |
119,425 |
| SJCR Enterprises Limited |
9,466 |
- |
- |
9,466 |
| TOTAL EXPENDITURE |
7,106,822 |
|
50,000 |
7,156,822 |
| NETINCOME/(EXPENDITURE) |
(186,560) |
|
(50,000) |
(236,560) |
| NETMOVEMENT IN FUNDS |
(186,560) |
|
(50,000) |
(236,560) |
| Fundbalances brought forward |
(417,753) |
12,400 |
4,533,333 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
| FORWARD |
(604313) |
12400 |
4483,333 |
3.891,420 |
|
CONTENTS |
|
|
|
|
|
Pages |
|
|
| Chairman’s Statement |
|
|
|
1 |
| Governors’ Annual Report including |
Strategic Report |
2 |
— 19 |
|
| IndependentAuditor’s Report |
|
20 |
|
— 23 |
| Consolidated Statement of Financial |
Activities |
|
|
24 |
| Consolidated Balance Sheet |
|
|
|
25 |
| Charity Balance Sheet |
|
|
|
26 |
| Consolidated Cash Flow Statement |
|
|
|
27 |
| Notes to the Financial Statements |
|
28 |
|
- 49 |
|
|
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|
| David Hallé (Chair) |
|
|
|
. |
. |
. |
• |
• |
• |
|
| Susan Hilary Buckle (Vice Chair) |
Safeguarding Governor |
|
|
. |
. |
. |
. |
. |
. |
|
|
Chair Safeguarding |
|
|
|
|
|
|
|
|
|
| Sister MargaretAnne Banning |
Order Appointed Rep |
|
|
. |
|
|
. |
|
|
|
| Margaret Mary O’Keefe |
|
|
|
• |
• |
|
|
|
|
- |
| Julia Feeney |
Order Appointed Rep, |
|
|
|
|
• |
. |
|
|
|
|
i Chair SLC |
|
|
|
|
|
|
|
|
|
| Jonathan Hennah |
Chair F&GP |
|
|
|
|
|
|
|
|
|
| Simon Wilson |
Chair Education |
|
|
. |
. |
. |
|
. |
|
|
| Paul Barras |
Bishops Representative |
|
|
. |
|
|
. |
. |
|
|
| Margaret Elizabeth Cross |
Chair of Remuneration |
|
|
. |
. |
|
|
. |
. |
|
| Justin Snoxall |
|
|
|
. |
|
|
|
|
|
|
| Rachel Tetchner |
- |
- |
- |
. |
|
|
|
|
|
|
| Stephen Slack |
|
|
|
|
|
|
|
|
|
|
| Prof Francoise Le Saux |
|
|
|
. |
|
• |
|
|
• |
|
| Mary Robertson |
|
|
|
. |
|
|
. |
|
|
|
| Leo Ring |
|
|
|
|
|
|
|
|
|
|
| Giles Watson |
|
|
|
. |
|
• |
|
|
|
|
| Amy Bainbridge |
|
|
|
|
|
|
|
|
. |
|
A Crowe
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOSEPH'S COLLEGE READING TRUST (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Reading
Date 30 March 2023
Page 23
|
Notes |
Unrestricted |
Restricted |
|
Endowment |
2022 |
2021 |
|
|
Funds |
Funds |
|
Funds |
Total |
Total |
|
|
£ |
£ |
|
£ |
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
|
|
| FROM: |
|
|
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
|
|
| College fees receivable |
4 |
6,396,124 |
|
- |
- |
6,396,124 |
5,864,209 |
| Ancillarytrading income |
5 |
1,300,874 |
|
- |
- |
1,300,874 |
995,614 |
| Other trading activities: |
6 |
44,683 |
|
- |
- |
44,683 |
38,618 |
| Grants and donations |
7 |
5,368 |
|
|
|
5,368 |
21,821 |
| TOTAL INCOME |
|
7,747,049 |
|
- |
- |
7,747,049 |
6,920,262 |
| College operating costs |
|
7,671,954 |
|
- |
50,000 |
7,721,954 |
7,027,931 |
| Raising funds |
|
|
|
|
|
|
|
| Financing |
|
85,403 |
|
- |
- |
85,403 |
119,425 |
| SJCR Enterprises Limited |
|
3,819 |
|
|
- |
3,819 |
9,466 |
| TOTAL EXPENDITURE |
8 |
7,761,176 |
|
|
50,000 |
7,811,176 |
7,156,822 |
| NET INCOMEI(EXPENDITURE) |
|
(14,127) |
|
- |
(50,000) |
(64,127) |
(236,560) |
| Transfers |
|
12,400 |
(12,400) |
|
- |
- |
|
| NET MOVEMENT IN FUNDS |
|
(1,727) |
(12,400) |
|
(50,000) |
(64,127) |
(236,560) |
| Fund balances brought forward |
|
(604,313) |
12,400 |
|
4,483,333 |
3,891,420 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
|
|
|
| FORWARD |
|
(606,040) |
|
- |
4,433,333 |
3,827.293 |
3.891,420 |
|
|
Group |
Group |
|
|
Notes |
2022 |
|
2021 |
| FIXED ASSETS |
|
|
|
|
| Tangible assets |
11 |
7,016.160 |
|
7,144,953 |
| CURRENT ASSETS |
|
|
|
|
| Debtors |
12 |
340,303 |
|
312,075 |
| Stock |
13 |
18,791 |
|
27,028 |
| Cash at bank and in hand |
|
216,134 |
|
120,761 |
|
|
575,228 |
|
459,864 |
| LIABILITIES |
|
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,414,981) |
|
(2,216,603) |
| NET CURRENT LIABILITIES |
|
(1,839,753) |
|
(1,756,739) |
| TOTAL ASSETS LESS CURRENT |
|
|
|
|
| LIABILITIES |
|
5,176,407 |
|
5,388,214 |
| Creditors: Amounts falling due after more than |
|
|
|
|
| one year |
15 |
(1,349,114) |
|
(1.496.794) |
| TOTAL NET ASSETS |
|
3,827,293 |
— |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
|
| Endowment Funds |
|
|
|
|
| Leasehold property donation |
1la |
4,433,333 |
|
4,483,333 |
| Restricted Funds |
17a |
|
- |
12,400 |
| Unrestricted income funds |
|
|
- |
|
| General fund |
17 |
(606,040) |
|
(604,313) |
| TOTAL FUNDS |
18 |
3,827,293 |
|
3,891,420 |
|
|
College |
|
|
Notes |
2022 |
2021 |
| FIXED ASSETS |
|
|
|
| Tangible assets |
11 |
7,016,160 |
7,144,953 |
| Investments |
lib |
1 |
1 |
|
|
7,016,161 |
7,144,954 |
| CURRENT ASSETS |
|
|
|
| Debtors |
12 |
347,711 |
321,646 |
| Stock |
13 |
18,791 |
27,028 |
| Cash at bank and in hand |
|
205,599 |
107,848 |
|
|
572,101 |
456,522 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due within one year |
14 |
(2,411,855) |
(2,213,262) |
| NET CURRENT LIABILITIES |
|
(1,839,754) |
(1,756,740) |
| TOTAL ASSETS LESS CURRENT |
|
5,176,407 |
5,388,214 |
| LIABILITIES |
|
|
|
| Creditors: Amounts falling due after more than |
|
|
|
| one year |
15 |
(1,349,114) |
(1,496,794) |
| TOTAL NET ASSETS |
|
3,827,293 |
3.891.420 |
| THE FUNDS OF THE CHARITY |
|
|
|
| Endowment Funds |
|
|
|
| Leasehold property donation |
11a |
4,433,333 |
4,483,333 |
| Restricted Funds |
17a |
|
12,400 |
| Unrestricted income funds |
|
- |
|
| General fund |
17 |
(606,040) |
(604,3j) |
| TOTAL CHARITY FUNDS |
19 |
3,827,293 |
3,891.420 |
|
Notes |
2022 |
2021 |
|
|
£ |
£ |
| Cash flows from operating activities: |
|
|
|
| Net cash provided by operating activities |
20 |
641,372 |
588,066 |
| Cash flows from investing activities: |
|
|
|
| Interest income |
|
- |
- |
| Interest paid |
|
(64,916) |
(69,593) |
| Purchase of tangible fixed assets |
|
(339,591) |
(327,824) |
| Net cash used in investing activities |
|
(404,507) |
(397,417) |
| Cash flows from financing activities: |
|
|
|
| Repayment of borrowing |
|
(141,492) |
(132,352) |
| Net cash (used in) financing activities |
|
(141,492) |
(132,352) |
| (Decrease)Iincrease in cash and cash equivalents in |
20a |
|
|
| the year |
|
95,373 |
58,297 |
| Cash and cash equivalents at the beginning ofthe year |
|
120,761 |
62,464 |
| Total cash and cash equivalents at the end ofthe year |
20b |
216,134 |
120.761 |
|
2022 |
2021 |
|
£ |
£ |
| Fees receivable consist of: |
|
|
| Gross School fees |
6,985,660 |
6,384,915 |
| Less: total scholarships, bursaries and discounts |
(589,536) |
(520706) |
| Net School Fees |
6.396.124 |
5,864.209 |
| ANCILLARY TRADING INCOME |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Catering income |
300,711 |
225,124 |
| Music income |
239,864 |
221,496 |
| Extended Dayand Holiday Club income |
291,571 |
244,176 |
| Transport income |
80,823 |
55,103 |
| Other operating income |
199,363 |
200,739 |
| Trip income |
188,542 |
48,976 |
|
1,300,874 |
995.614 |
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
| Rental |
income |
|
36,529 |
22,499 |
| SJCR |
Enterprises |
Ltd |
8,154 |
16,119 |
|
|
|
44,683 |
38.618 |
|
2022 |
2021 |
|
£ |
£ |
| TURNOVER |
8,154 |
16,119 |
| Cost of sales |
(515) |
(6,505) |
| GROSS PROFIT |
7,639 |
9,614 |
| Administrative expenses |
(3,304) |
(2,964) |
| OPERATING PROFIT |
4,335 |
6,650 |
| Gift Aid Payable |
(4,335) |
(6,650) |
| PROFIT ON ORDINARY ACTIVITIES |
|
|
| BEFORE TAXATION |
|
|
| Tax on profit on ordinary activities |
|
- |
| RETAINED EARNINGS AT THE END OF THE YEAR |
|
|
| NET ASSETS |
|
I |
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
£ |
£ |
| Coronavirus |
Job |
Retention |
Scheme |
Grant |
- |
17,421 |
| Donations |
|
|
|
|
5,368 |
4,400 |
|
|
|
|
|
5,368 |
21.821 |
8.
COLLEGE OPERATING COSTS |
8.
COLLEGE OPERATING COSTS |
|
|
|
|
| 2022 |
Staff |
Other |
Depreciation |
2022 |
2021 |
|
Costs |
|
|
Total |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
| School Operating Costs: |
|
|
|
|
|
| Teaching costs |
3,415,273 |
64,970 |
- |
3,480,243 |
3,339,488 |
| Welfare costs |
84,146 |
547,704 |
- |
631,850 |
612,984 |
| Premises |
141,498 |
609,754 |
- |
751,252 |
738,962 |
| Support costs |
1,207,164 |
1,183,061 |
418,384 |
2,808,609 |
2,286,497 |
|
4,848,081 |
2,405,489 |
418,384 |
7,671,954 |
6,977,931 |
| Endowmentfund: |
|
|
|
|
|
| Long term lease |
|
|
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
| expenditure |
4,848,081 |
2,405,489 |
468,384 |
7,721,954 |
7,027,931 |
| Cost ofgenerated funds |
|
|
|
|
|
| Finance costs |
- |
85,403 |
- |
85,403 |
119,425 |
| Total expenditure - |
4,848,081 |
2,490,892 |
468,384 |
7,807,357 |
7,147,356 |
| College |
|
|
|
|
|
| Trading expenditure |
|
3,819 |
|
3,819 |
9A |
| Total expenditure - |
|
|
|
|
|
| Group |
4.848.081 |
2.494.711 |
468,384 |
7,811,176 |
7.156,822 |
| 2021 |
|
|
|
Staff |
|
Other |
Depreciation |
2021 |
2020 |
|
|
|
|
Costs |
|
|
|
Total |
Total |
|
|
|
|
£ |
|
£ |
£ |
£ |
£ |
| Charitable Activities |
|
|
|
|
|
|
|
|
|
| School Operating |
Costs: |
|
|
|
|
|
|
|
|
| Teaching costs |
|
|
3,174,768 |
|
|
164,720 |
- |
3,339,488 |
3,275,936 |
| Welfare costs |
|
|
|
88,931 |
|
524,053 |
- |
612,984 |
597,363 |
| Premises |
|
|
|
169,193 |
|
569,769 |
- |
738,962 |
616,976 |
| Support costs |
|
|
1,190,764 |
|
|
663,164 |
432,569 |
2,286,497 |
2,056,136 |
|
|
|
4,623,656 |
|
|
1,921,706 |
432,569 |
6,977,931 |
6,546,411 |
| Endowment fund.’ |
|
|
|
|
|
|
|
|
|
| Long term lease |
|
|
|
|
- |
- |
50,000 |
50,000 |
50,000 |
| Total charitable |
|
|
|
|
|
|
|
|
|
| expenditure |
|
|
4,623,656 |
|
|
1,921,706 |
482,569 |
7,027,931 |
6,596,411 |
| Cost ofgenerated funds |
|
|
|
|
|
|
|
|
|
| Finance costs |
|
|
|
|
- |
119425 |
- |
119,425 |
116,951 |
| Total expenditure |
- College |
|
|
|
|
|
|
|
|
|
|
|
4,623,656 |
|
|
2,041,131 |
482,569 |
7,147,356 |
6,713,362 |
| Trading expenditure |
|
|
|
|
- |
9,466 |
- |
9,466 |
18,430 |
| Totalexpenditure |
- Group |
|
|
|
|
|
|
|
|
|
|
|
4.623,656 |
|
|
2050.597 |
482.569 |
7,156.822 |
6,731.792 |
9.
NET EXPENDITURE |
|
|
FOR THE |
|
|
YEAR |
|
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
|
|
|
|
£ |
£ |
| Net income for the year |
|
|
|
|
|
|
|
|
|
| This is stated after charging: |
|
|
|
|
|
|
|
|
|
| Operating |
leases |
— equipment |
|
|
|
|
|
147,452 |
131,341 |
|
|
— land |
|
and buildings |
|
|
|
120,000 |
80,000 |
| Depreciation |
|
|
|
|
|
|
|
468,384 |
482,569 |
| Bank interest payable |
|
|
|
|
|
|
|
64,916 |
69,594 |
| Auditor’s remuneration |
|
|
|
— Audit |
services |
|
|
15,770 |
14,080 |
|
|
|
|
— Other |
services |
|
|
2,640 |
2,360 |
| STA |
FF COSTS |
|
|
|
|
|
2022 |
|
2021 |
|
|
No. |
|
No. |
|
|
No. |
|
No. |
| The |
average actual number of persons employed by |
|
|
|
| the |
College (excluding Governors) during the year was |
|
142 |
140 |
| Wages and salaries |
3,743,052 |
3,638,914 |
| Social Security costs |
346,560 |
334,148 |
| Pension costs |
758,469 |
608,594 |
|
4,848.081 |
4.581.656 |
| £60,000-f70,000 |
3 |
1 |
| £70,000-80,000 |
- |
I |
£80,000
- £90,000 |
I |
|
| £90,000-f100,000 |
I |
- |
| £100,000 -£110,000 |
- |
- |
| £110,000 -£120,000 |
|
I |
|
5 |
3 |
|
|
|
Total |
£ |
|
10,497,825 |
339,591 |
|
|
|
|
10,837,416 |
|
3,352,872 |
468,384 |
|
3,821,256 |
|
7,016,160 |
7.144.953 |
|
|
Assets under |
construction |
£ |
|
105,501 |
65,763 |
- |
|
|
(105,501) |
65,763 |
|
- |
- |
|
|
|
65,763 |
105,501 |
| Long Term |
Leasehold |
Property |
Improvements |
£ |
|
4,008,415 |
200,828 |
|
|
|
105,501 |
4,314,744 |
|
1,757,512 |
317,412 |
|
2,074,924 |
|
2,239,820 |
2.250.903 |
|
Fixtures |
Fittings and |
Equipment |
£ |
|
1,315,409 |
73,000 |
|
- |
|
|
1,388,409 |
|
1,068,630 |
100,515 |
|
1,169,145 |
|
219,264 |
246,779 |
|
Freehold |
Land and |
Buildings |
£ |
|
68,500 |
- |
|
|
|
|
68,500 |
|
10,063 |
457 |
|
10,520 |
|
57.980 |
58.437 |
|
Long Term |
Leasehold |
Property |
£ |
|
5,000,000 |
- |
|
|
- |
|
5,000,000 |
|
516,667 |
50,000 |
|
566,667 |
|
4433.333 |
4.483.333 |
|
|
|
|
|
Cost: |
1 September2021 |
Additions |
Disposals |
|
|
Transfers |
31 August2022 |
Depreciation: |
1 September2021 |
Charge in the year |
Disposals |
31 August2022 |
Net Book Value |
31 August2022 |
31 August 2021 |
| DEBTORS GROUP |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,826 |
23,107 |
| Prepayments and accrued income |
135,792 |
104,415 |
|
340,303 |
312.075 |
|
2022 |
2021 |
|
£ |
£ |
| Parental debt |
184,685 |
184,553 |
| Other debtors |
19,684 |
20,507 |
| Prepayments and accrued income |
135,792 |
100,731 |
| SJCR Enterprises Ltd |
7,550 |
15,855 |
|
347.711 |
32L44 |
| 13. |
STOCK GROUP and COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Catering supplies and Academic resources |
18.791 |
27,028 |
| 14. |
CREDITORS GROUP |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (note 16) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,539 |
419,860 |
|
Accruals |
95,464 |
145,607 |
|
|
2,414,981 |
2.2166D2 |
|
CREDITORS COLLEGE |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Bank loans (notel6) |
147,291 |
141,103 |
|
Trade creditors |
289,274 |
158,298 |
|
Fees for tuition received in advance |
1,336,395 |
1,254,670 |
|
Other tax and social securitycosts |
100,018 |
97,065 |
|
Other creditors |
446,413 |
419,219 |
|
Accruals |
92,464 |
142,907 |
|
|
2.411,855 |
2.213,262 |
| CREDITORS GROUP and COLLEGE |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Amounts falling due afterone year: |
|
|
| Bank loans (note 16) |
1,349,114 |
1.496794 |
|
2022 |
2021 |
|
£ |
£ |
| The principal amounts repayable: |
|
|
| Within one year |
147,291 |
141,103 |
| One to two years |
153,248 |
147,291 |
| Two to five years |
499,145 |
479,290 |
| Overfive years |
696,721 |
870,213 |
|
1,496,405 |
1.63749i |
| UNRESTRICTED |
FUNDS |
|
|
|
|
| 2022 |
31 August |
|
|
|
31 August |
|
2021 |
Incoming |
Outgoing |
Transfer |
2022 |
|
Total |
Resources |
Resources |
|
Total |
|
£ |
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,747,049 |
(7,761,176) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50.000) |
|
4,433,333 |
|
3.891.420 |
7,747,049 |
(7.811,176) |
|
3,827,293 |
| SCHOOL |
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| General fund |
(604,313) |
7,745,548 |
(7,759,675) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Bursary fund |
12,400 |
- |
- |
(12,400) |
|
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
(50,000) |
|
4,433,333 |
|
3.891.420 |
7,745,548 |
(7,809,675) |
|
3,827,293 |
| 2021 |
|
31 August |
|
|
31 August |
|
|
2020 |
Incoming |
Outgoing |
2021 |
|
|
Total |
Resources |
Resources |
Total |
|
|
£ |
£ |
£ |
£ |
| GROUP |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| General fund |
|
(417,753) |
6,920,262 |
(7,106.822) |
(604.313) |
|
|
(417.753) |
6.920.262 |
j7, 106,822) |
(604.313) |
| SCHOOL |
|
|
|
|
|
| Unrestricted income funds |
|
|
|
|
|
| Generalfund |
|
(417,753) |
6,910,796 |
(7,097,356) |
(604,313) |
|
|
(417i52, |
6,910.796 |
J].097.356) |
(604.313) |
|
31 |
August |
|
|
|
31 |
August |
|
|
2021 |
Incoming |
Outgoing |
|
|
2022 |
|
|
Total |
Resources |
Resources |
Transfer |
|
Total |
|
|
£ |
£ |
£ |
£ |
|
£ |
| Bursaryfund |
|
12,400 |
|
|
(12,400) |
|
|
| 2022 |
|
|
Net |
|
|
|
|
Tangible |
|
Current |
Long-term |
|
2022 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Transfers |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
|
| income |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| General fund |
2,582,827 |
- |
(1,852,153) |
(1,349,114) |
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Bursary |
|
|
|
- |
(12,400) |
|
| Fund |
|
|
|
|
|
|
| Endowment |
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
| Leasehold |
4,433,333 |
- |
- |
- |
- |
4,433.333 |
| Netassets |
7,016,160 |
- |
(1.839,753) |
(1.349,114) |
- |
3,827,293 |
|
|
FU |
DS |
— G |
OUP (CON |
TIN |
U |
D) |
|
|
|
| 2021 |
|
|
|
|
Net |
|
|
|
|
|
|
|
Tangible |
|
|
|
Current |
|
Long-term |
|
|
2021 |
|
|
Assets |
Investments |
|
|
Liabilities |
|
Liabilities |
|
|
Total |
|
|
£ |
|
£ |
|
£ |
|
|
£ |
|
£ |
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| Generalfund |
2,661,620 |
|
|
- |
(1,769,139) |
|
(1,496,794) |
|
|
(604,313) |
|
| Restricted Funds |
|
|
|
|
|
|
|
|
|
|
|
| BursaryFund |
|
- |
|
- |
12,400 |
|
|
|
- |
12,400 |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,483,333 |
|
|
- |
|
- |
|
|
- |
4,483,333 |
|
| Netassets |
7,144.953 |
|
|
- |
(1.756.739) |
|
(1.496.794) |
|
|
3,891.420 |
|
| NALYSIS OF NET |
ASSETS BETWEEN |
|
FUNDS |
|
- COLLEGE |
|
|
|
|
|
|
| 2022 |
Tangibl |
|
|
Net Current |
|
Long |
|
term |
|
|
2022 |
|
e |
Investments |
|
Liabilities |
|
Liabilities |
|
|
Transfer |
|
Total |
|
Assets |
£ |
|
|
£ |
|
£ |
|
|
£ |
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
| Unrestricted |
|
|
|
|
|
|
|
|
|
|
|
| income funds |
|
|
|
|
|
|
|
|
|
|
|
| General fund |
2,582,8: |
|
1 |
(1,852,154) |
|
(1,349,114) |
|
|
|
12,400 |
(606,040) |
| Restricted |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Bursary Fund |
|
|
- |
|
12,400 |
|
|
- |
|
(12,400) |
|
| Endowment |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
|
|
|
|
|
|
|
| Leasehold |
4,433,3: |
|
- |
|
- |
|
|
- |
|
- |
4,433,333 |
| Netassets |
7.016.lt |
|
1 |
(1,839.754) |
|
(1.349.114) |
|
|
|
- |
3,827,293 |
|
|
— |
( |
) |
|
| 2021 |
Tangible |
|
Net Current |
Long term |
2021 |
|
Assets |
Investments |
Liabilities |
Liabilities |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
| income funds |
|
|
|
|
|
| Generalfund |
2,661,620 |
1 |
(1,769,140) |
(1,496,794) |
(604,313) |
| RestrictedFunds |
|
|
|
|
|
| Bursary Fund |
- |
|
12,400 |
- |
12,400 |
| Endowment |
|
|
|
|
|
| Funds |
|
|
|
|
|
| Leasehold |
4,483,333 |
- |
|
|
4,483,333 |
| Netassets |
7,144.953 |
1 |
(1,756,740) |
(1,496,794) |
3,891,420 |
|
2022 |
2021 |
|
£ |
£ |
| Net (expenditure) |
(64,127) |
(236,560) |
| Adjustments for: |
|
|
| Depreciation charges |
468,384 |
482,569 |
| Interest income |
|
|
| Interest paid |
64,916 |
69,594 |
| (Profit)/Ioss on disposal of tangible assets |
|
6,947 |
| (Increase) / decrease in stock |
8,237 |
(9,498) |
| Decrease /(increase) in debtors |
(28,228) |
24,612 |
| Increase I (decrease) in creditors |
192,190 |
250,402 |
| Net cash provided by operating activities |
641,372 |
588,066 |
| 20a. |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
RECONCILIATION OF NET CASH FLOW TO NET DEBT |
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
(Decrease)/Increase in cash during the year |
|
95,373 |
58,297 |
|
Loan repayments |
|
141,492 |
119,036 |
|
Change in net debt |
|
236,865 |
177,333 |
|
Net debt at 1 September |
|
(1,517,136) |
(1,694,469) |
|
Net debt at 31 August |
|
(1,280,271) |
(1.517.136) |
| 20b. |
ANALYSIS OF DEBT |
|
|
|
|
|
Net debtas at |
|
Net funds at |
|
|
1 August |
Cash |
31 August |
|
|
2021 |
Change |
2022 |
|
|
£ |
£ |
£ |
|
Cash atbankand in hand |
120,761 |
95,373 |
216,134 |
|
Loans |
(1,637,897) |
141.492 |
(1,496,405) |
|
|
(1.517.136) |
236,865 |
(1,280,271) |
| 21. |
COMMITMENTS UNDER LEASES |
|
|
|
|
At 31 August 2022, the charity had total future minimal lease |
|
payments under |
non-cancellable |
|
operating leases as follows: |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
Restated |
|
|
|
£ |
£ |
|
Plant and machinery: |
|
|
|
|
Expiring in one year |
|
143,135 |
121,340 |
|
Expiring in the second to fifth year |
|
223,082 |
202,237 |
|
Expiring after five years |
|
7,140 |
- |
|
|
|
373,357 |
323,577 |
|
Land and buildings: |
|
|
|
|
Expiring in one year |
|
120,000 |
120,000 |
|
Expiring in the second to fifth year |
|
480,000 |
480,000 |
|
Expiring after five years |
|
117,940,000 |
118,060,000 |
|
|
|
118,540,000 |
118,660,000 |
|
|
|
118,913,357 |
118,983.577 |
|
2022 |
2021 |
|
£ |
£ |
| Interest income and expense: |
|
|
| Total interest expense for financial liabilities held at amortised cost |
64,916 |
69,594 |
| Impairment loss (movement in bad debt provision) |
(8,027) |
25,644 |
|
Unrestricted |
Restricted |
Endowment |
2021 |
|
Funds |
Funds |
Funds |
Total |
|
£ |
£ |
£ |
£ |
| INCOMEAND ENDOWMENTS FROM |
|
|
|
|
| Charitable activities: |
|
|
|
|
| College fees receivable |
5,864,209 |
- |
- |
5,864,209 |
| Ancillarytrading income |
995,614 |
- |
- |
995,614 |
| Othertrading activities: |
38,618 |
|
- |
38,618 |
| Grants anddonations |
21,821 |
|
|
21,821 |
| TOTAL INCOME |
6,920,262 |
- |
- |
6920.262 |
| College operating costs |
6,977,931 |
|
50,000 |
7,027,931 |
| Raising funds |
|
|
|
|
| Financing |
119,425 |
- |
- |
119,425 |
| SJCR Enterprises Limited |
9,466 |
- |
- |
9,466 |
| TOTAL EXPENDITURE |
7,106,822 |
|
50,000 |
7,156,822 |
| NETINCOME/(EXPENDITURE) |
(186,560) |
|
(50,000) |
(236,560) |
| NETMOVEMENT IN FUNDS |
(186,560) |
|
(50,000) |
(236,560) |
| Fundbalances brought forward |
(417,753) |
12,400 |
4,533,333 |
4,127,980 |
| FUND BALANCES CARRIED |
|
|
|
|
| FORWARD |
(604313) |
12400 |
4483,333 |
3.891,420 |