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|---|---|---|---|---|
|Report of the|governors|||1 to 8|
|Report of the|auditors|||9 to 11|
|Statement offinancial||activities||12|
|Statement ofcash flows||||13& 14|
|Balance sheet||||15|
|Notes forming|part of|the financial|statements|16 to 26|
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|||||2023|2022|
|---|---|---|---|---|---|
||||||g|
|||||Unrestricted|Unrestricted|
|||||Funds|Funds|
|||||g|g|
|INCOME FROM||||||
|Donations
and legacies|||||1,000|
|Charitable
activities|||2|8,691,917|7,815,567|
|Other trading
activities|||3|10,640|12,958|
|Other|||4|4,120||
|Investment
Income||||122||
|TOTAL INCOME||||8,706,799|7,829,525|
|EXPENDITURE ON||||||
|Raising
funds||||140,255|121,523|
|Charitable
activities||||8,347,839|7,353,267|
|TOTAL RESOURCES EXPENDED|||5|8,488,094|7,474,790|
|NET MOVEMENT IN FUNDS||||218,705|354,735|
|RECONCILIATION|OF FUNDS|||||
|Total funds at 1st September||2022||3,933,207|3,578,472|
|TOTAL FUNDS AT|31ST|AUGUST 2023||f4,151,912|f3,933,207|
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||||||Total|Total|
|---|---|---|---|---|---|---|
||||||2023|2022|
|Net cash flow from operating|activities||||1,372,673|1,918,098|
|Net cash provided
by/(used|in) investing||activities||||
|Purchase of fixed assets|||||(2,553,400)|(1,640,791)|
|Interest received|||||122||
|Net cash provided
by/(used|in) financing|||activities|||
|Interest paid|||||(235,463)|(188,456)|
|Loan advance|||||1,200,000||
|Hire purchase||||||111,190|
|Repayment
of loans and hire|purchase||||(266,469)|(274,422)|
|Change
in cash and cash equivalents||in the period|||(482,537)|(74,381)|
|Cash and cash equivalents
at the beginning||||of the period|703,793|778,174|
|Cash and cash equivalents|at the end ofthe period||||f221,256|f703,793|
|Reconciliation ofnet income to net|||||||
|cash flow from operating
activities|||||||
|Net income for the reporting|period||||218,705|354,735|
|Investment
income|||||(122)||
|Interest paid|||||235,463|188,456|
|Decrease
/ (increase)
in stocks|||||2,128|(6,477)|
|Decrease
/ (increase)
in debtors|||||99,593|(132,463)|
|(Decrease)
/ increase
in creditors|||||(47,377)|712,337|
|Depreciation|||||864,283|772,142|
|Loss/(profit)
on disposal of|fixed assets|||||29,368|
|Net cash flow from operatiug
activities|||||g1,372,673|K1,918,098|
|Analysis ofcash and cash equivalents|||||||
|Bank balances|||||f221,256|$703,793|
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|RECONCILIATION|RECONCILIATION|RECONCILIATION|OF NET DEBT|OF NET DEBT|OF NET DEBT||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||At 01.09.22|Cash Flows|At 31.08 23|
||||||||||g||
|Cash|and cash|equivalents||||||703,793|(482,537)|221,256|
|Loans|falling|due within||one year||||(206,123)|(66,843)|(272,966)|
|Loans|falling|due after|more than||one year|||(4,338,883)|(924,100)|(5,262,983)|
|Hire|purchase|contracts||falling|due|within|one|(57,414)|24,126|(33,288)|
|year|||||||||||
|Hire|purchase|contracts||falling|due|within|one|(68,210)|33,288|(34,922)|
|year|||||||||||
|||||||||~63,966,837,|~61,416,06|~63,382,903)|
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|||2023|2022|
|---|---|---|---|
||Notes|||
|FIXED ASSETS||||
|Tangible
assets||11,572,587|9,883,470|
|CURRENT ASSETS||||
|Stock|9|10,335|12,463|
|Debtors|10|391,665|491,258|
|Cash at bank and in hand||221,256|703,793|
|||623,256|1,207,514|
|CREDITORS: AMOUNTS FALLING DUE||||
|WITHIN ONE YEAR|11|1,943,545|2,517,484|
|NET CURRENT LIABILITIES||(1,320,289)|(1,309,970)|
|TOTAL ASSETS LESSCURRENT||||
|LIABILITIES||10,252,298|8,573,500|
|CREDITORS; AMOUNTS FALLING DUE||||
|AFTER MORE THAN ONE YEAR|12|6,100,386|4,640,293|
|TOTAL NET ASSETS||f4,151,912|$3,933,207|
|The funds of the charity:||||
|UNRESTRICTED FUNDS|13|4,151,912|3,933,207|
|RESTRICTED FUNDS|13|||
|||K4,151,912|K3,933,207|
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|||||(Continued)|||
|---|---|---|---|---|---|---|
||||||2023|2022|
||CHARITABLE ACTIVITIES||||||
||Tuition and boarding|fees|||10,173,874|9,245,499|
||Less: Scholarships,|bursaries||and awards|(1,700,625)|(1,590,300)|
||Extras and disbursements||recovery||204,293|150,336|
||Registration
fees||||14,375|10,032|
||||||g8,691,917|K7,815,567|
||||||2023|2022|
|3.|OTHER TRADING|ACTIVITIES|||||
||Rents and lettings||||9,617|7,695|
||Sundry
income||||1,023|5,263|
||||||EI0,640|812,958|
|4.|OTHER INCOME||||||
||Grants received||||J4,120||
|||||2023||
|---|---|---|---|---|---|
|||Staff|Other|||
|||costs|costs|Depreciation|Total|
|||f.||||
|Raising funds
Marketing
costs and salary||36,074|104,181||140,255|
|Charitable|activities|||||
|Teaching
Welfare||3,972,418
75,340|450,510
765,959|567,462|4,990,390
841,299|
|Premises||414,088|624,640|241,849|1,280,577|
|Supporting|costs of schooling|541,103|639,498|54,972|1,235,573|
|||5,002,949|2,480,607|864,283|8,347,839|
|||g5,039,023|E2,584,788|f864,283|f8,488,094|
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|ANALYSIS OF|RES|OU|RCES|EXPEN|DED (CONTIN|U|ED)||
|---|---|---|---|---|---|---|---|---|
||||||||2022||
||||||Staff||Other||
||||||costs
f,||costsf
Depreciation|Total
f.|
|Raising funds
Marketing
costs|and|salary|||29,330||92,193|121,523|
|Charitable
activities|||||||||
|Teaching
Welfare|||||3,542,488
70,113||398,685
618,500
442,146|4,383,319
688,613|
|Premises|||||348,780||509,596
279,799|1,138,175|
|Supporting
costs|of schooling||||516,393||576,570
50,197|1,143,160|
||||||4,477,774||2,103,351
772,142|7,353,267|
||||||f4,507, 104|f2,195,544
f772,142||K7,474,790|
||||||||2023|2022|
|NET MOVEMENT||IN|FUNDS||||||
|This is stated after charging:|||||||||
|Depreciation
of|tangible||fixed|assets:|||||
||||—owned||||814,137|719,771|
||||—held under||hire purchase||50,146|52,371|
|Auditors'
remuneration|||||||8,880|8,112|
|Auditors'
non-audit||costs|||||3,588|3,498|
|Interest on hire purchase|||contracts||||10,939|10,179|
|During
the year|no Governors|||received|any remuneration||or benefits
in kind (2022: KNil)||
||||||||2023|2022|
|STAFF COSTS|||||||||
|Wages and salaries|||||||3,988,596|3,544, 144|
|Social Security|costs||||||366,268|348,815|
|Pension contributions|||||||679,406|611,558|
|Apprenticeship|levy||||||4,753|2,587|
||||||||f5,039,023|f4,507,104|
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||||2023|2022|
|---|---|---|---|---|
|The average|monthly|number ofemployees|Number|Number|
|in the year|was:||||
|Teaching||full-time|47|44|
|||part-time|14|15|
|Other||full-time|11|11|
|||part-time|64|59|
||||136|129|
||||||||||||||Page 22|
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||NOTES|FORMING PART|FORMING PART|FORMING PART|OF THE FINANCIAL STATEMENT|OF THE FINANCIAL STATEMENT|S|
|---|---|---|---|---|---|---|---|
|||FOR THE YEAR|||ENDED 31ST AUGUST 2023|||
||||||(Co ntiuued)|||
|||||||2023|2022|
|9.|STOCK|||||f.||
||Consumables|||||f10,235|f.12,463|
|10.|DEBTORS|||||||
||Fees debtors|||||129,635|227,202|
||Prepayments
and accrued||income|||262,030|264,056|
|||||||f391,665|f491,258|
|11.|CREDITORS; AMOUNTS FALLING||||DUE|||
||WITHIN ONE YEAR|||||||
||Fees charged
in advance|||||906,354|1,545,908|
||Bank loans (current|instalments)||||272,966|206,123|
||Hire purchase|||||33,288|57,414|
||Trade creditors|||||337,199|392,813|
||Payroll taxes and social security costs|||||99,423|89,954|
||Other creditors|||||128,355|137,138|
||Accruals|||||165,960|88,134|
|||||||f1,943,545|f2,517,484|
||Bank loans and overdraft||facilities:|||||
||All monies advanced|by the bank are secured on the School's freehold
land and|||||buildings.|
||The bank loans are|repayable||by July|2025, May|2026, November
2038, August 2043, June||
||2044 and July 2045. Interest|||is charged|at 4.23%,|2.18%, 5.84%, 4.91%,3.17% and 2.94%||
||respectively.|||||||
|12.|CREDITORS: AMOUNTS FALLING||||DUE|||
||AFTER MORE THAN ONE|||YEAR||||
||Fees in advance|||||531,121||
||Bank loans|||||5,262,983|4,338,883|
||Hire purchase|||||34,922|68,210|
||Other creditors|||||271,360|233,200|
|||||||f6,100,386|f4,640,293|
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|13.|FUNDS||2023||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
||||g||
||Balance at 1st September 2022|3,933,207||3,933,207|
||Net incoming
resources before transfers|218,705||218,705|
||Balance at 31st August 2023|f4,151,912||g4,151,912|
||REPRESENTED BY:||||
||Tangible
fixed assets|11,572,587||11,572,587|
||Net current liabilities|(1,320,289)||(1,320,289)|
||Long term liabilities|(6,100,386)||(6,100,386)|
|||f4,151,912||K4,151,912|
||||2022||
|||Unrestricted|Restricted|Unrestricted|
||Balance at 1st September 2021|3,578,472||3,578,472|
||Net incoming
resources before transfers|354,735||354,735|
||Balance at 31st August 2022|g3,933,207||g3,933,207|
||REPRESENTED BY:||||
||Tangible fixed assets|9,883,470||9,883,470|
||Net current liabilities|(1,309,970)||(1,309,970)|
||Long term liabilities|(4,640,293)||(4,640,293)|
|||g3,933,207||f3,933,207|
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