2022-08-31-accounts - Talbot Heath School Trust Limited

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					Page
Legal and administrative			information
Report ofthe	Governors				2-10
independent	auditors'		report		11-14
Consolidated	statement		offinancial	activities	15
Consolidated	balance	sheet			16
Charity balance sheet					17
Consolidated	statement		ofcash flows		18-19
Notes to thefinancial		statements			20-35

Governors				Dr R Day (Chair)	Dr R Day (Chair)
				Dr A Main				Mrs	S Richards
				Dr 0 Sadd				ivlrs	KThompson
				Mrs R Newton				Ivlrs	A Ewins
				Mr M Ford-Horne				Mrs	TMagrath
				Mr W Badawy				Revd	L Ellis
				Revd J IJurke				Mr G House
Head				Mrs A Holloway		MA (Oxen) PGCE
Secretary				Mr G Ives
Company	registered		number	01584957
Charity Commission
registration		number		283708
Registered		office and
principal address				Talbot I-leath School
				Rothesay Road
				Bour'nemouth
				BH4 9NJ
Bankers				Lloyds Bank Pic					Barciays Wealth
				Bournemouth	Branch				The Helm
				4S Old Christchurch			Road		39 Holdenhurst	Road
				Bournernouth					Bournemouth
				BH1 1ED					BHB BEH
Solicitors				Steele Raymond Richmond Point		LLP			Wilsons Solicitors LLP St John's Street
				43 Richmond	Hill				Salisbury
				Bournemouth					Wiltshlre
				Dorset					SP12SB
				BH2 BLR
Auditors				Saffery Champness			LLP
				Chartered Accountants
				Midland House
				2 Poole Road
				Bournemouth
				BH2 SQY
Investment		advisers		Barclays Wealth
				The Helm
				39 Hoidenhurst		Road
				Bournemouth
				BH8 BEH

Governors
The Governors	are also the Trustees and Directors ofthe		company.			Those who served during the yea rand who were
fn office at the	date of this report are listed below:
Dr R Day		(Chair from 26January 2023)
Dr A Main
Mrs 5 Richards
Dr DSadd
Ivlrs KThompson
Mrs R Newton
IVlrs A Ewlns
Mr M Ford-Horne		(Appointed 28 September 202'1)
Mrs T Magrath		(Appointed 22 fvlarch 2022)
Mr W Badawy		(Appointed 5July 2022)
Revd L Ellis		(Appointed 6 December 2022, nominated			by		The Bishop of	Salisbury)
Revd J Burke		(Appointed 6 December 2022)
Mr G House		(Appointed 6 December 2022)
IVlrJ Paget		(Resigned 22 October 2021)
Mrs N Bagshawe		(Resigned 3 December 2021)
Mrs C Edwards		(Resigned 7 December 2021)
Revd R Hlggins		(Resigned 22 March 2022, nominated		by	the		Bishop ofSalisbury)
Mr DTownend Mrs C Norman		(Resigned 12September 2022) (Resigned 22 IVlarch 2022,appointed		5July 2022, resigned				18 October 2022)
IVlrs K Dear Dr CSaunders		(Appointed 5 July 2022, resigned 3 November (Resigned 31 December 2022, nominated by					2022) the Bishop of	Winchester)
!Vlrs C Sutcliffe		(Resigned 24 January 2023)

Main Risks	Main Risks						Controls
Income,	expenditure		and cash flow				Regular financial reporting		with strong budget		pianning		and
							contrpls
Policy and political		cha nge					Monitoring the charitable		aims and maximizing		public benefit
Infedor	quality	teaching		leading	to	poor	Robust teacher appraisal	procedures and		pupil	achievement
external	examination		results				tracking systems
Narrow	curriculum	leading to failure			to	recruit	Sufficient finance for excellent teacher			recruitment			and
pupils,	particularly	in	the Sixth Form				curriculum resources
Site and Infrastructure			failure				Regular maintenance and		asset rnanagernent
Critical	incidents						Effective crisis management		and Health &Safety			training
DissatIsfied stakeholders							Excellent communication	and information		through		a range of
							media including a vibrant		and up-to-date	website

				Unrestricted	Designated	Restricted	Total		Total
				funds	funds	funds	2022		2021
			Notes	E	E	E			E
INCOIVIE AND ENDOWMENTS		FROM.'
Donations, legacies and	grants			14,750		25,504	40,254	1,225,078
Income from charitable School fees receivable	activities		2	7,393,458			7,393,458	6,882,740
Other trading activities Letting income Sundry Investment Income				274,596 257,655 75,735	57,581		274,S96 257,655 133,316		109,133 214,497 97,033
Total income				8,016,194	57,581	25,504	8,099)279	8,528,481
EXPENDITURE ON:
Charitable activities Provision ofeducation				8,000,404		1,405	8,001,809	7,365,570
Raising funds Financing costs Investment managernerif Costs ln relation to trading		"' actiwties	" '	125,323 125,323 ' '""13;874-—"—--13;tf16-— ——-—--—--—-——47,689—.--.— 21,768 21,768					122,665 .27 60? 7,808
				160,965	1,3,815		174,780		158,075
Total expenditure			4	8,161,369	13,815	1,405	8,176,589	7,523,645
Net income before (losses)/gains on investments				(145,175)	43,766	24,099	(77,310)		1,004,836
Net (lasses)/gains on investments				(162,719)	(148,924)		(311,643)		475,837
Net (deficit)/surplus				(307,894)	(105,158)	24,099	(388,953)		1,480,673
Transfers betWeen funds				143,025	(143,157)	132
Net movement in funds			6	(164,869)	(248,315)	24,233,	(388,953)		1,480,673
Fund balances brought	forward			10,775,150	1,941,379	32,882	12,749,411	11,268,738
Fund balances carried forward			15/16	'10,610,281	1,693,064	57,113	12,360,458	12,749,411

									2022			2021	2021
						Notes						f
Fixed assets
Tangible assets										12,416,030			12,499,158
Inyestments Queensmount Prize Fund		Fund							1,549,218 70,000		2,354,377 70,000
Generalrund									2,246,027		2,363,701
VyVB Fund Other Fund									795,400		658,526 124,189
										4,660,645			5,570,793
										17,076,675			18,069,951
Current assets
Stocks									1,637			11,165
Debtors							11		360,610			381,571
Cash at bank and	in	hand							965,924			584,548
									1,328,171			977,284
Creditors:
Amounts falling due		within		one year			12		(3,350,451)		(2,930,182)
Net current liabilities Total assets less current			liabilities							(2,022,280) TBS;05'F395	"	" "	(11952,898) 16 117-,059-— -—————-
Creditors: Amounts due in more than Provisions				one year			13 19			(2,693,938)			(3,186,162) ~181,48II)
Net assets							14			12,360,457			12,749,411
Represented by: ~UI IN df d General funds Designated funds Revaluation reserve							15 15 15			10,536,880 1,574,211 192,253			10,424,218 1,547,646 744I665
Restricted Funds							16			57,113			32,882
										12,360,457			12,749,411
The deficit for the financial period dealt with in the financial statements ofthe parent company was f440,059(2021: surplus f1,442,740). As permitted by Section 408 ofthe Companies Act 2006, no separate profit or loss account or statement ofcomprehensive income is presented In respect ofthe parent company.
Approved by the	Governing			Body	on	„,..........,......I........]....„,...............and signed X( )03					on Its behalf by
Richard Day Chairman ofthe	. d L					'3		ivtartln-Ford Horne .~( wD Vice Chairman ofthe
Governing Body								Finance & Investment Committee
The notes on pages		20to	35form		part		these financialstatements.

				2022		2021
			Notes			8
Fixed assets Tangible assets					12,416,030		12499158
Investments
Queensmount	Fund			1,549,218		2,354,377
Prize Fund				70,000		70,000
General Fund				2,246,027		2,363,701
WVB Fund				795,400		658,526
Other Fund						124,289
Rothesay Events Limited						1
					4,660,646		5,570,794
					17,076,676		18,069,952
Current assets
Stocks				1,637		11,165
Debtors			11	339,885		362,392
Cash at bank and in	hand			832,981		507,086
				1,174,503		SSOI643
Creditors:
Amounts falling due	within	One year	12	(3,335,859)		(2,921,512)
Net current assets					(2,161,356)		(2;U40,869)
Total assets less current liabilities					14,915,320		16,029,083
Creditors: Amounts due in more than		one year	13		(2,693,938)		(3,186,162)
Provisions			19				(181,480)
Net assets					12,221,382		12,661,441
Represented by:
Unrestricted funds General funds Designated funds Revaluation reserve			15 15 15		10,397,805 1,574,211 192,253		10,336,248 1,547,646 744,665
Restricted Funds			16		57,113		32,882
					12,221,382		12,661,441

					2021
		Notes	f		f
Net cash provided by operating activities		1		693,097		943,343
Cash flows from Investing activities
Bank and other interest received			39		(257)
Dividends received			133,277		97,290
Payments to acquire tangible fixed assets Payments to acquire investmerlts Proceeds from sales of investments			(312,065) (1,090,322) 1.,688,827		(75,647) (2,913,867) 2,282,078
Net cash (outflow)/inflow from capital				419,756		(610,403)
expenditure and financial investment
Cash flows from financing activities Bankloan repayments			(492,224)		(456,897)
Net cash outflow from financing activities				(492,224)		(456,897)
Change in cash and cash equivalents	in	the		620,629		(123;957)
reporting period
Cash and cash equivalents at the beginning		of		(354,702)		(230,745)
the reporting period
Cash and cash equivalents at the	end	of the		265,924		(354,702)
reporting period

1	Reconciliation ofnet	income to net cash	flow provided	by operating	activities
				2022			2021
				f		f
	Net incoming resources per statement		of		(77,310)		1,004,836
	fina ncial activities
	Dividends receivable		(133,277)			(97,290)
	Depreciation Bank and other interest received		395,195 (39)			400,198 257
	(increase) In investments received		via			(178,837)
	legacy Decrease in debtors			20,960		24,323
	Increase/(Decrease)	in creditors	659,519			(223,158)
	Decrease in provisions Decrease/(Increase) in stocks		(181,480) 9,528			13,014
					770,407		(61,493)
	Net cash provided by/(absorbed		by)		693,097		943,343
	operating activities
2	Analysis of cash and	cash equivalents			2022		2021
					f		6
	Net cash: Cash in hand at bank			965,924			584,548
	Short term deposits Overdraft facility			(700,000)			(939,250)
	Total cash and cash	equivalents		265,924			(354,702)

Schoolfees
		2022	2021
Gross fees		8,1.56,031	7,700,947
Less:
Total bursaries,	grants and other price differentials	(762,573)	{818,207)
		7,393,458	6,882,740
Sundry other income		2022	2022
			f
Other fees and Staff lunches	surcharges	253,145 4,510	212,172 2,325
		257,655	214,497

Analysis oftotal expenditure	Analysis oftotal expenditure
2022:
		Staff costs	Other	Depreciation	Total
		f	f	f.
Charitable activities
School operating costs:
Teaching		4,363,678	317,091	67,533	4,748,302
Welfare		250,116	743,023		993,139
Premises		164,920	766,566	316,150	1,247,636
Support costs of schooling		594,395	406,827	11,510	1,012,732
		5,373,109	2,233,507	395,193	8,001,809
Cost of raising funds
Financing costs			125,323		125,323
Investment management Expenditure on trading	activities		27,689 21,768		27,689 21,768
			174,780		1,74,780
Total resources expended		5,373,109	2,408,287	395,193	8,176,589
2021:
		Staff costs f	Otherf	Depreciation f	Total f
Prior Year
Charitable activities
School operating costs: Teaching Welfare		4,199,172 245,099	230,380 590,168	77,075	4,506,627 835,267
Premises		180,541	507,610	306,933	995,084
Support costs of schooling		597,108	415,294	16,190	1,028,592
		5,221,920	1743452	400,198	7,365(570
Cost of raising funds Financing costs Investment management			122,665 27,602		122,665 27,602
Expenditure on trading	activities		7,808		7,808
			158,075		158,075
Totalresources expended		5,221,920	1,901,527	400,198	7,523,645

			2022	2021
Within support costs there are the follawing Criminal itecards Bureau	governance	costs:	E 3,572	E 5,187
ISCinspection			4,568	5,112
Audit			23,077	18,542
Governors' liability insurance			1,887	1,716
Governors' expenses reimbursed			1,886	1,943
Legalfees Other professlona! fees			13,024 28,983	51,374 52,774
			76,997	136,648

laries and	wages
			2022	2021
			E	E
Salaries			4,228,414	4,131)768
National	insurance	contributians	409,795	379,634
Pension costs			734,900	710,518
			5,373,109	5,221,9%

The average mo	nthly number ofemplo	yees d	uring the y	ear was made up	as follows:
		Full	time	Part time	Full time	Part time
			2022	2022	2021	2021
Teaching Administrative	and domestic		64 34	51 22	64 34	48 22
			98	73	98	70
The number of	higher paid employees	was:			2022	2021
					No	No
6100,000-F110,000 E6Q,OOO-E70,000					1 1	1 1
Total

Net movement in funds
			2022	2021
			f	f
This is stated after charging:
Auditors' remuneration	(including	VAT):
-for audit			23,447	18,542
-for otherservlces			4,620	6,444
Depreciation: -owned fixed assets			395,193	400,198

ed assets
	Freehold	Furniture		Computer
	land&. .	. 83fittiogs 8	.. ..Motor	gLqffISe
Gr'oup and charity	Buildings f	equipment f	vehicles f	equipment f	Total f
Cost
1September 2021	14,743,220	1,670,525	284,840	1,485,607	18,184,192
Additions	232,983	26,799		52,283	312,065
Dispo'sais
31August 2022	14,976,203	1,697,324	284,840	1,537,890	18,496,257
Depreciation 1September 2021	2,436,318	1,541,881	250,544	1,4S6,291	5,685,034
Charge for the year	316,150	34,872	11,510	32 661	395193
Eliminated on disposals
31August 2022	2,7S2,468	1,576,753	262,054	1,488,952	6,080,227
Net book value
31August 2021	12,306,902	128,644	34,7.96	29,316	12,499,158
31August 2022	12,223,735	120,571	22,786	48,338	12,416,030

Total fixed asset investments		com
				Group		Charity
				2022 f	2021 f	2022 f	2021 f
Investments listed on a	recognised		stock	4,519,832	5,326,394	4,519,832	5,326,394
exchange Other Investments —deposits Unlisted Investments				140,813	244,399	140,813 1	244,399 1
				4,660,645	5,S70,793	4,660,646	5,570,794
Investment movements:				Group 2022 f	2021 f	Charity 2022 f	2021 f
Market value at 1 September 2021 Additions Disposal proceeds Profit on disposal (Deficit)/Surplus on revaluation at 31			August	5,570,793 1,090,322 (1,688,827) 190,558 (502,201)	4,284,331 3,092,704 (2,282,079) 458,682 17,155	5,570,793 1,090,322 (1,688,827) 190,558 (502,201)	4,284,331 3,092,704 (2,282,079) 458,682 17,155
2022
Market value at 31August	2022			4,660,645	5,570,793	4,660,645	5,570,793
Historical cost at 31August		2022		4,468,391	4,826,129	4,468,391	4,826,129
Analysis of investments:				Group 2022 f	2021	Charity 2022	2021 f
Cash Equity shares Fixed Interest securities				140,813 3,690,670 829,162	244,399 4,525,997 800,397	140,813 3,690,671 829,162	244,399 4,525,998 800,397
				4,660,645	5,570,793	4,660,646	5,570,794

Name of	undertaking	Registered	office	Class ofshare held	% Held
Rothesay	Events Limited	Talbot Heath School,		Ordinary	100.00
		Rothesay	Road, BH4 9NJ

Debtors
	Group		Charity
	2022	2021	2022	2021
	f	f	f	f.
Trade debtors	200,784	210,006	156,816	178,353
Other debtors	16,325	37,438	39,568	50,496
Prepayrnents	143,501	134,127	143,501	133,543
	360,610	381,571	339,885	362,392

Creditors:	Amounts falling due wi	thin one year
		Group		Charity
		2022 f	2021 f	2022 f	2021 f
Bank loans		492,220	492,220	492,220	492,220
Bank overdraft		700,000	939,250	700,000	939,250
Trade creditors		408,946	136,226	395,929	129,031
Fees received	in advance	816,357	477,479	816,357	477,479
Deposits Tax and social security Other creditors		358,400 102,674 381,256	359,700 94,437 351,094	358,400 102,674 381,256	359,700 94,437 351,094
Accruals		90,598	79,776	89,023	78,301
		3,350,451	2,930,182	3,335,859	2,922(522

	Group and	charity
	2022	2021
	E	E
Bank loan	2,693,938	3,186,162
Analysis ofloans Wholly repayable within 5 years: Not wholly repayable within Syears by instalments:	1,951,816 742,122	1,968,880 1.,217,282
Loan maturity analysis In more than one year but not more than two years ln more than two years but not more than five years In more than five years	492,220 1,459,596 742,122	492,220 1,476,660 1,217,282
	2,693,938	3,1.86,162

llocation of	ets between funds
		Net current	Long term			Fund
	Fixed assets assets/liabilities		liabilities	Provisions		balances
	E		E		E	E
Unrestricted funds Restricted funds	17,040,675 36,000	(2,043,393) 21,113	(2,693,938)			12303 344 57,113
Total funds	17,076,675	(2,022,280)	(2,693,938)			12,360,457

nrestricted f	unds
		Balance			Transfers and	Balance
	1	September 2021 6	Incoming resources 6	Resources gams/ (losses) egpended oninvestments 6 f		31August 2022 6
Current yeor
General funds: Schoolfunds		10,424,218	8,016,194	(8,161,369)	257,838	10,536,881
Designated funds: Clueensmount fund Prize funds		1,528,542 19,104	57,581	(13,81.5)	( 17,201)	1,555,107 19,104
		1,547,646	57,581	(13,815)	(17,201)	1,574,211
Revaluation	reserve	744,665			(552,412)	192,253
		12,716,529	8,073,775	(8,175,184)	(311,775)	12,303,345

und balances
	General school	Designated
	fund	fund
Carried forward fund balance as above Revaluation reserve	10,536,881 73,400	1,574,211 118,853
	10,610,281	1,693,064

		Balance			Transfers and	Balance
		1September	Incoming	Resources	galas/ (losses)	31August
		2020 f	resourcesf	expended on investments f. f		2021f
Prior year
General funcls:
School funds		8,915,052	8,482,671	(7,510,275)	536,770	10,424,218
Designated funds: Queensmount fund Prize funds		1,718,155 19,405	44,584	(13,069) (301)	(221,128)	1,528,542 19,104
		1,737,560	44,584	(13,370)	(221,128)	1,547,646
Revaluation	reserve	567,557			177,108	744,665
		11,220,169	8,527,255	(7,523,645)	492,750	12,716,529

und balances
	General school	Designated
	fund	fund
	f
Carried forward fund balance as above Revaluation reserve	10,424;218 350,932	1,547,646 393,733
	10,775,150	1,941,379

estricted funds
	Balance			Transfers	and	Balance
	1September 2021	Incoming resources	Resources expended	gains/ (losses) on investments		31August 2022
			6		6
Prize funds: Mary Broad	22,286					23,190
Schoiarshi p Cardella Westcott	981		(3.,085)		132
Travel scholorshi p Angeia Feigate	9,615		(320)			9,295
Classics fund Edwards Awards						600
C!are Austin Smith		24,000				24,000
Bursary
	32,882	25,504	(1,405)			57,113
	Balance			Transfers	and	Balance
	1September 2020	Incoming resources	Resources expended	gains/ (losses) on investments		31August 2021
	6	6	6			6
Prior year
Prize fund 5: Mary Broad	21,718	568				22,286
SCholarshi p Cordelia Westcott	1,825	(844)				981
Travel schoiorship Angelo Felgate	9,615					9,615
Classics fund The Hub Project	15,411	1,502		(16,913)
	48,569	1,226		(16,913)		32,882

17	Reconciliation ofmovements	Reconciliation ofmovements	ln unrealised	ln unrealised	gains	on investment	assets
					Queensmount		General Total			Tote	I
						Fund f		Fund f	2022 f	2021 f
	Unreaiised gains at 1September 2021					393,733		350,932	744,665	567,557
	Deduct disposals in the					(86,071)		(55,510)	(141,581)	(12,738)
	year
						307,662		295,422	603,084	554,819
	(Losses)/Gains arising on the year	revaluations		In		(188,809)	(222,021)		(410,830)	189,846
	LJnrealised gains at 31August		2022			118,853		73,401	192,254	744,665
18	Commitments under operating leases
	At 31August 2022, the school		had aggregate		total	commitments	under	non-cancellable	operating	leases as	set
	out below:
	Non-cancellable operating	leases which		expire:				2022		2021
										E
	Within one year Within 2 to 5years							81,116 64,613		57,673 98,506
19	Provisions
	Group and charity								Hub	retention f
	At 1September 2021 Released in the year									181,480 (181,480)
	At 31 August?022