2021-08-31-accounts - Sidcot School

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				Page
Reference and Administrative		Details ofthe School, its Governors	and Advisers
Governors' Report				2-10
Independent Auditors'	Report	on the Financial Statements		11-14
Statement of Financial	Activities			15
Balance Sheet				16
Statement ofCash Flows				17
Notes to the Financial	Statements			18-40

Governors			Jameson Miller,	Chair	Chair
			Rosemary Carr,	Chair (resigned				13April 2021)
			Andy Flint
			Julie Cook (resigned		5	October 2021)
			Adam Matthews
			Stephen Voller	(resigned 4 March 2021)
			Nick Pyatt
			Jonathan Coates (resigned				8 October 2020)
			Victoria Hemming
			Ceclia Bufton
			Simon Linnitt (appointed			1	December 2020)
			Daniel Lloyd
			Dr Terence McMaster		(appointed			1 December 2020)
			Rashmi Rungta	(appointed			18June 2021)
			Alan Teece (appointed			18June 2021)
			Gareth Turnbull	(appointed			1 December 2020)
Company	registered
number			02093340
Charity registered
number			296491
Registered		office	Sidcot School
Independent		auditors	Bishop Fleming	LLP
			Chartered Accountants
			Statutory Auditors
			10Temple Back
			Bristol
			BS16FL
Bankers			Lloyds Bank pic
			Bath Street
			Cheddar
			BS273AB
Solicitors			Harrison Clark Rickerbys			Limited
			Ellenborough House
			Wellington Street
			Cheltenham
			GI50 1YD

					Unrestricted	Restricted	Endowment	Total	Total
					funds	funds	funds	funds	funds
				Note	2021f	2021f	2021	2021f	2020 L
Income from:
Donations and	legacies			4		379,050		379,050	270,802
Fees and other fee			related
income				5	9,636,375			9,636,375	9,039,954
Other trading activities					342,630			342,630	315,320
Investments					18,851	33,000		51,851	52,997
Other income					199,706			199,706	696,450
Total income					10,197,562	412,050		10,609,612	10375523
Expenditure on:
Raising funds:
Trading activities					480,012			480,012	562,328
Other raising	funds				25,917			25,917	17,615
Charitable activities					9,778,581	412,050		10,190,631	9,638,924
Total expenditure					10,284,510	412,050		10,696,560	10,218,867
Net (expenditure)
/income before		net
gains/(losses)	on
investments					(86,948)			(86,948)	156,656
Net gains/(losses)		on
investments					113,709	135,477		249,186	(75,227)
Net movement	in	funds
before other	recognised
gains/(losses)					26,761	135,477		162,238	81,429
Actuarial losses	on	defined
benefit pension schemes				26					(1,000)
Net movement	in	funds			26,761	135,477		162,238	80,429
Reconciliation	of	funds:
Total funds brought			forward		11,088,004	973,174	373,504	12,434,682	12,354,253
Net movement	in funds				26,761	135,477		162,238	80,429
Total funds carried
forward					11,114,765	1,108,651	373,504	12,596,920	12,434,682

						2021		2020
				Note
Fixed assets
Tangible assets				13		12,382,483		12,316,085
Investments				14		1,726,882		1,477,695
						14,109,365		13,793,780
Current assets
Debtors				15	372,146		370,466
Cash at bank and	in hand				3,575,979		2,835,711
					3,948,125		3,206,177
Creditors: amounts	falling due within one
year				16	(4,212,573)		(3,574,216)
Net current liabilities						(264,448)		(368,039)
Total assets less	current liabilities					13,844,917		13,425,741
Creditors: amounts	falling due after more
than one year				17		(1,125,997)		(836,059)
Net assets excluding		pension	liability			12,718,920		12,589,682
Defined benefit pension		scheme	liability	26		(122,000)		(155,000)
Total net assets						12,596,920		12,434,682
Charity funds
Endowment funds				18		373,504		373,504
Restricted funds				18		1,108,651		973,174
Unrestricted funds				18		11,114,765		11,088,004
Total funds						12,596,920		12,434,682

				2021	2020
					F
Cash flows from operating activities
Net cash used in operating	activities			1,111,654	410,422
Cash flows from investing	activities
Dividends, interests and rents from investments				51,564	50,225
Purchase oftangible fixed assets				(213,032)	(279,886)
Proceeds ofsale of investments				402,104	612,401
Purchase of investments				(378,735)	(613,637)
Net cash used in investing	activities			(138,099)	(230,897)
Cash flows from financing	activities
Repayments of borrowing				(135,415)	(131,319)
Repayments offinance leases				(75,053)	(76,299)
Interest paid				(22,819)	(14,610)
Net cash used in financing	activities			(233,287)	(222,228)
Change in cash and cash	equivalents	in	the year	740,268	(42,703)
Cash and cash equivalents	at the beginning		ofthe year	2,835,711	2,878,414
Cash and cash equivalents	at the end	of	the year	3,575,979	2,835,711
The notes on pages 18to 40 form part ofthese financial statements

Freehold property	- 50years straight	line
Plant and machinery	- 10- 20 years straight		line
Fixtures and fittings	- 7 years straight	line
Apparatus and equipment	- 4 years straight	line
Computer equipment	- 4 years straight	line

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021f	2021	2021f	2020f
Donations		379,050	379,050	270,802
Total 2020	270,802		270,802

			2021f	2020f
Gross fee income			11,309,920	10,373,184
Bursaries, scholarships	and allowances		(1,748,397)	(1,457,897)
Other fee related income			6,852	6,321
			9,568,375	8,921,608
Add back: Scholarships,	Grants etc paid for by Restricted	Funds	68,000	118,346
Total			9,636,375	9,039,954

	Unrestricted	Total	Total
	funds	funds	funds
	2021f	2021	2020f
Rental income	190,087	190,087	59,859
income from Sports Centre, Arts Centre and Equestrian
Centre	108,737	108,737	203,068
Other income	43,806	43,806	52,393
	342,630	342,630	315,320

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021f	2021f	2021	2020f
Income from investments	18,851	33,000	51,851	52,997
Total 2020	19,573	33,424	52,997

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021f	2020
Other income	90,353	90,353	37,177
CJRS Income	109,353	109,353	659,273
	199,706	199,706	696,450
Total 2020	696,450	696,450

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021f	2020
Costs of raising		voluntary	income	480,012	480,012	562,328
FUNDRAISING		TRADING EXPENSES
				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
				E		E
Fundraising	finance costs			25,917	25,917	17,615

	Activities
	undertaken	Support	Total	Total
	directly	costs	funds	funds
	2021 f.	2021	2021f	2020
Pension cost	1,000		1,000	2,000
Teaching costs	5,109,009	398,081	5,507,090	4,868,288
Domestic and welfare	1,631,802		1,631,802	1,405,222
Premises costs	260,418	602,572	862,990	975,379
Other costs	973,525	575,497	1,549,022	1,739,596
Depreciation	638,727		638,727	648,439
	8,614,481	1,576,150	10,190,631	9,638,924
Total 2020	8,261,445	1,377,479	9,638,924

			2021	2020
Fees payable	to the School's auditor	for the audit ofthe School's annual
accounts			10,830	10,500
Fees payable	to the School's auditor	in respect of:
All non-audit	services not included above		12,378	15,897

				2021	2020
					F
Wages and	salaries			5,765,774	5,594,859
Social security costs				519,413	491,299
Contribution	to defined	contribution	pension schemes	982,727	937,956
				7,267,914	7,024,114

		2021	2020
		No.	No.
Teaching		107	104
Domestic and	maintenance	61	67
Administration	and support	76	78
		244	249

The average	headcount
		2021	2020
		No.	No.
Teaching		87	84
Domestic and	maintenance	45	47
Administration	and support	23	23
		155

2021	2020
No.	No.

				Apparatus
	Freehold	Plant and	Fixtures	and	Computer
	property	machinery	and fittings	equipment	equipment	Total
			K
COST OR VALUATION
At 1 September 2020	15,882,289	1,020,714	1,048,666	1,416,122	1,198,294	20,566,085
Additions	53,696		18,602		632,827	705,125
At 31 August 2021	15,935,985	1,020,714	1,067,268	1,416,122	1,831,121	21,271,210
DEPRECIATION
At 1 September 2020	4,349,418	731,722	905,591	1,315,088	948,181	8,250,000
Charge for the year	318,027	28,578	39,387	48,990	203,745	638,727
At 31 August 2021	4,667,445	760,300	944,978	1,364,078	1,151,926	8,888,727
NET BOOK VALUE
At 31 August 2021	11,268,540	260,414	122,290	52,044	679,195	12,382,483
At 31 August 2020	11,532,871	288,992	143,075	101,034	250,113	12,316,085

2021f	2020
444,916	71,329

					Investments
					ln
					subsidiary	Listed	Cash
					companies	investments	balances	Total
					E
COST OR VALUATION
At 1 September	2020				101	1,455,952	21,642	1,477,695
Additions						378,735		378,735
Disposals						(402,104)		(402,104)
Revaluations						223,503		223,503
Amounts written	off						49,053	49,053
AT 31 AUGUST	2021				101	1,656,086	70,695	1,726,882
NET BOOK VALUE
AT 31 AUGUST	2021				101	1,656,086	70,695	1,726,882
AT 31 AUGUST	2020				101	1,455,952	21,642	1,477,695
PRINCIPAL SUBSIDIARIES
The following were subsidiary			undertakings		of the School:
Names								Holding
Sidcot Leisure Activities		Limited						100'/o
Sidcot international Limited								100'/o
The financial results of		the subsidiaries		for	the year were:

							Total	Total
					UK	Overseas	funds	funds
					2021 E	2021f	2021 E	2020 E
	Fixed interest,	indexed	linked and equities		1,016,776	639,310	1,656,086	1,455,952
	Cash balances				70,695		70,695	21,642
	Investment in	subsidiary		companies	101		101
					1,087,572	639,310	1,726,882	1,477,594
	Total 2020				1,080,104	397,490	1,477,594
15.	DEBTORS
							2021	2020
	DUE WITHIN ONE YEAR
	Fee debtors						52,901	15,826
	Amounts owed	by group		undertakings			4,383	4,383
	Other debtors						102,326	80,079
	Prepayments and accrued income						212,536	270,178
							372,146	370,466
16.	CREDITORS:	AMOUNTS		FALLING DUE WITHIN	ONE YEAR
							2021	2020
								F
	Bank loans						139,494	135,416
	Payments received on		account				2,895,122	2,407,583
	Trade creditors						341,073	374,516
	Other taxation	and social		security			137,901	127,000
	Obligations under finance			lease and hire purchase	contracts		103,097	49,467
	Other creditors						323,148	285,897
	Accruals and deferred		income				272,738	194,337
							4,212,573	3,574,216

						2021
						f.
Deferred	income at		1 September		2020	6,250
Resources deferred			during	the year		16,171
Amounts	released	from previous			years	(6,250)
						16,171

					2021	2020
Bank loans					46,639	186,132
Net obligations		under finance lease and	hire purchase	contracts	363,410
Deposits					715,948	649,927
					1,125,997	836,059
Included	within	the above are amounts	falling due as	follows:
					2021	2020
Between	one and two years
Bank loans					46,639	135,416
Between	two and five years
Bank loans						186,132

					2021	2020
						F
Between	one	and	five	years	363,410

STATEMENT OF FUN	DS -	CUR	RENT YEAR	RENT YEAR
			Balance at 1								Balance at
			September							Gains/	31 August
				2020f		Income	Expenditure			(Losses)	2021 F
UNRESTRICTED FUNDS
General Funds - all funds			11,088,004		10,197,562		(10,284,510)			113,709	11,114,765
ENDOWMENT FUNDS
Endowment Funds - all	funds			373,504							373,504
Endowed capital represents		the	initial endowment			of land	and	buildings	to	the School,	together with
certain other bequests	and donations			and is attributable to the			linked charity		Sidcot School		Trust.
RESTRICTED FUNDS
William Norman bequest				398,024		13,565		(13,565)		55,688	453,712
Mary Blaschko grant				175,444		5,979		(5,979)		24,547	199,991
Named bursary and prize funds				245,414		8,364		(8,364)		34,336	279,750
McShane Legacy				149,421		5,092		(5,092)		20,906	170,327
Covid Relief Fund						332,918		(332,918)
Other restricted funds				4,871		46,132		(46,132)			4,871
				973,174		412,050		(412,050)		135,477	1,108,651
TOTAL OF FUNDS			12,434,682		10,609,612		(10,696,560)			249,186	12,596,920

STATEMENT	OF FUNDS (CONTINUED)	OF FUNDS (CONTINUED)
STATEMENT	OF FUNDS - PRIOR YEAR
		Balance at				Balance at
		1 September 2019	Income	Expenditure	Gains/ (Losses)	31 August 2020
			F			F
UNRESTRICTED FUNDS
General Funds	- all funds	10,959,429	10,342,099	(10,185,443)	(28,081)	11,088,004
ENDOWMENT	FUNDS
Endowment Funds - all funds		373,504				373,504
RESTRICTED FUNDS
William Norman bequest		417,815	13,739	(13,739)	(19,791)	398,024
Mary Blaschko	grant	184,168	6,056	(6,056)	(8,724)	175,444
Named bursary	and prize funds	257,616	8,471	(8,471)	(12,202)	245,414
McShane Legacy		156,850	5,158	(5,158)	(7,429)	149,421
Other restricted	funds	4,871				4,871
		1,021,320	33,424	(33,424)	(48,146)	973,174
TOTAL OF FUNDS		12,354,253	10,375,523	(10,218,867)	(76,227)	12,434,682

SUMMARY	OF FUNDS	- CURRENT YEAR
		Balance at 1				Balance at
		September 2020f	Income	Expenditure	Gains/ (Losses) F	31August 2021
General funds		11,088,004	10,197,562	(10,284,510)	113,709	11,114,765
Endowment	funds	373,504				373,504
Restricted	funds	973,174	412,050	(412,050)	135,477	1,108,651
		12,434,682	10,609,612	(10,696,560)	249„186	12,596,920

			Balance at				Balance at
		1	September 2019	Income	Expenditure	Gains/ (Losses)	31 August 2020
				E	E	E	F
Designated	funds		10,959,429	10,342,099	(10,185,443)	(28,081)	11,088,004
Endowment	funds		373,504				373,504
Restricted	funds		1,021,320	33,424	(33,424)	(48,146)	973,174
			12,354,253	10,375,523	(10,218,867)	(76,227)	12,434,682

ANALYS	IS OF NET A	SSETS BETWEEN	FUNDS -CURRENT	YEAR
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021	2021 f	2021	2021
Tangible	fixed assets		12,008,979		373,504	12,382,483
Fixed asset investments			618,231	1,108,651		1,726,882
Current assets			3,948,125			3,948,125
Creditors	due within one year		(4,212,573)			(4,212,5?3)
Creditors	due in more than one year		(1,125,997)			(1,125,997)
Provisions	for liabilities	and charges	(122,000)			(122,000)
TOTAL			11,114,765	1,108,651	373,504	12,596,920

			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2020	2020	2020	2020
			E	E	E	F
Tangible	fixed assets		11,942,581		373,504	12,316,085
Fixed asset investments			504,521	973,174		1,477,695
Current assets			3,206,177			3,206,177
Creditors	due within one year		(3,574,216)			(3,574,216)
Creditors	due in more than one year		(836,059)			(836,059)
Provisions	for liabilities	and charges	(155,000)			(155,000)
TOTAL			11,088,004	973,174	373,504	12,434,682

			2021	2020
				F
Net income for the year (as per Statement	of Financial	Activities)	162,238	81,429
ADJUSTMENTS FOR:
Depreciation charges			638,727	648,439
Dividends, interests and rents from investments			(51,564)	(50,225)
Revaluation of investment			(272,556)	76,463
Decrease/(increase) in debtors			(1,680)	177
Increase/(decrease) in creditors			613,670	(360,471)
Interest paid			22,819	14,610
NET CASH PROVIDED BYOPERATING ACTIVITIES			1,111,654	410,422
ANALYSIS OF CASH AND CASH EQUIVALENTS
			2021	2020f
Cash in hand			3,575,979	2,835,711
TOTAL CASH AND CASH EQUIVALENTS			3575979	2 835711

								At 1
								September		New finance	At 31
								2020	Cash flows	leases	August 2021
								E	E	E	E
Cash at bank and				in hand				2,835,711	740,268		3,575,979
Debt due	within		1	year				(135,416)	(4,078)		(139,494)
Debt due	after 1		year					(186,132)	139,493		(46,639)
Finance	leases							(49,467)	75,053	(492,093)	(466,507)
								2,464,696	950,736	(492,093)	2,923,339
FINANCIAL		INSTRUMENTS
										2021	2020
										E	E
FINANCIAL		ASSETS
Financial	assets		measured		at	fair value through		income and expenditure		1,726,882	1,477,695
Financial	assets		measured		at amortised		cost			3,736,775	2,935,999
										5,463,657	4,413,694
										2021	2020
										E	E
FINANCIAL		LIABILITIES
Financial	liabilities			measured		at amortised	cost			(4,563,567)	(3,760,348)

				2021f	2020
Provision at start of period				155,000	185,000
Unwinding ofthe discount		factor (interest expense)		1,000	2,000
Deficit contribution	paid			(34,000)	(33,000)
Remeasure ments					1,000
Provision at end ofthe period				122,000	155,000
Income and Expenditure		Impact
				2021	2020
				E	F
interest expense				1,000	2,000
Remeasurements					1,000
Assumptions
			2021	2020	2019f
Rate ofdiscount			0.63	0.55	0.97

			2021f	2020 F
Not later than		1 year	8,135	28,777
Later than	1 year and not later than 5years		53,320	53,890
			61,455	82,667

Minimum	leas	e payments under hire purchase agreement fall	due as follows:
			2021	2020
				E
Not later than		1 year	103,097	35,223
Later than	1 year and not later than 5years		363,410
			466,507	35,223