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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||||||
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||||||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||||||
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|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||
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||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|
##
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##
||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|expressed as full-time|equivalents|was:|||
|---|---|---|---|---|---|---|
||||||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|
|18.|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)|
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|||||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|
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||||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|
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|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|
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