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||Page|
|---|---|
|Referenceand administrative detailsofthe School, its Governorsandadvisers||
|Governors' report|2-9|
|lndependentauditors'reporfon thãf¡üä'fð¡ástäiemãñts|10-13|
|Statement of financialactivities|14|
|Balancesheet|15|
|Statementofcash flows|16|
|Notesto the financial statements|17-32|
##
||Governors|JamesonMiller,Chair|
|---|---|---|
|||AndrewFlint|
|||AdamMatthews|
|||Nicholas Pyatt|
|||VictoriaHemming|
|||Daniel Lloyd|
|||Cecilia Bufton(resignedJune2022)|
|||DrTerence McMaster|
|||Gareth Turnbull|
|||Simon Linnitt|
|||Rashmi Rungta|
|||,Alan Teece|
||Company registered||
||number|;ozoggg¿o|
||Charity registered||
||number|I296491.|
||Registeredoffice|iSidcot School|
|||.Oakridge Lane|
|||,Winscombe|
|||,NorthSomerset|
|||.BS251PD|
||lndependent auditors|Moore Kingston Smith|
|||6thFloor|
|||9 AppoldStreet|
|||London|
|||ECZAzAP|
||Bankers|iLloyds Bankplc|
|I
i||Bath Street|
|I||Cheddar|
|:||BS27 3AB|
|t,.|||
||Solicitors|,HarrisonClark RickerbysLimited|
|||'Ellenborough House|
|||I Wellington Street|
|||;Cheltenham|
|||.CISOtYO|
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|
Safety Committee.Oaytoday man
year, comprised:|
ageme|
ntis delegated totheSenior Management|
|---|---|---|
|Headmaster||lainKilpatrick*|
|DeputyHeadPastoral||JoannaLeite*|
|Deputy HeadAcademic
Head ofJuniorSchool
Director ofOperations|-|ChristianHughes*
CatherineDykes*
KeithPerry*|
|DirectorofFinance||SteveHarris*|
|Directorof Marketing andDevelopment-||Sarah Simms"(appointed1OthSept2021)|
|DirectoroflnternationalRelations||AngelaDudley-Warde|
|Headof lT Services||AllisonClarke (appointed'13thSept2021)|
|AssistantHeadTeachingand Learning-||CharlotteResuggan|
|Assistant HeadUpper School||TomRuddle|
|HeadofBoarding||AmandineSmilevich|
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|||Unrestricted/|||||
|---|---|---|---|---|---|---|
|||Designated|Restricted|Endowment|Total|Total|
||Notes|funds
Ê|funds
Ê|fund
Ê|2022t|2021
Ê|
|INCOME FROM:|||||||
|CharitableActivities|||||||
|School fees|3|11,150,149|||II,150,149|9,321,468|
|Other educational income|4|848,348|||848,348|571,351|
|Other income|5||||||
|Other trading income||181,336|||181,336|164,539|
|lnvestments|||||||
|lnvestment lncome
Voluntarysources|b|3,582|41,375||44,957|51,851|
|Grants and donations|7|86,261|25,000||111,261|500,403|
|Total income andendowments||12,269,676|66,375||12,336,051|10,609,61 2|
|EXPENDITURE ON:|||||||
|Costsofraisingfunds|||||||
|Other trading costs||6,581|||6,581|6,769|
|lnterest and other costs||31,853|||31,853|22,819|
|Charitableactivities|||||||
|Education costs|8|11,444,658|66,375||11,51I,033|10,666,972|
|Total expenditure|I|11 483,092|66,375||11,549,467|10,696,560|
|Netoperating income/(expenditure)||786,584|||786,584|(86,948)|
|Pension Provision change||7'1,000|||71,000||
|Net (losses)/gains on investments||Q5.252)|ß2,425\||(87,6771|249 186|
|Netincome/(expenditure)|11|832,332|(62,425)||769,907|
162,238|
|Transferbetweenfunds|||||||
|Netmovement infunds||832,332|(62,425)||769,907|
162,238|
|Fund balances broughtfon¡¡ard||11,114,765|1,108,651373,504||12,596,920|12,434,682|
|Fund balances carriedfon¡vard|19,20|11,947,097|1,046,226|373,504|13,366,827|12,596,920|
##
##
|dcotSchool
ANCESHEET
31August2022||||
|---|---|---|---|
||Notes|2022
Ê|2021
I|
|FIXEDASSETS||||
|Tangibleassets
lnvestments|12
'13|12
1
,093
.204
,998
,639|12,382,483
726 882
I|
|||14,637,297|14,'t09,365|
|CURRENTASSETS||||
|Debtors|14|538,975|372,146|
|Cash atbank and in hand||4,433,793|3 575
79|
|||4,972,768|3,948,125|
|CREDITORS:Amounts fallingduewithinoneyear|15|(5,394,649)|(4,212,573)|
|NET CURRENT LIABILITIES||(421,8811(264,448\||
|TOTAL ASSETSLESSCURRENT LIABILITIES||14,215,416|13,844,917|
|CREDITORS:Amountsfalling due aftermore than one year|16|(821,589)|(1,125,997)|
|Netassets excluding pensionliability||13,393,827|12,718,920|
|Defined benefitpensionschemeliability|25|(27,000)|(122,000)|
|NETASSETS||13,366,827|12,596,920|
|FUNDS||||
|Restrictedfunds|19|1,046,226|1,108,651|
|Unrestrictedfunds-general
Endowmentfund|19
19|11,947,097
373,504|11,114,765
373,504|
|||13,366,827|12,596,920|
##
##
|idcotSchool
HFLOW STATEMENT
he vear ended31 Auqust2022||||
|---|---|---|---|
|CASHFLOW STATEMENT|Notes|2022|2021|
|||Ê|e|
|Netcashinflowfrom operatingactivities|24|2,323,376|1,111,654|
|Cash flowsfrominvesting activities||||
|Bank interest received||374||
|Dividends received
Proceedsfromsaleofinvestments
Payments to acquirefixedassets
Paymentsto acquireinvestments||44,593
49g,298
(1,262,9691
(485,750)|51,564
402,104
(213,032)
(378,735)|
|Net cash outflowfrominvesting activities||(1.205.363)(138,099)||
|Financing:||||
|Loans repaid
Capitalelementoffinance leaserental payments
lnterestpaid||(134,377)
(93,969)
(31,853)|(135,415)
(75,053)
(22,81e)|
|Net cash outflowfrom financingactivities||(260.r99)|,287\|
|lncrease/(decrease)in cash||857,814|
740,268|
|Cash andcashequivalents at the||||
|beginning ofthe reportingperiod||3,575,979|2,835,711|
|Cash andcash equivalentsat the||||
|end of thereportingperiod||4,433,793|3,575,979|
##
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|FEE INCOME|||
|---|---|---|
|TheSchool'sactivitiesarecarriedout withintheUK.
Theschool'sfee income comprised:|2022
2|2021f|
|Grossfees|12,936,675|11,050,233|
|Less: Discounts,Scholarships andBursaries|(1,686,526)|(1,728,765)|
||11,150,149|9,321,468|
##
|4|OTHER EDUCATIONAL INCOME|||
|---|---|---|---|
|||2022
Ê|2021r|
||Extras anddisbursements|441,422|283,638|
||Registration fees|39,660|34,438|
||Other income|367,266|253,275|
|||848,348|571,351|
|5|OTHERINCOME|||
|||2022
Ê|2021t|
||Rent and lettings
Otherincome|88,855
92,481|143,260
21,279|
|||_1!Ë99_||
|6|INVESTMENT¡NCOME|2022|-1-64,53e-
2021|
|||Ê|Ê|
||lnterestreceived|374|287|
||Dividend income|44,583|51,564|
|||44,957|51,851|
##
|DONATIONSAND GRANTS|||
|---|---|---|
||2022|2021|
||Ê|Ê|
|Donations andgifts|111,261|391,050|
|Governmentgrants||109,353|
||111,261|500,403|
##
##
|8|EXPENDITURE||||||
|---|---|---|---|---|---|---|
|(a)|CostsofRaising Funds||Staffcosts|||Total|
||||(note9)
t|Other
t|Depreciation
Ê|2022
Ê|
||Trading costs|||6,581||6,591|
||Financing costs|||31,853||31,853|
||Total CostsofRaising Funds|||38,434||38,434|
||Gharitable expenditure||Staffcosts|||Total|
||||(note9)|Other|Depreciation|2022|
||||Ê|Ê||Ê|
||Teaching
Welfare||4,737,263|414,946
547,882|:|5,152,209
547,992|
||PremisesandEstates|||1,016,055|352,202|1,369,257|
||Administration||2,826,157|1,209,735|294,460|4,330,352|
||Governance|||112,333||112,333|
||Total Charitable Expenditure||7,563,420|3,300,951646662||11,511 033|
||TotalExpended|:-:|7,563,420|3,339,385646,662||11,549,467|
||GostsofRaising Funds|Staff costs||||Total|
||||(note9)
Ê|Other
Ê|Depreciation
f|2021
t|
||Trading costs|||6,769||6,769|
||Financing costs|||22 819||22,819|
||Total CostsofRaising Funds|||29,599||29,588|
||Gharitable expenditure|Staff costs||||Total|
||||(note9)
r|Other
â|Depreciation
Ê|2021
f|
||Teaching||4,756,632|285,211||5,041,843|
||Welfare|||449,722||449,722|
||PremisesandEstates|||1,001,442|346,605|1,348,047|
||Administration||2,568,412|867,992|292,558|3,728,862|
||Governance|||98,498||98,498|
||Total Charitable Expenditure||7,325,044|2,702,765|639,163|10,666,972|
||TotalExpended|::::|7,325,044|2,732,353639,163||10,696,560|
|(b)|Other Governance Costs include||||2022|2021|
||Auditors'remuneration||||Ê|Ê|
||-AuditFees||||13,250|10,830|
||-AccountancyFees||||2,950|12,378|
||Legaland ProfessionalFees||||87,081|86,157|
##
|9|STAFFCOSTS|||2022|2021|
|---|---|---|---|---|---|
|||||E|r.|
||Wagesand salaries|||6,179,270|5,796,210|
||Social security costs|||534,109|506,456|
||Otherpensioncosts|||801,996|983,727|
||Otherstaffcosts|||49,045|38,651|
|||||7.563.420 _rc2þ,044||
||Themonthlynumberofemployeesduringthe yearwasas follows:|||||
|||Average||FTE||
|||2022|2021|2022|2021|
|||No.|No.|No.|No.|
||Teaching
Domesticandmaintenance|114
62|107
61|85
45|87
45|
||Administrationandsupport|50|76|22|23|
|||__-__226__-_--244-
||-----152 -----155-
||
|Thenumber ofemployeeswhose emoluments amounted|
to overt60,000inthe yearwasas follows:||
|---|---|---|
||2022|2021|
||No|No.|
|Ê60,000-Ê70,000|2|5|
|Ê70,001-[80,000|3||
|Ê.120,001- Ê130,000||1|
|Ê130,001 - Ê140,000|1||
##
##
##
|NETINCOMEFOR THEYEAR|||
|---|---|---|
||2022|2021|
||Ê|Ê|
|Netincomeisstated after charging:|||
|Depreciation of tangiblefixedassets|646,662|639,163|
|Loanlnterest|3,649|7,726|
|Operatingleaserentals-other|53,194|8,135|
##
|||Plant|Fixtures||||
|---|---|---|---|---|---|---|
||Freehold|&|&|IT|Motor||
||PropertyI|Equipment
r|Fittings
r|Equipment
Ê|Vehicles
â|Total
Ê|
|Cost:|||||||
|At1September2021|15,935,986|1,020,714|1,067,268|1,831,121|1,416,122|21,271,211|
|Additions|821,649|55,280|297,385|58,191|30,363|1,262,969|
|Disposals|(700)|(11,659)|(41,075)|(3s6,70e)|(25,422)|(475,565)|
|Transfer|||||||
|At 31August2022|16,756,935|1,064,335|I 323,578|1,492,603|1,421,06322,058,514||
|Depreciation:|||||||
|At1September2021|4,667,445|760,300|944,978|1,151,926|1,364,078|8,888,727|
|Chargeforyear|321,957|30,247|43,740|208,376|42,342|646,662|
|Disposals|(1e5)|(11,659)|(40,959)|(396,701)|(25,454)|(474,9681|
|Transfer|||||||
|At 31August2022|4,989,207|778,888|947
759|963,601|1,380,9669,060 ,421||
|Netbookvalue:|||||||
|At 31Augusl2022|11,767,728|285,447|375,819529,002||40,097 _12,998,093||
|At1September2021|11,268,541260,414||122,290|679,1 95|52,04412,382,484||
|2022
Ê|2021r|
|---|---|
|346,498|444,916|
##
##
|INVESTMENTS|||||||
|---|---|---|---|---|---|---|
||Sharesingroup
Listed
undertakingsinvestments
Êr||Shares ingroup
2022undertakings
Êt||Listed
investments
Ê|2021f|
|Cost/valuationAt1|l0l|1,726,781|1,726,882|101|1,228,407|1,228,508|
|September2021
Additions||485,948|485,948||757,470|757,470|
|Disposals
Gains/(Losses)arising||(498,298)
(75,328)|(498,298)
(75,328)||(804,208)
545,112|(804,208)
545,112|
|from movementsin|||||||
|valuations|||||||
|Cost/valuationAt31|101|1,639,103|1,639,204|101|1,726,781|1,726ß82|
|August2022|||||||
|UKfixed interest|||||132,400||
|UK equities|||||430,982|1,016,776|
|lnternational equities|||||640,444|639,310|
|Property|||||296,458||
|Alternativeassets|||||117,854||
|Cash|||||20,965|70,695|
||||||1,639,103|1,726,781|
##
##
##
##
|DEBTORS|||
|---|---|---|
||2022|2021|
||€|L|
|Fees andextras|'186,232|117,739|
|Lessprovisionfor doubtfuldebts
Otherdebtors|(57,296)
13,320|(64,838)
102,326|
|Prepaymentsand accruedincome
Amountduefromgroupundertaking|392,336
4,383|212,536
4,383|
||538,975|372,146|
##
|r t|he vearended31 Auqust2022|||
|---|---|---|---|
|15|CREDITORS|2022|2021|
||Amountsfalling due within oneyear:|Ê|e|
||Loans|46,639|139,494|
||Trade creditors|790,827|341,073|
||Taxation and social security costs|143,243|137,901|
||Fee Deposits|269,561|134,251|
||Feesinadvance|3,267,051|2,895,122|
||Other creditors|204,166|188,897|
||Accruals
Amountspayable underfinanceleases|497,691
175,471|272,738
103,097|
|||5|4,212,573|
||Deferred income|2022|2021|
|||Ê|Ê|
||Broughtforwards|16,17'l|6,250|
||Releasedinyear|(16,1711|(6,250)|
||Receivedinyear|35,706|16,171|
||Carriedforwards|__q5Jgg_|_16,1V_|
##
|CREDITORSDUEAFTERONEYEAR|||
|---|---|---|
||2022|2021|
|Amountsfallingdueaftermore than one year:|Ê|r|
|Bank loan||46,639|
|Amountspayable underfinanceleases|202,184|363,410|
|Schoolfeedeposits|619,405|715,948|
||821,589|1.125.997|
||2022|2021|
|Movement on loans|â|I|
|ln one yearorless|46,639|139,494|
|Between one and two years||46,639|
||46,639|186,133|
|Movement onfinanceleases:|2022
Ê|2021r|
|ln one year or less|103,097|103,097|
|Between one and two years|103,097|103,097|
|Betweentwoandfiveyears|171,461|260,313|
||377,655|466,507|
##
##
|18|FINANCIAL INSTRUMENT|S|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||2022|||2021|
||||||||€|||Ê|
||Carrying amount of financial assets||||||||||
||Financialassets thatare equityinstrumentsmeasured|||at cost lessimpairment|||4,580,433||3,736,775||
||Financialassetsmeasured|at fairvaluethroughprofit and|||loss||1,639,204||1,726,882||
||Carrying amount of financial !iabilities
Measuredat amortisedcost||||||5,327,272||4,563,567||
|19|STATEMENT OFFUNDS
Unrestrictedfunds|At1
September
2021t|lncomeI|Expendituret||Transfer
Between
Funds
c|Gains/
(losses)
Ê|At 31August
2022
Ê|||
||General reserve|11,114,765|12,269,676|(11,483,0e2)|||45,748||11,947,097||
||Restrictedfunds:||||||||||
||William Normanbequest|453,712|27J64||(27,164)||(25,547)|||428J65|
||MaryBlaschko grant
Named bursaryand|199,991
279,750|11,973
16,749||(11,e73)
(16,749)||(11,261)
(15,752)|||188,730
263,998|
||prizefunds||||||||||
||McShaneLegacy|170,327|10,197||(10,197)||(9,5e1)|||160,736|
||Other restricted funds|4,871|292||(2s2)||(274)|||4,597|
||Total restricted|1,108,651 66,375|||
(66,375)||(62,425)1,046,226||||
||Endowmentfunds:|373,504||||||||373,504|
||Totalfunds|12,596,920|12,336.051|(11,549,467\
:-|||||13,366,827||
|||Ar1
September
2020
Ê|lncomeExpenditure
ÊÊ|||Transfer
Between
Funds
î.|Gainsi
(losses)f|At 31August
2021
Ê|||
||Unrestricted funds
General reserve|11,088,004|10,197,562(10,284,510)||||11 .1 70I||11|114 765|
||Restrictedfunds:||||||||||
||William Normanbequest|398,024|13,565||(13,565)||55,688|||453,712|
||MaryBlaschkogrant|175444|5979||(5,e7e)||24547|||199,991|
||Named bursaryand|245,414|8,364||||34,336|||279,750|
||prizefunds
McShane Legacy|149,421|5,092||(8,364)
(5,092)||20,906|||170,327|
||Covid relieffund||332,918||(332,e18)||||||
||Other restricted funds|4,871|46,132||(46,132)|||||4,871|
||Total restricted|973,174 412,050(412,050)|||||135,4771,108,651||||
||Endowment funds|373,504||||||||373,504|
||Totalfunds|12,434,682|10,609,612(10,696,560)||||249,186||12,596,920||
##
##
##
##
##
|ANALYSIS OFNETASSETS BETW|EENFUNDS||||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment|2022|
||funds|funds|fund|Total|
||t|t|Ê|€|
|Tangiblefixed assets|12,624,589||373,504|12,998,093|
|lnvestments|592,978|1,046,226||1,639,204|
|Currentassets|4,972,768|||4,972,769|
|Current liabilities|(5,3e4,64e)|||(5,394,649)|
|Longtermliabilities|(848,589)|||(848,589)|
|Totalnetassets|JJ,s47,0e7|_1,046,226_|___9F,501_|_l_g,3ggÉzz_|
||Unrestricted|Restricted|Endowment|2021|
||funds
Ê|funds
î|fund
Ê|Total
Ê|
|Tangiblefixedassets|12,008,979||373,504|12,382,483|
|lnvestments|618,231|1,108,651||1,726,992|
|Currentassets|3,948,125|||3,949,125|
|Current liabilities|(4,212,573)|||(4,212,5731|
|Longtermliabilities|(1,247,997)|||(1,247,9971|
|Totalnet assets|11,114,765|1,108,651373,504||12,596,920|
##
||2022|2021|
|---|---|---|
||Office|Office|
||equipment|equipment|
|Due within oneyear|53,I94|8,135|
|Due between two andfiveyears|129,685|53,320|
|Dueaftermore than five years|4,478||
||187,357|61,455|
##
##
##
|NOTESTO THE CASHFLOW STATEMENT|||
|---|---|---|
||2022|2021|
|Reconciliationofoperatingresulttonetcashinflow from|E|I|
|operating activities|||
|Netmovementinfunds|769,907|162,238|
|Gainson investments|75,328|(272,556)|
|Depreciation|646,662|638,727|
|(profit)/losson disposal|597||
|Pensionfund|(24,199)||
|Pensionfund(gains)/loss|(71,000)||
|Bankinterestreceived|(3741||
|Dividendsreceived|(44,583)|(51,564)|
|lnterestpayable|3l,853|22,819|
|lncrease/(Decrease)in creditors|I,l06,014|613,670|
|(lncrease)/Decreaseindebtors|(166,829)|(1,680)|
||2.323.376|_1_J1J,,654|
||||2.323.376|_1_J1J,,654|
|---|---|---|---|---|
|ANALYS¡S OF CHANGES INNETDEBT|At1
September
2021|Gashflows|Othernon'
cash
changes|At 31August
2022|
|Gashand cash equivalents
Cash|3,575,979857,814|||4,433,793|
|CashEquivalents|3,575,979857,814|||4,433,793|
|Borrowings|||||
|Debt duewithinoneyear|(139,494)|92,855||(46,639)|
|Debt dueafterone year|(46,639)|46,639|||
|Financeleases|(466,507)|103,097||(363,410)|
||(652,640)242,591|||(410,049)|
|Total|2,923,339|1,100,405||4,023,744|
##
##
##
##
|dcot School
ESTO THE FINANCIAL STATEMENTS
e vear ended31Auqust2022
PRESENT VALUESOF PROVISION||||
|---|---|---|---|
||31August|31August|31August|
||2022|202'l|2020|
||(Ês)|(Ês)|(€s)|
|Presentvalue ofprovision|26.854|121,722|154.868|
|RECONCILIATIONOFOPENING AND CLOSINGPROVISIONS||||
|||Period|Period|
|||Ending|Ending|
|||31August|31August|
|||2022|2021|
|||(ts)|(Ês)|
|Provisionat start ofperiod||121,722|154,868|
|Unwindingof the discountfactor(interest expense)||689|752|
|Deficitcontributionpaid||(24,888)|(33,734)|
|Remeasurements-impact of anychangeinassumptions||(1,183)|(164)|
|Remeasurements- amendments tothe contributionschedule||(6e,486)||
|Provisionatendofperiod||26,854|121,722|
##
|INCOMEAND EXPENDITUREIMPACT|||
|---|---|---|
||Period|Period|
||Ending|Ending|
||31August|31August|
||2022|2021|
||(Ês)|(Ês)|
|lnterest expense|689|752|
|Remeasurements-impact of anychangein assumptions|(1,183)|(164)|
##
|ASSUMPTIONS||||
|---|---|---|---|
||3lAugust|3lAugust|3lAugust|
||2022|2021|2020|
||o/oPer|o/oPer|o/operannum|
||annum|annum||
|Rateof discount|4.46|0.63|0.55|
##
|Year|ending|3lAugust
2022|31August
2021|31August
2020|
|---|---|---|---|---|
|Year|1|(ts)
11,687|(Ês)
34,746|(Ês)
33,734|
|Year|2|11,687|35,789|34,746|
|Year|3|4,870|36,863|35,789|
|Year|4||15,625|36,863|
|Year|5|||15,625|