GAYHURST SCHOOL TRUST {A Company Limited by Guarantee and not having a Share Capital) GOVERNORS, REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2020 Company Registered Number: 2209385 Charity Registered Number: 298869
GAYHURST SCHOOL TRUST GOVERNORS, REPORT YEAR ENDED 31 AUGUST 2020 Governors Mrs C Shorten Conn {Chairl Mr5 A Dusek Mrs E Halliday Mrs 5 Porter Mrs Z McKinnon Mrs C Robson Mr A Rudak Mrs F Cunningham Mr5 A Hatton (ceased 041121191 Mr A MacPhee Mr N Garner (joined 04112119) Mr C Pugh Mr R Thompson Mr S Potts (joined 211101201 The Governors are the directors of the company and the charity trustees. Officer5 and Advisors Headmaster Mr Gareth R A Davies Bursar and Company Secretary Mrs Vanessa Lakatos Address and Registered Office Gayhurst School Bull Lane Gerrards Cross Buckinghamshire SL9 8RJ Bankers National Westminster Bank PIC Gerrards Cross Buckinghamshire SL9 8EA Auditors Hay5macintyre LLP Chartered Accountants 10 Queen Street Place London, EC4R 1AG Winckworth Sherwood Minerva House 5 Montague Close London SE1 9BB Solicitors Insurance Brokers Haye5 Parson5 St Lawrence House Bristol Street Bristol, BS12HF The Head and Bursar attend all meetings. All Governors attend the Full Board meetings and the committees are.. Finance & General Purposes - S MacPhee (Chairl, E Halliday, C Pugh and C Shorten Conn lex- officToI Admis5ion5 & Marketing - F Cunningham (Chairl, A Dusek, C Robson, A Rudak, N Garner {joined 04.12.191 and C Shorten Conn {ex-officiol Education - R Thompson Ichairl, Z McKinnon, S Porter, A Hatton (ceased 04.12.191 and C Shorten Conn lex-officiol
GAYHURST SCHOOL TRUST GOVERNORS, REPORT Icontinuedl YEAR ENDED 31 AUGUST 2020 OBJECT5, OBJECTIVES AND ACTIVITIES Overall Objectives The overall objectives are, a5 set out in the Memorandum of Association, to promote and provide for the advancement of the education of children. Gayhurst School aims to enable all pupils to reach their maximum potential and be fully prepared for any secondary school their parents may choose. Gayhurst aims for all children to reach their highest academic standard5 commensurate with ensuring development of well- rounded individuals, who are confident, independent, and resilient. Pupils are encouraged to be involved in a wide range of extracurricular activities to enrlch their broader education and personal development. The school aims to widen public access to it5 educational provision as much a5 possible within the constraints of our funding, as an independent education provider. Gayhurst encourages use of the school's facilitie5 for public benefit and interacts Posltively with the local community aiming to encourage within its pupils a desire to contribute to society. In achieving its overall objectives, Gayhurst prepares gir15 and boy5 frorn ages 3 to 11 for their life at Secondary school and beyond. Public Benefit The Governors confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit gLtidance published by the Charity Commission in determining the activities undertaken by the Charity. The school is committed to the concepts of Access and Opportunity for Public Benefit and in the last year the School provided means. tested support for pupils who otherwse may not have been able to access the school's provision, to the value of £86,395. Beyond the benefit of providing a high-quality education to all the pupils of Gayhurst School, which equips them with skills for their future, the school also provided wider public benefit through partnerships with both local State Schools and our local community. Whilst some of the events had to be cancelled due to the coronavirus pandemic, the school, staff and pupils continued to work hard to support the local community and charities in many different ways includlng: Partnerships with local state schools: Gayhurst continues to be an exam centre for LAMDA for local children from other schools. The school hosted several Year 4 Maths Challenges, involving up to 25 schools, many of which were state primary schools. The Deputy Head is a Governor at a local state 5chool/MAT. The Head is a Governor of a local state school academy and a board member of iTru5t, the IAPS charity. Gayhurst hosted a local sports partnership cross-country event for up to 13 schools across K52. All children were offered snacks and drinks following races and £700 was raised for charity.
GAYHUR5T SCHOOL TRUST GOVERNOR5, REPORT (continued} YEAR ENDED 31 AUGUST 2020 Partnerships with the local community: Gayhurst actively promotes events for local churches, groups and schools via our noticeboard and by email. Pupi15 from Gayhurst represent the school annually in the local community Remembrance Service. The Metropolitan Police regularly use the school buildings and premises for training of their dogs. Junior School Harvest FestTval Pupils delivered produce collected at the Harvest festival to resident5 at Edith Bell House and Glebe House in Chalfont St Peter. A collection of produce frorn the Senior School Harvest festival was donated to the Slough Food Bank We held a carol concert for residents at Edith Bell House The School attends and sponsors the Community Feast day in Gerrards Cross As part of Smile Day, our Year 6 children took part in litter picking, bag packing, choir singing and art & games with care home residents Donation of PPE (glove5, goggle5 and safety glasses) to local doctor surgerie5 and care homes at the beginning of the Covid 19 crisis when supplie5 were scarce Care for the children of Key workers at the school site throughout lockdown, including through the Easter holidays and half term break. 'One Can collection point for local food bank for parents to drop off donations. Objectives for the Year Over and above the overall objectives noted above, the school had the following specific objectives for year ended 31 August 2020: To maintain high levels of academic excellence. To prepare pupils for entry Into the most appropriate secondary schools commensurate with their skills, abilities and the wishes of their parent5. To continue to develop sporting* artistic, musical, performance and cultural opportunities. To extend extra-curricular activities and provide a wide, age appropriate choice for all pupils. To promote the values and benefits of Gayhurst as a co-educational school. To support recruitment and retention of high-quality staff. To continue to market the school actively, both externally and internally. To continue to monitor drop off and pick up to enable better traffic management and parking To appoint new governors as required To comply with requirements of GDPR. To implement and roll out a system for tracking pupils, development to ensure each child is monitored and Strategies are identified to enhance the7r learning.
GAYHURST SCHOOL TRUST GOVERNORS. REPORT (continued} YEAR ENDED 31 AUGUST 2020 To continually review and update School polTCTes to ensure compliance and appropriate implementation in line with Independent School Standard Regulations11SSRI. To review on an ongoing basis public benefit and wider community engagement in line with funding constraints. To consult with teaching staff to consider options to respond to the increase in employers, contributions to the Teachers, Pension scheme. To consider plans to enhance sports and performing arts facilities at the school in line with the schoo15 need5 and financTal capability. The School has delivered on its objectives for 2019120 as outlined Tn the review of performance and achievement5 Section of this report. The consultation with teaching staff regarding Teachers Pensions resulted in a unanimous vote for the school to withdraw from the scheme, which will be effective from September 2020. Covid 19 In March 2020, with the onset of Covid.19, the school faced an unprecedented set of challenges. Oversight of these challenges has been managed by a 'Covid group, comprising the Chair of Governors, Chairs of the three board committees, legal Governor, Head, Deputy Head and Bursar. ThTS 'Covid group,, established in March 2020, met regularly to oversee all aspects of school operation5. A Governor who is by profession a Consultant paediatrician provided added and valued medical advice. The specific challenges and risks presented by Covid.19 were identified as: Imposed lockdown preventing the school from operating on 51te and consequent need to educate differently and quickly. Staff inability to work due to Covid. Short term financial challenges due to the site closure leading to fee amendments and potential for increased bad debt. Potential reputational risk due to perceived inadequate provT510n. Ensuring safeguarding practices were effective remotely. The increased risk to the health and safety of pupils, staff, parents, and wsitors to the school when the site reopened. Longer term there is an identified financial risk arising from a potential drop in pupil numbers either due to perceived inadequate response to the situation or the economic climate affecting parental ability to afford independent education. Care for children of key workers through both holiday and term time full days. The Covid group devised and monitored an evolving strategy to meet these challenges and risks during this period as circumstances and government regulations and guTdance changed. The key aims for the school were: To provide high quality remote education acros5 all academic disciplines but with an emphasis on Maths and English. The educational provision was enhanced by an equally high quality of sport, art, and music teaching to ensure remote education reflected the broad educational offer that 15 the hallmark of Gayhurst. To ensure high standards of pastoral guidance, safeguarding and support for all children were maintained throughout lockdown.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT Icontinuedl YEAR ENDED 31 AUGUST 2020 To glve the highest priority to the health and safety of staff and pupils, to fully risk assess and to ensure the site and school operations were prepared for the return of children and Staff within government guidelines. To manage costs and cash flow carefully and to consider fee amendment5 for the Summer term to reflect the change of circumstances To provide care for the children of key workers to enable them to continue with their essential work during the Cowd 19 pandemic. To cornrnunicate in a timely, professional, and effective manner with all stakeholders. From the outset, all staff very quickly innovated to provide a comprehensive and extremely well received remote learning programrne, Gayhurst@home. This encompassed all areas of the curriculum including sport, art and music and resulted in imaginatTve and creative teaching through live and recorded lessons and materials. Attendance was almost 100%. Pastoral support and attention to Safeguarding were maintained through farm time5 and telephonelzoom calls home for younger pupils. A comprehensive Risk Assessment was undertaken as Government guideline5 allowed the site to reopen, adaptations to the physTcal aspects of the site and daily operations were made as reqLrired. Staff were given appropriate training and information to enable safe working. Catering and Cleaning contractors stepped up to help implement the relevant sections of the risk as5e55ment. Pupils and parents were provided with clear instructions on school operations under the government'5 guidelines. The risk a55es5ment was monitored and amended as circumstances changed and implementation wa5 checked by Governors. The school's budgets and forecasts were reviewed looking at various potential scenari05, appropriate fee reductions were offered for the summer term. All costs have been, and will continue to be, carefully managed and cashflow monitored to ensure financial diligence. Communications were prompt and clear providing parents, staff, and pupils clarity on a complex situation. All at Gayhurst are proud of the collective re5pon5e to the situation presented by Covid 19. Risk Management The Governors have a duty to identify and revTew the risks to which the charity 75 exposed and to ensure appropriate controls are in place to provide reasonable assurance against f raud and error. The Governors have assessed the major risks to which the school is exposed, Tn particular, those related to the operations and finances of the school and are satisfied that systems are in place to manage exposure to these risk5. Risk management is a matter of on- going policy and Governors continue to keep the school's exposure to these risks under review. The risk management documentation is reviewed regularly and updated annually. This year it was agreed that responsibility for identified risks would be moved to be a standing item on appropriate Governor subcommittee agendas, thereby en5ufTng a dedicated focus on risks and controls.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT {continuedl YEAR ENDED 31 AUGUST 2020 The main areas of risk over and above those relating specifically to Covid, are considered to External factors, the sector, economic and political Financial risks Risk of Harm Regulatory compliance failure Interruption to busines51reputational damage External Factors - there is potential for further imposed lockdowns, either for the full school or for select 'bubbles" but the success of Gayhurst@horne gives confidence that any site closure would immediately be replaced by a high standard of remote learning. The risks relating to the potential loss of business rate relief and VAT on fees are monitored and considered in future planning for the school. The school continues to work with the Independent Schools CouncTI, ISBA and other representative bodes to defend the charitable status of independent education and infortn the positive contribution it makes. The economTC climate and market competitiveness are monitored by the Governors and senior leadership and potential effects of recession and associated drop in pupil roll are considered in budgeting and forward planning scenarios, Flnancial risks the principal area of concern is the affordability of fees for parents due to current economic and political factors. The Subsequent risk to the school is a reduction in pupil numbers and an increase in bad debts. Costs continue to be reviewed regularly and cost pressures arising from external factors are identified at an early Stage and managed as far as possible by the preparation and control of School budgets involving budget holders across the school. The school aims to ensure timely collection of fee income and management of debtors to minimize losses. The risk of harm this is addressed through maintaining and implementing robust 5afeguardin£, child protection, safer recruitment and health and safety policies and practices. A Health and Safety consultant is engaged to provide professional oversight and guTdance. There is a focu5 on awareness by all, annual training for all staff and regular review meetings of the safeguarding and health and safety teams. Regulatory compliance is ensured by review and update of all sch¢)ol policies on a predetermined cycle and checking of implementation by senior staff and Governors. Risk of business interruption through critical incidents is managed, where it can be, by thorough Health and Safety risk assessments. An emergency plan TS in place to provide guidance of how to deal with, and minimise impact of, external critical incidents. Reputational damage 15 managed through planning /rssk management and the proactive control of events a5 they occur to reduce this risk.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT Icontinued) YEAR ENDED 31 AUGUST 2020 REVIEW OF ACHIEVEMENTS AND PERFORMANCE Gayhurst ha5 had another very successful year, during which rapid adjustments had to be made to deliver an engaging and appropriate remote curriculum as a result of the Coronaviru5 pandemic. The teachers responded impressively, up5killing in haste to deliver live online lessons from the start of the Summer Term. Children continued to receive a broad education, despite not being at school; practical task5 and challenges were as much in evidence as our academic focus. It was particularly pleasing that we were able to respond so quickly to new demands of working rernotely and regular government advice and updates, particularly when planning for a return to school from June. Gayhurst welcomed Nursery, Reception, Year 1 and Year 6 pupils in early June and was committed to getting all children back on site at the earliest possibility - this occurred from 24th June when all other year groups were able to return for the final 3 weeks of the academic year. This was both a significant highlight and achievement, and testament to careful planning and risk assessment as well as reflecting the teachers, dedication. The school's commitment to enriching learning and developing PUPTls' resilience, independence and confidence remained a priority and these characteristics were a prominent feature of the lockdown period serving both staff and pupils well. Enrichment opportunities were offered through themed weeks for STEAM and our first Art and Literature week, in addition to many educational vislts, workshops at school and assemblies. Pastoral care and awarene55 of pupil wellbeing and mental health became even more a priority during lockdown and much acclaim was received for the weekly pastoral calls to pupils during this time including online form get-togethers. This reinforced the school's caring nature and emphasis on community. Pupil numbers were steady at 308, with co-education continuing to prove desirable. Pupils were once again well prepared for a varTety of selective grammar, Tndependent 5choo15 and maintaTned schools with 66% of entrants securing place5 at the selective Bucks Grammar Schools after passing the 11+. In total, pupils transferred to 20 different schools. It was a fantastic year for scholarships, with 9 awarded to seven different pupils across all disciplines. Three were awarded for Academic, two for Art, two for Music, one for Drama and one for Sport. This reinforce5 the school's strength in these disciplines as well as reflecting the rounded pupils developed from our broad curriculum. Aside from the excellent scholarship and entry results, our pupils also performed well in academic competitions. Our General Knowledge quiz team came second in their heat and qualified for the national Triter-5chools finals, whilst two Science teams also qualified for their respective final with one team coming third in their heat. Other notable successes included winning a local debating competition, hTStory competition, maths competition and poetry slam at local Senior Schools. Pupil artwork once again received high commendation in a local Rotary competTtion. Additionally, children fared well in the Primary Maths Challenge with five pupils entering the higher level and getting Bronze and Silver certificates. Pupils fared well in the Bebras challenge and the Digital Leaders attended the BErr exhibition for the first time. The Maths and Sports Departments led the way Tn school partnerships, h05ting a 5erie5 of inter. School maths competitions and cross-country events at Gayhurst. These were well attended by ocal State schools and Gayhurst received much praTse for their organisation.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT {continuedl YEAR ENDED 31 AUGUST 2020 REVIEW OF ACHIEVEMENTS AND PERFORMANCE (continued) Unfortunately, lockdown restricted many of our residential trips during the year, however, we were fortunate to participate in our first co-educational sports, tour to Jersey. 45 pupils travelled and participated in a wide range of training and competitive fixtures against different Jersey schools and clubs. The democratically elected School Council was again to the fore in raising environmental awareness and focused on improving pupil experience at the school. Year 6 were fortunate to participate in a leavers, programme which, although scaled back, required them to apply theTr skills from many different subjects. Challenges included a map-reading exercise to get themselves back to school, an art project to leave their mark on the School and they managed to create and produce their own end of year performance mainly based on Shakespeare. It wa5 a fitting end to their time at the school and reflected their maturity, development and unity. The new Director of Performing Art5 received rave reviews for a vibrant Year 4 production and carol service5 that included instrumentalists for the fTrst time. The repertoire of musical skills were certainly evident and Inspired more pupils to take up instrumental tUTtion and join an ensemble. 12 vlsiting peripatetic teachers further enhanced the children's musical talents and achievements with some notable successes in Grade examinations. LAMDA tuition continued to be a real strength, with regular performance evenings at school and exams held at school, external candidates were accommodated too. The results were extremely impressive with 77 pupils awarded distinctions and 6 achieving high merits. That the School was able to offer so much during unprecedented times is remarkable. It is ref lective of the incredible commitment of all staff at the school, who receive great support and challenge from the governing body. The whole Gayhurst community provided incredible support for one another during lockdown, remaining open for much of lockdown and holiday periods to support key worker families. It was a truly amazing effort and I thank them sincerely for their commitment and camaraderie during such challenging times. Gayhurst can only become stronger in the years to come as a result of excelling in such testing circumstances; it was a remarkable year in many ways, we can reflect very positively and look forward with optimism. KEY MANAGEMENT PERSONNEL The Governors have identified the Head, Bursar and Deputy Head as key management personnel. The salary of these key management personnel is set after a55essing their performance and reviewing market benchmarks.
GAYHURST SCHOOL TRUST GOVERNORS. REPORT Icontinuedl YEAR ENDED 31 AUGUST 2020 REVIEW OF FINANCIAL ACTIVITIES The Finance & General Purposes Committee supervises the School's financial affairs and meets at least once each term. The committee liaises closely with the School's Bursar who is responsible for the day to day management of the School's finances. A target for financial performance ha5 been set for net incomTng resources to be in the range of 4% to 8% of total annual fee income. In the year ended 31st August 2020 the figure was 1185,441or 4.66% of fee income up from £133,185 in 2019 or 3.08% of fee income. Whilst fee income fell by £337,000 due to the downward amendment on fees, savings were achieved in many support/non.teaching related areas which more than offset the incorne decline. The incoming resources were supplemented by generous parental donations Tn support for the school during the pandemic. The School's banking arrangements continue to operate satisfactorily, and we remain ahead of the loan repaytllent schedules set when the 2008 development loan was raised. Cash management is good Reserves and Financial Health The Governors, policy is to maintain free reserves (funds not designated or tied up in fixed assets) through annual surpluse5 to Support the development of the school and its charitable purpose. Re5erve5 may be used to fund specific projects alongside an approprTate and prudent level of borrowings if necessary. The school currently has total unrestricted funds {excluding designated funds) of £6.127,282 12019: £5,941,841). After deducting the carrying value of the tangible fixed assets of £4,378,15612019: £4,591,687) held for the school's own use, the f reely available reserve5 were £1.75m12019: C1.35ml which is considered sufficient for operational needs. FUTURE PLANS The Governing Body will support the Head, the senior leadership team and the staff in delivering the schools aims and updated strategic objectives, offering a broad, high quality education to children in school years Nursery to Year 6. The School will continue to promote the values and benefits of co-education for primary aged pupil5. During 2020121, the School is likely to be operating under constraints imposed by Covid-19. The school will prioritise providing all children an excellent broad education whether on 51te or @home and ensuring all Tmposed restrictions are optimally managed to enable each child to continue to reach their full potential. The health and safety of staff, pupi15 and parents will continue to be a priority and risk assessments updated as required. The Covid group will continue to oversee and monitor all aspects of the school as guidance changes. Pupi15 will continue to benefit from confidence, independence and resilience bein£ core values that are promoted in all aspects of the education at Gayhurst. The enrichment programme will be developed within the constraints imposed be Covid 19 to offer wide and varied opportunities to cater for the learning needs and interests of all pupils. Sports, creative and performing arts will continue to be valued and supported as key components of the broad education Gayhurst offers whether @home or at the school site.
GAYHURST SCHOOL TRUST GOVERNORS. REPORT {continuedl YEAR ENDED 31 AUGUST 2020 The wellbeing of pupils will continue to be promoted, taught, and embedded into the comprehensive pastoral support provided. Particular emphasis will be placed on ensuring wellbeing of pupils as they return regularly to the school site following several months, interruption. School policies and all other documentation will continue to be reviewed by the Head, the senior leadership team, and Governors to ensure ongoing compliance and implementation. The Governors and Senior leadership will consider a programme for facility improvement. New Governors will be appointed as required and procedure to ensure open and fair recruitment implemented. Fundraising Performance The charity has not made any fundraisTng appeals to the general public during the year. There has been no outsourced fund raising via professional fundraisers or other third parties. As a result, the charity is not registered with the fundraising regulator and did not receive any fundraising complaints in the year. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also directors of Gayhurst School Trust for the purposes of company lawl are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and regulation5. Company law requires the Governors to prepare financial Statements for each financial year. Under that law the Governor5 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the Governors are required to: select 5Ultable accounting policies and then apply them consistently) observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the cornpany will continue in business.
GAYHURST SCHOOL TRUST GOVERNORS. REPORT (continued) YEAR ENDED 31 AUGUST 2020 STATEMENT OF GOVERNORS, RESPONSIBILITIES (contlnued) The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable COTnpany's transactions and disclose with reasonable accuracy at any time the financial positTon of the company and enable them to ensure that the financial Statements comply with the Companies Act 2006. They are also responsible for safeguardTng the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of f raud and other irregularities. So far as each of the Governors 15 aware at the time the report is approved: there is no relevant audit informatTon of whTch the charitable company's auditor5 are unaware; and the Governors have taken all steps that they ought to have taken to make them5elve5 aware of any relevant audit information and to establish that the audTtors are aware of that information. AUDITORS In accordance with Section 495 of the Companies Act 2006, a resolution proposing the reappointment of Haysmacintyre LLP a5 auditors to the company will be put to the Annual General Meeting. On behalf of the Board Mrs C Shorten Conn Chair of Governors Date: 3112120 20
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRLSST Oplnion We have audited the financial statements of Gayhurst School Trust for the year ended 31 August 2020 which cornprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and notes to the flnancial statements, including a sufflmary of significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accountlng Standards, including Financial Reporting Standard 102 The Financial Reportirjs Starard applicoble in the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2020 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor'5 respon5ibilitTes for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirement5 that are relevant to our audit of the financial Statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provTde a basis for our opinion. Responsibilltles of trustee5 for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financTal statements, the trustee5 are responsible for assessing the charitable company's ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor'5 re5ponslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial Statements. A further de5CriPtion of our responsibilities for the audit of the financlal statements Is located on the Financial Reporting Council's website at.. www.frc.org.uklauditor5responsibilities. This description form5 part of our auditor's report. Conclusions relatlng to goln8 concern We have nothing to report in respect of the following matters in relation to which the ISA5 IUKI require US to report to you where: the trustee5' use of the going concern basTS of accounting in the preparation of the financial Statements is not appropriate., or 12
INDEPENDENT AUDITOR'5 REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST Continued... the trustees have not disclosed in the financial statements any Tdentified material uncertainties that may cast significant doLJbt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve month5 from the date when the financial statements are authori5ed for i55ue. Other Informatlon The trustees are responsible for the other information. The other information comprises the information Included in the Trustees, Annual Report. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other Information and, in doing so, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi55tatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Infom)atlon, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pre5crlbed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared 15 con515tent with the financial statements,. and the strategic report and the dlrectors, report included within the Tru5tee5' Annual Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and it5 environment obtained in the course of the audit, we have not identlfied material mi5Statement5 in the Trustees, Annual Report (which incorporate5 the strategic report and the directors. report). We have nothing to report In respect of the followng matters in relation to which the Companies Act 2006 requ7res US to report to YOL¢ if, in our opinion.. adequate accounting records have not been kept by the charitable company* or returns adequate for our audit have not been received from branches not visited by us,. or the charitable company financial statements are not in agreetnent with the accounting record5 and returns. or certain disclosures of trustee5' remuneration spec7fied by law are not made. or we have not received all the inforfflation and explanations we require for our audit. Use of our report This report 15 made solely to the charitable company's members, as a bodyj in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume regponsibility to anyone other than the charTtable company and the charitable companys members as a body, for our audit work, for this report, or for the opinion5 we have formed. Thomas Wilson SenNor Statutory Auditor For ond on beholf of Haysmacintyre LLP, Statutory Auditors Dote.. 14 December 2020 10 Queen Street Place London. EC4R IAG
GAYHURST SCHOOL TRUST COMPANY NUMBER 22093B5 BALANCE SHEET AT 31 AUGUST 2020 2020 2019 Notes FIXED ASSETS Tangible assets 4,378,156 4.591.687 CURRENT ASSETS Debtors - fees Othei debtors Prepayments and accrued income 151 72,723 16,925 3,084 38,524 49,626 Total debtors 89,799 91,234 Cash at bank and in hand 2,899,146 2,635,193 2,988,945 2,726,427 CURRENT LIABILITIES Creditors and accruals Bank loan 1908,3461 1131,0981 {961,6911 1143,0131 11,039,444) 11,104,704) NET CURRENT ASSETS 1,949,501 1,621,723 TOTAL ASSETS LESS CURRENT LIABILITIES 6,327,657 6,Z13,410 CREDITORS: due after more than one year 1200,3751 1271,5691 NET ASSETS £6,127,282 £5,941,841 FUNDS Unrestricted funds 6,127,282 5,941,841 £6,127,282 £5,941,841 The financial statements were approved and authorised for issue by the Governors on 311212020 and were signed below on their behalf by.. Mrs C Shorten Conn I GOVERNORS Mr A MacPhe The accompanying notes form part of these financial statements.
GAYHURST SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Unrestricted Total 2020 Total Funds 2020 Total Funds 2019 INCOME FROM: Notes Charitable Activities: Fees receivable Grants and donations Investments Other 3,979,702 105,600 15,064 38,191 3,979,702 105,600 15.064 38,191 4,316.612 7,697 5,565 53,357 Total E4,138,557 £4,138,557 £4,383,231 EXPENDITURE ON: Charitable ActTVity School Operating C05ts'. Teaching c05tS Welfare Premise5 Support C05t5 of schoollng Finance costs 2, 568,300 290,328 625,808 411,906 56,774 2,568,300 290,328 625,808 411,906 56,774 2,568,756 363,824 869,082 438,344 10,040 Total £3,953,116 £3,953,116 £4,250,046 Net Income 185,441 185,441 133,185 Transfers between funds Net movement in funds 185.441 185,441 133,185 Balance brouehi forward 5,941,841 5,941,841 5,808,656 Balance carried forward £6,127,282 E6,127,282 E5,941,841 Theie were no acquisitlons or discontinLsed activities during the year. There were no other recognised gains or105ses during the year. The accompanying notes form part of these accounts. 14
GAYHURST SCHOOL TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash flow5 from operatlne activitie5: Net cash provided by operating activitie5 385,128 654,414 Cash flows from Investing activltie5: Interest received Payments for tangible fixed assets 15,064 153,1301 5,565 {280,3051 Net cash used in investing activities 138,0661 1274,7401 Cash flow from finandng actlvltles Repayment of long term loan 183,1091 1143.0131 183,109 1143,0131 Net cash used by financing actlvltles Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 263,953 236,661 1,635,193 2,398,532 Cash and cash equivalents at the end of the reportlng period £2,899,146 £2,635,193 Reconclllatlon of net movements In funds to net cash flow from operating activltles 2020 2019 Net movement In furids for the reportlng perlod (as per the statement of fTnancial activities) Adjustments for: Depreciation charge5 Interest received Decrease in debtors IDecreasellincrea5e in creditors Loss on disposal of fixed assets 185,441 133.185 266,661 115,0641 1,435 153.3451 265,238 15,565 14,133 73,728 173,695 Net cash provided by operating activities 385,128 654,414 B. Analysis of cash and cash equivalents 2020 2020 Cash at bank and in hand 2,899,146 2.635,193 Total cash and cash equivalents £2.899,146 £2,635,193 16
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES The flnanclal statements have been prepared Tn accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Charities SORP 2015 Isecond Edition, effective 1 January 201911, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2(K)6. The functional currency of the school 15 considered to be GBP because that is the currency of the primary economic environment in which the school operates. The school is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee Icompany number.. 2209385 and charity number.. 2988691. Basis of Preparatlon The accounts are prepared under the historical cost convention. bl Golng concern Having reviewed the fundlng facllltleg avallable to the school together with the expected ongoing demand for places and the school's future projected cash flows, the Govemors have an expectation that the school has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the school's flnancial viability. Accordingly) they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 10. Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Governors are required to rnake judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source5. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying a55UmPtIOlls are reviewed on an Dngoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. Judgements made by the Governors, in the application of these accounting policie5 that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are discussed below. In the view of the Governors, no assumptions concerning the future or estirnation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 17
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (contlnuedl d) Fees and Slmllar Income Fees and charges receivable are accounted for Tn the period in which the service is provided. Fees receivable are stated after deducting allowances and other remissions allowed by ihe school. Other fee5 consist of extras and disbursements charged to pupils. Investment Income Investment Income from bank balances and flxed interest securities is accounted for on an accruals bas15. f) Donatlons, legacies. grant5 and other voluntary Income Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. gl Expenditure Expenditure Is accounted for on an accruals basls and are allocated to expense headings on a direct cost ba515. The irrecoverable VAT is included with the item of expense to which It relates. Governance costs comprise c05t5 incurred In meeting statutory and constitutional requirements of the School. h} A55ets Fixed a55ets are shown on the balance sheet at cost less accumulative depreciation. Current assets are shown at the lower of cost and net realisable value. Assets under £1,000 are Itten off in the year of purchase. Depreciation Depreciation is provided on fixed assets to write off theTf c05t over their estimated useful lives at the following rates: Buildings Furniture, Fittings and Equipment Short Leasehold Property (Boilers) All Weather Pitche5 Grounds Works Minibuses & Motorlsed Equipment IT Equipment Z% on cost 10% - 20% pa on c05t 2%- 12.5%oncost 15% on cost 15% on cost 20% on cogt 25% on cost J) Penslon contrlbutions The company contributed to the Teachers, Pension Scheme at rates set by the scheme actuary. It is part of a multi-employer scheme and it is not Possible to attribute a value to the scheme a55ets and liabilities which would be appropriate to the company. In accordance with FRS 102 the scheme is accounted for as if it were a defined contribution scheme. The assets of the scheme are held
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES {contlnued) Separately froTn those of the company. The pension c05t charge represents the amount of the contributions payable to the scheme in respect of the year. The company also contributes to personal pension scheme5 for non-teaching Staff and these contribution5 are charged to the profit and Ioss account in the year in which they are Incurred. The School also contributed to personal pension plans of other employees under a defined contribLJtion scheme. Contribution5 are expensed as they fall due. The school has left the scheme slnce the year-end. kl Operating Lease Rentals Rentals paid in respect Df a55ets held under operating leases are charged against income on a Straight line basis over the lease temi. Unrestricted Funds General funds are unrestricted funds expendable at the discretion of the Governors in furtherance of the objects of the charity. Designated funds are unrestricted funds that have been set aside by the governors for a particular purpose. m) Restrlcted Fund5 The restricted fund represents donations received for specific projects. Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amort15ed with the exception of investments which are held at fair value. Financial assets held amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability 15 in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used a5 working capital. Financial liabilities held at amortlsed cost comprise all credltors except social security and other taxes and provisions. Debtors Trade and other debtors are recognlsed al the settlernent amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. pl Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments. ql Creditor5 and provisions Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably re5uIt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 19
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2020 FEES RECEIVABLE Unrestricted Unrestricted funds funds 2020 2019 Gross fees Le55: bursaries and discounts 4,003,674 191,5821 4,344,861 166,2231 Fee5 Inetl 3,912,092 4,178,638 Extras and dlsbursements 63,734 133.630 3,975,826 4,312,168 Registration fees Deposits forfeited 3,876 3,594 750 £3,979,702 E4,316,612 ANALYSIS OF TOTAL RESOURCES EXPENDED 2020 staff costs Other Depreciation Total Charitable Activity: School operating costs.. Teaching costs Welfare Premises Support and governance cost5 Finance costs 2,219, 585 348,715 290,328 282,072 151,938 56,774 2,568,300 290,328 625,808 411,906 56,774 77,075 259,968 266,661 £2,556,628 E1,129,827 £266,661 £3,953.116 2019 Staff costs Other Depreclation Total Charltable Activity: School operating costs.. Teaching costs Welfare Premise5 Support and governance costs Finance costs 2.158,883 409,873 363,824 521,275 174,160 10,040 2,568,756 363,824 869,082 438,344 10,040 82,569 264,184 265,238 £2, 505,636 £1,479,172 £ 265,238 £4,250,046 20
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 ANALYSIS OF TOTAL RESOURCES EXPENDED Icontlnued) 2020 2019 Expendlture Includes Auditors remuneration Audit (including VAT Other non-audit services Operating lease rentals Plant and machinery Other A55ets 14,520 1,440 15,703 82,167 13,200 2,880 16,176 69,167 STAFF COSTS 2020 2019 Salaries and wages Social security COStS Pension costs 1.990,855 198,247 367,526 2,034,604 205,181 265,851 2,556,628 £2, 505,636 2020 2019 Aggregate employee benefits of key management personnel 289,461 280,358 The number of employees whose emolument5 exceeded £60,000 were No No £110,CK)1 £120,000 All retirement benefits to these employees were accrued under a Defined Benefit Pension Scheme. The average number of employees during the year was made up as follows.. Teaching PremTSes Support 47 55 57
o¢>r
w 400
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {Continuedl FOR THE YEAR ENDED 31 AUGUST 2020 CREDITORS: Due within one year 2020 2019 Deferred income - fees in advance Taxation and social security Deposits refundable and other creditors Trade creditors and accruals Pension Composition fees 441,678 52,903 246, 577 163,955 3,233 390,586 53,439 230,951 250,960 7,671 28,084 £908,346 £961,691 All brought forward deferred income was released during the year. CREDITORS: due after more than one year 2020 2019 Bank loan (note 81 200,375 Z71,569 £200,375 £277,569 CompositTon Fees Parents may enter into a contract to pay the school up to the equlvalent of 8 years. tuition fee5 in advance. The money may be returned Subject to specific conditions on the recelpt of one terms notice. Assuming pupils wlll remain in the school, fee5 will be applied as follows: 2020 2019 Amounts falllng due: Within one year 18,084 £28,084 The balance represent5 the accrued liability under contracts. The movements during the year were.. Brought forward Additions in year Amounts utilised in the year 28,084 55,545 128,8041 127,4611 Carried forward E28,084 23
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2020 BANK LOAN 2020 2019 Amounts falling due between one and two years between two and five years after more than five years 131,098 69,277 143,013 128,556 200,375 271,569 Within one year - bank loan 131,098 143.013 £331,473 £414,582 The loan is Secured by a legal mortgage over the freehold premises and leasehold site of Gayhurst School. The loan is being repaid in monthly in5talments of £11,918 over 15 years frorn June 2009 with interest being charged at 0.85% above the bank base rate. A 6 month iepayment holiday was provided from April 2020. TAXATION The company is a registered charlty and no taxation is payable on its income. 10. FUNDS Unrestricted Restrlcted Funds Funds Total Funds Balance at 1 September 2019 Net income Transfer 5,941,841 185,441 5.941.841 185,441 Balance carrled forward at 31 August 2020 £6,127,282 £6,127,282 PRIOR YEAR COMPARATIVE OF FUNDS Unrestricted Restricted Funds Funds Total Funds Balance at 1 Septernber 2018 Net income Transfer 5,808,656 133,185 5,808.656 133,185 Balance carried forward at 31 Augu512019 £5,941,841 E5,941,841 24
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2020 OPERATING LEASES At 31 August 2020 the charity had annual commitments under non-cancellable operating leases for as follows.. Land and bulldlngs 2020 2019 2020 2019 Main School Adrien House Expiry date Within one year Within two to five years 69,167 94,166 69,167 163,333 13,000 8,667 13,OlJO 21,667 £163,333 £232,500 £21,667 £34,667 2020 2019 Operatinq leases Explry date Within one year Within two to five years 15,739 18,000 5, 581 4,099 E33,739 £9,680 12. RELATED PARTY TRANSACTIONS No travel and accommodation expenses were reimbursed to governors IZ019'. ENill. There were no other related party transactions during the year. 13. CAPITAL COMMITMENTS The Governors have authorised expenditure of £28,092 in respect Df a canopy to provide shade for the Junior School playground and an area that can be used in all weather conditions12019: INill. 25
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 PENSION COSTS The School participated in the Teachers. Penslon Scheme I'the TPS'I, for its leaching staff. The pension charge for the year include5 contributions payable to the TPS of £353.367 12019: £251,131). Al the year-end £nil 12019 E Nill was accrued in respect of contributions to thi5 scheme. From 1 September 2020, the School is no longer participating in the Scheme and wlll not be contributing to the Teacher's Pension Scheme going forward. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with cot>tributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The m05t recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would Increase from 16.4% to 23.6% from 1 September 2019. Employer5 are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Direction5, as they applled at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case ha5 required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions Including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discriminatlon. The government is respecting the Court's decislon and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020 and closed to response5 on 11 October 2020. The TPS is subject to a cost cap mechanism which was put In place to protect taxpayers against unforeseen changes in scheme c05t5. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thls cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government Is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance wlth revised benefit5 and sultably revised assumptions would yield different results than those contained in the Actuarial Valuation. 26
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 AUGUST 2020 14. FINANCIAL INSTRUMENTS 2020 2019 Cash held 2,899,146 2,635,193 FTnancial assets measured at amort15ed costs {al 71,874 41,608 Flnanclal Ilablllties at amortised costs Ib) 1,183,683 1,322,834 al Financial asset5 include trade debtors, fee debtors and other debtors bl Financial liabilities include deposits, fee5 in advance, trade creditors, loans, accruals and other creditor5 15. NET DEBT RECONCILIATION At1 Sept'19 Cashflows Other non" cash changes At31 Aug'20 Cash at bank and in hand Secured bank loan falling due within 1 year Secured bank loan falling due less than 5 years 2,635,193 143,013 263,953 111,9151 2.899,146 131,098 11,915 271,569 171,1941 21J),375 NET DEBT RECONCILIATION 2019 At1 Sept'18 Cashflows Other non- cash changes At31 Aug'19 Cash at bank and In hand Secured bank loan falling due within 1 year Secured bank loan falling due less than 5 years 2,398,532 143,013 1153,4431 2,635,193 143,013 443,087 1171,5181 271,569 27
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020 17. COMPARATIVE PERIOD STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Total 2019 Restricted Total 2019 Total Funds 2019 INCOME FROM: Notes Charltable Activitles: Fees receivable Covenants and donations Investment5 Other 4,316,612 7,697 5,565 53,357 4,316,612 7,697 5,565 53,357 Total £4,383,231 £4,383,231 EXPENDITURE ON: Charltable Activity School Operating Costs: Teaching c05tS Welfare Premises Support costs of schooling Finance costs 2,568,756 363,824 869,082 438,344 10,040 2,568,756 363,824 869,082 438,344 10,040 Total £4,250,046 £4.250,046 Net Income 133,185 133,185 Transfers between funds Net movement in funds 133,185 133,185 Balance brought foNard 5.808,656 5,808,656 Balance carried forward £5,941,841 E5,941,841 28