2021-08-31-accounts - The Girls' Day School Trust

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risks	risks	controls and actions
1.	Financial	Regular tracking of high-level financial position,
	sustainability	including anticipated capital expenditure, pupil
		projections and cash flow.
		—Continual review offees strategy, including	a
		freeze on fees for 2020-21, io ensure GDST
		schools remain accessible toas many girls	as
		possible.
		Anticipating future developments regarding	the
		Teachers' Pension Scheme and responding	as
		necessary
		Ongoing initiatives to identify potential cost	savings
		and economies ofscale (e.g. ITstandardisation,
		procurement, etc.&.
2.	Pupil numbers	Analyela Ofmerketa and SCOpe fOr growth fOr individual schools.
		Trial of new rnarketlng campaigns that are
		increasingly developed to reach our target
		audiences.
		—Tailored support to schools from the central
		Marketing Team.
		Fundraising campaign to coincide with the	GDSE's
		150e anniversary to expand the provision of
		bursa ries.

3.	Safeguarding	Safeguarding and chikl protection
		policy/procedures, revised regularly and
		implemented robustly snd effectively.
		Annual safeguarding audit in every school, with
		autcorres reported to the Audit Committee.
		Review ofthe internal safeguarding audit framework and process ta ensure ils robustness.
		Mandatory training in safeguarding far all school
		staff,
		Designated Safegusrrling Lead in every school
		with individual supervision provision to support
		them in their rale.
4.	Cyber security	llilulti-factor authentication rolled out acrass the Trust
		Development afreal-time Al supported
		mechanisms for identifying potentially
		campromised systems.
		Mandatory training on cyber security for sll staff.
		Proactive exploration ofpotential interns I
		vulnerabilities using a scanning tool.
		Robust backup saiutions and disaster recovery
		plans in place.
5	Health 8 Safety (H&S)	—Schools supported by the H&S Team and Estates Managers.
		Regularly reviewed guidance on how schools
		should comply with H8$ legislation and GDST
		H8S policy.
		- Wide range ofH&S training provided as part ofthe
		central training &staff development programme.
		Risk assessment prooess and template risk
		assessments available for schools ina wkle range
		of operations and activigies.
		Prograrntns ofexternal H8Saudits in all schools,
		generating sation plans for all sahools to
		implement.

8.	Oiverslty inclusion	-'Undivided' programme launched in June 2020, wilh a steering group established, comprising	-'Undivided' programme launched in June 2020, wilh a steering group established, comprising	-'Undivided' programme launched in June 2020, wilh a steering group established, comprising
			members fram across the Trust.
			Charter for Action developed ss a framework
			within which schools shape their own
			commitments.
		-	Trust Consultant supports schools in developing
			their own programmes and shares best practice
			across the network.
		- Full training programme put in place centrally		for
			D81 awareness and curriculum review.
					I
7.	Environmental	— An overarching strategic plan sets out ths Trust's approach to environmental sustainsbility.
		- Feasibility study undertaken ta identify the journey
			to Carbon Zero by 2080.
		—Carbon footprint offset thraugh investment in
			relevant, global sustainable dimats projects
			through a partner organ@stion, Climate Care.
					'
8.	Reputatlonsl		Communications framework and process in place., to respond ta crises and issues.
			Staff training carried out regularly to increase
			awareness and familiarity with proosdure to follow.
			Development of strategy for GDST 'client"
			experience jaurney.
			Reinforcement af GDST reputation as a respected		.
			brand through progrsrnmes ofcommunication.

Fuel combustion:	Natural	ses	7.137	7,779	Ss.ease	sta
Purchased etectrlcitv				1229
Fuel combustion:	Tran	ort	225	297	3.1$%	32SE
aefrisere	nts			le	0.17ss
Total emissiens	(1002e)		soosas	svsz1	100te	-14.5%
Slumber of	Pu trs		1770$	1B,490
Intensity: (tC02e	Per SPupds )		0.01	0.50		-1SSS

		Note	Unrestricted funds	Restricted 6endowed funds	Total 2021	Total 2020
Income and endowments	from:			6'ODO	6'000	5'000
Donations and legacies				3.810	3,810	5,372
Charitable activities			231,063	22,581	253,644	253,581
Other trading activities			1.291	167	1,458	1,739
Investments Other income Total income		4	1,108 145 233,607	1,115 27,673	2.223 145 261,280	2,343 (2) 263,033
Expenditure on:
Raising funds Chadtabie activities			1,168 222,904	25,961	1,168 248,865	1,065 251.774
Investments			382	229	611	805
Trading			725	59	784	869
Other charges			175	'I	176	271
Total expenditure		5	226,354	26,260	251,604	254,784
Net income before gains lasses on Investments	and		8,253	1,423	9,676	8,249
Net gains on invesbnent assets		8	6,022	12,107	17,129	1,920
Net income for the year Other recognised losses			13,275	13,63D	26,805	10,169
Transfers between funds			2.959	(2,959)
Actuarial gainsJ(losses) on benefit pension schemes	defined		8,744	(403)	8,341	(6,748)
Nst movement in funds Fund balances at 1 September Fund balances at 31August		14	24,978 366,681 391,659	10,168 95.250 1D5,418	35,146 461,931 497,077	1,421 460,510 461,931

Company number 6	400
				Group		The Girls' Day School Trust
			Note	2021	2020	2021	2020
				9'000	8'000	f.'000	6'000
Fixed assets
Intangible assets Tangible assets			6 7	521 434,839	561 425,025	521 412740	561 402451
Irwestmenis			8	179,861	112,180	179,861	112,180
				615,221	537,766	593,122	515,192
Current assets
Stock				27	102
Debtors			9	6,647	6,993	7.352	7,167
Cash at bank				1'7,195	16,321	13,355	13,248
				23,869	23,416	20,707	20,415
Creditors: amounts within one year	faging due		10	(36,341)	(35,146)	(34,948)	(33,603)
Net current liabilities				(12,472)	(11,730)	(14,241)	(13,188)
Total assets less cunent		liabilities		602,749	526,036	578,881	502,004
Creditors: amounts after one year	falltng due		10	(65,465)	(15,147)	(65,465)	(15,147)
Defined benefit pension liability		fund	17	(40.207)	(48.958)	(34,930)	(44,512)
Net assets				497,077	481,931	478,486	442,345
Unrestrided funds
- General reserve				420,955	408,388	419,675	407,216
- Pension reserve				(34,930)	(44,512)	(34,930)	(44,512)
- Revaluation reserve				5,634	2,605	5,634	2,805
Restricled funds
—Restricted reserve				107,685	97,159	85,097	74,299
- Pension reserve				(5,277)	(4,446)
Endowed funds				3,010	2,537	3,010	2,537
Total funds			14	497,077	46'l,931	478,486	442,345

				2021	2020
			Nate	5'000	8'DDO
Cash flaws from operating activi5es
Net cash provided by operating activities			16(e)	26,909	14,266
Cash flows from investing activities
Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment				2,223 145	2,343 (2)
Purchase aflrdangibie Axed assets				(57)	(426)
Purchase ofproperty, plant and equipment				(27,646)	(32,193)
Proceeds from sale af investments				43,531	77,919
Purchase of investments Net cash used In investing activities				(94,090) (75,894)	(04,347) «6,706)
Cash flows from financing activities
Interest paid and flnanoe charges				«41)	(212)
Cash inGows fram new borrowing				5G,DDG
Net cash used in financilng ec8vities				49,859	(212)
Change In cash and cash equivalents	in the
year Cash and cash equivalents atthe beginning		of		874	(2,652)
lhe year				16,321	18,973
Cash and cash equfvalents at the end	af the
year			16(b)	17,195	'!6,321

. COMPARATIVE CONS	O	LIDATED	ST	ATEME	NT OF FINANCIA	L ACTIVITIES
						Restricted	Total
					Unrestricted funds	Sendowed fumls	2020
Income and endowments		from:			E'000	8'000	8'000
Donations and legacies						5,372	5,372
Charitable activities					227,470	26,111	253,581
Other trading activities					1,549	190	1,739
Investments					1,058	1,285	2,343
Other inoome					(2)		(2)
Total Income				4	230,075	32,958	263,033
Expenditure on: Raising funds Charitable activities					1,065 221,81D	29964	1.065 251 774
investments					601	204	BD5
Trading					769	100	889
Other charges					269	2	271
Total expenditure				5	224,514	30,27D	254,784
Net Income before gainel(losses) investments			on		5,561	2,688	8,249
Net gainS On InVeatrnent	aaaeta				1,283	657	1.920
Net Income for the year					8,824	3,345	10,109
Other recognised gains	and losses
Actuarial losses on defined pension schemes		benefit		16	(8,606)	(142)	(8,748)
Net movement in funds					(1,782)	3,203	1,421
Fund balances at 1 September 2019					388,463	92,047	460,510
Fund balances at 31August 2020					386,681	95,250	461,931

The Gids' Day School Trust	The Gids' Day School Trust	2021	2020
		8'000	8'000
Income		247,738	248,919
Expenditure		(237,459)	(241,085)
Net Income		10,269	7,834
Net assets		478,486	442,346
GDSTAcademy Trust (company no. 06000347l		2021	2020
		8'000	L"000
Income		12,887	13.842
Expenditure Net Income		(13,671) (784)	(12,982) 860
Net assets		29,014	30,201
GDST (Enterprises)	Limited (company no. 02701891)	2021	2020
		6'000	8'000
Turnover Cost ofsales		1.090 (472)	1,370 (541)
Gross profit		518	829
Administration expenses Net profit before tax		(285)	(483)

Notes to acco 4, INCOME	unts
		Independent	schools	Academies		Total
		2021	2020	2021	2020	2021	2020
		R'000	R'000	R'BDB	R'000	R'000	R'000
Donations and
legacies		3,650	3,666	18D	1,706	3,810	5,372
Charitable activities
- School fees		234,931	229,126			234,931	229,126
—Government	grant			12,249	'l1,312	12,249	11,312
—Other fee income		4,505	8,896	314	562	4,819	7,458
- Government (job retention	grant scheme)	1,601	5,61D	45	75	1,646	5,685
Other trading activities		1,383	1,8'IO	95	129	1,458	1,739
Investments
- Investment		52	43			52	43
properties
- Dividends		2, 'l69	2,271			2,169	2,271
-Money market			24			1	29
interest
Other income
-Net losses on
disposal offixed		145	(2)			145	(2)
assets
Total income		248,417	249,244	12,863	t3,789	26'l,280	263,033

a, Analysis	ofexpenditure	ofexpenditure
			Direct	Support	Total	Total
			costs	costs	2021	2020
			R'000	R'000	R'000	R'000
Independent	schools		215,118	17,906	233,D24	236,985
Academies			1D,OOD	3,313	13,313	12,834
Raising funds			584	584	1,168	1,065
Investments			611		611	805
Trading			784		784	869
Other charges			176		176	271
Impairment	charge		2,528		2,528	1,955
Total expenditure		2021	229,801	21,803	261,604
Tots I expenditure		2020	232,048	22,736		254,784

	Independent schools	Acadsinles	Raising funds	Total 2021	Total 2020
	R'000	R'000	R'OM	R'000	R'000
HR, legal, health & safety	2,326	25		2,351	2,250
Finance & ICT	5,901	1,781		7,682	7,984
Educational support	1.932			1,932	1,885
Marketing & communications	1,566		584	2,150	3,161
Estates	3,039	1,225		4 264	4462
Management & other	3.142	282		3.424	2,994
Total expenditure 2021	17,906	3,313	884	21,803
Total expenditure 2020	19.014	3,274			22,736

c. Auditors' remuneration
		2021	2020
		R'000	R'000
Fees payable to the charity's	auditors for:
Statutory audit ofaccounts:
-Girls' Day School Trust		75	85
-Subsidiaries		30	26
Assurance services		7	7
Other financfat services		7	4
Total auditors' remuneration		118	122
d. %affcosts and employee	benefits
		202't
		R'000	R'000
yyages and salaries		135,158	133,053
Social security costs		14,028	13,848
Dehnsd benefit pension costs		21.451	21,151
Defined contnbulion pension costs		2,829	2,854
Other employee costs		8,429	6.408
Total employee casts		181,898	177,314

60,000and fell within the follo	wing ranges were:
	2021	2020
	number	number
560,001 - 270.000	136	126
270.001 —280,000	57	53
680,001 - 290,000	33	33
K90,00t —2t00,000	3	1
Kt00.001 - 5110,000	6	3
51 1 D,001 - 2120,000	7	8
6120,001 —2130,000	9	7
f130,001 - 5140,000	4	4
2140,001-2150,000	2	3
2t50,001 —2t60,000	1	3
2160,001 - 2170,000	1
2190,001 —2200.000	0	1
2270,001 - F280,000	1

Group and Trust
		Under	Total
		canstn2ctton	2021
		g'ODD	RDIIO
Cost
1 September 2020	486		656
Arkliti one	57
Transfers	172	(172)
At31August 2021	715		715
Deprec briton
1 September 2020
Provtsion forthe period Im~			97
At31August 2021
ttet book value
At O'I August 2020		172
At 31August 2021	621

. Group
	Operational		land ILbuiklings		Furniture,
	Freehold	Leasehold		Under	equipment 8 computer	Total 2021
					equipment
			kOM		f'OM	K'OM
Cost
1 September 2020	513,260		12,397	30,153	16,265	572,075
Additions	2,555		4	25,081	6	27,646
Redas silted	(2,703)					(2,703)
Tnstsfers	7,524
At31August 2021	520,636		12,401	47,710	16,271
DspmciaUon
1 September 2020	125.270		8,166		13612	147050
Provision forthe period	11.730		281		855	12,866
Impairment	2,524		4			2,528
Redassified	(285)					(265)
At 31August 2021	139.259				'l4,467	162,179
Nst book value
At 31Ats2ust 2020	387,99D			30,153		425,025
At 31August 202t			3,$48	47,710

Notes to accounts b. Trust
	Operatlonaf hnd &		buiklfngs	Furniture,
				equipment
	Freehold	Leasehold	Under	&	Total
			Coilsblscli oil	calliputsi'	2021
				equipment
		R'000	ETI00	&'000
Cost
1 Seplember 202D		12,397	26,3'l8	15,493	544,484
Addllions	2,556	4	25.081	6	27,646
Redamgsd	(2,703)				(2,703)
Transfers	3.889		(3,6%)
A(31 August2021	493.817	12,401	47,710	15,499
Depreciadon
1 September 2020	121,025	8,'I68		12,640	142,033
forthe period	11,255	281		855	12,39l
Impairment	2,524	4			2,528
Reclassifie	(265)				(265)
Al31August 2021	134,539	8,453		13,695
Nst book valse
Al31August 202D At 31August 2021	369,251	4,229 3,948	26,318 4'7,'710	2,653 t~	4D2,451 412,740

Group and Trust	2021	2020
	6'000	6'000
Investment properties	1,551	1,468
Diversified investment funds	178,310	110,712
Total investments	17'0,861	112,180
a. Investment properties
	2021	2020
	2'000	6'000
Market value at 1 September	1,468	1,419
Unrealised gain on valuation	83	49
Market value at 31 August	1.551	1,468
Historical oost at 31 August	107	107

otes ta accounts . Olversifted investment funds
		Restricted
	Unrestricled	tL	Tatal	Total
	funds	endowed	2021	2020
		funds
	5'000	5'000	5'DDD	8'ggtl
Market va)ue at 1 September Additions	54,056 77,342	56,656 16,748	110,712 94,090	122,517 64.346
Dispose) proceeds Realised gain on disposai Unrealised gain an valuation	(26.616) 2, '!43 2,740	(16,915) 5.710 6,446	(43,531) 7,653 9,186	(77,919) 1,075 693
Market value at 31August 2021	109,665	88,646	'l78,310
Hlstoricst cost at 31August 2021	106,470	46,435	151,905
Market value at 31 August 2020	64,056	56,656		110,712
Historical cost at 31 August 2020	52,601	4D,692		93,493
Analysts ofinvestments;
Overseas holdings	9,083	18,659	27,742	21,138
Fixed interest securities	13,921	4,606	18,527	17,471
Equity shares Investment trusts and unit trusts	8.735 5,737	22,052 23,174	30,787 28,911	20,723 27,563
Cash	72,189	154	72,343	23,617
Total 2021	109,665	68,645	178,310
Tote I 2020	54,656	56,656		'!10,712

. OEIBTOR8
		Group		Trust
		2021	2020	2021	2020
		5'000	5'000	5'000	f.'000
Amounts falling due within one year
Fee debtors		614	897	678	978
Other amounis	awed fram group			1,104	766
undertakings
Prepayrnents	and accmed income	2,743	3,921	2.582	3,851
Current assets held for sale		2,438	52	2,438	52
Other debtars		572	1,603	270	'I,400
		6,367	6.673	7,072	6.847
Amounts falling due after one year
Other debtors		280	320	280	320

		Group		Trust
		2021	2020	2021	2020
		2'000	R'OM	R'000	R'000
Amounts	falling due within one year
Trade creditors Fees in advance (note 11)		4,859 10.100	3,555 9,37D	4,694 10.100	3,362 9,370
Parental	deposits	2,5'l4	2,168	2,514	2,168
Tairation	and social security	3,704	3,555	3,35D	3,297
Other creditors and accruals		15,164	16,498	14,290	15,406
		36,341	35,146	34,948	33,603
Amounts	falling due atter one year
Fees in advance (nate 11)		4,518	4.773	4,518	4,773
Parental	deposits	10.947	10,374	10,947	10,374
Bank Loan (CLBILS)(note 12)		50,0DD		50,000
		65,465	15,147	65.465	15,147

Assuming pupils will remain in the sch	ool, advance fees will be appli	ed as follo
	2021	2020
	R'ODO	R'000
Five years or more	343	509
Two to five years	2,428	2,453
One to two years	1.747	1,611
	4,518	4,773
Within one year	10,100	9,370
	14,1113	14.143

The bala were:	nce represents the a	ccrued liability under t	he contracts. Th	e movements
			2021	2020
			R'000	R'000
Amount offees due to parents as at I September			'!4.143	17,283
New contracts			10,166
Amounts costs	accrued to aontract	as debt-financing	'l16	2'l2
Amounts	utilised in payment	offees ta school	(9,807)	(I1.756)
Amount	offees due to parents as at 31 August		14,618	14,143

2.LOANS AND OTH	ER SORROtftfINGS
		Group		Trust
		2021	2D20	2D21	2020
		5'000	2'000	2'000	2'000
!3ank Loans		50,000		50,000
Itfaturlty offinancial	liabititias due
within:
Two to five years		50,000		50,000
		50,000		50,000

	At 1 Ssptemtm 2020	Income	Expend(tore	Transfer offunds	Investment IL~ gain el	At 31 August 2021
Unrestricted					(losses)
funds:	F000	8'000	K'000	8TIOO	C000	8'000
General reserve	408,388	233,807	228,192	2.959	2,193	420.955
Pension reserve	(44.5'l2)		(838)		8,744	(34.930)
Revalu2aon	2,805				2,829	5,634
Totalun~ funds	366,681	233.607	225,364	2,959	13,766	391,659
Restricted
funds:
Minerva bursary	49,183	1,798	1,572	(88)	9,548	58,871
Annual &General	'l,525	1,000	374	86		2,237
Building	3,568	1,302		(2,959)		1,909
Prizes & Scholarships	4,242	168	100		858	5,168
Centenary	2,320					2,790
Howell's School	9,259					9.105
Howrd's Prizes & Scholarships	316				66	386
Howslfs Annual & General	1,257				303	1,576
The Thomas Howell Fund	2,632		81		170	3,057
3obRelent		1,646	1,646
Academy Trust	22,859	12,818	13,091			22,586
Academy Trust penSNrl reerve	(4,446)		428		(403)	(5,277)
Total restrkM funds	92,713	27,620	28,172	(2,959)	11,206	102,408
~funds:
Minerva bursary	2,454	52				2,909
Prizes 8 sends rshios Total~ funds	2,537 83	'I	78		17 498	101 3.010
Total funds	461,931	281,280	261,804		257470	497,077

Notes to account b. Net assets by	s fund
			Restricted
		Unrestricted		Total	Total
		funds	endowed	2021	2020
			funds
		R'OM	R'000	R'000	R'000
Group
Intangible assets		521		521	561
Tangible assets		404,594	30.245	434,839	425,025
investments		111,216	68,64S	179.861	'I12,180
Current assets		9,012	14,857	23,889	23,416
Creditonn amounts within one year	falling due	(33,635)	(2,706)	(36,341)	(35,146)
Creditors: amounts after one year	falling due	(65.119)	(346)	(65,465)	(15,147)
t)efined behest pension fund liability		(34,930)	(5,277)	(40,207)	(48,958)
Tots I 2021		381,669	105,4'f 8	497,077
Total 2020		366,681	95,250		461,931
Trust
intangible assets		521		521	561
Tangible assets		404,594	8, '(46	412.740	402,451
Irweslments		111,216	68,645	179,861	112,180
Current assets		7,531	13,176	20,707	20,415
Creditors: amounts within one year	falling due	(33.434)	(1,514)	(34,948)	(33,603)
Creditors: amounts afler one year	falling due	(65,119)	(346)	(65,465)	(15,147)
()efined benefit pension fund liabihty		(34,930)		(34,930)	(44,512)
Total 2021		390,379	88,107	478,486
Tots I 2020		365,509	76,836		442.345

a. Capital	mitments
			Group		Girls'	Day School Trust
			2021	2020	2021	2020
			R'000	R'000	R'000	R'000
Contracted, but in the financial	not provided statements	for	21,447	15,368	21,447	15,368

b. Operating	lease commitment
		Group		The Girls' Day School Trust
		2021	2020	2021	2020
		8'000	8'000	8'000	8'000
Future minimum	lease
commitments
Within one year		1,301	1,301	1,290	1.290
eeiween one	and five years	4,710	4,641	4,699	4,819
Five years or	more	6,174	7,343	6, 174	7,343

16.CASH FLOWS	16.CASH FLOWS	16.CASH FLOWS	16.CASH FLOWS
a, Reconciliation of net income to net cash provided				by operating activities
				2021	2020
				8'000	8'000
Net income for the	reporting pedod			26,805	10,189
Depreciation charges				12,666	12.184
Impairment charges				2,528	1,955
Gain on investments				(17,024)	(1,719)
Netfinance expense				141	212
Dividends, interest	and rents from investments			(2,223)	(2,343)
(Profit)/Loss on the	sale offixed		assets	(145)	2
Fixed asset transfer	to current	assets		2,438	52
Decrease in stocks				75	19
Decrease /(increase) in debtors				345	(989)
Increase/(decrease)	in creditors			1,513	(4,880)
Difference between	payments	to defined benefit
pension scheme and amount		charged to		(410)	(396)
expenditure
Nst cash provided	by operating		activities	26,909	14,266
b. Anslysfs ofcash and cash			equivalents
				2021	2020
				fn'000	f'000
Cash in hand				15,536	12,913
Notice deposits (less than three			months)	1,659	3,408
				17,'l95	16,321

c.Nst debt reconciliation
	At01.09.20	Cash	At 31.D8.21
		Flows	8'000
		8'000
Cash and cash equivalents
Cash in hand and at bank	12,913	2,623	15,535
Short term cash deposits	3,408	(1,749)	1,859
	16,321	874	17,196
Borrowlngs
Debt due after one year		(50,000)	(50,GDG)
		(80,000)	(60,000)
Total	16,321	(49,126)	(32,806)

b, Assumptions
	GOST	D8	NCCPF		atpF
	2021	2020	2021	2620	2021	2020
Discount rate	1.70%	1.66%	1.65%	1.7D%	1.70%	1.80%
Inflation —CPI	2.50%	2.68%	2.30%	2.30%	2.80%	2.30%
pension increase rate	2.50%	2 35%	2.90%	2.30%	2.90%	2 40%
Salary increase rats	D.00%	0.00%%ue	3.40%v	2.60'Ye	4.30'%	3.80%
Post-retirement mortality
(years):
Life expediency at 65 for male member currently aged 65	22.4	22.4	21.7	21.5	21.0	20.9
Life expectancy at65for female member currently aged 65	24.4	24.3	24.1	23.7	24.1	24.0
Life expectancy at 65for male member currently aged 45	240	24 0	22,8	22,3	22, I5	22 5
Life expectancy at 65for female member currently aged 45	25.9	25 8	25.8	25.1	26.0	25.9

. (3aftned benefit pensio	ne
		Group		Trust
		2021	2020	2021	2020
		2000	8000	8'000	8'000
Defined benefit pension	fund
liability
GDSTt)B		33,919	43.618	33,682	43,314
NCCPF		1.248	1,198	1,248	1,198
MPF		5,040	4,142
		40,207	48,958	34,930	44,512

d. Amounts	recognised	ln	the Consolidated Statement ofFinancial	the Consolidated Statement ofFinancial	the Consolidated Statement ofFinancial	the Consolidated Statement ofFinancial	Activities
			GDST	DB	NCCPF		MPF
			2021	2020	2021	2020	2021	2020
			0'000	l'000	0'000	8'000	8'000	8'000
Current service cost					(132)	(162)	(718)	(674)
Net interest	coal		(1,133)	(1,153)	(21)	(30)	(71)	(65)
Contributions			2,DDD	2,000	130	164	355	316
within net	income		667	847	(23)	(28)	(434)	(423)
Actuarial gain/(loas)			8,832	(9,275)	(27)	456	(464)	71
Amounts charged
within net movement		of	9,699	(8,428)	(50)	428	(898)	(352)
funda

. INovements in the valu	e ofassets a	nd liabilities
	GDST	DB	NCCPF			INPF
	2021	2020	2021	2020	2021		2020
Changes in scheme	0'000	0'000	0'000	8'000	8'000		0'000
assets
At '! September	119,799	12'l,109	3,917	3,734	3,918		3,410
interest on scheme assets	1,954	2,221	6'7	68	75		65
Return on scheme
assets in excess of	16,035	(1,436)	716	(7)	696		57
interest income
Employer contributions Employee contributions	2,000	2,000	130 20	164 22	355 118		316 110
Benefits paid and expenses	(4,736)	(4.095)	(74)	(64)	(56)		(40)
At 31 August	135,D52	119,799	4,776	3,917	5,106		3,918

Notes to accounts
		GDST	DB	NCCPF		MPF
		2021	2020	2021	2020	2021	2020
Changes in scheme gabilities	f'000		f'000	f'000	f'DOO	f'000	f'000
At 1 September	163,417		156,299	5.115	5,360	8,060	7,200
Current service cost				132	162	7D9	665
Employee contributions				20	22	118	110
Interest cost			2.859	88	98	146	130
Benefits paid and expenses	(4,313)		(3,560)	(74)	(64)	(47)	(31)
Actuarial (gain) I loss	7,203		7,839	743	(463)	1,160	(14)
At 31 August	'l68,971		163,417	8,024	5,115	1D,146	8,060
	GDST DB			NCCPF			MPF
	2021		2D2D	2021	2020	2021	2020
Movement ln deficit	f'000			8'000	f'000	f'000	f'000
At 1 September	(43,618)	(35,190)		(1,198)	(1,626)	(4.'I42)	(3,790)
Cun silt service cost				(132)	(162)	(716)	(6'74)
Net Interest cost	(1,133)	(1,153)		(21)	(30)	(71)	(65)
C ant nbutions	2,000		2.000	130	164	355	316
Actuadal gain/(loss)	8,832	(9,275)		(27)	458	(464)	71
At 31 August	(33,919)	(43,618)		(1,248)	(1,196)	(5,040)	(4,142)