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##
|Principal|risks|risks|lgtsfn|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|8|-'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|
##
##
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##
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##
##
|||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|
##
##
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##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
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##
##
##
##
##
##
##
##
##
|. 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|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|com|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)|
##
##