Financial Statements Durlston Court School Trust Limited For the Yoar Ended 31 August 2021 Saffery Champness C H Afl T E R E D ACCOUNT ANTS Charity no. 307325 Company no. 1091930
Durlston Court School TTUSt Llmlted Flnanclal statements for the ye•r ended 31 Auyust 2021 Index to the financial statements Report of the Governors Report of the Indopandent audltor 9-12 Prfnclpal accountlng pollcles 13-15 statement of flnanclal acthrltle5 16 Balance sheet 17 Cash flow statement 18 Notes to the financial statements 19-25
Durl$tM Court School TN$t Llmltod Flnatt¢lal statements lor the year ended 31 August 2021 Report of the Governors The Governors are pleAsed to present their report together with the audited finanaal statements for the yeat ended 31 Èlugust 2021. Reference and admlnl$1ratl dotalls of tho Charlty. Its Trust•o$ and Advlsorn Durlston Court School Twst Limited (The Chatity) was regjstered with the Charity Commission in 1973 under charity number 307325. The Charity was IncoOrated under company number 1091930 on 23 Januw 1973. Registered office Durlston Coutt School, Becton lane, Barton-on-sca, New Milton, H2mp$hire, BH2> 7AQ. Governors The Govertiors who have served during the pttio(L to the date of this report were as Eollows.. Mr C C Ashfield (Chaitinan) Mrs Bolam Mr M G Cooke Mr P Ethetidge Mr P Hardy- retired 31,, August 2021 Dr J Hickey Mr5 N James Mr C G Lewis (Deputy Chairman) Mrs L Otten Mr R Porter Mr R WilsFLer- resigned 1st December 2020, reappointed effective l%t September 2021 Senior officers Mr R P May (E4eadmaster) bfr A R Thomas (Bi]rs8r ind Clerk to the Governors) - resigned 1st December 2020 Mr R Wi15her (It)terim-Bursar) - appointed 2nJ December ?020, resigned 31"Jul} 2021 Mr B Bates (Bursar And Clerk to the Governors)- appointed 15¢ August 2021 Banker8 Bardays Bank plq Barclays Hous& Ocean Way, Southampton, S014 2ZP Auditofs Saffery Champness LLP, hfjdland House, 2 Poole Road, Boutnemouth, Dorsell BH2 5QY Soli¢itot8 Clarke Wdlmott ILP, Buriington Hovse, Bodeigh CJrange Business Park. Hedge En Southampton, S030 14F Suryeyor8 Clutton8, Portman J4ouse. 2 Portman StreeL London. WIH 6DU Website .durlstoncourLco.uk
Durlston Court School Trust Llmlted Financlal statemen1$ for the ytrar ended 31 August 2021 Strnclurei Govomance and Management The Charitys Goyeming DuLumeiil 15 its Memorandum And Articles of Association. dated ?3 JanEJ2ry 1973 land last amendcd 7 November 20061- It 15 a company limited bv gu2fAntee, having no share capitAL and its memb5 underrake to contribute an amount not exceedjng £1 each in the event of the Chariry being wound up. The Governor5 arL the Cliaritv % irusree5 and dtreciors and are also collecuvcly referred tn in this reporr &s the GovernmL Bodi. 'IlJe nuniber of Cioverr)or5 must not bc less than seven ur more th3D thirry. New Govcrnors appointed b} IhL Governiiig Body, 2fter care] consideration of ehgibi]it)'. skJls and experience. SuitRble c2ndidate8 may be identified through inrernal recr)mmendation or extemal search. QyOi-Lrnors become MJlLli Ilie coiisiituuiin UVLrAiivii ijf il C.Ii:ii"iii diiuugli A bltuctuzed riinge olirtduction initiative5. The Chariry is a member of .4GBIS which provides access to training opportunitie5 lor Governors. lThe Governots are responsible for the overall managefftcnt OE the Chariry which includes detetmining strategy, e%tablishing ke} policies, setting 9ims and objecuves, agreeing budgets and longer term plans, revieing 2cwal petfomiance a8ain.%t objectiNLS nd ensuring comp]iance rclevant st8Ntes and regulAtinns. The Governthg Budy meets xt le2St thIee times rach year and 18 supported by four Committees, e#ch ofwhich is chaired by a Guvernor. covtting Finince & Gener41 Puose$, Education, Marketing 2nd RJ"sk M2nagement. The day-to-day management and related decision¥, thIn the policies and parameters deiermined by the Governors, are delegated io the Headmaster and BUrSr who attend the meetitigs of thc Govemors i)nd the C.offln)ittee%. Objgctlves and Actlvltlas The principal objecis Eor which the Chariry was e5tabbshed, a5 set out in its Governing DocLunenL are to promote and proride for the advancement of educ2tiotL, through the operxtion OE a sehool or schools. The prinapat 3ctiiTLry of the Chatity 1% the operauon of Durlston Court School. independenl co- educational prepatatory school. Pupils are aged between two and thirteen years. Thc principgl aim of the school 15 to provide a happy, secure enNYonmeEJt where pupils benefit Erom an education OE the h¥hest quakn"ti'. to prepare pupiLs academically. culturally and rnorally to enable them to progress cnnfidently to the next stage of rheir educauon. The main objectives fot the vear ended 31 August 2021 related to the qualiry OE the edLTc#tion prorride the awArd OE stholxrships %TLd means-te5ted bursaries, the C.haritrfs involvement with the local community and the Ch#riry's financi posiuon. The Governors seck to achicve these objcctiveb primarily througli effective leadership, a cleRr comtnitment to the h%hest standards OE cducauon, seTh'ice, and f]nancial control. strateglc Roport Achievements and Perfonnancè During the year under revicw the c.harity achieved its in*in ob1LftLb through effective leadership, a clear CornltMent to high stwdards, and strong Fisc%1 contml. inspecrion b}T Ihe Indepuidait Schools Inspcctnraie IISII, which t(x)k place in iNla} 2017 rated the school's provision as T.xccUent' in all areas. The impact of C.ovid-19 continued to challenge the school d]ng this academic year. A confideni sthrt to the Rutymn tcnn NVAS followed b}. a quick and effickent move tc) the provision of onhne education at the
Durlston Court S¢hool Trust Llmlt•d Flnanclal statements for the year •nded 31 August 202 start OE the spring tetm. This ensured 2 seamless dehvery of the curriculum duting the mandatory lockdown. The Chatity coniinued to achieve its objectives of maintaining high standards of education and service, attracting and retsining pupils. and the cffectiveness OF managem¢'nt and fin2nctal control. The key Eactors outside the Chari(fs control that intluence its ability to xchieve its objective5 are the ongoing Cowd 19 p2ndemi¢, uncert2inry of the economic conditions, loca] competition, new legislation and demogrxphic chaoge. Academic 8tandatd8 Durlsioji Court pupi]5 contiiiue to &lchteve grc?£ r AcAdcmic ¢l1?d cdLlOtioiial.%ucce%5. Year 8 le2%'ers secured plocL¥ ai a nutnber of prebtigious senioi. schools rhroughout thL Couiitrir incliiding BCS, Bradfjeld. Canford. Clayesmote, Einblei,, 'ng'S College Q2t2r. l<ing I:'div1¢ rd VJ and Nlillfield , as well as Otlier Ic¥cal 8chools. A large iiumber OF diEEerent scholarship8 ere #Kwyrdcd to Diirlstoii pupils bi, tl)e5e schoolb, includit]g.' Academic, all-rounder, creAtiI"e arts, driimA, Inu%ical And sporting #IrdS, &111 testainenr ro the superb kll round educ2tion Aiid tlie extrnordii)aril}' l)I¥Fh sti?ndi& rd of teachi114Y the pupil% enjoy at l)tsrlston Court. Improvements to the 81te and facAlitie8 In 2020-21, despite there being ltsnited AmpTovement5 due to the Covid-19 pandemic, we have undertake a series of improvement work5 around the school. -I"hts includes uqndow replaeemen¢s. classroom decoration and upgrades to the Pre-prep play equipment. Repairs to the School were undertaken in luie with the ongoing Mainten2nce Progtamme. with addiuonal expendiwre r4uired to support effective operation of the school during the Covid-19 pandemic, supporting compbance wilh relevxnt operatsng regulations. Further investment was made to the I'F infrastructure - including the continued rollout 06 C.hromebooks for the Google Classroom initiative. This investment in recent yeats proved invaluable when pupils were required to be taught remotely at home during the Covid-19 lockdown. Total capitsl expenditure in the year amounted to £23,6i6. Pupil number8 Pupil numbers of 284 in July 2021 (271 in July 2020) were in ]ine with objectives. BursarieB attd 8¢holar8hip8 scholarslu.ps were 2rded in recognition oEacademic. sporting or rnusical excellence. Means-tested bursaries are awarded in appropiiate circumstances. Dlg rhe year. all e]igible requests For mexns-tested bursarial 25Ststance were met by the Charity. Involvement with the local community L there have been ]imited opporwnities to et]gAge with the local communiry, because OE Covid restrictions. the school has continued to support cliarÉties such as the Chrisichurch Soup Kitchen and Lymington Food Bank. Over the ]asi 18 months. the school has 6ocu5ed on expanding its provisiosj OE acurities during school hohdAys. Wlth Corid this has been aimed at Dur15ton children, bu¢ the enth.ng of restrictions h#$ seen a move to olfer the Eacih'ties to the wider community as well. "njis not only provides the opportuniry for d)Jdren to bcnefit from the usc of Dur15ton Court'5 exienbive facilities. but also supports the childcare needs of working parents in the holidays. Financial objective8 Net incoming resource5 of £54,760 fot the year werc in ]ine with expectations. with a Positive net current asset posttion of £166.719. Flnancial Revlaw The fmaocial results for the year are presented in the Sratement of Financial Acuvities on page 16. Net resources have been appkned to flnancing the c.apital Development And Klaintenance Progranjme and mortgage repayments. Net school Fees amoutLUng io L-? 658,310 representcd 85.9'/0 OE total income, and the operating costs of the school of £2,875,617 represented 94.7010 of total expendimre.
Dyrlston Court School Trust Limited Flnanclal statements for the year ended 31 August 2021 Re8etve8 Policy The aim is ro ensiire thar unte%tyicted reserves should be bufficient to avoid the Theces$ity of reRh$ing fixed assets hdd for the Chariry's use 2nd to ensure that nei current assets are eqwvaleoi to at least 10 Jo of the average annual expLndiiure OtS5 depreci2ti0n) uf thL previous two }C2ts. DuLin% the ycar the $thool achieved 50/u of rcser%'cs aiid it conunucs to be * priority, of d)c Governvri 10 maintain current a55et% at least equal ro cuttent liabdities and reserves gt the desired levd. The level of resetves is reviewed by the Governors annually. In December 2004 the freehold of the estAte prcviously leased by the Chtiry. acqutred. 'Lhe AS50¢iaied fJA&nung costs and the need lor invLsimeiit in previously rented buildings and grounds, Lui11ucs to iinpi& Ct on tht r.hiriti-, ibibTh- tn biiild re4m'p% in the %hnrt term. I Inwever in the Inng tern) the CJovernors believe th3t substantial ben¢fit5 11 continue to accAue tu the Chariry from owning the Si. Remunetation Poliey 'I'he kei, mattament personnd of the school are the %enior lderS1]IP Team, consisting of the Ilea(hnaster, Deputy E4c#d, Dircctor of Learning and14ead of Pre-Prep, Head oESenior School and But3ar.'Ihe r£muner2rion of the I lead and Bursar arL Set by the Remuner&tiotL Committee con%isting of the ChRir and Vice Chair of Govemot¥. Plans for Future Perlods The ChaLity has & 5 Year Plan which 5et$ our thc key btrategic objecuves for the period to 31 ilugust 2025. The Governo have set these objectives with tegArd to the C.hariry Conmiission guidance on pubhc benc.fit. The kL>' clctnentb ol Ihe C.harity's srratcgy are ihe continued provision ofa high sr<indard of all- round education, financial security and rlic maxitnitsation ofthe public benefit provided by the Charity. The C.h2rity's C.apit21 Development Plan seis out expenth.ture on key Eacilities during this 5-year perio with priorities being re-assessed on an nngosng babis. Illith suppor¢ frorn a local 2rchitect and a bui]ding consultalli in 20115, the schrjol prepAred a gire ma8rerplan for the optimisauon of school grounds and building5. In line this Mas[elan, there have been many improvem¢nts to the school site over the last few years including the constru¢uot] of 2 new Design and Technology Facjlity, the building of a lobby and gardcn patio area for Art, the creAtion OE a dedicatcd C,eramics Studj'o, the insiailation OE two new All- weather sports court5, enhancements to ihe Swinuning l)ool Area, itnprofvcd parking 2rrangcments for Stafland parenrs, cc)n%ersioEL of mlin school accommodation for tvaching and hospitality, and enLqrged playground space for pupi15. Further exp%tL5ion at)d inv(stmet)t in Eacth"ties is being considered as part OE this site optimi$ation initiative. Prfnclpal Rl$k5 and UnGertaintle$: The role of the Risk Management Commkttee is to idenuEy, asse55 and prioritise the major risks. to which the Chariry is exposed and to L'nsure that these are apprtjpriately managed. Rj'sk Management inEonn2tiun ss reviewed at each meeting of Ihe Governing Body, risks being a55e$SLd based on how ]ik¢ly a ribk is io occur, and the iEnpict on the 5chotsl if it werc to occur. The major risks identified being the impact of the Coyid pandemic, economic climate uncertainry, changes to the rcwlat()t)', I81&tive and inspection regllne, site and nctwork securiry. nngoing local competition and incidents. infvoliTing pupils and/or sraFE. I'o miugaie thebe risks., Xmong other Actions, thL CFovernors ensure sufficient financial resetv¢s arc mintsincd, develop 2nd implement an effecuve m2rketin% plan, s¢ek external legJ and regulatory advice, and cnsure appropriate risk assessments in place. Publlc Bonefit Statement lrt considering its future strategy, aims and objectivcs. rhe Governors have l'en due reg2td to the Chlty Commission's guidance un Public Benefit itx accordance 1th Section 4 tsf tlie c.harities Act 2011.
Ourl$ton Court School Trust Llmltod Flnanelal statemeTrls lor thè year ended 31 Augusl 2021 Statement ol Gornor9. responslblllties for tho flnanclal statements The Governors (who are also directors of Dutlston Court School Trust Limitcd For the puq)oses of company law) are responsible Eor preparing the Reporr of the Governors 2nd the fknanctal statement5 iti accordattee with applicble law and re8ulations. Copany12W requires the Governors to prepare financial ststements lor Vdch flnancial year. Under that law the Governors have elected to prepare the financial statements in 2ccordance United Kingdom Generally Accepted Aceounting Practice (United Kingdom Accounting Standards 2nd app]icable law). Undet company law the Governo must not approve the financial statements unless they are satisfied that they Eive a true and Fair view of the state of affaEfs of the charitable company and OE the incoming resources 2nd apphcation oFresource5. including the income and expendittjre. of the charitable company for that period. In preparing these fmancial statements. the Govunor8 are required to.. sdect suitable accounting policies and then appl! them conststen observe the methods 2nd principles in the Charities SORP. make judgments and accounting estimates thai are reasonable and prudentr state whether app]icable UK Accounting Standards have been followed, subject to any material deParre$ disclosed and explkined in the financial statement8. prepre tlie Fmancial st2tements on the going concern basis unles5 It is inappropriate to presume that the charitable company all continue in business. The Governots &te responsible Eor keeping adequate 2ccounting records that are sufficient to show and explain the charitable company's tr2nsacuons and disclose with reA.onable accuracy 2t 4ny time the financial position of the comp2ny and enablc them to ensute that the financial 5taiements cornply with the Companies Act 2006. They 2re also responsible for safegu2rding the assets of the charitable comparly and hence For taLing reasonable steps for the prevention and detecrion 06 fraud and other irregulatities. The Governors confirnl that.. so far as each Governor ts aware, there is no relev2nt audit inforniation of which the charitable company's *uth"tor 15 ur12ware- a¥Jd the Governor5 have taken all the steps th74t they ought to have taken 2s Governors in order to make themschres aware of aTLy relevant audit inEonnation ittd to establish thai the charitable company's auditor is aware OE th2t inEorniatio The Governon are rcsponsible fot the maintenance 2nd integrity OE the CoOIate and fthanctal inlom12tson included on the charitable compan} s website. Legislation in the United Kj'ngdom govertling the preparation &'ssemination OE fittancial sratements may diEfer from legi51auon in other jurisdictions.
Durlston Court School Trust Limited Financial statements for the year enfled 31 August 2021 Auditors .42FEeq, Champne%s LLP, who werL appointed. iti 2013, Iwe espte3$ed their llinle%$ to coiititie in office and will be dLemed rthppointL,d Eor tlic filI1111 }eat. in accordance with 8ectiuts 487(2) of tilt Compapie5 £lct 110(I, unla$4 the compaiiy reGei.Cs Liotice under sEcti012 488(11 DE tkt Companitb Act 2(X)6. ON B,¥LF Oli I"E.JE CJOVEIiTrITENIG BODY...IL%O APPROVING TE.1 S'IIiA"JF,C'I(' Rf.,'POR'I C C A5hfJeld- Cltsinnlln 311111 Novembcr ? Ol'Lrn()ts
Independent auditor's report to the members of Durlston Court School Trust Limited Opinion We liave ¥iu&ted tlie nclo1 statements oFDLdsron Coutt %diwl'Iru$t Ltmited fot th¢ yeAL ended 31 ,lugu$r 2021 which compriso tt st8Lement of Fjnattcial activities, bance sheck c&%h flow statement lind notes to die fitlancixl 6tat&nents, indudin8 SLEttIfittt ccfjunung poJicies. Tlie Financial repprtins .fi'amework thxt lia$ beerl app]icd thetr preparation is. applitable law2nd Ut]ired Kingdom Accoiirttin8 St2ndar&, including Fia2ncial Reporting Stsndatd 10? the I'itt•naRI Repottitsg Standxtd aPP(Able in tlie UK ld Ilepubli¢ of Irelattd 'tted I<in8dom Gener2lly-4c¢epted.4ccounung Pr.Icrice). In OUL C¥PitJioft tE2e fth%ncial Sts¥ements: give. i the ithd fair view of tlitr cliaritable compny's thrate oE"IFf9irs as at 31 £Xu8USt._7)g1 alld of its incorning resource5 ajid apphcgtion of Tesoutc¢. induding its income at]d expenditure, for tli¥}Teat thth ende&. have beett pA'optd}' pt2p&d ia accotdaiice wtth LJnitEd KinBd¢xn Grnerally..Iccepted Accouating PrsJctic& and have been prepared in.gc¢ordiince witli thc CO.ales..lCt 2006. Basis fot opinion We £onductLd ou¢ iudit iu &qCC(Srdance IntetntttiDn11 StrandaLth on iluditing (UK) (tSA4 (UK)) diiid ppit¢able laiv. Our tesponsibi]ities under those stsndards are Furthec dcscribed in tht.luditDr'$ IcsporL8ibilities Fot thc %udit JF die fjnaacial statem#nts section oFourxeporL We ate indepcndcnt of the diatitrbje companyia accOLOCe the ethic< requÈLEmeiits that are telci'ant tt) our 6iudit of t])e rinancial statement6 in the UK including &Le fRC'¥ l."tl]ical Strand2rd, 1nd ive hxve luifslled our otlier ethical responsibilitits in ?ccotdance ivjth these iequirements.. Wt believt thar the audit evidence we havti obtlined i) ¥uffici¢nt and 4trpr0piia to proiryde ll b&sts for our.upinion. Con¢lusion5 ielating to going concern In allditirlg the fthAnciil staterncnts, we liai'e conthlded Ilie trustees, use of the gning concern bRsis OE 2CtoutLting in the prep tiort DE the fttjotscial statemeuts is appropriite. Based ott the WOLk ive have perfomed, Ive h?1 ve not idLtir1ed n)xtetial uncut.aintics reltutsL to Lrnts or collditions that. individu41lly ot collecttYely} ma)" cast signi&c4r¢r doubt nn the chttitable comp4n!'S flbility to cotttinue a$ 2 going corLcem for R pellod OE at k.asr Lwelve th0ttth5 from the fin8nafti statements are wthoti&ed foi isslla OUL rPOnsIbl11tiC and the ¢ewn$ibilities OF the ttllstees dI respecr to goittg toj) 2te dèscribed itt the re]evAnt secttons of tlix5 rqx)it. Othet iAEomialio lThe tLUStee¥ are responsible fot the other iftfotunltion. Th¢ otheL inFormatiotL comprises the inFoLTnation included in the annual report, other the fjnxllcial stattynents Rnd Dllr 7udiroL' repott theteon. Our opiniots r)n the finattc£21 statements dots Tjot tovef the othetinfotmatioll 8hd, except t() the e.¥tent otherulecxp]le1dY slated in our repott. we do not oxpres5.anv fotin oEa5surnnce tonclu5ion theLeon. Our responsibi]ity is to lead thE other informtttion and, iii doing so. ron8idet whe&er the other infrJm2ts0n is matèriillyinconsistent with the ftsjtnrial statements ot out knoivledge f)btxtned in the tout&e OE the audit ¢x othetyvise aPpeS to.be ts)atIll}. rnisstxtcd. IEwe identiEJr lld1 mateLuaL inconsistEncLes ot apparent in%tetial missraiement%. Ive . requited to dtte¢mtne whethet this l'e8 tise ts) rn&1terial mi5statement2ti tlie financial statements rliemÈdves. If. based on the work we live perFor£ned, we"cottclude tl)f4t there ts a mateKial misstatement OE d)i& nther inEoinn2tion ive Are tequired to ieport that fAct. We have nothing to repotiin thls te8ard.
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Independent auditor's report to the members of
Durlston Court School Trust Limited
Opinions on other AJ]attets prescribed by the Companie5 Ad 2(106
In opinion. bn$id the ivork undertAk¢ft ih the course ol thoauditr.
the infonnativt] &iVLn in'the'l'wsiee6' Jlrtnuil Repoyt Thbich indudes the DirtctoLq' Report for the
finiLIti11 £oi Trvh"iclL the fin8nriid statementg are piepared is consistenr with riie fin2nci"Al
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the. TivsieL'S'..tnnual REp(t wliid] illdudc the DirectOLY'"R.q)ort ha5 been ptepared iti #¢cotdince
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11 Independent auditor's report to the members of Durlston Court School Trust Limited irregulariues. including fraud. The specific ptocedures for this engagement and the extent to which these are capable of dctecting ittegularxtie$, induding fraud are detsiled below. Identifjry'ng and sesSIng risks related to ttregu12rities: We assessed the 5uscepubility OE the charitable comp2ny's financial ststements to matetial misstatement and how fr2ud might occut, including through discussinns with the trnstee%, th"scu55&Ot)s urythin our 2udit te3m p]anning meeting, updating our record of inrernal controls 2nd ensuting these controls operated a5 intcnded. IT'e eva]uated possible incentives and opportynities for Fraudulent manipulation of the flnancial statements. We identified12ws and regulations thAI are of significAncc in thc context of the charitable company by discussions with trnstees and pdating our understanding of the sector in which the haritable company operates. Laws and regu12uons of direct 5i8nificance in the context OF the charitable company itkclude The Companies Act 2006, and guidance issued by the Charity Commission for Eng]2nd and Wales. Further, the chariry is subjttt to other law5 8nd regulation5 where the consequences of non-compliance could hAve i material effect on 2mount5 or disclosures in the flnancial btxtemenrs, through si8nific2nt fjne, litigauon or restrictions on the ch2riry's operations. Ive idenufied the most significant laws 2nd Tegulatioos to be those monitored by the Indq)endent Schools Inspectorate. Audit response to iisks identified.. We considered the extent oFcornp]iance Thqth these laws and tegulations as part OE our Audit procedutes on the related finarlciai statement items including a review OE financiAI statement disdosures. We reviewed the charitable company's records of breaches oFlaws and regulations. minutes OF meeting5 and correspondence rdevant authorities to identify. patcntial material misstxtefflents atising. We discussed the charitable company's po]icies and procedures For compliance with ]aws and regulations members of management responsible for comp]ince. During the planning meeting ryth the audit ttrAm, the engagement pattnet drew attention to the key atvds which might ittvolve non-comp]iance Jaws and reguhtions or fraud. We enquired of management whether they were 2W2re of any instances OE Aon-compb"ance with18ws xnd regulations or knowledge of atsy acwal, suspected or alleged fraud. We addr£s5ed the risk of fraud thic>ugh management ovettide of Controls by testing the appropriateness of journal entries at)d identifving any significant transAetions that wete unusual or outside the nonnal coutsc of business. Wye isse$sed whether jtjdgements made in making accountsng estimates gave iise to a possible indication of management bias. At the completion stage of the auth't, the engagement partner'5 review included ensuring that the ream had approached their work w&th appropriate professional scepticibm and thus the pacIty to identify non-compij'ance th laws and regulations and fraud. There are Inherent limitations in the audit procedureg desuibed above and the further removed non- compliance with laws and regulations is from the events and transactions reflecied in the fjnancial statements, the le55 ]ikel! we would become wate oFit. Also. the rÈsk of not dctecting a material miE%tatement due to fraud is higher than the Eisk of not detccting one resulting From error, 2s ud may nvolve deliberate conce21ment by, For example. forgery or intention21 mistepreseatations, or through collusion. A further description of our responsibi]iues is avai12L ble on the Ftnanoal Reporting Council's website att ryvw.Erc.or y . This description Eorms part of our 2uditot's report.
Independent auditorfs report to the members of
Durlston Court School Trust Limited
Use of our zeport
"I'hi& rq)ott is mAde svleli, to ilie diiuitablt toinpw]}F'S inembers, Is a body) Itl ¢1ccordonce [11 Cliaptct'""3
oEP2rt 16 of the ("offlpJnics Act ?1106. Our audit ivork lias bL>ell yndettglitn so tht WÉ Lnight State io &Le
chariiable
Durljton Court School Trusl Llmlted Flnanclal slatèments for the year ended 31 August 2021 13 Basls of prop•rnllon The accounts have been prepared under the Companies Act 2006 ind in accordance Math the Charities Statement of Recommended Practice ("SORP {FRS102)') and financi21 Reporting Standard 102. The accounts 2re drawn up on the historicaI cost basis of accounting. The School is a Public Benefit Entsty a5 defined by FRSIO2. Having reviewed the fundmg facilities available to the School togethtt with the expected ongoing demand for place5 and the School's tllre projected cash flows. the Governors have a rcasorlable expectation that th¢ School has adquate resources to conunue it5 activities for the foreseeable Euture. Accordingly, they continue to adopt the going concern basis in prepill£ the financial statements. The follouqng accounting polj.cies have been applicd consistent]y in de21in8 With items which are considered mater1 in rdauon to the School's finattcial statements. 1.1 Fees and slmllar •arned Income Ftts receivable and charge5 for $ervice5 and use of the premi5e5, less any allowances, 5cholrship5. Bursaries gtanted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in wkn'ch the scrvice is providcd. 1.2 Investment incomg Investment income frorn bank balAnce5 and savÈngs accounts are accounted for on an accru21s basis. 1.3 Donat5ons and other voluntary incoming rèsources Voluntary incory resources are accounted Eor Y4S and when entit]ement att£S, the amount can be reliably quantified 2nd the economic benefit to the School is considered prob2ble. Voluntary &ncome for the School's general putposes is accourjted for as unrestricted and is credited to the General Rescrve. 1 A Exp•ndlturn ExpendiNre is accrued as soon as a jiabiliry is considered probable, discounted to present value for longer-term ]iabiliues. Expenditure attributable to more than one cost category in Ihe SOFA is apportioned to them otl the basis of the eslimated 2mount attsibutable to each acuviry in the year, either by reference to 5tAEf time or the use rnade of the underlying assets. a5 approptia¢e. lttecoverdble VAT 15 included with the item of expenditure to which it relates. Governance costs comprise the costs oFcompl)ryng with constimuottal and statOry tequirements. 1.5 Tanglblo Ilxed assets Expenditure on the acquisition. constwction ot enhancement of land and buildllw costitig more than £5,0(K) together Iwith vehicles, Eumiture, machinery. ICT infra8ttuctLtre and other equipment costsng more than £250 artt capitakn5ed and carried in thc balance bheet at historical cot. JCT equipment costs are Titten ofE incurred. In certain circumstances, where the origmal costs of assets are not ascertainable, a reasonable estitnxte of the cosi IE material, has been used. Other expenditure on equipEnent iticurred in the n(Jmiai day-tTrday nRnning of the School ts charged to the Statement of Financial Activities as incurred.
Durlston Court School Trust Limlted Flnanclal stat¢ments for the y•ar ended 31 AugU$t 2021 14 1.6 Depreclatlon Dq)reci2tion is provided to write off the c09t of all relevant tan£ible fixed assets less estimated residual vxiue b25ed on cuttent matkei price8. in cqual annuRI insrAlments over their expected useful ecunomic lives as follows.. School buildin, includin2 majar extensions 40 - 50 Alterations on change OE use and minor extension% 10- 25 year5 Furniture. machincry and equiptnent S y(xrs Mrbtr¥r vehirleq S vp2r8 Computer equipment S years No depreciation is provided on freehokl land. Petiodic inJp2irment reviews are carried out. 1.7 Stocks Stocks are Yalued at the lower of co8t and net reaiisablc value. Fund ac¢ountlng The charitable tru%t funds of the School xrc accountcd for as unresrricted or testticted incon]e, ut as endonent capitaL in RccordancL with the iellns of trust imposed by the donors or appeal to which they may have responded. Endowment Eunds are Eurther bubdivided into permanent exp¢nd2bl Unre6tsic income belot)gs to the Scliool's corpornte reserwe5, spendable at the discretion of the Gowemors eithcr to furiher the School's Objects or to beneFit the School itself. Where the Go&ernoIs decide to 6et aside any Piirt of the%e funds to be used in tUre Some 5pecAfic purpose, this is accounted for by transfer to the Apptuprftate deS11ted fund. Restricted income comprises gifts, Icgacies and grant4 wheie there is no c•pirai retention obhgauon o pawer but onls a trubt law restriction to qome specific putpose intended by the donot. 1.9 Panslon cost% Retitement benefit5 to emploiee% of thc School are prtsvided thro tliree pension schemes, one dered benefit and two defined contribution. Ihe pension cost8 ch9rgcd itt the Statemeni of Finanaal Acuvities are detcllnitied as follo5.. (a) Royal London Pension- Thi5 sclILme ig the nominated pen8ion schemes fot teachers employcd bv the school. EmploJef¥ pension costs are chatged in the period in wliich the 8i1aries to which Ihey relate are payable. O)) The Peoplcs Pen5ioll - Emplo)er'% pensions cubts are chatged in the period in which the 52]arie$ to which the). rtllte Are payable. (cl Pensions Trust %cheme- The costs re12ting to this scheme are outlined in note 17 1.10 Debtor• Trade and other debtors ate recow8ed at the scttlement amount duc after any trade (h'scount oEEered. Ptepayments are valued at the 2mount prepaid net of #ny trade discourlts due. 1.11 Cash at bank and In hand C25h at bank and cash in hand includes cash and short terni highlv knquid investments with a short matutity OE three nionths or less from thc date ol acquisition or openitjg OF the depo¥it or sitnilar account.
Durlston Court Schogl Twst Llmltod Flnanclal slatoments lor th• year ended 31 Au9YSt 2021 45 1.12 Credltors and provlslon$ Creditors and provisions are recognised where the charity has a present oblitiOn resulting from a past event that lJI ptobably result in the transfer of fimds to a third party And the amount due to settle the obkng*tion can be measured or esrijnated reliably. Creditors and provisions are nornially recognised at their settten]ent amount after allOnn8 for any trade discounts due. 1.13 Flnanelal Instruments The trnst only has fmanci21 assets 2nd financial habilities of a kind that qualify 25 b2sic financial insttijments. Basic financial instruments we iniuall}' recognised at transaction value And subsequendy measured at their setdemetlt value Trhqth the excepuon of bank loans which are subsequently measured at amortised cost U52ng the effective interest method. 1.14 Crlllcal estlmates and judgements and key sources of estlmatlon uncertainty In the appbcation of the charity's accounting po]icics, the trustecs are requircd to make judgement, estimates and assumptions about the carrying amrjunt oF2ssets and ]iabiliues that are not readdy apparent from other sources. The estimates are recognised in the period in which the esiimate is revised where the revision aEEects only th2t pety0 or in the petiod OF the revis&on 2nd fijture periods where the relS1O effects both current and Euture periods. There aff no critical estimates, judgements or key sources of estimation uncettainty in 2021 or 2020.
Durlston Gourt Sclwol Trust Llmlted Financial statements foT year en¢lotl 31 Augugt 2021 16 Statement of financial activities Unrestricted Fuod8 .Notc 2021 lticoming t¢$OlliCCS Incomitigresourcts Frorn chAJitablL &1ctivLtiLS G(3VtmLncnt furlou8h Cjrant &771,090 302P82 1522 838 405,588 Inc(Jming regource& From gcnerttied ndS.. Voiunti?ry iLicr)me Ihvestmentincome 3.056 21.02i Othet inLf)mingresoutCES 8,64<J ?.968,?88 Totsl incotnlng re80vree8 091,976 Rc50Utcc$ cxpendcd c.osts of geneiaring fiillds Charitsbltt'.tcuipltitg IIL311 875,647 2,Y50.688 50A35 55,077 3,037,293 3,Ol3.i46 107.781 (.)tlier resaLir£cs expc.Iia¢d Total resoutce$ expended Nei Ittcome / (Ejoenditute) 54,683 145.7 j8) Ac¢uarid Gain /ILoss) on Defined Benefit Petision Scheme$ Movement5 tn funds 54,760 (4i,489) lotil.hnds brouglit fDnvdrd t I SeptembLlt 2021) Total funds carried fotvmrd at31 August 20n 2,457,135 1511,895 2,50? 624 9 457.135 All amounts derivt From contsnuin¥ activitte4. Th• ac¢ompanyln9 accounting po14¢ies and note$ form part ot these flnartcial statèmènls.
Durlslon Court S¢hool Trust Llmlted Flnanclal statem•nt$ for the year ended 31 August 2021 17 Balance sheet CompatsyiiLunbttr 1091930 Note 2021 2021 20?0 20?0 Fixed assets 1'8t]gible assets 3.321387 3,418,848 Cuttent assets Stockq Debto CLsh at imnk and in Iiand 4055 125,322 549,053 676,430 239,942 345.034 513Q218 tAabilitie8 Credito¢s: atnounts fii]mg due witbin olle year Net cuttent assets (509,7ll) {46? S) 166,719 1?3.8?7 Total 288ets less ¢urrefttllabiJities 3A89,106 .5.542,675 Creditor5." amounts Fsdiittg due afttr Inwe tl]2n one 5rear (958204) (1,1163,IU4) Provi5jon fot PeJ]sion (19.007) (9?.436) Net a6sets 2,51L895 2,457 13) Total cbatity funds: unte5dtea income fillids 2,511895 9.457.135 The FinilnciQ statements approitred by GuveLfAl>ts on 30ik Nov¢mbcL"202I E¥lr C C i%sh&eld aRtiTian.oEGove¢nors frCGL•Yis Ch&yrmall OE Finance ttttd Gcner81 Purposcs Committee The acGompanylng ac¢ountlng polAeles and notes fom1 part of these financlal stat8monts.
Durlston Court School Trust Llmited Financial $tatem•nl$ for thè year end•d 31 August 2021 18 Cash flow statement Note 2021 2021 2020 2020 Net ca%h ittflnw / ftom opetoting activities 18 376,494 (63,5(J7) RettErns OD iDV¢Stments and setvicing of finanee Interest rcceived Interest P3id 1,015 {50?35) 10,188 {55.077) (49J20) (44,88()) Capital expenditute Payments to acquire nble fixed assets Proceeds from Sale OEptr)Per, plant or equipment {23,656) 750 (68,815) Finoncing Bank loan repayment5 Iftctease / (Decrea8e) iti cash in year (100,249) 204,019 (95.814) (273.115) 19 The acGompanyiny a¢countlng pollcle5 and notes form part of these flnanclal stat¢ments.
Ourlston Court School Trust Umlted Flnanclal statements for Ihe year ended 31 August 2021 19 Notes to the financial statements Incomlng resources from charllablo a¢tlvltles 2021 202 School fees and a8s0ciated income: Fees receivable L. Spting term 2021 Covid fee adjusttnent 2.. Bursaries. $cholarships and other discounts Net fees receivable 3,420.442 (159,810) (602J22) 2,658JlO 3,348,081 (382,875) (5i6,334) IL108,872 Disbursements Extrd ltiOn Entrdnce Eees 96,265 Ll.265 3,250 87,245 23,571 3,150 1522,838 2,77L090 Voluntary income 2020 Voluntary itt¢ome Don2ti0tIs 3.056 21,025 During the yedr donations Eor the purchase of flxed assets amounted to nil (2020-. £18.500) Invastmont Income 2021 2020 Inve8tm¢fjt income Bank dep051t interest 1,0 10,188 other resources exponded 2021 2020 Other tt8OUtces expetsded Interest payable on bank loan see alfo nol¢ 12 Othet interest costs 50201 54,844 233 50,335 55,077
Durlston Court School Trust Limited Financial statements for the year •nd¢d 31 Augu$t 2021 20 Analysis of total resources expended 20 Total 2020 Total Staff costs Other Depteciation Costs of generating funds Adverti%llig and publicity (),0?6 iiiJii 107,781 Charitsbk activitie$ SLliuvl vl)CIIIiLig cTr%ts'. Teadll'ng and support costs Carering and support costs Premises Support 2nd admitLiStration Governance cosis 1,767247 101,i27 124265 192,693 l26,?31 L893,478 166J27 471,016 i ()1)8,16() 159,407 31)3,919 289,448 9,745 2,850,688 262,614 107.770 84,137 35,980 2,185,712 i69,798 120,117 2,875,647 Other resources expettded Inrerest payable on battk loan 50.201 50201 Other interes( costs 134 233 iO,33i 50,335 55.077 2,?45,758 671,418 120,117 3,037293 3,013,546 'I"otal re$ources expendd include-. 2021 2020 .luditors' remunerAtion fur audit services 1'.4'r IncrvAse l (Decrease) in Stuck Operaung le%5e renials Professional Indemnity insurance prcmium 7,000 813 6,474 6,b50 (1,33C)) 7,006 664 Employees Staff co%is during the y(xr were xs Eollows.. 2021 2020 Wages and salaries Social security costs Other pen5iOTh Costb (note 17) 812,836 1.924244 145,875 162,680 2S7,047 263,562 1245,758 2,350,486 The average number ofemplojees of the Cliarity during the year was 9i12020: 97). 'The averagc nLunber of full tim¢ equivalent cmpltsyees was 64 (2020.. 66) Onc employee's emoluments. were vjithin the range £80,000 - £90,11(K)12020'. one cmployee rythin the rang¢ L90,000-£IOO,(KI)). The (otal of key management per50ntLel comp¢nsauon was £340.426 (2020.. £3S6,033) ContribOn$ were made to a defined contribution pen$ion scheme in respect of the hsghest paid employee.
Durlston Court 8¢hool fNst Llmited Financial statements l¢r the year end•d 31 August 202 21 Transactlons wlth gov•rnors and other relat•d partle No Governots. received remuneration in the year, direcdy or indirect]y from the Charity. In 2021, the total amount of donations received thoUt condl'tions from Governors w2s nil (2020: ntl). In 2021 expenses paid on b¢h31f of gorernors to third partie5 amounted to nil1202(1. £405). The total number oEgovernors who incutted expenses was nil (2020.. 1) Tanglble flxed a$$etS Freehold land and buildings Fixture8, Motor fittittgs and vehicks equipment Computet equipment Total Cost At I September 2020 Additiotjs Disposals At 31 August 2021 Depreciauon At I September 2020 Provided ill the year Disposals At 31 Augu8t 2021 Net book nOUnt At 31 August 2021 Net book amount At 31 Augu8t 2020 4,642,370 103,727 458,970 13,680 274,802 9,976 5.479.869 23,656 (22,806) 5,480,719 (22,806) 80.921 4,642.370 471,650 284,778 1.315,100 84.137 90,245 4,734 (22,806) 72,173 429,743 12,389 225,933 18,8)7 2,061,021 120,117 121806) 2.158,332 1.399,237 442,132 244,790 3243,L13 8,748 29,518 39,988 3J22J87 3,327,270 13,482 29,227 48,869 3,418.848 Stocks 2021 2020 Catering provisions and heating fuel 2.055 1,242 10 Debtorg 2021 2020 Trade debtors Other debtors Prepayments aod accwed income 18,191 17298 89.833 42.317 144280 53,345 125J22 239,942
Durl$ton Court S¢hool Trust Limited Flnanclal statem•nt$ for the year end•d 31 August 2021 22 11 Credltors: amounts falllng due wllhln ono y•ar 2021 120 Bank loAns 'I"r2de creditors ocial seclty and other taxes Other creditor8 Accruals and deferred income 104,899 61,750 45,245 36.914 30,483 249.501 3,850 339212 509,7ll 12 Crodltors: amounts falllng du• after more than ono y•ar 2021 2020 Between one and two ye9rs BelwcL two and five yeArs After five years 109,765 384,084 464J55 104.897 344,634 613,i73 958,204 1,063,1(kl Credi"tors.' amounts fath.ng due 26ter more than one year comprises a bank loan secuted over the freehold property wkn.ch Is repa}able b}, December 20?C). The urwnal F¢d rAte agreement For this loan expited iti December 2015, to be rq)laced by a new fJxed rate agreement which expires in December 2024. 13 Uability of members The Charity does not havc any share capital. The members, consisting OE ihe Goyemors who are also directors, undcrtake to contribute an 2mount not exceeding £1 dch in the event OE the Chariry beit)g wound up. 'Ihe Charity h25 insurance to cover b()th l)roFes5ional Indemniry 2nd Govemors, Ji&bdity. The cover ts limited to £1,000,000 (2021Tr. LI,000,000). 14 Lea$lng commltments Operating Icase payment$ 2mounting to £3.6(X) (2020.. £6,402) are due wkthin one year. At 31 August 2021, the charity had agsregate to¢81 £ommimients under non-cgncellable operating leases as set out belour. Non-canceuable operating leases which expire.. 2021 2020 Within 2 to 5 yea 10,81KI 15 Capltal commltments 'I'here were no capit31 commitrncnts at 31 Augu%t 20?l oi 31 August ?OW. Gontlngent Ilabllltlos There were llo contingent ]i2bi]ities at 31 Augusi 2021 or 31 August 2020.
Durlston Court School Trust Llmlted Flnanclal statements the year ended 31 Auyu5t 202 17 Pensions Teacher8 Pensions 'rhe School previouEI5' p?ticAptea in tlie Teaehèrb ljension'schemo (England And 1K1C¥} I'%he TPS'?,.'Fot itS"te8ckning ¥tRff, ContLibutiOllS to dLib" gchemc fot tile yeit w%s ntl. Frotn l%¢ September 20th? ? pension conttibuuon8 For teachets 9te paid tr) Royal London a5 part.of 2 Defined Conuibution Seheme. The amount paid into the schtme E(>L the vext was £251,296, Other Pension Schemes l)en$ion corLtributions e also wid to coiitnbutotl. Iiid non-contllbucory pension sdiernes For diè bellefit OF noii-EeachingstaEE. Non-te8rhing staff may ¢ontribiite to onc OE two monei, putchase pension scheme5. The assets oEthe%e schemes ftrelield Separatety from tho&e of tht sclittol in indcpendendy idn)ittisteted lunds. 'Lle compauy partiCiP2tes in a J)ulti-employet i.themewhid) ptOFidcs benefits tn some 102 A]Oll-. ASSOCL1ted employer8. The scheme 15 2 defjned benefit $chcmcin the UIC It. not POS1ble for dje compaos. to obrain sufficieiit ittfortxJ2tion to et12ble it to account Eor di¢ ¥cheme as a defined benefit scheme. ThereEote. it occounts For the scheme Is 2 defined contribuuoii %chem The ¥clieme is siibject to the funditg jcgi512tion outlined in tbe PensÉoLIs &lct 2004 whicli catne into 011 30 Docember 2(Kl). This, together ivith documents. i$siied by the l?Lnsioii¥ Regulator atLd l-cchnical Actu¥Jtial Standards issued by the Financixl Reporting Council, set out the frarncworli fot Lijnding de&ned benefit <KCUP2tir)naL pension fchemes in ti)e UK. 'rhe schrane 15 classiFL¢d as a 'last-m2n stand£"rLg ariingement,. fheteEot< diL Charity Lf POEenli8lly iiable for other participatiiig emplo}ers' obbgRtiOtL5 AE those etnplo}-ets unable to meet tlioir share OE the scheme deficir Eolloiv&ng wrythdrlwal Fxom di¢ scheme PArcicipttiig emplovers att le8ally requiied to mcet their sh2te ofthe scliLme dcficit orL an annuitypurch¥ss6 basis on tIldrVal Ftum Ltie scheLiJe. A act111 valuatiorn Eoi the 5cliEme w%s c2tued outat ivith An effectiirt date'of30 September 2017. Illis Ictuarial valuation was certified oil 19 D¢ccrnber ?(118 {2lld 6howed.2ssets OF D?O.Om, liabiLiti&% of £145.9m And..1 deficit OE £?5.9m. To elimi'nate diis fidIng shorc&ll, the ItU5ree and thL participatln8 employers hi7e iigreed that addition21 contributions will be PAid. rr) combinxtion Froin AU eniplo}'"ets, to the 8chemc a5 FollovAs'. Deficit eonttiblltions Frotn l ApIii 2019 to JO Sepc 2026: £1.404,638 per annum IpaSTable morithl). and incrèa8ing by 30/0 each OF] 1st Ap&) From l April'2019 to 30 Sfpr. 2027: £736.701 per annum (PAy&ble monthl}.t and sacrexsittg by 3¢1 JO CRGh on ISL. Apil) The.contribotioiis to 30 Septcrnbet 2027 are in respLCt OE those employers'that liave Qgreed concessions (both pa.st and PLtsetjt) with the Tmstee. The recovery p12ll contributions e allocated ro each P11 rtS¢LPatitig employLr in line widi dieir e¥tirn&ted share of tbe 8chcme.littbiIlti. ljere the scheme is in deficit and where thc c111¥ ritii has a8reed.to i defiCt fiindsng Arrniymen¢, the Chlltiry tecogmi5c4 a ii2biLiti, fot this obligatiort. Tlie amounf'rccognised is tlie nLt pre%eat vaiuc of tlje deFJcit reduction contriburions payable under the ?greemettr that relates to the deficit. The PLtsent ralue i& calcukted using the discounc rate (ktqiled in rhÉse disclosute$. The umvindiJ?g OE the tli%couat te 15 recww%ed as a finince cost.
Durlston Court School Tyust Lijrsited Flhanclal statements for the year ended 31 August 2021 FrL'scttt Vat3 of Prov1510tI 2021 2020 2019 Pr&8ent ipalu¢ of proFision 19,007 26,178 Rccotteiliation of opening and closithg ptovi$Aon9 2021 rDvision'ai sTrrt of pdiod 21436 25,356 'ttwitidAng of the discouni flLtr}I' (iiiterL'8t cxpcnK') ?33 Deficit contribution pllid RemelSUEem¢nts - impact of an! chat]gc iti assumptions Rcmeasuretnents- am¢hdfftent8 to the conttibuuort.. schedulc (7 ProvÈsion at end oEperiod 19,007 22,436 Ittcoffle and expenditure'ithpact 2021 Inieresi expmtse emeRsufL'incnts- iinpact OE an}f ch%tLge in assutnptiolls Rcm&25ufcEnents- llmendmcnt8 to die eonthl)utioii schedule 134 ?31 Assumption5 2021 2020 /0 per annum /0 pet annum Jè p£r a[UM 0.1)9 Rate of discount 0.81 0.65 Th¢ dtscuuttriate% 5how].abc¥kL 1& rc the cguivalent sin8le discount rAtes which, ivhen used to discoiint the future teci)vctY plthii cotstribuuon¥ d'ue. wc)uld &>iv¢ Llie SnL rL%idts a5 U5inx a Edl corpor%tc bc>ttd yield ciiTh"e tv Ji8CL)uol. the swlle roc()Feri plan Contributio¥. Itt August 2Q16. school stirted its ?uro-enro]menL' Pu10 scheme with The Peoplcs Peft$ion Eor the bencfityuf All non-trachiiiÈ stftff Mid goins Eonwrds this be ih¢ only pension schtme oFFLrcd. All peJJsion cotitributiots COSL¥are.r¢¢£>gnised in biatementoffjLAntia] activities ag the) bocotne pi}iable. Amoviits owingto PellSlun schcnics at thc i'cat-end amounted Eo £39.?37 (•20.' £30,484)..
Durlston Court SchooF Trust LÉmiled Flnancial statements for the year ended 31 AugL•$t 2021 25 18 Roconclllatlon of net Incomlng resources to Tret ¢•sh inftow from opgratlng actlvltles 2021 2020 Net Ittcoming / (Outgoing) reSoue5 Nei interest Depteciatson ProFit From sale of properry, p]2nt or equipmenr ncrease) / Decrease in stock Decrease / ancre28e) in debtors Incre2se / (Decrvase) ifl creditots (Decrease) in provisiott Eor pension Net cash ift£low / (outflow) from operating acuviiies 54.760 49,320 120,117 (750) (813) 114,620 42,669 13.429) 376.494 (45,489) 44,889 125,501 lJ36 (104,891 (82,021 (2,9201 (63,597) 19 Reconclllatlon of net cash flow to movern•nt In nat debt 2021 2020 Increase (Decrease) in cash Bank loan repAirynent$ Decrease in net debt Net debt at I September 2020 Net debt at 31 August 2021 204,019 100,249 304,268 {818,3181 {514,050} (273,115) 95.814 {177,301) (641,017) (818,318) 20 Analy313 ol changes In net debt At 31 Aug 2021 Cash flow At I Sep 2020 C2$h at bank 2nd in hand Bank loan 549,053 (1,063,103) (514,050) 204,019 100.?49 345,034 (1,163,352) (818J18) 304,268