2022-08-31-accounts - The Corporation Of St Lawrence College

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Page
Governors'	report
Independent	auditor's	report on the	financial statements	20
Consolidated	statement	offinancial	activities	23
Consolidated	balance	sheet		24
Charity balance sheet				25
Consolidated	statement	ofcash flows		26
Notes to the	financial statements			27

GOVERNORS:	GOVERNORS:	Mr J Bolton (1,2,3,5)	(Chairman)
		Mrs G EPage (1,3,4,5)	(Vice-Chair)
		Mrs A G Burgess (2)		Resigned	01/09/22
		Mr G Carter (1,4) MrJ N James (2)		Appointed	30/06/22
				Resigned	03/10/22
		MrJSLaslett (1,3,4)
		Mr N J Lawn (4)		Appointed	24/06/22
		Mr N G Marchant (1,5)
		Mrs M Millin (1)
		DrJ Neden (2) MrJ H Tapp (1,4)		Resigned	19/11/21
		Mr T LTownsend
		MrS Pullen (2)
Governor	Subwommlttee	Membership Key:

1	Member	ofthe Finance Committee	ofthe Finance Committee
2	Member	ofthe Education	and Welfare Committee
3	Member	ofthe Governance, Compliance and Risk Management			Committee
4	Member	ofthe Estates Committee
5	Member	ofthe Marketing,	Admissions and Development	Committee
EXECUTIVE			Head ofCollege: Governors:		Head ofJunior School:
			Mr BG Durrant		Mrs E Rowe
			Bursar 5 Clerk to the
			Mr J A Connelly
ADDRESSES			Senior School:		Junior School:
			St Lawrence College		St Lawrence College Junior School
			College Road		College Road
			RAMSGATE		RAMSGATE
			Kent CT11 7AE		Kent CT11 7AF
Website:			www. slcuk.corn
Company		Registration			Charity Number:
Number:			00037622		307921

			Unrestricted	Restricted	Total	Total funds
			funds	funds	funds
		Note	2022 f	2022f	2022f	2021f
Income:
Donations and gifts			11,541	35,920	47,461	204,734
Charitable activities			10,738,560		10,738,560	8,133,175
Commercial trading	activities		144,335		144,335	53,830
Investment income			37,398		37,398	28,693
			10,931,834	35,920	10,967,754	8,420,432
Other income		18	6,062,522		6,062,522
Total income			16,994,356	35,020	17,030270	0420432
Expenditure:
Commercial trading	activities		58,306		58,306	19,014
Charitable activities			11,161,193		11,161,193	10,025,133
Total expenditure			11,219,499		11,219,499	10,044,147
Corporation tax payable		14	(895)		(895)
Net income/(expenditure)			5,773,962	35,920	5,809,882	(1,623,715)
before other gains	and
losses
Net gain on investments		16,17	90,250		90,250	34,550
Net income/(expenditure)			5,864,212	35,920	5,900,132	(1,589,165)
forthe year before	transfers
Transfers between	funds	26	31,424	(31,424)
Net movement in funds for			5,895,636	4,496	5,900,132	(1,589,165)
the year
Reconciliation offunds:		26
Total funds at 1 September 2021			9,980,269	223,079	10,203,348	11,792,513
Total funds at 31 August 2022			15,875,905	227,575	16,103,480	10,203,348

Company number: 00037822
	Note	2022	2022	2021f	2021 6
FIXEDASSETS	15
Tangible assets	16		19,070,059		18,705,459
Investment property	17		670,000		565,000
Investments			15,125		29,875
			19,755,184		19,300,334
CURRENT ASSETS
Asset held for sale	18			263,368
Stocks	19	127,537		112,013
Debtors	20	6,338,016		484,225
Cash at bank and in hand		1,231,250		403,248
		7,696,803		1,262,854
CREDITORS: amounts	21
falling due within one year		1 305,832		511,844
NET CURRENT ASSETS			6,390,971		751,010
TOTAL ASSETSLESSCURRENT			26,146,155		20,051,344
LIABILITIES
CREDITORS: amounts falling	22		(8,352,770)		(7,876,938)
due after more than one year
DEFERRED INCOME	24		(1,689,905)		(1,971,058)
NET ASSETS			16,103,480		10,203,348
FUNDS OF THE GROUP
Restricted funds			227,575		223,079
Unrestricted funds:
Share capital	25	170		170
Unrestricted income funds		15,875,735		9,980,099
Total unrestricted funds			15,875,905		9,980,269
TOTAL GROUP FUNDS	26		16,103,480		10,203,348

Company number: 00037822
	Note	2022	2022	2021	2021
		6	6	6	6
FIXEDASSETS	15
Tangible assets	16		19,070,059		18,705,459
Investment property Investments	17		670,000 15225		565,000 29975
			19,755,284		19,300,434
CURRENT ASSETS
Asset held for sale	18			263,368
Stocks	19	126,545		112,013
Debtors	20	6,433,536		577,480
Cash at bank and in hand		1 122398		303622
		7,682,479		1,256,483
CREDITORS: amounts	21
falling due within one year		1,305259		511,664
NET CURRENT ASSETS			6 377,220		744,819
TOTAL ASSETS LESSCURRENT			26,132,504		20,045,253
LIABILITIES
CREDITORS: amounts falling	22		(8,352,770)		(7,876,938)
due after more than one year
DEFERRED INCOME	24		(1,689,905)		(1,971,058)
NET ASSETS			16,089,829		10,197,257
FUNDS OF THE CHARITY
Restricted funds			227,575		223,079
Unrestricted funds:
Share capital	25	170		170
Unrestricted income funds		15,862,084		9,974,008
Total unrestricted funds			15,862,254		9,974,178
TOTAL CHARITY FUNDS	26		16089029		10 197207

					Note	2022	2021
						6
Net cash provided by operating activities					31	1,487,439	152,214
Cash flows from Investing		activities				37,401	28,693
Purchase oftangible fixed	assets					(1,292,264)	(128,462)
Asset for resale						(6,712)	(56,156)
Cash (used in)/provided	by	investing	activities			~3201,575	155,925
Cash flows from financing		activities
Cash inflows from net borrowing						649,541	107,050
Repayments of borrowing						(47,403)	(25,788)
Cash provided by financing		activities				602,138	81,262
Change in cash and cash	equivalents in		the	year		828,002	77,551
Cash and cash equivalents	at the beginning			ofthe year		403,248	325,697
Cash and cash equivalents		at the end	of	the year	(a)	1,231,200	403 245
(a) Analysis ofchanges	in	net debt
		At	1	Cash	New	Other non-	At 31
		September 2021		flows	finance leases	cash changes	August 2022
			6		8		6
Cash at bank and in
hand		403,248		448,461	379,541		1,231,250
Debt:
Loans falling due within
one year
Loans falling due aRer		(7,100,000)		(270,000)			(7,370,000)
more than one year
Finance lease obligation		(54,030)		47,403	(379,541)		(386,168)
Net debt	~7,154,030			@2222,597	~879541,		7,756,168

ts, less their estimated resid bases:	ual value, over their	expected useful l
Buildings		-50years
Groundworks Iimprovements Water based Astro	to property	-25years -15years
Roads and sports surfaces Computer equipment Other equipment		-10years -4years -7years

				Unrestricted	Unrestricted	Unrestricted	Restricted	Restricted	Restricted	Total	Total
					2022			2022		2022	2021
						6			6	6	6
Coronavirus	Job	Retention	Scheme								157,180
Donations	and gifts				11,541		35,920			47,461	47,554
					11,541		35,920			47,461	204,734
In 2021,f38,362ofdonations				and gifts	income was attributable				to restricted funds with the
remaining	69,192to unrestricted funds.
FEES
(a) The	school's fees income comprised:
Fees receivable		during the	year are in respect			ofthe Autumn		2021, Lent 2022 and Summer 2022
terms, net	ofscholarships		and	bursaries.
										2022	2021
										6
Gross fees										12,289,999	10,078,131
Optional extras										166,853	126,839
Scholarships										(737,870)	(804,481)
Bursaries										(1,631,385)	(1,554,025)
Net fees										10,087,597	7,846,464
Fees receivable		analysed	by	geographical		location:
										2022	2021
										8
United Kingdom		and Europe								8,054,220	6,355,609
Rest ofthe World										2,033,377	1,490,855
Total										10,087,597	7,846,464

(b)	Grants,	numbered:
		2022f	2021
Scholarships		263	227
Bursa	ries	289	232
Total		552	459

CHARITABLE INCOME
	2022f	2021f
Income from school fees (note 5) Income from lets connected to education	10,087,597 496,167	7,846,464 130,613
Other charitable services	154,796	156,098
	13738 583	8.133.175

2022f	2021f
144,335	53,830

INVESTMENT INCOME
	2022f	2021f
Rents receivable	35,377	24,045
Interest receivable	2,021	4,648
	37,398	28,693

STAFF COSTS
	2022f	2021f
Wages and salaries Social secudty costs	5,824,409 541,612	5.524,867 501,137
Other pension costs	636,848	664,248
	7002869	6690,252

The average monthly	number ofemployees	number ofemployees	during the year was as follows:
			Head	count	Head count
				2022	2021
				No.	No.
Teaching and support:	Full time			66	70
Teaching and support:	Part time			61	63
Non-teaching: Full time				43	46
Non-teaching: Part time				77	71
				247	250
The number of higher	paid employees	was:
				2022	2021
				No.	No.
In the band f60,001 -	f70,000			1	1
In the band F70,001 -	f80,000			2	2
In the band f110,001	- f120,000			2	2

		Staffcosts	Depreciation	Other costs	Total	Total
		2022	2022	2022	2022	2021
				8
Charitable	activities
Teaching costs Welfare costs		4,479,696 842,587		581,669 516,028	5,061,365 1,358,615	4,847,043 1,092,346
Premises		698,731	924,496	1,030,302	2,653,529	2,527,272
Support costs Educational lets		885,208 64,968		1,073,788 63,720	1,958,996 128,688	1,497,208 61,264
		6,971,190	924,496	3265,507	11,161,193	10,025,133
Trading activities
St. Lawrence
College
Enterprises Limited		31679		26627	60 306	19014
Total
expenditure		7,002,869	924,496	3,292,134	11,219,499	10,044,147

	This is stated after charg	ing:
					2022	2021
	Depreciation oftangible	fixed assets: owned assets			858,196	890,250
	Depreciation oftangible Auditor's remuneration:	fixed assets: acquired audit		under finance lease	42,432 11,220	31,587 10,680
	Auditor's remuneration:	non-audit	services		858	2,223
	Operating lease rentals:	equipment			55,314	61899
13	INTEREST PAYABLE
					2022	2021
					8
	Bank loan interest				177,392	127,866
	Hire purchase interest				3,572	4,545
					180,964	132,411
14	CORPORATION TAX
					2022	2021
					6
	Corporation taxaable	—re:previ	ousyear		895

Group	Freehold land, buildings,	Assets under construction	Equipment	Total
	sports
	surfaces and
	roads
		R		R
Cost
At 1 September 2021	26,734,524	135,993	4,306,840	31,177,357
Additions	142,406	671,868	477,990	1,292,264
Dispose Is	(33,057)		(31,624)	(64,681)
At 31August 2022	26,843,873	807,861	4,753,206	32,404,940
Depreciation
At 1 September 2021	8,505,687		3,966,211	12,471,898
Charge for the year: owned assets	730,388		127,808	858,196
acquired by hire purchase			42,432	42,432
Disposals	(7,152)		(30,493)	(37,645)
At 31August 2022	9,228,923		4,105,958	13,334,881
Net Book Value
At 31 August 2022	17,614,950	807,861	647,248	19,070,059
At 31August 2021	18,228,837	135,993	340,629	18,705,459

TANGIBLE FIXEDASSETS	(continued)
Charity	Freehold land, buildings,		Assets under construction	Equlpmant	Total
	sports
	surfaces and
	roads
	6
Cost
At 1 September 2021	26,734,524		135,993	4,247,293	31,117,810
Additions	142,406		671,868	477,990	1,292,264
Disposals	(33,057)			(31,624)	(64,681)
At 31August 2022	26,843,873		807,861	4,693,659	32,345,393
Depreciation
At 1 September 2021	8,505,687			3,906,664	12,412,351
Charge for the year: owned assets	730,388			127,808	858,196
acquired by hire purchase				42,432	42,432
Disposals	(7,152)			(30,493)	(37,645)
At 31August 2022	9,228,923			4,046,411	13,275,334
Net BookValue
At 31 August 2022	17614950 ,	,	807 801	647 248	19,070,050
At 31 August 2021	18,228,837		135993	340,629	18705,459

												Listed
	Group										investmentsf
	Market value
	At 1 September 2021											29,875
	Loss on revaluation											(14,750)
	At 31August	2022										15,125
								Listed	Unlisted			Total
							investments		investments
	Charity							6		6
	Market value
	At 1 September 2021							29,875		100		29,975
	Loss on revaluation							(14,750)				(14,750)
	At 31August	2022						15,125		100		15,225
	Unlisted investments		comprises 100%ofthe issued					share capital, conferring		100%ofthe voting
	rights, ofSt.	Lawrence	College Enterprises			Limited.
18	ASSET HELD FOR SALE
					Group			Group	Charity			Charity
					2022			2021		2022		2021
						8		6		6		6
	Land held for	sale						263,368				263,368
	Contracts were exchanged				on the sale of	land on	20 December 2021, for total consideration					of
	66,417,303.	Completion		of	the sale occurred on 21			October 2022. The net		proceeds of
	66,062,522, after deducting				costs incurred	to sell,	has been recorded		in the	Statement	of Financial
	Activities as 'other income'.
19	STOCKS
					Group			Group	Charity			Charity
					2022 6			2021f		2022 8		2021 F
	School shop and catering
	supplies				127,537			112,013	126,545			112,013
20	DEBTORS
					Group			Group	Charity			Charity
					2022			2021		2022		2021
						6		5		6		5
	Trade debtors				272,315			234,565	250,996			205,143
	Amounts owed by group
	undertakings								116,839			126,421
	Other debtors				5,701,840			953	5,701,840
	Prepayments	and accrued
	income				363861			248,707	363,861			245,916
					6338616			484.226	6,433,536			577,480

FINANCIAL INSTR	UMENTS
		Group	Group	Charity	Charity
		2022	2021	2022	2021
		6	5	6
Financial assets measured
at fair value through	profit or	685,225	594,975	685,225	594,875
loss

Group and Charity	Group and Charity
				2022	2021
				6	6
Fees in	advance			1,659,384	1,910,488
Trip income received		in advance		30,521	60,570
				1,689,905	1,971,058
Group and Charity
Deferred	income at	1 September	2021	1,971,058	1,245,370
Resources deferred		during the year		1,659,384	1,971,058
Amounts	released from previous		years	l1,971,058)	(1,245,370)
Deferred	income as	at 31 August	2022	1,659,384	1,971,058

SHARE CAPITAL
Charity
	2022 6	2021f
Allotted, called up and fully paid: 17ordinary shares off10each	170	170

26 STATEMENT	OF	FUNDS
CURRENT YEAR
		At 1	Income	Expenditure	Transfers	Gains I	At 31
	September				in I(out)	(losses)	August
		2021					2022
		6					6
Designated Funds
Investment property		565,000				105,000	670,000
The Sir Kirby Laing
Sports Hall Fund		123,000			(3,000)		120,000
The Sir Kirby Laing
Kirby House Fund		699,140			(20,086)		679,054
Prizes Fund		11,403					11,403
Buildings and
equipment Fund Development Fund		145,000 92,563	11,541		2,392		145,000 106,496
Scholarship Funds		2,445			(85)		2,360
Bursary Funds		2,920					2,920
CCF Fund and
D ofE Fund		13,975			37		14,012
		1,655.446	11541		~20.742	105,000	1,751,245
Unrestricted
Funds
Generalreserve		8,324,656	16,982,810	(11,223,769)	52,168		14,135,565
Share capital		170					170
		8,324 826	16,002.810	~11.223.769	02,160		14,136,035
Total Unrestricted Funds		9980272	16994351	~I1223769	31240	105000	15007200
Restricted Funds
Bursaries and
Scholarship Funds		181,107	13,291		(20,034)		174,364
Inspiring Teaching and Learning Fund		866					866
Building and
Equipment Fund		31,054	22,630		(11,392)		42,292
Development Fund		10,052					10,052
Total Restricted Funds		223079	35921		~21,426		221574
Total Funds	10,203,351		17,030,272	(11,223,769)		105,000	16,114,854

6 STATENIENT PRIOR YEAR	OF FUNDS (cont	inued)
	At 1	Income	Expenditure	Transfers	Gains I	At 31
	September			in I(out)	(losses)	August
	2020					2021
	6					6
Designated Funds
Investment property	527,500			37,500		565,000
The Sir Kirby Laing
Sports Hall Fund	126,000			(3,000)		123,000
The Sir Kirby Laing
Kirby House Fund	719,226			(20,086)		699,140
Prizes Fund	11,403					11,403
Buildings and
equipment Fund	145,000					145,000
Development Fund	83,276	9,287				92,563
Scholarship Funds	2,520			(75)		2,445
Bursary Funds	2,920					2,920
CCF Fund	9,959			2.189		12,148
D ofE Fund	3,147			(1,320)		1,827
	1,630,951	9207		15,208		1 655446
Unrestricted
Funds
General reserve	9,892,432	8,215,603	(10,044,147)	226,218	34,550	8,324,656
Share capital	170					170
	9092 602	8 215003	~70044147	, 226.218	34550	8324 826
Total Unrestricted
Funds	11,523,553	8,224,890	~70 044,147	241,426	34,550	9,980,272
Restricted Funds
Bursaries and
Scholarship Funds	227,793	32,304		(78,990)		181,107
Inspiring Teaching and Learning Fund	556	310				866
Building and
Equipment Fund	30,562	5,748		(5,256)		31,054
Development Fund	10,052					10,052
Coronavirus Job
Retention Scheme		157,180		(157,180)
Tots IRestricted
Funds	268,963	195,542		~24 7 426		223,079
TotalFunds	11,792,516	8,420,432	(10,044,147)		34,550	10,203,351

NALYSIS OF NET ASSETS BETWEEN	NALYSIS OF NET ASSETS BETWEEN	FUNDS
Group —Current year		Unrestricted	Restricted	Total
		funds	funds	funds
		2022	2022	2022
		6	6
Tangible	fixed assets	19,070,059		19,070,059
Investments		15,125		15,125
Investment property		670,000		670,000
Current	assets	7,469,228	227,575	7,606,803
Creditors	falling due within one year	(1,305,832)		(1,305,832)
Creditors	falling due after more than one
year		(8,352,770)		(8,352,770)
Deferred	income	(1,689,905)		(1,689,905)
		15,515555	227,575	16,103,480
Group —Prior year		Unrestricted	Restricted	Total
		funds	funds	funds
		2021	2021	2021
		6	5	6
Tangible	fixed assets	18,705,459		18,705,459
Investments		29,975		29,975
Investment property		565,000		565,000
Asset held for sale		263,368		263,368
Current	assets	770,036	223,079	993,115
Creditors	falling due within one year	(511,664)		(511,664)
Creditors	falling due after more than one
year		(7,876,938)		(7,876,938)
Deferred	income	(1,971,058)		(1,971,058)
		9,974,178	223,079	10,197,257
Charity	—Current year	Unrestricted	Restricted	Total
		funds	funds	funds
		2022	2022	2022
				6
Tangible	fixed assets	19,070,059		19,070,059
Investments		15,225		15,225
Investment property		670,000		670,000
Current assets		7,454,904	227,575	7,682,479
Creditors	falling due within one year	(1,305,259)		(1,305,259)
Creditors	falling due after more than one
year		(8,352,770)		(8,352,770)
Deferred	income	(1,689,905)		(1,689,905)
		15862254	227 575	16,089,829

ANALYSIS	OF NET ASSETSBETWEEN	FUNDS (continued)
Charity-	Prior year	Unrestricted	Restricted	Total
		funds	funds	funds
		2021	2021	2021
		6	6	6
Tangible fixed assets		18,705,459		18,705,459
Investments		29,975		29,975
Investment	property	565,000		565,000
Asset held for sale		263,368		263,368
Current assets		770,036	223,079	993,115
Creditors	falling due within one year	(511,664)		(511,664)
Creditors	falling due after more than one
year		(7,876,938)		(7,876,938)
Deferred income		(1,971,058)		(1,971,058)
		9,974,179	223 979	10,197,257

		Group	Group	Charity	Charity
		2022f	2021 6	2022	2021 6
Amounts	payable:
Within one year		23,452	37,574	23,452	37,574
Between	1 and 5years	19,742	40,426	19,742	40,426
		43,194	78,000	43,194	78,000

RECONCILIATION ACTIVITIES	OF NET EXP	ENDITU	RE	TO NET CASH	FLOW FROM OPER	ATING
Group					2022f	2021 6
Net income/ (expenditure) for the		year (as	per	Statement of	5,900,132	(1,589,165)
Financial Activities)
Gains on investments					(90,250)	(34,550)
Proceeds from sale ofassets					6,335,766	4,167
Dividends, interest and rents from		investments			(37,398)	(28,693)
Depreciation / profit disposal ofassets					(5,138,026)	890,250
(Increase) / decrease	in stocks				(15,522)	36,727
(Increase) / decrease	in debtors				(5,853,791)	126,248
Increase in creditors	and deferred	income			386,528	747,230
					1,487,439	152,214
PRINCIPAL SUBSIDIARY
				Country of	Percentage	Company
Company name			incorporation		shareholding	number
St.Lawrence College	Enterprises	Ltd		England	100%	03100304

Results for the year ended 31August 202	2
	2022	2021
	6
Total assets	131,163	132,793
Total liabilities	(117,412)	(126,601)
Total equity	13,751	6,192
Turnover	210,277	111,519
Expenditure	(191,730)	(100,050)
Result for the year	18,547	11,469

RESULTS OF TH	E CHARITY
		2022	2021
		6
Total income		16,994,930	8,262,724
Total expenditure		(11,181,230)	(9,877,907)
Net income before gains on investments		6 676,273	~7,675.783
Net gains/(losses)	on investments	(14,750)	34,550
Net movement in funds		579895D	~1,585.633