|
Page |
| Members ofthe Council and Advisors |
1
- 2 |
Statement by David Smellie
— Chairman ofthe Council |
3 |
| Annual Report ofthe Council |
4-16 |
| Independent Auditor’s Report to the Council of Radley College |
17—20 |
| Consolidated Statement of Financial Activities |
21 |
| Statement of Financial Activities |
22 |
| Consolidated Balance Sheet |
23 |
| Balance Sheet |
24 |
| Consolidated Cash Flow Statement |
25— 26 |
| Notes to the Financial Statements |
27
— 53 |
Notes to the Financial Statements
- Comparative Information |
54
- 59 |
| Independent Auditor |
Crowe U.K. LLP |
|
Aquis House |
|
49-51 Blagrave Street |
|
Reading |
|
Berkshire |
|
RG1 1PL |
| Bankers |
National Westminster Bank plc |
|
11 Market Place |
|
Abingdon |
|
Oxfordshire |
|
0X14 3HH |
| InvestmentAdvisors |
Oxford University Endowment Management Limited |
|
King Charles House |
|
Park End Street |
|
Oxford |
|
OX1 1JD |
|
Investec Wealth & Investment Limited |
|
2 Gresham Street |
|
London |
|
EC2V 7QN |
| Solicitors |
Farrer & Co LLP |
|
66 Lincoln’s Inn Fields |
|
London |
|
WC2A 3LH |
|
Knights Professional Services Limited |
|
Midland House |
|
West Way |
|
Botley |
|
Oxford |
|
OX2 OPH |
|
Cater Leydon Millard Limited |
|
18c Milton Park |
|
Abingdon |
|
Oxfordshire |
|
0X14 4RP |
| Pension Advisors |
Mattioli Woods plc |
|
Cheveley House |
|
Fordham Road |
|
Newmarket |
|
Suffolk |
|
CB8 7XN |
Crowe
INDEPENDENT AUDITOR'S REPORT TO THE COUNCIL OF RADLEY COLLEGE FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
CROWE U.K. LLP
Statutory Auditor
Aquis House 49-51 Blagrave Street Reading RG11PL
Date: 9 December 2021
Crowe U.K. LLP is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2006
Page 20
|
|
Unrestricted |
Restricted |
Endowed |
Total funds |
Total funds |
|
Notes |
funds |
funds |
funds |
2021 |
2020 |
| INCOME AND ENDOWMENTS |
|
£000 |
£000 |
£000 |
£000 |
£000 |
| FROM: |
|
|
|
|
|
|
| Charitable activities |
|
|
|
|
|
|
| School fees |
5 |
26,834 |
|
- |
26834 |
23,514 |
| Other educational income |
6 |
440 |
|
|
440 |
432 |
| Other ancillary trading income |
6 |
566 |
|
- |
566 |
602 |
| Othertrading activities |
|
|
|
|
|
|
| Activities for generating funds |
|
|
|
|
|
|
Trading turnover
- |
|
|
|
|
|
|
| Radley College Services Limited |
7a |
39 |
- |
- |
39 |
152 |
| Radley College Leisure Limited |
7b |
366 |
- |
- |
366 |
389 |
| Trading income |
6 |
5 |
- |
- |
5 |
8 |
| Otherincoming resources |
6 |
27 |
- |
- |
27 |
11 |
| Investments |
|
|
|
|
|
|
| Investment income |
6 |
973 |
867 |
- |
1,840 |
1,366 |
| Donations and legacies |
|
|
|
|
|
|
| Donations and government grants |
4 |
650 |
1,521 |
|
2,171 |
2,337 |
| Total |
|
29,900 |
2,388 |
|
32,288 |
28.811 |
| EXPENDITURE ON: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
Fundraising
- Radley College |
|
10 |
- |
- |
10 |
19 |
Fundraising
- Radley Foundation |
|
463 |
- |
|
463 |
353 |
Fundraising
- Radleian Society |
|
- |
48 |
|
48 |
87 |
Fundraising trading
— |
|
|
|
|
|
|
| Radley College Services Limited |
|
63 |
- |
- |
63 |
121 |
| Radley College Leisure Limited |
|
10 |
- |
- |
10 |
16 |
| Bank and loan interest |
|
794 |
- |
- |
794 |
779 |
| Investment management costs |
|
143 |
115 |
25 |
283 |
213 |
|
|
1,483 |
163 |
25 |
1,671 |
1,588 |
| Charitable activities |
|
|
|
|
|
|
| School and grant-making |
|
27,191 |
1,701 |
- |
28,892 |
27,001 |
| Total |
8a |
28,674 |
1,864 |
25 |
30,563 |
28,589 |
| Net incomel(expenditure) before |
|
1,226 |
524 |
(25) |
1,725 |
222 |
| gains |
|
|
|
|
|
|
| Investmentproperty revaluation |
14,15 |
19,844 |
500 |
- |
20,344 |
5,186 |
| Investment gains/(losses) |
14 |
4,046 |
3,226 |
689 |
7,961 |
(1,647) |
| Netincome |
9 |
25,116 |
4,250 |
664 |
30,030 |
3,761 |
| Transfer between funds |
21,22 |
(103) |
103 |
|
|
|
|
|
25,013 |
4,353 |
664 |
30,030 |
3,761 |
| Other recognised gainsl(Iosses) |
|
|
|
|
|
|
| Pension scheme remeasurements |
24 |
1,464 |
- |
- |
1,464 |
(1, 139) |
| Netmovementinfunds |
|
26,477 |
4,353 |
664 |
31,494 |
2,622 |
| Fundbalances atlAugust2020 |
|
87.099 |
25.019 |
3.615 |
115.733 |
113.111 |
| Fund balances at 31 July 2021 |
|
1115Th |
29.372 |
4.279 |
147.227 |
115.733 |
|
Notes |
Unrestricted |
Restricted |
Endowed |
Total funds |
Totalfunds |
|
|
funds |
Funds |
funds |
2021 |
2020 |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
|
| FROM |
|
|
|
|
|
|
| Income from charitable activities |
|
|
|
|
|
|
| School fees |
5 |
26834 |
- |
- |
26,834 |
23,514 |
| Othereducational income |
6 |
440 |
- |
- |
440 |
432 |
| Other ancillary trading income |
|
605 |
- |
- |
605 |
709 |
| Othertrading activities |
|
|
|
|
|
|
| Activities for generating funds |
|
|
|
|
|
|
| Trading income |
|
5 |
|
|
5 |
8 |
| Other incoming resources |
|
27 |
|
|
27 |
11 |
| Investments |
|
|
|
|
|
|
| Investment income |
|
820 |
628 |
- |
1,448 |
988 |
| Donations and legacies |
|
|
|
|
|
|
| Donations and governmentgrants |
4 |
668 |
1,409 |
- |
2,077 |
2,289 |
| Total |
|
29,399 |
2,037 |
|
31,436 |
27,951 |
| EXPENDITURE ON |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
Fundraising
- Radley College |
|
10 |
- |
- |
10 |
19 |
Fundraising
- Radley Foundation |
|
466 |
- |
- |
466 |
353 |
Fundraising trading
- |
|
|
|
|
|
|
| Radley College Services Limited |
|
37 |
- |
- |
37 |
35 |
| Bank and loan interest |
|
794 |
- |
- |
794 |
779 |
| Investment management costs |
|
118 |
75 |
25 |
218 |
156 |
|
|
1,425 |
75 |
25 |
1,525 |
1,343 |
| Charitable activities |
|
|
|
|
|
|
| School and grant-making |
|
26,994 |
1,544 |
- |
28,538 |
26,644 |
| Total |
8a |
28.419 |
1,619 |
25 |
30,063 |
27.987 |
| Net incomel(expenditure) before |
|
980 |
418 |
(25) |
1,373 |
(36) |
| gains |
|
|
|
|
|
|
| Investment property revaluation |
14,15 |
19,844 |
500 |
- |
20,344 |
5,186 |
| Investment gains/(losses) |
14 |
3,348 |
2,129 |
689 |
6,166 |
(1,201) |
| Net income |
|
24,172 |
3,047 |
664 |
27,883 |
3,949 |
| Transfer between funds |
21,22 |
|
|
|
|
|
|
|
24,172 |
3,047 |
664 |
27,883 |
3,949 |
| Other recognised gains/(losses) |
|
|
|
|
|
|
| Pension scheme remeasurements |
24 |
1,464 |
|
- |
1,464 |
(1,139) |
| Net movement in funds |
|
25,636 |
3,047 |
664 |
29,347 |
2,810 |
| Fundbalances atlAugust 2020 |
|
83,140 |
17953 |
3,615 |
104,708 |
101.898 |
| Fund balances at 31 July 2021 |
|
108,776 |
21.000 |
4.279 |
134055 |
104.708 |
|
Notes |
2021 |
2020 |
|
|
£‘OOO |
£‘OOQ |
| FIXED & NON-CURRENT ASSETS |
|
|
|
| Tangible fixed assets |
13 |
68,674 |
65,618 |
| Investments |
14 |
62,268 |
50,313 |
|
|
130,942 |
115,931 |
| CURRENT ASSETS |
|
|
|
| Land assets held for sale |
15 |
38,000 |
17,700 |
| Stocks |
16 |
144 |
168 |
| Debtors: amounts falling due within one year |
17a |
4,471 |
4,305 |
| Debtors: amounts falling due after one year |
17b |
3,368 |
6,735 |
| Cash at bank and in hand |
|
9,267 |
13,598 |
|
|
55,250 |
42,506 |
| Creditors: amounts falling due within one year |
18a |
(8,790) |
(10,126) |
| NET CURRENT ASSETS |
|
46,460 |
32,380 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
177,402 |
148,311 |
| Creditors: amounts falling due after more than one year |
18b |
(29,278) |
(30.297) |
| Net assets excluding pension liability |
|
148,124 |
118,014 |
| Pension liability |
24 |
(897) |
(2,281) |
| NETASSETS |
|
147,227 |
115,733 |
| FUNDS |
|
|
|
| Endowment funds |
20 |
4,279 |
3,615 |
| Restricted funds |
21 |
29,372 |
25,019 |
| Unrestricted funds — general |
22 |
48,548 |
45,370 |
| Unrestricted funds — designated |
22 |
65,028 |
41,729 |
| TOTAL FUNDS |
|
147,227 |
115,733 |
|
|
|
Notes |
Notes |
2021 |
2020 |
|
|
|
|
|
£‘OOO |
£‘OOO |
| FIXED & NON-CURRENT ASSETS |
|
|
|
|
|
|
| Tangible fixed assets |
|
|
|
13 |
68,672 |
65,616 |
| Investments |
|
|
|
14 |
49,868 |
40,035 |
|
|
|
|
|
118,540 |
105,651 |
| CURRENT ASSETS |
|
|
|
|
|
|
| Land assets held for |
sale |
|
|
15 |
38,000 |
17,700 |
| Stocks |
|
|
|
16 |
142 |
166 |
| Debtors: amounts falling due within one year |
|
|
1 |
7a |
4,439 |
4,266 |
| Debtors: amounts falling due after one year |
|
|
1 |
7b |
3,368 |
6,735 |
| Cash at bank and in |
hand |
|
|
|
8,529 |
12,858 |
|
|
|
|
|
54,478 |
41,725 |
| Creditors: amounts falling due within one year |
|
|
18a |
|
(8,788) |
(10,090) |
| NET CURRENT ASSETS |
|
|
|
|
45,690 |
31,635 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
|
164,230 |
137,286 |
| Creditors: amounts falling due after more than one |
|
year |
18b |
|
(29,278) |
(30,297) |
| Netassets excluding pension liability |
|
|
|
|
134,952 |
106,989 |
| Pension liability |
|
|
|
24 |
(897) |
(2,281) |
| NET ASSETS |
|
|
|
|
134.055 |
104.708 |
| FUNDS |
|
|
|
|
|
|
| Endowment funds |
|
|
|
20 |
4,279 |
3,615 |
| Restricted funds |
|
|
|
21 |
21,000 |
17 953 |
| Unrestricted funds — |
general |
|
|
22 |
48,352 |
45,092 |
Unrestricted funds
— |
designated |
|
|
22 |
60,424 |
38,048 |
| TOTAL FUNDS |
|
|
|
|
134.055 |
104,708 |
| The financial statements were approved and authorised for issue |
|
|
by the |
|
Council and were |
signed on its |
| behalf on 3rd Dece |
er 2021
by: |
|
|
|
|
|
| .| |
|
|
|
|
|
|
| D C S Smellie |
|
GAKaye |
|
|
|
|
| Chairman |
|
Vice Chairman |
|
|
|
|
|
Notes |
2021 |
2020 |
|
|
£000 |
£‘OOO |
| Net cash provided by/(used in) operating activities |
(i) |
6,153 |
(5,049) |
| Cash flows from investing activities |
|
|
|
| Investment income |
|
1,840 |
1,366 |
| Purchase oftangible fixed assets |
|
(6,320) |
(12,124) |
| Purchase offixed asset investments |
|
(4,639) |
(10,003) |
| Purchase of land held for sale |
|
(10) |
(294) |
| Proceeds from sale of fixed assets |
|
- |
3 |
| Proceeds from sale of fixed asset investments |
|
792 |
6,561 |
| Proceeds from sale of land held for sale |
|
- |
20,205 |
| Proceeds from sale of short term investments |
|
- |
L2 |
| Net cash (used in)Iprovided by investing activities |
|
(8,337) |
13,277 |
| Cash flows from financing activities |
|
|
|
| Bank interest paid |
|
(794) |
|
| Net cash used in financing activities |
|
(794) |
|
| Cash flows from fees in advance scheme |
|
|
|
| Cash introduced to scheme |
|
1,111 |
1,648 |
| Income from investments |
|
69 |
191 |
| Refunds and other costs |
|
(2,440) |
(2,575) |
| Net cash used in fees in advance scheme |
|
(1,260) |
|
| Change in cash and cash equivalents in the year |
|
(4,238) |
6,713 |
| Cash and cash equivalents at the beginning ofthe year |
|
13,644 |
|
| Total cash and cash equivalents atthe end of the year |
|
9,406 |
13,644 |
|
|
2021 |
2020 |
|
|
£000 |
£‘OOO |
| Cash awaiting investment |
|
139 |
46 |
| Cash at bank and in hand |
|
9,267 |
13,598 |
|
|
9,406 |
13,644 |
| Analysis of changes in net debt: |
At 1 August |
Cash |
Non-cash |
At 31 July |
|
2020 |
flow |
changes |
2021 |
|
£000 |
£000 |
£000 |
£‘OOO |
| Cash |
13,598 |
(4,331) |
- |
9,267 |
| Cash awaiting investment |
46 |
93 |
|
139 |
| Bond notes |
(24,867) |
- |
(4) |
(24,871) |
| Fees in advance |
(7,795) |
1,260 |
101 |
(6,434) |
|
(19,018) |
(2,978) |
97 |
(21,899) |
| ciliation of cash flows from operating activities |
|
|
|
2021 |
2020 |
|
£‘OOO |
£000 |
| Net movement in funds |
31,494 |
2,622 |
| Depreciation charge |
3,256 |
3, 100 |
| Loss/(profit) on sale offixed assets |
8 |
(2) |
| Interest paid |
794 |
|
| Investment income |
(1,840) |
(1,366) |
| Investment (gains)/Iosses inclusive offees in advance |
(7,961) |
1,647 |
| Investment property revaluations |
(20,344) |
(5,186) |
| Decrease in stock |
24 |
64 |
| Decrease/(increase) in debtors |
3,201 |
(9,676) |
| Movement in pension fund deficit |
(1,384) |
1,182 |
| Amortisation of bank fees |
4 |
5 |
| Fees in advance scheme non-cash items |
(101) |
12 |
| (Decrease)/increase in creditors (excluding fees in advance) |
(998) |
1,770 |
| Net cash provided by/(used in) operating activities |
6,153 |
(5.049) |
| EE INCOME - RADLEY COLLE |
GE |
|
|
|
|
|
|
Group |
|
College |
|
|
2021 |
|
2020 |
2021 |
2020 |
|
£‘OOO |
|
£‘OQO |
£000 |
£000 |
| School fees |
28,122 |
|
25,017 |
28,122 |
25,017 |
| Less: scholarships, bursaries |
|
|
|
|
|
| and exhibitions |
(2,960) |
|
(2,427) |
(2,960) |
(2,427) |
|
25,162 |
|
22,590 |
25,162 |
22,590 |
| Add: bursaries from |
|
|
|
|
|
| designated funds |
400 |
|
- |
400 |
- |
| Add: scholarships, bursaries, |
|
|
|
|
|
| etc, paid for by endowed |
|
|
|
|
|
| and restricted funds |
1,272 |
|
924 |
1,272 |
924 |
|
26.834 |
|
23.514 |
26,834 |
23,514 |
| Other educational income |
2021 |
2020 |
|
£‘OOO |
£‘OOQ |
| Entrance and registration fees |
432 |
426 |
| Late payment and fee administration charges |
8 |
6 |
|
440 |
432 |
| Other ancillary income |
|
|
| Insurance commissions |
19 |
18 |
| Music lessons and learning support |
342 |
329 |
| Shop and other |
205 |
255 |
|
566 |
602 |
| Trading income |
|
|
| Cellar |
5 |
8 |
| Other incoming resources |
|
|
| Other |
27 |
11 |
| Investment income |
|
|
| Listed investments |
1,640 |
1,206 |
| Rental income |
124 |
101 |
| Fees in Advance Scheme surplus/(deficit) (see note 19) |
101 |
(10) |
| Staff fund income |
34 |
33 |
| Bank interest |
(59) |
36 |
|
1,840 |
1,366 |
| NCOME FROM TRADING A |
CTIVITIES - RADLEY COLLE |
GE SERVICES LIMIT |
ED |
|
|
2021 |
2020 |
|
|
£‘OOO |
£000 |
| Turnover |
- external |
39 |
152 |
|
- Radley College |
168 |
2,727 |
| Cost ofsales |
- external |
(27) |
(81) |
|
- Radley College |
(137) |
(2,756) |
| Gross profit |
|
43 |
42 |
| Administration expenses |
- external |
(36) |
(40) |
| Profit before tax |
|
7 |
2 |
| Tax on profit |
|
- |
(2) |
| Resultfortheyear |
|
7 |
- |
|
— |
|
|
|
|
2021 |
2020 |
|
|
£‘OOO |
£‘OOO |
| Turnover |
- external |
366 |
389 |
| Cost ofsales |
- external |
(3) |
(9) |
|
- Radley College |
(294) |
(325) |
| Gross profit |
|
69 |
55 |
| Administration expenses |
- external |
(7) |
(7) |
|
- Radley College |
(39) |
(40) |
| Result for the year |
|
23 |
8 |
| ESOURCES EXPENDED |
|
|
|
|
|
|
| GROUP |
|
Staff |
Depreci- |
Other |
Total |
Total |
|
|
costs |
ation |
costs |
2021 |
2020 |
|
|
£‘OOO |
£000 |
£000 |
£‘OOO |
£‘QQQ |
| Cost of Raising Funds |
|
|
|
|
|
|
| Bank and loan interest |
|
- |
- |
794 |
794 |
779 |
| Investment management costs |
|
- |
- |
283 |
283 |
213 |
| Fundraising for |
|
|
|
|
|
|
| voluntary resources |
|
393 |
1 |
127 |
521 |
459 |
| Net costs of Radley College |
|
|
|
|
|
|
| Services Limited |
|
- |
- |
63 |
63 |
121 |
| Net costs of Radley |
|
|
|
|
|
|
| College Leisure Limited |
|
- |
- |
10 |
10 |
16 |
| Total for Group |
|
393 |
1 |
1,277 |
1,671 |
1,588 |
| Charitable activities |
|
|
|
|
|
|
| Teaching |
|
10957 |
133 |
298 |
11,388 |
11,370 |
| Welfare |
|
3,278 |
- |
1,430 |
4,708 |
3,955 |
| Premises |
|
1,177 |
3,122 |
1,942 |
6,241 |
6,067 |
| Support costs of schooling |
|
1896 |
- |
2,047 |
3,943 |
3,742 |
| Total operating costs |
|
17,308 |
3,255 |
5,717 |
26,280 |
25,134 |
| Grants, awards and prizes |
|
|
|
|
|
|
| (note 8b) |
|
- |
- |
2,588 |
2,588 |
1,855 |
| Radley College War |
|
|
|
|
|
|
| Memorial Funds |
|
|
- |
24 |
24 |
12 |
| Total |
|
17,308 |
3.255 |
8,329 |
28,892 |
27,001 |
| Total resources expended |
— |
|
|
|
|
|
| Group |
|
17,701 |
3.256 |
9,606 |
30.563 |
28.589 |
| RADLEY COLLEGE |
|
Staff |
Depreci- |
Other |
Total |
Total |
|
|
costs |
ation |
costs |
2021 |
2020 |
|
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘QQO |
| Cost of raising funds |
|
|
|
|
|
|
| Bank and loan interest |
|
- |
- |
794 |
794 |
779 |
| Investment management costs |
|
- |
- |
218 |
218 |
156 |
| Fundraising for |
|
|
|
|
|
|
voluntary
resources |
|
393 |
|
120 |
513 |
408 |
| Total |
|
393 |
- |
1132 |
1,525 |
1,343 |
| Charitable activities |
|
|
|
|
|
|
| Teaching |
|
10,957 |
133 |
298 |
11,388 |
11,370 |
| Welfare |
|
3,278 |
- |
1,430 |
4,708 |
3,955 |
| Premises |
|
1,177 |
3,122 |
1,942 |
6,241 |
5,627 |
| Supportcostsofschooling |
|
1,896 |
- |
1,717 |
3,613 |
3,837 |
| Total operating costs |
|
17,308 |
3,255 |
5,387 |
25,950 |
24,789 |
| Grants, awards and prizes |
|
|
|
|
|
|
| (note 8b) |
|
|
|
2,588 |
2,588 |
1,855 |
| Total |
|
17,308 |
3,255 |
7,975 |
28,538 |
26,644 |
| Total resources expended |
— |
|
|
|
|
|
| Radley College |
|
17.701 |
3,255 |
9.107 |
30.063 |
27,987 |
| rants, awards and prizes |
|
|
|
|
|
Group |
|
Radley |
College |
|
2021 |
2020 |
2021 |
2020 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| From Restricted Funds |
|
|
|
|
| Bursaries and other grants and awards |
1,272 |
924 |
1,272 |
924 |
| Prizes, leaving awards and contribution |
|
|
|
|
| to capital projects |
650 |
790 |
650 |
790 |
| From Unrestricted Funds |
|
|
|
|
| Bursaries and other grants and awards |
666 |
141 |
666 |
141 |
|
2,588 |
1.855 |
2,588 |
1.855 |
|
Net income is stated after charging: |
|
2021 |
2020 |
|
|
|
£000 |
£‘OOO |
|
Depreciation
- owned assets |
|
3,256 |
3,100 |
|
Loss/(profit) on disposal of tangible fixed assets |
|
8 |
(2) |
| 10. |
GOVERNANCE COSTS - GROUP |
|
|
|
|
Governance costs include: |
|
2021 |
2020 |
|
|
|
£‘OOO |
£‘OOO |
|
Auditor’s remuneration
- audit |
|
|
|
|
Radley College |
|
28 |
28 |
|
The Radley Foundation |
|
4 |
4 |
|
Radley College Services Limited |
|
3 |
3 |
|
Radley College Leisure Limited |
|
3 |
3 |
|
Auditor’s remuneration
— other services |
|
|
|
|
Accounts preparation |
|
4 |
4 |
|
Tax compliance |
|
2 |
4 |
|
Other advisory |
|
|
1 |
|
Council meeting expenses |
|
17 |
19 |
|
Administration and management costs |
- Bursary |
45 |
48 |
|
Other professional fees |
|
8 |
8 |
|
|
|
114 |
122 |
| EMPLOYEE INFORMATION |
— RADLEY COLLEGE AND GROUP |
|
|
|
|
2021 |
2020 |
|
|
No. |
No. |
| Average number of employees |
|
|
|
| Teaching |
|
248 |
250 |
| Welfare |
|
172 |
153 |
| Premises |
|
36 |
35 |
| Support |
|
33 |
34 |
|
|
489 |
472 |
|
|
2021 |
2020 |
|
|
£‘OOO |
£‘OOO |
| Staff costs (forthe above |
persons) |
|
|
| Wages and salaries |
|
13,929 |
13,094 |
| Social security costs |
|
1,424 |
1,327 |
| Pension costs |
|
2,333 |
2,193 |
| Staff restructuring costs (see below) |
|
15 |
30 |
|
|
17.701 |
16.644 |
|
|
17.701 |
16.644 |
| The number ofemployees whose remuneration exceeded £60,000 was: |
|
|
|
|
|
2021 |
2020 |
|
|
No. |
No. |
Between £60,001
- |
£70,000 |
21 |
15 |
Between £70,001
- |
£80,000 |
11 |
19 |
Between £80,001
- |
£90,000 |
5 |
4 |
Between £90,001
- |
£100,000 |
2 |
1 |
| Between £100,001 |
- £110,000 |
2 |
2 |
| Between £110,001 |
-£120,000 |
2 |
1 |
| Between £180,001 |
-£190,000 |
- |
I |
| Between £190,001 |
-£200,000 |
|
|
| Between £250,001 |
- £260,000 |
1 |
|
|
|
45 |
44 |
| ROUP |
|
|
|
|
|
|
|
|
|
Assets in |
|
|
|
|
|
|
the course |
Furniture, |
|
|
|
Freehold |
Improve- |
of |
equipment |
|
|
|
land and |
ments to |
construc- |
and |
Motor |
|
|
buildings |
buildings |
tion |
computers |
vehicles |
Total |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Cost |
|
|
|
|
|
|
| At 1 August 2020 |
42,319 |
32,030 |
12,499 |
12,069 |
319 |
99,236 |
| Additions |
47 |
423 |
5,734 |
108 |
8 |
6,320 |
| Reallocations |
10,504 |
- |
(10,504) |
- |
- |
- |
| Disposals |
|
(5) |
- |
(94) |
(20) |
(119) |
| At 31 July 2021 |
52,870 |
32,448 |
7,729 |
12,083 |
307 |
105,437 |
| Depreciation |
|
|
|
|
|
|
| Atl August2020 |
12,377 |
13,115 |
- |
7,914 |
212 |
33,618 |
| Charge in year |
1,088 |
1,265 |
- |
865 |
38 |
3,256 |
| Disposals |
|
- |
|
(91) |
(20) |
(111) |
| At 31 July 2021 |
13,465 |
14,380 |
|
8,688 |
230 |
36,763 |
| Net book value |
|
|
|
|
|
|
| At 31 July 2021 |
39,405 |
18,068 |
7,729 |
3,395 |
77 |
|
| At31 July 2020 |
29.942 |
18,915 |
12,499 |
4.155 |
107 |
65,618 |
| ADLEY COLLEGE |
|
|
|
|
|
|
|
|
|
Assets in |
|
|
|
|
|
|
the course |
Furniture, |
|
|
|
Freehold |
Improve- |
of |
equipment |
|
|
|
land and |
ments to |
construc- |
and |
Motor |
|
|
buildings |
buildings |
tion |
computers |
vehicles |
Total |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£000 |
£‘OOO |
| Cost |
|
|
|
|
|
|
| At 1 August 2020 |
42,319 |
32,030 |
12,499 |
12,050 |
265 |
99,163 |
| Additions |
47 |
423 |
5,734 |
107 |
8 |
6,319 |
| Reallocations |
10,504 |
- |
(10,504) |
- |
- |
- |
| Disposals |
- |
(5) |
- |
(94) |
- |
(99) |
| At 31 July 2021 |
52,870 |
32,448 |
7,729 |
12,063 |
273 |
105,383 |
| Depreciation |
|
|
|
|
|
|
| Ati August2020 |
12,377 |
13,115 |
- |
7,892 |
163 |
33,547 |
| Charge in year |
1,088 |
1,265 |
- |
864 |
38 |
3,255 |
| Disposals |
|
|
|
(91) |
- |
(91) |
| At 31 July 2021 |
13,465 |
14,380 |
|
8,665 |
201 |
36,711 |
| Net book value |
|
|
|
|
|
|
| At 31 July 2021 |
39.405 |
18,068 |
7.729 |
3,398 |
72 |
68,672 |
| At 31 July 2020 |
29,942 |
18.915 |
12.499 |
4.158 |
102 |
65,616 |
|
Group |
Group |
Radley |
Radley |
|
2021 |
2020 |
College |
College |
|
Total |
Total |
2021 |
2020 |
|
£000 |
£000 |
£‘OOO |
£‘OOO |
| Investments |
|
|
|
|
| Cost or valuation |
|
|
|
|
| Ati August2020 |
40,811 |
39,016 |
30,579 |
28434 |
| Additions |
4,639 |
10,003 |
3,831 |
9,345 |
| Disposals |
(792) |
(6,561) |
(218) |
(5,999) |
| Revaluations |
7,961 |
(1.647) |
6,166 |
(1,201) |
|
52,619 |
40,811 |
40,358 |
30,579 |
| Cash |
139 |
46 |
- |
|
| Freehold investment |
|
|
|
|
| properties at |
|
|
|
|
| valuation |
|
|
|
|
| At 1 August 2020 |
9,456 |
9,456 |
9,456 |
9,456 |
| Revaluations |
54 |
- |
54 |
- |
|
9,510 |
9,456 |
9,510 |
9,456 |
| Net book value at |
|
|
|
|
| 31 July 2021 |
62,268 |
50.313 |
49,868 |
40.035 |
|
|
|
Design - |
|
|
|
|
Reserve |
Endowment |
ated |
Restricted |
Total |
Total |
|
fund |
funds |
funds |
funds |
2021 |
2020 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£000 |
£‘OOO |
£000 |
| Investments (see below) |
7,893 |
4,279 |
14,969 |
13,217 |
40,358 |
30,579 |
| Freehold investment |
|
|
|
|
|
|
| properties at valuation |
|
|
|
|
|
|
|
3,010 |
- |
|
6,500 |
9,510 |
9,456 |
| Net book value at |
|
|
|
|
|
|
| 31 July 2021 |
10.903 |
4.279 |
14.969 |
19.717 |
49,868 |
40,035 |
| Investments |
|
|
|
|
|
|
| Cost or valuation |
|
|
|
|
|
|
| At 1 August2020 |
6,666 |
3,615 |
9,136 |
11,162 |
30,579 |
28,434 |
| Additions |
- |
|
3,830 |
1 |
3,831 |
9,345 |
| Disposals |
(45) |
(25) |
(73) |
(75) |
(218) |
(5,999) |
| Revaluations |
1,272 |
689 |
2,076 |
2,129 |
6,166 |
(1,201) |
| Net book value at |
|
|
|
|
|
|
| 31 July 2021 |
7.893 |
4,279 |
14.969 |
13.217 |
40,358 |
30,579 |
| ROUP AND RADLEY COLLEGE |
|
|
|
2021 |
2020 |
|
£000 |
£000 |
| At 1 August |
17,700 |
32,425 |
| Additions |
10 |
294 |
| Revaluation |
20,290 |
5,186 |
| Disposals |
- |
(20,205) |
| At 31 July |
38,000 |
17.700 |
|
Group |
|
Radley |
College |
|
2021 |
2020 |
2021 |
2020 |
|
£‘OOO |
£000 |
£‘OOO |
£‘OOO |
| Fees receivable |
417 |
193 |
417 |
193 |
| Trade debtors |
150 |
6 |
94 |
6 |
| Land sale debtors |
3,368 |
3,368 |
3,368 |
3,368 |
| Amounts owed by group |
|
|
|
|
| undertakings |
- |
- |
64 |
28 |
| Other debtors and prepayments |
536 |
738 |
496 |
671 |
|
4,471 |
4.305 |
4,439 |
4,266 |
|
|
|
Group |
|
Radley |
College |
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
|
£‘OOO |
£‘OOO |
£000 |
£‘OOO |
| Land |
sale |
debtors |
3.368 |
6,735 |
3.368 |
6,735 |
|
|
Group |
|
Radley |
College |
|
2021 |
|
2020 |
2021 |
2020 |
|
£‘OOO |
|
£‘OOO |
£000 |
£‘OOO |
| Trade creditors |
1,101 |
|
565 |
1,087 |
545 |
| Amounts owed to group undertakings |
|
|
- |
53 |
3 |
| Tax and social security |
373 |
|
341 |
373 |
341 |
| Other creditors and accruals |
5,289 |
|
6,855 |
5,248 |
6,836 |
|
6,763 |
|
7,761 |
6,761 |
7,725 |
| Fees in Advance Scheme (see note 19) |
2,027 |
|
2,365 |
2,027 |
2,365 |
|
8.790 |
|
10.126 |
8,788 |
10,090 |
|
|
Group |
|
Radley |
College |
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£‘OOO |
£‘OOQ |
£000 |
£‘OOO |
| Bond |
notes |
24,871 |
24,867 |
24,871 |
24,867 |
| Fees |
in Advance Scheme (see note 19) |
4,407 |
5,430 |
4,407 |
5,430 |
|
|
29.278 |
30.297 |
29.278 |
30,297 |
|
|
|
|
2021 |
2020 |
|
|
|
|
£000 |
£‘OQQ |
| More |
than |
five |
years |
24,871 |
24,867 |
|
|
|
|
24.871 |
24,867 |
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Atl August2020 |
7,795 |
8,519 |
| Cash introduced to scheme |
1,111 |
1,648 |
| Applied to fees |
(2,440) |
(2,575) |
| Income from investments |
69 |
191 |
|
6,535 |
7,783 |
| Change in realised and unrealised losses |
|
|
| on investments |
- |
(104) |
| Refunds and other costs |
|
106 |
|
|
2 |
|
6,535 |
7,785 |
| (Surplus) / deficit to Statement of Financial Activities |
(101) |
10 |
| Balance at 31 July 2021 (included in creditors) |
6.434 |
7.795 |
ollege or, alternatively, attend other fee-p
s follows: |
aying charitable scho |
ols, fees in adv |
ance will be app |
lied |
|
2021 |
2021 |
2020 |
2020 |
|
£000 |
£000 |
£000 |
£‘OOO |
| Within one year |
|
2,027 |
|
2,365 |
| Within 1 -2 years |
1,529 |
|
1,732 |
|
Within 2
- 5 years |
2,303 |
|
2,764 |
|
| After 5 years |
575 |
|
934 |
|
|
|
4,407 |
|
5,430 |
|
|
6.434 |
|
7.795 |
| Represented by: |
|
|
|
|
| Cash balances |
|
10 |
|
|
| Other current liabilities |
|
(130) |
|
(140) |
| Amounts due from the College |
|
6,554 |
|
7,935 |
|
|
6,434 |
|
7.795 |
|
Value at 1 |
|
|
Net |
Inter-fund |
|
Value at |
|
August |
|
|
investment |
transfers |
|
31 July |
|
2020 |
Income |
Expenditure |
gains |
|
|
2021 |
|
£‘OOO |
£‘OOO |
£000 |
£000 |
£‘OOO |
|
£‘OOO |
| Endowment funds |
|
|
|
|
|
|
|
| John Phillip Couzens |
|
|
|
|
|
|
|
| Scholarship |
2,417 |
- |
(16) |
460 |
|
- |
2,861 |
| Otway Scholarship |
|
|
|
|
|
|
|
| (Whitby) |
66 |
- |
- |
12 |
|
- |
78 |
| Arden Memorial Trust |
67 |
- |
(1) |
13 |
|
- |
79 |
| The Radley Fund |
821 |
- |
(6) |
157 |
|
- |
972 |
| Malcolm Robinson |
|
|
|
|
|
|
|
| Memorial Fund |
244 |
- |
(2) |
47 |
|
- |
289 |
| Total endowment |
|
|
|
|
|
|
|
| funds |
3.615 |
- |
(25) |
689 |
|
- |
4.279 |
|
|
|
|
|
Value at |
|
|
Net |
|
|
Value at |
|
|
|
|
|
1 August |
|
Grants and |
investment |
Inter-fund |
|
31 July |
|
|
|
|
|
2020 |
Income |
expenditure |
gains |
transfers |
|
2021 |
|
|
|
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
£‘OOO |
| Restricted funds |
|
|
|
|
|
|
|
|
|
|
|
| JVP Thompson Scholarship |
|
|
|
|
|
|
|
|
|
|
|
| Trust |
|
|
|
|
8,002 |
97 |
(39) |
870 |
|
- |
8,930 |
| The Dennis Silk Trust |
|
|
|
|
3,527 |
137 |
(162) |
632 |
151 |
|
4,285 |
| General Scholarship |
|
|
|
|
3,183 |
130 |
(151) |
601 |
|
- |
3,763 |
| Hugo Rutland Memorial |
|
|
|
|
783 |
33 |
(5) |
145 |
|
3 |
959 |
| Rhona Parkinson |
|
|
|
|
259 |
11 |
(7) |
48 |
|
- |
311 |
| Latymer Bursaries |
|
|
|
|
287 |
12 |
(14) |
54 |
|
- |
339 |
| Leyton Thomas Trust |
|
|
|
|
101 |
4 |
(5) |
19 |
|
- |
119 |
| Rosemary Porter Memorial |
|
|
|
|
104 |
4 |
(3) |
20 |
|
- |
125 |
| Moore Charitable |
|
|
|
|
60 |
3 |
(3) |
11 |
|
- |
71 |
| Hollington Park Trust |
|
|
|
|
104 |
4 |
(1) |
20 |
|
- |
127 |
| Radley Youth & Social |
|
|
|
|
|
|
|
|
|
|
|
| Services Trust |
|
|
|
|
104 |
4 |
(1) |
19 |
|
- |
126 |
| Swire Chinese Language |
|
|
|
|
|
|
|
|
|
|
|
| Programme |
|
|
|
|
28 |
163 |
(171) |
- |
|
- |
20 |
| Warden’s Discretion |
|
|
|
|
262 |
- |
(60) |
- |
157 |
|
359 |
| Projects and smaller funds |
|
|
|
|
227 |
16 |
(405) |
43 |
427 |
|
308 |
| Foundation Award Fund |
|
|
|
|
- |
148 |
(450) |
- |
302 |
|
- |
| OtherAward Funds |
|
|
|
|
249 |
10 |
(12) |
48 |
|
- |
295 |
| Wates Memorial Scholarship |
|
|
|
|
81 |
3 |
- |
15 |
|
- |
99 |
| Richard Morgan Award |
|
|
|
|
55 |
- |
(38) |
7 |
52 |
|
76 |
| John Philip Couzens |
|
|
|
|
|
|
|
|
|
|
|
Scholarship Fund
* |
|
|
|
|
218 |
104 |
(41) |
20 |
|
- |
301 |
| Otway Scholarship (Whitby) |
|
|
|
* |
10 |
3 |
- |
2 |
|
- |
15 |
| Arden Memorial Trust |
* |
|
|
|
4 |
3 |
(3) |
1 |
|
- |
5 |
The Radley Fund
* |
|
|
|
|
265 |
45 |
(47) |
48 |
|
- |
311 |
Malcolm Robinson
* |
|
|
|
|
|
|
|
|
|
|
|
| Memorial Fund |
|
|
|
|
40 |
11 |
(1) |
6 |
|
|
56 |
| Total restricted funds |
|
— |
|
|
|
|
|
|
|
|
|
| College |
|
|
|
|
17,953 |
945 |
(1,619) |
2,629 |
1,092 |
|
21,000 |
| Radley Foundation funds |
|
|
** |
|
6,352 |
1,425 |
(173) |
1,004 |
(1,092) |
|
7,516 |
| Radleian Society |
|
|
|
|
130 |
2 |
(47) |
18 |
103 |
|
206 |
| Radley College War Memorial |
|
|
|
|
|
|
|
|
|
|
|
| Funds |
|
|
|
|
584 |
16 |
(25) |
75 |
|
|
650 |
| Total restricted funds |
|
— |
|
|
|
|
|
|
|
|
|
| Group |
|
|
|
|
25019 |
2.388 |
(1.864) |
22 |
103 |
|
29.372 |
|
|
|
|
|
|
Value |
|
Value at |
|
|
Net |
Inter- |
at3l |
|
1 August |
|
|
investment |
fund |
July |
|
2020 |
Income |
Expenditure |
gains* |
transfers |
2021 |
|
£000 |
£‘OOO |
£000 |
£000 |
£‘OOO |
£‘OOO |
| General |
|
|
|
|
|
|
| Cal lege**: |
|
|
|
|
|
|
| General |
34,970 |
27,767 |
(26,330) |
1,464 |
(422) |
37,449 |
| Reserve |
10,122 |
365 |
(45) |
826 |
(365) |
10,903 |
| Radley College Services |
- |
208 |
(201) |
- |
(7) |
- |
| Radley College Leisure |
- |
365 |
(342) |
- |
(23) |
- |
| The Radley Foundation |
278 |
631 |
(463) |
|
(250) |
196 |
| Total |
45,370 |
29,336 |
(27,381) |
2,290 |
(1,067) |
48,548 |
| Designated |
|
|
|
|
|
|
| Staff Fund |
83 |
34 |
(14) |
- |
- |
103 |
| General Bursary Fund |
1,026 |
- |
(661) |
- |
251 |
616 |
| Investment Land Fund |
36,939 |
378 |
(441) |
22,366 |
463 |
59,705 |
|
38,048 |
412 |
(1,116) |
22,366 |
714 |
60,424 |
| The Radley Foundation |
3,681 |
152 |
(177) |
698 |
250 |
4,604 |
| Total |
41,729 |
564 |
(1,293) |
23,064 |
964 |
65,028 |
| Total unrestricted funds |
87,099 |
29.900 |
(28.674) |
25.354 |
(103) |
113.576 |
| LLOCATION OF NET |
ASSETS |
|
|
|
|
|
| Group 2021 |
|
|
Net current |
|
|
|
|
Fixed |
Invest- |
assets I |
Long term |
Intra fund |
|
|
assets |
ments |
(liabilities) |
Iiabilities* |
balances |
Total |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Endowment funds |
|
|
|
|
|
|
| John Philip |
|
|
|
|
|
|
| Couzens |
|
|
|
|
|
|
| Scholarship Fund |
- |
2,861 |
|
- |
- |
2,861 |
| Otway scholarship |
|
|
|
|
|
|
| (Whitby) Fund |
- |
78 |
|
- |
- |
78 |
| Arden Memorial |
|
|
|
|
|
|
| Trust Fund |
- |
79 |
|
- |
- |
79 |
| The Radley Fund |
- |
972 |
|
- |
- |
972 |
| Malcolm Robinson |
|
|
|
|
|
|
| Memorial Fund |
- |
289 |
|
- |
- |
289 |
|
|
4,279 |
|
- |
- |
4,279 |
| Restricted funds |
|
|
|
|
|
|
| Consolidated |
|
|
|
|
|
|
| Scholarship and |
|
|
|
|
|
|
| similar funds |
- |
19,717 |
1,283 |
- |
- |
21,000 |
| The Radley |
|
|
|
|
|
|
| Foundation |
- |
7,034 |
482 |
- |
- |
7,516 |
| Radleian Society |
2 |
120 |
84 |
- |
- |
206 |
| Radley College War |
|
|
|
|
|
|
| Memorial Funds |
- |
642 |
8 |
- |
- |
650 |
|
2 |
27,513 |
1,857 |
- |
- |
29,372 |
| Unrestricted funds |
|
|
|
|
|
|
| College: |
|
|
|
|
|
|
| General |
68,672 |
|
(329) |
(30,175) |
(719) |
37,449 |
| Reserve |
- |
10,903 |
- |
- |
- |
10,903 |
| Radley College |
|
|
|
|
|
|
| Services |
|
|
|
|
|
|
| Radley College |
|
|
|
|
|
|
| Leisure |
|
|
|
|
|
|
| The Radley |
|
|
|
|
|
|
| Foundation |
- |
- |
196 |
- |
- |
196 |
|
68,672 |
10,903 |
(133) |
(30,175) |
(719) |
48,548 |
| Designated funds |
|
|
|
|
|
|
| Staff Fund |
- |
- |
- |
- |
103 |
103 |
| General Bursary |
|
|
|
|
|
|
| Fund |
- |
- |
- |
- |
616 |
616 |
| Investment Land |
|
|
|
|
|
|
| Fund |
- |
14,969 |
44,736 |
- |
- |
59,705 |
| The Radley |
|
|
|
|
|
|
| Foundation |
- |
4,604 |
- |
- |
- |
4,604 |
|
- |
19,573 |
44,736 |
- |
719 |
65,028 |
| At 31 July 2021 |
68,674 |
62,268 |
46,460 |
(30,175) |
- |
147.227 |
| he amounts recognised in the balance sheet are |
as follows: |
|
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Present value offunded obligations |
(13,179) |
(13,330) |
| Fairvalue ofscheme assets |
12,282 |
11,049 |
| Deficit |
(897) |
(2.281) |
| Amounts in the balance sheet |
|
|
| Liabilities |
(897) |
(2,281) |
| Net liability |
(897) |
(2,281) |
| hanges in the present value ofthe defined benefit obligation |
are as follows: |
|
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Opening defined benefit obligation |
13,330 |
12,127 |
| Current service cost |
214 |
242 |
| Past service cost |
(29) |
(27) |
| Interest cost |
199 |
253 |
| Remeasurements |
(368) |
895 |
| Actual employee contributions |
61 |
64 |
| Benefits paid |
(228) |
(224) |
| Defined benefit obligation atthe year end |
13,179 |
13,330 |
| hanges in the fair value of scheme assets are as follows: |
|
|
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Opening fair value ofscheme assets |
11,049 |
11,028 |
| Interest income |
164 |
233 |
| Actual return on plan assets, excluding interest income |
1,096 |
(244) |
| Employer contributions |
140 |
192 |
| Employee contributions |
61 |
64 |
| Benefits paid |
(228) |
(224) |
| Fairvalue ofscheme assets at the year end |
|
11,049 |
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Interest income |
164 |
233 |
| Interest expense |
(199) |
(253) |
| Current service cost |
(214) |
(242) |
| Past service cost |
29 |
27 |
| Employer contributions |
140 |
192 |
| Total amount debited |
|
|
| within net income |
(80) |
(43) |
| Remeasurements |
1,464 |
(1, 139) |
| Total amounttransferred to the Statement of |
|
|
| Financial Activities |
1,384 |
(1.182) |
|
|
2021 |
2020 |
| Equities |
|
58% |
47% |
| Corporate |
bonds |
25% |
15% |
| Gilts |
|
7% |
20% |
| Property |
|
4% |
10% |
| Cash |
|
6% |
8% |
|
|
|
|
|
|
|
|
|
|
|
2021 |
2Q20 |
|
|
|
|
|
|
|
|
|
|
|
£‘OOO |
£000 |
| The |
actual |
return |
on |
the |
scheme |
assets |
in |
the |
year |
was: |
1,260 |
(11) |
| rincipal assumptions atthe balance sheet date (expressed as |
weighted ave |
rages); |
|
2021 |
2020 |
| Discount rate at 31 July |
1.8% |
1.5% |
| Retail Price Inflation |
3.4% |
3.1% |
| Consumer Price Inflation |
2.7% |
2.2% |
| Salary growth |
3.4% |
3.1% |
| Rate ofincrease of pensions in deferment |
2.7% |
2.2% |
| Increases in payment for pensions earned before 01/02/2001 |
5.0% |
5.0% |
| Increases in payment: pensions earned between 01/02/2001 |
3.4% |
3.1% |
| and 05/04/2005 |
|
|
| Increases in payment: pensions earned after 05/04/2005 |
2.5% |
2.5% |
| Assumed life expectations on retirement age 65: |
|
|
Retiring today
— males |
19.6 |
19.6 |
| Retiringtoday—females |
21.9 |
21.9 |
Retiring in 20 years
— males |
20.9 |
20.9 |
Retiring in 20 years
— females |
23.3 |
23.2 |
| he amo |
unts fo |
rthe curren |
t and previou |
s periods are |
as follows: |
|
|
|
|
|
2021 |
2020 |
2019 |
2018 |
2017 |
|
|
|
£‘OOO |
£‘OOO |
£000 |
£000 |
£000 |
| Defined |
benefit |
obligation |
(13,179) |
(13,330) |
(12,127) |
(10,618) |
(11,014) |
| Scheme |
assets |
|
12,282 |
11,049 |
11,028 |
10,332 |
9,782 |
| Deficit |
|
|
(897 |
(2.28li |
(1,099) |
(286J |
(1,232) |
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Equipment |
|
|
| Not later than 1 year |
169 |
46 |
| Later than 1 year and not laterthan 5 years |
347 |
75 |
|
516 |
121 |
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
|
£‘OOO |
£‘OOO |
| Group |
|
|
|
|
|
|
|
| Financial |
assets |
measured |
at |
fair |
value |
52,619 |
40,811 |
|
2021 |
2020 |
|
£‘OOO |
£000 |
| Interest income and expense: |
|
|
| Total interest income for financial assets held at amortised cost |
(59) |
36 |
| Total interest expense for financial liabilities held at amortised cost |
794 |
779 |
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Radley College |
|
|
| Financial assets measured at fair value |
40,358 |
30,579 |
|
|
|
|
2021 |
2020 |
|
|
|
|
£‘OOO |
£000 |
| Interest |
income |
and |
expense: |
|
|
| Interest |
income |
|
|
(59) |
36 |
| Interest |
expense |
|
|
794 |
779 |
8.
COMPARATIVE CONSOLIDAT |
ED STATEMENT O |
F FINANCIAL |
ACTIVITIES |
|
|
|
Unrestricted |
Restricted |
Endowed |
Totalfunds |
Total funds |
|
funds |
funds |
funds |
2020 |
2019 |
| INCOMEAND ENDOWMENTS |
£000 |
£000 |
£‘QOO |
£000 |
£000 |
| FROM: |
|
|
|
|
|
| Charitable activities |
|
|
|
|
|
| Schoolfees |
23,514 |
- |
- |
23,514 |
25,466 |
| Othereducational income |
432 |
- |
- |
432 |
374 |
| Otherancillaiy trading income |
602 |
- |
- |
602 |
718 |
| Othertrading activities |
|
|
|
|
|
| Activities forgenerating funds |
|
|
|
|
|
| Trading turnover - |
|
|
|
|
|
| Radley College Setvices Limited |
152 |
|
|
152 |
519 |
| Radley College Leisure Limited |
389 |
|
|
389 |
517 |
| Trading income |
8 |
|
|
8 |
12 |
| Otherincoming resources |
11 |
- |
- |
11 |
22 |
| Investments |
|
|
|
|
|
| Investmentincome |
534 |
832 |
- |
1,366 |
1,360 |
| Donations and legacies |
|
|
|
|
|
| Donations andgovernmentgrants |
1,002 |
1,334 |
1 |
2,337 |
2,064 |
| Total |
26,644 |
2,166 |
1 |
28,811 |
31,052 |
| EXPENDITURE ON: |
|
|
|
|
|
| Raising funds |
|
|
|
|
|
Fundraising
- Radley College |
19 |
- |
|
19 |
9 |
Fundraising
- RadleyFoundation |
353 |
- |
|
353 |
455 |
Fundraising
- Radleian Society |
- |
87 |
|
87 |
121 |
Fundraising trading
— |
|
|
|
|
|
| Radley College Seniices Limited |
121 |
- |
- |
121 |
290 |
| Radley College Leisure Limited |
16 |
- |
- |
16 |
17 |
| Bank andloan interest |
779 |
- |
- |
779 |
763 |
| Investmentmanagement costs |
88 |
103 |
22 |
213 |
173 |
|
1,376 |
190 |
22 |
1,588 |
1,828 |
| Charitable activities |
|
|
|
|
|
| School andgrant-making |
25,160 |
1,841 |
|
27,001 |
26,951 |
| Total |
26,536 |
2031 |
22 |
28,589 |
28,779 |
| Net income/(expenditure) before |
108 |
135 |
(21) |
222 |
2,273 |
| gains |
|
|
|
|
|
| Investmentproperty revaluation |
5, 186 |
- |
- |
5, 186 |
3,641 |
| Investment (losses)/gains |
(699) |
(785) |
(163) |
(1,647) |
1,729 |
| Net income/(expenditure) |
4,595 |
(650) |
(184) |
3,761 |
7,643 |
| Transferbetween funds |
(105) |
105 |
|
|
|
|
4,490 |
(545) |
(184) |
3,761 |
7,643 |
| Otherrecognisedlosses |
|
|
|
|
|
| Pension scheme remeasurements |
(1,139) |
|
|
(1, 139) |
(754) |
| Net movement in funds |
3,351 |
(545) |
(184) |
2,622 |
6,889 |
| Fundbalances at lAugust2019 |
83748 |
25564 |
3.799 |
113 111 |
106.222 |
| Fundbalancesat3lJuly2020 |
87,099 |
25.019 |
3,615 |
115.733 |
113.111 |
|
Unrestricted |
Restricted |
Endowed |
Total funds |
Total funds |
|
funds |
Funds |
funds |
2020 |
2019 |
|
£‘OOO |
£‘OOO |
£000 |
£000 |
£000 |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
| FROM |
|
|
|
|
|
| Income from charitable activities |
|
|
|
|
|
| School fees |
23,514 |
|
- |
23,514 |
25,466 |
| Other educational income |
432 |
|
- |
432 |
374 |
| Otherancillary trading income |
709 |
|
- |
709 |
932 |
| Othertrading activities |
|
|
|
|
|
| Activities forgenerating funds |
|
|
|
|
|
| Tradingincome |
8 |
|
|
8 |
11 |
| Otherincoming resources |
11 |
|
|
11 |
21 |
| Investments |
|
|
|
|
|
| Investmentincome |
390 |
598 |
- |
988 |
1,025 |
| Donations andlegacies |
|
|
|
|
|
| Donations andgovernment grants |
895 |
1,393 |
1 |
2,289 |
1,460 |
| Total |
25,959 |
1,991 |
1 |
27,951 |
29,289 |
| EXPENDITURE ON |
|
|
|
|
|
| Raising funds |
|
|
|
|
|
Fundraising
- Radley College |
19 |
|
- |
19 |
9 |
Fundraising
- RadleyFoundation |
353 |
|
- |
353 |
455 |
Fundraising trading
- |
|
|
|
|
|
| Radley College Services Limited |
36 |
|
- |
36 |
85 |
| Bank and loan interest |
779 |
|
- |
779 |
763 |
| Investmentmanagement costs |
67 |
67 |
22 |
156 |
123 |
|
1,254 |
67 |
22 |
1,343 |
1,435 |
| Charitable activities |
|
|
|
|
|
| School andgrant-making |
24,930 |
1,714 |
- |
26,644 |
26,511 |
| Total |
26,184 |
1,781 |
22 |
27,987 |
27,946 |
| Netincome/(expenditure) before |
(225) |
210 |
(21) |
(36) |
1,343 |
| gains |
|
|
|
|
|
| Investment property revaluation |
5,186 |
|
|
5,186 |
3,641 |
| Investment gains/(Iosses) |
(533) |
(505) |
(163) |
(1,201) |
1,242 |
| Net income |
4,428 |
(295) |
(184) |
3,949 |
6,226 |
| Transferbetween funds |
(10) |
10 |
|
|
|
|
4,418 |
(285) |
(184) |
3,949 |
6,226 |
| Otherrecognisedlosses |
|
|
|
|
|
| Pension scheme remeasurements |
(1, 139) |
|
|
(1, 139) |
(754) |
| Netmovement in funds |
3,279 |
(285) |
(184) |
2,810 |
5,472 |
| Fundbalances at 1 August 2019 |
79.861 |
18.238 |
3.799 |
101.898 |
96,426 |
| Fundbalances at31 July 2020 |
83.140 |
17.953 |
3.615 |
104.708 |
101.898 |
|
Value at I |
|
|
Net |
Inter-fund |
Value at |
|
August |
|
|
investment |
transfers |
31 July |
|
2019 |
Income |
Expenditure |
losses |
|
2020 |
|
£‘OQO |
£‘OOO |
£000 |
£000 |
£‘OQO |
£‘OOO |
| Endowment funds |
|
|
|
|
|
|
| John Philip Couzens |
|
|
|
|
|
|
| Scholarship |
2,541 |
|
(15) |
(109) |
- |
2,417 |
| Otway Scholarship |
|
|
|
|
|
|
| (Whitby) |
69 |
|
- |
(3) |
- |
66 |
| Arden Memorial Trust |
70 |
|
- |
(3) |
- |
67 |
| The Radley Fund |
863 |
|
(5) |
(37) |
- |
821 |
| Malcolm Robinson |
|
|
|
|
|
|
| MemorialFund |
256 |
1 |
(2) |
(11) |
- |
244 |
| Total endowment |
|
|
|
|
|
|
| funds |
3,799 |
1 |
(22) |
(163) |
- |
3,615 |
|
|
Value at |
|
|
Net investment |
|
Value at |
|
|
1 August |
|
Grants and |
losses |
Inter-fund |
31 July2020 |
|
|
2019 |
Income |
expenditure |
|
transfers |
|
|
|
£000 |
£000 |
£‘OOO |
£000 |
£‘OOO |
£‘OOO |
| Restrictedfunds |
|
|
|
|
|
|
|
| JVP Thompson Scholarship |
|
|
|
|
|
|
|
| Trust |
|
8,055 |
94 |
(59) |
(88) |
- |
8,002 |
| The Dennis Silk Trust |
|
3,523 |
129 |
(166) |
(149) |
190 |
3,527 |
| General Scholarship |
|
3,306 |
161 |
(142) |
(142) |
- |
3,183 |
| Hugo Rutland Memorial |
|
815 |
30 |
(28) |
(35) |
1 |
783 |
| Rhona Parkinson |
|
265 |
10 |
(4) |
(12) |
- |
259 |
| LatymerBursaries |
|
301 |
11 |
(13) |
(12) |
- |
287 |
| Leyton Thomas Trust |
|
106 |
4 |
(5) |
(4) |
- |
101 |
| Rosemary PorterMemorial |
|
109 |
4 |
(4) |
(5) |
- |
104 |
| Moore Charitable |
|
61 |
2 |
- |
(3) |
- |
60 |
| Hollington Park Trust |
|
107 |
4 |
(3) |
(4) |
- |
104 |
| Radley Youth & Social |
|
|
|
|
|
|
|
| Se,vices Trust |
|
105 |
4 |
(1) |
(4) |
- |
104 |
| Swire Chinese Language |
|
15 |
222 |
(209) |
- |
- |
28 |
| Programme |
|
|
|
|
|
|
|
| Warden’s Discretion |
|
328 |
- |
(66) |
- |
- |
262 |
| Projects and smallerfunds |
|
239 |
11 |
(508) |
(10) |
495 |
227 |
| FoundationAward Fund |
|
- |
104 |
(425) |
- |
321 |
- |
| OtherAward Funds |
|
262 |
10 |
(11) |
(12) |
- |
249 |
| Wates Memorial Scholarship |
|
82 |
3 |
(1) |
(3) |
- |
81 |
| Richard Morgan Award |
|
62 |
2 |
(37) |
(2) |
30 |
55 |
| John Philip Couzens |
|
|
|
|
|
|
|
| Scholarship Fund |
|
169 |
99 |
(45) |
(5) |
- |
218 |
| Otway Scholarship (Whitby) |
|
11 |
3 |
(3) |
(1) |
- |
10 |
| Arden Memorial Trust |
|
4 |
3 |
(3) |
- |
- |
4 |
| The RadleyFund |
|
281 |
43 |
(47) |
(12) |
- |
265 |
| Malcolm Robinson |
|
|
|
|
|
|
|
| Memorial Fund |
|
32 |
11 |
(1) |
(2) |
|
40 |
| Totalrestricted funds |
— |
|
|
|
|
|
|
| College |
|
18,238 |
964 |
(1,781) |
(505) |
1,037 |
17,953 |
| Radley Foundation funds |
|
6,553 |
1,178 |
(145) |
(207) |
(1,027) |
6,352 |
| Radleian Society |
|
126 |
3 |
(89) |
(5) |
95 |
130 |
| Radley College War Memorial |
|
|
|
|
|
|
|
| Fund |
|
647 |
21 |
(16) |
(68) |
|
584 |
| Total restricted funds |
— |
|
|
|
|
|
|
| Group |
|
25.564 |
2,166 |
JQ1) |
(785) |
105 |
25.019 |
| RESTRICTED FUNDS - M |
O |
VEMENTS |
IN THE YE |
AR
- 2020 |
|
|
|
|
|
|
|
|
|
|
Value |
|
Value at |
|
|
|
Net |
Inter-fund |
at3I |
|
1 |
August |
|
|
investment |
transfers |
July |
|
|
2019 |
Income |
Expenditure |
gains/ |
|
2020 |
|
|
|
|
|
(losses) |
|
|
|
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£000 |
£‘OOO |
| General |
|
|
|
|
|
|
|
| College: |
|
|
|
|
|
|
|
| General |
|
36,230 |
22,255 |
(22,516) |
(1,243) |
244 |
34,970 |
| Resen.’e |
|
10,464 |
332 |
(40) |
(303) |
(331) |
10,122 |
| Radley College Se,vices |
|
- |
2,879 |
(2,879) |
- |
- |
- |
| Radley College Leisure |
|
- |
389 |
(389) |
- |
- |
- |
| The Radley Foundation |
|
82 |
550 |
(354) |
- |
- |
278 |
| Total |
|
46,776 |
26,405 |
(26,178) |
(1,546) |
(87) |
45,370 |
| Designated |
|
|
|
|
|
|
|
| StaffFund |
|
30 |
33 |
(30) |
- |
50 |
83 |
| GeneralBursaty Fund |
|
712 |
- |
(137) |
- |
451 |
1,026 |
| Investment Land Fund |
|
32,425 |
- |
(26) |
5,059 |
(519) |
36,939 |
|
|
33,167 |
33 |
(193) |
5,059 |
(18) |
38,048 |
| The Radley Foundation |
|
3,805 |
206 |
(165) |
(165) |
- |
3,681 |
| Total |
|
36,972 |
239 |
(358) |
4,894 |
(18) |
41,729 |
| Total unrestricted funds |
|
83,748 |
26,644 |
(26,536) |
3,348 |
(105) |
87,099 |
| Group 2020 |
|
|
Net |
Long term |
|
|
|
Fixed |
Invest- |
current |
liabilities* |
Intra fund |
|
|
assets |
ments |
assets |
|
balances |
Total |
|
£‘OOO |
£000 |
£‘OOO |
£000 |
£000 |
£000 |
| Endowment funds |
|
|
|
|
|
|
| John Philip |
|
|
|
|
|
|
| Couzens |
|
|
|
|
|
|
| Scholarship Fund |
- |
2,417 |
- |
- |
- |
2,417 |
| Otwayscholarship |
|
|
|
|
|
|
| (Whitby) Fund |
- |
66 |
- |
- |
- |
66 |
| Arden Memorial |
|
|
|
|
|
|
| Trust Fund |
- |
67 |
- |
- |
- |
67 |
| The Radley Fund |
- |
821 |
- |
- |
- |
821 |
| Malcolm Robinson |
|
|
|
|
|
|
| MemorialFund |
|
244 |
|
|
|
244 |
|
- |
3,615 |
|
|
|
3,615 |
| Restricted funds |
|
|
|
|
|
|
| Consolidated |
|
|
|
|
|
|
| Scholarship and |
|
|
|
|
|
|
| similarfunds |
- |
I7 162 |
791 |
- |
- |
17,953 |
| The Radley |
|
|
|
|
|
|
| Foundation |
- |
5,923 |
429 |
- |
|
6,352 |
| Radleian Society |
2 |
104 |
24 |
- |
|
130 |
| Radley College War |
|
|
|
|
|
|
| MemorialFunds |
- |
571 |
13 |
|
|
584 |
|
2 |
23,760 |
1,257 |
|
|
25,019 |
| Unrestricted funds |
|
|
|
|
|
|
| College: |
|
|
|
|
|
|
| General |
65,616 |
- |
3,041 |
(32,578) |
(1,109) |
34,970 |
| Reserve |
- |
10,122 |
- |
- |
- |
10,122 |
| Radley College |
|
|
|
|
|
|
| Services |
- |
- |
- |
- |
- |
- |
| Radley College |
|
|
|
|
|
|
| Leisure |
- |
- |
- |
- |
- |
- |
| The Radley |
|
|
|
|
|
|
| Foundation |
|
|
278 |
|
|
278 |
|
65,616 |
10,122 |
3,319 |
(32,578) |
(1,109) |
45,370 |
| Designatedfunds |
|
|
|
|
|
|
| StaffFund |
|
- |
- |
- |
83 |
83 |
| General Bursaiy |
|
|
|
|
|
|
| Fund |
|
- |
- |
- |
1,026 |
1,026 |
| Investment Land |
- |
9,135 |
27,804 |
|
- |
36,939 |
| Fund |
|
|
|
|
|
|
| The Radley |
|
|
|
|
|
|
| Foundation |
- |
3681 |
|
|
- |
3,681 |
|
- |
12,816 |
27,804 |
- |
1,109 |
41,729 |
| At31 July2020 |
65,618 |
50,313 |
32,380 |
(32.578) |
- |
115,733 |