2021-08-31-accounts - Cokethorpe Educational Trust Limited

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Governors					R FJonckheer (Retired J P Bennett (Chairman, A J Bark	R FJonckheer (Retired J P Bennett (Chairman, A J Bark	R FJonckheer (Retired J P Bennett (Chairman, A J Bark	R FJonckheer (Retired J P Bennett (Chairman, A J Bark	March 2021) Appointed March 2021)	March 2021) Appointed March 2021)	March 2021) Appointed March 2021)	March 2021) Appointed March 2021)
					M R Booty
					The Rt Rev	C Fletcher
					CJ Easmon	(Appointed				24 November		2020)
					R Gunn
					WE Hart
					WWLau
					R A Palmer	(Appointed			24November			2020)
					P A Tolley
Secretary					H J Stapleton
Officers (Key management				personnel)	DJ Ettinger			Headmaster
					J C Stevens		Deputy Headmaster
					A E Uglow		Director ofStudies
					H J Stapleton		Bursar
					N A Black		Head			of Prep	School
					G JSheer		Director of Co-Curricular
					EJ Tolputt		Head			of Sixth	Form
Registered	Office				Cokethorpe	School
					Witney
					Oxon OX29 7PU
Company	Registration		Number		00767293
Charity Registration		Number			309650
Auditor					Wenn Townsend
					30StGiles
					Oxford OX1	3LE
Bankers					National Westminster			Bank pic
					21-23 High Street
					Witney
					Oxon OX28 6HW
Solicitors					Veale Wasbrough		Vizards
					Orchard Court
					Orchard Lane
					Bristol
					BS15WS

		Pages
Governors' annual report		1 -12
Independent auditor's	report	13-14
Statement offinancial	activities	15
Balance sheet		16
Cash flow statement		17
Notes to the financial	statements	18-29

					Unrestricted	Restricted	2021	2020
					Funds	Funds	Total	Total
						E	E
				Note
Income and endowments	from:
Income from charitable	activities
Fees Other income Interest receivable Donations receivable					11,624,647 151,113 168	3,356	11,624,647 154,469 168	11,478,519 40,848 3,326
Government grants receivable Other donations					162,648	1,169	162,648 1,169	486,308 3,586
Total income					11,938,576	4,525	11,943,101	12,012,587
Expenditure on:
Raising funds:
Financing costs Fundraising costs					97,669		97,669	59,401 13,742
Total costs ofraising funds					97,669		97,669	73,143
Charitable expenditure
Teaching Support and governance Welfare Premises Bursaries and scholarships		awarded			6,393,885 1,428,508 685,308 1,344,308 1,562,'172	1,540	6,393,885 1,430,048 685,308 1,344,308 1,562,172	6,428,058 1,310,980 727,463 1,144,585 1,639,265
Total costs ofcharitable	expenditure				11,414,181	1,540	11,415,721	11,250,351
Total expenditure					11,511,850	1,540	11,513,390	11,323,494
Net income					426,726	2,985	429,711	689,093
Transfers between funds			15		365	(365)
Net movement in funds					427,091	2,620	429,711	689,093
Reconciliation offunds
Fund balances brought forward
at 1 September 2020					6,970,946	111,315	7,082,261	6,393,168
Net movement in funds					427,091	2,620	429,711	689,093
Fund balances carried forward		at
31 August 2021			15		7,398,037	113,935	7,511,972	7,082,261

		2021		2020
		E
Reconciliation ofnet income to net cash flow
from operating activities:
Net income for year Depreciation Interest receivable Interest payable Profit on disposal offixed assets Stocks movement Debtors movement Creditors movement Fees in advance movement	429,711 409,184 (168) 38,155 1,792 76,645 (94,788) (33,358)		689,093 433,673 (3,326) 56,577 (3,369) (665) (102,745) 156,738 (721,924)
Net cash provided by operating activities		827,173		504,052
Net cash flow from investing activities:
Payments to acquire tangible fixed assets Receipts from sales oftangible fixed assets Interest received	(1,068,513) 11,049 168		(485,865) 4,129 3,326
		(1,057,296)		(478,410)
Net cash flow from financing activities:
Repayment ofloans Interest paid	(283,769) (38,155)		(287,314) (56,577)
		(321,924)		(343,891)
Decrease in cash		(552,047)		(318,249)
Net decrease in cash and cash equivalents		(552,047)		(318,249)
Cash and cash equivalents at I September 2020		2,545,443		2,863,692
Cash and cash equivalents at 31August 2021		1,993,396		2,545,443

Net inco	ming resource	s f	or the year
				2021	2020
				F
This is stated after charging:
Auditor's	remuneration	-	audit fee	8,488	8,100
			other services	470	450
Depreciation				409,184	433,673
Profit on Operating	sale oftangible lease rentals	fixed assets - land and buildings		36,700	(3,369) 36,699
			other assets	7,416	5,224

Supportcosts
		2021 E	2020f
Administrative staff costs		767,155	752,186
Computer maintenance		153,344	116,977
Postage, stationery, telephone and other administrative Advertising for staff and promotion Insurances Travel Depreciation ofvehicles Governance costs (see note 4)	costs	41,103 165,901 72,803 163,088 35,448 31,206	40,548 83,955 87,634 156,691 38,741 34,248
		1,430,048	1,310,980

Governance costs	Governance costs	Governance costs
					2021	2020
					E	E
Auditor's	remuneration		—	audit fees	8,488	8,100
				other services	470	450
Legal and Governors'		professional fees expenses			21,247 1,001	25,554 144
					31,206	34,248

							2021		2020
Staff costs							F
Wages and salaries Social security costs Pensions						5,961,600 601,794 1,034,074			5,738,886 595,387 1,060,546
						7,597,468			7,394,819
					2021	2021		2020	2020
					FTE	Number		FTE	Number
Average number employed		including		Governors	158	218		162	218
Number ofemployees	earning		within	the following	bands:
						2021			2020
F 60,001-F 70,000 E 70,001-F 80,000 F 80,001-F 90,000
F 90,001 - F100,000
F130,001 - F140,000
F140,001 - F150,000

Tangible fixed assets
	Assets under	Freehold	Furniture and	Motor
	construction	Property	equipment	vehicles	Total
1 September 2020 Additions Disposals	440,582 910,936	10,031,743	2,095,828 97,092 (39,744)	633,725 60,485	13,201,878 1,068,513 (39,744)
31 August 2021	1,351,518	10,031,743	2,153,176	694,210	14,230,647
Depreciation
1 September 2020 Charge for year On disposals		3,271,075 214,199	1,642,318 159,537 (28,695)	586,858 35,448	5,500,251 409,184 (28,695)
31August 2021		3,485,274	1,773,160	622,306	5,880,740
Net book value
31 August 2021	1,351,518	6,546,469	380,016	71,904	8,349,907
31 August 2020	440,582	6,760,668	453,510	46,867	7,701,627

9.	Stocks
			2021	2020
				E
	Stock - consumables		2,182	3,974
10.	Debtors
			2021	2020
	Trade debtors Other debtors Prepayments	and accrued income	236,521 2,773 107,769	119,312 173,864 130,532
			347,063	423,708

Creditors: amounts falling due within one year
	2021	2020
Bank loans (note 14) Trade creditors Other taxation and social security Other creditors Accruals Autumn fees in advance Deferred fee income (note 13)	116,199 278,391 162,295 72,721 128,714 923,816 337,452	285,239 378,098 152,498 159,358 47,022 784,758 302,860
	2,019,588	2,109,833

Creditors: amounts	falling due after one year
		2021	2020
		F	E
Bank loans (note 14) Parents' refundable deposits Deferred fee income (note 13)		527,049 301,561 332,378	641,778 301,494 539,386
		1,160,988	1,482,658
Deferred income
		2021	2020
Balance at 1 August 2020 Fees in advance receipts Released to incoming resources		842,246 138,076 (310,492)	1,281,296 65,315 (504,365)
Balance at 31 August	2021	669,830	842,246
Included in current liabilities		337,452	302,860
Included in creditors	due after more than one year	332,378	539,386

Bank loans
The aggregate amount ofbank loans are as follows:
	2021	2020
Due within one year or less, or on demand Due between one and two years Due between two and five years Due after five years	116,199 116,199 410,850	285,239 285,239 356,539
Total due	643,248	927,017
Included in current liabilities	116,199	285,239
Included in creditors due after more than one year	527,049	641,778

2021			At 01/09/2020	Incoming resources	Outgoing resources	Fund transfer	At 31/08/2021
			E	E	f.
Restricted funds:
Academic achievement School equipment		awards	33,234	3,356	(1,014)		35,576
(including land)			78,081	1,169	(526)	(365)	78,359
Total restricted funds			111,315	4,525	(1,540)	(365)	113,935
Unrestricted funds:
General funds Designated fund			914,525 6,056,421	12,293,532	(11,866,806)	(50,184) 50,549	1,291,067 6,106,970
Total unrestricted	funds		6,970,946	12,293,532	(11,866,806)	365	7,398,037
Totalfunds			7,082,261	12,298,057	(11,868,346)		7,511,972

Movement in funds (c	ontinu	e	d)
2020				At 01/09/2019 f	Incoming resources E	Outgoing resources F	Fund transfer	At 31/08/2020
Restricted funds:
Academic achievement awards School equipment (including land)				30,149 80,598	4,930 3,586	(1,845) (214)	(5,889)		33,234 78,081
Total restricted funds				110,747	8,516	(2,059)	(5,889)		111,315
Unrestricted funds:
General funds Designated fund			6,061,671 220,750		12,728,915	(12,046,279)	(5,829,782) 5,835,671	914,525 6,056,421
Total unrestricted funds			6,282,421		12,728,915	(12,046,279)	5,889	6,970,946
Total funds			6,393,168		12,737,431	(12,048,338)		7,082,261
Restricted funds comprise the following:
						2021		2020
Academic achievement	awards:
Cokethorpe Society —Subscriptions				Fund		35,576			33,234
School equipment (including			land):
Annual Fund Ice Cream Machine Development ofScience					66,171 2,188 10,000		65,528 2,553 10,000
						78,359			78,081
						113,935		111,315
Designated funds comprise		the following:
Mansion Stonework Boathouse						145,335 58,414		220,750
Property						5,903,221		5,835,671
						6,106,970		6,056,421
Purpose offunds:
Cokethorpe Society —Subscriptions				Fund
Subscriptions held for the	Cokethorpe			Society.
Annual Fund
Established for the future	development			ofthe school.

Analysis ofnet assets between funds
	Unrestricted	Restricted	Total
Fund balances at 31 August 2021 are represented	funds E by:	funds E	fundsf
Tangible fixed assets Cash at bank and in hand Other net current liabilities Long term liabilities	8,331,629 1,897,739 (1,670,343) (1,160,988)	18,278 95,657	8,349,907 1,993,396 (1,670,343) (1,160,988)
	7,398,037	113,935	7,511,972
	Unrestricted	Restricted	Total
	funds	funds	funds
Fund balances at 31 August 2020 are represented	by:
Tangible fixed assets Cash at bank and in hand Other net current liabilities Long term liabilities	7,682,984 2,452,771 (1,682,151) (1,482,658)	18,643 92,672	7,701,627 2,545,443 (1,682,151) (1,482,658)
	6,970,946	111,315	7,082,261

The total future minimum lease payments under	non-cancellable operating leases a	re payable as fo
	2021	2020
Equipment:
Within one year Between one and five years	106,637 279,090	5,224 10,448
	385,727	15,672
	2021	2020
Land and buildings:		E
Within one year Between one and five years Later than five years	36,700 102,520	36,699 178,443 34,173
	139,220	249,315

. Statement offinancial a	. Statement offinancial a	ctivities —comparativ	ctivities —comparativ	e figures by fund-type
Period ended 31August		2020
				Unrestricted	Restricted	2020
				Funds	Funds	Total
Income and endowments		from:		E	E	F
Income from charitable		activities
Fees Other income Interest receivable Donations receivable				11,478,519 35,918 3,326	4,930	11,478,519 40,848 3,326
Government grants receivable Other donations				486,308	3,586	486,308 3,586
Total income				12,004,071	8,516	12,012,587
Expenditure on:
Raising funds:
Financing costs Fundraising costs				59,401 13,742		59,401 13,742
Total costs of raising funds				73,143		73,143
Charitable expenditure
Teaching Support and governance Welfare Premises Bursaries and scholarships			awarded	6,428,058 1,308,921 727,463 1,144,585 1,639,265	2,059	6,428,058 1,310,980 727,463 1,144,585 1,639,265
Total costs ofcharitable	expenditure			11,248,292	2,059	11,250,351
Total expenditure				11,321,435	2,059	11,323,494
Net income				682,636	6,457	689,093
Transfers between funds				5,889	(5,889)
Net movement in funds				688,525	568	689,093
Reconciliation offunds
Fund balances brought forward
at 1 September 2019				6,282,421	110,747	6,393,168
Net movement in funds				688,525	568	689,093
Fund balances carried forward			at
31 August 2020				6,970,946	111,315	7,082,261