2022-08-31-accounts - Shiplake Court Limited

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

			Page
Report ofThe Directors			1-11
Report ofthe Independent	Auditors		12 —15
Consolidated Statement	of Financial	Activities	16
Consolidated Balance Sheet			17
Charity Balance Sheet			18
Consolidated Cash Flow	Statement		19
Notes to the Financial Statements			20- 38

REGISTERED OFFICE:	Shiplake College
	Henley on Thames
	Oxon
	RG9 4BW
BANKERS:	Barclays Business Banking, 4"Floor Apex Plaza		Reading	& Baslngstoke	Team
	Forbury Road
	Reading
	BX32BB
SOLICITORS:	Stone King LLP
	Boundary House
	91 Charterhouse	Street
	London
	EC1M 6HR
AUDITORS:	Crows U.K. LLP
	Aquls House
	49-51 Blagreve Street
	Reading
	Berkshire
	RG1 1PL
INSURANCE BROKERS:	Marsh Brokers Limited
	1 Tower Place West
	Tower Place
	London
	EC3R 5BU
ARCHITECTS:	Nichols Brown Webber
	Pond House
	Northend
	Henley on Thames
	Oxon
	RG9 6LG

Unrestricted
Fixed asset funds				15,912,497
Non-charitable	trading		funds	43,218
General unrestricted		funds		2,907,080
Restricted
Other restricted	funds			52,885
Total				18,862,795

							Total	Total
					Unrestricted	Restricted	31 August	31August
				Notes	Funds f	funds f	2022 f	2021 f
INCOME FROM:
Voluntary income
Donations and grant income						55,600	55,600	125,791
Charitable activities:
College fees					12,244,833		12,244,833	10,737,689
Ancillary trading income					1,149,716		1,149,716	730,407
Income from generated			funds:
Investment income					1,260		1,260	1,768
Non-ancillary trading		income			227,404		227,404	160,481
Other income					2 691		2 081	8630
Total					136259D4	556DD	13681 5D4	11764766
EXPENDITURE ON:
Charitable activities:
School operating costs					11,752,480	5,600	11,758,080	10,658,555
Raising funds:
Trading expenses					48,442		48,442	45,750
Finance and other	costs				67 567		67 567	01 926
Total					11000400	5600	11074009	t080624t
Net Income					1,757,415	50,000	1,807,415	958,525
Other recognised	gains
Fair value movement		on derivative
contracts					70 6D5		76 6D5	41 1736
Net movement ln	funds				1,834,020	50,000	1,864,020	1,000,461
Fund balances at	1 September 2021				17D20 775	2000	17D31 000	t6 031 1119
Total funds at 31	August 2022

			Notes	2022 6	2021f
FIXED ASSETS
Tangible fixed assets				16,450,144	16,181,695
CURRENT ASSETS
Stock			13	16,616	15,984
Debtors			14	4,419,956	3,917,717
Cash at bank and in hand				5 3D9 274	3 691802
				9,745,846	7,625,503
CREDITORS: Amounts	falling due within
one year			15	~6763174	~6105004
NET CURRENT ASSETS				2 962 672	t 520499
TOTAL ASSETS LESS	CURRENT LIABILITIES			19,412,816	17,702,194
CREDITORS: Amounts more than one year	falling due after		16	~495763	~638270
NET ASSETS EXCLUDING		PENSION LIABILITY		18,922,053	17,063,924
Pension scheme funding		deficit		~63	~32 248
TOTAL NET ASSETS
CAPITAL AND RESERVES
Share Capital			18	16	16
Restricted Funds			20	52,885	2,885
Designated Fixed Asset Fund Unrestricted Funds —General funds (School and			20 20	15,912,497 2955298	15,575,441 t 453334
Trading)

					2022	2021
				Notes	6	5
FIXEDASSETS
Tangible assets				11	16,450,144	16,181,695
Investments				12	8	8
					16,450,152	16,181,703
CURRENT ASSETS
Stock				13	16,616	15,984
Debtors				14	4,504,431	3,922,485
Cash at bank and	In hand				5 154 562	3637549
					g,e75,609	7,576,018
CREDITORS: Amounts		falling due within one year		15	~6 756 163	6069 098
NET CURRENT ASSETS					2 019446	I 506 120
TOTAL ASSETS LESS		CURRENT LIABILITIES			19,369,598	17,687,823
CREDITORS: Amounts		falling due after more
than one year				16	490 763	638271
NET ASSETS EXCLUDING			PENSION LIABILITY		18,878,835	17,049,553
Pension scheme	funding		deficit		6357	32248
TOTAL NET ASSETS					3887?822	3~717300i
CAPITAL AND RESERVES
Share Capital				18	16	16
Restricted Funds				20	52,885	2,885
Designated Fixed	asset	Fund		20	15,912,497	15,575,441
Unrestricted Funds				20	2 007 080	1438963
						17017

					2022	2021
					6	8
Net movement in funds					1,884,020	1,000,451
Depreciation					794,174	729,861
(Profit)/loss on disposal offixed assets					9,536	(8,630)
Investment income					(1,260)	(1,768)
Bank interest paid					36,866	41,572
(Increase)/Decrease in stock					(632)	1,835
Increase in debtors					(502,239)	(299,474)
(Decrease)/increase in creditors Movement in pension deficit					599,270 ~25 891	321,933 ~870
Net cash provided by operating		activities
Cash flows from Investing	activities
Purchase oftangible fixed assets					(1,075,759)	(2,007,299)
Proceeds from the disposal	of fixed assets				3,600	8,630
Investment income					1 26D	1 768
Net cash used In Investing	activities
Cash flows from financing	activities
Interest paid Repayment of loan					(36,866) ~68 6D	(41,572) ~77032
Net cash used in financing	activities				~465 473	118604
Change in cash and cash	equivalents		in	the year	1,617,472	(338,497)
Cash and cash equivalents	at the	beginning		ofthe year	3 691 852	4 030 299
Total cash and cash equivalents		at the	end ofthe year

GRANTS AND DONATI	ONS
			2022 f	2021 f
Donations			55,600	8,466
Coronavirus Job Retention		Scheme Grant		117325
COLLEGE FEES
			2022	2021
The college's fee income		comprised:
Gross fees Less: Total bursaries	and	allowances	13,271,265 ~4026 432	11,779,421 ~f04t 732

Shiplake Court Limited	owns	100%ofShiplake	100%ofShiplake	100%ofShiplake	Court	Enterprises	Enterprises	Enterprises	Limited.	This company	provides catering	provides catering
facilities, entertainment,	and	recreational		activities		and	donates		its annual taxable profits to			the college
under the GIR Aid Scheme.		Trading	results		extracted		from	its	audited	financial statements		are shown
below:-
										2022 f		2021 f
Turnover Cost ofsales										93,904 ~30613	60,537 ~24 70t
Gross Profit Administrative expenses										55,291 ~tt 136	35,836 ~20 t2t
Net Profit										38,155		9,715
Retained earnings	at the	beginning	of	the year						14,371		8,106
Profit for the year Gift aid donation										38,155 ~0300	9,715 ~3450
Retained earnings	at the	end of the	year
Net Assets

						2022f	2021 6
Registration fees						40,400	37,550
Learning support	Income					266,675	245,810
Fees in lieu of notice and forfeited deposits						126,097	54,470
Overnight stay income School trips, events and travel						7,810 532,692	3,456 385,259
External Courses						119,828
Other Income						56214	3862
N ANCILLARY TRADING		INCOME
						2022	2021
Late payment surcharges						28,088	22,591
Miscellaneous income						12,611	9,520
Trading - turnover						88,924	46,182
Rental income						97781	82 188
							16g4~1
TAL RESOURCES EXPENDED
		Staff costs		Depreciation	Other	2022	2021f
Charitable expenditure
Teaching costs		4,504,673		70,311	452,967	5,027,951	4,796,373
Welfare costs			314,076		1,398,578	1,712,654	1,328,109
Premises costs			463,448	692,779	1,286,710	2,442,937	2,257,641
Support costs		1	374 359	31 054	1169095	2574530	2286442
		6,656,556		794,174	4,307,350	11,758,080	10,668,565
Cost of generated	funds
Finance and other	costs				50,467	50,467	76,616
Governance					17100	17 155	15310
CHARITY		6,656,556		794,174	4,374,917	11,825,647	10,760,491
Trading expenditure					48 442	48 442	45 750
GROUP						~4JHS	~)I~41

TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED	TOTAL RESOURCES EXPENDED - CONTINUED
				Staff costs f	Depreciation f				Otherf	2021		2020f
Charitable expenditure
Teaching costs				4,420,203		40,680			335,490	4,796,373		4,538,501
Welfare	costs			298,384				1,029,725		1,328,109		1,136,560
Premises costs				419,315		646,951		1,191,375		2,257,641		2,129,034
Support	costs			1 326016		42	230		tlt8 tlltl	2288442	2 073035
				6,463,918		729,861		3,474,786		10,668,565		9,877,130
Cost of	generated	funds
Finance	snd other	costs							76,616	76,616		65,242
Governance									15310	15310		20412
CHAR(TY				6,463,918		729,861		3,566,712		10,760,491		9,962,784
Trading	expenditure								45 750	45 750		37030
GROUP
Expenditure —Other disclosures										2022f		2021f
a)	Charitable	expenditure		includes:
	Welfare costs		include wages and			employment		charges
	paid Minor	to outside caterers building and refurbishment				costs expensed			623,487 ~72JI72		438,155 M5II~
b)	Charity management			and administration		includes:
	Audit	fees - Consolidated
c)	Finance costs:
	Bank	charges	and interest							36866		41 572
d)	Insurance	costs
e)	Profit/(loss)	on sale	oftangible fixed		assets
f)	The directors have		trustee's indemnity			insurance		which	is included	In the employer's		liability
	insurance	of the charitable company.

AGES AND SALARIE	S
						2022	2021
						5
Wages and salaries						5,222,578	5,098,967
Social security costs						550,137	508,582
Pension contributions						883841	888 388
						No.	No.
The average number	ofemployees		In the period was:
Teaching						88	86
Welfare						11	14
Premises						27	25
Support						45	50
The number ofemployees		whose	emoluments	exceeded		560,000:
560,001 - 670,000
680,001 - 690,000
6120,001 - 6130,000
6130,000 - 6140,000
N 8 lllgh Plh	Ply		tlhtlgt	3	1	h
Total cost ofemployer's	contributions		in relation to the		above	~ISuI51

TANGIBLE FIXED AS	SETS
		Assets In the
		course of		Boats &
	Freehold	construction	Fixtures 8	Sports	Vehicles	&
GROUP	Property f		Fittings 6	Equipment f	Mowere f		Total 6
COST:
At 1 September 2021	22,065,757	62,296	1,840,163	915,724	357,914		25,241,854
Additions	12,113	580,776	377,678	105,192			1,075,759
Transfers Disposals		~120 3	~1299				~13352
At 31 August 2022	22077 870	631 1I19	2216242	I 020916	~914		~26 61
ACCUMULATED
DEPRECIATION:
At 1 September 2021	6,760,532		1,317,149	704,366	278,113		9,060,160
Charge for the year Disposals	412,848		279,931 ~217	70,311	31,084		794,174
At 31 August 2022	7 173380		~1863	774 677
NET BOOK VALUE:
At 31 August 2022
Al 1 September 2021
		Assets In
		the course		Boats 8
	Freehold	of	Fixtures &	Sports	Vehicles &
CHARITY	Property f	construction f	Fittings f	Equipment f	Mowers f		Total
COST;
At 1 September 2021	22,065,757	62,296	1,825,803	915,724	357,915		25,227,495
Additions	12,113	580,776	377,678	105,192			1,075,759
Transfers Disposals		~12053	~1299				~1335
At 31 August 2022	22077870	631019	2202132	10 0916	357915		6289902
ACCUMULATED
DEPRECIATION:
At 1 September 2021 Charge for the year Dlsposals	6,760,532 412,848		1,302,789 279,931	704,368 70,311	278,113 31,084		9,045,800 794,174 ~217
At 31 August 2022	7 173380		1 582 502	774 677	309 197		9854 117
NET BOOK VALUE
At 31 August 2022
Al 1September 2021

			hiding							2022 6		2021 f
	Charity
					0	7 —8	dt	8' h	181 h
13.	STOCKS
									Group	Charity
								2022	2021	2022		2021
										f
	Stocks
14.	DEBTORS
									Group	Charity
								2022 f	2021 f	2022 f		2021
	Fees ledger						4,140,004		3,608,129	4,122,388	3,606,129
	Other debtors						145,957		52,505	51,647		52,505
	Shiplake Court		Enterprises		Limited					206,092		5,118
	Prepayments	and accrued			income		133995		257083	124 3D4		256 733
									M~717	A¹4 431	M~22 4II5
15.	CREDITORS: due within			one year
									Group	Charity
								2022f	2021	2022 f		2021 f
	Bank loans (see note 17)							72,428	70,133	72,428		70,133
	Trade creditors							425,277	659,858	412,738		638,961
	Social Security		and other taxes					158,005	5,359	150,203
	Other creditors							143,736	34,874	143,736		34,674
	Deposits							837,971	762,526	837,971		762,526
	Accruals and deferred			income			5	145757	4 572 254	5 139D87	4	563 404

REDITOR	S —GROUP AND COMPANY: Amounts	falling due after more than one year
		2022 F	2021f
Bank loans	(see note 17)	465,219	536,121
Derivative	contract	25 541	152 145

he aggre	gate amount repayable by instalments
		Group
		2022f	2021
In less than 1 year		72,429	70,133
Between	1 and 2 years	75,998	70,741
Between	2 and 5 years	227,994	216,807
Greater	than 5 years	161226	245 575

			2022
			F.
Allotted,	called up and fully paid
16Ordinary		shares off1 each

ANALYSIS	OF NET ASSETS	BETWEEN FUNDS - G	roup
2022		Fixed	Net Current	Long Term	Total
		Assets	Assets	Liabilities	2022
		f		f
Restricted	Funds		52,885		52,885
Unrestricted	Funds	16,450,144	2,909,771	(497,120)	18,862,795
Share capital			16		16
2021		Fixed	Net Current	Long Term	Total
		Assets f	Assets f	Liabilities	2021
Restricted	Funds		2,885		2,885
Unrestricted	Funds	16,181,695	1,517,598	(670,518)	17,028,775
Share capital			16		16

FUNDS
Restricted	Funds			Balance	Incoming	Resources	Transfers	Balance
2022			1	September	Resources	Expended		31 August
				2021				2022
								8
Sports tour fund				2,865				2,885
Bursaries					5,600	(5,600)
Music fund					50,000			50,000
Other restricted		funds

Unrestricted	Funds	Balance	Incoming	Resources	Gains/	Transfers	Balance
2022		1September	Resources	Expended	(losses)		31 August
		2021					2022
		8		F		E	6
Fixed Asset	fund	15,575,441		(794,174)	-	1,131,230	15,912,497
General fund		1 438963	13553595	~tt 030853	73805	~7732 230	2 9D7 DD0
CHARITY		17,014,404	13,553,595	(11,825,027)	76,605		18,819,577
Non-charitable trading funds		t4 37t	72 309	~43 462			43218
GROUP

FUNDS (continued)	FUNDS (continued)	FUNDS (continued)
Restricted Funds			Balance		Incoming Resources					Transfers	Balance
2021			1 September		Resources Expended						31August
			2020f								2021
Sports tour	fund		2,885								2,885
Bursarles Other restricted		funds				4,213 (4,213) 4 253 ~4253
Other restricted		funds include donations		towards	Rugby and a memorial			for	a former pupil.
Unrestricted	Funds		Balance	Incoming		Resources		Gains/		Transfers	Balance
2021			1 September	Resources		Expended		(losses)			31August
			2020					f		f	2021f
Fixed Asset	fund		14,220,971			(729,861)				2,084,331	15,575,441
General fund			t 799237	11710	118	~t00221tt4	~47		36	d22090164	1438 963
CHARITY			16,020,208	11,710,118		(10,752,025)		41,936		(5,833)	17,014,404
Non-charitable
410 1	4		8108	46t82		45 750				5833	14371
GROUP			~~8~1	~tt 7	00	~f797 77

			2022 f	2021 f
Land and	buildings:
Amounts	due	In 1 year	10,500	22,245
Amounts	due	in 2 - 5years	3,510	60,990
Amounts	due	in 5years
			14,010	83,235
Office equipment:
Amounts	due	in 1 year	6,911	18,431
Amounts	due	in 2 —5years	6 457	47 762

Included	within fin	ancial Inst	ruments held		at fair value is the	pension deficit and derivati	ve contract.
						2022f	2021f
GROUP
Financial	assets measured		at amortlsed	cost		9,595,235	7,352,435
Financial	liabilities	measured	at amortised		cost	1,358,540	1,591,525
Financial	liabilities	measured	at fair value			31,901	134,397

The group'	s income, expens	e, gai	ns and	l	osses in respect	of	financial	instruments are	summarised
								2022	2021
								5
Interest Income and expense:
Total interest income for financial			assets	held at amortised		cost		1,260	1,768
Total interest expense for financial			liabilities		held at amortlsed		cost	36,866	41,572
Impairment	gain/ (loss) (movement		in bad debt provision)					9,205	31,385
								2022	2021
								5
COLLEGE
Financial	assets measured	at amortised		cost				9,328,605	7,298,191
Financial	liabilities measured	at amortised			cost			1,524,404	1,561,778
Financial	liabilities measured	at fair value						31,901	134,397

					2022	2021
					5	5
Interest Income and expense:
Total interest income for financial	assets held at amortised		cost		1,260	1,768
Total Interest expense for financial	liabilities	held at amortised		cost	36,866	41,572
Impairment gain/ (loss) (movement	in bad debt provision)				9,205	31,385

ECONCILIATION O	F NET CASH FLOW TO MOVEME	NT IN NET FUNDS
		2022	2021
		6
(Decrease)/increase	in cash in the year	1,617,472	(338,497)
Loan repayments		68 6D7	77032
Change in net debt		1,666,079	(261,465)
Net funds at 1 September		3D05 540	33470t3
NET FUNDS AT 31	August

						Net debt as at	Cash	Net funds as
						1August	Change	at 31 August
						2021		2022
								6
Cash Loans	at	bank	and	in	hand	3,691,802 ~00tl 254	1,617,472 60 607	5,309,274 ~537647

							Total
					Unrestricted	Restricted funds	31August
				Notes	Funds f	f	2021 f
INCOME FROM:
Voluntary income
Donations and grantincome					117,325	8,466	125,791
Charitable activities:
College fees					10,737,689		10,737,689
Ancillary trading income					730,407		730,407
Income from generated		funds:
Investment income					1,768		1,768
Non-ancillary trading	income				160,481		160,481
Otherincome					8630		8630
Total					11756 300	8465	11764 766
EXPENDITURE ON:
Charitable activities:
School operating costs					10,660,099	8,466	10,668,565
Raising funds:
Trading expenses					45,750		45,750
Finance and other costs					91926		91926
Total			9		10797775	8466	10806241
Netincome					958,525		958,525
Other recognised gains
Fair value movement	on	derivative
contracts					41 936		41 1136
Net movement In funds					1,000,461		1,000,461
Fund balances at 1September 2020					16028314	2 885	16031 199
Total funds at 31August		2021				288	17931~