2022-08-31-accounts - St Edward's School

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Governors, Officers and Advisers
Governors' report
Statement ofaccounting and reporting	responsibilities
Independent auditor's report to the members		ofSt Edward's School	20
Group statement offinancial activities			23
Group and School balance sheet			24
Group statement ofcash flows
Notes to the financial statements			26

harity law. The Go	ver	nors who ser	ved in offic	e d	uring	the y	ear	and	subseque	ntly a	re detailed	bel	ow:
Name		Date of	1	2	3	4	5	6	7 8	9	10
		chan e
C I M Jones, MA,					v'	v
FRSA
J A0Adedoyin, MA,
MBA
Mrs SAinsworth,
MA, MSc
Mrs CMBa s, BSc
J M Burrows, MA
Mrs H Cook, BEd		Appointed	29
		June 2022
Ven JP M Chaffey		Appointed	5
CB		Se t 2022
Mrs G ASDennis,
BA, MA
Dr L L Fawcett
Posada MA, DPhil
DJJackson, LLB
K M Macritchie, MA,
BD, LLB
Dr C Robertson,
MBChB,
MRCPC(Paeds),
FRCPCH
M W Roulston, MBE,
Med
M P Stanfield		Retired 28
		June 2022
EW Stephenson,
MA, FCT
Dr P A Winston, MA,
PBD
General Purposes Committee Education Committee						7 8		Nominations & Remuneration Bursary Committee				Committee
Compliance Safeguarding Investment	8 Risk Committee 8 Well-Being Committee Committee					9 10 11		Beyond Teddies Committee The North Wall Trust St Edward's School International					Limited
Audit Review Committee

			Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds
			Year	Year	Year	Year	13Months
			2022	2022	2022	2022	2021
		Note	6'000	6'000	6'000	6'000	6'000
Income from:
Charitable activities: School fees receivable Ancillary trading income The North Wall Trust		3 4 27	26,710 1,070 182			26,710 1,070 189	23,310 1,152 68
Other trading activities: Letting ofSchool facilities Other activities Job Retention Scheme Grant:			793 123			793 123	50 78 519
investments: Investment income Bank interest			44 10	106		150 10	208 6
Voluntary sources: Donations and legacies Total income:			404 29,336	228 341		632 29,677	305 25,696
Expenditure on:
Charitable activities: Education of pupils The North Wall Trust		27	25,941 454	46		25,941 500	24,425 399
Other trading activities: Letting ofSchool facilities			792			792
investments: Financing costs			1,448			1,448	1,139
Voluntary sources:
Fundraising & Investment			104	24	2	130	149
Management Total expenditure:			28,739	70	2	28,811	26,114
Net income for the period before transfers and investment gains Gains/(Losses) on investments Net income for the period			597 132 465	271 300 (29)	(2) 26 (28)	866 458 408	(418) 1,329 911
Transfers between funds		19	41	(41)
Losses on revaluation of property Net movement in funds		19	505	(69)	(28)	408	911
Fund balances at start of	period	19	65,326	4,871	404	70,601	69,690
Fund balances at end ofperiod		19	65,832	4,801	376	71,009	70,601

			Group 2022	Group 2021	School 2022	School 2021
		Note	F'000	6'000	6'000	6000
Fixed assets Tangible assets Investments in securities		10 11	113,340 6,272	108,406 6,619	113,340 6,272	108,406 6,619
			119,612	115,025	119,612	115,025
Current assets Stocks Debtors Investments cash deposits Cash in hand and at bank		12 11	22 8,447 1,760 2,853	18 7,157 1,750 5,564	22 8,482 1,760 2,759	18 7,155 1,750 5,529
			13,082	14,489	13,023	14452
Current liabilities Creditors payable within one year Net current assets/(liabilities)		13	~74377 ~1.295	~72255 2,234	~14350 ~1,327	~12,277 2,175
Total assets less current	liabilities		118,317	117,259	118,285	117,200
Creditors: Amounts falling	due	14	(47,259)	(46,583)	(47,259)	(46,583)
after more than one year
Provisions for liabilities charges	and	17	(49)	(75)	(49)	(75)
Net assets			71,009	70,601	70,977	70,542
Represented by: Share capital Endowed funds Restricted funds Revaluation reserve Other unrestricted funds		18 19 19 19 19	376 4,801 29,249 36,583	404 4,871 29,249 36,077	376 4,795 29,249 36,557	404 4,826 29,249 36,063
			71.DD9	70.501	70,977	70,542

				2022	2022	2021	2021
			Note	6'000	L"000	R'000	6'000
Net cash flow from operating activities			21		3,308		1,689
Cash flows from investing
activities
Tangible assets - payments for assets				(6,324)		(11,936)
Tangible assets - proceeds on	sale	of
assets
Investments —receipts (payments) short-term deposits		of		(10)		(1,750)
Investments - payments for investments				(4,893)		(794)
Investments - proceeds of investment sales				4,782		626
Investments -investment income				150		208
Net cash provided by I(used in) investing activities					(6,295)		(13,646)
Cash flows from financing
activities
Loan Funding						350
Bond Funding				(15)		7,931
Advance Fees - new amounts received				2,014		1,520
Advance Fees - used towards School's fees				(1,592)		(1,205)
Advance Fees - amount offees repaid				(131)		(66)
Net cash provided by I(used in)					276		8,530
financing activities
Increase I(decrease) in cash and
cash equivalents
in the period					(2,711)		(3,427)
Cash and cash equivalents beginning of period	at				5,564		8,991
Cash and cash equivalents of period	at end				2,853		5,564

	Freehold buildings	50to 100years
	Refurbishments and sports pitches	5to 20 years
	Staff housing	Nil, as have residential property value
	Equipment, fixtures and fittings	3to 10years
	Motor vehicles	5years
	Assets in the course of construction	Not depreciated, as not yet brought	into use
The depreciation at the end oftheir	charge on Staff Housing is nil as the useful economic life to the Company	Governors are of the opinion that the residual will be at least the balance sheet value.		value

3.	Charitable	activities —S	chool fe	es receiva	ble
						2022	2021
						6'000	6'000
Gross	school fees	receivable				30,231	26,803
Less:	Scholarships	and bursaries				(3,537)	(3,509)
Add: Scholarships		and bursaries	paid from	Restricted	or Other	16	16
Funds
						26,710	23,310
4.	Charitable	activities —Ancillary		charitable	activities
						2022	2021
						6'000	f.'000
Additional tuition and other fees						778	763
Entrance fees and		registration fees				292	389
						1„070	1„152
5.	Investment	income
						2022	2021
						6'000	6'000
Income from securities —equities						150	148
Income from securities —fixed interest							60
						150	208

6. Donations and legacies
	2022	2021
	R'000	6'000
Donations	216	100
Legacies	416	205
	632	305
7. Financing costs
	2022	2021
	6'000	6'000
Pension scheme financing costs (Note 24)
Financing costs accrued to Advance Fee contracts (Note 16) Interest payable on bank loans and overdraft Interest payable on bond	24 144 1,280	20 194 925
	1,448	1,139

			Staff	Deprec-	Other	Total	Total
			Costs	iation	Operating	2022	2021
					Costs
Year ended 31August 2022			f.'000	6'000	r.'000	6'000	6'000
Charitable	activities:
Teaching			9,787	231	1,656	11,674	11,218
Welfare			3,061		1,910	4,971	5,086
Premises			1,287	1,159	3,061	5,507	5,218
Support and governance			1,938		1,851	3,789	2,903
Awards and prizes
North Wall	Trust		258		242	500	399
Raising funds:
Letting ofSchool facilities			373		419	792	2
Financing costs (Note 7)					1,448	1,448	1,139
Investment	management	fees			37	37	49
Fundraising			81		12	93	100
			16,785	1,390	10,635	28,811	26,114

			Staff	Deprec-	Other	Total
			Costs	iation	Operating	2021
					Costs
13Months ended 31August 2021			6'000	S'000	K'000	6'000
Charitable	activities:
Teaching			9,623	217	1,378	11,218
Welfare			3,462		1,624	5,086
Premises			1,212	1,244	2,762	5,218
Support and governance			1,728		1,175	2,903
Awards and prizes
North Wall	Trust		260		139	399
Raising funds:
Letting of	School facilities					2
Financing	costs (Note 7)				1,139	1,139
Investment	management	fees			49	49
Fundraising			89		11	100
			16,376	1,461	8,277	26,114

			2022	2021
			K'000	6'000
Included in support costs are:
Operating leases			137	250
Reimbursement	of personal expenses to Governors
Remuneration	paid to Auditor for audit ofaccounts		29	20
Remuneration	paid to Auditor for taxation compliance	services
Remuneration	paid to Auditor for other non-audit services

. Staff costs
								2022	2021
								R'000	6'000
The aggregate gross costs ofstaff were as Wages and salaries Social security costs				follows:				13,824 1,466	13,654 1,377
Other pension costs								1,495	1,345
								16,785	16,376
The aggregate employee		benefits of	key management			personnel	was:	405	389
The average monthly	number ofemployees			during	the	year /13
months was:
Teaching Domestic								203 204	193 181
Administration								92	104
								499	478
The number ofemployees		whose total benefits during				the year /13
months (excluding employer pension			contributions		and	social security)
were over F60,000 was: F60,001 - E70,000 670,001 - F80,000								37 4	30 15
680,001 - f90,000								2	2
f90,001 - F100,000								1	2
F100,001 - F110,000									1
F130,001 - F140,000									1
6170,001 - F180,000
F190,001 - F200,000

10. Tangible fix	ed assets
Group and School		Staff Housing	School Campus	Vehicles and Equipment	Total
		E'000	E'000	E'000	E'000
Cost or valuation As at 1 September Additions	2021	26,797 1,504	82,449 4,444	6,168 376	115,414 6,324
As at 31 August 2022		28,301	86,893	6,544	121,738
Depreciation As at 1 September Charge for the year	2021		1,182 1,159	5,826 231	7,008 1,390
As at 31 August 2022			2,341	6,057	8,398
Net book value
As at 1 September	2021	26.767	81,267	342	108,406
As at 31 August 2022		28,301	84,552	487	113,340

Ifthe freehold land would have been as	and buildin follows:	gs had been carried under the cost	model, the balance sheet net	book value
			2022	2021
Freehold land and Staff Housing School Campus At cost from 1890to	buildings 31 August	—Group and School 2022	E'000 9,247 73,441 82,688	E'000 7,743 70,657 78,400
			2022	2021
			E'000	8'000
Caitalcommitments	outstandin	g	1,660	336

11. Investments
Group and School	Investments
	8'000
Investments in securities: As at 1 September 2021 Additions	6,619 4,893
Disposals Losses in the 12 months to 31 Aug 2022	(4,782) (458)
As at 31 August 2022	6,272
Analysis of investments: Fixed interest securities	5'000 228
Equities	6,044
	6,272

n , nvestment portfolio but are disclosed within the Group's current assets as c managed and held in the UK.	ash deposits. All investments are
	C000
Investments in short —term cash deposits: As at 1 September 2021 Interest reinvested	1,750 10
As at 31 August 2022	1,760

	Group	Group	School	School
	2022	2021	2022	2021
	K'000	L"000	F'000	L'000
Fees outstanding Trade debtors	7,277 25	7,026 38	7,277 20	7,026 38
Staff loans	30	21	30	21
Other debtors	302	16	301	16
Amounts owed by subsidiaries Prepayments and accrued income	813	56	41 813	54
	8,447	7,157	8,482	7,155

13. Creditors: amoun	ts falling du	e within one yea	r
		Group	Group	School	School
		2022	2021	2022	2021
		6'000	8000	6'000	6'000
Trade creditors		1,113	756	1,113	756
Taxation and social security Other creditors and accruals		401 1,666	324 1,094	401 1,639	324 1,069
Short term compensated Amount due to subsidiary	balances				47
Deferred income:
Fees held in Advance Fees Fund		1,627	1,209	1,627	1,209
(Note 16)
Fees received in advance	ofterm	9,428	8,784	9,428	8,784
Registration deposits held Other income		142	81 7	142	81 7
		14,377	12,255	14,350	12,277

4. Cred	itors: am	ounts falling due after more than one	year
			Group and School	Group and School
			2022	2021
			6'000	F'000
Bank loans (Note 15) Bond less unamortised		financing costs (Note 15)	7,000 37,706	7,000 37,721
Deferred income:
Fees held Registration	in Advance deposits	Fees Fund (Note 16) held	773 1,780	876 986
			47,259	46,583

		Group and	Group and
		School	School
		2022	2021
		6'000	8000
Loans:
Due within one year
Due between Due between Due in more	one and two years two and five years than five years	7,000 37,706	7,000 37,721
		44,706	44,721

6. A	dvan	ce Fees Fund
			Group	Group
			and	and
			School	School
			2022	2021
			6'000	f'000
As at 1 September 2021 (1 Aug 2020) New contracts with parents			2,085 2,014	1,816 1,520
Finance	costs	accrued to contracts	24	20
			4,123	3,356
Amounts	used	towards School's fees	(1,592)	(1,205)
Capital repaid		or paid to other schools	(131)	(66)
As at 31 August 2022 (31 August 2021)			2,400	2,085

		Group	Group
		and	and
		School	School
		2022	2021
		8'000	8'000
Due Due Due	within one year between one and two years between two and five years	1,627 476 297	1,209 481 395
		2.4DD	2, DDD

17.Provisions for liabilities	and charges
		Group	Group
		and	and
		School	School
		2022	2021
		0'000	S'000
Defined benefit pension scheme	liability (Note 24)	49	75

2021	2020
R'000	000

19Funds
	Movement on Funds for the year			ended 31August	2022
	Note	As st 1 Sep 2021 6'000	Income 6'000	Expend- iturs E'000	Gains i losses E'000	Transfers 6'000	As at 31 Aug 2022 K'000
Endowed Funds
Rotherfield Scholarship	(a)	404		(2)	(26)			376
Fund
Restricted Funds
Rotherfield Income Fund		9	8			(16)		1
Foundation Fund	(b)	76	110			(25)		161
Endowment Fund	(c)	1,561	32	(8)	(99)			1,486
Scholarship Fund	(c)	3,180	184	(16)	(201)			3,147
The North Wall Trust		45	7	(46)				6
Total Restricted Funds		4,871	341	(70)	(300)	(41)		4,801
Unrestricted Funds
Revaluation Reserve	(d)	29,249						29,249
Other unrestricted funds
General reserves		(774)	28,696	(28,249)		(5,048)		(5,375)
The North Wa/I Ti'ust		22	182	(454)		285		35
Sl Edward's int'I Ltd		(8)						(8)
Other designated funds
Rotherfield Designated		200	4	(1)	(13)			190
Fund Advance Fees Fund	(e)	661	10	(24)				647
Capital Fund	(f)	34,094				4,804		38,898
Foundation Fund	(b)
Scholarship Fund	(c)	1,882	443	(10)	(119)			2,196
		36,077	29,335	(28,738)	(132)	41		36,583
Total Unrestricted		65,326	29,335	(28,738)	(132)	41		65,832
Funds
Total Funds		70,601	29,676	(28,810)	(458)			71,009

und balances as	at 31 Aug	ust 2022 wer	e represented by:
		Fixed	Investments	Net	Long	Interfund	Total
				current	term
		Assets		assets	(liabilities)	Loans	Assets
		6'000	K'000	K'000	6'000	5'000	5'000
Endowed Funds			376				376
Restricted Funds
Rotherfield Income Fund							1
Foundation Fund				161			161
Endowment Fund			1,248	238			1,486
Scholarship Fund			2,643	504			3,147
The North Wall Trust				6
Total Restricted Funds			3,891	910			4,801
Unrestricted Funds
Revaluation Reserve		29,249					29,249
Other unrestricted	funds
General reserves		487		(3,260)	(2,602)		(5,375)
The North I4ta/I Trust				35			35
St Edward's lnt'I Ltd				(8)			(8)
Other designated	funds
Rotherlield Designated			160	30			190
Fund Advance Fees Fund				647			647
Capital Fund		83,604			(44,706)		38,898
Foundation Fund
Scholarship Fund			1,845	351			2,196
		84,091	2,005	(2,205)	(47,308)		36,583
Total Unrestricted	Funds	113,340	2,005	(2,205)	(47,308)		65,832
Total Funds		113,340	6,272	(1,295)	(47,308)		71,009

	Movement	on Funds for the 13 months	on Funds for the 13 months	ended 31	August 2021
	Note As at 1 Aug 2020 6'000		Income E'000	Expend- itura 6'000	Gains I losses 6'000	Transfers 6'000	As at 31 Aug 2021 6'000
Endowed Funds
Rotherfield Scholarship	(a)	342		(3)	65		404
Fund
Restricted Funds
Rotherfield Income Fund			9				9
Foundation Fund	(b)	125	10	(8)		(51)	76
Endowment Fund	(c)	1,293	34	(10)	244		1,561
Scholarship Fund	(c)	2,561	146	(20)	484		3,180
The North Wall Trust		77		(32)			45
Total Restricted Funds		4,056	199	(70)	728	(42)	4,871
Unrestricted Funds
Revaluation Reserve	(d)	29,249					29,249
Other unrestricted funds
General reserves		267	25,116	(25,629)		(528)	(774)
The North Wa/I Trust		45	68	(367)		276	22
SI Edward's Int'I Lfd		100		(8)		(100)	(8)
Other designated funds
Rofherfield Designated						200	200
Fund Advance Fees Fund	(e)	551	61	(25)	274	(200)	661
Capital Fund	(f)	33,680				414	34,094
Foundation Fund	(b)	14				(14)
Scholarship Fund	(c)	1,386	252	(12)	262	(6)	1,882
		36,043	25,497	(26,041)	536	42	36,077
Total Unrestricted		65,292	25,497	(26,041)	536	42	65,326
Funds
Total Funds		69,690	25,696	(26,114)	1,329		70,601

und balances as	at 31 Aug	ust 2021 wer	e represented by:
		Fixed	Investments	Net	Long	Interfund	Total
				current	term
		Assets		assets	(liabilities)	Loans	Assets
		6'000	6'000	6'000	6'000	000	6'000
Endowed Funds			381	23			404
Restricted Funds
Rotherrield Income Fund				9			9
Foundation Fund				76			76
Endowment Fund			1,470	91			1,561
Scholarship Fund			2,995	185			3,180
The North Wall Trust				45			45
Total Restricted Funds			4,465	406			4,871
Unrestricted Funds
Revaluation Reserve		29,249					29,249
Other unrestdcted	funds
General reserves		342		821	(1,937)		(774)
The North Wall Trust				22			22
St Edward's lnt'I Ltd				(8)			(8)
Other designated	funds
Rothertietd Designated				200			200
Fund Advance Fees Fund				661			661
Capital Fund		78,815			(44,721)		34,094
Foundation Fund
Scholarship Fund			1,773	109			1,882
		79,157	1,773	1,805	(46,658)		36,077
Total Unrestricted	Funds	108,406	1,773	1,805	(46,658)		65,326
Total Funds		108,406	6,619	2,234	(46,658)		70,601

1. Reconciliation ofnet inco	me to net cas	h flow from op	erating acti	vities
		2022	2022	2021	2021
		f'000	f'000	f.'000	f'000
Net income for the Year /13 Months			408		911
Elimination of non-operating items:
Investment income		(150)		(208)
(Gains)/losses on investments		458		(1,329)
Finance cost accrued to Advance	Fees	24		20
Amortisation of bond costs
Depreciation		1,390		1,461
(Profit) on sale of fixed assets
Decrease/(Increase) in stocks		(4)		5
Decrease/(increase) in debtors		(1,290)		(6,662)
Increase/(decrease) in creditors and	provisions	1,617		7,039
Increase/(decrease) in Registration	deposits	855		452
			2,900		778
Net cash flow from operating activities			3,388		1,689

22.	Analysis ofchanges in net debt
		Note	As at 1	Noncash	Cash	As at 31
			September	Change	Flows	August
			2021			2022
			f'000	f'000	f'000	f'000
Cash			5,564		(2,711)	2,853
Cash Loans	equivalents falling due after more than one year	11 15	1,750 (44,721)	15	10	1,760 (44,706)
			(37,407)	15	(2,701)	(40,093)

end period, discounted at a rate equivalent to a full AA	corporate bond yield curve:
	2022	2021
	6'000	C000
Year ending: 31 August: 2022 2023 2024 2025	21 20 8	28 20 19 8
Net present value of provision	49	75

The movement on	the defined ben	efit	pens	scheme	liability during the year	was as follows:
						Group and	School
						2022	2021
						000	f'000
As at 1 September	2021 (1 August	2020)				75	155
Unwinding ofdiscount factor
Deficit contributions	paid					(26)	(36)
Re-measurements Re-measurements	—impact ofany —amendments	change in the assumptions to the contributions schedule					~44
As at 31 August						49	79
The impact of income and expenditure			during	the year	was as follows:
						Group and	School
						2022	2021
						f'000	f'000
Interest expense
Remeasurements Remeasurements	—impact ofany —amendments	change in the assumptions to the contributions schedule					~44

StEdward's School International	StEdward's School International
		As at	As at
Balance Sheet		31August	31August
		2022	2021
		5	5
Current assets
Debtors
Amounts owing by	Parent company
Cash in hand and	at bank
Net current assets
Current liabilities Creditors payable Amounts owing to Net assets	within one year Parent company	~9 ~8	~9 ~8
Represented by: Share capital Unrestricted funds		~8 ~a	~8 ~s

Statement ofFinanci	IActivities	IActivities	Unrestricted	Restricted	Total	Restated
			Funds	Funds	Funds	Total
					2022	Funds
						2021
			E'000	E'000	f'000	Z'000
Income: Donations Income from charitable Total income	activities		337 130 467	7	337 137 474	330 47 377
Expenditure
Cost of raising funds
Expenditure on charitable		activities	454	46	500	431
Total expenditure Nei income/(expenditure)			454 13	46 39	500 26	431 ~54
Nei movement in funds			13	(39)	(26)	(54)
Reconciliation offunds:
Total funds brought forward			22	46	68	122
Total funds carried forward			35		42	68
Balance Sheet					2022 6'000	2021 E'000
Current assets Debtors Cash at bank and in hand					6 92	58 34
Total current assets Creditors falling due within		one year			98 ~56	92 ~24
Net assets					42	68
Represented by Unrestricted income	funds				35	22
Restricted income funds					7	46
Totalfunds					42	68

		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds
		13Months	13Months	13llllonths	13Months
		2021	2021	2021	2021
	Note	8'000	E'000	E'000	E'000
Income from:
Charitable activities: School fees receivable Ancillary trading income The North Wall Trust	3 4 28	23,310 1,152 68			23,310 1,152 68
Other trading activities: Letting ofSchool facilities Other activities Job Retention Scheme Grant:		50 78 519			50 78 519
investments:
Investment income		98	110		208
Bank interest		6			6
Voiuntary sources: Donations and legacies Total income:		216 25,497	89 199		305 25,696
Expenditure on:
Charitable activities:
Education of pupils The North Wall Trust	28	24,417 367	8 32		24,425 399
Other trading activities:
Letting ofSchool facilities
investments: Financing costs		1,139			1,139
Voiuntary sources: Fundraising & Investment		116	30	3	149
Management Total expenditure:		26,041	70	3	26,114
Net income for the period		(544)	129	(3)	(418)
before transfers and
investment gains Gains I(Losses) on investments Net income for the period	11	536 (8)	728 857	65 62	1,329 911
Transfers between funds	19	42	(42)
Losses on revaluation of	19
property Net movement in funds		34	815	62	911
Fund balances at start of	19	65,292	4,056	342	69,690
period Fund balances at end of	19	65,326	4,871	404	70,601
period