|
Page |
| Annual Report ofthe Governors (Directors) |
1
- 6 |
| Statement of Governors’ Responsibilities |
7 |
| Auditors’ Report |
8
— 11 |
| Statement of Financial Activities |
12 |
| Balance Sheet |
13 |
| Cash Flow Statement |
14 |
| Notes to the Financial Statements |
15 -28 |
DocuSign Envelope ID: BF7EB54A-9F85-4DAF-9552-1A211938275A
A Crowe
THE BEACON EDUCATIONAL TRUST LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BEACON EDUCATIONAL TRUST LTD (CONTINUED}
The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within the timing of recognition of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal - controls. We are not responsible for preventing non compliance and cannot be expected to detect non compliance with all laws and regulations.
Use of Our Report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon
Senior Statutory Auditor
For and on behalf of Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading RG1 1PL
Date: 30 March 2022
Page 11
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
Funds |
Funds |
2021 |
2020 |
|
Notes |
£ |
£ |
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
| FROM: |
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
| School fees receivable |
4a |
7,783,449 |
- |
7,783,449 |
7,788,204 |
| Ancillarytrading income |
4b |
177,107 |
- |
177,107 |
116,175 |
| CJRS grant income |
|
- |
- |
- |
193,152 |
| Othertrading activities: |
|
|
|
|
|
| Interest received |
|
2,116 |
- |
2,116 |
14,392 |
| Rent and facility hire |
|
56,572 |
- |
56,572 |
59,430 |
| Donations |
|
- |
9,090 |
9,090 |
10,425 |
| Total |
|
8,019,244 |
9,090 |
8,028,334 |
8,181,778 |
| EXPENDITURE ON: |
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
| School operating costs |
|
7,463,078 |
- |
7,463,078 |
7,339,998 |
| Expenditure on raising funds: |
|
|
|
|
|
| Financing costs |
6 |
41,788 |
- |
41,788 |
58,146 |
| Total |
7a |
7,504,866 |
- |
7,504,866 |
7,398,144 |
| Net income and expenditure |
|
514,378 |
9,090 |
523,468 |
783,634 |
| Transfer between funds |
|
- |
- |
- |
- |
| NET MOVEMENT IN FUNDS |
|
514,378 |
9,090 |
523,468 |
783,634 |
| Funds brought forward 1 September2020 |
|
15,680,042 |
21,145 |
_15.701.187 |
14,917,553 |
| Funds carried forward at 31 August 2021 |
|
16,194,420 |
30.235 |
16,215,565 |
15701.187 |
|
|
2021 |
2020 |
|
Notes |
£ |
£ |
| FIXED ASSETS |
|
|
|
| Tangible assets |
8 |
17,254,424 |
16,539,895 |
| CURRENT ASSETS |
|
|
|
| Stock |
|
5,351 |
5,239 |
| Debtors |
9 |
1,179,967 |
1,485,673 |
| Cash at bank and in hand |
|
4,076,265 |
4,200,451 |
|
|
5,261,583 |
5,691,363 |
| CREDITORS: Amounts falling due within one year |
10 |
(4,719,068) |
(4,593,392) |
| NET CURRENT ASSETS |
|
533,515 |
1,097,971 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
17,796,939 |
17,637,866 |
| CREDITORS: Amounts falling due after more than one year |
ha |
(1,572,284) |
(1,936,679) |
| TOTAL NET ASSETS |
|
16,224,655 |
15.701.187 |
| Unrestricted funds |
13 |
16,194,420 |
15,680,042 |
| Restrictedfunds |
14 |
30,235 |
21,145 |
| TOTAL FUNDS |
15 |
16,224,655 |
15.701.187 |
|
2021 |
2020 |
|
£‘OOO |
£‘OOO |
| Cash Flows from Operating Activities |
|
|
| Net movement in funds |
523,468 |
783,634 |
| Depreciation |
708,257 |
736,602 |
| (Profit)/loss on disposal oftangible fixed asset |
|
(2,415) |
| (Increase)/decrease in stock |
(112) |
(1,178) |
| Decrease/(increase) in debtors |
305,706 |
704,622 |
| Increase in creditors |
48,212 |
204,123 |
| Interest paid |
41,788 |
58,146 |
| Interest received |
(58,688) |
(14,92) |
| Cash Used in Operating Activities |
1,568,631 |
2,469,142 |
| Cash Flows from Investing Activities |
|
|
| Interest received |
58,688 |
14,392 |
| Purchase oftangible fixed assets |
(1,442,786) |
(451,151) |
| Proceeds from sale oftangible fixed assets |
|
3,394 |
| Cash Provided used in Investing Activities |
(1,364098) |
(433,365) |
| Cash Flows from Financing Activities |
|
|
| New loans received |
|
240,000 |
| Repayment of long term bank loan |
(258,105) |
(259,556) |
| Advanced fees utilised |
(199,899) |
(223,700) |
| Receipts from advanced fees |
171,074 |
131,088 |
| Interest Paid |
(41,788) |
(58,t4i) |
| Cash used in Financing Activities |
(328,718) |
(170,314) |
| Change in cash and cash equivalents in the year |
(124,186) |
1,865,463 |
| Cash and cash equivalents atthe beginning ofthe year |
4,200,451 |
2,334,988 |
Total cash and cash equivalents at the end ofthe
year |
4,076,265 |
4,200,451 |
|
At 31 |
At31 |
|
August |
August |
|
2021 |
2020 |
|
£ |
£ |
| Cash at bank |
4,076,265 |
4,200,451 |
| Total cash and cash equivalents atthe end ofthe year |
4,076,265 |
4.200,451 |
| value ofeach asset over its expected us |
eful life, as follows: |
| Freehold buildings |
- 2% per annum (straight line) |
| Minor works |
- 10% per annum (straight line) |
| Fixtures, fittings and equipment |
- 10% per annum (straight line) |
| Motor vehicles |
- 25% per annum (straight line) |
| Computer equipment |
- 33% per annum (straight line) |
|
2021 |
2020 |
| School fees receivable consist of: |
£ |
£ |
| Gross fees |
7,919,078 |
7,942,956 |
| Less: Bursaries & Allowances |
(135,629) |
(154,752) |
| Netfees receivable |
7,783,449 |
7,788,204 |
| NCILLARY TRADING INCOME |
|
|
| Fees in lieu of notice |
50,922 |
5,020 |
| School fees refund scheme |
(171) |
9,017 |
| School bus |
65,144 |
35,035 |
| Registration charges |
24,375 |
15,650 |
| Learning supportfees |
6,179 |
7,806 |
| After school care |
- |
8,456 |
| Deposits forfeited |
14,049 |
6,975 |
| Music tuition and instrument hire |
105 |
30 |
| Miscellaneous income |
16,504 |
26,129 |
|
177,107 |
114,118 |
| STAFF COSTS |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Wages and salaries |
3,892,726 |
3,857,746 |
| Social security costs |
397,457 |
384,822 |
| Pension contributions |
644,821 |
621,062 |
|
4,951,244 |
4.863.630 |
| The average number ofemployees in the yearwas: |
|
|
| Teachers and teaching assistants |
87 |
89 |
| Support |
23 |
23 |
| Welfare |
7 |
5 |
| Premises |
6 |
4 |
|
123 |
121 |
| The number ofemployees whose remuneration exceeded £60,000 was: |
|
|
|
No. |
No. |
| Between £60,000-f70,000 |
3 |
2 |
| Between £70,000-E80,000 |
1 |
1 |
Between £80,000
- £90,000 |
- |
|
| Betweenfl00,000-f110,000 |
1 |
1 |
| Between110,000-120,000 |
I |
I |
| INANCING COSTS |
|
|
|
2021 |
2020 |
|
£ |
£ |
| On bank loans and overdrafts |
35,144 |
56,111 |
| Advance payment offees discount |
6,644 |
2,035 |
|
41,788 |
58,146 |
|
2021 |
|
Staff |
|
|
|
|
|
|
|
costs |
Other |
Depreciation |
2021 |
2020 |
|
|
|
£ |
£ |
£ |
£ |
£ |
|
Charitable activities: |
|
|
|
|
|
|
|
Teaching costs |
3,809,569 |
|
355,270 |
152,624 |
4,317,463 |
4,192,040 |
|
Welfare costs |
|
101,983 |
295,926 |
- |
397,909 |
379,184 |
|
Premises costs |
|
122,257 |
705,776 |
529,404 |
1,357,437 |
1,416,526 |
|
Support costs |
|
864,819 |
433,540 |
26,229 |
1,324,588 |
1,301,020 |
|
Governance costs |
|
36,376 |
29,305 |
|
65,681 |
51,228 |
|
|
4,935,004 |
|
1,819,817 |
708,257 |
7,463,078 |
7,339,998 |
|
Cost ofgenerating |
|
|
|
|
|
|
|
funds: |
|
|
|
|
|
|
|
Finance costs |
|
- |
41,788 |
|
41,788 |
58,146 |
|
TOTAL RESOURCES |
|
|
|
|
|
|
|
EXPENDED |
4,935,004 |
|
1,861,605 |
708,257 |
7,504,866 |
7.398.144 |
|
2020 |
Staffcosts |
|
|
|
|
|
|
|
|
|
Other |
Depreciation |
2020 |
2019 |
|
|
|
£ |
£ |
£ |
£ |
£ |
|
Charitable activities: |
|
|
|
|
|
|
|
Teaching costs |
3, |
768,924 |
259,587 |
163,529 |
4,192,040 |
4,337,933 |
|
Welfare costs |
|
99,277 |
279,907 |
- |
379,184 |
493, 171 |
|
Premises costs |
|
114,211 |
781,757 |
520,558 |
1,416,526 |
1,450,303 |
|
Support costs |
|
851,079 |
421,488 |
34,525 |
1,301,020 |
1,047,855 |
|
Governance costs |
|
30,439 |
21,089 |
- |
51,228 |
32.303 |
|
|
4,863,630 |
|
1,763,828 |
718,612 |
7,339,998 |
7,361,565 |
|
Cost ofgenerating |
|
|
|
|
|
|
|
funds: |
|
|
|
|
|
|
|
Finance costs |
|
|
|
58,146 |
58,146 |
112,261 |
|
TOTAL RESOURCES |
|
|
|
|
|
|
|
EXPENDED |
4.863.630 |
|
718.612 |
1.819.917 |
7.473.826 |
7.215.699 |
| 7b. |
NET INCOMING RESOURCES |
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
|
£ |
£ |
|
These are stated after charging/(crediting): |
|
|
|
|
|
|
|
Auditors’ remuneration |
|
|
|
|
16,410 |
15,203 |
|
Depreciation on tangible fixed |
|
assets |
: owned assets |
|
719,790 |
736,602 |
|
Profit on disposal oftangible fixed assets |
|
|
|
|
|
(2.415) |
|
|
|
Total |
£ |
|
22,875,157 |
1,422,786 |
|
|
|
24,297,943 |
|
6,335,262 |
708,257 |
|
7,043,519 |
|
17,254,424 |
16,539,895 |
|
|
Motor |
vehicles |
£ |
|
198,254 |
- |
|
- |
|
198,254 |
|
108,473 |
37,613 |
|
146,087 |
|
52,167 |
89,781 |
|
|
Computer |
equipment |
£ |
|
760,387 |
58,825 |
|
|
|
819,212 |
|
682,771 |
59,438 |
|
742,209 |
|
77,003 |
77,616 |
|
|
Furniture & |
equipment |
£ |
|
968,872 |
3,704 |
|
|
|
972,576 |
|
472,439 |
84,926 |
|
557,365 |
|
415,212 |
496,433 |
|
Assets under |
the course of |
construction |
£ |
|
- |
25,065 |
- |
|
|
25,065 |
|
- |
- |
|
|
|
25,065 |
|
|
Freehold land |
& buildings |
|
£ |
|
20,947,644 |
1,335,192 |
|
|
|
22,282,836 |
|
5,071,579 |
526,280 |
|
5,597,859 |
|
16,684,977 |
15,876,065 |
| TANGIBLE FIXED ASSETS |
|
|
|
|
Cost orvaluation |
1 September2020 |
Additions |
Disposals |
|
Transfers |
31 August2021 |
Depreciation |
1 September2020 |
Charge forthe year |
Disposals |
31 August 2021 |
Net bookvalues |
31 August 2021 |
31 August 2020 |
| 8. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
£ |
£ |
| Fees and disbursements |
1,064,466 |
1,393,781 |
| Otherdebtors |
11,367 |
35,472 |
| Prepayments |
104,134 |
56,420 |
|
1,179,967 |
1.485.673 |
|
2021 |
2020 |
|
£ |
£ |
| Bank loans |
478,655 |
411,613 |
| Other loans |
24,000 |
24,000 |
| Trade creditors |
167,474 |
42,830 |
| Deposits |
562,567 |
544,535 |
| Othertaxes and social security |
95,619 |
89,886 |
| Other creditors |
83,338 |
21,065 |
| Autumn fees in advance |
2,835,023 |
2,846,459 |
| Fee prepayment schedule |
174,286 |
163,864 |
| Accruals and deferred income |
298,106 |
449,140 |
|
4,719,068 |
4.593.392 |
|
2021 |
2020 |
|
£ |
£ |
| Bank loans |
1,184,666 |
1,493,814 |
| Other loans |
200,000 |
216,000 |
| Fee prepayment schedule |
187,618 |
226,865 |
|
1,572,284 |
1.936.679 |
| ank loans are repayable as follows: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| In less than one year: |
478,655 |
411,613 |
| In more than one year but less than two years: |
152,309 |
392,219 |
| In more than two years but less than five years: |
456,927 |
456,924 |
| After morethan five years: |
575,431 |
644,671 |
|
1,663,321 |
1,905,427 |
| Other loans are repayable as follows: |
2021 |
2020 |
|
£ |
£ |
| In less than one year: |
24,000 |
24,000 |
| In more than one year but less than two years: |
24,000 |
24,000 |
| In more than two years but less than five years: |
72,000 |
72,000 |
| After more than five years: |
104,000 |
120,000 |
|
224000 |
240,000 |
ump sums may be paid to the Trust as advance paymen
chool, advance fees received will be applied as follows: |
t offuture fees. Assumi |
ng |
students wi |
|
2021 |
|
2020 |
|
£ |
|
£ |
| Within 1 year |
174,286 |
|
163,864 |
| Within 2 to 5 years |
187,618 |
|
226,865 |
|
361,904 |
|
390,729 |
| he balance represents the accrued liability. |
|
|
|
| he movements during the yearwere: |
|
|
|
|
|
|
£ |
| Balance at 1 September 2020 |
|
|
390,729 |
| Amounts received |
|
|
171,074 |
| Amounts utilised in the payment offees |
|
|
(199,899) |
| Balance at 31 August 2021 |
|
£ |
361,904 |
|
|
Ati |
|
|
|
|
At |
|
|
September |
Incoming |
Resources |
Transfer |
of |
31 August |
|
|
2020 |
Resources |
expended |
funds |
|
2021 |
|
|
£ |
£ |
£ |
|
|
£ |
| Unrestricted |
funds |
15,680,042 |
8,037,319 |
(7,522,941) |
|
|
16,194,420 |
| Total |
|
15,680,042 |
8,037,319 |
(7522,941) |
|
|
16,194,420 |
|
|
Ati |
|
|
|
At |
|
|
September |
Incoming |
Resources |
Transfer of |
31 August |
|
|
2020 |
Resources |
expended |
funds |
2021 |
|
|
£ |
£ |
£ |
£ |
£ |
| Restricted |
funds |
21, 145 |
9,090 |
|
|
30,235 |
| Total |
|
21,425 |
9,090 |
- |
|
30,235 |
| ANALYSIS OF NET ASSETS BETWEE |
N FUNDS |
|
|
|
| 2021 |
Unrestricted |
|
Restricted |
|
|
funds |
|
funds |
Total funds |
|
£ |
|
£ |
£ |
| Tangible fixed assets |
17,254,424 |
|
- |
17,254,424 |
| Netcurrentassets |
512,280 |
|
30,235 |
542,515 |
| Long term liabilities |
(1,572,284) |
|
- |
(1,572,284) |
| Total |
£16194420 |
£ |
30.235 |
£16,224,655 |
| 2020 |
Unrestricted |
|
Restricted |
|
|
funds |
|
funds |
Totalfunds |
|
£ |
|
£ |
£ |
| Tangible fixedassets |
16,539,895 |
|
- |
16,539,895 |
| Net Currentassets |
1,076,826 |
|
21,145 |
1,097,971 |
| Long term liabilities |
(1,936,679) |
|
- |
(1,93679J |
| Total |
£15.680,042 |
£ |
21.145 |
£ 15.701.187 |
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
| EXPIRY DATE: |
|
|
|
|
| Less than 1 year |
|
12,092 |
|
11,227 |
| Between one and five years |
|
6,888 |
|
16,818 |
|
£ |
18,980 |
£ |
28.045 |
|
|
|
|
2021 |
|
2020 |
|
|
|
|
£ |
|
£ |
| Due |
in |
1 year |
|
39,600 |
|
39,600 |
| Due |
in |
2-5 years |
|
180,000 |
|
180,000 |
| Due |
in |
morethan 5 years |
|
180.000 |
|
225.000 |
|
|
|
£ |
399,600 |
£ |
444.600 |
|
|
2021 |
2020 |
|
|
£ |
£ |
| lncrease/(decrease) in cash in the year |
|
(124,186) |
1,865,463 |
| Loan repayments |
|
258,105 |
259,556 |
| New loan drawn |
|
- |
(240,000) |
| Advanced fees utilised |
|
199,899 |
223,700 |
| Receipts from advanced fees |
|
(l7l074) |
(131,088) |
| Change in net funds/(debt) |
|
162,744 |
1,977,631 |
| Netfunds/(debt) at 1 September |
|
1,664,295 |
(313,336) |
| Net funds/(debt) at 31 August |
£ |
1,827,039 |
£ 1.664,295 |
|
Netfunds as |
|
|
Netfunds as |
Netfunds as |
|
at I |
|
Cash |
at |
31 |
|
September |
|
Change |
|
August |
|
2020 |
|
|
|
2021 |
|
£ |
|
£ |
|
£ |
| Cash at bank and in hand |
4,200,451 |
|
(124,186) |
|
4,076,265 |
| Bank loans |
(1,905,426) |
|
234,105 |
(1,887,321) |
|
| Other loans |
(240,000) |
|
24,000 |
|
(216,000) |
| Advanced fees scheme |
(390,729) |
|
28,025 |
|
(361904) |
|
£ 1.664.295 |
£ |
(162.744) |
£ |
1,827,040 |
|
Unrestricted |
Restricted |
Restricted |
Total |
|
Funds |
Funds |
|
2020 |
|
£ |
£ |
|
£ |
| INCOMEAND ENDOWMENTS FROM: |
|
|
|
|
| Charitable activities: |
|
|
|
|
| Schoolfees receivable |
7,788,204 |
|
- |
7,788,204 |
| Ancillary tradingincome |
116,175 |
|
- |
116,175 |
| Othertrading activities: |
|
|
|
|
| Interestreceived |
14,392 |
|
- |
14,392 |
| Rent and facilityhire |
59,430 |
|
- |
59,430 |
| Donations |
|
10,245 |
|
10,245 |
| Total |
8,171,353 |
10,425 |
|
8,181,778 |
| EXPENDITUREON: |
|
|
|
|
| Charitable activities: |
|
|
|
|
| School operating costs |
7,339,998 |
|
- |
7,339,998 |
| Expenditure on raising funds: |
|
|
|
|
| Financing costs |
58,146 |
|
- |
58,146 |
| Total |
7,398,144 |
|
- |
7,398,144 |
| Netincome andexpenditure |
773,209 |
10,425 |
|
783,634 |
| Transferbetween funds |
11,299 |
(11,299) |
|
|
| NETMOVEMENT IN FUNDS |
784,508 |
(874) |
|
783,634 |
| Funds brought forward 1 September2019 |
14.895.534 |
22.0 |
19 |
14,927,553 |
| Funds carried forwardat 31 August 2020 |
15.680.042 |
21.145 |
|
15.701.187 |