2021-07-31-accounts - The Corporation Of Oundle School

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	CONTENTS
GOVERNORSANDEXECUTIVEOFFICERS ss :	a
KEYMANAGEMENTPERSONNELANDCORPORATEINFORMATION..........cccsscesssesssseeees4
REPORTOFTHEGOVERNORSFORTHEYEARENDED31JULY2021...........sccssssesseeeeees5-18
INDEPENDENTAUDITOR’SREPORTTOTHEGOVERNORS
OFTHECORPORATIONOFOUNDLE SCHOOL......cee eeeeseeeseee "	--19-21
CONSOLIDATEDSTATEMENTOFFINANCIALACTIVITIES
FOR THEYEARENDED 31JULY 202)scsssssessscsccesswsmnenectonsexacsaxamansvaacsncanennneasanas	tana 22
CORPORATIONSTATEMENTOFFINANCIALACTIVITIES
FOR THEYEARENDEDS1JULY202)cenenmnmeneeeemee23
CONSOLIDATEDANDCORPORATIONBALANCESHEETSASAT31	JULY 2021............24
STATEMENTOFCONSOLIDATEDCASHFLOWS
PORTHEYEARENDED31JULY202.1onnccnmunansmneeEEE 25
NOTESTOTHEFINANCIALSTATEMENTSsssssascascasssssaesccasnmmnomnanconmamartancmcee26-56

		YearEnded	YearEnded
		31 July2021	31 July 2020
	Note	£’000	£’000
CASH FLOWS FROM OPERATINGACTIVITIES:
Netcash generated from operating activities	32	2,948	4,176
Cash flows from investing activities:
Dividends and interestfrom investments	6	494	501
Proceeds from the sale of investments	16	-	13,496
Purchase of investments	16	(682)	(14,383)
Proceeds from thesale oftangible fixed assets		7	69
Purchaseoftangible fixed assets		(4,276)	(19,846)
Netcash usedin investingactivities		(4,457)	(20,163)
Cash flowsfrom financing activities:
Receipt ofloan		~	20,000
Loan repayments		(2,036)	(506)
Interest payable		(353)	(193)
Receipts ofendowments	7	254	98
Newfees in advance	25	1,131	1,762
Fees in advance usedto payfees	25	(1,447)	(2,210)
Fees in advancepaid to other schools	25	(27)	(62)
Net cash generatedfrom financing activities		(2,478)	18,889
Changein cash and cash equivalents in the reportingyear		(3,987)	2,902
Cash and cash equivalents broughtforward		23,469	20,567
Cash and cash equivalents atthe end ofthe reportingyear		19,482	23,469
Cash held		19,482	23,469
Cash held in investments		-	-
Total cash and cash equivalents		19,482	23,469

	YearEnded	YearEnded
	31 July 2021	31 July 2020
Group	£’000	£’000
Facilities lettings	116	160
Rents received	198	194
Commissions and discounts	36	45
Other	7	14
Total	357	413
Corporation	£’000	£’000
Rents received	198	194
Commissions and discounts	36	45
Other	7	14
Total	241	253

	YearEnded	YearEnded	YearEnded
	31	July2021	31 July 2020
Group		£’000	£’000
Income from managed investments		486	423
Bankinterest receivable		9	78
Total		494	501
Corporation		£’000	£’000
Bankinterest receivable		15	79
Gift aid from subsidiaries		~	=
Total		15	79

	NOTESTOTHE	FINANCIALSTATEMENTS	FINANCIALSTATEMENTS	FINANCIALSTATEMENTS	FINANCIALSTATEMENTS	FORTHEYEAR ENDED31	FORTHEYEAR ENDED31	JULY2021
7. Incomefrom donationsandgifts
		Unrestricted			Restricted	Endowment	YearEnded	Year Ended
		income	funds	income funds		Funds	31 July 2021	31 July 2020
Group			£’000		£’000	£’000	£’000	£’000
Bursaries	& scholarships		72		538	254	864	714
New buildings& equipment			-		314	~	314	289
Revenueexpenditure			~		4	=	4	550
Total			72		856	254	1,182	1,553
		Unrestricted			Restricted	Endowment	YearEnded	YearEnded
		incomefunds		incomefunds		Funds	31July2021	31 July2020
Corporation			£’000		£’000	£’000	£’000	£’000
Bursaries	& scholarships		74		1,304	.	1,378	1,497
New buildings & equipment			-		623	~	623	583
Revenue expenditure			=		3	~	3	3
Total			74		1,930	-	2,004	2,083
8. Charitable activities
						Depreciation
						and capital
						profits and	YearEnded	Year Ended
			Staff	costs	Othercosts	losses	31July2021	31 July 2020
Group				£’000	£’000	£’000	£’000	£’000
Education			18,441		2,450	530	21,421	21,747
Boarding and catering				3,631	4,179	141	7,951	6,851
Premises				1,531	4,956	2,440	8,927	7,824
Total			23,603		11,585	3,111	38,299	36,422
						Depreciation
						and capital
						profits and	YearEnded	Year Ended
			Staff	costs	Othercosts	losses	31 July2021	31 July2020
Corporation				£’000	£’000	£’000	£’000	£’000
Education			18,441		2,586	530	21,556	21,840
Boarding and catering				3,631	4,162	141	7,934	6,848
Premises				1,531	4,949	2,440	8,920	7,817
Total			23,603		11,697	3,111	38,410	36,505
The CorporationofOundle		School						34

						YearEnded	Year Ended
						31July2021	31July2020
Group	Governance	Finance	IT	HR	Other	£’000	£’000
Education	15	637	844	270	938	2,704	3,322
Boarding and catering	26	224	297	95	330	972	1,042
Premises	31	287	380	121	422	1,241	1,338
Total	72	1,148	1,521	486	1,690	4,917	5,702
						YearEnded	Year Ended
						31 July2021	31 July 2020
Corporation	Governance	Finance	IT	HR	Other	£’000	£’000
Education	13	637	844	270	938	2,702	3,316
Boarding and catering	21	224	297	95	330	967	1,039
Premises	25	287	380	121	422	1,235	1,330
Total	59	1,148	1,521	486	1,690	4,904	5,685

						YearEnded	YearEnded	Year Ended
		Staff	Costs	Other	Costs	31	July2021	31 July2020
Group			£’000		£’000		£’000	£000
Fund-raising	costs		224		171		395	373
Other			346		353		699	345
Total			570		524		1,094	718
						YearEnded		Year Ended
		Staff	Costs	Other	Costs	31 July 2021		31 July 2020
Corporation			£’000		£’000		£’000	£’000
Fund-raising	costs		225		170		395	373
Other			<		11		11	18
Total			225		181		406	391

NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEAR ENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEAR ENDED31	JULY2021
11. Governors andemployees
	YearEnded	YearEnded
	31 July2021	31 July 2020
Group	£’000	£’000
Wagesandsalaries	19,293	20,090
Social security costs	1,922	1,946
Pension costs	2,956	2,859
Total	24,171	24,895

		YearEnded		YearEnded
	31 July 2021			31 July 2020
Group	No.	FTE	No.		FTE
Teaching staff	223	184	222		181
Otherstaff	494	307	537		349
Total	717	491	759		530

	‘2021 2020
Group	No. No.
£60,001 - £70,000	33 35
£70,001 -£80,000	18 15
£80,001 -£90,000	5 4
£90,001 -£100,000	aL 1
£120,001 - £130,000	1 1
£230,001 -£240,000	1 1
All staffare employed bythe School.
The numberofemployeeswhose employee benefits excluding employer pension contributions, amounted to
over £60,000 in the year was 59 (2020: 57). The Key Management Personnel of the parent charity, the
Corporation, comprise the officers noted on pages 3 and 4. Total employment cost of these people was
£1,151,900 (2020: £1,149,279).
No remuneration was paid to any of the Governors (2020: nil).	One Governor (2020: 13) was reimbursed
expensesfor travelling both in the UK and overseas, and training, amounting to £608 (2020: £3,580). The
Corporation has purchased Indemnity Insurance at a cost of£2,063 (2020: £1,990) to protect against any loss
arising from negligence or defaults of its Governors, and to indemnifythem against the consequencesof any
negligence or default on their part.
Duringtheyear redundancyand termination payments,including	payin lieu of notice,were made of£145,904
(2020: £186,224).
The CorporationofOundle School	36
as

	YearEnded,	Year Ended
	31 July 2021	31 July 2020
Group	£’000	£’000
Restricted funds - investment managementfees	113	28
Total	113	28
13. Governance costsincluded in support costs
	YearEnded	YearEnded
	31 July2021	31 July 2020
Group	£’000	£’000
Governors’ expenses	1	4
Services provided bythe Corporation’s auditors:
~fees payable for the Corporation and consolidated financial statements	36	33
~ fees payable forthe Corporation’s subsidiaries	11	13
~ fees payable in relation to the NTPS audit	7	8
~fees payable in relation to tax advisory forthe current year	9	~
VATon auditorfees	9	9
Total	73	67
14. OperatingLeaseCommitments
Atthe reportingdatetheGroup and Corporation had the followingfuture	minimum rentals payable in respect
ofnon-cancellable operating leases:
. Group and Corporation	2021 £000	2020 £000
Notlaterthan 1 year	472	334
Laterthan 1 yearand not laterthan 5 years	1,028	326
Total	1,500	660
Lease expenditureforthe year was:
: Group and Corporation	2021 £000	2020 £000
Total	334	261

NOTESTO	THEFINANCIALSTATEMENTSFOR	THEFINANCIALSTATEMENTSFOR	THEFINANCIALSTATEMENTSFOR	THEYEAR	ENDED31	JULY 2021
15.Tangible assets
		Freehold land
Group	Assets under construction	ee	ealertst	Fixtures and	Motor
		buildings	properties	equipment	vehicles	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Cost
As at 1 August 2020	33,784	94,431	15,472	9,351	678	153,716
Additions	2,813	106	-	113	-	3,032
Disposals	-	(604)	~	(19)	(26)	(649)
Transfers	(36,313)	35,661	-	652	-	-
As at 31 July2021	284	129,594	15,472	10,097	652	156,099
Accumulated
Depreciation
As at 1 August 2020	-	16,328	1,130	7,191	475	25,124
Chargeforthe year	~	2,309	195	656	94	3,254
Disposals	~	(592)	-	(18)	(26)	(636)
As at31 July2021	-	18,045	1,325	7,829	543	27,742
Net bookamountas at 31 July2021	284	111,549	14,147	2,268	109	128,357
Net book amountas at 31July2020	33,784	78,103	14,342	2,160	203	128,592
		Freehold land
		and	Staff
Corporation	Assets under	educational	residential	Fixtures and	Motor
	construction	buildings	properties	equipment	vehicles	Total
	£’000	£000	£'000	£’000	£’000	£’000
Cost
As at 1 August 2020	33,784	94,671	15,472	9,351	678	153,956
Additions	2,813	106	-	113	-	3,032
Disposals	-	(604)	.	(19)	(26)	(649)
Transfers	(36,313)	35,661	~	652	-	-
As at31 July2021	284	129,834	15,472	10,097	652	156,339
Accumulated
Depreciation
As at 1 August 2020	-	16,036	1,130	7,191	475	24,832
Charge for the year	~	2,309	195	656	94	3,254
Disposals	~	(592)	-	(18)	(27)	(636)
Asat31 July2021	-	17,753	1,325	7,829	542	27,449
Net book amountas at 31 July2021	284	112,081	14,147	2,268	110	128,890
Net book amountas at 1August 2020	33,784	78,635	14,342	2,160	203	129,124

Group	2021	2020
	£’000	£’000
Listed investments
Valuation at the beginning oftheyear	14,405	13,752
Additions at cost	682	14,383
Disposals at market value	-	(13,496)
Increase/(decrease) in market value of investments after managementcosts	2,384	(234)
Total	17,471	14,405
Cash	~	-
NetBookValueat 31 July	17,471	14,405

	2021	2020
	£’000	£’000
Multi Asset Funds	17,471	14,405
Net bookvalueat 31 July	17,471	14,405

18. Stocks
			Corporation		Group
		2021	2020	2021	2020
		£’000	£’000	£’000	£’000
Consumables		48	90	48	90
Total	'	48	90	48	90

NOTESTOTHEFINANCIAL	STATEMENTSFOR	THE	YEARENDED31JULY	YEARENDED31JULY	2021
19. Financial instruments
	Corporation			Group
	2021	2020		2021	2020
	£’000	£’000		£’000	£’000
Carryingamountoffinancial assets
Financial assets held at fairvalue through SoFA	-		-	17,471 14,405
20. Debtors
		Corporation		Group
		2021	2020	2021	2020
		£’000	£’000	£’000	£’000
Fees and disbursementsreceivable		1,239	530	1,239	530
Amounts owed by group undertakings		788	183	-	-
Otherdebtors		29	153	51	153
Prepayments and accrued income		425	563	506	565
Total		2,481	1,429	1,796	1,248

		_ Corporation	_ Corporation	Group
		2021	2020	2021	2020
	_	£’000	£’000	£’000	£’000
Bank loans		1,818	2,324	1,818	2,324
Trade creditors		1,338	577	1,343	582
Amounts owing to subsidiary companies		6	-	-	-
Other taxes & Social Security		446	464	446	464
Othercreditors		1,733	2,853	1,788	2,925
Fees received in advance		1,382	1,801	1,382	1,801
Advancefee deposits		8,100	5,964	8,100	5,964
Total		14,823	13,983	14,877	14,060

NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEARENDED 31JULY2021
26.Summary of netassets ofthe funds of				theGroupand Corporation
At the year-end, the Group’s and Corporation’s net assets were				represented by the various funds(including
the Fees In Advance scheme)as follows:
				Net Current	Long-Term	Balance
	Fixed	Assets	Investments	Assets	Liabilities	31 July2021
Corporation		£’000	£’000	£’000	£’000	£’000
Endowmentfunds		-	-	-	-	-
Restricted income funds		~	-	=	3
Unrestricted income funds		77,532	~	3,890	(17,998)	63,424
Revaluation reserve		51,358	~	~	~	51,358
Pension deficit		~	~	~	(1,682)	(1,682)
Total	128,890		-	3,890	(19,680)	113,100
Group
Endowmentfunds		-	16,952	564	:	17,516
Restricted incomefunds		-	519	1,320	-	1,839
Unrestricted income funds	77,000		on	3,166	(17,998)	62,168
Revaluation reserve	51,358		.	.	.	51,358
Pension deficit		.	.	.	(1,682)	(1,682)
Total	128,358		17,471	5,050	(19,680)	131,199
For comparative purposes, last year’s summarywasasfollows:
				Net Current	Long-Term	Balance
	Fixed	Assets	Investments	Assets	Liabilities	31 July 2020
Corporation		£7000	£’000	£’000	£’000	£’000
Endowmentfunds
Restricted income funds		~	~	7	.	.
Unrestricted income funds
Revaluation reserve
Pension deficit		.	.	-	(3,807)
Total	129.124
Group
Endowmentfunds		.	14.405	343	.	14.742
Restricted income funds		.		2 A20		2,420
Unrestricted income funds		77.234	.	6.768	(20.053	63.949
Revaluation reserve		&4 352
Pension deficit
Total	E26592
The Corporation ofOundle School						44
eo

NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	JULY2021	JULY2021
27. Endowmentfunds:	movementsin the		year
The following endowments are held byThe Oundle		School Foundation.		(There are nil (2020:nil)		endowment
funds held bythe Corporation):
	Balance
	1August		Transferfrom		Investment	Balance
	2020	Donations	Corporation		gains	31July	2021
	£’000	£’000		£’000	£’000		£’000
Endowmentfunds
Bursaries & Scholarships	9,634	297		100	1,555	11,586
General Endowment	1,472	1		-	232		1,705
De Angeli	757	-		-	120		877
James Bursary	666	1		~	106		773
ThommyPurbrook	636	-		~	101		737
MannersWood	580	1		~	92		673
Frank Spragg	334	1		-	53		388
Anthony Solomons	179	-		-	28		207
Dudley Heesom,	173	-		-	28		201
John Matthews	132	~		-	21		153
Reilly Scholarship	121	-		-	19		140
Otherendowments	64	2		~	10		76
Total	14,748	303		100	2,365	17,516
For comparative purposes, last year’s movementwasasfollows:
	Balance		Transferfrom		Investment	Balance
1 August 2019		Donations	Corporation		gains	31 July	2020
	£’000	£’000		£’000	£’000	£’000
Endowmentfunds
Bursaries & Scholarships
General Endowment
De Angeli
James Bursary
Thommy Purbrook
Manners Wood
Frank Spragg
Anthony Solomons
Dudley Heesom
John Matthews
Reilly Scholarship
Otherendowments
Total					4	é
The Corporation ofOundle School							45

NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	NOTESTOTHEFINANCIAL STATEMENTSFORTHEYEARENDED31	JULY2021	JULY2021	JULY2021
28. Restrictedincome funds:movementsinthe					year
The following restricted funds are held byThe Oundle School Foundation:
		Income					Expenditure
				Transfers
	Balance			to Un-				Invest-		Balance
	1August	Investment		restricted	Admin		Trans-		ment	31July
	2020	Donations	income	funds	Expenses		fers	Gains			2021
	£’000	£’000	£’000	£'000	£000		£'000	£’000		£’000
Income from endowed
fundsthatis restricted
Bursaries & Scholarships	161	-	318	(237)	-		-		3		245
General Endowment	42	-	48	(54)	-		-		-		36
James Bursary	50	-	22	-	-		~		1		73
Manners Wood	54	-	19	(5)	-		-		1		69
De Angeli	49	~	25	(11)	-		-		1		64
Anthony Solomons	17	~	5	-	~		~		-		22
Otherendowments	158	-	48	(18)	-		-		1		189
Restricted income Funds
General Scholarship	2	196	-	(188)	-		-		1		11
Sports MasterPlan	514	77	-	(580)	~		~		-		11
ThommyPurbrook	100	-	~	-	~		~		1		101
General Bursary	63	186	~	(180)	~		~		-		69
Zimmern Bursary	170	-	~	(36)	-		-		1		135
Laxton Junior School	201	132	~	-	~		~		4		337
Other Restricted	273	110	-	(49)	-		~		5		339
Oth. Bursaries & Scholarships	75	2	-	-	~		-		-		77
Total	1,929	703	485	(1,358)	-		-		19	1,778
In addition, unrestricted funds held by		Oundle School Foundation are included as				restricted funds within					the
consolidated accounts.
The following restricted funds are held		byThe Corporation ofOundle School:
				Transfers
				to Un-
	Balance			restricted			Invest-	Balance
	1 August	Investment		funds	Admin		ment	31 July
	2020	Donations	income	(note 33) Expenses			Gains		2021
	£’000	£000	£’000	£’000	£000		£000		£’000
Bursaries & Scholarships	-	1,930	-	(1,930)		-	-		-
Total	-	1,930	-	(1,930)		-	-		-
Amounts expended from	the funds are in respect		of bursaries and scholarships awarded to						pupils, and
contributions towardscapital projects ofthe School.
A description ofthe main restricted income funds, with a value at 31 July					2021, or donations or grants					in	the
year over £100,000is given below:
Sports MasterPlan:	To be used to fund the construction ofthe newSports Centre							at Oundle.
General Scholarship:	To be used forthe provision of scholarships at Oundle School.
The Corporation ofOundle School											47

	NOTESTO	THEFINANCIAL STATEMENTSFORTHEYEAR	THEFINANCIAL STATEMENTSFORTHEYEAR	THEFINANCIAL STATEMENTSFORTHEYEAR	THEFINANCIAL STATEMENTSFORTHEYEAR	THEFINANCIAL STATEMENTSFORTHEYEAR	THEFINANCIAL STATEMENTSFORTHEYEAR	ENDED31 JULY2021	ENDED31 JULY2021	ENDED31 JULY2021	ENDED31 JULY2021
28.	Restrictedfund investments (continued)
ThommyPurbrook:		To be usedfor the provision of				a general scholarship at			Oundle School.
General Bursary:		To be usedforthe provision of				bursaries at Oundle School.
Zimmern Bursary:		To be used to fund a 100%+ Bursary pupil.
Laxton Junior School:		To be usedforthe provision of				education at Laxton JuniorSchool
For	comparative purposes, last year’s movementwasasfollows:
										Invest
					Transfers to					ment	Balance
				Investment	Unrestricted		Admin	Trans		Gains/	31 July
		1 August 2019	Donations	income		funds	Expenses	-fers		(losses)	2020
		£000	£000	£’000		£'000	£000	£’000		£’000	£’000
Income from endowed
fundsthat is restricted
	aries & Scholarshios	262	-	276		{375}	{2}		-	-	161
		80	-	42		(80)	-		-	-	42
		31	~	1s		-	~		~	-	50
		49	-	17		(14)	{1}		-	-	54
		42	-	22		(15)	-		-	-	49
		14	.	5		(2)	~		-	-	i
		43	-	42		(25)	(2)		-	-	158
		44	208	-		(250)	-		-	-	2
		32	-	~		(32)	~		-	~	0
		881	49	>		(400)	(7)		~	~	514
		60	69	-		(129)	-		-	-	0
		idi	-	-		-	(1)		~	~	160
		246 .	42 193	- “			(1) (2)		-	-	63 170
		355	268	-		}	(5)		-	-	A74
		79	2	-		4)	(2}		.	-	75
Total		2,419	822	423	(1,712)		(23)		-	-	1,929
					Transfers to
						Un-
		Balance			restricted			Invest-		Balance
		1 August		Investment		funds	Admin	ment		31 July
		2019	Donations	income	(note 33)		Expenses	Gains		2020
		£7000	£7000	£’000		£’000	£’600	£7000		£’000
Bursaries & Scholarships		-	1,997		(1,997)		-		-
Total		-		-	(1,997)		-		-
The CorporationofOundleSchool											48

NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	NOTESTOTHEFINANCIAL STATEMENTSFORTHE YEAR ENDED31JULY	2021
29. Unrestrictedincome funds:movementsin theyear
			Investment
Balanceat			and			Balanceat
1 August			actuarial			31 July
2020	Income	Expenditure	losses	Transfers		2021
Corporation £’000	£’000	£’000	£’000	£’000		£’000
Revaluation reserve 51,358	-	-	-		-	51,358
Unrestricted reserves 60,822	36,054	(36,918)	1,783		~	61,741
Total 112,180	36,054	(36,918)	1,783		-	113,099
Group
Revaluation reserve 51,358	-	-	~		~	51,358
Unrestricted reserves 60,142	36,162	(39,385)	1,783	1,782		60,484
Total 111,500	36,162	(39,385)	1,783	1,782		111,842
Unrestricted funds are allocated atthe discretion ofthe Governors and include the pension deficit.
For comparative purposes, last year’s movementwasasfollows:
			Investment
Balance at			and			Balance at
1 August			actuarial			31 July
2018	Income	Expenditure	losses	Transfers		2020
Corporation £’000	£’000	£’000	£7000	£’000		£’000
Revaluation reserve 3						<4 om
Unrestricted reserves
Total
Group
Revaluation reserve
Unrestricted reserves
Total
30. Pension schemecosts
In accordance with Financial ReportingStandard 102 (“FRS 102”) and the accounting policies detailed in							note
1,The Corporation has includedtheliabilityforthe		Pension and LifeAssurance		Plan for	the Non-TeachingStaff
and forthe non-funded pensioners ofOundle School.
The Corporation’s employees belong to three principal pension			schemes:the Teachers’ Pension Scheme for
academic staff; the Pension & Life Assurance Plan for Non-Teaching Staff;				and the	Oundle School Group
Personal Pension Plan for Non-teaching Staff. The Pension & Life Assurance Plan for Non-teaching staffwas
closed to future accrual on 30June 2012.	There is	a fourth scheme which wasclosed in September 2006that
pays pensions to three (2020: three) former employees; it is not funded.
The Corporation ofOundle School							49

Amounts recognised in SOFA
	Yearended	Yearended
	31 July 2021	31 July 2020
	£'000	£ '000
Interest income on plan assets	114	175
Interest on pension obligation	(165)	(240)
Netamountrecognised in theSOFA	(51)	(65)
Amounts recognised in Balance Sheet
	Yearended	Yearended
	31 July 2021	31 July 2020
	£'000	£ ‘000
Assetsat fairvalue	9,687	8,032
Present value ofdefined benefit obligation	(11,369)	(11,839)
Deficit	(1,682)	(3,807)
Reconciliation of presentvalue defined benefit obligation
	Yearended	Yearended
	31July2021	31July2020
	£ '000	£ '000
Opening Balance at 1 August 2020	11,839	10,996
Interest cost	165	240
Actuarial gains and losses	(492)	761
Benefit paid	(143)	(158)
Closing Balance at 31 July 2021	11,369	11,839
The Corporation ofOundle School		51

	1 August 2020	Cashflow	At 31 July2021
	£'000	£’000	£'000
Cash and cash equivalents
Total cash and cash equivalents	23,469	(3,987)	19,482
Borrowings
Debt due within one year	(2,324)	506	(1,818)
Debt dueafter one year	(18,347)	1,529	(16,818)
Total borrowings	(20,671)	2,035	(18,636)
Total	2,798	(1,952)	846

NOTESTOTHEFINANCIALSTATEMENTSFORTHE	NOTESTOTHEFINANCIALSTATEMENTSFORTHE	NOTESTOTHEFINANCIALSTATEMENTSFORTHE	NOTESTOTHEFINANCIALSTATEMENTSFORTHE	YEARENDED31JULY 2021	YEARENDED31JULY 2021
35. Comparative Information
Group		Unrestricted	Restricted	Endowment	YearEnded 31
		Income Funds	Income Funds	Funds	July 2020
		£’000	£’000	£’000	£’000
INCOMEAND ENDOWMENTSFROM:
Investments		78	423	~	501
Coronavirus Job Retention Scheme		1,410	-	-	1,410
Donationsandgifts		112	1,343	98	1,553
Charitable activities
School fees receivable		32,552	~	~	32,552
Other educationalactivities		1,071	~	~	1,071
Ancillary trading and otheractivities		413	~	-	413
Income and endowments		35,636	1,766	98	37,500
EXPENDITURE ON:
Costs of raisingfunds
Interest and finance charges		~	{28)	-	(28)
Costs offund-raising and trading		(718)	-	-	(718)
Charitable activities
Education		(36,412)	(10)	~	(36,422)
Total expenditure		(37,130)	(38)	-	(37,168)
Net inepiia and net movement in	funds	(1,494)	1,728	98	332
before gains and losses on investments
Net(losses)/gainson investments		~	-	(234)	(234)
Net income		(1,494)	1,728	(136)	98
Transfers between funds		1,872	(1,972)	100	-
Other recognised gains/(losses)		378	(244)	(36)	98
: F defi ; Re measurement of defined benefit		(1,000)	.	.	(1,000)
pension schemes
Net movementin funds		(622)	(244)	(36)	(902)
Fundbalances brought forward at 1August 2019		112,122	2,664	14,784	129,570
Fund balancescarried forward at 31 July 2020		111,500	2,420	14,748	128,668