2020-08-31-accounts

Chard School

Annual Report and Financial Statements Year Ended 31 August 2020 Charity registration number: 310219

Chard School

Contents

Trustee's Report	1to6
Statement ofTrustee's Responsibilities	7
Independent Examiner's Report	8
Statement of Financial Activities	9
Balance Sheet	10
Cash Flow Statement	11
NotestotheFinancialStatements	12to24

Chard School

Trustee's Report

The trustee presents its annual report together with the financial statements of the charity for the year ended 31 August 2020.

Objectives and activities

Objects and aims

The object of the Charity is to provide and run a school in Chard for boys and girls within the local community and surrounding area.

The school is a small independent co-educational day school for 4-11 years old, situated in the historic Somerset town of Chard.

In setting out its objectives and the planning of activities the sole Trustee, Chard Independent School, has given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

Public benefit

To ensure that Chard School continues to fulfil its charitable obligations to enable access to the school to children from all backgrounds, in addition to the assisted places for lower income families. The Trustee actively seeks ways and means of supporting the school such as running an annual scholarship campaign and offering additional bursaries where necessary. The school accepts Early Years vouchers making its high quality early years education available to all.

The school opens its facilities to outside groups, for example, art, craft and music, ensuring that a range of local children are able to access Chard School. A commitment to fund-raising for charities, both at home and overseas, educates the children in the needs of others and directly benefits less privileged children.

Achievements and performance

Impact of Coronavirus

The spread of Coronavirus (Covid-19) across the world during 2020 has had a significant impact on Chard School during the academic year ending 31 August 2020 and beyond. The school continues to monitor the Government guidance regarding Coronavirus and updates its plans accordingly. The School was closed following the implementation of the UK Lockdown in March 2020 until a phased reopening began from ist June 2020. The impact Coronavirus (Covid-19) on the school has not only been financial due to a fall in pupil numbers but has also restricted the possibility to go on school trips, play matches and less opportunities to raise money for charity.

Page 1

Chard School

Trustee's Report

Achievements

The school is actively concerned in raising money for charity, especially local charities and other good causes, through fund raising events such as mufti-days, ‘cakes at break’, subscribing to the Bags2School scheme and collections at school events. The funds for the past year were given to the British Legion Poppy Appeal, The Church of the Good Shepherd, Children in Need, Chard Watch CIC and YoungMinds.

The school continues to forge links with other local schools. The sports teams played a number of fixtures both at home and away against both local preparatory school and state schools during the academic year. These fixtures included hockey, football, cross country, tag rugby, athletics, netball, rounders and cricket.

To expand the learning experience of all pupils, the school provides a number of popular after-school clubs including craft, hockey, multi sports, pirates, singing club, maths club, football, gymnastics, cross country, spinning club, tag rugby, cooking, karate, dance, chess, air fix, fencing, Chard Rock Band, juggling and gardening club.

Art work of pupils of all ages is regularly exhibited at many local art exhibitions and horticultural shows including the exhibition at the Meeting House in Ilminster, exhibitions at Chard Museum, Chard Library, Berenson’s Solicitors and the Chard Horticultural Show.

Pupils go on school trips and visits to places of local interest and public facilities including Chard Museum, Forest School trips to the Magdalen Project or ROAM, Symes visit Sunnymeade Residential Home each week, trips to Exeter Cathedral and the DSI, the Lyric Theatre in Bridport and a trip to a chocolate factory. Years 5 and 6 pupils attended a successful and engaging residential at Studland in Dorset where they experienced challenging outdoor activities including raft building, kayaking, orienteering, bush craft, beach combing and a visit to a local water park as well as learning how to light a campfire and playing a variety of wide games.

Pupils participate in many challenging stage productions involving drama, music and dance. Productions included the Pre-Prep Nativity play, the Christmas Carol Service, the Easter Musical led by Year 3 & 4 of Jonah. The school choir also took part in the Chard Museum Christmas Tree Festival and Carol Sang for the Rotary Association. Music lessons are popular with pupils studying a wide range of musical instruments including piano, clarinet, flute, violin, recorder, guitar, ukulele, brass, drums as well as singing. In 2020 Pupils in Year 6 left for Colyton Grammar School, Queen’s College, St. John’s Sidmouth, Woodroffe, Beaminster, Sherborne Preparatory School and Blundell’s. A third of the Year 6 leavers were awarded places at Colyton Grammar School. Scholarships were awarded including an all-rounder scholarship to Blundell’s. Two children were awarded scholarships to Sherborne Preparatory School including a sports scholarship and a sports and academic scholarship. Finally, two children were awarded scholarships to Queen’s College Taunton including a musical scholarship and a sports scholarship.

Page 2

Chard School

Trustee's Report

Summative assessment

The summative assessment that takes place at Chard School includes:

• NFER Cognitive ability tests (October: Year 3+)

• Reading and Spelling age assessments (September: Year 1 +)

*« GL Assessment progress tests in Maths, English and Science (These normally take place in June but due to Coronavirus, the testing was delayed until October 2020: Year R +) « GL Baseline assessment (September: Year R)

These results, alongside teacher assessment, are used to inform our decisions when assessing children during and at the end of each year. The results of these summative assessments are tracked and monitored at three separate points during the year, where decisions are made about each child’s provision.

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Financial review

Policy on reserves and investments

The Trustee aims to maintain sufficient free reserves in unrestricted funds to meet all income and expenditure fluctuations as they arise and, due to the uncertainty of income streams, to retain sufficient funds to enable the school to operate with reduced numbers for a period of at least one year without reducing its ability to accept additional pupils. Reserves are set at a level to cover fixed costs.

At year end, restricted reserves were £nil (2019 - £nil) and permanent endowment funds were £11,153 (2018 - £12,503). A description of reserves is provided in Note 18.

The charity does not currently hold any significant investment portfolios and the cash balance is retained to fund the ongoing charitable activities of the school.

Page 3

Chard School

Trustee's Report

Plans for future periods

Aims and key objectives for future periods

Chard School has a rolling three year plan which is regularly reviewed and updated. The School is working towards having 100 children on roll, pupils on roll for summer 2020 stood at 76 but the impact of Coronavirus has taken a hit on pupil numbers since the first lockdown and the school is working hard to increase pupil numbers. The school attracts new pupils via word of mouth, scholarship campaigns, termly open days, outreach in the local community and running events of local children to attend. The School continues to develop robust accountability for the children’s progress and has brought in an assessment platform to help monitor attainment. The School works hard to upkeep the fabric of the historic buildings of the School. A facilities manager is now in place to undertake minor repairs and refurbishment as funds allow. The school also has a rolling programme of investment in ICT which includes updating interactive screens for classrooms, pupil and staff laptops.

Discounts on school fees

As it is the School's policy to keep fees affordable for parents, family discounts are given on second and third children at the rates of 6% and 12% respectively per term. Staff discounts are given in respect of children of staff in full-time education that are not receiving government support through Early Years Funding. Assisted places have been awarded to lower income families. The total discounts and assisted places awarded over the financial year were 7.6% (2019 - 7.6%) of the total gross fee income.

The Old Cerdics Association

The Old Cerdics Association (former pupils) founded on 1st December 1929 continues to welcome both past and present pupils to its ranks. Staff employed at the school automatically become Honorary Members during their tenure at the school. In furthering its aims and objectives the Association takes an active interest in the school and is represented at all major school events. One of the Directors of the Trustee is an Old Cerdic.

Old Cerdics Association Scholarship Fund

The Old Cerdics Scholarship Fund is a charity linked to the school administered separately by Trustees appointed annually by the Association. It continues to support the school financially and during the year made a direct contribution of £1500 towards scholarships awarded by the school. At the discretion of the Head Teacher the Fund continued to make two termly awards of £75.00 each in the name of the Old Cerdics Academic Award and the Lawrence Powell Music Award to children in their final year at the school. These awards will be increased to £100 respectively for the academic year 2020/2021. The estimated value of the fund at 31st August 2020 stood at £30,029 compared with £28,317 for the previous year of which £28,151 (£26,553) was invested in equity linked COIF Charity Funds managed by CCLA Investment Management Limited. The balance was held on deposit with immediate access.

Structure, governance and management

Nature of governing document

Chard School was established under a Trust Deed dated 24 May 1971, and constitutes a unincorporated charity, as defined by Charity Commission scheme. It is a registered charity under the Charity Commission with the registration number 310219.

Page 4

Chard School

Trustee's Report

Recruitment and appointment of Directors

The sole Trustee of Chard School is Chard Independent School (company registration number 08904859), a registered charity. Its Directors are appointed for a term of 5 years by resolution of the Board passed at a special meeting. On completion of a 5 year term, Directors may be re-appointed for a further 5 year term subject to the approval of the Board. New Directors may be appointed not more than 3 months before the term of an existing Director expires or should a Director resign, with effect from the date of expiry or resignation. The current provision is for a Board ideally consisting of not less than 8 and not more than 12 co-opted Directors. The Board are currently recruiting for additional members to join the board.

Induction and training of the Directors of the Trustee

All new Directors of the Trustee charity follow a pre-determined induction programme which is based on an adapted form of that used for paid staff. The induction process for newly appointed Directors comprises of an approach from the Chairman of the Board, followed by an offer to attend the next board meeting and a tour of the premises. A welcome pack is then provided including a brief history of the charity, a copy of various documents including latest board minutes, latest available accounts, trust deed (Chard School), memorandum and articles of association (Chard Independent School) and Charity Commissioner's guidance "The Essential Trustee". We are members of both AGBIS (The Association of Governing Bodies of Independent Schools) and IAPS (The Independent Association of Prep Schools) which both provide excellent training for our Directors.

Organisational structure

The Trustee takes decisions on all aspects of the school's activities. Its board meets regularly, meeting at least three times throughout the year to determine the general policy of the Charity and review its overall management and control, for which it is legally responsible. The work of implementing most of the Trustee's policies is carried out by various committees which meet as and when necessary. The Trustee organises the number of pupils attending the school and the subjects taught. It appoints a head to control the internal running of the school, including choices of the teaching methods, arrangement of classes, teaching staff, school hours, management and discipline. The Head and Finance Officer act as key management personnel supported by other teaching members of the Senior Management Team. The remuneration of key management personnel is set by the Trustee with due recognition to the financial restrictions within the Charity.

Major risks and management of those risks

Decline in pupil numbers

The key identified risk to the continued prosperity of the school has always been a decline in pupil numbers. The impact of coronavirus lockdowns have had a significant impact on pupil numbers both due to loss of existing pupils but also, the school has been unable to run toddler groups and to engage as much as usual with the local community. The school is increasing its online marketing efforts via social media and also in autumn 2020, a short professional film was made of the school to help it to attract more families whilst lockdowns have made it difficult to host open days.

Management of this risk is pro-active in terms of ensuring our provision remains of high quality, that pricing is appropriate and we do give concessions to those in need. As stated above, reserve policies continue to cater for continuation of the school's business on reduced numbers for a period of 12 months or more should that need ever arise. The school has made use of all available government support including the Coronavirus Job Retention Scheme (CJRS), local grants and has a bounce back loan. The School continues to hold a good level of cash reserves.

Page 5

Chard School

Trustee's Report

Reference and Administrative Details

Trustee Chard Independent School Directors of Chard Independent Mr E T Colgan School Mrs S M Dare Mr M Ferland Mr N Mayfield Mr C Sowerbutts (resigned 21 November 2019) Mrs E Sherman Ms L Littlewood (resigned 14 December 2020) Mr N Child (appointed 21 November 2019) Mr T Moran (appointed 21 November 2019) Mrs A Lightfoot (appointed 11 February 2021) Headteacher Mrs K Hill NPQH BAEd (Hons)

Principal Office Chard School Fore Street Chard Somerset TA20 1QA Charity Registration Number 310219

Independent Examiner PKF Francis Clark Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

The annual report was approved by the trustee of the charity on 23 March 2021 and signed on its behalf by:

Nig N Maytiold Director of Chard Independent School - the Trustee

Page 6

Chard School

Statement of Trustee's Responsibilities

The trustee are responsible for preparing the trustee’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee are required to:

• « select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• « state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustee are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

Chard School

Independent Examiner's Report to the trustees of Chard School

| report to the Trustees on my examination of the accounts of Chard School ("the charity") for the year ended 31 August 2020 which are set out on pages 9 to 24.

Responsibilities and basis of report

As the trustee of the charity you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Acct.

Independent examiner's statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

(1) accounting records were not kept as required by section 130 of the Act; or

(2) the accounts do not accord with those records; or

(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas FarrantBA MSc FCA

PKF Francis Clark

Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

26 March 2021

Page 8

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Chard School

Balance Sheet

31 August 2020

31 August 2020
		2020	2019
	Note	£	£
Fixed assets
Tangible assets	10	57,682	58,062
Investments	11	1,663	1,701
		59,345	59,763
Current assets
Debtors	12	142,838	168,903
Cash at bank and in hand		221,515	167,347
		364,353	336,250
Creditors: Amounts falling due within one year	13	(23,586)	(30,271)
Net current assets		340,767	305,979
Total assets less current liabilities		400,112	365,742
Creditors: Amounts falling due after more than one year	14	(48,333)	-
Deferred income	15	(156,731)	(195,652)
Net assets		195,048	170,090
Funds ofthe charity:
Endowment funds		11,153	12,503
Unrestricted income funds
Unrestricted funds		183,895	157,587
Totalfunds	18	195,048	170,090

The financial statements on pages 9 to 24 were approved by the trustee, and authorised for issue on 23 March 2021 and signed on its behalf by:

iis

Director of Chard Independent School - the Trustee

Page 10

Chard School

Cash Flow Statement

Year Ended 31 August 2020

Year Ended 31 August 2020
		2020	2019
	Note	£	£
Cash flows from operating activities
Net cash income		24,958	14,799
Adjustments to cash flows from non-cash items
Depreciation		2,952	2,728
Investment income	4	(60)	(56)
Revaluation of investments		38	(69)
		27,888	17,402
Working capital adjustments
Decrease/(increase) in debtors	12	26,065	(37,658)
Decrease in creditors	13	(8,352)	(7,100)
(Decrease)/increase in deferred income	14	(38,921)	40,623
Net cash flows from operating activities		6,680	13,267
Cash flows from investing activities
Interest receivable and similar income	4	60	56
Purchase of tangible fixed assets	10	(2,572)	-
Net cash flows from investing activities		(2,512)	56
Cash flows from financing activities
Value of new loans obtained during the period	13	50,000	-
Net increase in cash and cash equivalents		54,168	13,323
Cash and cash equivalents at 1 September		167,347	154,024
Cashandcashequivalentsat31August		221,515	167,347

All of the cash flows are derived from continuing operations during the above two periods.

Page 11

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Chard School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustee and its directors have considered the funds of the Charity as at 31 August 2020 and at the date of approval of these financial statements. The senior management team of the school have prepared detailed business and action plans including projections extending beyond 12 months of the date of approval of these financial statements. On the basis of these plans, and having made all necessary inquiries, the Trustee and its directors are satisfied that the going concern basis of accounting remains appropriate.

In making this assessment the Trustee and its directors have given particular consideration as to the impact of the COVID-19 pandemic and, whilst recognising that there can be no certainty, the known impacts of these events on the Charity are described in the Trustee's Report.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Fees consist of charges billed for the school year ending 31 August, less bursaries and allowances. Fees received in advance for education to be provided in future years are carried forward as deferred income.

Donations, grants and legacies

Donations, grants and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised asa liability and included on the balance sheet as deferred income to be released.

Page 12

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:

• The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the Charity has unconditional entitlement.

Investment income

All investment income is treated as unrestricted even where it has arisen from endowment funds and is included in the statement of financial activities as soon as it is received by the charity.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and Trustee’s meetings and reimbursed expenses.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Buildings 2%6 straight; line: for assets not fully depreciated Office equipment 20% straight line

Page 13

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

The charity holds the following financial instruments:

• Short term trade and other debtors and creditors; and

• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement

Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the charity's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

Key sources of estimation uncertainty

In the application of the Charirt's accounting policies, the Trustee and its directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The aestimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and furture periods in the revision affects both current and furture periods.

The key judgement that has a significant impact on the financial statement is in respect of going concern, as described above.

It is the view of the Trustee and its directors that there are no significant accounting estimates.

2 Income from donations and legacies

	Unrestricted
	funds
	General	Total 2020	Total 2019
	£	£	£
Donations and legacies;
Donations	4,354	4,354	735
Grants, including capital grants;
Small business grant fund	12,000	12,000	-
Furlough grant	53,350	53,350	-
	69,704	69,704	735

3 Income from charitable activities

	Unrestricted
	funds
		Total	Total
	General	2020	2019
	£	£	£
Preparatory school fees	312,671	312,671	338,202
Pre-preparatory school fees	125,888	125,888	125,304
Other educational charitable activities	49,377	49,377	55,596
	487,936	487,936	519,102

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Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

4 Investment income

				Unrestricted
				funds
				General	Total 2020	Total 2019
				£	£	£
Interest receivable and similar income;
	Interest receivable	on bank deposits		60	60	56
5	Other income
				Unrestricted
				funds
					Total	Total
				General	2020	2019
				£	£	£
Rental income				15,260	15,260	16,744
6	Expenditure on charitable activities
			Activity
			undertaken	Activity	Total	Total
			directly	support costs	2020	2019
			£	£	£	£
Educational activities			506,633	41,316	547,949	521,907
Support costs allocated to charitable activities
					Other
		Governance	Insurance	Establishment	support	Total
		costs	costs	costs	costs	2020
		£	£	£	£	£
Charityactivities		10,453	12,690	12,769	5,404	41,316

£546,599 (2019 - £516,907) of the above expenditure was attributable to unrestricted funds and £1,350 (2019 - £5,000) to restricted funds.

In addition to the expenditure analysed above, there are also governance costs of £5,331 (2019 - £6,261) which relate directly to charitable activities. See note 7 for further details.

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Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

7 Analysis of governance and support costs

Governance costs

	Unrestricted
	funds
	General	Total 2020	Total 2019
	£	£	£
Independent examiner fees
Examination ofthe financial statements	2,500	2,500	3,074
Teachers pension review	553	553	550
Legal and professional fees	2,278	2,278	2,637
	5,331	5,331	6,261

8 Trustee remuneration and expenses

Neither the Trustee nor any of its directors have received any reimbursed expenses or any other benefits from the charity during the current or preceding year.

9 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
	2020	2019
	£	£
Staff costs during the year were:
Wages and salaries	348,076	337,828
Social security costs	21,044	22,407
Pension costs	61,356	41,388
Other staff costs	430	1,626
	430,906	403,249

The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:

							2020	2019
							No	No
Average	number	of	employees	during	the	year	21	20

No employee received emoluments of more than £60,000 during the year (2019 - None).

The total employee benefits of the key management personnel of the charity were £137,755 (2019 - £128,826).

Page 17

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

10 Tangible fixed assets

10 Tangible fixed assets
	Land and	Computer
	buildings	equipment	Total
	£	£	£
Cost
At 1 September 2019	115,843	5,147	120,990
Additions	-	2,572	2,572
At 31 August 2020	115,843	7,719	123,562
Depreciation
At 1 September 2019	60,734	2,194	62,928
Charge for the year	1,698	1,254	2,952
At 31 August 2020	62,432	3,448	65,880
Net book value
At 31 August 2020	53,411	4,271	57,682
At31August2019	55,109	2,953	58,062

Land and buildings consist of property improvements and other assets constructed on land adjacent to the properties. The school land and buildings were originally gifted to the school for educational use and have no original cost.

The market value of these assets is not reflected in the accounts, since it is not easily determined, due to the location and nature of these historic buildings. The most recent insurance value of the buildings, at 1 February 2018, including the science lab was £8,284,056. As the fair value of the buildings is not available, the Trustee also considers that there would be no benefit to the Charity to include the property at market valuation. Since the charity is responsible for keeping the original buildings in fit and useful condition in perpetuity, the costs of doing so are written off as and when incurred.

Page 18

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

11 Fixed asset investments

		Unlisted
		investments	Total
		£	£
Valuation
At	1 September 2019	1,701	1,701
Revaluation		(38)	(38)
At	31 August 2020	1,663	1,663
Net book value
At	31 August 2020	1,663	1,663
At	31August2019	1,701	1,701

The original cost of the investments held at the balance sheet date was £1,570 (2019 - £1,570).

12 Debtors

	2020	2019
	£	£
Trade debtors	117,893	158,129
Other debtors	17,150	4,566
Prepayments	7,795	6,208
	142,838	168,903
13 Creditors: amounts falling due within one year
	2020	2019
	£	£
Trade creditors	1,572	6,512
Other loans	1,667	-
Other taxation and social security	4,649	5,516
Other creditors	13,198	13,413
Accruals	2,500	4,830
	23,586	30,271
14 Creditors: amounts falling due after one year
	2020	2019
	£	£
Otherloans	48,333	:

Page 19

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

15 Deferred income

	2020
	£
Deferred income at 1 September 2019	195,652
Resources deferred in the period	156,731
Amounts released from previous periods	(195,652)
Deferredincomeat31August2020	156,731

The charity recognises deferred income in the accounts, when invoices are raised on the last day of the accounting period in question, that relates to the following Autumn term. As a result, these are removed from the incoming resources and the corresponding entry is included in deferred income.

16 Pension and other schemes

Defined contribution pension scheme

The charity's teaching staff belong to the Teachers' Pension Scheme. For non-teaching staff, the charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the schemes and amounted to £61,356 (2019 - £41,388).

Teachers’ Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract. Teachers are able to opt out of the TPS.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers’ Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education in April 2019.

Page 20

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £198 billion giving a notional past service deficit of £22 billion.

As a result of the valuation, new employer contribution rates were set at 23.68% of pensionable pay from September 2019 onwards (compared to 16.48% during 2018/19). The Department for Education agreed to pay a teacher pension employer contribution grant to cover the additional costs for state schools during the 2019-20 academic year and a further amount will be received to assist with additional costs in 2020-21.

A copy of the valuation report and supporting documentation is on the Teacher's Pension website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme.

17 Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements in respect of non-cancellable operating leases was £3,146 (2019 - £176).

Page 21

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

18 Funds

	Balance at
	1			Other	Balance at
	September	Incoming	Resources	recognised	31 August
	2019	resources	expended	gains	2020
	£	£	£	£	£
General
Unrestricted general funds	157,587	572,960	(546,614)	(38)	183,895
Endowment funds
Permanent
Endowment fund	12,503	-	(1,350)	-	11,153
Total funds	170,090	572,960	(547,964)	(38)	195,048
	Balance at			Other
	1			recognised	Balance at
	September	Incoming	Resources	gains/	31 August
	2018	resources	expended	(losses)	2019
	£	£	£	£	£
Unrestricted funds
General
Unrestricted general funds	137,788	536,637	(516,907)	69	157,587
Restricted funds
Old Cerdic Association fund	5,000	-	(5,000)	-	-
Endowment funds
Permanent
Endowment fund	12,503	-	-	-	12,503
Totalfunds	155,291	536,637	(521,907)	69	170,090

The specific purposes for which the funds are to be applied are as follows:

Classroom Refurbishment Fund

In the year ended 31 August 2018, a donation was received from the Old Cerdics Association. This donation was intended to be used for renovation and refurbishments to three classrooms. The funds were fully utilised in the year ending 31 August 2019.

Endowment Fund

In the year ended 31 August 2015, an endowment was received from a former pupil of the school. It was the wish of this pupil that the income from the fund be used to further encourage and reward good citizenship, sportsmanship and character, as determined by the governing body of the school, hence why it is treated as an endowment fund. It is expected these funds will be used up over a period of several years.

Page 22

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

19 Analysis of net assets between funds

	Unrestricted	Endowment
	funds	funds
	Generalfunds	Permanent funds	Totalfunds
	£	£	£
Tangible fixed assets	57,682	-	57,682
Fixed asset investments	1,663	-	1,663
Current assets	353,200	11,153	364,353
Current liabilities	(24,419)	-	(24,419)
Non-current liabilties	(47,500)	-	(47,500)
Deferred income	(156,731)	-	(156,731)
Totalnetassets	183,895	11,153	195,048

	Unrestricted	Endowment
	funds	funds
	Generalfunds	Permanent funds	Totalfunds
	£	£	£
Tangible fixed assets	58,062	-	58,062
Fixed asset investments	1,701	-	1,701
Current assets	323,747	12,503	336,250
Current liabilities	(30,271)	-	(30,271)
Deferred income	(195,652)	-	(195,652)
Totalnetassets	157,587	12,503	170,090

Page 23

Chard School

Notes to the Financial Statements

Year Ended 31 August 2020

20 Reconciliation of cash and cash equivalents

	At 1
	September			At 31 August
	2019	Cash	flow	2020
	£	£		£
Cash at bank and in hand	167,347	54,168		221,515
Net cash held	167,347	54,168		221,515
	At 1
	September			At 31 August
	2018	Cash	flow	2019
	£	£		£
Cash at bank and in hand	154,024		13,323	167,347
Netcashheld	154,024		13,323	167,347

21 Related party transactions

There were no related party transactions in the year (2019 - none).

Transactions with the Trustee and its directors are disclosed in Note 9.

Page 24