##
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|---|---|---|---|
|Report ofthe Trustees|1|to|8|
|Report ofthe Independent
Auditors|9|to|12|
|Statement ofFinancial Activities||||
|Balance Sheet||14||
|Cash Flow Statement||||
|Notes tothe Cash Flow Statement||16||
|Notes tothe Financial Statements|17|to|32|
|Detailed Statement of Financial Activities|33|to|34|
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||||FOR T|HE YEAR|ENDED 31AUGUS|T 2023|||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||Unrestricted|Restricted|Total|Total|
||||||funds|fund|funds|funds|
|||||Notes|f|f|f|f|
|INCOME AND|ENDOWMENTS||FROM||||||
|Donations
and|legacies||||61,165|254,503|315,668|482,211|
|Charitable
activities|||||||||
|School Fees|||||4,252,446||4,252,446|3,371,521|
|Other ancilliary|trading income||||395,054||395,054|379,774|
|Investment
income|||||16,034||16,034|7,359|
|Total|||||4,724,699|254,5Q3|4,979,202|4,240,865|
|EXPENDITURE|ON||||||||
|Raising funds|||||76,554||76,554|39,850|
|Charitable
activities|||||||||
|School Fees|||||15,000||15,QOO||
|Teaching costs|||||2,954,141||2,954,141|2,552,262|
|Welfare costs|||||421,005||421,005|349,528|
|Premises|||||446,500|49,939|496,439|491,043|
|Management|and|administration|||802,439|32,968|835,407|806,065|
|Total|||||4,715,639|82,907|4,798,546|4,238,748|
|NET INCOME|||||9,060|171,596|180,656|2,117|
|Other recognised||gains/(losses)|||||||
|Gains/(losses)|on|revaluation|offixed assets||14,567,495||14,567,495|(667,339)|
|Net movement|in|funds|||14,576,555|171,596|14,748,151|{665,222)|
|RECONCILIATION||OF FUNDS|||||||
|Total funds brought forward|||||693,519|352,776|1,046,295|1,711,517|
|TOTAL FUNDS|CARRIED FORWARD||||15,270,074|524,372|15,794,446|1,046,295|
##
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
|||||funds|fund|funds|funds|
||||Notes|E|E|E|E|
|FIXEDASSETS||||||||
|Tangible assets|||12|19,876,855|524,372|20,401,227|5,250,627|
|CURRENT ASSETS||||||||
|Stocks|||13|60,161||60,161|55,405|
|Debtors|||14|958,199||958,199|674,375|
|Cash in hand||||4,436||4,436|208,247|
|||||1,022,796||1,022,796|938,027|
|CREDITORS||||||||
|Amounts
falling due within one year|||15|(4,866,312)||(4,866,312)|(4,222,987)|
|NET CURRENT|ASSETS|||(3,843,516)||(3,843,516)|(3,284,960}|
|TOTAL ASSETS LESSCURRENT LIABILITIES||||16,033,339|524,372|16,557,711|1,965,667|
|CREDITORS||||||||
|Amounts
falling due after more than one year|||16|(763,265)||(763,265)|(919,372}|
|NET ASSETS||||15,270,074|524,372|15,794,446|1,046,295|
|FUNDS|||19|||||
|Unrestricted
funds:||||||||
|General fund||||||(426,567)|(435,627)|
|Revaluation|reserve|||||15,696,641|1,129,146|
|||||||15,270,074|693,519|
|Restricted funds:||||||||
|School development||fund||||524,372|352,776|
|TOTAL FUNDS||||||15,794,446|1,046,295|
##
|||||CASH FLOW STATEMENT|||
|---|---|---|---|---|---|---|
||||FOR|THE YEAR ENDED 31AUGUST|2023||
||||Notes||2023
f|2022f|
|Cash flows from operating|activities||||||
|Cash generated
from operations|||||216,371|607,223|
|Interest paid|||||(76,554)|(39,850)|
|Net cash provided
by operating
activities|||||139,817|567,373|
|Cash flows from investing|activities||||||
|Purchase oftangible fixed|assets||||(673,568)|(1,152,822)|
|Net cash used in investing|activities||||(673,568)|(1,152,822)|
|Cash flows from financing|activities||||||
|Loan repayments|||||(134,059)|(133,569)|
|Finance lease capital repayments
New finance lease agreements|||||(17,405)
31.371|(12„703)
33,110|
|Movement
in amounts to|GFM Holdings||Ltd||322,595|846,728|
|Net cash provided
by financing
activities|||||202,502|733,566|
|Change in cash and cash|equivalents|in the|||||
|reporting
period|||||(331,249)|148,117|
|Cash and cash equivalents|atthe beginning||||||
|ofthe reporting
period|||||208,247|60,130|
|Cash and cash equivalents|atthe end|of|||||
|the reporting
period|||||(123,002)|208,247|
##
||RECONCILIATION
OF NET INCOME TO NET CASH|RECONCILIATION
OF NET INCOME TO NET CASH|RECONCILIATION
OF NET INCOME TO NET CASH|RECONCILIATION
OF NET INCOME TO NET CASH|FLOW FROM OPERATING ACTIVITIES|FLOW FROM OPERATING ACTIVITIES||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||E|E|
||Net income for the|reporting||period (asper the|Statement of Financial|||
||Activities)|||||180,656|2,117|
||Adjustments
for:|||||||
||Depreciation
charges|||||90,463|65,828|
||Loss on disposal of|fixed assets|||||1,278|
||Interest paid|||||76,554|39,850|
||(Increase)/decrease||in stocks|||(4,756)|12,003|
||Increase
in debtors|||||(283,824}|(52,978)|
||Increase
in creditors|||||157,278|539,125|
||Net cash provided|by operations||||216,371|607,223|
|2.|ANALYSIS OF CASH|AND CASH EQUIVALENTS||||||
|||||||2023|2022|
|||||||E|E|
||Cash at bank and in||hand|||4,436|208,247|
||Overdrafts
included||in bank|loans and overdrafts|falling due within one year|(127,438)||
||Total cash and cash||equivalents|||(123,002}|208,247|
##
||At 1/9/22|Cash flow|At 31/8/23|
|---|---|---|---|
||E|E|E|
|Net cash||||
|Cash at bank and in hand|208,247|(203,811)|4,436|
|Bank overdraft||(127,438)|(127,438)|
||208,247|(331,249)|(123,002)|
|Debt||||
|Finance leases|(30,059)|(13,966)|(44,025)|
|Debts falling due within 1year|(162,750}|{29,633}|(192,383)|
|Debts falling due after 1year|{900,998)|163,692|(737,306)|
||(1,093,807)|120,093|(973,714)|
|Total|(885.560)|(211,156)|(1,996,716)|
##
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|DONATIONS
AN|D LEGACIES|||||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||Unrestricted|||Restricted|Total|Total|
||||funds||funds|funds|funds|
||||E||E|f|E|
|Donations||||2|254,503|254,505|404,586|
|Donated services and facilities|||61,163|||61,163|77,625|
||||61,165||254,503|315,668|482,211|
|INVESTMENT INCOME||||||||
|||||||2023|2022|
|||Unrestricted|||Restricted|Total|Total|
||||funds||funds|funds|funds|
||||f||f|f|E|
|Rents received|||16,034|||16,034|7,359|
|INCOME FROM|CHARITABLE ACTIVITIES|||||||
|||||||2023|2022|
|||Activity||||f|f|
|Gross fees||School Fees||||5,206,548|4,135,067|
|Total bursaries|and allowances|School Fees||||(954,102)|(763,546)|
|Minibus income||Other ancilliary|trading|income||275,412|190,304|
|Income from school shops||Other ancilliary|trading|income||43,840|50,945|
|Sundry income||Other ancilliary|trading|income||75,802|138,525|
|||||||4,647,500|3,751,295|
##
##
||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|Total|
||||||funds|funds|funds|funds|
||||||f|f|f|f|
|Interest|payable|and|similar|charges|76,554||76,554|39,850|
##
##
|CHARITABLE|ACTIVITIES COSTS||||
|---|---|---|---|---|
||||Support||
|||Direct|costs (see||
|||Costs|note 7)|Totals|
|||f|f|f|
|School Fees||15,000||15,000|
|Teaching costs||2,954,141||2,954,141|
|Welfare costs||421,005||421,005|
|Premises||496,439||496,439|
|Management|and administration|826,900|8,507|835,407|
|||4,713,485|8,507|4,721,992|
##
|2023|2022|
|---|---|
|Governance|Governance|
|cos'ts|costs|
|f|f|
|8,507|10,833|
|||2023|2022|
|---|---|---|---|
|||f|f|
|Auditors'|remuneration|8,507|10,833|
|Depreciation
-owned assets||90,463|65,828|
|Other operating
leases||836|1,225|
|Deficit on|disposal offixed assets||1,278|
##
##
##
##
##
##
|STAFF|COSTS|||
|---|---|---|---|
|||2023|2022|
|||E|E|
|Wages|and salaries|2,790,810|2,405,887|
|Social|security costs|265,429|226,09&|
|Other|pension costs|399,621|363,144|
|||3,455,860|2,995,129|
|The average|monthly
number ofemployees
during the ye|ar was as follows:||
|---|---|---|---|
|||2023|2022|
|Teachers||46|41|
|Administration||12|13|
|Learning support||17|17|
|Catering||6|6|
|Domestic and|Laundry|5|6|
|Maintenance|and groundsmen|3|3|
|Drivers||6|6|
|Nursery assistants||5|2|
|||100||
|||2023|2022|
|---|---|---|---|
|E60,001|- E70,000|2|1|
|E80,001|—E90,000|1||
|E90,001|- E100,000|1||
##
##
##
|||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
|||||funds|fund|funds|
|||||E|E|E|
|INCOME AND|ENDOWMENTS||FROM||||
|Donations
and|legacies|||281,062|201,149|482,211|
|Charitable
activities|||||||
|School Fees||||3,371,521||3,371,521|
|Other ancilliary|trading|income||379,?74||379,774|
|Investment
income||||7,359||7,359|
|Total||||4,039,716|201,149|4,240,865|
|EXPENDITURE|ON||||||
|Raising funds||||39,850||39,850|
|Charitable
activities|||||||
|Teaching costs||||2,552,262||2,552,262|
|Welfare costs||||349,528||349,528|
|Premises||||398,185|92,858|491,043|
|Management
and administration||||767,457|38,608|806,065|
|Total||||4,107,282|131,466|4,238,748|
|NET INCOIVIE/{EXPENDITURE)||||(67,566)|69,683|2,117|
|Other recognised gains/(losses)|||||||
|Gains/(losses)|on revaluation||offixed assets|(667,339)||(667,339)|
|Net movement|in funds|||(734,905)|69,683|(665,222)|
|RECONCILIATION
OF FUNDS|||||||
|Total funds brought
forward||||1,428,424|283,093|1,711,517|
|TOTAL FUNDS|CARRIED|FORWARD||693,519|352,776|1,046,295|
|||GOSFIELD|SCHOOL UMITED|SCHOOL UMITED||||
|---|---|---|---|---|---|---|---|
|||NOTES TO THE FINANCIAL STATEMENTS|||- continued|||
|||FOR THE YEAR|ENDED 31AUGUST||2023|||
|12.|TANGIBLE FIXEDASSETS|||||||
|||||Assets in||||
|||Freehold||the|Fixtures|||
|||land and||course of|and|Motor||
|||buildings
E||construction
f|fittings
f|vehicles
f|Totals
f|
||COSTOR VALUATION|||||||
||At 1September 2022|3,S26,732||1,173,269|1,025,209|71,065|6,096,275|
||Additions|483,251||75,578|114,739||673,568|
||Revaluations|14,567,495|||||14,567,495|
||Reciassification|1,248,847|(1,248,84?)|||||
||At31August 2023|20,126,325|||1,139,948|71,065|21,337,338|
||DEPRECIATION|||||||
||At 1September 2022||||793,772|51,876|845,648|
||Charge for year||||S5,223|5,240|90,463|
||At31August 2023||||878,995|57,116|936,111|
||NET BOOK VALUE|||||||
||At 31August 2023|20,126,325|||260,953|13,949|20,401,227|
||At 31August 2022|3,826,732||1,173,269|231,437|19,189|5,250,627|
||Cost or valuation
at 31August 2023 is represented|||by:||||
|||||Freehold|Fixtures|||
|||||land and|and|Motor||
|||||buildings
E|fittings
f|vehicles
f|Totals
f|
||Valuation
in 2009|||1,278,246|85,092|19,200|1,382,538|
||Valuation
in 2013|||793,508|157,558|25,640|976,706|
||Valuation
in 2016|||1,199,843|360,417||1,560,260|
||Valuation
in 2019|||1,203„403|251,938|705|1,456,046|
||Valuation
in 2021|||216,742|7,160|11,340|235,242|
||Valuation
in 2022|||(865,010)|163,044|14,180|(687,786)|
||Valuation
in 2023||16,299,593||114,739||16,414,332|
||||20,126,325||1,139,948|71,065|21,337,338|
##
##
##
|13.|STOCKS||||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||f|E|
||Finished goods||||||60,161|55,405|
||The amount of||stock|recognised
as an expense|||in the year was f128,426 (2022:f110,518).||
|14.|DEBTORS:AMOUNTS|||FALLING DUE WITHIN ONE YEAR|||||
||||||||2023|2022|
||||||||E||
||Trade debtors||||||848,653|619,758|
||Other debtors||||||4,179|7,364|
||Prepayments|and accrued||||income|105,367|47,253|
||||||||958,199|674,375|
|15.|CREDITORS: AMOUNTS||||FALLING DUE WITHIN||ONE YEAR||
||||||||2023|2022|
||||||||E|E|
||Bank loans and||overdrafts|||(see note 17)|319,821|162,750|
||Hire purchase||(see note||18)||18,066|11,685|
||Trade creditors||||||112,297|330,032|
||Socia( security||and other|||taxes|57,139|54,714|
||Other creditors||||||2,540,079|2,119,417|
||Accruals and|deferred||income|||1,818,910|1,544,389|
||||||||4,866,312|4,222,987|
||Income relating|the Autumn|the Autumn|term has been deferred to the following year.|||
|---|---|---|---|---|---|---|
|16.|CREDITORS: AMOUNTS||FALLING DUE AFTER MORE THAN ONE YEAR||||
||||||2023|2022|
|||||||E|
||Bank loans (see note 17)||||737,306|900,998|
||Hire purchase|(see note|18)||25,959|18,374|
||||||763,265|919,372|
##
##
|||2023|2022|
|---|---|---|---|
|||f|f|
|Amounts
falling due within one year on demand:||||
|Bank overdrafts||127,438||
|Bank loans||192,383|162,750|
|||319,821|162,750|
|Amounts
falling between|one and two years:|||
|Bank loans - 1-2years||192,383|162,750|
|Amounts
falling due between two and five years:||||
|Bank loans -2-5 years||339,721|354,382|
|Amounts
falling due in more than five years:||||
|Repayable
by instalments:||||
|Bank loans more 5yr by|instal|205,202|383,861|
##
##
|Minimum
lease|payments
fall due as follows:|||
|---|---|---|---|
|||Hire purchase|contracts|
|||2023|2022|
|||f|f|
|Gross obligations|repayable:|||
|Within one year||21,334|13,218|
|Between one and five years||32,058|20,801|
|||53,392|34,019|
|Finance charges|repayable:|||
|Within one year||3,268|1,533|
|Between one and five years||6,099|2,427|
|||9,367|3,960|
|Net obligations|repayable:|||
|Within one year||18,066|11,685|
|Between one and five years||25,959|18,374|
|||44,025|30,059|
##
##
|expenditure
account on a straight
line basis over the ter|m ofthe lease.||
|---|---|---|
||Non-cancellable|operating|
||leases||
|||2022|
|||E|
|Within one year||90,102|
|Between one and five years||156,890|
||209,287|246,992|
##
##
|MOVEMENT|IN FUN|DS||||
|---|---|---|---|---|---|
|||||Net||
|||||movement|At|
||||At 1/9/22|in funds|31/8/23|
||||E||E|
|Unrestricted|funds|||||
|General fund|||(435,627)|9,060|(426,567)|
|Revaluation|reserve||1,129,146|14,567,495|15,696,641|
||||693,519|14,576,555|15,270,074|
|Restricted funds||||||
|School development||fund|352,776|171,596|524,372|
|TOTAL FUNDS|||1,046,295|14,749,151|15,794,446|
##
|||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|
|||||resources
f|expended
f|losses
f|in funds
'f|
|Unrestricted||funds||||||
|General|fund|||4,724,699|(4,715,639)||9,060|
|Revaluation||reserve||||14,567,495|14,567,495|
|||||4,724,699|(4,715,639)|14,567,495|14,576,555|
|Restricted funds||||||||
|School|development||fund|254,503|(82,907)||171,596|
|TOTAL|FUNDS|||4,979,202|(4,798,546)|14,567,495|14,748,151|
##
|||||Net||
|---|---|---|---|---|---|
|||||movement|At|
||||At 1/9/21|in funds|31/8/22|
||||f|f|f|
|Unrestricted|funds|||||
|General fund|||(368,061)|(67,566)|(435,627)|
|Revaluation|reserve||1,796,485|(667,339)|1,129,146|
||||1,428,424|(734,905)|693,519|
|Restricted funds||||||
|School development||fund|283,093|69,683|352,776|
|TOTAL FUNDS|||1,711,517|(665,222)|1,046,295|
||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources
f|expended
f|losses
f|in funds
f|
|Unrestricted|funds||||||
|General fund|||4,039,716|(4,107,282)||{67,566)|
|Revaluation|reserve||||(667,339)|(667,339)|
||||4,039,716|{4,107,282)|(667,339)|(734,905)|
|Restricted funds|||||||
|School development||fund|201,149|(131,466)||69,683|
|TOTAL FUNDS|||4,240,S65|(4,238,748)|(667,339)|(665,222)|
##
##
||||||Net||
|---|---|---|---|---|---|---|
||||||movement|At|
|||||At 1/9/21|in funds|31/8/23|
|||||f|f|f|
|Unrestricted||funds|||||
|General|fund|||(368,061)|(58,506)|(426,567)|
|Revaluation||reserve||1,796,485|13,900,156|15,696,641|
|||||1,428,424|13,841,650|15,270,074|
|Restricted funds|||||||
|School|development||fund|283,093|241,279|524,372|
|TOTAL|FUNDS|||1,711,517|14,082,929|15,794,446|
||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources
f|expended
f|losses
f|in funds
f|
|Unrestricted|funds||||||
|General fund|||8,764,415|(8,822,921)||(58,506)|
|Revaluation|reserve||||13,900,156|13,900,156|
||||8,764,415|(8,822,921)|13,900,156|13,841,650|
|Restricted funds|||||||
|School development||fund|455,652|(214,373)||241,279|
|TOTAL FUNDS|||9,220,067|(9,037,294)|13,900,156|14,082,929|
##
##
##
##
##
|CAPITAL C|OMM|ITM|ENTS||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023|2022|
||||||||||E|E|
|Contracted|but|not|provided|for|in|the|financial|statements||66,593|
##
##
##
##
||||DETAILED STATEMENT OF FINANCIAL ACTIVITIES|||
|---|---|---|---|---|---|
||||FOR THE YEAR ENDED 31AUGUST 2023|||
|||||2023
f|2022f|
|INCOME AND ENDOWMENTS||||||
|Donations and|legacies|||||
|Donations||||254,505|404,586|
|Donated services and facilities||||61,163|77,625|
|||||315,668|482,211|
|Investment
income||||||
|Rents received||||16,034|7,359|
|Charitable
activities||||||
|Gross fees||||5,206,548|4,135,067|
|Total bursaries|and allowances|||(954,102)|(763,5463|
|Minibus
income||||275,412|190,304|
|Income from school shops||||43,840|50,945|
|Sundry income||||75,802|138,525|
|||||4,647,500|3,751,295|
|Total incoming|resources|||4,979,202|4,240,865|
|EXPENDITURE||||||
|Investment
management||costs||||
|Bank interest and charges||||21,491|14,641|
|Mortgage interest||||51,748|25,209|
|Other Interest||||3,315||
|||||76,554|39,850|
|Charitable
activities||||||
|Staff costs||||2,790,810|2,405,887|
|Social security||||265,429|226,098|
|Pensions||||399,621|363,144|
|Other operating|leases|||836|1,225|
|Rates and water||||17,594|29,029|
|Insurance||||55,484|49,878|
|Light and heat||||213,062|75,434|
|Telephone||||1,608|3,403|
|Postage and stationery||||26,600|23,283|
|Advertising||||57,320|46,137|
|Sundries||||4,587|2,452|
|Teaching resources||||167,125|129,879|
|Purchases||||133,182|122,461|
|Staff and Governor training||||5,920|8,972|
|Carried forward||||4,139,178|3,487,282|
##
##
|FOR THE YEAR ENDED 3|1AUGUST 2023||
|---|---|---|
||2023|2022|
||f|f|
|Charitable
activities|||
|Brought forward|4,139,178|3,487,282|
|Maintenance
and repairs|96,533|170,059|
|Motor expenses|145,081|111,443|
|Subscriptions|23,235|24,229|
|Legal fees|2,653|2,167|
|Professional
fees|61,242|81,976|
|Lease costs|45,969|45,963|
|Bad debts|15,000|81,607|
|Computer
expenses|32,968|38,60S|
|Finance,
ITand design services|61,163|77,625|
|Depreciation:
Fixtures and fittings|85,223|62,907|
|Depreciation:
Motor vehicles|5,240|2,921|
|Loss on sale oftangible fixed assets||1,278|
||4,713,485|4,188,065|
|Support costs|||
|Governance
costs|||
|Auditors'
remuneration|8,507|10,833|
|Total resources expended|4,798,546|4,238,748|
|Net income|180,656|2,117|