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2021-08-31-accounts

Contents
Page
Council ofTrustees,
Officers, Registered		 Office and Advisers
Annual
Report by the Council ofTrustees
Independent Auditor's
report		 13
Consolidated Statement
of Financial		 Activities for the Year ended 31 August 2021 16
Consolidated Statement of Financial Activities for the Year ended 31 August 2020 18
Balance Sheets
Consolidated Cash Flow Statement 20
Notes to the Financial
Statements		 21

OFFICERS (continued)
Preparatory School:
The Head: Mrs H M Grant BEd (Hons) (appointed 1 September 2020)
Senior Deputy Head: Mr R D Irwin BCs (Hons), PGCE (appointed 1 January 2021 - Acting Deputy
Head from
1 September		 2020)
Director of Finance LOperations
and Company Secretary: Mr T P Wood BA (Hons), FCA
Clerk to the Trustees: Mr T P Wood BA (Hons), FCA
REGISTERED OFFICE: Finance Department
Wycliffe College (Incorporated)
Regent Street
Stonehouse
Gloucestershire
GL10 2AD
ADVISERS
Bankers Lloyds Bank Commercial
Education
Support Team
3"Floor
Queen Square
Wolverhampton
WV1 1TF
Solicitors Harrison
Clark		 Rickerbys
Ellenborough House
Wellington
Street
Cheitenham
Gloucestershire
GL50 1YD
Auditor Hazlewoods
Staverton
Court
Staverton
Cheltenham
Glos
GL51 OUX
Insurance Brokers Marsh Brokers Limited
Education
Practice, Capital House,
'I-5 Perrymount Road
Haywards
Heath
West Sussex
RH'I6 3SY
Investment managers Paradigm
Norton		 Financial
Planning		 Ltd
Paradigm
House
Macrae Road
Harn Green
Bristol
BS20ODD

that Wycliffe has upon the UK economy as a whole an d upon the local Stroud L ocal Authority
District;
Year to 31 Aug 2021
Total contribution
to UK GDP (direct, supply		 chain and indirect staff spending) E2'l,9m
Of which: local impact f12.7m
Total jobs supported
(direct, supply chain and indirect		 staff spending) 593
Total UK tax payments
(direct, supply chain		 and indirect staff spending) E6,8m
Savings for the UK taxpayer as a result ofattendance at Wycliffe by pupils
entitled to a free UK state place E3.1m

Unrestricted Restricted Endowed
Funds Funds Funds Total Total
2021 2021 2021 2021 2020
Note
INCOME FROM
CHARITABLE ACTIVITIES
School Fees 4 13,591,043 13,59'I,043 13,856,524
Ancil!ary trading
income		 5a 185,019 78,202 263,221 198,253
Government
grants		 5c 210,532 2'I0,532 503,784
Investment
income		 11,170 6,551 17,721 23,313
Donations
and fundraising		 15,4'I 6 143,115 'I58,531 74,968
Income from trading
activities
Other trading
income		 45,595 45,595 61,067
Other income
Surplus/(Deficit)
on the sale
offixed assets 2,833 2,833 36,172
Total Income 14,061,608 227,868 'I4,289,476 14,754,081
Expenditure
on:
Raising funds
Fundraising
costs		 24,423 24,423 28,934
Financing costs 137,506 137,506 68,550
Subsidiary
trading costs		 2,352
Investment
Management
costs		 9,511 4,287 13,798 9,491
Charitable
activities
Provision
of education		 15,054,223 88,923 7'I4 15,143,860 15,553,408
Grant-making 7,800 5,150 12,950 35,988
Total expenditure 15,233,463 98,360 714 15,332,537 'I5,698,723
Net (expenditure)/income
before gains, losses 8 (1,171,855) 129,508 (714) ('I,043,061) (944,642)
transfers
Net protit/(loss)
on
investment
assets		 97,885 59,851 77,439 235,175 (24,078)
Net expenditure (1,073,970) 189,359 76,725 (807,886) (968,720)
Transfers
between
funds
Net movement
in funds		 (1,073,970 189,359 76,725 (807,886) (968,720

Unrestricted Restricted Endowed
Note Funds Funds Funds Total Total
2021 2021f 2021 2021 2020
Reconciliation offunds
Total funds brought forward 24 24,801,888 595,973 564,272 25,962,133 26,930,853
Net movement in funds (1,073,970) 189,359 76,725 (807,886) (968,720)
Total funds carried forward 24 23,727,918 785,332 640,997 25, 'l54, 247 25,962,133

Unrestricted Restricted Endowed
Funds Funds Funds Total
2020 2020 2020 2020
K
INCOME FROM CWARITABLE
ACTIVITIES
School Fees 13,856,524 '!3,856,524
Ancillary
trading
income		 127,186 71,067 198,253
Government
grants		 503,784 503,784
Investment
income		 'I3,460 8,823 'l,030 23,313
Donations
and fundraising		 30,256 44,712 74,968
income from trading activities
Other trading
income		 61,067 61,067
Other income
Surplus/(deficit)on
the		 sale offixed assets 36,172 36,172
Total Income 14,628,449 124,602 1,030 14,754,081
Expenditure
on:
Raising funds
Fundraising
costs		 28,934 28,934
Financing costs 68,550 68,550
Subsidiary
trading costs		 2,352 2,352
Investment
Management		 costs 5,944 3,547 9,491
Charitable
activities
Provision
of education		 15,480,658 72,750 15,553,408
Grant-making 20,961 15,027 35,988
Total expenditure 15,607,399 91,324 15,698,723
Net expenditure
before		 investment gains (978,950) 33,278 1,030 (944,642)
Net loss on investment assets (10,144) (6,055) (7,879) (24,078)
Net expenditure (989,094) 27,223 (6,849) (968,720)
Transfers
between funds
Net movement
in funds		 989,094 27,223 6,849 968,720
Total funds
brought forward		 25,790,982 568,750 571,121 26,930,853
Net movement
in funds		 989,094 27,223 6,849 968,720
Total funds carried forward 24,801,888 595,973 564,272 25,962,133

Consolidated Consolidated College College
Notes 2021
E		 2020
E		 2021 2020f
FIXEDASSETS
Tangible assets 31,456,952 32,255,926 31,456,952 32,255,926
Investments 'l,913,138 1,501,974 2 2
33,370,090 33,757,900 31,456,954 32,255,928
CURRENT ASSETS
Stock 4,584 13,494 1,887 9,790
Debtors 15 3,034,750 3,379,932 3,062,111 3,386,947
Cash at bank and in hand 16 411,798 363,445 307,382 251,678
3,451,132 3,756,871 3,371,380 3,648,415
Creditors: Amounts falling
due within one year 9,710,486) 9,520,234) (9,679,900 (9,487,766)
NET CURRENT (6,259,354) (5,763,363) (6,308,520) (5,839,351)
(ILIABILITIES)
TOTAL ASSETS LESS
CURRENT LIABILITIES 27,110,736 27,994,537 25,148,434 26,416,577
Creditors: amounts falling due
after more than one year 'I8 1,956,490) 2,032,404)
TOTAL NET ASSETS 23 25,154,247 25,962,133 23,191,944 24,384,173
Funds
Unrestricted
funds
Revaluation
reserve		 24 3,217,110 3,178,240 3,217,110 3,178,240
General 24 20,510,808 21,623,648 19,756,708 20,976,572
23,727,918 24,801,888 22,973,818 24 154812
Restricted funds 24 785,332 595,973 166,156 176,677
Endowed funds 24 640,997 564,272 51,970 52,684
TOTAL FUNDS 25,154,247 25,962, 'I 33 23,191,944 24,384,173

2021 2020
Notes E
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used
in operating
activities		 25 395,543 (1,123,044)
Cash flows from investing
activities
Interest received 567 1,015
Dividends
received		 17,154 21,268
Payments
to acquire investments		 (255,268) (475,189)
Receipts from disposal of investments 75,09
I		 485,585
Payments
to acquire tangible
fixed assets		 (182,413) (821,887)
Receipts from disposal oftangible
fixed assets		 6,700 36,172
Cash flows used in investing
activities		 (338,'I 69) (753,036
Cash flow from financing
activities
Net increase/(decrease)
in advance fees
Net increase/(decrease)
in hire purchase		 scheme money
loans		 238,797
(1,878)		 (901,152)
302,434
Net increase/(decrease)
in bank loan		 750,001 1,749,999
Net increase/(decrease)
in CBIL		 (1,000,000)
Net cash inflow from financing (13,080) 1,151,281
Increase
in cash and cash equivalents		 during the year 44,294 (724,799)
Cash and cash equivalents
at the start		 of the year 414,072 1,138,871
Total cash and cash equivalents
at the		 end ofthe year 458,366 414,072
Cash and cash equivalents
at the end		 ofyear comprise:
Cash at bank and
in hand		 16 411,798 363,445
Cash on deposit 14 46,568 50,627
458,366 414,072

Total Total
2021 2020
E
Fees receivable consist of;
Gross fees I5,571,570 15,423,283
Less: Total scholarships and bursaries (1,980,526) ( I,566,759)
13,591,043 13,856,524
School fees receivable
off13,591,043(2020 - 813,8		 School fees receivable
off13,591,043(2020 - 813,8		 School fees receivable
off13,591,043(2020 - 813,8		 56,524) related to unrestricted
funds.
5. Other income
Total Total
2021 2020
E
a) Ancillary income
Other ancillary income 165,'!81 45,723
Registration and entrance fees 25,400 21,389
Commissions and other income 15,817
School coffee shop 14,'I40 44,257
The Wycliffian Society 58,500 71,067
263,22'I 198,253

c) Government c) Government grants
Government turlough scheme 210,532 503,784
Government grants were unrestricted in the current and prior year.

Unrestricted Restricted Endowed
Funds Funds funds Total
2021 2021 2021 2021
F
Bank and other interest
Dividends 10,645 6,509 17,'l 54
10,645 6,509 17,154
Unrestricted Restricted Endowed
Funds Funds funds Total
2020 2020 2020 2020
F
Bank and other interest 142 873 1,030 2,045
Dividends 13,318 7,950 21,268
13,460 8,823 1,030 23,313

Net incoming resourc es for the year
2021 2020
Net income tor the year is stated after:
Charitable
expenditure		 includes:
Depreciation 977,520 946,022
Profit/(loss)
on disposal		 offixed assets 2,833 36,712
Auditors
remuneration:
-for audit services 26,538 24,396
- for non audit services 3,487 10,680
1 010378 1 018810

Expenditu re
on raising		 funds
Staff Other Depreciation Total
F F 2021
E
Fundraising costs 24,423 8,830 33,253
Financing costs (see note 10) 72,248 72,248
Fundraising trading costs 1,043 1,043
Investment management costs 11,298 11,298
24,423 93,419 117,842
restricted and 6168,940 (2020 - & 05,780 was un restricted
fund		 s.
Staff Other Depreciationf Total
2020
Fundraising costs 25,000 3,934 28,934
Financing costs (see note 10) 68,550 68,550
Fundraising trading costs 2,352 2,352
Investment management costs 9,491 9,491
25,000 84,327 109,327

Expenditure on charitable
a		 ctivities
Staff Other Depreciation Total
F E 2021
Provision ofeducation
Teaching 6,470,549 482,207 6,952,757
Welfare 1,817,175 'I,342,935 3,160,110
Premises 372,377 1,298,393 977,520 2,648,290
Letting costs
Support costs and governance 1,107,916 1,107,916 2,366,486
Grants, awards and prizes 1,80'I 1,801
9,768,017 4,383,906 977,520 15,129,443
Grant making 12,950 12,950
Total charitable expenditure 9,768,017 4,396,856 977,520 15,142,393
Staff Other Depreciation Total
2020
Provision ofeducation
Teaching 7,800,361 825,781 8,626,142
Welfare 779,657 1,I09,677 1,889,334
Premises 371,732 1,458,571 946,022 2,776,325
Letting costs 5,82 I 5,821
Support costs and governance 1,045,083 1,207,133 2,252,216
Grants, awards and prizes 3,570 3,570
9,996,833 4,610,553 946,022 'I5,553,408
Grant making 35,988 35,988
Total charitable expenditure 9,996,833 4,646,541 946,022 15,589,396

2021 2020f
Auditors remuneration:
-for audit services 26,538 24,396
—for non-audit services 3,487 10,480
Reimbursement ofexpenses to trustees 959 56'I
30,984 35,637

Travel, accommodation,
training
and subsistence
expenses
ive (three
in 2020) Members
ofthe Council.
Financing costs		 of6959 (2020:f56'I) were reimburse d
to
2021f 2020
Bank loan 48,819 3,018
Fees scheme 23,429 27,052
Bank charges 21,127 1,030
Finance lease 17,572 8,892
Bad debts and bad debts provision 26,558 1,558
137,506 41,550

Finance costs
Staff costs		 were unrestricted
in the current
and prior year,
2021f 2020
F
The aggregate payroll costs for the year were as follows:
Wages and salaries 7,828,104 8,043,496
Social security costs 709,760 691,393
Superannuation and other pension costs 1,230, 'I 53 1,286,944
9,768,017 10,021,833

Group Group
2021 2020
Teaching staff 217 214
Others 121 136
338 350
The number of employees whose emoluments exceed f60,000 were:
2021 2020
Number Number
260,001 - f70,000
270,001 - F80,000
F80,001 - 890,000
f90,001 - 6100,000
R'I00,001 - R1'f0,000
f150,001 - 2160,000
2160,001 —2 'l 70,000

13. Tangible fixed asse ts —Group
Motor
Freehold Assets Furniture Vehicles
land and Under And and Computer
Buildings construction Fittings Equipment Boats Software Total
6 6 8 8 8
Cost or deemed cost'
At 1 September 2020 36,730,140 134,947 1,035,969 3,182,184 572,118 18,066 41,673,423
Additions
during		 the year 2,500 53,706 116,557 6,350 3,300 182,413
Disposals
during		 the year (8,GOO) (8,0GO)
At 31 August 2021 36,730,140 137,453 1,089,674 3,298,735 570,468 21,364 41,847,837
Depreciation
At 31 August 2020 5,967,724 323,479 2,815,758 298,936 11,601 9,417,498
Provided
during		 year 574,066 158,367 163,731 79,316 2,040 977,520
On dlsposals (4,133) (4,133)
At 31 August 2021 6,541,790 481,846 2,979,489 374,119 13,641 10,390,885
Net book value
At 31 August 2021 30,188,350 137,423 607,829 319,255 196,349 7,725 31,456,952
At 31 August 2020 30,762,416 134,947 712,490 366,426 273,182 6,465 32,255,926

Motor
Free hald Assets Furniture Vehictes
land and Under And and Computer
Buildings construction Fittings Equipment Boats Software Total
K
Cast or deemed cost*
At 1 September 2020 36,730,140 134,947 1,035,969 3,182,184 572,118 18,066 41,673,423
Additions
during		 the year 2,500 53,706 116,557 6,350 3,300 182,413
Disposals
during		 the year (8,000) (8,000)
At 31 August 2021 36,730,140 137,453 1,089,674 3,298,735 570,468 21,364 41,847,837
Depreciation
At 31 August 2020 5,967,724 323,479 2,815,758 298,936 11,601 9,4'I 7,498
Provided
during		 year 574,066 158,367 163,731 79,3'I 6 2,040 977,520
On disposals (4,133) (4,133)
At 31 August 2021 6,541,790 481,846 2,979,489 374,119 13,641 '!0,390,885
Net book value
At 31 August 2021 30,188,350 137,423 607,829 319,255 196,349 7,725 31,456,952
At 31 August 2020 30,762,416 134,947 712,490 366,426 273,182 6,465 32,255,926

Investments
Investments —Group
Listed investments 2021 2020
E
Market value at 1 September 2021 1,451,347 1,485,821
Additions 255,268 475,189
Disposals (75,091) (485,585)
RealIsed gains 10,492
Revaluations 235,048 (34,570)
Market value at 31 August 2021 1,866,572 1,45'i, 347
Cash on deposit 46,568 50,627
At 31 August 2021 'l,913,140 1,501,974
Investments - College
Investments in subsidiaries

summary
ofthe		 trading
results
and financial
performance
o		 fthe subsidiary
alone is:
2021 2020
Turnover 45,136 49,605
Cost ofsales (2,539)
Gross profit 45,136 47,066
Administrative
expenses		 (4,401) (5,126)
Operating
profit		 40,735 41,940
Interest payable and expenses
Profit for the year 40,735 41,940
Donation
made		 to College (40,735) (41,939)
Retained
profit		 for the year

2021 2020
f
Income 175,538 35,938
Expenditure (26,748) (45,479)
Net (expenditure)/income before investment gains 148,790 (9,541)
Net (losses)/gains on investment assets 235,175 (24,079)
Net (expenditure)/income for the year
383,965 (33,620)

Group
2021		 Group
2020		 College
2021		 College
2020
School fees 2,794,886 3,022,521 2,794,886 3,022,521
Other debtors 6,494 150,273 33,854 157,288
Prepayments 233,371 207,138 233,371 207,138
3,034,750 3,379,932 3,062,111 3,386,947
Cash at bank and in hand
Group
2021		 Group
2020		 College
2021		 College
2020
Cash at bank 411,798 363,445 307,150 251,678

Group
2021		 Group
2020		 College
2021		 College
2020
Bank loan 1,500,000 1,749,999 1,500,000 1,749,999
Trade creditors 179,296 236,303 179,296 236,304
Social security and other taxes 203,412 186,691 202,328 186,625
Amount
due to		 subsidiary
company
Other creditors 283,868 'I02,185 259,227 78,185
Outstanding
pension
contributions 'I2,993 14,049 12,993 14,049
Fees deposits 1,295,652 1,411,170 1,295,652 1,411,170
Accruals 480,563 473,892 475,062 465,489
I-lire purchase 110,673 92,39'I 111,313 92,391
Advance fees scheme 1,196,630 902,078 1,196,630 902,078
Fees received in advance 4,447,399 4,351,476 4,447,399 4,351,476
9,710,486 9,520,234 9,679,900 9,487,766
Group
2021		 Group
2020		 College
2021		 College
2020
Bank loan (note 20) 1,000,000 1,000,000 1,000,000 1,000,000
Advance fees scheme (note 19) 595,958 651,713 595,958 65'l,713
Hire purchase (note 21) 360,532 380,691 360,532 380,691
1,956,490 2,032,404 1,956,490 2,032,404

school, a dvance fees will be ap plied as follows:
Group
2021		 Group
2020		 College
2021		 College
2020
Within 2 to 5 years 231,328 347,849 3'I0,663 347,849
Within 1 to 2 years 285,295 303,864 285,295 303,864
Greater than 5 years 79,335 651,7'I 3 595,958 651,713
Within 1 year 1,196,630 902,078 1,196,630 902,078
1,792,588 1,553,791 1,792,588 1,553,79'I

Group
2021
E		 Group
2020		 College
2021		 College
2020
Balance at 1 September 2020 1,553,791 2,454,944 1,553,791 2,454,944
New contracts 1,394,41 1 837,630 1,394,411 837,630
Amounts
accrued to contracts		 as
debt-financing costs 28,797 55,667 28,797 55,667
2,976,998 3,348,241 2,976,998 3,348,24'I
Amounts
utilised
in payments		 of
fees (1,184,410) (1,794,450) (1,184,410) (1,794,450)
Balance at 31 August 2021 I,792,588 I,553,79'I 1,792,587 1,553,79'I
20. Bank
Ioan
Group
2021
K		 Group
2020		 College
2021		 College
2020
Due in one year 1,500,000 'I,749,999 1,500,000 1,749,999
Due in between 2 and 5 years 1,000,000 1,000,000 1,000,000 1,000,000
Oue in more than 5 years

Group
2021f		 Group
2020		 College
2021		 College
2020
More than 5 years 164,044 181,227 164,044 18'I,227
Within 2 to 5years 91,728 101,227 91,728 101,566
Within 1 to 2 years 104,760 97,898 'I04,760 97,898
360,532 380,691 360,532 380,691
Within 1 year 110,673 92,391 111,313 92,39'I
471,204 473,082 471,844 473,082
22. Financial instruments
Group Group
2021 2020
Financial assets measured at fair value 1,866,572 1,451,347
Included within
financial		 instruments held at fair value is investments,

2021 Group Unrest ricted
funds
Revaluation
Reserve		 General Restricted
Funds		 Endowed
Funds		 Totalf
Tangible fixed assets 3,217,110 28,239,842 31,456,952
Investments 704,937 619,176 589,027 1,913,140
Net current liabilities (6,477,482) 166,156 51,970 (6,259,356)
Long term!iabilities (1,956,489) (1,956,489)
3,217,110 20,510,808 785,332 640,997 25,154,247

Analysis of net assets Analysis of net assets between funds (continued) between funds (continued)
2021 College Unrestricted
funds
Revaluation
Reserve		 General Restricted
Funds		 Endowed
Funds		 Total
E
Tangible fixed assets 3,217,110 28,239,842 31,456,952
Investments 2 2
Net current liabilities (6,526,647) 166,156 51,970 (6,308,521)
Long term liabilities (1,956,489) (1,956,489)
3,217,110 19,756,708 166,156 51,970 23,197,472
2020 Group Unrestricted
funds
Revaluation
Reserve		 Generalf Restricted
Funds
E		 Endowed
Funds		 Total
Tangible
fixed assets		 3,178,240 29,077,686 32,255,926
Investments 571,090 419,296 511,588 1,501,974
Net current liabilities (5,992,724) 176,677 52,684 (5,763,363)
Long term liabilities (2,032,404) (2,032,404)
3,178,240 21,623,648 595,973 564,272 25,962,133
2020 College
Unrestricted
funds
Revaluation
Reserve		 General Restricted
Funds		 Endowed
Funds		 Total
Tangible fixed assets 3,178,240 20,077,686 32,255,926
Investments 2 2
Net current liabilities (7,059,253) 176,677 52,684 (6,829,892)
Long term liabilities (1,032,404) (1,032,404)
3,178,240 20,986,031 176,677 52,684 24,393,632

4. Funds analysis —G roup current year
Gains/
At 1 (losses)
September
2020		 income Expenditure And
Transfers		 August At 3'l
202'I
Unrestricted
funds
Revaluation
reserve		 3,178,240 38,870 3,217,110
Genera
I funds		 21,623,648 14,061,608 (15,233,463) 59,015 20,510,808
24,801,8SS 14,06'l, 608 15,233,463 97,885 23,727,918
Restricted funds
The Wycliffian Society 144,052 58,700 (51,211) 151,541
Expendable
grants		 32,625 19,702 (37,712) 14,615
Genera! Endowment 3,619 70 (38) 547 4,198
Loosley Endowment 43,467 716 (471) 6,580 50,292
Pearson
Bursary		 2,945 48 ('I,382) 446 2,057
Ward's Scholarship 55,449 913 (2,101) 8,393 62,654
J H Edwards
Bequest		 17,501 288 (190) 2,649 20,248
Sibly Scholarship 19,451 320 (211) 2,944 22,504
Wilson Scholarship 12,420 204 ('I35) 1,880 14,369
Selwyn Bursary 72,490 1,193 (2,286) 10,973 82,370
Bursaries
Fund		 93,030 4,531 (1,009) 14,082 110,634
Burnet Ward Bursary 68,592 1,189 (744) 10,373 79,420
Educational
Grants		 1,101 18 (12) 167 1,274
Honours
Boards		 978 16 (11) 148 1,131
Prep School Sports 23,900 34 23,934
Miscellaneous
funds		 2,793 46 (30) 423 3,232
Hardship
fund		 1,560 590 (817) 236 1,569
Nowark
Family Fund		 100,000 100,000
Keith Paget Fund 39,290 39,290
595,973 227,868 (98,360 59,851 785,332
Endowment
funds
Bequests and Prize
Funds 52,684 (714) 51,970
General
Endowment		 48,066 7,276 55,342
Loosley Endowment 199,320 30,171 229,491
Pearson
Bursary		 81,361 12,316 93,677
Ward's Scholarship 72,889 11,033 83,922
J H Edwards Bequest 38,531 5,832 44,363
Sibly Scholarship 49,245 7,454 56,699
Wilson Scholarship 22,176 3,357 25,533
564,272 (714) 77,439 640,997
Total funds 25,962,133

Gains/
At 1 (losses)
September And At 31
Unrestricted funds 2020 income Expenditure Transfers August 2021
Revaluation reserve 3,178,240 38,870 3,217,110
General funds 20,976,572 14,043,706 ('I5,224,700) (38,870) 19,756,708
24,154,8'l 2 14,043,706 (15,224,700) 22,973,818
Restricted funds
The Wycliffian Society 144,052 58,700 (51,211) 151,541
Expendable grants 32,625 19,702 (37,712) 14,615
I76,677 78,405 (88,923) 166,156
Endowment funds
Bequests and Prize
Funds 52,684 (714) 51,970
52,684 51,970
Total funds 24,384,173 23,19'l,944

Gains/
At 1 (losses)
September And At 31
2019 income Expenditure Transfers August 2020
Unrestricted
funds
Revaluation
reserve		 3,217,110 (38,870) 3,178,240
General funds 22,573,872 14,628,449 (15,607,399) 28,726 21,623,648
25,790,982 'I4,628,449 (15,607,399 (10,144) 24,801,888
Restricted funds
The Wycliffian
Society		 133,737 71,608 (6'i,293) 144,052
Expendable
grants		 12,190 31,892 (11,457) 32,625
General
Endowment		 3,632 72 (30) (55) 3,619
Loosley Endowment 43,648 869 (388) (662) 43,467
Pearson
Bursary		 4,159 83 (1,234) (63) 2,945
Ward's Scholarship 57,185 1,139 (2,008) (867) 55,449
J H Edwards
Bequest		 17,574 350 (156) (267) 17,501
Sibly Scholarship 19,532 389 (174) (296) 19,451
Wilson Scholarship 12,472 248 (11'I) (189) 12,420
Selwyn Bursary 74,127 1,476 (1,989) (1,124) 72,490
Bursades
Fund		 93,417 1,860 (830) (1,417) 93,030
Burnet Ward Bursary 68,717 1,528 (611) ('I,042) 68,592
Educational
Grants		 1,106 22 (10) (17) 1,101
Honours
Boards		 881 118 (8) (13) 978
Prep School Sports 23,568 332 23,900
Pavilion
Miscellaneous
funds		 2,805 56 (25) (43) 2,793
Hardship
fund		 12,560 (11,000) 1,560
568,750 124,602 (91,324) (6,055) 595,973
Endowment
funds
Bequests and Prize
Funds 51,654 'I,030 52,684
Genera! Endowment 48,806 (740) 48,066
Loosley Endowment 202,390 (3,070) 199,320
Pearson
Bursary		 82,614 (1,253) 81,361
Ward's Scholarship 74,012 (1,123) 72,889
J H Edwards
Bequest		 39,124 (593) 38,531
Sibly Scholarship 50,003 (758) 49,245
Wilson Scholarship 22,518 (342) 22,176
571,121 1,030 (7,879) 564,272
Total funds 26,930,853 14,754,081 15,698,723 (24,078) 25,962,133

Gains/
At 1 (losses)
September And At 31
2019 Income Expenditure Transfers August 2020
Unrestricted
funds
Revaluation
reserve		 3,217,110 (38,870) 3,178,240
General funds 21,914,693 'I4, 564,008 (15,540,999) 38,870 20,976,572
25,131,803 14,554,008 (15,540,999) 24,154,812
Restricted funds
The Wycliffian
Society		 'I33,737 71,608 (61,293) 144,052
Expendable
grants		 12,190 31,892 (11,457) 32,625
Other funds (10,109) 'I0,109
135,818 113,609 (72,750) 176,677
Endowment
funds
Bequests and Prize
Funds 5'l,654 1,030 52,684
51,654 1,030 52,684
Total funds 25,319,275 14,678,647 15,613,749) 24,384,173
5. Reconciliation of net expenditure to net cash inflow from operating activities
Group Group
2021 2020
Net expenditure
for		 the reporting
period		 (as per the Statement of Financia!
Activities) (807,886) (968,720)
Depreciation
charge		 977,520 946,022
Gains on disposal oftangible assets (2,833) (36,172)
Realised (gains)/losses on disposal of investments (10,492)
Unrealised
losses/(gains)		 on investments (235,048) 34,570
interest received (567) (1,015)
Dividends
received		 (17,154) (21,268)
Increase
in stocks		 8,910 (3,091)
(Increase)/decrease in debtors and prepayments 345,184 137,835
Increase/(decrease) in creditors 127,417 (1,200,713)
Net cash used
in operating		 activities 395,543 1,123,044

Analysis o f net debt
At
1 September
2020		 Cash flows Non-cash
Flows		 At
31 August
2021f
Cash
in hand		 363,445 48,353 411,798
Deposit 50,627 (4,059) 46,568
414,072 44,294 458,366
Creditors due in one year:
HP liabilities (92,391) 1,877 (20,159) (110,673)
Bank loan (1,500,000) (1,500,000)
Advance fee scheme (902,078) (238,797) (55,755) (1,196,630)
Creditors due in more than one
year.
HP liabilities (380,691) 20,159 (360,532)
Bank loan (2,749,999J 249,999 1,500,000 (1,000,000)
Advance fee scheme (651,7'I 3) 55,755 (595,958)
Net debt
(4,362,801) 57,373 (4,305,427)

Group
2021		 Group
2020		 Coliege
2021		 College
2020
E
Not later than one year 18,127 21,494 18,127 21,494
Later than
one		 year and not
than five years 3,163 2,91'l 3,'I 63 2,91'i
Later than 5years
2'i,290 24,405 21,290 24,405