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2021-08-31-accounts

INDEX Page
Legal and Administrative
Information		 1-2
Report ofthe Foundation
Trustees		 3-12
Report ofthe Independent
Auditors		 13-15
Consolidated
Statement ofFinancial Activities		 16
Consolidated
and Charity Balance Sheets		 17-18
Consolidated
Statement ofCash Flows		 19
Statement ofAccounting
Policies		 20-23
Notes to the Financial
Statements		 24-39

Bankers: Bank ofScotland
38 Threadneedle Street
London EC2P 2HL
Auditors: Alliotts LLP
Friary Court
13-21High Street
Guild ford
Surrey GU1 3DL
Investment Managers: Quilter Cheviot
Senator House
35 Queen Victoria Street
London EC4V 4AB
Legal Advisers: Moore Barlow LLP
The Oriel
Guildford
Surrey GU1 3SR
STATUS AND ADMINISTRATION
Registered Office: The Gordon Foundation
Gordon's School
West End
Woking
Surrey GU24 9PT

Bealert to and take advantage to and take advantage to and take advantage to and take advantage to and take advantage ofopportunities ofopportunities ofopportunities ofopportunities to A range of new
partnerships
have or are being
established
that
will
extend the influence of Gordon's at home and benefit current
students
and extend the Gordon's
reach. In addition
to
overseas the Harlequins
RFC Programme,
MoUs are in place with
Aldershot
Town FC, with
Surrey
Storm (Netball)
and in discussion
with
Surrey
County
Cricket
Club
and
the Bedser Foundation.
Cooperation
with
Woking High School continues
under the Arete Partnership,
particularly
for student
leadership
training
and inter-school
competitions,
and athird
school will join during 2022. The new partnership
with Commonwealth
Education
Trust
will
draw
on Gordon's
pedagogy
and
digital
IT
experience. Opportunities
to create aGordon's
2 continue to be actively
ex lored.
Ensure that support services provided by The Taking opportunities
to review for improvement
is embedded
within the
Gordon Foundation are fit for purpose and Support
teams.
During
the year
the role of HR administrator
was
commensurate with outstanding provision increased
from part- to full-time;
with the need to appoint anew Deputy
Head Pastoral, the role and responsibilities
ofDesignated
Safeguarding
Lead has been separated
to a new post ofDSL, such is its importance
and increasin
workload. The cleanin
contract was re-tendered.
Increase the Foundation's financial stability and Following
the Summer term discount on boarding
charges, maintaining
support for financially necessitous students apositive cashflow alongside
capital commitments
was challenging
but
achieved, Regular communication
ismaintained
vvith our Bank and there
was no recourse to any further Bank facilities
apart from the existing
capital loans. Bythe end ofthe year, 89(9.57%)students were in receipt
ofa means-tested
bursary
with total spend X445,361 with 14 ofthose
students
also supported
by nine
different
external
educational
trusts.
f66,297 ofbursary
expenditure
relates to the effect ofCovid on parent
em lo ment or business.
Deliver world-class pastoral care, curriculum, In Sports, Gordon's School retains the Platinum
Schools' Award, as well
and co-curriculum provision as Arts achieving
the Arts Council England's
Artsmark
Silver Award,
the only creative
quality
standard
for school and educational
settings.
Music highlights
included
all LCM Musical Theatre entrants
receiving
either merit or distinction,
as did 90%ofABRSM entrants.
In a challenging
year for the co-curricular
programme,
students
enjoyed
a range of opportunities
including
a KS5 debating
team
competing
virtually
in the English
Speaking
Union MACE competition
and six
Gordon's
teams
participated
in
virtual
MUN
events.
Although
not
allowed to camp out, 85 Year 10students
completed
their DofE Bronze
expeditions.
Three
Sixth
Formers
were
appointed
DofE Gordon's
ambassadors
and 18 Gold Awards
were completed
through
the year. A
virtual Gordon's
Careers Fair was held in March.
Gordon's was re-awarded
the International
Schools' Award for a
further three years and continues
to hold the Surrey Healthy
Schools
Gold Award, thereby demonstrating
commitment
and successful
support of students'
physical,
emotional
and mental
health, and
wellbeing.
A Gordon's
team reached the finals ofthe Goldsmiths'
Community
Engagement
Awards.
Following
the 2020 curriculum
review recommendations
were
implemented
from September 2021, including
atwo-week timetable
that allow classes in Maths and English daily for KS3 and 4, the
introduction
ofaKS5Liberal Arts Programme
and Mandarin
included
within
the Y8 choice oflanguages.
After 32years working
at Gordon's,
latterly
as part-time
Chaplain,
the
Reverend
Sarah Norbron
left to take up parish duties, The Reverend
Graham
Wright joined as part-time
Chaplain
in September 2021,
bringing
extensive experience ofChaplaincy,
especially
in boarding
schools.

Risk
The trustees have assessed the major risks to which The Gordon Foundation
is exposed and have taken steps to reduce and
manage these risks, Trustees approve
a formal Risk Register which is updated
regularly
and reviewed
by the Joint Audit
and Risk Committee at least annually.
The most significant
risks identified
are noted below together with the means by
which to manage the risk:
CONTROL
Worsening economic Regular consideration
given to economic factors which may affect parents'
ability
climate to pay charges
and reduce ESFA funding,
Effect ofeconomic downturn
mitigated
by reducing
costs where
possible
and holding
back on plans
as well as ensuring
frequent
reporting of student
roll and finances. Maintain
a schedule ofpre-agreed
changes
in
the
event of significantly
reduced
income.
Focus
on
developing
alternative
income streams.
Loss ofcharitable status Compliance
with
requirement
of public
benefit;
the availability
of means-tested
bursaries
Breach of Health 4 Safety Crisis Management
Plan in place and reviewed
at least termly. Risks mitigated
by
issues; major incident identifying
them,
setting
our
procedures
to
reduce
and
monitoring
that
all
resulting in loss oflife or procedures
are operating
effectively. H&S external advice, staff trained on specific
school closure. procedures
and are reviewed
annual
by external
experts. H&S policy reviewed
annually.
H&S Committee
meets
termly
or as required;
membership
includes
a
trustee
/ governor. H&S part ofstaff induction,
Property
Services Manager
isH&S
and Fire Officer, and is trained appropriately.
Compromised site security, All staff know to challenge
strangers
on site; wear emergency
contact information;
buildings and personnel security
contractor
employed
evenings,
overnight
and 24 hours
over weekends;
resident
staff. Restricted
access to all buildings.
Perimeter
fencing
and
gates
improved
but some weakness
end ofFront Field and should review north side access
controls. Lockdown
procedures
in place.
Fire that results in the Fire risk assessments
carried out by specialist subcontractor
on atriennial
basis (or
school being unable to sooner where there is an alteration to premises)
and reviewed
annually.
Procedures
operate and evacuation
plans reviewed
annually.
Procedures
in place for dealing with arson,
smoking,
kitchen,
heating,
lightening
conductors,
fire
evacuation,
alarm
installation.
Routine
alarm
checks,
hydrants,
appliances.
Adequate
insurance
in
place + disaster recovery plan which is tested.
Difficulty in staff retention; Staff turnover
data maintained.
Exit interviews
with Assistant
Bursar for all posts
poor staff morale and and report made to SLT.Pay rates reviewed
regularly
against
appropriate
market,
wellbeing benchmark.
Effective communications
maintained
between
staff, line and senior
managers,
Open Door for Head
and
Chair of Governors.
Appropriate
benefits
provided
+ PRP
(teaching)
and
termly
bonus
scheme
(support).
Positive
encouragement
touse non-contact time for wellbeing
activity ifwish to.Availability
ofschool facilities for staff.
Loss ofInternet Service is provided
by contracted IT managed
service provider
with high SLAs and
connectivity for a prolonged 24/7 remote monitoring.
Depending
on where the failure has occurred, a restricted
period network
provision
could be restored. Backup second internet feed being considered
(less speed but adequate
for priority
purposes).
School website
can be updated
to
inform
parents if prolonged
loss of service or SchoolComms
messaging.
Termly
check ofdisaster recovery plan with ITmanaged
Services.

Unrestricted Restricted
Funds Funds Total Total
2021 2020
Note
Income from:
Donations
and legacies		 13,136 13,136 92,300
Grants 159,157 159,157 462,520
Charitable
activity:
Income from boarding charges 8,415,478 36,481 8,451,959 7,092,768
Other operating
income		 240,304 240,304 215,851
Funding
for the Academy's		 5,109,004 5,109,004 5,186,906
educational
operations
Trading activities:
Trading income 41,822 41,822 21,901
Investment
income		 95,723 10,806 106,529 78,075
Total income 8,965,620 5,156,291 14,121,911 13,150,321
Expenditure
on:
Charitable
activity:
Staff costs 5,489,150 3,883,087 9,372,237 8,678,783
Educational
costs		 481,604 481,604 534,952
Welfare costs 1,611,619 420 1,612,039 1,219,652
Premises costs 2,344,105 946,616 3,290,721 2,603,511
Support costs 404,420 323,903 728,323 591,318
Raising funds:
Finance costs 244,926 244,926 105,680
Investment
management		 762 762 54,714
Trading activities:
Trading costs 12,683 12,683 2,803
Total expenditure 10,107,665 5,635,630 15743 295 13,791,413
Net income/(expenditure) (1&142,045) (479,339) (1,621,384) (641,092)
Gross transfers
between		 funds 17
(1,142,045) {479,339) (1,621,384) {641,092)
Other recognised
gains		 and losses
Actuarial
(losses)/gains		 on defined benefit 21 (174,000) (174,000) (541,000)
pension schemes
Net gains/(losses)
on investments		 394,019 36,403 430,422 (28,942)
Net movement
in funds		 for the year (748,026) (616,936) (1,364,962) (1,211,034)
Fund
balances
brought		 forward at 1 16, 14,664,624 (18,683) 14,645,941 15,856,975
September 2020 17
Fund balances carried forward
at 31 August		 16,
2021 17 13,916,598 (635,619) 13,280,979 14,645,941

2021 2020
As restated
Notes
FIXEDASSETS
Tangible 8 21,170,012 21,047,763
Investments 9,10 3,421,773 2,885,598
24,591,785 23,933,361
CURRENT ASSETS
Debtors 12 776,046 1,499,576
Cash at bank and in hand 743,138 371,554
1,519,184 1,871,130
CREDITORS: Amounts falling due
within one year 13 (3,714,563) (3,159,094)
NETC~NT LIABILITIES (2,195,379) (1,287,964)
TOTAL ASSETSLESS CURRENT
LIABILITIES 22,396,406 22,645,397
CREDITORS; Amounts falling due
after more than one year 14 (7,212,427) (6,454,456)
NET ASSETSBEFORE PENSION
LIABILITY 15,183,979 16,190,941
PENSION SCHEME LIABILITY 21 (1,903,000) (1,545,000)
NKT ASSETS 13,280,979 14,645,941
FUNDS
Unrestricted
funds		 16 13,916,598 14,664,624
Restricted —Specific Funds 17 1,267,381 1,526,317
Restricted - Pension Reserve 17 (1,903,000) (1,545,000)
13,280,979 14,645)941

2021 2020
As restated
Notes
FIXED ASSETS
Tangible 8 20,962,028 20,861,549
Investments 9 3,421,773 2,885,598
Investment
in subsidiary		 company 10 2 2
24,383,803 23,747,149
CURRENT ASSETS
Debtors 12 501,087 751,619
Cash at bank and in hand 659,980 295,382
1,161,067 1,047,001
CREDITORS: Amounts falling due
within one year 13 (5,166,632) (3,727,456)
NET CURRENT LIABILITIES (4,055,565) (2,680,455)
TOTAL ASSETSLESSCURRENT
LIABILITIES 20,378,238 21,066,694
CREDITORS: Amounts falling due
after more than one year 14 (7,131,954) (6,454,456)
NET ASSETS 13)246,284 14,612,238
FUNDS
Unrestricted
funds		 19 12,340,241 13,789,465
Restricted funds 20 906,043 822,773
13,246,284 14,612,238
The charitable
company		 has taken exemption from presenting the charity statement
offinancial		 activities under section
408 of the Companies Act 2006. The net expenditure ofthe charitable company for the year was 81,365,954 (2020:net
expenditure
X1,211,986).

2021 2020
Note
Net cash inflow from operating activities A 574,590 966,455
Cash flows from investing activities
Investment
income received		 106,529 78,075
Capital grants from DFE/ESFA 518,135 23,114
Purchase offixed assets (1,434,008) (5,255,480)
Purchase ofinvestments (169,314) (2,606,101)
Sale ofinvestments 63,560 2,662,757
Net cash outflow from investing activities (915,098) (5,097,635)
Cash flow from financing activities
Loan repayments (133,333) (11,847)
New loan finance 1,090,351 4,587,789
Interest paid (244,926) (105,680)
Net cash inflow from financing activities 712,092 4,470,262
Change in cash and cash equivalents in the year 371,584 339,082
Cash and cash equivalents at the beginning ofthe year 371,554 32,472
Cash and cash equivalents at the end ofthe year 743,138 371,554
RECONCILIATION
OFNET EXPENDITURE		 2021 2020
TO NKT CASH INFLOW FROM OPERATING ACTIVITIES
Net income/(expenditure) (1,364,962) (1,211,034)
Depreciation 1,311,759 1,038,540
ESFA capital grants 26,020 (689,885)
Losses/(Gains)
on investments		 (430,422) 28,942
Movement
in stock		 8,565
Decrease/(increase) in debtors 729,342 (491,998)
(Decrease)/increase in creditors (193,544) 1,564,720
Investment
income		 receivable (106,529) (78,075)
Finance Costs 244,926 105,680
Pension adjustment 358,000 691,000
Net cash inflow from operating activities 574,590 966,455
B.
ANALYSIS OF CASH		 AND CASH EQUIVALENTS 2021 2020
Cash at bank 743,138 371,554
Overdraft
743,138 371,554

2021 2020
Unrestricted Restricted Total Total
Funds Funds
1. DONATIONS AND LEGACIES
Donations
and gifts		 13,136 13,136 92,300
Legacies
13,136 13,136 92,300
2. GRANTS
Government
grant - Coronavirus		 Job 159,157 159,157 462,520
Retention
Scheme
159,157 159,157 462,520
3. INCOME FROM CHARITABLE ACTIVITIES
Gross income from boarding charges 8,875,707 36,481 8,912,188 7,423,220
Less:
Bursaries (431,590) (431,590) (289,085)
Staff discounts (15,405) (15,405) (4,313)
Other discounts (13,234) (13,234) (37,054)
Net income from boarding charges 8,415,478 36,481 8,451,959 7,092,768
Other operating income 240,304 240,304 215,851
Funding
for the		 Academy's educational 5,109,004 5,109,004 5,186,906
operations
8,655,782 5,145,485 13,801/67 12,495,525
4. TRADING ACTIVITIES
Trading income 41,822 41,822 21,901
41,822 41,822 21,901
5. INVESTMENT INCOME
Interest received 14 14 17
Dividends
received		 95,709 10,806 106,515 78,058
95,723 10,806 106,529 78,075

6. EXPENDITURE 2021
Staff Costs Other Depreciation Total
f.
Charitable
activity:
Staffcosts 9,372,237 9,372,237
Teaching costs 481,604 481,604
Welfare costs 1,612,039 1,612,039
Premises costs 1,978,962 1,311,759 3,290,721
Support costs 728,323 728,323
9,372,237 4,800,928 1,311,759 15,484,924
Raising funds:
Finance costs 244,926 244,926
Other costs 762 762
Trading costs 12,683 12,683
9/72,237 5,059,299 1411,759 15,743,295
EXPENDITURE (PRIOR YEAR)
2020
Staff Costs Other Depreciation Total
f.
Charitable
activity:
Staffcosts 8,678,783 8,678,783
Teaching costs 534,952 534,952
Welfare costs 1,219,652 1,219,652
Premises costs 1,564,971 1,038,540 2,603,511
Support costs 591,318 591,318
8,678,783 3,910,893 1,038,540 13,628,216
Raising funds:
Finance costs 105,680 105,680
Other costs 54,714 54,714
Trading costs 2,803 2,803
8,678,783 4,074,090 1,038,540 13,791,413
2021 2020
Total expenditure includes:
Depreciation 1,311,759 1,038,540
Operating
lease payments		 recognised as an expense 194,509 279,386
Auditor's
remuneration:		 -Audit fees 21,200 19,815
- Other services 8,325 7,465

7. STAFF COSTS 2021 2020
Wages and salaries 7,345,031 6,&22,802
Social security costs 695,402 648,289
Other pension costs 1,319,564 1,207,692
Staffrestructuring
costs		 12,240
9,372,237 8,678,783
2021 2020
No No
The average number ofemployees in the year was:
Teachers 70 68
Administration
(including		 academic support &maintenance) 176 157
246 225
The number ofhigher paid staff during the year was as follows:
f60,001to 570,000
$70,001tof80,000
K80,001to f90,000
K90,001to 5.100,000
K120,001to $130,000
12 13

FIXEDASSETS —GROU P AND CHARIT Y
I'reehold Machinery & Fixtures Assets under Total Academy Total
Land &
Buildings Equipment Fittings Construction Charity Trust Group
COST
At 1 September 2020 19,542,987 1,017,080 801,143 5,524,891 26,886,101 920,753 27,806,854
Additions 598,630 5,075 16,075 663,579 1,283,359 150,649 1,434,008
Reclassification 6,033,648 (6,033,648)
At 31August 2021 26,175,265 1,022,155 817,218 154,822 28,169,460 1,071,402 29,240,862
DEPRECIATION
At 1 September 2020 4,651,013 735,600 637,938 6,024,551 734,540 6,759,091
Charge for the year 1,020,872 80,352 81,657 1,182,881 128,878 1,311,759
Re classification
At 31August 2021 5,671,885 815,952 719,595 7,207,432 863,418 8,070,850
NET BOOKVALUE
At 31August 2021 20,503,380 206,203 97,623 154,822 20,962,028 207,984 21,170,012
At 31August 2020 14,891,974 281,480 163,205 5,524,891 20,861,550 186,213 21,047,763

FIXEDASSETSINV ESTMENTS —G ROUP AND CHARITY
2021 2020
Balance at I September 2020 (excluding cash deposits) 2,852,799 2,665,350
Additions 169,314 2,606,101
Disposals
at opening
market value		 (84,644) (2,389,710)
Realised and unrealised (losses)/gains 430,422 (28,942)
Balance at 31 August 2021 (excluding cash deposits)
3@67,891 2,852,799
Cash deposits 53,882 32,799
Balance at 31August 2021 3,421,773 2,885,598
Class ofinvestments is split as follow: 2021
Cash or cash equivalents 53,882
Equities 3,241,188
Alternative
investments		 67,243
Fixed interest 59,460
Balance at 31 August 2021 3,421,773

Academ
results		 :
Total Total
2021 2020
SOFA
Total Income 7,789,953 7,493,852
Total Expenditure (7,614,961) (6,951,900)
Net uicome/(expenditure) 174,992 541,952
Other recognised gains and losses
Actuarial(losses) on defined benefit pension scheme (174,000) (541,000)
Net movement
in		 funds 992 952
Total funds brought forward at 1 September 2020 20,116 19,164
Total funds carried forward at 31August 2021 21,108 20,116
Balance Sheet
Fixed Assets 207,984 186,213
Current Assets 2,622,926 1,976,866
Current Liabilities (826,329) (597,963)
Creditors
falling due after more than one year		 (80,473)
LGPS Pension Scheme Liabilities (1,903,000) (1,545,000)
Total Funds 21,108 20,116

2021 2020
Profit and Loss Account
Turnover 39,695 11,285
Costs (12,683) (2,803)
Profit for the year 27,012 8,482
Donation to The Gordon Foundation
Retained Profit for the Year		 ~27 012
ZNil		 ~8482~i
Balance Sheet
Net Current Assets 13587
Retained Profits 13,585 13,585
Share capital 2 2
Total equity ~13 58
DEBTORS Group Group Charity Charity
2021 2020 2021 2020
As restated As restated
Boarding charge debtors 178,448 117,462 178,448 117,462
Sundry
debtors		 3,639 73,125 111 64,964
Amount
owing to subsidiaries		 39,994 12,982
Prep ayments
VAT reclaim		 168,384
302,959		 170,813
471,405		 55,937
226,597		 160,894
395,317
Accrued income 122,616 666,771
776,046 1,499,576 501,087 751,619
776,046 1,499,576 501,087 751,619 751,619
As detailed
in note 1(a)		 a prior year adjustment has been made to reduce 2020 Boarding
charge		 debtors
by
5.1,691,134and acorresponding amount reduced from Boarding Charges in advance in Creditors: Amounts falling
due within one year (note 13).
13. CREDITORS: amounts falling due Group Group Charity Charity
within
one year		 2021 2020 2021 2020
As restated As restated
Loans and overdraft 332,380 133,333 320,000 133,333
Trade creditors 1,384,102 465,296 975,834 139,114
Boarding charges in advance and pupil deposits 849,028 1,001,236 849,028 1,001,236
Taxation
and social security		 ]80,390 159,274 50,563 43,307
Other creditors 792,436 329,676 555,356 223,096
Amount
owing to subsidiaries		 2,282,802 1,168,646
Accruals
and deferred
income		 176,227 1,070,279 133,049 1,018,724
3,714,563 3,159,094 5,166,632 3,727,452

14. CREDITORS: amounts falling due Group Group Charity Charity
after more than one year 2021 2020 2021 2020
f.
Bank loan 7,212,427 6,454,456 7,131,954 6,454,456
Other loan
7,212,427 6,454,456 7,131,954 6,454,456
Analysis ofloans:
Between one and two years 332,380 320,000 320,000 320,000
Between two and five years 997,141 960,000 960,000 960,000
After five years 5,882,906 5,174,456 5,851,954 5,174,456
7,212,427 6,454,456 7,131,954 6,454,456
Due within one year 332,380 133,333 320,000 133,333
7,544,807 6,587,789 7,451,954 6,587,789

2021 2020
Leases expiring:
Within one year 225,089 293,219
Between two and five years 238,105 346,616
More than five years
463,194 639,835

UNRESTRICTED FUNDS
1September Investment 31August
2020 Income Expenditure Gains Transfers 2021
Designated- 51,743 (1,092) 50,651
Eyre Fund
General Fund 14,612,881 8,965,620 (10,106,573) 394,019 13,865,947
14,664,624 8,965,620 (10,107,665) 394,019 13,916,598
UNRESTRICTED FUNDS (PRIOR YEAR)
1September 31August
2019 Income Expenditure Investment Transfers 2020
(Losses)
Designated- 53,055 (1,312) 51,743
Eyre Fund
General Fund 14,384,087 7,836,499 (8,862,154) (1,931) 1,256,380 14,612,881
14,437,142 7,836,499 (8,863,466) (1,931) 1,256,380 14,664,624

RESTRICTE D FUNDS
Balance at Balance at
1September Investment 31August
2020 Income Expenditure Gains/(losses) Transfers 2021
Specific funds:
Gordon Foundation 387,606 10,806 36,403 434,815
Special fund
Stepping Forward 300,686 300,686
Appeal
Camel fund
Piano fund 2,160 (420) 1,740
Bursaries 52,917 36,481 89,398
DfCSF (DfE) fund 517,331 5,109,004 (5,322,332) (150,649) 153,354
Other restricted funds 79,404 79,404
DfE Fixed Asset fund 186,213 (128,878) 150,649 207,984
1,526,317 5,156,291 (5,451,630) 36,403 1,267/81
Pension reserve (1,545,000) (184,000) (174,000) (1,903,000)
RESTRICTED FUNDS
(PRIOR YEAR)
Balance at Balance at
1September Investment 31August
2019 Income Expenditure Gains/(losses) Transfers 2020
f.
Specific funds
Gordon Foundation
Special fund 403,273 11,344 (27,011) 387,606
Stepping Forward
Appeal fund 300,686 300,686
Camel fund 1,000 (1,000)
Piano fund 2,400 (240) 2,160
Bursaries 16,749 36,168 52,917
DfCSF (DfE) fund 1,266,103 5,166,902 (4,659,294) (1,256,380) 517,331
Other restricted funds 79,404 79,404
DfEFixed Asset fund 283,622 20,004 (117,413) 186,213
2,273,833 5,313,822 (4,777,947) (27,011) (1,256,380) 1,526,317
Pension reserve (854,000) (150,000) (541,000) (1,545,000)

ALLOCATION OFTHE GROUP NET ASS ETS
Fixed Net Current Long Term
Investments Assets Assets Liabilities/ Total
(Liabilities) Pension
Restricted —Specific 275,553 207,984 783,844 1,267,381
Restricted —Pension reserve (1,903,000) (1,903,000)
Unrestricted 3,146,220 20,962,028 (2,979,223) (7,212,427) 13,916,598
3,421,773 21,170,012 (2,195,379) (9,115,427) 13,280,979
ALLOCATION OFTHE GROUP NET ASSETS(PRIOR YEAR)
Fixed Net Current Long Term
Investments Assets Assets Liabilities/ Total
(Liabilities) Pension
Restricted —Specific 229,172 186,213 1,110,932 1,526,317
Restricted —Pension reserve (1,545,000) (1,545,000)
Unrestricted 2,656,426 20,861,550 (2,398,896) (6,454,456) 14,664,624
2,885,598 21,047,763 (1,287,964) (7,999,456) 14,645,941

Balance at Balance at
1September Investment 31August
2020 Income Expenditure Gains/(losses) Transfers 2021
Designated - Eyre Fund 51,743 (1,092) 50,651
General Fund 13,737,722 8,950,810 (10,792,961) 394,019 12,289,590
13,789,465 8,950,810 (10,794,053) 394,019 12,340,241

Balance at Balance at Balance at
1 September 31August
2019. Income Expenditure Investment Transfers 2020
Gains/(losses)
Designated
-Eyre Fund		 53,055 (1,312) 51,743
General Fund 13,831,513 7,814,597 (9,122,005) (1,931) 1,215,548 13,737,722
13,884,568 7,814,597 (9,123,317) (1,931) 1,215,548 13,789,465
20. CHARITY RESTRICTED FUNDS
Balance at Balance at
1September Investment 31August
2020 Income Expenditure Gains Transfers 2021
f.
Gordon Foundation 387,606 10,806 36,403 434,815
Special fund
Stepping Forward Appeal 300,686 300,686
Camel fund
Piano fund 2,160 (420) 1,740
Bursaries 52,917 36,481 89,398
DfCSF (DfE) funds
Other restricted funds 79,404 79,404
822,773 47,287 (420) 36,403 906,043
CHARITY RESTRICTED FUNDS (PRIOR YEAR)
Balance at Balance at
1September Investment 31August
2019 Income Expenditure Gains/losses Transfers 2020
f.
Gordon Foundation
Special fund 403,273 11,344 (27,011) 387,606
Stepping Forward
Appeal 300,686 300,686
Camel fund 1,000 (1,000)
Piano fund 2,400 (240) 2,160
Bursaries 16,749 36,168 52,917
DfCSF (DfE) funds 1,215,548 (1,215,548)
Other restricted funds 79,404 79,404
1,939,656 126,916 (1/40) (27,011) (1,215,548) 822,773

Total contributions
made
2021 2020
Employer's
contributions		 141,000 124,000
Employees'
contributions		 37,000 32,000
Total contributions 178,000 156,000
Principal
actuarial
assumptions
2021 2020
0/
Rate ofincrease in salaries 3.8 3.2
Rate ofincrease for pensions in payment/inflation 2.9 2.3
Discount rate for scheme liabilities 1,65 1.7
2021 2020
Years Years
Retiring today
-Males 22.3 22.1
-Females 24.7 24.3
Retiring in 20 years
-Males 23.4 22.9
-Females 26.4 25.7

2021 2020
Discount rate +0,1% (84,000) (67,000)
Discount rate - 0.1% 84,000 67,000
Mortality
assumption		 + 1 year 154,000 120,000
Moii:ality assumption - 1year (154,000) (120,000)
CPIrate+ 0.1% 80,000 64,000
CPI rate - 0.1% (80,000) (64,000)
Defined benefit pension scheme net liability
2021 ZOZO
Scheme assets 1,942,000 1,448,000
Scheme obligations (3,845,000) (2,993,000)
Net liability (1,903,000) (1,545,000)
The academy trust's share ofthe assets in the scheme
2021 2020
Fair value Fair value
Equities 1,456,000 1,043,000
Bonds 311,000 246,000
Cash 39,000 43,000
Property 136,000 116,000
1,942,000 1,448,000
The actual return on scheme assets was a gain off343,000(2020:loss ofX13,000).
Amount
recognised		 in the Statement ofFinancial Activities
2021 2020
Current service cost 298,000 257,000
Interest income (26,000) (25,000)
Interest cost 53,000 42,000
Benefit changes, curtailments and settlements gains or losses
Total operating charge 325,000 274,000

Changes
in the present value ofdefined benefit obligations		 2021 2020
At 1 September 2020 2,993,000 2,185,000
Current service cost 298,000 257,000
Interest cost 53,000 42,000
Employee
contributions		 37,000 32,000
Actuarial
loss		 491,000 503,000
Benefits paid (27,000) (26,000)
At 31August 2021 3,845,000 2,993,000
Changes
in the fair value ofthe academy trust's share ofscheme assets
2021 2020
At 1 September 2020 1,448,000 1,331,000
Interest income 26,000 25,000
Actuarial
loss/(gain)		 317,000 (38,000)
Employer
contributions		 141,000 124,000
Employee
contributions		 37,000 32,000
Benefits paid (27,000) (26,000)
At 31August 2021 1,942,000 1,448,000

Unrestricted Restricted
Funds Funds Total Total
2020 2019
Note
Income from:
Donations
and legacies		 12,896 79,404 92,300 126,762
Grants 462,520 462,520
Charitable
activity:
Income from boarding charges 3 7,056,600 36,168 7,092,768 7,968,229
Other operating
income		 3 215,851 215,851 548,643
Funding
for the Academy's		 5,186,906 5,]86,906 4,373,405
educational
operations
Trading activities:
Trading
income		 21,901 21,901 44,058
Investment
income		 66,731 11,344 78,075 91,883
Total income 7,836,499 5,313,822 13,150,321 13,152,980
Expenditure
on:
Charitable
activity:
Staff costs 5,285,457 3,393,326 8,678,783 7,780,797
Educational
costs		 534,952 534,952 570,151
Welfare costs 1,219,412 240 1,219,652 1,114,130
Premises costs 1,827,056 776,455 2,603,511 2,522,805
Support costs 368,344 222,974 591,318 1,340,216
Raising funds:
Finance costs 105,680 105,680 123,573
Investment
management		 54,714 54,714 6,527
Trading activities:
Trading costs 2,803 2,803 147
Total expenditure 6 8,863,466 4,927,947 13,791,413 13,458,346
Net income/(expenditure) (1,026,967) 385,875 (641&092) (305,366)
Gross transfers
between		 funds 17 1,256,380 (1,256,380)
229,413 (870,505) (641,092) (305,366)
Other recognised gains and losses
Actuarial
(losses)/gains		 on defined benefit 21 (541,000) (541,000) (258,000)
pension schemes
Net gains/(losses) on investments 9 (1,931) (27,011) (28,942) 21,595
Net movement
in		 funds for the year 227,4S2 (1,438,516) (1,211&034) (541,771)
Fund
balances
brought
forward		 at 1 14,437,142 1,419,833 15,856,975 16,398,746
September 2019
Fund
balances
carried		 forward at 31 16,
August 2020 17 14,664,624 (18,683) 14,645,941 15,856,975