| Unrestricted | Unrestricted | Funds | Funds | Funds | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund | Fund represents | Balance at 31 August |
|||||||||||||
| 2022 | |||||||||||||||
| 2'000 | |||||||||||||||
| Schools | and | Governors' | Working capital held |
by the Schools | 14,226 | ||||||||||
| general | funds | ||||||||||||||
| Pension | fund | Net deficit on the Schools' defined | benefit pension | scheme as | |||||||||||
| calculated in accordance |
with FRS | 102;the Schools | contribute | ||||||||||||
| towards the deficit in accordance | with an agreed recovery plan | ||||||||||||||
| (see note 18) | |||||||||||||||
| Non-charitable | trading | Working capital held |
by the Charity's | trading | subsidiary | ||||||||||
| funds | |||||||||||||||
| Total Schools funds | 14,227 | ||||||||||||||
| Foundation | income | fund | Funds held by the |
Charity for |
expenditure | on | its general | 249 | |||||||
| purposes | |||||||||||||||
| Total unrestricted | funds | 14476 | |||||||||||||
| Restricted | Funds | ||||||||||||||
| Fund | Fund restricted to | Balance at | |||||||||||||
| 31August | |||||||||||||||
| 2022 | |||||||||||||||
| S'000 | |||||||||||||||
| Schools | restricted | fund | Provision ofbursaries, | scholarships | and prize funds | 217 | |||||||||
| Simon Stuart | endowment | Provision of bursaries | for the Boys' | School | 2 | ||||||||||
| Bursaries Appeal | Fund | Provision of bursaries | for both schools | 223 | |||||||||||
| Total restricted funds |
| Endowed | Funds | Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | Fund represents | Balance at 31August |
||||||||
| 2022 | ||||||||||
| 6'000 | ||||||||||
| Aske's | permanent | Base value of the endowment - invested |
to generate | a return | 1,578 | |||||
| endowment | that the Charity can use to | support its general purposes |
||||||||
| Investment return generated by the |
endowment | - | used | to | 31,461 | |||||
| support the Charity's activities (see page 13for details of |
the | |||||||||
| Trustee's pay out policy in |
relation to this fund) | |||||||||
| Carrying value ofthe Schools' land and |
buildings | 104,261 | ||||||||
| Building fund* |
35,000 | |||||||||
| Total funds belonging to |
the Aske's | permanent | 102,300 | |||||||
| endowment | ||||||||||
| Other endowed | funds | Endowment funds invested |
to generate | income to | support | the | 1,831 | |||
| provision of bursaries by the Charity |
||||||||||
| Total endowed funds |
134131 |
| Unrestricted | Funds | |||||||
|---|---|---|---|---|---|---|---|---|
| Asks's | Restricted | Endowment | Total | Total | ||||
| Schools F'000 |
Income 8'000 |
Funds e000 |
Funds 8'000 |
2022 E'000 |
2021 f'000 |
|||
| income and endowments | from: | |||||||
| Donations | 2 | 612 | 614 | 687 | ||||
| Charitable activities: School fees Other educational income |
3 4 |
48,069 4,525 |
182 | 257 | 48,069 4,964 |
46,689 2,673 |
||
| Other trading activities: Trading income |
366 | 366 | 1,331 | |||||
| Other income: | ||||||||
| Coronavirus job retention |
scheme | 165 | ||||||
| Investments: | ||||||||
| Investment income |
95 | 145 | 290 | 178 | ||||
| 53,055 | 329 | 875 | 44 | 54,303 | 51,723 | |||
| Expenditure on: |
||||||||
| Raising funds: Loan interest and related Fees in advance discount |
fees | 1,028 204 |
1,028 204 |
609 173 |
||||
| Investment management Trading cost of subsidiaries |
28 | 28 | 1,523 | |||||
| Charitable activities: Schools |
46,490 | 1,158 | 872 | 1,911 | 50,431 | 46,213 | ||
| FRS102pension scheme net interest cost |
18 | 25 | 25 | 28 | ||||
| 5 | 47,775 | 1,158 | 872 | 1,911 | 51,716 | 48,546 | ||
| Net gains on investments | 8 | 347 | 5 | 23 | 2,141 | 2,516 | 6,446 | |
| Net income/(expenditure) | 5,627 | (824) | 26 | 274 | 5,103 | 9,623 | ||
| Transfers between funds |
6 | (20,926) | 863 | 114 | 19,949 | |||
| Other recognised gains: |
||||||||
| Actuarial gains on defined scheme |
benefit | 18 | 1,493 | 1,493 | 10 | |||
| Net movement in funds |
(13,806) | 39 | 140 | 20,223 | 6,596 | 9,633 | ||
| Reconciliation of Funds: |
||||||||
| Total funds brought forward stated) Prior year restatement |
(as previously | 1 | (6,966) 35,000 |
209 | 302 | 118,908 (35,000) |
112,453 | 102,820 |
| Total funds brought forward |
(as restated) | 28,034 | 209 | 302 | 83,908 | 112,453 | 102,820 | |
| Total funds carried forward | 14,228 | 248 | 442 | 104,131 | 119,049 | 112,453 |
| As at 31Augus | t | 202 | 2 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Group | Charity | |||||||||
| Note | Restated | Restated | ||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||
| 5'000 | 5'000 | f'000 | 8'000 | |||||||
| Fixed assets: | ||||||||||
| Tangible assets Investments |
7 8 |
111,838 55,949 |
91,100 40,500 |
111,838 55,949 |
91,100 40,500 |
|||||
| 167,787 | 131,600 | 167,787 | 131,600 | |||||||
| Current assets: | ||||||||||
| Stocks | 11 | 20 | 11 | 20 | ||||||
| Debtors | 10 | 1,153 | 1,995 | 1,219 | 2,055 | |||||
| Investments | 10,080 | 6,524 | 10,080 | 6,524 | ||||||
| Cash at bank and | in | hand | 1,752 | 35,127 | 1,676 | 35,060 | ||||
| 12,996 | 43,666 | 12,986 | 43,659 | |||||||
| Liabilities: | ||||||||||
| Creditors: amounts one year |
falling | due within | 11 | (16,084) | (14,221) | (16,075) | (14,216) | |||
| Net current (liabilities)/assets | (3,088) | 29,445 | (3,089) | 29,443 | ||||||
| Total assets less | current | liabilities | 164,699 | 161,045 | 164,698 | 161,043 | ||||
| Creditors: amounts one year |
falling | due | in more than | 12 | (45,650) | (47,049) | (45,650) | (47,048) | ||
| 119,049 | 113,996 | 119,048 | 113,995 | |||||||
| Defined benefit pension scheme | liability | 18 | (1,543) | (1,543) | ||||||
| Total net assets | 119,049 | 112,453 | 119,048 | 112,452 | ||||||
| The Funds ofthe Endowment funds |
Charity: | 6 | 104,131 | 83,908 | 104,131 | 83,908 | ||||
| Restricted funds |
6 | 442 | 302 | 442 | 302 | |||||
| Unrestricted funds: General funds |
6 | 14,475 | 29,785 | 14,475 | 29,785 | |||||
| Non-charitable trading Pension scheme fund |
funds | 6 6 |
1 | 1 (1,543) |
(1,543) | |||||
| Total Charity Funds | 119,049 | 112,453 | 119,048 | 112,452 |
| 2022 | 2022 | 2021 | 2021 | ||||
|---|---|---|---|---|---|---|---|
| 6'000 | E'000 | 6'000 | U000 | ||||
| Net cash (used in)/provided | by operating | activities | (72) | 9,562 | |||
| Cash flows from investing Investment income received |
activities: | 290 | 178 | ||||
| Purchase oftangible fixed assets |
(24,306) | (12,760) | |||||
| Purchase ofinvestments | (6,253) | ||||||
| Drawn from Charities Investment Pool (Total Return) |
1,445 | 704 | |||||
| Net cash used in investing | activities | (28,824) | (11,878) | ||||
| Cash flows from financing | activities: | ||||||
| Repayment of borrowing Receipts of borrowing |
(923) | (889) 35,000 |
|||||
| (923) | 34,111 | ||||||
| Change in cash and cash reporting period |
equivalents | in the | (29,819) | 31,795 | |||
| Cash and cash equivalents reporting period |
at the beginning | ofthe | 41,651 | 9,856 | |||
| Cash and cash equivalents reporting period |
at the end of | the | 11,832 | 41,651 |
| ASH PROVIDED BYOPER | ATING ACTI | VITIES | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 5'000 | 6'000 | |||
| Net income for the reporting | period | 5,103 | 9,627 | |
| Adjustments for: Gains on investments |
(2,516) | (6,446) | ||
| Investment income |
(290) | (178) | ||
| Depreciation Loss on disposal offixed asset |
3,473 95 |
3,041 139 |
||
| Pension scheme adjustment (Increase)/decrease in stocks Increase in creditors |
(50) 9 1,387 |
(34) (3) 4,057 |
||
| Increase in debtors |
842 | (586) | ||
| Increase in cash held for investment |
(8,125) | (55) | ||
| Net cash (used in)/provided | by operating | activities | (1,918) | 9,562 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| 5'000 | E'000 | |||
| Cash | in hand | 10,080 | 35,127 | |
| Investments | (current assets) | 1,752 | 6,524 | |
| Total | cash and cash equivalents | 11832 | 41,651 |
| YSIS | OF CH | ANGES IN NET FUNDS |
|||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| September | Cash | August | |||
| 2021 | flows | 2022 | |||
| E'000 | E'000 | 6'000 | |||
| Cash in hand Investments Loans falling Loans falling |
(current assets) due within one year due after more than one year |
35,127 6,524 (882) (38,903) |
(25,047) (4,772) (66) 989 |
10,080 1,752 (948) (37,914) |
|
| Netfu | nds | 1,866 | (28,886) | (27,838) |
| 2022 | 202 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| E'000 | E'000 | |||||||||
| Interest from Income from Distributions |
bank deposits investment property from Haberdashers' |
Charities | Investment | Pool (Total Return) | 103 143 44 |
90 46 42 |
||||
| 290 | 178 | |||||||||
| TUITION | ||||||||||
| 2022 | 2021 | |||||||||
| 8'000 | 8'000 | |||||||||
| Gross Fees | 52,821 | 51,153 | ||||||||
| Less: | ||||||||||
| Scholarships | (1,089) | (1,015) | ||||||||
| Bursaries | (2,891) | (2,866) | ||||||||
| Staff fee remission | (1,068) | (947) | ||||||||
| 47,773 | 46,325 | |||||||||
| Add back: Bursaries | paid out of | restricted | income | 296 | 364 | |||||
| 48,069 | 46,689 | |||||||||
| Numbers of Scholarships Bursaries |
pupils | benefiting | from: | 329 167 |
301 183 |
| TOTAL RESOURCES EXPENDED | |||||
|---|---|---|---|---|---|
| Other | |||||
| Staff | direct | Deprec- | Total | Total | |
| Costs | costs | iation | 2022 | 2021 | |
| E'000 | E'000 | E'000 | E'000 | E'000 | |
| Raising funds: Loan interest and related fees |
1,028 | 1,028 | 609 | ||
| Investment management Fees in advance discount |
204 | 204 | 173 | ||
| Trading costs of subsidiary | 28 | 28 | 1,523 | ||
| 1,260 | 1,260 | 2,305 | |||
| Charitable expenditure: Teaching costs School welfare |
21,637 180 |
3,081 2,486 |
24,718 2,666 |
23,551 2,145 |
|
| School premises costs Public relations and marketing |
1,385 | 5,110 467 |
1,911 | 8,406 467 |
9,581 312 |
| Grants paid to Haberdashers' Federation Trust |
789 | 789 | 508 | ||
| Support costs Governance costs |
5,632 13 |
5,990 189 |
1,561 | 13,183 202 |
10,030 86 |
| FRS102 pension scheme net interest costs (see note 18) |
25 | 25 | 28 | ||
| 28,847 | 18,137 | 3,472 | 50,456 | 46,241 | |
| Total resources expended | 28,847 | 19,397 | 3,472 | 51,716 | 48,546 |
| Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach services provided by the Schools. The cost for 2021 is lower as direct provision of the services transferred to the Schools in April 2021. Previously the services were provided by the Schools' trading subsidiary but with the Schools making a contribution to the cost. Support costs also include a grant of6500,000 paid tothe Haberdashers' Asks's Elstree Schools |
Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach services provided by the Schools. The cost for 2021 is lower as direct provision of the services transferred to the Schools in April 2021. Previously the services were provided by the Schools' trading subsidiary but with the Schools making a contribution to the cost. Support costs also include a grant of6500,000 paid tothe Haberdashers' Asks's Elstree Schools |
Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach services provided by the Schools. The cost for 2021 is lower as direct provision of the services transferred to the Schools in April 2021. Previously the services were provided by the Schools' trading subsidiary but with the Schools making a contribution to the cost. Support costs also include a grant of6500,000 paid tothe Haberdashers' Asks's Elstree Schools |
Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach services provided by the Schools. The cost for 2021 is lower as direct provision of the services transferred to the Schools in April 2021. Previously the services were provided by the Schools' trading subsidiary but with the Schools making a contribution to the cost. Support costs also include a grant of6500,000 paid tothe Haberdashers' Asks's Elstree Schools |
|---|---|---|---|
| Foundation (see note 10)(2021: 6500,000). |
|||
| 2022 2021 |
|||
| E'000 8'000 |
|||
| Charitable expenditure includes: |
|||
| Remuneration of Charity's auditors for: audit services to the Charity audit services to the Schools |
15 39 18 45 |
||
| audit services to the pension scheme tax services |
25 9 8 |
||
| Rentals under operating leases: Equipment Motor vehicles Payment to the Trustee for service charges |
412 9 14 439 14 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E'000 | E'000 | |||
| Staff costs comprised: Wages and salaries Social security costs |
21,567 2,526 |
20,960 2,364 |
||
| Pension contributions |
4,378 | 4,257 | ||
| Other costs | 258 | 133 | ||
| Payment ofTrustees' |
staff under paymaster | agreement | 118 | 118 |
| 28,847 | 27,832 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| E'000 | E'000 | |||||||
| Aggregate | employee-benefits | of key | management | personnel | 3,371 | 3,507 | ||
| The average | numbers | ofemployees | in the year were: | |||||
| 2022 | 2021 | |||||||
| No. | No. | |||||||
| Teaching staff Other staff |
323 212 |
316 203 |
||||||
| 535 | 519 |
| Numbers of higher-paid employees earning in exces |
s ofE60,000 were: | |
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| E60,001 to F70,000 E70,001 to E80,000 F80,001 to E90,000 E90,001 to E100,000 |
53 19 3 4 |
43 22 3 4 |
| E100,001 to E110,000 | 1 | 1 |
| E140,001 to E150,000 | 1 | 1 |
| E170,001 to E180,000 | 1 | |
| E180,001 to F190,000 | 1 | |
| E190,001 to E200,000 | ||
| E210,001 to E220,000 |
| Payments | made in addition |
to the bandings | above: | 2022 | 2022 | 2021 | 2021 |
|---|---|---|---|---|---|---|---|
| E'000 | E/ee No. | E'000 | E/ee No. | ||||
| Termination or redundancy Out ofwhich are outstanding |
payments at year end |
92 | 5 | 113 25 |
8 1 |
| (a) Fund Movements | Balance 18splsmbsr |
Other recognised |
Nst | Balance 31August |
||
|---|---|---|---|---|---|---|
| 2%I | Income | Expenditure | Gainlloss | Transfers | 2022 | |
| 8'000 | 8'000 | 8'000 | 8'000 | 8'000 | 8'000 | |
| General funds —Charity: | ||||||
| Schools general fund |
||||||
| excluding building fund and pension Pension reserve* |
29,576 (1,543) |
52,955 | (47,634) (113) |
347 1,493 |
(21,018) 163 |
14,226 |
| Asks Income Fund | 28,033 209 |
52,955 330 |
(47,747) (1,157) |
1,840 4 |
(20,855) 863 |
14,226 249 |
| Total unrestricted funds— |
||||||
| Charity | 28,242 | 53,285 | (48,904) | 1,844 | (19,992) | 14,475 |
| Non-charitable trading funds |
1 | 99 | (28) | (71) | 1 | |
| Total unrestricted funds— |
||||||
| Group | 28,243 | 53,384 | (48,932) | 1,844 | (20,063) | 14,476 |
| Restricted funds Schools restricted funds Simon Stuart Scholarship Bursaries Appeal Fund |
120 2 180 |
869 2 48 |
(869) (3) |
23 | 97 (2) (25) |
217 2 223 |
| Total restricted funds |
302 | 919 | (872) | 23 | 70 | 442 |
| Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursaries Appeal endowment |
9 90 1,839 |
(5) (102) |
9 85 1,737 |
|||
| Asks's permanent endowment** |
81,970 | (1,912) | 2,249 | 19,993 | 102,300 | |
| Total endowment funds |
83,908 | (1,912) | 2,142 | 19,993 | 104,131 | |
| Total Funds | 112,453 | 54,303 | (51,716) | 4,009 | 119,049 |
| (b) Fund Transfers | Non- | |||||
|---|---|---|---|---|---|---|
| charitable | Charitable | Permanent | ||||
| Trading | Unrestricted | Restricted | endowment | |||
| funds | funds | funds | fund | |||
| f.'000 | 8'000 | 8'000 | E'000 | |||
| New &replacement school buildings Unapplied total return for application Transfers to school bursary funds Loan repayments Transfer of Pool investment income |
(21,41 5) 1,445 (88) (23) |
88 44 |
21,415 (1,445) 23 (44) |
|||
| Transfer to appeals | and donations | 18 | (18) | |||
| Trading subsidiary |
gift aid | to school | (71) | 71 | ||
| (71) | (19,992) | 114 | 19,949 |
| TANGIBLE FIXEDAS | SETS | |||||
|---|---|---|---|---|---|---|
| Freehold | Leasehold | All weather | Equipment | Group & | ||
| land and | land and | sports | and | Motor | Charity | |
| buildings E'000 |
buildings 8'000 |
pitches POOO |
furnishings 8'000 |
Vehicles 8'000 |
Total 8'000 |
|
| Cost 1 September 2021 Additions Dieposals |
105,104 21,787 (72) |
3,354 | 2,443 174 |
12,622 2,325 (817) |
84 19 (43) |
123607 24,305 (932) |
| 31 August 2022 | 126,819 | 3,354 | 2,617 | 14,130 | 60 | 146,980 |
| Depreciation 1 September 2021 Charge for year Disposals |
23,350 1,911 (40) |
289 31 |
1,008 133 |
7,783 1,396 (755) |
77 2 (43) |
32507 3,473 (838) |
| 31 August 2022 | 25,221 | 320 | 1,141 | 8,424 | 36 | 35,142 |
| Net book value 31 August 2022 |
101,598 | 3,034 | 1,476 | 5,706 | 24 | 111,838 |
| 31 August 2021 | 81,754 | 3,065 | 1,435 | 4,839 | 7 | 91,100 |
| INVESTMENTS | INVESTMENTS | |||||
|---|---|---|---|---|---|---|
| Charity and | Group | 2022 E'000 |
2021 E'000 |
|||
| Haberdashers' | Charities | Investment | Pools | 41,662 | 34,366 | |
| Other unlisted | investments | 181 | 112 | |||
| Investment cash |
14,106 | 6,022 | ||||
| 55,949 | 40,500 | |||||
| Charity and | Group | Charities | ||||
| Charities | Investment | |||||
| Investment | Pool (Total | |||||
| Pool | Return) | Total | ||||
| E'000 | E'000 | E'000 | ||||
| Market value Addition |
at 1 September 2021 | 1,931 | 32,435 6,253 |
34,366 6,253 |
||
| Withdrawal | (1,445) | (1,445) | ||||
| Gain/(loss) on revaluation |
(108) | 2,596 | 2,488 | |||
| Market value at 31August 2022 | 1,823 | 39,839 | 41 662 |
| (base value), that being endowment fund. |
the bas | e date determ | ined by the Trus |
tees as appropr | iate for the |
Charity's |
|---|---|---|---|---|---|---|
| Trust | Unapplied | |||||
| for | Total | Total | Total | |||
| investment | Return | 2022 | 2021 | |||
| E'000 | E'000 | E'000 | ||||
| E'000 | ||||||
| Trust for investment at 1 |
September 2021 | 1,578 | 30,634 | 32,212 | 26,933 | |
| Investment returns: |
||||||
| Realised and unrealised gains Transfer to trust for application |
2,249 (1,445) |
2,249 (1,445) |
6,160 (904) |
|||
| Replacement ofcapital expended prior to inception ofthe total return approach |
23 | 23 | 23 | |||
| Trust for investment at |
31August 2022 | 1,578 | 31,461 | 33,039 | 32,212 |
| Trust | Unapplied | ||||||
|---|---|---|---|---|---|---|---|
| for | Total | Total | Total | ||||
| investment | Return | 2022 | 2021 | ||||
| 6'000 | E'000 | E'000 | 6'000 | ||||
| Trust for investment | at 1 | September 2021 | 873 | 1,058 | 1,931 | 1,655 | |
| Investment | returns: | ||||||
| Investment | income | 44 | 44 | 42 | |||
| Realised and unrealised | (losses)/gains | (108) | (108) | 276 | |||
| Transfer to | trust for application | (44) | (44) | (42) | |||
| Trust for investment | at | 31August 2022 | 873 | 950 | 1,823 | 1,931 | |
| DEBTORS | AND PREPAYMENTS |
| At 31 Augu cancellable |
st 2022, the Charity was committed to operating leases as follows: |
total future minimum lease payments |
under non- |
|---|---|---|---|
| Equipment | Equipment | ||
| 2022 | 2021 | ||
| 6'000 | 6'000 | ||
| Payments due: Within one year Between 1 and 5 years |
351 425 |
355 746 |
|
| 776 | 1,101 |
| are donated to r. |
the C | harity by |
G | ift Aid. | Haberdashers' Aske' |
s School Shop | Limited was wou | Limited was wou | nd up in |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Haberdashers' | Elstree | Haberdaahers' | Aske's | |||||||
| Schools Trading | Limited | School Shop | Limited | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||||
| 8'000 | 8'000 | 8'000 | 8'000 | |||||||
| Turnover | 99 | 1,523 | 80 | |||||||
| Cost ofsales | (1,471) | (63) | ||||||||
| Administration | expenses | (27) | (52) | (36) | ||||||
| Operating profit/(loss) Other income |
72 | (1) 9 |
(19) | |||||||
| Taxation | (1) | |||||||||
| Gift aid | (71) | |||||||||
| Profit/(loss) for the year Retained profit/(loss) brought |
forward | 8 (8) |
(19) 11 |
|||||||
| Rt1 dp litt(I |
t | 1 dl | d | 1 | (8) | |||||
| Current assets | 91 | 207 | 83 | |||||||
| Creditors falling |
due | within one | year | (90) | (206) | (91) | ||||
| Net assets/(liabilities) |
| 18. PENSION SCHEME (continued) |
18. PENSION SCHEME (continued) |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Present values ofdefined benefit obligation, |
fair value ofassets and defined | benefit liability | |||||||
| 2022 | 2021 | ||||||||
| 8'000 | E'000 | ||||||||
| Present value offunded obligations |
11,657 | 16,067 | |||||||
| Fair value of plan assets Effect ofasset ceiling |
(11,960) 303 |
(14,524) | |||||||
| Net defined benefit (asset)/liability Sheet |
as | recognised | in | the Balance | 1,543 | ||||
| Reconciliation ofopening and closing |
balances on the | present value | offunded obligations | ||||||
| 2022 | 2021 | ||||||||
| f.'000 | 8'000 | ||||||||
| Liabilities at the start ofthe period Current service cost |
16,067 81 |
15,336 101 |
|||||||
| Interest cost | 268 | 258 | |||||||
| Contributions by plan participants Actuarial (loss)/gain Loss due to benefit changes Benefits paid |
7 (4,158) (608) |
8 828 110 (574) |
|||||||
| Liability at the end of the period | 11,657 | 16,067 | |||||||
| The English High Court ruling in Lloyds Banking Group Pension Trustees Limited vs Lloyd Bank pic and others was published on 26 October 2018, and held that UK pension schemes with Guaranteed Minimum Pensions (GMPs) accrued from 17 May 1990must equalise forthe different effects ofthese GMPs between men and women. The case also gave some guidance on related matters, including the methods for |
|||||||||
| equalisation. The scheme is contracted |
in and | so is unaffected | by this legislation. | ||||||
| Reconciliation of opening and closing balances on the fair value |
of plan | assets | |||||||
| 2022 | 2021 | ||||||||
| 8'000 | E'000 | ||||||||
| Fair value of plan assets at the start Interest income |
ofthe | period | 14,524 243 |
13,749 230 |
|||||
| Asset (loss)/gain Contributions by the employer Benefits paid |
(2,362) 163 (608) |
948 171 (574) |
|||||||
| Fair value of plan assets at the end ofthe period | 11,960 | 14,524 |
| nalysis | of plan | assets | ||
|---|---|---|---|---|
| Value of | Value of | |||
| assets | assets | |||
| 31August | 31August | |||
| 2022 | 2021 | |||
| r.'000 | f'000 | |||
| Equity Bonds |
(including | property) | 2,762 917 |
2,644 1,022 |
| Insured Cash |
pensions | 7,939 342 |
10,300 558 |
|
| Total assets | 11,960 | 14,524 |
| ned benefit costs recognised in the income statement |
||
|---|---|---|
| 2022 | 2021 | |
| E'000 | E'000 | |
| Current service cost | 81 | 101 |
| Net interest cost | 25 | 28 |
| Total pension expense | 106 | 129 |
| ned benefits costs included in other rec |
ognised gains |
||
|---|---|---|---|
| 2022 | 2021 | ||
| E'000 | E'000 | ||
| Actuarial (loss)/gain on plan assets |
(2,362) | 948 | |
| Actuarial gain on defined benefit obligation ofwhich due to experience |
(297) | 180 | |
| of which due to financial assumptions Effects of benefit changes |
4,455 | (1,008) (110) |
|
| Effect ofasset ceiling | (303) | ||
| Total gain included in other recognised |
gains | 1,493 | 10 |
| ssumptions | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| %per | %per | |||
| annum | annum | |||
| Discount rate | 4.3 | 1.7 | ||
| Inflation (RPI) Inflation (CPI) Salary growth |
3.9 3.1 3.4 |
3.6 2.8 3.1 |
||
| Allowance for revaluation |
of deferred | pensions | ||
| subject to CPI max 5% subject to CPI max 2.5% |
3.1 2.5 |
2.8 2.5 |
||
| Allowance for pensions in payment subject to RPI max 5% subject to RPI max 2.5% |
3.6 2.3 |
3.4 2.2 |
| subject to RPI max 2.5% | 2.3 | 2.2 | ||
|---|---|---|---|---|
| The mortality assumptions |
adopted at 31 August 2022 imply the following |
life expectancies: | ||
| Based on the assumptions, | on the balance sheet date the average | future | life expectancies at age 65 are |
|
| summarised below: |
||||
| Life expectancy at age 65 Retiring today |
years Male Female |
2022 22.7 25.3 |
2021 22.6 25.2 |
|
| Retiring in 20 years |
Male Female |
24.9 27.6 |
24.8 27.5 |
| Unrestricted | Funds | ||||||
|---|---|---|---|---|---|---|---|
| Restated | |||||||
| Restated Schools 8'000 |
Asks's Income r.'000 |
Restricted Endowment Funds Funds r!000 0'000 |
Total 2021 '000 |
||||
| Income and endowments | from: | ||||||
| Donations | 158 | 529 | 687 | ||||
| Charitable activities: |
|||||||
| School fees Other educational |
income | 46,689 2,427 |
246 | 46,689 2,673 |
|||
| Other trading activities: Trading income |
1,331 | 1,331 | |||||
| Other income: | |||||||
| Coronavirus job retention |
scheme | 165 | 165 | ||||
| Investments: | |||||||
| Investment income |
78 | 49 | 178 | ||||
| 50,525 | 207 | 945 | 46 | 51 723 | |||
| Expenditure on: |
|||||||
| Raising funds: Loan interest |
609 | 609 | |||||
| Fees in advance | discount | 173 | 173 | ||||
| Trading cost ofsubsidiaries | 1,523 | 1,523 | |||||
| Charitable activities: |
|||||||
| Schools | 42,578 | 830 | 1,070 | 1,735 | 46,213 | ||
| FRS102 pension net interest cost |
scheme | 28 | 28 | ||||
| 44,911 | 830 | 1,070 | 1,735 | 48,546 | |||
| Net gains on investments | 4 | 6 | 6,436 | 6,446 | |||
| Net income/(expenditure) | 5,614 | (619) | (119) | 4,747 | 9,623 | ||
| Transfers between |
funds | 23,798 | 739 | 142 | (24,679) | ||
| Other recognised | losses: | ||||||
| Actuarial gains on defined benefit scheme |
10 | 10 | |||||
| Net movement in |
funds | 29,422 | 120 | 23 | (19,932) | 9,633 | |
| Reconciliation of |
Funds: | ||||||
| Total funds brought | forward | (1,388) | 89 | 279 | 103,840 | 102,820 | |
| Total funds carried forward | 28,034 | 209 | 302 | 83,908 | 112,453 |
| FOR THE YEAR ENDED | 31 AUGUST | 2021 | ||||
|---|---|---|---|---|---|---|
| (a) Fund Movements | Balance | Other | Restated | Restated Balance |
||
| 1Sephmber | recognised | Net | 31 August | |||
| 2020 | Income | Expenditure | gain/loss | transfers | 2021 | |
| 8'000 | E000 | 8'000 | E'000 | 8'000 | 8'000 | |
| General funds —Charity: | ||||||
| Schools general fund |
||||||
| excluding building fund and pension reserve Pension reserve |
198 (1,587) |
49,301 - |
(43,251) (137) |
10 | 23,328 171 |
29,576 (1,543) |
| Aske Income Fund | (1,389) 89 |
49,301 207 |
(43,388) (830) |
10 4 |
23,499 739 |
28,033 209 |
| Total unrestricted funds— |
||||||
| Charity | (1,300) | 49,508 | (44,218) | 14 | 24,238 | 28,242 |
| Non-charitable trading funds |
1,224 | (1,523) | 299 | 1 | ||
| Total unrestricted funds— Group |
(1,299) | 50,732 | (45,741) | 14 | 24,537 | 28,343 |
| Restricted funds | ||||||
| Schools restricted funds Simon Stuart Scholarship Bursaries Appeal Fund |
120 2 157 |
940 | (1,067) (3) |
127 15 |
120 2 180 |
|
| Total restricted funds |
279 | 945 | (1,070) | 142 | 302 | |
| Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursades Appeal endowment |
5 77 1,576 |
4 2 40 |
13 263 |
(2) (40) |
9 90 1,839 |
|
| Asks's permanent endowment |
102,182 | (1,735) | 6,160 | (24,637) | 81,970 | |
| Total endowment funds |
103,840 | 46 | (1,735) | 6,436 | (24,679) | 83,908 |
| Total Funds | 102,820 | 51,723 | (48,546) | 6,456 | 112,453 |
| (b) Fund Transfers | ||||||
|---|---|---|---|---|---|---|
| Restated | Restated | |||||
| Non-charitable | Permanent | |||||
| Trading | Charitable | endow- | ||||
| funds | Unrestricted | Restricted | ment | |||
| 8'000 | funds | funds | funds | |||
| f'000 | 8'000 | 8'000 | ||||
| New & replacement school buildings Private placement loan received Unapplied total return for application Transfers to school bursary funds Loan repayments Transfer of Pool investment income |
(11,244) 35,000 904 (100) (23) |
100 42 |
11,244 (35,000) (904) 23 (42) |
|||
| Coach services paid by schools | 299 | (299) | ||||
| 299 | 24,238 | 142 | (24,679) |
| Restated | Restated | |||||
|---|---|---|---|---|---|---|
| Permanent | ||||||
| Unrestricted | Restricted | endowment | Total | |||
| funds | funds | funds | Funds | |||
| 6'000 | 6'000 | 6'000 | f'000 | |||
| Tangible fixed assets Haberdashers' Charities |
Investment | 6,342 | 84,758 | 91,100 34,366 |
||
| Pools Investment Net current Long term |
Cash assets/(liabilities) liabilities |
6,008 29,485 (13,592) |
126 176 |
34,366 (216) (35,000) |
6,134 29,445 (48,592) |
|
| 28,243 | 302 | 83,908 | 112,453 |
| TOTAL RESOURCES EXPENDED FOR | THE YEAR EN | DED 31 AUG | UST 2021 | |
|---|---|---|---|---|
| Other | ||||
| Staff | direct | Deprec- | Total | |
| Costs | costs | iation | 2021 | |
| 6'000 | 8'000 | '000 | 6'000 | |
| Raising funds: Loan interest and related fees |
609 | 609 | ||
| Fees in advance discount | 173 | 173 | ||
| Trading costs ofsubsidiary | 46 | 1,477 | 1,523 | |
| 2,259 | 2,305 | |||
| Charitable expenditure: Teaching costs School welfare |
21,107 166 |
2,444 1,979 |
23,551 2,145 |
|
| School premises costs Public relations and marketing |
1,140 | 6,706 312 |
1,735 | 9,581 312 |
| Grants paid to Haberdashers' Federation Trust |
508 | 508 | ||
| Support costs Governance costs |
5,362 11 |
3,362 75 |
1,306 | 10,030 86 |
| FRS102 pension scheme net interest costs |
28 | 28 | ||
| 27,786 | 15,414 | 3,041 | 46,241 | |
| Total resources expended | 27,832 | 17,673 | 3,041 | 48,546 |