| Contents | Page | ||
|---|---|---|---|
| Governors, Officers and Advisers |
|||
| Annual Report ofthe Governors |
|||
| Strategic Report | |||
| Statement of Accounting | and Reporting | Responsibilities | 10 |
| Independent Auditor's Report |
|||
| Statement of Financial Activities |
15 | ||
| Balance Sheet | 16 | ||
| Cash Flow Statement | 17 | ||
| Notes to the Financial Statements |
18 |
| Mr TCare (Chairman) | Finance Sub-Committee Strategy Sub-Committee |
|---|---|
| Pro ert Sub-Committee |
|
| Mr M R Gill * | Finance Sub-Committee |
| Strate Sub-Committee |
|
| Mrs L Graham * |
Pu il Wellbein |
| Mrs C Kin | Finance Sub-Committee |
| Dr N Lloyd-Jones | Finance Sub-Committee Health and Safet Sub-Committee |
| Mrs 5 Melbourne | Education Sub-Committee |
| Mr P Parkinson | Marketin Sub-Committee |
| Mr J 5 kes* | Pro ert Sub-Committee |
| * Parent of pupil at the School |
| Unrestricted Restricted |
Unrestricted Restricted |
Endowed | 2022 | |||||
|---|---|---|---|---|---|---|---|---|
| Notes | Funds | Funds | Funds | Total | Total | |||
| E | f. | E | E | |||||
| Income from: | ||||||||
| Charitable activities School fees receivable Catering income Government funding Income from School trips Rental income from lettings Investment income Other income |
2 | 4,517,647 283,112 102,771 385,590 0 15,775 50,519 |
4,517,647 283,112 102,771 385,590 0 15,775 50,519 |
4,294,565 271,605 105,383 68,091 5,725 119 10,723 |
||||
| Voluntary sources Grants and donations |
4,142 | 4,142 | 10,119 | |||||
| Totalincome | 5,359,556 | 5,359,556 | 4,766,330 | |||||
| Expenditure on: Financing costs |
4 | (86,777) | (86,777) | (31,284) | ||||
| Charitable activities Education and grant making |
4 | 5,348,790 | 20) | 5,348,810 | (4,627,131) | |||
| Total expenditure | (5,435,567) | 20 | 5,435,587 | 4,658,415 | ||||
| Net income/(expenditure) movement in funds before |
and net transfers |
(76,011) | (20) | (76,031) | 107,915 | |||
| Transfers between funds |
17 | 28,046 | 28,046 | |||||
| Net movement in funds |
(47,965 | 28,066 | 76,031 | 107,915 | ||||
| Fund balances brought forward at 1 September 2022 |
5,707,011 | 236,334 | 5,943,345 | 5,835,430 | ||||
| Fund balances carried forward at 31 August 2023 |
5,659,046 | 208,268 | 5,867,314 | 5,943,345 | ||||
| The notes on pages 18 to | 31 | form part ofthese financial statements |
| Note | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|
| E | E | ||||||
| FIXED ASSETS | |||||||
| Tangible assets Investments |
7,006,434 2 113 |
7,149,752 2 113 |
|||||
| CURRENT ASSETS | 7,008,547 | 7,151,865 | |||||
| Stock Debtors |
9 | 644 174&572 |
2,320 197,687 |
||||
| Cash and deposits | 1,322 | 852 | 1,479,079 | ||||
| 1,498,068 | 1,679,086 | ||||||
| CURRENT LIABILITIES | |||||||
| Creditors payable |
within | one | |||||
| year | 10 | 1,100,636 | 1,114,018 | ||||
| NET CURRENT ASSETS | |||||||
| /(LIABILITIES) | 397,432 | 565,068 | |||||
| TOTAL ASSETS LESS CURRENT | |||||||
| LIABILITIES | |||||||
| LONG-TERM LIABILITIES | 7,405,979 | 7,716,933 | |||||
| Creditors payable |
after one | ||||||
| year | ~&,538,665 | ~&,773,588 | |||||
| NET ASSETS | 5,867,314 | 5,943,345 | |||||
| REPRESENTED BY: | |||||||
| RESTRICTED INCOME FUNDS | 16 | 208,268 | 236,334 | ||||
| UNRESTRICTED FUNDS | |||||||
| General Reserve Designated Funds |
16 16 |
5,584,524 74,522 |
5,632,806 74,205 |
||||
| 5,867,314 | 5,943,345 |
| Note | Note | 2023 | 2022 | |||
|---|---|---|---|---|---|---|
| Net cash outflow from operations | ||||||
| Net cash provided by / (used in) operating activities |
207,767 | 384,751 | ||||
| Cash flows from investing activities: Purchase of Tangible fixed assets |
(42,422) | (151,419) | ||||
| Investment income and bank interest received |
127 | 119 | ||||
| Net cash (used in) / provided by investing activities Cash flows from financing activities: Interest paid on borrowings Hire Purchase Capital repayment Loan Capital repayments |
(86,777) (9,751) ~225,171 (42,295) (31,284) (9,931) ~225, 171 (151,300) |
|||||
| Net cash provided by financing activities |
321,699 | 266,386 | ||||
| (363,994) | (417,686) | |||||
| Change in cash and cash equivalents the reporting period |
in | 156,227 | 32,935 | |||
| Cash and cash equivalents at the beginning of period |
1,479,079 | 1,512,014 | ||||
| Cash and cash equivalents at the end the reporting period |
of | 1,322,852 | 1,479,079 | |||
| (i) Reconciliation of net income |
to net | cash flow from 2023 |
operating | activities 2022 |
||
| E | E | |||||
| Net incoming resources |
(76,031) | 107,915 | ||||
| Elimination of non-operating cash flows: |
||||||
| Depreciation charges |
185,739 | 216,535 | ||||
| Investment income |
(127) | (119) | ||||
| Loan interest | 86,777 | 31,284 | ||||
| (Increase)/decrease in Stock and Debtors |
24,791 | (106,862) | ||||
| Increase/(decrease) in Creditors |
(13,382) | 135,998 | ||||
| 283,798 | 276,836 | |||||
| Net cash inflow from operations | 207,767 | 384,751 |
| Straight-line basis: |
Straight-line basis: |
Straight-line basis: |
||
|---|---|---|---|---|
| Freehold | buildings | 2X | ||
| Freehold | building | improvements | 10X | |
| Leasehold | Improvements | 20X | ||
| Astro- turf and playground | surfaces | 10X | ||
| Motor vehicles | 20X | |||
| Fixtures, | fittings | and equipment | 20X | |
| Computers | (from | Sept 2021) | 33X | |
| Reducing | balance | basis: | ||
| Computers | (prior | to Aug | 2021) | 33X |
| Classroom | digital | boards | 15X |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| E | |||||
| Fees | receivable | consist | of: | ||
| Gross | School fees | 5,502,795 | 5,173,601 | ||
| Less: | Total scholarships Other awards |
and bursaries | (916,330) ( 68,818) |
(810,595) 68,441 |
|
| 4 517,647 | 4,294,565 |
| GRANTS AND DONATIO | NS | RECEIVABLE | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Grants from: | E | ||||
| Government Coronavirus |
Job Retention | scheme | 441 | ||
| Early Years grant for | equipment | 2,928 | |||
| Donations from: | |||||
| Employee donations |
6,000 | ||||
| Rugby Ball sponsorship | 750 | ||||
| Parental donations Parents' Association |
funding | 2,900 1,242 |
|||
| 4,142 |
| . ANALYSIS OF EX |
PENDITURE | PENDITURE | |||
|---|---|---|---|---|---|
| (a) Total expenditure | year ended 31 August 2023 Staff costs Depreciation |
Other | Total | Total | |
| (note 6) E |
(note 7) E |
E | 2023 E |
2022 f |
|
| Costs of generating Financing costs -loan |
funds: interest |
86,777 | 86,777 | 31,284 | |
| Charitable expenditure: |
E. | E | f | ||
| Education and grant | |||||
| making Teaching Welfare Premises |
2,819,505 14,511 218,868 |
- - 185,739 |
647,610 365,718 428,056 |
3,467,115 380,229 832,663 |
2,948,656 318,357 736,305 |
| Support costs and governance |
360,909 | 307,894 | 668,803 | 623,813 | |
| Total charitable | 3,413,793 | 185,739 | 1,749,278 | 5,348,810 | 4,627,131 |
| expenditure | |||||
| Total expended | 3,413,793 | 185,739 | 1,836,055 | 5,435,587 | 4,658,415 |
| Prior Year comparison: | Prior Year comparison: | Total expenditure | to 31August 2022 | to 31August 2022 | ||
|---|---|---|---|---|---|---|
| Staff costs Depreciation | Other | Total | Total | |||
| (note 6) | (note 7) f |
2022 | 2021 | |||
| Costs ofgenerating Financing costs -loan |
funds: interest |
31,284 | 31 284 | 22,343 | ||
| Charitable expenditure |
||||||
| Education and grant | ||||||
| making Teaching Welfare Premises |
2,729,680 11,564 157,974 |
- - 216,535 |
218,976 306,793 361,796 |
2,948,656 2, 777,295 318,357 278,947 736,305 708,335 |
||
| Support costs and governance |
339,190 | 284,623 | 623,813 | 466,516 | ||
| Total charitable | 3,238,408 | 216,535 | 1,1172,188 | 4,627,131 4,231,093 | ||
| expenditure | ||||||
| Total expended | 3,238,408 | 216,535 | 1,203,472 | 4,658,415 4,253,436 | ||
| 23 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| (b) Governance included in |
support costs: | E | |||||
| Remuneration paid to auditor for audit services Other governance costs |
15,894 | 12,059 | |||||
| Total governance costs |
15,894 | 12,059 | |||||
| 5. INTEREST PAYABLE AND |
SIMILAR CHARGES | ||||||
| 2023 | 2022 | ||||||
| E | |||||||
| Bank Loan interest | 86,777 | 31,284 | |||||
| 6. STAFF COSTS AND RELATED PARTY TRANSACTIONS |
|||||||
| 2023 | 2022 | ||||||
| The aggregate payroll costs |
for the year were as follows: | E | |||||
| Wages and salaries Social security costs Other pension costs Private Health Insurance |
2,676,666 258,500 474,067 4 560 |
2,522,573 250,965 460,496 4,374 |
|||||
| Total Staff Costs | 3,413,793 | 3,238,408 | |||||
| None of the directors (or any | persons connected | with them) | received | any remuneration | |||
| from Newcastle School for Boys during the year. |
|||||||
| Aggregate employee-benefits |
of key management | personnel | 511,759 | 490,125 | |||
| 2023 | 2022 | ||||||
| Number of higher paid employees in bands of: |
|||||||
| E60,001 - E70,000 | |||||||
| E70,001 - E80,000 | |||||||
| E90,001 - E100,000 | |||||||
| The number with retirement |
benefits accruing | ||||||
| In Defined Contribution | schemes was: | 1 | 1 | ||||
| of which the contributions | amounted to: |
E3,535 | E3,367 | ||||
| In Defined Benefit schemes was: | 4 | 2 |
| The average number of |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
the School's employees during the year calculated on a full-time |
|---|---|---|---|---|---|---|---|---|
| equivalent basis, was 77. (2022: 72). The average number of employees employed |
during the year was: 2023 |
2022 | ||||||
| Teaching Welfare Premises Support |
64 2 10 14 |
64 2 9 12 |
||||||
| 90 | 87 | |||||||
| Transactions with Related Parties: |
E | |||||||
| Scholarships awarded to children of directors: Governor's Liability Insurance cost borne by the company: Training and expenses borne by the company (8 trustees): |
11,218 891 0 |
10,684 843 0 |
||||||
| 7. TANGIBLE FIXED ASSETS |
||||||||
| Leasehold | Fixtures, | |||||||
| Freehold | Improve- ments |
Fittings It Equipment |
Computers | Total | ||||
| E | E | E | E | E | ||||
| Cost: | ||||||||
| At 1 Sept 2022 | 9,276,496 | 37,165 | 527,537 | 492,845 | 10,334,043 | |||
| Additions Disposals |
10,800 (1,764) |
14,859 | 18,527 | 44,186 (1,764) |
||||
| At 31 Aug 2023 | 9,285, 532 | 37,165 | 542,396 | 511,372 | 10,376,465 | |||
| Depreciation: | ||||||||
| At 1 Sept 2022 | 2,289,327 | 37,165 | 499,793 | 358,006 | 3,184,291 | |||
| On Disposals Charge for Year |
148,662 | 6,271 | 30,806 | 185,739 | ||||
| At 31 Aug 2023 | 2,437,989 | 37,165 | 506,064 | 388,812 | 3,370,030 | |||
| Net Book Value: | ||||||||
| At 31 Aug 2023 | 6,847,543 | 36,332 | 122,560 | 7,006,434 | ||||
| At 1 Sept 2022 | 6,987,169 | 27,744 | 134,839 | 7,149,752 | ||||
| Tangible fixed assets |
with a net book value of | E4,565,861 have been pledged | as security |
| Amounts falling due within one year: Fee Debtors Prepayments and Accrued Income Sundry Debtors |
2023 E 52,201 95,588 26 783 |
2022f 26,036 147,003 24,648 |
|
|---|---|---|---|
| 174,572 | 197,687 | ||
| 10. CREDITORS: amounts falhng due within one year |
|||
| 2023 | 2022 | ||
| E | |||
| Loan Trade Creditors Fee payments received in Advance Other Creditors Taxation and Social Security Accruals and Deferred income Hire Purchase |
225,171 184,602 392,394 78,298 63,359 147,060 9,752 |
225,171 183,190 349,398 58,314 58,812 229,382 9,751 |
|
| Deferred income totals f53,925 (2022: f128,008) and relates |
1 | ,100,636 to amounts |
1,114,018 received in |
| advance from parents for school trips. |
| 11. CREDITORS: amounts faging du |
e after mor | e than one | year | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| E | ||||
| Hire Purchase Loan |
1,538,665 | 9,752 1,763,836 |
||
| 1,538,665 | 1,773,588 | |||
| Bank Loan - repaid by equal monthly July 2011 |
instalments | over a 20-year period which | started in |
|
| Amounts falling due: |
||||
| In one year or less or on demand Between one and two years |
225, 171 225, 171 |
225, 171 225, 171 |
||
| Between two and five years | 675,512 | 675,512 | ||
| In five years or more | 637,982 | 863,153 | ||
| Interest is charged at 0.86% plus Base Rate and |
is secured | 1,763,836 by the following |
1,989,007 charges: |
| 16. ANALYSIS OF |
NET ASSETS | BETWEEN FUNDS | BETWEEN FUNDS | |||||
|---|---|---|---|---|---|---|---|---|
| Net Current | ||||||||
| Fixed | Assets/ | Long Term | ||||||
| As at 31 August 2023 | Assets E |
Investments E |
(Liabilities) E |
Liabilities E |
Total E |
|||
| General Funds: | 6,990,678 | 2 113 | 130,398 | (1,538,665) | 5,584, 524 | |||
| Designated Funds: |
1,868 | 72,654 | 74,522 | |||||
| Restricted Funds: |
13,888 | 194,380 | 208,268 | |||||
| 7,006,434 | 2, 113 | 397,432 | (1,538,665 | 5,867,314 | ||||
| Net Current | ||||||||
| Fixed | Assets/ | Long Term | ||||||
| As at 31August 2022 | Assets | Investments f |
(Liabilities) f |
Liabilities | Total | |||
| General Funds: |
7,133,996 | 2,113 | 270,285 | (1,773,588) | 5,632,806 | |||
| Designated Funds: |
1,868 | 72,337 | 74,205 | |||||
| Restricted Funds: | 13,888 | 222,446 | 236,334 | |||||
| 7,149,752 | 2,113 | 565,068 | 1,773,588 | 5,943,345 | ||||
| 17. SUMMARY OF |
MOVEMENTS | ON MAJOR FUNDS | ||||||
| Current Year | At 1 | At 31 | ||||||
| September 2022 |
Incoming Resources Resources Expended Reval'n |
Transfers | August 2023 |
|||||
| E | E | E | E | E | E | |||
| General Funds: General Fund Music Prize Fund |
5,632,556 250 |
5,354,304 (5,430,632) |
28,046 | 5,584,274 250 |
||||
| Designated Funds: Fixed Asset Fund |
1,868 | 1,868 | ||||||
| Capital Fund from trips Other Fund |
71,614 723 |
3,552 1,700 |
(4,936) | 70,230 2,423 |
||||
| Total Unrestricted Funds: |
5,707,011 | 5,359,556 | 5,435,568 | 28,046 | 5,659,045 | |||
| 29 |
| Restricted Funds: |
||||||
|---|---|---|---|---|---|---|
| Fundraising- | ||||||
| Assistance with Fees |
222,256 | (28,046) | 194,211 | |||
| Fundraising - Capital |
||||||
| Projects Fundraising- |
13,888 | 13,888 | ||||
| Assistance with Fees |
||||||
| or Capital Projects | 90 | 90 | ||||
| Other Total Restricted |
100 | 20 | 80 | |||
| Fund: | 236,334 | 20 | (28,046) | 208,269 | ||
| Total Funds: | 5,943,345 | 5 359,566 | 5,435,588 | 5 867,314 | ||
| Prior Year comparison |
At 1 September 2021 |
incoming Resources f |
Resources Expended |
Reval'n | Transfers f |
At 31 August 2022 |
| General Funds: | ||||||
| General Fund Revaluation Fund Music Prize Fund |
3,098,599 2,442,973 250 |
4,694,716 | (4,658,395) | 54,663 | 3,189,583 2,442,973 250 |
|
| Designated Funds: |
||||||
| Fixed Asset Fund Capital Fund from trips |
15,318 | 71,614 | (13,450) | 1,868 71,614 |
||
| Other Fund | 723 | 723 | ||||
| Total Unrestricted | ||||||
| Funds: | 5,557,863 | 4,766,330 | 4,658,395 | 41,213 | 5,707,011 | |
| Restricted Funds: | ||||||
| Fundraising- | ||||||
| Assistance with Fees |
263,469 | (41,213) | 222,256 | |||
| Fundraising- | ||||||
| Capital Projects Fundraisi ng- |
13,888 | 13,888 | ||||
| Assistance with Fees |
||||||
| or Capital Projects | 90 | 90 | ||||
| Other | 120 | 20 | 100 | |||
| Total Restricted | ||||||
| Fund: | 277,567 | 20 | (41,213 | 236,334 | ||
| Total Funds: | 5,835,430 | 4,766,330 | 4,658,415) | 5,943,345 | ||
| 30 |