2021-08-31-accounts - Leicestershire Independent Educational Trust

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		Page
Company information
Directors' report
Independent auditors'	report	18
Statement of financial	activities	21
Balance sheet		22
Cash flow statement		23
Notes to the accounts		24

Auditors		Cooper Parry Group	Cooper Parry Group	Limited	Limited	Limited
		Sky View
		Argosy Road
		East Midlands Airport
		Castle Donnington
		Derby
		DE74 2SA
Bankers		National Westminster			Bank	Pic
		13The Borough
		Hinckley
		Leicesters hire
		LE10 1NW
		Pattersons Commercial			Law
Solicitors		2 Pear Tree Business			Park
		Desford Lane
		Ratby
		Leicestershire
		LE6 OPG
		Veale Wasbrough	Vizards			LLP
		Narrow Quay House
		Narrow Quay
		Bristol
		BS14QA
Insurance	Brokers	Turner Insurance	Group
		34-36 Princess Road		West
		Leicester
		LE1 6TQ
Land Agents		Fisher German LLP The Estates Office
		Norman Court
		Ivanhoe Business	Park
		Ashby de la Zouch
		LE65 2UZ

previo	us year being 293	Senior School, 150Junior School a	nd 29 Nursery.
		2020/2021	2019/2020
Senior	School	286	313
Junior	School	140	142
Nursery	(FTE)	20	19
Total		446	474

		Notes	Unrestricted	Restricted	2021	2020
			Funds	Funds
				E
Income from:
Charitable activities
School fees receivable		2	4,678,118		4,678,118	4,295,639
Ancillary trading income		3	245,027		245,027	261,600
Other trading activities
Non-ancillary trading income			6,451		6,451	12,709
Other activities			7,868		7,868	12,962
Investments
Bank and other interest			6,904		6,904
Donations and legacies
Grants and donations			32,884		32,884	350
Other incoming resources
Government grants receivable- Coronavirus Job Retention Scheme			13,310		13,310	234,698
Insurance claim			184,917		184,917	125,000
TOTAL INCOMING RESOURCES			5,175,479		5,175,479	4,942,958
Expenditure on:
Raising funds
Financing costs			18,639		18,639	14,351
Fundraising and development			622		622	336
Charitable Activities
Education and grant making		7	5,094,091	60,300	5,154,391	4,904,763
TOTAL EXPENDITURE			5,113,352	60,300	5,173,652	4,919,450
NET (EXPENDITURE)/INCOME transfers	before		62,127	(60,300)	1,827	23,508
Transfers between funds		19	(24,090)	24,090
NET (EXPENDITURE) / INCOME transfers	after		38,037	(36,210)	1,827	23,508
Fund balances at 1 September 2020			1,549,494	888,663	2,438,157	2,414,649
FUND BALANCES AS AT 31AUGUST		2021	1,587,531	852,453	2,439,984	2,438,157

		Note
				2021		2020
FIXEDASSETS
Tangible assets		13		3,289,785		3,376,115
CURRENT ASSETS
Stock			7,360		5,255
Debtors		14	135,390		308,900
Cash at bank and in hand			1,465,673		1,243,293
			1,608,423		1,557,448
CREDITORS: amounts	falling
due within one year		15	~1186618		807383
NET CURRENT ASSETS				4219805		750,065
TOTAL ASSETSLESS
CURRENT LIABILITIES				3,711,590		4,126,180
CREDITORS: amounts	falling
due after one year		16		(1,271,606)		(1,688,023)
TOTAL NET ASSETS				2,439,984		2,438,157
REPRESENTED BY:
RESTRICTED FUNDS		19		852,453		888,663
UNRESTRICTED FUNDS		19		165871531		1,549,494
				2,439,984		2,438,157

						2021	2020
					Note		E
Cash flows from operating		activities:
Net cash	provided by operating activities				24	647,655	(121,590)
Cash flows from investing		activities:
Dividends,	interest and rents	from investments			5	6,904
Purchase	of property, plant and equipment				13	(199,053)	(514,649)
Sale of property, plant and equipment							1,250
Net cash	used in investing	activities				(192,'l 49)	(513,399)
Cash flows from financing		activities:
New bank loans Repayments of borrowing						~233,4 26	1,284,024 ~34,662
Net cash	(used)!generated	in financing	activities			(233,126)	1,249,342
Change in cash and cash equivalents			in the			222,380	614,353
reporting	period
Cash and	cash equivalents	at the beginning		ofthe		1,243,293	628,940
reporting	period
Cash and	cash equivalents	at the end	ofthe
reporting	period					1,465,673	1,243,293
Cash and	cash equivalents	consist of:
Cash at bank and in hand						1,465,673	1,243,293

			At 1 August	Cashflows	Other	At 31
			2020		changes	August
						2021
						E
Cash	at bank and in hand		1,243,293	222,380		1,465,673
Debt	due	& 1year	(61,522)	(233,126)	72,613	(222,035)
Debt	due	& 1year	(1,498„621)		393,639	(1,104,982)
			(316,850)	(10,746)	466,252	138,656

			2021	2020
			E	F
The school fees income comprises:
Gross fees			5,259,465	4,868,041
Less: scholarships,	bursaries,	etc	(581,347)	(572,402)
			4,678,118	4,295,639

				2021	2020
Extras				169,955	202,051
Entrance fees and registration		fees		10,652	20,722
Summer play scheme				29,200
Commissions and other income				35,220	38,827
				245,027	261,600
prior year all income	in relation	to ancillary	trading	income was unrestricted.
THER TRADING ACTIVITIES
				2021	2020
Non-ancillary trading	income
Lettings and hire				6,451	12,709
				6,451	12,709
Other activities
Interest on overdue fees				514	1,329
Other				7,354	11,633
				7,868	12,962

							2021	2020
							E	F
Bank interest							6,904
							6,904
In the prior year	all income	in relation	to bank and other interest		was	unrestricted,
6. VOLUNTARY SOURCES —GRANTS AND DONATIONS
							2021	2020
								E
Other donations							32,884	350
							32,884	350
n the prior year	all grants	and donations		related to unrestricted	funds.
7. ANALYSIS	OF EXPENDITURE
a) Total expenditure
		Staff costs		Depreciation		Support	Total	Total
		(note	10)	(note 13)		Costs	2021	2020
			E	E
Costs of raising funds
Financing cost	(note 9)					18,639	18,639	14,351
Fundraising and						622	622	336
development
Total cost ofgenerating funds						19,261	19,261	14,687
Charitable expenditure
Teaching		3,067,087				128,624	3,195,711	3,033,449
Welfare						27,390	27,390	7,496
Premises		166,994		173,512		302,192	642,698	672,000
School administration		539,748		111,871		624,435	1,276,054	1,189,215
and governance
Grants awards	and					12,538	12,538	2,603
prizes
Total charitable expenditure		3,773,829		285,383		1,095,179	5,154,391	4,904,763
Total Expenditure		3,773,829		285,383		1,114,440	5,173,652	4,919,450

			2021	2020
Net incoming	resources	is stated after charging:
Auditor's remuneration			11,000	10,000
Depreciation			285,383	253,982
FINANCING COSTS
			2021f	2020
Bad debts
Bank interest			18,288	14,000
Lease finance	costs		351	351
			18,639	14,351
TAFF COSTS
			2021	2020
				E
The aggregate	payroll costs for the year were:
Wages and salaries			2,980,371	2,990,247
Social security	costs		281,830	276,597
Other pension	costs		511,628	492,050
			3,773,829	3,758,894

The number	of higher	paid	employees	employees	whose annual	whose annual
(excluding	pensions)	were	F60,000 or more was:
							2021	2020
							No	No
260,000 - F70,000
F101,000 -	F110,000
The number	with retirement benefits				accruing:
- in defined	benefit schemes was
ofwhich the contributions			amounted		to		839,887	839,887
The average	number ofemployees			during		the year was:
							2021	2020
							No	No
Teaching							60	63
Office and non-teaching							34	36
Directors							11	11
							105	110

13.TANGIBLE FIXED	ASSETS
	Freehold	Leasehold	Furniture &	Books 8	Plant &
	Land 8	Land &	Office	'Teaching	Motor
	Buildings	Buildings	Equipment	Equipment	Vehicles	Total
	P
Cost
At 1 September 2020	3,704,060	805,502	535,461	237,008	89,020	5,371,051
Additions	42,401	44,863	90,624		21,165	199,053
Disposals			(110,612)	(47,778)	(8,858)	(167,248)
At 31August 2021	3,746,461	850,365	515,473	189,230	101,327	5,402,856
Depreciation
At 1 September 2020	998,956	453,954	288,984	181,773	71,269	1,994,936
Charge for the year	137,475	36,037	76,408	24,255	11,208	285,383
Disposals			(110,612)	(47,778)	(8,858)	(167,248)
At 31 August 2021	1,136,431	489,991	254,780	158,250	73,619	2,113,071
Net book value at 31
August 2021	2,610,030	360,374	260,693	30,980	27,708	3,289,785
Net book value at
31 August 2020	2,705,104	351,548	246,477	55,235	17,751	3,376,115

REDITORS: amounts falling due after one year
	2021	2020
		E
Bank loans	1,104,982	1,498,621
Deposits from parents Net obligations under finance leases Fees in advance scheme	147,382 845 18,397	156,247 4,226 28,929
	1,271,606	1,688,023

				2021	2020
				F	F
The Due Due	bank after within	loans are repayable 5years 2 to 5 years	in instalrnents:	276,977 605,970	368,389 858,194
Due	within	1 to 2 years		222,035	272,038
Due	after	more than one year		1,104,982	1,498,621
Due	within	1 year		222„035	61,522
				1,327,017	1,560,143

		2021	2020
		F	E
Within 2 to 5years Within 1 to 2years		18,397	9,705 19,224
		18,397	28,929
Within 1 year		27,917	39,327
		46,314	68,256
Summary of movements	in liability
Balance at 1 September 2020 New contracts			68,256 8,693
Amounts used to pay fees			(30„635)
Balance at 31August 2021			46,314

RESTRICTED FUNDS	RESTRICTED FUNDS	At				Ai
		1	Incoming	Outgoing	Transfer	31August
		September 2020	resources	resourcesf	E	2021
Bursary Fund The Bernard	Heathcote	2,886 879,277		(60,300)	24,090	2,886 843,067
Foundation
Station Road Staff welfare	Development fund	6,400 100 888,663		~60,300	24,090	6,400 100 852,453
RESTRICTED FUNDS		At				At
PREVIOUS YEAR		1	Incoming	Outgoing	Transfer	31August
		September	resources	resources		2020
		2019	E
Bursary Fund The Bernard	Heathcote	2,886 911,391		(60,000)	27,886	2,886 879,277
Foundation
Station Road Staff welfare	Development fund	6,400 100 920,777		~60,000	27,886	6,400 100 888,663

UNRESTRICTED	At				At
FUNDS	1 September	Incoming	Outgoing		31August
	2020	resources	resources	Transfer	2021
				E	E
General	1,512,470	5,175,479	(5,113,352)	(24,090)	1,550,507
Designated Funds Myra Pedley Fund Sports Facility Fund	20,645 16,379 1,549,494	5,175,479	N.'"."5		20,645 16,379
UNRESTRICTED	At				At
FUNDS	1 September	Incoming	Outgoing		31August
	2019	resources	resources	Transfer	2020
General	1,456,848	4,942,958	(4,859,450)	(27,886)	1,512,470
Designated Funds
Myra Pedley Fund Sports Facility Fund	20,645 16,379				20,645 16,379
	1,493,872	4,942,958

0. ANALYSIS OF NET ASSETS BETW	EEN FUNDS
	Unrestricted	Restricted	2021
	E	E	E
Tangible fixed assets	3,289,785		3,289,785
Interfund loan	(852,453)	852,453
Net current assets	421,805		421,805
Long term liabilities	(1,271,606)		(1,271„606)
	1,587,531	852,453	2,439,984

		Unrestricted	Restricted	2020
Tangible	fixed assets	3,376,115		3,376,115
lnterfund	loan	(888,663)	888,663
Net current (liabilities)/assets		750,065		750„065
Long term liabilities		(1,688,023)		(1,688,023)
		1,549,494	888,663	2,438,157

August 2021 the charitable c eases as follows	ompany has total minimum	lease payments u	nder non-cancellable	operating
	Land and buildings		Other
	2021	2020	2021	2020
		E		E
Expiry date:
Within 1 year	63,500	63,500	10,368	11,341
Between 2 and 5years	249,500	254,000	10,375	18,230
After 5 years	54,500	113,500
	367,500	431,000	20,743	29,571

ECONCILIATION OF NET (EXPE OPERATING ACTIVITIES	NDITURE)I INCOME TO N	ET CASH FLOW FROII
		2021	2020
		E
Net income for the reporting period		1,827	23,508
Depreciation charges		285,383	253,982
Dividends, interest and rents from	investments	(6,904)
(Increase) / decrease in stock		(2,105)	(3,255)
(Increase) / decrease in debtors Increase / (decrease) in creditors		173,510 195,944	(155,766) ~240,059
Net cash provided by operating	activities	647,655	(121,590)