2022-08-31-accounts - Leicestershire Independent Educational Trust

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

Insurance Brokers
Land Agents

Cooper Parry	Group	Group	Limited	Limited	Limited
Sky View
Argosy Road
East Midlands	Airport
Castle Donnington
Derby
DE74 2SA
National Westminster				Bank Pic
13The Borough
Hinckley
Leicesters hire
LE10 1NW
Pattersons Commercial				Law
2 Pear Tree Business				Park
Desford Lane
Ratby
Leicesters hire
LE6 OPG
Veale Wasbrough		Vizards			LLP
Narrow Quay House
Narrow Quay
Bristol
BS14QA
Broomfields
Minerva House
7 StJohn's Business			Park
Rugby Road
Lutterworth
Leicestershire
LE174HB
Turner Insurance		Group
34-36 Princess	Road		West
Leicester
LE1 6TQ
Fisher German	LLP
The Estates Office
Norman Court
Ivanhoe Business		Park
Ashby de la Zouch
LE65 2UZ

			Notes	Unrestricted	Restricted	2022	2021
				Funds	Funds
					f.
Income from:
Charitable activities
School fees receivable			2	5,028,777		5,028,777	4,678,118
Ancillary trading income			3	408,562		408,562	245,027
Other trading activities
Non-ancillary trading income				15,970		15,970	6,451
Other activities				3,192		3,192	7,868
Investments
Bank and other interest				7,054		7,054	6,904
Donations and legacies
Grants and donations				2,418	2,003	4,421	32,884
Other incoming resources
Government grants receivable-
Coronavirus Job Retention	Scheme			2,844		2,844	13,310
Insurance claim				1,996		1,996	184,917
TOTAL INCOMING RESOURCES				5,470,813	2,003	5,472,816	5,175,479
Expenditure on:
Raising funds
Financing costs				41,221		41,221	18,639
Fundraising and development				355		355	622
Charitable Activities
Education and grant making			7	5,683,606	60,000	5,743,606	5,154,391
TOTAL EXPENDITURE				5,725,182	60,000	5,785,182	5,173,652
NET (EXPENDITURE)/INCOME transfers		before		(254,369)	(57,997)	(312,366)	1,827
Transfers between funds			19
NET (EXPENDITURE) I INCOME transfers		after		(254,369)	(57,997)	(312,366)	1,827
Fund balances at 1 September 2021				1,587,531	852,453	2,439,984	2,438,157
FUND BALANCES AS AT 31 AUGUST			2022	1,333,162	794,456	2,127,618	2,439,984

	Note
			2022		2021
					F
FIXEDASSETS
Tangible assets	13		3,176,994		3,289,785
CURRENT ASSETS
Stock		8,994		7,360
Debtors	14	272,950		135,390
Cash at bank and in hand		1,181,248		1,465,673
		1,463,192		1,608,423
CREDITORS: amounts
falling due within one year	15	~1488387		1 186618
NET CURRENT (LIABILITIES)/ASSETS			(5,195)		421,805
TOTAL ASSETS LESS
CURRENT LIABILITIES			3,171,799		3,711,590
CREDITORS: amounts
falling due after one year	16		(1,044,181)		(1,271,606)
TOTAL NET ASSETS			271277618		2,439,984
REPRESENTED BY:
RESTRICTED FUNDS	19		794,456		852,453
UNRESTRICTED FUNDS	19		1,333,162		1,587,531
			2,127,618		2,439,984

								2022		2021
						Note		E
Cash flows from operating		activities:
Net cash	provided by operating activities					23		81,707		647,655
Cash flows from investing		activities:
Dividends,	interest and rents	from investments				5		7,054		6904
Purchase	of property, plant and		equipment			13	(171„618)		(199,053)
Sale of property, plant and equipment
Net cash	usedin investing	activities					(164,564)		(192,149)
Cash flows from financing		activities:
New bank	loans
Repayments of borrowing							~201,666		~233,126
Net cash	(used)lgeneratedin		financing	activities			(201,568)		(233,126)
Changein	cash and cash equivalents			in the			(284,425)			222,380
reporting	period
Cash and	cash equivalents	at	the beginning		ofthe		1,465,673		1,243,293
reporting	period
Cash and	cash equivalents	at	the end	ofthe
reporting	period						1,181,248		1,465,673
Cash and	cash equivalents	consist of:
Cash at bank and in hand							1,181,248		1,465,673
Analysis ofchanges in net debt
				At	1August		Cashflows	Other		At 31
					2021			changes		August
										2022
										E
Cash at bank and in hand					1,465,673		(284„425)			1,181„248
Debt due & 1 year					(222,035)		(201,568)	195,895		(227,708)
Debt due & 1 year				(1,104,982)				207,241		(897,741)
					138,656		(485,993)	403,136		55,799

Tangible fixed assets	are st	are st	ated a	t cost less depreciation.	t cost less depreciation.
The depreciation on	such		assets	is charged in the statement		of financial		activities	over	the
expected useful economic			life of	the related asset on a basis		consistent	with the depreciation
policy.
Depreciation is provided		at	rates	calculated to write off the cost over its			expected		useful	life,
as follows:
Freehold land				- Not depreciated
Playing fields drainage Playing fields garage store				-4%-25% per annum on cost -4% per annum on cost
Freehold buildings
permanent				-4% per annum	on cost
temporary				-25% per annum	on	cost
Leasehold improvements				- Over period of	the lease
Furniture and equipment				- 10%-20% per	annum on cost
Plant and equipment				- 10%per annum	on	cost
Books and teaching	equipment			-20% per annum	on	cost
Motor vehicles				-25% per annum	on	cost

			2022	2021
			E
The school fees income comprises:
Gross fees			5,637,631	5,259,465
Less: scholarships,	bursaries,	etc	(608,854)	(581,347)
			5,028,777	4,678,118

CHARIT	ABLE	ACTIVITIES	—ANCILLARY TRADING	INCOME
				2022	2021
					E
Extras				296,717	169,955
Entrance	fees	and registration	fees	17,414	10,652
Summer	play	scheme		39,618	29,200
Commissions		and other income		54,813	35,220
				408,562	245,027

			2022	2021
				E
Non-ancillary	trading	income
Lettings and	hire		15,970	6,451
			15,970	6,451
Other activities
Interest on overdue fees			1,024	514
Other			2,168	7,354
			3,192	7,868

		2022	2021
		F	E
Bank	interest	7,054	6,094
		7,054	6,094

		Unrestricted	Restricted	2022	2021
			E		E
Other	donations	2,418	2,003	4,421	32,884
		2,418	2,003	4,421	32,884

a) Total expenditure
	Staff costs	Depreciation	Support	Total	Total
	(note 10)	(note 13)	Costs	2022	2021
		E
Costs of raising funds
Financing cost (note 9) Fundraising and			41,221 355	41,221 355	18,369 622
development
Total cost ofgenerating funds			41,576	41,576	19,261
Charitable expenditure
Teaching Welfare	3,275,175		128,168 29,220	3,403,343 29,220	3,195,711 27,390
Premises	184,222	172,538	334,823	691,583	642,698
School administration	726,140	111,871	761,577	1,599,588	1,276,054
and governance
Grants awards and			19,872	19,872	12,538
prizes
Total charitable expenditure	4,185,537	284,409	1,273,660	5,743„606	5,154,391
Total Expenditure	4,185,537	284,409	1,315,236	5,785,182	5,173,652

				2022f	2021
Net (outgoing)/incoming		resources	is stated after charging:
Auditor's remuneration				11,000	11,000
Depreciation				284,409	285,383
Operating leases —land		and buildings		87,405	82,600
Operating leases —other				9,507	12,484
FINANCING	COSTS
				2022	2021
				E	F
Bad debts				7
Bank interest				40,863	18,288
Lease finance	costs			351	351
				41,221	18,639
STAFF COSTS
				2022	2021
				E	E
The aggregate	payroll costs for the		year were:
Wages and salaries				3,277,57	2,980,3
				7	71
Social security	costs			330,708	281,830
Other pension	costs			577„252	511,628
				4,185,53	3,773,8
				7	29

					4	,185,53 7	3,773,8 29
None of	the governors received remuneration		or other	benefits	from	the Leicestershire	Independent
Educational Trust or		from any connected body.
Aggregate	employee	benefits of key management	personnel			680,694	641,914
Number of	employees	classed as key management	personnel

The number	of higher	employees	employees	whose annual	whose annual
(excluding pensions) were		f60,000	or more was:
						2022	2021
						No	No
F60,000 - 270,000
2101,000 - F110,000
The number	with retirement	benefits		accruing:
—in defined	benefit schemes was
ofwhich the	contributions amounted			to		640,172	f39,887
The average	number ofemployees		during		the year was:
						2022	2021
						No	No
Teaching						64	60
Office and non-teaching						44	45
						108	105

	Freehold	Leasehold	Furniture &	Books 8	Plant 8
	Land 8	Land 8	Office	Teaching	Motor
	Buildings	Buildings	Equipment	Equipment F	Vehicles E	Totalf
Cost
At 1 September 2021	3,746,461	850,365	515,473	189,230	101,327	5,402,856
Additions	10,876	132,408	25,753	2,581		171,618
Disposals
At 31August 2022	3,757,337	982,773	541,226	191,811	101,327	5,574,474
Depreciation
At 1 September 2021	1,136,431	489,991	254,780	158,250	73,619	2,113,071
Charge for the year	136,019	49,278	69,918	17,986	11,208	284,409
Disposals
At 31August 2022	1 272 450	539,269	324,698	176,236	84,827	2,397,480
Net book value at 31
August 2022	2,484,887	443,504	216,528	15,575	16,500	3,176,994
Net book value at
31 August 2021	2,610,030	360,374	260,693	30,980	27,708	3,289,785

		2022	2021
Trade debtors		62,720	44,607
Other debtors		20,414	4,442
Prepayments	and accrued income	189,816	86,341
		272,950	135,390

				2022	2021
					E
Bank loans and		overdrafts		227,708	222,035
Net obligations		under finance		845	3,382
leases
Trade creditors				269,933	86,855
Taxation and social security				83,600	76,237
Other creditors				185,433	194,960
Fees in advance		scheme		39,828	27,917
Fees received	from parents		in	574,158	447,500
advance ofterm
Accruals				49,667	102,584
Deposits from	parents			37,215	25,148
				1,468,387	1,186,618

CREDITORS: amounts falling due after one year
	2022	2021
Bank loans	897,741	1,104,982
Deposits from parents	146,440	147,382
Net obligations under finance leases		845
Fees in advance scheme		18,397

				2022	2021
				E
The	bank	loans are repayable	in instalments:
Due	after	5years		225,623	276,977
Due	within	2 to 5 years		444,410	605,970
Due	within	1 to 2 years		227,708	222,035
Due	after	more than one year		897,741	1,104,982
Due	within	1 year		227,708	222,035
				1,125,449	1,327,017

Parents	and others may enter into	and others may enter into	and others may enter into	and others may enter into	a contract to	a contract to	pay for fixed contributions	pay for fixed contributions	pay for fixed contributions	towards	towards	pupil tuition fees	pupil tuition fees
for a number ofyears			in advance.		Contributions		may be returned	subject		to specific conditions on
the receipt of notice.			Assuming		pupils	remain	in the school, fees		in advance		will be applied as
follows:
											2022		2021
												E	E
Within 2		to 5years
Within 1		to 2 years											18,397
													18,397
Within 1		year								39,828			27,917
										39,828			46,314
Summary		ofmovements		in liability
Balance	at 1 September 2021												46„314
New contracts													21,431
Amounts		used to pay	fees										(27,917)
Balance		at 31August	2022										39,828

RESTRICTED FUNDS	RESTRICTED FUNDS					At
		1 Septemb~	Incom	Outgoi	Trans	31August
		202	resoun	resourc		2022
Bursary Fund		2,886				2,886
The Bernard	Heathcote	843,067	2,003	(60,000)		785,070
Foundation
Station Road	Development	6,400				6,400
Staff welfare	fund	100 852,453	2,003	~60,000		100 794,456
RESTRICTED FUNDS						At
PREVIOUS YEAR		1 Septemb&	Incomi	Outgoi	Trans	31August
		202	resoun	resourc		2021
Bursary Fund		2,886				2,886
The Bernard	Heathcote	879,277		(60,300)	24,090	843,067
Foundation
Station Road	Development	6,400				6,400
Staff welfare	fund	100 888,663		~60,300	24,090	100 852,453

UNRESTRICTED	UNRESTRICTED	At				A
FUNDS		1 September	Incoming	Outgoii		31Augus
		2021	resources	resource	Transfer	202:
		E			F
General		1,550,507	5,470,813	(5,725,182)		1,296,138
Designated	Funds
Myra Pedley	Fund	20,645				20,645
Sports Facility Fund		16,379				16,379
		1,587,531	5,470,813	5,725,182		1,333,162
UNRESTRICTED		At				A
FUNDS		1 September	Incoming	Outgoi&		31Augus
		2020 E	resources E	resource	Transferf	202'
General		1,512,470	5,175,479	(5,113,352)	(24,090)	1„550,507
Designated	Funds
Myra Pedley	Fund	20,645				20,645
Sports Facility Fund		16,379				16,379
		1,549,494	5,175,479			1,587,531

20. ANA	L	YSIS OF NET ASSETS BET	WEEN FUNDS
			Unrestricted	Restricted	2022
				E
Tangible	fixed assets		3,176,994		3,176,994
lnterfund	loan		(794,456)	794,456
Net current		liabilities	(5,195)		(5,195)
Long term		liabilities	(1,044,181)		(1,044,181)
			1,333,162	794,456	2,127,618

20. ANALYSIS OF NET ASSETS BET	WEEN FUNDS —PRIOR YEAR
	Unrestricted	Restricted	2020
	F	E	F
Tangible fixed assets	3,289,875		3,289,875
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

31 August 2022 the charitab ating leases as follows	le company has total mi	nimum lease pa	yments under non-ca	ncellable
	Land and buildings		Other
	2022	2021	2022	2021
		E
Expiry date:
Within 1 year	87,905	63,500	11,308	10,368
Between 2 and 5 years	274,716	249,500	13,254	10,375
After 5 years	45,100	54,500
	407,721	367,500	24,563	20,743

				2022	2021
					F
Net income	for the reporting period			(312,366)	1,827
Depreciation	charges			284,409	285,383
Dividends,	interest and rents from		investments	(7,054)	(6,904)
(Increase) /	decrease	in stock		(1,634)	(2,105)
(Increase) /	decrease	in debtors		(137,560)	173,510
increase / (decrease)		in creditors		255,912	195,944
Net cash provided by operating			activities	81,707	647,655