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2021-08-31-accounts

AUSTIN FRIARS

GROUP FINANCIAL STATEMENTS

31 AUGUST 2021

Company Registration Number 1894340 Charity Number 516289

SAINT & CO

Chartered Accountants & Statutory Auditor 26 High Street Annan Dumfries & Galloway DG12 6AJ

Austin Friars

Company Limited by Guarantee

Financial Statements

Year Ended 31 August 2021

CONTENTS PAGE
Company Information 1
Trustees Annual Report (incorporating the directors report) 2
Independent auditor's report to the members 12
Group Statement of financial activities (including the
income and expenditure account) 15
Group Statement of Financial Position 16
Company Statement of Financial Position 17
Group Statement of Cash Flows 18
Notes to the financial statements 19

Austin Friars

Company Limited by Guarantee

Company Information

Registered charity name Austin Friars
Charity number 516289
Company registration number 1894340
Registered office Etterby Scaur
Carlisle
Cumbria
CA3 9PB
Trustees Mrs E Bavidge
Mr P Elder
Mr N Elsender
Mrs J Graham (Resigned 18 June 2021)
Mr S Graham
Mr J Little (Chairman)
Mrs K Martin (Appointed 18 June 2021)
Mr S Mitton
Mr J Slingsby (Appointed 6 November 2020)
Mr M Walby
Fr I Wilson
Secretary Mr D Strawbridge
Key management personnel Mr M Harris (Headmaster)
Mr D Harte
Mr S Parry
Miss K Quinn
Mr D Strawbridge
Mrs J Thornborrow
Mr C Marsh
Mr M Robinson
Mr J Tiffen
Auditor Saint & Co
Chartered Accountants
& Statutory Auditor
26 High Street
Annan
Dumfries & Galloway
DG12 6AJ
Bankers Clydesdale Bank Plc
239 Kingstown Road
Kingstown Industrial Estate
Carlisle
CA3 0BQ
Solicitors Burnetts
Victoria House
Wavell Drive
Carlisle
CA1 2ST

- 1 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2021

The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the parent charity and its subsidiary undertakings for the year ended 31 August 2021.

Reference and administrative details

Reference and administrative details are shown in the schedule of company information on page 1 of the financial statements.

The Trustees

The Trustees who served the parent charity and its subsidiary undertakings during the period were as follows:

Trustee Member of Committee Member of Committee Member of Committee Member of Committee Member of Committee
1 2 3 4 5
Mrs E Bavidge
Mr P Elder
Mr N Elsender
Mrs J Graham*(resigned 18 June 2021)
Mr S Graham
John Slingsby (appointed 6 November
2020)
Mr J Little
Mr S Mitton*
Mrs K Martin (appointed 18 June 2021)
Fr. I Wilson
Mr M Walby*

  1. Finance and General Purposes Committee

  2. Academic sub-committee

  3. Bursary Committee

  4. Remuneration Committee

  5. Health and Safety sub-committee

*Parent of a child or children attending the School

The day to day running of the School is delegated to the Headmaster and the Bursar, supported by members of the Senior Management Team. The Headmaster, the Bursar and the Deputy-Head also attend the Trustees' meetings.

Structure, governance and management

Austin Friars is a company limited by guarantee governed by its Memorandum and Articles of Association dated September 2015.

Austin Friars is registered as a charity with the Charity Commission - Charity Number 516289. The Trustees confirm that they have complied with section 17(5) of the 2011 Charities Act in having paid due regard to the Charities Commission guidance on public benefit

- 2 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2021

Austin Friars has an established Board of Trustees. The Board of Trustees, as the Trustees of the parent charity and its subsidiary undertakings, are legally responsible for the overall management and control of the School and meet at least three times a year. They determine the strategic direction and the general policy of the School.

Recruitment and training of Trustees

The Trustees recruit individuals to serve on the Board. Individuals whose skill sets would complement and enhance the existing members are invited to join for an initial three year term from the Annual General Meeting.

A copy of the Memorandum and Articles of Association is available for all new Trustees and all Trustees are encouraged to attend training days provided by the Association of Governing Bodies of Independent Schools (AGBIS) and other suitable training organisations.

Group structure and relationships

The Charity has a close relationship with the Austin Friars St Monica's Development Fund which has similar objectives and beliefs. It is also connected to Austin Friars School Trading Limited which manages the School’s vehicle fleet.

Remuneration of key management personnel

Remuneration for the Senior Management Team is determined by the Remuneration sub-committee of the Trustees. This sub-committee reviews the terms and conditions on an annual basis. Due consideration is given to national benchmarking reports including periodic surveys by AGBIS to ensure that their total remuneration package is commensurate to similar roles within the sector.

Charitable objectives

The Charitable Company’s objective is the advancement of education by the carrying on of a Catholic School in the Carlisle area educating boys and girls in the Augustinian tradition.

Within this, the Charity assumes trusteeship of two unendowed trust funds held for special purposes which are the Pat Bailes Memorial Fund and the Graham Prizes for advanced mathematical study and advanced study in Computer Science.

Aims and intended impact

Austin Friars is an inclusive community inspired by the Gospel and the works of St Augustine. It seeks to enable its pupils, staff and friends to develop in a spirit of generosity, enquiry and justice.

As the only independent day School for girls and boys aged 3 - 18 in the north of Cumbria and South West Scotland, Austin Friars is continuing to develop its strong reputation for meeting the individual needs of all its pupils.

The School aims to maintain its established tradition for outstanding academic achievement, sporting excellence and a high standard of pastoral care. The cultural life of the School is strong. Art, music and drama feature both in the curriculum and the wide-ranging extra-curricular programme. The Duke of Edinburgh award scheme is well supported by both pupils and staff.

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Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2021

Objectives for the year

(4) Work towards meeting the targets arising from the ISI inspection (December 2015).

parents who welcome and are in sympathy with the school’s ethos, aims and policies

(6) To ensure that the teacher-pupil engagement is of the highest quality, that the features of effective teaching are evident in all lessons and that pupils are offered consistent academic challenge.

(7) To strengthen the profile of the school in the locality by effective marketing and so ensure and increase the numbers on roll.

(8) To have governance of the highest quality that is consistent with the Augustinian values of the school and ensures that the school’s finances are actively managed to meet its short-term requirements as well as ensuring its long-term viability.

(9) To ensure that all statutory and regulatory requirements are met and that the school’s Trustees and Senior Leaders maintain active oversight of these matters.

(10) To develop and enhance its resources and facilities to ensure an environment that is capable of meeting the school’s educational ambitions.

(11) To promote and foster an active alumni community dedicated to supporting the continued development of the school through its fundraising and promotional events.

The practical strategies adopted to support this year's objectives have included the continuation of the refurbishment programme, which this year included works on the grounds and repairs to the fabric of buildings.

- 4 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

Year Ended 31 August 2021

Principle activities for the year

The parent charity and its subsidiary undertakings provides education for boys and girls from the ages of 3 -18. This year the senior School had a pupil role roll of 264 and The Junior School ended the year with a pupil role of 118.

In order to support the School's outstanding academic record, the School will strive to invest in a capital expenditure programme during the coming years.

Grant making policy

This year the School awarded Scholarships, Bursaries and other grants in the sum of £409,067 (2020: £390,939) out of unrestricted funds.

The Trustees' policy, in line with that of other independent Schools, is to widen access to Austin Friars School by making awards on the basis of the individual's educational potential as well as parental circumstances. This is facilitated by active bursary and scholarship schemes.

Volunteers

The parents and friends of the School (PTA) have helped with School fundraising and cultural activities which has often involved many hours of voluntary service during the year. The Trustees greatly appreciate these efforts.

The PTA continued to play an important role in the life of the School during 2020/2021, and have supported numerous events and the funds raised have provided valuable support for both academic departments and the wider curricular life of the School. Although the COVID pandemic has severally restricted their activities in the last two school years.

Public benefit

Austin Friars remains committed to the aim of providing public benefit in accordance with its founding principles.

The awarding of bursaries to assist with bringing students into the School who would ordinarily not be in a position to join the School is a measurable means of providing public benefit. These pupils who attended the School and who receive financial support contribute to the School community in a variety of ways, and so the benefit is not purely to these pupils but to the whole School and in some cases the wider community. This year the School awarded various bursaries and scholarships in the sum of £816,417 (2020: £785,683) (inclusive of staff discounts). This included a high proportion of means tested awards and in total represented 16.53 % of the Schools gross fee income.

The School brings £3M annually into the local economy with over 100 staff employed at the School, as well as alleviating pressures on local state education resources with the education of approximately 400 pupils out with the state sector.

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Austin Friars

Year Ended 31 August 2021

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

In addition to bursaries, the School has engaged in many other activities that provide benefit to the public within the School's objectives. Indoor and outdoor facilities are made available to a number of clubs and groups within the local community. Recent examples include:

Annually through the School's charity committee and individual charitable events held throughout the year the whole School raises money, which is donated to local, national and international charities. The school has strong links with a number of local maintained primary Schools and a local special needs School. Recent examples of charitable giving, other than cash include:

The pandemic did affect a number of activities listed above during this year as the School was closed for some of the time by Government decree.

.

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Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2021

Strategic Report

Achievements and performance

There is a steady interest in the School. The year ended with 118 pupils in the Junior School and 264 in the Senior School for a total role of 382. Numbers are vibrant in the pre-School since the move into the Junior School.

Principal risks and uncertainties

The Board of Trustees is responsible for the management of the risks faced by the School. The principal risks to which the School is exposed are analysed under the following headings:

Compliance (including Child Protection and Safeguarding as well as Legal and Regulatory) Finance (which includes Credit Risk which is mitigated by the credit control procedures enforced by the bursar and

Liquidity Risk which is mitigated by constant monitoring of cash flow forecasts) Strategic (which includes the risk of lower pupil numbers) Premises (including (Health and Safety) Cyber Public Profile HR

The Trustees have reviewed the adequacy of the Charity's current internal controls and consider them adequate for the full operation of the trading operation of the entity.

Objective vs performance / Key performance indicators

The School is not narrowly selective and is justifiably proud of its very successful academic record and the achievement of its pupils in securing good university places.

The Trustees have been provided evidence of individual pupil performances, departmental reviews of these performances, overall standardised residuals (i.e. value added data) and an overview of the examination results separately.

In this year public exams were abandoned and results of all subjects were awarded by Centre Assessment Grades. Our results were excellent but further analyses and recording in this report is deemed to be misleading.

The School continues to consistently be one of the top Cumbrian co-educational providers. The strong academic performance is a key element in the continuing interest in places at the School.

The Trustees continue to keep the School's activities under review, particularly with regard to any major risks. The Trustees monitor the risks to the School by a system of internal controls and other viable means.

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Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2021

The key controls used by the parent charity and its subsidiary undertakings include:

The controls are periodically reviewed to ensure that they continue to meet the needs of the Charity and its’ subsidiary.

Going concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

Financial review

Total group income for the Year was £4,693,140 (2020: £5,040,438), with the main funding source being tuition fees. The charitable group incurred Expenditure of £4,439,918 (2020: £4,851,291), with the main cost of providing education being staff costs. Finally, the charity made a gain on investments of £18,860 which has resulted in a surplus for the year of £272,082 (2020: £187,231).

Great care continues to be exercised in the financial management of the School. Bank borrowing is being reduced and a repayment schedule has been formally entered into with our bankers. However increases in the Bank of England Base Rate will affect the cost of the school’s borrowings in future years.

Reserves policy

The long term objective of the Trustees is to achieve a position of financial security.

It is the intention of the Trustees to return “free reserves” to a surplus position, after which they intend to reinvest operational surpluses generated into School improvements, and the level of reserves will continue to be monitored.

Total funds of the Group have increased from £5,860,035 to £6,132,117 in the year. Within total funds is £23,124 of restricted funds and £6,023,216 of funds can only be realised by disposing of tangible fixed assets and settling the associated loans.

- 8 -

Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2021

Investment policy

The Trustees hold monies in investments which have been set aside for various contingencies. In addition, the Trustees also have some restricted funds in investments in order to obtain reasonable returns on monies held. The investments have performed in line with the Trustee’s objectives.

Plans for future periods

A comprehensive annual Development Plan is produced by the Schools' Senior Management Team (SMT) after consultation with the staff and the plan is then ratified by the Trustees.

The coming 12 months are set out in objective for the year and will see the School continuing to ensure that the resources and facilities are further enhanced to promote the educational objectives of the School.

Responsibilities of the Trustees

The Trustees (who are also the directors of Austin Friars for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable group and the profit or loss of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Austin Friars

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors Report)

(continued)

Year Ended 31 August 2021

In so far as the Trustees are aware:

Auditor

A resolution to re-appoint Saint & Co as auditors for the ensuing year will be proposed at the annual general meeting in accordance with section 487(2) of the Companies Act 2006.

Registered office: Signed on behalf of the Trustees Etterby Scaur Carlisle Cumbria CA3 9PB Mr J Little Chairman

25 February, 2022

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Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of Austin Friars

Year Ended 31 August 2021

Opinion

We have audited the financial statements of Austin Friars (the parent charity) and its subsidiary (the group) for the year ended 31 August 2021 which comprise the consolidated statement of financial activities (including income and expenditure account), consolidated statement of financial position, company statement of financial position and consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the group financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2021

Other information

The other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the group financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the group financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees report (incorporating the directors' and strategic reports).

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2021

In preparing the group financial statements, the Trustees are responsible for assessing the charitable group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable group or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Austin Friars

Company Limited by Guarantee

Independent Auditor’s Report to the Members of

Austin Friars (continued)

Year Ended 31 August 2021

 investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of Our Report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable group and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

26 High Street Annan, Dumfries & Galloway DG12 6AJ

JENNIFER MCDAIRMANT (Senior Statutory Auditor) For and on behalf of SAINT & CO Chartered Accountants & Statutory Auditor

7 March, 2022

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Austin Friars

Company Limited by Guarantee

Group Statement of Financial Activities (including the income and expenditure account)

Year Ended 31 August 2021

Unrestricted Restricted
Total Funds		 Total Funds
Funds Funds
2021		 2020
Note £ £ £ £
Income and endowments
Donations and legacies 4 342,594 2,533 345,126 401,816
Charitable activities 5 4,234,834 - 4,234,834 4,415,677
Other trading activities 6 94,423 - 94,423 189,703
Investment income 7 2,194 314 2,508 3,760
Other income 8 16,249 - 16,249 29,482
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Total income 4,690,293 2,847 4,693,140 5,040,438
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Expenditure
Expenditure on raising funds:
Costs of raising donations
and legacies 9 - (2,133) (2,133)
(6,891)
Costs of other trading
activities 10 (192,356)
-		 (192,356)
(241,932)
Expenditure on charitable
activities 11 (4,244,429)
(1,000)		 (4,245,429)
(4,602,468)
Other expenditure 14 - - - -
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Total expenditure (4,436,785)
(3,133)
(4,439,918)
(4,851,291)
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Net gains/(losses) on
investments 15 18,075 785 18,860 (1,916)
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Net income /(expenditure)
and net movement in funds 16 271,583 499 272,082 187,231
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Reconciliation of funds
Total funds brought forward 5,837,410 22,625 5,860,035 5,672,805
----------------------------------- ----------------------------------- ----------------------------------- -----------------------------------
Total funds carried forward 6,108,993 23,124 6,132,117 5,860,035
======================== ======================== ======================== ========================

The Group Statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.

The parent charity and its subsidiary undertaking has taken advantage of section 408 of the Companies Act 2006 not to publish its own Profit and Loss Account.

The notes on pages 19 to 41 form part of these financial statements.

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Austin Friars

Company Limited by Guarantee

Group Statement of Financial Position

31 August 2021

2021 2020
Note £ £ £
Fixed assets
Tangible fixed assets 21 7,906,804 8,118,280
Investments 22 112,805 93,944
-------------------------- --------------------------
8,019,609 8,212,224
Current assets
Debtors 23 166,954 201,807
Cash at bank and in hand 714,268 600,846
------------------------- --------------------------
881,222 802,653
Creditors: amounts falling due within one year 24 (1,090,246) (1,071,254)
------------------------- --------------------------
Net current liabilities (209,024) (286,601)
------------------------- --------------------------
Total assets less current liabilities 7,810,585 7,943,623
Creditors: amounts falling due after more than one year 25 (1,678,468) (2,083,588)
-------------------------- --------------------------
Net assets 6,132,117 5,860,035
================= =================
Funds of the charity
Restricted income funds 29 23,124 22,625
Unrestricted income funds 29
Revaluation reserve 2,719,941 2,755,073
Other unrestricted income funds 3,389,052 3,082,337
-------------------------- --------------------------
Total charity funds 6,132,117 5,860,035
================= =================

These financial statements were approved by the members of the committee and authorised for issue on the 25 February, 2022 and are signed on their behalf by:

Mr J Little (Chairman)

Mr S Graham

The notes on pages 19 to 41 form part of these financial statements.

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Austin Friars

Company Limited by Guarantee

Company Statement of Financial Position

31 August 2021

2021 2020
Note £ £ £
Fixed assets
Tangible assets 21 7,906,804 8,118,280
Investments 22 112,805 93,944
----------------------- -----------------------
8,019,609 8,212,224
Current assets
Debtors 23 166,663 202,203
Cash at bank and in hand 713,914 600,497
------------------------- -----------------------
880,577 802,700
Creditors: amounts falling due within one year 24 (1,089,658) (1,070,762)
-------------------------
 ------------------------
Net current liabilities (209,081) (268,062)
----------------------- --------------------------
Total assets less current liabilities 7,810,528 7,944,162
Creditors: amounts falling due after more than one year 25 (1,678,468) (2,083,588)
----------------------- --------------------------
Net assets 6,132,060 5,860,574
================= =================
Funds of the charity
Restricted income funds 29 23,124 22,625
Unrestricted income funds 29
Revaluation reserve 2,719,941 2,755,073
Other unrestricted income funds 3,388,995 3,082,876
-------------------------- --------------------------
Total charity funds 6,132,060 5,860,574
================= =================

The profit for the financial year of the parent charitable company was £271,486 (2020: £188,457).

These financial statements were approved by the members of the committee and authorised for issue on the 25 February, 2022 and are signed on their behalf by:

Mr J Little (Chairman)

Mr S Graham

Company Registration Number: 01894340

The notes on pages 19 to 41 form part of these financial statements.

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Austin Friars

Company Limited by Guarantee

Group Statement of Cash Flows

Year Ended 31 August 2021

2021 2020
£ £
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income (as per the statement of financial activities) 272,082 187,231
Adjusted for:
Depreciation 227,030 232,926
(Profit)/Loss on disposal of property, plant and equipment - 56,874
Government grant income (324,754) (371,129)
Interest payable and similar charges 1,699 2,442
Other interest receivable and similar income (2,508) (3,760)
Net (gains)/losses on investments (18,860) 1,916
Deferred Tax movement - -
Changes in:
Trade and other debtors 34,853 75,064
Trade and other creditors 16,091 (44,296)
-------------------------- --------------------------
Cash generated from operating activities 205,633 137,268
Interest paid (1,699) (2,442)
Interest received 2,508 3,760
-------------------------- --------------------------
Net cash from operating activities 206,442 138,586
================= =================
Cash flow from investing activities
Purchase of tangible fixed assets (15,554) (59,291)
Proceeds from sale of tangible assets - -
-------------------------- -------------------------
Net cash provided by/(used in) investing activities (15,554) (59,291)
================= =================
Cash flow from financing activities
Net repayments of hire purchase liabilities (14,406) (17,234)
Repayments of loan (387,812) (136,166)
Government grant income 324,754 371,129
------------------------ -------------------------
Net cash (used in)/from financing activities (77,464) 217,729
================= =================
Net increase in cash and cash equivalents 113,424 297,024
Cash and cash equivalents at beginning of year 600,846 303,822
----------------------- --------------------------
Cash and cash equivalents at end of year 714,270 600,846
================= =================

The notes on pages 19 to 41 form part of these financial statements.

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Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

1. General information

The parent company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Etterby Scaur, Carlisle, Cumbria, CA3 9PB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties about the charities ability to continue.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the charitable company and all group undertakings. As a consolidated statement of financial activities is published, a separate statement of financial activities for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Disclosure exemptions

The parent charitable company satisfies the criteria of being a qualifying entity as defined in FRS102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the school; it is probable that the economic benefits associated with the transaction will flow to the school and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 19 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

VAT

The parent charity is not VAT registered, however the subsidiary undertaking is VAT registered therefore items may be stated VAT inclusive or exclusive where applicable.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

- 20 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, except for land and buildings which are valued at market value, and subsequently stated at cost less any accumulated depreciation and impairment losses. Assets below £1,000 are not capitalised. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold property - land nil, buildings 2% straight line,
finance costs 20% straight line
Computer equipment - 33% reducing balance
Furniture, fittings and equipment
- 5-20% reducing balance,
- 20% straight line
- 10% straight line
Nursery - 25% reducing balance
Plant and machinery - 20% reducing balance
Astroturf Pitch - Structure 2% straight line
- carpeting 6.66% straight line

An impairment review is carried out by the Trustees on an annual basis.

Borrowing costs

Finance costs directly attributable to the construction of an asset have been capitalised as part of the cost of the asset. Depreciation at 20% straight line has been charged on this.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

- 21 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

3. Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the assets received or receivable. Grants are not recognise until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair vale of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease agreements

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

- 22 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

3. Accounting policies (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Pension Schemes

Retirement benefits for the School's teaching staff are provided by the Teachers' Pensions Scheme (TPS). The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

Other non-teaching staff are covered by a defined contribution scheme. Contributions to the defined contribution scheme are recognised as an expense in the period in which the related service is provided.

Fund accounting

The School has various types of funds for which it is responsible and which require separate disclosure. These are as follows:

Unrestricted funds; are expendable at the discretion of the Trustees in furtherance of the objects of the school. In addition to expenditure on tuition, such funds may be held in order to finance capital investment and working capital.

Restricted funds; donations and or legacies received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the School.

Endowed funds; funds given to the School where the income may be used for general purposes, but the capital must be retained.

Designated funds; The School may at its discretion set aside funds for specific purposes, which would otherwise form part of the general reserves of the School.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

- 23 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

3. Accounting policies (continued)

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

  1. The Trustees are accounting for the teacher's pension scheme as a multi-employer defined contribution scheme as the school is unable to identify its share of the underlying assets and liabilities of the scheme.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

  1. The Trustees have relied upon Jones Lang LaSalle Property Valuers to provide them with a reasonable estimate of the property valuation, the last valuation was performed in July 2015, and the Trustees are not aware of any material change in the value of the property. The carrying value of property at the 31 August 2021 was £7,076,009.

  2. The Trustees have calculated an estimate of debts which may be irrecoverable in the future, this figure has been calculated based on previous recovery rates and detailed discussions about the status of larger debts. The carrying value of the bad debt provision at 31 August 2021 was £93,649.

  3. The Trustees have estimated the average useful economic life of each class of fixed asset when setting applicable depreciation policies. These were based on the Trustees' knowledge and previous experience, they do not believe there have been any material changes to the average useful economic lives of the assets.

4. Donations and legacies

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
Donations
Grants & donations 17,839 - 17,839 25,155
PTA Donations - 2,533 2,533 5,532
Grants
Government grant income 324,754 - 324,754 371,129
-------------------------- -------------------------- -------------------------- --------------------------
342,593 2,533 345,126 401,816
==================== ==================== ==================== ====================

The income from voluntary income was £345,126 (2020: £401,816) of which £342,593 (2020: £394,925) was unrestricted and £2,533 (2020: £6,891) was restricted.

- 24 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

5. Charitable activities

Charitable activities
Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Tuition fees and learning support charges 4,938,939 4,938,939 5,021,441
Trip income 840 840 114,565
Nursery fees 102,087 102,087 53,044
After school club – Junior School 7,915 7,915 10,385
Registration fees 1,470 1,470 1,925
Sibling discounts (67,040) (67,040) (61,393)
Staff discounts (340,310) (340,310) (333,351)
Scholarships (99,510) (99,510) (104,579)
Bursaries and grants (309,557) (309,557) (286,360)
-------------------------- -------------------------- --------------------------
4,234,834 4,234,834 4,415,677
================= ================= =================

The income from charitable activities was £4,234,834 (2020: £4,415,677) of which all £4,234,834 (2020: £4,415,677) was unrestricted.

6. Other trading activities

Unrestricted Total Funds Total Funds
Funds
2021		 2020
£ £ £
Uniform Shop Income -
Pupil account income 28,530
28,530		 39,648
School transport income 63,821
63,821		 67,846
Stationery shop income 1,953
1,953		 1,189
Music Lessons 119
119		 81,020
----------------------------- ----------------------------- -----------------------------
94,423
94,423		 189,703
==================== ==================== ====================

The income from other trading activities was £94,423 (2020: £189,703) of which all £94,423 (2020: £189,703) was unrestricted.

7. Investment income

nvestment income
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
Bank interest receivable 3 - 3 891
Other investment income 2,191 314 2,505 2,869
-------------------------- --------------- -------------------------- --------------------------
2,194 314 2,508 3,760
================= =============== ================= =================

The income from investments was £2,508 (2020: £3,760) of which £2,194 (2020: £3,437) was unrestricted and £314 (2020: £323) was restricted.

- 25 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

8. Other income

Other income
Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Lettings 935 935 11,370
Orange income 7,000 7,000 7,000
Interest on overdue accounts – – 1,186
Miscellaneous income 2,885 2,885 7,435
Old debt recovery 5,429 5,429 2,491
-------------------------- -------------------------- --------------------------
16,249 16,249 29,482
================= ================= =================

The income from other income was £16,249 (2020: £29,482) of which all £16,249 (2020: £29,482) was unrestricted.

9. Costs of raising donations and legacies

Costs of raising donations and legacies
Restricted Total Funds Total Funds
Funds 2021 2020
£ £ £
PTA Donations – Relevant expenditure 2,133 2,133 5,532
Father Hannon donations – Relevant expenditure – – 1,359
-------------------------- -------------------------- --------------------------
2,133 2,133 6,891
================= ================= =================

The cost of raising donations and legacies was £2,133 (2020: £6,891) of which all £2,133 (2020: £6,891) was restricted.

10. Costs of other trading activities

Costs of other trading activities
Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Uniform shop - purchases 80 80 -
Pupil account expenditure 27,657 27,657 38,558
School transport costs 162,623 162,623 149,355
School stationery shop costs 2,076 2,076 1,123
Outsourced music tuition - - 52,896
-------------------------- -------------------------- --------------------------
192,356 192,356 241,932
================= ================= =================

The cost of other trading activities was £192,356 (2020: £241,932) of which all £192,356 (2020: £241,932) was unrestricted.

- 26 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

11. Expenditure on charitable activities by fund type

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2021|2020| |£|£|£|£| |Providing education to children aged three| |to eighteen years|4,005,107|1,000|4,006,107|4,341,987| |Support costs|239,322|-|239,322|260,481| |----------------------------- ------------------------ -----------------------------|--------------------------| |4,244,429|1,000|4,245,429|4,602,468| |====================== =================== =======================|====================|

----- End of picture text -----

The expenditure on charitable activities was £4,245,429 (2020: £4,602,468) of which £4,244,429 (2020: £4,601,304) was unrestricted and £1,000 (2020: £1,164) was restricted.

12. Expenditure on charitable activities by activity type

----- Start of picture text -----
|||||| |---|---|---|---|---| |Activities| |undertaken|Total funds|Total fund| |directly Support costs|2021|2020| |£|£|£|£| |Providing education to children aged| |three to eighteen years|4,006,107|206,942|4,213,049|4,560,201| |Governance costs|-|32,380|32,380|42,267| |----------------------------- ----------------------------- ----------------------------- -----------------------------| |4,006,107|239,322|4,245,429|4,602,468| |======================= ======================= ======================= =======================| |13.|Analysis of support costs|

----- End of picture text -----

----- Start of picture text -----
|||||| |---|---|---|---|---| |Total 2021|Total 2020| |£|£| |Premises|150,403|150,185| |Finance costs|56,539|68,029| |Governance costs|32,380|42,267| |----------------------------- -----------------------------| |239,322|260,481| |======================= ======================| |14.|Other Expenditure| |Total 2021|Total 2020| |£|£| |Movement on Deferred Tax account|-|-| |=|===========|=|==========|=| |15.|Net gains on investments| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2021|2020| |£|£|£|£| |Unrealised gain/(loss) on investments|18,075|785|18,860|(1,916)|

----- End of picture text -----

The net gain/loss on investments was £18,860 (2020: £(1,916) ) of which £18,075 (2020: £(2,022) ) was unrestricted and £785 (2020: £106) was restricted.

- 27 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

16. Net income

This is stated after charging/(crediting): 2021 2020
£ £
Depreciation 227,030 232,926
(Gains)/Loss on disposal of fixed assets – 56,874
Bad debts written off in the year – 8,626
Provision for doubtful debts – 39,352
Operating Leases 9,421 15,924
Interest on bank loans and overdrafts 55,970 67,195
Interest on hire purchase agreements 1,661 2,404
================= =================
Auditors remuneration
2021 2019
£ £
Fees payable for the audit of the financial statements 6,282 5,850
======================== ========================
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 4,555 3,742
======================== ========================

17. Auditors remuneration

18. Reserve transfers

A transfer for £35,132 has been made between the revaluation reserve and the general reserve, this is equivalent to the additional depreciation charged as a result of the upwards revaluation of the property.

19. Staff costs

Total staff costs and employee benefits were as follows: 2021 2020
£ £
Wages and salaries 2,486,591 2,612,478
Social security costs 236,062 232,114
Pension Costs 457,849 481,477
-------------------------------------------- ----------------------
3,180,502 3,326,069
================= =================

Included within the wages and salaries costs above is post employment notice pay of £9,670 (2020: staff restructuring costs of £49,667 relating to redundancies ).

The total contributions paid into the Teachers’ Pension Scheme amounted to £423,909 (2020: £444,054), the creditor at the year end was £49,667 (2020: £51,712). The total contributions paid into other defined contribution schemes amounted to £33,940 (2020: £29,052), the creditor for other pensions was £4,094 (2020: £4,156).

- 28 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

19. Staff costs (continued)

Particulars of employees:

The average head count of employees during the year was 100 (2020: 101). The average number of fulltime equivalent employees during the year is analysed as follows:

2021 2020
No No
Teaching staff 58 49
Technician staff 10 9
Administrative staff 11 7
Maintenance staff 4 4
Junior School staff 7 7
Domestic staff 10 6
----------- -----------
100 82
======== ========

The number of employees whose remuneration for the year fell within the following bands, were:

2021 2020
No No
£90,000 - £99,999 1 1
=============== ===============
All other employees earned less than £60,000 in the year.
2021 2020
No No
Accrued benefits under defined benefit pension schemes 1 1
=============== ===============

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation (including Employer’s national insurance contributions and Employer’s pension contributions) paid to key management personnel for services provided to the charity was £658,029 (2020: £650,824).

20. Trustee remuneration and expenses

During the current period and previous period the Trustees received no remuneration.

Austin Friars School have combined indemnity insurance against loss in the parent charity and its subsidiary undertakings from neglect or default of its Trustees, employees or agents. It also has insurance cover to indemnify the Trustees or officers against the consequences of neglect or default on their part. The cost of the insurance cover was £319. (2020: £319). The total cover provided was £2 million (2020: £2 million).

During the current period one Trustee received reimbursement of travel expenses totalling £nil (2020: one Trustee £180).

- 29 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

21. Tangible fixed assets

Group and Company Furniture,
Freehold Astroturf Fittings & Plant &
property Hockey Pitch Equipment Machinery Total
£ £ £ £ £
COST OR VALUATION
At 1 September 2020 9,308,164 961,972 247,453 286,314 10,803,903
Additions - - 6,836 8,718 15,554
Disposals - - - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
At 31 August 2021 9,308,164 961,972 254,289 295,032 10,819,457
================= ================= ================= ================= =================
DEPRECIATION
At 1 September 2020
2,081,752		 261,265 176,878 165,728 2,685,623
Charge for the year 150,403 29,535 21,225 25,867 227,030
Dep’n on disposals - - - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
At 31 August 2021 2,232,155 290,800 198,103 191,595 2,912,653
================= ================= ================= ================= =================
NET BOOK VALUE
At 31 August 2021 7,076,009 671,172 56,186 103,437 7,906,804
================= ================= ================= ================= =================
At 31 August 2020 7,226,412 700,707 70,575 120,586 8,118,280
================= ================= ================= ================= =================

A valuation was performed by Jones Lang LaSalle, 29 King Street, London in July 2015. The buildings were valued using depreciated replacement cost at £6,229,000. The Trustees are not aware of any material change in value and therefore the valuation has not been updated. The property was gifted to the Charity by the Augustinian Order in 2003. The carrying amount that would be recognised had buildings remained under the cost model would be £3,959,837 (Cost: £5,648,017 and Accumulated Depreciation: £1,688,180) (2020: Carrying value £4,072,798, Cost: £5,648,017 and Accumulated Depreciation: £1,575,219).

Freehold land and Buildings include land approximately valued at £1,731,000 which has not been depreciated.

Included within Freehold property is £56,700 of finance costs relating directly to the construction of an asset. As at the year end and the previous year end this asset was fully depreciated.

Finance leases and hire purchase contracts

Included within the carrying value of tangible fixed assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Plant and
machinery
£
At 31 August 2021 28,318
=============================
At 31 August 2020 38,648
=============================

- 30 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

22. Investments

Group and Company

Movement in market value 2021 2020
£ £
Market value at 1 September 2020 93,944 95,861
Additions - -
Fair value movements 18,861 (1,917)
----------------------------- -----------------------------
Market value at 31 August 2021 112,805 93,944
==================== ====================
Historical cost at 31 August 2021 48,815 48,815
==================== ====================
All investments shown above are held at valuation.

Analysis of investments at 31 August 2021 between funds

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
Other investments
Barclays Wealth Units 27,295 - 27,295 20,517
COIF Units 74,422 10,089 85,511 73,427
---------------- ---------------- ---------------- ----------------
102,717 10,089 112,806 93,944
========= ==== ========= ==== ========= ==== ========= ====

The parent charity has one subsidiary undertaking; Austin Friars School Trading Limited (company registration number: 03091390) as the sole member, the subsidiary is included in the group accounts. The principal activity of Austin Friars School Trading Limited is the provision of transport services to Austin Friars School. This subsidiary company is limited by guarantee and incorporated in England & Wales. The address of the registered office is Etterby Scaur, Stanwix, Carlisle, CA3 9PB.

2021 2020
Austin Friars School Trading Limited £ £
Aggregate capital and reserves 57 (539)
Profit/(loss) for the year 596 (1,226)
Turnover 18,706 22,706
Expenditure 18,110 23,932
Gross assets at 31stAugust 645 863
Gross Liabilities at 31stAugust 588 1,402

- 31 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

23. Debtors

Debtors
Group Company
2021 2020 2021 2020
£ £ £ £
Trade debtors 26,573 113,904 26,573
113,904
Trading Company loan – – –
910
Other debtors 6,731 7,427 6,440
6,913
Prepayments and accrued interest 133,650 80,476 133,650
80,476
----------------- ------------------ ------------------ ---------------------
166,954 201,807 166,663
202,203
============= ============= ============= =============

24. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year year
Group Company
2021 2020 2020 2020
£ £ £ £
Bank loans and overdrafts 193,862 187,813 193,862 187,813
Trade creditors 77,276 42,230 77,078 42,128
Taxation and social security 58,090 63,596 58,090 63,596
Pension control account 53,761 55,868 53,761 55,868
Fees paid in advance 525,263 440,302 525,263 440,302
Entrance deposits 90,750 91,250 90,750 91,250
Other creditors 46,306 42,660 46,306 42,660
Accruals 33,680 133,129 33,290 132,739
Hire purchase 11,258 14,406 11,258 14,406
----------------- ----------------- ----------------- -----------------
1,090,246 1,071,254 1,089,658 1,070,762
============ ============ ============= ============

The following liabilities disclosed under creditors falling due within one year are secured by the parent charity and its subsidiary undertakings:

charity and its subsidiary undertakings:
Group Company
2021 2020 2021 2020
£ £ £ £
Hire Purchases 11,258 14,406 11,258 14,406
Bank loans and overdrafts 193,862 187,813 193,862 187,813
_ __ _ __
205,120 202,219 205,120 202,219
============= ============ ============ ============

The Bank loan and bank overdraft are secured by a debenture, this contains a fixed charge and a floating charge over all the property of the group. The carrying value of all the assets of the group is noted on the group balance sheet.

Hire purchase loans are secured on the assets upon which they financed, the net book value of these assets is disclosed in note 21.

- 32 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2021

25. Creditors: Amounts falling due after more than one year

Creditors: Amounts falling due after more than one year than one year
Group
 Company
2021 2020 2021 2020
£ £ £ £
Bank loans and overdrafts 1,660,360 2,054,222 1,660,360 2,054,222
Hire Purchases 18,108 29,366 18,108 29,366
__ _ __ __
1,678,468 2,083,588 1,678,468 2,083,588
============= ============= ============= =============

.

The following liabilities disclosed under creditors falling due after more than one year are secured by the parent charity and its subsidiary undertakings:

Group
 Group
 Company
2021 2020 2021 2020
£ £ £ £
Bank loans 1,660,360 2,054,222 1,660,360 2,054,222
Hire Purchases 18,108 29,366 18,108 29,366
__ _ __ __
1,678,468 2,083,588 1,678,468 2,083,588
============= ============= ============= =============

The loan agreement is for a term of 5 years and has an interest rate of LIBOR plus 2.45% and repayments are made monthly.

The Bank loan is secured by a debenture, this contains a fixed charge and a floating charge over all the property of the group. The carrying value of all the assets of the group is noted on the group balance sheet.

Hire purchase loans are secured on the assets upon which they financed, the net book value of these assets is disclosed in note 21.

26. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

Group and Company

2021 2020
£ £
Not later than 1 year 12,566 16,238
Later than 1 year and not later than 5 years 19,181 31,747
----------------------------- ------------------------
31,747 47,985
Less: future finance charges (2,381) (4,214)
----------------------------- ------------------------
Present value of minimum lease payments 29,366 43,771
============================= ========================

- 33 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

27. Deferred income

Group and Company

2021 2020
£ £
At 1 September 2020 531,552 675,500
Amount released to income from charitable
activities (454,052) (593,500)
Amount deferred in the year 538,513 449,552
---------------------------------- ----------------------------------
Balance as at 31 August 2021 616,013 531,552
================================== ==================================

Deferred income comprises tuition fees paid in advance and entrance deposits held.

28. Pension Scheme

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers' Pension budgeting and valuation account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go 'basis - contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Valuation of the Teachers' Pension Scheme

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found on the Teachers’ Pension Scheme website.

- 34 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

28. Pension Scheme (continued)

Scheme Changes

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

The trustees understand the implementation date has been delayed until 2024.

- 35 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

29. Analysis of charitable funds

Restricted funds – Group and Company

Balance at Incoming Outgoing Gains and Balance at
1 Sep 2020 resources resources losses 31 Aug 2021
£ £ £ £ £
Pat Bailes
Memorial Fund 11,284 276 – 785 12,345
S Graham prizes
for maths and ICT 5,099 38 (50) – 5,087
Bavidge Memorial
Cup 250 – – – 250
Restricted Assets –
Organ 3,639 – (728) – 2,911
Restricted PTA
Donation 2,353 2,533 (2,355) – 2,531
Restricted – Father
Hannon - – – – –
----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------
22,625 2,847 (3,133) 785 23,124
=================== =================== =================== =================== ===================
Restricted funds - Group and Company – prior year
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2019 resources resources losses 31 Aug 2020
£ £ £ £ £
Pat Bailes
Memorial Fund 10,893 285 - 106 11,284
S Graham prizes
for maths and ICT 5,061 38 - - 5,099
Bavidge Memorial
Cup 250 - - - 250
Restricted Assets –
Organ 4,549 - (910) - 3,639
Restricted PTA
Donation 2,607 5,532 (5,786) - 2,353
Restricted – Father
Hannon - 1,359 (1,359) - -
----------------------------- ----------------------------- ----------------------------- ----------------------------- -----------------------------
23,360 7,214 (8,055) 106 22,625
=================== =================== =================== =================== ===================

Name of restricted fund

Description, nature and purpose of fund

Pat Bailes Memorial Fund This fund is held in investments, each year an amount is provided for student prizes.

S Graham prizes for maths & ICT

Bavidge Memorial Cup Restricted assets – Organ

Restricted PTA Donation

This is moneys held for the purposes of prize giving.

This is moneys held for the purposes of prize giving.

This is an organ which was purchased using a donation from the Father Hannon Trust.

The PTA provides funding each year for approved items requested by teachers and pupils.

Restricted – Father Hannon This is funding provided by the Father Hannon Trust for music related expenditure.

- 36 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

29. Analysis of charitable funds (continued)

Unrestricted funds - Group Unrestricted funds - Group
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2020 resources resources
Transfers		 losses 31 Aug 2021
£ £ £ £ £ £
General Funds 3,082,337 4,690,293 (4,436,785)
35,132		 18,075 3,389,052
Revaluation
Reserve 2,755,073 - - (35,132) - 2,719,941
---------------------------- ---------------------------- ---------------------------- ------------------------- --------------------------- ---------------------------
5,837,410 4,690,293 (4,436,785)
-		 18,075 6,108,993
===================== ====================== ====================== ==================== ==================== ====================
Unrestricted funds – Group – prior year
Balance at Incoming Outgoing Gains and Balance at
1 Sep 2019 resources resources
Transfers		 losses 31 Aug 2020
£ £ £ £ £ £
General Funds 2,859,239 5,033,224 (4,843,236)
35,132		 (2,022) 3,082,337
Revaluation
Reserve 2,790,206 - - (35,132) - 2,755,073
---------------------------- ---------------------------- ---------------------------- ------------------------- --------------------------- ---------------------------
5,649,445 5,033,224 (4,843,236)
-		 (2,022) 5,837,410
===================== ====================== ====================== ==================== ==================== ====================

Name of restricted fund Description, nature and purpose of fund General funds The ‘free’ reserves after allowing for all designated funds. Revaluation reserve This is the excess of the latest revaluation of the property less depreciated replacement cost.

Unrestricted funds - Company

Balance at
Incoming		 Outgoing Gains and Balance at
1 Sep 2020 resources resources
Transfers		 losses 31 Aug 2021
£ £ £ £ £ £
General Funds
reserve 3,082,876
4,690,293		 (4,437,381)
35,132		 18,075 3,388,995
Revaluation
Reserve 2,755,073
-		 - (35,132) - 2,719,941
---------------------------- ---------------------------- ---------------------------- ------------------------- --------------------------- ---------------------------
5,787,949
4,690,293		 (4,437,381)
-		 18,075 6,108,936
===================== ====================== ====================== ==================== ==================== ====================

- 37 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

29. Analysis of charitable funds (continued)

Unrestricted funds – Company – Unrestricted funds – Company – prior year
Balance at
Incoming		 Outgoing Gains and Balance at
1 Sep 2019 resources resources
Transfers		 losses 31 Aug 2020
£ £ £ £ £ £
General Funds 2,858,551
5,033,224		 (4,842,010)
35,132		 (2,022) 3,082,876
Revaluation
Reserve 2,790,206
-		 - (35,132) - 2,755,073
---------------------------- ---------------------------- ---------------------------- ------------------------- --------------------------- ---------------------------
5,648,757
5,033,224		 (4,842,010)
-		 (2,022) 5,787,949
===================== ====================== ====================== ==================== ==================== ====================

30. Analysis of net assets between funds

Group

Group
Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 10,089 2,255 - - 12,344
S Graham Prizes for maths & ICT - - 5,088 - - 5,088
Bavidge Memorial Cup - - 250 - - 250
Restricted Fixed Assets – Organ 2,911 - - - - 2,911
Restricted PTA Donation 2,131 - 400 - - 2,531
Restricted – Father Hannon - - - - - -
______ ______ ______ ______ ______ ______
5,042 10,089 7,993 - - 23,124
__ ______ ______ ___ ______ __
Unrestricted Income Funds 7,901,762 102,716 873,229 (1,090,246) (1,678,468) 6,108,993
__ ______ ______ ___ ______ __
Total Funds 7,906,804 112,805 881,222 (1,090,246) (1,678,468) 6,132,117
========== ====== =========== ============ ================== ============ ===============
Company
Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 10,089 2,255 - - 12,344
S Graham Prizes for maths & ICT - - 5,088 - - 5,088
Bavidge Memorial Cup - - 250 - - 250
Restricted Fixed Assets – Organ 2,911 - - - - 2,911
Restricted PTA Donation 2,131 - 400 - - 2,531
Restricted – Father Hannon - - - - - -
______ ______ ______ ______ ______ ______
5,042 10,089 7,993 - - 23,124
__ ______ _ ___ ______ ___
Unrestricted Income Funds 7,901,762 102,716 872,584 (1,089,658) (1,678,468) 6,108,936
__ ______ _ ___ ______ ___
Total Funds 7,906,804 112,805 880,577 (1,089,658) (1,678,468) 6,132,060
========== ====== ============ ============= ================== ============ =================

- 38 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

30. Analysis of net assets between funds (continued)

Analysis of net assets between funds – Prior Year Group

Group
Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,304 1,979 - - 11,283
S Graham Prizes for maths & ICT - - 5,100 - - 5,100
Bavidge Memorial Cup - - 250 - - 250
Restricted Fixed Assets – Organ 3,639 - - - - 3,639
Restricted PTA Donation 2,353 - - - - 2,353
Restricted – Father Hannon - - - - - -
______ ______ ______ ______ ______ ______
5,992 9,304 7,329 - - 22,625
__ ______ ______ __ ___ __
Unrestricted Income Funds 8,112,288 84,640 795,324 (1,071,254) (2,083,588) 5,837,410
__ _ ______ ___ ___ __
Total Funds 8,118,280 93,944 802,653 (1,071,254) (2,083,588) 5,860,035
===== =========== ============ ============= ================= ================== ===============
Company
Tangible Investments Current Current Long Term Total
Fixed Assets Assets Liabilities Liabilities
Restricted Income Funds: £ £ £ £ £ £
Pat Bailes Memorial fund - 9,304 1,979 - - 11,283
S Graham Prizes for maths & ICT - - 5,100 - - 5,100
Bavidge Memorial Cup - - 250 - - 250
Restricted Fixed Assets – Organ 3,639 - - - - 3,639
Restricted PTA Donation 2,353 - - - - 2,353
Restricted – Father Hannon - - - - - -
______ ______ ______ ______ ______ ______
5,992 9,304 7,329 - - 22,625
__ ______ ______ __ ___ __
Unrestricted Income Funds 8,112,288 84,640 795,371 (1,070,762) (2,083,588) 5,837,949
__ ______ ______ ___ ___ __
Total Funds 8,118,280 93,944 802,700 (1,070,762) (2,083,588) 5,860,574
================ ============= ============= ================== ================== =================

- 39 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

31. Financial Instruments

The carrying amount for each category of financial instrument is as follows:

2021 2020
£ £
Financial assets measured at fair value through income and expenditure
Listed investments 112,805 93,944
════════ ════════

32. Operating lease commitments

At 31 August 2021 the total future minimum lease payments under non-cancellable operating leases for the parent charity and its subsidiary are as follows:

Assets other than

Land and buildings

Group Company
2021 2020 2021 2020
Restated
£ £ £ £
Not later than 1 year 5,670 5,643 4,219 2,411
Later than 1 year and not later than 5 years 15,436 1,811 15,436 1,811
Later than 5 years - - - -
______ _____ _____ ______
21,106 7,454 19,655 4,222
============ =========== =========== ============

33. Government grants

Group and Company

The amounts recognised in the financial statements for government grants are as follows:

2021 2020
£ £
Recognised in income from donations and legacies:
Coronavirus Job Retention Scheme Grants 324,754 371,129
══════════ ══════════

34. Analysis of changes in net debt

At 1 Sep 2020 Cash flows At 31 Aug 2021
£ £ £
Cash at bank and in hand 600,846 113,424 714,270
Debt due within one year (202,219) (2,901)
(205,120)
Debt due after one year (2,083,588) 405,120 (1,678,468)
──────────── ──────────
────────────
(1,684,961) 515,643 (1,169,318)
════════════ ══════════
════════════

- 40 -

Austin Friars

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 August 2021

35. Related parties

In addition to the related party transactions listed in notes 19 and 20, the following transactions occurred:Austin Friars Development Fund, a connected charity gave grants to Austin Friars School totalling £3,653 (2020: £15,594).

Austin Friars St Monica's School Parent Teacher Association, a connected charity donated £2,533 (2020: £5,532) to Austin Friars School to use on certain items/ projects.

Four of the Trustees, Mrs J Graham, Mr M Walby, Mr S Mitton and Mr N Elsender and five members of Key Management Personnel, Mr M Harris, Mr D Harte, Mr M Robinson, Mr S Parry and Miss K Quinn had children attending the school during the year. All transactions were on normal commercial terms and no preferential rates or terms were received by the Trustees, key management personnel received discounts on fees on the same basis as all other members of staff.

During the year Integrated Risk Management Ltd, a company in which Mr N Elsender (a Trustee of the school) was a director, invoiced the company for services totalling £nil (2020: £1,830). At the year end £nil (2020: £131) was owing to Integrated Risk Management Ltd . In addition CTS Statutory Inspections Limited, another company of which Mr N Elsender is a director, invoiced the school £653 during the year (2020: £828).

During the year Burnetts Solicitors, a company in which Mr M Walby (a Trustee of the school) was a partner, invoiced the company for services totalling £623 (2020: £4,767).

- 41 -