| Message from the Chair ofGovernors .. | Message from the Chair ofGovernors .. | ||||
|---|---|---|---|---|---|
| Report ofthe Trustees for the year ended | 31 July 2021 | ||||
| Objectives .. | |||||
| Aims.. | |||||
| Report on objectives to date . | |||||
| Overview of2020/2 1 .. | 10 | ||||
| Financial Review. |
...13 | ||||
| Statement ofGovernors' Responsibilities |
.............................................................. | ||||
| Independent Auditoys Report to the |
Members ofHereford | Cathedral | School .. | ||
| Consolidated Statement of Financial |
Activities for the year | ended 31 | July 2021 | ..... 19 | |
| Balance sheets as at 31 July 2021 . | ......20 | ||||
| Consolidated Cash Flow Statement |
for the Year Ended 31 | July 2021.. | ......21 | ||
| Notes to the Financial Statements .. | ......22 |
| Unrestricted | Restricted | Permanent | Designated | Total funds | Total funds | |||
|---|---|---|---|---|---|---|---|---|
| funds | funds | endowment | Funds | 2021 | 2020 | |||
| fund 8 |
restatedf | |||||||
| INCOIIIIE &ENDOWMENTS | FROM | |||||||
| Charitable activities |
||||||||
| School fees | 2 | 8,772,037 | 8,772,037 | 8,153,700 | ||||
| receivable | ||||||||
| Ancillary trading |
3 | 649,928 | 62,310 | 712,238 | 704,210 | |||
| income | ||||||||
| Other educational | 3 | 7,737 | 7,737 | 7,225 | ||||
| income | ||||||||
| Voluntary sources | ||||||||
| Donations and | 8,633 | 240,202 | 29,651 | 278,486 | 256,340 | |||
| legacies | ||||||||
| Investments | ||||||||
| income from | 4 | 1,811 | 12,865 | 9,501 | 24,177 | 30,489 | ||
| investments | ||||||||
| Other trading | ||||||||
| activities | ||||||||
| Non-ancittary trading |
5 | 432,380 | 432,380 | 521,325 | ||||
| income | ||||||||
| TOTAL INCOMING | 9,672,526 | 253,067 | 9,501 | 91,961 | 10,227,055 | 9,673,289 | ||
| RESOURCES | ||||||||
| EXPENDITURE ON | ||||||||
| Raising funds | 8 | 107,265 | 7,475 | 5,183 | 119,923 | 111,901 | ||
| Charitable activities |
||||||||
| Schools and | 8 | 8,963,624 | 215,626 | 9,179,250 | 8,922,783 | |||
| educations | ||||||||
| Schoot trips and | 8 | 88,080 | 23,958 | 112,038 | 305,540 | |||
| activities | ||||||||
| 9,158,969 | 223,101 | 5,183 | 23,958 | 9,411,211 | 9,341,224 | |||
| Financing costs | ||||||||
| interest | 10 | 119,098 | 119,098 | 149,042 | ||||
| TOTAL EXPENDITURE | 9,278,067 | 223,101 | 5,183 | 23,958 | 9,530,309 | 9,490,266 | ||
| Net income from | 594,459 | 29,966 | 4,318 | 68,003 | 696,746 | 183,023 | ||
| operations before |
||||||||
| investment gains I |
||||||||
| (losses) | ||||||||
| Net gains I (losses) | 121,971 | 103,498 | 225,469 | (82,560) | ||||
| on investments | ||||||||
| Transfers between |
18,478 | (14,160) | (4,318) | |||||
| funds | ||||||||
| NET MOVEMENT | IN | 612,937 | 137,777 | 103,498 | 68,003 | 922,215 | 100,463 | |
| FUNDS | ||||||||
| Total funds brought | 4,233,028 | 1,092,184 | 512,445 | 5,837,657 | 5,737,194 | |||
| forward (restated) | ||||||||
| Total funds carried | 4,845,965 | 1,229,961 | 615,943 | 68,003 | 6,759,872 | 5,837,657 | ||
| forward | ||||||||
| The notes on | pages 22 to | 34form part ofthese financial | statements. |
| BALANCE SHE | ET AS AT 31JU | LY | 2021 | |||
|---|---|---|---|---|---|---|
| Group | Group | School | School | |||
| 2021 | 2020 | 2021 | 2020 | |||
| 8 | 5 | |||||
| FIXEDASSETS | ||||||
| Tangible assets | 12 | 8,290,165 | 8,283,085 | 8,084,561 | 8,044,742 | |
| investments | 13 | 1,466,785 | 1,245,768 | 1,466,787 | 1,245,769 | |
| 9,756,950 | 9,528,853 | 9,551,348 | 9290511 | |||
| CURRENT ASSETS | ||||||
| Debtors | 14 | 293,109 | 477,843 | 556,418 | 741,362 | |
| Cash at bank and in hand | 1,466,311 | 181,616 | 1,466,330 | 181,616 | ||
| 1,759,420 | 659,459 | 2,022,748 | 922,978 | |||
| CURRENT LIABILITIES | ||||||
| Amounts falling due within one year |
15 | 1,604,592 | 1,552,272 | 1,604,592 | 1,552,272 | |
| NET CURRENT ASSETSI(LIABILITIES) | 154,828 | 892,813 | 418,156 | 629294 | ||
| TOTAL ASSETSLESS | CURRENT LIABILITIES | 9,911,778 | 8,636,040 | 9,969,504 | 8,661,217 | |
| LONG-TERM LIABILITIES | ||||||
| Amounts falling due after more than one year |
16 | (3,151,906) | (2,798,383) | (3,151,906) | (2,798,383) | |
| NET ASSETS | 6,759,872 | 5,837,657 | 6,617,598 | 5,862,834 | ||
| CAPITAL AND RESERVES | ||||||
| Permanen! endowment | fund | 20 | 615,943 | 512,445 | 615,943 | 512,445 |
| Restricted fund | 19 | 1,229,961 | 1,092,184 | 1,229,961 | 1,092,184 | |
| Unrestricted fund |
22 | 4,845,965 | 4,233,028 | 4,903,691 | 4,258,205 | |
| Designated fund |
21 | 68,003 | - | 68003 | ||
| TOTALFUNDS | 6,759,872 | 5,837,657 | 6,617,598 | 5,862,834 |
| JULY 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021f | 2020 6 |
||||||||
| NET CASH INFLOW FROM OPERATIONS | 1,255,407 | 742,653 | |||||||
| RETURNS ON INVESTMENT AND | SERVICING OF FINANCE | ||||||||
| Dividend income | 22,366 | 29,378 | |||||||
| Investment income receipts |
1,811 | 1,111 | |||||||
| Interest on bank loans | 109,213 | 12669T | |||||||
| (85,036) | (96,208) | ||||||||
| CAPITAL EXPENDITURE AND FINANCIAL | INVESTIIIIENT | ||||||||
| Payments to acquire tangible fixed |
assets | (413,346) | (477,634) | ||||||
| Payments to acquire fixed assets investments |
4,453 | 8,162 | |||||||
| (408,893) | (485,796) | ||||||||
| 761,478 | 160,649 | ||||||||
| FINANCING | |||||||||
| Advance fees scheme | |||||||||
| Receipts from new contracts | 14,443 | 185,337 | |||||||
| Utilised during the year | (261,821) | (433,077) | |||||||
| New loans | 1,000,000 | ||||||||
| Capital element ofbank loans repaid | 229,405 | 184605 | |||||||
| 523,217 | (432,345) | ||||||||
| CHANGE IN CASH AND CASH EQUIVALENTS |
IN THE | PERIOD | 1,284,695 | 271,696 | |||||
| CASH AND CASH EQUIVALENTS | AT START OF PERIOD | 181,616 | 453,312 | ||||||
| CASH AND CASH EQUIVALENTS | AT END | OF PERIOD | 1,466,311 | 181,616 | |||||
| NOTES TO THE CONSOLIDATED | CASH FLOW | ||||||||
| (i) Reconciliation ofoperating |
surplus to | net cash | |||||||
| Netincoming resources |
922,215 | 100,463 | |||||||
| Returns oninvestments and servicing oflinance |
85,036 | 96,208 | |||||||
| Loss /(gain) on investments |
225,469 | 82560 | |||||||
| Operating surplus |
781,782 | 279,231 | |||||||
| Depreciation | 406,266 | 370,056 | |||||||
| Decrease in debtors | 164,734 | 173,213 | |||||||
| (Decrease) in creditors | 117,375 | 9,847 | |||||||
| 473,625 | 463,422 | ||||||||
| Net cash inflow from operating | activities | 1,255,407 | T42,653 | ||||||
| (ii) Reconciliation in net debt |
|||||||||
| At 1 | August | Cash flows | Non-cash | At 31July | |||||
| 2020 | changes | 2021 | |||||||
| Cash at bank and in hand | 181,616 | 1,284,695 | 1,466,311 | ||||||
| Debt due within one year | (233,349) | 233,349 | (396,410) | (396,410) | |||||
| Debt due after more than one year | (2,316,262) | (1,003,944) | 396,410 | (2,923,796) | |||||
| (2,367,995) | 514,100 | (1,853,895) |
| School Fee Income | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| 6 | |||||
| Gross fees | 9,925,285 | 9,469,562 | |||
| I ess:Total bursaries, | scholarships, | allowances | and discounts | 1,368,874 | 1500122 |
| 8,556,411 | 7,969,440 | ||||
| Add back: Bursaries | paid from restricted funds | 215,626 | 184,260 | ||
| 8772,037 | 8,153,700 |
| 3 | Other Ch | aritable | Incom | e | ||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| (Restated) | ||||||
| 6 | 5 | |||||
| Other educational | income | |||||
| Entrance fees | 7,737 | 7,225 | ||||
| Ancillary | trading | income | ||||
| Meals | 210,791 | 185,185 | ||||
| School | trips, activities, | tuition and transport | 501,447 | 519025 | ||
| 712,238 | 704,210 | |||||
| 4 | Investment Income |
|||||
| 2021 | 2020 | |||||
| 6 | ||||||
| Bank deposit account interest | 1,811 | 1,111 | ||||
| Dividend | income | 22 366 | 29378 | |||
| 24,177 | 30,489 | |||||
| 5 | Other trading activities | |||||
| 2021 | 2020 | |||||
| 6 | ||||||
| Teacherrelease | 4,222 | 694 | ||||
| Rent and | hire ofschool facilities | 11,507 | 23,753 | |||
| Hire ofsports hall | 6,331 | 9,567 | ||||
| Educations activities |
400 | |||||
| Coronavirus job retention |
scheme grant | 332,063 | 428,809 | |||
| Insurance | claim | 53,564 | ||||
| Other | 24,693 | 58,102 | ||||
| 432,380 | 521,325 |
| Support costs | |||
|---|---|---|---|
| 2021 | 2020 | ||
| 6 | 8 | ||
| Wages and salaries Legal and professional |
fees | 365,835 46,567 |
428,506 121,420 |
| Insurance | 85,939 | 54,998 | |
| Advertising and marketing |
32I113 | 43,801 | |
| Health and safety | 12,049 | 448 | |
| Telephone | 23,809 | 22,744 | |
| Printing, postage and |
stationery | 10,921 | 10,157 |
| Computer expenses | 41,668 | 4,741 | |
| Bank charges | 31,821 | 24,244 | |
| Miscellaneous | 605 | 31,320 | |
| 651,327 | 742,379 |
| 10 Interest |
||||||
|---|---|---|---|---|---|---|
| 2021 f |
2020 | |||||
| Bank loans for the purchase ofproperty | 109,213 | 126,697 | ||||
| Fees in advance agreements | 9,885 | 22345 | ||||
| 119,098 | 149,042 | |||||
| 11 Net incoming resources |
||||||
| Net income is presented | after charging the | following: | ||||
| 2021f | 2020 | |||||
| Depreciation oftangible |
lixed assets | 406,266 | 370,056 | |||
| Operating lease rentals |
||||||
| Land and buildings | 361,047 | 303,650 | ||||
| Equipment | 112,940 | 102,541 | ||||
| Auditors' remuneration |
||||||
| Audit services | 19,320 | 16,840 | ||||
| Non-audit services |
10,214 | 24,600 | ||||
| 12 Tangible fixed assets |
||||||
| Group | Freehold | Short | Long | Fixtures, | ||
| land and | leasehold | leasehold | fittings, | |||
| buildings | buildings | buildings | equipment | |||
| and vehicles | Total | |||||
| Cost | ||||||
| At 1 August 2020 | 4,497,447 | 808,791 | 3,774,361 | 1,640,662 | 10,721,261 | |
| Additions | 136,285 | 53,647 | 29,249 | 194,165 | 413,346 | |
| Disposals | (15,000) | (15,000) | ||||
| Adjustment | 9960 | 9 960 | ||||
| At 31July 2021 | 4,633,732 | 862,438 | 3,803,610 | 1,829,787 | 11,129,567 | |
| Depreciation | ||||||
| At 1 August 2020 | 70,733 | 378,507 | 1,133,365 | 855,571 | 2,438,176 | |
| Charge for the year | 50,929 | 33,537 | 119,129 | 202,671 | 406,266 | |
| On disposals | (15,000) | (15,000) | ||||
| Adjustment | 9 960 | 9960 | ||||
| At 31July 2021 | 121,662 | 412,044 | 1,252,494 | 1,053,202 | 2,839,402 | |
| Net book value | ||||||
| At 31July 2020 | 4,426,714 | 430,284 | 2,640,996 | 785,091 | 8,283,085 | |
| At 31July 2021 | 4,512,070 | 450 394 | 2 551 116 | 776,585 | 8,290.165 |
| 12 Tangible fixed assets |
12 Tangible fixed assets |
12 Tangible fixed assets |
|||||
|---|---|---|---|---|---|---|---|
| School | Freehold | Short | Long | Fixtures, | |||
| land and | leasehold | leasehold | fittings, | ||||
| buildings | buildings | buildings | equipment | ||||
| and vehicles | |||||||
| Total | |||||||
| 6 | |||||||
| Cost | |||||||
| At 1 August | 2020 | 4,497,447 | 808,996 | 3,774,361 | 1,369,931 | 10,450,735 | |
| Additions | 136,285 | 53,647 | 29,249 | 194,165 | 413,346 | ||
| Disposals | (15,000) | (15,000) | |||||
| Adjustment | 9960 | 9 960 | |||||
| At 31July 2021 | 4,633,732 | 862,643 | 3,803,610 | 1,559,056 | 10,859,041 | ||
| Depreciation | |||||||
| At 1 August | 2020 | 70,733 | 378,712 | 1,133,365 | 823,183 | 2,405,993 | |
| Charge forthe | year | 50,929 | 33,537 | 119,129 | 169,932 | 373,527 | |
| On disposals | (15,000) | (15,000) | |||||
| Adjustment | 9960 | 9,960 | |||||
| At31 July2021 | 121,662 | 412,249 | 1,252,494 | 988,075 | 2,774,480 | ||
| Net book value | |||||||
| At 31 July 2020 | 4,426,714 | 430,284 | 2,640,996 | 546,748 | 8,044,742 | ||
| At31 July2021 | 4,512,070 | 450,394 | 2,551,116 | 570,981 | 8,084,561 | ||
| The adjustment to fixed assets of89,960, corrects a small depreciation. The overall effect on fixed assets isfNil. |
historic difference | between cost | and accumulated |
| Philpotts | Music | Bursary | 2021 | |||
|---|---|---|---|---|---|---|
| educational | bursary | fund | Total | |||
| charity | fund | |||||
| 6 | ||||||
| Market value | ||||||
| At 1 August | 2020 | 532,225 | 403,360 | 310,183 | 1,245,768 | |
| Additions | 130,140 | 28,234 | 69,608 | 227,982 | ||
| Disposals | (83,095) | (42,221) | (47,986) | (173,302) | ||
| Gains I(losses) | 103,498 | 62,587 | 59,384 | 225,469 | ||
| Movement | in cash | 42,726 | 4,098 | 20,504 | 59,132 | |
| At31 July2021 | 640,042 | 456,058 | 370,685 | 1,466,785 | ||
| Split as | ||||||
| Investments | held | 625,309 | 430,922 | 361,339 | 1,417,570 | |
| Cash and pending | settlements | 14733 | 25,136 | 9,346 | 49,215 | |
| At31 July2021 | 640,042 | 456,058 | 370,685 | 1,466,785 | ||
| Investment | in subsidiary | |||||
| Total investments | held | 1,466,787 |
| 14 Debtors |
|||||||
|---|---|---|---|---|---|---|---|
| Group | Group | School | School | ||||
| 2021f | 2020f | 2021 | 2020f | ||||
| School fees | 161,310 | 253,201 | 161,310 | 253,201 | |||
| School fee extras | 57,811 | 7,608 | 57,811 | 7,608 | |||
| Other debtors | 15,039 | 1,267 | 15,039 | 1,267 | |||
| Prepayments and accrued income |
58,949 | 215,767 | 58,949 | 215,767 | |||
| Amounts owed by subsidiary |
263309 | 263519 | |||||
| 293,109 | 477,843 | 556,418 | T41,362 | ||||
| School fees are stated atter impairment | provisions | totalling f150,000(2020:f150,000). | |||||
| 15 Creditors Amounts |
falling | due | within one | year | |||
| Group and School | |||||||
| 2021f | 2020f | ||||||
| Instalments due on bank loans |
396,410 | 233,349 | |||||
| Trade creditors | 214,857 | 73,938 | |||||
| Taxation and social security | 112,615 | 113,548 | |||||
| Other creditors | 43,873 | 128,985 | |||||
| Accruals | 330,842 | 405,537 | |||||
| Deferred income | 216,304 | 348,420 | |||||
| Feesin advance | 129,024 | 122,390 | |||||
| Registration deposits |
160,667 | 126,105 | |||||
| 1,604,592 | 1,552,272 | ||||||
| Defened income | |||||||
| 2021f | |||||||
| Balance brought forward | 348,420 | ||||||
| Amounts received during the year |
216,304 | ||||||
| Amounts utilised in the payment |
offees | 348 240 | |||||
| Balance cerned forward |
216,304 | ||||||
| Deferred income comprises | ofoverseas | tuition fees paid in advance ofthe start ofterm. | |||||
| 16 Creditors Amounts |
falling | after | more than | one year | |||
| Group and School | |||||||
| 2021f | 2020f | ||||||
| Instalments due on bank loans Feesin advance |
2,923,796 228,110 |
2,316,262 482,121 |
|||||
| 3,151,906 | 2,798,383 | ||||||
| llllaturity ofbank loans | |||||||
| Due within one year | 396,410 | 233,349 | |||||
| Due between one and two years | 466,383 | 246,380 | |||||
| Due between two and five |
years | 842,291 | 447,559 | ||||
| Due after five years | 1,615122 | 1,622323 | |||||
| 3,320,206 | 2,549,611 |
| Group and Scho | ol | |||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| 8 | ||||||||
| Within one year Between one and |
two years | 129,024 109,178 |
122,390 250,527 |
|||||
| Between two and | five years | 118,932 | 112,405 | |||||
| ARer more than 5 | years | 119,189 | ||||||
| 357,134 | 604511 | |||||||
| Balance at 1 August 2020 | 604,511 | |||||||
| Amount received |
in the year | 14,444 | ||||||
| Amount utilised in Capital repaid |
the payment | offees | (204,264) ~57557. |
|||||
| Balance at 31 July 2021 | 357,134 | |||||||
| 8 Analysis ofnet assets between |
funds | |||||||
| Permanent | Restricted | Unrestricted | Designated | Total | ||||
| endowment | funds | funds | funds | |||||
| fund | ||||||||
| Group | ||||||||
| Tangible fixed assets | 8,290,165 | 8,290,165 | ||||||
| Investments | 640,041 | 826,744 | 1,466,785 | |||||
| Net current assets | (24,098) | 403,217 | (292,294) | 68,003 | 154,828 | |||
| Net long term liabilities | 3151,906 | 3,151,906 | ||||||
| 615943 | 1,229,961 | 4845,965 | 68003 | 6,759872 | ||||
| School | ||||||||
| Tangible fixed assets | 8,084,561 | 8,084,561 | ||||||
| Investments | 640,041 | 826,744 | 2 | 1,466,787 | ||||
| Net current (liabilities) Iassets | (24,098) | 403,217 | (28,966) | 68,003 | 418,156 | |||
| Net long term (liabilities) | 3151,906 | 3151906 | ||||||
| 615,943 | 1,229,961 | 4,903,691 | 68,003 | 6,817,598 |
| 27 Analysis ofnet assets between |
27 Analysis ofnet assets between |
funds —prior year | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Permanent | Total | |||
| funds | funds | endowment | ||||
| fund | ||||||
| Group | ||||||
| Tangible fixed assets | 8,283,085 | 8,283,085 | ||||
| Investments | 532,226 | 713,542 | 1,245,768 | |||
| Net current (liabilities) I | assets | (19,781) | 378,642 | (1,251,674) | (892,813) | |
| Net long term (liabilities) | Iassets | 2 798383 | 2,798,383 | |||
| 512,445 | 1,092184 | 4233028 | 5837,657 | |||
| 28 Statement ofFinancial Activities for the year ended 31July 2020 (restated) |
||||||
| Unrestricted | Restricted | Permanent | Total funds | Total funds 2019 | ||
| funds | funds | endowment | 2020 | |||
| fund 6 |
8 | f | ||||
| INCOIIIIE &ENDOWMENTS | FROM | |||||
| Charitable activities |
||||||
| School fees receivable | 8,153,700 | 8,153,700 | 8,146,252 | |||
| Ancillary tradingincome |
704,210 | 704,210 | 1,109,238 | |||
| Other educational income |
7,225 | 7,225 | 6,300 | |||
| Voluntary sources | ||||||
| Donations and legacies | 256,340 | 256,340 | 64,380 | |||
| Investments | ||||||
| Income from investments | 1,996 | 17,316 | 11,177 | 30,489 | 30,323 | |
| Other trading activities |
||||||
| Non-ancillary tradingincome |
521,325 | 521,325 | 128,278 | |||
| TOTAL INCOIIIIING RESOURCES | 9,388,456 | 273 656 | 11,177 | 9673,289 | 9,484 771 | |
| EXPENDITURE ON | ||||||
| Raising funds | 100,724 | 6,634 | 4,543 | 111,901 | 134,428 | |
| Charitable activities |
||||||
| Schoo/s and educations School trips and activities |
8,738,523 306,540 |
184,260 | 8,922,783 306,540 |
8,616,972 552,784 |
||
| 9,145,787 | 190,894 | 4,543 | 9,341,224 | 9,304,184 | ||
| Financing costs | ||||||
| Interest | 149,042 | 149,042 | 125,973 | |||
| TOTAL EXPENDITURE | 9,294,829 | 190,894 | 4,543 | 9,490266 | 9,430157 | |
| Net income from operations before investment (losses)l |
93,627 | 82,762 | 6,634 | 183,023 | 54,614 | |
| gains | ||||||
| Net (losses) Igains on investments |
(49,440) | (33,120) | (82,560) | 44,612 | ||
| Transfers between funds |
6,785 | (6,785) | ||||
| NET MOVEMENT IN FUNDS |
100,412 | 33,322 | (33,271) | 100,463 | 99,226 | |
| Total funds brought forward |
4,132,616 | 1,058,862 | 545,716 | 5,737,194 | 5,637,968 | |
| Total funds carried forward | 4,233,028 | 1,092,184 | 512,445 | 5,837,657 | 5,737,194 |