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|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|
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||||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)|
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|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|
##
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|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|