| Message from the Chair ofGovernors. |
Message from the Chair ofGovernors. |
......3 | |
|---|---|---|---|
| Report ofthe Trustees for the year ended 31July 2022.. | .......4 | ||
| Objectives .. | ......8 | ||
| Aims. | ......8 | ||
| Report on objectives to date. | ......9 | ||
| Overview of2021/22 .. | ....10 | ||
| Financial Review... | .....12 | ||
| Statement ofGovernom' Responsibilities. . |
.....14 | ||
| Independent Auditors Report to the |
Members ofHemford Cathedral | School. | ....I5 |
| Consolidated Statement ofFinancial |
Activities for the year ended 31 | July 2022.. | ....18 |
| Balance sheets as st31July 2022.. | ....I9 | ||
| Consolidated Cash Flow Statement |
forthe Year Ended 31 July 2022.. | .....20 | |
| Notes to the Financial Statements .. | .....21 |
| Unrestricted | Restricted | Permanent | Designated | Totalfunds | Total funds | |||
|---|---|---|---|---|---|---|---|---|
| funds | funds | endowment | Funds | 2022 | 2021 | |||
| fund | ||||||||
| INCOME 6ENDOWMENTS | FROM | |||||||
| Charitable acgvilies |
||||||||
| School fees | 9,713,346 | S,772,037 | ||||||
| receivebb | ||||||||
| Ancillerfr fmding | 11,773 | 1,110,19$ | 712,238 | |||||
| income | ||||||||
| Other edvcalionel | 3 | 11,925 | 11,926 | 7,737 | ||||
| income | ||||||||
| Voluntary sources | ||||||||
| Donations and | 343.424 | 22,660 | 3$8,104 | 278,466 | ||||
| legacies | ||||||||
| Investments | ||||||||
| Income from | 4 | 1,840 | 13,419 | 9,366 | 24,625 | 24,177 | ||
| investments | ||||||||
| Other usding | ||||||||
| activities | ||||||||
| Non-ancifery trading |
5 | 40,539 | 40,639 | 432,380 | ||||
| income | ||||||||
| TOTAL INCOSSNG | 1$,866,076356,843 | 9,3ee | 34,463 | 11,2$$,738 | f0,227,055 | |||
| RE8OURCES | ||||||||
| EXPENDITURE ON | ||||||||
| Raising funds | 8 | 107,006 | 8,259 | 5,458 | 120,723 | 119,923 | ||
| Charitable acgvltlss | ||||||||
| Schools and | 8 | 9,984,446 | 290,267 | 10,274,713 | 9,179,250 | |||
| educations | ||||||||
| School trips and | 8 | 214,393 | 11,746 | 226,13$ | ff2,03S | |||
| acli vi fies | ||||||||
| 10,305,845 | 298,526 | 5,458 | 11,746 | 10,621,576 | 9.4ff,211 | |||
| Financing costs | ||||||||
| Internet | 10 | 135,389 | 13S.36$ | II0.098 | ||||
| TOTAL EXPENDITURE | 10441234 | 29$$28 | 5 | e | 11746 | 10766984 | 0,530309 | |
| Net Income from | 424,842 | 58,317 | 3,90S | 22,707 | 509,774 | 095,748 | ||
| operations before |
||||||||
| Invesbnent gains I |
||||||||
| (losses) | ||||||||
| Net (losses) Igains on invesunents |
(71,004) | (30,667) | (101,871) | 225,469 | ||||
| Traaefsm between | (10,252) | 14,160 | (3,906) | |||||
| funds | ||||||||
| NETISOVEMENTIN | 414,5901,473 | (30,887) | 22,707 | 408,103 | 922,215 | |||
| FUNDS | ||||||||
| Total funds brought | 4,845,965 | 1.229,961 | 615,943 | 68,003 | 6,759,872 | 5,837,657 | ||
| forward | ||||||||
| Total funds canted | 5,260,555 | 1,231/34 | 585,276 | 90,710 | 7,187,975 | 5,759,872 | ||
| forward |
| HEREFORD CATHEDRAL SCHOOL | HEREFORD CATHEDRAL SCHOOL | HEREFORD CATHEDRAL SCHOOL | ||||
|---|---|---|---|---|---|---|
| Annual | Report snd Finanaal | Statements | ||||
| Year ended | 31 July 2022 | |||||
| BALANCE SHEET AS AT | 31JULY | 2022 | ||||
| Group | Group | School | School | |||
| 2822 E |
2021f | 2022 E |
2021f | |||
| FIXEDASSETS | ||||||
| Tangible assets | 12 | 8,543,038 | 8,290,185 | 8,370,174 | 8,084,561 | |
| investments | 13 | 1 360022 | 1466 785 | 'I 360024 | 1468787 | |
| 9903060 | 9 755950 | 9730198 | 9551348 | |||
| CURRENTASSETS | ||||||
| Deblors | 14 | 220,059 | 293,109 | 482,169 | 556,418 | |
| Cash at bank end in hand | 2 060015 | 1,466311 | 2 059,965 | 146S330 | ||
| 2,280,074 | 1,T59,420 | 2,542,134 | 2,022,748 | |||
| CURRENT LIASIUTIES | ||||||
| Amounts fa/ling due wfihin one year |
15 | 2 201 692 | 1,604592 | 2 201892 | 1604592 | |
| NET CURRENT ASSETSI(UABIUTIES) | 78 182 | 154828 | 340242 | 41S156 | ||
| TOTAL ASSET8 LESS | CURRENT | 9,981,242 | 9,911,TTS | 10,070,440 | 9,969,504 | |
| LIABIUTIES | ||||||
| LONG-TERM LIABILITIES | ||||||
| Amounts fa/ling due alter mom than one |
16 | (2,813,267) | (3.151,906/ | (2,813,267) | (3,151,906) | |
| year | ||||||
| NET ASSETS | 7 167975 | 6 T59872 | 7257173 | 6S17598 | ||
| CAPITAL AND RESERVES | ||||||
| Permanent endowment Resfricfed fund |
fund | 20 19 |
585,276 1,231,434 |
615,943 1,229,961 |
585,276 1,231,434 |
N5,943 1,229,9N |
| tlnrestncted fund Designated fund |
22 21 |
5,260,555 90710 |
4,S45,965 SS003 |
5,349,753 90710 |
4,903.691 | |
| TOTAL FUNDS | 7167976 | 6 759S72 | 7267173 | 817,598 |
| JULY 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021f | |||||||
| NET CASH INFLOW FROM OPERATIONS | 1,529,637 | 1,255,407 | ||||||
| RETURNS ON INVESTMENT AND | SERVICING OF FINANCE | |||||||
| Dividend income | 22,784 | 22,366 | ||||||
| investmeni income mceipts |
1,841 | 1,811 | ||||||
| interesl on bank loans | 120430 | 109213 | ||||||
| (95,013) | (85,036) | |||||||
| CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT | ||||||||
| Payments lo acgufre tengfble |
Axed | ssseis | (731,901) | (4f3,346) | ||||
| Paymenis to ecguire lixed asselsinvestmenls |
5091 | 4453 | ||||||
| (728,810) | (406,593) | |||||||
| 707,014 | 751,470 | |||||||
| FINANCING | ||||||||
| Advance fees scheme | ||||||||
| Receipts from new contracts | 610,197 | 14,443 | ||||||
| Utflised during the year |
(328,098) | (26f,821) | ||||||
| New loans | 1.000,000 | |||||||
| Capital element ofbank loans | repaid | 395409 | 229405 | |||||
| (113,310) | 523,217 | |||||||
| CHANGE IN CASH ANO CASH EQUIVALENTS |
IN THE | PERIOD | 6$3704 | 1264595 | ||||
| CASH AND CASH EQUIVALENTS | AT START OF PERIOD | 1,466,311 | 161,615 | |||||
| CASH AND CASH EQUIVALENTS | AT END OF PERIOD | 2060015 | 14663tt | |||||
| NOTES TO THE CONSOLIDATED | CASH | FLOW | ||||||
| (I) Reconciliation ofoperating surplus |
to net cash | |||||||
| Net rncomi ng resources | 400,103 | 922,215 | ||||||
| Returns on investments snd servicing of Lossl(gain) on investments |
Anance | 95,013 101671 |
65,036 225469 |
|||||
| Operating surplus |
605,587 | 76t,752 | ||||||
| Depmcialion | 479.028 | 405,256 | ||||||
| Decrease in debtors increase i(Decrease) in cmdrtors |
73,050 371972 |
104,734 117375 |
||||||
| 924,050 | 473.525 | |||||||
| Net cash Inflow trom operating activities |
1629637 | 1255407 | ||||||
| (ii) Reconciliation In net debt |
||||||||
| At 1August | Cash Ilows | Non-cash | At 31July | |||||
| 2021 | changes | 2022 | ||||||
| Cash at bank andin hand | 1,466,311 | 593,704 | 2,080,015 | |||||
| Debt due within one year | (396,410) | 396,410 | (462,563) | (462,583) | ||||
| Debt due ailer more then one | year | (2,923,795) | (1,001) | 462563 | 2462 234) | |||
| (1,863,6$S) | 089,113 | (864,782) |
| School Fee Income | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| E | ||||||
| Gross fees | 10,711,014 | 9,925,285 | ||||
| Less: Total bursaries, | scholarships, | allowances | snd discounts | 1269 378 | 1358S74 | |
| 9,461,636 | 8,556,4f1 | |||||
| Add back: Bursaries | paid from restricted | funds | 261,710 | 215,626 | ||
| 9713346 | 8TT203T |
| 3 | Other C | haritable I |
ncom | e | |||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E | |||||||
| Other educational | income | ||||||
| Entrance fees | 11926 | 7737 | |||||
| Ancillary | trading Income | ||||||
| Meals School |
trips, activities, | tuition and transport | 303940 210791 $0625$50f 44T 1110189 Tf2.238 |
||||
| 4 | Investment Income |
||||||
| 2022 | 2021 | ||||||
| E' | |||||||
| Bank deposit account internet | 1,841 | 1,611 | |||||
| Dividend | income | 22784 | 22366 | ||||
| 24626 | 24 1TT | ||||||
| 5 | Other trading activities |
||||||
| 2022 | 2021 | ||||||
| E | |||||||
| Teacher | release | 3,803 | 4,222 | ||||
| Rent snd | hire ofschool facilities | 10,536 | 11,50T | ||||
| Hire ofsports hall | 1$,429 | 6,331 | |||||
| Coronavirus job retention |
scheme | grant | 332,053 | ||||
| Insurance | daim | 300 | 53,564 | ||||
| Other | 7471 | 24893 | |||||
| 4063$ | 432,380 |
| 10 Interest |
||||||||
|---|---|---|---|---|---|---|---|---|
| 2022 f |
2021 f |
|||||||
| Bank loans for the purchase Fees in advance agreements |
ofproperty | 'I20v438 14951 |
109,213 9,885 |
|||||
| 1353$9 | 110,098 | |||||||
| 11 Net incoming resources |
||||||||
| Net income is presented | after | charging | the | following' | ||||
| 2022f | 2021f | |||||||
| Depreciation oftangible |
fixed | assets | 479 2 |
408288 | ||||
| Operating lease rentals |
||||||||
| Land and buildings | 315,552 | 381,047 | ||||||
| Equipment | 119869 | I12940 | ||||||
| Auditors' remunerauon |
||||||||
| Audit services | 20,2$6 | I9,320 | ||||||
| Non-audit services |
3333 | 10214 | ||||||
| 12 Tangible fixed assets |
||||||||
| Group | Freehold | Shoe | Long | Fixtures, | ||||
| land and buildings |
leasehold buildings |
teasehold buildings |
fittings, equipment |
|||||
| end vehiclesf | Total | |||||||
| Cost | ||||||||
| At 1 August 2021 | 4833,732 | 882,438 | 3,803,810 | 1,829,787 | 11,128,567 | |||
| Additions | 327,441 | 37,817 | 70,423 | 296,220 | 731,901 | |||
| Disposals | (53,000) | (53,090) | ||||||
| Adjustment | ||||||||
| At 31July 2022 | 4801173 | 800256 | 3874 033 | 2072917 | 1180837$ | |||
| Depmciation | ||||||||
| At 1 August 2021 | 121,682 | 412,044 | 1,252,494 | 1,053,202 | 2,830,402 | |||
| Charge for Ihe year | 58,328 | 37,318 | 128,172 | 259,210 | 479,02$ | |||
| On disposals | (53,090) | (Ii3,090) | ||||||
| Adjustment | ||||||||
| At 31July 2022 | 177990 | 449 362 | 1378666 | 1 259322 | 3265 340 | |||
| Net book value | ||||||||
| At 31 July 2021 | 45I2070 | 480394 | 2.551.f16 | 776585 | 8280166 | |||
| At 31July 2022 | 4783103 | 460883 | 2806357 | 813695 | 4643038 |
| 12 Tangible fixed |
12 Tangible fixed |
assets | ||||||
|---|---|---|---|---|---|---|---|---|
| School | Freehold | Short | Long | Flxtums, | ||||
| land and | leasehold | leasehold | fitlings, | |||||
| buildings | buildings | buildings | equipment | |||||
| and vehiclesf | Total E |
|||||||
| Cost | ||||||||
| At I August | 2021 | 4,633,732 | 862,643 | 3,803,610 | 1,549,096 | 10,849,001 | ||
| Additions | 327,442 | 37,817 | 70,423 | 206,220 | 731,902 | |||
| Disposals | (53,090) | (S3,090) | ||||||
| Adjustment | ||||||||
| At31 July2022 | 4961174 | 900460 | 3874033 | 1792226 | 11 | 627 893 | ||
| Depreciation | ||||||||
| At I August | 2021 | 121,662 | 412,249 | 1,252,404 | 978,116 | 2,764,621 | ||
| Charge for | the year | 56,326 | 37,317 | 126,172 | 226,471 | 44B,288 | ||
| On disposals | (53,090) | (63,090) | ||||||
| Adjustment At 31July |
2022 | 177990 | 4405661378666 | 1161 97 | 3167719 | |||
| last book value | ||||||||
| At 31July 2021 | 4,512070 | 450 394 | 2551 116 | 570,961 | 0846$1 | |||
| At 31July | 2022 | 4783184 | 460894 | 2 BS367 |
640729 | 8370174 | ||
| 13 Fixed |
asset investmenis | |||||||
| Philpotls | Music | Bursary | ||||||
| educational | bursary | fund | ||||||
| charity E |
fund E |
Totalf | ||||||
| filarket value | ||||||||
| At I August | 2021 | 640,042 | 456,058 | 370,665 | 1,466,78S | |||
| Additions | 110,378 | 56,268 | 57,758 | 224/24 | ||||
| Disposals | (113,019) | (47,936) | (57,178) | (218,133) | ||||
| Gains I(losses) | (30,667) | (36,602) | (34,402) | (101,671) | ||||
| Movement | in cash | 6548 | 16609 | 678 | 11303 | |||
| At 31July | 2022 | 613282 | 409199 | 337641 | 1 | 360022 | ||
| 8pfit as | ||||||||
| Investments | held | 592,000 | 402,672 | 327,517 | 1,322,189 | |||
| Cash and pending | settlements | 21262 | 6.527 | 10.024 | 37833 | |||
| At 31July | 2022 | 813,282 | 400199 | 337$41 | 1 | 380022 | ||
| Invesknent | In subsidiary | |||||||
| Total Investments | held | 0 | 000 |
| 14 Debtom |
||||||||
|---|---|---|---|---|---|---|---|---|
| Group | Group | School | School | |||||
| 2022 E |
2021 6 |
2022 6 |
2021f | |||||
| School fees | 34,931 | 161,310 | 34,931 | 161,310 | ||||
| School fee extras | 67,935 | 57,811 | 67,935 | 57,811 | ||||
| Other debtors | 20,115 | 15,039 | 20,116 | 15,039 | ||||
| Prepayments and |
accrued income | 97.078 | 58',949 | 97,076 | 58,949 | |||
| Amounts owed by subsidiary |
262 109 | 263309 | ||||||
| 220 069 | 293 109 | 482169 | 556418 | |||||
| School fees are stated alter impairment | provisions | totalling | 695,000(2021.6150,000). | |||||
| 15 Creditors Amounts falling |
due | within one | year | |||||
| Gmup sud School | ||||||||
| 2922 | 2021f | |||||||
| Instalments due on bank loans |
462,563 | 396.410 | ||||||
| Trade creditors | 264,012 | 214,857 | ||||||
| Taxation and social security | 126,747 | 112,615 | ||||||
| Other creditors | 32,056 | 43,873 | ||||||
| Accruals | 346,394 | 330,842 | ||||||
| Deferred income | 480,795 | 216,304 | ||||||
| Fees in advance | 288,200 | f29,024 | ||||||
| Registration deposits |
197123 | 160667 | ||||||
| 2 201 692 | 1,604,592 | |||||||
| Deferred Income | ||||||||
| 2022 | ||||||||
| 6 | ||||||||
| Balance brought forward |
216,304 | |||||||
| Amounts received |
during the year |
480,795 | ||||||
| Amounts utilised |
in the payment | offees | f2t6,304j | |||||
| Balance carried forward | 460,796 | |||||||
| Deferred incame compnses ofoverseas | tuibon fees paid in advance ofthe start oftenn |
| Group aud S | chool | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | |||
| Instalments due on bank loans |
2,462,234 | 2,923,796 | |
| Fees in advance | 351 033 | 228,110 | |
| 2813267 | 3151,906 | ||
| fifiaturtty ofbank loans | |||
| Due within one year | 462,563 | 396,410 | |
| Due between | one and two years | 335,145 | 466,383 |
| Due between | two and five years | 621,422 | 842,291 |
| Due after five | years | 1,505,667 | 1615122 |
| 2924767 | 3,320,206 |
| 17 Advance fee payments |
|||||||
|---|---|---|---|---|---|---|---|
| Gnwp and School | |||||||
| 2022f | 2021 5 |
||||||
| Within one year | 288,200 | 129,024 | |||||
| Between one and two years | 200,375 | 109,178 | |||||
| Between two and five years | 150,658 | 118,932 | |||||
| AAsr more than 5years | |||||||
| 639233 | 357134 | ||||||
| Balance st I August 2021 | 357,134 | ||||||
| Amount received in the year |
610,197 | ||||||
| Amount utilisad in Ihe payment offees |
(328,098) | ||||||
| Capital repaid | |||||||
| Balance at 31July 2022 | I31233 | ||||||
| 18 Analysis ofnet assets between |
funds | ||||||
| Permanent | Restricted | Unrestricted | Designated | Total | |||
| endowment | funds | funds | funds | ||||
| fundf | |||||||
| Gnwp | |||||||
| Tangible Axed assets |
8,543,038 | 0,64$,0$8 | |||||
| Investments | 613,282 | 746.740 | 1,360,022 | ||||
| Net cunsnt assets | (28,006) | 404,694 | (469,216) | 90,710 | 78,182 | ||
| Net long term liabiliAes | 2813267 | 2813267 | |||||
| 606 276 | 1231 34 | 6200 666 | 80710 | 7167876 | |||
| School | |||||||
| Tangible fixed assets | 8,370,174 | 8,$70&174 | |||||
| Investlrlanls | 613,282 | 746,740 | 2 | 1,$60JI24 | |||
| Net cununt assets Net long term (liabilihes) |
(28,006) 806 0 |
484,694 1231 $4 |
(207,156) 28(3287 4 $49763 |
90,710 90710 |
340.242 281$287 728717$ |
| Permanent | Restdcted | Unrestdcted | Designated | Designated | Total | |||
|---|---|---|---|---|---|---|---|---|
| endowment | funds | funds | funds | |||||
| fund E |
f | |||||||
| Gmup | ||||||||
| Tangible Axed assets |
8,290,165 | Bs290,165 | ||||||
| Investments Net current (liabilities) I Net lang term (liabilities) |
assets Iassets |
640,041 (24,098) |
826,744 403,217 |
(292,294) 3151906 |
1,460,'785 164,$28 3161908 58,003 |
|||
| 615943 | 1 220 961 | 4 845965 | SS003 6 |
759872 | ||||
| 27 Statement of Financial Activities for the year ended 31July 2021 |
||||||||
| Unrestricted | Restricted | Permanent | Designated | Total | Total funds | |||
| funds | funds | endowment | Funtls | funds | 2020 | |||
| fund | 2021f | E | ||||||
| INCOME 3 ENDOWMENTS | FROM | |||||||
| Raising funds | ||||||||
| School fees recetvahle Ancillary tradinginccme Other educational income |
5,772,037 649,928 7,737 |
8,772,037 62,310 712,238 7,737 |
8,153,700 704,210 7,225 |
|||||
| Voluntary sources | ||||||||
| Donations and legacies | 8,633 | 240,202 | 29,661 | 278,4$6 | 255,340 | |||
| Investments | ||||||||
| Income from in vestmenls | 1,811 | 12,865 | 0,501 | 24,177 | 30.409 | |||
| Other trading activities | ||||||||
| Non-ancillary trading income |
432,350 | 432,380 | 521,325 | |||||
| TOTAL INCOMING RESOURCES | 9872526 | 253057 | 9SS'I | 91 981 | 10 | 227 056 | 0073200 | |
| EXPENDITURE ON | ||||||||
| Raising funds | 107,265 | 7,475 | 5,183 | 119,923 | 111,901 | |||
| Charitable activities |
||||||||
| Schools and educations School trips end acdvi ties |
0,963,624 ~85000 |
215,626 | 23~068 | 9,179,250 1122038 |
8,022,7S3 305~540 |
|||
| Financing costs | 9,158,969 | 223,101 | 5,183 | 23,958 | 9,411,211 | 9,341,224 | ||
| Inlerest | 119,098 | 119,098 | 149,042 | |||||
| TOTAL EXPENDITURE | assam | M,«sass | asssa | aaaaaaa, x L s |
||||
| Net income fmm operations before investment (losses)l gains |
594,459 | 29,966 | 4,310 | 68,003 | 696,748 | 183,023 | ||
| Net (losses) Igains on inveshnents |
121,971 | 103,490 | 22S,469 | (S2,550) | ||||
| Transfem between funds |
18,478 | (14,160) | (4,318) | |||||
| NET MOVEMENT IN FUNDS |
612,937 | 137,777 | 103,498 | 68,003 | 922,215 | 100,453 | ||
| Total funds brought forward |
4,233,020 | 1,092,184 | 512,445 | 5,837,657 | 5,737,194 | |||
| Total funds carried fonvard | 4 $46956 | 1 2299S1 | 616$43 | 88003 | 8 | 768,$72 | 5,837,S57 |