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