2020-08-31-accounts - William Jones's Schools Foundation

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KEY MANAGEMENT PE	RSONNEL
J Murphy-O' Connor	Principal, Haberdashers'	Monmouth Schools
Dr AJ Daniel	Head, Monmouth School	for Boys (resigned	31 August		2020)
S H Dorman	Head, Monmouth School	for Boys (appointed		1 September 2020)
Mrs J Miles	Head, Monmouth School	for Girls
Mrs J L Phillips	Head, Monmouth School	Girls' Prep (resigned		31 December 2020)
T Evans	Acting Head, Monmouth	School Girls' Prep (appointed			1 January 2021)
N Shaw	Headteacher, Monmouth	School Boys' Prep
	Acting Head, Monmouth	Schools Pre-Prep and Nursery			(appointed	1 April
	2021)
M Wren	Head, Monmouth Schools Pre-Prep and Nursery (resigned 31 March
	2021)
Mrs T A Norgrove	Foundation Bursar

capital, f998	,	000 unspe	000 unspe	nt restricted funds and 81,83	4,000 unrestricted funds.
The following		reserves		are held as designated funds	for specific purposes:
Fund				Purpose					Balance at
								31 August 2020
									F'000
Schools' Cyclical
Repair				To provide for scheduled	major cyclical maintenance				371
Funds
Assisted Places
Reserve and Monmouth School for				To provide bursaries and	assisted places				666
Girls Bursar		Fund
Governors' Reserve	pension			To enable the Governors the closed non-teachin	to maintain regular funding staff ension scheme.	for			64
Prospectus recruitment	and reserves			To provide for cyclical expenditure on these items					136
The Trustees		consider		that the level of unapplied total return in the endowment		fund		is sufficient to cover
unexpected	short		term	needs for which a reserve might otherwise be maintained.			Therefore		the Trustees
are content	for the		schools to maintain no unrestricted		general fund reserve.
Other policies		for	unrestricted general funds are as follows:
Fund				Policy				31	Balance at August 2020
									8'000
Schools' general			funds To maintain no reserve in these funds, subject to ade uate cash flow for the schools' normal o erations						882
Foundation		income		Net income is distributed	to the Schools Governors	during
fund				the year and the fund balance remaining at the year		end			124
				re resents re aid ex enditure.
Pension scheme			fund	This reflects the trustees'	best estimate of the deficit on
				the pension scheme at 31 August 2020. The deficit		will	be
				paid off over a number of years, in accordance with		a
				recovery plan which has	been agreed between the				(408)
				Foundation and scheme	trustees following the completion
				ofthe triennial valuation	as at 31 March 2018(see note
				12for further details .

Year ended 31August	2	020
			Unrestricted	Funds	Permanent		Total	Total
				Foundation	Restricted	endowment
		Note	Schools K'000	Income F.'000	Funds r.'000	fund 8'000	2020 6'000	2019 8'000
Income and endowments	from:
Donations					175		175	247
Charitable activities:
School fees			17,304				17,304	20,662
Ancillary trading income			945				945	1,392
Other income - coronavirus
job retention scheme			942				942
Other trading activities: Trading income			845				845	1,541
Investments:
Investment income			88	15	22		125	1,082
FRS102 pension scheme interest			47				47	67
Other income			108				108	148
			20,279	15	197		20,491	25,139
Expenditure on:
Raising funds: Loan interest			328				328	338
Fees in advance discount			49				49	51
Trading costs of subsidiaries			999				999	1,510
Charitable activities:
Schools			21,470	204	146	904	22,724	22,698
FRS 102 pension scheme interest cost			57				57	81
		4	22,903	204	146	904	24,157	24,678
Net (expenditure)/income before gains on investments			(2,624)	(197)	51	(904)	(3,666)	461
Net gains on investments		7	65		29	2,122	2,216	3,374
Net (expenditure)/income			(2,559)	(189)	80	1218	(1,450)	3,835
Transfers between funds		5	864	200	(33)	(1,031)
Other recognised
gains/(losses):
Actuarial gains/(losses) on defined benefit schemes		12	85				85	(219)
Net movement in funds			(1,610)	11	47	187	(1,365)	3,616
Reconciliation of Funds:
Total funds brought forward			3,320	113	951	119,504	123,888	120,272
Total funds carried forward		5	1,710	124	998	119,691	122,523	123,888

									Group	Group	Foundation	Foundation
								Note	2020	2019	2020	2019
									F'000	E'000	K'000	6'000
Fixed assets:
Tangible assets									44,312	45,455	44,312	45,424
Investments									85,146	84,231	85,146	84,231
Unsecured loan to	William Jones'						s
Almshouses Charity									2	2
Unsecured loans to		connected				trading
companies											62	62
									129,460	129,688	129,505	129,719
Current assets:
Stocks									232	198	30	31
Debtors									1,049	1,355	1,190	1,586
Investments: cash Cash at bank and	on deposit in hand								10,603	3,489 3,855	10,500	3,489 3,692
									11,884	8,897	11,720	8,798
Liabilities:
Creditors: amounts		falling		due
within one year								10	(5,172)	(5,448)	(5,052)	(5,391)
Net current assets									6,712	3,449	6,668	3,407
Total assets less	current				liabilities				136,172	133,137	136,173	133,126
Creditors: amounts than one year		falling			due		after more	11	(13,241)	(8,700)	(13,241)	(8,700)
									122,931	124,437	122,932	124,426
Defined benefit pension			scheme				liability	12	(408)	(549)	(408)	(549)
Total net assets									122,523	123,888	122,524	123,877
The Funds ofthe Charity: Permanent endowment fund									119,691	119,504	119691	119,504
Restricted funds									998	951	998	951
Unrestricted funds:
Designated funds General funds									1,237 1,006	1,242 2,729	1,237 1,006	1,242 2,729
Non-charitable trading Pension scheme fund				funds					(1) (408)	11 (549)	(408)	(549)
Total Charity Funds								5	122,523	123,888	122,524	123,877

				2020	2020	2019	2019
				E'000	E'000	E'000	E'000
Net cash used in operating	activities				(1,958)		(544)
Cash flows from investing	activities:
Investment income received				125		1,082
Purchase of tangible fixed assets				(294)		(1,483)
Proceeds from sale of fixed	assets					6
Purchase of investments				(450)		(47)
Drawn from Charities Investment Pool (Total Return)				1,750		1,313
Net cash provided by investing activities					1,131		871
Cash flows from financing Repayments of borrowing Receipts of borrowing	activities:			(914) 5,000		(931)
					4,086		(931)
Change in cash and cash reporting period	equivalents	in the			3,259		(604)
Cash and cash equivalents reporting period	at the beginning		ofthe		7,344		7,948
Cash and cash equivalents reporting period	at the end of		the		10,603		7,344

						2020	2019
						K'000	6'000
Net movement in funds (per		Statement		of Financial	Activities)	(1,365)	3,616
Adjustments for:
Gains on investments						(2,216)	(3,374)
Investment income						(125)	(1,082)
Depreciation						1,437	1,420
Profit on disposal of	fixed asset						(2)
Pension scheme adjustment Increase in stocks						(141) (34)	(143) 28
Increase/(decrease)	in creditors		and provisions			179	(709)
Decrease/(increase)	in debtors					306	(216)
Decrease/(increase)	in cash	held	for investment			1	(82)
Net cash used in operating		activities				1,958	(544)

	2020	2019
	f'000	8'000
Cash at bank	10,603	3,855
Investments		3,489
Total cash and cash equivalents	10,603	7,344

		At 1		At 31
		September	Cash	August
		2019	flows	2020
		E'000	6'000	6'000
Cash	in hand	3,855	6,748	10,603
Cash Loans Loans	equivalents falling due within one year falling due after more than one year	3,489 (914) (5,420)	(3,489) 24 (4, 110)	(890) (9,530)
Total		1,010	(827)	183

					Permanent
			Unrestricted	Restricted	Endowment	Total	Total
			Fund	Fund	Fund	2020	2019
			6'000	6'000	f.'000	6'000	6'000
Interest from Income from	bank deposits listed investments		31 72	1 21		32 93	34 86
Distributions	from Haberdashers'
Charities Investment		Pool					962
(Total Return)
			103	22		125	1,082
FRS102 pension scheme interest			47			47	67
			150	22		172	1,149

				2020	2019
				6'000	6'000
Gross Fees				20,042	23,988
Less
Scholarships Bursaries				(414) (1,391)	(433) (1,614)
Assisted places (a Staff fee remission	bursary scheme replacing a former State-funded		scheme)	(83) (850)	(187) (1,019)
Commission					(73)
				17304	20662
Numbers of pupils Scholarships Bursaries	benefiting	from:		232 311	229 271
Assisted places				8	13

						Other
					Staff	direct		Total	Total
					costs	costs	Depreciabon	2020	2019
					6'000	K'000	6'000	K'000	6'000
Raising funds: Loan interest						328		328	338
Fees in advance	discount					49		49	51
Trading costs of	subsidiaries				105	894		999	1,510
					105	1,271		1,376	1,899
Charitable expenditure: Teaching costs School welfare					10,999 1,250	1,553 817	482 34	13,034 2,101	13,080 2 068
School premises costs Support costs Governance costs					1,457 1,776 20	2,461 886 84	904 1	4,822 2663 104	4,828 2644 78
FRS102 pension	scheme	interest costs				57		57	81
					15,502	5,860	1,421	22,781	22,779
Total resources	expended				15,607	7,129	1,421	24,157	24,678
								2020	2019
								E'000	8'000
Charitable expenditure Remuneration of Schools'		includes: auditors		for audit services				34	34
Remuneration of Foundation's			auditors		for audit services			10	13
Payment to the	Haberdashers'		Company		for service charges			18	17

t costs include administratio costs.	n and gr	ounds staff, establishment	costs, professional fees, tr	avel and
			2020	2019
			8'000	6'000
Staff costs comprised: Wages and salaries Social security costs Pension contributions			12,278 1,154 2,064	12,112 1,061 1,521
Payment of Haberdashers' paymaster arrangement	Company	staff under	112	110
			15,607	14,804

tion or reimburse	d	expe	nses were pa	id to the Trustees or to	any of the Schools' Go	vernors.
					2020	2019
					E'000	E'000
employee-benefits	of	key	management	personnel	1,066	442

e number
	2020	2019
	No.	No.
Teaching staff Other staff	278 286	257 313
	564	570

2020	2019
No.	No.

Yea	r ended 31 August 2020	r ended 31 August 2020	r ended 31 August 2020	r ended 31 August 2020
	STATEMENT OF FUND MOVEMENTS AND TRANSFERS
(a)	Fund movements	Balance 1			Other recognised		Balance 31
		September			galnsl	Net	August
		2019 E'000	Income 8'000	Expenditure 8'000	(losses) E'000	Transfers 8'000	2020 K'000
	Designated funds: Schools cyclical repairs Boys school capital projects Girls school bursary fund	252 118 61		(382)		500 (119) (61)	371
	Leavers deposits Assisted places reserve Prospectus reserve Recruitment reserve	22 603 104 2				(22) 61 10 20	666 114 22
	Governors reserve					(1)
	Pensions reserve	80		(41)		25	64
		1,242		(423)		413	1,237
	General funds—
	Foundation:
	Schools Foundation Income Fund	2,616 113	19,382 15	(21,424) (204)	65	243 200	882 124
	Pension scheme fund	(549)	47	(57)	85	66	(408)
		2,180	19,444	(21,685)	150	509	598
	Total unrestricted funds— Foundation Non-charitable trading funds	3,422 11	19,449 845	(22,108) (999)	150	922 142	1,835 (1)
	Total unrestricted funds— Group	3,433	20,294	(23,107)	150	1,064	1,834
	Restricted funds Schools scholarship funds Pre-Prep 8 Nursery grant	348 8	100	(79) (5)		(49)	319 3
	Pre-Prep & Nursery bursary Girls school other		7 17	(7)		16	33
	Walker Memorial Fund		1	(3)
	Covid Support Fund Extraordinary repair fund Stephenson awards	577 16	52 20	(52)	29		626 16
	Total restricted funds	951	197	(146)	29	(33)	999
	Permanent endowment fund	119,504		(904)	2, 122	(1,031)	119,691
	Total Funds	123,888	20,491	(24,157)	2,301		122,523

5.	STATEMENT OF FUND MOV	EMENTS AND T	RANSFERS (co	ntinued)
(a)	Transfers between funds	Non- charitable	Chantable			Permanent
		trading	unrestricted	Designated	Restricted	endowment
		funds	funds	funds	funds	fund
		r.'000	9'000	r.'000	9'000	E'000
	Transfer from unapplied Total Return		1,950			(1,950)
	Funding from schools for new buildings		(919)			919
	Additions to cyclical maintenance reserves		(500)	500
	Recruitment reserve		(20)	20
	Leavers ~de osits Capital projects reserve Prospectus reserve		118 {10)	(2+2 +118) 10	22
	Scholarship awards		55		(~55
	Provision for assisted
	places		(83)	83
	Assisted places provision
	used			(83)
	Addition to governors' general reserve		(23)	23
	Bus company sup)3lement	186	{186)
	Trading companies payment under gift aid	(44)	44
		142	509	413	(33)	(1,0313

TANGIBLE FIXEDASS	ETS
Foundation and Group	Freehold land and buildings E'000	Equipment arid furnishings 5'000	Motor vehicles E'000	Charity total K'000	Subsidiary companies equipment 6'000	Group Total F'000
Cost
1 September 2019 Additions	57,116 6	4,750 286	330	62,196 292	126 2	62,322 294
Disposals		(120)	(31)	(151)		(151)
31 August 2020	57,122	4,916	299	62,337	128	62,465
Depreciation 1 September 2019 Charge for year Disposals	14,386 904	2,127 486 (120)	259 31 (31)	16,772 1,421 (151)	95 16	16,867 1,437 (151)
31 August 2020	15,290	2,493	259	18,042	111	18,153
Net book value
31August 2020	41,832	2,423	40	44,295	17	44,312
31 August 2019	42,730	2,623	71	45,424	31	45,455

Yea	r ended 31August 2	020
7,	INVESTMENTS
	Foundation and Group				2020 000	2019 f'000
(a) (b) (c)	Listed investments Haberdashers' Charities Investment cash	Investment	Pool (Total Return)		2,816 82,247 83	2,272 81,875 84
					85,146	84,231
(a)	Listed investments
	Foundation and Group			Extraordinary repair	Governors Investment
				fund	fund	Total
				f'000	f'000	f'000
	Market value at 1 September 2019 Acquisitions at cost Net gain on revaluation			613 21 29	1,659 429 65	2,272 450 94
	Market value at 31 August 2020			663	2,153	2,816

Foundation and Group	2020 f'000	2019 f.'000
Market value at 1 September 2019 Withdrawals Net gain on revaluation	81,875 (1,750) 2,122	79,894 (1,313) 3,294
Market value at 31 August 2020	82,247	81,875

								Trust	Unapplied
								for	Total	Total	Total
								investment	Return	2020	2019
								E'000	E'000	E'000	E'000
Trust for investment		at	1	September		2019		6,314	76,793	83,107	80,751
Investment returns:
Investment income											962
Realised and unrealised					investment gains				2,122	2,122	3,294
Transfer to trust for	application								(1,950)	(1,950)	(1,900)
Trust for investment			at	31August		2020		6,314	76,965	83,279	83,107
DEBTORS AND PREPAYMENTS
								Group		Foundation
								2020	2019	2020	2019
								E'000	E'000	E'000	E.'000
Prepayments Other debtors								383 242	222 428	383 220	222 428
School fees								424	697	424	697
Due from subsidiary		companies								163	231
Debtors due after	more			than one year					8		8
								1,049	1,355	1,190	1,586
CREDITORS: AMOUNTS					FALLING DUE WITHIN ONE YEAR
								Group		Foundation
								2020	2019	2020	2019
								E'000	E'000	E'000	E'000
Bank loans								890	914	890	914
School fees in advance and confirmation							deposits	2,572	3,188	2,572	3,188
Taxation and social		security						370	319	370	316
Other creditors								911	666	791	555
Accruals and deferred				income				429	361	429	361
Due to subsidiary	companies										57
								5,172	5,448	5,052	5,391

Assumptions	Assumptions		As at 31 August 2020	As at 31August 2019	As at 31August 2018
Discount	rate		1.6%	1.8%	2.7%
Inflation			34%	30%	33%
Increases (statutory	to deferred revaluation)	pensions before retirement	2.4%	2.0%	2.3%

Based on the assumpt summarised below:	ions, on th	e b	alanc	e sh	eet dat	e the	average future life expect	ancies at ag	e 65 are
							As at	As at
Life expectancy from	age 65 years						31August 2020	31August	2019
Retiring today	Male Female						22.2 24.2	22.1 24.1
Retiring in 20 years	Male Female						24.0 26.0	23.9 25.9
								2020	2019
The amounts recognised in the statement of financial position								E'000	E'000
Present value of	funded obligations			(excluding		provision for additional		3,210	3,252
liabilities) Fair value of plan	funds							(2,802)	(2,703)
Net defined benefit	liability as	recognised			in the Balance Sheet			408	549
								2020	2019
The amounts recognised in the income				statement				E'000	E'000
Net interest cost								10	14
Past service cost
Total pension expense								10	14
								2020	2019
The amounts in the	statement	ofother		recognised		gains and losses		E'000	E'000
Actuarial gain on Actuarial loss on	plan assets defined benefit obligation							194 (109)	73 (292)
Total gain/(loss)	in statement		of other		recognised		gains and losses	85	(219)

NOTES TO THE ACCOUNTS Year ended 31 August 2020
12. PENSION COSTS (continued)
			2020	2019
Changes in the present value ofthe defined benefit obligation			E'000	E.'000
Liabilities at the start of the period			3,252	3,097
Interest cost			57	81
Actuarial gain			109	292
Benefits paid			(208)	(218)
Liabilities at the end ofthe period			3,210	3,252
			2020	2019
Changes in the fair value of plan assets			E'000	E'000
Fair value of plan assets at the start of the period Interest income			2,703 47	2,405 67
Actuarial gain Contributions by the employer Benefits paid			194 66 (208)	73 376 (218)
Fair value of plan assets at the end ofthe period			2,802	2,703
			2020	2019
Analysis of return on plan assets			E'000	E'000
Interest income			47	67
Actuarial gain on plan assets			194	73
Return on plan assets			241	140
Major categories of plan assets as a percentage	oftotal assets
	Proportion	Value of	Proportion	Value of
	of portfolio	assets	of portfolio	assets
	31 August 2020	31 August 2020	31August 2019	31August 2019
	0/	E'000	0/	E'000
Equity Property Bonds	51.7 40.7	1,448 1,141	50.1 1.5 42.1	1,356 40 1,138
Alternative Cash	3.3 4.3	92 121	2.7 3.6	72 97
Total market value ofassets	100.0	2,802	100.0	2,703

							2020	2019
Reconciliation		offunds					E'000	E'000
	Total funds	excluding	pension	deficit			122,931	124,437
	Pension deficit						(408)	(549)
	Total funds	including	pension	deficit			122,523	123,888
3.	ANALYSIS OF GROUP NET ASSETS				BETWEEN FUNDS
							Permanent
					Unrestricted	Restricted	Endowment	Total
					Funds	Funds	Funds	Funds
					E'000	E'000	E'000	E'000
	Tangible fixed assets Fixed asset investments				2,480 2,234	665	41,832 82,247	44,312 85,146
	Loan to William Jones's Almshouse
	Charity Net current assets				5,989	333	2 390	2 6,712
	Creditors Defined	due after more than one year benefit pension scheme			(8,461) (408)		(4,780)	(13,241) (408)
					1,834	998	119691	122 523

A summary of trading resul	ts and balance	sheets for	the trading sub	sidiaries is	shown below:
	MSEL		HMSGEL		Bus Company
	2020	2019	2020	2019	2020	2019
	E'000	E'000	E'000	E'000	E'000	F'000
Turnover	457	875	156	350	231	316
Cost ofsales	(286)	(366)	(87)	(146)	(413)	(593)
Administration expenses	(184)	(365)	(25)	(37)	(3)	(4)
Operating profit/(loss) Subsidy from schools	(13)	144	44	167	(185) 185	(281) 281
Interest receivable
Transfer to the
Foundation(DoC)		(144)	(44)	(167)
Retained profit for the
year	(13)
Retained profit b/f	3	3
Retained profit c/f	(10)	3
Fixed assets	16	31
Current assets	186	346	147	265	4	5
Creditors falling due
within one year	(212)	(374)	(77)	(195)	(4)	(5)
Unsecured loan			(62)	(62)
Net assets	(10)	3	8	8

		Unrestricted	Funds		Permanent	Total
			Foundation	Restricted	Endowment
		Schools	Income	Funds	fund	2019
		K'000	E'000	E'000	E'000	E'000
Income and endowments	from:
Donations		39		208		247
Charitable activities;
School fees		20,662				20,662
Other educational income		44				44
Ancillary trading income		1,348				1,348
Other trading activities: Trading income		1,541				1,541
Investments:
Investment income		95		21	962	1,082
FRS102 pension scheme Other income	interest	67 148				67 148
		23,944	4	229	962	25,139
Expenditure on:
Raising funds: Loan interest Trading costs of subsidiaries		338 1,510				338 1,510
Charitable expenditure: Schools		21,624	181	60	884	22,749
FRS 102 pension scheme cost	interest	81				81
		23,553	181	60	884	24,678
Net gains on investments		60		20	3294	3374
Net incomef(expenditure)		451	(177)	189	3,372	3,835
Transfers between funds		(29)	150	(143)	22
Other recognised losses:
Actuarial losses on defined	benefit
schemes		(219)				(219)
Net movement in funds		203	(27)	46	3,394	3,616
Reconciliation of Funds:
Total funds brought forward		3,117	140	905	116,110	120,272
Total funds carried forward		3,320	113	951	119,504	123,888

18. INVES	TMENT	INCOME FOR THE YE	AR ENDED 31AUG	UST 2019
					Permanent
			Unrestricted	Restricted	Endowment	Total
			Fund	Fund	Fund	2019
			f'000	f'000	f'000	f'000
Interest from	bank deposits		32	2		34
Income from	listed	investments	67	19		86
Distributions from Haberdashers' Charities Investment Pool (Total Return)					962	962
			99	21	962	1,082
FRS102 pension scheme interest			67			67
			166	21	962	1,149

		Other direct		Total
	Staff costs	costs	Depreciation	2019
	f'000	f'000	f'000	f'000
Raising funds: Loan interest		338		338
Trading costs of subsidiaries	249	1,261		1,510
	249	1,599		1,848
Charitable expenditure: Teaching costs School welfare	10,632 890	1,970 1,140	478 38	13,080 2,068
School premises costs Support costs Governance costs	1,440 1,571 22	2,504 1,123 56	884 1	4,828 2,695 78
FRS102 pension scheme interest costs		81		81
	14,555	6,874	1,401	22,830
Total resources expended	14,804	8,473	1,401	24,678

Fund movements			Balance 1			Other recognised		Balance 31
			September			gains/	Net	August
			2018	Income	Expenditure	(losses)	Transfers	2019
			6'000	K'000	6'000	6'000	6'000	E'000
Designated funds:
Schools cyclical repairs			250		(264)		264	252
Boys school capital	projects		117					118
Girls school bursary	fund		61					61
Leavers deposits Assisted places reserve Prospectus reserve			18 450 103				151	22 603 104
Recruitment reserve			1		(49)		50	2
Governors reserve							(2)
Pensions reserve			125		(46)			80
			1251	12	(358)		463	1,242
General funds—
Foundation:
Schools Foundation Income	Fund		2,673 140	22,324 4	(21,604) (181)	60	(837) 150	2,616 113
Pension scheme fund			(692)	67	(81)	(219)	376	(549)
			2,121	22,395	(21,866)	(159)	(311)	2,180
Total unrestricted	funds—
Foundation			3,246	22,407	(22,224)	(159)	152	3,422
Non-charitable trading		funds	11	1,541	(1,510)		(31)	11
Total unrestricted	funds—
Group			3,237	23,343	723,7347	(159)	121	3,433
Restricted funds
Schools scholarship Pre-Prep & Nursery	fund grant		333 5	111 9	(47) (6)		(49)	348 8
Pre-Prep 8 Nursery	bursary			7	(7)
Boys school science labs			13				(13)
Walker Memorial Fund				27			(25)
Merlin Music Piano	Fund			20			(20)
Rowing Boat Fund Extraordinary repair Stephenson awards	fund		538 16	36 19		20	(36)	577 16
Total restricted funds			905	229	(60)	20	(143)	951
Permanent endowment
fund			116,110	962	(884)	3,294	22	119,504
Total Funds			120,272	25,139	(24,678)	3,155		123,888

Transfers between	funds	funds		Non-
				charitable	Charitable			Permanent
				trading	unrestricted	Designated	Restricted	endowment
				funds	funds	funds	funds	fund
				6'000	6'000	F'000	E'000	6'000
Transfer from unapplied		Total
Return					1,900			(1,900)
Funding from schools for			new
buildings					(1,922)			1,922
Additions to cyclical
maintenance reserves-					(264)	264
Recruitment reserve					(50)	50
Science laboratories
refurbishment fund					13		(13)
Walker Memorial fund					25		(25)
Merlin Music Piano	fund				20		(20)
Rowing Boat fund					36		(36)
Scholarship awards					49		(49)
Provision for assisted		places			(338)	338
Assisted places provision			used		187	(187)
Addition to governors'		pension
reserve					2	(2)
Bus company supplement				280	(280)
Trading companies	payment
under gift aid				(311)	311
				(31)	(311)	463	(143)	22

No new end	owment	gifts	have been	received since	the base date.
					Trust	Unapplied
					for	Total	Total
					investment	Return	2019
					E'000	E'000	6'000
Trust for investment		at 1	September	2018	6,314	74,437	80,751
Investment	returns:
investment	income					962	962
Realised and unrealised			investment	gains		3,294	3,294
Transfer to	trust for application					(1,900)	(1,900)
Trust for investment		at	31August	2019	6,314	76,793	83,107

				Permanent
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds
		K'000	E'000	8'000	E'000
Tangible fixed assets Fixed asset investments		2,725 1,741	615	42,730 81,875	46,455 84,231
Loan to	William Jones's Almshouse
Charity Net current assets/(liabilities) Creditors due after more than one year		2,796 (3,280)	336	2 317 (5,420)	2 3,449 (8,700)
Defined	benefit pension scheme	(549)			(549)
		3,433	951	119,504	123,888