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2020-08-31-accounts

Contents
Report ofthe Governors 1-12
Report ofthe Independent Auditors 13-15
Statement of Financial Activities 16-17
Balance Sheet 18-19
Statement ofCash Flows 20
Notes to the Consolidated Financial Statements 21-55

These can be summarised
as below:
Value Number ofAwards
Academic scholarships f386,082 105
Bursa ries f392,171 66
Remissions f536,970 115

Group Results: Group Results:
2020 2019 2018 2017 2016
f'000 f'000 f'000 f'000 f'000
Income 7,593 8,419 8,013 7,827 7,425
Expenditure (excluding depreciation) 6,228 7,014 6,507 6,568 6,536

CHRIST COLLEGE BRECON BRECON BRECON
REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31AUGUST 2020
Bankers Lloyds Bank pic
Black Horse House
Phoenix Way
Swansea
Enterprise		 Park
Swansea
SA7 9EQ
Solicitors Red Kite incorporating Charles Crookes &Co
8A High Street
Brecon
Powys
LD3 7AL
Insurance brokers Creative
Risk Solutions		 Ltd
Pod 1
Capital Shopping Park
Leckwith
Road
Cardiff
CF11BEG
Auditors Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 BAB
Investment advisors Brewin Dolphin Securities Limited
Floor
5 Callaghan
Square
Cardiff
CF10SB

Unrestricted Restricted Endowment Total Total
Note funds funds funds 2020 2019
f f f f f
Income and endowments from:
Donations
and legacies		 9,204 100,714 30,184 140,102 162,732
Charitable
activities		 7,100,039 7,100,039 7,533,705
Other trading activities 85,847 85,847 112,534
Christ
College
Holiday		 Activities
Limited 15 21,148 21,148 244,073
1541Limited 15 163,043 163,043 266,003
Investments 6 38,365 18,816 14,088 71,269 89,179
Other income 7 11,286 11,286 10,756
Total income and endowments 7,428,932 119,530 44,272 7,592,734 8,418,982
Expenditure
on:
Charitable
activities		 6,493,491 106,223 14,088 6,613,802 7,436,553
Christ
College
Holiday		 Activities
Limited 15 3,762 3,762 76,779
1541Limited 15 151,229 151,229 43,394
Total expendi ture 6,648,482 106,223 14,088 6,768,793 7,556,726
Net (losses)/gains
on investments		 14 (70,723) (41,464) (26,323) (138,510) (49,360)
Net movement
in funds		 709,727 (28,157) 3,861 685,431 812,896
Reconciliation
of Funds
22,
Total funds brought
forward		 23,24 11,785,235 917,343 636,085 13,338,663 12,525,767
Totalfunds carried forward 25 12,494,962 889,186 639,946 14,024,094 13,338,663

Unrestricted Restricted Endowment Total Total
Note funds funds funds 2020 2019
E E E f f
Income and endowments
from:
Donations
and legacies		 9,204 100,714 30,184 140,102 162,732
Charitable
activities		 7,100,039 7,100,039 7,533,705
Other trading activities 97,847 97,847 124,534
Investments 38,365 18,816 14,088 71,269 385,800
Otherincome 11,286 11,286 10,756
Totalincome and endowments 7,256,741 119,530 44,272 7,420,543 8,217,527
Expenditure
on:
Charitable
activities		 6,416,818 106,223 14,088 6,537,129 7,355,271
Total expenditure 6,416,818 106,223 14,088 6,537,129 7,355,271
Net (lossesJ/gains on
investments 14 (70,723) (41,464) (26,323) (138,510) (49,360)
Net movement
in funds		 769,200 (28,157) 3,861 744,904 812,896
Reconciliation
of Funds
22,
Total funds brought forward 23,24 11,782,662 917,343 636,085 13,336,090 12,523,194
Totalfunds carried forward 25 12,551,862 889,186 639,946 14,080,994 13,336,090

2020 2019
Note
Fixed assets:
Tangible assets 13 11,426,120 11,773,602
Investments 14 2,843,455 2,918,518
14,269,575 14,692,120
Current assets:
Stocks 16 13,666 18,684
Debtors 17 1,379,035 1,547,625
Cash at bank and in hand 18 3,407,418 2,520,324
4,800,119 4,086,633
Liabilities:
Creditors: Amounts falling due
within one year 19 (2,961,552) (3,183,776)
Net current' assets 1,838,567 902,857
Total assets less current liabilities 16,108,142 15,594,977
Creditors: Amounts falling due
after more than one year 20 (2,084,048) (2,256,314)
Total net assets 25 14,024,094 13,338,663
The funds ofthe group:
Endowment
funds		 22 639,946 636,085
Restricted
income funds		 23 889,186 917,343
Unrestricted
funds		 24 12,494,962 11,785,235
Total charity funds 25 14,024,094 13,338,663

2020 2019
Note
Fixed assets:
Tangible assets 13 11,426,120 11,773,602
Investments 14 2,844,456 2,919,519
14,270,576 14,693,121
Current assets:
Debtors 17 1,434,350 1,767,334
Cash at bank and in hand 18 3,399,548 2,281,805
4,833,898 4,049,139
Liabilities:
Creditors: Amounts falling due
within one year 19 (2,939,432) (3,149,856)
Net current assets 1,894,466 899,283
Total assets less current liabilities 16,165,042 15,592,404
Creditors: Amounts falling due
after more than one year 20 (2,084,048) (2,256,314)
Total net assets 25 14,080,994 13,336,090
The funds ofthe charity:
Endowment
funds		 22 639,946 636,085
Restricted income funds 23 889,1876 917,343
Unrestricted
funds		 24 12,551,862 11,782,662
Total charity funds 25 14,080,994 13,336,090

Note 2020 2019
E f
Net cash provided
by operating
activities		 31 1,169,436 1,722,930
Cash flows from investing activities:
Dividends,
interest
and rents from investments		 6 71,269 89,179
Purchase of property
plant		 and equipment 13 (193,793) (272,534)
Proceeds from sale of investments 753,658 400,635
Purchase of investments 14 (817,106) (632,595)
Net cash used in investing activities (185,972) (415,315)
Cash flows from financing activities:
Repayments
of borrowing		 (96,370) (1,118,334)
Net cash used in financing activities (96,370) (1,118,334)
Change
in cash and cash equivalents		 in the reporting period 887,094 189,281
Cash and cash equivalents at the beginning ofthe reporting
period 2,520,324 2,331,043
Cash and cash equivalents at the end ofthe reporting period 31 3,407,418 2,520,324

CHRIST COLLEGE BRECON
NOTES TO THE CONSOLIDATED
FINANCIAL		 STATEMENTS
FOR THE YEAR ENDED 31AUGUST 2020
ACCOUNTING
POLICIES (continued)
Designated
funds
are unrestricted
funds of the charity
which
the trustees
have decided		 at their
discretion to set aside to use for a specific purpose.
Restricted
funds are donations
and grants
which the donor		 has specified are to be solely used for
particular
areas ofthe charity's
work or for specific projects being undertaken
by the charity.
Endowment
funds are subject to specific conditions
by donors that the capital must be maintained
by the charity.
Employee
benefits
The cost of any unused
holiday
entitlement
is recognised		 in the period
in which
the employee's
services are received.
Termination
benefits are recognised
immediately
as an expense
when the charity
is demonstrably
committed
to terminate
the employment
ofan employee
or		 to provide termination
benefits.
Operating
leases
Rental charges are charged on a straight
line basis over the term ofthe lease.
Pension schemes
The charity operates a defined contribution
pension scheme for certain members ofstaff. The assets
of the scheme are held separately
from those ofthe charity.		 The contributions
are charged		 to the
income
and expenditure
account
and allocated
between
unrestricted
and restricted
funds		 where
applicable.

Unrestricted Unrestricted Restricted Restricted Endowment Total Total
funds funds funds 2020 2019
Group and College
Donations and gifts 9,204 33,804 30,184 73,192 38,621
Legacies 66,910 66,910 124,111
9,204 100,714 30,184 140,102 162,732
4. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Endowment Total Total
Group and College funds funds funds 2020 2019
E f
Fees and other fees
receivable 6,633,278 6,633,278 7,132,883
Grant income 302,053 302,053
School trip income 150,303 150,303 383,862
Registration fees 10,552 10,552 4,628
Examination fees 1,788
Insurance commissions 3,853 3,853 10,544
7,100,039 7,100,039 7,533,705
Fees receivable:
2020 2019
f E
Gross fees 8,323,101 8,444,313
Less:total scholarships, bursaries
and		 remissions (1,693,501) (1,315,223)
Add back: scholarships, prizes, etc. paid for by restricted funds,
scholarships paid for by outside trusts 3,678 3,793
6,633,278 7,132,883
The total scholarships, prizes, etc. paid for by trust funds consist of:
2020 2019
f E
Scholarships, etc. 3,678 3,793
3,678 3,793

Gross fees receivable
may be analysed
by the follow		 ing:
2020 2019
f E
Boarders 4,647,200 4,860,635
Flexible boarders 949,203 974,665
Day pupils 2,599,253 2,460,845
Music and drama tuition 65,468 86,602
EAL income 21,700 20,700
Other fee income 26,377 29,646
Pu pil hosting scheme 13,900 11,220
8,323,101 8,444,313
2020 2019
No No
Boarders 166 198
Flexible boarders 44 48
Day pupils 174 156
402

Unrestricted Restricted Endowment Total Total
funds funds funds 2020 2019
Group f f f f E
Rent 14,095 14,095 13,688
Wayleave 94 94 97
Minibus income 70,698 70,698 97,024
Milk subsidy 960 960 1,725
85,847 85,847 112,534
College
Malaysian project 12,000 12,000 12,000
Rent 14,095 14,095 13,688
Wayleave 94 94 97
Minibus income 70,698 70,698 97,024
Milk subsidy 960 960 1,725
97,847 97,847 124,534

6. INCOME FROM INVESTMENTS
Unrestricted Restricted Endowment Total Total
Group funds
f		 funds
E		 funds
f		 2020
f		 2019
E
Interest income 6,272 6,272 11,442
Dividend income 32,093 18,816 14,088 64,997 77,737
38,365 18,816 14,088 71,269 89,179
College
Interest income 6,272 6,272 11,442
Dividend income 32,093 18,816 14,088 64,997 77,737
Gift aid from subsidiaries 296,621
38,365 18,816 14,088 71,269 385,800
7. INCOME FROM OTHER SOURCES
Unrestricted Restricted Endowment Total Total
Group and College funds
f		 funds
f		 funds
f		 2020
f		 2019
f
Sundry income 11,286 11,286 10,756
11,286 11,286 10,756

EXPENDITURE ON CHA RITABLE ACTI VITIES
Total Total
Group Staff costs
f		 Other
f		 Depreciation f 2020
E		 2019
E
Teaching costs 2,530,835 650,386 53,087 3,234,308 3,200,217
School trip expenditure 156,796 156,796 375,486
Welfare 197,102 448,330 11,450 656,882 793,964
Premises 1,174,870 596,465 455,920 2,227,255 2,648,750
Admin 231,274 20,818 252,092 259,186
Financing
and other costs		 69,458 69,458 136,358
Governance
costs		 17,011 17,011 22,592
3,902,807 2,169,720 541,275 6,613,802 7,436,553
2020 2019
Other expenditure
consists of:		 f f
Group
Advertising,
marketing		 and publicity 113,711 120,985
Audit and accountancy fees 16,254 15,000
Bank interest, charges and fees 93,627 123,701
Catering costs 168,556 245,062
Cleaning
and laundry		 11,623 18,144
Commissions
paid		 85,857 105,812
Equipment
hire		 1.131 38,279
Staff expenses and travel 2,204 5,739
Functions 18,801 33,085
House supplies 11,751 23,308
Insura nce 56,782 51,677
ITcosts 128,581 115,919
Leadership 3,220 3,307
Legal and professional fees 139,415 (49,996)
Printing,
postage and stationery		 31232 38,963
Prizes 2,627 3,285
Productions 9,859 16,211
Recruitment 15,322 16,255
Rent, rates, water and utilities 280,751 306,889
Repairs and maintenance 522,395 636,371
School travel 63,863 91,256
Subscriptions 19,874 23,459
School trip expenditure 156,796 375,486
Teaching and sports supplies 121,597 214,072
Telephone 25,869 26,559
Training 24,036 27,202
Transport 43,986 131,646
Loss on disposal offixed assets 308,102
2,169,720 3,065,778

Total
College Staff costs
f		 Other
f		 Depreciation
f		 2020
f		 2019
E
Teaching costs
School trip expenditure
Welfare
Premises		 2,530,835
197,101
1,098,198		 650,386
156,796
448,330
596,465		 53,087
11,450
455,920		 3,234,308
156,796
656,881
2,150,583		 3,200,217
375,486
778,907
2,582,525
Admin 231,274 20,818 252,092 259,186
Financing
and other costs
Governance
costs		 69,458
17,011		 69,458
17,011		 136,358
22,592
3,826,134 2,169,720 541,275 6537129 7355271
2020 2019
Other expenditure
consists of:		 f f
College
Advertising,
marketing		 and publicity 113,711 120,985
Audit and accountancy fees 16,254 15,000
Bank interest, charges and fees 93,627 123,701
Catering costs 168,556 230,005
Cleaning
and laundry
Commissions
paid		 11,623
85,857		 5,284
105,812
Equipment
hire
Staff expenses
and travel
Functions		 1.131
2,204
18,801		 38,279
5,739
33,085
House supplies 11,751 23,308
lnsura nce 56,782 51,677
ITcosts 128,581 115,919
Leadership 3,220 3,307
Legal and professional
fees
Printing,
postage and stationery		 139,415
31.232		 (49,996)
38,963
Prizes
Productions
Recruitment		 2,627
9,859
15,322		 3,285
16,211
16,255
Rent, rates, water and utilities 280,751 306,889
Repairs and maintenance
School travel
School trip expenditure		 522,395
63,863
156,796		 636,371
91,256
375,486
Subscriptions 19,874 23,459
Teaching and sports supplies 121,597 214,072
Telephone 25,869 26,559
Training 24,036 27,202
Transport 43,986 131,646
Loss on disposal offixed assets 308,102
2,169,720 3,037,861

9. AUDITORS REMUNERATION REMUNERATION REMUNERATION REMUNERATION
Fees for examination of the accounts:
Total Total
2020 2019
Group f f
Auditors fees 15,345 15,040
Other fees 4,259 4,700
College
Auditors fees 11,995 11,750
Other fees 4,259 3,250
10. GOVERNANCE
COSTS
Governance costs incurred during the year relate to:
2020 2019
Group f E
Legal and professional fees 757 2,852
Audit and accountancy fees 19,604 19,740
College
Legal and professional fees 757 2,852
Audit and accountancy fees 16,254 15,000

2020 2019
Group and College f f
Wages and salaries 3,071,450 3,137,535
Social security costs 268,198 267,475
Pension costs - teaching 416,970 313,267
Pension costs —non-teaching 146,189 109,780
3,902,807 3,828,057
2020 2019
No No

Total Total
2020 2019
No No
Teaching 57 61
Support 34 31
Estate 19 18
Domestics 24 31
134 141
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2020 2019
Group f E
Carrying
(fair) value at beginning		 of period 2,918,518 2,735,919
Add: additions to investments during period 817,106 632,595
Less: disposals at carrying value (741,057) (408,073)
Add/ (deduct): net (loss)/gain on revaluation (138,510) (49,360)
Dealing account (12,602) 7,437
Carrying
(fair) value at end ofyear		 2,843,455 2,918,518
College
Carrying
(fair) value at		 beginning of period 2,919,519 2,736,920
Add: additions to investments during period 817,106 632,595
Less: disposals at carrying value (741,057) (408,073)
Add/ (deduct): net (loss)/gain on revaluation (138,510) (49,360)
Dealing account (12,602) 7,437
Carrying
(fair) value at		 end ofyear 2,844,456 2,919,519
Analysis ofinvestments
2020 2019
Fair Fair
value Book cost value Book cost
E f E E
Cash or cash equivalents 64,297 64,297 76,900 76,900
Listed investments 2,779,158 2,438,727 2,841,618 2,454,291
Investment
in trading		 subsidiaries 1,001 1,001 1,001 1,001
2,844,456 2,504,025 2,919,519 2,532,192
The investment portfolio
is split		 between unrestricted, restricted and endowment
funds.		 The ratios
ofthe portfolio can be seen below:
2020 2019
9o
Unrestricted 49 50
Endowment 22 21
Restricted 29 29
100 100

2020 2019
f f
Profit and Loss Account
Turnover 21,148 244,073
Recharges to Christ College Brecon 10,303 9,920
Expenditure
Recharges from
Profit for year		 Christ College Brecon (3,762)
(56,514)
(28,825)		 (76,779)
(79,780)
97,434
Statement ofChanges in Equity
Balance brought forward 3,572 3,572
Profit and total comprehensive income for the period (28,825) 97,434
Distributions
to		 parent charity under gift aid (97,434)
Balance carried forward (25,253) 3,572
Balance Sheet
Current assets 19,563 116,236
Current
liabilities		 (44,816) (112,664)
Capital and reserves (25,253) 3,572

2020 2019
f f
Profit and Loss Account
Turnover 163,043 266,003
Expenditure (151,229) (43,394)
Recharges to Christ College Brecon (30,460) (11,422)
Management
charge from Christ		 College Brecon (12,000) (12,000)
(Loss)/profit
for year		 (30,646) 199,187
Statement ofChanges in Equity
Balance brought
forward		 1 1
Profit and total comprehensive income for the period (30,646) 199,187
Distributions
to parent		 charity under gift aid (199,187)
Balance carried forward (30,645)
Balance Sheet
Fixed and current assets 2,940 218,550
Current
liabilities		 (33,585) (218,549)
Capital and reserves (30,645)
CHRIST COLLEGE BRECON CHRIST COLLEGE BRECON CHRIST COLLEGE BRECON
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31AUGUST 2020
16. STOCKS
2020 2019
Group f f
Goods for resale:
Opening
balance		 18,684 15,089
Added
in period		 3,859 10,086
Expensed
in period		 (8,877) (6,491)
Closing balance 13,666 18,684
17. DEBTORS
Group College
2020 2019 2020 2019
f f f f
Trade debtors 1,199,998 1,373,651 1,208,931 1,296,839
Prepayments and accrued income 179,037 173,974 169,980 173,874
Balances due from group
undertakings 55,439 296,621
1,379,035 1,547,625 1,434,350 1,767,334
18. CASH AT BANK AND IN HAND
Group College
2020f 2019
f		 2020
f		 2019
f
Short term deposits 608,616 605,889 608,616 605,889
Cash at bank and on hand 2,798,802 1,914,435 2,790,932 1,675,916
3,407,418 2,520,324 3,399,548 2,281,805
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group College
2020 2019 2020 2019
f f f f
Bank loans 72,128 73,761 72,128 73,761
Trade creditors 158,377 128,396 147,823 125,822
Accruals and deferred income 2,531,943 2,781,550 2,528,593 2,770,091
Taxation and social security 65,314 225,576 65,314 71,570
Other creditors 133,790 117,971 125,574 108,612
2,961,552 3,183,776 2,939,432 3,149,856

Group and College
2020 2019
f f
Bank loans 1,922,466 1,995,667
Deferred income 135,524 212,563
Other creditors 26,058 48,084
2,084,048 2,256,314

2020 2019
Grou and Colle e f f
Balance at the start ofthe reporting period 2,898,900 2,820,077
Amounts added
in current period		 8,031,526 8,523,135
Amounts released to income from previous periods (8,323,101) (8,444,313)
Balance at the end ofthe reporting period 2,607,325 2,898,900

Advance fees Final term deposits Michaelmas term fees
Chari
and Grou		 2020
f		 2019
f		 2020
f		 2019
f		 2020
f		 2019
f
Within 1year
Within 2-5 years		 203,986
24,000		 270,298
87,000		 57,791
111,524		 60,164
102,817		 2,210,024 2,355,875
After 5years 22,746
227,986 357,298 169,315 185,727 2,210,024 2,355,875

The amount repayable on the bank loan is as follows:
2020 2019
E f
Repayable within one year 72,128 73,761
Repayable between two and five years 383,230 383,230
Repayable in more than five years 1,539,236 1,612,437
1,994,594 2,069,428

Net obligations Net obligations payable:
2020 2019
f f
Repayable within one year 19,493 19,004
Repayable between two and five years 26,058 48,084
45,551 67,088

Net o bligations payable:
2020 2019
f f
Due within one year 8,097 9,379
Due between two and five years 16,030
8,097 25,409

At 1 At
September Gains and 31August
2019 Income Expenditure Transfers losses 2020
Group and College f f f f f f
Black Cat 53,446 1,130 (1,130) (2,112) 51,334
OBA award 203,701 4,307 (4,307) (8,048) 195,653
Dr Herdman fund 215,499 4,557 (4,557) (8,513) 206,986
Edward
Edwards		 48,098 1,017 (1,017) (1,900) 46,198
Sundry 115,341 2,439 (2,439) (4,557) 110,784
The Friends ofChrist
College Fund 30,822 (638) (1,193) 28,991
636,085 44,272 (14,088) (26,323) 639,946
hese funds consist of a number of separate trust funds set up by individual donors. These trust funds are
ooled for investment purposes, and each fund is allocated its proportion of investment income, gains and
osses. All endowed fund income is used to provide academic scholarships, bursaries and prizes.
Previous
ear
At 1
September Gains and 31August
2018 Income Expenditure Transfers losses 2019
Group and College f f f f f f
Black Cat 54,511 1,432 (1,432) (1,065) 53,446
OBA award 207,761 5,459 (5,459) (4,060) 203,701
Dr Herdman fund 219,795 5,776 (5,776) (4,296) 215,499
Edward
Edwards		 49,057 1,289 (1,289) (959) 48,098
Sundry 117,640 3,092 (3,092) (2,299) 115,341
648,764 17,048 (17,048) (12,679) 636,085

At 1 At
September Gains and 31August
Group and College 2019
f		 Income
f		 Expenditure
f		 Transfers
f		 losses
f		 2020
f
Scholarship funds 149,996 3,047 (3,O47) (6,715) 143,281
Prize funds 52,922 1,269 (1,269) (2,796) 50,126
Foundation -general 135,418 103,465 (90,158) (6,062) 142,663
Sir Barrie and Lady
Stephens scholarship
fund 290,477 5,901 (5,901) (13,003) 277,474
Chapel repair fund 613 613
Peter Lloyd bequest 207,403 4,213 (4,213) (9,284) 198,119
Powell Donation 20,000 406 (4o6) (895) 19,105
Kelvin Bryan bursary 60,514 1,229 (1,229) (2,709) 57,805
917,343 119,530 (106,223) (41,464) 889,186

~Previous
eor
At 1 At
September Gains and 31August
2018 Income Expenditure Transfers losses 2019
Group and College E E E E E E
Scholarship
funds		 150,730 13,179 (11,514) (2,399) 149,996
Prize funds 53,836 1,497 (1,497) (914) 52,922
Foundation
-general		 137,608 3,586 (3,586) (2,190) 135,418
Sir Barrie and Lady
Stephens scholarship
fund 295,176 7,693 (7,693) (4,699) 290,477
Chapel repair fund 613 150 (150) 613
Peter Lloyd bequest 210,758 5,493 (5,493) (3,355) 207,403
Powell Donation 20,000 20,000
Kelvin Bryan bursary 60,514 60,514
848,721 112,112 (29,933) (13,557) 917,343

At 1 At
September Gains and 31August
2019 Income Expenditure Transfers losses 2020
Group E f f f f
Foundation 1,640,975 (70,723) 1,570,252
General funds 10,144,260 7,428,932 (6,648,482) 10,924,710
11,785,235 7,428,932 (6,648,482) (70,723) 12,494,962
College
Foundation 1,640,975 (70,723) 1,570,252
General funds 10,141,687 7,256,741 (6,416,818) 10,981,610
11,782,662 7,256,741 (6,416,818) (70,723) 12,551,862
Previous
eor
At 1 At
September Gains and 31August
Group 2018
f		 Income
f		 Expenditure
f		 Transfers
f		 losses
f		 2019
f
Foundation 1,664,099 (23,124) 1,640,975
General funds 9,364,183 8,289,822 (7,509,745) 10,144,260
11,028,282 8,289,822 (7,509,745) (23,124) 11,785,235
College
Foundation 1,664,099 (23,124) 1,640,975
General funds 9,361,610 8,088,367 (7,308,290) 10,141,687
11,025,709 8,088,367 (7,308,290) (23,124) 11,782,662

ANALYSIS OF NET ASS ETS BETWEEN FU NDS
Net current Long term
Group Fixed assets
f		 Investments
f		 assets
f		 liabilities
f		 Totalf
Endowment funds 639,946 639,946
Restricted funds 888,573 613 889,186
Unrestricted funds:
General funds 11,426,120 1,314,936 1,837,954 (2,084,048) 12,494,962
11,426,120 2,843,455 1,838,567 (2,084,048) 14,024,094
College
Endowment funds 639,946 639,946
Restricted funds 888,573 613 889,186
Unrestricted funds:
General funds 11,426,120 1,315,937 1,893,853 (2,084,048) 12,551,862
11,426,120 2,844,456 1,894,466 (2,084,048) 14,080,994
~Previous
eor
Net current Long term
Fixed assets Investments assets liabilities Total
Group f f f f f
Endowment funds 636,085 636,085
Restricted funds 836,216 81,127 917,343
Unrestricted funds:
General
funds		 11,773,602 1,446,217 821,730 (2,256,314) 11,785,235
11,773,602 2,918,518 902,857 (2,256,314) 13,338,663
College
Endowment funds 636,085 636,085
Restricted funds 836,216 81,127 917,343
Unrestricted funds:
General funds 11,773,602 1,447,218 818,156 (2,256,314) 11,782,662
11,773,602 2,919,519 899,283 (2,256,314) 13,336,090

FOR THE YEAR ENDED 31 FOR THE YEAR ENDED 31 AUGUST 2020 AUGUST 2020
31. RECONCILIATION
OF		 NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2020 2019
Group f f
Net income for the reporting
period		 685,431 812,896
Adjustments
for:
Depreciation
charges		 541,275 542,719
(Gains)/losses
on investments		 138,510 49,360
Dividends,
interest		 and rents from investments (71,269) (89,179)
Loss/(profit)
on the		 sale offixed assets 308,102
(Increase)/decrease in stocks 5,018 (3,595)
Increase
in debtors		 168,590 (1,627,576)
Increase/(decrease) in creditors (298,119) 1,730,203
Net cash provided by operating activities 1,169,436 1,722,930
Analysis ofcash and cash equivalents
Cash in hand 2,798,802 1,914,435
Notice deposits (less than 3 months) 608,616 605,889
Total Cash and Cash Equivalents 3,407,418 2,520,324
Other Balance
Opening Interest non-cash carried
balance
f		 Cash-flows
f		 changes
f		 changes
f		 forward
f
Cash 1,914,435 884,367 2,798,802
Cash equivalents 605,889 2,727 608,616
2,520,324 887,094 3,407,418
Bank loans falling due within
one year (73,761) 1,633 (72,128)
Bank loans falling due after
more than one year (1,995,667) 168,462 (93,628) (1,633) (1,922,466)
Finance lease obligations (67,088) 22,885 (1,348) - (45,551)
Total 383,808 1,078,441 (94,976) - 1,967,279
FO FO FO R THE YEAR ENDED 31AUGU R THE YEAR ENDED 31AUGU ST 2020
32. COMPARATIVE
STATEMENT		 OF FINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
~Grou funds funds funds 2019
f f E E
Income and endowments from:
Donations
and legacies		 137,124 25,608 162,732
Charitable
activities		 7,473,191 60,514 7,533,705
Other trading
activities		 112,534 112,534
Christ
College		 Holiday Activities
Limited 244,073 244,073
1541Limited 266,003 266,003
Investments 46,141 25,990 17,048 89,179
Other income 10,756 10,756
Total income and endowments 8,289,822 112,112 17,048 8,418,982
Expenditure
on:
Charitable
activities		 7,389,572 29,933 17,048 7,436,553
Christ
College		 Holiday Activities
Limited 76,779 76,779
1541Limited 43,394 43,394
Total expenditure 7,509,745 29,933 17,048 7,556,726
Net (losses)/gains on investments (23,124) (13,557) (12,679) (49,360)
Net income/(expenditure J 756,953 68,622 (12,679) 812,896
Transfers between funds
Net movementin funds 756,953 68,622 (12,679) 812,896
Reconciliation
of		 Funds
Total funds brought
forward		 11,028,282 848,721 648,764 12,525,767
Totalfunds carried forward 11,785,235 917,343 636,085 13,338,663

Unrestricted Restricted Endowment Total
~Colle e funds funds funds 2019
f f f f
Income and endowments from:
Donations
and legacies		 137,124 25,608 162,732
Charitable
activities		 7,473,191 60,514 7,533,705
Other trading activities 124,534 124,534
investments 342,762 25,990 17,048 385,800
Other income 10,756 10,756
Totalincome and endowments 8,088,367 112,112 17,048 8,217,527
Expenditure
on:
Charitable
activities		 7,308,290 29,933 17,048 7,355,271
Total expenditure 7,308,290 29,933 17,048 7,355,271
Net (losses)/gains
on investments		 (23,124) (13,557) (12,679) (49,360)
Net income/(expenditure) 756,953 68,622 (12,679) 812,896
Transfers
between
funds
Net movementin
funds		 756,953 68,622 (12,679) 812,896
Reconciliation
of Funds
Total funds brought
forward		 11,025,709 848,721 648,764 12,523,194
Totalfunds carried forward 11,782,662 917,343 636,085 13,336,090