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||||Page|
|---|---|---|---|
|Chairman's|statement||1-2|
|Trustees
report|||3-8|
|Statement|oftrustees|responsibilities||
|Independent|auditor's|report|10-13|
|Statement|offinancial|activities|14|
|Balance sheet|||15|
|Statement|ofcash flows||16|
|Notes to the financial||statements|17-33|
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||||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||funds|funds||funds|funds||
|||||Notes|2021
f|2021
f|2021|2020
6|2020
8|2020f|
||n||||||||||
|Donations
and|legacies|||3|217,539||217,539|214,347||214,347|
|Charitable
activities||||4|199,478||199,478|192,782||192,782|
|Investments||||5|9,291||9,291|11,431||11,431|
|Other income||||6|3,479||3,479|2,610||2,610|
|Total income|||||429,787||429,787|421,170||421,170|
|Raising funds|||||236||236|72||72|
|Charitable
activities||||8|384,506||384,506|460,146||460,146|
|Other||||13||50|50||50|50|
|Totalresources|||||||||||
|expended|||||384,742|50|384,792|460,218|50|460,268|
|Net gains/(losses)
investments|||on|14|86,872||86,872|(21,577)||(21,577)|
|Net incoming/(outgoing)
resources|||||131,917|(50)|131,867|(60,625)|(50)|(60,675)|
|Other recognised|||gains and||losses||||||
|Other gains or|losses|||15|59,321||59,321|3,236||3,236|
|Net movement||in|funds||191,238|(50)|191,188|(57,389)|(50)|(57,439)|
|Fund balances||at 1|||||||||
|September 2020|||||2,347,329|100|2,347,429|2,404,718|150|2,404,868|
|Fund balances||at|31||||||||
|August 2021|||||2,538,567|50|2,538,617|2,347,329|100|2,347,429|
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|||||||2021|2020||
|---|---|---|---|---|---|---|---|---|
||||||Notes|F|||
|Fixed assets|||||||||
|Tangible assets|||||16|638,035||652,214|
|Investment|properties||||17|1,210,000||1,210,000|
|Investments|||||18|500,104||407,186|
|||||||2,348,139||2,269,400|
|Current assets|||||||||
|Debtors||||||11,037|10,831||
|Cash at bank and||in|hand|||297,625|260,366||
|||||||308,662|271,197||
|Creditors:|amounts||falling due within||||||
|one year|||||20|(32,868)|(26,089)||
|Net current|assets|||||275,794||245,108|
|Total assets less||current liabilities||||2,623,933||2,514,508|
|Creditors:|amounts||falling due after||||||
|more than|one year||||21|(85,316)||(167,079)|
|Net assets||||||2,538,617||2,347,429|
|Capital funds|||||||||
|Endowment|funds|- general|||22|50||100|
|Income funds|||||||||
|~Ut id|d t
d||||||||
|General unrestricted|||funds|||1,648,326|1,446,185||
|Revaluation|reserve|||||890,241|901,144||
|||||||2,538,567||2,347,329|
|||||||2,538,617||2,347,429|
|The financial statements||||were approved|by the Trustees|on ...............Y........|||
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|||||2021||2020||
|---|---|---|---|---|---|---|---|
||||Notes|6||6||
|Cash flows from operating||activities||||||
|Cash generated
from/(absorbed
by)|||28|||||
|operations|||||34,014||(64,455)|
|Investing|activities|||||||
|Purchase|of investments|||(83,887)||(91,193)||
|Proceeds|on disposal of investments|||77,841||83,485||
|Investment|income received|||9,291||11,431||
|Net cash|generated
from investing|||||||
|activities|||||3,245||3,723|
|Net cash|used in financing|activities||||||
|Net increase/(decrease)
in||cash and cash||||||
|equivalents|||||37,259||(60,732)|
|Cash and|cash equivalents|at beginning|ofyear||260,366||321,098|
|Cash and|cash equivalents|at end ofyear|||297,625||260,366|
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|Donations|and legacies|||
|---|---|---|---|
|||Unrestricted|Unrestricted|
|||funds|funds|
|||2021|2020|
|||6|6|
|Donations|and gifts|217,239|213,047|
|Legacies receivable||300|1,300|
|||217,539|214,347|
|Donations|and gifts|||
|Church donations||20,388|17,788|
|Griffiths Trust||195,761|193,924|
|Personal||880|1,234|
|Other||210|101|
|||217,239|213,047|
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|||2021|2020|
|---|---|---|---|
|||6|5|
|Rental|income|64,933|88,493|
|Fees||134,545|104,289|
|||199,478|192,782|
##
||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
|||E|
|Dividends|9,275|10,607|
|Interest receivable|16|824|
||9,291|11,431|
|Unrestricted|Unrestricted|
|---|---|
|funds|funds|
|2021|2020|
|6||
|3,479|2,610|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
|||f'|
|Advertising|236|72|
||236|72|
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|||||2021|2020|
|---|---|---|---|---|---|
||Staff costs|||186,557|222,814|
||Depreciation|and impairment||14,179|14,179|
||Catering|||1,332|3,380|
||Student support costs||||110|
||Books|||1,224|2,358|
||Library|||6,012|7,924|
||Prizes|||500|400|
||Pension
Liability Interest Charge|||1,908|3,958|
|||||211,712|255,123|
||Grant funding|ofactivities (see note 9)||5,920|11,044|
||Share ofsupport costs (see note 10)|||162,344|189,779|
||Share ofgovernance||costs (see note 10)|4,530|4,200|
|||||384,506|460,146|
|9|Grants payable|||||
|||||2021|2020|
|||||6|5|
||Grants to individuals|||5,920|11,044|
|||||5,920|11,044|
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|10|Support costs|Support costs|||||||
|---|---|---|---|---|---|---|---|---|
||||Support|Governance|2021|Support|Governance|2020|
||||costs|costs||costs|costs||
||||5|f|||||
||Staff costs||59,838||59,838|41,063||41,063|
||Operating|lease charges|1,848||1,848|1,888||1,888|
||Telephone||882||882|832||832|
||Printing
&|stationery|4,634||4,634|4,583||4,583|
||Heat, light|and water|15,000||15,000|19,495||19,495|
||Cleaning||12,385||12,385|18,086||18,086|
||Insurance||13,038||13,038|12,934||12,934|
||Professional fees||12,118||12,118|8,933||8,933|
||Sundry||10,810||10,810|14,403||14,403|
||Amenities|&training|165||165|8,387||8,387|
||Travel &conference||||||||
||expenses||1,499||1,499|3,955||3,955|
||Repairs and renewals||30,127||30,127|55,220||55,220|
||Audit fees|||4,530|4,530||4,200|4,200|
||||162,344|4,530|166,874|189,779|4,200|193,979|
||Analysed|between|||||||
||Charitable|activities|162,344|4,530|166,874|189,779|4,200|193,979|
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|The average
|monthly
number ofemployees
duding|the year was:||
|---|---|---|---|
|||2021|2020|
|||Number|Number|
|Teaching staff||||
|Administrative|staff|||
|Employment|costs|2021|2020|
||||5|
|Wages and salaries||190,545|209,820|
|Social security|costs|20,671|21,132|
|Other pension|costs|35,179|32,925|
|||246,395|263,877|
##
|||||Endowment|Endowment|
|---|---|---|---|---|---|
|||||funds|funds|
|||||general|general|
|||||2021|2020|
|Anne|Rendeg|Prize|Fund|50|50|
|||||50|50|
|Net gainsl(l|osses)
on investments|||
|---|---|---|---|
|||tlnrestricted|Unrestricted|
|||funds|funds|
|||2021|2020|
|Revaluation|ofinvestments|86,872|(21,577)|
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|15|Other gains|or losse|s||||
|---|---|---|---|---|---|---|
|||||Unrestricted||Unrestricted|
|||||funds||funds|
|||||2021||2020|
||||||6|f|
||Gain on pension scheme|||(59,321)||(3,236)|
|16|Tangible fixed assets||||||
|||||Freehold|land|and bniidingaf|
||Cost||||||
||At 1 September 2020|||||708,930|
||At 31August|2021||||708,930|
||Depreciation|and impairment|||||
||At 1 September 2020|||||56,716|
||Depreciation|charged|in the year|||14,179|
||At 31August|2021||||70,895|
||Carrying
amount||||||
||At 31August|2021||||638,035|
||At 31August|2020||||652,214|
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|18|Fixed asset i|nvestme|nts||||
|---|---|---|---|---|---|---|
|||||Listed|Cash in|Total|
|||||investments|portfolio||
|||||8|||
||Cost or valuation||||||
||At 1 September 2020|||395,852|11,334|407,186|
||Additions|||83,887|(83,887)||
||Valuation
changes|||86,872||86,872|
||Cash movement||||6,046|6,046|
||Disposals|||(78,487)|78,487||
||At 31August|2021||488,124|11,980|500,104|
||Carrying amount||||||
||At 31August|2021||488,124|11,980|500,104|
||At 31August|2020||395,852|11,334|407,186|
|19|Debtors||||||
||Amounts
falling due||within one year;||2021|2020f|
||Prepayments|and accrued income|||11,037|10,831|
|20|Creditors: amounts||falling due within one year||||
||||||2021|2020|
||||||5|8|
||Other taxation|and social security|||5,821|5,005|
||Accruals and|deferred|income||27,047|21,084|
||||||32,868|26,089|
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|||||2021|2020|
|---|---|---|---|---|---|
|||||6|6|
|Accruals|and|deferred|income|85,316|167,079|
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|The amoun|ts
repayable are as follows:|||
|---|---|---|---|
|||2021|2020|
|||6|E|
|Repayable|within two and five years|85,045|79,465|
|Repayable|in more than five years|271|%Jib|
|||QRZQ|167079|
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||||||||Movement||
|---|---|---|---|---|---|---|---|---|
||||||||in funds||
|||||Balance st|Resources|Balance at|Incoming|Balance at|
||||1|September|expended|1September|resources|31August|
|||||2019
F||2020f||2021
5|
||Pension Scheme Gift|||16,666|(16,666)||||
|||||16,666|(16,666)||||
||The trustees|agreed to|designate
additional|voluntary|payments
to|the Pension|Scheme of|550,000. The|
||final payment was made||in 2019/20.||||||
|24|Analysis ofnet assets||between funds||||||
||||Unrestricted
Endowment||Total
Unrestricted||Endowment|Total|
||||funds|funds||funds|funds||
||||2021|2021|2021|2020|2020|2020|
||||6|6|5|5|5|5|
||Fund balances at 31||||||||
||August 2021 are||||||||
||represented|by:|||||||
||Tangible assets||638,035||638,035|652,214||652,214|
||Investment|properties|1,210,000||1,210,000|1,210,000||1,210,000|
||Investments||500,104||500,104|407,186||407,186|
||Current assets/||||||||
||(liabilities)||275,744|50|275,794|245,008|100|245,108|
||Long term liabilities||(85,316)||(85,316)|(167,079)||(167,079)|
||||2,538,567|50|2,538,617|2,347,329|100|2,347,429|
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|The key assumptio|ns
underlying
the valua|tion
were as foll|ows:|
|---|---|---|---|
|T
offinancial|assumption||%pa|
|RPI price inflation|assumption||3.20|
|CPI price inflation|assum
tion||2.70|
|Minimum
Pensionable
Income increases||RPI)|3.20|
|Assumed
investment
returns||||
|- Pre-retirement|||2.95|
|-Post retirement|||1.70|
|Deferred pension|increases|||
|-Pre April 2009|||3.20|
|-Post Apdil 2009|||2.50|
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|Pension increases||
|---|---|
|- Main Scheme pension Pre April 2006|2.70|
|Main Scheme pension Post April 2006|2.00|
##
|movement
in the provisio|n
is set ou|t in the t|able below.||
|---|---|---|---|---|
|Accounting
date (year|ending):||31August 2021|31August 2020|
|Balance sheet liability at|year start||5182,041|F205,309|
|Minus deficiency
contfiibutions
paid|||-617,181|&18,491|
|Interest cost (recognised|in SoFA)||61,908|62,745|
|Remaining
change
to|balance|sheet|-659,320|-67,523|
|liability'
(recognised
in SoFA)|||||
|Balance sheet liabili
at|ear end||5107,447|f182,041|
|has been valued
using
payments:|the f|ollowing
as|sumptions
set by re|ference
to the duration
|of the deficit recovery|
|---|---|---|---|---|---|
|Accounting
date|||31August 2021|31August 2020|31August 2019|
|Discount rate|||0.9%|1.1%|1.4%|
|Future
increases|to|Minimum|3.6%|3.1%|3.4%|
|Pensionable
Income||||||
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||||||||2021f|2020|
|---|---|---|---|---|---|---|---|---|
||Within one year||||||1,540|1,848|
||Between two and five years|||||||1,540|
||||||||1,540|3,388|
|28|Cash generated
from operations||||||2021f|2020|
||Surplus/(deficit)
for the year||||||131,867|(60,675)|
||Adjustments
for:||||||||
||Investment
income recognised|in statement|||offinancial|activities|(9,291)|(11,431)|
||Pension scheme gains and losses||||||59,321|3,236|
||Fair value gains and losses on|investments|||||(86,872)|21,577|
||Depreciation
and impairment
oftangible|||fixed assets|||14,179|14,179|
||Difference between
pension
charge and|||cash contributions|||(74,594)|(17,768)|
||Movements
in working
capital:||||||||
||(Increase)/decrease
in debtors||||||(206)|786|
||{Decrease)/increase
in creditors||||||(390)|1,194|
||(Decrease)
in deferred
income|||||||(15,553)|
||Cash generated
from/(absorbed||by) operations||||34,014|(64,455)|
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