2021-08-31-accounts - King David Schools (Manchester)

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				Page
Reference and administrative			details ofthe Charity, its Trustee and advisers
Trustee's report				2-7
Independent	auditor's	report	on the financial statements	8-11
Consolidated	statement	offinancial activities		12
Consolidated	balance sheet			13-14
Charity balance sheet				15-16
Consolidated	statement	ofcash flows		17
Notes to the	financial statements			18-46

				Restricted	Unrestricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note	F	6	6
Income from:
Donations and legacies			5	15,318	1,019,784	1,035,102	1,231,471
Charitable activities			6	7,239,467	877,706	8,117,173	7,389,691
Other trading activities			7		269,152	269,152	613,162
Investments			8		483	483	753
Total income				7,254,785	2,167,125	9,421,910	9,235,077
Expenditure on:
Charitable activities			9	?,336,598	2,640,105	9,976,703	9,752,564
Total expenditure				7,336,598	2,640,105	9,976,703	9,752,554
Net expenditure before		net losses on
investments				(81,813)	(472,980)	(554,?93)	(517,487)
Net losses on investments					(946)	(946)	(27)
Net movement in	funds before other
recognised gains/(losses)				(81,813)	(473,926)	(555,739)	(517,514)
Other recognised	gains/(losses):
Actuarial (losses)/gains		on defined
benefit pension schemes				(249,000)		(249,000)	252,000
Net movement in	funds			(330,813)	(473,926)	(804,739)	(265,514)
Reconciliation of	funds:
Total funds brought	forward			20,646,481	3,321,185	23,967,666	24,233,160
Net movement in funds				(330,813)	(473,926)	(804,739)	(255,514)
Total funds carried forward				20,315,668	2,847,259	23,162,927	23,967,655

					CONSOLIDATED	CONSOLIDATED	BALANCE SHEET
						AS AT 31AUGUST 2021
							2021		2020
						Note	6		5
Fixed assets
Tangible assets						14	25,386,281		23,830,056
investments						15	11,004		11,950
							25,397,285		23,842,006
Current assets
Stocks						16	8,597	4,065
Debtors						17	341,390	587,888
Cash at bank and in hand							1,055,791	3,018,456
							1,405,778	3,610,410
Creditors: amounts	falling		due within		one
year						18	(966,386)	(1,215,851)
Net current assets							439,392		2,394,549
Total assets less current			liabilities				25,836,677		26,236,555
Creditors: amounts	falling		due after		more
than one year						19	(429,750)		(500,889)
Net assets excluding		pension		liability			25,406,927		25,735,656
Defined benefit pension		scheme		liability			(2,244,000)		(1,768,000)
Total net assets							23,162,927		23,967,666
Charity funds
Restricted funds:
Restricted funds excluding			pension		asset	21	22,559,668	22,414,481
Pension reserve						21	(2,244,000)	(1,758,000)
Total restricted funds						21	20,315,668		20,646,481
Unrestricted funds						21	2,847,259		3,321,185
Totalfunds							23,162,927		23,967,666

			CHARITY BALANCE SHEET	CHARITY BALANCE SHEET
			AS AT 31	AUGUST 2021
				2021		2020
			Note	E		5
Fixed assets
Tangible assets			14	21,805,743		22,372,704
Investments			15	11,004		11,950
				21,816,747		22,384,654
Current assets
Stocks			16	8,597	4,066
Debtors			17	128,466	95,867
Cash at bank and	in hand			326,099	506,956
				463,162	506,889
Creditors: amounts	falling due within one
year			18	(488,800)	(583,766)
Net current liabilities		1assets		(25,638)		23,123
Total assets less	current liabilities			21,791,109		22,407,777
Creditors: amounts	falling due after more
than one year			19	(429,750)		(500,889)
Net assets excluding		pension asset		21,361,359		21,906,888
Total net assets				21,361,359		21,906,888
Charity funds
Restricted funds			21	20,524,868		17,847,332
Unrestricted funds			21	836,491		4,059,556
Total funds				21,361,359		21,906,888

						Restricted	Unrestricted	Total
						funds	funds	funds
						2021	2021	2021
						F	5	5
Donations		&	grants			15,318	62,159	77,477
Parental	voluntary			contributions			831,506	831,506
Job retention			scheme grants
GIR aid							126,119	126.119
						15,318	1,019,784	1,035,102
						Restricted	Unrestricted	Total
						funds	funds	funds
						2020	2020	2020
							5
Donations		&	grants			30,461	131,068	161,529
Parental	voluntary			contributions			741,801	741,801
Government			grants				164,294	164,294
Tax refund							163,847	163,847
						30,461	1,201,010	1,231,471
Income from			charitable		activities
						Restricted	Unrestricted	Total
						funds	funds	funds
						2021	2021	2021
						5	5	5
Operation		of	the schools			7,239,467	877,706	8,117,173
						Restricted	Unrestricted	Total
						funds	funds	funds
						2020 f	2020 6	2020 5
Operation		of	the schools			6,637,068	752,623	7,389,691

		Unrestricted	Total
		funds	funds
		2021	2021
		E	f.
Income from gala	dinner	4,162	4,162
Other fundraising	activities	264,990	264,990
		269,152	269,162
		Unrestricted	Total
		funds	funds
		2020	2020f
Income from gala	dinner	8,210	8,210
Other fundraising	activities	804,952	604,952
		613,182	613,182

		Unrestricted	Total
		funds	funds
		2021	2021
		E	6
Investment	income	483	483
		Unrestricted	Total
		funds	funds
		2020	2020
			6
Investment	income	753	753

			Restricted	Unrestricted	Total
			funds	funds	funds
			2021	2021	2021
				E	E
Operation	ofthe	school	7,336,598	2,640,105	9,976,703
			Restricted	Unrestricted	Total
			funds	funds	funds
			2020	2020	2020
			E	E
Operation	ofthe	school	7335528	2417036	9,752,584

			Activities
			undertaken	Support	Total
			directly	costs	funds
			2021	2021	2021
				E	E
Operation	ofthe	school	6,902,502	3,074,201	9,976,703
			Activities
			undertaken	Support	Total
			directly	costs	funds
			2020	2020	2020
				E	E
Operation	ofthe	school	6978,822	2,775,742	9,752 564

		Operation
		ofthe	Total
		school	funds
		2021	2021
		E	6
Staff costs		5,743,241	5,743,241
Educational	materials	602,294	602,294
Food & meal	costs	476,653	476,653
Trips		32,597	32,587
Travel costs		719	719
Bus donations		27,785	27,785
Teacher training		9,416	8,416
Other direct	costs	9,797	9,797
		6,902,502	6,902,502
		Operation of	Total
		the school	funds
		2020	2020
		8	5
Staff costs		5,780,532	5,780,532
Educational	materials	676,245	676,245
Food 8 meal	costs	356,417	356,417
Trips		101,784	101,784
Travel costs		240	240
Bus donations		12,500	12,500
Teacher training		39,077	39,077
Other direct	costs	10,027	10,027
		6,976,822	6,976,822

		Operation
		ofthe	Total
		school	funds
		2021	2021
		E	6
Staff costs		492,122	492,122
Depreciation		629,972	629,972
Governance		45,958	45,958
Security and transport		541,870	541,870
Repair costs		93,296	93,296
Light &heat		155,127	155,127
Loan interest		6,560	6,560
Cleaning		253,099	253,099
Printing, postage and	stationery	26,257	26,257
Bank charges and interest		(41,193)	(41,193)
Insurance		83,085	83,085
Sundries		70,997	70,997
Telephone		21,606	21,606
Recharge ofexpenses		578,994	578,994
Legal and professional	fees	116,451	116,451
		3,074,201	3,074,201

Analysis ofsupport	costs (continued)
		Operation of	Total
		the school	funds
		2020	2020
			8
Staff costs		571,363	571,363
Depreciation		621,884	621,884
Governance		37,610	37,610
Security and transport		156,286	156,28S
Repair costs		116,556	116,556
Light & heat		228,387	228,387
Loan interest		9,651	9,651
Cleaning		165,609	165,609
Printing, postage and	stationery	32,925	32925
Bank charges and interest		9,514	9,514
Insurance		102,990	102,990
Sundries		98,460	98,460
Telephone		53,434	53,434
Recharge ofexpenses		430,892	430,892
Legal and professional	fees	140,181	140,181
		2 775,742	2,775,742

2021	2020
E	6
23,000	21,550

Staff costs
			Group		Group	Charity	Charity
			2021		2020 f	2021 6	2020
Wages and salaries			4,851,143	4,941,584		494,054	543,516
Social security costs			399,294	400,005			29,935
Contribution	to defined contribution	pension
schemes			984,926	1,010,205		12,259	18,020
			6,235,363	5,351,895		506,313	591,47f
The average	number of persons employed		by the Charity during	the	year was as follows:
						Group	Group
						2021	2020
						No.	No.
Teaching						96	97
Educational	Support					48	51
Administration						6	8
Premises						3	6
Management						3	3
LNSLA						5	5
						161	170

Group	Group
2021	2020
No.	No.

	Freehold	Motor	Fixtures	Computer	Assets under
	property E	vehicles 6	and fittings 6	equipment 6	construction 6	Total 6
Cost or valuation
At 1 September
2020	29,044,454	37,180	1,054,069	433,660	10,365	30,579,728
Additions		18,995			2,167,199	2,186,194
At 31August 2021	29,044,454	56,175	1,054,069	433,660	2,177,564	32,765,922
Depreciation
At 1 September
2020	5,438,890	29,744	953,074	327,964		6,749,672
Charge for the year	580,887	8,702	15,149	25,231		629,969
At 31August 2021	6,019,777	38,446	968,223	353,195		7,379,641
Net book value
At 31August 2021	23,024,677	17,729	85,846	80,465	2,177,564	25,386,281
At 31August 2020	23,605,564	7,436	'l00,995	105,696	10,365	23,830,056

	Freehold	Fixtures and	Computer
	property	fittings	equipment	Total
	F	5	F
Cost or valuation
At 1 September 2020	27,590,718	498,337	5,130	28,094,185
At 31August 2021	27,590,718	498,337	5,130	28,094,185
Depreciation
At 1 September 2020	5,319,009	397,342	5,130	5,721,481
Charge for the year	551,812	15,149		566,961
At 31August 2021	5,870,821	412,491	5,130	6,288,442
Net book value
At 31August 2021	21,719,897	85,846		21,805,743
At 31August 2020	22,271,709	100,995		22,372,704

	Listed
Group and Charity	investmentsf
Cost or valuation
At 1 September 2020	11,004
At 31August 2021	11,004
Net book value
At 31August 2021	11,004
At 31August 2020	11,004

						Group	Gmup	Charity	Charity
						2021 F	2020f	2021 8	2020
Finished	goods	and	goods	for	resale	8,597	4,066	8,597	4,066

			Group	Group	Charity	Charity
			2021 E	2020	2021 8	2020f
Due within one year
Trade debtors			19,804	6,955	19,804	6,955
Amounts owed by group		undertakings	1,594		1,594	4,606
Amounts owed by King		David Resources
Limited			10,155	10,155	10,155	10,155
Other debtors			119,617	59,902	63,915	37,668
Prepayments	and accrued income		190,220	510,876	32,998	36,483
			341,390	587,888	128,466	95,867

			Group	Group	Charity	Charity
			2021 E	2020	2021 E	2020f
Bank overdrafts			306,179	220,304	306,179	220,304
Bank loans			68,773	66,377	68,773	66,377
Other loans				65,203
Trade creditors			170,630	27,941	15,725	26,442
Amounts owed to group undertakings			3,764		3,764
Other taxation and	social security		7,976	7,418	7,978	7,418
Other creditors			5,623	37,640	5,615	4,977
Accruals and deferred income			403,439	790,978	80,766	258,248
			966,386	1,215,861	488,800	583,766
			Group	Group	Charity	Charity
			2021 E	2020 E	2021 E	2020f
Deferred income at 1 September		2020	124,635		88,120
Resources deferred	during the year		108,024	189,577	94,594	143,231
Amounts released	from previous	periods	(124,635)	(64,942)	(88,120)	(55, 111)
			108,024	124,635	94,694	88,120

		Group	Group	Charity	Charity
		2021f	2020	2021	2020f
Bank loans		144,133	215,272	144,133	215,272
Other loans		285,617	285,617	285,617	285,617
		429,750	500,689	429,750	500,889
Included within the above are amounts	falling	due as follows:
		Group	Group	Charity	Charity
		2021f	2020f	2021f	2020f
Between one and two years
Bank loans		70,308	68,773	70,308	68,773
Other loans		285,617	285,617	285,617	285,617
Between two and five years
Bank loans		73,825	146,499	73,825	145,499

			Group	Group	Charity	Charity
			2021	2020	2021	2020
			5	6	E
Financial	assess
Financial	assets measured	at amortised cost	1,055,791	3,586,703	326,099	587,382
			Group	Group	Charity	Charity
			2021	2020	2021	2020
					5
Financial	liabilities
Financial	liabilities measured	at amortised
cost			1,388,158	1,f72,017	916,550	648,372

	Balance at 1				Balance at
	September			Gains/	31August
	2020	Income	Expenditure	(Losses)	2021
	5	5	6		5
Unrestricted funds
General Funds - all funds	3,321,185	2,167,125	(2,640,105)	(946)	2,847,259
Restricted funds
Restricted Funds - all funds	1,319,621	7,092,190	(6,380,040)		2,031,771
Donations		15,318	(15,318)
SEN income		76,461	(76,461)
Nursery grant		70,816	(70,816)
Junior school prize fund	669				669
High school prize fund	205				205
Yavneh prize fund	2,155				2,155
Grant of buildings and fixtures
from BSF	21,091,831		(566,963)		20,524,868
Pension reserve	(1,768,000)		(227,000)	(249,000)	(2,244,000)
	20,646,481	7,254,785	(7,336,598)	(249,000)	20,315,668
Total offunds	23,967,666	9,421,910	(9,976,703)	(249,946)	23,162,927

Statement offunds - Group -	prior year
	Balance at				Balance at
	1 September			Gainer	31August
	2019	Income	Expenditure	(Losses)	2020
			6
Unrestricted funds
General Funds	3,170,700	2,403,254	(2252,742)	(27)	3,321,185
Restricted funds
Academy funds	994,362	6,517,540	(6,192,281)		1,319,621
Donations	44,478	3,248	(47,726)
SEN income	58,917	95,935	(154,852)
Nursery grant	67,226	50,806	(118,032)
Junior school prize fund	669				669
High school prize fund	205				205
Yavneh prize fund	2 155				2,155
Grant of buildings and fixtures
from BSF	21,661,468		(569,637)		21,091,831
Pension reserve	(1,767,000)		(253,000)	252000	(1,768,000)
	21,062,480	6,667,529	(7,335,528)	252,000	20,646,481
Total offunds	24,233,180	9,070,783	(9,588,270)	251,973	23,967,666

Analysis	ofn	et assets	between funds - current year
				Restricted	Unrestricted	Total
				funds	funds	funds
				2021 f	2021	2021 6
Tangible	fixed	assets		20,315,668	5,070,621	25,386,289
Fixed asset investments					11,004	11,004
Current assets					1,405,778	1,405,778
Creditors	due within one year				(966,386)	(966,386)
Creditors	due	in more than one year			(429,750)	(429,750)
Provisions for		liabilities	and charges		(2,244,000)	(2,244,000)
Total				20,315,668	2,647,267	23,162,935
Analysis	ofnet assets		between funds - prior year
				Restricted	Unrestricted	Total
				funds	funds	funds
				2020	2020	2020
Tangible	fixed	assets		23,830,056		23,830,056
Fixed asset investments					11,950	11,950
Current assets					3,610,410	3,610,410
Creditors	due	within one year		(914,585)	(301,175)	(1,215,861)
Creditors	due	in more than one year		(500,889)		(500,889)
Provisions for		liabilities	and charges	(1,768,000)		(1,758,000)
Total				20,646,481	3,321,185	23,967,656

23.	Reconciliation of n	et mov	ement	in funds to	net cash fl	ow from operati	ng activities
							Group	Group
							2021	2020
							E	6
	Net expenditure for	the year	(as per Statement		of Financial	Activities)	(566,739)	(517,514)
	Adjustments for:
	Depreciation charges						629,971	621,884
	Gains/(losses) on investments						(946)	27
	Dividends, interests	and rents from		investments				(753/
	Decrease/(increase)	in stocks					(4,531)	1,500
	Decrease in debtors						246,498	344,027
	Increase/(decrease)	in creditors					(292,093)	718,818
	Decrease in provisions							(122,738)
	LGPS pension movement						249,000	253,000
	Net cash provided	by operating		activities			272,160	1,298,251
24.	Analysis ofcash and cash equivalents
							Group	Group
							2021	2020
							6	/r
	Cash in hand						1,055,791	3,018,456
	Overdraft facility repayable		on demand				(306,178)	(220,304)
	Total cash and cash equivalents						749,613	2,798,152

Principal actuarial	assumption	s at the Balance sheet date (exp	ressed as weighted averages)	:
			At 31	At 31August
			AU9ust 2021	2020
			eA	0/
Discount rate			1.65	1.7
Rate ofincrease	in salaries		3.65	3.0
Rate ofincrease	for pensions	in payment/inflation	2.9	2.2
			At 31	At 31August
			August 2021	2020
			Years	Years
Mortality rates (in	years)
-fora male aged	65 now		20.5	20.5
-at 65for a male	aged 45 now		23.3	22.0
-for a female aged 65 now			21.9	23.1
-at 65for a female aged 45		now	25.3	25.0

The Group's share ofthe assets in the scheme was;
	At 31	At 31August
	August 2021 F	2020 f
Equities	2,981,290	2,291,600
Gilts	421,450	539,200
Property	293,930	235,900
Cash and other liquid assets	502,330	303,300
Total fair value ofassets	4,199,000	3,370,000

			2021 8	2020f
Current service cost			177,000	184,000
Interest cost			91,000	93,000
Net interest			14,000	14,000
Total amount recognised	in the Consolidated	Statement of Financial
Activities			282,000	291,000

Movements in the present value ofthe defined benefit obligation were as follows:
	2021
	6
Opening defined benefit obligation	5,138,000
Contributions by scheme participants	44,00D
Actuarial gains
Benefits paid	(44,000)
Current service costs	341,00D
Interest cost	91,000
Actuarial gains	873,000
Closing defined benefit obligation	6,443,000
Movements in the fair value ofthe Group's share ofscheme assets were as follows:
	2021
	6
Opening fair value of scheme assets	3,370,000
Interest income	58,000
Actuarial losses	(249,00D)
Assets distributed on settlements	873,000
Contributions by scheme participants	44,000
Benefits paid	(44,000)
Employer contributions	147,DDD
Closing fair value ofscheme assets	4,188,000

under non-	cancellable operating leases as follows:
		Group	Group
		2021 6	2020f
Not later than 1 year		4,329	4,329
Later than	1 year and not later than 5years	343	4,672
		4,672	9,001