2023-08-31-accounts - The Northumbrian Educational Trust Ltd

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Governors	Governors		I Greenshields
			I Smales	Resigned	31 January 2023
			L Keightley
			L Dowie
			K Bainbridge
			K Manzo	Resigned	31 August 2023
			J Rowley
			K Mclaughlin	Appointed	22 September	2022
			L Soily	Appointed	15 November	2022
Charity	number		528143
Company		number	00669916
Registered		office	Westfield School
			Oakfield Road
			Gosforth
			Newcastle upon Tyne
			NE3 4HS
Auditor			Haines Watts North East	Audit LLP
			Chartered Accountants
			17Queens Lane
			Newcastle Upon Tyne
			NE1 1RN
Bankers			Barclays Bank PLC
			71 Grey Street
			Newcastle upon Tyne
Solicitors			Womble Bond Dickinson	LLP
			One Trinity
			Broad Chare
			Newcastle upon Tyne
			NE1 2HF

			Page
Governors'	report		1-9
independent	auditor's	report	10-13
Statement	of financial	activities
Balance sheet			15
Statement	of cash flows		16
Notes to the financial		statements	17-34

					Unrestricted	Unrestricted	Restricted	Total	Total
					Fund	Funds	funds	2023	2022
					general	designated
				Notes	F	f	F
Income from:
Charitable activities					2,541,767		463	2,542,230	2,485,085
Investment Income					2,014			2,014	169
Total Income					2,543,781		463	2,544,244	2,485,254
Costs of providing education					2,393,016	2,736	985	2,396,737	2,345,074
Other costs					97,500			97,500	80,859
Total expenditure					2,490,516	2,736	985	2,494,237	2,425,933
Net incoming	resources		before
transfers					53,265	(2,736)	(522)	50,007	59,321
Gross transfers	between		funds
Net incoming	resources				53,265	( 2,736)	( 522 )	50,007	59,321
Other recognised		gains	and losses
Revaluation of	tangible fixed assets					2,540,000		2,540,000
Net movement	in funds				53,265	2,537,264	( 522 )	2,590,007	59,321
Fund balances	at 1	September 2022			1,757,388	6,128	30,003	1,793,519	1,734,198
Fund balances	at	31 August 2023			1,810,653	2,543,392	29,481	4,383,526	1,793,519

				Notes		2023		2022
					F
Cash flows from operating			activities
Cash generated from/(absorbed				by)
operations				24		260,538			71,307
Investing	activities
Purchase	oftangible fixed assets				( 29,001 )		( 17,570)
Interest received					2,014		169
Net cash	(used in)/generated		from
Investing	activities					( 26,987 )		(	17,401)
Financing	activities
Repayment	of borrowings				( 169,459 )		( 164,557	)
Net cash	used in financing		activities			( 169,459 )		(	164,557 )
Net (decreased)/increase		in	cash
and cash	equivalents					64,092		( 110,651 )
Cash and	cash equivalents	at beginning
ofyear						35,965		146,616
Cash and	cash equivalents		at end ofyear			100,057			35,965

Equipment	20% reducing	balance	balance
	line)
Fixtures &fittings	15%reducing	balance
Motor vehicles	over expected	useful	life of5years

3	Income from charitable	Income from charitable	activities	activities
					2023	2022
	Provision of	educational	services		2,542,230	2,485,085
	Analysis of	fund
	Unrestricted	funds —general			2,541,767	2,484,570
	Restricted funds				463	515
					2,542,230	2,485,085
4	Investments
					2023	2022
					F	F
	Interest receivable				2,014	169
					2,014	169
5	Expenditure	on charitable		activities
					2023	2022
					F	E
	Staff costs				1,212,857	1,158,203
	Education costs				561,081	528,192
	Depreciation	and impairment			23,364	66,510
	Support and	governance	costs (note 7)		599,435	592,170
					2,396,737	2,345,075
	Analysis by	fund
	Unrestricted	funds - general			2,395,752	2,333,954
	Restricted funds				985	11,"I21
					2,396,737	2,345,075

Support costs
	Support	Governance
	costs	costs	2023	2022
		E	f.	F
Staff costs	244,413		244,413	234,126
Other school costs	207,939		207,939	181,672
Premises costs	124,625		124,625	153,250
Audit fees		6,800	6,800	6,300
Legal and professional		15,658	15,658	16,822
	576,977	22,458	599,435	592,170
Other costs
			2023	2022
				E
Financing costs			97,500	80,859
Finance costs is loan interest.

				2023	2022
Wages and salaries				1,457,270	1,392,328
Social security costs				133,567	129,850
Other pension costs				259,040	253,668
				1,849,877	1,775,846
The average monthly	number	ofemployees	during the year was:
				2023	2022
				Number	Number
Teaching/Catering				44	45
Support				13	12
				57	57

			2023	2022
			Number	Number
860,000	-	270,000	1	1

						2023	2022
						f	E
	Depreciation					23,364	20,275
	Operating	lease expense				88,587	111,l33
11.	Auditor's	remuneration
						2023	2022
							F
	Fees payable		to the charity's		auditors for the audit
	ofthe charity's		annual	accounts		6,800	6,300

Tangible fixed assets
	Freehold		Fixtures,
	Land and		fittings &	Motor
	Buildings	Equipment	equipment	vehicles	Total
		F	F
Cost or valuation
At 1 September 2022	3,825,000	288,493	367,509	33,590	4,514,592
Additions		18,133	9,853	1,015	29,001
Revaluation	2,540,000				2,540,000
At 31 August 2023	6,365,000	306,626	377,362	34,605	7,083,593
Depreciation
At 1 September 2022		248,921	332,123	32,070	613,114
Charge for the year		16,560	5,841	963	23,364
At 31 August 2023		265,481	337,964	33,033	636,478
Carrying amount
At 31 August 2022	3,825,000	39,572	35,386	1,520	3,901,478
At 31 August 2023	6,365,000	41,145	39,398	1,572	6,447,115

13	Stocks
							2023	2022
								E
	Catering supplies		and		consumables		1,891	3,115
14	Debtors
							2023	2022
	Amounts falling		due		within one year:		K	E
	Trade debtors						87,077	109,230
	Prepayments	and	accrued income				17,457	18,045
							104,534	127,275
15	Creditors: amounts			falling due within one year
							2023	2022
						Notes	E	F
	Bank loans					17	174,704	158,313
	Other taxation	and	social security				59,237	56,337
	School fees in	advance					354,257	254,873
	Trade creditors						24,342	9,705
	Other creditors						44,956	57,020
	Accruals and deferred				income		95,772	35,413
							753,268	571,661

16	Credito	rs: amounts falling due after m	ore than one year
				2023	2022
			Notes	f
	Bank loans		17	886,803	982,653
	Other borrowings			630,000	720,000
				1,516,803	1,702,653
17	Loans	and overdraft
				2023	2022
				F	E
	Bank loans			971,507	1,050,966
	Otherloans			720,000	810,000
				1,691,507	1,860,966
	Payable	within one year		174,704	158,313
	Payable	after one year		1,516,803	1,702,653

Financial	instruments	instruments
						2023	2022
						E
Carrying	amount	offinancial		assets
Debt instruments		measured	at	amortised	cost	87,077	109,230
Carrying	amount	offinancial		liabilities
Measured	at amortised cost					1,758,643	1,912,210

Year ended	3f Au ust	3f Au ust	2023
			At 1						At 31
			September	Income		Expenditure	Transfers	Revaluation	August
			2022						2023
			E	E					f.
Unrestricted		funds	1,757,388	2,543,781		( 2,490,516 )			1,810,653
Revaluation		Reserve						2,540,000	2,540,000
Designated	funds
Comenius Project			6,128				(6,128)
Junior House Development						( 2,736 )	6,128		3,392
Total designated funds			6,128			( 2,736 )			3,392
Restricted funds
The Prize and Fund		Bursary	3,986			(985)			3,001
The Old Girls' Association			11,057		463				11,520
Scholarship Fund	and Travel		14,960						14,960
			30,003		463	( 985)			29,481
Total			1,793,519	2,544,244		( 2,494,237 )		2,540,000	4,383,526

Year ende	d 31Au ust 20	22
			At 1					At 31
			September					August
			2021	Income	Expenditure		Transfers	2022
			F	f		F		E
Unrestricted	funds		1,656,316	2,484,739	(2,383,667	)		1,757,388
Designated	funds
Comenius	Project		6,128					6,128
Fundraising	Future Development		31,145		( 31,145	)
Total designated		funds	37,273		( 31,145	)		6,128
Restricted funds
The Prize and Bursary Fund			4,861		(875)			3,986
The Old Girls' Association			11,260	515	( 718	)		11,057
Governors'	Fund		830		(830)
Scholarship	Fund		14,960					14,960
Recce Foundation			8,698		( 8,698 )
			40,609	515	( 11,121	)		30,003
Total			1,734,198	2,485,254	( 2,425,933	)		1,793,519

Year ended 31Au ust 2023	Year ended 31Au ust 2023	Unrestricted		Designated	Restricted
		Funds		Funds	Funds	Total
		2023		2023	2023	2023
				E	P.	f
Tangible	assets	3,907,115		2,540,000		6,447,115
Current	assets/(Liabilities)	( 579,659	)	3392	29,481	( 546,786 )
Long term liabilities		( 1,516,803	)			(1,516,803 )
		1,810,653		2,543,392	29,481	4,383,526
Year ended 31Au ust 2022		Unrestricted	Designated		Restricted
		Funds		Funds	Funds	Total
		2022		2022	2022	2022
		F			f
Tangible	assets	3,901,478				3,901,478
Current	assets/(Liabilities)	( 441,437	)	6,128	30,003	( 405,306 )
Long term liabilities		( 1,702,653	)			( 1,702,653 )
		1,757,388		6,128	30,003	1,793,519

	2023	2022
	f	F
Within one year	53,298	66,579
Between two and five years	35,290	44,554
	88,588	111,133


Cash generated from	operations			2023	2022
				F	f
Net incoming resources	before valuation		gains	50,007	59,321
Adjustments for:
Depreciation oftangible	fixed assets			23,364	20,275
Interest receivable				(2,014)	(169)
Movements in working	capital:
Decrease/(Increase) in	stocks			1,224	(1,022 )
Decrease/(Increase) in	debtors			22,741	33,599
Increase/(decrease) in	creditors			165,216	(40,866 )
Cash generated from/(absorbed		by) o	perations	260,538	71,307

Analy	sis ofchanges in net debt
		At1 Sep	Cash	At 31 Aug
		2022	flows	2023
		f	E	E
Long	term borrowings	( 1,702,653 )	185,850	( 1,516,803 )
Short	term borrowings	( 158,313 )	( 16,391 )	( 174,704 )
Total	liabilities	( 1,860,966 )	169,459	(1,691,507)
Cash	and cash equivalents	35,965	64,092	100,057
		( 1,825,001 )	233,551	( 1,591,450 )

					Unrestricted	Unrestricted		Restricted	Total	Total
					Fund	Funds		funds	2022	2021
					general	designated
				Notes			E	f
Income from:
Donations and	legacies									100,620
Charitable activities					2,484,570			515	2,485,085	2,289,579
Investment Income					169				169	871
Other Income
Total Income					2,484,739			515	2,485,254	2,391,070
Costs of providing		education			2,302,808	31,145		11,121	2,345,074	2,231,164
Other costs					80,859				80,859	81,360
Total expenditure					2,383,667	31,145		11,121	2,425,933	2,312,524
Net gains/(losses)		on investments
Net incoming	resources		before
transfers					101,072	( 31,145	)	( 10,606 )	59,321	78,546
Gross transfers	between		funds
Net incoming	resources				101,0?2	( 31,145	)	( 10,606 )	59,321	78,546
Other recognised		gains	and losses
Revaluation of	tangible fixed assets
Net movement	in funds				101,072	( 31,145	)	( 10,606 )	59,321	78,546
Fund balances	at 1	September 2021			1,656,316	37,273		40,609	1,734,198	1,655,652
Fund balances	at	31 August 2022			1,757,388	6,128		30,003	1,793,519	1,734,198