2021-07-31-accounts - Shrewsbury School

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						Page
Reference and administrative			details	ofthe charity, its Governors	and advisers	1-2
Governors'	report					3-14
Independent	auditor's	report	on the	financial statements		15-18
Consolidated	statement	offinancial		activities		19-20
Consolidated	balance sheet					21 - 22
Charity balance sheet						23 -24
Consolidated	statement	ofcash flows				25
Notes to the	financial statements					26-65

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
	Note	2021 6	2021 6	2021 5	2021 6	2020 f
Income and
endowments from:
Grants and donations		700,043	711,023		1,411,066	5,766,183
Charitable activities:
Schoolfees	4	26,325,672			26,325,672	25,705,526
Other educational income		332,256			332,256	333,528
Other ancillary trading income		611			611	116,930
Other trading activities		1,382,044			1,382,044	1,483,465
Investments		68,263	36,161	2,349	106,773	122,323
Other income		1,285,743			1,285,743	707,984
Total income and endowments		30,094,632	747,184	2,349	30,844,165	34,235,939
Expenditure on:
Raising funds: Trading activities Fundraising costs Financing costs	9 9 10	722,436 269,874 325,118			722,436 269,874 325,118	762,416 362,546 512,139
Charitable activities:	11
Education and grant making		26,399,993	557,411		26,957,404	26,293,677
Total expenditure		27,717,421	557,411		28,274,832	27,930,778
Net income before
net gains/(losses) on investments		2,377,211	189„773	2,349	2,569,333	6,305,161
Net gains/(losses) on investments		547,814		173,970	721,784	(88,536)
Net income before
transfers		2,925,025	189,773	176,319	3,291,117	6,216,625
Transfers between funds		178,286	(178,286)
Net movement in
funds before other
recognised
gains/(losses) carried forward		3,103,311	11,487	176,319	3,291,117	6,216,625

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
	Note	2021 5	2021 5	2021 6	2021 5	2020 f
Net movement in
funds before other
recognised gains
brought forward		3,103,311	11,487	176,319	3„291,117	6,216,625
Actuarial gains/(losses)
on defined benefit
pension schemes		773,000			773,000	(1,499,000)
Net movement in funds		3,876,311	11,487	176,319	4,064,117	4,717,625
Reconciliation of
funds:
Total funds brought forward		36,650,971	786,685	1,337,640	38,775,296	34,057,671
Net movement in funds		3,876,311	11,487	176,319	4,064,117	4,717,625
Total funds carried		40,527,282	798,172	1,513,959	42,839,413	38,775,296
forward

						2021
				Note
Fixed assets
Tangible assets				14		41,108,674		42,324,161
Investments				15		7,462,922		6,116,746
						48,571,596		48,440,907
Current assets
Stocks				16	291,891		310,020
Debtors				17	1,941,495		1,842,073
Cash at bank and in	hand				8,256,938		4,496,043
					10,490,324		6,648,136
Creditors: amounts	falling due within one
year				18	(6,411,746)		(5,675,029)
Net current assets						4,078,578		973,107
Total assets less current liabilities						52,650,174		49,414,014
Creditors: amounts than one year	falling due after more			19		(7,812,761)		(7,780,718)
Net assets excluding		pension	liability			44,837,413		41,633,296
Defined benefit pension		scheme	liability	27		(1,998,000)		(2,858,000)
Total net assets						42,839,413		38,775,296

					2021		2020
			Note		5		5
Charity funds
Endowment funds			22		1,513,959		1,337,640
Restricted funds			22		798,172		786,685
Unrestricted funds
Unrestricted funds	excluding	pension asset	22	42,525,282		39,508,971
Pension reserve			22	(1998000)		(2,858,000)
Total unrestricted	funds		22		40,527,282		36,650„971
Total funds					42,839,413		38,775,296

				Note		2021 E		2020f
Fixed assets
Tangible assets				14		41,101,751		42,315,229
Investments				15		7,462,922		6,116,746
						48,564,673		48,431,975
Current assets
Stocks				16	64,165		80,218
Debtors				17	2,194,012		2,153,777
Cash at bank and in hand					8,094,321		4,322,045
					10,352,498		6,556,040
Creditors: amounts	falling due within one
year				18	(6,250,311)		(5,580,314)
Net current assets						4,102,187		975,726
Total assets less current liabilities						52,666,860		49,407,701
Creditors: amounts	falling due after more
than one year				19		(7,812,761)		(7,780,718)
Net assets excluding		pension	liability			44,854,099		41,626,983
Defined benefit pension		scheme	liability	27		(1,998,000)		(2,858,000)
Total net assets						42,856,099		38,768,983

						2021		2020
				Note		5
Charity funds
Endowment funds				22		1,513,959		1,337,640
Total restricted funds				22		798,172		786,685
Unrestricted funds
Unrestricted funds	excluding	pension	liability	22	42,541,968		39,502,658
Pension reserve				22	(1,998,000)		(2,858,0001
Total unrestricted	funds			22		40,543,968		36,644,658
Total funds						42,856,099		38,768,983

				Note	2021	2020f
Cash flows from operating	activities
Net cash provided by operating activities				23	5,873,925	3,771,970
Cash flows from investing	activities
Dividends and interest from	investments				106,773	122,323
Proceeds from the sale oftangible fixed		assets			910,466
Purchase oftangible fixed assets					(1,357,246)	(3,899,685)
Proceeds from sale of investments					3,418,774	423,427
Purchase of investments					(4,574,637)	(469,458)
Net cash used in investing	activities				(1,495,870)	(3,823,393)
Cash flows from financing	activities
Cash inflaws from new borrowing						2,000,000
Repayments of borrowing					(1,045,299)	(907,347)
Interest paid on borrowings					(103,332)	(99,402)
Net cash (used)/provided	in financing	activities			(1,148,631)	993,251
Change in cash and cash	equivalents	in	the year		3,229,424	941,828
Cash and cash equivalents	at the beginning		ofthe year		5,031,187	4,089,359
Cash and cash equivalents	at the end of		the year	24	8,260,611	5,031,187
The notes on pages 26to 65 form part ofthese financial statements

		Unrestricted	Unrestricted	Restricted	Endowment	Endowment		Total	Total
			funds	funds		funds		funds	funds
			2021 6	2021		2021 6		2021 6	2020f
Donations			700,043	711,023				1,411,066	1,322,336
Transfer in	ofassets	and
liabilities from Packwood
Haugh School									4,443,847
Total 2021			700,043	711,023				1,411„066	5,766,183
Total 2020			4,358,558	1,384,154		23,471		5,766,183
On 1 August 2019 all of the assets and liabilities				of the Packwood		Haugh	School were transferred into
Shrewsbury	School.	The transfer	was recorded as a donation		into	Shrewsbury		School in the	year ended
31 July 2020.
Charitable	activities	- School fees receivable
								2021	2020
								5	5
The School's fee income comprised:
Gross fees								30,054,751	28,780,869
Less: Total	bursaries,	scholarships	and allowances					(4,234,576)	(3,636,849)
								25,820,175	25,144,020
Add back bursaries, Funds		scholarships	and allowances	paid for by	Restricted			505,497	561,506
								26,325,672	25,705,526

Charitable a	ctivities - Ot	her i	ncome
				2021 f	2020 f
Other educational charitable			income
Entrance and	registration	fees		127,793	138,608
Courses and	sub-lettings			145,527	135,295
Royalties received				58,936	59,625
				332,256	333,528
				2021f	2020f
Other ancillary activities
Commissions	received			611	3,442
School trips					113,188
Late payment	surcharges				300
				611	116,930

Trading	activities	SSEL
Trading	activities	SSTCL

2021 f.	2020f
938,212	919,548
443,832	563,917
1,382,044	1,483,465

	2021	2020
	6	5
Turnover	938,119	919,299
Administration	(254,091)	(224,492)
Operating profit	684,028	694,807
Interest payable	(1,514)	(2,040)
Interest receivable	93	249
Profit for the year	682,607	693,016
Gift aid payment	(682,607)	(687,434)
Retained profit		5,582

		2021	2020
		5
Turnover		433,614	546,453
Cost ofsales		(251,188)	(299,860)
Gross profit		182,426	246,593
Administration		(215,643)	(236,024)
Other operating	income	10,126	16,487
Operating (loss)/profit		(23,091)	27,056
Interest receivable		92	977
(Loss)/profit for the year		(22,999)	28,033
Gift aid payment			(27,403)
Retained (loss)/profit		(22,999)	630

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2021 6	2021 F	2021 6	2021	2020f
Interest		7,383			7,383	17,236
Dividend	income	60,660	36,161	2,349	99,390	105,087
Total 2021		68,263	36,161	2,349	106,773	122,323
Total 2020		83,818	36,156	2,349	122,323

		Unrestricted	Total	Total
		funds	funds	funds
		2021 6	2021	2020f
Government	grant	400,538	400,538	707,984
Profit on the	sale offixed assets	885,205	885,205
Total 2021		1,285,743	1,285,743	707,984
Ttl2020		707,984	707,984

			Unrestricted	Total	Total
			funds	funds	funds
			2021 5	2021 6	2020f
Other costs			331,377	331,377	367,176
Staff costs			389,050	389,050	393,150
Depreciation			2,009	2,009	2,090
Total 2021			722,436	722,436	762,416
Total 2020			762,416	762,416
Fundraising	for voluntary	resources
			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
			6
Other costs			104,655	104,655	130,764
Staff costs			165,219	165,219	231,782
Total 2021			269,874	269,874	362,546
Total 2020			362,546	362,546

			Unrestricted	Total	Total
			funds	funds	funds
			2021 5	2021 F	2020f
Fees in advance financing		cost	91,595	91,595	92,670
Bad debts and debt	collection		54,867	54,867	227,242
Bank and investment	manager charges		38,324	38,324	63,825
Loan interest			103,332	103,332	99,402
Pension scheme financing		cost	37,000	37,000	29,000
Total 2021			325,118	325,118	512,139
Total 2020			512,139	512,139

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	6	6	5
Teaching		12,366,406		12,366,406	12,603,128
Welfare		4,008,013		4,008,013	3,442,817
Premises		6,709,697		6,709,697	6,320,614
Support and governance		3,315,877		3,315,877	3,335,801
Grants, awards	and prizes		557,411	557,411	591,317
Total 2021		26,399,993	557,411	26,957,404	26,293,677
Total 2020		25,702,360	591,317	26„293,677

					Total	Total
		Staff costs	Depreciation	Other costs	funds	funds
		2021	2021	2021	2021	2020
				5	K
Teaching		11,123,381		1,243,025	12,366,406	12,603,128
Welfare		1,107,017		2,900,996	4,008,013	3,442,817
Premises		2,204,272	2,545,472	1,959,953	6,709,697	6,320,614
Support and governance		2,071,389		1,244,488	3,315,877	3,335,801
Grants, awards	and prizes			557,411	557,411	591,317
Total 2021		16,506,059	2,545,472	7,905,873	26,957,404	26,293,677
Total 2020		16,390,607	2,498,062	7,405,008	26,293,677

				2021	2020
				6	5
From restricted funds:
Bursaries and	scholarships			505,497	561,506
Prizes and awards				51,914	29,811
				557,411	591,317
Governance	included		in support costs:
				2021	2020
				5	5
Remuneration	paid	to auditor for audit services		42,360	41,640
Remuneration	paid	to auditor for non- audit services		15,252	14,076
Other governance		costs		135,303	87,143
				192,915	142,859

Staff costs
		Group	Group	Charity	Charity
		2021f	2020f	2021f	2020f
Wages and salaries		13,559,480	13,594,684	13,225,958	13,241,094
Social security	costs	1,377,142	1,376,131	1,344,618	1,352,611
Other pension	costs (Note 27)	2,146,137	2,069,754	2,123,133	2,053,714
		17,082,759	17,040,569	16,693,709	16,647,419
Less capitalised	labour costs	(22,431)	(25,030)	(22,431)	(25,030)
		17,060,328	17,015,539	16,671,278	16,622,389

	Group	Group
	2021	2020
	No.	No.
Teaching	233	244
Welfare	56	58
Premises	123	121
Support	68	68
Other activities	12	13
	492	504

			Group	Group
			2021	2020
			No.	No,
In the band	f60,001 - E70,000		31	31
In the band	E70,001 - f80,000		12	11
In the band	E80,001 - E90,000		1	3
In the band	E90,001 - E100,000		2	1
In the band	f130,001 - E140,000		1	1
In the band	f140,001 - F150,000		1	1
In the band	E230,001 - E240,000			1
In the band	f240,001 - f250,000
Aggregate	employee benefits of key management	personnel	1,531,074	1,492,717

	Assets in	Freehold	Furniture,		Ground
	course of	Land 6	Fixtures		Machines
	construction f	Buildings E	and fittings 5	Boats 5	&Vehicles	Total E
Cost or valuation
At 1 August 2020	3,615,531	53,187,806	10,389,863	982,687	1,286,156	69,462,043
Additions	580,687	275,000	296,005	80,050	125,504	1,357,246
Disposals				(15,769)	(104,155)	(119,924)
Transfers between
classes	(3,556,080)	3,539,866	22,936		(6,722)
At 31July2021	640,138	57,002,672	10,708,804	1,046,968	1,300,783	70,699,365
Depreciation
At 1 August 2020		17,634,986	7,908,087	697,951	896,858	27,137,882
Charge for the year		1,705,854	701,292	58,682	81,644	2,547,472
On disposals				(15,769)	(78,894)	(94,663)
At 31 July 2021		19,340,840	8,609,379	740,864	899,608	29,590,691
Net book value
At 31 July 2021	640,138	37,661,832	2,099,425	306,104	401,175	41,108,674
At 31July 2020	3,615,531	35,552,820	2,481,776	284,736	389,298	42,324,161

		Assets in	Freehold	Furniture,		Ground
		course of	Land &	Fixtures &		Machmes
		construction	Buildings	fittings	Boats	&Vehicles	Total
		5	5	E	E	5	5
Cost orvaluation
At 1 August 2020		3,615,531	53,187,806	10,375„939	982,687	1,286,156	69,448,119
Additions		580,687	275,000	296,005	80,050	125,504	1,357,246
Disposals					(15,769)	(104,155)	(119,924)
Transfers	between
classes		(3,556,080)	3,539,866	22,936		(6,722)
At 31 July	2021	640,138	57,002,672	10,694,880	1,046,968	1,300,783	70,685,441
Depreciation
At 1 August 2020			17,634,986	7,903,095	697,951	896,858	27,132,890
Charge for the year			1,705,854	699,283	58,682	81,644	2,545,463
On disposals					(15,769)	(78,894)	(94,663)
At 31 July	2021		19,340,840	8,602,378	740,864	899,608	29,583,690
Net book	value
At 31July	2021	640,138	37,661,832	2,092,502	306,104	401,175	41,101,751
At 31 July	2020	3,615,531	35,552,820	2,472,844	284,736	389,298	42,315,229

		Designated	Endowed	Fees in
Group and charity		Fund 6	Funds 6	Advance	Totalf
Cost or valuation
At 1 August 2020		1,588,511	1,315,789	3,212,446	6,116,746
Additions		3,014,237	1,560,400		4,574,63?
Disposals		(1„906,745)	(1,512,029)		(3,418,774)
Net investment	gains	213,516	174,100	334,168	721,784
Movement in cash deposits		(444,310)	(47,718)	(39,443)	(531,471)
At 31 July 2021		2,465,209	1,490,542	3,507,171	7,462,922
Net book value
At 31 July 2021		2,465,209	1,490,542	3,507,171	7,462,922
At 31 July 2020		1,588,511	1,315,789	3,212,446	6„116,746

		2021f	2020f
Actively managed	securities	3,504,519	3,170,350
Quoted stocks		3,954,730	2,411,251
Cash		3,673	535,144
Total market value		7,462,922	6,116,745

	2021f	2020f
Link Fund Solutions - Ruffer Total Return	1,803,162	1,524,716
Link Fund Solutions - Trojan Inc	1,701,356	1,645,634
Sarasin Endowments Fund Class A Inc	3,953,396

					Group	Group	Charity	Charity
					2021f	2020f	2021f	2020f
Goods	for	resale	and	consumables	291,891	310,020	64,165	80,218

Debtors
		Group	Group	Charity	Charity
		2021f	2020f	2021f	2020f
School fees		563,854	458,327	563,854	458,327
Amounts owed by group undertakings				941,120	963,990
Other debtors		1,123,749	1,155,805	447,326	524,335
Prepayments	and accrued income	253,892	227,941	241,712	207,125
		1,941,495	1,842„073	2,194,012	2,153,777

			Group	Group	Charity	Charity
			2021f	2020f	2021f	2020f
Trade creditors			598,362	194,237	592,556	183,304
Other taxation	and social security		369,610	345,029	356,133	343,237
Fee deposits			860„844	910,966	860,844	910,966
Fees in advance (see		note 20)	2,492,062	1,765,438	2,492,062	1,765,438
Other creditors			1,087„851	1,037,280	1,068,614	998,737
Accruals and deferred		income	416,944	375,287	294,029	331,840
Other loan			65,000	65,000	65,000	65,000
Term loan 1			146,049	428,593	146,049	428,593
Term loan 2				461,486		461,486
Term loan 3			375,024	91,713	375,024	91,713
			6,411,746	5,675,029	6,250,311	5,580,314

			Group	Group	Charity	Chanly
			2021 6	2020	2021f	2020f
Loan	from Shrewsbury	School Foundation	1,296,046	1,296,046	1,296,046	1,296,046
Fees	deposits		2,765,080	2,671,920	2,765,080	2,671,920
Fees	in advance (see	note 20)	1,590,038	1,066,575	1,590,038	1,066,575
Other	loan		628,334	693,334	628,334	693,334
Term	loan 1			144,556		144,556
Term	loan 3		1,533,263	1,908,287	1,533,263	1,908,287
			7,812,761	7,780,718	7,812,761	7,780,718

	2021f	2020
Between 1-2years	65,000	65,000
Between 2-5 years	195,000	195,000
Over 5years	368,334	433,334
	628,334	693,334

	2021	2020
	6
Between 1-2 years	388,815	374,985
Between 2-5 years	1,144,448	1,209,813
Over 5years		323,489
	1,533,263	1,908,287

			2021 5	2020f
Within		1-2years	707,543	582,974
Within		2-5 years	882,495	451,079
Over	5	years		32,522
			1,590,038	1,066,575
Within		1 year	2,492,062	1,765,438
			4,082„100	2,832,013

				2021 F	2020f
Balance	at 1 August 2020			2,832,013	3,097,448
Transfer	in from	Packwood	Haugh School		183,128
New contracts				3,346,009	2,299,176
Amounts	accrued	to contracts		91,595	92,670
				6,269,617	5,672,422
Amounts	utilised	in payment	offees to the School	(2,187,517)	(2,840,409)
Balance	at 31 July 2021			4,082,100	2,832,013

Analysis	of net assets	between funds -	current year
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021	2021	2021	2021
				6	8	E
Tangible fixed assets			41,108,674			41,108,674
Fixed asset investments			5,972,380		1,490,542	7,462,922
Current assets			9,668,735	798,172	23,417	10,490,324
Creditors	due within one year		(6,411,746)			(6,411,746)
Creditors	due in more than one year		(7,812,761)			(7,812,761)
Provisions	for liabilities	and charges	(1,998,000)			(1,998,000)
Total			40,527,282	798,172	1,513,959	42,839,413

Analysis	of net assets between funds -	prior year
		Unrestri cted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2020	2020	2020	2020
			5	E
Tangible	fixed assets	42,324,161			42,324,161
Fixed asset investments		4,800,957		1,315,789	6,116,746
Current assets		5,839,600	786,685	21,851	6,648,136
Creditors	due within one year	(5,675,029)			(5,675,029)
Creditors	due in more than one year	(7,780,718)			(7,780,718)
Provisions	for liabilities and charges	(2,858,000)			(2,858,000)
		36,650,971	786,685	1,337,640	38,775,296

Statement offunds
Statement offunds	- current year
Balance at 1				Transfers	Gains/	Balance at
August 2020 5		Income E	Expenditure 6	in/(out) 6	(Losses) 6	31July 2021 f
Unrestricted
funds
Designated
funds
Designated
funds	1,606,097	42,094		888,164	213,515	2,749,870
Unrestricted
funds
General funds	37,896,561	28,670,494	(27,081,985)	(27,271)	334,299	39,792,098
Subsidiary
trading	6,313	1,382,044	(722,436)	(682,607)		(16,686)
Pension scheme
funding deficit	(2,858,000)		87,000		773,000	(1,998,000)
	35,044,874	30,052,538	(27,717,421)	(709,878)	1,107,299	37,777,412
Total
Unrestricted
funds	36,650,971	30,094,632	(27,717,421)	178,286	1,320,814	40,527,282
Endowment
funds
Capital	1,195,506				163,356	1,358,862
Re-endowment
fund	141,634	2,349			10,614	154,597
Hentschrew
Prize Fund	500					500
	1,337,640	2,349			173,970	1,513,959

Statement	offunds (continued)	offunds (continued)	offunds (continued)
		Balance at 1				Transfers	Gains/	Balance at
		August	2020f	Income E	Expenditure 5	in/(out) 5	(Losses) 5	31July 2021
Restricted	funds
Shrewsbury
School
Foundation		60,800		664,128	(495,653)	(178,286)		50,989
Guyer Family
Prize			180	40	(40)			180
Hentschrew	Prize		80					80
Darwin
Scholarship		7,212						7,212
Harg reeves
Legacy			500					500
Salopian Club				16,120	(16,120)
Duffell Prize	Fund	4,940						4,940
Shrewsbury
School Parents'
Association				365	(365)
Consolidated
Fund:
Unappropriated
income		605,431		36,161	(15,088)			626,504
COVID Support		17,956		8,110	(26,066)
Art Fund		2,000						2,000
DFE Grant-
Cross
Partnership
Grant				20,000	(922)			19,078
Gym Fund				1,400				1,400
External
Bursaries				860	(860)
Packwood-
Redevelopment
ofScience
Facilities		85,289						85,289
Packwood-
COVID Support		2,297			(2,297)
		786,685		747,184	(557,411)	(178,286)		798,172
Total offunds		38,775,296		30,844,165	(28,274,832)		1,494,784	42,839,413

Statement offunds	(continued)
Statement offunds	- prior year
	Balance at
	1Augusl			Transfers	Gatnss	Balance at
	2019f	Income f	Expenditure	inl(out) f	(Losses) f	31July 2020 f
Unrestricted
funds
Designated
funds
Designated
Funds - all
funds	1,317,388	32,279		381,531	(125,101)	1,606,097
Unrestricted
funds
General funds	32,149,590	31,274,065	(26,680,045)	973,213	179,738	37,896,561
Subsidiary
trading	101	1,483,465	(762,416)	(714,837)		6,313
Pension scheme
funding deficit	(1,462,000)		103,000		(1,499,000)	(2,858,000)
	30,687,691	32,757,530	(27,339,461)	258,376	(1,319,262)	35,044,874
Total
Unrestricted
funds	32,005,079		(27,339,461)	639,907	(1,444,363)	36,650,971
Endowment
funds
Capital	1,329,944				(134,438)	1,195,506
Re-endowment
fund	124,549	25,820			(8,735)	141,634
Hentschrew
Prize Fund	500					500
	1,454,993	25,820			(143,173)	1,337,640

		Balance at
		1August				Transfers	Gainsr	Balance	at
		2019f	Income f	Expenditure	f	in/(out) f	(Losses) f	31Ju/y 2020 f
Restricted funds
Shrewsbury
School
Foundation		401	1,252,092	(551,836)		(639,857)		60,800
Guyer Family
Prize		170	40	(30)				180
Hentschrew	Prize	80						80
Darwin
Scholarship		7,212						7,212
Hargreaves
Legacy		500						500
Bursary Fund			6,423	(6„423)
Salopian Club			17,292	(17,292)
Duftell Prize	Fund	4,940						4,940
Shrewsbury
School Parents'
Association			315	(315)
Consolidated
Fund:
Unappropriated
income		584,296	36,156	(15,021)				605,431
COVID Support			17,956					17,956
Art Fund			2,000					2„000
Sports Leaders
Fund			400	(400)
Packwood-
Redevelopment
ofScience
Facilities			85,289					85,289
Packwood-
COVID Support			2,297					2,297
Packwood-
Theatre
development			50			(50)
		597,599	1,420,310	(591,317)		(639,907)		786,685
Total offunds		34,057,671	1,446,130	(27,930,778)			(1 587 536)	38775 296

					Group	Group
					2021	2020
					6	5
	Net income for the year (as per Statement		of Financial Activities)		3,291,117	6,216,625
	Adjustments for:
	Depreciation charges				2,547,472	2,500,152
	(Gains)/losses on investments				(721,784)	88,536
	Dividends and interest from investments				(106,773)	(122,323)
	(Profit)/loss on the sale offixed assets				(885,205)	422
	Decrease/(increase) in stocks				18,129	(49,247)
	Increase in debtors				(99,422)	(382,137)
	Increase in creditors				1,814,059	176,864
	Pension scheme movement				(87,000)	(103,000)
	Interest paid on borrowings				103,332	99,402
	Packwood Haugh School fixed assets transferred			in		(4,653,324)
	Net cash provided by operating	activities			5,873,925	3,771,970
24.	Analysis ofcash and cash equivalents

			Group	Group
			2021 5	2020f
Cash	at bank		8,256,938	4,496,043
Cash	held	in investments	3,673	535,144
Total	cash	and cash equivalents	8,260,611	5,031,187

						Other non-
				At 1 August		cash	At 31July
				2020	Cash flows	changes	2021
					6	E
Cash	at bank			4,496,043	3,760,895		8,256,938
Cash	held	in investments		535,144	(531,471)		3,673
Debt	due	within	1 year	(1,046,792)	1,045,299	(584,580)	(586,073)
Debt	due	after 1 year		(4,042,223)		584,580	(3,457,643)
				(57,828)	4,274,723		4,216,895

Group	Group
2021	2020
	5
2,510,994	218,271

Principal actuarial a	ssumptions at the Balance s	heet date	(expressed as we	ighted averages):
				At 31July	At 31Ju/y
				2021	2020
				'/o	0/
Discount rate				1.50	1.30
Future salary increases - pre 2030				2.35	1.95
Future salary increases - post 2030				3.05	1.95
Inflation assumption	(RPI) - pre 2030			3.25	2.85
Inflation assumption	(RPI) - post 2030			3.05	2.85
Inflation assumption	(CPI) - pre 2030			2.35	1.95
Inflation assumption	(CPI) - post 2030			3.05	1.95
Pre 6/4/1 997 (fixed	3'/o)			3.00	3.00
Post 6/4/1 997(RPI	min 3'/o, max 5/o - Option A	members)	- pre 2030	3.65	3.50
Post 6/4/1997 (RPI	min 3/o, max 5'/o - Option A	members)	- post 2030	3.55	3.50
Post 6/4/1997 (CPI	min 3'/o, max 5'/o - Option B	members)	- pre 2030	3.30	3.20
Post 6/4/1 997(CPI	min 3'/o, max 5'/o - Option B	members)	-post 2030	3.55	3.2

	At 31July	At 31Ju/y
	2021	2020
	Years	Years
Mortality rates (in years)
-for a male aged 65 now	22.0	22.0
-at 65for a male aged 45 now	23.0	23.0
-for afemale aged 65 now	24.4	24.4
- at 65 for a female aged 45 now	25.6	25.5

			At 31 July	At 31Ju/y
			2021f	2020f
Discount	rate +0.25'/o		(344,000)	(377,000)
RPI rate +0.25'/o			104,000	71,000
C PI rate +0.25'/0			37,000	25,000
Assumed	life expectancy age 65	- increase by 1 year	280,000	292,000
The Group's share ofthe assets		in the scheme was;
			At 31July	At 31Ju/y
			2021f	2020f
Equities			2,866,000	2,267,000
Bonds			722,000	697,000
Property			879,000	806,000
Target return			1,187,000	1,065,000
Insurance	annuities		1,607,000	1,886,000
Cash			88,000	158,000
Total fair	value ofassets		7,349,000	6,879,000

The amounts recognised in	the Consolidated Sta	tement of Financial Activities	are as follows:
			2021	2020
			6	E
Current service cost - within	Schools and grant making		28,000	24,000
Net interest on pension scheme liabilities - within		finance charges	37,000	29,000
Total amount recognised	in the Consolidated	Statement of Financial
Activities			65,000	53,000

Moveme	nts in th	e present value ofthe defined benefit obli	gation were as follows:
			2021	2020
			E	5
Opening	defined	benefit obligation	9,737,000	8,615,000
Contributions by		scheme participants	3,000	4,000
Actuarial	(gains)/losses		(211,000)	1,300,000
Benefits	paid		(335,000)	(383,000)
Current	service cost		28,000	24,000
Interest	cost		125,000	177,000
Closing	defined	benefit obligation	9,347,000	9,737,000

			2021 E	2020f
Opening	fair	value ofscheme assets	6,879,000	7,153,000
Interest	income		88,000	148,000
Actuarial	gains/(losses)		562,000	(199,000)
Contributions		by employer	152,000	156,000
Contributions		by scheme participants	3,000	4,000
Benefits	paid		(335,000)	(383,000)
Closing	fair	value ofscheme assets	7,349,000	6,879,000

						2021	2020
							5
Opening	deficit					(2,858,000)	(1,462,000)
Employer	contributions					152,000	156,000
Charge recorded		in Statement		of Financial Activities		(65,000)	(53,000)
Actuarial	loss received		in Statement		ofFinancial Activities	773,000	(1,499,000)
						(1,998,000)	(2,858,000)

				Group and	Group and
				Charity	Charity
				2021 6	2020f
Group and Charity		Amounts	payable:
Within 1	year			39,543	52,287
Between	1 and 5 years			41,323	70,524
After more than 5 years					5,208
				80,866	128,019

		Group	Group
		2021 6	2020f
Group and Charity
Operating	lease rentals	51,430	54,410

				Group	Group	Charity	Charity
				2021 6	2020f	2021 6	2020f
Financial	assets
Financial	assets	measured	at fair value
through	income	and expenditure		7,462,922	6,116,746	7,462,922	6,116,746

			Group	Group	Charity	Charity
			2021f	2020f	2021f	2020f
Total investment income		for financial assets
measured	at fair value	through income and
expenditure			106,773	122,323	106„773	122,323
Net (gain)/loss on financial assets measured
at fair value through income and expenditure			721,784	(88,536)	721,784	(88,536)
Impairment	loss /(gains)	on financial assets
measured	at amortised	cost	44,138	219,288	44,138	219„288
Total interest	expense for financial liabilities
held at amortised cost			103,332	99,402	103,332	99,402

			Unrestricted	Restricted	Endowment
			funds	funds	funds	Total funds
			2020f	2020 f	2020 f.	2020 f
Income and endowments:
Grants and donations			4,358,558	1,384,154	23,471	5,766,183
Charitable activities:
School fees			25,705,526			25,705,526
Other educational income			333,528			333„528
Other ancillary trading income			116,930			116,930
Other trading activities			1,483,465			1,483,465
Investments			83,818	36,156	2,349	122,323
Other income			707,984			707,984
Total income			32,789,809	1,420,310	25,820	34„235,939
Expenditure on: Raising funds:
Trading activities			762,416			762,416
Fundraising costs			362,546			362,546
Financing costs			512,139			512,139
Charitable activities:
Education and grant making			25,702,360	591,317		26,293,677
Total expenditure			27,339,461	591,317		27,930,778
Net income before investment
gains/(losses)			5,450,348	828,993	25,820	6,305,161
Net gains/(losses) on investments			54,637		(143,173)	(88,536)
Net income before transfers			5,504,985	828,993	(117„353)	6,216,625
Transfers between Funds			639,907	(639,907)
Net income before other recognised and losses		gains	6,144,892	189,086	(117,353)	6,216,625
Actuarial (losses)/gains on defined pension schemes	benefit		(1,499,000)			(1,499,000)
Net movement in funds			4,645,892	189,086	(117,353)	4,717,625
Reconciliation offunds:
Total funds brought forward			32,005,079	597,599	1,454,993	34,057,671
Total funds carried forward			36,650,971	786,685	1,337,640	38,775,296