| Page | ||||
|---|---|---|---|---|
| Reference and administrative | details ofthe Charity, | its Trustees and advisers | ||
| Trustees' report |
2-5 | |||
| Independent auditors' |
report | on the financial statements | ||
| Statement offinancial | activities | 10 | ||
| Balance sheet | ||||
| Statement ofcash flows | 12 | |||
| Notes to the financial | statements | 13-26 |
| REFERENCE AND ADMINISTRATIVE | REFERENCE AND ADMINISTRATIVE | DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS | DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS | DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS |
|---|---|---|---|---|
| FOR THE YEAR ENDED | 31AUGUST 2021 | |||
| Trustees | Stuart Baran | |||
| Dennis Barnett | ||||
| Matthew Canale-Parola | ||||
| Janet Eastwood | ||||
| Jeffery Glenn | ||||
| Peter Kent | ||||
| Simon Lau (appointed | 22 September 2021) | |||
| Kevin Mahon | ||||
| Carol Moor | ||||
| Justin Muston | ||||
| Kalonga Musukuma | (appointed | 1 September 2020) | ||
| Sue Peach | ||||
| Rebecca Rees | ||||
| Balvinder Singh | (resigned 9November 2020) | |||
| Gwen Temple (resigned 21 September 2021) | ||||
| Paula Whitfield | ||||
| Charity registered | ||||
| number | 528770 | |||
| Principal Address | Lawrence Sheriff School | |||
| Clifton Road | ||||
| Rugby | ||||
| Warwickshire | ||||
| CV21 3AG | ||||
| Clerk to Trustees | Gillian Beardshaw | |||
| Auditors | Crowe U.K. LLP | |||
| Black Country House | ||||
| Rounds Green Road | ||||
| Oldbury | ||||
| West Midlands | ||||
| B692DG | ||||
| Bankers | Barclays Bank PLC | |||
| 11 North Street | ||||
| Rugby | ||||
| Warwickshire | ||||
| CV21 2AN | ||||
| Solicitors | Browne Jacobson LLP | |||
| Mowbray House | ||||
| Castle Meadow | Road | |||
| Nottingham | ||||
| NG2 1BJ |
| Unrestricted | Restricted | Endowment | Total | To/a/ | |||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||||
| Note | 2021f | 2021 E |
2021 E |
2021 | 2020 | ||||
| Income and | |||||||||
| endowments | from: | ||||||||
| Donations and |
legacies | 667,191 | 667,191 | 797,287 | |||||
| Investments | 367 | 350 | 717 | 1,240 | |||||
| Total income | and | ||||||||
| endowments | 667,558 | 350 | 667,908 | 798,527 | |||||
| Expenditure | on: | ||||||||
| Charitable activities |
548,109 | 222,267 | 770,376 | 870,148 | |||||
| Total expenditure | 548,109 | 222,267 | 770,376 | 870,148 | |||||
| Net | |||||||||
| income/(expenditure) | |||||||||
| before net | |||||||||
| (losses)/gains | on | ||||||||
| investments | 119,449 | 350 | (222,267) | (102,468) | (71,621) | ||||
| Net (losses)/gains | on | ||||||||
| investments | (2,043) | 1,298 | (745) | (1,324) | |||||
| Net | |||||||||
| income/(expenditure) | 117,406 | 1,648 | (222,267) | (103,213) | (72,945) | ||||
| Transfers between |
|||||||||
| funds | 13 | (133,080) | (350) | 133,430 | |||||
| Net movement | in | ||||||||
| funds | (15,674) | 1,298 | (88,837) | (103,213) | (72,945) | ||||
| Reconciliation | of | ||||||||
| funds: | |||||||||
| Total funds brought | |||||||||
| forward | 649,401 | 6,592 | 8,563,461 | 9,219,454 | 9,292,399 | ||||
| Net movement | in funds | (15,674) | 1,298 | (88,837) | (103,213) | (72,945) | |||
| Total funds carried | |||||||||
| forward | 633,727 | 7,890 | 8,474,624 | 9,116,241 | 9,219,454 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Note | |||||||
| Fixed assets | |||||||
| Tangible assets | 10,519,131 | 10,741,398 | |||||
| Investments | 15,505 | 16,251 | |||||
| 10,534,636 | 10,757,649 | ||||||
| Current assets | |||||||
| Debtors | 167,191 | 276,423 | |||||
| Cash at bank and in hand | 503,982 | 404,889 | |||||
| 671,173 | 681,312 | ||||||
| Creditors: amounts | falling | due within one | |||||
| year | (185,496) | (174,578) | |||||
| Net current assets | 485,677 | 506,734 | |||||
| Total assets less current | liabilities | 11,020,313 | 11,264,383 | ||||
| Creditors: amounts | falling | due after more | |||||
| than one year | 12 | (1,904,072) | (2,044,929) | ||||
| Total net assets | 9,116,241 | 9,219,454 | |||||
| Charity funds | |||||||
| Endowment funds |
13 | 8,474,624 | 8,563„461 | ||||
| Restricted funds | 13 | 7,890 | 6,592 | ||||
| Unrestricted funds |
13 | 633,727 | 649,401 | ||||
| Total funds | 9,116,241 | 9,219,454 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Cash flows from operating | activities | |||
| Net cash used in operating |
activities | 324,615 | 202,977 | |
| Cash flows from investing | activities | |||
| Dividends, interests and rents from investments |
717 | 1,240 | ||
| Net cash provided by investing activities |
717 | 1,240 | ||
| Cash flows from financing | activities | |||
| Repayments of borrowing |
(133,430) | (124,809) | ||
| Interest paid | (92,809) | (103,557) | ||
| Net cash used in financing | activities | (226,239) | (228,366) | |
| Change in cash and cash |
equivalents in |
the year | 99,093 | (24,149) |
| Cash and cash equivalents | at the beginning | ofthe year | 404,889 | 429,038 |
| Cash and cash equivalents | at the end of | the year | 503,982 | 404,889 |
| The notes on pages 13to 26 form part ofthese financial statements |
| Unrestricted | Total | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2021 | 2021f | ||||
| Rugby | Lower | School | donations | 667,191 | 667,191 |
| Unrestricted | Total | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2020 | 2020 | ||||
| Rugby | Lower | School | donations | 797,287 | 797,287 |
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2021 | 2021f | 2021 | ||
| Investment | income - prize fund | 350 | 350 | |
| Other interest received | 367 | 367 | ||
| 367 | 350 | 717 | ||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2020 | 2020 | 2020 | ||
| Investment | income - prize fund | 415 | 415 | |
| Other interest received | 825 | 825 | ||
| 825 | 415 | 1,240 |
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2021f | |
| Insurance | 69,634 | 69,634 | |
| Rugby Bid Levy | 3,606 | 3,606 | |
| School budget allowance | 281,545 | 281,545 | |
| Prizes | 1,819 | 1,819 | |
| Professional fees | 23,696 | 23,696 | |
| Capital projects | 75,000 | 75,000 | |
| Finance charges | 92,809 | 92,809 | |
| Depreciation | 222,267 | 222,267 | |
| 548,109 | 222,267 | 770,376 |
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| Insurance | 64,482 | 64,482 | |
| Rugby Bid Levy | 9,180 | 9,180 | |
| School budget allowance | 370,845 | 370,845 | |
| Prizes | 2,299 | 2,299 | |
| Professional fees | 5,195 | 5,195 | |
| Capital projects | 92,323 | 92,323 | |
| Finance charges | 103,557 | 103,557 | |
| Depreciation | 222,267 | 222,267 | |
| 647,881 | 222,267 | 870,148 |
| Net inco | me | /(expenditure | ) | |||
|---|---|---|---|---|---|---|
| 2021f | 2020 | |||||
| Auditor's | remuneration | -statutory | audit | 3,300 | 3,200 | |
| Depreciation | oftangible | fixed assets: | ||||
| -owned | by | the Charity | 222,267 | 222,267 |
| Listed | |
|---|---|
| investments | |
| Cost or valuation | |
| At 1 September 2020 | 16,251 |
| Revaluations | (746) |
| At 31 August 2021 | 15,505 |
| Material Inve | stme | nts | |||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| f515 Equities | Investment | Fund for Charities | Income Units | 7,890 | 6,591 | ||
| f577.30 Charities | Official | Investment | Income | Shares | 7,615 | 9,660 | |
| 15,505 | 16,251 |
| 2021 | 2020 | |
|---|---|---|
| Due within one year | ||
| Accrued income from Rugby Lower School | 167,191 | 276,423 |
| 167,191 | 276,423 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Bank loans | 140,435 | 133,008 | ||
| Amounts | owed to Lawrence Sheriff School Academy Trust | 321 | 320 | |
| Accruals | and deferred | income | 44,740 | 4'/, 250 |
| 185,496 | 174,578 |
| 2021 | 2020 |
|---|---|
| 1,904,072 | 2,044,929 |
| Between two and five years | ||
|---|---|---|
| Bank loans | 550,160 | 543,139 |
| Over five years | ||
| Bank loans | 1,353,912 | 1,501,790 |
| Statement | offunds | offunds | ||||||
|---|---|---|---|---|---|---|---|---|
| Statement | offunds | - current year | ||||||
| Balance at 1 | Balance at | |||||||
| September | Transfers | Gains/ | 31August | |||||
| 2020 | Income | Expenditure | inlout f |
(Losses) | 2021 f |
|||
| Unrestricted | ||||||||
| funds | ||||||||
| Unrestricted | ||||||||
| general funds | 649,401 | 667,558 | (548,109) | (133,080) | (2,043) | 633,727 | ||
| Endowment | ||||||||
| funds | ||||||||
| Permanent | ||||||||
| endowment | fund | 8,563,461 | (222,267) | 133,430 | 8,474,624 | |||
| Restricted | ||||||||
| funds | ||||||||
| Prize fund | 6,592 | 350 | (350) | 1,298 | 7,890 | |||
| Total offunds | 9,219,454 | 667,908 | (770,376) | (745) | 9,116,241 |
| Statement | offun | ds - prior year | |||||
|---|---|---|---|---|---|---|---|
| Balance at | Balance at | ||||||
| 1September | Transfers | Gainsi | 31August | ||||
| 2019 | Income | Expenditure | inlout | (Losses) | 2020 | ||
| E. | |||||||
| Unrestricted | |||||||
| funds | |||||||
| Unrestricted | |||||||
| general funds | 623,299 | 798,112 | (647,881) | (124,394) | 265 | 649,401 | |
| Endowment | |||||||
| funds | |||||||
| Permanent | |||||||
| endowment | fund | 8,660,919 | (222,267) | 124,809 | 8,563,461 | ||
| Restricted | |||||||
| funds | |||||||
| Prize fund | 8,181 | 415 | (415) | (1,589) | 6,592 | ||
| Total offunds | 9,292,399 | 798,527 | (870,148) | (1,324) | 9,219,454 |
| Analysis ofnet assets between funds - | current year | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021f | 2021 | |
| Tangible fixed assets | 10,519,131 | 10,519,131 | ||
| Fixed asset investments | 7,615 | 7,890 | 15,505 | |
| Current assets | 671,173 | 671,173 | ||
| Creditors due within one year | (45,061) | (140,435) | (185,496) | |
| Creditors due in more than one year | (1,904,072) | (1,904,072) | ||
| Total | 633,727 | 7,890 | 8,474,624 | 9,116,241 |
| Analysis of net assets between funds (c Analysis ofnet assets between funds - |
ontinued) prior year |
|||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | |
| Tangible fixed assets | 10,741,398 | 10,741,398 | ||
| Fixed asset investments | 9,659 | 6,592 | 16,251 | |
| Current assets | 681,312 | 681,312 | ||
| Creditors due within one year | (41,570) | (133,008) | (174,578) | |
| Creditors due in more than one year | (2,044,929) | (2,044,929) | ||
| Total | 649,401 | 6,592 | 8,563,46'l | 9,219,454 |
| 15. | Reconciliation of |
net movement | in funds to | net cash fl | ow from operati | ng activities |
|
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Net expenditure for |
the year (as per Statement | of Financial | Activities) | (103,213) | (72,945) | ||
| Adjustments for: |
|||||||
| Depreciation charges |
222,267 | 222,267 | |||||
| Loss on investments | 745 | 1,324 | |||||
| Dividends, interests |
and rents from | investments | (717) | (1,240) | |||
| Interest payable | 92,809 | 103,557 | |||||
| Decrease/(increase) | in debtors | 109,233 | (49,672) | ||||
| Increase/(decrease) | in creditors | 3,491 | (314) | ||||
| Net cash provided | by operating | activities | 324,615 | 202,977 | |||
| 16. | Analysis ofcash and cash equivalents | ||||||
| 2021f | 2020 | ||||||
| Cash in hand | 503,982 | 404,889 | |||||
| Total cash and cash equivalents | 503,982 | 404,889 |
| At 1 | Other non- | |||||
|---|---|---|---|---|---|---|
| September | cash | At 31 | ||||
| 2020 | Cash flows | changes | August 2021 | |||
| Cash | at bank and | in hand | 404,889 | 99,093 | 503,982 | |
| Debt | due within 1 |
year | (133,008) | 133,430 | (140,857) | (140,435) |
| Debt | due after 1 year | (2,044,929) | 140,857 | (1,904,072) | ||
| (1,773,048) | 232,523 | (1,540,525) |