2020-08-31-accounts - Coventry School Foundation

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Year Ende	d 31August 2020
Contents		Pages
Report ofthe Charity Trustees (Governors'	Report)	1to23
Independent Auditors' Report to the Governors		24to 26
Statement of Financial Activities		27
Balance Sheet		28
Cash Flow Statement		29
Notes to the Financial Statements		30to 44
The Following Pages Do Not Form Part	ofthe Financial Statements
Schedule ofSchool Land and Buildings

	D THOSE SERVING	DURING T	HE	FINANCIAL YEAR	FINANCIAL YEAR
Governor	Serving on	Chairman	of	Nominated
	Committees:	Committee:		By:
Mr JBarfield Moore	(a)
Rev M Bratton	(c)(g)
Mr M Faulkner	(a)(b)(c)(e)				Resigned 17.08.2020
Mrs SGuest	(a) (b) (f)
Mrs H Grewal	(c)(f)
Mr R Hall Mr P Healy	(a)(c)(e) (a) (c)	(a)			Startde 17.02.2020
Mr T Horton	(a)(c)(e)
MrlJohnson	(b)(d)				Resigned 31.12.2019
Mr CJones	(a) (b)(c)(g)(h)
Ms D Kendall	(c)	(c)
Mr N Lee	(a)(c)(d)(e)(h)				Resigned 31.12.2019
Dr K McLaughlan Mrs J McNaneyin	(b)(g)	(g) (h)
Mr P Morrisi'i
Mr D Molyneux	(a) (b)				Start date 17.02.2020
Mr A Prestwich	(t)
Mr R Stuart Mrs D Wong Mr PWright	(a)(b)(c)(d)(e) (b) (a) (b)(c)(e)(h)	(d) (e)			Resigned 27.10.2020 Deceased 06.06.2020
Committees &Sub Committees				Nominating	Bodies
(a) Finance &General Purposes Committee (b) Bablake Academic &Resources Committee (c) King Henry Vill Academic &Resources Committee (d) Bursaries Committee (e) Estates Committee (f) Health &Safety at Work Sub-committee (g) Child Protection (h) Chairs Committee				1 Bablake Parents' Association 2 Church Charities 3Coventry University 4 General Charities 5 King Henry Vill Parents' Association 6SirThomas White's Charity 7 University ofWarwick 8 Co-opted

	FOUNDATION'S	ADVISERS	ADVISERS
Auditors:	Haines Watts Birmingham		LLP
	5-6 Greenfield Crescent
	Edghasten
	Birmingham
	B153BE
Bankers:	Lloyds TSBCorporate
	125Colmore Row
	Birmingham
	B33SF
Solicitors:	Band Hatton
	25Warwick Road
	Coventry
	CV1 2EZ
Investments:	Quilter
	Provincial House
	37New Walk
	Leicester
	LE1 6TU
Insurance:	Hettle Andrews &	Associates		Limited
	Eleven Brindley Place
	2 Brunswick square
	Brindley place
	Birmingham B12LP
Support Staff Pensions:	JFE Financial Planning
	St.James's Place	House
	Central Boulevard
	Blythe Valley Park
	Solihull
	West Midlands
	B90OAR

						Total	Total
			Unrestricted	Restricted	Endowment	Year Ended	Year Ended
			Funds	Funds	Funds	31.08.20	31.08.19
		uo»	9	2	2	2
INCOME AND ENDOWMENTS	FROIN:
Donations and legacies			635,218	26,474		661,692	881,829
Chaiitable activities			20,883,134			20,6833134	2/,BI9,41f
Other trading activities			362,357			362,357	828,2fI
Investment income			11,728	61,598	33,910	107,236	230,543
Other income			1,230,972			1,230,972	454,097
Total Income and endowments			234$	NI82	33ll	3 84	3994
EXPENDITURE ON:
Raising and management offunds				5,728	5,296	11,024	13,042
Chaditable activities			23,171,410	9,349		23,180,759	22,888,843
Total expenditure			3. , 9		5,296	23,191,783	22879,885
(DEFICIT)l SURPLUS FROM OPERATIONS			(48,001)	72,995	28,614	53,608	714,206
NET GAINS/(LOSSES) Realised gains/ (losses) on investments Unrealised (losses)/ gains on investments				8,364	8,621 ~N99	16,985 ~N	(1f7,859) ~8.
				(161,130)	(24,344)	(185,474)	(146,120)
NET (EXPENDITURE)/ INCOME			(48,001)	(88,135)	4,270	(131,866)	568,086
Transfers between funds		is, ts, ts
NET MOVEMENT IN FUNDS			(48,001)	(88,135)	4,270	(131,866)
FUND BALANCES AS AT I SEPTEMBER2019			18,425,091	2,510,989	3,228,644	24,164,724	23,596,838
FUND BALANCES AS AT 31 AUGUST		2020	,os	~SN	32m, N2,		.N4.

		Year	Year
		Ended	Errdefi
		31.08.20	31.06.19
	Note	8
CASH FLOW FROM OPERATING ACTIVITIES	17	(486,855)	2,144,282
NET CASH OUTFLOW FROM OPERATING ACTIVITIES		~40805 7	. . 02
CASH FLOW FROM INVESTING ACllVITIES
Purchase oftangible fixed assets Purchase of investments Sale of investments Sale oftangible fixed assets NET CASH OUTFLOW FROM INVESTING ACTIVITIES		(25,905) (2,368,312) 1,353,479 1,000,000 ~0	(4,191,314) (2,522 140) 4,429,762 ~7. N. 8
NET (DECREASE)l INCREASE IN CASH AND CASH EQUIVALENTS		(527,593)	(139,410)
CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER2019		1,960,328	2,099,738
CASH AND CASH EQUIVALENTS AT31 AUGUST 2020		43, 00
CASH AND CASH EQUIVALENTS CONSISTS OF:
	As at	Cash	As at
	31.08.20	flows	01.09.19
		f	2
Cash at bank and in hand Bank overdrafl and loans		(527,593)	1,960,328
	1,432735	~527503,900328

Plant and	machinery	4years
Fixtures,	fittings and equipment	5years
Computer	equipment	3years
Motor vehicles		4years
Buildings		20 - 50years

2	Donations	and legacies
			Yearto	Year lo
			31.08.20 2	31.08.19f
	Donations		636,692	861,829
			866666	86686i
3	Charitable	activities - Fees Receivable
			Yearto	Year lo
			31.08.20	31.08.19
			2
	Fees receivable comprise;
	Gross fees Less:	Bursary awards Scholarship awards	23,077,203 (1,926,788) (267,281)	23,853,373 (1,956,325) (277,637)
			~66661	vo6%
	The total grants, awards and prizes paid for by trust funds consist of:
	Prizes and	leaving awards

					Yearto	Year lo
					31.08.20	31.08.19
					2
School shop commission income All weather pitch, pavilion, other school facilities					10,000 352,357	14,700 613,511
					362,357	828,211
Investment	Income
					Year to	Year lo
					31.08.20 2	31.08.19f
Listed investments Bank interest					95,508 11,728	217,903 12,640
					6, 66	. 6
Income from	permanent	endowment	included	in above	33 910	142062

Other Inc	ome
							Total	Total
							20m K	20f9f
Income from school trips							66,$53	311,832
Transport	income						99,292	142485
Property income							100
Production	ticket	sales					2,969
HMRC furlough		income					573,478
Surplus on sale offixed assets Covid -19Grant income							428,781 60,000
Analysis ofTotal Expenditure
							Total	Total
				Staff costs 2	Other costs 2	Depreciation 2	20m 2	20f9f
Raising and management			offunds
Investment	management				11024		11,024	13042
Charitable	expenditure:
Teaching				14,465,329	1,556,961		16,022,290	15,837,439
Welfare				84,927	426,978		511,905	414,175
Premises				696,106	'l,670,420	949,975	3,$16,501	3,738,820
Svppcn				1,173,928	669,357	187,276	2,030,561	2 f23,555
Grants, awards and prizes							500	700
Management	and	administration		498,164			498,164	399,088
Finance and other		costs			6O0,838		800,838	355088
				16,918,454	5,125,054	1,137,251	23,180,759	22888,843
				16,916454	5136,078	1,137251	23,191,783	22,879885
Supportcosts
Staff costs							1,130,483	1,155,617
Office costs							174,008	214,314
Information	Technology						114,833	20,997
Recruitment	costs						45,084	91,506
Travel							7,681	190,938
Advertising	snd marketing						106,906	136,620
Depreciation							187,276	106,400
Other costs							171,122	141,030
Governance								64,133
								2,123,555
Governance costs
Staffcosts							43,445	27,418
Support costs							49,723	38,715
							vt. 68

Total resources expended
	Year to	Year ro
	31.08.20 2	3f.08.t9f
Auditor's remuneration:
Audit services Non-audit services	20,000 92N9	19,600 29
Total staff costs:
Wages and salaries Social security costs	12,950,565 1,268,717	12,878,483 1,251,576
Pension costs	2,533,971	1,853,649
Termination payments	165,201	73,203
		.N6.

Year to	Year to
31.08.20	31.08.19

Comparatives for the Statement of Financial Activities	- 31 August 201	9
				Total
	Unrestricted	Restricted	Endowment	Year Ended
	Fundsf	Funds f	Funds f	31.08.19 f
Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies Charitable activities	661,829 21&619,411			661,829 21,619,411
Other trading activities Investment income Other	628,211 12,640 454,097	75,841	142,062	628,211 230,543 454,097
Total income and endowments	88		2	528DS
EXPENDITURE ON:
Raising funds Charitable activities	22,851,467	5,665 15,376	7,377	13,042 22,866,843
Total expenditure	22851467			» 838SM
Realised (losses) on investments
Realised gains on investments Unrealised gains/(losses) on investments		(7,843) 3D 23,028	(110,016) ~53 32 (169,148)	(117,859) ~8,2e (146,120)
NET INCOME/(EXPENDITURE)	524,721	77,828	(34,463)	568,086
Transfers between funds 13, 14,15	116,228	55,515	(171,743)
NET MOVEMENT IN FUNDS	640,949	133,343	(206,206)	568,086
FUND BALANCES AS AT 1 SEPTEMBER2018	17,784,142	2,377,646	3,434,850	23,596,638
FUND BALANCES AS AT31 AUGUST 2019	18425 091	2510989	3228 644	24 164724

Tangible Fixed Assets
			Fixtures,
	Freehold	Plant, machinery	fittings, computers
	land and	and	and
	buildings	vehicles	equipment	Total
	2	2	2	2
Cost or Valuation
At 1 September 2019	27,508,757	668,268	1,464,044	29,641,069
Additions Disposals At 31 August 2020	12,465 ~766752 2878,	12,803 637 ,D5, ,866		25,905 DS,SD
Depreclallon
At 1 September 2019	5,995,578	65'I,356	774,351	7,421,285
Charge for the year Eliminated on disposal At 31 August 2020 Net Book Value At 31 August 2020	949,975 ~67,t28 157992 6,778,494 667,348 2D SD65,55 21 513,179 16,912		17'I 284 ~887 943,140 8, 6 689,693	12137251 ~DII,DDI 8,388,982 2D.56,2 22,219,784

Insured	restatement values
Freehold	and long leasehold properties owned	by the Foundation have insured		reinstatement	values as	2020
follows:						2
Bablake	School - Coundon Road; and playing	fields - Duncroft Avenue				36,998,599
King Henry Vill School - Warwick Road - and playing fields - Stonebridge			Highway			38,640.580
King Henry Vill Preparatory School - Kenilworth		Road				5.937,898
Bablake	Pre-Preparatory School (formerly Cheshunt School) - The Grange					5,300,000
						86,877,077

									Usted
									investmems
									2
	Valuation
	At I September 2019								3,311,003
	Additions								2,368412
	Dieposals Unrealised loss on At 31 August 2020			revaluation					(1,336,494) ~30 0,300
	All investments	are		held in the UK. Included	in the above value of investments		is cash of2613,240(2019:2175,797).
	If the investments		had not been revalued,		they would	have been included	on the historical	cost basis	at the following
	amounts:
								Listed
								Investments	Total
								2	f
	Cost At 31 August At 31 August	2020 2019						,00383, 00.303 0.090,9,
11	Debtors
								2020 2	2019f
	Fees Prepayments	and accrued income						327,186 78,589 42,885 212024 550,030
12	Creditors: Amounts			Falling Due Within One Year
								2020f	2019f
	Fees received	in advance						1,295,579	f,656915
	Trade creditors							29,750	827879
	Taxation and social Other creditors and			security accruals				312,814 845,090	318,672 977,834
								008 m	. .3
	Fees received	in advance						2020 2	2019f
	Fees received in advance at 1 September 2019 Released from previous years Deferred in the year Fees received in advance at 31 August 2020							1,656,915 (1.656,915) 1,295,579 , 05.030	f,663,551 ff,663,ssg 1,656,915 .05

					permanent
			Trust for	Unapplied	Endowment	Endowment
			Investment	Total Return	Total	Replacement
			2	2	2	2
At 1 September	2019:
Gift component	ofthe permanent	endowment	2,822,407		2,822,407
Unapplied total	return			406,237	406,237
Total			2,822,407	406,237	3,228,644
Movements in the year: Investment return - net gains Losses on investments Transfer to Endowment Replacement Total			(1,000,000)	28,614 (24,344) 4,270	28,614 (24,344) 0,j,000. (995,730) 1,000,000
Annual replacement transfer
Unapplied total	return allocated	to income
in the reporting	period
Net movements	in the year		(1,000,000)	4,270	(995,730)	1,000,000
At 31August 20200
Gift component	ofthe permanent	endowment	1,822,407		1,822,407	1,000,000
Unapplied total Total	return		1,822,407	410,507 4'10,507	410,507 2,232,914	1,000,000

At 1 September 2019	At 1 September 2019			18,425,091
Incoming resources				23,123,409
Resources expended				(23,171,410)
Unapplied total return	allocated to income	in the reporting	period
Annual replacement	transfer
Transfer to Bursary fund
At 31 August 2019				18,377,090