| DIRECTORS(TRUSTEES) | Mrs M L Cornick MBE (Founder) |
|---|---|
| MrSFussey (Chair) | |
| Mrs J Lewendon-Resigned16/09/20 | |
| MsJ Wright-Deputy Chair | |
| Mr J Beebee-Resigned29/04/21 | |
| Dr R W Lycett-Deputy Chair | |
| MrMRLakin | |
| Mrs J A Wake | |
| Mrs R E Jones | |
| Mr CIWells | |
| MissSJCorbett-Appointed28/04/21 | |
| PRINCIPAL | Dr GBarrett |
| DIRECTOR OF LODDONTRAfrITNG | MsJBromley |
| ANDCONSUL T ANCY | |
| COMPANY SECRETARY | Mrs E A Fairhead |
| PRINCIPAL AND REGISTERED OFFICE | The Loddon School |
| Wild moor Lane | |
| Sherfield-on-Loddon | |
| Hook | |
| Hampshire | |
| RG27_OlD_ | |
| COMPANY REGISTRATION NUMBER | 02448785 |
| REGISTERED CHARITY NUMBER | 802188 |
| AUDITOR | RSMUKAudit LLP |
| Davidson House | |
| Forbury Square | |
| Reading | |
| Berkshire | |
| RGl3EU | |
| BANK | NatWest Bank PLC |
| Chatham RCSC | |
| Western Avenue | |
| Waterside Court | |
| Chatham Maritime | |
| Chatham | |
| Kent | |
| ME44RT | |
| SOLICITORS | Lamb Brooks LLP |
| Victoria House | |
| 39 Winchester Street | |
| Basingstoke | |
| RG217EQ | |
| INSURANCE BROKER | Innovation Braking |
| 20 StDunstan'sHill | |
| London | |
| EC3R8HL |
| Objectives SetLast Year | Achievements |
|---|---|
| MaintaintheoccupancyoftheSchoolat an averageof | The average student numbers forthelastfinancial year |
| 28 students to generate asurplusto support thefuture | are29.8.Maintaining afull cohortof30students for |
| phasesofthedevelopmentprogram. | the majorityofthe yearhasenabled theSchool to |
| generatemoney towardsthebuildingproject. Phase | |
| oneisnow completed and paid for. | |
| The Trustees will continueto work with consultants | The working party hascontinuedto meet on aregular |
| andthe Charityleadership team asthebuilding | basis,and wehavenowsubmittedtheplanningrequest |
| strategyisapplied toimprovethefacilitiesforthe | for phase 2ofthe project. Work continues to raise the |
| childrenoverthenext5years. | finalelementsofmoneyrequired beforehopefully |
| starting to build again in summer2022. | |
| Toreduce care staffvacancies,the School will invest | A radio campaign waslaunched and in full flowjust |
| £30,000 into the recruitmentbudget formarketingof | before the startofthenationalLockdown.This had a |
| the School to entice newrecruits. | positive effect on thelinked recruitmentactivities.A |
| new approach tomarketing theSchool andour | |
| outward facing work isbeingdeveloped toaidlocal | |
| andregionalrecruitment.Agencystaffwereblock | |
| bookedthroughoutthepandemicinorder toprevent | |
| thecirculationof staffbetweenotherprovidersand | |
| ourSchool. | |
| Toreview and developour information systems to | A reviewofourcurrent systemhasbeencompleted |
| supportbusinessgrowth. | and wecontinueto work onthedevelopment phaseto |
| enable us to achieveasustainable integratedsystem to | |
| support thebusinessneed. | |
| Todevelopthee-learning platform tofacilitate | Theonlinee-learning platform isdeveloped and has |
| additionalcourses for theLD/autismsector. | proveninvaluable.OurPROACT-SCIPr-UK® courses |
| wereaddedin the first instance to ensure continuityof | |
| businessbyenablingustoprovide ablendedlearning | |
| approachandfulfilourcustomer requirements |
|
| throughout the Covid-19 pandemic. Additional |
|
| Courses continue to bedeveloped. | |
| Toadd totheresearchknowledge within theeducation | Severalpapershavebeenpublishedthisyear written |
| and careofyoungpeople withautism. | by thePrincipal in Insightjuurnal forOptimus |
| Educationrelated to theteachingofchildren with | |
| SENDandautism.HeadofTrainingcompletedher | |
| master'sdegree onstaffwell-beingof staffworking in | |
| aresidentialsetting.The Schoolalso aid the research | |
| ofthe Human RightsCommission with work on | |
| restraintinschools,emphasising ourpositive proactive | |
| approach. |
| 2020/21 | 2019/2020 | |
|---|---|---|
| £ | £ | |
| Total Funds | 12,603,080 | 11,549,647 |
| Lessmoney: | ||
| Invested inFixedAssets | 9,199,167 | 7,165,719 |
| 3,403,913 | 4,383,928 | |
| Reserves: | 3364913 , , |
4318430 , , |
| Three months expenditure | 1,825,000 | 1,822,000 |
| Designated horticultural project | 16,161 | 26,161 |
| Designated building fund | 1,523,727 | 2,470,204 |
| Restricted Zambia fund | 25 | 65 |
| Capital expenditure | 39,000 | |
| Money available forothercharitable capital | ||
| investment/activities | 65,498 |
28 July 2021
12 August 2021
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| INCOMEFROM: | |||||
| Charitableactivities | |||||
| Operationsofthe School | 7,512,401 | 7,512,401 | 6,936,926 | ||
| Training andworkshops | 469,944 | 469,944 | 577,450 | ||
| Donations | 39,014 | 43,960 | 82,974 | 110,847 | |
| Investments | 2 | 62,094 | 62,094 | 82,121 | |
| Total income | 8,083,453 | 43,960 | 8,127,413 | 7,707,344 | |
| EXPENDITUREON: | |||||
| Charitableactivities | |||||
| Operationsofthe School | 3 | 6,868,l39 | 44,000 | 6,912,139 | 6,477,709 |
| Training and workshops | 3 | 439,225 | 439,225 | 524,737 | |
| Totalexpenditure | 3 | 7,307,364 | 44,000 | 7,351,364 | 7,002,446 |
| Netincome/(expenditure)before | |||||
| netgain/(Ioss)oninvestments | 776,089 | (40) | 776,049 | 704,898 | |
| Netgain/(Ioss)oninvestments | 9 | 277,384 | 277,384 | (91,776) | |
| NETMOVEMENT INFUNDS | 1,053,473 | (40) | 1,053,433 | 6l3,122 | |
| FUNDS BROUGHTFORWARD | |||||
| AT1APRIL | 15 | 11,549,582 | 65 | 11,549,647 | 10,936,525 |
| FUNDSCAruUEDFORWARD | |||||
| AT31MARCH | IS | 12,603,055 | 25 | 12,603,080 | 11,549,647 |
28 July 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| CASH FLOWS FROM OPERA TING ACTIVITIES: | |||
| Net cash provided by operating activities | 17 | 1,497,620 | 609,370 |
| CASH FLOWS FROM INVESTINGACTIVITIES: | |||
| Purchaseoftangible fixed assets | (1,985,582) | (272,595) | |
| Interest received | 9,077 | 26,098 | |
| Proceeds on saleoftangible assets | |||
| Net cash usedininvesting activities | (1,976,505) | (246,497) | |
| CHANGE IN CASH AND CASH EQUIVALENTS DURING THE YEAR |
(478,885) | 362,873 | |
| CASH AND CASH EQUIVALENTS A T1APRIL | 4,605,202 | 4,242,329 | |
| CASH AND CASH EQUIVALENTS A T31MARCH | 18 | 4,126,317 | 4,605,202 |
| Freehold buildings | over 50 years |
|---|---|
| Property improvements | over7years |
| Motor vehicles | 25% reducing balance basis |
| Fixtures, fittings and general equipment | 15% straight linebasis |
| Furniture,carpets,computers andhighrisk equipment | 33.3% straight line basis |
| INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| Incomeanalysedby classofbusiness: | £ | £ |
| Charitable activities | 7,982,345 | 7,514,376 |
| Donations | 82,974 | 110,847 |
| Interest | 9,077 | 26,098 |
| Rental income | 53,017 | 56,023 |
| 8,127,413 | 7,707,344 |
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Bank interest receivable | 9,077 | 26,098 |
| Rental income | 53,017 | 56,023 |
| 62,094 | 82,121 |
| EXPENDITURE | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Basisof | Operation of | Trainingand | total | total | |
| allocation | the School | workshop costs | £ | £ | |
| Staff costs | Direct | 5,487,875 | 320,891 | 5,808,766 | 5,450,813 |
| Direct costs | Direct | 401,295 | 55,798 | 457,093 | 472,309 |
| Overheads | Direct | 308,796 | 58,983 | 367,779 | 350,575 |
| Recruitmentcosts | Direct | 54,354 | 54,354 | 50,314 | |
| Premises costs | Direct | 410,747 | 3,354 | 414,101 | 435,037 |
| Depreciation | Direct | 229,319 | 199 | 229,518 | 226,840 |
| Governance | Direct | 19,753 | 19,753 | 16,558 | |
| 6,912,139 | 439,225 | 7,351,364 | 7,002,446 |
| Net movementinfundsisstated aftercharging: | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Auditor'sremuneration | ||
| Audit | 15,245 | 13,860 |
| Teachers pension audit | 1,120 | 1,020 |
| Other services | 3,090 | 2,940 |
| Depreciation | 229,518 | 226,840 |
| Operating lease rentals | 19,288 | lK,774 |
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Staff costs during the yearwere: | ||
| Wages and salaries | 4,123,305 | 3,896,996 |
| Social securitycosts | 378,147 | 351,745 |
| Pension costs | 214,672 | 190,180 |
| Agency costs | 982,380 | 857,420 |
| 5,698,504 | 5,296,341 |
| 2021 | 2020 | |
|---|---|---|
| No | No | |
| School | 169 | 156 |
| Training and workshops | 8 | 7 |
| 177 | 163 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| No | No | |||
| £60,00 | l | -£70,000 | ||
| £70,00 | l | -£80,000 |
||
| £80,00 | l | -£90,000 |
| Assetsin | Fixtures | ||||
|---|---|---|---|---|---|
| Freehold | the course | fittings | |||
| land and | of | Motor | and | ||
| buildings | construction | vehicles | equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At1April2020 | 7,620,667 | 266,092 | 148,301 | 164,752 | 8,199,812 |
| Additions | 6,259 | 1,940,323 | 33,977 | 5,023 | 1,985,582 |
| 31March2021 | 7,626,926 | 2,206,415 | 182,278 | 169,775 | 10,185,394 |
| Depreciation | |||||
| At1April 2020 | 2,328,246 | 115,164 | 136,915 | 2,580,325 | |
| Charged in the year | 197,560 | 13,939 | 18,019 | 229,518 | |
| 31March 2021 | 2,525,806 | 129,103 | 154,934 | 2,809,843 | |
| Net book value31March2021 | 5,101,120 | 2,206,415 | 53,175 | 14,841 | 7,375,551 |
| Net book value31March 2020 | 5,292,421 |
266,092 | 33,137 | 27,837 | 5,619,487 |
| INVESTMENTPROPERTY | |||||
| £ | |||||
| Fairvalue | |||||
| At1April2020 and31March | 2021 | 428,046 |
| 9 | FIXED ASSET INVESTMENTS | Listed | |
| investments | |||
| £ | |||
| Market value at1April 2020 | 1,118,186 | ||
| Gain on investment | 277,384 | ||
| Market value at31March 2021 | 1,395,570 | ||
| Investments at market valuecomprised: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| UK Equities and investment funds | 1,395,570 | 1,118,186 | |
| Market value at31March | 1,395,570 | 1,118,186 | |
| lO | DEBTORS | 2021 | 2020 |
| £ | £ | ||
| Trade debtors | 1,754,447 | 1,761,388 | |
| Prepayments and accrued income | 74,537 | 72,274 | |
| Other debtors | 6,112 | 7,215 | |
| 1,835,096 | 1,840,877 | ||
| Il | CURRENT ASSET INVESTMENT | 2021 | 2020 |
| £ | £ | ||
| Unlisted investments | 504,963 | 504,957 | |
| 504,963 | 504,957 |
| CREDITORS:Amounts falling due within oneyear | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Trade creditors | 110,458 | 85,370 |
| Other creditors | 70,849 | 56,601 |
| Accruals and deferred income | 2,376,193 | 1,920,180 |
| 2,557,500 | 2,062,151 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Balancebrought forward | 1,868,722 | 1,614,279 | |
| Amounts released to income | (1,868,722) | (1,614,279) | |
| Amountsdeferred in the year | 2,142,105 | 1,868,722 | |
| Balance carried forward | 2,142,105 | 1,868,722 | |
| 14 | FINANCIAL INSTRUMENTS | 2021 | 2020 |
| £ | £ | ||
| CARRYING AMOUNT OF FINANCIAL ASSETS | |||
| Instruments measured at fair value through profit or loss | 1,395,570 | 1,118,186 |
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1April | 31March | ||||||
| 2020 | Income | Expenditure | Transfers | 2021 | |||
| £ | £ | £ | £ | £ | |||
| RESTRICTED FUNDS | |||||||
| Zambia fund | 65 | 43,960 | (44,000) | 25 | |||
| TOTAL RESTRICTED | |||||||
| FUNDS | 65 | 43,960 | (44,000) | 25 | |||
| UNRESTRICTED FUNDS | |||||||
| General fund | 9,053,217 | 8,326,106 | (7,307,364) | 991,208 | 11,063,167 | ||
| Designated fund-Building | |||||||
| development fund | 2,470,204 | 34,731 | (981,208) | 1,523,727 | |||
| Designated fund- | |||||||
| Horticultural project fund | 26,161 | (10,000) | 16,161 | ||||
| TOT AL UNRESTRICTED | |||||||
| FUNDS | 11,549,582 | 8,360,837 | (7,307,364 | ) | 12,603,055 | ||
| TOTAL FUNDS | 11,549,647 | 8,404,797 | (7,351,364) | 12,603,080 | |||
| At | At | ||||||
| 1April | 31March | ||||||
| 2019 | Income | Expenditure | Transfers | 2020 | |||
| £ | £ | £ | £ | £ | |||
| RESTRICTED FUNDS | |||||||
| Zambia fund | 4,815 | (4,750) | 65 | ||||
| TOT AL RESTRICTED | |||||||
| FUNDS | 4,815 | (4,750) | 65 | ||||
| UNRESTRICTED FUNDS | |||||||
| General fund | 8,972,118 | 7,602,529 | (7,086,377) | (435,053) | 9,053,217 | ||
| Designated fund-Building | |||||||
| development fund | 1,903,651 | 100,000 | 466,553 | 2,470,204 | |||
| Designated fund- | |||||||
| Horticultural project fund | 60,756 | (3,095) | (31,500) | 26,161 | |||
| TOT AL UNRESTRICTED | |||||||
| FUNDS | 10,936,525 | 7,702,529 | (7,089,472) | 11,549,582 | |||
| TOTAL FUNDS | 10,936,525 | 7,707,344 | . | (7,094,222) | 11,549,647 |
| 16 | ANALYSIS OF NET ASSETS BETWEEN FUNDS | Unrestricted | Restricted | ||
|---|---|---|---|---|---|
| AT 31 MARCH 2021 | funds | general funds | Total funds | ||
| £ | £ | £ | |||
| Tangible fixed assets | 7,375,551 | 7,375,551 | |||
| Investment properties | 428,046 | 428,046 | |||
| Investments | 1,395,570 | 1,395,570 | |||
| Cash at bank and in hand | 3,621,354 | 3,621,354 | |||
| Other net current assets | 2,340,034 | 25 | 2,340,059 | ||
| Net current liabilities | (2,557,500) | (2,557,500) | |||
| TOTAL NET ASSETS AT31MARCH 2021 | 12,603,055 | 25 | 12,603,080 | ||
| ANAL YSIS OF NET ASSETS BETWEEN FUNDS | Unrestricted | Restricted | |||
| A T31MARCH 2020 | funds | general funds | Total funds | ||
| £ | £ | £ | |||
| Tangible fixed assets | 5,619,487 | 5,619,487 | |||
| Investment properties | 428,046 | 428,046 | |||
| Investments | 1,118,186 | 1,118,186 | |||
| Cash at bank and in hand | 4,100,245 | 4,100,245 | |||
| Other net current assets | 2,345,769 | 65 | 2,345,834 | ||
| Net current liabilities | (2,062,151) | (2,062,151 | ) | ||
| TOTAL NET ASSETS A T31MARCH 2020 | 11,549,582 | 65 | 11,549,647 |
| 17 | RECONCILIATION OF NET INCOME TONET CASH INFLOW |
2021 | 2020 |
|---|---|---|---|
| FROM OPERATING ACTIVITIES | £ | £ | |
| Net income | 1,053,433 | 613,122 | |
| Depreciation | 229,518 | 226,840 | |
| (Gain)/Ioss on investments | (277,384) | 91,776 | |
| Interest receivable | (9,077) | (26,098) | |
| Decrease/(increase)indebtors | 5,781 | (542,793) | |
| Increaseincreditors | 495,349 | 246,523 | |
| NET CASH INFLOW FROM OPERA TING ACTIVITIES | 1,497,620 | 609,370 |
| 1April | Other non- | 31March | ||
|---|---|---|---|---|
| 2020 | Cash flows | cash changes | 2021 | |
| £ | £ | £ | £ | |
| Cash inhand,at bank | 4,100,245 | (478,891) | 3,621,354 | |
| Current asset investments | 504,957 | 6 | 504,963 | |
| NET FUNDS | 4,605,202 | (478,885) | 4,126,317 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Leases whichexpire: | ||
| Within one year | 5,377 | 19,288 |
| In two to five years | 3,099 | 12,767 |
| 8,476 | 32,055 |
| DIRECTORS(TRUSTEES) | Mrs M L Cornick MBE (Founder) |
|---|---|
| MrSFussey (Chair) | |
| Mrs J Lewendon-Resigned16/09/20 | |
| MsJ Wright-Deputy Chair | |
| Mr J Beebee-Resigned29/04/21 | |
| Dr R W Lycett-Deputy Chair | |
| MrMRLakin | |
| Mrs J A Wake | |
| Mrs R E Jones | |
| Mr CIWells | |
| MissSJCorbett-Appointed28/04/21 | |
| PRINCIPAL | Dr GBarrett |
| DIRECTOR OF LODDONTRAfrITNG | MsJBromley |
| ANDCONSUL T ANCY | |
| COMPANY SECRETARY | Mrs E A Fairhead |
| PRINCIPAL AND REGISTERED OFFICE | The Loddon School |
| Wild moor Lane | |
| Sherfield-on-Loddon | |
| Hook | |
| Hampshire | |
| RG27_OlD_ | |
| COMPANY REGISTRATION NUMBER | 02448785 |
| REGISTERED CHARITY NUMBER | 802188 |
| AUDITOR | RSMUKAudit LLP |
| Davidson House | |
| Forbury Square | |
| Reading | |
| Berkshire | |
| RGl3EU | |
| BANK | NatWest Bank PLC |
| Chatham RCSC | |
| Western Avenue | |
| Waterside Court | |
| Chatham Maritime | |
| Chatham | |
| Kent | |
| ME44RT | |
| SOLICITORS | Lamb Brooks LLP |
| Victoria House | |
| 39 Winchester Street | |
| Basingstoke | |
| RG217EQ | |
| INSURANCE BROKER | Innovation Braking |
| 20 StDunstan'sHill | |
| London | |
| EC3R8HL |
| Objectives SetLast Year | Achievements |
|---|---|
| MaintaintheoccupancyoftheSchoolat an averageof | The average student numbers forthelastfinancial year |
| 28 students to generate asurplusto support thefuture | are29.8.Maintaining afull cohortof30students for |
| phasesofthedevelopmentprogram. | the majorityofthe yearhasenabled theSchool to |
| generatemoney towardsthebuildingproject. Phase | |
| oneisnow completed and paid for. | |
| The Trustees will continueto work with consultants | The working party hascontinuedto meet on aregular |
| andthe Charityleadership team asthebuilding | basis,and wehavenowsubmittedtheplanningrequest |
| strategyisapplied toimprovethefacilitiesforthe | for phase 2ofthe project. Work continues to raise the |
| childrenoverthenext5years. | finalelementsofmoneyrequired beforehopefully |
| starting to build again in summer2022. | |
| Toreduce care staffvacancies,the School will invest | A radio campaign waslaunched and in full flowjust |
| £30,000 into the recruitmentbudget formarketingof | before the startofthenationalLockdown.This had a |
| the School to entice newrecruits. | positive effect on thelinked recruitmentactivities.A |
| new approach tomarketing theSchool andour | |
| outward facing work isbeingdeveloped toaidlocal | |
| andregionalrecruitment.Agencystaffwereblock | |
| bookedthroughoutthepandemicinorder toprevent | |
| thecirculationof staffbetweenotherprovidersand | |
| ourSchool. | |
| Toreview and developour information systems to | A reviewofourcurrent systemhasbeencompleted |
| supportbusinessgrowth. | and wecontinueto work onthedevelopment phaseto |
| enable us to achieveasustainable integratedsystem to | |
| support thebusinessneed. | |
| Todevelopthee-learning platform tofacilitate | Theonlinee-learning platform isdeveloped and has |
| additionalcourses for theLD/autismsector. | proveninvaluable.OurPROACT-SCIPr-UK® courses |
| wereaddedin the first instance to ensure continuityof | |
| businessbyenablingustoprovide ablendedlearning | |
| approachandfulfilourcustomer requirements |
|
| throughout the Covid-19 pandemic. Additional |
|
| Courses continue to bedeveloped. | |
| Toadd totheresearchknowledge within theeducation | Severalpapershavebeenpublishedthisyear written |
| and careofyoungpeople withautism. | by thePrincipal in Insightjuurnal forOptimus |
| Educationrelated to theteachingofchildren with | |
| SENDandautism.HeadofTrainingcompletedher | |
| master'sdegree onstaffwell-beingof staffworking in | |
| aresidentialsetting.The Schoolalso aid the research | |
| ofthe Human RightsCommission with work on | |
| restraintinschools,emphasising ourpositive proactive | |
| approach. |
| 2020/21 | 2019/2020 | |
|---|---|---|
| £ | £ | |
| Total Funds | 12,603,080 | 11,549,647 |
| Lessmoney: | ||
| Invested inFixedAssets | 9,199,167 | 7,165,719 |
| 3,403,913 | 4,383,928 | |
| Reserves: | 3364913 , , |
4318430 , , |
| Three months expenditure | 1,825,000 | 1,822,000 |
| Designated horticultural project | 16,161 | 26,161 |
| Designated building fund | 1,523,727 | 2,470,204 |
| Restricted Zambia fund | 25 | 65 |
| Capital expenditure | 39,000 | |
| Money available forothercharitable capital | ||
| investment/activities | 65,498 |
28 July 2021
12 August 2021
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| INCOMEFROM: | |||||
| Charitableactivities | |||||
| Operationsofthe School | 7,512,401 | 7,512,401 | 6,936,926 | ||
| Training andworkshops | 469,944 | 469,944 | 577,450 | ||
| Donations | 39,014 | 43,960 | 82,974 | 110,847 | |
| Investments | 2 | 62,094 | 62,094 | 82,121 | |
| Total income | 8,083,453 | 43,960 | 8,127,413 | 7,707,344 | |
| EXPENDITUREON: | |||||
| Charitableactivities | |||||
| Operationsofthe School | 3 | 6,868,l39 | 44,000 | 6,912,139 | 6,477,709 |
| Training and workshops | 3 | 439,225 | 439,225 | 524,737 | |
| Totalexpenditure | 3 | 7,307,364 | 44,000 | 7,351,364 | 7,002,446 |
| Netincome/(expenditure)before | |||||
| netgain/(Ioss)oninvestments | 776,089 | (40) | 776,049 | 704,898 | |
| Netgain/(Ioss)oninvestments | 9 | 277,384 | 277,384 | (91,776) | |
| NETMOVEMENT INFUNDS | 1,053,473 | (40) | 1,053,433 | 6l3,122 | |
| FUNDS BROUGHTFORWARD | |||||
| AT1APRIL | 15 | 11,549,582 | 65 | 11,549,647 | 10,936,525 |
| FUNDSCAruUEDFORWARD | |||||
| AT31MARCH | IS | 12,603,055 | 25 | 12,603,080 | 11,549,647 |
28 July 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| CASH FLOWS FROM OPERA TING ACTIVITIES: | |||
| Net cash provided by operating activities | 17 | 1,497,620 | 609,370 |
| CASH FLOWS FROM INVESTINGACTIVITIES: | |||
| Purchaseoftangible fixed assets | (1,985,582) | (272,595) | |
| Interest received | 9,077 | 26,098 | |
| Proceeds on saleoftangible assets | |||
| Net cash usedininvesting activities | (1,976,505) | (246,497) | |
| CHANGE IN CASH AND CASH EQUIVALENTS DURING THE YEAR |
(478,885) | 362,873 | |
| CASH AND CASH EQUIVALENTS A T1APRIL | 4,605,202 | 4,242,329 | |
| CASH AND CASH EQUIVALENTS A T31MARCH | 18 | 4,126,317 | 4,605,202 |
| Freehold buildings | over 50 years |
|---|---|
| Property improvements | over7years |
| Motor vehicles | 25% reducing balance basis |
| Fixtures, fittings and general equipment | 15% straight linebasis |
| Furniture,carpets,computers andhighrisk equipment | 33.3% straight line basis |
| INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| Incomeanalysedby classofbusiness: | £ | £ |
| Charitable activities | 7,982,345 | 7,514,376 |
| Donations | 82,974 | 110,847 |
| Interest | 9,077 | 26,098 |
| Rental income | 53,017 | 56,023 |
| 8,127,413 | 7,707,344 |
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Bank interest receivable | 9,077 | 26,098 |
| Rental income | 53,017 | 56,023 |
| 62,094 | 82,121 |
| EXPENDITURE | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Basisof | Operation of | Trainingand | total | total | |
| allocation | the School | workshop costs | £ | £ | |
| Staff costs | Direct | 5,487,875 | 320,891 | 5,808,766 | 5,450,813 |
| Direct costs | Direct | 401,295 | 55,798 | 457,093 | 472,309 |
| Overheads | Direct | 308,796 | 58,983 | 367,779 | 350,575 |
| Recruitmentcosts | Direct | 54,354 | 54,354 | 50,314 | |
| Premises costs | Direct | 410,747 | 3,354 | 414,101 | 435,037 |
| Depreciation | Direct | 229,319 | 199 | 229,518 | 226,840 |
| Governance | Direct | 19,753 | 19,753 | 16,558 | |
| 6,912,139 | 439,225 | 7,351,364 | 7,002,446 |
| Net movementinfundsisstated aftercharging: | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Auditor'sremuneration | ||
| Audit | 15,245 | 13,860 |
| Teachers pension audit | 1,120 | 1,020 |
| Other services | 3,090 | 2,940 |
| Depreciation | 229,518 | 226,840 |
| Operating lease rentals | 19,288 | lK,774 |
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Staff costs during the yearwere: | ||
| Wages and salaries | 4,123,305 | 3,896,996 |
| Social securitycosts | 378,147 | 351,745 |
| Pension costs | 214,672 | 190,180 |
| Agency costs | 982,380 | 857,420 |
| 5,698,504 | 5,296,341 |
| 2021 | 2020 | |
|---|---|---|
| No | No | |
| School | 169 | 156 |
| Training and workshops | 8 | 7 |
| 177 | 163 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| No | No | |||
| £60,00 | l | -£70,000 | ||
| £70,00 | l | -£80,000 |
||
| £80,00 | l | -£90,000 |
| Assetsin | Fixtures | ||||
|---|---|---|---|---|---|
| Freehold | the course | fittings | |||
| land and | of | Motor | and | ||
| buildings | construction | vehicles | equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At1April2020 | 7,620,667 | 266,092 | 148,301 | 164,752 | 8,199,812 |
| Additions | 6,259 | 1,940,323 | 33,977 | 5,023 | 1,985,582 |
| 31March2021 | 7,626,926 | 2,206,415 | 182,278 | 169,775 | 10,185,394 |
| Depreciation | |||||
| At1April 2020 | 2,328,246 | 115,164 | 136,915 | 2,580,325 | |
| Charged in the year | 197,560 | 13,939 | 18,019 | 229,518 | |
| 31March 2021 | 2,525,806 | 129,103 | 154,934 | 2,809,843 | |
| Net book value31March2021 | 5,101,120 | 2,206,415 | 53,175 | 14,841 | 7,375,551 |
| Net book value31March 2020 | 5,292,421 |
266,092 | 33,137 | 27,837 | 5,619,487 |
| INVESTMENTPROPERTY | |||||
| £ | |||||
| Fairvalue | |||||
| At1April2020 and31March | 2021 | 428,046 |
| 9 | FIXED ASSET INVESTMENTS | Listed | |
| investments | |||
| £ | |||
| Market value at1April 2020 | 1,118,186 | ||
| Gain on investment | 277,384 | ||
| Market value at31March 2021 | 1,395,570 | ||
| Investments at market valuecomprised: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| UK Equities and investment funds | 1,395,570 | 1,118,186 | |
| Market value at31March | 1,395,570 | 1,118,186 | |
| lO | DEBTORS | 2021 | 2020 |
| £ | £ | ||
| Trade debtors | 1,754,447 | 1,761,388 | |
| Prepayments and accrued income | 74,537 | 72,274 | |
| Other debtors | 6,112 | 7,215 | |
| 1,835,096 | 1,840,877 | ||
| Il | CURRENT ASSET INVESTMENT | 2021 | 2020 |
| £ | £ | ||
| Unlisted investments | 504,963 | 504,957 | |
| 504,963 | 504,957 |
| CREDITORS:Amounts falling due within oneyear | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Trade creditors | 110,458 | 85,370 |
| Other creditors | 70,849 | 56,601 |
| Accruals and deferred income | 2,376,193 | 1,920,180 |
| 2,557,500 | 2,062,151 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Balancebrought forward | 1,868,722 | 1,614,279 | |
| Amounts released to income | (1,868,722) | (1,614,279) | |
| Amountsdeferred in the year | 2,142,105 | 1,868,722 | |
| Balance carried forward | 2,142,105 | 1,868,722 | |
| 14 | FINANCIAL INSTRUMENTS | 2021 | 2020 |
| £ | £ | ||
| CARRYING AMOUNT OF FINANCIAL ASSETS | |||
| Instruments measured at fair value through profit or loss | 1,395,570 | 1,118,186 |
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1April | 31March | ||||||
| 2020 | Income | Expenditure | Transfers | 2021 | |||
| £ | £ | £ | £ | £ | |||
| RESTRICTED FUNDS | |||||||
| Zambia fund | 65 | 43,960 | (44,000) | 25 | |||
| TOTAL RESTRICTED | |||||||
| FUNDS | 65 | 43,960 | (44,000) | 25 | |||
| UNRESTRICTED FUNDS | |||||||
| General fund | 9,053,217 | 8,326,106 | (7,307,364) | 991,208 | 11,063,167 | ||
| Designated fund-Building | |||||||
| development fund | 2,470,204 | 34,731 | (981,208) | 1,523,727 | |||
| Designated fund- | |||||||
| Horticultural project fund | 26,161 | (10,000) | 16,161 | ||||
| TOT AL UNRESTRICTED | |||||||
| FUNDS | 11,549,582 | 8,360,837 | (7,307,364 | ) | 12,603,055 | ||
| TOTAL FUNDS | 11,549,647 | 8,404,797 | (7,351,364) | 12,603,080 | |||
| At | At | ||||||
| 1April | 31March | ||||||
| 2019 | Income | Expenditure | Transfers | 2020 | |||
| £ | £ | £ | £ | £ | |||
| RESTRICTED FUNDS | |||||||
| Zambia fund | 4,815 | (4,750) | 65 | ||||
| TOT AL RESTRICTED | |||||||
| FUNDS | 4,815 | (4,750) | 65 | ||||
| UNRESTRICTED FUNDS | |||||||
| General fund | 8,972,118 | 7,602,529 | (7,086,377) | (435,053) | 9,053,217 | ||
| Designated fund-Building | |||||||
| development fund | 1,903,651 | 100,000 | 466,553 | 2,470,204 | |||
| Designated fund- | |||||||
| Horticultural project fund | 60,756 | (3,095) | (31,500) | 26,161 | |||
| TOT AL UNRESTRICTED | |||||||
| FUNDS | 10,936,525 | 7,702,529 | (7,089,472) | 11,549,582 | |||
| TOTAL FUNDS | 10,936,525 | 7,707,344 | . | (7,094,222) | 11,549,647 |
| 16 | ANALYSIS OF NET ASSETS BETWEEN FUNDS | Unrestricted | Restricted | ||
|---|---|---|---|---|---|
| AT 31 MARCH 2021 | funds | general funds | Total funds | ||
| £ | £ | £ | |||
| Tangible fixed assets | 7,375,551 | 7,375,551 | |||
| Investment properties | 428,046 | 428,046 | |||
| Investments | 1,395,570 | 1,395,570 | |||
| Cash at bank and in hand | 3,621,354 | 3,621,354 | |||
| Other net current assets | 2,340,034 | 25 | 2,340,059 | ||
| Net current liabilities | (2,557,500) | (2,557,500) | |||
| TOTAL NET ASSETS AT31MARCH 2021 | 12,603,055 | 25 | 12,603,080 | ||
| ANAL YSIS OF NET ASSETS BETWEEN FUNDS | Unrestricted | Restricted | |||
| A T31MARCH 2020 | funds | general funds | Total funds | ||
| £ | £ | £ | |||
| Tangible fixed assets | 5,619,487 | 5,619,487 | |||
| Investment properties | 428,046 | 428,046 | |||
| Investments | 1,118,186 | 1,118,186 | |||
| Cash at bank and in hand | 4,100,245 | 4,100,245 | |||
| Other net current assets | 2,345,769 | 65 | 2,345,834 | ||
| Net current liabilities | (2,062,151) | (2,062,151 | ) | ||
| TOTAL NET ASSETS A T31MARCH 2020 | 11,549,582 | 65 | 11,549,647 |
| 17 | RECONCILIATION OF NET INCOME TONET CASH INFLOW |
2021 | 2020 |
|---|---|---|---|
| FROM OPERATING ACTIVITIES | £ | £ | |
| Net income | 1,053,433 | 613,122 | |
| Depreciation | 229,518 | 226,840 | |
| (Gain)/Ioss on investments | (277,384) | 91,776 | |
| Interest receivable | (9,077) | (26,098) | |
| Decrease/(increase)indebtors | 5,781 | (542,793) | |
| Increaseincreditors | 495,349 | 246,523 | |
| NET CASH INFLOW FROM OPERA TING ACTIVITIES | 1,497,620 | 609,370 |
| 1April | Other non- | 31March | ||
|---|---|---|---|---|
| 2020 | Cash flows | cash changes | 2021 | |
| £ | £ | £ | £ | |
| Cash inhand,at bank | 4,100,245 | (478,891) | 3,621,354 | |
| Current asset investments | 504,957 | 6 | 504,963 | |
| NET FUNDS | 4,605,202 | (478,885) | 4,126,317 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Leases whichexpire: | ||
| Within one year | 5,377 | 19,288 |
| In two to five years | 3,099 | 12,767 |
| 8,476 | 32,055 |
The Loddon Foundation Audit findings report year ended 31 March 2021
1 July 2021
The Loddon Foundation │ 31 March 2021 audit findings report
Contents
Executive Summary .............................................................................................................................................................................. 3 Risks identified at the planning stage .................................................................................................................................................... 5 Recommendations on controls .............................................................................................................................................................. 6 Other matters to be reported ................................................................................................................................................................. 8 Update on matters communicated at the planning stage .................................................................................................................... 10 Appendix ............................................................................................................................................................................................. 11
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The Loddon Foundation │ 31 March 2021 audit findings report
Executive Summary
This report summarises our key findings in connection with the audit of the financial statements of The Loddon Foundation in respect of the year ended 31 March 2021.
The scope of our work was communicated to you via our Audit Plan document. We believe that the audit approach adopted will provide those charged with governance with the required confidence that a thorough and robust audit has been carried out.
Outstanding items to be resolved:
-
Classification of donations
-
Update on outstanding debtors
Risks and approach
We have carried out testing as planned on the risks identified during planning and draw your attention to the following key points for discussion:
- Going concern
Our audit work is substantially complete and subject to the successful resolution of outstanding matters, we anticipate issuing an unmodified audit opinion on the group’s financial statements in line with the agreed timetable.
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The Loddon Foundation │ 31 March 2021 audit findings report
Final materiality
Materiality was determined based on a percentage of total income for the year. There has been no change to our materiality from what was previously disclosed to you.
Unadjusted audit misstatements
We have identified potential audit misstatements of £18,766 which would have a 0.2% impact on the total income for the year as highlighted below. A list of the unadjusted misstatements is included in the Appendix.
----- Start of picture text -----
Unadjusted misstatements
£18,766
2021
Total income
£8,127,413
Impact of unadjusted
misstatements vs. Total income
0.2%
Unadjusted misstatements
----- End of picture text -----
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Risks identified at the planning stage
| Risks identified at the planning stage | Risks identified at the planning stage | Risks identified at the planning stage | Risks identified at the planning stage |
|---|---|---|---|
| Risk Description Response **Findings ** |
|||
| Management override With any control system, there is the risk that control systems can be by-passed by those senior members of the management team with the ability to initiate an execute transactions and accounting entries without the need to follow the established control systems and procedures. As part of our review, we plan to test the appropriateness of journal entries recorded in the accounting ledgers. This review will include a detailed examination of a sample of individual journal postings, in addition to reviewing the nature and frequency of journal activity. Should any significant novel or contentious transactions, that arise outside of the normal course of business come to our attention during the audit; we will obtain a full understanding for the business rationale underpinning the transaction and report our findings in our audit findings report accordingly. Our work was conducted in line with the approach described to the right. We have reviewed a sample of journal entries recorded in the general ledger and have identified no unusual entries outside the normal course of the business or outside our understanding of the business and its operations. We have noted no accounting estimates that could result in material misstatement due to fraud and we have identified no potential indicators of management override of internal controls during the course of our audit. Accounting estimates and significant transactions have been reviewed and have been deemed appropriate for the nature of the entity and in line with our understanding of the charity and its environment. |
|||
| Going concern There is significant economic uncertainty surrounding the impact that Covid-19 will have and now long the impact will go on for. As such this creates uncertainty around the ability of the charity to continue as a going concern. In addition, the implementation of ISA 570 (UK) Revised Going Concern has resulted in enhanced risk assessment and greater challenge and work effort to be performed by us, when evaluating management’s assessment in relation to going concern. Further details of the changes to the standard can be foundhere. We shall build sufficient time to perform this review as part of our audit engagement. We shall notify you in good time if it is necessary for you to defer your reporting deadlines to ensure our quality audit is not compromised and to allow management time to reassess any judgements and estimates as necessary. As part of our audit we will consider: The forward-looking assumptions used by management in their assessment relating to going concern. Management’s sensitivity analysis to reasonably possible changes in their assumptions, including downsides. Management’s scenario analysis and contingency plans. Supporting evidence provided by management for their assumptions, and related disclosures, and challenge where necessary. Appropriateness of related disclosures in the financial statements, depending on the degree of sensitivity to changes in assumptions and whether there is a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. Implications, if any, for our audit report. We will seek written representations from management about their plans for the future and the feasibility of their plans. We obtained forecasts from management which covered a period until July 2022 which is at least 12 months from our anticipated sign off date. We obtained supporting documentation where appropriate to support the numbers in the forecasts. We reviewed the adequacy of the disclosures in the financial statements, specifically the going concern accounting policy and the strategic report and can confirm that these disclosures are adequate. We sensitised the forecasts based on a fall in pupil numbers, and given the significant amount of cash and investments that the charity has, pupil numbers would have to fall significantly for the charity to start to run out of cash. Therefore we can conclude that there is no material uncertainty in respect of going concern. |
|||
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The Loddon Foundation │ 31 March 2021 audit findings report
Recommendations on controls
We have set out below recommendations on internal controls which came to our attention during the course of our audit work. This does not constitute a comprehensive statement of all internal control matters or of all improvements which may be made and has addressed only those matters which have come to our attention as a result of the audit procedures performed. An audit is not designed to identify all matters that may be relevant to you and accordingly the audit does not ordinarily identify all such matters.
Assessment Issue and risk
Recommendations
Donations posted to reserves
- It is recommended that any donations are posted through the system as donation income, and the restrictions on the donation are monitored. This will ensure correct treatment in the year end financial statements.
It was identified that some donation income ⚫ was posted straight to reserves rather than through restricted income in the year. This is a risk as it could lead to misstated Management Response financial statements at the year end. Management response outstanding
⚫
Misstated LTC income and deferred income
Recommendations deferred income It is recommended that going forward better communication is made with finance so they know what courses are taking It was identified that some LTC income was place post year end and therefore what should be deferred. incorrectly recognised at the year end, as the course took place post year end and should have been deferred, as a result of a Management Response miscommunication between finance and Management response outstanding training.
Recommendations
Understated fixed asset additions It is recommended that invoices are reviewed in more detail around the year end to determine what period they relate From our post year end invoice review, we ⚫ identified £190k for fixed asset work that related to the period ended 31 March 2021 to and therefore whether they should be accrued for. which wasn’t recognised in the financial Management Response statements.
Management response outstanding
Recommendations
-
Treatment of pupil premium
-
Whilst the value of income and expenditure in the current year only equated to £4k that wasn’t shown in the SOFA, we would recommend going forward that these transactions are posted as income and expenditure in the SOFA, and that the remaining balance at the year end is journaled to deferred income.
account
From our testing, it appeared that these transactions don’t go through the SOFA which isn’t inline with the Charity SORP. Management Response
Management response outstanding
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Assessment
-
⚫ Significant control recommendation
-
⚫ Other control recommendations
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The Loddon Foundation │ 31 March 2021 audit findings report
Other matters to be reported
Significant qualitative aspects of the entity’s accounting practices
Accounting policies
Fair value of investment property
Investment properties are measured at fair value through the profit or loss account. This fair value estimate should be re-assessed at each year-end to ensure any gains/losses are appropriately recorded.
The accounts currently disclose that there is no change to the fair value of the investment property at the year end compared to the prior year. To support this, we reviewed property price index movements which showed that the prices for similar properties in the area had increased by c£30k. This is immaterial and confirms that the fair value of the investment property is correct at the year end. It also provided comfort that the investment property was not impaired at the year end.
Management judgements and accounting estimates
The following areas are considered to be the principal accounting estimates. The graphic below visually represents the impact (lower or higher) on the financial statements of a change in management’s estimate. In overview, a reasonably possible change in estimate that has a low impact means that such a change will have limited impact on the financial statements. Conversely a reasonably possible change that has a higher impact, means that such a change can have a significant impact.
| change can have a significant impact. | |||
|---|---|---|---|
| Estimates | Low | High | |
| impact | impact | ||
| Useful economic lives of tangible assets | ⚫ |
Significant matters discussed, or subject to correspondence with management
No significant delays were encountered during the course of the audit which we wish to report to the Trustees. We would like to thank Elizabeth Fairhead and the management team for their assistance in the completion of the audit work.
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The Loddon Foundation │ 31 March 2021 audit findings report
Representations requested
In addition to those representation which we request on all audit assignments - (http://www.rsmuk.com/standard representations) we will be seeking specific representations from the Board on the following matters:
- We acknowledge that we have considered the potential impact on the going concern assumption used in the preparing the financial statements of the Coronavirus pandemic. As part of this assessment, Trustees have prepared cashflow forecasts and detailed their considerations which have been provided to RSM UK Audit LLP. Having taken all relevant factors and actions into consideration, the Trustees consider that the charity is a going concern and accordingly, have prepared the financial statements for the year ended 31 March 2021 on this basis. The Trustees have included appropriate disclosures in the financial statements with respect to the going concern basis and the impact of COVID-19.
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Update on matters communicated at the planning stage
| Update on matters communicated at the planning stage | Update on matters communicated at the planning stage |
|---|---|
| Matter communicated Update |
|
| Fees We confirm that the fees charged during the year in respect of services performed are consistent with those contained within our Audit Plan submitted to you |
|
| Independence In accordance with International Standard on Auditing (UK) 260 “Communication with those charged with governance”, there are no changes to the details of relationships between RSM UK Audit LLP including its related entities and persons in a position to influence the conduct or outcome of the audit and The Loddon Foundation and its connected parties that may reasonably be thought to bear on our independence, integrity and objectivity and the related safeguards from those disclosed in the Audit Plan. |
|
This report has been prepared for the sole use of The Loddon Foundation and must not be disclosed to any third party, or quoted or referred to, without our written consent. No responsibility is assumed to any other person in respect of this report.
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The Loddon Foundation │ 31 March 2021 audit findings report
RSM UK Audit LLP
APPENDIX
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The Loddon Foundation │ 31 March 2021 audit findings report
Unadjusted accounting misstatements
A summary of the unadjusted misstatements identified during the course of our work is set out below, analysed between misstatements of fact and differences in judgement.
We have not disclosed below those items that we consider to be “clearly trivial” in the context of our audit. For this purpose, we consider “clearly trivial” to be any matter less than £10,000. We advised management of all these misstatements on 24 June 2021 and requested management to correct them.
The Loddon Foundation – adjusted misstatements
| Adjustment | Type |
Classification | Code | Account | SOFA | £ | Balance sheet £ |
Description | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Adjusted | Misstatements (Factual) |
211500 | Accruals | - | (190,292) |
To recognise |
the works on Forest Oak up to | |
| 1 | Adjusted | Misstatements | ABA008 | Forest Oak - New Build Additions | - | 190,292 |
the year end | ||
| (Factual) | |||||||||
| - | - |
The Loddon Foundation – unadjusted misstatements
| Adjustment | Type | Classification | Code |
Account | SOFA £ | Balance sheet £ |
Description |
|---|---|---|---|---|---|---|---|
| 1 | Unadjusted | Misstatements | 212001 |
Deferred Income - W/shop SCIP | - | (18,766) | To correct LTC income in FY21 for the |
| (Factual) | training carried out post year end, as a | ||||||
| 1 | Unadjusted | Misstatements (Factual) |
401000 |
LTC- SCIP Instructor | 18,766 | - | result of a mis-communication between finance and LTC. |
| 2 | Unadjusted | Reclassification | 110022 |
Pupil Premium Control | - | 19,772 | Due to the pupil premium account being |
| 2 | Unadjusted | Reclassification | AUD001 |
Deferred Income - Pupil Premium Account | - | (19,772) | characteristic of deferred income. |
| 3 | Unadjusted | Reclassification | 110000 |
Debtors Control Account | - | 23,902 | To reclassify credit balances from trade |
| 3 | Unadjusted | Reclassification | RSM005 |
Other creditors | - | (23,902) | debtors to other creditors |
| 18,766 | (18,766) |
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The Loddon Foundation │ 31 March 2021 audit findings report
Communication of audit matters to those charged with governance
| Communication of audit matters to those charged with governance | ||
|---|---|---|
| Our communication plan | Audit | Audit findings |
| plan | ||
| Respective responsibilities of auditor and management/those charged with governance | ⚫ | |
| Overview of the planned scope and timing of the audit, form, timing, materiality and expected general content of communications including significant risks and key audit |
⚫ | |
| matters | ||
| Confirmation of independence and objectivity | ⚫ | ⚫ |
| Significant matters in relation to going concern (if any) | ⚫ | |
| Views about significant qualitative aspects of accounting practices including accounting | ⚫ | |
| policies, accounting estimates and financial statement disclosures (if any) | ||
| Significant findings from the audit | ⚫ | |
| Significant matters and issues arising during the audit and written representations that have | ⚫ | |
| been sought | ||
| Significant difficulties encountered during the audit (if any) | ⚫ | |
| Unadjusted accounting misstatements and material financial statement disclosure omissions | ⚫ | |
| Expected modifications to the auditor’s report, or emphasis of matter (if any) | ⚫ |
ISA (UK) 260, as well as other ISAs (UK), prescribes matters which we are required to communicate with those charged with governance, and which we set out in the table here.
The Audit Plan outlined our audit strategy and plan to deliver the audit, while the Audit Findings presents key issues, findings and other matters arising from the audit, together with an explanation as to how these have been resolved.
Respective responsibilities
As auditor we are responsible for performing the audit in accordance with ISAs (UK), which is directed towards forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance.
The audit of the financial statements does not relieve management or those charged with governance of their responsibilities.
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The Loddon Foundation │ 31 March 2021 audit findings report
Financial statement disclosures
During the course of our audit, we reviewed the adequacy of the disclosures contained within the financial statements and their compliance with both relevant accounting standards and the requirements of the Companies Act 2006 and Statement of Recommended Practice 2015.
We have not identified any disclosure matters to bring to your attention.
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Financial reporting updates
Important updates
The following financial reporting updates have been issued since we presented our audit plan which will be relevant to you.
A full list of financial reporting updates can be found by clicking the link below:
Keep up to date on the latest news and legislation changes by signing up to receive our alerts and newsletters.
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RSM UK Audit LLP
Davidson House Forbury Square Reading RG1 3EU United Kingdom T +44 (0)118 953 0350 rsmuk.com
Our Report is prepared solely for the confidential use of The Loddon Foundation and solely for the purpose of explaining the scope of the audit, our proposed audit approach, and to highlight the key risks that we will be focusing our audit work upon, forming part of the ongoing communications we are required to make under International Standard on Auditing (UK and Ireland) 260 – Communication of audit matters with those charged with governance. Therefore, the report may not, without our express written permission, be relied upon by The Loddon Foundation for any other purpose whatsoever, be referred to in whole or in part in any other external document or made available (in whole or in part) or communicated to any other party. RSM UK Audit LLP neither owes nor accepts any duty to any other party who may receive our Report and specifically disclaims any liability for any loss, damage or expense of whatsoever nature, which is caused by their reliance on our Report.
The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction.
The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London EC4N 6JJ. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug.
RSM Corporate Finance LLP, RSM Restructuring Advisory LLP, RSM Risk Assurance Services LLP, RSM Tax and Advisory Services LLP, RSM UK Audit LLP, RSM UK Consulting LLP, RSM Northern Ireland (UK) Limited and RSM UK Tax and Accounting Limited are not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are licensed by the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide. RSM Legal LLP is authorised and regulated by the Solicitors Regulation Authority, reference number 626317, to undertake reserved and non-reserved legal activities. It is not authorised under the Financial Services and Markets Act 2000 but is able in certain circumstances to offer a limited range of investment services because it is authorised and regulated by the Solicitors Regulation Authority and may provide investment services if they are an incidental part of the professional services that it has been engaged to provide. RSM & Co (UK) Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business activities. Before accepting an engagement, contact with the existing accountant will be made to request information on any matters of which, in the existing accountant’s opinion, the firm needs to be aware before deciding whether to accept the engagement.
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