2021-08-31-accounts - St Mary's School, Hampstead

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INDEPEPDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL. HAMPSTEAD (continued) Auditor's responsibilities for the audit of the financial 5ttemtnts Our objectives are to obtatn reasonable a5sufdn¢e about whether the financial st2temertts as a whole are fr¢¢ from material missiaiemcni. whether due to frnud or ¢rror. and to issue an auditor s report that includ&s our opinion. Reasonable assurancc is a high level of assurance. but ts noi a guarantee ihat an audii conducied in accordance with ISA5 (UK) will always dctect a Tnaterial missraiemcnt when it exisrs. Missiatemcnts Can arise from fraud or em)r and are ¢onstdered material if. individually or in the aggregate. they could reasonably be exp¢¢ted to influence the economic decisions of users taken on thc basis of ihese financial staiemcnts. Irr¢gul3rities. including fraud. are instances of non-compliance with laws and regulations. W¢ desi] procedurcs in line wilh our responsibilities. outlined above. to detect maierial misStat¢tn¢nts in respeci of irregularitics, including fraud. The srKcific procedure5 for this engagement and the exieni io which these are Lapable of deieciing irregularities. including fraud is detailed below= Obtaining an understanding of the legal and regulatory framcworks that the eniiiv operates in. focusing on those laws and regulations that had a direct cffcct on the financial siaiemenis: Enquiry of management io identify any instances of known or suspecled instances of fraud: Erbquiry of tnanagemcni and those chargcd with governance around actual and potential liligation hnd claims: Enquiry of management about any insiances of non40mpliance wtth laws and regulations: Rcvicwing thc control systems in place and testing thc cff¢ctii'cn¢ss of the conirols- Perfomiing audit work over the risk of managemeni oveIde of controls. including testing of journal entrics and other adjusiments for appropriatcncss: Evaluating the busiDe.48 rationale of significant transactions outside the nornial course of busines% and rcvicwing a¢¢ounting esiimaies for bias.. RevÈewing minutes of meeiings of those charged with governance= Reviewing financial siaiemcni disclosurcs and t¢sting to supporting documeniation to assess compliance with applicable laws and r¢gulations. Because of the inherent limitations of an avdTI, Ihere is a risk thai we will not detect all irregularities. including those leading to a maierial missiatemeni in thc financial siai¢mcnts or DQll-compliance with regulation. This risk increases thc mor¢ that complianc¢ with a law or regulation is removed from the evenis and Efdnsactions reflecied in the finaneial statements. as we NN'ill be less likely io become aware of insiances of non-compliancc. Thc risk 18 also greaier regarding irregularities occurring duc to fraud rathcr tlian crror. as fraud involi'es intentional concealTn¢nt, forgery, ¢ollusion. omission or misrepresentsiion. A further descriplTon of our responsibililies for th¢ audit of th¢ financial stal¢m¢nts is IIKat¢d on the Financial Reporting Council's websiie ai-. https=lJwww.frc.org.uklOur-WorklAuditlAudit-and-assurancelStandards-and- guidancelstandards-and-guidance-f0r-audilorAudlt0[S-responS1bt1Itie$-for-aUd1tlDeSCnpII0n4lfud1tOrS- responsibilities-for-audit.aspx. This description forn pan of our auditor's report. 15

			Unrestricted	Unrestricted	Restricted	Total	Total
						2021	2020
			Note
Income
Investment income —interest receivable				166		166	11,318
Donations					5,066	5,066	12,199
Charitable activities:
School operations:			2a
Gross Fees receivable				3,808,190		3,808,190	4,141,590
Less; Bursaries				(242,525)	(5,066)	(247,591)	(220,401)
				3,565,665	(5,066)	3,560,599	3,921,189
Ancillary Income			2a	310,188		310,188	442,948
Material Items			2a		36,283	36,283	169,537
				3,875,853	31,217	3,907,070	4,533,674
TOTAL INCOME				3,876,019	36,283	3,912,302	4,557,191
Expenditure
Charitable activities:
School operating costs				(4,245,358)	(36,283)	(4,281,641)	(4,586,266)
TOTAL EXPENDITURE			3	(4,245,358)	(36,283)	(4,281,641)	(4,586,266)
Net income and net	movement	in funds
for the year				(369,339)		(369,339)	(29,075)
Reconciliation offunds
Total funds brought	forward			5,133,348		5,133,348	5,162,423
Total funds carried forward			9	4,764,009		4,764,009	5,133,348

		STMARY'S SCHOOL, HAMPSTEAD	STMARY'S SCHOOL, HAMPSTEAD
		Company	No: 2643515
		Balance Sheet
		at 31August 2021
		Notes	2021		2020
Fixed assets
Tangible assets			3,514,034		3,766,605
Current assets
Debtors			67,414	161,013
Cash at bank and in hand			2,224,652	2,319,331
			2,292,066	2,480,344
Liabilities: Amounts	falling due
within one year			(805,657)	(876,101)
Net current assets			1,486,410		1,604,243
Total assets less current liabilities			5,000,443		5,370,848
Liabilities: Amounts	falling due after
more than one year			(236,434)		(237,500)
Net Assets			4,764,009		5,133,348
Funds
Unrestricted Funds:
General Funds			1,249,975		1,366,743
Tangible Fixed Assets	Fund		3,514,034		3,766,605
Total Funds			4,764,009		5,133,348

							Notes	2021	2020
Cash (used)/provided	by operating			activities			13	(74,859)	178,650
Cash flows from investing		activities
Bank interest received								166	11,318
Purchase ofTangible Fixed		Assets						19986	179642
Cash used in investing	activities							(19,820)	(168,324)
Increase/(Decrease) in	cash	and	cash	equivalents	in the year			(94,679)	10,326
Total cash and cash equivalents			and the beginning		ofthe year			2,319,331	2,309,005
Total cash and cash equivalents			at the	end ofthe	year			2,224,652	2,319,331
Analysis ofchanges in	net	debt
								2021
					As	at 1September		Cashflows	As at 31August
Cash and cash equivalents
Cash							2,319,331	(94,679)	2,224,652
Total							2,319,331	(94,679)	2,224,652
								2020
					As	at 1September		Cashflows	As at31August
Cash and cash equivalents
Cash Cash and cash equivalents	—deposit		account			..	1,009,005 1,300,000	1,310,326 ' (1,300,000)	2,3,19~331
Total							2,309,005	10,326	2,319,331

to the useful lives	ofthe tangible fixed	ofthe tangible fixed	assets ofthe Charity	.
School operation	income
			2021	2021	2021	2020
			Unrestricted	Restricted	Total	Total
Gross School fees	receivable		3,808,190		3,808,190	4,141,590
Less Bursaries			(242,525)	(5,066)	(247,591)	(220,401)
			3,565,665	(5,066)	3,560,599	3,921,189
Ancillary Income:
Extras			142,352		142,352	247,377
Lunches			147,779		147,779	168,264
Registration fees			8,625		8,625	8,831
Other			11,432		11,432	18,476
			310,188		310,188	442,948
Material items:
Government grants under the
Coronavirus Job Retention Scheme				36,283	36,283	169,537
			3,875,853	31,217	3,907,070	4,533,674
All income in 2020 was		for unrestricted	funds.
Net movement in	funds				2021	2020
Net movement in funds		is stated after charging:
Auditor's remuneration		(including VAT):
External audit (current year)					17,760	14,340
Operating lease charges					11,415	11,278
Depreciation					272,557	303,363
Loss on disposal offixed assets						5,185

the Coronavirus J	ob R	etention Scheme.
			Unrestricted	Restricted	Total
			funds	funds	2021
2021 Charitable	expenditure-
School operating	costs:
Teaching costs			2,659,369	33,915	2,693,284
Catering			227,592		227,592
Premises			621,353		621,353
School administration			736,049	2,368	738,417
Public benefit			995		995
			4,245,358	36,283	4,281,641
			Unrestricted	Restricted	Total
			funds	funds	2020
2020 Charitable	expenditure-
School operating	costs:
Teaching costs			2,784,299	148,656	2,932,955
Catering			175,845		175,845
Premises			673,676	6,430	680,106
School administration			778,950	14,451	793,401
Public benefit			3,644	315	3,959
			4,416,414	169,852	4,586,266
Analysis ofcharitable		activities expenditure:
			Direct	Support	Total
			costs	costs	2021
2021 Charitable	expenditure-
School operating	costs:
Teaching costs			2,693,284		2,693,284
Catering			227,592		227,592
Premises			621,353		621,353
School administration			200,559	537,858	738,417
Public benefit			995		995
			3,743,783	537,858	4,281,641

Charitable Expenditur	e	(continued)
			Direct	Support	Total
			costs	costs	2020
2020 Charitable expenditure-
School operating costs:
Teaching costs			2,932,955		2,932,955
Catering			175,845		175,845
Premises			680,106		680,106
School administration			236,240	557,161	793,401
Public benefit			3,959		3,959
			4,029,104	557,161	4,586,266
2021 Support costs:				2021
			Unrestricted	Restricted	Total
			funds	funds
School administration:	staff costs		482,151	2,368	484,519
Governance costs:
Audit fee			17,760		17,760
Legal and professional	fees		32,943		32,943
Trustees' and Governors'		expenses	2,635		2,365
			535,490	2,368	537,858
2020 Support costs:				2020
			Unrestricted	Restricted	Total
			funds	funds
School administration:	staff costs		459,945	14,451	474,396
Governance costs:
Audit fee			14,340		14,340
Legal and professional	fees		66,663		66,663
Trustees' and Governors'		expenses	1,762		1,762
			542,710	14,451	557,161

Charitable Expenditure (continued)
	2021	2020
Staffcosts include:
Wages and salaries	2,413,788	2,335,973
Social security costs	245,353	237,953
Pension contributions	365,069	352,880
Supply staff costs	25,660	214,679
	3,049,870	3,141,485

contribution scheme, and the Teacher	s' Pension Scheme, a defined bene	fit scheme.
		2020	2020
The average number ofemployees	during the year was:	No.	No.
Teaching		57	56
Other		16	17
		73	73

Tangible fixed assets
		Freehold	Furniture 4
	Land	Buildings	Equipment	Total
		f.
Cost
At 1 September 2020	1,000,000	3,647,466	1,073,994	5,721,460
Additions		7,391	12,595	19,986
At 31August 2021	1,000,000	3,654,857	1,086,589	5,741,446
Depreciation
At 1 September 2020		1,227,005	727,850	1,954,855
Charge for year		122,590	149„967	272,557
At 31 August 2021		1,349,595	877,817	2,227,412
Net book value
At 31 August 2021	1,000,000	2,305,262	208,772	3,514,034
Net book value
At 31August 2020	1,000,000	2,420,461	346,144	3,766,605


Debtors	2021	2020
Fees	19,368	74,385
Other debtors	1,210	42,361
Prepayments	46,836	44,267
	67,414	161,013
Fees outstanding are stated after a provision for doubtful	debts off29,085 (2020:f30,665).
Creditors: Amounts falling due within one year	2021	2020
Trade creditors	146,096	162,452
Fees received in advance	427,347	397,333
Fee deposits	30,393	38,873
Other taxes and social security	63,503	57,911
Accruals and deferred income	92,812	170,206
Pension contributions	36,025	35,071
Other creditors	9,481	14,255
	805,657	876,101
Deferred Income	2021	2020
Brought forward at 1 September 2020	99,842	69,870
Resources deferred in the year	41,500	99,842
Resources released to SOFA in year	(99,842)	(69,870)
Deferred Income at 31August 2021	41,500	99,842

Creditors: Amounts	falling	due after more	than one year		2021	2020
Fee deposits:
Between 2-5 years					159,434	161,500
More than 5 years					77,000	76,000
					236,434	237,500
Restricted and unrestricted		funds
		Balance at				Balance at
	1	September	Incoming	Resources		31August
		2020	Resources	Expended	Transfers	2021
Unrestricted funds:
General funds		1,366,743	3,876,019	(4,245,358)	252,571	1,249,975
Tangible fixed assets	fund	3,766,605			(252,571)	3,514,034
		5,133,348	3,876,019	(4,245,358)		4,764,009
Restricted funds:
Material Government	grants		36,283	(36,283)
Donations
Other			36,283	(36,283)
		5,133,348	3,912,302	(4,281,641)		4,764,009

					Balance at					Balance at
				1	September	Incoming	Resources			31August
					2019	Resources	Expended		Transfers	2020
	Unrestricted funds:
	General funds				1,266,913	4,387,339	(4,416,414)		128,905	1,366,743
	Tangible fixed assets		fund		3,895,510				(128,905)	3,766,605
					5,162,423	4,387,339	(4,416,414)			5,133,348
	Restricted	funds:
	Material Government		grants			169,537	(169,537)
	Donations
	Other					315	(315)
	Other					169,852	(169,852)
					5,162,423	4,557,191	(4,586,266)			5,133,348
10.	Operating	leases
									2021	2020
	Hire ofequipment
	Total offuture minimum lease payments					under non-cancellable	operating	leases:
	Payments	due within	one	year					7,246	11,403
	Payments	due in one	to two		years				142	7,219
	Payments	due in two	to five		years					125

		2021	2020
Net (outgoing)/incoming resources		(369,339)	(29,075)
Add: Depreciation		272,557	303,363
Add: Loss on disposal offixed assets			5,185
Less: Investment income and bank interest		(166)	(11,318)
Decrease/(increase) in debtors		93,599	(39,442)
(Decrease)/increase in creditors		(71,510)	(50,063)
Net cash (used)/provided by operating	activities	(74,859)	178,650