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INDEPEP*DENT AUDITOR'S REPORT TO
THE MEMBERS OF ST MARY'S SCHOOL. HAMPSTEAD (continued)
Auditor's responsibilities for the audit of the financial 5t*temtnts
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 ove￿Ide 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-audilor￿Audlt0[S-responS1bt1Itie$-for-aUd1tlDeSCnpII0n4lf￿ud1tOrS-
responsibilities-for-audit.aspx. This description forn￿ pan of our auditor's report.
15

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## 

||||Unrestricted|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
||||Note|||||
|Income||||||||
|Investment<br>income —interest receivable||||166||166|11,318|
|Donations|||||5,066|5,066|12,199|
|Charitable<br>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<br>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<br>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<br>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<br>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)<br>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<br>Cash and cash equivalents|—deposit||account|||..|1,009,005<br> 1,300,000|1,310,326<br>' (1,300,000)|2,3,19~331|
|Total|||||||2,309,005|10,326|2,319,331|





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|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<br>fees|||8,625||8,625|8,831|
|Other|||11,432||11,432|18,476|
||||310,188||310,188|442,948|
|Material items:|||||||
|Government<br>grants under the|||||||
|Coronavirus<br>Job Retention<br>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<br>in|funds||||2021|2020|
|Net movement<br>in funds||is stated after charging:|||||
|Auditor's<br>remuneration||(including VAT):|||||
|External audit (current year)|||||17,760|14,340|
|Operating<br>lease charges|||||11,415|11,278|
|Depreciation|||||272,557|303,363|
|Loss on disposal offixed assets||||||5,185|





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## 

|the Coronavirus<br>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|





## 

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## 

|Charitable<br>Expenditur|e|(continued)||||
|---|---|---|---|---|---|
||||Direct|Support|Total|
||||costs|costs|2020|
|2020 Charitable<br>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<br>costs:||||||
|Audit fee|||17,760||17,760|
|Legal and professional|fees||32,943||32,943|
|Trustees'<br>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<br>costs:||||||
|Audit fee|||14,340||14,340|
|Legal and professional|fees||66,663||66,663|
|Trustees'<br>and Governors'||expenses|1,762||1,762|
||||542,710|14,451|557,161|





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## 

|Charitable<br>Expenditure<br>(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<br>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|



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|Tangible fixed assets|||||
|---|---|---|---|---|
|||Freehold|Furniture 4||
||Land|Buildings|Equipment|Total|
|||f.|||
|Cost|||||
|At<br>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|





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||||
|---|---|---|
|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<br>are stated after a provision for doubtful|debts off29,085 (2020:f30,665).||
|Creditors: Amounts<br>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<br>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|



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||||||Balance at|||||Balance at|
|---|---|---|---|---|---|---|---|---|---|---|
|||||1|September|Incoming|Resources|||31August|
||||||2019|Resources|Expended||Transfers|2020|
||Unrestricted<br>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<br>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|



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