Company number: 2659703 Charity number: 1006726 Alderley Edge School for Girls (A Charitable Company Limited by Guarantee) REPORT AND Accouwrs (CONSOLIDATED wrrH AESG DEVELOPMENfs LIMITED) For the year ended 31 August 2020
Alderley Edge School for Girls For the year ended 31 August 2020 cowrENrs Page School information Governors, Report and Strategie Report Statement of Governors, responsibilities Independent Au(litors' report to the Governors, Consolidated Statement of financial actiTrities io 13 CollLpany Statement of financial activities Consolidated balance sheet 14 15 Company balall sheet Consolidated eash flow statement AccountttLg policies Notes to tbe accounts 22
Alderley Edge School for Girls SCHOOL INFORMATION DIREcfoRS, GOVERNORS &TRUSTEES The present directors of the companyi who are also chaTitytrustw and school governors, and also ny ex-direetors who served during the year, are as follows: Mrs A S Herring (chaiman) Dr R Nolan Mr E P RAinsworth- retired 3lStAusust 2019 Mr G Bryant The Rev(L Canon B Clover Ms K Doyle Mr K R Lowe (Ifice Chairman) Mrs C I)we Mrs J Rostron Mrs'l. Pollard Proviiicial Superior J Arr<)wsmith - TesigThed li December 2019 Mrs R Priee- appointed 5 Februi]ry 2020 Mrs D Summerfieia Mr C Trucma BURSARAND CLERK TO THE GOVERNORS Mr S J Malkin HEADMISTRESS Mrs H Jeys Mrs H Jeys resigned to take up a similar post in another school, with effect from 31 August 2020. Mrs N Smillie h&s been appointed as HeadmisLress, with effect from i September 2020. The Headmistres8 and Bursar are considered to bc the Seliool's key management personnel. Their remuneration is set annually by the Chaii. of Governors and Chair of the Finance Committee. Page 1
Alderley Edge School for Girls SCHOOL INFORIVIATION (continued) COMPANY NUMBER 2659703 CHARrrY NUMBER 1006726 REGISTERED OFFICE AND PRINCIPAL OFFICE Wilmslow Road Alderley FAge Cheshire SK9 7QE BANKERS Royal Bank of Seotland ple 38 Mosley Street Manchester M60 2BE AUDITORS Crowe U.K. LLP TFie IExieon Mount Street Manchester M2 5Nr Page 2
Alderley Edge School for Girls SCHOOL INFORMATION (continued) GOVERNtNG SUB COMMrrrEES Appeal Committee Mrs A S Herring (Chairn]an) Mr K R IK>we Dr RNolan Currieulum Committee Mr8 T Pollard (Chairman) Mrs A S Herring MTS C IL>we r*Trs J Rostron Mr C Truernan Finance and Premises Committee MT C Trueman (ChaÈTman) MT G Bryant Mrs A S'Herring MrKRLowe DT R Nolalll Marketing and Development Commlttee Mr K R Lowe (Chainnan) Mrs J Rostron Mrs D Sutnn]erfield Page 3
Alderley Edge School for Girls GOVERNORS, REPORT and STL4TEGIC REPORT The governors have pleasure in pr&senting their annual rep)rt for the year ended 31 August 2020 under the Companies Aet 2006 and the ChaTlties Act 2011, together with the audited financial statements for the year, and eonfinn that the latter comply with the i'equirements of the Companies Act 2006, FRS102 and the Charities SORP 2015. GOVERNORS. REPORT REFERENCE & ADMINIsfiL4TIVE INFORThL4TION The Sebool is a registered charity and was incorporated in 1991 as a company limited by guarantee, with the liability of its members limlted to £1 eaeb. The Registered Charity number 1$ 1006726 and Company number is 2659703. Tbe PTincipal addr&ss / registered office is stated on page 2. Governors The governors, who are also directors of the company And trustees of the charity. &re listed on page i. Governors are appointr.d by the Bnard of CTovcrnors. Keypersonnel la professional advisers The key personllel and professional advisers of the Sehool are listed on pages i & 2. srRUCTURE. GOVERNANCE AND MANAGEMEwr Governing document The School is governed by its Memorandum and Articles of Association, last amended on 7 Juty 2005. Trustee training New governors are introduc£d to theworkings of the Sehool, the a)mpRny and Charityat an induction nieeting arranged by the Chairman of Governors, the Hea¢lmistress and the Bursar. Copies of appropriate documpnLs are prnvided, 88 iq on-going training for all governors. Organisational management The Governing Body nleets at least three times each year, and deterniitLes the general policy of the school. The day lo day management of the school is delesated to the Headmistress and the Bursar. Group structure and relationships The School has a wholly OWTAed nojj-charitable trading company subsidiary, E1.s.G. Developments timited. This tTading subsidiary runs the School Uniforni shop, and its results are CODsolidated with those of the School. Mount Carmel and St Hilatys Schools merged with effect frorn September 1999 and became Alderley Edge Sehool foT Girls. St Hilary's School was part of WoodaTd Schools (Mi(llAnd Divi8inn) Lin)ited and Mount Cannel was fnundcd by The Sisters of St Joseph. The Sc.hooi's continued association with these two eharitable organisations forn]s tile basis of its ecumenieal ethos. The Sehool is also an active member of the follong. I.S.C. The Independent Schools Council. G.SJi The Girls, School Association. J.I.S. The knociation of Junior Independent Schools. I.s. The Independent Schools Assoeiation. A.G.B.l.S. The Association of Governing Bodies of Independent Schools. I.S.B.L The Iiidependent Schools, BursaTS Association. Page 4
Alderley Edge School for Girls GOVERNORS, REPORT and STRATEGIC REPORT (continued) STRATEGIC REPORT OBJECTIVES AND AcrIwrrIES The principal activity continued to be the operation of an independent day sehool for girls. Aims of the School We are an aeademic school, and we aim to ensure that every girl is a diligent and confident learner who achieves her full academic potential. Our broad, rich and balanced culeu1n7 n]axin]ises opportunities for the girls to excel, with excellent teaehing and high expectations in the e12ssroom. Close monitoring and regular assessments, combined with knOllng each girl as an indiTridual, ensure that sbe is stretched, ehallenged and motivated to succeed. By providing a stimulating. clkillenging and exciting learning environment we aim to develop independent learners with inquiiing minds, a thirst for laiowled8e and passion for lifelong learning. We proNide an enrichmentprogramn)ewhich offers a huge range of opportunities for girls to achieve outside the classroom. Whether it be thTough sport, n]usie, drdma, public speakingj subjeLt spec'ific aetivities, Duke nf FAlinburgh or Community Scrriee, giTls Can - and do - succeed. Gills develop IpOrtant skills for life andbecome interested, aware and empathetifj showing a genuine coThrn for others and are keen to do all they can to make this a better world, both loeally and globally. We are proud of our Chrislian foundation which eneourag&s girls to explore their spirituality, Mrythin a supportii'e, open and aecepting eniironment. We are a Christian sehool and happily weleome others who share our values. We aim to ensure that all gir]s develop empathy for others and a strong moral compass based on Christian prineiples. Our supportive, pro-aetive pastoral care ensures tbat girls feel theybelong to the school Community and treat others fvith respect. Our diIll 18 to educale girls aged 2 to 18 within a positive, empoweTing enNryronrnent which encourages them to think creatively, high and play aLttive part within ihe %chool cotntnunity. We lue ilie itnportance ol an all-girls. education and all the benefits this brings them. There are numerous opportunities for girls to devp.lap hnth team wnrking and Icadership skilLs andtn lielp gllide the sehool and their peers forward. In this way they learn important life skills which prepare them for the world of work and they leave us as impressive young women who make a difference. Objectives for the year This year has seen us build on the recent academie 8ueeesses of the School and sustain our high academic expectations of all our pupils so that they achiei'e their potential. Mentorin% opportunities and foeusing on a variety of teaching and learning strategie5 have enabled staff to build on sueh academic succ&gs. For instance, for the second year Tunningj the Sehool has achieved results which have placed it in the top 5% of sChIS itiOnallY for progress between the ages of 16 and 18. Foeus on retrieval techiiiques in Order to enhance Tevision skills and the development of strategies which focus on key characteristies so important for learning, sueh as resilienee and eollaboration, have seen the Scbool develop a learner Profile for full implementation from September 2020. Our commith]ent to proiqding a holistic education eontinues withtbe focus on aeademie suecess but, also, the individual happineys aDd nurLuring of each individual child so that they feel valued Mrythin our School eommunity. Furthermore. we continue to build on our alurnnae links and weleome past members of our community into school regulaTly to talk to current pupils about their careers. We are delighted that sueh links have grown over recent years, particularly Since this year marks the 21st Birthday of the School. The School continues to excel in sport aeross all ages and we have enjoyed considerable success in cross eountry> netball and hoekey in particular. We aim to eater for pupils, interests outside the classroom as far as possible and this year has seen new sporting Clubs such as basketb&ll as well as the development of those already existing, including trampolining. dimbing and badminton. Page 5
Alderley Edge School for Girls GOVERNORS. REPORT and STRATEGIC REPORT (continued) The School continues to support local and national charities and sustains its eornmitment as far as possible, to providing bursaries so that sufficiently able pupils are able to join the school when their farnilies do not have the financial means to their place. We have also started our first capital fundraising projert this year which has focused on refurbishing both Junior and Senior libraries. Not only does this project aim to Tefiect the high value we place on reading but we a]so aim to provide a modern space in which pupils can worL reseaTch and furtbeT their love of learning. Our examination results continue to improve and our value added is a very impressive aspect of our sehool success. For A level, our results in the summer 2020 examinations despite the current pandemic and its impact on teaching amd lenIng, continuedto reflectthe suecesses of previousyeaTS, with 35% of our pupils aehieving a elean Sweep of at least 3 A grades and 72% of grades at A'_B, a well- deseTh'ed achieven]ent that reflects their commitment and dedication to their studies over the two years. For GCSE examinations, almost 57% of grades awarded are at the very highest grades of 7-9 ana over 99°A ot all grades were at grade 4 or above and sirtually 18% of gradeb at tbe highest grade 9. The School is very proud of its exam cohorts, in the character sbown when they were unable to take their final examinations in the way theywould have wanted afterwoTking so hard. We l(now that they will all go on to achieve Success ID their tllre. FINANCLIL REVIEW AND RESULTS FOR THE YEAR The group's net outgoing resourees for the year amounted to £124,OT7 (2019 net outgoing: £78,591). Pupil numbers declined in the 2019-20 academic year, la the resulting decrease in incorne led lo a TeKew of expendiknre in a number of operational areas. including staffing? all of which euntributed to the net outgoings result for the year. The combinalion of multiple years of net outgoings has had a detriniental impact upon reserves, but fillther steps are being taken in 2020-21 to address tbe net outgoings. The School h&8 invested just under £iio.000 in fixed a&8ets in the year and this, in conjunction with a Teduetion of just under £150.000 in creditorbalances and an liLLreae of just over £160,ovo in debtor balances from the previous year elld, as well Lontinuing loan repayments, has led to casb flnw presbures and reduced Lash balances held. The repayment of the School's long-tenn loan, scheduled for October 2020, will, however, have a positive impact on future cash flows. The group results for the year are detailed on page . The School bad no ndraising activities requiring diselosure llnder $162A of the Charities Aet 2011. Expenditure for tbe year includes £26,734 paid under a selllement (weement to a member of staff. Details of the Scbool's fimds and an analysis of the School's net a&sets between the funds are given in note 12. Restrieted fiinds of £iio,081 are held for use on capital PTojecL4, ineroa.qing the Bursary Fund and other small projects designated by thc donor, and a further £80,000 is held re capital items proTrryded by W(KJdard Schools (Midland Disqsion) Limited. at the time of merger. Endowed Funds of £29,945 were previously held by St Hilarfs School before its merger with Mount Carmel Sebool and the subsequent fonnation of Alderley Edge School for Girlg. Tbe permitted use of the income from these funds is in accordance with the wishes of the original donors, belng mainly the awarding of prizes and bursaries. Designated ndS of £550,000 are to be used for the significant improvement of the sports facilities. The remaining unrestricted fimds of £5,634,6D are requiredto eovertheworking eapital of the School and to maintain the buildings to the bigh standards expected of a School of this standing. The Governors eontinue to monitor the level of tbe various categories of llaS in order to ensure that they are adequate to tneet the charitable objectives of the School. Free reserves {calculated as unrestricted reserves less fixed assets) are £(88,379). (2019: £(41,810). Free reserves totalling £250,000 are considered to be a suitable target by the GovernoTS. Page 6
Alderley Edge School for Girls GOVERNORS, REPORT and STRATEGIC REPORT (continued) However, cash regerves are £629,645 (2019.. £934,491). Governors have therefore agreed to place on hold tbe planned further development of sports facilities on the site. until cash balances hai'e improved. Governors would wish to retain a cash reserve of £1 million, in OTdeT to meet any potential ture liabilities and to continue to operate effieiently. Governors Mill eontinue to monitor both the level of these reserves and the amount deemed sufficient on an annual basis. The main objective for the future remains the maintiining of the high standard of education offered at the School. In order to assist with this main objective, significant inv&8tment has been made in the faeilities provided, including major upgrading of .qporLs facilities. over the last two years. A period of consolidation, but whilst still retaining Tefurt)ishn]ent projects undertaken during the Sehool summer holiday period, hryll now be undertakeR]. The School will also welcome a new Headmistress, Nicola Smillie, who will join the School on 1st September 2020. PUBIJC BENEFIT Alderley Edge Sehool for Girls is committed to the aim of provi(lillg public benefit, and the tteeS have considered the Charity Commission's published guidance on public benefit. The School aallgeS and takes part in many aetivities that provide benefit to the local community. These artivities range from making.8ehnnl faeilitios available to other loeal Schools, to pupils visiting local eare homes, to inting local residents to attend pllpil music and drama perform&nces. The ft]11 list of these activities is recorded in a register mailltained by the Sebool. SLliularbEiips and bursaries are offered at the diseretion of the GoveTning Bodytr based on academic exeellence, edIL5 testing for Bur¥ary dwards, and uIi Lhe ui1goii ability o( the Schuul Lo fund Lhese awards. The School awards means tested bursaries to pupils who would not otherwise be able to afford tbe school fees. The systems used to evaluate the means testing are reviewed continually andwill continue to be developed as necessary. During the year, the School awarded bursaries, scholarsbips and discounts totalltng £654,656 (2019.. £557,196}. Thi5 figure ineludes tneans tested bursary awards. RISK MANAGEMENT The Governing Body has ultimate responsibility for managing riskfaced bythe School. The Governors continue to examine the principal areas of the school's operation and consider the major risks identified in each of these areas. The risk managernent process identifies risks. assesses their itnpact and lik-elihood and, where necessary, recommends controls to mitigate and monitorthose risks that are assessed as high. Inthe opinioll of the GovernoTS, the school has established resources and review systems which, under normal conditions, should allow these risks to be managed to an acceptable level in its day to day operations. Principal risks and uncertainties The Governing Body had considered the economie uncertainty and the ongoing recession to I tlie most significant cause for eoncern. However. the global coronavirus pandemic, Commencing early in 2020 has supplanted that. Schools were close(L nationally) in March 2020 and only re-opened Rn the 2019-20 academie year, for certain year groups only> and for ehildren of key workers. LEssons for pupils continued via online provision using a raLigeof software and allowedtheoriginal dailytimetable to eontinue on a vlrtual basis. Page 7
Alderley Edge School for Girls GOVERNORS, REPORT and STRATEGIC REPORT (continued) The School provided 80% rebates on summer fees for nursery and pre-sehool fees and provided rebates to other pupibbasedupgn savings identified from the redueed opeTational levels of the School during this period (including the Mrloughing of some support stalT). Fee illCTeases for the 2020-21 aeademicyearwere also delayeduntil January 2021. The pandeinic, its impaet ontbe economy. as well as otlier factOTS, led governors to anticipate a Teduction in pupil roll, and subsequent level of fee income in the 2020- academic year. However, fee income was largelypTOtected in the 2019-20 aeadernie year. Governors met in March 20 to eonsider the appropriateness of going concern as the basis of preparation of these And future financial stateinents. Governors prepared and examined a number of possible scenarios that co81der our cash positioll, sources of inLome and planned expenditure. This indude5 the impact of eoronavirns on operations, together i*ith assumptions around reeovery thereafter. These soenarios collsider rpdiieed pllpil numbers. delayed fee pas4nents, redueed fees and potential bad debts, as well as the impact on eosts from the measllres taken so faT. Sensitivity around these assumptions has also been considered in our forecasting. Perforn]ance against the budget for 20-21 and the impact on the 2021- 22 budget were also considered. The results of this scenario plauning and alYSIS indicate that the cash reserves of the School are ddequate to meet it's ongoing obligations as they fall due and the governors believe it appropriate to &dopt the soins concern basis of aeeounting in preparing these financial statements. Health and Safety in all Schools is always a significant area for riskmanagement. The risks range from buildings and infrastnlcture risk through to personal risk. 'Ihe level and breadth of acLivities Mrythin the School is enornious and the risks assl1atedHryth all activities are minimised throughplanning and risk assessment. STATEME AS TO DTSCLOSUE£ OF INFOBMiTION TO AUDITORS The directors at the time when this Director's report is approved have confinned thal: so far as the'direetors are aware, there is no relevant audit information of whieb the companVs auditors are unaware, and they have taken all the Steps that ought to have been taken as a (lirector in order to be aware of any information needed by the company's auditors in eonnectioll with preparing their report and to esiablisb that the company's auditors are aware ol that information. AUDITORS Crowe u.tc LLP bas expressed its willitigness to be reappointed as stakntory auditor. This Teport, which ineorporates the Strategic Report, was approved by the Board of Governors on 26 May 2021: S l Malkin Secretary P.f . Mrs AS Herring Chair of Governors Alderley Edge School foT Girls Wilmslow Road Alderley Edge Cheshire SK9 7QE P8ge 8
Alderley Edge School for Girls STATEMEwf OF GOVERNORS. RESPONSIBILITIES The goverjjors are responsible for preparing the Governors, Report & Strategie Report and the financial statements in accordance with applicable law and Tewlations. Company law requires the governor8 to prepare financial statements for each financial year. Under that law the governors haire elected to prepare the financial statements in accordanee with United Kingdom Generally Accepted Accounting Practice (United Kingdom Aceountillg Standards) and applicable law. Under eompany law the governors must not appi'ove the financial statements unless they are satisfjed that theygive a trne and fairvieiy of the state of affairs of the eompany and the group and of the profit orlosB of the group forthat period. In preparing the8e financial statements, the governors are required to: select suitable accounting policie$ and then apply them consistentlyj make judgments aIid accounlirE estimaies Lhal are reasonable dnd prudent" statewhether applicable UKAecounting Standards havebeen followed, subjectto any material departures disclosed and explained in the financial statements" prepare the financial statements on the going eoneern basis unless it is inappropriate to piesume that the company will continue in bu5illess. The governor8 are resrM)n8ible for kepping adequate aceaunting re.cords that are suffieient to show and explain the Company and gTOUP'S transartions and disclose Thuth reasollable accuracy at any time the financial position of the company and group and enable them to ensure that the financial statements con]ply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and group and hence for taking reasonable steps for Llie prevenLioll and detection of fraud and otbeT irregularities. Mrs AS Herring Chair of Governors Alderley Edge School for Girls Wiln]slow Road Alderley Ei dge Cheshire SK9 7QE Approved by the Board of Governors on 26 May 2021. Page 9
Alderley Edge School for Girls INDEPENDENT AUDITORS. REPORTTO THE GOVERNORS, FOR THE YEAR ENDED 31 AUGU 2020 Opinion We have audited the finaneial statements of Alderley Edge School for Girls for the yeaE ended 31 August 2020 which comprise the Consolidated and School StateEnent of Financial Aetiiryties, the )nsolidated and Sehool Balance Sheets and the Consolidated Cash Flow Statement and llot to the financial statements, including a summary of significant accouuting policies. The finaneial reporting framework that has been applied in their prepdTdtiun is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applieable in the UK and Republie of Ireland (Uiiited Kingdom Generally Aeeepted Accounting Practice). In ollr opinion the financial statements: give a true and fair view of the state of the group's and the charitable eompany's affairs as at 31 Augllst 2020 and of tbe group's income and expenditure, for the year then ended,. have been properly Prepared in accordall with Ullited Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies 2006. BasAS fi)r opinion We conducted our audit in aceordanee with International Standards on Audilivig IUK) (ISAS (UK)) and applicable law. OUT responsibilities under those standards are further described in the Auditor's responbibilities for the audit of the finanLllal statements seetion of our report. We are independent nf the charitable Company in aecordance Mryth the ethieal requIreents that are rcle.vant to oiir alldit of the financial statenients in the UK, including the FRC'S Fthical Standard, and we have fulfilled our other cthieal responsibilities in aeeordanee with these requirements. We believe that the audit eNiaenee we have obtained is sufficient and appropriate to PTovide a basis for our opinion. Conclusions relatin% to going concern We have nothingto reportin respect of the followingmattersin relationto which the ISAS (UK) require us to report to you where.. the goveTnOfS' use of the goins eoneem basis of aecounting in the preparation of the financial statements is not appropriate; OT the governoTS have not diselosed in the financial statements any identified mateTial uncertainties that may cast significant doubt about the charitable COmPdIly'S abi]ity to continue to adopt the guing concerD bastb of aLCOUntin¥ fur a period of at least twelve months from thc date when the financial statements are authoriseil foT Issue. Page 10
Alderley Edge School for Girls INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS. FOR THE ENDED 31AUGUST 2020 Other iDformation The governoTS are responsible foT the other information. The other infonnation comprises the infornlation include(l in the annual report, otherthan the financittl statements andour auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and. except to the extent otherwise explicitly statedin ourreport, we do not LreSS anyform of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infoiination and, ID doing so, eonsider whether tbe other information is materially ineonsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstaled. If we identify sudi Inaterial incOS1S1enc1eS or apparent material tnisstdtements, we are required to determine whether there is a material misstatement in the financial statements OT a Inclterial niisstatement of the other information. If, blc sed on the workwe have pe.rformed, we eonclude that there is a material misstatement of this other infonnation, we aTe required to report that fact. We have nothing to report in this regard. Opinion on other matter prescrAbed bythe Companies Act 2006 In our opinionbased on the work undertaken in the eourse of OUT audit the information given in the Annual Report of the Goverllors and Strategic Report for the financial year for wbioh the financial statements are prepared is eonsi8tent with the financial statements; and the lnual Report of the Governors and Strategie Report have been prepared in accordance with applieable legal requirements. Matters on whleh we Are requlred to report by exception In light of the knowledse and understarAding of the company and its enTriroument obtsined in the COIITse of the audit, we have not identified materi81 misstatements in tbe Annual Report of the Governors and Strategic Report. We have nothing to report in respect of the following matters in relation to which the Companies Aet 2006 requires us to reportto you if, in our opinion: the parent charitable eompany has not kept adequate accounting recor. or the parent charitable company financial statements are not in agreement Mith the aeeounting reeords and rers,. or certain disclosures of tru8tees' remuneration speeifiedby Eaw are not Made. or we have not received all the information and explanations we require for OUT audit. Page11
Alderley Edge School for Girls INDEPENDEFrrAUDITORS' REPORT TO THE GOVERNORS, FOR THE YEAR ENDED 31 AUGUST 2020 Responsibilities of governors As explained more fully in the governors. responsibilities statement set out on page 9, the governors are responsible for the preparation of the fU]ela1 statements and for being satisfied that they give a true and fair iryeiv, and for slleh internal Control as the governors deterrnine is TheSary to enable the preparation of financial statements that are free from material misstatenient, wkLether due to fraud or error. In preparing the financial statements, the soveTlloTS are responsible for assessing the charitable CoMpanS abi]ity to continue as a going coneem, diselosingy as applicable, Ulatt'S related to guing eoneern and using the going concern basis of aeeounliilg uiiless the trubtee8 either intend to liquidate the charitable Company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whethe.r due tn fraiid or error, and to issue an auditor's report that includes our opinion. Reasonable a&suran¢e is a high level of assurance, but is not a guarantee that an audit eondueted inaccordancewith 1&4s (UK) Mryll always deteet a terIal mis8tatementwhen it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they Luuia reasonably be expecled to influence the economie deeisions of userstaken on the basis of these financial Statements. A rther description of our responsibilities for the audit of the financial statements is located on the Financial RertIllg Council's M'ebsite ut: wsfyw.fr ies. This description fonDs part of our auditor'8 report Use of our report This report ify tnade sulelytu ihe Lharitable L()tnpan¢b n]embers, as a body* in accordancewith Chapter 3 of Part 16 of the Coinpanies Aet 2006. Our audit iyork has been undertaken so that wc inight state to the charitable company's n]en]bers those matteTS we are required to state to them in an auditOT'S re.port and for nn other purw8c. To the fiille.st e.xtent permitted by law, we do not accept or assutne responsibility to arAyone otherthan the charitable company and the companrfs members as a body, for our alldit work. for this report, or for the opinions we have formed Vieky Szulist Senior StaMtoryAudAtor For and on behalf of Crowe U.K. LLP StatutoryAuditor The Lexicon Mount Street Manchester M2 5Nr 27th May202I Page 12
Alderley Edge School for Girls CONSOLIDATED STATEMENf OF FINANCIALACTIvrrIES (INCORPOIL4TING INCOMEAND EXPENDITURE ACCOUNT) for the year ended 31 August 2020 Restricted Funds Endowed Funds Unrestricted Fund5 Total 2020 Total 2019 Note COMtNO RESOUKCES Charltsble aCtitieS Sehool fees Other ancillary income 5,030,682 29,665 5,030,682 29,565 5,1841097 75.907 Ic OtheT trading aetimties Activities fur 8enerdliiig funds Othp.r at.tiTritie_ Goven)mellt grant nCOme La 39,402 72,287 129,739 71,Sts7 111.689 129,739 71,507 135,661 45,8 Investments Investment incozne 3,L49 3,149 4,673 TOTAL tNCOMING RFSOURCES 39.402 5.336.929 5,376,331 5,446,209 Raisingfunds Tr&ding costs of the subsidiary FlliidtXiSlllR Costs FiTwi¢ing costs 61.205 7,505 3,541 61,2()S 7,.505 3,541 72,169 LS,875 4.724 72,251 72,251 92.768 Charitable actitieS- Sthool operating c08t Teacbing costs Welfare Prcmises Support and governanee 2,436 3.606.377 373,L17 558.747 887,480 3.608,8 373,117 558,747 887,480 3,6(J3,166 44U,748 523,207 864,911 2,436 5,425,721 5>428,157 &432,032 TOTAL RFSOUKCES EXPENDED 2,436 5,497,972 5,500,408 FundBalallces At I September 2019 153,114 29,647 6,346,011 6,528,772 6,6071363 Net Inw]ning Resourees Transfers between Fund8 36,966 {161,0431 (2981 (124,077) 298 FUND BALINCES AT 31 AUGUST 2020 190.080 29,945 6,184,670 6AO4,695 The school has no recognised gains orlosses other than its Surp1 for the year. All actItieS in the year are classed as contiThuillg. The notes on pages 22 to 40 form part of these aceounts. Page13
Alderley Edge School for Girls COMPANW STATEMEwf OF FINANcL AcrIvrriES (INCORPORATING INCOME AND EXPENDITUREACCOUNT) for the year ended 31 August 2020 Restricted Funds Endowed Unrestrirted Funds Funds Total 2020 Total 2019 Note INCOMING RESOURCFS Charitable ActItieS School fe& Other aneillaryincome Lb 5,030,683 29.565 5,030,683 29,565 5,184,097 75.907 Ic Other tra(ilng ActilIeS Activities for generatiiigfunds her actilIeS Govern]nent grant ineome 39A02 7,683 137.918 71,507 47,085 137,918 71,507 55,313 49.293 InTre$inients Inv&stment income 3,149 3,149 4,673 TOTAL INCOMING RFSOURCFS 39A02 5,280506 5,319,908 5,369,283 Ra]ngfunds Fuudrai5ihg costs Financing coqts 7,505 3,541 7,505 3,541 15,875 11,046 11,046 20599 Charitable aCtItle$- School Dperatiiig eosts Teaching costs Wclfare 2,436 3,608,813 373,117 rs8,747 887A80 3,603,166 440,748 523.207 864,911 373.117 558,747 887,480 Pre11*s Support and governallce 2A36 5A25,721 5,428,157 5,432,032 T(YTAI. RFSOURCES 2,436 5,436,767 S,439,203 5,452,631 Fund Bdldt]ces At I September 2019 153,14 29,647 6,333.959 6,516,720 6,600,068 Net IncomEng Resourtts TransferB between Funds 36,966 (156,262) 1298) (119,296) AT 31 AUGusf 2020 190.080 29,945 6>177,400 6,397,425 The school has no recognised gains or1055es other than its net result for the year. All aetivitses in the year are classed as continuing. The notes on pages 22 to 40 form part of these accounts. Page 14
Alderley Edge School for Girls CONSOLIDATED BALANCE SHEET 31 August 2020 Company Registration No: 2659703 2020 2019 Note FIXEI D ASSETS 'I'angible fixed assets 6,273,050 6,421,556 CURREwf AssErs Stock- Finished goods Debtors Cash at bank and in band 48,999 380,532 629,645 53,307 219,072 934A91 1,059,176 1,206,870 CREDITORS: Amounts falling due Mqthin one year io (927,531) (1,099,654) NET CtJRRENT ASSETS 131,645 107,216 TOTAL ASSETS IESS CURREwr J.IABII.ITIES 6,404,695 6,528,772 CREDITORS: Amounts falling due after more than one year li (o) (o) TOTAL NET AssErs 6.404,695 6,528,772 Unrestrieted funds: General funds Designated lld5 Restricted funds Endowed fundb. 12a 12b 12C 12d 5,634,670 550.000 190,080 29,945 5,796,011 550,000 153,114 29,647 6,404,695 6,528,772 The financial statements were approved and authorised for issue by the Board of Governors on 26th May 2021 Mr C Trueman Chair of Finance Committee MTS AS Herring Chair of Governors The notes on pages 22 to 40 form part of these aeeollnts. Page 15
Alderley Edge School for Girls COMPANY BAL4NCJ£ SHEET 31 August 2020 Company Registration No: 2659703 2020 2019 Note FIXED ASSETS Tangihle fixed a&sets 6.273,050 6.421.556 CURFE ASSETS Debtors Cash at bank and in hand Stocks 436,099 602,421 7.070 258,752 922,949 8,250 1,045,590 1,189,951 CREDrroRS: Amounts falling due witbin one year io (921,215) (1,094,787) NET cURREAsSETs 124,375 95,164 TOTAL ASSETS LESS CURRENr LLABILI'I'IFS 6.397,425 6,516,720 CREDITORS: Amount¥ falling due atter moTe tban one year li (o) (o) TOTAL NET ASSETS 6,397,425 6,516.720 Unrestricted nds. C)ene.ral ftmds Designated ndS RestriLted luThds Endowed funds 12a 12b 12C 12d 5,627,400 550,000 190,080 29,945 5,783,959 550.000 153,114 29,647 6,397,425 6,516.720 The financial statements were approved and authorised for IUe by the Board irf Governors on 26th May 2021 Mr C Trueman Chair of Finance Committee MTS AS Herring Chair of Governors The notes on pages 22 to 40 form part of these accounts. Page 16
Alderley Edge School for Girls CONSOLIDATED CASHFLOW STATEMEwr for the year ended 31 August 2020 Note 2020 2019 NET CASH (oufFLOW) FROM OPEIL4TIONS (175,448) 387,974 CASH FLOWS FROM tNVFSTING ACtIvrriES Interest received Interest paid Payments to acquire tangible fjxed assets 3,149 (608) (108,570) 4,673 (1,915) (395,3Ji) NET CASH USED BY INVESTING AcrtVlTIES (106,029) (392,431) CASH FIDWS FROM FINANCtKG Iall repaiqnents made (23,369) (140,004) F.QuTVArS IN THE YEAR (304,846) (144,461) CASH AND CASH EQUIVALENTS AT START OF THE PEIUOD 934,491 1,078,952 CASH AND CASH EQUIVALENrs AT THE END OF THE PERIOD 629,645 934A91 Reconciliation of net loutsoing) resources to net cash outllow from opeT&ting activities: 2020 2019 Net (outgoing) resources Depreciation Interest receivable Interest payable Decrease in stock (IncTease) in debtOTS (Decrease) in creditors (124,077) 257.D76 (3,149) 608 4.308 (161,460) (148,754) (78,591) 234,318 (4,673) 1,793 (9,508) 9,796 234,839 Net cash (oufflow) from operating aetiwties (175,448) 387,974 Page 17
Alderley Edge School for Girls CONSOLIDATED CASHFLOW STATEMEwr (coNriNUED) for the year ended 31 August 2020 bj Analysis of cbanges in net cash resources 2020 2019 Cash at Bank 629,645 934A91 629.645 934,491 The notes on pages 22 to 38 form part of these accounts. Page 18
Alderley Edge School for Girls ACCOUNTING POLICIES for the year ended 31 August 2020 BASIS OF PREPARATION The financial statements have been prepared in accordanee the Financial Reporting Standard applie.2ble in the UK and Republie of Ireland (FRS102), the Companies Aet 2006 and the Statement of Re¢ornmended Practice applicable to charities preparing their aecounts in aceordanee with the Financial Reportins Standard applicable in the UK and Republic of Ireland (FRS 102) effective i January 2015. The fictIOnal euneney of the School is eonsidered to be GBP beeause that is the eurreney of the primary economic enmronment in which the School operates. The accounts are drawn up on the historical cost basis of accounting. The School is a Publie Benefit Entity registered as & eharity in England and Wales and a company limited by guarantee. It was incoTporated on 1st November 1991 (company number.. 265970.3) and registered as a charity on 6th Decem1r 1991 (tharity number: 1006726). DetaiL8 of the Sehool's registered Offi can be found on page 2. The Sehool ha8 been affeetedbythe global eoronawrus pandemic, but, as noted inthe Strategie Report, steps were taken to mitigate the itnpact of this unexpected event. Overall the govern(JTS Teinain confident that the Sehool has suffie.ient re.soiirep.s to eontinup as a going eoneern and consider that there were no material uneertainti&s over the School's financial viability. BASIS OF CONSOUDATION The aceounts havebeen eunsolidatea on a line by line basis to indude the Sehool's wholly owned non- charitable trading company subsidiary, A.E.S.G. Developments Limited. The School hhs taken advantage of the exemption available to a qualifying entity in FRS 102 from the Tequiren]ent to present a charityonly Cash now Statement with the consolidatedfinancial statements. DEPRECIATION Depreciation is provided in order to write off each asset, less its estimated residual value, over tbeir useful lives at the fullomryng rates- Building8 straight line Building improvements straight line Plant and equipment 20% straight line Fixtures and fittings 20% straight line Computer equipinent 20% - 33'1s% straight line Capital items costing less than £250 are written off as an expense as acquired. srocKS Stocks are valued attbe lower of cost and net Tealisable value, after making due allowance for obsolete and slow moving items. IEASES Where assets are financed by leasing agreements that give rights apprnximating to ownersbip ("finance lease"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the lease payments payable during the leaseterm. The eorresponding leasing eornmitments are shown as obligations to the lessor. Page 19
Alderley Edge School for Girls AccouNfING POLICIES for the year ended 31 August 2019 ISe payments are treated as consisting of eapital and interest elements, and the interest is charged to the PTofit and loss account in proportion to the rernaining balance outstanding. All other leases are "operatRng leases" and the annual iEntsls are charged to PTofit and1056 on a straight linebasis over the term of the lease. INCOME Ineome from School Fees represents fees earned in respect of tuition given during the year. Fees reeeiiTed in respect of tuition to bp. given after the year end are included in creditors as fees receiiTed in advance. Fe&s receivable are slated after deducting bursAries and scholarships granted by the school. Scholarships and bursaries are awarded at the diseTetion of the Governing Body. based on academie excellence in the case of SeholaTship awards, and are means testedfor BuTsary awards. Other inoome, including legaeies and donations, is accounted for as and when entitlement arises, the amount can be rcliably qultIfica and the economie benefit to the School is considered prbabIe.. Iegaeies received in the form of property are credited at the lower of probate ana market Trlue. Income from government grants is recogui5edwhentbeie is entitlementtothe funds, anyperformanee conditions attached to the grants have been met, it is probable that the income will be Teceived and the amount can be msured reliably. Where enlillemenis Occr6 before incotne is received, tbe income is accrued. Where income is received in advance of there being entitlement to the funds the income is deferred. EXPENDI'I"URE EKpellditUTe is accrued as soon as a liability is eonsidered probable, diseounted to present value for longer term liabilities. C()sts uf generuliIig lund8 dre th¥ wsts. incurred in attracting voluntary income and those incurred in trading activities that raise fllllds. Charitable activities include expenditure associated Thryth the objeets of the School and indude both diTect Costs and supwTrrt costs relating to this ac.tivity. CJl)vernanee costs indude tho.se ineurred in the goVernall of the Sehool and its assets and 8re prirnarily associated with eonstitutional and stakntoryrequirernents. TAXAI'ION The School is an exempt charity and benefits by being exempt from coryoration tax on income it receives from tuition lees, inlerest and rents. The School is exempt from lev)qng VAT on services it provides to pupils. For this reason the Sehool is ge.ner811y unable. to reeover input VAT it.quffcrs on goods and services purchased, which is therefore included in the eost of these soods and services. The subsidiary, AFSG Developments Ltd. is registered for VAT and so has a different aceounting policy, fvith VAT being accounted for separately. SCHOOL TIUPS The Sehnol CollecL n]onies in respect of trips and pay5 thL%c mnnicg out in full. As these ndS do not represent income for tbe School, they are not aeeounted for in the Statement of Financial Activities. PENSION SCHEME The School contributes to the TeacheTS' Pension Defined Benefit Schelne at rates set by the Scheme Actuary and adSed to the School by the Scheme Athnini5trator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabi]ities of the Scheme which are attributable to the Scbool. In aecordance with FR.8 102 tbe Schenie is aeeollnted for as a defined contribution scbeme and contributions are aecounted for when adwsed as due by the scheme Administrator. The School also contributes to a group personal pension scheme for non-teaching staff. Ail non- teaching staff are eligible to take part. This scheme is currently with Scottish Widows and is a defined contribution scheme. Page 20
Alderley Edge School for Girls AccouwfING POLICIES for the year ended 31 August 2020 The School used contribute to the Pensions Tst Growth Plan for manyof the non-teaching staff. This is in most respects a Money purchase &Trangement, but does inelude eertain guaranteed benefit elements. The Plan is a n]ulti-e]nployei scheme as it is not possible in the nornial course of events to identifjT the share of the underlying assets belonging to the IndidUal partieipating employers and aecoTdingly* in aecordance Mith FRS 102, is aeeounted for as a defined contribution scbeme Mryth eontributions being recorded as they becon]e payable. DONATIONS Donations received for the general purposes of the sehool are eredited to 'other unrestrieted funds" Donations subject to specific Mqshes of the donors are calea to relevant restrieted fillias. FUND ACCOUNTING The Sehool hasNTrrious t)T)es of fund8 forwhichitis responsible andwhieh require separate disclosure. These are as follows: Unrestrirted funds Funds whieh are expendable at the discretion of the Governors in filltheranee of the objects of the Sehool. In addition to expenditure on tuition, 8ueh fund.9 may be hpld in arder to fin2nee eapital inve8tment and working capital. Donatiorns or legacies received which are earniarked by the donor for specific purposes. Such purposes are within the overall aims of the School. The School may at its diseretion set asidefunds for specificpurposes which would tI)erse forni part Of the general rLqe.rve8 of the School. Endowments fid$ are Tha$ for whicb the Governors must maintain the eapital element but the incoming reSoUrS derived from the underliryng endowment fund assets ean be spent. Restrieted funds Designated funds Endowment funds INVKSTMENTS Investn]ents in subsidiaries are valued at cost less proN4sion for impairment. FINANCIAL INsfRUMEwrs Basic financial in5trun]ents are initially reeognised at transaciion value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at atnurtiBecl cost Lumprise eash at bank and iii haIid, Logether wilh irade other clebtors. A specifie provision is made for debts for which recoverabilÉty is in doubt. Cash at bank and in hand is defincd A.q all eash hcld in instant aeees.£ bank aeenunL8 and sed a.s working capital. Finaneial liabilities held at amortised cost comprise all creditors exeept social seellrity and other taxes and provisions. CRITICALAccouwfINGJUDGEMENfs AND KEY SOURCES OF ESTIMATION UNCERTAIwrY In the application of the accountins polieies, TheeS are required to make judgement. estimates. and as.suinptioDS about the eaTrysng value of assets and liabilities that are not readily appaTent from other sources. The estimates and underlying assumptions are based on histOTical experience and other factOTS that are considered to be relevant. AC1 results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are TeeogtLised in the period in wliieb the estimate is ievised if the revision affects only that period, or in the period of the revision and tUre periods if the revision affected eurrent and future peiiods. In the view of the trustees, no assumptions concerning the future or estin]ation uncertainty affecting assets or liabilities at the balanee sheet date are likely to result in a Tnaterial adjustment to their carrying amounts in the next financtal year. Page 21
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 GOING CONCERN Tbe Directors have due regard for the going concern of the Charity. The School prepares a detailed budget for the 12 months ahead as well as more geneTal longer-term financial projections. Actual performance is monitored termly and cashbalanees are monitOTed atLd reviewed daily. At the tirne of approval of the financial statements, the COVtDi9 virus continues to develop and has been designatcd a global pandemic by the World Health OigaDisation. Both shnrt-term and long- term effects of the rapidly changing sitiiation are unknown but, as for many businesses at this time, the DiTeetors consider that there is potential foT significant and enduring impact on the Sehool's demand for pupil places, suppty chain andwoTkft)Tce availabi]ity. The Directors have undertaken planning and forecasting and continue to elosely monitor the developing situation. Furtber details on the School's response and plans for dealing with the COVID 19 Trirus arc doeurnented in the Directors Report on page 5 OnW.d9. Deqpite the euTrent Circumstances the Directors believe that the scbool's financial resources and contingency planninR suffieient to ensure the ability of the School to continue as a going conrn for the foreseeable future, being atleasttwelve months fromthe date of approval of thesefinaneial statements and therefore have prepared the finallcial statements on a going concern basis. ia OTHER TRADINGAcrtvrEIES Consolidated School 2020 2019 2020 2019 Fundraising Trading income Hire of Sehool premises 42,298 64,604 4,787 51,258 80.348 4,055 42,298 51,258 4,787 4,055 111,689 135.661 47,085 55,313 The fundraising income includes £2,436 (2019 £11,507) donated fmm the Parents Association. SCHOOL FEFS 2020 2019 Fees Teceivable consist of: GTOSS fees I£ss: Bursaries, grants and all0ThC8 5,685,339 5,741,293 (654,656) (557,196) 5,030,683 5,184.097 Scholarships, bursaries and other ara$ were paid to 227 pupils (2019: 207). Within this eans-tested bursaries totalling £309,095 were paid to 48 pupils [2019: £221,852 to 35 pupils). There were no bursaries or allowances paid from re8tricted funds. Nursery grants of £51,670 (2019: £63.447} There received frorn tl]e government and paid out to parents. Page 22
Aldeiley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 ie (yrHERANCILL4RY INCOME 2020 2019 Catering receipts Other amcillary ineome 11.359 18,206 19,022 56,885 29,565 75,907 Catering receipts are monies received fro staff lunches and other ad hoc catering supplies to staff and pupi]s. Page 23
Alderley Edge School for Girls NOTES TO THE Accouwrs for the year ended 31 August 2020 RESOURCES EXPENDED 2020 2019 Net outgoing resources are stated after charging: Charitsble expenditUTe ineludes.. DepTeciation Operating leaseslrentals 257,076 10,200 234,318 10,000 Governance costs include.. Auditors, remuneruliun 9AT2 11,934 Staff costs comprise: Wages and salaries Social security costs Pension eosts 3,152,844 302,775 538,533 3,210.743 310,913 412,257 3,994,151 3.933,913 Aggregate emploioe- benefits of key management personnel The average monthly number of employees during the year was: 2020 2019 Teaching staff Pretnises and grounds Administration OtheT 65 67 19 33 30 120 119 The average numbers employed by the school duTing the year calculated on a time equivalent basis was: 2020 2019 Teaehing staff Premises and grounds Administration Other 53 57 12 19 19 88 Page 24
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 Neitber the governors nor persons eonnected knrytb thern received remuneration, other benefits or reirnbursed expenses from the school or any connected organisation. 2020 No 2019 No The number of employees whose income exceeded £60,000 was: £90,001 to £ioo,000 £80,001 to £90.000 £60,001 to £70,000 Inelllded in the 8bave higher paid employees was i employee (2019: 1) accruing pension benefits under a defined benefit s¢heme and i employee (2019: 1) accruing benefits under a money Purchase pension schen]e. The aggregate employer pension contTibutions for the year was £26,835 (2019.. £19,178). ANALYSIS OF T(yfAL RESOURCES EXPENDED Staff Costs Other Depreciation Totsj 2020 Totoj 2019 cosrs OF GENERATING FUNDS Tradi costs of the subsidiary FundTaising eosts FinunLing uists 7,083 54,122 7,505 3,541 61.205 7,505 72,169 15,87S 4,724 7.083 65,168 72,251 92,768 AcfiviTIES - SCHOOL OPERATING COSTS Teaching Costs Wcjfaro Premises Support and governance 3,379,762 36,247 103,496 467,563 157,486 333,407 293,969 399,151 71.565 3,463 161.282 20.766 3.608,813 3,603,166 373,117 440,748 558,747 523,207 887.480 864,911 3.987,068 1,184,013 257,076 5,428.157 5,432,032 TOTAL 3,994,151 1,249,181 257,076 5,500.408 5,524,800 Page 25
Alderley Edge School for Girls NOTES TO THE ACCOUNTS foL the }Fear ended 31 August 2020 Support and governanee costs maybe split as follows: 2020 2019 Staff Costs Marketing Recruitment and Training l.egal, Profcssional and other F Depreciation Stationery) Postage and telephone Insurances Bad Debt Written Off Computing Costs Sundry other Costs Audit and Aceountancy Headteacher Recruitment 467,563 161,113 35.755 u,650 20.766 313.681 31,466 529 4,652 38,607 9A72 427,455 208,150 28,845 43,750 28.151 45,818 30,881 4,195 35,732 11,934 TOTAL FINANCING COSTS 2020 2019 Interest on site PUTchase loan Banlc charges 608 2,933 1.915 2,809 3.541 4,724 TAXATION As the sehool is a Tegi5teTed charity, no pmvision is required for Corporation tax. INVESTMENT INCOME 2020 2019 Bank interest receivable 3.149 4,673 Page 26
Alderley Edge School for Girls NOTES TO THEACCOUNTS for the year ended 31 August 2020 TANGIBLE FIXED ASSETS Consolidated and Sehool Fixtures, fittings & computer equipment Freehold land & buildings Plant and equiprnent Total Cost As at i SeptembeT 2019 Additions Disposals 7,540,462 26,959 335,243 44,439 1,323,513 9,199,218 37,172 108,570 q at 31 August 2020 7,567,421 379,682 1,360,685 9,307,788 Depreciation As at i September 2019 Charge for the year Charge on Disposals 1,415,529 149,844 286,284 24,603 1,075,849 82,629 2,772,662 257,076 As at 31 August 2020 1,565,373 310,887 1,1585478 3,034,738 Net Book Value As at 31 August 2020 6,002,048 68,795 202,207 6,273,050 As at 31 August 2019 6,124,933 48,959 247,664 6,421,556 AESG DEVELOPMENfs LIMrrED AESG Developments Limited is a wholly ONed 6ubsidiary of Alderley FAge School for Girls, and whose company number is 05213539. The company is registered in England. AESG DevelnpmenL8 Limited runs tbe seho(bl llnifnrm .shop at Alderley FAge 8chnnl for Ciirls. Any taxable profit is transferred as gift aid to Alderley Edge Sehool for Girls. Surnmaries of the trading results and balance sheet are shOm below. Accounts will be filed Mryth the Registrar of Q>mpanies. Page 27
Alderley Edge School for Girls NOTES TO THE ACCOUNrs for the }Tear ended 31 August 2020 i) Profit and IA)ss account for the period to 31 August 2020 2020 2019 Turnover Cost of sales 64,604 (47,628) 80,348 (59,569) Gro profit Administrative expenses 16,976 (iJ.577) 209779 (12,600) Operating surplus Gift aid payment to AESG 3,399 (8,179) 8,179 (3,422) Retained surplus (4,780) 4,757 li) Balance Sheet at 31 August 2020 2020 2019 StOLk Debtors Bank and cash 41,931 1,756 27,224 45,057 2,035 11,M2 Net current assets 70,911 58,635 Creditors (63,639) (46,583) Net current assets 7,272 12,052 Net assets 7*272 12,052 Share eapital Retained profits 7,271 12.051 7,272 12,052 Page 28
Alderley Edge School for Girls NOTES TO THEACCOUNTS for the year ended 31 August 2020 DEBTORS Consolidated Sehool 2020 2019 2020 2019 Fee debtors Less.. Bad debt provision 264.377 (27,147) 46.499 (39.859) 262.621 (27,147) 144,463 (39,859) 237,230 106,640 235,474 104,604 Prepayments and aeerued income Amounts owed by AF.,SG Developments Iimited 143J02 112,432 143.302 112,432 57,323 41,D6 380,532 219,072 436,099 258,752 Amounts owed by AESG Developments Limited are repayable when eash surpluses allow, or on demand. Interest on the balance outstanding is charged atbase rate. Page 29
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 io cREDoRS. Amounts falling due within one yeaT Consolidated 2020 2019 School 2020 2019 Trade Creditors Accruals and deferred ineome Other ereditors Otlier taxes and soeial security costs Amount owed to The Sisters of St Josepli 221,043 84,775 551,577 70,136 282,081 23,710 694,150 76A67 23.¥6 218,108 84,775 548,196 70,136 280.378 23.710 690,986 76,467 23,¥6 927,531 1,099,654 921,215 1,094,787 Deferred Incorne tr8m8actions 8Je as follows: 2020 2019 Deferred Incorne as at i Septsmber 2019 8,129 18,240 Released from Prior Year Deferred in the Yvar (8,129) {18,240) Deferred Income as at 31 Augusi 2020 Deferred Income cotnpEises nurserygrant illcorne received in adVaTh of the 2020-21 financial year to which it relates. li CREDrroRS: Amounts falling due after more than one year Consolidated and School 2020 2019 Amounts owed to The Sisters of St Joseph Accrued itLteTest on an]ounts owed to The Sisters of St Joseph Amounts due payable by instalnLents: 2020 2019 In less than i year Between i and 2 years Between 2 to 5 yeaTS 23,¥6 23.246 The atnount owed to The SisteTs of St Joseph was secured by a first legal charge over certain assets of the Charity, however this bas nowbeen released and deeds TetUTned to AESG. Page 30
Alderley Edge School for Girls NOTES TO THE Accouwrs for the }'ear ended 31 AugLLSt 2020 Amounts owed toThe Sisters of St Joseph were repayable in monthly instalments commencing from November 2003 until October 2019. Interest on amounts outstanding has been eIrged at 1% pa belowbase rate, iyith a minimum of 3%, from November 2003. 12 AIIDCATION OF THE CHARITY NET ASSETS Consolidated Tangible Fixed Assets Net CurTent Assets LLJng tern] liabilities Total 2020 The net assets are held for the various ndS as follows.. Unrestricted funds (12a) Designated funds (12b) Restricted ftwds (12c) Endowed funds (12d) 5,723,053 550,000 (88,382) 5,634,671 550,000 190,081 29,945 190,081 29,945 6,273,053 131,644 6,404,697 School Tallgible Fixed Assets Net CuTrent Loug term ]iabilities Total 2020 Unrestricted funds (12a) Designatcd funds (12b) Restricted funds (12c) EndoMTed funds (12d) 5,723,052 550,000 (95,6M) 5,627,398 550,000 190,081 29.945 190,081 29,945 6,273,052 124,372 6,397,424 Consolidated Tangible Fised Assets Net Thirrent IA)ng terni Assets liabilities Total 2019 The net assets are held for the various funds as folloms: Unrestricted funds (12a) Designated funds (12b) R&strieted funds (12c) Endowed funds (12d} 5,871,556 550,000 (75,545) 5,796,011 550,000 153,114 29,647 153,114 29,647 6,421,556 107,216 6&28,T72 Page 31
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 12 ALLOCATION OF THE CHARrrY NET ASSETS Continued School Tangible Fixed ssets Net Current Assets Long term liabilities 2019 Total Unrestricted funds (12a) 5,8p,556 550,000 (87,597) 5,783,959 550,000 153,114 29,647 Design¢ited I'uiids (12b) Restricted funds (12c) Endowed funds (12d) 153,114 29,647 6,421,556 95,164 6,516,720 12a UNREsfRIcfED FUNDS Consolidated 2020 2019 School 2020 2019 Balance brought forward i September 2019 5,796,011 5,910,826 5,783,959 5.903.531 Net movement on fLmd (161,043) (14,513) (156,261) (119,270) Transfer to endowed fi]nds (298) (302) (298) (302) Balance carTied foTward 31 August 2020 5,634,670 5,796.011 5,627,400 5.783,959 Page 32
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for tbe year ended 31 August 2020 12b DESIGNATED FUNDS Consolidated and School 2020 2019 Balanee brought folward i September 2019 Transfer to unrestricted fLmd8 Transfer from unrestricted ndS 550,000 550,000 Balance carried forward 31 August 2020 550,000 550,000 Funds were initially designated in 2018-19 for sports developn]ent and these are now carried forward into the 2019-20 financial year. 12e RESTRIcfED FUNDS Consolidated and Scbool Ati Incoming Resources September resources expended 2019 ltrkinsfer between runds. At 31 August 2020 P AOnIeS Millennium appeal L¥(erger balanees Bursary Fund Woo¢laTd Schools (Midland Division) Ltd Library Development 2,436 (2,436) 10,344 9,404 19,632 80,000 10,344 9,404 19,632 80,000 33,734 36,966 70,700 153,114 39,402 (2,436) 190,080 Ati Incon]ing Resoui"ce5 September resources expended 2018 Transfer behyeen fijnds At 31 August 2019 P Amonies Millennium appeal Merger balances Bursary Fund Woodard Schools (Midland Division) Ltd 11,508 (11,508) 10,344 9.404 17,444 80,000 10,344 9,404 19,632 80,000 2,188 33,734 33,734 117.192 47,430 (11,508) 153,114 Page 33
Alderley Edge School for Girls NOTES TO THE Accouwrs for the year ended 31 August 2020 The PA monies are amounts received from the Parents, knsociation and are for the general purpose of the School. The Millennium appeal was a fund raising project to raise fimds for major capital expenditure. Woodard Schools (Midland Division) Limited arises fron] assets passed over to AESG at the time of the merger. Repaytnent is only Tequired in tbe event of the Mrynding up of the school. The Bursary Fund aims to proride bursary assistance to familie5 who cannot meet the full School fees. 12d ENDOWED FUNDS Consolidated and Sehool Ati September 2019 Incoming resources Resources expended Transfer between nds At31 Ali 2020 29,647 29,945 Ati September 2018 Ineoming resources Resources expended TransfeT between funds At 31 August 2019 29,345 302 29.647 These ndS represent Endowed Funds previously heldby St Hilary's Sehool before its merger Mryth Mount Cannel School and the subsequent fonnation of Alderley FAge.8ehnol for Girls. The permitted use of the ineome from these lldS is in accordance with the wishes of the original donors, being mainly the awarding of prizes and bursarias. 13 OTHER OPERATING CFL4RGES At 31 August 2020 thetllre minimurn lease payments under non-cancellable operating leases were as follows: 2020 2019 Within one year Within two to five years Ovei five yeaTS 18,687 57,737 663,863 18,687 57,742 663.863 740,286 740,292 Page 34
Alderley Edge School for Girls NOTES TO THEACCOUNTS for the year ended 31 August 2020 FINANCIAL INSTRUMEwrs 2020 2019 Financial assets me&8UTed at amortised cost (a) 924,996 979,940 Financial liabilities measured at amortised c05t O)) 1,117,267 954,327 Net financial assets measured at amortised eost (192.272) 25,613 The amount of stocks reeognised in the SOFA is £47,628 (2019: £59,569) (a) Financial assets IDclude casb, fee debtors, nther debtors and 8ecrned ineome (b) Financial liabilities include aecruals, amounts due from The Sisters of St Joseph. trade creditors and other creditOTS Impairnient losses eharged to financial assets Mrea at amortised cost in the year amounted to £1,161 Impairment losses arise from stocks and bad debts being MTitten off. Bad debts of £529 were written off during the year (2019 £Nil) as these were not deemed to be reeoverable. Stoeks of £632. comprising items of School UDiforni, were written off during the year (2019 £Nil) as either damaged or out of date. Page 35
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 15 PENSION SCHEML8 Teaehers, Pensions The School participates in the Teachers, Pension Scheme ("the TPS") for its teaehing staff. The pension chae for the year includes contributions payable to the TPS of £492,741 (2019: £367,570) and at the year-end £Nil (2019- £Nil) was accrued in respect of cotktributions to this scheme. The TPS is an unfunded multi-en]ployer defined bellefits pension seheme governed by The TedLherg' Pensions Regulativng 2010 (as anlended) and The Teachers, Pellsion Sehcme Reglllations 2014 (as amended). Members contribute on a °pay as you go" basis contributions from members and the employerbeing eredited to the F.xehequer. Retirement and other pension benefits are paid by publie ndS prOdea by Parliament. The employer contTibution rate is set by the Secretary of State following scheme valuations undertaken by the Government Aetuarfs Department. The most recent actuarial valuation ol the TPS was prepared as at 31 MarLli 2016 and tlie Valuation Report, which was published in Mareh 2019, confirmed that the employer contribution Tate for thc TPS would inerease from 16.4% to 23.6% fro i September 2019. Employp.rs are also required to pay a scheme administration lery of 0.08% giring a total employer contribution rate of 23.68%. The 31 March 2016Valuation Report was prepared in accordance with the benefits set out in the Scheme regulations and under the approach speeified in ihe Directions, as they applied at S March 2019. However, Ihe assumptions were eonsidered set by the Department for Education PTÉor to the ruling in the'MeCloud/Sargeant case,. Thi.s ca.se has required the courts to consider eases regarding the imple.mentatlOD of the 2015 reforms to Public Serrice Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judwent Ihat Iransitional provibiuns introduced to the reformed pension sehcmcs in 2015 gave rise to unlawful age discrimiiiation. The government is respectingthe Court's decision and has said it will engage fully the EtnploymentTribunal As well as employer and member representatives to agree how the discriminations will be remedied. The TPS is subjeet to a Cost cap mechanism which was pllt in place to protect taxpayer8 against unforeseen changes in scheme eosts. 'i'he chief Secretary to the Treasury> having in 2uI8 announeed that there would be areNryew of this cosl cap n]eLhanisni, in January2019 anDounecd a pause to Ihe cost cap Mell115 following the Court of Appeal's ruling in the McCloud/Sarseant case and until there is certainty about tbe value of pensions to employees from April 2015 onwards. In Mew of the above ruling5 and decisions the assumptions used in the 31 March 2016 AetuaTial Valuation may become inappropriate. In this scenaTlO, a valuation prepared in aecordanee with repised benefits and suitsbly revised assumptions would yield different results than those contained in the Actuarial Valuation. Until a remedy to the diserimination Conclusion has been determined by the Emplo)rnent Tribunal it is not possible to conclude on any financial impact or future ohanges to the eontiibution rates of the TPS. Aceordingly no provision for any additional past benefit pension c(>sts is itlduded in these financial statements. P8ge 36
Alderley Edge School for Girls NOTES TO THE Accouwrs for the year ended 31 Allgust 2020 The Pen$ions Trnst Support staff employees of Alderley Edge School for Girls are entitled to membership of a pension schen]e> providing they meet the Governrnenfs allto-enrolrnent criteria. Until October 2018, the School was a member of The Pellsion TTUSL Pension Scheme. This is a mu]ti-employer pension plan whieh in most respeets is a money purchase arrangement, althougli it does include certain guarantee elements as described below. Contributions paid into the Growth Plan up to and including September 2001 weTe converted to aefined amounts of pension payable from normal Tetirement dates. FTOM October 2001 eonlributions were invested in peTsonal fia$ which have a eApital guarantee and which are converted to pension on retirernent, either within the Plun or by the purLhaye of an annuity. The rules of the PlaTh give the Truqtee the power to require emplnyers to pay additinnal contributions in order to ensure that the statutory funding objective under the Pensions ACL 2004 is met. Tbe statutory funding objective is that a pension scheme should have sufficient assets to tneet its pasl serviee liabilities, known as Technieal Provisions. The latest forn] valuation of the Plan at 30 September 2017. The valuation revellled a shortfall of a.s.qeLs compaird with the value of liabilities of £132 million (2104 valuation (177 million), equivalent to a thnding level of 86% (2014 valuation 82%) on a Technical Provision valuation basis. Following advice receivedfrotn pension consultants, and after discussion Thith staff,the decision was taken to leave this SLhetne. Wilh efleel from October 2018, the School established a new GTOUP Personal Pension Scbeme with Scottish Widows. Contributions to The Pensions Trust ceased from thi.s point and commencedTrfyith Scottish Widows, although staff have the option of maintaining a pension with The Pension Trust or transferring their pension value to Seottish Widows. Alderley Edge School for Girls paid contributions at the rate of 6% and totaling £45,835 (2019 £44,511) during the accounting period. Members paid contributions at a milliinum rate of 3% during the accounting period. As at the balance sheet date theTe were 40 active membeTS of the Scottish Widows scheme employed by Alderley FAlge Sehool for Girls. Pension Costs for both schemes are met from unrestricted thnds. Page 37
Alderley Edge School for Girls NOTES TO THE AccouFrrs for the year ended 31 Augu4%t 2020 16 INSURANCE During tbe year, the school purchased Governors and Bursars Insurance at a cost of £300 (2019: £300) and £Nil (2019: £ nil) respectively. RlATED PARTY TRANSAcfIoNS Mount Carmel and St Hilary's Schools merged wAth effect from September 1999 and became Alderley Edge School for Girls. St Hilarfs Sehool was part of Woodard Schools (Midland DI510) Limited and Mount Carmel was founded by The Sisters of St Joseph. Certain loans have been made to the merged Sehool by these organisations to assist with the merger, as disclosed in notes io, li aud 12. These loans, as of October 2020, have been paid in full. The SAsters of St Joseph norninate a goitrnor to the Board - this is eurTently Mrs R. Price. Rent of £10,200 per annum is also paid to Thc 8iste.rs for use of tennis courts at Ryleys Iane. Woo(laTd Schoo15 also nominate a governor to the Board- this is currently Rev. B. Clover. CONfINGEwf LIABIIITIES A legal mortgage of £1 was entered into during the year ended 31 August 2001 ill favniir of Wuoaard SLhvols (Midlalld Division) Limited. This mortgage is only repa}Trble in the event nfthp Inding up of the School. 19 posr BAL4NCE SHEET EVEwrs On 20th March 2020, as iJstructed by the UKGovernuLent in response to the COd-19 pandemic, the Sehool elosed its site to all puplls, except those of paTents who are Key Workers. Follomryng Goiernment guidance, pupils in certain Year Groups weie allowed to return to School from Julle 2020. The School moved its educational PTovision online and eommeneed remote Iearning for those pupi]s not on the premises. Staff continued to provide education on site to those pupils atteudins School. The School was able to reduee running costs by operating a Tedlleed site. It a]so ar.eessed the Cor(Inavirus Job Retention Scheme and furloughed some membeTS of staff. In making thetse changeb, the School w&5 able to llLake estilltea savings of apprOxiuteIY £80,000, which it itLlendb" lo pass on to parents. Page 38
Alderley Edge School for Girls NOTES TO THEACCOUNTS for the year ended 31 August 2020 20 CONSOLIDATED SOFA- COMPARATIVE FIGURES BY FUND TYPE Restrirted Endowed Unrestricted Total Total Note Funds Funds Fund5 2019 2018 JNCOMtNG RFSOURCFS Charitable actlvltles School lees Other allcillary illcome 5,184,097 75.907 5,184,097 7S,907 5,037,132 42,170 Ic Other trading activities Actiiqties for generating fund8 Other activtties ia 47,430 88,231 45.871 135,661 45.871 113,616 32,6L9 Investsnents Investment incolne 4,673 4,673 5,124 TOTAL INCOIKtNG 47A30 5.398.779 5,446.209 5.230,561 Raxsing thnds Trading cost5 of the subsidiary Fundraissng cost5 Financillg costs 72,169 ,87S 4,724 72,169 LS,875 4,724 78,193 14,836 907 92,768 92,768 lo236 Charitable activities- School oper&ting c08ts Teaching eo8ts Welfare Preniises Suppoit and goYeTDaDce 11,508 3,591,658 440,748 523,207 864,911 3,603,166 440>748 523,207 864.911 3,632,642 393,884 516,652 802.208 11,508 5A20,524 5,432,032 5,345,386 TOTALRESOURCFS EXPENDED 11,508 5,513,292 5,524,800 5,447,922 NET INCOMING RESOURCES 35,922 (114,513) {302) (78.591) (217.3611 Tran.ters bptween thnds Fund balaDces At I Septernber 2018 302 117,192 29,345 6,460,826 6,607,363 6,824,724 AT 3IAUGUSf 2019 153,114 6*346,011 6>528>772 6,607>363 Page 39
Alderley Edge School for Girls NOTES TO THE ACCOUNTS for the year ended 31 August 2020 20 COMPANY SOFA- COMPARATIVE FIGURES BY FUND TYPE Restricted Funds Endowed Unrestricted Funds Funds Total 2019 Total 2018 Note INCOMING RESOURCFS Clwitable activities School fee5 Other ancillary income 5.184.097 75,907 5,184,097 75,907 &037,132 42,L70 Ic Other trading activities AetiTrities for generatillsnds Other activities ia 47,430 7,883 49,293 55J13 49,293 31,90 32.619 Investnlertts InvestmeTht income 4,673 4,673 5,124 TOTAL INCOMING RFSOURCFS 47,430 5,321,853 5>369,283 5,148,946 Raising ndS Fundraising costs Financing eost8 ,875 4,724 ,875 14,836 9,507 20,599 20,599 24,343 Charitable aCtEtieS- Sehool operating cffjsts Teaching eosts Welfare Preryjises Support and governan 3,591,658 440,748 52J,407 864.911 3,603,166 440,748 523>207 864,911 8,632,642 393.884 516,652 802,208 11,508 5A20ffj24 5.432,032 5,345,386 T(YTAI. RFSOURCES 11,508 5,441,123 5.452,631 5369,729 NET INCOMING RFSOURCRS Transfers between funds 35,922 2.188 (119,2701 (3021 (83,348) {220,783) 302 At I September 2018 117,192 29,345 6,453,531 6,600,068 6,820,851 FUND BAtANC& AT 31 AUGusf 2019 153,114 29,647 6,333,959 6,516,720 6,600,068 Page 40