Sussex House School IA company limrted by guarantee and not having share capital) Report and financial statements For the year ended 31 August 2021 Company registration number.. 02884794 (England and Wales) Charity registration number.. 1035806 (England and Wales) Sussex House School Reference and administrative details of the charitable company, its trustees and advisors Trustee¥ A B Badenoch d8c8as8d 26 112020 J A Crewe J M Elias M A J Goedhuis NPK8ye R T G Winter appointed 22 May 2021 Board of Governors J A Grewe (Ghairmanl A B Badenoch deceased 26 112020 J M Elias N M Gayner J Gallant P D Hargreaves R T G Winter appointgd 22 May 2021 Registered Company nurnber 02884794 (England and Wales) Registered Charity nUM￿r 1035808 (England and Walesl Headmaster NPKaye 8ur8ar A M Bennett Independent audltor WMT- Chartered Accountants Vetul8rn Point station Way St Albans H8rtfordshir8 AL1 SHE Re9i#t8red Offieè 68 Cadogan Square London SW1X OEA Website WWW.SUssexhou5eschool.co.uk Bankers Bardays Bank plc Level 27 1 Churchill Place London E145HP Sussex House Sehool Contents Trustees, report Independent auditorfs report 9-12 Statement irffinancial activities (including incorne and expenditure accounti 13-14 Balance sheet 15 Cash flow stslernenl 16 Notes to the financial statements 17-28 Sussex House School Trustees, report for the year ended 31 August 2021 The trustees Iwho are also directors of Sussex House School Limited for the purposes of company law and trustees for the purpos85 of charity lawl pres8nt their statutory report, which also rep185ents a directors, r8port, for the y88r 8nded 31 August 2021 under the Companies Act 2006. together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006 and the charitable company's memorandum and artides ol association and have been prepared in accordance wth the Financial Reporting Standaid applicable in the United Kingdom and the Republic of Ireland IFRS 1021 and the Statement of Recommended Practice IAccounting and Reporting by Charitiesl (the Charities SORP- Second Edition). The report has been prepared in accordance with Part 8 of the Charities Act2011. Reference and administrative infomiation Sussex House School I'the School'l is a registered charitable company founded in 1994, charity number 1035806 and company numbei 02884794. The liability of the members 15 limited by guarantee to an amount not ex￿eding £5. The School has an official Church of England affiliation under the Designation of Schools having a Religious Character Ilndependent S¢hoolsl (England) Older 2004. Structure, governance and management Governin document The charitable company is governed by its mernorandum and articles of assoriation which were last amended on 10 March 1994. Trustees The trustees, who are also directors of the charitable company. who have held office for the whole of the year unless otherwise stated, and to the date of this report, are as follows. A B Badenoch deceased 26 7 12020 J Crewe J M Elias M A J Goedhuis NPKaye R T G Winter appoAnt8d 22 May 2021 Trustee a ointment and trainin New ttustee5 will be appointed in accoidance the Artides of Association following lengthy consu￿atIon and nsideralion by the existing Ituslees who must be sa1151ied regarding their eligibilty. Existing Iiuslees retire by rotstion each year. Any new ttU5t888 will be induct8d into th8 workings of the School, and 8150 of th8 company as a r8g15t8ied tharity by th8 Headmaster. Prospective trustees will be provided with a mernorandurn of the legal responsibilities and duties of trustees and are invited to familiarise themselves with CC3'The Essential trustee." what you need to know, what you need to do" published by the Charity Commission plus copie5 of the charitable company's financial statetnents and rninutes of previous trustees, rreetings. Page 3 Sussex House School Trustees, report for the year ended 31 August 2021 Struetura, govèrnaneè and managam•nt leontinuadl anisational mana emenl The trustees meet six times a year to detemine the general policy of the charitable company and review its overall managetnent and contiol, ft)rwhich they are legally responsible. When detertnining policies, the trustees seek input from the Board of Govemors which also meets al least three limes a year. The day-to-day running of the School is delegated lo the Headmaster and the Staff Senior Management Team. Objects, aims, objectives and principal activitie8 (including public benefiti The primary objective of the charitable company, as set out in its memorandum and articles of assoaation, is promoting and providing for the advancement of education of children and adults by the provision of one or more schools, tutorial colleges and other estsblishmenls. The Trustees have had regard to the guidance on public benefit published by the Charity Commission, and in particular to its supplementary public benefit guidance on advan￿ng education 8nd on fee charging when exercising their powe15 and duties, in particular when setting fees charged by the Schooj and identifying the benefits provided by the charitable company in relation to its aims. Although the School has an entry test, due to the large nurnber of applications for places. the policy is to measure potential as well as a pupil's current performance so that priority is given to children who will benefit from not only the academic piogramme on ofler at the School, but also the specialities of certain areas of creativity, notably Music, Art and Theatre. The School has never restricted entry lo a potential pupil because of the pupil's parents. inability lo pay the fees. The School has never asked for a pupil to be removed from Sussex House due to a change in parents, financial circumstances. The geographical location of a pupil's home, their ethnicity, race or existence ol a disability are quite irrelevant to the School's selection procedure. Although the School has an official Ghurch of England affiliation. a family or child's religiou5 affiliation is not taken into account when ￿a¢e$ are offered and boys of all religions and denominations or none are welcomed equally. strate ic aim and intended effe The School's strategic aim is lo reach its annual objective which is the attainment of the highest academic levels whilst allowing pupils to benefit from the School's extensive extra￿rrICUlar programme. This enables the School to develop its pupils, 8bilrtie5 and acad8mic potential, awaken and dev8lop th8ir wid81 int818sts in lrfe and prepar8 th8rn for the Senior school of their own and their parents, choice. Ob"ectives foi the ear The Ituslees, main objective for the year continued lo be to edu¢*e 811 the School's pupils lo al least the same high standard achieved by the School in previous years, so that they will fully benefit from their chosen senior school for the complets'on of their education in due course. The strategy to achieve this Is to maintsin a high teacher-to-pupil ratio and to tailoi the 8ducation of each pupil to suit th8ir individual n8eds. In addition, the trustees 8ini to continue providing 5UPPOrt in 18SP8Ct of the provision of means tested bursaries and to continue to develop links with the local community and other organisations. Princi al activit The School continues to operate as a day school for 8-13 year-old boys, educating them lo a high standard and so enabling them to move on to a suitable senior school for the completion of their education. Page 4 Sussex House School Trustees, report for the year ended 31 August 2021 Rèvièw of aehi*v&m*nts and p•rfomiane• for tha yèar lineluding public bèn•fitl rational erfomiance of the School Despite the unprecedented, ongoing challenges presented by the COVID 19 pandemic, it has been an outstanding year for the School. Sixth form pupils were successful in gaining entry to the schools of their choice, wrth a King's Scholarship to Eton, and 2 other Academic Scholarships lo top academic schools. and a Music Scholarship to a competitive schod. The School responded to the imposition of a second lockdown during the first half of the Lent 2021 term by reverting to it's established academic'virtually Sussex House" online leaming programme, which was extended to include winter term a¢tivilies. Again, the Customary volume and variety of literary. drama. art. music 8Nd sports were significantly impacted during second lockdown, and the temly school fee was reduced by 20°/0 accordingly. Those staff who did not have a role in the delivery of the online learning programme were lurtoughed during the period of school closure. Bursaries donations and s onsorshi There were 2 bursaries awarded for the 2020121 academic year. The School continues to seek pupils who Mrill benefit from the School's buisary provision, as well as 8ddilion81 sources of bui$8ry funding. Donations to the Asra Hawariat School Fund, which supports the Asra Hawariat School, Ethiopia arising from funds raised at School events, atnounted to £9,84612020.. £7641, and certain parent5 made donations directly. Fundraisin The significant majority of the School's donations are raised as a result tsf the efforts of the School's Activities Committee, which comprises parents of current pupils and Schod stsff. The Chrislrnas Fair and the Summer Auction are the two rllain events each year which feature fundraising activities. These events are attended by pupils and their families, and donations are from persons with a connection to the School. Although the Christmas Fair could not take place this year, due to the OVID 19 pandernic. donations lo the School were generous. Relationshi s with the Local Communi and other or anisations The School is a metnber of IAPS whith acts for the promotion 8nd maintenance of preparatory ￿h0o1 stsndards generally. The School co-operates with various churches, induding St Simon Zelotes, Milner Street, and pupils are involved in three concerts 8 year Ilwo thi5 yearl as Part of the Music Soci8ty Progr8mme of St. Mary Magdalene Church Litue Venic8. and other local charities and societies. The School is also closely involved with the Asr8 Hawari8t School in Ethiopia to which proportion of the monies raised from the Christmas Fair is donated each year. Sussex House has wntinued lo share our ourriculutn undei an inili8live of the Board of Govemors for Gienfell Response. The Maleolm Arnold Pre Academ The School is a strategic partnei In the developtn8nt of the Malcolm Arnold P18paratory Academy (part of th8 Malcom Arnold Academy), which is committed to refiecling aspects of the educational and creative approach of Sussex House School. The school is based in Northampton. Sussex House has been sharing expertise at many levels and Nicholas Kaye our Headtnaster, has been an acadernic consultant to the school. arato Fencin The School has a strong tradition ol achievement in this sport, having pioduced a number of national champions over the past 20 years. however. many competition5 were cancelled this year due to GOVID 19. induding the London Youth Games. Page 5 Sussex House School Trustees, report for the year ended 31 August 2021 Rovi￿ of achi•v*m•nts and perfomianeè for tha yèar lineluding public banafitl Icontinuedl Music The School usually contribLrtes to the funding of Iwo major events of the St Mary Magdalene Music Soaety based at St Mary Magdalene Church, in which the School participates. Due to COVID iestrictions neither event took place this year12020.. £14.947. 1 event). Members of the public attend and fomi part of the Chorus and Orchestra in these events and the large audiences contain many members of the public who have no other association with Sussex House. Church Sussex House takes part in various events at its local church, St Simon Zelotes, Milner Street, S￿. This year, the School was very grateful to St Simon Zelotes who allowed a greater than normal use of the church during COVID restrictions, which en8bled a numbei of events lo go ahead in 8 distanced rnannei. The Sthool contributed £8.00012020' £2,5(KII towards the upkeep of the church. The School has also maintained its strong link with St Mary Magdalene Church, Rowington Close, Little Venice, W2. The Asra Hawariat School Addis Ababa Sussex House has established a strong link with this school in Addis Ababa. The Asra Hawariat School exists to provide education for 1,500 Ethiopian children who would not othetwise have the tnean5 to attend school. The school 15 funded by the Asra Hawariat School Fund based in the UK and no children pay lo attend. A generous contribution from funds raised at the Summer Auction 2021 was donated to the Asra Hawariat School Fund and as a result ol the link many parents have made generous separate donations to that school. The trustees have continued to review the School's activities including revenue and financial, human and physical resources as part of their duties to monitor and ensure that the School's charitable objects and the public benefit are achieved most effectivety. Related transactions N P Kaye Is 8 trustee of both the Asia Hawari* School Fund. which funds the AST8 Hawariat school in Addis Abab8, and of the Sl Mary Magdalene Music Society. Details of Ir8nsactions with these rel8ted parties 8re sel out in note 18 to the financial statements. Bursaries are available to those prospective pupils who meet the School's entry requirements, or current pupils, and are tllade solely on the basis of parental means or to relieve hardship where a PLJpiI's education and future piospects would otherwise be at risk. In assessing means the School takes a nutnber of f8dors into the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we tnight state to the ch8rit8ble company's rnembers those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's metnber5 as 8 body, for our 8udrt work, foi this ieport, or for the opinions we have formed. (u Elizabèth INin8 Senior Ststutory Auditor For and on behaK of hartered Ac¢ounlanls and Statutory Auditors Verulam Point Station Way St Albans Hertfordshire AL15HE Date.. 17 December 2021 Page 12 Sussex House School statement of financial activities {including income and expenditure account) For the year ended 31 August 2021 Unrestricted Restricted funds funds 2021 2021 Totsl Unrestricted Restricted funds funds funds 2021 2020 2020 Total funds 2020 Notes Income from charitable activitie$-. School fe85 4,085,712 35,210 4,085,712 35,210 3,675,724 22,800 3,675,724 22,800 Registration fees Income from generated funds.. Donations 53,148 1,617 82,628 4,258,315 111,943 165,091 1,617 82,628 4.370.258 22,264 3,574 227.151 3,951,513 193,125 215,389 3,574 227.151 4,144,638 Interest receivable Other income Total income 111,943 193,125 Expenditure on charitable activities= Teaching costs Premises 2,813,032 514.104 384,359 21,296 16,203 29,207 9,358 3,787.559 66,613 2,879,645 514,104 384,359 87,785 16,203 29,207 12,428 3,923,731 2,708,459 510,$04 372.137 23,926 2,433 22.659 18.495 26,S82 2,735,141 510,604 372.137 93,395 2,433 22.659 20,772 3,757,141 - Support costs Depreciation and atllortisation Bank charges and bad debts Bursaries 66,489 69,469 Donations 3,070 136,172 2,277 98.428 Total expenditure 3,658.713 Net income I (expenditu￿) for the yèar 470,756 124,2291 446,527 292.800 94.697 387,497 The notes on pages 17 10 28 fom part of the financial slalernents. Page 13 Sussex House School statement of financial activities {including income and expenditure account) For the year ended 31 August 2021 Unrèstrietèd Rastrictad funds funds 2021 2021 Total Unrestricted Restricted funds funds funds 2021 2020 2020 Total funds 2020 Notes Net incotnell8XP8nditurel for the year 470,756 124,2291 446,527 292,800 94,697 387,497 Depieciation on revaluation of tangible fixed 8ssets Net movernent in funds IS,0301 465,726 1,144,068 11,12 1,609,794 15,0301 441,497 1,693.600 15,0301 287.770 856,298 15,0301 382,467 1,311,133 124.2291 549,532 94,697 454,835 Fund balances at 1 September Fund balane8s at 31 August 525,303 2,135,097 1.144.068 549,532 1.693,600 The net Incoming resour￿8 for the year derive frorn the continuing operab.ons of the charitable company. The notes on pages 17 10 28 fom part of the financial slalerllenls. Page 14 Sussex House SGhool- ChaTHy r•ulst•r•d numbor: 1035806 (England and Wal•81 Company reg15ter8d n￿nber. 02884794 (Engl￿d and Wales) Balance shéet for the year ended 31 August 2021 2D21 2020 Not8S Flx8d ass•ts: Tangl￿e assets Listed investrnnts 657,778 124 737,238 124 657.902 737.362 Curr•nt ass•ts: Dfybtors Cash at bank 242.804 2.392.838 2.635,642 a66,447) 205,144 1,690.407 1.896.551 640.813 Crèdltoys." amounts IAlllwJ du• withln year Nel current assets 1,769,195 1,255.738 Total ass•ts l•ss curr•nt Ilabllltl•s 1427,097 1.993,100 Cr￿￿t0[5.. falling due 8fter mor8 than one y8Br 10 1292.IXIOI 1299.5001 Total net as4ets 1135.097 1.693.600 Repr•sonted by.. ReseNes.' Re5trict8d fund8 Unrestrlctgj funds 11 12 525.303 1.609.794 S49.532 1,144,068 Total funds 2.134097 1.693,600 The tharrlal Statements have been prepared In accordance wlth the sped81 p￿s1OnS 8pplleable to CoMp￿18S Subject to the small ¢ompanigs' reglmg. Under CAThPAnles Act 2006, s454, on A volunlary basLs thB Tru5teBs can arRend these fir￿rKI&l Stak￿18 ifthey subsequentty PfDve to defeGtIv8. Appiovwj and authorised for ISSUB by thp trustee5 and sl9ned on I￿1r bghalf by: NPKay Trust88 30 NovÈmbÈr 2021 The r¥Jtes on pages 17 to 28 knrm p8rt of th8 flnandal ststemgnts. Page 15 Sussex House School Cash flow statement for the year ended 31 August 2021 2021 2020 Cash flows fmm operatlng actlvltles.. Nel inoome for the year Adjuslmenls for.. Depreaation charges Interest 446,527 387,497 87.785 11,6171 136,6601 218.134 714,169 93,395 13,5741 41,049 154,5451 463.822 IINcreasel I decrease in debtors Increase I Idecreasel in creditors Net cash provided by operating activities". Cash flows from investing activities.. Interest 1,617 113,3551 111,7381 3,574 {38,0541 {34,4801 Purchase of property, furniture and equiprnenl Nel cash used in investing 8Ctivities'. Change in cash at bank and in hand in the year 702,431 429.342 Cash at bank and in hand at the beginning of the year 1,690.407 1,281,065 Cash at bank and in hand at the end of the year 2,392,838 1.690.407 Changes in net debt At 1 September Cash Flows At 31 August Cash at bank and in hand 1,690,407 702,431 2.392,838 The notes on pages 17 to 28 fomi part of the finanaal statements. Page 16 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Accounting policies 8asis of preparation Su55ex House School is a public benefit entity under the Fin8nci81 Reporting St8nd8id 102 IFRS 1021. The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold land and buildings, and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standaid applirsble in the Unrted Kingdom and the Republic of Ireland IFRS 1021- Second Edition and the Finanaal Reporting Standard applicable in the United Kingdom and the Republic of Ireland IFRS 1021 and the Companies Act 20C6. Income All incorne is recognised when the ch8rrtable cornpany is legally entitled to the inwme, when il is piobable that the income will be re￿iVed and when the amount receivable can be rneasured with suffirienl reliability. F8es Fees consist of charge5 invol￿d for the School year ending August 31 for tuition and registration. Fees received for education to be provided in future years are deferred to future periods. Job Retention Scheme income consists of claims made through HMRC for a proportion of the cost of the wages and salaries of those employees who are fudoughed during a period of Government-imposed physical school c105ure ielated to th8 COVID 19 pandemic. Atnounts claitned are given in note 2. Expenditure All expenditure (including irrecoverable VAT) is recognised when a liability is incurred and has been classified under headings that aggregate all costs related to the category. Charitable activities costs comprise all operating expenditure incurred to enable the charitable company to fulfil its charitable aims. These include both costs that can be allocated direclly, and those of an indirect nature which are neGessary to SUPPOrt charitsble adivilies. Costs of generating funds are those incurred in attracting voluntary donations. Page 17 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Accounting policies Iconlinuedl Tangible fixed assets Tangible fixed asse15 Wsting £300 or mole ale cApit8lised. Depreciation is provided on tangible fixed assets 81 rates calculated to write off the cost or valuation, less estirnated residual value, of each asset evenly over its expected useful life, as follows.. Freehold buildings Leasehold property and improvements Furniture and equiptnent over 50 years over the lease term over 4-10 years No depreaation is charged on freehold land. Listed investments Listed investments are shown 81 market value. Financial instruments The charitable company only enters into basic financial instruments transactions that result in the reCOgn￿On of financial assets and liabilities such as debtors and creditors. Financial instruments are initially measured at transaction value. They are assessed at the end of each reporting period for objective evidence of impairment, and il found, an impairment loss is recognised. Cash at bank Cash at bank comprises cash at bank and in hand. Dèbtors Short term debtors are measured at transaction pri￿, less any impairment losses. Creditors Short lerTn creditors are measured al the Iiansadion price. Dèposits Deposits refundable against final term's fees are treated as a long term liabilty except to the extent that they are due to be repaid within one year of the balance sheet date in which case they a￿ recorded as a current liability. Forfeited deposits are tsken lo income. Pensions The School contributes to the Teachers, Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the School by the Scherne Administrator. The Scherne is 8 tnulti-etnployer pension scheme and it 15 not possible to identify the assets and liabilities of the Scheme which are attributable lo the School. In accordance wth FRS 102 the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator. Contributions to the NEST Pension Scheme are at the level required under current workplace pension legislation. Page 18 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Accounting policies Iconlinuedl Leasing commitments Rentals paid under operating leases are charged to income on a straight line basis over the lease temi. Fund accountlng.. Restrfcted funds Restricted funds comprise donations given for a specific purpose and their use is therefore subject to specific restrictitsns imposed by donors. Expenditure incurred in fulfilling the objective of each fund is charged against the fvnd balance and deducted from the expenditure category in the charitable company's Statement of Financial Activities. Mthere the expenditu relates to a fixed asset, an amount is set aside in restricted funds related to that fixed asset and an annual depreciation charge is rnade against the restricted fvnd until such lime as that asset is fully depreaated. Unre¥tri¢ted fund¥ Unrestricted funds comprise accumulated surpluses and deficits and are available for use at the discretion of the ttuslees in furtheran￿ of the gene[81 objedives of the i*aritsble comp8ny. Judgements The pieparation of the financial statements require5 the Tiustees to make judgements, estirnate5 and 8ssumpb.ons that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have a significant effect on the amounts recognised in the financial ststemenls. Going concem The trustees are not aware of any material uncertainties regarding going concern. Income Income represents fees charged in respect of tuition, other related activities and registration fees. Donations include those amounts donated to specific restricted funds and unrestricted donations along with any tax refund received under Gift Aid. Incoming resources also Includes interest ieceivable and any gain5 in value of investments. This year, Other Incorne includes claims made under the HMRC Job Retention Scheme. comprising claims of £63,00712020.' £165,731) and £9,821 12020.. 248,9301 for wages and salaries of fudoughed teaching and support staff respectively. Page 19 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Ineom• Icontinuedl The donations received during the year comprised.. Restricted Unrestiicted 2021 2020 funds funds Totsl Total Arts and Sports Fund Asra Hawariat School Fund Technology Fund Music and Theatre Fund 47,557 12.246 47,557 12,246 142,361 764 50,000 52,140 52,140 Other 53.148 53,148 22.264 215,389 111,943 165,091 Expenditure Thi¥ is ststed after ¢harging= (al 2021 2020 Staff costs Inote 41 Governance costs- Auditorfs remuneration 2,685.764 8,400 196 87.785 3,012 313,400 2,570,780 8.610 187 93,395 2,780 290,127 othei goveinance costs Depreciation of owned fixed assets Operating lease rentals- plant and equipment land and buildings Ibl Remuneration of trustees No trustees reTrived any remuneration in respect of their services during the year12020.' £nill. No trustee re￿iVed any reimbursement of expenses during the year12020.' £nill. Mr N P Kaye, who is a trustee is also the school's headrnaster and his remuneration (excluding pension contributions) including benefits, was £141,92412020'. £147,032) and is induded in the staff costs. In addition, the School has made employer contribLrtions to the Govemment's Teachers, Pension Defined Benefits Scheme (note 141 for the benefit of Mr N P Kaye of £30,34712020'. £29,5351. Indemnity insurance The School has purchased indemnity insurance to indernnify the School for LJP to £1,0(K).000 from Ios5 arising from the neglect or default of ils Iruslees. employees or agents and to indemnify the Iruslees or other officers against the consequences of any neglect or default on their part at a cost of £19612020.. £18n. Page 20 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Expenditure {c4)nlinuedl Id} Support Costs 2021 2020 Wages and salaries Ctstnputer costs Insur8nTr Inon-buildingsl Other support costs 259.146 65,099 21,672 38.442 384,359 253,837 73,519 19,282 25,499 372,137 Stsff costs 2021 2020 Wages and salaries Social security costs Qlhei pension costs Inole 141 2,150.480 232.527 302,757 2,685.764 2,058,151 223.988 288,641 2.570.780 Of the above £2.426,61812020.' £2,316.9431 is included in teaching costs and £259.14612020.' £253,837) is included in support costs in the Staternent of Finanaal Activities. The average monthly number of employees during the year was as follows.. 2021 2021 FTE No. 2020 FTE 2020 No. Teaching staff Adrninistralion 36 45 37 46 41 50 42 51 Ex-gialia payments lolalling £nil12020.' £5.3851 were paid lo staff leaving during the year. The lolal of key rnanagement personnel compensation was £862,82812020'. £858,667). The number of employees whose remuneration exceeded £80,000 and to whom retirement benefits are accruing under defined benefrt schemes (note 141 are set out below.. 2021 2020 £60,001 £70,000 £70,001 £80.000 £80,(M)1 £90,000 £90.(K11 £100.000 £140,001 £150,000 Page 21 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Taxation The School is a registered charity and therefore is not liable to income tax or corporation tax or income or gains derived from its charitable actwities, as they fall within the various exemptions available to registered charities. Tangiblè fixed assèts Freehold land and buildings Leasehold improvements Furniture & equipment Totsl Costlvaluatlon: At 1 Seplernber 2020 Additions Disp05815 At 31 August 2021 936.628 449,546 844,656 13,355 2,230,830 13,3SS 936,628 449,546 858,011 2.244,185 Dèprèciation: Al 1 Septernber 2020 Provided during the year Disposals At 31 August 2021 382.155 19,921 352,276 32,384 759,161 40,510 1,493,592 92,815 402,076 384,660 799,671 1.586,407 Net book value= At 31 August 2021 At 1 September 2020 534,552 554,473 64,886 97,270 58,340 85,495 657,778 737,238 All fLX8d ass8ts owned are us8d foi direct ch8ritab18 purposes. The charitable company has adopted a policy of not revaluing its tangible fixed assets. The book value of fieehold land and building5 is based on a valuation by Gerald Eve, Chartered Sutvey015 on November 26 1999 at open market value in accordan￿ with The Royal Institution ol Chartered Surveyors, Appraisal and Valuation Manual. This valuation of £700,000 has been incorporated in these financial statements with subsequent additions being included at cost. The historical cost of freehold land and buildings included above at a valuation of £936,628 was £e85,106 and the aggregate depreuation thereon would be £308,313. Listed investments The charitable company holds 372 shares in Lloyds Banking Group plc12020.' 372 shares) which is recorded at its market value of £124 on August 312021 12020.. £1241. Page 22 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Debtors 2021 2020 Fees receivable Prepayments and accrued income Other debtors 94,253 146.390 2,161 242.804 18,938 184,254 2.952 206,144 Creditors: amounts falling due within one year 2021 2020 Deposits refundable within one year Payrnenls for school fees received on account Expense creditors Taxation and social security costs Other creditors Accruals 85,500 587,665 80,913 55.553 35,088 21.728 866,447 ,500 353.272 109,345 57,359 34.868 29,469 640,813 Other creditors indudes an amount of £35,08812020". £34,868) in respect of contributions due to pension schemes. 10 Creditors: Amounts falling due after moro than ono year 2021 2020 School fee deposits 292,000 299.500 Page 23 Sussex House School Notes to the financial statements for the year ended 31 August 2021 11 Restricted funds lal The inctsme funds of the School include restricted funds comprising the folkjwing balances." Capital Asra Expenditure Arts and Hawariat fund Sports fund School fund Music and Theatre Technology Art Display fund Fund Fund Total At 1 September 2020 Incoming resources.. Donations received 163,343 347,450 10,521 22,454 5,000 549,532 47,557 12,246 52,140 111,943 Resources expended". Capital expenditure Depreaation School activities 8.191 168,4891 12,416} 13,7751 166.4891 166,6131 12,2701 18001 110,9321 155,6811 Asra Hawariat School Ethiopia Transfers 12,2701 18001 At 31 August 2021 103.045 384.075 6,980 20.038 1.225 525,303 Capital Asr8 Expenditure Art5 and Hawariat fund Sports fund School fund Music and Theatie Technology Art Display fund Fund fund Total At 1 September 2019 Incoming resources". Donations received 199,257 233,030 2,277 15,271 5,000 454,835 142,361 50,000 193.125 Resources expended.. Capital expenditure Depreciation School activities Asr8 Hawarial School Transfers 33,555 169.4691 11,2591 14.7501 127.5461 169,4691 126,6821 12,2771 126.6821 12,2771 At 31 August 2020 163.343 347,450 10,521 22,454 5.000 $49,532 Page 24 Sussex House School Notes to the financial statements for the year ended 31 August 2021 Restricted funds continued The Capital ExpenditLJre Fund represents amounts used to purchase fixed assets for the School, from funds raised specifically for such a purpose. and also the annual depreu8tion charge each year on those assets. bl The Arts and Sports Fund has been used partly to fund fixed assets in the past but is also to maintain and develop the School's creative, musical, theatrical and sporting activities, with the majority of its funds being generated by the School's Chri51rnas Fair and Summer Auction. Further music, drama and art resour￿$ will be funded from the Music and Theatre Fund and the Art Display Fund, and the main current focus is the upgrading of smart white boards, in the ICT room and classrooms. The School also operates a fund lo support the Asra Hawariat School. 12 Unrestricted funds These funds comprise.. 2021 2020 Revaluation reserve Accumulated surplus 157,754 1,452,040 1,609,794 162,784 981,284 1,144,068 The revaluation reserve arose on the revaluation of the freehold land and buildings in 1999. less the depreciation released to the Statement of financial activities. The remaining unrestricted resources arise principally frorn the School's day-to-day operations. 13 Analysis of net assets between funds The fund balances at 31 August 2021 are represented by.. Rèstrietèd Unr&strict8d funds funds 2021 2021 Total funds 2021 Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Fixed assets Current assets Current liabilities Creditois.. Arnounts falling due after one year Total net assèts 103,045 422.258 554,857 2.213,384 1866,4471 657,902 2,635.642 1866,4471 163,343 38e,189 574,019 1,510,362 1640.8131 737,362 1,896,551 {640.8131 1292,0001 1,607,794 1292,0001 2,135,097 1299,5001 1299,5001 1,144.068 1.693.600 525,303 549.532 Page 25 Sussex House School Notes to the financial statements for the year ended 31 August 2021 13 Analysis of net assets between funds Icontinuedl Unrealised gains at 31 August 2021 are represented by". Restricted Unrestricted funds funds 2021 2021 Total funds 2021 R85tiicted Unr85trict8d funds funds 2020 2020 Tot81 funds 2020 Al 1 September Realised in the year At 31 August 162,784 15,0301 157,754 162,784 15,0301 157,754 1S7,814 15,0301 182,784 167,814 15,0301 162,784 14 Pensions Teachers. Pension¥ The School partiapates in the Teachers. Pension Scheme (England and Wales) I the TPS'I for its teaching staff. Th8 pension charge for the year Includes contributions payable to the TPS of £281,58512020.. £265,587) and at the year end £32,87512020'. £32,655) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employei defined benefits pension scheme governed by the Teachers, Pensions Regulations 2010 las amended) and the Teachers, Pension Scheme Regulations 2014 las 8mendedl. Mewbers contribute on a'pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefrts are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Govemment Actuary's Department. The latest valuation report in respect of the TPS was prepared at 31 March 2016 and the valuation report, which w85 published in M8r¢h 2019. wnfirrned that the ernployer contribution rale for the TPS would increase from 16.4Q/ts lo 23.6°/• frow 1 September 2019. Employers are also required lo pay sd)eme administration levy ol 0.08Qkn giving a total employer contribution rate of 23.68910. The 31 Ma￿h 2016 Valuation Report Was prepared in acLord8nce with the benefits sel out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumption5 were considered and set by the Department for Education prioi to the iuling in the 'McCk)udlSargeant case,. This case has required the ¢ourts lo wnsider cases regaiding the implemenlalion of the 2015 reforrns lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supretne Court denied the government permission to 8ppe81 the Court of Appeal's judgtnent that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respeding the Court's decision and has said it will engage fully with the Ernployrnent Tribunal as well as employer and membei representatives to agree how the discritnination5 will be remedied. A consultation was launched by the govemment on 16 July 2020, and closed to responses on 11 October 2020. Page 26 Sussex House School Notes to the financial statements for the year ended 31 August 2021 14 Pensions Icontinuedl Teachers, Penslons Icontinuedl The TPS is subject to a cost cap rnechanisrr which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism folk)wing the Court of Appeal'5 ruling in the McCloudlS8rgeant Case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield drffeient results than those contained In the Actuarial Valuation. Until the consultation and the cost cap mechanisrn review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is Included in these financial statements. Under the definitions set out in section 17 of Financial Reporting Standard 102. the TPS is a rnulti-ernployer pension scheme. The chaiitable company is unable to identify its share of the undedying assets and liabilrties of the scheme. Accordingty. il has taken advantage of the exemption in FRS 102 and has accounted for ils contributions to the scheme as if it were a defined contribution scheme. The charitable company has set out above the information available on the scheme. Other Pensions Pension contributions are also paid to a contributory pension scheme for the benefit of nortrteaching staff. In May 2015 the School started its auto-enrolment pension scheme with NEST ft)r the benefit of all non-teaching staff. The ssels of this scheme are held separately frorn th95e of the School in Independent￿ adtninistered funds. All pension contribution costs are recognised in the statement of financial activities as they become payable. The pension charge foi the year includ85 contribution5 payable to NEST of £21.18212020.. 219,7611 and 8t the y8ar end the amount due to the scheme was £2,21312020'. £2.0121. The statutory minimum contribLrtion level increased in April 2019. 15 Capital commitments There were capital commitments for items contracted for but not provided in the financial statements amounting to £nil12020.' £nill. Page 27 Sussex House School Notes to the financial statements for the year ended 31 August 2021 16 Other financial commitments The future rninimum lease payments due lo the end of the relevant leases are as fdlows.. Plant and Equipment 2021 Plant and Equipment 2020 Land and buildings 2021 Land and buildings 2020 Operating leases payments due.. Within one year Between 2 and 5 years Greater than 5 years 1,580 2,494 1,554 263,552 195.000 267.768 455,OOQ 1,580 4.048 458.552 722.768 17 Financial Instruments 2021 2020 Financial assets that are debt instruments 107,849 82,110 506,619 521,072 Financial 8SS8t5 rn88sur8d at atnortised cost COTnpris8 fe85 receivable, 8CCtU8d income and other debtors. Financial liabilities measured at amortised cost comprise dewjsits, expense creditors, pension contributions and expense aceru81s. 18 Related party tran$a¢tions N P Kaye is a trustee of the St Mary Magdalene Music Soaety which organises an annual series of reatals and concerts at St Mary M8gd8lene Church. Rowington Close. Lrttle Venice, London VW2. The School's pupils. p8ienls and staff usualty participate in three concerts a year (but just one this year due to the COVID 19 pandemic) which are sponsored by the charitable company but are also open to the general public. During the year the charitable company Incurred expenditure of £1,06412020." £23,9751 and received contributions of £nil12020.. £8,0(K)l from the Sl Mary Magdalene Music Society towards this expenditure. There were no donations to the chaiitable company frtsm the Trustees. 19 Llmltatlon of1Sablllty The rrembers of the charitable company guarantee to contribute an amount not exceeding £510 the assets of the charitable company in the event of a winding up. Page 28