2021-08-31-accounts - Walthamstow Hall

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EXECUTIV	EXECUTIV	E OFFIC	ERSAND	PROFESSIONAL AD	VIS	ERS
Headmistress				Miss SJ Ferro
Bursar,	Clerk	to the Governors		Mr PA Horner
and Company		Secretary
Address	and	Registered	Office	Walthamstow Hall
				Holly Bush Lane
				Sevenoaks
				Kent
				TNI3 3UL
Website				www. walthamstow-hall.		co.uk
Telephone				01732451 334
Bankers:				NatWest Commercial		Banking
				1st Floor
				440 Strand
				London, WC2R OQS
				Barclays Bank pic
				80 High Street
				Sevenoaks
				Kent, TNI 3 I LR
Solicitors:				Warners Solicitors
				16South Park
				Sevenoaks
				Kent TNI3 IAN
				McCarthy Denning	Limited
				Minster House
				42 Mincing Lane
				London
				EC3R 7AE
Auditors:				Azets Audit Services
				2nd Floor
				Regis House
				45 King William Street
				London
				EC4R 9AN

IEW OFACHIEVEMENTS inued)	AND	PERFO	RMANC	E FORT	HEYEAR
S ort —Share Swimmin	Pool
13 organisations and State schools use		the Walthamstow		Swimming	Pool, in addition,
two staff swimming coaches also	provide	private	swimming	lessons to	rising stars.
Or anisation		Avera	e numbers	er week
Helen Crane Swimmers
Amanda's School of Swimmin		30
A ua Swimmin Ltd		230
Pen uin Swim School		60
Endurance Coach Mark Horn		42
Michelle Hadden Swim School		35
Momentum		90
Mar aret Cuttill Swimmers		61
Sevenoaks Swimmin Club		205
Sevenoaks Triathlon Club		34
Tonbrid e Swimmin Club		65
St ohn's Prima School		30
I htham Prima School		30

		Unrestricted	Restricted	Endowed	Total Funds	Total Funds
	Notes	Funds	Funds	Funds	2021	2020
Income and
Endowments from:
Charitable Activities
School fees receivable		9,075,618			9,075,618	8,660,297
Ancillary trading income		747,908	53,992		801,900	1,317,648
Other trading
activities
Non-ancillary trading
income		154,824			154,824	135,800
Other activities		655			655	5,419
Investments
Bank and other interest		2,869			2,869	9,855
Voluntary sources Grants and donations		71,629			71,629	102,876
Total Incoming Resources		10,053,503	53,992		10,107,495	10,231,895
Expenditure on:
Raising funds Non-ancillary trading Financing costs		46,695			46,965	74 64,403
Total deductible costs		46,965			46,965	64,477
Charitable Activities
Education and Grant-
making	7	9,936,606	76,604	38,772	10,051,982	10,195,412
Total expenditure		9,983,621	76,604	38,722	10,098,947	10,259,889
Net (outgoing)l
incoming funds from
operations before transfers		69,932	(22,612)	(38,772)	8,548	(27,994)
Transfers between funds	18
Net movement in
funds for the year		69,932	(22,612)	(38,772)	8,548	(27,994)
Fund balances brought
forward at
I September 2020		14,385,584	307,460	5,521,450	20,214,494	20,214,494
Fund balances carried
forward
at 31 August 2021	17	14455,516	284,848	5,482,678	20,223,042	19,049,642

Conso	lidat	ed Summary o Forthe year	fIncome and Ex ended 31 August	p	enditure A 2021	ccount	ccount
			2021			2020
			Unrestricted		and	Unrestricted		and
			Restricted	Funds		Restricted		Funds
			Total			Total
INCOME FROM:
Charitable activities
School fees			9,075,618			8,660,297
Ancillary trading			801,900			1,317,648
Other trading activities
Fundraising trading				154,824			135,800
Other income					655			5,419
Investments
Dividends, bank and other		interest			2,869			9,855
Voluntary sources
Grants and donations	- Unrestricted				71,629			50,690
	- Restricted							3,072
Total Income			10,107,495			10,	182,781
Expenditure on:
Raising funds
Trading costs								74
Financing costs					46,965			64,403
					46,965			64,477
Charitable activities
Education and grant-making			10,051,982			10,156,379
Total expenditure			10,098,947			10,220,856
Net (expenditure)/income		before
inter-fund transfers						(38,075)
Income on endowment	capital							49,114
Expenditure on endowment		capital				(39,033)
Net (expenditure)/income		for
the year					68,548	E	27,994

			Consolidated		Walthamstow	Walthamstow	Hall
			2021	2020	2021		2020
		Notes	6		6		6
FIXEDASSETS
Tangible assets		10	21,177,054	21,586,556	21,177,054		21,586,556
Securities investments					100		100
			21,177,054	21,586,556	21,177,154		21,586,656
CURRENT ASSETS
Debtors		12	474,237	522,859	535,540		548,491
Cash and deposits			3,895,749	3,648,717	3,855,720		3,622,985
			4,394,987	4,171,576	4,391,261		4,171,476
CURRENT LIABILITIES
Creditors payable within	one year	13	(1,883,374)	(1,899,442)	(1,883,374)	(1,899,442)
NET CURRENT ASSETS			2,487,293	2,272,134	2,487, 193		2,272,034
TOTAL ASSETS LESS
CURRENT LIABILITIES			23,664,347	23,858,690	23,664,347		23,858,690
LONG-TERM LIABILITIES
Creditors payable after	one year	14	(3,441,305)	(3,644, 196)	(3,441,305)	(3,644,196)
NET ASSETS			20,223,042	620,214,494	20 223,042	620,214,494
ENDOWED FUNDS		18	5,482,678	5,521,450	5,513,176		5,521,450
RESTRICTED FUNDS		18	284,848	307,460	326,460		307,460
UNRESTRICTED FUNDS:		18
General Fund			4,694,550	4,624,618	4,694,550		4,624,618
Property Fund			6,323,439	6,323,439	6,323&439		6,323,439
Scholarship and bursary	fund		937,527	937,527	937,527		937,527
Sixth form development	fund		2,500,000	2,500,000	2,500,000		2,500,000
		17	20,233,042	620,214,494	20,233,042	620,214,494

					Note	2021		2020
						E		6
	Net cash	inflow from
	operating	activities				910,386		895,188
	Cash flows from investing
	activities
	Payments	for tangible fixed
	assets					(385,825)		(411,494)
	Cash flows from financing
	activities:
	Loan repayments in		year		267,584		~68,581
						(267,584)		(268,581)
	Fees in advance scheme
	New fees	in advance	money		442,330		392,656
	Amounts	utilised					(1,361)
	Amounts	repaid			452 275		~295.892
						(9,945)		(4,597)
	Change in	cash and	cash equivalents		in the
	reporting	period				247,032		2 I0,5 I6
	Cash and	cash equivalents		at the
	beginning	ofthe reporting
	period					3,648,717		3,438,201
	Cash and	cash equivalents		at the
	end ofthe	reporting	peiiod			3,895,749		3,648,717
(i)	Reconciliation of		net incoming		resources to net cash flow from	operations
					2021		2020
					6
	Net (outgoing)/incoming
	resources					8,548		(27,994)
	Depreciation charge				795,327		809,461
	Investment	write off
	Decrease	in Stock
	Decrease	in debtors			47,941		25,632
	Increase/(decrease)		in creditors		58,570		88,089
	(excluding	fees in advance
	scheme)
						901,838		923,182
	Net cash	inflow from
	operations					910,386		895,188

CHARITABLE ACTIVITIES	CHARITABLE ACTIVITIES	CHARITABLE ACTIVITIES	- FEESRECEIVABLE	- FEESRECEIVABLE	2021	2020
					6
Fees receivable consists of:
School fees					10,531,060	10,090,885
Less: total	scholarships,	bursaries	and	allowances
					9,075,618	8,660,297
Add back: Bursaries and		other awards		paid for by
	restricted	funds
					9,075,618	8,660,297

CHARITABLE	CHARITABLE	ACTIVITIES - OTHER INCOHE	2021	2020
Extras			772,204	1,295,078
Registration	fees		26,650	17,800
Commissions	and	other income	3,046	4,770
			801,900	1,317,648

OTHER TRADING ACTIVITIES	OTHER TRADING ACTIVITIES	OTHER TRADING ACTIVITIES	OTHER TRADING ACTIVITIES
						2021		2020
						6
Trading income
Walthamstow	Hall (Trading)		Ltd			77,475		85,205
Hire of premises						52,094		28,428
Rental income						25,255		22,167
						154,824		135,800
Other activities
Interest on overdue fees						655		5,419
						655		5,419
BANK AND OTHER	INTEREST
	Unrestdcted			Restricted	Endowed		Total		Total
							2021		2020
							6
Bank interest			2,869				2,869		9,855
GRANTS AND DONATIONS		RECEIVABLE
	Unrestricted			Restricted	Endowed		Total		Total
							2021		2020
							6
Transfer from OG Assoc									99,717
Donation for the support
of badminton
Friends and Parents of
Walthamstow Hall									3,000
Other donations			71,629				71,629		159
			71,629				71,629		102,876

7.	ANALYSIS OF EXPENDIT	URE
a)	Total expenditure
		Staff costs	Depreciation	Other	Total	Total
		(note 9)	(note 10)		2021	2020
					E
	Costs ofgenerating
	funds
	Trading costs					74
	Financing costs (note 8)			46,965	46,965	64,403
	Total costs of
	generating funds			46,965	46,965	64,477
	Charitable expenditure
	Education and grant
	making
	Teaching	5,497,812	111,721	473,523	6,083,056	6,535,395
	Welfare	317,779	20,727	284,300	622,806	732,438
	Premises repair and
	maintenance	319,232	662,879	608,767	1,590,878	1,312,423
	Support costs and
	governance	802,567		952,675	1,677,767	1,594,411
	Grants awards and prizes
	(note 7(b))					20,745
	Total charitable
	expenditure	6,937,390	795,327	2,319,265	10,051,982	10,195,412
	Total expended	6,937,390	795,327	2,319,265	10,098,947	10,259,889

	Depreciation relati to this endowment	Depreciation relati to this endowment	ng to the fund.	ng to the fund.	endowed fund school properties totalling E30,48	0 (2019/20: E30,480) has be	en charged dire
(b)	Grants, awards		and prizes			2021	2020
	From Unrestricted
	Funds:
	Prizes and leaving		awards				20,745
							20,745
(c)	Governance	included		in support costs:		2021	2020
						E
	Remuneration	paid to auditor for audit services				19,560	18,229
	Reimbursement	of personal			expenses to Governors - travel costs	915	2,972
	Other governance		costs
						20,475	21,201

8.	FINANCE AND OTHER COSTS	FINANCE AND OTHER COSTS	FINANCE AND OTHER COSTS		2021	2020
					6
	Loan interest payable				46 966	64,403
9.	STAFF COSTS
					2021	2020
	The aggregate payroll	costs for the	year were as	follows:	6
	Wages and salaries				5,437,454	5,809,467
	Social security costs				640,148	547,999
	Other pension costs				859,788	924,464
					6,937,390	7,281,930
	Aggregate employee	benefits of key management		personnel	542,686	543,939
	Number of higher paid employees		in bands of:		2021	2020
	660,001 - 670,000				I
	670,001 - 680,000				2	0
	680,001 - 690,000				2	3
	690,001 - 6100,000					0
	6100,001 - 6110,000
	6110,001 -6120,000					0
	2120,001 —6130,000					0

	2021	2020
Teaching	97	80
Welfare	16	17
Premises	9	16
Support	16	30
Other activities	3	2
	141	145

10.	TANGIBLE FIXEDASSETS	Freehold	Land	Vehicles	&
		and Buildings		Equipment		Total
		6
	Cost
	At I September 2020	26,960,344		2,961,962		29,922,306
	Additions at cost	44,303		341,522		385,825
	Disposals At Cost
	At 31 August 2021	27,004,647		3,261,629		30,266,276
	Depreciation
	At I September 2020	6,054,699		2,281,051		8,335,750
	Charge for the year	515,371		279,956		795,327
	Disposals
	At 31 August 2021	6,570,070		2.519.152		9 559	222
	Net BookValue
	At 31 August 2021	20434	577	742,477		21 177	554
	At 31 August 2020	20,905,645		680,911		21,586,556
II.	SECURITIES INVESTMENTS
				2021		2020
	Group investments			6
	At I September 2020
	New money invested
	Amounts extracted
	Group investments at 31 August 2021
	Investment in subsidiary				100		100
	School investments at 31 August 2021				100		100
	Investments comprise:
	Investment in subsidiary				100		100
					100		100

DEBTORS				Consolidated		Walthamstow	Hall
				2021	2020	2021	2020
					6	6	6
Fees and extras				165,673	129,995	165,673	129,995
Prepayments and	accrued income			152,372	172,488	152&372	208,791
Ocher Debtors				156,873	220,376	196,802	209,705
				474 918	522,859	514,847	548,491
CREDITORS:
amounts falling	due	within one year
Bank Loan Repayments			and Overdraft	172,648	219,366	172,648	219,366
Fees received in	advance		ofterm	600,210	311,816	600,210	311,816
Deposits repayable				294,848	234,730	294,848	234,730
Taxation and social security				132,688	135,413	132,688	135,413
Trade creditors				105,207	284,928	105,207	284,928
Other creditors	and accruals			149,459	107,851	149,459	107,851
Fees in Advance	Scheme			295,796	530,873	295,796	530,873
Accruals and deferred		income		132,518	74,465	132,518	74,465
				1,883,374	1,899,442	1,883,374	1,899,442
CREDITORS
amounts falling	due	after more than one year
Fees in Advance	Scheme			524,997	518,922	524,997	518,922
Final Term Deposits				301,502	289,602	301,502	289,602
Bank Loan repayments				2,614,806	2,835,672	2,614,806	2,835,672
				3,441 305	3,644,196		3,644,196

the sc	hool,	fees in advance will be	applied as follows:
Within	two	to five years	254,398	241,406	254,398	241,406
Within	one	to two years	270,599	277,516	270,599	277,516
			524,997	518,922	524,997	518,922
Within	one	year	295,796	311,816	295,796	311,816
			820,793	830,738	820,793	830,738

Summary	ofmovements
Balance at	I September 2020	830,738
New contracts		442,330
Repayments
Amouncs used to pay fees		452,2
Balance at	31 August 2021	820,793

16.	FUNDS OF THE SCHOOL	FUNDS OF THE SCHOOL
	The School's funds are analysed		under the following headings.
a)	ENDOWED FUNDS
	Permanent endowments
	Consolidated Prize and Education			Funds	Numerous individual gifts to establish prizes	for pupils, to support the	further
					education of pupils on leaving Walthamstow	Hall and for the daughters	of
					missionaries.
	Goddard Legacy				For the benefit ofa pupil in need.
	Diana Burn Rosen Legacy				To support a student interested in furthering	her studies in science (especially
					chemistry) or in foreign languages.
	School property fund				This represents an amount equal to the net	book value ofthe endowed	property,
					including revaluation reserve.
	Old Girls Association				Two separate endowment funds for support	of "former members of staff and
					old girls in need of such assistance" and a second .
b)	RESTRICTED FUNDS
	There are six named	funds where		the donors	have placed restrictions on the uses to which the gifts may be put. The
	individual funds thus	restricted	under charity		law, and which are invested in the School's	pooled portfolio of investments		are:
	The Downton Fund				To be used in the construction ofa music room at the School
	The Tanner Fund (Angela Au)				For academic potential in mathematics
	Badminton Fund				For the support of badminton at the School	by the provision ofa badminton		coach
					and a bursary for a badminton player to attend the School.
	Head's Special Fund				For the support of pupils who would otherwise be unable to engage in		an
					academic activity that is important for their	education, for example a school trip.
	Bursary fund				A consolidated fund of individual gifcs to provide bursaries to enable pupils			to
					attend the School.
	The Mulberry Fund				For the development of sports facilities at the School.
	Old Girls Bursary Fund				For the support ofa Science Bursary for an	eligible Sixth Form student.
	Sundry Special Trust Funds

		Endowed	Restricted	Unrestricted	Total
		6	6		6
Tangible Fixed Assets		5,377,343		15,799,711	21,177,054
Advance Fees				(820,793)	(820,793)
Final Term	Deposits			(301,502)	(301,502)
Net current	assets	105,335	284,848	2,413,598	2,803,781
Long term	liabilities			(2,614,806)	(2,614,806)
		5,482,678	284,848	14,455,516	20,243,734

ANALYSIS OF NET AS	SETSBETWEEN F	UNDS (PRIOR YE	AR)
	Endowed	Restricted	Unrestricted	Total
	6	6
Tangible Fixed Assets	5,416,115		16,170,441	21,586,556
Advance Fees			(1,049,795)	(1,049,795)
Final Term Deposits			(289,602)	(289,602)
Net current assets	105,335	307,460	2,390,212	2,803,007
Long term liabilities			(2,835,672)	(2,835,672)
	5,521,450	307,460	14,385,584	20,214,494

18. SUMMARY OF MOVEMENTS ON	18. SUMMARY OF MOVEMENTS ON	18. SUMMARY OF MOVEMENTS ON	MAJOR FUNDS
	Ar.	I	Incoming	Resources	Total	At 31
	Sept.		resources	expended	Return	August
	2020				Transfers	2021
	6					E
Unrestricted funds
General reserve	4,595,153		9,976,028	(9,906,096)	(150)	4,665,085
Property reserve	6,323,439					6,323,439
Scholarship & Bursary
reserve	937,527					937,527
Sixth form development
reserve	2,500,000					2,500,000
OG Funds		29,465				29,465
	14,385,584		9,976,028	(9,906,096)		14,455,516
Trading company
reserves			77,475	77,475
	14,385,584		10,053,503	9,983,571		14,455,516
Restricted funds
The Downton Fund		10,282				10,282
The Tanner Fund		46,171				46,171
The Badminton fund		75,096		(20,860)		54,236
Head's Special Fund		12,162	284	(3,860)		8,586
The Bursary Fund		54,313				54,313
The Mulberry Fund		600				600
Specified purposes		36,120	38,915	(44,384)		30,651
Sundry special trust
funds		32,555				32,555
FPWH		22,370	12,072	(7,500)		26,942
OG Funds		17,791	2,721			20,512
	307,460		53,992	76,604		284,848
Endowed - Permanent
Consolidated Prize &
Education Funds		7,692				7,692
OG Funds		49,027				49,027
Goddard Legacy		7,123		(8,274)		(1,151)
Diana Burn Rosen,
Legacy		41,493				41,493
School Property	5,416, 1 IS			30,498		5,385,617
	5,521,450			38,772		5,482,678

SUMMARY OF MOVEMENTS ON	SUMMARY OF MOVEMENTS ON	SUMMARY OF MOVEMENTS ON	MA)OR FUNDS	MA)OR FUNDS	(PRIOR YEAR)
	At	I	Incoming		Resources	Total	At 31
	Sept.		resources		expended	Return	August
	2019					Transfers	2020
							6
Unrestricted funds
General reserve	4,646,574		9,927,879		(9,979, 150)	(150)	4,595,153
Property reserve	6,323,439						6,323,439
Scholarship &.Bursary reserve	937,527						937,527
Sixth form development reserve	2,500,000						2,500,000
OG Funds			32,899		3,434		29,465
	14,407,540		9,960,778		(9,982,584)	(150)	14,385,584
Trading company
reserves			85,205		85,205
	14,407,540		10,045,983		10,067,789	150	14,385,584
Restricted funds
The Downton Fund		10,282					10,282
The Tanner Fund		46,171					46,171
The Badminton fund	137,951				(62,855)		75,096
Head's Special Fund		14,083			(2,071)	150	12,162
The Bursary Fund		54,313					54,313
The Mulberry Fund		600					600
Specified purposes		4,326	115,935		(84,141)		36,120
Sundry special trust
funds		32,483		72			32,555
FPWH		23,370	3,000		(4,000)		22,370
OG Funds			17,791				17,791
	323,579		136,798		153,067	150	307,460
Endowed - Permanent
Consolidated Prize &
Education Funds		8, 160		87	(555)		7,692
OG Funds			49,027				49,027
Goddard Legacy		15,121			(7,998)		7,123
Diana Burn Rosen
Legacy		41,493					41,493
School Property	5,446,595				30,480		5,416,115
	5,511,369		49,	114	39,033		5,521,450

			2021	2020
			6	6
Within		I year	44,118	49,699
Within		2-5 years	64,830	101,830
After	5	years

Consolidated Statement ofFinancial Activities	Consolidated Statement ofFinancial Activities	Consolidated Statement ofFinancial Activities	Consolidated Statement ofFinancial Activities	- Comparative	figures
Year ended 31 August		2020		Unrestricted	Restricted		Endowed	Total
				6	6			6
Income from:
Charitable activities
School fees receivable				8,660,297				8,660,297
Ancillary trading income				1,201,713	115,935			1,317,648
Other trading activities
Non-ancillary trading income				135,800				135,800
Other activities				5,419				5,419
Investments
Bank and other interest				9,855				9,855
Voluntary sources
Grants and donations				32,899	20,863		49,114	102,876
Total Incoming Resources				10,045,983	136,798		49,114	10,231,895
Expenditure on:
Raising funds
Non-ancillary trading				74				74
Other income-generating		activities
Financing costs				64,403				64,403
Total deductible costs				64,477				64,477
Charitable Activities
Education and grant-making				10,003,312	153,067		39,033	10,195,412
Total resources expended				10,067,789	153,067		39,033	10,195,412
Net incoming funds	before transfers
before transfers				(21,806)	(16,269)		(10,081)	(27,994)
Transfer between funds				150		150
Net movement in funds	for the year			(21,956)	(16,119)		10,081	(27.994)
Fund Balances brought	forward at		I September
2019				14,407,540	323,579		5,511,369	20,242,488
Fund Balances carried forward at			31stAugust
2020				14,385,584	307,460		5,521,450	20,214,494