2022-08-31-accounts - Walthamstow Hall

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EXECUTIV	EXECUTIV	E OFFIC	ERSAND	PROFESSIONAL ADV	IS	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
				TN I3 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, TN I3 I LR
Solicitors:				Warners Solicitors
				16South Park
				Sevenoaks
				Kent TN 13 IAN
				McCarthy Denning	Limited
				Minster House
				42 Mincing Lane
				London, EC3R 7AE
				Russell Cooke LLP
				2 Putney Hill
				London, SW I5 6AB
Auditors:				Azets Audit Services
				2nd Floor
				Regis House
				45 King William Street
				London, EC4R 9AN

Or anisation	Avera	e numbers	er week
Amanda Swim School	30
Endurance Coach Marl& Horn	24
Mar aret Cuttill Swimmers	75
Michelle Hadden Swim School	30
Momentum	80
Penguin Swim School	I05
Pool Schools	l05
Sevenoaks Swimmin Club	2IO
Sevenoaks Triathlon Club	32
Swim4lt	50
Swim Life Kent	IS
Tonbrid e Swimmin Club	66
StJohn's Primary School	30
Ightham Primary School	30

		Unrestricted	Restricted	Endowed	Total Funds	Total Funds
	Notes	Funds	Funds	Funds	2022	2021
Income and
Endowments from:
Charitable Activities
School fees receivable		9,765,024			9,765,024	9,075,618
Ancillary trading		847,421	184,213		1,031,634	801,900
Other trading
activities
Non-ancillary trading
income		199,328			199,328	154,824
Other activities		5,308			5,308	655
Investments
Bank and other interest		7,3 I 3	4,082		11,395	2,869
Voluntary sources
Grants and donations		8,770			8,770	71,629
Total Incoming
Resources		10,833,159	188,295		11,021,454	10,107,495
Expenditure on:
Raising funds
Financing costs		33,619			33.619	46,965
Total deductible costs		33,619			33,619	46,965
Charitable Activities
Education and Grant-
making		10,941,208	184,477	30,498	I I, I56, I&3	10,05 1,982
Total expenditure		10,974,827	184,447	30,498	I I, 189,802	10,098,947
Net (outgoing)l
incoming funds from
operations before
transfers		(141,668)	3,818	(30,498)	(168,348)	8,548
Transfers between funds
Net movement in
funds for the year		(141,668)	3,8 I8	(30.498)	(168,348)	8,548
Fund balances brought
forward at
I September 2021		14,445,516	384,848	5,482,678	20,223,042	20,214,494
Fund balances carried
forward
at 31 August 2022		14,3I3,848	2&8,666	5,482,180	20,054,694	20,223,042

			2022	2022		2021	2021
			Unrestricted		and	Unrestricted		and
			Restricted	Funds		Restricted		Funds
			Total			Total
INCOME FROM:
Charitable activities
School fees				9,765,024		9,075,618
An ciliary trading				1,031,634			801,900
Other trading activities
Fundraising trading					199,328		154,824
Other income					5,303			655
Investments
Dividends, bank and other		interest			I 1,395			2,869
Voluntary sources
Grants and donations	- Unrestricted				8,770		71,629
	-	Restricted
Total Income			11,021,454			10,	107,495
Expenditure on:
Raising funds
Financing costs					33,619		46,965
					33,619		46,965
Charitable activities
Education and grant-making			11,156,183			10,051,982
Total expenditure			11,189,802			10,098,947
Net (expenditure)/income		before
inter-fund transfers				(168,348)				8,548
Income on endowment	capital
Expenditure on endowment		capital
Net (expenditure)/income		for the
year				(168,348)			F8,548

			Consolidated		Walthamstow	Walthamstow	Hall
			2022	2021	2022		2021
		Notes
FIXED ASSETS
Tangible assets		10	20,607,365	21,177,054	20,607,365		21,177,054
Securities investments		II			100		100
			20,607,365	21,177,054	20,607,465		21,177,154
CURRENT ASSETS
Debtors		12	519,304	474,237	560,399		535,540
Cash and deposits			3,651,240	3,895,749	3,610,045		3,855,720
			4,170,544	4,394,987	4,170,444		4,391,261
CURRENT LIABILITIES
Creditors payable within	one year	13	(1,810,238)	(1,883,374)	(1,810,238)	(1,883,374)
NET CURRENT ASSETS			2,135,786	2,487,293	2,135,686		2,487,193
TOTAL ASSETS LESS
CURRENT LIABILITIES			22,743,151	23,664,347	22,743,151		23,664,347
LONG-TERM LIABILITIES
Creditors payable after	one year	14	(2,668,627)	(3,441,305)	(2,668,627)	(3,441,305)
Provision for Liabilities		16	(244,350)		(244,350)
NET ASSETS			20,054,694	20,223,042	20,054,694		20,223,042
ENDOWED FUNDS		19	5,452,180	5,482,678	5,452, 180		5,513,176
RESTRICTED FUNDS		19	288,666	284,848	288,666		326,460
UNRESTRICTED FUNDS:
General Fund		19	4,552,882	4,694,550	4,552,882		4,694,550
Property Fund		19	6,232,439	6,323,439	6,323,439		6,323,439
Scholarship and bursary	fund	19	937,527	937,527	937,527		937,527
Sixth form development	fund		2,500,000	2,500,000	2,500,000		2,500,000
			20,054,694	20,233,042	20,054,694		20,233,042

					Note	2022		2021
								f.
	Net cash	inflow from
	operating	activities				5I4,204		910,386
	Cash flows from		investing
	activities
	Payments	for tangible fixed
	assets					(272,754)		(385,825)
	Cash flows from financing
	activities:
	Loan repayments in		year		39I,702		267,584
								(267,584)
	Fees in advance scheme
	New fees	in advance	money		I59,348		442,330
	Amounts	utilised			(253,605)
	Amounts	repaid					452,275
						(485,959)		(9,945)
	Change in	cash and cash equivalents			in the
	reporting	period				(244,509)		247,032
	Cash and	cash equivalents		at the
	beginning	ofthe reporting
	period					3,895,749		3,648,717
	Cash and	cash equivalents		at the
	end ofthe	reporting	period			3,651,240		3,895,749
(i)	Reconciliation of		net incoming		resources to net cash flow	from operations
					2022		2021
							'E
	Net (outgoing)/incoming
	resources					(168,348)		8,548
	Depreciation charge				842,443		795,327
	Investment	write off
	Decrease	in Stock
	(Increase)	Decrease	in debtors		(44,386)		47,941
	Increase/(decrease)		in creditors		(359,855)		58,570
	(increase)	in provisions			244,350
	(excluding	fees in advance
	scheme)					682,552
								901,838
	Net cash	inflow from
	operations					514,204		910,386

CHARITABLE	CHARITABLE	ACTIVITIES	ACTIVITIES	ACTIVITIES	- FEES RECEIVABLE	- FEES RECEIVABLE	2022	2021
							f.	f
Fees receivable		consists of:
School fees							11,132,313	10,53 1,060
Less: total	scholarships,			bursaries	and	allowances	l,367,289	1,455,442
							9,756,024	9,075,618
Add back:	Bursaries		and	other awards		paid for by
restricted	funds
							9,765,024	9,075,618

	Scholarships, bursaries	Scholarships, bursaries	and other	and other	awards	awards	were	paid to	188 pupils (2021:	188 pupils (2021:	303). Within	this, means-tested
	bursaries totalling	f573,293		were	paid	to	48 pupils (2021:8643,888k to				480 pupils).
3.	CHARITABLE	ACTIVITIES			- OTHER INCOME						2022	2021
											f.
	Extras										1,007,952	772,204
	Registration fees										2I,100	26,650
	Commissions and	other income									2,582	3,046
											1,031,634	801,900
4.	OTHER TRADING		ACTIVITIES
											2022	2021
												f.
	Trading income
	Walthamstow Hall (Trading)			Ltd							140,806	77,475
	Hire of premises										31,459	52,094
	Rental income										27,063	25,255
											199,328	154,824
	Other activities
	Interest on overdue		fees								5,303	655
											5,303	655
5.	BANK AND OTHER INTEREST
				Unrestricted				Restricted		Endowed		Total	Total
												2022	2021
												f.
	Bank interest					7,3	I 3		4,082			I I 395	2 869

			Unrestricted	Restricted		Endowed			Total	Total
									2022	2021
									f.
	Friends and	Parents	of
	Walthamstow	Hall
	Other donations		8,770						8,770	71,629
			8,700						8,770	71,629
7.	ANALYSIS	OF EXPENDITURE
a)	Total expenditure
			Staff costs	Depreciation			Other		Total	Total
			(note 9)	(note	10)				2022	2021
	Costs ofgenerating
	funds
	Financing costs (note		8)				33,619		33,619	46,965
	Total costs	of
	generating	funds					33,619		33,619	46,965
	Charitable	expenditure
	Education	and grant
	making
	Teaching		5,417,001	150,138			791,924		6,359,063	6,083,056
	Welfare		299,383	21,882			398,233		719,498	622,806
	Premises repair and
	maintenance		286,086	670,423			693,233		1,649,742	1,590,878
	Support costs and
	governance		1,184,017			1,243,863			2,427,880	1,677,767
	Total charitable
	expenditure		7,186,487	842,443		3,	127,253	I I,156,183		10,051,982
	Total expended		7,186,487	842,443		3,	160,&72	I	I, I&9,802	10,098,947

7.	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	(continued)	(continued)	(continued)	(continued)
(b)	Governance included		in	support			costs:				2022			2021
														f
	Remuneration paid to	auditor for audit services									14,700			13,200
	Remuneration paid to	auditor for other services									10,903			6,360
	Reimbursement of personal			expenses			to Governors			- travel costs		669		915
	Other governance costs
											26,272			20,475
	Travel expenses were	reclaimed			by	0	members		(2021:2) of the Governing		Body.
8.	FINANCE AND OTHER			COSTS							2022		2021
	Loan interest payable										33,619		46,965
9.	STAFF COSTS
											2022		2021
	The aggregate payroll	costs		for the		year were as			follows:
	Wages and salaries										5,862,054		5,437,454
	Social security costs										576,	174	640,148
	Other pension costs										503,909		859,788
	Other staff costs										244,	350
											7,186,487		6,937,390
	Aggregate employee benefits			of key management					personnel		446,071		542,686
	Number of higher paid		employees			in bands		of:			2022		2021
	F60,001 - f70,000												I
	670,001 - 680,000												2
	680,001 - 690,000												2
	t'90,001 - 6100,000
	6100,001 - 6110,000
	6110,001 - 6120,000

	2022	202I
Teaching	93	97
Welfare	14	16
Premises	8	9
Support	l9	16
Other activities	5	3
	139	141

IO.	TANGIBLE FIXED ASSETS		Freehold	Land	Vehicles &
			and Buildings		Equipment	Total
	Cost
	At I September 2021		27,004,647		3,261,629	30,266,276
	Additions at cost			1,872	270,882	272,754
	Disposals At Cost
	At 3 I August 2022		27,006,519		3,532,511	30,539,030
	Depreciation
	At I September 2021		6,570,070		2,519,152	9,089,222
	Charge for the year		510,591		331,852	842,443
	Disposals
	At 31 August 2022		7,080,661		2,85 1,004	9,931,665
	Net Book Value
	At 31 August 2022		19,925,858		68I,507	20,607,365
	At 31 August 2021		20,434,577		742,477	21,177,054
II.	SECURITIES INVESTMENTS
					2022	2021
	Group investments
	At I September 2021
	New money invested
	Amounts extracted
	Group investments at 31 August	2022
	Investment in subsidiary				100		100
	School investments at 31 August	2022			100		100
	Investments comp rise:
	Investment in subsidiary				100		100
					100		100


12.	DEBTORS					Consolidated		VValtham	stow Hall
					2022		2021	2022	2021
							E
	Fees and extras					185,653	165,673	185,653	165,673
	Prepayments and	accrued income				203,080	152,372	203,080	152,372
	Other Debtors					130,571	156,873	171,666	196,802
						519,304	474,918	560,399	514,847
13.	CREDITORS:
	amounts falling	due	within	one	year
	Banl& Loan Repayments		and
	Overdraft					427,787	172,648	427,787	172,648
	Fees received in	advance ofterm				217,739	600,210	217,739	600,210
	Deposits repayable					266,390	294,848	266,390	294,848
	Taxation and social security					144,205	132,688	144,205	132,688
	Trade creditors					198,600	105,207	198,600	105,207
	Other creditors	and accruals				119,472	149,459	119,472	149,459
	Fees in Advance	Scheme				317,476	295,796	317,476	295,796
	Accruals and deferred		income			118,569	132,518	118,569	132,518
						1,810,238	1,883,374	1,810,238	1,883,374
I4.	CREDI TORS
	amounts falling	due	after more		than	one year
	Fees in Advance	Scheme				409,060	524,997	409,060	524,997
	Final Term Deposits					291,602	301,502	291,602	301,502
	Banl& Loan					1,967,965	2,614,806	1,967,965	2,614,806
						2,668,627	3,441,305	2,668,627	3,441,305

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 of movements	in liability
Balance at I September
2021		820,793
New contracts		159,348
Repayments
Amounts used to pay fees		253,605
Balance at 31 August 2022		726,536

	FUNDS OF THE SCHOOL	FUNDS OF THE SCHOOL	FUNDS OF THE SCHOOL	FUNDS OF THE SCHOOL
	The School's funds	are analysed			under the following headings.
a)	ENDOWED FUNDS
	Permanent endowments
	Con solidated Prize	an d
	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 of a 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 of the				endowed				property,
				including revaluation reserve.
	RESTRICTED
b)	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		ai
	The Downton Fund			To	be used in the construction of	a 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				of a 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		gifts to provide		bursaries		to	enable			pupils to
				attend the School.
	The Mulberry Fund			For	the development of sports facilities at the School.
	Sundry Special Trust
	Funds
	These represent gifts,		donations		and legacies received from external donors			for specific purposes							but where there
	is no requirement	to	preserve		the capital. Expenditure directly financed by			such gifts is shown					under restricted				funds.

	Endowed	Restricted	Unrestricted	Total
Tangible Fixed Assets	5,338,621		15,268,744	20,607,365
Advance Fees			(726,536)	(726,536)
Final Term Deposits			(29 1,602)	(291,602)
Net current assets	113,559	288,666	1,806,687	2,208,912
Long term liabilities			(1,743,445)	(1,743,445)
	65,452, I80	E288,666	E I4,313,848	620,054,694

	Endowed	Restricted	Unrestricted	Total
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			(2,6 14,806)	(2,6 14,806)
	5,482,678	284,848	14,465,516	20,233,042

	At I	Incoming	Resources	Total	At 31
	Sept.	resources	expended	Return	August
	2021			Transfers	2022
	F	F
Unrestricted funds
Gen eral reserve	4,665,085	10,833,159	(10,974,827)		4,523,417
Property reserve	6,323,439				6,323,429
Scholarship 8 Bursary
reserve	937,527				937,527
Sixth form development
reserve	2,500,000				2,500,000
Old Girls Fund	29,465				29,465
	14,455,516	10,833,159	(10,974,827)		14,313,848
Trading company
reserves		140,806	(140,806)
	14,455,5 16	10,973,965	(11,115,633)		14,313,848
Restricted funds
The Downton Fund	10,282				10,282
The Tanner Fund	46,171				46, I71
The Badminton fund	54,236	5,303	(8,838.00)		50,701
Head's Special Fund	8,586	(5,238)			3,348
The Bursary Fun d	54,313				54,313
The Mulberry Fund	600				600
Specified purposes	30,651	184,148	(171,979)		42,820
Sundry special trust
funds	32,555				32,555
FPWH	26,942		(3,660)		23,282
Old Girls Fund	20,512	4,082.00	4,498		20,096
	284,848	188,295	184,477		288,666
Endowed - Permanent
Consolidated Prize 8
Education Funds	7,692				7,692
Old Girls Fund	49,027				49,027
Goddard Legacy	(1,151)				(1,151)
Diana Burn Rosen
Legacy	41,493				41,493
School Property	5,385,617		(30,498)		5,355, I 19
	5,482,678		30,498		5,452, I80

SUMMARY OF MOVEMENTS ON	SUMMARY OF MOVEMENTS ON	MAjOR FUNDS	(PRIOR YEAR)
At	I	Incoming	Resources	Total	At 31
Sept.		resources	expended	Return	August
2020				Transfers	2021
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 8 Bursary
reserve 937,527					937,527
Sixth form development
reserve 2,500,000					2,500,000
Old Girls 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
Old Girls Funds	17,791	2,721			20,512
307,460		53,992	(76,604)		284,848
Endowed - Permanent
Consolidated Prize 8
Education Funds	7,692				7,692
Old Girls Funds	49,027				49,027
Goddard Legacy	7, 123		(8,274)		(1,151)
Diana Burn Rosen
Legacy	41,493				41,493
School Property 5,4	I6, 1 I5		(30,498)		5,385,617
5,521,450			38,772		5,482,678

Year ended 3 I August	2021			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			9,075,61&	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	5,4 I9
Investments
Bank and other interest				2,869			2,869	9,855
Voluntary sources
Grants and donations				7(,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								74
Financing costs				46,695			46,965	64,403
Total deductible costs				46,965			46,965	64,477
Charitable Activities
Education and Grant-making				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	20,242,488
Fund balances carried
forward
at 31 August 2021			17	14,455,516	284,848	5,482,678	20,223,042	20,214,494

Within		I year
Within		2-5 years
After	5	years

2022		2021
	32,309	44, I I8
	34,085	64,830