King's School, Rochester Annual Report for the year ended 31 August 2021
| Contents | Pages |
|---|---|
| Trusteesand Advisers | 2 |
| Chair'sReport | 3 |
| ReportoftheTrustees | 4- 13 |
| ReportoftheAuditors | 14 -16 |
| ConsolidatedStatementofFinancial Activities | 17 |
| Balance sheets | 18 |
| Consolidated CashFlowStatement | 19 |
| NotestotheFinancial Statements | 20 - 36 |
King's School, Rochester
page 2
TRUSTEES AND ADVISERS
Patron
The Lord Bishop of Rochester
Chair of Governors
Miss J A Shicluna MA (Oxon) (Resigned 22 September 2021)
Deputy Chair of Governors
The Very Rev' d Dr P J Hesketh AKC DL (Deputy Chair to 23 September 2021)
The Reverend Canon Dr P J Hesketh, PhD, BD, AKC (Chair from 23 September 2021)
Governors and Trustees
M J Chesterfield Esq*
Mr C R Shepherd, BSc, CEng, FICE, FRSA• (Resigned 15 September 2021)
Mrs A Rouse, MSc* (Resigned 11 December 2020)
Ms J Glew, BA (Hons), CJM Dip, MA (Resigned 6 October 2021) Mr P L Rothwell, LLB (Hons) (Resigned 19 October 2021)
Mr B A Bell, BSc (Hons), CJMDIP, FCJM
Dr RJ Kennett, MBE (Resigned 12 September 2021) The Rev' d M J Rushton, MA (Oxon), MA
Chairmen* or Acting-chairmen if_ _Sub-Committees**
Mrs R A Olley , CEd
Mr D Graves BA (Hons), FCA (Resigned 29 November 2021) The Rev' d Canon S Brewer
The Rev' d Canon C Dench*
The Rev'd Canon Dr G Giles, PhD(Middx), MLitt (Cantab), BA Hons(Lancaster), CTM, ARSM (Appointed 13 September 2020) Mrs E Whitlam MSc (Appointed I September 2020) Mrs J E Shilling, BA (Hons) (Appointed 23 March 2021) Mr PB Coen, MBA, FCCA, FPFS (Appointed I September 2021) Mr M G Snoswell (Appointed I* September 2021)
Membership of the Board is determined under the Articles of Association. The Governors shall consist of:
-
The Dean as an ex-officio Governor;
-
Four Canons Residentiary;
-
Four Nominative Governors appointed by the Dean and Canons Residentiary and approved by the Chairman and Principal of King's School Rochester and Headmaster of the Senior School;
-
One Nominative Governor to be appointed by the Diocesan Board of Education and approved by the Chairman and Principal of King's School Rochester and Headmaster of the Senior School; and
-
Up to eight Co-optative Governors.
Every year one-fifth of the Nominative and Co-optative Governors retire from office. Retiring Gove_rnors may be re-appointed,.
KEY MANAGEMENT PERSONNEL
Principal: Mr BP H Charles, BA (Hons), PGCE, Universities of Exeter and Durham
Other Members of the Executive &ard
Mr T H Morgan, BMus (Hons) RCM Mrs C E Openshaw, MA (Ed), BEd (Hons) CANT AB Miss DJ Godwin, BA (Hons), FCMA Miss K Petts CIPFA
Mr C Page, BA, PGCE, Royal Holloway, University of London & Exeter University
Headmaster of the Preparatory School Headmistress of the Pre-Preparatory School Bursar and Clerl::. to the Governors Director of Operations Deputy Head Pastoral
ADVISORS
Auditors
Haysmacintyre LLP 10 Queen Street Place London, EC4R I AG
Solid tors
vwv
Narrow Quay House, Narrow Quay Bristol BS! 4QA
Bankers
National Westminster Bank PLC 2nd Floor, 3 High Street, Maidstone, Kent ME14 1HJ
Insurance Brokers
Gallagher 8th Floor Temple Circus House, Temple \Vay, Bristol BS! 6HG
Investment Managers
Ruffer, 80 Victoria Street, London, SW1E SJL Schroders, 31 Gresham Street, London EC2V ?QA KSR/2021
| King's School, Rochester page16 |
|---|
| Weevaluatedmanagement'sincentivesandopportunities for fraudulent manipulationofthe financialstatements(including |
| the riskofoverrideofcontrols)anddeterminedthatthe principal riskswererelatedtorecognitionofincome, Audit |
| proceduresperformedbytheengagement team included: |
| InspectingminutesofTrustees'meetings; |
| Reviewing the latest Independent Schools Inspectorate (ISi) reports; |
| Inspectingcorrespondencewith regulatorsandtaxauthorities; |
| Discussionswithmanagementincluding considerationofknownorsuspected instancesofnon-compliancewithlaws and |
| regulation and fraud; |
| Evaluatingmanagement'scontrols designedtopreventanddetectirregularities; |
| Identifying and testing journals,inparticularjournalentriespostedwithunusual account combinationsorwithunusual |
| descriptions;and |
| Challenging assumptions andjudgementsmadebymanagementin their critical accounting estimates. Theserelatedto |
| depreciation, baddebtprovision andinvestmentpropertyvaluation. |
| Afurtherdescriptionofourresponsibilities fortheauditofthefinancialstatementsislocatedontheFinancialReporting |
| Council's website at:www.frc.org.uk/auditorsrcsponsibilities. This description formspartofourauditor'sreport |
| Useofourreport |
| Thisreportismadesolelytothe charitable company'smembers,asa body,inaccordancewithChapter3ofPart16ofthe |
| CompaniesAct2006,Ourauditworkhasbeenundertakenso thatwemight statetothe charitable company1smembers |
| thosematterswearerequiredtostatetothemin an Auditor1sreportandfornootherpurpose,Tothe fullestextent |
| permittedbylaw,wedonotacceptorassume responsibilitytoanyoneotherthanthecharitablecompanyand the charitable |
| company'smembers,asa body, forourauditwork,for thisreport,orfortheopinionswehaveformed. |
| TraceyYoung(Senior statutoryauditor) |
| for andonbehalfofHaysmacintyreLLP,StatutoryAuditor 10QueenStreet Place |
| London |
| ..................................................2022 EC4R 1AG 12 April |
| Unrestricted | Restricted | Endowed Funds | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | £ | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | ||||||
| FROM: | ||||||
| Incomefromcharitableactivities | ||||||
| School fees receivable | 2 | 8,455,403 | 8,455,403 | 8,345,720 | ||
| Othereducational income | 83,776 | 83,776 | 102,735 | |||
| Othertradingactivities | ||||||
| -Rentand commission receivable | 110,829 | 11,462 | 122,291 | 49,724 | ||
| - Trading income | 191,920 | 191,920 | 274,817 | |||
| Investmentincome | 8,489 | 8,311 | 16,800 | 37,797 | ||
| Donationsandgrants | 3 | 294,582 | 30 | 294,612 | 563,143 | |
| Otherincome | 2,300 | 2,300 | 700 | |||
| TotalIncome | 9,147,299 | 19,803 | 9,167,102 | 9,374,636 | ||
| EXPENDITURE ON: | ||||||
| Costsofraisingfunds | ||||||
| Trading expenses | 4 | 330,463 | 330,463 | 431,826 | ||
| Interest payable | 30 | 30 | 54 | |||
| 330,493 | 330,493 | 431,880 | ||||
| Charitableactivities | ||||||
| - Education | 5,771,461 | 5,771,461 | 5,897,873 | |||
| - Premises | 1,447,301 | 18,362 | 1,465,663 | 1,355,140 | ||
| - Welfare | 694,368 | 694,368 | 643,491 | |||
| - Supportofschooling | 1,402,056 | 1,402,056 | 1,328,248 | |||
| - Grants, awards and prizes | 6,029 | 14,390 | 20,419 | 18,951 | ||
| Totalcharitableexpenditure | 9,321,215 | 32,752 | 9,353,%7 | 9,243,703 | ||
| Totalexpenditure | 7 | 9,651,708 | 32,752 | 9,684,460 | 9,675,583 | |
| Net(expenditure)/incomebefore | ||||||
| Investmentgains | (504,409) | (12,949) | (517,358) | (300,947) | ||
| Netinvestmentgains | 9 | 149,630 | 78,407 | 228,037 | 72,264 | |
| NETMOVEMENTINFUNDS | 5 | (354,779) | 65,458 | (289,321) | (228,683) | |
| Reconciliationoffunds | ||||||
| Fundbalances at 1 September 2020 | 11,743,488 | 6,920 | 2,291,595 | 14,042,003 | 14,270,686 | |
| FUNDBALANCESAT31AUGUST | ||||||
| 2021 | ts | 11,388,709 | 6,920 | 2,357,053 | 13,752,682 | 14,042,003 |
| GROUP | GROUP | SCHOOL | SCHOOL | ||
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| FIXEDASSIITS | |||||
| Tangible assets | 8 | 10,868,965 | 11,209,937 | 10,490,926 | 10,793,947 |
| Investments | 9 | 2,611,969 | 2,379,813 | 3,133,069 | 2,965,913 |
| 13,480,934 | 13,589,750 | 13,623,995 | 13,759,860 | ||
| CURRENTASSIITS | |||||
| Stocks | 5,627 | 3,938 | |||
| Debtors | 10 | 321,293 | 412,245 | 325,589 | 401,950 |
| Cashatbank and in hand | 2,641,270 | 2,696,301 | 2,490,624 | 2,522,538 | |
| 2,968,190 | 3,112,484 | 2,816,213 | 2,924,488 | ||
| CURRENTLIABILITIES: | |||||
| Creditors:amountsfallingdue | |||||
| within one year | 1 I | (1,677,510) | (1,617,314) | (1,600,342) | (1,575,681) |
| NIITCURRENTASSIITS | 1,290,680 | 1,49.5,170 | 1,215,871 | 1,348,807 | |
| LONGTERMLIABILITIES | |||||
| Creditors:amountsfalling due | |||||
| aftermorethanoneyear | I 2 | (1,018,932) | (1,042,917) | (1,018,932) | (1,042,917) |
| TOTALNIITASSIITS | 14 | 13,752,682 | 14,042,003 | 13,820,934 | 14,065,750 |
| Representing: | |||||
| Unrestricted Funds | 15a | 11,388,709 | I 1,743,488 | 11,456,961 | 11,767,235 |
| Restricted Funds | I.lb | 6,920 | 6,920 | 6,920 | 6,920 |
| Endowed Funds | |||||
| ~ExpendableEndowmentFunds | 15c | 1,333,040 | 1,253,143 | 1,333,040 | I ,253,143 |
| ~PermanentEndowmentFunds | 15c | 1,024,013 | 1,038,452 | 1,024,013 | 1,038,452 |
| TOTALFUNDS | 13,752,682 | 14,042,003 | 13,820,934 | 14,065,750 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Netcashinflowfromoperatingactivities | |||
| Netmovementin funds | (289,321) | (228,683) | |
| Investmentincome andinterestreceivable | (16,800) | (37,797) | |
| Interest payable | 30 | 54 | |
| Depreciation | 473,002 | 423,616 | |
| (Surplus)onsaleoffixed assets | (2,300) | ||
| Unrealised (gain)oninvestments | (228,037) | (72,264) | |
| Decrease/(increase)in stocks | (1,689) | 5,534 | |
| Decrease/(increase) indebtors | 90,952 | (37,826) | |
| Increase increditors | 59,743 | 57,717 | |
| (Decrease) in pension deficit | (23,532) | (61,935) · | |
| Netcashprovidedbyoperatingactivities | 62,048 | 48,416 | |
| Cashflowfrominvestillgacthrities | |||
| Investmentincomeandinterestreceived | 16,800 | 37,797 | |
| Purchaseoftangible fixed assets | (132,030) | (116,774) | |
| Proceedsfromsaleoftangible fixed assets | 2,300 | ||
| Purchaseoffixed asset investments | (4,119) | (16,617) | |
| Netcashusedininvestingactivities | (117,049) | (95,594) | |
| Cashflowsfromfinancingactivities | |||
| Loan repayments | (69,031) | ||
| Interestpaid | (30) | (54) | |
| Netcashusedinfinancingactivities | (30) | (69,085) | |
| Netchangeincashandcashequivalentsintheyear | (55,031) | (116,263) | |
| Cashandcashequivalentsatthebeginningoftheyear | 2,6%,301 | 2,812,564 | |
| Cashandcashequivalentsattheendoftheyear | 2,641,270 | 2,696,301 | |
| Analysisofcashandcashequivalents | |||
| Cashatbank | 741,270 | 396,301 | |
| Deposits | 1,900,000 | 2,300,000 | |
| 2,641,270 | 2,696,301 | ||
| Analysisofchangesinnetfunds | Atstart | Cash | Atend |
| ofyear | Flows | ofyear | |
| £ | £ | £ | |
| Cashatbank | 396,301 | 344,969 | 741,270 |
| Deposits | 2,300,000 | (400,000) | t,900,000 |
| 2,696,301 | (55,031) | 2,641,270 |
| ESRECEIVABLE | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| GrossFees | 9,809,059 | 9,694,754 |
| Less bursariesanddiscounts | (1,368,046) | (1,362,765) |
| 8,441,013 | 8,331,989 | |
| Bursariesfundedbyrestrictedfund | 14,390 | 13,731 |
| FeesReceh·able | 8,455,403 | 8,345,720 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Turnover | ||
| Trading Income | 206,365 | 304,606 |
| Costofsales | 310,491 | 410,761 |
| Operating costs rechargedbyKing's School | 16,136 | 29,084 |
| TradingExpenses | 326,627 | 439,845 |
| GrossLoss | (120,262) | (135,239) |
| Administrative costs | (26,500) | (26,364) |
| Otheroperating income - furlough grants | 37,257 | 63,542 |
| OperatingLoss | (109,505) | (98,061) |
| Interestpayabletoschool | ||
| NetLoss | (109,505) | (98,061) |
| Giftaid | ||
| Retainedlossfortheyear | (109,505) | (98,061) |
| BalanceSheet | ||
| Fixed Assets | 378,039 | 415,990 |
| Stock | 5,627 | 3,938 |
| Debtors | 21,648 | 15,050 |
| Cashatbank | 150,645 | 173,763 |
| Creditors due<tyear | (103,1I1) | (46,388) |
| Creditors due>1 year | (1,100,000) | (1,100,000) |
| Netliabilities | (647,152) | (537,647) |
| Sharecapitalandreserves | ||
| Share capital | 100 | 100 |
| Profit and loss account | (647,252) | (537,747) |
| Equityshareholdersfunds | (647,152) | (537,647) |
| VEMENTINFUNDS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Netmovementin fundsisstatedaftercharging: | ||
| Depreciation charge for the year | ||
| Tangible fixed assets owned | 473,002 | 423,616 |
| Operating lease payments | ||
| King's School, Rochester | 111,012 | 111,012 |
| Roffa Limited | 20,000 | 20,000 |
| Auditors'remunerationfor audit services | ||
| King's School, Rochester | 14,700 | 14,100 |
| Roffa Limited | 4,650 | 4,450 |
| Auditors'remunerationforotherservices | 6,225 | 6,990 |
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Teaching Staff | 109 | 112 |
| Other Staff | 131 | 133 |
| RoffaLimited | 15 | 17 |
| 255 | 262 | |
| Employee | ||
| Staffcosts | ||
| Salaries and wages | 5,670,810 | 5,788,322 |
| Social security costs | 524,305 | 518,597 |
| Pension contributions | 826,933 | 848,118 |
| 7,022,048 | 7,155,037 |
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| £60,001 · £70,000 | 4 | 2 |
| £90,001 · £100,000 | I | |
| £110,000.£120,000 |
| Staffcosts | Other | Depreciation | 2021 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Charitableactivities | ||||
| Schooloperatin9costs: | ||||
| Education | 5,193,989 | 516,374 | 61,098 | 5,771,461 |
| Premises | 430,897 | 685,744 | 349,022 | 1,465,663 |
| Welfare | 440,420 | 239,388 | 14,560 | 694,368 |
| Support | 812,475 | 553,000 | 10,371 | 1,375,846 |
| Governance costs | 26,210 | 26,210 | ||
| Grants,awardsand prizes | 20,419 | 20,419 | ||
| 6,877,781 | 2,041,135 | 435,051 | 9,353,967 | |
| Costsofraisingfunds | ||||
| Interestpayable | 30 | 30 | ||
| Totalforcharity | 6,877,781 | 2,041,165 | 435,051 | 9,353,997 |
| Trading costsofthesubsidiary | 144,267 | 148,245 | 37,951 | 330,463 |
| Totalforgroup | 7,022,048 | 2,189,410 | 473,002 | 9,684,460 |
| Staffcosts | Other | Depreciation | 2020 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Charitableactivities | ||||
| Schooloperatingcosts: | ||||
| Education | 5,404,450 | 433,504 | 59,919 | 5,897,873 |
| Premises | 428,771 | 627,865 | 298,504 | 1,355,140 |
| Welfare | 402,848 | 225,369 | 15,274 | 643,491 |
| Support | 720,930 | 572,279 | 10,634 | 1,303,843 |
| Governance costs | 24,405 | 24,405 | ||
| Grants,awards and prizes | 18,951 | 18,951 | ||
| 6,956,999 | 1,902,373 | 384,331 | 9,243,703 | |
| Costsofraisingfunds | ||||
| Interestpayable | 54 | 54 | ||
| Totalforcharity | 6,956,999 | 1,902,427 | 384,331 | 9,243,757 |
| Trading costsofthesubsidiary | 198,038 | 194,503 | 39,285 | 431,826 |
| Totalforgroup | 7,155,037 | 2,096,930 | 423,616 | 9,675,583 |
| Group | |||||
|---|---|---|---|---|---|
| Freeholdlandand | Leasehold | Vehicles and | Total | ||
| buildings | buildings | equipment | |||
| £ | £ | £ | |||
| £ | |||||
| Costorvaluation | |||||
| At1 September 2020 | 12,709,269 | 2,370,701 | 2,427,579 | 17,507,549 | |
| Additions | 132,030 | 132,030 | |||
| Disposals | (31,924) | (31,924) | |||
| At31August2021 | 12,709,269 | 2,370,701 | 2,527,685 | 17,607,655 | |
| Depreciation | |||||
| At 1 September 2020 | 3,517,084 | 957,498 | 1,823,030 | 6,297,612 | |
| Providing during year | 204,133 | 77,031 | 191,838 | 473,002 | |
| Disposals | (31,924) | (31,924) | |||
| At31August2021 | 3,721,217 | 1,034,529 | 1,982,944 | 6,738,690 | |
| Totalnetbookvalue | |||||
| At31 August2021 | 8,988,052 | 1,336,172 | 544,741 | 10,868,965 | |
| Totalnetbookvalue | |||||
| At1September 2020 | 9,192,185 | 1,413,203 | 604,549 | 11,209,937 | |
| School | |||||
| Freehold land and | Leasehold | Vehicles and | Total | ||
| buildings | buildings | equipment | |||
| £ | £ | £ | |||
| £ | |||||
| Costorvaluation | |||||
| At 1 September 2020 | 12,709,269 | 1,795,475 | 2,3121000 | 16,816,744 | |
| Additions | 132,030 | 132,030 | |||
| Disposals | (31,924) | (31,924) | |||
| At31August2021 | 12,709,269 | 1,795,475 | 2,412,106 | 16,916,850 | |
| Depreciation | |||||
| At1 September 2020 | 3,517,084 | 769,216 | 1,736,497 | 6,022,797 | |
| Providing during year | 204,133 | 45,615 | 185,303 | 435,051 | |
| Disposals | (31,924) | (31,924) | |||
| At31August2021 | 3,721,217 | 814,831 | 1,889,876 | 6,425,924 | |
| Totalnetbookvalue | |||||
| At31August2021 | 8,988,052 | 980,644 | 522,230 | 10,490,926 | |
| Totalnetbookya}ue | |||||
| At 1 September 2020 | 9,192,185 | I,026,259 | 575,503 | 10,793,947 |
| IXED ASSET INVESTMENTS | ||||
|---|---|---|---|---|
| Group | ||||
| Investment | Quoted | Total | ||
| Property | investments | |||
| £ | £ | £ | ||
| Market value 1 September 2020 | 285,000 | 2,094,813 | 2,379,813 | |
| Reinvestedincome/additions | 4,119 | 4,119 | ||
| Unrealised profitonrevaluationtomarketvalue | 228,037 | 228,037 | ||
| Market value31August2021 | 285,000 | 2,326,969 | 2,611,969 | |
| School | ||||
| Investment in | Investment | Quoted | Total | |
| subsidiary | Property | investments | ||
| (unquoted) | ||||
| £ | £ | £ | £ | |
| Market value 1 September 2020 | 586,100 | 285,000 | 2,094,813 | 2,965,913 |
| Reinvestedincome/additions | 4,119 | 4,119 | ||
| Impairment | (65,000) | (65,000) | ||
| Unrealised profitonrevaluationtomarket | ||||
| value | 228,037 | 228,037 | ||
| Marketvalue31August2021 | 521,100 | 285,000 | 2,326,969 | 3,133,069 |
| 10 | DEBTORS | ||||
|---|---|---|---|---|---|
| Group | School | ||||
| 2021 | 2020 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Fees | 121,585 | 170,360 | 121,585 | 170,360 | |
| Sundry debtors | 12,085 | 18,145 | 12,085 | 3,095 | |
| Prepaid expenses | 187,623 | 223,740 | 165,975 | 223,740 | |
| Roffa Limited - intercompany | 25,944 | 4,755 | |||
| 321,293 | 412,245 | 325,589 | 401,950 | ||
| 11 | CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR | ||||
| Group | School | ||||
| 2021 | 2020 | .2021 | 2020 | ||
| L | £ | £ | £ |
||
| Tradecreditors | 148,529 | 103,802 | 148,529 | 103,802 |
|
| Prepaid fees | 534,314 | 557,471 | 534,314 | 557,471 |
|
| Fees in advance (note 13) | 424,373 | 343,803 | 424,373 | 343,803 |
|
| Pupil deposits | 43,238 | 36,976 | 43,238 | 36,976 |
|
| Taxationand social security | 126,863 | 126,333 | 126,863 | 126,333 | |
| Pension deficitreduction | |||||
| contributions(note17) | 50,817 | 49,337 | 50,817 | 49,337 |
|
| Othercreditors | 232,670 | 258,017 | 171,013 | 228,842 | |
| Accrued expenses | 116,706 | 141,575 | 101,195 | 129,117 | |
| 1,677,510 | 1,617,314 | 1,600,342 | 1,575,681 |
||
| 12 | CREDITORS: AMOUNTS FALLINGDUEAFfERMORETHANONE | YEAR | |||
| Group | School | ||||
| 2021 | 2020 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Pensiondeficitreduction | |||||
| contributions(note17) | 420,716 | 445,728 | 420,716 | 445,728 | |
| Fees in advance(note13) | 211,717 | 248,421 | 211,717 | 248,421 | |
| Pupil deposits | 386,499 | 348,768 | 386,499 | 348,768 | |
| 1,018,932 | 1,042,917 | 1,018,932 | 1,042,917 |
Assuming pupilswillremain in the School, advanced feeswillbeapplied |
as follows: |
|
|---|---|---|
| 2021 | 2020 | |
| f; | £ | |
| Withinone year | 424,373 | 343,803 |
| Withinonetotwoyears | 141,753 | 134,027 |
| Withintwotofive years | 69,964 | 114,394 |
| 211,717 | 248,421 | |
| 636,090 | 592,224 | |
| Themovementsduringtheyearwere: | ||
| Balanceat1September2020 | 592,224 | 504,704 |
| Additionstoscheme | 426,470 | 463, I 76 |
| Paymentsoffees | (382,604) | (375,656) |
| Balanceat31August 2021 | 636,090 | 592,224 |
| Tangible assets | Investments | Netcurrent | Longterm | Total | |
|---|---|---|---|---|---|
| £ | assets | liabilities | |||
| £ | £ | £ | £ | ||
| At31August2021 | |||||
| Unrestrictedfunds | 9,775,677 | 1,339,145 | 1,292,819 | (1,018,932) | 11,388,709 |
| Restricted | 6,920 | 6,920 | |||
| ExpendableEndowment | I,272,824 | 60,216 | 1,333,040 | ||
| PermanentEndowment | 1,093,288 | (69,275) | 1,024,013 | ||
| 10,868,965 | 2,611,969 | 1,290,680 | (1,018,932) | 13,752,682 | |
| ComparativeAllocationofGroupNetAssets: | |||||
| Tangible assets | Investments | Netcurrent | Longterm | Total | |
| £ | assets | liabilities | |||
| £ | £ | £ | £ | ||
| At31August 2020 | |||||
| Unrestrictedfunds | 10,102,210 | 1,185,395 | 1,498,800 | (1,042,917) | I 1,743,488 |
| Restricted | 6,920 | 6,920 | |||
| ExpendableEndowment | 1,194,418 | 58,725 | 1,253,143 | ||
| PermanentEndowment | I,107,727 | (69,275) | 1,038,452 | ||
| I 1,209,937 | 2,379,813 | 1,495,170 | (1,042,917) | 14,042,003 |
| UnrestrictedFunds- Group | Balanceat |
31 | Income | Expenditure | Expenditure | Investments | Balanceat31 | Balanceat31 | |
|---|---|---|---|---|---|---|---|---|---|
| August 2020 | gains/ | August 2021 | |||||||
| losses)and | |||||||||
| transfers | |||||||||
| £ | £ | £ | £ | £ | |||||
| General fund | I 1,178,818 | 8,932,887 | (9,331,910) | (82,977) | 10,696,818 | ||||
| BursaryFund | 1,102,417 | 4119 | 0 | 232,607 | 1,339,143 | ||||
| 12,281,235 | 8,937,006 | (9,331,910) | 149,630 | 12,035,961 | |||||
| Subsidiary funds | (537,747) | 210,293 | (319,798) | (647,252) | |||||
| 11,743,488 | 9,147,299 | (9,651,708) | 149,630 | 11,388,709 | |||||
| UnrestrictedFunds- School | |||||||||
| General fund | 10,664,818 | 8,899,558 | (9,298,581) | (147,977) | 10,172,818 | ||||
| BursaryFund | 1,102,417 | 4,119 | 232,607 | 1,339,143 | |||||
| 11,767,235 | 8,903,677 | (9,298,581) | 84,630 | 11,456,961 | |||||
| Comparative2020 | Balanceat31 | Income | Expenditure | Investments | Balanceat31 | ||||
| August 2019 | gains/(losses) | August 2020 | |||||||
| transfers | |||||||||
| £ | £ | £ | £ | £ | |||||
| UnrestrictedFunds- Group | |||||||||
| Generalfund | 11,423,950 | 9,019,359 | (9,226,645) | (37,846) | 11,178,818 | ||||
| BursaryFund | 1,002,913 | 15,454 | 84,050 | 1,102,417 | |||||
| 12,426,863 | 9,034,813 | (9,226,645) | 46,204 | 12,281,235 | |||||
| Subsidiary funds | (439,686) | . 317,638 | (415,699) | (537,747) | |||||
| .11,987,177 | 9,352,45f | (9,642,344) | 46,204 | 11,743,488 | |||||
| UnrestrictedFunds- School | |||||||||
| General fund | 11,423,950 | 9,019,359 | (9,226,645) | (551,846) | 10,664,818 | ||||
| Bursary Fund | 1,002,913 | 15,454 | 84,050 | 1,102,417 | |||||
| 12,426,863 | 9,034,813 | (9,226,645) | (467,796) | 11,767,235 | |||||
| !Sb | RestrictedFunds- Groupand | School | |||||||
| Balanceat31 | Income | Expenditure | Transfers | Balanceat31 | |||||
| August 2020 | August2021 | ||||||||
| £ | £ | £ | £ | £ | |||||
| RestrictedFunds | |||||||||
| GrandPiano Fund | 6,920 | 6,920 | |||||||
| Comparative2020 | Balanceat31 | Income | Expenditure | Transfers | Balanceat3 I | ||||
| August 2019 | August 2020 | ||||||||
| £ | £ | £ | £ | £ | |||||
| RestrictedFunds | |||||||||
| GrandPianoFund | 6,920 | 6,920 |
| EndowmentFunds | Balanceat31 | Income | Expenditure | Investments | Balanceat31 |
|---|---|---|---|---|---|
| August 2020 | gains/ | August2021 | |||
| losses) | |||||
| £ | £ | £ | £ | £ | |
| ExpendableEndowmentFund | |||||
| GeoffreyHarmsworthTrust | 1,003,336 | 16,150 | (13,922) | 83,051 | 1,088,615 |
| Augustine Carnell Fund | 89,985 | 89,985 | |||
| RCKSET | 159,822 | 3,653 | (4,391) | (4,644) | 154,440 |
| 1,253,143 | 19,803 | (18,313) | 78,407 | 1,333,040 | |
| PermanentEndowmentFunds | 1,038,452 | (14,439) | 1,024,013 | ||
| EndowmentFundsTotal | 2,291,595 | 19,803 | (32,752) | 78,407 | 2,357,053 |
| Comparative2020 |
| EndowmentFunds | Balanceat | 31 | Income | Expenditure | fnyestments | Balanceat31 |
|---|---|---|---|---|---|---|
| August 2019 | gains/ | August 2020 | ||||
| losses) | ||||||
| £ | £ | £ | £ | £ | ||
| ExpendableEndowmentFund | ||||||
| GeoffreyHarmsworthTrust | 974,409 | 17,543 | (15,038) | 26,422 | 1,003,336 | |
| Augustine Carnell Fund | 90,126 | (141) | 89,985 | |||
| RCKSET | 159,163 | 4,642 | (3,762) | (221) | 159,822 | |
| 1,223,698 | 22,185 | (18,800) | 26,060 | 1,253,143 | ||
| PermanentEndowmentFunds | 1,052,891 | (14,439) | 1,038,452 | |||
| EndowmentFundsTotal | 2,276,589 | 22,185 | (33,239) | 26,060 | 2,291,595 |
| 2021 | 2020 | |
|---|---|---|
| landand | Landand | |
| buildings | buildings | |
| £ | £ | |
| Notlater than 1 year | 131,012 | 131,012 |
| Later than1year andnotlater than | ||
| 5years | 302,024 | 413,036 |
| Laterthan5years | 1,751,667 | 1,771,667 |
| 2,184,703 | 2,315,715 | |
| 2021 | 2020 | |
| Capitalcommitmentsat31August | £ | £ |
| Approved and contracted for |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Reconciliationofopening and closing provisions: | £'000 | £'000 | ||
| Provisionatstartofperiod | 495 | 557 | ||
| Unwindingofdiscount factor(interestexpense) | 4 | 9 | ||
| Deficitcontributionpaid | (49) | (48) | ||
| Remeasurements- impactofany change in assumptions | 22 | (23) | ||
| Provisionatendofperiod | 472 | 495 | ||
| Splitasfollows: | ||||
| Duewithinone year | 51 | 49 | ||
| Dueafter one year | 421 | 446 | ||
| 472 | 495 | |||
| ASSUMPTIONS | ||||
| 31August2021 | 31August2020 | 31August2019 | ||
| Rateofdiscount -%per | 1.09 | 0.90 | 1.10 | |
| annum |
| Unrestricted | Restricted | Endowed Funds | Total | |
|---|---|---|---|---|
| Funds | Funds | £ | 2020 | |
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS | ||||
| FROM: | ||||
| Incomefromcharitableactivities | ||||
| School fees receivable | 8,345,720 | 8,345,720 | ||
| Othereducational income | 102,735 | 102,735 | ||
| Othertradingactivities | ||||
| - Rentand commission receivable | 41,774 | 7,950 | 49,724 | |
| - Trading income | 274,817 | 274,817 | ||
| Investmentincome | 23,592 | 14,205 | 37,797 | |
| Donationsandgrants | 563,113 | 30 | 563,143 | |
| Otherincome | 700 | 700 | ||
| TotalIncome | 9,352,451 | 22,185 | 9,374,636 | |
| EXPENDITURE ON: | ||||
| Costsofraisingfunds | ||||
| Trading expenses | 431,826 | 431,826 | ||
| Interestpayable | 54 | 54 | ||
| 431,880 | 431,880 | |||
| Charitableactivities | ||||
| - Education | 5,897,873 | 5,897,873 | ||
| - Premises | 1,336,623 | 18,517 | 1,355,140 | |
| - Welfare | 643,491 | 643,491 | ||
| - Supportofschooling | 1,327,257 | 991 | 1,328,248 | |
| - Grants, awards and prizes | 5,220 | 13,731 | 18,951 | |
| Totalcharitableexpenditure | 9,210,464 | 33,239 | 9,243,703 | |
| Totalexpenditure | 9,642,344 | 33,239 | 9,675,583 | |
| Net(expenditure)/incomebefore | ||||
| Investmentgains | (289,893) | (11,054) | (300,947) | |
| Netinvestmentgains | ¼,204 | 26,060 | 72,264 | |
| Net(expenditure)/incomebefore | ||||
| transfers | (243,689) | 15,006 | (228,683) | |
| Transfers | ||||
| NETMOVEMENT IN FUNDS | (243,689) | 15,006 | (228,683) | |
| Reconciliationoffunds | ||||
| Fund balances at 1 September 2019 | 11,987,177 | 6,920 | 2,276,589 | 14,270,686 |
| FUND BALANCES AT31AUGUST | ||||
| 2020 | 11,743,488 | 6,920 | 2,291,595 | 14,042,003 |