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**<br>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**<br>**10QueenStreet Place**|
|London|
|**..................................................2022**<br>**EC4R 1AG**<br>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|£|£|£|£|
|**FIXED**ASSIITS||||||
|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|**(103,1**I1)|(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||||||
||At**1**September 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_**|£|£|<br>£|
||Tradecreditors|**148,529**|103,802|148,529|<br>103,802|
||Prepaid fees|**534,314**|557,471|534,314|<br>557,471|
||Fees in advance (note 13)|**424,373**|343,803|424,373|<br>343,803|
||Pupil deposits|**43,238**|36,976|43,238|<br>36,976|
||Taxationand social security|**126,863**|126,333|126,863|126,333|
||Pension deficitreduction|||||
||contributions(note17)|**50,817**|49,337|50,817|<br>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|<br>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|





## 

## 

|<br>Assuming pupilswillremain in the School, advanced feeswillbeapplied|<br>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|<br>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/|**August**2021|
|||||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|**31August**2019||
|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|