| CONTENTS | Page |
|---|---|
| Legal and Administrative Details | 1 |
| Introductory overview | 2 |
| Chair of Trustee Governors’ Statement | 3 |
| Message from the Co-Headteachers | 4 |
| Trustee Governors’ Report | 6 |
| Statement of Trustee Governors Responsibilities | 17 |
| Independent Auditor’s Report | 18 |
| Statement of Financial Activities | 22 |
| Balance Sheet | 23 |
| Cash Flow Statement | 24 |
| Notes to the Financial Statements | 25 |
| Chair of Trustee Governors | Mr J Wraith (Resigned 2nd December 2021) |
|---|---|
| Ms D Schwartz (Appointed 2nd December 2021) | |
| Vice Chair of Trustee Governors | Ms H Elansari (Appointed 2nd December 2021) |
| D Schwartz (Resigned 2nd December 2021) |
| Co-Headteachers | Ms H Bristow |
|---|---|
| Ms V Carnevale | |
| Charity number | 1090757 |
| Company number | 04270330 |
| Registered office | Hammersmith & Fulham College |
| Gliddon Road | |
| London W14 9BL | |
| Auditor | Alpha Accountants (London) Limited |
| 585a Fulham Road | |
| Fulham | |
| London | |
| SW6 5UA | |
| Bankers | HSBC Bank UK pic |
| 315 Fulham Road | |
| Chelsea | |
| London SE10 9QJ | |
| Solicitors | Veale Wasbrough Vizards |
| 86 Fetter Lane | |
| London EC4A 1AD |
| £ | FY12-13 | FY13-14 | FY14-15 | FY15-16 | FY16-17 | FY17-18 | FY18-19 | FY19-20 | FY20-21 | FY21-22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 59,054 | 32,667 | 56,979 | 129,028 | 101,640 | 121,755 | 239,741 | 403,810 | 300,539 | 23,023 |
| Fund | 180,439 | 213,106 | 270,085 | 399,113 | 500,752 | 622,508 | 862,249 | 1,226,059 | 1,566,598 | 1,589,621 |
| balances | ||||||||||
| Restricted | 0 |
62,839 |
26,634 |
81,837 |
97,569 |
99,283 |
133,823 |
166,289 |
174,984 |
124,461 |
| Unrestricted | 180,439 | 150,267 | 243,451 | 317,276 | 403,183 | 523,225 | 728,426 | ,099,770 | 1,391,614 | 1,465,160 |
| Av # students | 46 | 48 | 42 | 48 | 45 | 47 | 56 | 51 | 55 | 53 |
| Av # staff | 28 | 35 | 32 | 31 | 31 | 33 | 36 | 35 | 39 | 45 |
| (1) Strategic and reputational risks, including, but not limited to:- | (1) Strategic and reputational risks, including, but not limited to:- |
|---|---|
| (a) | A major safeguarding or health and safety incident; |
| (b) | Worsening of the Covid-19 outbreak or a new pandemic; |
| (c) | Competition risk arising from new or re-purposed schools in the area; |
| (d) | Loss of Chair of Trustee Governors and inability to promote or recruit a replacement; |
| (e) | A breach of staff code of conduct; and |
| (f) | A poor Ofsted inspection; |
| (2) Operational risks, including, but not limited to:- | |
| (a) | A permanent loss of premises; |
| (b) | A temporary loss of premises due to fire, flood or other emergency; |
| (c) | Failure of WLC to proceed with plans for new build/PH not included in any development plans. |
| (d) | IT capability risk - out-dated/ unsupported systems causing loss of data and/or operational |
| issue; | |
| (e) | Breach of GDPR or e-security; and |
| (f) | Staffing issues, e.g. loss of multiple staff at one time and/or significant employment law issues; |
| (3) Financial risks, including, but not limited to:- | |
| (a) | Financial fraud; |
| (b) | Loss of student numbers making the school’s financial model unviable; |
| (c) | Reserves risk - lack of sufficient funds in reserves to allow school to carry on operations for a |
| limited time under stress; and | |
| (d) | Investment policy risk - capital loss by inappropriate investments of the charity’s reserves. |
| (e) | Loss of key financial personnel. |
| Mitigating | actions are regularly reviewed, assessed for appropriateness and updated where necessary, and |
| with the proviso that some are a work-in-progress given the scale involved. Key strategies implemented to | |
| help mitigate some of these risks include, but are not limited to:- | |
| (i) | Maintenance of a comprehensive set of reference policy documents; |
| (ii) | Continuous offering of staff and Trustee Governor training across all risk categories, as well as |
| regular skills-gap audits; | |
| (iii) | Access to independent, third-party specialist advice, e.g. in HR, IT, data protection (and cyber |
| risk evaluation), insurance and property management; | |
| (iv) | Continuing development of senior management of the school and succession planning, where |
| relevant, and including a review of recruitment and staff retention; | |
| (v) | Maintenance of a strong working relationship with the school’s current property landlord |
| (Hammersmith & West London College); | |
| (vi) | Creation of a business continuity plan, including search for alternative settings required in an |
| emergency; | |
| (vii) | Development of a coherent and realistic fundraising strategy to help broaden the charity’s |
| resources and expand the school’s offering; | |
| (viii) | A regular review of reserves and investment policies, with strict oversight and schemes of |
| delegation, and ultimate approval/ ratification by the main Board of Trustee Governors; | |
| (ix) | Consistent control and forecasting of student numbers, frequent review of management |
| accounts and budgets by an appointed school finance officer; and | |
| (x) | Monitor and evaluate student achievement on a termly basis, provide regular training to staff |
| and create a staff culture where peer observation, feedback and discussion about learning are | |
| commonplace. |
| Appointed | Trustee | Main | Committees* | |||
|---|---|---|---|---|---|---|
| Governor | Board | FLM | PDBW | TLA | ||
| Type__ | ||||||
| Trustee Governors | ||||||
| Daniela Schwartz (Chair) | Jul-14 | Community | X | |||
| Hala Ensari (Vice-Chair) | Nov-18 | Parent | ||||
| Johnnie Wraith (Resigned 11th January | Dec-14 | Parent | ||||
| 2023) | ||||||
| Beatriz Exposito | Nov-19 | Staff | ||||
| Michael Gallagher | Sep-19 | Community | ||||
| Steve Hussey | Jun-17 | Parent | X | |||
| Jakub Koper | Dec-21 | Staff | ||||
| Georgina Klein | Dec-21 | Community | ||||
| Thomas Cowley | Dec-21 | Community | ||||
| Associate members | ||||||
| Nick Herrtage (Real Estate Advisor) | External | Eo | ||||
| Wendy Coombes (Advisor) | External | Eo | ||||
| Verity Carnevale (co-Head) | Staff | Eo | Eo | |||
| Holly Bristow (co-Head) | Staff | Eo | Eo | |||
| Claire Huntington | Staff | Eo | ||||
| Phoebe Buret | Staff | Eo | ||||
| Steve Williams (Finance Officer) | Staff | loA | ||||
| Lorraine Morgan (Business Manager) | Staff | loA | ||||
| Number of meetings | 4 | 6 | 3 | 4 |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | ||
| Notes | £ | £ | £ | £ | |
| INCOME FROM: | |||||
| Donations, legacies and grants | 4 |
525,982 |
103,211 |
629,193 |
614,742 |
| Charitable activities | 5 |
954,369 |
954,369 |
1,116,987 |
|
| Investments | 6 |
5,492 |
5,492 |
1,711 |
|
| Other income | 7 |
92,012 |
92,012 |
79,943 |
|
| Total income | 1,577,855 | 103,211 | 1,681,066 | 1,813,383 | |
| EXPENDITURE ON: | |||||
| Charitable activities | 8 | 1,518,165 | 139,878 | 1,658,043 | 1,512,844 |
| Total expenditure | 1,518,165 | 139,878 | 1,658,043 | 1,512,844 | |
| NET INCOME | 59,690 | (36,667) | 23,023 | 300,539 | |
| Transfers between funds | 763 | (763) | |||
| NET MOVEMENT IN FUNDS | 59,687 |
(36,667) |
23,023 |
300,539 |
|
| RECONCILIATION OF FUNDS | |||||
| Fund balances brought forward | |||||
| At 1 September 2021 | 1,405,470 | 161,128 | 1,566,598 | 1,266,059 | |
| Fund balance carried forward | |||||
| At 31 August 2022 | 1,465,923 | 123,698 | 1,589,621 | 1,566,598 |
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 13 | 167,654 | 144,377 |
| CURRENT ASSETS | |||
| Debtors | 14 | 32,883 | 31,588 |
| Cash at bank and in hand | 1,694,245 | 1,559,170 | |
| 1,727,128 | 1,590,758 | ||
| CREDITORS | |||
| Amounts falling due within one year | 15 | (305,161) | (168,537) |
| NET CURRENT ASSETS | 1,421,967 | 1,422,221 | |
| CREDITORS | |||
| Amounts falling due in more than one year | |||
| NET ASSETS | 1,589,621 | 1,566,598 | |
| THE FUNDS OF THE CHARITY | |||
| Restricted funds | 17 | 123,698 | 161,128 |
| Unrestricted funds | 1,465,923 | 1,405,470 | |
| TOTAL CHARITY FUNDS | 1,589,621 | 1,566,598 |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income for the year | 23,019 | 300,539 |
| Adjustments for | ||
| Depreciation | 57,437 | 46,452 |
| Investment income Decrease in stocks |
(5,489) | (1,711) 2,473 |
| Increase/decrease in debtors | (1,295) | (2,614) |
| Increase/decrease in creditors | 136.624 | 116,727 |
| Net cash used in operating activities | 210,296 | 461,866 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Investment income | 5,489 | 1,711 |
| Purchase of tangible assets | (81,385) | (60,491) |
| Sale of tangible fixed assets | 675 | |
| Net cash (used in)/provided by investing activities | (75,221) | (58,780) |
| CHANGE IN CASH AND CASH EQUIVALENTS IN THE | ||
| REPORTING PERIOD | 135,075 | 403,086 |
| Cash and cash equivalents at the beginning of the reporting period | 1,559,170 | 1,156,084 |
| Cash and cash equivalents at the end of the reporting period | 1,694,245 | 1,559,170 |
| Leasehold improvements | 10% straight line |
|---|---|
| Plant and machinery | 25% straight line |
| Fixtures, fittings & equipment | 25% straight line |
| Motor vehicles | 20% straight line |
| NATIONS, LEGACIES & GRANTS | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and legacies | 850 |
666 |
| Grants, including capital & government grants | 628,343 |
614,076 |
629,193 |
614,742 |
| 5. INCOME FROM CHARITABLE ACTIVITIES | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| School fees receivable | 954,369 | 1,116,987 |
| 954,369 | 1,116,987 | |
| 6. INVESTMENTS | ||
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable and similar income | 5,489 | 1,711 |
| 5,489 | 1,711 |
| HER INCOME | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Other income | 69,937 |
71,028 |
| Lunch money | 22,075 |
6,949 |
| Excursion money | 1,580 |
|
| Uniform income | 386 |
|
92,012 |
79,943 |
| Total | Total | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 866,502 |
946,493 |
| Depreciation | 40,861 |
23,015 |
| Courses | 23,946 |
42,850 |
| Education materials | 10,098 |
5,818 |
| Sport costs | 305 |
5,503 |
| Functions and outgoing | 903 |
439 |
| Support costs (see note 9) | 715,428 |
488,726 |
1,658,043 |
1,512,844 |
| PPORT COSTS | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 214,873 | 68,154 |
| Depreciation | 16,576 | 23,437 |
| School lunches | 36,537 | 16,712 |
| School uniform costs | 2,496 | |
| Insurance | 15,986 | 14,277 |
| Caretaking costs | 1,742 | 5,659 |
| Hire of equipment | 15,364 | 6,536 |
| Motor costs | 5,449 | 1,850 |
| Rent and rates | 113,410 | 78,339 |
| Governance costs (see note 10) | 190,770 | 157,111 |
| Other expenditure | 104,721 | 114,155 |
| 715,428 | 488,726 |
| VERNANCE COSTS | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 162,693 |
137,076 |
| Auditors remuneration | ||
| Statutory audit | 9.600 |
13,800 |
| Non-audit services | 3.600 |
1,800 |
| Accountancy fees | 14,877 |
4,435 |
190,770 |
157,111 |
| AFF COSTS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Staff costs for the above persons: | ||
| Wages and salaries | 1,112,112 |
1,028,188 |
| Social security costs | 95,546 |
90,447 |
| Other pension costs | 36,410 |
33,088 |
1,244,068 |
1,151,723 |
| Average employees in the year | 45 | 39 |
|---|---|---|
| The number of employees whose emoluments fell within the following bands was: | ||
| £60,001-£70,000 | 2 | 2 |
| NGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Leasehold | Furniture and | Motor | ||
| improvements | equipment | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost: | ||||
| 1 September 2021 | 158,144 | 199,812 | 30,172 | 388,128 |
| Additions | 55,883 | 25,503 | 81,386 | |
| Disposals | (11,301) | (11,301) | ||
| 31 August 2022 | 214,027 | 214,014 | 30,172 | 458,213 |
| Depreciation: | ||||
| 1 September 2021 | 75,115 |
138,463 |
30,172 |
243,750 |
| Charge for year | 26,991 |
30,446 |
57,437 |
|
| Eliminated on disposal | (10,629) |
(10,629) |
||
31 August 2022 |
102,106 |
158,280 |
30,172 |
290,558 |
| Net book value: | ||||
| 31 August 2022 | 111,921 |
55,734 |
167,655 |
|
| 31 August 2021 | 83,028 | 61,349 | 144,377 |
| DEBTORS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade debtors | 13,143 | |
| Prepayments | 25,577 | 14,403 |
| Accrued income | 6,217 | |
| Other debtors | 1,089 | 4,042 |
| 32,882 | 31,588 |
| 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Loans and borrowings | 527 |
|
| Trade creditors | 25,940 |
9,401 |
| Hire purchase and finance leases (see note 16) | 2,044 |
|
| Taxation and social security | 33,049 |
30,671 |
| Accruals and deferred income | 30,011 |
19,095 |
| Other creditors | 215,634 |
107,324 |
305,161 |
168,537 |
|
| 16. OBLIGATIONS UNDER FINANCE LEASES | ||
| 2022 | 2021 | |
| £ | £ | |
| Within one year | 2,044 | |
| In two to five years | ||
| 2,044 | ||
| Less finance charges allocated to future periods | ||
| 2,044 |
| 1 | Transfers | ||||
|---|---|---|---|---|---|
| September | Between | 31 August | |||
| 2021 | Income | Expenditure | Funds | 2022 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Breakfast Club | 763 | (763) | |||
| School Condition | 122,621 | 7,917 | (68,706) | 61,832 | |
| Allocation (previously | |||||
| Capital maintenance) | |||||
| Devolved Formula Capital | 20,252 | 2,806 | (6,076) | 16,982 | |
| PE & Sports | 17,492 | 8,000 | (6,058) | 19,434 | |
| Pupil Premium | 24,547 | (18,384) | 6,163 | ||
| Recovery Premium | 7,250 | 7,250 | |||
| Teacher pay | 11,033 | (11,033) | |||
| Teacher pension | 30,576 | (18,539) | 12,037 | ||
| School Led Tutoring | 10,046 | (10,046) | |||
| COVID-19 Vaccination | 1,036 | (1,036) | |||
| 161,128 | 103,211 | (139,878) | (763) | 123,698 | |
| 1 | Transfers | ||||
| September | Between | 31 August | |||
| 2020 | Income | Expenditure | Funds | 2021 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Breakfast Club | 763 |
763 |
|||
| School Condition | 115,312 |
19,070 |
(11,761) |
122,621 |
|
| Allocation (previously | |||||
| Capital maintenance) | |||||
| Devolved Formula Capital | 16,290 |
6,582 |
(2,620) |
20,252 |
|
| PE & Sports | 33,924 |
(16,432) |
17,492 |
||
166,289 |
25,652 |
(30,813) |
161,128 |
| Unrestricted | Restricted | TOTAL | |
|---|---|---|---|
| funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 25,732 |
141,922 |
167,654 |
| Current assets | 1,723,806 |
3,322 |
1,727,128 |
| Current liabilities | (282,790) |
(22,371) |
(305,161) |
1,466,748 |
122,873 |
1,589,621 |
| Unrestricted | Restricted | TOTAL | |
|---|---|---|---|
| funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 18,132 |
126,245 |
144,377 |
| Current assets | 1,542,019 |
48,739 |
1,590,758 |
| Current liabilities | (168,537) |
(168,537) |
|
1,391,614 |
174,984 |
1,566,598 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| INCOME FROM: | |||
| Donations, legacies and grants | 589,090 | 25,652 | 614,742 |
| Charitable activities | 1,116,987 | 1,116,987 | |
| Investments | 1,711 | 1,711 | |
| Other income | 79,943 | 79,943 | |
| Total income | 1,787,731 | 25,652 | 1,813,383 |
| EXPENDITURE ON: | |||
| Charitable activities | 1,482,031 | 30,813 | 1,512,844 |
| Total expenditure | 1,482,031 | 30,813 | 1,512,844 |
| NET INCOME | 305,700 | (5,161) | 300,539 |
| Transfers between funds | |||
| NET MOVEMENT IN FUNDS | 305,700 | (5,161) | 300,539 |
| RECONCILIATION OF FUNDS | |||
| Fund balances brought forward | 1,099,770 | 166,289 | 1,266,059 |
| Fund balance carried forward | 1,405,470 | 161,128 | 1,566,598 |