##
##
##
##
##
|**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|