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|Contents|||||Pages|
|---|---|---|---|---|---|
|Report ofthe|board of|governors|incorporating|the Strategic Report|1-11|
|Independent|auditors'|report|||12 - 14|
|Consolidated|statement|offinancial activities|||15 - 16|
|Group balance sheet|||||17|
|Company
balance sheet|||||18|
|Consolidated|cash flow|statement|||19|
|Notes to the|financial statements||||20-31|
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||||||YEAR ENDED 31AUGUST 2021|YEAR ENDED 31AUGUST 2021|YEAR ENDED 31AUGUST 2021||ZOZO|
|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|funds:|Restricted|funds:|Total|Total|
|||||General|Designated|Restricted
Incnme|Capital
(endnmment)|||
|||||E|E|E|E|||
|INCOME|||Note|||||||
|Income from charitable||activities||||||||
|School fees|||2a)|11,505,579|(112,200)|(14,025)||11,379,354|10,699,049|
|Ancillary
income||||162,283||||162,283|318,856|
|Income from other trading activities||||107,125||14,550||121,675|123,932|
|Investment
income||||2,305|3,895|1,771|437|8,408|17,676|
|Donations
and legacies||||2,621|20,486|27,500|556|51,163|90,346|
|Other|||2b)|169,844|35,114|2,443||207,401|354,627|
|Totallncome||||11,949,757|(52,705)|32,239|993|11,930,284|11,604,486|
|EXPENDITURE||||||||||
|Charitable
activities||||||||||
|Teaching costs||||7,063,574||190||7,063,764|7,033,254|
|Welfare costs||||389,873||||389,873|365,114|
|Premises costs||||1,643,916|||437,557|2,081,473|2,113,114|
|Grants, awards and prizes||||10,939|8,415|15,451||34,805|43,950|
|Support costs||||1,560,581||||1,560,581|1,561,352|
|Other||||112,473||||112,473|79,049|
|Total Expenditure||||10,781,356|8,415|15,641|437,557|11,242,969|11,195,833|
|Net gains/(losses)|on investments||||39,041|10,990|10,745|60,776|(2,414)|
|NET INCOME/(EXPENDITURE)|||FOR|||||||
|THE YEAR||||1,168,401|(22,079)|27,588|(425,819)|748,091|407,239|
|Transfers between|funds||||(25,000)|25,000||||
|NET MOVEMENT|IN FUNDS FOR|||||||||
|THE YEAR||||1,168,401|(47,079)|52,588|(425,819)|748,091|407,239|
|Reconciliation
offunds||||||||||
|Total funds brought
forward at||||6,626,522|972,798|111,222|16,747,833|24,458,375||
|1September||||||||||
|Total funds carried forward at
31August||||7,794,923|925,719|163,810|16,322,014|25,206,466|24,458,375|
##
|||||||YEAR ENDED 31AUGUST|YEAR ENDED 31AUGUST|2020||
|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|funds:|Restricted|funds:|Total|
||||||Generol|Designated|Restricted
income|Capital
lendovmenri||
|INCOME||||Note||||||
|Income from charitable|||activities|||||||
|School fees||||2a)|10,814,288|(101,214)|(14,025)||10,699,049|
|Ancillary
income|||||318,856||||318,856|
|Income from other||trading activities|||103,073||20,859||123,932|
|Investment
income|||||11,064|3,886|2,277|449|17,676|
|Donations and legacies|||||13,862|70,733|5,000|751|90,346|
|Other||||2b)|309,613|41,695|3,319||354,627|
|Total Income|||||11,570,756|15,100|17,430|1,200|11,604,486|
|EXPENDITURE||||||||||
|Charitable
activities||||||||||
|Teaching costs|||||7,033,254||||7,033,254|
|Welfare co'sts|||||365,114||||365,114|
|Premises costs|||||1,670,557||5,000|437,557|2,113,114|
|Grants, awards|and prizes||||10,644|11,127|22,179||43,950|
|Support costs|||||1,561,352||||1,561,352|
|Other|||||79,049||||79,049|
|Total Expenditure|||||10,719,970|11,127|27,179|437,557|11,195,833|
|Net gains/(losses)|on investments|||||587|387|(2,388)|(1,414)|
|NET INCOME/(EXPENDITURE)||||FOR||||||
|THE YEAR|||||850,786|4,560|(9,36Z)|(438,745)|407,239|
|Transfers between||funds||||||||
|NET MOVEMENT|IN FUNDS|||FOR||||||
|THE YEAR|||||850,786|4,560|(9,362)|(438,745)|407,239|
|Reconciliation
of|funds|||||||||
|Total funds brought
September||forward||at 1|5,775,736|968,238|120,584|17,186,578|24,051,136|
|Total funds carried||forward at 31August|||6,626,522|972,798|111,222|16,747,833|24,458,375|
##
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|||||Note|2021
f|2020f|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Intangible
assets||||6|234,088||
|Tangible assets||||7|24,942,761|24,511,188|
|Investments||||8|674,237|210,542|
||||||25,851,086|24,721,730|
|Current assets|||||||
|Stock||||9|17,960|21,365|
|Debtors||||10|2,992,717|2,757,336|
|Cash at bank|and in|hand|||3,709,472|2,776,922|
||||||6,720,149|5,555,623|
|Creditors: Amounts||falling due within one year||11|(6,498,925)|(5,012,504)|
|Net current|assets||||221,224|543,119|
|Total assets|less current||liabilities||26,072,310|25,264,849|
|Creditors: Amounts||falling due after more than one year||12|(865,844)|(806,474)|
|Net assets|||||25,206,466|24,458,375|
|Funds|||||||
|Unrestricted|funds:||||||
|General||||14|7,794,923|6,626,522|
|Designated||||17|925,719|972,798|
|Restricted funds:|||||||
|Restricted|income|||16|163,810|111,222|
|Capital (endowment)||||15|16,322,014|16,747,833|
||||||25,206,466|24,458,375|
##
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|||||Note|2021
f|2020f|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||||7|24,917,144|24,511,188|
|investments||||8|1,048,258|210,542|
||||||25,965,402|24,721,730|
|Current assets|||||||
|Stock||||9|17,960|21,365|
|Debtors||||10|2,931,668|2,757336|
|Cash at bank|and|in|hand||3,414,122|2,776,922|
||||||6,363,750|5,555,623|
|Creditors: Amounts|||falling due within one year|11|(6,264,900)|(5,012,504)|
|Net current|assets||||98,850|543,119|
|Total assets|less|current liabilities|||26,064,252|25,264,849|
|Creditors: Amounts|||falling due after more than one year|12|(865,844)|(806,474)|
|Net assets|||||25,198,408|24,458,375|
|Funds|||||||
|Unrestricted|funds:||||||
|General||||14|7,786,865|6,626,522|
|Designated||||17|925,719|972,798|
|Restricted funds:|||||||
|Restricted|income|||16|163,810|111,222|
|Capital (endowment)||||15|16,322,014|16,747,833|
||||||25,198,408|24,458,375|
##
|FOR THE YEAR ENDED 3|1AUGUS||T 2021||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||Note|||
|Net cash inflow from operating||activities||18|2,321,548|1,329,295|
|Returns on investments|and servicing offinance||||||
|Investment
interest and|dividends||received||6,033|6,275|
|Bank and other interest|received||||2,375|11,401|
|Bank charges paid|||||(7,035)|(10,422)|
|Loan interest
paid|||||||
|Net cash inflow from returns on|||investments|and servicing offinance|1,373|7,254|
|Capital expenditure
and|financial||investment||||
|Purchases oftangible fixed assets|||||(768,619)|(769,039)|
|Purchase ofintangible
assets|||||(251,118)||
|Purchase ofinvestments|||||(402,919)||
|Sales oftangible fixed assets|||||1,600|300|
|Net cash oufflow from capital expenditure||||and financial investment|(1,421,056)|(768,739)|
|Financing|||||||
|Additional
endowments|received||||993|1,200|
|Repayment
of borrowing|||||||
|Advance fees:|||||||
|Receipts from advance|fees||||86,575|59,287|
|Advance fees utilised|||||(56,883)|(207,352)|
|Net cash inflow/(oufflow)|from|financing|||30,685|(146,865)|
|Increase in cash||||19|932,550|420,945|
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|2|a) FEES RECEIVABLE|a) FEES RECEIVABLE|||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|
|Tuition fees|||||||||E|5|
||Senior School||||||||10,318,821|10,198,609|
||Junior School||||||||2,529,869|2,430,337|
||Nursery
and infant||||||||154,192||
||||||||||13,002,882|12,62B,946|
|Less:|||||||||||
||Bursaries, scholarship||and other remissions||||||(1,773,758)|(2,099,333/|
|Net tuition fees|||||||||11,229,124|10,529,613|
|Catering income|||||||||150r230|169,436|
||||||||||11,379,354|10,699,049|
||b) OTHER INCOME||||||||2021|2020|
||||||||||E|5|
||StJohn's Hospital|Educational||Foundation|||||37,557|45,014|
||Coronavirus
Job Retention Scheme Grant||||||||169,844|309,613|
||||||||||207,401|354,627|
||The coronavirus job||retention|scheme|is a government|funded|grant in respect ofemployees||who have been|furloughed|
||due tothe pandemic.||The government||have provided|grants of up to 80%ofan employee's|||wage capped at|E2,500 per|
||month.||||||||||
|3|INCOME FROM INVESTMENTS||||||||2021|2020|
||||||||||E|5|
|UK Listed investments|||||||||6,033|6,275|
|4|STAFF COSTS||||||||2021|2020|
||||||||||F.|5|
|Wages and salaries|||||||||6,135,287|5,998,356|
|Social security costs|||||||||646,193|628,30B|
|Other pension costs|||||||||1,196,079|1,116,181|
||||||||||7,977,559|7,742,845|
|The average number ofemployees||||in the|year was:||2021||2020||
|||||||number||FTE|number|FTE|
||Teaching and teaching||support staff|||166||119|153|108|
||Others||||||40|35|39|37|
|||||||206||154|192|145|
||||||||||2021|2020|
||||||||||E|5|
|A|gency staff||||||||186,291|156,607|
##
##
##
|4
STAFF COSTS (continued)|4
STAFF COSTS (continued)|4
STAFF COSTS (continued)||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The number ofemployees||whose|emoluments||||(including|employer's||pension|contributions)|exceeded E60,000|were;|
|||||||||||||2021|2020|
|||||||||||||number|number|
|E60,001 - E70,000||||||||||||17|18|
|E70,001 —E80,000||||||||||||1|2|
|E80,001 —E90,000||||||||||||3|1|
|E90,001 —E100,000|||||||||||||1|
|E110,001 - E120,000||||||||||||||
|E120,001 —E130,000||||||||||||||
|E150,001 —E160,000||||||||||||||
|E170,001 - E180,000||||||||||||||
|Number
with retirement|benefits||accruing|||in defined contribution|||schemes,|||2|1|
|Of which the contributions||amounted||to:||||||||37,346|29,514|
|Number
with retirement|benefits||accruing|||in defined benefit schemes:||||||22|22|
|Of which the contributions||amounted||to:||||||||304,076|282,395|
|5
ANALYSIS OF TOTAL GROUP RESOURCES EXPENDED||||||||||||||
|||||Staff costs||||Other||Depreciation||Total|2020|
|Charitable
activities|||||||E||E||E|E|E|
|Teaching costs||||6,633,096||||430,668||||7,063,764|7,033,254|
|Welfare costs||||||34,700||355,173||||389,873|365,114|
|Premises costs|||||571,053|||913,627|||596,793|2,081,473|2,113,114|
|Grants, awards and prizes||||||||34,805||||34,805|43,950|
|Supportcosts|||||751,897|||369,383|||439,301|1,560,581|1,561,352|
|Other||||||||112,473||||112,473|79,049|
|||||||||||||11,242,969|11,195,833|
|Total resources expended||includes|the|following:||||||||2021|2020|
|||||||||||||E|E|
|Auditors'
remuneration||||||||||||||
|Audit ofthe financial||statements||of||the group and||company||||7,398|7,600|
|Audit ofthe financial||statements||of||the company's||subsidiaries||||3,000||
|Operating
lease rentals||- plant|gr machinery|||||||||8,237|8,237|
|6
INTANGIBLE FIXED ASSETS||||||||||||Goodwill|Total|
|Group||||||||||||||
|Cost||||||||||||||
|At 1September 2020||||||||||||||
|On acquisition
of The||New School||||||||||175,000|175,000|
|Additions||||||||||||237,358|237,358|
|At 31August 2021||||||||||||412,358|412,358|
|Accumulated
amortisation||||||||||||||
|At 1September 2020||||||||||||||
|On acquisition
of The||New School||||||||||161,240|161,240|
|Charge for the year||||||||||||17,030|17,030|
|At 31August 2021||||||||||||178,270|178,270|
|Net book value||||||||||||||
|At 31August 2021||||||||||||234,088|234,088|
|At 31August 2020||||||||||||||
##
|7|TANGIBLE FIXEDASSETS|TANGIBLE FIXEDASSETS||||||
|---|---|---|---|---|---|---|---|
|Group|||Freehold land
and buildings|Motor
vehicles|Fixtures,
fittings and
equipment|Assets in the
course of
consrl'Uctlon|Total|
||||||E|||
|Cost||||||||
||At 1September 2020||29,225,155|317,967|3,970,367|603910|34,117,399|
||On acquisition||||8,393||8,393|
||Additions||375,000||596,736|525,812|1,497,548|
||Transfers||1,098,013|||(1,098,013)||
|||Disposals|||(79,440)|(31,709)|(111,149)|
||At 31August 2021||30,698,168|317,967|4,496,056||35,512,191|
|Accumulated
depreciation||||||||
|||At 1September 2020|7,138,473|259,093|2,208,645||9,606,211|
|||On acquisition|||6,465||6,465|
|||Charge forthe year|596,793|22,901|416,400||1,036,094|
|||Eliminated||||||
|||on disposals|||(79,340)||(79,340)|
|||At 31August 2021|7,735,266|281,994|2,552,170||10,569,430|
|Net||book value||||||
|||At 31August 2021|22,962,902|35,973|1,943,886|||
|||At 31August 2020|22,086,682|58,874|1,761,722|603,910|24,511,188|
|Company|||Freehold land
and buildings|Motor
vehicles|Fixtures,
fittings and
equipment|Assets in the
course of
cons'tl'ection|Total|
||||||E|E||
|Cost||||||||
|||At 1September 2020|29,225,155|317,967|3,970,367|603,910|34,117,399|
|||Additions|375,000||572,276|525,812|1,473p088|
|||Transfers|1,098,013|||(1,098,013)||
|||Disposals|||(79,440)|(31,709)|(111,149)|
|||At 31August 2021|30,698,168|317,967|4,463,203||35,479,338|
|Accumulated
depreciation||||||||
|||At 1September 2020|7,138,473|259,093|2,208,645||9,606,211|
|||Charge forthe year|596,793|22,901|415,629||1,035,323|
|||Eliminated||||||
|||on disposals|||(79,340)||(79,340)|
|||At 31August 2021|7,735,266|281,994|2,544,934||10,562,194|
|Net||book value||||||
|||At31August 2021|22,962,902|35,973|1,918,269||24,917,144|
|||At 31August 2020|22,086,682|58,874|1,761,722|603,910|24,511,188|
##
##
|8
INVESTMENTS||||||||Listed||Cash||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Group|||||||investments||investments||Total|
|||||||||f||f|f|
|Valuation||||||||||||
|At 1September|2D20|||||||208,482||2,060|210,542|
|Additions||||||||402,919|||402,919|
|Revaluations||||||||60,776|||60,776|
|Investment
ofcash||||||||(1,745)||1,745||
|At 31August 2021||||||||670,432||3,805|674,237|
|Rathbones
holds a|porffolio ofglobal investments||||amounting|to 63%ofthe total investment|||portfolio. Nine listed investment
in|||
|COIF accounts represents||31%ofthe total portfolio and and||||one investment|in CAFlnvest
represents|||6%ofthe total|porffolio.|
|Listed investments|are valued at market valuation||||on the UK Stock Exchange. The|||historical cost ofthese investments|||is as|
|||||||||||2021|ZOZO|
|||||||||||f|f|
|Listed investments||||||||||433,677|33,589|
|Company||||||Subsidiary
undertakings|Listed
investments||Cash
investments||Total|
|Valuation||||||f||f|||E|
|At 1September|2020|||||||208,482||2,060|210,542|
|Additions||||||374,021||402,919|||776,940|
|Revaluations||||||||60,776|||60,776|
|Investment
of|cash|||||||(1,745)||1,745||
|At 31August 2021||||||374,021||670,432||3,805|1,048,258|
|Rathbones
holds a|portfolio ofglobal investments||||amounting|to 63%ofthe total||investment|portfolio. Nine listed investment
in|||
|COIF accounts represents||31%ofthe total portfolio and and||||one investment|in CAFlnvest represents|||6%ofthe total|porffolio.|
|Listed investments|are valued at market valuation||||on the UK Stock Exchange. The historical cost ofthese investments||||||is as|
|follows:||||||||||||
|||||||||||2021|2020|
|||||||||||E|f|
|Listed investments||||||||||433,677|33,589|
|Subsidiaries||||||||||||
|Details ofthe charitable||company's|subsidiaries|at|31August|2021are as follows:||||||
||||||||||Class|ofShares||
|Name ofundertaking|||Registered|Office||||||%
held|Held Direct|
|Yew Tree Ha II Limited|||Exeter School,||Victoria Park Road, Exeter, Devon||||Ordinary||100|
|The investment
in|subsidiary
undertaking
is stated||||at cost.|||||||
|9
STOCK - Group|and|company||||||||2021
E|2020f|
|Raw materials||||||||||3,336|5,148|
|Goods for resale||||||||||14,624|16,217|
|||||||||||17p960|21,365|
##
##
|10 DEBTORS|||||Group|||Company||
|---|---|---|---|---|---|---|---|---|---|
||||||2021||2020|2021|2020|
||||||E||E|6|6|
|Trade debtors|||||2,449,229|2,324,238||2,363,020|2,324,238|
|Amounts
owed|by|group undertakings||||||30,845||
|Other debtors|||||214,552||141,552|214,552|141,552|
|Prepayments
and||accrued||income|328,936||291,546|323p251|291,546|
||||||2,992,717|2,|757,336|2,931,668|2,757,336|
|11 CREDITORS: amounts||||falling due within one ye|Group|||Company||
||||||2021||2020|2021|2020|
||||||E||E|E|E|
|Trade creditors|||||714,804||396,562|696,092|396,562|
|Other creditors|||||266,663||246,996|206,348|246,996|
|Advance
payment||ofschool fees|||164,775||146,658|164,775|146,658|
|Accruals and deferred|||income||5,209,219|4,089,843||5,054,221|4,089,843|
|Pension costs|||||143,464||132,445|143,464|132,445|
||||||6,498,925|5,012,504||6,264,900|5,012,504|
|12 CREDITORS: amounts||||falling due after more th,|Group|||Company||
||||||2021||2020|2021|2020|
||||||E||E|E|f|
|Trade creditors|||||255,730||207,935|255,730|207,935|
|Advance
payment||ofschool fees|||610,114||598,539|610,114|598,539|
||||||865 844||806474|865,844|806,474|
|||||||||2021|2020|
|Ofthe amounts|falling||due after more than one year,||the following amounts|||E|E|
|are repayable|after more than five years:|||||||238,732|209,504|
##
||||||
|---|---|---|---|---|
|13 COMMITMENTS - Group and|company||2021|2020|
||||E||
|Future minimum
lease payments|under non-cancellable|operating leases:|||
|within one year|||6,947|8,237|
|between two and five years|||5,597|12,513|
##
##
|14 ALLOCATION|OF THE CHARITY NET ASSETS|OF THE CHARITY NET ASSETS|OF THE CHARITY NET ASSETS|OF THE CHARITY NET ASSETS|||||
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|funds:|Restricted|funds:|Total|
|Group||||General
f|Designated|Restricted
income
f|Capital
(endowment)
f|f|
|Intangible
assets||||234,088||||234,088|
|Tangible assets||||8,829,973|||16,112,788|24,942,761|
|Investments||||2,059|416,126|116,066|139,986|674,237|
|Stock||||17,960||||17,960|
|Debtors||||2,992,541|||176|2,992,717|
|Cash at bank and|in|hand||3,083,071|509,593|47,744|69,064|3,709,472|
|Creditors: Amounts||falling due|||||||
|within one year||||(6,498,925)||||(6,498,925)|
|Creditors: Amounts||falling due|||||||
|after more than||one year||(865,844)||||(865,844)|
|Net assets||||7,794,923|925,719|163,810|16,322,014|25,206,466|
|||||Unrestricted|funds:|Restricted|funds:|Total|
|Company||||General
f|Designated|Restricted
income
f|Capital
(endowment)
f|f|
|Tangible assets||||8,804,356|||16,112,788|24,917,144|
|Investments||||376,080|416,126|116,066|139,986|1,048,258|
|Stock||||17,960||||17,960|
|Debtors||||2,931,492|||176|2,931,668|
|Cash at bank and|in|hand||2,787,721|509,593|47,744|69,064|3,414,122|
|Creditors: Amounts||falling due|||||||
|within one year||||(6,264,900)||||(6,264,900)|
|Creditors: Amounts||falling due|||||||
|after more than||one year||(865,844)||||(865,844)|
|Net assets||||7,786,865|925,719|163,810|16,322,014|25,198,408|
|15 CAPITAL(ENDOWMENT)|||FUNDS|At 15eptnmber|Incoming|Resources|Transfers a|A't 31Angus't|
|||||2020|resources|expended|rnsenmens
carne|2021|
|Group and Company|||||f|f|f|f|
|Freehold property||||16,550,345||(437,557)||16,112,788|
|Hardship
funds||||123,142|557||4,664|128363|
|Prize funds||||7,189|||719|7,908|
|Specific funds||||67,157|436||5,362|72,955|
|||||16,747,833|993|(437,557)|10,745|16,322,014|
##
##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||E||
|Net Income/(Expenditure)|for the|year before investment|gains and losses|687,315|408,653|
|Depreciation||||1,036,094|1,037,847|
|Amortisation
ofgoodwill||||17,030||
|(Profit)/Loss
on disposal offixed assets||||30,209|16,700|
|Non operating
cashflows|eliminated:|||||
|Endowment
donations||||(993)|(1,200)|
|Investment
interest
and dividends||receivable||(6,033)|(6,275)|
|Bank and other interest receivable||||(2,375)|(11,401)|
|Bank charges payable||||7,035|10,422|
|(Increase)/decrease
in stock||||3,405|(1,473)|
|Increase
in debtors||||(235,381)|(149,070)|
|Increase
in creditors||||785,242|25,092|
|||||2,321,548|1,329,295|
##
##
|19 RECONCILIATION
OF NET CASH FLOW TO MOVEMENT|IN NET FUNDS|2021|2020|
|---|---|---|---|
|||E|E|
|Increase/(Decrease)
in cash in the period||932,550|420,945|
|||932,550|420,945|
|Movement
in net funds
in the period||932,550|420,945|
|Net funds at 1September 2020||2,776,922|2,355,977|
|Net funds at 31August 2021||3,709,472|2,776,922|
|20 ANALYSIS OF CHANGES
IN NET FUNDS|At 1September
2020|Cashflow|At 31August
2021|
||E||E|
|Cash at bank and in hand|2,776,922|932,550|3,709,472|
||2,776,922|932,550|3,709,472|
|21 RELATED PARTY TRANSACTIONS||||