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2021-08-31-accounts

WORTFfgcHOOL ANNUAL REPORT 2020-21

CHAIRMAN'S
OVERVIEW
TRUSTEES' REPORT
REFERENCE R ADMINISTRATIVE
INFORMATION		 .
STRUCTURE, GOVERNANCE
AND MANAGEMENT.
STRATEGIC REPORT..
AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES..
RESPONSE TO THE COVID-19 PANDEMIC . 10
REVIEW OF ACHIEVEMENTS
AND PERFORMANCE
FOR THE YEAR.
FUNDRAISING
POLICY AND ACTIVITIES,		 16
FINANCIAL REVIEW AND RESULTS FOR THE YEAR.. „„17
FUTURE PLANS. ......19
TRUSTEES' RESPONSIBILITIES STATEMENT. ...20
INDEPENDENT AUDITOR'5 REPORT TO THE MEMBER OF WORTH SCHOOL
WORTH SCHOOL STATEMENT OF FINANCIAL ACTIVITIES. ...24
WORTH SCHOOL BALANCE SHEET. ......25
WORTH SCHOOL CASH FLOW STATEMENT 26
NOTES TO THE FINANCIAL STATEMENTS. , ....27

~ I
INCOMING
RESOURCES
Voluntary
income
Donations,
gifts and		 3a 145,693 35,329 181,022 85,289
legacies
Income from charitable activities
Advancement
ofeducation		 3b 14,394,694 14,394,694 14,608,766
Income from raising funds
Investment
income		 3c 21,411 21,411 21,996
Other 3d 217,588 40,215 257,803 611,303
TOTAL INCOMING
RESOURCES		 14,757,975 40,215 56,740 14,854,930 15,327,354
RESOURCES EXPENDED
Cost of raising funds 4b 270,018 3,508 273,526 279,554
Net incoming resources
available for charitable 14,487,957 40,215 53,232 14,581,404 15,047,800
application
Charitable
activities
Advancement
ofeducation		 4b 13,953,901 26,180 27,429 14,007,510 14,566,780
TOTAL RESOURCES
EXPENDED		 14,223,919 26,180 30,937 14,281,036 24,846,334
Net incoming resources
before transfers and 534,056 14,035 25,803 573,894 481,020
revaluations
Transfers
between
funds		 (534,056) 550,091 (16,035)
NET INCOME FOR THE YEAR 564,126 9,768 573,894 481,020
Unrealised
gain (loss) on
investment
assets		 102,069 102,069 (23,574)
NET MOVEMENT
IN FUNDS
INCLUDING
NET INCOME		 564,126 111,837 675,963 467,446
FOR THE YEAR
At 1September
2020		 225,645 427,607 869,473 1,522,725 1,055,279
At 31August 2021 12 225,645 991,733 981,310 2,198,688 ' 1,522,725

~ I
FIXED ASSETS
Tangible
fixed assets		 481,789 317,876
Investments 741426 642 865
1,223,215 960,741
CURRENT ASSETS
Stock 104,376 63,166
Debtors 6,888,177 5,831,400
Cash at bank and in hand 2,228,062 2,339,421
9,220,615 8,233,987
CREDITORS: Amounts falling
due within
one year		 (5,404,274) (5,199,793)
NET CURRENT ASSETS 3,816,341 3,034,194
TOTAL ASSETS LESSCURRENT 5,039,556 3,994,935
LIABILITIES
CRE~ITORS: Amounts fal ing 10 (2,840,868) (2,472,210)
due after more than one year
TOTAL NET ASSETS 2,198,688 1,522,725
FUNDS
Restricted funds 13 981,310 869,473
Designated
funds		 13 991,733 427,607
General funds 13 225,645 225,645
TOTAL FUNDS 13 2,198,688 1,522,725

E E
RECONCILIATION
OF OPERATING		 RESULT TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Net income for the year 573,894 481,020
Returns
on investment		 and 3c 21,411 21,996
the servicing offinance
Investment
management		 fees 4b 3,508 2,891
Depreciation 5 102,375 127,870
Decrease/(Increase)
in		 stock 7 (41,210) 22,794
Decrease/(Increase)
in		 8 (1,056,777) 824,174
debtors
Increase/(Decrease)
in		 9 204,481 (102,704)
creditors
NET CASH INFLOW FROM
OPERATING ACTIVITIES (192,318) 1,378,041
CASH FLOW STATEMENT
Net cash inflow from
operating
activities		 (192,318) 1,378,041
Returns
on investment		 and
the servicing offinance 3c (21,411l (21,996)
Purchase oftangible
fixed
assets (266,288) I'182,366)
(Increase)
in investments		 I'200,000)
Net cash used in investment
activities (287,699) (404,362)
Increase/(Decrease)
in
parent's
acceptance
deposits		 10 368,658 (15,439)
Change
in cash and cash
equivalents
for the year		 (111,359) 958,240
Cash and cash equivalents
brought
forward		 2,339,421 1,381,181
Cash and cash equivalents
carried forward 2,228,062 2,339,421
i
The notes on pages 27to 51form part ofthese financial statements.
A

f f
Donations,
gifts and		 3a 38,607 46,682 85,289
legacies
Advancement
of		 3b 14,608,766 14,608,766
education
Investment
income		 3c 21,996 21,996
Other 3d 611,303 611,303
TOTAL INCOMING
RESOURCES		 15,220,069 38,607 68,678 15,327,354
Cost of raising funds 4b 276,663 2,891 279,554
Net incoming
resources available for 14,943,406 38,607 65,787 15,047,800
charitable
application
Charitable
activities
Advancement
of		 4b 14,506,776 38,607 21,397 14,566,780
education
TOTAL RESOURCES
EXPENDED 14,783,439 38,607 24,288 14,846,334
Net incoming
resources before
transfers and 436,630 44,390 481,020
revaluations
Transfers between
funds (411,572) 427,607 (16,035)
NET INCOME FOR THE 25,058 427,607 28,355 481,020
YEAR
Unrealised
gain on
investment
assets		 (13,574) (13,574)
NET MOVEMENT
IN
FUNDS INCLUDING
NET INCOME FOR THE		 25,058 427,607 14,781 467,446
YEAR
At 1September 2019 200,587 854,692 1,055,279
At 31August 2020 225,645 427,607 869,473 1,522,725

~ - .. ~
Gifts g donations
from individua s 145,693 30,744 1,479 177,916
and trusts
Gift aid reclaimed 81 3,025 3,106
Total 145,693 30,825 4,504 181,022
~ . - ~
Gifts 5.
donations from
individuals and 24,728 21,954 38,607 85,289
trusts
Gift aid
reclaimed
Total 24,728 21,954 38,607 85,289

f E
Fee income for the year 16,722,144 17,160,067
Release offee prepayments 659,102 598,017
Extras 572,188 489,867
Entrance fees 61,532 62,482
18,014,966 18,310,433
LESS:
Allowances and remissions;
Scholarships granted 1,395,423 1,352,423
Full fee bursaries 393,802 308,614
Fee rebates 1,183,168 1,525,331
Other bursaries and remissions 647,879 515,299
3,620,272 3,701,667
14,394,694 14,608,766
c.Investment income
Investment
income from listed		 20,932 20,932 20,553
securities
Bank interest receivable 479 479 1,443
Total 21,411 21,411 21,996

~
~
Government furlough grant 205,030 590,144
Other income 52,773 21,159
257,803 611,303

Employment
costs include:
Wages and salanes 7,287,186 7,507,848
Social secunty costs 707,733 683,314
Pension contributions 1,140,308 1,128,040
9,135,227 9,319,202
Number Number
Teaching g teaching support 108 106
Welfare 52 52
Premises 35 30
Support 58 59
253 247

Number Number
E60,000 — E70,000 21 19
E70,001 — E80,000
E80,001 — E90,000
E90,001 —E100,000
E100,001 — E110,000
E110,001 — E120,000
E120,001 — E130,000
E140,001 — E150,000
E200,001 —6210,000

I
~
Costs ofgenerating funds
Marketing costs 196,781 72,862 375 270,018 276,663
Investment 3,508 3,508 2,891
management
fees
196,781 76,370 375 273,526 . 279,554
School operating costs
Teaching costs 5,468,266 714,842 13,949 6,197,057 6,564,669
Welfare costs 1,005,596 788,611 15,980 1,810,187 1,721,296
Premises 917,206 2,792,661 57,787 3,767,654 3,716,307
SuppoIt costs 1,547,378 621,091 10,534 2,179,003 2,504,504
Designated 26,180 26,180
expenditure
Restricted 27,429 27,429 33,681
expenditure
8,938,446 4,970,814 98,250 14,007,510 14,540,457
Total 9,135,227 5,047,184 98,625 14,281,036 14,820,011

Prior year
~ .
I
Costofgenerating funds
Marketing costs 176,230 100,058 375 276,663
Investment management 2,891 2,891
fees
176,230 102,949 375 279,554
School operating costs
Teaching costs 5,689,625 863,357 11,687 6,564,669
Welfare costs 958,181 738,385 24,730 1,721,296
Premises 894,940 2,788,297 33,070 3,716,307
Support costs 1,600,226 846,270 58,008 2,504,504
Restricted expenditure 33,681 33,681
9,142,972 5,269,990 127,495 14,540,457
Total 9,319,202 5,372,939 127,870 14,820,011

Auditors'
remuneration:
Audit Fees 13,068 10,412
13,068 10,412
Depreciation oftangible fixed assets:
—owned
by the charitable		 company 102,375 127,870
Operating
leases:
—land and building 828,276 828,276
-other 266,084 305,379
1,094,360 1,133,655
Costs ofan unusual
or exceptional		 nature:
Costs associated
with providing
into Child Sexual Abuse		 evidence for the Independent Inquiry (7,046)
Costs associated
with examining
existing legal structures		 the appropriateness ofthe School's 113,653
Costs associated
with implementing		 the School's 10-year plan 80,912
187,519

f f f f
COST
At 01Sep 20 178,926 1,060,387 279,967 518,415 114,616 13,449 2,165,760
Additions 205,981 60,307 266,288
Transfers 13,449 (13,449)
At 31Aug 21 178,926 1,060,387 499,397 578,722 114,616 2,432,048
DEPRECIATION
At 01Sep 20 133,650 1,054,853 83,509 510,598 65,274 1,847,884
Charge forthe 20,480 2,304 57,787 5,847 15,957 102,375
year
At 31Aug 21 154,130 141,296 516,445 81,231 1,950,259
Net book value
At 31Aug 21 24,796 3,230 358,101 62,277 33,385 481,789
At 31Aug 20 45,276 5,534 196,458 7,817 49,342 13,44i9 317,876

f f f f
COST
At 01Sep 19 178,926 1,060,387 165,348 518,415 60,318 1,983,394
Additions 114,619 54,298 13,449 182,366
At 31Aug 20 178,926 1,060,387 279,967 518,415 114,616 13,449 2165,760
DEPRECIATION
At01Sep 19 108,170 1,010,780 50,439 500,020 50,605 1,720,014
Charge for the year 25,480 44,073 33,070 10,578 14,669 127,870
At 31Aug 20 133,650 1,054,853 83,509 510,598 65,274 1,847,884
Net book value
At 31Aug 20 45,276 5,534 196,548 7,817 49,342 13,449 317,876
At 31Aug 19 70,756 49,607 114,909 18,395 9,713 263,380

Listed restricted
investments		 Listed restricted
investments		 Listed restricted
investments
At 1September 2020 642,865 459,331
Investments
made
in		 the year 200,000
Management
fee		 (3,508) (2,891)
Linrealised
investment		 gain/(loss) 102,069 (13,574)
Market value at 31August 2021 741,426 642,865
Investments
in subsidiaries
1Ordinary
Share (100/0) —Worth School
Lettings
Limited.
Total Investments 741,427 642,865
Worth School Lettings Limited (incorporated in
England)
is a dormant		 company.
Registered
office address		 is.
Worth School
Paddockhurst
Road,
Turners
Hill, Crawley
West Sussex
United
Kingdom,
RH10 450

School fees and extras less bad debt provision 161,262 178,601
Amounts
owed by group companies		 6,426,830 5,323,190
Other debtors 35,511 117,792
Prepayments
and accrued income		 264,574 211,817
6,888,177 5,831,400

~
~
Fee prepayments 590,348 606,821
Acceptance deposits 447,515 515,613
School fees and extras received in advance 2,779,867 2,389,336
Trade creditors 518,794 456,750
Other taxes and social security costs 177,819 168,120
Clubs and societies 3,084 2,659
Other creditors 190,790 246,797
Accruals 696,057 813,697
5,404,274 5,199,793

I
~
Fee prepayments (note11) 453,599 402,586
Acceptance deposits (note 11) 2,387,269 2,069,624
2,840,868 2,472,210

~
~
Fee prepayments 1,043,947 1,009,407
Less: amount to be released
within one year		 (590,348) (606,821)
On account of fees falling
due		 after more than one year 453,599 402,586
(note 10)
2,834,783 2,585,237
Acceptance deposits (note 10)
Less amounts
due to be repaid		 in September (496,450) (515,613)
Acceptance
deposits		 and fee prepayments
falling		 due after
more than one year at 31August 2,791,933 2,472,210

NET MOVEMENT
IN FUNDS
a. General funds
Forthe year ending 31August 2021
At 1 At 31
September Incoming Resources Transfers August
2020 resources expended 2021
f f
General funds
225,645 14,757,975 (14,223,918) (534,057) 225,645
Prior year
At 1		 At 31
September Incoming Resources Transfers August
2019 resources expended 2020
f f
General funds
200,587 15,181,462 (14,783,439) (372,965) 225,645

Forthe y ear endin g 31August 20 21
At01 At31
September Incoming Resources Unrealised Transfers August
2020 resources expended Investment 2021
Gain
f f f
Hardship Fund 208,607 (85,124) 123,483
Maintenance 219,000 504,399 723,399
Fund
Friends ofWorth 22,276 (12,439) 25,449 35,286
Worth Society 17,939 (13,742) 105,368 109,565
427,607 40,215 (26,181) 550,092 991,733
Prior year
At01 At 31
September Incoming Resources Unrealised Transfers August
2019 resources expended Investment 2020
Gain
E f E 6
Hardship Fund 38,607 (38,607) 208,607 208,607
Maintenance 219,000 219,000
Fund
38,607 (38,607) 427,607 427,607

Forthe ye ar endin g 31August 20 21
At01 At 31
Restricted Funds September Incoming Resources Unrealised Transfers August
2020 resources expended Investment 2021
Gain
f f
Bursary Fund 816,758 52,236 (3,508) 102,069 (12,285) 955,270
AnnualFund 40,564 4,504 (27,429) - (3,750) 13,889
Sports Facilities 12,151 12,151
869,473 56,740 (30,937) 102,069 (16,035) 981,310
Prior year
At01 At 31
September Incoming Resources Unrealised Transfers August
2019 resources expended Investment 2020
Gain
f f
Bursary Fund 798,784 46,724 (2,891) (13,574) (12,285) 816,758
AnnualFund 43,756 21,954 (21,396) - (3,750) 40,564
Sports Facilities 12,151 12,151
854,691 68,678 (24,287) (13,574) (16,035) 869,473

ANALYSIS OF NET
At 31August 2021		 ASSETS BETWEE N FUNDS
Net current
Tangible Investments assets/ Long term
fixed assets (liabilities) Liabilities Total
f f f f f
Restricted funds
Bursary
Fund		 741,426 213,844 955,270
AnnualFund 13,889 13,889
Sports Facilities 12,151 12,151
741,426 239,884 981,310
Designated
funds
Hardship
Fund		 123,483 123,483
Maintenance
Fund		 723,399 723,399
Friends ofWorth 35,286 35,286
Worth Society 109,565 109,565
991,733 991,733
General funds 481,789 1 2,584,723 (2,840,868) 225,645
Total reserves 481,789 741,427 3,816,340 (2,840,868) 2,198,688

At31August 2020
Net current
Tangible Investments assets/ Long term
fixed assets (liabilities) Liabilities Total
f E E f E
Restricted funds
Bursary
Fund		 642,865 173,893 816,758
AnnualFund 40,564 40,564
Sports Facilities 12,151 12,151
642,865 226,608 869,473
Designated
funds
Hardship
Funds		 208,607 208,607
Maintenance
fund		 219,000 219,000
427,607 427,607
General funds 317,876 2,379,979 (2,472,210) 225,645
Total reserves 317,876 642,865 3,034,194 (2,472,210) 1,522,725

~ I
Cash in hand and at bank 2,339,421 (111,359) 2,228,062
Debt due after one year:
Acceptance
deposits		 (2,069,625) (268,709) (2,338,334)
Net (debt)/cash 269,796 (380,068) (110,272)

Cash
in hand and at bank		 1,381,181 958,240 2,339,421
Debt due after one year:
Acceptance
deposits		 (2,085,063) 15,438 (2,069,625)
Net (debt)/cash (703,882) 973,678 269,796

f 6
Under 1 year 1,028,276 103,971 828,276 110,692
Between 2 and 5 years 162,113 194,687
1,028,276 266,084 828,276 305,379

6 f
Financial assets measured at amortised cost 2,424,835 2,635,815
Financial liabilities measured at amortised cost 8,245,141 7,762,003