WORTFfgcHOOL
ANNUAL REPORT
2020-21
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|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|
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|||||||~|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|
##
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||||||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|||
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|||||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|
##
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||||||~ - ..|~||
|---|---|---|---|---|---|---|---|
|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|
##
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|||||~
~|
|---|---|---|---|---|
|Government|furlough|grant|205,030|590,144|
|Other income|||52,773|21,159|
||||257,803|611,303|
##
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|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|
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|||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|||
##
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|||||||||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|
##
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||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||||||
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|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|
##
##
##
##
##