| CONTENTS | PAGE | ||
|---|---|---|---|
| Legal and Administrative | information | ||
| Report ofthe Governors | 2 —9 | ||
| Report ofthe Independent | Auditors | 10-13 | |
| Statement of Financial Activities and income and Expenditure | Account | 14 | |
| Balance Sheet | 15 | ||
| Cash Flow Statement | 16 | ||
| Notes to the Financial Statements | 17-23 |
| Year ended | Year ended | |||||
|---|---|---|---|---|---|---|
| Notes | 31July | 31July | ||||
| 2020 | 2019 | |||||
| f | f | |||||
| INCOME AND ENDOWIVIENTS FROM: | ||||||
| INCOME | ||||||
| Donations | 25,685 | 38,430 | ||||
| Income from charitable | activities | |||||
| School fees | 3,156,368 | 3,196,459 | ||||
| Other educational | income | 6,500 | 8,900 | |||
| Other ancillary trading | income | 139,982 | 193,187 | |||
| Sundry income | 105,833 | 14,756 | ||||
| Total Income | 3,434,369 | 3,451,732 | ||||
| EXPENDITURE ON: | ||||||
| Raising funds | ||||||
| School financing costs | 85,074 | 89,747 | ||||
| Charitable activities |
||||||
| Education | 3,278,427 | 3,142,373 | ||||
| Total expenditure | 3,363,501 | 3,232,120 | ||||
| Net Income and Net | Movement | in funds for the year | 70,867 | 219,612 | ||
| Reconciliation of Funds: | ||||||
| Fund Balance at 1August | 2019 | 4,287,268 | 4,067,656 | |||
| Fund balance at 31July | 2020 | 4,358,135 | 4,287,268 |
| ASK FLOW STATEMENT F | OR THE YEAR | ENDED 31JULY 2 | 020 | ||
|---|---|---|---|---|---|
| Year ended | Year ended | ||||
| 31July | 31July | ||||
| Notes | 2020 | 2019 | |||
| f | f | ||||
| Net cash inflow from operations | |||||
| Net cash generated from |
operations | 318,263 | 543,118 | ||
| Cash flows from investing | activities: | ||||
| Payments for tangible assets |
(231,854) | (68,132) | |||
| Net cash used in investing | activities | (231,854) | (68,132) | ||
| Cash flows from financing | activities: | ||||
| Net loans drawn down |
(114,158) | (111,106) | |||
| Finance costs paid | (85,074) | (89,747) | |||
| Net cash provided by financing activities |
(199,232) | (200,853) | |||
| Net change in cash and cash equivalents |
during the year | (112,823) | 274,133 | ||
| Cash and cash equivalents | at beginning | ofyear | 1,166,068 | 891,935 | |
| Cash and cash equivalents | at end ofyear | 1,053,245 | 1,166,068 |
| Freehold | land | Not depreciated | ||
|---|---|---|---|---|
| Freehold | buildings | 1%on straight | line basis | |
| Fittings and fittings | Between 5%and 10%on straight | line basis | ||
| Computer | equipment | 33%on straight | line basis | |
| Furniture | and other equipment | 15%on straight | line basis | |
| Motor vehicles | 20%on straight | line basis |
| Year ended | Year ended | Year ended | Year ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2. SCHOOL FEES |
31July 2020 | 31July 2019 | ||||||||||
| f | ||||||||||||
| Fees receivable | 3,575,235 | 3,321,416 | ||||||||||
| Less Bursaries | and Awards | provided | by the School | (151,949) | (124,957) | |||||||
| Covid-19 fee discounts | (266,918) | |||||||||||
| 3,156,368 | 3,196,459 | |||||||||||
| During the year |
ended | July 2020 means tested | bursaries | and | hardship | support | totalling f77,938 were | |||||
| awarded to 14pupils (2019:f62,764 | means tested | bursaries | awarded to 10pupils). | |||||||||
| 3. SUNDRY INCOME |
||||||||||||
| Year ended | Year ended | |||||||||||
| 31July | 2020f | 31July 2019 f |
||||||||||
| Hire ofpremises | 5,175 | 10,304 | ||||||||||
| Income from | additional | activities | 2,789 | 4,452 | ||||||||
| Government | furlough | grant Income | 97,869 | |||||||||
| 105,833 | 14,756 | |||||||||||
| . ANALYSIS OF TOTAL |
EXPENDITURE | |||||||||||
| Year ended | Year ended | |||||||||||
| 31July | 31July | |||||||||||
| 2020 | 2019 | |||||||||||
| Note | Staff | Depreciation | Other | Total | Total | |||||||
| f | f | f | f | f | ||||||||
| Charitable activities |
||||||||||||
| School operating costs: | ||||||||||||
| Teaching costs | 1,888,328 | 68,468 | 134,008 | 2,091,803 | 1,895,950 | |||||||
| Welfare costs | 248,864 | 248,864 | 300,344 | |||||||||
| Premises costs | 75,235 | 146,183 | 165,861 | 387,279 | 375,635 | |||||||
| Support costs for schooling | 321,505 | 6,250 | 214,492 | 542,247 | 560,172 | |||||||
| 2,286,068 | 220,901 | 763,225 | 3,270,193 | 3,132,101 | ||||||||
| Financing costs | 85,074 | 85,074 | 89,747 | |||||||||
| Governance costs |
8,234 | 8,234 | 10,272 | |||||||||
| 2,286,068 | 220,901 | 856,533 | 3,363,501 | 3,232,120 |
| Year ended | Year ended | |||
|---|---|---|---|---|
| 5. GOVERNANCE |
COSTS | 31July 2020 | 31July 2019 | |
| f | f | |||
| Trustee insurance | 375 | 269 | ||
| Audit fees | 5,700 | 6,000 | ||
| Governor training | 2,159 | 4,003 | ||
| 8,234 | 10,272 | |||
| Year ended | Year ended | |||
| 6. EXPENDITURE DISCLOSURES |
31July 2020 | 31July 2019 | ||
| f | f | |||
| Direct charitable expenditure |
includes: | |||
| Auditors' remuneration |
-for | audit offinancial statements | 5,700 | 6,000 |
| Depreciation -owned |
assets | 220,901 | 208,684 | |
| Operating lease rentals |
7,106 | 4,121 | ||
| Year ended | Year ended | |||
| 7. STAFF COSTS |
31July 2020 | 31July 2019 | ||
| f | f | |||
| The aggregate payroll |
costs were: | |||
| Wages and salaries | 1,822,537 | 1,692,158 | ||
| Social security costs | 173,437 | 160,012 | ||
| Pension contributions | 290,094 | 207,787 | ||
| 2,286,068 | 2,059,957 |
| he aggregate e |
mployee benefits o |
f key management personnel were: |
|
|---|---|---|---|
| 2020 | 2019 | ||
| f | f | ||
| 389,734 | 344,923 | ||
| The average number ofemployees | during the year ended 31July 2020 was as follows: | ||
| Year ended | Year ended | ||
| 31July 2020 | 31July 2019 | ||
| Teaching staff | 52 | 49 | |
| Administrative | Staff | 10 | 12 |
| 62 | 61 |
| . RECONCILIATIO |
N OF NET INCO |
MING RESOURCES TO |
NET CASH GENERATED FROM | OPERATIONS |
|---|---|---|---|---|
| Year ended 31 | Year ended 31 | |||
| July 2020 f |
July 2019 f |
|||
| Net incoming resources |
70,868 | 219,612 | ||
| Adjustments: | ||||
| Finance costs payable | 85,074 | 89,747 | ||
| Depreciation | 220,901 | 208,684 | ||
| Net cash generated | from operating | activities | 376,843 | 518,043 |
| Movement in working capital |
||||
| Decrease/(increase) | in debtors | 14,702 | (15,720) | |
| (Decrease)/ increase | in creditors | (56,339) | 6,908 | |
| (Decrease)/increase | in fees in advance | (14,744) | 23,987 | |
| (Decrease)/ increase | in deposits received | (2,200) | 9,900 | |
| Net cash generated | from operations | 318,263 | 543,118 |
| 9. FIXEDASSETS - Tan |
gible assets | ||||
|---|---|---|---|---|---|
| Furniture | |||||
| Freehold Land |
Computer | and other | Motor | ||
| and Buildings f |
equipmentf | Equipmentf | Vehicles f |
Total f |
|
| Cost | |||||
| At 1August 2019 | 7,444,968 | 234,086 | 306,048 | 74,245 | 8,059,347 |
| Additions | 55,728 | 145,620 | 30,506 | 231,854 | |
| At 31July 2020 | 7,500,696 | 379,706 | 336,554 | 74,245 | 8,291,201 |
| Accumulated | |||||
| depreciation | |||||
| At 1August 2019 | 958,103 | 220,676 | 180,651 | 74,245 | 1,433,675 |
| Charge for the year | 146,183 | 39,109 | 35,609 | 220,901 | |
| At 31July 2020 | 1,104,286 | 259,785 | 216,259 | 74,245 | 1,654,576 |
| Net book value at | |||||
| 31July 2020 | 6,396,410 | 119,921 | 120,294 | 6,636,625 | |
| Net book value at | |||||
| 31July 2019 | 6,486,865 | 13,410 | 125,397 | 6,625,672 |
| NOTES TO THE FINANCIAL STA | NOTES TO THE FINANCIAL STA | TEMENTS FOR THE YEAR ENDED 31JULY | 2020 | |
|---|---|---|---|---|
| 10. DEBTORS |
2020 | 2019 | ||
| f | f | |||
| Fees receivable | 5,756 | 13,013 | ||
| Prepayments | 53,353 | 57,366 | ||
| Other debtors | 14,537 | 17,968 | ||
| 73,645 | 88,347 | |||
| 11. CREDITORS: AMOUNTS |
FALLING DUE WITHIN ONE YEAR | 2020 | 2019 | |
| f | f | |||
| Bank loans (note 13) | 114,469 | 112,510 | ||
| Deposits received | 14,500 | 25,100 | ||
| Fees received | in advance | 90,612 | 70,753 | |
| Trade creditors | 26,374 | 86,921 | ||
| Tax 8.Social Security | 53,972 | 50,363 | ||
| Other creditors | 23,965 | 30,390 | ||
| Accruals | 128,266 | 121,242 | ||
| 452,158 | 497,279 | |||
| 12. CREDITORS: AMOUNTS |
FALLING DUE AFTER MORE THAN | |||
| ONE YEAR | 2020 | 2019 | ||
| f | f | |||
| Deposits received | 102,600 | 94,200 | ||
| Fees received | in advance | 225,588 | 260,191 | |
| Bank loans (note 13) | 2,625,032 | 2,741,149 | ||
| 2,953,220 | 3,095,540 |
| Total | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Interest | amount of | amount of | |||||||
| Remaining | rate | Loan | loan drawn | loan drawn | |||||
| term of | payable | per | repayments | at 31July | at 31July | ||||
| loan | annum | in next year | 2020 | 2019 | |||||
| f | f | f | |||||||
| First loan | —Founders | Loan | 8N years | 1Yo | 35,000 | 303,333 | 338,333 | ||
| Second loan | —Palmer | Hall Loan | 20years | Base + | 1.8Yo | 27,369 | 804,986 | 834,303 | |
| Third loan | - | 2016Fixed Loan | 21years | 3.75Yo | 28,704 | 895,975 | 923,444 | ||
| Fourth Loan |
- 2017Fixed Loan | 22 years | 3.81/o | 23,396 | 735,207 | 757,579 | |||
| 114,469 | 2,739,501 | 2,853,659 |
| Due: | ||||||
|---|---|---|---|---|---|---|
| Within | one | year | 114,469 | 112,510 | ||
| After | more | than | one | year | 2,625,032 | 2,741,149 |
| 2,739,501 | 2,853,659 |
| 31July 2020, the Company had total outstanding commitments her costs under non-cancellable operating leases as follows: |
for future minimum lease p |
ayments and |
|---|---|---|
| 2020 | 2019 | |
| f | f | |
| Not later than one year | 16,059 | 4,121 |
| Later than one year but not later than five years | 19,714 | 5,296 |
| 35,773 | 9,417 |