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|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|
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||||||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|
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|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|
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|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||
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||||||||||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|
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||||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|
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|.
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|
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|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|
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|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|
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|||||||||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|
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|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|
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|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|
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