| PAGE | ||||
|---|---|---|---|---|
| CONTENTS | ||||
| Legal and Administrative | information | |||
| Report of the Governors | 4 —10 | |||
| Report ofthe Independent | Auditors | 11—14 | ||
| Statement of Financial | Activities and Income and Expenditure | Account | 15 | |
| Balance Sheet | 16 | |||
| Cash Flow Statement | 17 | |||
| Notes to the Financial Statements | 18-26 |
| Year ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | 31July | 31July | ||||||
| 2022 | 2021 | |||||||
| E | ||||||||
| INCOME AND ENDOWMENTS | FROM: | |||||||
| INCOME | ||||||||
| Donations | 25,701 | 29,633 | ||||||
| Income from charitable | activities | |||||||
| School fees | 3,591,678 | 3,516,974 | ||||||
| Other educational | income | 10,900 | 10,200 | |||||
| Other ancillary trading | income | 273,576 | 163,223 | |||||
| Sundry income | 26,769 | 62,064 | ||||||
| Total Income | 3,928,624 | 3,782,094 | ||||||
| EXPENDITURE ON: | ||||||||
| Raising funds | ||||||||
| School financing | costs | 78,466 | 78,489 | |||||
| Charitable activities |
||||||||
| Education | 3,681,777 | 3,419,212 | ||||||
| Total expenditure | 4 | 3,760,243 | 3,497,701 | |||||
| Net Income and Net | Movement | in funds for the year | 168,381 | 284,393 | ||||
| Reconciliation of Funds: | ||||||||
| Fund Balance at 1August | 2021 | 4,642,529 | 4,358,135 | |||||
| Fund balance at 31July | 2022 | 4,810,910 | 4,642,529 |
| ASH FLOW STATEMENT F | OR | THE YEAR | ENDED 31JULY 2 | 022 | ||
|---|---|---|---|---|---|---|
| Year ended | Yearended | |||||
| 31July | 31July | |||||
| Notes | 2022 | 2021 | ||||
| E | ||||||
| Net cash inflow from operations | ||||||
| Net cash generated from operations |
8 | 386,982 | 537,370 | |||
| Cash flows from investing | activities: | |||||
| Purchase oftangible assets | 9 | (203,731) | (110,704) | |||
| Net cash used in investing |
activities | (203,731) | (110,704) | |||
| Cash flows from financing | activities: | |||||
| Loans repaid | (120,151) | (118,592) | ||||
| Finance costs paid | (78,466) | (78,489) | ||||
| Net cash utilised in financing |
activities | (198,617) | (197,081) | |||
| Net change in cash and cash |
equivalents | during the year | (1S,366) | 229,585 | ||
| Cash and cash equivalents | at | beginning | ofyear | 1,282,829 | 1,053,244 | |
| Cash and cash equivalents | at | end ofyear | 1,267,463 | 1,282,829 |
| Freehold | land | Not depreciated | Not depreciated | ||
|---|---|---|---|---|---|
| Freehold | buildings | 1/o on straight | line basis | ||
| Fittings and fittings | Between | S/o and 10/o on straight | line basis | ||
| Computer | equipment | 33/o on | straight | line basis | |
| Furniture | and other equipment | 15/o on | straight | line basis | |
| Motor vehicles | 20/o on | straight | line basis |
| Year ended | Year ended | ||||
|---|---|---|---|---|---|
| 2. | SCHOOL FEES | 31July 2022 | 31July 2021 | ||
| Fees | receivable | 3,793,568 | 3,724,574 | ||
| Less | Bursaries and Awards | provided | by the School | (201,890) | (153,036) |
| Less | Covid-19 fee discounts | (54,564) | |||
| 3,591,678 | 3,516,974 |
| . SUNDRY I |
NCOME | |||
|---|---|---|---|---|
| Year ended | Year ended | |||
| 31July 2022 | 31July 2021 f |
|||
| Receipts from | hire of premises | 24,640 | 2,994 | |
| Income from | additional | activities | 2,129 | 3,819 |
| Government | furlough | grant Income | 55,251 | |
| 26,769 | 62,064 |
| Year | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Year ended 31 | ended 31 | ||||||||||
| July | 2022 | July 2021 | |||||||||
| Note | Staff | Depreciation | Other | Total | Total | ||||||
| E | f | E | E | f | |||||||
| Charitable activities |
|||||||||||
| School operating costs: | |||||||||||
| Teaching costs | 1,903,048 | 89,655 | 308,938 | 2,301,641 | 2,116,860 | ||||||
| Welfare costs | 6,945 | 310,827 | 317,772 | 252,438 | |||||||
| Premises costs | 92,077 | 155,903 | 182,919 | 430,898 | 443,369 | ||||||
| Support costs for schooling | 333,072 | 7,200 | 278,310 | 618,584 | 593,981 | ||||||
| 2,328,197 | 259,702 | 1,080,994 | 3,668,895 | 3,406,648 | |||||||
| Financing costs | 78,466 | 78,466 | 78,489 | ||||||||
| Governance costs |
5 | 12,883 | 12,883 | 12,564 | |||||||
| 2,328,197 | 259,702 | 1,172,344 | 3,760,243 | 3,497,701 | |||||||
| Year | ended | Year ended | |||||||||
| 5. GOVERNANCE |
COSTS | 31July 2022 | 31 | July 2021 | |||||||
| f | E | ||||||||||
| Trustee insurance | 826 | 751 | |||||||||
| Audit fees | 9,600 | 9,000 | |||||||||
| Governor training | 2,457 | 2,813 | |||||||||
| 12,883 | 12,564 | ||||||||||
| Year ended | Year ended | ||||||||||
| 6. EXPENDITURE DISCLOSURES |
31 | July | 2022 | 31 | July 2021 | ||||||
| E | f | ||||||||||
| Expenditure includes: |
|||||||||||
| Auditors' remuneration |
—for audit | offinancial | statements | 9,600 | 9,000 | ||||||
| Fees for other services | provided | by auditors | 1,200 | ||||||||
| Depreciation -owned |
assets | 259,702 | 254,121 | ||||||||
| Operating lease rentals |
11,415 | 17,321 |
| Year ended | Year ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 7. STAFF COSTS |
31July 2022 | 31July 2021 | |||||||
| E | E | ||||||||
| Wages and salaries | 1,953,005 | 1,905,796 | |||||||
| Social security costs | 182,385 | 171,528 | |||||||
| Pension contributions | (Note 16) | 192,807 | 198,444 | ||||||
| 2,328,197 | 2,275,767 | ||||||||
| Staff remuneration | in | excess of660,000 per | employee was as follows: | ||||||
| Year ended | Yearended | ||||||||
| 31July 2022 | 31July 2021 | ||||||||
| No ofstaff | No ofstaff | ||||||||
| f60,001to 670,000 | 2 | 1 | |||||||
| 670,001to f80,000 | 1 | ||||||||
| 680,000to E90,000 | |||||||||
| 690,000to f100,000 | |||||||||
| Contributions totalling |
f26,944 were made | by the School for | these employees | to the defined | contribution | ||||
| pension scheme operated |
by the School for | all staff. | The staff | remuneration | amounts in the above table do |
||||
| not include pension |
contributions. | ||||||||
| Key Management Personnel |
|||||||||
| Year ended | Year ended | ||||||||
| 31July 2022 | 31July 2021 | ||||||||
| f | |||||||||
| The aggregate employee |
benefits of key management | personnel | were: | 519,988 | 421,268 |
| The average n | umber ofemployees during the ye |
ar ended 31July 2021was as follows: | |
|---|---|---|---|
| Year ended | Year ended | ||
| 31July 2022 | 31July 2021 | ||
| Teaching staff | 55 | 54 | |
| Administrative | Staff | 12 | 11 |
| 67 | 65 |
| Year | ended 31 | Year ended 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| July 2022 f |
July 2021 f |
|||||||||
| Net incoming resources |
168,381 | 284,393 | ||||||||
| Adjustments for non-cash |
items | and items separately | disclosed: | |||||||
| Finance costs payable | 78,466 | 78,489 | ||||||||
| Depreciation | 259,702 | 254,121 | ||||||||
| Fees received in advance |
in prior | years credited | to Income | (69,795) | (90,612) | |||||
| Net cash generated | from | operating activities |
436,754 | 526,391 | ||||||
| Movement in working |
capital | |||||||||
| (increase)in debtors |
(13,165) | (16,788) | ||||||||
| (Decrease)/ increase | in creditors | (126,865) | 60,240 | |||||||
| (Decrease)/increase | in fees in advance scheme | 91,058 | (37,673) | |||||||
| (Decrease)/ increase | in deposits | received | (800) | 5,200 | ||||||
| Net cash generated | from | operations | 386,982 | 537,370 | ||||||
| 9. FIXEDASSETS - |
Tangible | assets | ||||||||
| Furniture | ||||||||||
| Freehold Land |
Computer | and other | Motor | |||||||
| and | Buildings | equipment | Equipment | Vehicles | Total | |||||
| E | f | E | ||||||||
| Cost | ||||||||||
| At 1August 2021 | 7,495,018 | 277,797 | 262,082 | 108,970 | 8,143,867 | |||||
| Additions | 149,700 | 19,738 | 34,293 | 203,731 | ||||||
| Disposals | (5,656) | (5,656) | ||||||||
| At 31July 2022 | 7,644,718 | 291,879 | 296,375 | 108,970 | 8,341,942 | |||||
| Accumulated | ||||||||||
| depreciation | ||||||||||
| At 1August 2021 | 1,218,501 | 186,726 | 166,557 | 78,875 | 1,650,659 | |||||
| Charge for the year | 155,903 | 64,113 | 32,742 | 6,945 | 259,702 | |||||
| Disposals | (5,656) | (5,656) | ||||||||
| At 31July 2022 | 1,374,404 | 245,182 | 199,299 | 85,820 | 1,904,706 | |||||
| Net book value at | ||||||||||
| 31July 2022 | 6,270,314 | 46,697 | 97,076 | 23,150 | 6,437,236 | |||||
| Net book value at | ||||||||||
| 31July 2021 | 6,276,517 | 91,071 | 95,525 | 30,095 | 6,493,208 |
| 10. DEBTORS |
31July 2022f | 31July 2021 E |
|
|---|---|---|---|
| 3,901 | 8,794 | ||
| Fees receivable | 87,373 | 65,065 | |
| Prepayments | 12.323 | 16,574 | |
| Other debtors | 103,597 | 90,433 | |
| 11. CREDITORS: AMOUNTS |
FALLING DUE WITHIN ONE YEAR | 31July 2022 E |
31July 2021 E |
| Bank loans (note 14) Deposits received Fees received in advance Trade creditors Tax 8 SocialSecurity Other creditors Accruals |
120,089 14,300 124,973 63,398 47,234 2,775 52,542 |
119,197 15,100 135,700 69,371 54,516 12,897 156,031 |
|
| 425,311 | 562,812 |
| 12. CREDITORS: AMOUNTS ONE YFAR |
FALLING DUE AFTER MORE THAN | 31July 2022 f |
31July 2021 |
|---|---|---|---|
| Deposits received Fees received in advance (note Bank loans (note 14) |
13) | 107,200 84,205 2,380,670 2,572,075 |
107,200 52,215 2,501,712 2,661,127 |
| Parents may pay scoo , under individual contracts. Assuming pupils remain |
in the school, fees in advance will be ap |
plied as follows: |
|---|---|---|
| 31July 2022 f |
31July 2021 f |
|
| Within one year Between one and two years Between two and five years |
62,034 63,429 20,776 146,239 |
67,850 30,873 21,342 120,065 |
| ere | asfollows: | ||||
|---|---|---|---|---|---|
| ovements du |
ring the year w | Year ended | Yearended | ||
| 31July 2022 | 31 July 2021 | ||||
| f. | |||||
| Balance at 1 Less amounts Add amounts |
August 2021 credited to pupils received through |
fee accounts FIA Scheme |
in year for future years |
120,065 (69,795) 95,969 146,239 |
210,677 (90,612) 120,065 |
| The Company | has fou | r bank loans | from the same b | ank secured on | its reeo a |
an g | |
|---|---|---|---|---|---|---|---|
| Interest | Total loan | Total loan | |||||
| Remaining term of loan |
rate payable per annum |
Loan repayments in next year |
drawn at 31July 2022 |
drawn at 31July 2021 |
|||
| f | f | ||||||
| First loan —Founders Second loan- Palmer |
Loan Hall Loan |
6'/* years 18years |
1' Base +1.8% |
35,000 28,519 |
233,334 742,421 |
268,333 773,494 |
|
| Third loan —2016 Fixed Loan |
19years | 3.7510 | 30,664 | 837,485 | 867,271 | ||
| Fourth Loan |
—2017 Fixed Loan | 20years | 3.810/o | 25,906 | 687,519 | 711,811 | |
| 120,089 | 2,500,759 | 2,620,909 | |||||
| Due: | |||||||
| Within one After more |
year than one |
year | 120,089 2,380,670 |
119,197 2,501,712 |
|||
| 2,500,759 | 2,620,909 |
| 31July 2022, the dernon-cancellable |
Company had outstanding commitments fo obligations as follows: |
r future lease payments |
and other costs |
|---|---|---|---|
| Year ended | Yearended | ||
| 31July 2022 f |
31July 2021 f |
||
| Payable not later than one year Payable!ater than one year but not later than five years |
10,016 3,872 13,888 |
11,806 12,100 23,906 |