2020-08-31-accounts - King's Schools Taunton Ltd

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	Page
Company Information
Directors' Report (incorporating the Strategic Report)
Directors' Responsibilities Statement	20
Independent Auditor's Report	21
Consolidated Statement of Financial Activities	24
Charity Statement of Financial Activities	25
Consolidated and Charity Balance Sheet	26
Consolidated Cash Flow Statement	27
Notes to the Financial Statements	28

Directors			Mrs L M Nash BEd FIDD	Mrs L M Nash BEd FIDD	ISM (Chairman
			Dr RA K Mott BA	PhD (Vice-Custos)
			SJ Carder MA MBA
			Mrs CA Cavaghan-Pack		BEdJP
			Mrs C A Cooper
			G P Davis FCA
			M D Featherstone	MA PGCE
			C H Hirst MA
			J ER Houghton MA
			R M U Lambert
			WJ Morrison BScMRICS
			Mrs LCScott BAPGCE
			Bishop W N Stock	BA, Dip Theol.
			M FTrimble BScACA FCSI
			Captain JR A Woodard
Secretary			SCWorthy BA MBA
Charity Number			1103346
Company	Number		05084301
Registered	Office		20 Holway Avenue
			Taunton
			TA1 3AR
Principal Addresses			King's College Taunton
			South Road
			Taunton
			Somerset
			TA1 3LA
			King's Hall School
			Kingston Road
			Taunton
			Somerset
			TA2 8AA
Key Management		Personnel
Heads			R Biggs, MA BSc(King's College Taunton) JTSChippendale, BSc(King's Hall School)
Director ofFinance and			SC Worthy BA MBA
Operations

Auditors		RSM UK Audit LLP	RSM UK Audit LLP	RSM UK Audit LLP
		Hartwell House
		55-61 Victoria Street
		Bristol
		BS16AD
Tax advisers		RSM UK Tax and Accounting				Limited
		St Philips Point
		Temple Row
		Birmingham
		West Midlands
		B25AF
Bankers		National Westminster			Bank pic
		49 North Street
		Taunton
		TA1 1NB
Solicitors		DAS Law Limited
		North Quay
		Temple Back
		Bristol
		BS16FL
		Porter Dodson
		The Quad
		Blackbrook Park		Avenue
		Taunton
		TA1 2PX
		Veale Wasbrough		Vizards
		Narrow Quay House
		Narrow Quay
		Bristol
		BS14QA
Insurance	Brokers	Marsh Insurance		Brokers Limited
		Capital House
		1-5Perrymount	Road
		Haywards Heath
		RH16 3DU

						Unrsstricted	Restricted
					Notes	Funds	Funds	2020	2019
INCOME FROM:
Charitable Activities
School fees receivable						12,407,317		12,407,317	13,664,824
Ancillary trading income						624,185		624,185	780,620
Other trading activities
Non-ancifiary trading income						228,266		228,266	431,215
Other activities						9,872		9,872	10,447
Investni snts
Investment Income						36,165		$6,165	43,f19
Bank and other interest						12,411		12,411	11,450
Voluntary sources
Appeal income and donations						756,814	29,853	786,667	205,867
TOTAL INCOME						14,075,030	29,853	14,104,883	15,127,542
EXPENDITURE ON:
Raising funds
Non-ancigary trading						30,047		30,047	172,931
Financing costs						(78,837)		(78,837)	21,155
Investment management						20,497		20,497	19,731
						(28,29$)		(28,293)	213,817
Charitable Activities
Education and grant making					7	14,202,333	6,520	14,208,853	14,014,214
TOTAL EXPENDITURE						14,174,040	6,520	14,180,560	14,228,031
Net income and expenditure		before transfers				(99,010)	2$,333	(75,677)	899,511
Realised gains/(losses)	on investment			assets	1$	(28,468)		(28,468)	(13,775)
Unrealised gains on investment			assets		13	53,813		53,813	51,806
Net income						(73,685)	23,33$	(50,332)	937,541
Transfers between funds					21	875	(875)
NET MOVEMENT IN FUNDS FOR THE				YEAR		(72,790)	22,458	(50,332)	937,541
Fund balances at 1 September			2019			18,252,945	190,857	18,443,802	17,506,261
FUND BALANCES at 31August			2020			18,180,155	213,315	18,393,470	18,443,802

						Unrestricted	Restricted
					Notre	Funds	Funds	2020	2019
INCOME FROM:
Charitable Activities
School fess receivable						12,407,317		12~7,317	13,664,824
Ancillary trading income						624,185		624,185	760,620
Other trading activities
Non-anci8aiy trading income						198,219		198,219	348,564
Other activities						9,872		9,872	10,447
Investments
Investment Income						36,165		36,165	43,119
Bank and other interest						12,411		12,411	11,450
Voluntary sources
Appeal income and donations						756,814	29,853	786,667	205,867
TOTAL INCOISE						14,044,983	29,853	14,074,836	15,044,891
EXPENDITURE ON:
Raising funds
Financing costs						(78,837)		(78,837)	21,155
Investment management						20,497		20,497	19,731
						(58,340)		(58,340)	40,886
Charitable Activities
Education and grant making					7	14,202,333	6,520	14,208,853	14,014,214
TOTAL EXPENDITURE						14,143,993	6,520	14,150,513	14,055,100
Net income and expenditure		before transfers				(99,010)	23333	(75,677)	989,791
Realised gainer(losses)	on investment			assets	13	(28,468)		(28W8)	(13,776)
Unrealised gains on investment			assets		13	53,813		53,813	51,806
Net income						03,665)	23,333	(50,332)	1,027,821
Transfers between funds					21	875	(875)
NET MOVEMENT IN FUNDS		FOR THE		YEAR		(72,790)	22,458	(50,332)	1,027,821
Fund balances at 1 September		2019				18,252,945	190,857	18,443,802	I7,415,981
FUND BALANCES at 31August			2020			18,180,155	213,315	18,393,470	I8,443,802

		GROUP		CHARITY	CHARITY
	Notes	2026f	2010f	2020 8	2019 f
FIXEDASSETS
Tangible assets	12	15,506,882	15,893,236	15,506,882	15,893,236
Investments	13	2,249,599	2,293,902	2,249,599	2293,902
Investments in subsidaries	13			101	101
		17,756,481	18,187,138	17,756,582	18,187,239
CURRENTASSETS
Stocks		22,782	21,468	22,782	21,468
Debtors	14	678,743	594,662	1,285,986	1,275,469
Cash		5,911,109	5,900,389	5,280,509	5,161,435
		6,612,634	6,515,519	6,589,277	6,458,372
CREDITORS: due within one year	15	(4,392,603)	(5,041,701)	(4,369,347)	(4,983,655)
NET CURRENT ASSETS		2,220,031	1,474,818	2,219,930	1,474,717
TOTAL ASSETSLESSCURRENT LIAPILmES		19,976,512	19,661,956	19,976,512	19,651,956
CREDITORS: due afisr more than one year	16	(1,582,942)	(1,218,054)	(1,582,942)	(1,218,054)
TOTAL NETASSETS		18,393,570	18,443,902	18,393,570	18,443,902
CAPITAL AND RESERVES
Called up share capital	13	100	100	100	100
FUNDS
Restricted funds	21	213,315	190,857	213,315	190,857
Unrestricted funds
General	21	15,653,483	15,758,580	15,653,483	15,758,580
Designated	21	2,526,672	2,494,365	2,526,672	2,494,365
		18,160,155	18,252,945	18,180,155	15,252,945
EQUITYSHAREHOLDERS'FUNDS		18,393,570	16,443,902	18,393,570	18,443,002

			2020	2019.
Net income for the year			(50,332)	937,.541
Depreciation oftangible fixed	assets		507,740	519,222
Investment interest received	.		(36,165)	(43,119)
Bank interest received			(12'1)	(11,450)
interest payable			9,943	10,305
Gains on investments			(4,848)	(18,299)
(Increase)/decrease in debtors			(84,081)	I00;205
(Decrease)/Increase in creditors			(649,098)	235,755
Increase/(decrease) in creditors due after more than one year			364,888	(382,685)
(Increase)/decrease in stocks			(1,314)	(7,324)
Net cash inflow from operating		activities	44,322	1,340,152
Cash flows from Investing activites
investment interest received			36,165	43,119
Bank interest received			12,411	11,450
New money invested			(93,102)	(85,259)
Increase in investment uninvested		cash	83,777	59,415
Investment amounts extracted			58.476	54,860
Purchase oftangible fixed assets			(121,386)	(235,920)
			(23,659)	(155,334)
Cash inflow before financing			20,663	f,fee,efe
Financing
Interest Paid			(9,943)	(10,306)
Cash oufflcw from financing			(9,943)	(10,306)
Increase in cash In the year			10,720	1,174,512
Cash balances at the start ofthe year			5,900,389	4,725,575
Cash balances at the end of	the	year	5.911,109	5,900,389


2	CHARITABLE ACTIVITIES -A		NCILLARY TRADING INCOME					Group and Charity
								2020 f	2019 f
	Extra subjects							368,280	476,223
	Entrance and registration		fees and fess in lieu	ofnotice				88,'730	41,743
	Commissions and	other income						167,175	242,654
								624,185	760,620
3	OTHER TRADING ACTIVITIES							Group
	Nonurncglary trading	income						2020f	2019f
	Rents receivable	and other sales						4,800	5,500
	WST Enterprises	Ltd						64,335	287,043
	KST International	Ltd						159,131	136,672
								22S,266	431,215
								Charity
	Nonutncigary trading	income						2020f	2019f
	Rents receivable	and other sales						4,800	5,500
	WST Enterprises	Ltd						50,242	138,908
	KST International	Ltd						143,177	204,156
								198,219	348,504
								Group and Charity
	Other activities							2020	2019
								f
	Interest on overdue fees							9,872	'f0,447
								9,672	10447
4	INVESTMENTS - INVESTMENT INCONIE							Group and Charity
								Tots I	Total
	Securities Investment	Income Unrestrictedf				Restricted	f	2020f	2010
	Equities			15,141				15,141	24,253
	Fixed interest			18,673				18,673	17,851
	Cash			2,351				2,351	1,005
				36,165				36,165	43,119
5	INVESTISENTS ~BANK AND OTHER INTEREST							Group and Charity
								Total	Total
			Unrestricted		f	Restricted	f	2020 f	2019 f
	Bank interest			12,411				12,411	11,450
				12,411				12,411	11,450


V	OLUNTARY SO	URCES -	GRA	NTS AND DONATIONS							Group and Charity
											Total	Total
						Unrestricted					2020	2010
							6				8
	Government	Grant CJRS					618,531				618,531
	Donations						138,283		29,853		108136	205667
							756,814		29,853		786,687	205,867
ANALYSIS OF EXPENDITURE
a)	Total ExPendltum							Group
				Stair Costs			Support	Depreciation			Total	Torsi
					(note 9)		Costs	(note 12)			2020	2019
							8			8	6	8
Costs ofraising		funds:
	Non ancillary trading				4,034		26,013				30,047	172931
	Financing cast	(nate 8)					(78,837)				P8,837)	21,155
	Investment management						20,497				20,497	10,731
	Total cost of	raising funds			4,034		(32,327)				(28293)	213,817
Charitable expenditure
	Teaching			8,339,559			467,041		30,798		6,837,398	6,624,516
	Welfare				638,232		1,013,652		4,707		1,658,591	2032260
	Premises				831,070		1,703,638	287,031			2,821,730	3,011,413
	School administration			1,140,119			1,333,420	185,204			2,658,743	2,236,784
	Grants, awards	snd prizes
	(ali Sam vnrestictsd funds)						11,255				11,255	8,935
	Governance						216,607				216,607	66,259
	Expenditure from restricted
	funds						6,520				6,520	14,016
Total charitable		expenditure		8,948,980			4,752,133	507,740			14,208,853	14,014,214
Total expenditure				8,953,014			4,719,806	507,740			14,180,560	14,228,031
b)	Governance	Included	in support		costs
	King's Schools Taunton		reimburses		governors	for	out ofpocket	expenses		including	travel subsistence	snd
	accommodation, where a claim is made. Two trustees were reimbursed reimbumed a total of82,427)								6837during		the year (2019:five were
											Total	Total
											2020	2019
											E	f
	Remuneration	paid to auditor		for audit services							21,900	14,700
	Additional remuneration		paid	to auditom for prior year							610	706
	Reimbursement afpersonal expenses to governors										837	2,427
											23,347	17,127
FINANCING COSTS											Group and Company
											2020	2019
											8	f
	Otherintersst	paid									762	292
	Bank charges										0,182	10,014
	Provision for	bad and doubfful debts									(88,781)	10,040
											(78,837)	21,155

STAFFCO8TS		Group
The aggregate payroll costs for the year were:		2020	2019
		5
Wages and salaries		7,277,845	7,293,377
Social security	costs	SSS,861	656,176
Teachers' pension a&ntributlons		901,$18	032,215
Other pension	contributions	113,924	98,875
Private Medical Insurance		4,068	4,914
		8,95$,014	8,883,557
		Charity
		2020	2019
		E	E
Wages snd salaries		7,27$,811	7,248,157
Social securily	casts	655,861	055,298
Teachers' pension contributions		901,$18	632215
Other pension	contributions	11$,924	96,490
Private Medical	Insurance	4,066	4,914
		8,948,980	8,637,063

								2020	2019
								8
Aggregate	employee benefits of key management				personnel			41$,922	395,509
The Headmasters and the Director			of Finance and		Operations		are classed by the Schaol ss being the Key
Management		Personnel.
The number		ofemployees whose annual		emoluments		were E	60,000or more was:
								2020	2019
								(number)	(number)
		f60,001 - E70,000 E70,001 - f80,000						3	2 1
		E80,001 - E90,000							1
		E90,001 - E 100,000							1
	E 100,001-E110,000
	E110,001 - E120,000
The average		number ofemployees	during	the year	calculated		on a head count basis	was:
								2020	2019
								(number)	(number)
Teaching		staff						130	130
Others								1$7	141
								267	271

GROUP	Freehold
	Land 6	Plant 6	Furniture	Computer	Motor
	Buildings	Equipment	8 Fittings	Equipment	Vehicles	Total
	6		8	6	6	8
Cost
At 1 September 2019	17,679,659	639,911	943,814	775,547	23,400	20,062,331
Additions	38,063	32,917		50,406		121,386
At 31August 2020	17,717,722	672,828	943,814	825,953	23,400	20,183,717
Depreciation
At 1 September 2019	2,533,761	325,329	868,639	431,893	9,473	4,169,095
Charge for the year	273,744	66,114	14,130	147,902	5,850	507,740
At 31August 2020	2,807,505	301,443	882,769	579,795	15,323	4,676,835
Net book value
At 31August 2020	14,910,217	281,385	61,045	246,158	8,077	15,506,882
Net book value
at 31August 2019	15,145,898	314,582	75,175	343,654	13,927	15,893,236
COMPANY	Land ft
	Buildings	Plant 6	Furniture	Computer	Motor
	Freehold 6	Equipment 6	8Fittings 6	Equipment 6	Vehicles 6	Total f
Cost
At 1 September 2019	17,679,659	639,911	943,814	775,547	23,400	20,062,331
Additions	38,063	32,917		50,406	-	121,386
At 31August 2020	17,717,722	672,828	043,814	825,953	23,400	20,183,717
Depreciation
At 1 September 2019	2,533,761	325,329	868,639	431,893	9,473	4,189,095
Charge for ths year	273,744	66,114	14,130	147,902	5,850	507,740
At 31August 2020	2,807,505	301,443	882,760	579,795	15,323	4,676,835
Net book value
At 31August 2020	14,910,217	281,385	61,045	246,158	8,077	15,506,882
Net book value
at 31August 2019	15,145,898	314,582	75,175	343,654	13,927	15,893,236

SECURITIES INVESTMENTS
		2020	2019
Group investments
At 1 September 2019		2,457,180	2,405,483
New money invested		56,938	45,140
Reinvested income		36,165	43,119
Amounts extracted		(58,468)	(54,660)
Management fees		(20,505)	(19,732)
Realised gains on investments		(28,468)	(13,776)
Unrealised gains on investments		53,813	51,806
Group investments at 31August	2020	2,496,655	2,457,180
Less: Investments classified as	cash	(247,058)	(163,276)
Group investments at 31August	2020	2,249,599	2,293,902
Investments in subsidaries		101	101
Company investments at 31August 2020		2,249,700	2,294,003
Investments comprise:
Listed investments
Fixed interest		631,907	671,477
Equities		1,159,403	1,141,905
Alternative investments
Hedge funds		100,168	236,467
Commercial property funds		52,032	83,462
Commodities and other		306,089	160,591
Group investments at 31August	2020	2,249,599	2,293,902
Investments in subsidiaries		101	101
Company investments at 31August 2020		2,249,700	2,294,003

14	DEBTORS					Group		Company
						2020 6	2019f	2020 6	20rg 5
	School fees receivable					171,813	f81,794	171,813	181,794
	Trade debtors					123,749	41,889
	Other debtors					36,347	18,569	36,347	18,559
	Prepayments snd accrued income					346,834	344,440	346,834	344,440
	Amounts owed by group	undertakings						730,992	722695
	Woodard Corporation						7,970		7,970
						678743	594062	1)285i986	f275469
15	CREDITORS: Amounts	falling due within			one year	Group		Company
						2020 6	2019	2020 6	2019f
	Deposits from parents					320,458	274,709	320,458	274,709
	Fees received in advance ofterm					2,150,710	3,086,906	2,150,710	3,085,905
	Trade creditors					884,181	585,023	884,181	575,f61
	Taxes and Social Security costs					208,443	225,006	188,487	182,fT4
	Pension Scheme Deficit	Recovery Plan				43,612	42,342	43,612	42,342
	Other creditors					455,116	501,T22	455,116	501,722
	Woodard Corporation					62		62
	Accruals					330,021	325,393	32$,721	320,641
						4,392,603	5,04f,701	4,369,347	4,983,655
	Summary ofmovement		in deferred	income
	Balance at 1 September	2019						3,086,906
	Amounts arising in the year							2,150,710
	Amounts transferred to SOFA							(3,08$,908)
	Balance at 31 August 2020							2,150,710
	Deferred income arises	due	tofee payments		received in advance ofthe new		financial year.
16	CREDITORS: Amounts	falling due after		one year				Group and Company
								2020	2019
								6	f
	Deposits from parents							1,426,339	1,021,754
	Pension Scheme Deficit	Recovery Plan						156,603	196,290
								1,5$2,942	f,218,054

17	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES			Group and	Company
	The future minimum	commitments	under non-cancellable	operating	leases
	are:
						2020f	2019f
	within 1year					50,843	60,124
	within 1 to5 yearn					94,23$	137,432
	after 5years
						145,079197,556
18	SHARE CAPITAL					Group and	Company
						2020	2019
						8	f
	Authorised
	100Ordinary shares off 1each					100	100
	AEoued, called up and fully paid 100Ordinary shares offI each					100	100
1$	FINANCIAL INSTRUMENTS
						Group and	Company
	FINANCIAL ASSETS:					2020	2019f
	Investments held at	FV through	Profit and Loss			2,249,599	2,293,902

Income and expenditure	Income and expenditure	Impact						2020	2019
								6	5
Interest expense								2,095	10,413
Remsssuremenls	-impact ofany		change		in assumptions			1,830	4,484
Remessuremenls	-amendmerds		tothe contribution				schedule		(355,346)
AssumpEons								2020	2019
								N per annum	N per annum
Rate ofdiscount								0.55	0.97
The discount rates shown above are			the equivawnt			single discount rates which, when used to discount the future
recovery plan consibufions		due, would		give	the same		resuhs as using a full AA corporate bond		yield curve to
discount the same recovery plan contributions.
Deficit contributions	schedule							2020	2019
								8
Year 1								43,812	42,342
Year 2								44,920	43,812
Year 3								46,268	44,920
Year 4								47,656	40,268
Year 5								20200	47,858
Year 6									20,200
Year 7
Year 8
Year9
Year 10
								202,656	244,998

The Company's	net assets belong to	the various funds as follows:	the various funds as follows:
		Fixed assets	Investments	Net current	Longterm	Total
				assets	liabilities
		6		8	6
Share capital				100		100
Restricted funds				213,315		213,315
Unrestricted	funds
General		15,506,882	101	1,729,441	(1,582,942)	15,653,482
Designated			2,249,599	277,075		2,526,674
Company		15,506,882	2,249,700	2,21$,931	(1,582,942)	18,3$3,571
Trading subsidiary			(101)	101
Group - 31	August 2020	15,506,882	2,249,599	2,220,032	(1,582,942)	18,393,571
		Fixed assets	Investments	Net cunent	Long term	Total
				assets	liabilities
		6	6	6	6
Share capital				100		100
Restrisded funds				190,857		190,857
Unrestricted	funds
General		15,893,236	101	1,083,297	(1,218,054)	15,758,580
Designated			2,293,902	200,463		2494,365
Company		15,893,236	2,294,003	1,474,717	(1,218.054)	18,443.902
Trading subsidiary			(101)	101
Group - 31August 2019		15,893,236	2,293,902	1,474,818	(1,218,054)	18,443,902

24	Reconciliation ofnet incoming resources to net cash	Reconciliation ofnet incoming resources to net cash
	inflow from operations	2020	2019
		5	f
	Net income forthe year ended 31August 2020	(50,332)	937,541
	Adjustments for
	Depreciation charges	507,740	519,222
	(Gains)Losses on investments	54,248	18,025
	Financing costs	($,943)	(10,306)
	Purchase oftangible fixed assets	(121,38$)	(235,920)
	(Increase)/decrease in stocks	(1,314)	(7,324)
	(Increase)/decrease in debtors	(84,081)	100,205
	Increase/(decrease) in creditors	(284,210)	(146,930)
	Net Cash provided by (used in) operating activities	10,720	1,174,513
25	Analysis ofcash and cash equivalents	2020	2019
			f
	Cash in hand and at a bank	5,911,109	5,900,389

Year Ended 31August 20	1	9
				Unrestricted	Restricted
			Notes	Funds	Funds	2019
INCOME FROM:
Charitable Activities
School fees receivable				13,664,824		13,664,824
Ancillary trading income				760,620		760,620
Other trading activities
Non-anci8ary trading income				431,215		431,215
Other activities				10,447		10,447
Investments
Investment Income				43,119		43,119
Bank and other interest				11,450		11,450
Voluntary sources
Appeal income and donations				89,347	116,520	205,867
TOTAL INCOME				15,011,022	116,520	15,127,542
EXPENDITURE ON:
Raising funds
Nonwncillary trading				172,931		172,931
Financing costs				21,155		21,155
Investment management				19,731		19,731
				213,817		213,817
Charitable Activities
Education and grant making			7	14,000,196	14,018	14,014,214
TOTAL EXPENDITURE				14,214,013	14,018	14,228,031
Net income and expenditure	before transfers			797,009	102,502	899,511
Realised gains on investment		assets	13	(13,776)		(13,778)
Unrealised gains on investment		assets	13	51,806		51,806
Net Income				835,039	102,502	937,541
Transfers between funds			21	575	(875)
NET MOVEMENT IN FUNDS FOR THE YEAR				835,914	101,627	937,541
Fund balances at 1 September		2016		17,417,031	89,230	17,506,261
FUND BALANCES at 31August		2019		18,252,945	190,857	18,443,802