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|Contents||Pages|
|---|---|---|
|Governors'
report||1to 19|
|Statement ofGovernors'
responsibilities||20|
|Independent
auditors'|report|21to 23|
|Statement offinancial|activities|24|
|Balance sheet||25|
|Cash flow statement||26|
|Notes to the financial|statements|27to 49|
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|Mr|PA Keen (Chair ofGovernors —appointed|PA Keen (Chair ofGovernors —appointed|as Chair|5 December 2019)|A~ CE~ H*|
|---|---|---|---|---|---|
|Mr|DA Smart (Former Chair ofGovernors —resigned|||5 December 2019)||
|Mrs|C Bateson||||BCE|
|Mrs|SBlanks||||AG*|
|Mr|JBuchanan||||CDFH|
|Mr|AJCherry (appointed 9September 2019)||||BF|
|Mr|ECorrigan||||AD*|
|Mrs
Mr|SCosgrove
TDavis||||BC
BCF*|
|Mr|JHirst (appointed|9September 2019)|||ACG|
|Mr|JHollingdale||||ADG|
|Mr
Mr|M Jones (appointed
15November 2019)
JEMilne||||ABE
AB*C|
|Mr|KRiley||||ABH|
|Mr|C Woodford||||AC*|
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||||Vnrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
|||Notes|Funds|Funds|Funds|2020|2019|
|Income and endowments||from:||||||
|Voluntary
sources||||||||
|Grants and donations|||6,360|162,826||169,186|805,589|
|Charitable
activities||||||||
|School fees receivable||2|9,059,673|||9,059,673|9,636,932|
|Ancillary
trading income|||370|||370|832|
|Other trading activities||||||||
|Other activities —sundry||letting|32,926|||32,926|29,990|
|Investments||||||||
|Investment
income||3|307,232|19,266||326,498|427,136|
|Bank and other interest||3|28,279|||28,279|39,170|
|Other||||||||
|Profit on sale offixed|assets||||||89,900|
|Other income|||152/50|||152,250||
|Total income and endowments|||9,587,090|182,092||9,769,182|11,029,549|
|Expenditure
on:||||||||
|Raising funds||||||||
|Financing costs|||35,950|||35,950|38,112|
|Investment
management|||107,731||44,229|151,960|108,284|
|Fundraising
costs|||(3,349)|||(3,349)|25,942|
|Total deductible
costs|||140,332||44/29|184,561|172,338|
|Charitable
activities||||||||
|Education and grant making|||9,122,198|171,949||9,294,147|8,831,832|
|Total expenditure|||92,62,530|171,949|44,229|9,478,708|9,004,170|
|Net income before transfers||||||||
|and investment
gains|||324,560|10,143|(44,229)|290,474|2,025379|
|Gains on investments||||7,368|228,186|235,554|12,114|
|Gains on investment
properties|||||70,000|70,000|55,000|
|Transfers between funds||12|(53,260)||53,260|||
|Net movement
in funds|||271,300|17,511|307,217|596,028|2,092,493|
|Fund balances brought|forward||11,741,312|1,319,493|10,734,139|23,794,944|21,702,451|
|Fund balances carried|forward||12,012,612|1,337,004|11,041,356|24,390,972|23,794,944|
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||Company
No
BALANCE
as at31Au|. 5164477
SHEET
st2020|||
|---|---|---|---|---|
|||Notes|2020|2019|
|Fixed assets|||||
|Tangible assets|||9,804,910|9,808,625|
|Securities investments|||7,977,025|7,785,699|
|Property
investments|||3,227,527|3,157,527|
||||21,009,462|20,751,851|
|Current assets|||||
|Debtors|||137,998|117,771|
|Cash and deposits|||6,771,484|6,668,688|
||||6,909,482|6,786,459|
|Current Liabilities|||||
|Creditors: amounts|falling due within one year||(2,623,446)|(2,767,318)|
|Net Current Assets|||4,286,036|4,019,141|
|Total assets less current liabilities|||25,295,498|24,770,992|
|Long term liabilities|||||
|Creditors: amounts|falling due after one year|10|(904,526)|(976,048)|
|Net assets|||24,390,972|23,794,944|
|Endowed Funds||12|11,041/56|10,734,139|
|Restricted Funds||13|1,337,004|1,319,493|
|Unrestricted
Funds|||12,012,612|11,741312|
||||24,390,972|23,794,944|
##
||||CASH FLOW STATEMENT|CASH FLOW STATEMENT|CASH FLOW STATEMENT|CASH FLOW STATEMENT|||
|---|---|---|---|---|---|---|---|---|
|||for the||ear ended 31Au||ust 2020|||
|||||||Notes|2020|2019|
|Cash flows from operating|activities:||||||||
|Net cash provided
by operating
activities||||||isa)|435,206|2,400,353|
|Cash flows from investing|activities:||||||||
|Dividends,
interest and rents &om investments|||||||326,498|401,446|
|Purchase ofproperty,
plant|and equipment||||||(574,985)|(2,758,956)|
|Purchase ofinvestments||||||||(352,463)|
|Net cash (used in) investing|activities||||||(248,487)|(2,709,973)|
|Cash flows from financing|activities:||||||||
|Cash infiows &om new borrowing|||||||||
|Cash repaid on borrowings|||||||(47,973)|(45,997)|
|Interest paid on borrowings|||||||(35,950)|(38,112)|
|Net cash provided
by financing
activities|||||||(83,923)|(84,109)|
|Change in cash and cash equivalents||in|the reporting||period||102,796|(393,729)|
|Cash and cash equivalents|at 1September 2019||||||6,668,688|7,062,417|
|Cash and cash equivalents|at31August||2020|||15b)|6,771,484|6,668,688|
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|||||2020|2019|
|---|---|---|---|---|---|
|The|School's fee income comprised:|||||
||Gross fees|||10,134,691|10,545,974|
||Less: Total scholarships,|bursaries|and allowances|(1/27,625)|(1,053,056)|
|||||8,907,066|9,492,918|
||Add back: Bursaries etc|paid for by restricted funds||152,607|144,014|
|||||9,059,673|9,636,932|
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|INVESTMENT INCOME|INVESTMENT INCOME|||||||||
|---|---|---|---|---|---|---|---|---|---|
||||2020||2020|2020||2020|2019|
|||Unrestricted|||Restricted|Endowment||||
||||Funds||Funds|Funds||Total|Total|
|Property income|||100,205|||||100+05|93,436|
|Interest receivable|||28/79|||||28,279|39,170|
|Income &om investments|||207,027||19,266|||226/93|333,700|
||||335,511||19/66|||354,777|466,306|
|Of the total
unrestricted|investment||income||8307/32 (2019:f401,448)|||arose &om|permanently|
|endowed assets. There are|no|restrictions placed on the income generated|||||from any ofthe||permanently|
|endowed assets.||||||||||
|ANALYSIS OFTOTAL EXPENDITURE||||||||||
|||Staff Costs||Depreciation||Other||2020|2019|
|Raising funds:||||||||||
|Financing costs||||||35,950||35,950|38,112|
|Investment
management||||||151,960||151,960|108,284|
|Fundraising
costs||||||(3,349)||(3,349)|25,942|
|Total costs ofraising funds||||||184,561||184,561|172,338|
|Charitable
expenditure:||||||||||
|Teaching||5,051,859|||191,502|479,971||5,723,332|5,523,555|
|Welfare|||74,506|||462,065||536,571|652,001|
|Premises||386,253|||387,198|1,040,916||1,814,367|1,506,193|
|Support and governance||594,953||||452,975||1,047,928|996,707|
|Grants, awards and prizes||||||171,949||171,949|153,376|
|||6,107,571|||578,700|2,607,876||9,294,147|8,831,832|
|Total Expended||6,107,571|||578,700|2,792,437||9,478,708|9,004,170|
##
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|Grants, awards and|prizes||2020|2019|
|---|---|---|---|---|
|From Restricted Funds:|||||
|Bursaries and other grants and awards|||152,607|144,014|
|Prizes and leaving awards|||4,125|3,450|
|Other costs|||15,217|5,912|
||||171,949|153,376|
|Staffcosts comprise:|||2020|2019|
|Wages and salaries|||4,782,326|4,543,443|
|Defined contribution|pension scheme employer's|contributions|53,943|46,908|
|Defined benefit pension scheme operating costs|||800,711|548,324|
|Social Security|||470,591|449,666|
||||6,107,571|5,588,341|
|||||||2020|2019|
|---|---|---|---|---|---|---|---|
|Aggregate|employee|benefits|ofkey|management|personnel|693,001|516,620|
##
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|offull time equivalent
staff employ|ed
during the year was 109(|2019;112):||
|---|---|---|---|
|||2020|2019|
|Teaching||75|76|
|Welfare||2|1|
|Premises||6|6|
|Support||26|29|
|||2020|2019|
|Number ofhigher paid employees|in bands of:|||
|8140,001tof150,000||||
|690,001to f,100,000||||
|870,001to f80,000||||
|K60,001tof70,000||||
|the year.
During the Governors
received E2,198for
(2019:62,765).|reimbursement
oftraining
and tr|avel expenses|
|---|---|---|
|Administration
costs include:|2020|2019|
|Depreciation - owned assets|578,700|386,273|
|Auditors'
remuneration|9,360|9,146|
|Auditors'
non-audit
remuneration|1,130|1,158|
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|.
TANGIBLE FIXE|DASSETS||||||
|---|---|---|---|---|---|---|
|||||Fixtures,|||
||Freehold|Freehold|Freehold|fittings|Motor|Total|
||Land|Bui)ding|Improvement|Equipment|Vehicles||
|Cost|180,020|7,336,003|3,955,753|1,555,648|99,633|13,127,057|
|As at 1 September 2019|||||||
|Additions|||419,468|155,517||574,985|
|Transfers|||||||
|Disposals|||||||
|As at 31August 2020|180,020|7,336,003|4,375,221|1,711,165|99,633|13,702,042|
|Depreciation|||||||
|As at 1 September 2019||1,565,244|735,173|918,382|99,633|3,318,432|
|Charge for year||146,720|240,478|191,502||578,700|
|Disposals|||||||
|As at 31August 2020||1,711,964|975,651|1,109,884|99,633|3,897,132|
|Net Book Value|||||||
|At 31 August 2020|180,020|5,624,039|3,399,570|601,281||9,804,910|
|At 31 August 2019|180,020|5,770,759|3,220,580|637,266||9,808,625|
##
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|FIXEDA|SSETINVKSTMKNTS|||||
|---|---|---|---|---|---|
||||Property|Securities||
||||investments|investments|Total|
|Market value at 1 September 2019|||3,157,527|7,785,699|10,943,226|
|Costs ofmaintaining
the endowed||funds||(46,001)|(46,001)|
|Change
in|market value||70,000|237,327|307,327|
|Market value at 31August 2020|||3227,527|7,977,025|11204,552|
|Historical|cost||1,098,127|6,759,705|7,547,832|
|Securities|investments
comprise:||||Value|
|Quilter Cheviot Portfolio|||||7,970,172|
|Investments|held with Smith &Williamson||||6,851|
|Investment|in subsidiary,
QEH International||Schools Lunited||2|
||||||7,977,025|
##
|DEBTORS||||
|---|---|---|---|
|||2020|2019|
|Fees receivable||1,229|95|
|Other debtors||6,001|4,455|
|Prepayments|and accrued income|130,768|113+21|
|||137,998|117,771|
##
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|9.|CREDITORS: Amounts
falling due within one year|||
|---|---|---|---|
|||2020|2019|
||Fees in advance|1,492,257|1,711,553|
||Sundry creditors and accruals|960,467|893,593|
||Taxation &Social Security|119,983|114,199|
||Bank loan|50,739|47,973|
|||2,623,446|2,767,318|
|10.|CREDITORS: Amounts
falling due after more than one year|||
|||2020|2019|
||Sundry creditors and accruals (1-2years)|20,708|20,708|
||Sundry creditors and accruals (2-5 years)|58,973|72,325|
||Sundry creditors and accruals (over 5 years)|9,318|15,476|
||Deferred income (1-2years)|1,272|1,272|
||Deferred income (2-5 years)|3,817|3,817|
||Deferred income (over 5 years)|137,427|138,700|
||Bank loan (1-2years)|53/24|50,739|
||Bank loan (2-5 years)|175,556|167,402|
||Bank loan (over 5 years)|444,231|505,609|
|||904,526|976,048|
##
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|Deferred income at 1|September|September|2019|||||1,931,063|
|---|---|---|---|---|---|---|---|---|
|Resources deferred during||the year||||||1,530,072|
|Amounts
released from previous|||years|||||(1,787273)|
|Deferred
income at 31August 2020||||||||1,673,862|
|Deferred income includes||fees received||in advance,||monies received|for trips taking|place after the|
|year end and income|received in||advance|in|respect|ofaproperty.|||
|FINANCIAL INSTRUMENTS|||||||||
||||||||2020|2019|
||||||||f.||
|Financial assets measured||at fair value||through||income and|||
|expenditure|||||||||
|Securities investments|||||||7,977,025|7,785,699|
|Financial assets measured||at amortised||cost|||||
|Fees receivable|||||||1,229|95|
|Other debtors|||||||6,001|4,455|
|Cash and deposits|||||||6,771,484|6,668,688|
||||||||6,778,714|6,673,238|
|Financial liabilities|measured||at amortised||cost||||
|Sundry creditors and|accruals||||||867,862|468,168|
|Bank loan|||||||723,750|771,723|
||||||||1,591,612|1/39,891|
##
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##
|ENDOWMENTS|||
|---|---|---|
|Balance at 1 September 2019||10,734,139|
|Change in market value||298,186|
|Transfer &om unrestricted
fund||53,260|
|Costs ofmaintaining
the endowed|funds|(44,229)|
|Balance at 31August 2020||11,041,356|
|August 2026 to be|August 2026 to be|invested as part ofthe charity's
permanent
end|owment
fund.|
|---|---|---|---|
|Movements
in the||year were as follows:||
|Balance|at 1 September 2019||372,827|
|Amount|repaid in|the year|(53,260)|
|Balance|remaining|at 31August 2020|319,567|
##
##
|RESTRICT|ED FU1'G)S|||||||
|---|---|---|---|---|---|---|---|
||||As at|||Gains,|As at|
|||1September||Incoming|Resources|losses and|31August|
||||2019|resources|expended|transfers|2020|
|Josella Trust|||31,140|||(31,140)||
|John James Prize Fund|||12,028|3322|||15,250|
|John James Gift|||746|30,000|(30,746)|||
|Bursary Fund|||734,212|131,061|(97,190)|149,732|917,815|
|QEH Old Boys' Benevolent Fund 317,810
Scholarship,
Bursary 4Prize Fund||||8,715
9,094|(26,667)
(17,346)|7,368
104,965|307426
96,713|
|Other funds|||223,557|||(223,557)||
||||1,319,493|182,092|(171,949)|7,368|1,337,004|
||||As at|||Gains,|As at|
|||1September||Incoming|Resources|losses and|31August|
||||2018|resources|expended|, transfers|2019|
||||||||JE|
|Josella Trust|||29,314|1,826|||31,140|
|John James Prize Fund|||10,714|3,781|(2,467)||12,028|
|John James Gift|||2,294|30,000|(31,548)||746|
|Bursary Fund
QEH Old Boys 'Benevolent||Fund|407,026|402,346
346,622|(75,160)
(28,812)||734,212
317,810|
|Other funds|||201,065|37,881|(15,389)||223,557|
||||650,413|822,456|(153,376)||1,319,493|
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|ANALYS|IS OF NKT ASSETS|BETWEEN FUND|S|||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment||
|||Funds|Funds|Funds|Total|
|Fund balances at 31August 2020||are||||
|represented
by:||||||
|Tangible|fixed assets|9,804,910|||9,804,910|
|Securities|investments|2|307,227|7,669,796|7,977,025|
|Property|investments|||3,227,527|3,227,527|
|Current assets||5,735,672|1,029,777|144,033|6,909,482|
|Liabilities||(3,527,972)|||(3,527,972)|
|Total net|assets|12,012,612|1,337,004|11,041,356|24,390,972|
|||Linked Charities||||
|||QKH|QEH SBP|QKH Trust|Total|
|Fund balances at 31August 2020||||||
|Analysed|between the linked charities|||||
|Tangible|fixed assets|9,804,910|||9,804,910|
|Securities|investments|307429|371,950|7$,97,846|7,977,025|
|Property|investments|||3327,527|3427,527|
|Current assets||6,668,736|96,713|144,033|6,909,482|
|Liabilities||(3,527,972)|||(3,527,972)|
|Total net|assets|13252,903|468,663|10,669,406|24,390,972|
##
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|ANALYSIS OF NKT ASSETSB|ETWEEN FUINDS (|continued)|||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment||
||Funds|Funds|Funds|Total|
|Fund balances at31August 2019are|||||
|represented
by:|||||
|Tangible fixed assets|9,808,625|||9,808,625|
|Securities investments|2|299,858|7,485,839|7,785,699|
|Property investments|||3,157,527|3,157,527|
|Current assets|5,676,051|1,019,635|90,773|6,786,459|
|Liabilities|(3,743,366)|||(3,743,366)|
|Total net assets|11,741,312|1,319,493|10,734,139|23,794,944|
||Linked|Charities|||
||QEH
f|QEHSBP
f|QEH Trust|Total|
|Fund balances at 31August 2019|||||
|Analysed between the linked charities|||||
|Tangible fixed assets|9,808,625|||9,808,625|
|Securities investments|299,860|363,029|7,122,810|7,785,699|
|Property investments|||3,157,527|3,157,527|
|Current assets|5,676,051|1,019,635|90,773|6,786,459|
|Liabilities|(3,743,366)|||(3,743,366)|
|Total net assets|12,041,170|1,382,664|10,371,110|23,794,944|
##
##
##
|a)|Reconciliation ofnet incoming
r|esource|s to n|et cash flow from o|perating
activiti|es|
|---|---|---|---|---|---|---|
||||||2020|2019|
||Net income/expenditure
for the reporting||period|(as per the|||
||statement offinancial activities)||||596,028|2,092,493|
||Depreciation
charges||||578,700|386473|
||Disposal ofFixed Assets|||||12,681|
||Dividends,
interest and rents &om|investments|||(326,498)|(401,446)|
||(increase)/decrease
in debtors||||(20,228)|56,811|
||Increase/(decrease)
in creditors||||(167,421)|260,723|
||Endowment
costs||||44/29|21,820|
||Interest on loans||||35,950|38,112|
||Gains on investments||||(305,554)|(67,114)|
||Net cash inflow from operating|activities|||435,206|2,400,353|
|b)|Analysis ofnet funds||||||
|||||At 1September|Cash|At 31August|
|||||2019|flow|2020|
||Cash at bank|||6,668,688|102,796|6,771,484|
||||||2020|2019|
|c)|Analysis ofcash and cash equivalents||||||
||Cash in hand||||2,178,988|2,086,751|
||Notice deposits (less than 3months)||||4,592,496|4,581,937|
||Total cash and cash equivalents||||6,771,484|6,668,688|
##
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##
|cancellabl|e
operating
leases was:|||
|---|---|---|---|
|||2020||
|Amounts|payable:|||
|Within
1|year|6,339|6,339|
|Between|1 and 5 years|17,961|24,300|
|Total||24,300|30,639|
##
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##
||||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|
|||Notes|Funds|Funds|Funds|2019f|
|Income and endowmentsPom:|||||||
|Voluntary
sources|||||||
|Grants and donations|||8,821|796,768||805,589|
|Charitable
activÃes|||||||
|Schoolfees receivable|||9,636,932|||9,636,932|
|Ancillary trading income|||832|||832|
|Other trading activities|||||||
|Other activities —sundry|letting||29,990|||29,990|
|Investments|||||||
|Investment
income|||401,448|25,688||427,136|
|Bank and otherinterest|||39,170|||39,170|
|Other|||||||
|ProjitlPoss)
on sale offixed||assets|||89,900|89,900|
|Total income and endowments|||10,117,193|822,456|89,900|11,029,549|
|Expenditure
on:|||||||
|Raising funds|||||||
|Financing costs|||38,112|||38,112|
|Investment
management|||86,464||21,820|108,284|
|Fundraising
costs|||25,942|||25,942|
|Total deductible costs|||150,518||21,820|172,338|
|Charitable
activities|||||||
|Education and grant making|||8,678,456|153,376||8,831,832|
|Total expenditure|||8,828,974|153,376|21,820|9,004,170|
|Net income before transfers|||||||
|and investment gains|||1,288,219|669,080|68,080|2,025,379|
|Gains on investments|||||12,114|12,114|
|Gains on investment properties|||||55,000|55,000|
|Transfers
between funds|||(53,260)||53,260||
|Net movement
lnfunds|||1,234,959|669,080|188,454|2,092,493|
|Fund balances brought forward|||10,506,353|650,413|10,545,685|21,702,451|
|Fund balances carried forward|||11,741,312|1,319,493|10,734,139|23,794,944|