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2021-08-31-accounts

Contents Pages
Governors'
report		 1 to 19
Statement ofGovernors'
responsibilities		 20
Independent
auditors'		 report 21 to 25
Statement offinancial activities 26
Balance sheet 27
Cash flow statement 28
Notes to the financial statements 29to 53

Unrestricted Restricted Endowment Total Total
Notes Funds Funds Funds 2021 2020
f f f f f
Income and endowments from:
Voluntary
sources
Grants and donations 9,686 166,976 176,662 169,186
Charitable
activities
School fees receivable 2 9,992,443 9,992,443 9,059,673
Ancillary trading
income		 370
Ot:her trading activities
Sundry
letting		 21,090 21,090 32,926
Investments
Investment
income		 3 344,692 21,634 366,326 326,498
Bank and other interest 3 6,659 6,659 28,279
Other
Other income 4 18,908 18,908 152,250
Total income and endowments 10,393,478 188,610 10,582,088 9,769,182
Expenditure
on:
Raising funds
Financing costs 33,568 33,568 35,950
Investment
management		 63,242 1,835 46,470 111,547 151,960
Fundraising
costs		 (3,349)
Total deductible
costs		 96,810 1,835 46,470 145,115 184,561
Charitable
activities
Education
and grant making		 9,542,691 179,903 9,722,594 9,294,147
Tot:al expenditure 9,639,501 181,738 46,470 9,867,709 9,478,708
Net income before transfers
and investment
gains		 753,977 6,872 (46,470) 714,379 290,474
Gains on investments 49,512 1,258,557 1,308,069 235,554
Gains on investment
properties		 380,000 380,000 70,000
Transfers
between
funds		 13 (53,260) 53,260
Net movement
in funds		 700,717 56,384 1,645,347 2,402,448 596,028
Fund balances brought forward 12,012,612 1,337,004 11,041,356 24,390,972 23,794,944
Fund balances carried forward 12,713,329 1,393,388 12,686,703 26,793,420 24,390,972
The notes on pages 29-53form part ofthese financial statements

Notes 2021 2020
Fixed assets E E
Tangible assets 7 9,326,103 9,804,910
Securities investments 8 9,433,310 7,977,025
Property investments 8 3,607,527 3,227,527
22,366,940 21,009,462
Current assets
Debtors 89,311 137,998
Cash and deposits 7,776,274 6,771,484
7,865,585 6,909,482
Current Liabilities
Creditors: amounts falling due within one year 10 (2,528,924) (2,623,446)
Net Current Assets 5,336,661 4,286,036
Total assets less current liabilities 27,703,601 25,295,498
Long term liabilities
Creditors: amounts falling due after one year (910,181) (904,526)
Net assets 26,793,420 24,390,972
Endowed Funds 13 12,686,703 11,041,356
Restricted
Funds		 14 1,393,388 1,337,004
Unrestricted
Funds		 12,713,329 12,012,612
26,793,420 24,390,972

Notes 2021 2020
Cash flows from operating activities:
Net cash provided
by operating
activities		 16a) 1,068,825 435,206
Cash flows from investing activities:
Dividends,
interest and rents from investments		 366,326 326,498
Purchase ofproperty,
plant		 and equipment (149,534) (574,985)
Purchase ofinvestments (196,520)
Net cash (used in) investing activities 20,272 (248,487)
Cash flows from financing activities:
Cash inflows from new borrowing
Cash repaid on borrowings (50,739) (47,973)
Interest paid on borrowings (33,568) (35,950)
Net cash provided
by financing
activities		 (84,307) (83,923)
Change
in cash and cash equivalents
in the reporting		 period 1,004,790 102,796
Cash and cash equivalents brought
forward		 6,771,484 6,668,688
Cash and cash equivalents carried forward 166) 7,776,274 6,771,484

2021 2020
f f
The School's fee income comprised:
Gross fees 11,063,342 10,134,691
Less: Total scholarships, bursaries and allowances (1,246,170) (1,227,625)
9,817,172 8,907,066
Add back: Bursaries etc paid for by restricted funds 175,271 152,607
9,992,443 9,059,673
INVESTMENT INCOME
2021 2021 2021 2021 2020
Unrestricted Restricted Endowment
Funds Funds Funds Total Total
f f f
Property
income		 108,760 108,760 100,205
Interest receivable 6,659 6,659 28,279
Income from investments 235,932 21,634 257,566 226,293
351,351 21,634 372,985 354,777

2021 2020
f f
Government grant —Coronavirus Job Retention Scheme 18,908 102,250
Other income 50,000
18,908 152,250

Total Total
Staff Costs
f		 Depreciation
f		 Other
f		 2021
f		 2020
f
Raising funds:
Financing costs 33,568 33,568 35,950
Investment
management		 111,547 111,547 151,960
Fundraising
costs		 (3,349)
Total costs of raising funds 145,115 145,115 184,561
Charitable
expenditure:
Teaching 5,227,859 222,932 530,845 5,981,636 5,723,332
Welfare 80,534 589,297 669,831 536,571
Premises 332,205 405,409 958,556 1,696,170 1,814,367
Support and governance 587,407 607,647 1,195,054 1,047,928
Grants, awards and prizes 179,903 179,903 171,949
6,228,005 628,341 2,866,248 9,722,594 9,294,147
Tota I Expended 6,228,005 628,341 3,011,363 9,867,709 9,478,708
Grants, awards and prizes
2021 2020
f f
From Restricted Funds:
Sursaries and other grants and awards 175,271 152,607
Prizes and leaving awards 3,793 4,125
Other costs 839 15,217
179,903 171,949

Staff costs comprise: 2021 2020
E F
Wages and salaries 4,840,016 4,782,326
Defined contribution pension scheme employer's contributions 59,426 53,943
Defined benefit pension scheme operating costs 832,547 800,711
Socia I Security 496,016 470,591
6,228,005 6,107,571
2021 2020
F E
Aggregate employee benefits of key management personnel 574,910 693,001
2021 2020
Teaching 79 75
Welfare 2 2
Premises 12 6
Support 28 26
2021 2020
Number ofhigher paid employees in bands of:
f140,001 to 6150,000
E130,001 to f140,000
890,001 to f100,000
f70,001 to 680,000
660,001 to f70,000

insurance
premium
for the year.
During the Gove
training
and travel expenses (2020:f2,198).		 insurance
premium
for the year.
During the Gove
training
and travel expenses (2020:f2,198).		 rnors
received f1,242 for reim		 bursement
o
Administration
costs include:		 2021 2020
f f
Depreciation
- owned assets		 620,242 578,700
Loss on disposal offixed assets 8,100
Auditors' remuneration 10,200 9,360
Auditors' non-audit
remuneration		 540 1,130

PENSION COSTS (continued) PENSION COSTS (continued)
Present value of
rovision		 2021 2020
f f
Present value of provision 47,983 61,050
Reconciliation
ofo enin		 and closin rovisions: 2021 2020
f f
Provision at start ofyear 61,050 72,764
Unwinding
ofthe discount		 factor (interest expense) 296 639
Deficit contribution
paid		 (13,298) (12,911)
Re-measurements
- impact ofchange		 in assumptions (65) 558
Provision at end ofyear 47,983 61,050
Income and ex enditure
im act:		 2021 2020
f f
Unwinding
ofthe discount		 factor (interest expense) 296 639
Re-measurements
- impact ofchange		 in assumptions (65) 558
Costs recognised
in income and expenditure		 account 231 1,197
2021 2020
Rate ofdiscount (%per annum) 0.63 0.55

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Property Securities
investments investments Total
f E E
Market value at 1 September 2020 3,227,527 7,977,025 11,204,552
Additions 196,520 196,520
Costs of maintaining
investments		 (48,305) (48,305)
Change
in market value		 380,000 1,308,070 1,688,070
Market value at 31 August 2021 3,607,527 9,433,310 13,040,837
Historical cost 1,098,127 6,956,225 8,054,352
Securities investments
comprise:		 Value
Quilter Cheviot Portfolio 9,429,831
Investments
held with Smith 8 Williamson		 3,477
Investment
in subsidiary,		 QEH International Schools Limited 2
9,433,310

DEBTORS
2021 2020
E E
Fees receivable 5,245 1,229
Other debtors 5,081 6,001
Prepayments and accrued income 78,985 130,768
89,311 137,998

2021 2020
E E
Fees in advance 1,265,033 1,492,257
Sundry creditors and accruals 1,085,442 960,467
Taxation 8 Social Security 125,225 119,983
Bank loan 53,224 50,739
2,528,924 2,623,446
11. CREDITORS: Amounts
falling due after more than one year
2021 2020
f f
Sundry creditors and accruals (1-2years) 25,253 20,708
Sundry creditors and accruals (2-5years) 56,700 58,973
Sundry creditors and accruals (over 5years) 22,253 9,318
Deferred income (1-2years) 34,443 1,272
Deferred income (2-5years) 15,590 3,817
Deferred income (over 5years) 136,155 137,427
Bank loan (1-2years) 55,750 53,224
Bank loan (2-5years) 184,109 175,556
Bank loan (over 5years) 379,928 444,231
910,181 904,526

Deferred income at 1 September 2020 1,673,862
Resources deferred
during the year		 1,371,256
Amounts released from previous years (1,531,345)
Deferred income at 31 August 2021 1,513,773

2021 2020
f f
Financial assets measured at fair value through income and
expenditure
Securities investments 9,433,310 7,977,025
Financial assets measured at amortised cost
Fees receivable 5,245 1,229
Other debtors 5,081 6,001
Cash and deposits 7,776,274 6,771,484
7,786,600 6,778,714
Financial liabilities measured at amortised cost
Sundry creditors and accruals 940,908 867,862
Bank loan 673,011 723,750
1,613,919 1,591,612

ENDOWMENTS ENDOWMENTS
E
Balance at 1 September 2020 11,041,356
Change in market value 1,638,557
Transfer from unrestricted fund 53,260
Costs of maintaining
the endowed		 funds (46,470)
Balance at 31 August 2021 12,686,703
Balance at 1 September 2020 at 1 September 2020 319,567
Amount repaid
in		 the year (53,260)
Balance remaining at 31 August 2021 266,307

RESTRICTED FUNDS
As at Gains, As at
1 September Incoming Resources losses and 31August
2020
f		 resources
f		 expended
f		 transfers
f		 2021
f
John James Prize Fund 15,250 1,500 (1,500) (15,250)
John James Gift 30,000 (30,000)
Bursary Fund 917,815 135,211 (102,125) 950,901
QEH Old Boys' Benevolent
Fund 307,226 9,786 (9,786) 47,678 354,904
Scholarship, Bursary 8 Prize
Fund 96,713 12,113 (36,493) 15,250 87,583
1,337,004 188,610 (179,904) 47,678 1,393,388
As at Gains, As at
1 September Incoming Resources losses and 31August
2019
f		 resources
f		 expended
f		 transfers
f		 2020
f
Josella Trust 31,140 (31,140)
John James Prize Fund 12,028 3,222 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 8,715 (26,667) 7,368 307,226
Scholarship, Bursary 8 Prize
Fund 9,094 (17,346) 104,965 96,713
Other funds 223,557 (223,557)
1,319,493 182,092 (171,949) 7,368 1,337,004

Unrestricted Unrestricted Restricted Endowment
Funds Funds Funds Total
f f f f
Fund balances at 31 August 2021 are
represented
by:
Tangible fixed assets 9,326,103 9,326,103
Securities investments 2 354,905 9,078,403 9,433,310
Property investments 3,607,527 3,607,527
Current assets 6,826,329 1,038,483 773 7,865,585
Liabilities (3,439,1 05) (3,439,105)
Total net assets 12,713,329 1,393,388 12,686,703 26,793,420
Linked Charities
QEH
f		 QEH SBP
f		 QEH Trust
f		 Total
f
Fund balances at 31 August 2021
anaiysed between the linked charities
Tangible fixed assets 9,326,103 9,326,103
Securities investments 354,907 429,672 8,648,731 9,433,310
Property investments 3,607,527 3,607,527
Current assets 7,777,228 87,584 773 7,865,585
Liabilities (3,439,1 05) (3,439,1 05)
Total net assets 14,019,'1 33 517,256 12,257,031 26,793,420

Unrestricted Restricted Endowment
Funds Funds Funds Total
f f f f
Fund balances at 31 August 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
QEH
f		 QEH SBP
f		 QEH Trust
f		 Total
f
Fund balances at 31 August 2020
analysed between the linked charities
Tangible fixed assets 9,804,910 9,804,910
Securities investments 307,229 371,950 7,297,846 7,977,025
Property investments 3,227,527 3,227,527
Current assets 6,668,736 96,713 144,033 6,909,482
Liabilities (3,527,972) (3,527,972)
Total net assets 13,252,903 468,663 10,669,406 24,390,972

a) Reconciliation
ofn		 t incoming resource s to net cash flow fro m operating
a		 ctivities
2021 2020
E E
Net income/expenditure for the reporting period (as per the
statement
offinancial		 activities) 2,402,448 596,028
Depreciation
charges		 620,241 578,700
Disposal of Fixed Assets 8,100
Dividends,
interest and rents from investments		 (366,326) (326,498)
(Increase)/decrease in debtors 48,688 (20,228)
Increase/(decrease) in creditors (38,130) (167,421)
Endowment
costs		 48,305 44,229
Interest on loans 33,568 35,950
Gains on investments (1,688,069) (305,554)
Net cash inflow from operating
activities		 1,068,825 435,206
b) Analysis ofnet funds
At 1 September Cash At 31August
2020 flow 2021
E E E
Cash at bank 6,771,484 1,004,790 7,776,274
2021 2020
c) Analysis ofcash and cash equivalents E f
Cash in hand 3,182,536 2,178,988
Notice deposits (less than 3months) 4,593,738 4,592,496
Total cash and cash equivalents 7,776,274 6,771,484

cancell ab le
operating
leases was;
2021 2020
f E
Amounts payable:
Within 1 year 6,339 6,339
Between 1 and 5years 11,622 17,961
Total 17,961 24,300

19.
STATEMENT OF FINANCIAL ACTIVITIES		 19.
STATEMENT OF FINANCIAL ACTIVITIES		 19.
STATEMENT OF FINANCIAL ACTIVITIES		 FOR YEAR ENDED 31AUGUST FOR YEAR ENDED 31AUGUST 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2020 2019
f f f f f
Income and endowments from:
Voluntary
sources
Grants and donations 6,360 162,826 169,186 805,589
Charitable
activities
School fees receivable 9,059,673 9,059,673 9,636,932
Ancillary trading
income		 370 370 832
Other trading activities
Sundry
letting		 32,926 32,926 29,990
Investments
Investment
income		 307,232 19,266 326,498 427,136
Bank and other interest 28,279 28,279 39,170
Other
Profit on sale offixed assets 89,900
Other income 152,250 152,250
Tota I 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 44,229 184,561 172,338
Charitable
activities
Education
and grant making		 9,122,198 171,949 9,294,147 8,831,832
Total expenditure 9,262,530 171,949 44,229 9,478,708 9,004,170
Net income before transfers
and investment
gains		 324,560 10,143 (44,229) 290,474 2,025,379
Gains on investments 7,368 228,186 235,554 12,114
Gains on investment
properties		 70,000 70,000 55,000
Transfers
between
funds		 (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
53