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