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|Contents||Pages|
|---|---|---|
|Governors'
report||1to20|
|Statement ofGovernors'
responsibilities||21|
|Independent
auditors'|report|22to 26|
|Statement offinancial|activities|27|
|Balance sheet||28|
|Cash flow statement||29|
|Notes to the financial|statements|30to 54|
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||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
|||Notes|Funds|Funds|Funds|2022|2021|
||||E|E|E|E|E|
|Income and endowments||from:||||||
|Voluntary
sources||||||||
|Grants and donations|||10,858|251,104||261,962|176,662|
|Charitable
activities||||||||
|School fees receivable||2|10,917,281|||10,917,281|9,992,443|
|Other trading activities||||||||
|Sundry
letting|||25,473|||25,473|21,090|
|Investments||||||||
|Investment
income||3|374,165|23,446||397,611|366,326|
|Bank and other interest||3|7,955|||7,955|6,659|
|Other||||||||
|Other income||4|||||18,908|
|Profit on sale offixed|assets||20,000|||||
|Total income and endowments|||11,355,732|274,550||11,630,282|10,582,088|
|Expenditure
on:||||||||
|Raising funds||||||||
|Financing costs|||31,060|||31,060|33,568|
|Investment
management|||293,076|1,952|49,935|344,963|111,547|
|Fundraising
costs|||59,766|||59,776||
|Total deductible
costs|||383,902|1,952|49,935|435,789|145,115|
|Charitable
activities||||||||
|Education
and grant making|||10,575,029|172,291||10,747,320|9,722,594|
|Total expenditure||5|10,958,931|174,243|49,935|11,183,109|9,867,709|
|Net income before transfers||||||||
|and investment
gains|||396,801|100,307|(49,935)|447,173|714,379|
|Gains/(losses)
on investments||||(29,094)|(744,231)|(773,325)|1,308,069|
|Gains on investment
properties|||||40,000|40,000|380,000|
|Transfers
between
funds||13|(53,260)||53,260|||
|Net movement
in funds|||343,541|71,213|(700,906)|(286,152)|2,402,448|
|Fund balances brought|forward||12,713,329|1,393,388|12,686,703|26,793,420|24,390,972|
|Fund balances carried|forward||13,056,870|1,464,601|11,985,797|26,507,268|26,793,420|
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|||||Notes|2022|2021|
|---|---|---|---|---|---|---|
|Fixed assets|||||E|E|
|Tangible|assets|||7|9,026,837|9,326,103|
|Securities|investments|||8|8,608,098|9,433,310|
|Property|investments|||8|3,647,527|3,607,527|
||||||21,282,462|22,366,940|
|Current|assets||||||
|Debtors|||||61,414|89,311|
|Cash and|deposits||||8,556,470|7,776,274|
||||||8,617,884|7,865,585|
|Current|Liabilities||||||
|Creditors:|amounts|falling|due within one year|10|(2,617,682)|(2,528,924)|
|Net Current Assets|||||6,000,202|5,336,661|
|Total assets less current|||liabilities||27,282,664|27,703,601|
|Long term liabilities|||||||
|Creditors:|amounts|falling|due after one year||(775,396)|(910,181)|
|Net assets|||||26,507,268|26,793,420|
|Endowed|Funds||||11,985,797|12,686,703|
|Restricted
Funds|||||1,464,601|1,393,388|
|Unrestricted
Funds|||||13,056,870|12,713,329|
||||||26,507,268|26,793,420|
##
||||Notes|2022|2021|
|---|---|---|---|---|---|
|Cash flows from operating
activities:||||||
|Net cash provided
by operating
activities|||16a)|752,838|1,068,825|
|Cash flows from investing
activities:||||||
|Dividends,
interest and rents from investments||||397,611|366,326|
|Purchase of property,
plant and equipment||||(285,969)|(149,534)|
|Purchase of investments|||||(196,520)|
|Net cash provided
by/(used
in) investing|activities|||111,642|20,272|
|Cash flows from financing activities:||||||
|Cash inflows from new borrowing||||||
|Cash repaid on borrowings||||(53,224)|(50,739)|
|Interest paid on borrowings||||(31,060)|(33,568)|
|Net cash provided
by financing
activities||||(84,284)|(84,307)|
|Change
in cash and cash equivalents|in the reporting|period||780,196|1,004,790|
|Cash and cash equivalents
brought
forward||||7,776,274|6,771,484|
|Cash and cash equivalents
carried forward|||16j)|8,556,470|7,776,274|
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|Freehold|buildings|over 50years|
|---|---|---|
|Freehold|improvements|over 15to 50years|
|Fixtures,|fittings and equipment|over 3to 5years|
|Motor vehicles||over 5years|
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|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||f|f|
|The School's fee income comprised:||||||||
|Gross fees|||||12,035,209||11,063,342|
|Less: Total scholarships,|bursaries|and|allowances||(1,284,844)||(1,246,170)|
||||||10,750,365||9,817,172|
|Add back: Bursaries etc|paid for by restricted|||funds|166,916||175,271|
||||||10,917,281||9,992,443|
|INVESTMENT INCOME||||||||
|||2022||2022|2022|2022|2021|
||Unrestricted||Restricted||Endowment|||
||Funds|||Funds|Funds|Total|Total|
|||f||||f|f|
|Property income|115,705|||||115,705|108,760|
|Interest receivable||7,955||||7,955|6,659|
|Income from investments|258,460|||23,446||281,906|257,566|
||382,120|||23,446||405,566|372,985|
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||||Staff Costs|Depreciation|Other|Total|Total|
|---|---|---|---|---|---|---|---|
||||2022|2022|2022|2022|2021|
||||E|E|F|E|E|
|Raising funds:||||||||
|Financing costs|||||31,060|31,060|33,568|
|Investment
management:||||||||
|Securities|investments||||51,887|51,887|48,305|
|Property investments|||||293,076|293,076|63,242|
|Fundraising
costs|||37,234||22,532|59,766||
|Total costs of raising funds|||37,234||398,555|435,789|145,115|
|Charitable
expenditure:||||||||
|Teaching|||5,696,221|177,912|708,517|6,582,650|5,981,636|
|Welfare|||84,760||654,029|738,789|669,831|
|Premises|||384,283|407,323|1,201,917|1,993,523|1,696,170|
|Support and governance|||520,964||739,103|1,260,067|1,195,054|
|Grants, awards|and prizes||||172,291|172,291|179,903|
||||6,686,228|585,235|3,475,857|10,747,320|9,722,594|
|Total Expended|||6,723,462|585,235|3,874,412|11,183,109|9,867,709|
|Grants, awards|and prizes|||||||
|||||||2022|2021|
|||||||f|f|
|From Restricted||Funds:||||||
|Bursaries and other grants|||and awards|||166,916|175,271|
|Prizes and leaving||awards||||5,375|3,793|
|Other costs|||||||839|
|||||||172,291|179,903|
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|Staff costs comprise:||||2022|2021|
|---|---|---|---|---|---|
|||||f|f|
|Wages and salaries||||5,178,316|4,840,016|
|Defined contribution|pension scheme employer's||contributions|68,387|59,426|
|Defined benefit pension scheme operating||costs||911,040|832,547|
|Social Security||||565,719|496,016|
|||||6,723,462|6,228,005|
||||2022|2021|
|---|---|---|---|---|
|Teaching|||81|79|
|Welfare|||2|2|
|Premises|||12|12|
|Support|||28|28|
||||2022|2021|
|Number of higher|paid employees|in bands of:|||
|f130,001 to f140,000|||||
|f100,001 to f110,000|||||
|f70,001 tof80,000|||||
|f60,001 tof70,000|||||
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|Administration
costs include:|Administration
costs include:|2022|2021|
|---|---|---|---|
|||E|E|
|Depreciation
- owned assets||585,235|620,242|
|Loss on|disposal offixed assets||8,100|
|Auditors'|remuneration|11,160|10,200|
|Auditors'|non-audit
remuneration|1,122|540|
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|6.|PENSION COSTS (continued)|PENSION COSTS (continued)|||||||
|---|---|---|---|---|---|---|---|---|
||Present value of|rovision|||||2022|2021|
||||||||E|E|
||Present value of|provision|||||9,245|47,983|
||Reconciliation
of|o enin
and closin||rovisions:|||2022|2021|
||||||||E|E|
||Provision at start|ofyear|||||47,983|61,050|
||Unwinding
ofthe|discount factor|(interest expense)||||272|296|
||Deficit contribution
paid||||||(9,568)|(13,298)|
||Re-measurements|-impact ofchange||in assumptions|||(407)|(65)|
||Remeasurements|-amendments|to the contribution|||schedule|(29,035)||
||Provision at end|ofyear|||||9,245|47,983|
||Income and ex enditure
im act:||||||2022|2021|
||||||||E|E|
||Unwinding
ofthe|discount factor|(interest expense)||||272|296|
||Re-measurements|- impact ofchange||in assumptions|||(407)|(65)|
||Remeasurements|-amendments|to the contribution|||schedule|(29,035)||
||Costs recognised|in income and expenditure|||account||(29,170)|231|
||||||||2022|2021|
||||||||'/o|'/o|
||Rate ofdiscount|(/o per annum)|||||4.46|0.63|
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||||Property|Securities||
|---|---|---|---|---|---|
||||investments|investments|Total|
||||E|E|E|
|Market value at 1 September||2021|3,607,527|9,433,310|13,040,837|
|Additions||||||
|Costs ofmaintaining
investments||||(51,887)|(51,887)|
|Change
in market value|||40,000|(773,325)|(733,325)|
|Market value at 31 August|2022||3,647,527|8,608,098|12,255,625|
|Historical cost|||1,098,127|6,956,225|8,054,352|
|Securities investments
comprise:|||||Value|
|Quilter Cheviot Portfolio|||||8,605,459|
|Investments
held with Smith||8 Williamson|||2,637|
|Investment
in subsidiary,|QEH International||Schools Limited||2|
||||||8,608,098|
##
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|DEBTORS||||
|---|---|---|---|
|||2022|2021|
|||E|E|
|Fees receivable||17,614|5,245|
|Other debtors||8,490|5,081|
|Prepayments|and accrued income|35,310|78,985|
|||61,414|89,311|
##
##
||2022|2021|
|---|---|---|
||E|E|
|Fees in advance|1,265,661|1,265,033|
|Sundry creditors and accruals|1,156,251|1,085,442|
|Taxation 8 Social Security|140,020|125,225|
|Bank loan|55,750|53,224|
||2,617,682|2,528,924|
|CREDITORS: Amounts
falling due after more than one year|||
||2022|2021|
||E|f|
|Sundry creditors and accruals (1-2years)|13,823|25,253|
|Sundry creditors and accruals (2-5years)|26,161|56,700|
|Sundry creditors and accruals (over 5years)|19,689|22,253|
|Deferred income (1-2years)|12,987|34,443|
|Deferred income (2-5years)|3,817|15,590|
|Deferred income (over 5years)|134,882|136,155|
|Bank loa n (1-2years)|58,429|55,750|
|Bank loan (2-5years)|193,315|184,109|
|Bank loan (over 5years)|312,293|379,928|
||775,396|910,181|
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|Deferred|income at 1 September
2021|1,513,773|
|---|---|---|
|Resources|deferred
during the year|1,345,384|
|Amounts|released from previous years|(1,372,529)|
|Deferred|income at 31 August 2022|1,486,628|
##
||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||E|E|
|Financial assets measured||at|fair value|through||income and|||
|expenditure|||||||||
|Securities investments|||||||8,608,098|9,433,310|
|Financial assets measured||at|amortised|cost|||||
|Fees receivable|||||||17,614|5,245|
|Other debtors|||||||8,490|5,081|
|Cash and deposits|||||||8,556,470|7,776,274|
||||||||8,582,574|7,786,600|
|Financial liabilities|measured||at amortised||cost||||
|Sundry creditors and|accruals||||||1,006,672|940,908|
|Bank loan|||||||619,787|673,011|
||||||||1,626,459|1,613,919|
##
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|ENDOWMENTS|ENDOWMENTS||||
|---|---|---|---|---|
|||||E|
|Balance|at 1 September 2021|||12,686,703|
|Change|in market value|||(704,231)|
|Transfer|from unrestricted|fund||53,260|
|Costs of|maintaining
the endowed||funds|(49,935)|
|Balance|at 31 August 2021|||11,985,797|
|Balance|at 1 September|at 1 September|2021|266,307|
|---|---|---|---|---|
|Amount|repaid
in|the year||(53,260)|
|Balance|remaining|at 31|August 2022|213,047|
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|RESTRICTED|FUNDS||||||
|---|---|---|---|---|---|---|
|||As at|||Gains,|As at|
||1|September|Incoming|Resources|losses and|31August|
|||2021|resources|expended|transfers|2022|
|||E|E|E|E|E|
|John James Prize Fund|||3,000|(3,000)|||
|John James Gift|||30,000|(30,000)|||
|Bursary Fund||950,901|217,839|(91,782)||1,076,958|
|QEH Old Boys' Benevolent|||||||
|Fund||354,904|10,605|(10,605)|(31,046)|323,858|
|Scholarship,|Bursary 8 Prize||||||
|Fund||87,583|13,106|(36,904)||63,785|
|||1,393,388|274,550|(172,291)|(31,046)|1,464,601|
|||As at|||Gains,|As at|
||1|September|Incoming|Resources|losses and|31August|
|||2020
f|resources
E|expended
f|transfers
E|2021
E|
|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|'l,393,388|
##
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##
##
|||Unrestricted|Restricted|Endowment||
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|
|||f|f|f|f|
|Fund balances at 31 August 2022 are||||||
|represented
by:||||||
|Tangible|fixed assets|9,026,837|||9,026,837|
|Securities|investments|2|323,858|8,284,238|8,608,098|
|Property|investments|||3,647,527|3,647,527|
|Current assets||7,423,109|1,140,743|54,032|8,617,884|
|Liabilities||(3,393,078)|||(3,393,078)|
|Total net|assets|13,056,870|1,464,601|11,985,797|26,507,268|
||||Linked Charities|||
|||QEH
f|QEH SBP
f|QEH Trust
f|Total
f|
|Fund balances at 31 August 2022||||||
|analysed|between the linked charities|||||
|Tangible|fixed assets|9,026,837|||9,026,837|
|Securities|investments|323,860|392,085|7,892,153|8,608,098|
|Property|investments|||3,647,527|3,647,527|
|Current assets||8,500,067|63,785|54,032|8,617,884|
|Liabilities||(3,393,078)|||(3,393,078)|
|Total net|assets|14,457,686|455,870|11,593,712|26,507,268|
##
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##
|||Unrestricted|Restricted|Endowment||
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|
|||E|E|E|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||(3,439,105)|||(3,439, 105)|
|Total net|assets|12,713,329|1,393,388|12,686,703|26,793,420|
||||Linked Charities|||
|||QEH|QEH SBP|QEH Trust|Total|
|||E|E|E|E|
|Fund balances at 31 August 2021||||||
|analysed|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, 105)|||(3,439, 105)|
|Total net|assets|14,019,133|517,256|12,257,031|26,793,420|
##
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|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||E|E|
||Net income/expenditure||for the reporting||period (as per the|||
||statement
offinancial||activities)|||(286,152)|2,402,448|
||Depreciation
charges|||||605,235|620,241|
||Disposal of Fixed Assets|||||(20,000)|8,100|
||Dividends,
interest and rents from investments|||||(397,611)|(366,326)|
||(Increase)/decrease|in debtors||||27,897|48,688|
||Increase/(decrease)
in||creditors|||7,197|(38,130)|
||Endowment
costs|||||51,887|48,305|
||Interest on loans|||||31,060|33,568|
||(Gains)/losses
on investments|||||733,325|(1,688,069)|
||Net cash inflow from||operating|activities||752,838|1,068,825|
|b)|Analysis ofnet funds|||||||
||||||At 1 September|Cash|At 31August|
||||||2021|flow|2022|
||||||E|E|E|
||Cash at bank||||7,776,274|780,196|8,556,470|
|||||||2022|2021|
|c)|Analysis ofcash and|cash equivalents||||E|f|
||Cash in hand|||||3,961,105|3,182,536|
||Notice deposits (less|than 3 months)||||4,595,365|4,593,738|
||Total cash and cash|equivalents||||8,556,470|7,776,274|
##
|cancell|ab|le
operating
leases was:|||
|---|---|---|---|---|
||||2022|2021|
||||E|E|
|Amounts||payable:|||
|Within|1|year|27,961|6,339|
|Between||1 and 5years|83,074|11,622|
|Total|||111,035|17,961|
##
##
##
##
|||||||||
|---|---|---|---|---|---|---|---|
|19.
STATEMENT OF FINANCIAL ACTIVITIES||||FOR YEAR ENDED 31AUGUST||2021||
||||Unrestricted|Restricted|Endowment|Total|Total|
||||Funds|Funds|Funds|2021|2020|
||||E|E|E|E|E|
|Income and endowments||from:||||||
|Voluntary
sources||||||||
|Grants and donations|||9,686|166,976||176,662|169,186|
|Charitable
activities||||||||
|School fees receivable|||9,992,443|||9,992,443|9,059,673|
|Ancillary trading
income|||||||370|
|Other trading activities||||||||
|Sundry
letting|||21,090|||21,090|32,926|
|Investments||||||||
|Investment
income|||344,692|21,634||366,326|326,498|
|Bank and other interest|||6,659|||6,659|28,279|
|Other||||||||
|Other income|||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|
|Total 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|||(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|