2020-08-31-accounts - Redmaids' High School

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				Page
Reference and administrative		details ofthe charity, its trustees	and advisers	1-2
Trustees' report				3-13
Independent auditors'	report			14-16
Statement offinancial	activities			17
Balance sheet.				18-19
Statement ofcash flows				20
Notes to the financial	statements			21-43

REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS	OF THE SCHOOL„ITSTRUSTEES AND ADVISERS	OF THE SCHOOL„ITSTRUSTEES AND ADVISERS	OF THE SCHOOL„ITSTRUSTEES AND ADVISERS
		FOR THE YEAR ENDED 31AUGUST 2020
Trustees
		Andrew Hillman, Chain, z,s,4
		Elizabeth Clarson, Vice Chair~, s
		Valerie Dixon'
		Sally Dore~,s
		James Fox~,s
		Rosemary Heald, Vice Chain, s,4
		Michael Henry
		Thelma Howell, 2
		Richard Page~
		Timothy Phillips (Resigned 31 December 2019),4
		Gillian Rowcliffe, 2
		Anne Taylor, 4
		Katie Atkins, 2
		Richard Bacon,4
		Elizabeth Fry,2
		Juliet White (resigned 1 May 2020 and		reappointed	1 August 2020)
		Bisola Ezobi (appointed 1	September	2020)
		Abdul Farooq (appointed	1 September	2020)
		Finance and Audit Committee
		& Safeguarding and Education Committee
		& Governance Committee
		4 Facilities and Resources Committee
Company registered
number		05165135
Charity registered
number		1105017
Registered	office	Redmaids' High School
		Westbury Road
		Westbury-on-Try m
		Bristol
		BS93AW
Headteacher	and	Isabel Tobias (BA(Hons)	Cantab, PGCE)
member of	key	(Retired 31 August 2020)
management	personnel	Paul Dwyer (BA(Hons) Oxon, PGCE)
		(Appointed 1 September 2020)
Key management
personnel		Lisa Brown BSc(Hons), Headteacher		—Junior School
		Mark Marshall FCMA,CGMA
		Director ofFinance and Operations,
		Clerk to Governors, Company Secretary

Advisers	(continued)	(continued)
Independent		Auditors	Bishop Fleming	LLP
			Chartered Accountants
			Statutory Auditors
			10Temple Back
			Bristol
			BS16FL
Principal	Bankers		National Westminster		Bank Plc
			PO Box221
			13High Street
			Westbury-on-Trym
			Bristol
			BS995AL
Investment		Managers	Smith and Williamson		Investment	Management
			Portwall Place
			Portwall Lane
			Bristol
			BS16NA
			Diversified Property		Fund for Charities
			Sanne Group
			21 Palmer Street
			London
			SW1H OAD
Solicitors			VWV
			Narrow Quay House
			Narrow Quay
			Bristol
			BS14QA

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2020	2020	2020	2020	2019
	Note	E
INCOIIE AND ENDOWMENTS
FROM:
Donations, grants and legacies	2	11,374	95,839	87,844	195,057	232,403
Fees and other related income	3	9,522,295			9,522,295	9,527,326
Other trading activities	4	125,773			125,773	221,972
Other income	4.1	274,366			274,366
Investments	5	270,467	86,304		356,771	422,337
TOTAL INCOIIE AND
ENDOWMENTS		10,204,275	182,143	87,844	10,474,262	10,404,038
EXPENDITURE ON:
Raising funds		45,544		53,656	99,200	131,582
Charitable activities		10,216,259	158,459		10,374,718	10,269,504
TOTAL EXPENDITURE	6	10,261,803	158,459	53,656	10,473,918	10,401,086
NET INCOME/(EXPENDITURE)
BEFORE INVESTMENT
GAINS/(LOSSES)		(57,528)	23,684	34,188	344	2,952
Net gains/(losses) on
investments		251„715	19,310	121,173	353,578	426,382
NET MOVEMENT IN FUNDS		194,187	4,374	155,361	353,922	429,334
RECONCILIATION OF FUNDS:
Total funds brought forward		14,998,727	572,477	8,993,570	24,564,774	24,135,440
TOTAL FUNDS CARRIED FORWARD		15,192„914	576,851	9,148,931	24,918,696	24,564,774

						2020		2019
				Note
FIXEDASSETS
Tangible assets				9	16,701,324		15,660,451
Investment property				10			1,864,000
Total tangible assets						16,701,324		17,524,451
Investments						7,834,008		7,298,586
						24,535,332		24,823,037
CURRENT ASSETS
Debtors				12	343,904		280,921
Cash at bank and in hand				20	2,632,593		2,131,428
					2,976,497		2,412,349
CREDITORS: amounts one year	falling due within			13	2,338,829		2,272,176
NET CURRENT ASSETS						637,668		140,173
TOTAL ASSETS LESS	CURRENT LIABILITIES					25,173,000		24,963,210
CREDITORS: amounts more than one year	falling due after					90,026		208,495
NET ASSETS EXCLUDING		PENSION
SCHEME LIABILITIES						25,0582,974		24,754,715
Defined benefit pension	scheme		liability	22		164,278		189,941
NET ASSETS INCLUDING SCHEME LIABILITIES		PENSION				24,918,696		24,564,774

			2020		20'/9
	Note
CHARITY FUNDS
Endowment funds	16		9,148,931		8,993,570
Restricted funds:
Restricted funds	16	109,139		88,607
Restricted capital funds	16	467,712		483,870
Total restricted funds			576,851		572,477
Unrestricted funds	16		15,192,914		14,998,727
TOTAL FUNDS			24,918,696		24,564,774

				2020	2019
			Note
Cash flows from operating activities
Net cash	(absorbed)/generated by operating	activities	19	81,934	229,359
Cash flows from investing activities: Dividends, net interest and rents from investments Purchase oftangible fixed assets Realised gain on fixed assets Proceeds from sale of investment property Property fund investment				356,771 (1,543,672) 250,000 1,970,000 450,000	422,337 (454,151)
Net cash	provided by/(used in) investing	activities		583,099	31,814
Change	in cash and cash equivalents in	the year		501,165	197,545
Cash and	cash equivalents brought forward			2,131,428	1,933,883
Cash and cash equivalents carried forward			20	2,632,593	2, '/31, 428

Freehold	property		50 years straight	line
Freehold	land		not depreciated
Equipment	(including	all-weather—	10years straight	line
pitch)
Ipads			3years straight	line
Computers	and music	equipment	5 years straight	line
Computer	software		3years straight	line

FEE INCOME
				2020	2019
The School's fee income comprises
Gross fee income Bursaries Scholarships				10,661,759 (720,185) 569„944	10,508,670 (640,329) 544,786
Net fees receivable Add back: Scholarships	and bursaries	paid for by restricted	funds	9,371,630 150,665	9,323,555 203, 77'l
Total				9,522,295	9,527,326

ACTIVITIES FOR GE	NERATING FUNDS
	Unrestricted	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	funds
	2020	2020 E	2020 f	2020	2019
Lettings Other income	106,523 19,250			106,523 19,250	149,614 72,358
	125,773			125,773	221,972
Total 2019	221,972			221,972

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2020f	2020 E	2020 f	2020	2019 E
CJRS	income	274,366			274,366
		274,366			274,366

			Unrestricted		Restricted	Endowment	Total	Total
			funds		funds	funds	funds	funds
			2020		2020	2020	2020	2019
Bank and other interest			5,874				5,874	5,097
Rental income			35,021				35,021	108,645
Investment	income		229,572		86,304		315,876	308,595
			270„467		86,304		356,771	422,337
Total 2019			322,056		100,281		422,337
ANALYSIS	OF EXPENDITURE BYEXPENDITURE TYPE
			Staff costs	Depreciation		Other costs	Total	Total
			2020		2020	2020	2020	2019
			E			E
Endowment	costs				13,069	40,587	53,656	71,203
Fundraising	and
development			35,906			9,638	45,544	60,379
COSTS OF FUNDS	RAISING		35,906		13,069	50„225	99,200	131,582
Teaching			5,757,672			458,741	6,216,413	6,198,505
Welfare			246,468			441,509	687,977	838,969
Premises repair and
maintenance			253,758		489,730	727,743	1,471,231	1,529,588
Scholarships	and bursaries
funded from	restricted	funds				150,665	150„665	203,771
Support costs and
governance			940,642			907,790	1,848,431	1,498,671
CHARITABLE ACTIVITIES			7,198,540		489,730	2,686,448	10,374,718	10,269,504
TOTAL EXPENDITURE			7,234,446		502,799	2,736,673	10,473,918	10,401,086
Total 2019			6,961,680		467,589	2,971,817	10,40'l, 086

This is st	ated after char	ging:
			2020	2019
			E
Depreciation oftangible -owned by the charity Auditors' remuneration		fixed assets: - audit	502,799 11,500	467,588 11,682
Operating	lease rentals		88,287	68,400

Staff c	osts were as follows:
		2020	2019
Wages Social Other	and salaries security costs pension costs (Note 22)	5,637,116 539,885 1,057,444	5,638,881 543,432 779,367
		7,234,445	6,961,680

								2020	2019
								No.	No.
Teaching Support								114 85	117 89
								199	206
Average	headcount	expressed	as	a	full	time	equivalent:
								2020	2019
								No.	No.
Teaching								92	95
Support								62	66
								154	161

The number of higher paid employees	was:
In the band f60,001 —F70,000
In the band E70,001 —280,000
In the band 280,001 —290,000
In the band 290,001 —2100,000
In the band 2130,001 -E140,000
In the band f140,001 -2150,000

2020	2019
No.	No.

TANGIBLE FIXEDASSET	S
		Equipment
	Freehold	(including	Computers
	land and	all-weather	and music	Computer
	buildings E	pitch)	equipmentf	Software F	Totalf
COST
At 1 September 2019 Additions	17,201,646 1,385,247	887,210 81„'I54	418,591 77,271	7,243	18,514,690 1,543,672
At 31 August 2020	18,586,893	968,364	495,862	7,243	20,058,362
DEPRECIATION
At 1 September 2019 Charge for the year	2„229,826 304,989	429„479 92,435	190,755 102,961	4,179 2,4'I4	2,854,239 502,799
At 31 August 2020	2,534,815	521,914	293,716	6„593	3,357,038
NET BOOK VALUE
At 31 August 2020	16,052,078	446,450	202,146	650	16,701,324
At 31August 2019	14,971,820	457,731	227,836	3,064	15,660,451

MARKET VALUE
At 1 September 2019	7,298,586
Additions	537,844
Revaluations	(2,422)
At 31 August 2020	7,834,008

Investments	compr	ise:
				2020	2019
Listed investments
Fixed interest				440,491	426,434
UK Specialist	Credit			170,759	76,987
Global Equities				557„727	365,009
Equities				2,106,566	2,426,244
Sub total				3,275,543	3,294,674
Alternative assets
Commercial	property	funds		3,981,102	3,651,634
Other infrastructure		funds		162,131	162,792
COIF charities investment			fund	164,136	181,48'I
Cash				251,096	8,005
Sub total				4,558,465	4,003,912
Total				7,834,008	7,298,586

DEBTORS
			2020	2019
Fees receivable			9,483	384
Other debtors			36,017	45,311
Prepayments and accrued		income	298,404	235,226
			343,904	280,921
CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
			2020	2019
Deferred Income			780,152	1,318,815
Trade creditors			185,261	220,223
Other taxation	and social	security	516,598	135,847
Assetfinance			63,658	23,512
Other creditors			478,299	332,133
Accruals			314,861	241,646
			2,338,829	2,272,176
CREDITORS:	AMOUNTS	FALLING DUE AFTER MORE THAN ONE YEAR
			2020	2019
Asset finance			61,764	52,872
Deferred Income			28,262	5,623
Other creditors				150,000
			90,026	208,495
Included within	the above	are amounts	falling due as follows:
			2020	2019
BETWEEN ONE AND TWO YEARS
Deferred Income			28,262	5,623
Asset finance			60,193	25,689
Other creditors				150,000
			88,455	181,312
BETWEEN TWO AND FIVEYEARS
Asset finance			1,571	27,183
			90,026	208,495

Financial	assets measured	at fair value through	at fair value through
expenditure Financial assets measured		at amortised	cost	7,834,008 2,940,480	9,162,586 2,367,038
				10,774,488	11,529,624
Financial	liabilities measured	at amortised	cost	500,122	46/, 869

16. STATEMENT OF FUNDS	-CURRENT YE	AR
	Balance at
	1 September 2019	Income	Expenditure	Gains/ (Losses)	Balance at 31 August 2020
General Funds	14,998,727	10,204,275	10,261,803	251,715	15,192,914
Endowment Funds	8,993,570	87,844	53,656	121,173	9,148,931
RESTRICTED FUNDS
Special Fund Sundry Prize Funds Joan Tugwell Bruce Trust Old Girls Guild Bursary Fund John James Foundation Bursary donations Friends of Redmaids'	9,596 39,120 30,000	7,200 6,113 61,259 2,412 30,000 19,630 715	(6,579) (61,259) (6,030) (30,000) (7,537) (715)	(3,152)	7,200 9,130 32,350 30,000 12,093
Jill Merrick Sixth Form Award Other restricted Redmaids' Campaign	7,500 2,391	37,291 5,815	(7,500) (27,131)		12,551 5,815
	88,607	170435	(146751)	(3,152)	109,139

Sir John Stebbings Grace Ellery Trust. Joan Tugwell Bruce	Fund Trust	323,828 130,042 30,000 483,870	9,558 2,150 11,708	(9,558) (2,150) 11,708	(13,190) (2,968) 16,158	310,638 127,074 30,000 467,712
Total restricted funds		572,477	182,143	(158,459)	(19,310)	576,851
Total offunds		24,564,774	10,474,262	(10,473,918)	353,578	24,918,696

STATEMENT OF FUNDS - PR	IOR YEAR
	Balance at
	1 September 2018	Income	Expenditure	Gains/ (Losses)	Balance at 31 August 2019
General Funds	14,972,113	10,116,974	10,099,600	9,240	14,998,727
Endowment Funds	8,555,686	85,381	71,203	423,706	8,993,570
RESTRICTED FUNDS
Special Fund Sundry Prize Funds	7,043	7,200 6,516	(7,200) (3,963)		9,596
Joan Tugwell Bruce Trust		71,408	(71,408)
Learning Enhancement Old Girls Guild Bursary Fund	2,875 23,355	1,200 21,917	(4,075) (5,772)	(380)	39,120
Harry Crook Foundation	15,544		(15,544)
John James Foundation	50,000	30,000	(50,000)		30,000
Bursary Donations		11,608	(11,608)
Friends of Redmaids'		11,378	(11,378)
Jill Merrick Sixth Form Award	15,000		(7,500)		7,500
Other Restricted	3,770	17,768	(19,148)		2,391
Redmaids' Campaign		9,195	9,195
	117,587	188,190	(216,791)	(380)	88,607

Sir John Stebbings Grace Ellery Trust Joan Tugwell Bruce	328,876 131,178 30,000	11,014 2,478	(11,014) (2,478)	(5,048) (1,136)	323,828 130,042 30,000
	490,054	13,493	13,492	6,184	483,870
Total restricted funds	607,641	201,683	(230,283)	(6,564)	572,477
Total offunds	24,135,440	10,404,038	(10,401,086)	426,382	24,564,774

ANALYSIS O	F NET ASSETS	BETWEEN	FUNDS -CURREN	T YEAR
			Unrestricted	Restricted	Endowment	Total funds
			funds	funds	funds	2020
			2020	2020 f	2020
Tangible fixed	assets		16,245,311		456013	16701324
Fixed asset investments			475,824	467,712	6,890,472	7,834,008
Current assets			1,064,912	109,139	1,802,446	2,976,497
Creditors due	within one year		(2,338,829)			(2,448,525)
Creditors due	in more than one	year	(90,026)			(90,026)
Defined benefit pension scheme		liability	(164,278)			(164,278)
Total			15,192,914	576,851	9,148,931	24,918,696

		Unrestricted	Restricted	Endowment	Total funds
		funds	funds	funds	2019
		2019	2019	2019
Tangible fixed assets		15,191,369		469,082	15,660,451
Fixed asset investments		303,954	483,869	6,510,763	7,298,586
Investment property				1,864,000	1,864,000
Current assets		2,174,016	88,608	149,725	2,412,349
Creditors due within one year		(2,272,176)			(2,272,176)
Creditors due in more than one	year	(208,495)			(208,495)
Defined benefit pension scheme	liability	(189,941)			(189,941)
Total		14,998,727	572,477	8,993,570	24,564,774

Analysis	of net assets between	linked charities:
		Redmaids' High School	Prize Fund Linked Charity	Trust Fund Linked Charity	Heitzman Fund Linked Charity	Total 2020 f
Tangible	fixed assets	16,156,637	1,161	543,526		16,701,324
Fixed asset investments		2,766,491	543,264	4,204,874	319,379	7,834,008
Investment property
Current assets		1,107,115	66,936	1,802,446		2,976,497
Creditors	due within one year	(2,338„829)				(2,338,829)
Creditors one year	due in more than	(90,026)				(90,026)
Defined scheme	benefit pension liability	164,278				164,278
Total		17,437,110	611,361	6,550,846	319,379	24,918,696

LINKED	CHARITIES —PRIOR	YEAR
		Redmaids'	Prize Fund	Trust Fund	Heitzman	Total 2019
		High School	Linked	Linked	Fund Linked
			Charity	Charity	Charity
				E
Tangible	fixed assets	15,100,849	1,290	558,313		15,660,451
Fixed asset investments		2,610,709	565,702	3,789,606	332,569	7,298,586
Investment property				1,864,000		1,864,000
Current assets		2,218,096	44,528	149,725		2,412„349
Creditors	due within one year	(2,272,176)				(2,272,176)
Creditors one year	due in more than	(208,495)				(208,495)
Defined scheme	benefit pension liability	189,941				189,941
Total		17,259,042	611,520	6,361,644	332,569	24,564,774

		2020	2019
Net income for the year (as per Statement of Financial Activities)		353,922	429,334
Adjustment for:
Depreciation charges Realised gain on investments Realised gain on sale offixed asset Unrealised loss/(gain) on investments Listed securities donation Investment income and rents from investments Interest (receivable)/payable		502,799 (106„000) (250,000) 2,422 (87,844) (356,771)	467,588 (426,382) (85,381) (422,337) 1
(Increase)/decrease in debtors (Decrease)/increase in creditors		(62„983) 77,479	52,527 214,009
Net cash (absorbed)/generated by operating	activities	(81,934)	229,359
ANALYSIS OF CASH AND CASH EQUIVALENTS
		2020	2019
Cash in hand		2,632,593	2,131,428

Reconciliation ofOpening
	2020	2019
Deficit at start of period Unwinding ofthe discount factor (interest expense) Deficit contribution paid Re-measurements —impact of any change in assumptions Released - Non Contributory Pension	189,941 984 (24,686) 240 (2,201)	241,655 3,000 (24,224) (28,438) (2,052)
Deficit at end of period	164,278	189,941

		2020	2019
AMOUNTS PAYABLE:
Within 1 Between	year 1 and 5years	90,455 63,597	96,618 152,073
Total		154,052	248,691
AMOUNTS RECEIVABLE:
Within 1 Between	year 1 and 5years		110,675 296,149
Total			406,824