##
|||||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||||
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|||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|income and|||
|---|---|---|---|---|---|---|
|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|Fund
Trust|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|
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|||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|
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|Reconciliation
ofOpening|and Closing|Pensions
Deficit|||
|---|---|---|---|---|
||||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|
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##
|||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|
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