2021-08-31-accounts - Redmaids' High School

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				Page
Reference and administrative		details ofthe charity, its governors	and advisers	1-2
Governors' report				3-12
Independent auditors'	report			13 - 15
Statement offinancial	activities			16
Balance sheet				17-18
Statement ofcash flows				19
Notes to the financial	statements			20-41

Governors
			Andrew Hillman,		Chair, 1,2,3,4
			Elizabeth Clarson, Vice Chair,				1,3
			Valerie Dixon (Retired) 31 August 2021),~
			Sally Dore, 2,3
			James Fox, ~,a
			Rosemary Heald,		Vice Chair,		i,s,~
			Michael Henry
			Thelma Howell (Retired) 30 November						2020),2
			Richard Page, ~
			Gillian Rowcliffe,		2
			Anne Taylor, 4
			Katie Atkins, 2,4
			Richard Bacon,	z,~
			Elizabeth Fry, 2
			Juliet White
			Bisola Ezobi, 2
			Abdul Farooq, 4
			Finance and Audit			Committee
			'
			Safeguarding '	and		Education		Committee
			Governance Committee
			'
			Facilities and	Resources Committee
Company	registered
number			05165135
Charity registered
number			1105017
Registered		office	Redmaids' High	School
			Westbury Road
			Westbury-on-Tryrn
			Bristol
			BS93AW
Headteacher		and	Paul Dwyer (BA	(Hons) Oxon,			PGCE)
member of		key
management		personnel
Key management			Lisa Brown BSc(Hons), Headteacher -						Junior School
personnel			Mark Marshall FCMA,CGMA
			Director of Finance and Operations,
			Clerk to Governors,			Company	Secretary
Independent		Auditors	Bishop Fleming	LLP
			Chartered Accountants
			Statutory Auditors
			10Temple Back
			RedclNe, Bristol
			BS16FL

Advisers	(continued)
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		VVW
		Narrow Quay House
		Narrow Quay
		Bristol
		BS14QA

	Note	Unrestricted funds 2021f	Restricted funds 2021 E	Endowment funds 2021	Total funds' 2021 F	Total funds 2020
INCOME AND ENDOWMENTS
FROM:
Donations, grants and legacies Fees and other related income Other trading activities Other income Investments		3,583 9,143,749 116,748 76,697 246 750	77,15& 77470		80,741 9,143,749 116,748 76,697 324220	'/95, 057 9,522,295 125,773 274,366 356771
TOTAL INCOME AND ENDOWIIENTS		9587527	154628		9742 155	10474 262
EXPENDITURE ON:
Raising funds Charitable activities		'30,318 9,382,428	160,405	13,069 -	43,387 9,542,833	99,200 10,374,718
TOTAL EXPENDITURE	7	9412746	160405	13069	9586220	10473918
NET INCOME/(EXPENDITURE)
BEFORE INVESTMENT GAINS/(LOSSES) Net gains on investments		174,781 45 287	(5,777) 73459	(13,069) 958153	' 155,935 1076899	344 353578
NET MOVEMENT IN FUNDS		220 068	67682	945084	1232834	353,922
RECONCILIATION OF FUNDS:
Total funds brought forward		15192 914	576851	9148931	24918696.	24564 774
TOTAL FUNDS CARRIED		15,412,982	644,533	'I0,094,015	26;151,530	24,918,696
FORWARD

						202'I	2020
				Note
FIXEDASSETS
Tangible assets						17,600,829	16,701,324
Investments						8910907	7834 008
						26,51'l,736	24,535,332
CURRENT ASSETS
Debtors				12	251,153	343,904
Cash at bank and in hand				29	2 624 111	2 832593
					2,925,254	2,976,497
CREDITORS: amounts	falling due within
one year				'f3	2391679	~2338829
NET CURRENT ASSETS						533585	637,668
TOTAL ASSETS LESSCURRENT LIABILITIES						27,045,321	25,173,000
CREDITORS: amounts	falling due after
more than one year						56479	90026
NET ASSETS EXCLUDING		PENSION
SCHEME LIABILITIES						26,288,842	25082974
Defined benefit pension	scheme		liability	23		137312	164,278
NET ASSETS INCLUDING		PENSION
SCHEME LIABILITIES						26,15'I,530	24,918,696

				2021		2020
		Note
CHARlTY FUNDS
Endowment funds		16		10,094,015		9,148,931
Restricted funds:
Restricted funds		16	105,146		109,139
Restricted capital funds		16	539387		467712
Total restricted	funds			644,533		576,851
Unrestricted funds		16		15412982		15192914
TOTAL FUNDS				26,151,530		24,918,696

			2021	2020
		Note
Cash flows from operating activities
Net cash generated/(absorbed) by operating	activities	19	373 983	81934
Cash flows from financing activities:
Bank Loan			750 000
Net cash generated by financing activities			750 000
Cash flows from investing activities:
Dividends, net interest and rents from investments			324,220	356,77'/
Purchase oftangible fixed assets			(1,410,499)	(1,543,672)
Realised gain on fixed assets				250,000
Proceeds from sale offixed assets and write	offs		3,814
Proceeds from sale of investment property				1,970,000
Property fund investment				450,000
Net cash (used in)/provided by investing	activities		1 082465	583,099
Change in cash and cash equivalents in the year			41,518	501,165
Cash and cash equivalents brought forward			2632593	2,131,428
Cash and cash equivalents carried forward		20	2,674,111	2,632,593
The notes on pages 20 to 41 form part ofthese financial		statements.

value, o	ver their expected useful	lives on the following	ba
Freehold	property	50years straight	line
Freehold	land	not depreciated
Equipment		10years straight	line
Lawns Sports Development		15years straight	line
IPads		3years straight	line
Computers and music equipment		5years straight	line
Computer	software	3years straight	line

FEEINCOIIE
				2021f	2020
The School's fee income comprises
Gross fee income				10,241,720	10,661,759
Bursaries				(704,830)	(720,185)
Scholarships				547083	569944
Net fees receivable				8,989,807	9,371,630
Add back: Scholarships	and bursaries	paid for by restricted	funds	153,942	150,665
Total				9,143,749	9,522,295

ACTIVITIES	FOR GENERAT	ING FUNDS
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2021 f	2021 f	2021 f	2021f	2020
Lettings		46,945			46,945	106,523
Other income		69,803			69,803	19,250
		116,748			116,748	125,773
Total 2020		125,773			125,773
OTHER INCOME
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2021 f	2021 f	2021 f	2021f	2020
Government	grants (CJRS)	76,697			76,697	274,366
		76,697			76,697	274,366
Total 2020		274,366			274,366

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2021 f	2021	2021 f.	2021f	2020
Bank and other interest		315			315	5,874
Rental income		121			121	35,021
Investment	income	246,314	77,470		323,784	315,876
		246,750	77,470		324,220	356,771
Tota!2020		270,467	86,304		356,771

ANALYSIS	OF EXPE	NDITU	RE BYEXPEN	DITURE TYPE
			Staff costs	Depreciation	Other costs	Total	Total
			2021	2021 f	2021	2021	2020
Endowment	costs			13,069		13,069	53,656
Fundraising	and
development			25,544		4,774	30,318	45,544
COSTS OF FUNDS	RAISING		25,544	13,069	4,774	43,387	99,200
Teaching			5,336,845		406,346	5,743,191	6,216,413
Welfare			245,109		486,688	731,797	687,977
Premises repair and
maintenance			262,597	494,111	774,720	1,531,428	1,471,231
Scholarships	and bursaries
funded from	restricted	funds			153,942	153,942	150,665
Support costs and
governance			907,552		474,923	1,382,475	1,848,431
CHARITABLE ACTIVITIES			6,752,103	494,111	2,296,619	9,542,833	10,374,718
TOTAL EXPENDITURE			6,777,647	507,180	2,301,393	9,586,220	10,473,918
Total 2020			7234,446	502,799	2 736,673	10473,918

This is state	d after charging:
					2021f	2020
Depreciation	oftangible fixed assets:
—owned by	the charity				507,180	502,799
Auditors' remuneration -audit					12,000	11,500
Operating lease rentals					94391	88,287
During the During the	year, no Governors year, no Governors	received any remuneration (2020:fNIL). received any benefits in kind (2020:fNIL).
During the	year, no Governors	received reimbursement	ofexpenses	(2020:	8Governors	—f4,692).

Staff costs were as follows:
	2021f	2020
Wages and salaries	5,332,423	5,637,116
Social security costs	512,271	539,885
Other pension costs (Note 23)	932,952	1,057,444
	6,777,647	7,234,445

								2021	2020
								No.	No.
Teaching								108	114
Support								85	85
								192	199
Average	headcount	expressed	as	a	full	time	equivalent:
								2021	2020
								No.	No.
Teaching								89	92
Support								61	62
								150

2021	2020
No.	No.

TANGIBLE FIXEDASSET	S
		Equipment
	Freehold	(including	Computers	Computer
	land and	all-weather	and music	Sotware 8
	buildings	pitches)	equipment	Ipads E	Totalf
COST
At 1 September 2020	18,381,789	1,173,468	440,878	62,227	20,058,362
Additions		1,314,422	17,486	78,591	1,410,499
Disposals	3816	198452	75862	5443	283573
At 31August 2021	18,377,973	2,289,438	382,502	135,375	21,185,288
DEPRECIATION
At 1 September 2020	2,534,815	521,914	275,386	24,921	3,357,036
Disposals		(198,452)	(75,862)	(5,443)	(279,757)
Charge for the year	304989	77 367	80035	44789	507180
At 31 August 2021	2,839,804	400,829	279,559	64,267	3,584,459
NET BOOK VALUE
At 31 August 2021	15538169	1 888609	102943	71 108	17600829
At 31August 2020	15,846,974	651,554	165,490	37,306	16,701,324

FIXEDASSET INVESTMENTS
	Investmentsf
MARKET VALUE
At 1 September 2020	7,834,008
Revaluations	1,076,899
At 31 August 2021	8,910,907

Investments	c	ompr	ise:
					2021f	2020
Listed investments
Fixed interest					506,490	440,491
UK Specialist	Credit				182,916	170,759
Global Equities					643,433	557,727
Equities					2,639,876	2,106,566
Sub total					3,972,715	3,275,543
Alternative assets
Commercial	property		funds		4,304,822	3,981,102
Other infrastructure			funds		287,656	162,131
COIF charities		investment		fund	230,262	164,136
Cash					115452	251 096
Sub total					4,938,192	4,558,465
Total					8,910,907	7,834,008

DEBTORS
		2021	2020
Fees receivable and other debtors		16,788	45,500
Prepayments	and accrued income	234,365	298,404
		251 153	343,904

CREDITORS: AMOUNTS FALLING DUE WITHIN ON	E YEAR
	2021f	2020
Deferred Income	1,045,197	780,152
Trade creditors	384,490	185,261
Other taxation and social security	301,460	516,598
Asset finance	75,777	63,658
Other creditors	360,610	478,299
Acctuals	213,470	314,861
Bank Loans	10675
	2 391679	2,338,829

CREDITORS: AMOUNTS FALLING DUE AFT	ER MORE THAN ONE YEAR
	2021f	2020
Asset finance	17)154	61,764
Deferred Income		28,262
Bank Loans	739325
	756479	90,026

Included within the above are amounts falling due as follo	ws:
	2021	2020
BETWEEN ONE AND TWO YEARS
Deferred Income		28,262
Asset finance	17,154	60,193
Bank Loans	21 809
	38,963	88,455
BETWEEN TWO AND FIVEYEARS
Asset finance		'/,571
Bank Loans	69265
	69,265	1,571
INORE THAN FIVEYEARS
Bank Loans	648 251
	756479	90026

					2021	2020
Financial	assets measured	at fair value	through	income and
expenditure					8,910,907	7,834,008
Financial	assets measured	at amortised	cost		2884436	2940,480
					11795343	10774488
Financial	liabilities measured	at amortised cost			1347960	500,122

	Balance at
	1September			Gains/	Balance at 31
	2020	Income	Expenditure	(Losses)	August 2021
General Funds	15192914	9587 527	9412746	45287	15412982
Endowment Funds	9148931		13069	958153	10094015
RESTRICTED FUNDS
Special Fund	7,200	7,200	(7,200)		7,200
Sundry Prize Funds	9,130	5,748	(1,860)		13,018
Joan Tugwell Bruce Trust		55,358	(55,358)
Old Girls Guild Funds	32,350	3,495	(6,030)	1,784	31,599
John James Foundation	30,000	30,000	(30,000)		30,000
Britton Trust		3721	(3,221)		500
Bursary donations	12,093	14,747	(14,747)		12,093
Friends of Redmaids'		2,895	(2,895)
Other restricted	12,551	16,560	(24,190)		4,921
Redmaids' Campaign	5815	4565	4565		5815
	109,139	144,289	(150,066)	1,784	105,146

Sir John Stebbings	Sir John Stebbings	Fund	310,638	8,440	(8,440)	58,510	369,148
Grace Ellery Trust			127,074	1,899	(1,899)	13,165	140,239
Joan Tugwell	Bruce	Trust	30000				30000
			467 712	10339	10339	71675	539387
Total restricted	funds		576,851	154,628	160,405	73,459	644,533
Total offunds			24,918,696	9,742,155	9,586,220	1,076,899	26,151,530

STATEMENT OF FUNDS - PR	IOR YEAR
	Balance at
	1 September			Gains/	Balance at31
	2019	Income	Expenditure	(Losses)	August 2020
General Funds	14998727	10204275	10,261 803	251 715	15192,914
Endowment Funds	8993570	87844	53,656	121 173	9 148931
RESTRICTED FUNDS
Special Fund		7,200			7,200
Sundry Prize Funds	9,596	6,113	(6,579)		9,130
Joan Tugwell Bruce Trust		61,259	(61,259)
Old Girls Guild Bursary Fund	39,120	2,412	(6,030)	(3,152)	32,350
John James Foundation	30,000	30,000	(30,000)		30,000
Bursary Donations		19,630	(7,537)		12,093
Friends of Redmaids'		715	(715)
Jill Merrick Sixth Form Award	7,500		(7,500)
Other Restricted	2,391	37,291	(27,131)		12,551
Redmaids' Campaign		5815			5815
	88,607	170,435	(146,751)	(3,152)	109,139

Sir John Stebbings	Sir John Stebbings	Fund	323,828	9,558	(9,558)	(13,190)	310,638
Grace Ellery Trust			130,042	2,150	(2,150)	(2,968)	127,074
Joan Tugwell	Bruce	Trust	30000				30,000
			483870	11708	11708	16158	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

ANALYSIS O	F NET ASSETS B	ETWEEN	FUNDS - CURREN	T YEAR
			Unrestricted	Restricted	Endowment	Total funds
			funds	funds	funds	2021
			2021	2021	2021
Tangible fixed	assets		17,157,886		442,943	17,600,829
Fixed asset investments			528,861	539,387	7,842,659	8,910,907
Current assets			1,011,705	105,146	1,808,413	2,925,264
Creditors due	within one year		(2,391,679)			(2,391,679)
Creditors due	in more than one	year	(756,479)			(756,479)
Defined benefit pension scheme		liability	137312			137312
Total			15,412,982	644,533	10,094,015	26,151,530

ANALYSIS OF NET ASSETS B	ETWEEN	FUNDS - PRIOR Y	EAR
		Unrestricted	Restricted	Endowment	Total funds
		funds	funds	funds	2020
		2020	2020	2020
		F			F
Tangible fixed assets		16,245,311		456,013	16,70'i, 324
Fixed assetinvestments		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

Analysis	of net		assets between	linked charities	:
				Redmaids'	Prize Fund	Trust Fund	Heitzman	Total 2021
				High School	Linked	Linked	Fund Linked
					Charity	Charity	Charity
Tangible	fixed	assets		17,071,012	1,045	528,772		17,600,829
Fixed asset investments				3,301,973	643,604	4,587,441	377,889	8,910,907
Current assets				824,856	291,995	1,808,413		2,925,264
Creditors	due within one year			(2,391,679)				(2,391,679)
Creditors	due	in more than
one year				(756,479)				(756,479)
Defined	benefit		pension
scheme	liability			137312				137312
Total				17,912,371	936,644	6,924,626	377,889	26,151,530

LINKED	CHARITIES —PRIOR	YEAR
		Redmaids'	Prize Fund	Trust Fund	Heitzman	Total 2020
		High School	Linked	Linked	Fund Linked	F
			Charity F	Charity f	Charity
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	due in more than
one year		(90,026)				(90,026)
Defined	benefit pension
scheme	liability	164278				164278
Total		17,437,110	611,361	6,550,846	319,379	24,918,696

RECONCILIATION OF CASHFLOW FROM O	PERATING ACTIVITIE	S
		2021	2020
Net income for the year (as per Statement of Financial Activities)		1,232,834	353,922
Adjustment for:
Depreciation charges		507,180	502,799
Realised gain on investments			(106,000)
Realised gain on sale offixed asset			(250,000)
Unrealised (gain)/loss on investments		(1,076,899)	2,422
Listed securities donation			(87,844)
Investment income and rents from investments		(324,220)	(356,771)
Decrease/(increase) in debtors		92,751	(62,983)
(Decrease) in creditors		57663	7,479
Net cash generated/(absorbed) by operating	activities	373,983	(81,934)
ANALYSIS OF CASH AND CASH EQUIVALENTS
		2021	2020
Cash in hand		2,674,111	2,632,593

Reconciliation ofOpening	and Closing	Pensions
			2021	2020
			F
Deficit at start of period			164,278	189,941
Unwinding ofthe discount factor (interest expense)			456	984
Deficit contribution paid			(25,427)	(24,686)
Re-measurements —impact	ofany change	in assumptions	(99)	240
Released - Non Contributory	Pension scheme		(1,896)	(2,201)
Deficit at end of period			137312	164,278

non-canc	ellable operating leases was:
		2021f	2020
AMOUNTS PAYABLE:
Within 1 Between	year 1 and 5years	36,120 39.600	90,455 63597
Total		75220	154,052