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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|||
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||Note|Unrestricted
funds
2021f|Restricted
funds
2021
E|Endowment
funds
2021|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.|||
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|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|
##
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|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|
#
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|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|
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|Reconciliation
ofOpening|and Closing|Pensions|Deficit|||
|---|---|---|---|---|---|
|||||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|
##