2022-08-31-accounts - Redmaids' High School

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				Page
Reference and administrative		details ofthe charity, its governors	and advisers
Governors' 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			21-42

Governors
			Andrew Hillman, Chair, 1,2,3,4
			Elizabeth Clarson,	Vice Chair, ~,~,4
			Perdita Davidson,	appointed		21 September 2022, 2
			Sally Dare, 2,3,4
			James Fox, ~,s
			Rosemary Heald,	Vice Chair,		1,2,3,4
			Michael Henry
			Richard Page, ~
			Gillian Rowcliffe,	2
			Anne Taylor, 3,4
			Katie Atkins, z
			Richard Bacon, 2,3
			Elizabeth Fry, z,4
			Juliet White, 3
			Bisola Ezobi, z,~
			Abdul Farooq, 2,3
			Finance Committee
			Education Committee
			'
			Governance, Risk		8 Compliance		Committee
			Safeguarding Committee
Company	registered
number			05165135
Charity registered
number			1105017
Registered		office	Redmaids' High School
			Westbury Road
			Westbury-on-Trym
			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
			Redcliffe, Bristol
			BS16FL

Advisers	(continued)
Principal	Bankers	National Westminster		Bank Pic
		PO Box221
		13 High Street
		Westbury-on-Trym
		Bristol
		BS995AL
Investment	Managers	Evelyn Partners	(Formerly		Smith 8 Williamson)
		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
		2022	2022	2022	2022	2021
	Note	f.	f.
INCONIE AND ENDOWNIENTS
FROM:
Donations, grants and legacies		3,406	69,377	308,400	381,183	80,741
Fees and other related income		9,821,329			9,821,329	9,143,749
Other trading activities		188,161			188,161	116,748
Other income		5,600			5,600	76,697
Investments		272,607	86,481		359,088	324,220
TOTAL INCOME AND
ENDOWMENTS		10,291,103	155,858	308,400	10,755,361	9,742,155
EXPENDITURE ON:
Raising funds		31,179		14,603	45,782	43,387
Charitable activities		10,147,808	179,12&		10,326,936	9,542,833
TOTAL EXPENDITURE	7	10,178,987	179,128	14,603	10,372,71&	9,586,220
NET INCOME/(EXP ENDITURE)
BEFORE INVESTMENT
GAINS/(LOSSES)		112,116	(23,270)	293,797	382,643	155,935
Net gains/(losses) on
investments		24,877	40,445	507,452	442,130	1,076,899
NET MOVEMENT IN FUNDS		87,239	63,715	801,249	824,773	1,232,834
RECONCILIATION OF FUNDS:
Total funds brought forward		15,412,982	644„533	10,094,015	26,151,530	24,918,696
TOTAL FUNDS CARRIED		15,500,221	580,818	10,895,264	26,976,303	26,151,530
FORWARD

						2022		2021
				Note
FIXEDASSETS
Tangible assets				10		16,077,008		17,600,829
Investments						11,154,575		8,910,907
						27„231„583		26,511,736
CURRENT ASSETS
Debtors					309,644		251,153
Cash at bank and in hand					2,732,350		2,674,111
					3,041,994		2,925,264
CREDITORS: amounts	falling due within
one year							2,391,679
NET CURRENT ASSETS						634.899		533,585
TOTAL ASSETS LESS	CURRENT LIABILITIES					27,866,482		25, 'I 73,000
CREDITORS: amounts	falling due after
more than one year				14		836,763		756,479
NET ASSETS EXCLUDING		PENSION
SCHENIE LIABILITIES						27,029,719		26,288,842
Defined benefit pension	scheme		liability	22		53,416		137,312
NET ASSETS INCLUDING SCHEME LIABILITIES		PENSION				26,976,303		26,151,530

					2022		2021
			Note				E
CHARITY	FUNDS
Endowment	funds		16		10,895,264		'/0, 094,015
Restricted funds:
Restricted	funds		16	81,615		105,146
Restricted	capital funds		16	499,203		539,387
Total restricted		funds			580,818		644,533
Unrestricted	funds		16		15,500,221		15,412,982
TOTAL FUNDS					26,976,303		26,151,530

						2022	2021
					Note
Cash flows from operating		activities
Net cash	generated by operating activities					2&8,139	373,983
Cash flows from financing		activities:
Bank Loan						10,675	750,000
Net cash	(absorbed)/generated by financing			activities		10,675	750,000
Cash flows from investing		activities:
Dividends,	net interest and	rents from investments				359,088	324,220
Purchase	oftangible fixed assets					578,313	1,410,499
Net cash	used in investing	activities				219,225	1,082,465
Change in cash and cash		equivalents	in the	year		58,239	41,518
Cash and	cash equivalents	brought forward				2,674,111	2,632,593
Cash and	cash equivalents	carried forward				2,732,350	2,674,111

INCOME FROM	DONATIONS,	GRANTS AND	LEGACIES
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2022	2022	2022	2022	2021
			E	F	E
Donations		3,406	32,527	95,900	131,833	42,851
Legacies Grants			36,850	212,500	212,500 36,850	1,127 33,210
Total donations	and legacies	3,406	69,377	308,400	381,183	80,741
Total 2021		3,583	77, '/58		80,741

FEE INCOME
				2022	2021
The School's fee income comprises
Gross fee income				10,954,126	10,241,720
Bursaries				(760,829)	(704,830)
Scholarships				530,038	547,083
Net fees receivable				9,663,259	8,989,807
Add back: Scholarships	and bursaries	paid for by restricted	funds	158,070	153,942
Total				9,821,329	9,143,749

	Unrestricted	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	funds
	2022	2022	2022	2022	2021
Lettings	118,385			118,385	46,945
Other income	69,776			69,776	69,803
	188,161			188,161	116,748
Total 2021	116,748			116,748

	Unrestricted	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	funds
	2022	2022	2022	2022	2021
			E	E
LA Grants	5,600			5,600
CJRS					76,697
	5,600			5,600	76,697
Tofal 2021	76,697			76,697

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
			2022	2022	2022	2022	202/
			E	E	E	E
Bank and other interest			1,116			1,116	315
Rental income			9,431			9,431	121
Investment income			262,060	86,481		348,541	323,784
			272,607	86,481		359,088	324,220
Total 2021			246,750	77,470		324,220
ANALYSIS	OF EXPENDITURE BYEXPENDITURE TYPE
			Staff costs	Depreciation	Other costs	Total	Total
			2022	2022	2022	2022	2021
			f.
Endowment	costs			13,069	1,534	14,603	13,069
Fundraising development	and		26,638		4,541	31,179	30,318
COSTS OF FUNDS	RAISING		26,638	13,069	6,075	45,782	43,387
Teaching Welfare			5,597,838 253,284		544,619 671,487	6,142,457 924,771	5,743,191 731,797
Premises repair and
maintenance			294,199	595,927	776,032	1,666,158	1,531,428
Scholarships	and bursaries
funded from	restricted	funds			158,070	158,070	153,942
Support costs and governance			969,442		466,038	1,435,480	1,382,475
CHARITABLE ACTIVITIES			7,114,763	595,927	2,616,246	10,326,936	9,542,833
TOTAL EXPENDITURE			7,141,401	608,996	2,622,321	10,372,718	9,586,220
Total 2021			6,77?,647	507,180	2,301,393	9,586,220

This is state	d after char	ging:
						2022	202'/
						F
Depreciation	oftangible	fixed assets:
- owned by	the charity					608,996	507,180
Auditors' remuneration		- audit				12,000	'/2, 000
Operating lease rentals						39,600	94,391
During the	year, no Governors		received any remuneration		(2021:ANIL).
During the	year, no Governors		received any benefits	in kind (2021:		ANIL).
During the	year, no Governors		received reimbursement		ofexpenses	(2021:ANIL).

Staff costs were as follows:
	2022	202'/
	F
Wages and salaries	5,611,967	5,332,423
Social security costs	560,437	512,271
Other pension costs (Note 22)	968,997	932,952
	7,141,401	6,777,647

								2022	2021
								No.	No.
Teaching								111	108
Support								79	85
								190	192
Average	headcount	expressed	as	a	full	time	equivalent:
								2022	2021
								No.	No.
Teaching								89	89
Support								51	6/
								140	150

as:
2022	2021
No.	No.

TANGIBLE FIXED AS	SETS
			Equipment
		Freehold	(including	Computers	Computer
		land and	all-weather	and music	Software 8
		buildingsf	pitches) f	equipment f	iPads	Totalf
COST
At 1 September 2021		18,377,973	2,289,438	382,502	135,375	21,185,288
Additions		85,961	334,613	40,276	117,463	578,313
Transfer to endowment	fund	1,493,137				1,493,137
At 31 August 2022		16,970,797	2,624,051	422,778	252,838	20,270,464
DEPRECIATION
At 1 September 2021		2,839„804	400,829	279,559	64,268	3,584,460
Charge for the year		304,989	191„018	38,540	74,449	608,996
At 31 August 2022		3,144,793	591,847	318,099	138,717	4,193,456
NET BOOK VALUE
At 31 August 2022		13,826,004	2,032,204	104,679	114,121	16,077,008
At 31August 2021		15,538,/69	1,88S,609	102,943	7'/, "/08	17;600,S29

MARKET VALUE	MARKET VALUE
At 1 September 2021					8,910,907
Additions					95,900
Revaluations					442,131
Transfer to endowment		fund: investment	property		1,493,137
Cash held for investment					212,500
At 31 August 2022					11,154,575
Investments comprise:
				2022	2021
Listed investments
Fixed interest				393,864	506,490
UK Specialist Credit				168,578	182,916
Global Equities					643,433
Equities				2,881,874	2,639,876
Sub total				3,444,316	3,972,715
Alternative assets
Commercial property	funds			5,303,282	4,304,822
Other infrastructure	funds			368,775	287,656
Multi-Asset funds				79„975
COIF charities investment		fund		219,755	230,262
Cash				245,335	"/15,452
Sub total				6,217,122	4,938,192
Investment properties
At 1 September
Additions				1,493,137
At 31 August				1,493,137
Total				11,154,575	8,910,907

DEBTORS
			2022	2021
			f,	E
Fees receivable		and other debtors	48,649	16,788
Prepayments	and accrued income		260,995	234,365
			309,644	251,153

CREDITORS:	AMOUNTS FALLING DUE WITHIN ON	E YEAR
		2022	202'/
Deferred income		1,351,920	1,045,197
Trade creditors		250,257	384,490
Other taxation	and social security	132,208	301,460
Asset finance		42,547	75,777
Other creditors		251,966	360,610
Accruals		350,788	2'/3, 470
Deferred Grant		5,600
Bank Loans		21,809	10,675
		2,407,095	2,391,679

CREDITORS: AMOUNTS FALLING DUE AFT	ER IVIORE THAN ONE YEAR
	2022	2021
	F
Asset finance	29,248	17,154
Deferred income	17,199
Deferred Grant	72,800
Bank Loans	717,516	739,325
	836,763	756,479

Included within the above are amounts falling due as foll	ows:
	2022	2021
	F
BETWEEN ONE AND TWO YEARS
Deferred Income	17,199
Deferred Grant	5,600
Asset finance	25,527	17,154
Bank Loans	22,437	21,809
	70„763	38,963
BETWEEN TWO AND FIVE YEARS
Deferred Grant	16,800
Assetfinance	3721
Bank Loans	71,258	69,265
	91,779	69,265
MORE THAN FIVE YEARS	50,400
Deferred Grant	623,821	648,251
Bank Loans	674„221	648,251
	836,763	756,479

						2022	202'/
						E
Financial	assets measured		at fair value through		income and
expenditure						11,154,575	8,910,907
Financial	assets measured		at amortised	cost		2,996,723	2,884,436
						14„151,298	1'/, 795,343
Financial	liabilities	measured	at amortised	cost		1,418,770	1,347,960

	Balance at
	1 September			Gains/	Balance at 31
	2021	Income	Expenditure	(Losses)	August 2022
General Funds	15,412,982	10,291,103	10,178,987	24,877	15,500,221
Endowment Funds	10,094,015	308,400	14,603	507,452	10,895,264
RESTRICTED FUNDS
Special Fund	7,200	7,200	(14,400)
Sundry Prize Funds	13,018	4,180	(6,200)		10,998
Joan Tugwell Bruce Trust		63,124	(63,124)
Old Girls Guild Funds	31,599	2,296	(6,180)	(261)	27,454
John James Foundation	30,000	30,000	(30,000)		30,000
Britton Trust	500	3,402	(3,402)		500
Bursary donations	12,093	22,964	(26,835)		8,222
Friends of Redmaids'		1,007	(1,007)
Other restricted	4,921	7,102	(7,582)		4,441
Redmaids' Campaign	5,815	3,660	9,475
	105,146	144,935	(168,205)	(261)	81,615

Sir John Stebbings	Sir John Stebbings	Fund	369,148	8,917	(8,917)	(32,803)	336,345
Grace Ellery Trust			140,239	2,006	(2,006)	(7,381)	132,858
Joan Tugwell	Bruce	Trust	30000				30,000
			539,387	10,923	10,923	40,184	499,203
Total restricted	funds		644,533	155,858	(179,128)	(40,445)	580,818
Total offunds			26,151,530	10,755,361	(10,372,718)	442,130	26,976,303

	Balance at
	1 September			Gains/	Balance at 31
	2020	Income	Expenditure	(Losses)	August 2021
General Funds	15,192,914	9,587,527	9,412,746	45,287	15,412,982
Endowment Funds	9,148,931		13,069	958,153	10,094,015
RESTRICTED FUNDS
Special Fund Sundry Prize Funds	7,200 9,130	7,200 5,748	(7,200) (1,860)		7,200 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		3,721	(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	5,815	4,565	4,565		5,815
	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	30,000				30,000
			467,712	10,339	10,339	71,675	539,387
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

ANALYSIS OF NET ASSETS BETWEEN	ANALYSIS OF NET ASSETS BETWEEN	ANALYSIS OF NET ASSETS BETWEEN	ANALYSIS OF NET ASSETS BETWEEN	FUNDS - CURRENT YEAR	FUNDS - CURRENT YEAR
				Unrestricted	Restricted	Endowment	Total funds
				funds	funds	funds	2022
				2022	2022	2022
				E	E
Tangible	fixed	assets		15,647,134		429,874	16,077,008
Fixed asset investments				324,185	499,203	10,331,187	11,154,575
Investment property						1,493,137	1,493,137
Current	assets			2,826,176	81,615	134,203	3,041,994
Creditors	due	within one year		(2,407,095)			(2„407,095)
Creditors	due	in more than one	year	(836,763)			(836,763)
Defined	benefit pension scheme		liability	53,416			53,416
Total				15,500,221	580,818	10,895,264	26,976,303

ANALY	SIS O	F	NET ASSETS	BETWEEN	FUNDS -PRIOR	YEAR
					Unrestricted	Restricted	Endowment	Total funds
					funds	funds	funds	2021
					2021	2021	2021
					F		E
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			137,312
Total					15,412,982	644,533	10,094,015	26,151,530

Analysis	of net assets between	linked charities	:
		Redmaids'	Prize Fund	Trust Fund	Heitzman	Total 2022
		High School	Linked	Linked	Fund Linked	E
			Charity	Charity	Charity
			F		E
Tangible	fixed assets	15,562,028	929	514,051		16,077,008
Fixed asset investments		3,273,054	586,821	6,949,614	345,086	11,154,575
Current assets		2,448,100	459,691	134,203		3,041,994
Creditors	due within one year	(2,407,095)				(2,407,095)
Creditors	due in more than
one year		(836,763)				(836,763)
Defined	benefit pension
scheme	liability	53,416				53,416
Total		17,985,908	1,047,441	7,597,868	345,086	26,976,303
LINKED	CHARITIES —PRIOR YEAR
		Redmaids'	Prize Fund	Trust Fund	Heitzman	Tota I 2021
		High School	Linked	Linked	Fund Linked
			Charity	Charity	Charity
			f.
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 scheme	benefit pension liability	137,312				137312
Total		17,912,371	936,644	6,924,626	377,889	26,15'1,530

					2022	2021
Net income for the year (as per Statement			of Financial	Activities)	824,773	'/,232,834
Adjustment for:
Depreciation charges					608,996	507,180
Cash held for investment					(212,500)
Unrealised {gain}on	investments				(442,130)	(/, 076,899)
Listed securities donation					(95,900)
Investment income and rents from		investments			(359,088)	(324,220)
{Increase}/decrease	in debtors				(58,490)	92,751
increase/(Decrease)	in creditors				22,478	57,663
Net cash generated	by operating	activities			288,139	373,983
ANALYSIS OF NET	FUNDS
				2021	Cash flows	2022
Cash at bank and in	hand			2,674,111	58,239	2,732,350
Debt due within one year				(86,452)	22,096	(64,356)
Debt due after one year				(756,479)	9,715	(746,764)
Net funds				1„&31,180	90,050	1,921,230

Reconciliation of Opening	and Closing	Pensions
			2022	2021
				E
Deficit at start of period			137312	164,278
Unwinding ofthe discount factor (interest expense)			595	456
Deficit contribution paid			(22,481)	(25,427)
Re-measurements —impact	of any change	in assumptions	(58,970)	(99)
Released - Non-Contributory	Pension scheme		(3,040)	(1,896)
Deficit at end of period			53,416	137,3'/2

			2022	2021
			E	E
AIIOUNTS PAYABLE:
Within	1	year	26,657	36,120
Between		1 and 5years	16,258	39.600
Total			42,915	75,720