## **PLYMOUTH COLLEGE AND CHOOLS CHARITY (A company limited by guarantee)** 

**Charity No: 1105544 Company No: 05189426** 

**REPORT AND FINANCIAL STATEMENTS** 

**31 August 2020** 



REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2020 

|CONTENTS|Page|
|---|---|
|Trustees, Officers and Advisors|1/2|
|Trustees' Annual Report|3/10|
|Independent Auditor<br>s Report|11/13|
|Consolidated Statement of Financial Activities|14|
|Balance Sheets|15|
|Consolidated Statement of Cash Flows|16|
|Notes to the Financial Statements|17/33|





## **CHARITY INFORMATION** 

Charity Registration Number: 1105544 Company Registration Number: 05189426 Company Secretary: Mrs A Sheehan Resigned 31[st] July 2020 Mr TD Williams  Appointed 1[st] August 2020 Registered Office: Plymouth College Ford Park Plymouth Devon PL4 6RN Head of the Senior and Prep School Mr J Cohen Resigned 31[st] July 2020 Mrs J Hayward Appointed 1[st] August 2020 Bursar and Clerk to Governors Mrs Sarah Wills Resigned 20[th] September 2019 Mrs Anne Sheehan Appointed 9[th] September 2019, resigned 8th May2020 Interim Bursar Mr Tim Williams  Appointed 1[st] August 2020. 

The day-to-day running of the College is delegated to the Head and the Senior Leadership Teams respectively: 

Mrs J Hayward Head Mr T Williams Bursar and Clerk to Governors Mr A Carr Deputy Head Academic Mr C Irish Deputy Head Pastoral 

## **GOVERNORS (DIRECTORS)** 

Details of Governors (Directors) and officers of the company who served during the year are: 

Mr D R Woodgate BSc, MBA Chairman Dr P Atkinson MBChB, MRCGP Dip, SEM Vice Chairman Mrs A C Mills ACIS, MCIPD Resigned 29[th] January 2021 Mrs C Hammond BSc Econ Resigned 27[th] March 2020 Mrs. S Seth Mr A Brett BSc, MInst RE Mr C Morton Mrs A Morton Mrs L Clark 

The Governors are appointed by the Board for a term of four years.  They can be re-elected. 

## **NOMINATED/REPRESENTATIVES** 

Plymouth University Mrs K Davis FHEA, MEd, PGCE, BSc Resigned 31[st] August 2020 University of St Mark and St John Mr S Plant Bishop of Exeter Dr A Williams BSc, MSC, PhD Flag Officer Sea Training Not filled Not filled 

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**ABBEY SCHOOLS CHARITY** 

## **PLYMOUTH COLL** 

## **PROFESSIONAL ADVISORS** 

|Bankers:<br>Lloyds Bank PLC|Bankers:<br>Lloyds Bank PLC|
|---|---|
|Royal Parade||
|Plymouth||
|Devon||
|PL1 1HB||
|Solicitors:<br>Wolferstans||
|60/64 North Hill||
|Plymouth||
|Devon||
|PL4 8EP||
|Auditors:<br>BDO LLP||
|Bridgewater House||
|Counterslip||
|Bristol||
|BS1 6BX||
|Insurance Brokers:<br>Marsh Limited||
|Capital House||
|1-5 Perrymount Road||
|Haywards Heath||
|West Sussex||
|RH16 3SY||
|Investment Manager:<br>Barclays Wealth Management||
|Ground Floor West||
|Tay House||
|300 Bath Street||
|Glasgow||
|G2 4LH||



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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020** 

The Trustees, who are also directors of the company for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 August 2020.  The financial statements comply with the requirements of the Charities Act 2011, the Charities SORP (FRS 102) and the Companies Act 2006. 

## **PUBLIC BENEFIT** 

The Governors confirm that they have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. 

The Governors and College Officers actively encourage the contribution of time, money, resources and talent across the full range of the College community for the furtherance of public benefit at the local, regional and international levels. 

Although the Covid-19 pandemic severely affected the ability of the College to assist charitably in many ways a significant number of organisations in the local community, including local maintained schools, community groups and local charities, still benefitted from use of College facilities for part of the year and from financial support. This support ranged involvement of pupils and staff in events such as concerts and community events. As a consequence of the pandemic, the College also supported the NHS front line workers with the production of safety face visors in the CDT Department. Many of the College students also volunteered to assist in residential and care homes when the outbreak occurred. Examples of such joint projects include, not exclusively: 

## **Supporting charities** 

Our pupil led Charity Committee is a thriving organisation that, through a variety of fund-raising events, continually encourages support for charities which in the current year included Cancer Research UK, Medic Malawi, Hurricane Irma Victims Fund, the NSPCC, Parkinson UK, Breast Cancer Now Research and Care Charity and SSAFA among others. Through these opportunities to serve others and to participate with other communities, our pupils also benefit from a meaningful interaction with those outside our College community. 

## **Teaming up with local schools** 

The College recognises how fortunate it is to have its facilities and looks to give others the opportunity to benefit from them. During this year, the sports pitches at all sites have been loaned to local schools. Our minibuses have been used by local schools and charities and the school buildings have been provided to local schools for hosting music exams. 

We offer Junior Sports Leader Award (JSLA) accreditation for our pupils working with local schools. Under this scheme, our pupils qualify as young sports leaders and are able to run events for local schools like the Festival of Sport noted below. 

During the year, we provided placements, support and professional development for trainee teachers who will work in any part of the education sector. We also provided placements for individuals either applying for a PGCE or about to start it to give them the experience they require before embarking on their course. 

## **Making our facilities available to the community** 

We make our facilities available to the community in a number of ways, some of which are set out below. We are mindful of our own financial position and therefore, where we had to charge for some of the activities, these charges were kept to a minimum. 

The Festival of Sport is a day where local primary schools visit Plymouth College for a sports day competing against each other. The event in the summer is run annually by our older pupils and staff but could not be held this year because of the Covid-19 outbreak. 

Local Scout Groups this year hired our bunkhouse on Dartmoor for camps and outdoor activities. The groups also had use of our minibuses at just the cost of replacement fuel. 

We have been running the Combined Cadet Force in conjunction with Stoke Damerel School for many years now. This is a joint project with a local maintained school where we provide the facilities and staff and both our pupils and visiting pupils come together to enjoy training trips and events. This year they took part in the Remembrance Day services, adventure training activities and a formal inspection of the contingent. 

During the Argyll Community Trust, we are able to make available accommodation, minibuses, our sports centre and many other facilities. 

Plymouth College supports Plymouth Leander Swimming Club through the provision of coaches and the rent at below-commercial rates for use of the school swimming pool. 

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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **Bursary programme** 

In addition to the very substantial benefits the College brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer: £452,718 (2019 - £579,297) of means tested bursaries were provided in the year 2019-20. The College for the funding bursaries. 

There are certain other discounts offered by the College in addition to bursaries in order to help families maintain continuity in the education of their children, such as discounts for children whose parents serve in HM Armed Forces and sibling discounts where parents have more than one child at the College. 

As a charity, all the income of the College must be applied for educational purposes. As an educational charity, we enjoy tax exemptions on our educational activities provided these are applied for our charitable aims.  As a charity, we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes.  The financial benefits we receive for these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary policies.  We are registered for VAT; however, as an educational charity we are unable to reclaim VAT input tax on the majority of our costs, as they are exempt for VAT purposes.  We also pay tax as an employer through the PAYE and national insurance contributions we make. 

## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES** 

## **Objects** 

The objects for which the Company is established are the advancement of the education of boys and girls in accordance with the Christian faith. In particular, but without prejudice to the generality of the foregoing, to provide and conduct a day or a day and boarding school or schools in which religious instruction is given in accordance with the doctrines of the Church of England and any ancillary or incidental and other associated activities for the benefit of the community. 

The College provides continuous education from the pre-school stage to university entrance.  Boarding is available from age 11, or earlier at the discretion of the Head.  Both the Senior and Preparatory Schools are fully co-educational. The College follows the broad thrust of the National Curriculum. 

## **Aims and Intended Impact** 

Plymouth College seeks to produce happy, knowledgeable and caring young adults who gain confidence in learning and who strive to reach their full potential.  We aim to provide a diverse and enriching education that promotes self-discipline, motivation and excellence in addition to consideration for others.  The nine Plymouth College Principles (resilience, integrity, aspiration, respect, collaboration, service, communication, reflectiveness and resourcefulness) provide the foundation upon which the holistic education at the College is based and are integral to daily life. They offer guidance to all members of the Plymouth College community, build character and underpin everything that is done. Above all, we wish to see our pupils become independent and self-sufficient citizens who will succeed and contribute responsibly as members of a global community. 

Plymouth College is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this s in addition to end of term and year reports. The College maintains regular contact with parents and guardians throughout the year through more informal contacts and newsletters. 

The College welcomes pupils from all backgrounds.  To admit a prospective pupil we need to be satisfied that we will be able to educate and develop him/her to the best of their potential and in line with the general standards achieved by their peers.  Entrance interviews and assessments are undertaken to satisfy the College that potential pupils can cope with the pace of learning and benefit from the education we pro are an equal opportunity organisation and are committed to a working environment free from discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. 

## **STRATEGIC REPORT** 

## Overall Achievement and Performance. 

Plymouth College had a large range of outstanding academic outcomes in 2020. The public examinations were affected by the pandemic and associated cancellation of all exams, which were replaced by Centre Assessed Grades. These CAGs were set by collating evidence driven by internal assessment data from across the A level and GCSE courses, set by the Heads of Department and validated by the Director of Studies and the Exams Officer. At A level we achieved 66% A* to B grades, with one third of pupils attaining ABB or better, and a pass rate of 99%. Across all A level equivalent courses we achieved 72% in the A* to B range. Pupils on our BTEC course did exceptionally well in 2020, with 69% of the extended diploma pupils gaining DDD or better and a 100% pass rate. The DfE did not produce performance indicators for this set of results, but our internal CEM monitoring gave a residual of +0.18 against predictions 

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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

based on average GCSE grades. At GCSE and IGCSE, 53% of all grades were grades 9-7 or A*A, with 89% at 9-5 (at least a strong pass) and a pass rate of 97%. The average GCSE points score for 2020 was 6.6, against an average of the previous 4 years of 6.0. 

Despite the turmoil surrounding the release of examination results our students remained focussed and this was reflected in their university destinations, with a large range of courses at high level institutions. 

The school ethos of Educate, Enrich and Empower is fundamental in giving our pupils the knowledge and ability to attain such a fabulous range of examination results and university destinations, but everything we do at Plymouth College instils a rich range of skills that serve our pupils well both while at school and for their lifelong pursuits. We are proud of the achievements our pupils make both within and beyond the classroom, and I cannot hope to list all the varied and wonderful things that our pupils achieved in 2020. 

Prep pupils have again made excellent academic progress this year.  End of Key Stage two indicators are above national standards in both English and Maths and several Year 6 pupils achieved success in gaining scholarships to the senior school. 

Examination results are very important for any school and securing the best possible set of results for our pupils always has been and will remain one of our principal concerns, but such results are not the only measure of success. As a school, we do not forget that whilst good examination grades are both a key to unlock further opportunities and an objective measure of learning at a particular stage of an individua hat goes on beyond the classroom and the formal curriculum plays just as important a part in shaping the lives of the young people who pass through this school. 

## Music and Drama (MGB) 

Our traditional autumn term events included Remembrance Day (solos from Eden Bishop and Lucas Drayton in Howard Goodall's "Do Not Stand at My Grave and Weep", with choral accompaniment) and the Carol Service at St Andrew's Church.  From September to March, the usual round of instrumental and vocal evenings ran, and last week before Christmas, there was the annual House Music Competition, with strong team contributions from all houses. 

The Drama Department had been leading a production of The Addams Family musical, which was unable to be performed due to lockdown.  At the prep school, huge amounts of work had gone into rehearsing for The Lion King, which got so tantalisingly close to performance.  However, individual speech and drama lessons, as well as instrumental and singing lessons moved online, and students and parents showed great ingenuity learning to use the remote software and online music packages that their resourceful teachers introduced them to.  A significant number of students took online exams across the whole range of grades 1-8. 

Students and the prep and senior schools were rehearsed as an online choir, and worked remotely with the opera singer and OPM Davd Webb to put together a performance of Ben E. King's "Stand By Me".  David said that he hopes to work with us again face to face as soon as conditions allow - we very much look forward to that. 

## Sport (PMM) 

Hockey, Netball, Rugby and Football are all played in their appropriate seasons and many teams have been successful in a wide-ranging fixture list at all ages.  Unfortunately, the Coronavirus Pandemic meant that no Cricket or Athletics could take place in the Summer Term. Rugby teams enjoyed a busy and successful fixture list against a range of different opponents, although the annual visit to the Rosslyn Park National Schools' 7 s competition fell victim to the Coronavirus Pandemic too. Off the back of a hugely successful tour to South Africa in July of 2019, Girls' Sport continued to thrive with fixtures and competitive opportunities a plenty in Netball and Hockey. Whilst school Cricket opportunities were limited, the return to play in July and August of 2020 saw two current pupils selected to play for the full Devon Minor Counties side. On one occasion - in a fixture versus Cornwall - Plymouth College pupils and alumni accounted for 5 of the 22 players who took to the field. 

In swimming, our partnership with Plymouth Leander Club, where the College provides the majority of the elite swimmers, continues to deliver a hugely successful programme of coaching and competitions to our young athletes. 

The Fencing Academy had another very successful year with several pupils winning medals at numerous domestic and international competitions. 

Equestrian pursuits play an increasing part in school life with many dedicated riders.  Students have represented the school at a range of NSEA inter-school competitions as well as competing successfully at independent events such as the Winter National Dressage finals. 

Whilst the year has been curtailed by the global pandemic, thus limiting the opportunities in a range of sports, there remains a strong interest in sport at the College and the role of honour has been expanded to include over 170 current and former pupils who represented their country since the year 2000. 

## Other Activities (OR) 

The Duke of Edinburgh Award Scheme, Ten Tors, Young Enterprise, Combined Cadet Force and Business competitions all remain extremely popular with pupils, providing a broad range of extra-curricular activities for the pupils, complimenting the bespoke and personalised nature of education at the school. 

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## **PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

Alongside the delivery of the Outdoor element of the Level 3 BTEC course, which includes theory lessons and a day practical activity each week for both Lower and Upper 6th, the Outdoor Department also runs a number of extra-curricular programmes. Unfortunately, the 30 pupils who trained for 6 months for the Ten Tors challenge were unable to participate due to the Covid-19 outbreak forcing the event to be cancelled. Plymouth College normally enters two 35 mile teams (we were on track for a Yr10 girls team and a mixed Yr 9 team), as well as a mixed 55 mile team, this year we also had a mixed 45 mile team. Expeditions were planned for the South West Coast Path, the Brecon Beacons, Dartmoor, the River Wye, the Lake District and the Yorkshire Dales but had to be cancelled. Our DofE programme (Bronze 22, Silver 12, Gold 10) had to be curtailed and the expeditions shunted to the year 2020-21. Despite this, a number of pupils received the DofE award for completing their Physical, Skill and Volunteering sections during lockdown. The Outdoor option in senior games has grown in popularity, with 20 students regularly participating. A highlight was a lecture at Exeter University with Bren Orton and two pupils receiving the British Canoeing White Water Award. Less formally, our dynamic Outdoor Education team also ran popular after-school outdoor clubs throughout the year before the Covid-19 Lockdown in which students experienced diverse activities including canoeing, caving, coasteering and bush craft. There was unfortunately no opportunity to complete the usual National Three Peaks Challenge, the Activity Week at the end of term or DofE expeditions in the summer holidays. 

Again, pupils across the Prep school enjoyed a wide range of activities and trips before the pandemic hit us in March.  Infant trips included a Year 1 visit to the aquarium and a Year 2 trip to Buckland Abbey as part of their world explorers topic. In the juniors, Year 3 and 4 were the only year groups that were able to go on a residential trip. This was an amazing sleepover with the sharks at the aquarium. Unfortunately, the Year 5 and 6 residentials were postponed and cancelled. The highlight for the whole school was the fantastic Big Bang event full of explosions and fun at the Senior school.  Parents and grandparents have been entertained watching productions that included a Year 5 and 6 showcase of sketches, poems, drama and songs and a wonderful Early Years nativity play. Again, unfortunately many shows and productions, including Year 6's musical of the Lion King had to be cancelled. They still rehearsed and were able to record excerpts from the show. 

## Pupil Numbers 

The school roll averaged 557 across the academic year, of which 161 were pupils at the Preparatory School and 396 were at the Senior School. 

## Facilities 

As the Prep School site will be relocating from the Millfields to the Senior School site at Ford Park new facilities for CDT and Art were created over the summer to empty the building which will house the new Prep School. 

## Health and Safety 

A great deal of time was spent during the second half of the year managing safety in relation to the Covid-19 outbreak. Risk Assessments to manage the change in circumstances were constantly updated throughout the year. The School formally briefs all Governors on Health and Safety matters on an annual basis; in addition to this Health and Safety meetings with Governor representation are held termly and Health and Safety updates have become a standing agenda item at all meetings of the Full Board of Governors.  A comprehensive Fire Risk Assessment, Asbestos inspection and Legionella assessment all provide a focus for maintenance issues. 

## **Financial Review** 

The Trustees are pleased that the academic year 2019-20 continued to show a surplus on a consolidated basis. The Trustees had previously reviewed the financial model and strategy of the two schools and had created a plan to make them operate more cost effectively without changing the quality of the teaching, the pastoral care provided to our pupils and staff and the maintenance of the facilities. In addition to this, a decision was taken during the year to relocate the Prep School to the Senior School site at Ford Park to enable even greater efficiencies in the operation of both schools. Work began on this relocation during the year. There continued to be a focus on pupil recruitment and there is an ongoing curriculum review. 

Key financial p surplus or deficit as described above, pupil numbers, percentage of gross fees offered as remissions and staff costs as a percentage of income. These combine over recent years to show the impact of restructuring to move towards the delivery of a curriculum offering that remains broad and balanced while being both sustainable for the School and more affordable for families. The key financial performance indicators are reviewed by the Trustees at each meeting and during 2020-2021, these will be reviewed and further ones identified. 

ust, as detailed below; 

on a consolidated basis the group of charities holds reserves of £7,951,400 (2019: £7,473,820 deficit by £1,975,068 at the year-end compared to £2,489,287 (2019).  The need for day-to-day working capital is being met by careful management of short-term liquid resources in the absence of free reserves; restricted funds - £583,637 and endowment funds - £337,730. 

Since August 2006, the assets of Plymouth College Trust have been used to secure the bank borrowing of Plymouth College and St Dunstan's Abbey Schools Charity by guarantee to Lloyds Bank Plc. Assets at the Ford Park site owned by Plymouth College Trust were subject to this charge. During 2018-19, the guarantee was extended so that the freehold property assets of the Group are used to secure bank borrowing of the Charity. 

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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## Grant-Making Policy 

This year the total value of scholarships, bursaries and other allowances was £2.3m (2019: £2.4m 2018: £2.2m 2017:£2.4m, 2016: £2.4m, 2015: £2.5m and 2014: £2.4m). -curricular potential and rigorously means tested bursaries are granted where appropriate.  The value of scholarships has increased in recent years as the difficulty in recruiting high quality pupils increased, though it has now stabilised and the international reputation of the school has continued to grow. There is currently no endowment sum to provide scholarships or bursaries, which are all provided from current income, but the Governors intend to build up a reserve which may eventually be used to offer education to a wider spectrum of society. Informat ncial 

## Assistance for Teaching Staff 

As part of our emphasis on attracting and retaining high calibre staff, we offer a discount scheme where staff members choose to educate their children at our school. 

## Access Policy 

It is important to the College that access to the education we offer is not restricted to those who can afford our fees.  We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which help our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.  Our grant-making policies, together with our many community links, contribute to a widening of access to the education we offer and the facilities we enjoy. 

## **Plans for Future Periods** 

The Senior Leadership Team supported by the Trustees are carrying out a detailed review of various aspects of the School including the estates master plan, financial restructuring and continuing to work on simplifying the group structure. The programme of restructuring continued in this financial year together with investment in the marketing with a view to improving the effectiveness of the Marketing and Admissions Department. The services of an external consultant were engaged to assist with this aim. The priorities for the next few years include a maintenance programme for the site, continuing to implement the restructure and consolidating long-term links locally and internationally with agents and investment in targeted online marketing campaigns. 

## Investment Policy 

The Trustees are authorised by the Memorandum of Association and by the Trustee Act 2000 to deposit money and to invest funds in any manner provided that they obtain appropriate advice from a qualified individual and keep the investments under review. The School works with investment managers who manage the investments on a discretionary basis. 

The Trustees intend that the real value of the College assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The specific objectives for restricted and unrestricted funds are as follows: 

Restricted Funds - Income (to supplement scholarships and bursaries) Unrestricted Funds - A balance of income and capital growth 

Under the direction of the Charity Commission, in 2020 £10,000 is to be invested annually over 25 years into restricted funds to replace a permanent endowment, the income of which is to be used to help finance scholarships and bursaries. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The charity is a charitable company limited by guarantee and was incorporated on 26 July 2004.  It is governed by a Memorandum and Articles of Association.  In the event of the company being wound up no member will have to pay an amount exceeding £10. 

The company began operating on 1 September 2004 and was incorporated to run the combined schools of Plymouth College and Mannamead School (established 1877) and St Dunstan's Abbey School (established 1865).  These schools were previously run by two separate charities. 

The charities retained their freehold assets - the school buildings - and were renamed: 

Plymouth College and Mannamead School became Plymouth College Trust St Dunstan's Abbey School became St Dunstan's Abbey School Trust 

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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

The company has use of the assets of these two trusts under a licence agreement. 

The company has consolidated the financial statements of Plymou 

Plymouth College Trust (formerly Plymouth College and Mannamead School) has secured the borrowings of the new company on its freehold property, which was valued at £4.7 million in May 2016 on an existing use basis. 

borrowed money from Plymouth College Trust to improve its freehold property and build a sports hall complex.  Plymouth College Trust took a legal charge over the freehold property of this charity. The freehold property of this charity on a current use basis was valued at £5.9 million in September 2016 and this valuation was adopted as deemed cost on transition to FRS 102. 

At the balance sheet date Plymouth College Trust owes £1,545,504 (2019 - Schools Charity. 

Induction training is provided for all Trustees on appointment, and further training is given from time to time during the year, specifically at end relevant courses run by that and other organisations. 

The Board meets a minimum of three times per year, and more frequently if necessary.  Each meeting is preceded by Education, Estates, Finance and Governance and Nominations meetings. Remuneration and Strategic Planning ad hoc sub committees meet when required. The Head and Bursar attend all meetings described above. 

The Trustees are aware of the Charity Code of Governance and will be reviewing it in conjunction with the objective of the College during the coming year. 

## **Key Management Personnel** 

The Trustees consider that they, together with the Head, the Bursar, the Deputy Head Academic and the Deputy Head Pastoral are Key Management Personnel (see note 4 to the accounts): 

All Trustees give of their time freely and no remuneration was paid during the year except legitimate travelling expenses. 

The pay and remuneration of employed Key Management Personnel are set on appointment and reviewed annually. Several criteria are used in setting pay: 

- Nature of the role and responsibilities 

Competitor salaries in the region 

The sector average salary for comparable positions 

- Trends in pay 

## **RISK MANAGEMENT** 

Risks are identified, assessed and controls established by the Trustees, assisted by the Leadership Support Group and Senior on an annual basis. 

The Trustees have assessed the risks to which the College is exposed, including operational and financial risks.  In the opinion of the trustees, the Charity has established resources and reviewed systems which should allow the risks identified to be mitigated to an acceptable level in its day to day operations.  It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 

## **Pupil numbers** 

Growing and maintaining pupil numbers is a major risk for the independent school sector as parents across the country are finding the increasing independent school fees are becoming less and less affordable. The demographic of Plymouth is finding this particularly challenging.  Without effective marketing of what Plymouth College is able to offer with the additional benefit the College can bring to the pupils in terms of developing confident and talented young people, the College will suffer a decline in pupil numbers. 

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**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **STRATEGIC REPORT** 

## **FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **Quality of teaching** 

The quality of teaching and coaching needs to be constantly monitored and upgraded and the environment for education needs to be modernised where appropriate: ongoing work attention as needed in this area. The costs of providing education is continually increasing including the cost of utilities and the cost of food. 

## **External risks** 

There are a number of risks that are outside of our control, such as the current political climate, pupil numbers, the threat of VAT being introduced on independent school fees, the potential loss of mandatory business rate relief and the impact of the Covid 19 pandemic. These risks are firmly on the radar of Trustees, with financial strategy and contingency measures being developed to mitigate the risks. 

## **Reputational risks** 

Finally, the risk to the business of the College that could be caused by a loss of reputation is an element that needs constant review through our recruitment of good staff, provision of a safe environment and robust behavioural as well as Health and Safety policies. 

## **GOING CONCERN AND LIQUIDITY RISK DISCLOSURE** 

vities, together with factors likely to affect its development, performance and position within the Independent School sector are set out in the above paragraphs.  Similarly, the financial positions of the charity, its cash flows, liquidity position and borrowing facilities are described both in the preceding paragraphs and in the detail of the audited accounts that follow. 

Plymouth College and St Dunstan's Abbey Schools Charity meets its day-to-day working requirements through an overdraft facility, which is due for further renewal in March 2022. COVID-19 has created material uncertainty for schools in assessing their forward plans. The two main areas of uncertainty relate to the operating model and the financing of the school. The governors have carried out a detailed review of all the risks and the financial impact. The school offered fee discounts while the school was closed to pupils and the pupils could not benefit from the facilities, a restructuring exercise was also undertaken along with a cost cen forecasts and projections, taking into account reasonable and possible changes in trading performance, show that the Charity should be able to operate within the level of its current facility. 

## **ies** 

aw) nd United 

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the surplus or deficit of the group for that period.  In preparing those financial statements, the trustees are required to: 

- select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- made judgements and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for ensuring adequate accounting records are maintained that are sufficient to show a d enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the charity and the group and ensuring their proper application in accordance with charity law, and hence for taking steps for the prevention and detection of fraud and other irregularities. 

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**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

## **ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **Statement as to disclosure of information to Auditors** 

Each of the directors of the company who held office at the date of approval of this report, as set out above, confirm that: 

- so far as each Di 

- each Director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any 

irectors. 

This report was approved by the Board on 26[th] April 2021. 




Mr D.R. Woodgate BSc, MBA (Chairman) 

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**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

## **S REPORT TO MEMBERS OF PLYMOUTH COLLEGE** 

## **EY** 

## **SCHOOLS CHARITY** 

## **Opinion** 

We have audited the financial 

financial activities, the consolidated balance sheet, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our statements section of our report. We are independent of the Group and the Parent Charitable Company in accordance with the e have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions related to going concern** 

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: 

   - or 

- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **Other information** 

The other information comprises the information included in the Trustees Annual Report, other than the financial statements and Trustees are responsible for the other information. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

11 



**PLYMOUTH COLL** 

**PLYMOUTH COLL ABBEY SCHOOLS CHARITY INDEPENDENT MEMBERS OF PLYMOUTH COLLEGE AND ST DUNST SCHOOLS CHARITY (CONTINUED)** 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information gi 

- purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- th , have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion; 

- adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the Parent Charitable Company financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

table 

company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so. 

## **Aud** 

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting https://www.frc.org.uk/auditorsresponsibilities 

12 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

## **S REPORT TO MEMBERS OF PLYMOUTH COLLEGE AND ST SCHOOLS CHARITY CONTINUED)** 

## **Use of our report** 

Companies Act 2006. Our audit work has been undertaken so that we mig 

law, we 

do not accept or assume responsibility to anyone other than the Charitab body, for our audit work, for this report, or for the opinions we have formed. 


Heather Wheelhouse (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Bristol, UK Date: `11 May 2021` 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

13 



## **PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020** 

|Note<br>**INCOME AND**<br>**ENDOWMENTS FROM:**<br>_Charitable activities:_<br>School fees<br>2<br>Ancillary income<br>3a<br>_Donations and legacies:_<br>Donations<br>3b<br>_Income from trading activities:_<br>Letting income<br>Trading income<br>Investment income<br>3c<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>_Charitable activities:_<br>School operating costs<br>Finance costs<br>_Expenditure on raising funds_:<br>Cost of raising funds<br>Trading and lettings<br>**TOTAL EXPENDITURE**<br>4<br>Net gains / (losses) on<br>investments<br>**NET INCOME /**<br>**(EXPENDITURE)**<br>Transfers<br>**NET MOVEMENT IN**<br>**FUNDS**<br>Fund balances brought forward<br>Fund balances carried forward|Unrestricted<br>Funds<br>Restricted<br>Endowment<br>Funds<br>Funds<br>£<br>£<br>£<br>7,468,431<br>-<br>-<br>1,040,579<br>-<br>-<br>46,613<br>512<br>-<br>33,649<br>-<br>-<br>10,962<br>-<br>-<br>5,173<br>-<br>-|**Total**<br>**Funds**<br>**2020**<br>**£**<br>**7,468,431**<br>**1,040,579**<br>**47,125**<br>**33,649**<br>**10,962**<br>**5,173**|Total<br>Funds<br>2019<br>£<br>8,427,496<br>906,093<br>53,269<br>174,583<br>11,199<br>7,347|
|---|---|---|---|
||8,605,407<br>512<br>-|**8,605,919**|9,579,987|
||7,904,845<br>184,031<br>545<br>-<br>-<br>-<br>529<br>-<br>-<br>8,520<br>-<br>-<br>8,097,925<br>545<br>-|**7,905,390**<br>**184,031**<br>**529**<br>**8.520**<br>**8,098,470**|9,296,534<br>190,038<br>4,078<br>6,906|
||||9,497,556|
||218<br>-<br>(30,087)<br>507,700<br>(33)<br>(30,087)<br>( 10,000)<br>-<br>10,000<br>497,700<br>(33)<br>(20,087)<br>6,532,333<br>583,670<br>357,817<br>7,030,033<br>583,637<br>337,730|**(29,869)**<br>477,580<br>**-**<br>477,580<br>**7,473,820**<br>7,951,400|(10,033)|
||||72,398|
||||-|
||||72,398<br>7,401,422|
||||7,473,820|



> The College has taken advantage of section 408 of the Companies Act 2006 not to publish its own statement of financial activities. The 514,186 (2019 £81,894). 

14 



## **PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

The statement of financial activities includes all gains and losses in the year.  All income and expenditure is derived from continuing activities. 

The notes on pages 17 to 33 form part of these financial statements. 

## **CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2020** 

|Note<br>**FIXED ASSETS**<br>Intangible assets<br>5<br>Tangible assets<br>6<br>Investments<br>7<br>**CURRENT ASSETS**<br>Debtors<br>9<br>Debtors<br> Amounts falling due after<br>one year<br>Cash at bank and in hand<br>**Creditors:**Amounts falling due<br>within one year<br>10<br>**NET CURRENT LIABILITES**<br>**TOTAL ASSETS LESS**<br>**CURRENT LIABILITIES**<br>**Creditors:**Amounts falling due<br>after one year<br>11<br>Deferred taxation<br>**TOTAL NET ASSETS /**<br>**(LIABILITIES)**<br>**FUNDS**<br>Endowment fund:<br>14<br>Unrestricted funds:<br>15<br>Restricted funds<br>16<br>Designated funds<br>15|**Group**<br>**2020**<br>**£**<br>**180,000**<br>**12,195,954**<br>**349,165**<br>**12,725,119**<br>**308,088**<br>**535,545**<br>**843.633**<br>**(4,900,152)**<br>**(4,056,519)**<br>**8,668,600**<br>**(716,200)**<br>**(1,000)**<br>**7,951,400**<br>**337,730**<br>**6,977,396**<br>**583,637**<br>**52,637**<br>**7,951,400**|<br>2019<br>£<br>195,000<br>12,250,581<br>369,034<br>12,814,615<br>339,623<br>-<br>563,215<br>902,837<br>(5,385,482)<br>(4,482,645)<br>8,331,970<br>(857,150)<br>(1,000)<br>7,473,820<br>357,817<br>6,469,696<br>583,670<br>62,637<br>7,473,820|**Charity**<br>**2020**<br>2019<br>**£**<br>£<br>**180,000**<br>195,000<br>**1,435,873**<br>1,483,144<br>**-**<br>-<br>**1,615,873**<br>1,678,144<br>**393,906**<br>430,691<br>**1,545,504**<br>1,534,254<br>**22,299**<br>18,679<br>**1,961,709**<br>1,983,624<br>**(4,868,604)**<br>(5,326,025)<br>**(2,906,895)**<br>(3,342,401)<br>**(1,291,022)**<br>(1,664,257)<br>**(666,200)**<br>(807,151)<br>**-**<br>-<br>**(1,957,222)**<br>(2,471,408)<br>**-**<br>-<br>**(1,975,068)**<br>(2,489,287)<br>**17,846**<br>17,879<br>**-**<br>-<br>**(1,957,222)**<br>(2,471,408)|**Charity**<br>**2020**<br>2019<br>**£**<br>£<br>**180,000**<br>195,000<br>**1,435,873**<br>1,483,144<br>**-**<br>-<br>**1,615,873**<br>1,678,144<br>**393,906**<br>430,691<br>**1,545,504**<br>1,534,254<br>**22,299**<br>18,679<br>**1,961,709**<br>1,983,624<br>**(4,868,604)**<br>(5,326,025)<br>**(2,906,895)**<br>(3,342,401)<br>**(1,291,022)**<br>(1,664,257)<br>**(666,200)**<br>(807,151)<br>**-**<br>-<br>**(1,957,222)**<br>(2,471,408)<br>**-**<br>-<br>**(1,975,068)**<br>(2,489,287)<br>**17,846**<br>17,879<br>**-**<br>-<br>**(1,957,222)**<br>(2,471,408)|
|---|---|---|---|---|
|||||1,983,624<br>(5,326,025)<br>(3,342,401)<br>(1,664,257)<br>(807,151)<br>-<br>(2,471,408)<br>-<br>(2,489,287)<br>17,879<br>-<br>(2,471,408)|



The financial statements were approved and authorised for issue by the Trustees on 26[th] April 2021 and signed on their behalf by: 




Mr D.R. Woodgate BSc, MBA Trustee 

## **Company Registration No. 05189426** 

The notes on pages 17 to 33 form part of these financial statements. 

15 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020** 

|Note<br>**CASH FLOW FROM OPERATING ACTIVITIES**<br>Net cash provided from operating activities<br>20<br>**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Investment income receipts<br>Purchase of tangible fixed assets<br>Proceeds from sale of tangible fixed assets<br>Payment for investments<br>**Net cash used in investing activities**<br>**CASH FLOWS FROM FINANCING ACTIVITIES**<br>Repayment of bank loans<br>New bank loan<br>Bank charges<br>Interest paid<br>**Net cash used in financing activities**<br>**INCREASE / (DECREASE) IN CASH EQUIVALENTS DURING**<br>**THE YEAR**<br>CASH AND CASH EQUIVALENTS AT BEGINNING OF<br>REPORTING YEAR<br>**CASH AND CASH EQUIVALENTS AT END OF THE**<br>**YEAR**<br>**ANALYSIS OF CASH AND CASH EQUIVALENTS**<br>Cash at bank and in hand<br>Bank overdraft<br>**TOTAL CASH AND CASH EQUIVALENTS**|2020<br>£<br>£<br>432,805<br>5,173<br>(40,717)<br>-<br>-<br>(35,544)<br>(96,040)<br>50,000<br>(28,468)<br>(133,775)<br>(208,283)<br>**188,978**<br>(2,177,672)<br>**(1,988,694)**<br>535,545<br>(2,524,239)<br>**(1,988,694)**|2019<br>£<br>£<br>184,301<br>7,347<br>(243,719)<br>-<br>(10,000)<br>(246,372)<br>(101,455)<br>-<br>(51,018)<br>(134,555)<br>(287,028)<br>**(349,099)**<br>(1,828,573)<br>**(2,177,672)**<br>563,214<br>(2,740,886)<br>**(2,177,672)**|2019<br>£<br>£<br>184,301<br>7,347<br>(243,719)<br>-<br>(10,000)<br>(246,372)<br>(101,455)<br>-<br>(51,018)<br>(134,555)<br>(287,028)<br>**(349,099)**<br>(1,828,573)<br>**(2,177,672)**<br>563,214<br>(2,740,886)<br>**(2,177,672)**|
|---|---|---|---|
||||**(349,099)**|
||||(1,828,573)|
||||**(2,177,672)**|
||||**(2,177,672)**|



Included in the cash at bank and in hand is £500,896 (2019: £500,543) in respect of amounts held in escrow, and which can only be used to fund certain future capital projects. 

The notes on pages 17 to 33 form part of these financial statements. 

16 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** 

## **1. Accounting Policies** 

**(a) Charity information** 

England and Wales. The registered office is Plymouth College, Ford Park Road, Plymouth, PL4 6RN. 

Schools Charity meets the definition of a public benefit entity under section 34 of FRS 102. The principal objectives of the charity are detailed 4 of these financial statements. 

## **(b) Basis of preparation** 

The financial statements have been prepared under the historical cost convention unless otherwise specified within the accounting policies.  The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2015) (Charities SORP (FRS 102)). 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

## **(c) Going Concern** 

The Financial Statements have been prepared on a going concern basis.  Net assets at the balance sheet date were £7,951,400 and net current liabilities at the balance sheet date were £4,056,519. At the year-end, the bank overdraft was £2,524,239, there were positive cash balances of £535,545 and the level of unrestricted reserves is £6,977,396.  The school does not hold free reserves as defined by the Charity Commission as there is significant investment in the school buildings. 

COVID-19 has created material uncertainty for schools in assessing their forward plans.  The two main areas of uncertainty relate to the operating model and the financing of the school. 

## Operating Model 

We have modelled the impact on our pupil numbers, other sources of income and our cost base.  We made use of the en a prudent view on pupil numbers and have based income on information from regular contact with parents both in the UK and overseas. The governors have stress tested the budget for 21/22 and the fall in pupils that would be required to deem the charity to not be a going-concern was considered to be unrealistic. 

While other income has reduced mainly due to the school being closed, we have secured a number of holiday clubs and summer lets of the facilities and will continue to secure contracts. 

We have taken significant steps to restructure the teaching staffing costs with a view to delivering the curriculum in a smarter and more efficient way, building on the experience of our successful home learning programme.  We have also addressed overstaffing in some departments and the need to streamline others.  All major cost centres have been reviewed to achieve better commercial contracts and achieve better value for money. 

## Bank Facilities 

The school currently operates under a bank overdraft.  The positive cash balances are from the subsidiary accounts.  The cash flow forecast demonstrates the school will operate within its bank facilities and will not require further funding.  The bank reviews the facilities annually and the next review will be in March 2022.  Whilst there is no guarantee that the bank will renew the overdraft facility, our discussions with them have been positive and they have indicated that the facility will be continued to be renewed. 

While these events and conditions might indicate that an continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business, the governors do not believe the charity is not a going concern. 

17 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **(d) Group accounts** 

These financial statements consolidate the results of the charity and its associated charities Plymouth College Trust and St on a line by line basis.  The results of Plymouth College Trust include the results of its trading subsidiary, Plymouth College Enterprises Ltd and linked charity, Plymouth College General Charitable Trust, consolidated on a line by line basis. 

The assets and liabilities of the charities are consolidated in the balance sheet. The gross income and gross expenditure of the charities are included in the consolidated Statement of Financial Activities. 

A separate statement of financial activities for the charity itself is not presented because the charity has taken advantage of the exemption afforded by the Companies Act 2006 and was £514,186 (2019 £81,894). 

FRS 102 allows qualifying entities certain disclosure exemptions. The charity, only, has taken advantage of the exemptions for the following disclosure requirement: 

presentation of an entity only Statement of Cash Flow and related notes and 

disclosures. 

## **(e) Fund accounting** 

Unrestricted funds comprise general designated funds which have been designated by the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Restricted funds are funds, which are for a specific purpose, and income comprises gifts, legacies and grants where there is no capital retention obligation or power but only trust law restriction to some specific purpose intended by the donor. 

Endowment funds are funds where the capital must remain intact and only the income distributed for the stated purpose of the fund. 

## **(f) Income** 

Income is recognised when the charity is legally entitled to the income, it is probable it will be received and the amount can be measured reliably. 

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. 

Donations are recognised in the year in which the charity is entitled to receipt, it is considered probable that they will be received and the amount can be measured reliably. Donations received for the general purposes of the charity are included as unrestricted funds.   Donations received for activities restricted by the wishes of the donor are included as restricted funds. ccounted for as endowments permanent or expendable according to the nature of the restrictions. 

Investment income is accounted for on a receivable basis. 

Legacies are included when it is probable that a payment will be made or property transferred that the school is entitled to and the amount or value can be reliably measured. 

Payments received from the government for furloughed employees are a form of grant. This grant money is receivable as compensation for expenses already incurred, and where this is not in respect of future related costs, is recognised in income in the period in which it becomes receivable and the related expense is incurred. 

## **(g) Expenditure** 

All expenditure is accounted for on accruals basis and has been classified under headings that aggregate all costs related to the category.  Where costs cannot be directly attributed to particular headings, they have been apportioned according to pupil numbers. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.  Governance costs are those incurred in connection with administration of the charity and compliance with statutory requirements. Redundancy costs are reported when the School is demonstrably committed to incurring such costs. 

## **(h) Intangible fixed assets** 

Amortisation is provided to write off the -weather hockey pitch at UCP St Mark & St John over the length of the agreement (30 years). 

18 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **(i) Tangible fixed assets and depreciation** 

Tangible fixed assets are initially recognised at cost, and then subsequently recorded at cost less accumulated depreciation. 

Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets over their expected useful lives. It is calculated at the following rates: 

Freehold Property 2%   straight line Computer Equipment 20% reducing balance Fixed Plant 5%   reducing balance Motor Vehicles 25% reducing balance Fixtures, Fittings and Equipment 20% reducing balance and 10% straight line 

The trustees estimate that the residual values of the freehold buildings are equal to or greater than their cost and so depreciation has not been provided in the year on the grounds that it would not be considered material; certain property is carried at valuation. 

Expenditure on school equipment is charged to the revenue account as the expense is incurred. 

## **(j) Investments** 

Listed investments are carried at their mid-market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sale proceeds and market value at the start of the year or subsequent cost and are credited or charged to the statement of financial activities in the year of disposal. Unrealised gains and losses represent the movement in the market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. 

Unlisted investments are held at cost. 

## **(k) Pension costs** 

During the year, the School participated in a multi-employer defined contribution pension scheme for its teaching staff administered by Aviva (APTIS). The standard contributions are 15% employer and 5% employee although staff can opt to increase their contributions or reduce their employer contributions and receive as additional salary. 

The School also contributes to a defined contribution scheme for non-teaching staff with employer contributions at 7% of basic pay, and now has an auto-enrolment scheme where it contributes 3% of pay. 

The pension cost for these schemes is recognised as it becomes payable. 

## **(l) Leased Assets** 

Rentals applicable to operating leases where substantially all of the risks and rewards of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the term of the lease. 

## **(m) Advance Fees Scheme** 

The charity offers parents the opportunity to pay boarding and tuition fees in advance in accordance with a written contract. Quotations are given based on an annual increase in fees each year. This is treated as deferred income until the pupil joins the school whereupon the fees for each school term are charged against the remaining balance and taken to income. All amounts are included in creditors split between amounts falling due within one year and amounts falling due after more than one year. 

## **(n) Financial Instruments** 

nancial 

Financial assets and liabilities are offset, within the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and intents either to settle on a net basis or to realise the asset and settle the liability simultaneously. 

19 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## Financial Assets 

Basic financial assets which include trade and other receivables and cash and bank balances are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 

## Financial Liabilities 

Basic financial liabilities including trade and other creditors are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 

## **(o) Judgements and key sources of estimation uncertainty** 

## In the application of the group 

about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements: 

## Depreciation of tangible fixed assets 

The Trustees exercise their judgement in assessing the expected remaining useful life of the assets held and expected residual values where appropriate. 

In the opinion of the Trustees, the residual value of historical buildings is such that the resulting depreciation charge would be immaterial to the accounts and therefore no depreciation is provided against these buildings. 

## **2.** 

## **School Fees** 

|Fees receivable consist of:<br>Gross Fees<br>Less Fee Remissions<br> <br>**(**Included in fee remissions in 2020 is £803,548 of Covid-19 fee discount).|**2020**<br>**£**<br>**10,605,164 **<br>**(3,136,733 ) **<br>**7,468,431**|2019<br>£<br>10,800,254<br>(2,372,758)<br>8,427,496|
|---|---|---|



## **3.** 

## **Other Income** 

|**a)**<br>**Ancillary Income**<br>Unrestricted Funds:<br>School meals receipts<br>Registration fees<br>Special needs income<br>Government furlough scheme<br>Other income <br>Examination income<br>Learn to Swim<br>Teacher training|**2020**<br>**£**<br>**303,399**<br>**11,210**<br>**20,574**<br>**569,614**<br>**71,543**<br>**50,689**<br>**12,900**<br>**650**<br>**1,040,579**|2019<br>£<br>422,341<br>15,797<br>31,655<br>-<br>330,188<br>80,531<br>25,226<br>355<br>906,093|
|---|---|---|



20 



## **PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

|**b)**<br>**Donations Income**<br>Restricted donations<br> George Stephenson Pavilion<br>Other donations<br>**c)**<br>**Investment Income**<br>Investment dividend income<br>Interest received|**2020**<br>**£**<br>**512**<br>**46,613**<br>**47,125**<br>**2020**<br>**£**<br>**4,820**<br>**353**<br>**5,173**|2019<br>£<br>32,005<br>21,264<br>53,269<br>2019<br>£<br>6,863<br>484<br>7,347|
|---|---|---|



All investment income in both current and prior year is unrestricted. All investment gains/losses in both current and prior year are in respect of endowment funds. 

## **4. Analysis of Expenditure** 

**(a) Expenditure on Charitable Activities:** 

|Teaching<br>Welfare<br>Premises<br>Support costs<br>Governance costs<br>Loss on disposal of fixed assets<br>**Other Expenditure:**<br>Fundraising costs<br>Trading and letting costs<br>Finance costs<br>**Total Expenditure**|Staff<br>Other<br>Depreciation &<br>**Total**<br>Total<br>Costs<br>Direct Costs<br>Amortisation<br>**2020**<br>2019<br>£<br>£<br>£<br>**£**<br>£<br>4,252,057<br>262,938<br>95,344<br>**4,610,339**<br>5,333,773<br>311,537<br>509,375<br>-<br>**820,912**<br>1,087,177<br>658,629<br>617,979<br>-<br>**1,276,608**<br>1,530,142<br>494,739<br>526,530<br>-<br>**1,021,269**<br>1,172,382<br>176,262<br>-<br>-<br>**176,262**<br>137,087<br>-<br>-<br>-<br>**-**<br>35,973|
|---|---|
||5,893,224<br>1,916,822<br>95,344<br>**7,905,390**<br>9,296,534<br>-<br>529<br>-<br>**529**<br>4,078<br>-<br>8,520<br>-<br>**8,520**<br>6,906<br>-<br>184,031<br>-<br>**184,031**<br>190,038|
||-<br>193,080<br>-<br>**193,080**<br>201,022|
||5,893,224<br>2,109,902<br>95,344<br> **8,098,470**<br>9,497,556|



## **Analysis of Support costs** 

|Staff costs<br>Finance and administration<br>Redundancy<br>**Total Support costs**|Educational<br>Operations<br>Marketing<br>**Total**<br>**2020**<br>Total<br>2019<br>£<br>£<br>**£**<br>£<br>307,338<br>108,495<br>**415,833**<br>485,012<br>400,872<br>125,658<br>**526,530**<br>609,503<br>78,906<br>-<br>**78,906**<br>77,867|
|---|---|
||787,116<br>234,153<br>**1,021,269**<br>1,172,382|



21 



**PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

**(b) Net income/expenditure is stated after:** 

|**et income/expenditure is stated after:**|||
|---|---|---|
||**2020**|2019|
||**£**|£|
|Loss on disposal of tangible fixed assets|**-**|35,973|
|Depreciation of tangible fixed assets:|**95,344**|83,191|
|Amortisation of intangible fixed assets|**15,000**|15,000|
|Operating leases|**56,497**|53,430|
|Interest payable on bank overdraft including setup charges|**133,775**|152,217|
|Interest payable on bank loans|**28,468**|33,356|
|Auditors’ remuneration for audit of annual financial statements|**36,000**|36,000|
|Other professional services from affiliates of audit firm:|||
|-<br>Tax compliance services|**1,000**|1,000|
|-<br>Other non-audit services|**1,200**|1,200|
|Bad debts|**-**|70,908|



The above costs include irrecoverable VAT, where relevant 

Six Trustees were reimbursed a total of £4,884 for travel expenses (2019 - £8,574 for travel expenses). 

No other Trustee or person connected with them received any remuneration or other benefit during the year except for those listed in Note 20. 

|**(c)  Employer payroll costs (School and Group)**<br>Wages and salaries<br>Social security costs<br>Pension contributions<br>Other allowances and costs<br>Redundancy|**2020**<br>**£**<br>**4,670,601**<br>**429,835**<br>**471,841**<br>**193,941**<br>**96,506**<br>**5,862,724**|2019<br>£<br>4,991,098<br>457,908<br>583,964<br>62,491<br>117,525<br>6,212,986|
|---|---|---|



Of the redundancy costs, £96,506 was included in creditors or accruals at the year end (2019 - £95,867). These costs relate to restructuring of the staff body to align with the School’s future curriculum demands and operating model. 

The number of employees whose gross salaries amounted to £60,000 or over in the year was as follows: 

||**2020**|2019|
|---|---|---|
|£60,000 - £70,000|**1**|1|
|£70,000 - £80,000|**2**|1|
|£80,000 - £90,000|**-**|1|
|£170,000 - £180,000|**1**|-|



The key management personnel of the School and the Group are detailed in the Trustees’ Report. The total emoluments for these personnel in the year, including employers’ NI and pension contributions, was £535,898 (2019: £530,681). 

The average number of employees of the School and the Group analysed by function was: 

|Charity:<br>Teaching staff<br>Teaching support staff<br>Premises staff<br>Welfare staff<br>Support staff|**2020**<br>**80**<br>**39**<br>**29**<br>**12**<br>**36**<br>**196**|2019<br>88<br>27<br>36<br>13<br>52<br>216|
|---|---|---|



**5. Intangible Fixed Assets** 

The 2013 Astro Turf agreement with University College Plymouth St Mark & St John for £300,000 to be placed in escrow account drawn down at £15,000 per annum for the first 15 years and £5,000 per annum for the remaining 15 years to reflect the usage of the pitch.  As at 31 August 2020 the value was £180,000 (£195,000 2019). 

22 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** 

**(CONTINUED)** 

|**6.**<br>|**Tangible Fixed Assets**<br> **Group:**<br>**Cost**<br>At 1 September 2019<br>Additions<br>Disposal/Transfer<br>At 31 August 2020<br>**Depreciation**<br>At 1 September 2019<br>Charge for the Year<br>Eliminated on Disposal<br>At 31 August 2020<br>**Net Book Value**<br>At 31 August 2020<br>At 31 August 2019|Freehold<br>Property<br>£<br>11,584,167<br>-<br>-<br>11,584,167<br>-<br>-<br>-<br>-<br>11,584,167<br>11,584,167|Assets Under<br>Construction<br>£<br>29,077<br>1,591<br>(8,335)<br>22,333<br>-<br>-<br>-<br>-<br>22,333<br>29,077|Fixtures<br>Fittings and<br>Equipment<br>£<br>829,208<br>23,856<br>8,335<br>861,399<br>239,863<br>80,800<br>-<br>320,663<br>540,736<br>589,345|Motor<br>Vehicles<br>£<br>160,779<br>15,270<br>-<br>176,049<br>112,787<br>14,544<br>-<br>127,331<br>48,718<br>47,992|**Group**<br>**Total**<br>**£**<br>**12,603,231**<br>**40,717**<br>**-**|
|---|---|---|---|---|---|---|
|||||||**12,643,948**|
|||||||**352,650**<br>**95,344**<br>**-**|
|||||||**447,993**|
||||||||
|||||||**12,195,954**<br>**12,250,581**|



The historical cost equivalent of the freehold property is £9,655,481 (2019: £9,655,481). 

||**Charity:**<br>**Cost**<br>At 1 September 2019<br>Additions<br>Disposal/Transfer<br>At 31 August 2020<br>**Depreciation**<br>At 1 September 2019<br>Charge for the Year<br>Eliminated on Disposal<br>At 31 August 2020<br>**Net Book Value**<br>At 31 August 2020<br>At 31 August 2019|Freehold<br>Property<br>£<br>846,154<br>-<br>-<br>846,154<br>-<br>-<br>-<br>-|Assets Under<br>Construction<br>£<br>29,077<br>1,591<br>(8,335)<br>22,333<br>-<br>-<br>-<br>-|Fixtures<br>Fittings and<br>Equipment<br>£<br>829,208<br>23,856<br>8,335<br>861,399<br>239,862<br>80,801<br>-<br>320,663|Motor<br>Vehicles<br>£<br>76,010<br>15,270<br>-<br>91,280<br>57,443<br>7,187<br>-<br>64,630|**Charity**<br>**Total**<br>**£**<br>**1,780,449**<br>**40,717**<br>**-**|
|---|---|---|---|---|---|---|
|||||||**1,821,166**|
|||||||**297,305**<br>**87,988**<br>**-**|
|||||||**385,293**|
||||||||
|||846,154|22,333|540,736|26,650|**1,435,873**|
|||846,154|29,077|587,346|18,567|**1,483,144**|



The Group has elected, in accordance with Section 35.10(d) of FRS102 to use the carrying value of any of the above assets previously carried at valuation, as their deemed cost. 

## **7. Investments** 

|**(a)**Group:<br>Balance at 1 September 2019<br>Additions (Net of management fee)<br>Gain/loss on revaluation<br>Balance at 31 August 2020<br>Listed on the Stock Exchange<br>Cash deposits|Unrestricted<br>£<br>11,217<br>-<br>218|Endowment<br>£<br>357,817<br>10,000<br>(30,087)|**Total**<br>**2020**<br>**£**<br>**369,034**<br>**10,000**<br>**(29,869)**|Total<br>2019<br>£<br>369,067<br>10,000<br>(10,033)|
|---|---|---|---|---|
||11,435|337,730|**349,165**|369,034|
||11,435<br>-|255,706<br>82,024|**267,141**<br>**82,024**|297,011<br>72,023<br>369,034|
||11,435|337,730|**349,165**||



The historical cost of the listed investments is £178,123 (2019: £178,123). 

23 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

**(b)** Investments held in the portfolio at the year end were:- 

|**Endowment Funds**<br>M & G Charifund - Income Units<br>Schroder UK Growth Fund<br>Invesco Fund<br>Mellon Investment Funds<br>Invesco Managers<br>M & G Securities<br>Henderson UK Property<br>ISHARES II Plc<br> Barclays Capital<br>Standard Life<br> UK SMLLR Acc Retail<br>Standard Life<br> Global Absolute Return Strat<br>FIL Investment<br> Fidelity Moneybuilder Income<br>Allianz Global Invest<br> Allianz Gilt Yield Fund A Inc<br>Barclays Multi-Manager Fund<br> GlobalAccess GBL High Yield<br>**Unrestricted Funds**|**2020**<br>2019<br>**£**<br>£<br>**80,578**<br>99,839<br>**32,580**<br>21,200<br>**17,424**<br>23,347<br>**25,077**<br>28,917<br>**13,612**<br>13,356<br>**17,456**<br>31,275<br>**10,761**<br>11,325<br>**7,544**<br>7,787<br>**11,901**<br>10,306<br>**6,210**<br>5,929<br>**11,475**<br>11,584<br>**18,259**<br>17,991<br>**2,827**<br>2,938<br>**11,434**<br>11,217|
|---|---|
||**267,140**<br>297,011|



## **8.** 

## **(a) Plymouth College Trust** 

The consolidated position reported in these financial statements includes Plymouth College Trust, registered charity number 306949 bey School in 2004 to hold the assets previously owned by Plymouth College. The consolidated trading results for the Trust, including its subsidiary Plymouth College Enterprises Ltd are shown below: 

|_Other trading income_<br>Letting income<br>Trading income<br>_Investment income_<br>_Other_<br>_Charitable expenditure_<br>Governance costs<br>_Other expenditure_<br>Trading and lettings<br>Net losses on investments<br>Net expenditure for the year|**2020**<br>**£**<br>**-**<br>**76,030**<br>**4,820**<br>-|2019<br>£<br>34,375<br>83,456<br>6,863<br>(31)|
|---|---|---|
||**80,850**<br>**(4,820)**<br>**(3,000)**<br>**(77,621)**<br>**(29,869)**<br>**(34,460)**|124,663<br>(41,237)<br>(2,500)<br>(77,373)<br>(10,033)<br>(6,480)|



ity of £4,820 (2019: £41,238) are eliminated on consolidation. 

24 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

|The assets of Plymouth College Trust were:<br>Tangible fixed assets<br>Investments<br>Current Assets<br>Creditors<br> falling due within one year<br>Creditors<br> falling due after one year<br>Deferred Taxation<br>**Net assets**|**2020**<br>**£**<br>**5,310,080**<br>**349,165**<br>**2,594,890**<br>**(153,387)**<br>**(1,595,504)**<br>**(1,000)**<br>**6,504,244**|2019<br>£<br>5,317,437<br>369,034<br>2,593,312<br>(155,825)<br>(1,584,254)<br>(1,000)<br>6,538,704|
|---|---|---|



## **(b) Plymouth College Enterprises Limited** 

Plymouth College Enterprises Limited, registered company number 03911069, is a wholly owned subsidiary of Plymouth College Trust.  From 1 May 2000, it operated the School Shop, which sold school uniform and limited educational supplies. During 2001, it diversified into transport.  In November 2002, Schooltogs (formerly Pinder and Tuckwell Limited) took over the running of the School Shop paying commission quarterly based on Shop Turnover. 

The trading results of the company for the year are consolidated within the Plymouth College Trust financial statements. The trading results for the company as extracted from the audited financial statements are summarised below: 

|Turnover<br>Cost of sales<br>Gross profit<br>Administrative expenses<br>Corporation tax<br>Deferred tax<br>Donation of profit<br>(Loss)/profit for the year<br>Profits will be gifted to the Trust in future years under the gift aid provisions.<br>The assets of Plymouth College Enterprises Limited were:<br>Tangible fixed assets<br>Current assets<br>Creditors amounts falling due within one year<br>Deferred taxation<br>Representing:<br>Share capital<br>Profit and loss account|**2020**<br>**£**<br>**76,030**<br>**(18,520)**<br>**57,510**<br>**(60,087)**<br>**(2,577)**<br>-<br>-<br>-<br>**(2,577)**<br>**2020**<br>**£**<br>**22,068**<br>**59,609**<br>**81,677**<br>**(9,765)**<br>**(1,000)**<br>**70,912**<br>**100**<br>**70,812**<br>**70,912**||2019<br>£<br>84,919<br>(18,369)<br>66,550<br>(60,497<br>6,053<br>-<br>-<br>-<br>6,053<br>2019<br>£<br>29,424<br>56,485|
|---|---|---|---|
|||||
|||||
||||85,909<br>(11,422)<br>(1,000)|
||||73,487|
||||100<br>73,387<br>73,487|



25 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **(c)** 

number 306736, which was created prior to the merger with Plymouth College in 2004 to hold the assets previously owned 

|ncome<br>Expenditure<br>Net expenditure for the year<br>Tangible fixed assets<br>Current Assets<br>Creditors<br> falling due within one year<br>Creditors<br> falling due after one year<br>**Net assets**|**2020**<br>**£**<br>**353**<br>**(2,500)**<br>**(2,147**<br>**2020**<br>**£**<br>**5,450,000**<br>**503,035**<br>**(27,435)**<br>**(2,521,224)**<br>**3,404,376**|2019<br>£<br>484<br>(2,500)<br>**)**<br>(2,016)<br>2019<br>£<br>5,450,000<br>502,682<br>(24,935)<br>(2,521,224)<br>3,406,523|
|---|---|---|



All of the above subsidiaries have the same registered office as the School. 

## **9. Debtors** 

|Fees receivable<br>Loan Plymouth College Trust<br> long-term<br>Group debtors<br>Other debtors<br>Prepayments|Group<br>**2020**<br>2019<br>**£**<br>£<br>**231,720**<br>200,352<br>**-**<br>-<br>**-**<br>-<br>**38,852**<br>49,648<br>**37,516**<br>89,623<br>**308,088**<br>339,623|Charity<br>**2020**<br>2019<br>**£**<br>£<br>**231,720**<br>200,352<br>**1,545,504**<br>1,534,254<br>**91,633**<br>98,372<br>**33,037**<br>42,344<br>**37,516**<br>89,623<br>**1,939,410**<br>1,964,945|
|---|---|---|



The assets of Plymouth College Trust and St Dunstan's Abbey School Trust provide security for the bank borrowing of the charity (see note 11). 

## **10. Creditors: Amounts falling due within one year** 

|Bank overdraft (secured)<br>Trade creditors<br>Group creditors<br>Other creditors<br>Tax and social security<br>Accruals<br>Fees received in advance<br>Bank loans (secured) (see note 12)|Group<br>**2020**<br>2019<br>**£**<br>£<br>**2,524,239**<br>2,740,886<br>**147,864**<br>263,722<br>**-**<br>-<br>**897,900**<br>680,770<br>**101,628**<br>164,583<br>**78,217**<br>212,581<br>**1,050,444**<br>1,228,263<br>**99,860**<br>94,677<br>**4,900,152**<br>5,385,482|Charity<br>**2020**<br>2019<br>**£**<br>£<br>**2,524,239**<br>2,740,886<br>**141,099**<br>200,846<br>**21,645**<br>15,822<br>**858,760**<br>679,770<br>**101,628**<br>160,680<br>**70,929**<br>205,081<br>**1,050,444**<br>1,228,263<br>**99,860**<br>94,677<br>**4,868,604**<br>5,326,025|
|---|---|---|



26 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **11. Creditors: Amounts falling due after more than one year** 

|OPM loan<br>Bank loans (secured) (see note 12)<br>Fees received in advance<br>**Bank Loan**<br>The College has secured loan facilities as follows:<br>Due within one year<br>Due within 1-2 years<br>Due within 2-5 years<br>Due after 5 years|Group<br>**2020**<br>2019<br>**£**<br>£<br>**50,000**<br>50,000<br>**600,871**<br>652,094<br>**65,329**<br>155,056<br>**716,200**<br>857,150<br>Group<br>**2020**<br>2019<br>**£**<br>£<br>**99,860**<br>97,360<br>**107,360**<br>97,360<br>**322,081**<br>292,081<br>**171,431**<br>259,969<br>**700,732**<br>746,770|Charity<br>**2020**<br>2019<br>**£**<br>£<br>**-**<br>-<br>**600,871**<br>652,094<br>**65,329**<br>155,056<br>**666,200**<br>807,150<br>Charity<br>**2020**<br>2019<br>**£**<br>£<br>**-99,860**<br>97,360<br>**107,360**<br>97,360<br>**322,081**<br>292,081<br>**171,431**<br>259,969<br>**700,732**<br>746,770|
|---|---|---|



## **12.           Bank Loan** 

The bank borrowing is secured by a charge over the freehold property of the Group in favour of Lloyds Bank. The aggregate of secured liabilities is £3,224,971. 

The consolidated bank loan originally for £760,000 is being repaid over 15 years. 

The loan for the freehold property, The Haven, was for £280,000 and is being repaid over 15 years. 

The third loan was for £717,000, The Haven freehold property and £300,000 for a long licence for use of Astroturf (see note 20). 

Interest on these loans is at varying fixed rates and is shown in Note 4(b). 

## **13. Financial Instruments** 

|_Financial assets that are debt instruments measured at amortised_<br>Fees<br>Other debtors<br>Other amounts due from group undertakings<br>Equity instruments measured at market value<br>_Financial liabilities measured at amortised cost:_<br>Bank overdraft<br>Bank loans<br>Trade creditors<br>Other creditors<br>Accruals<br>OPM loan|Group<br>**2020**<br>2019<br>**£**<br>£<br>_cost:_<br>**231,720**<br>200,352<br>**38,852**<br>49,648<br>**-**<br>-<br>**270,752**<br>250,000<br>**296,337**<br>285,794<br>**2,524,239**<br>2,740,886<br>**700,732**<br>746,771<br>**147,864**<br>263,722<br>**894,400**<br>680,770<br>**80,717**<br>212,581<br>**50,000**<br>50,000<br>**4,397,952**<br>4,694,730|Group<br>**2020**<br>2019<br>**£**<br>£<br>_cost:_<br>**231,720**<br>200,352<br>**38,852**<br>49,648<br>**-**<br>-<br>**270,752**<br>250,000<br>**296,337**<br>285,794<br>**2,524,239**<br>2,740,886<br>**700,732**<br>746,771<br>**147,864**<br>263,722<br>**894,400**<br>680,770<br>**80,717**<br>212,581<br>**50,000**<br>50,000<br>**4,397,952**<br>4,694,730|Charity<br>**2020**<br>2019<br>**£**<br>£<br>**231,720**<br>220,352<br>**33,036**<br>42,344<br>**1,545,504**<br>1,534,254<br>**1,810,260**<br>1,796,950<br>**-**<br>-<br>**2,524,239**<br>2,740,886<br>**700,732**<br>746,771<br>**141,099**<br>200,846<br>**858,760**<br>679,770<br>**70,929**<br>205,081<br>**-**<br>-<br>**4,295,759**<br>4,573,354|Charity<br>**2020**<br>2019<br>**£**<br>£<br>**231,720**<br>220,352<br>**33,036**<br>42,344<br>**1,545,504**<br>1,534,254<br>**1,810,260**<br>1,796,950<br>**-**<br>-<br>**2,524,239**<br>2,740,886<br>**700,732**<br>746,771<br>**141,099**<br>200,846<br>**858,760**<br>679,770<br>**70,929**<br>205,081<br>**-**<br>-<br>**4,295,759**<br>4,573,354|
|---|---|---|---|---|
||**270,752**|250,000|**1,810,260**|1,796,950|
||||||
||**296,337**|285,794|**-**|-|
||**2,524,239**<br>**700,732**<br>**147,864**<br>**894,400**<br>**80,717**<br>**50,000**<br>**4,397,952**|2,740,886<br>746,771<br>263,722<br>680,770<br>212,581<br>50,000<br>4,694,730|**2,524,239**<br>**700,732**<br>**141,099**<br>**858,760**<br>**70,929**<br>**-**<br>**4,295,759**|2,740,886<br>746,771<br>200,846<br>679,770<br>205,081<br>-<br>4,573,354|



27 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

**14. a) Allocation of the Groups Net Assets 2020** 

|**2020**<br>**Endowment Funds**<br>**Unrestricted Funds**<br>General reserve<br>Designated funds<br>**Restricted Funds**<br>Foundation<br>J.C. Herringshaw<br> Chemistry<br>George Stephenson Pavilion<br>Astronomy donation<br> Prep School<br>Appeal funds<br>**2019**<br>**Endowment Funds**<br>**Unrestricted Funds**<br>General reserve<br>Designated funds<br>**Restricted Funds**<br>Foundation<br>J.C. Herringshaw<br> Chemistry<br>George Stephenson Pavilion<br>Astronomy donation<br> Prep School<br>Appeal funds|Net<br>Long-<br>Fixed<br>Current<br>Term<br>**Total**<br>Assets<br>Liabilities<br>Liabilities<br>£<br>£<br>£<br>**£**<br>337,729<br>-<br>-<br>**337,729**<br>11,822,544<br>(4,127,948)<br>(717,200)<br>**6,977,396**<br>-<br>52,637<br>-<br>**52,637**<br>-<br>334<br>-<br>**334**<br>-<br>4,827<br>-<br>**4,827**<br>-<br>2,685<br>-<br>**2,685**<br>-<br>10,000<br>-<br>**10,000**<br>564,846<br>-<br>-<br>**564,846**<br>-<br>946<br>-<br>**946**|
|---|---|
||12,725,119<br>(4,056,519)<br>(717,200)<br>**7,951,400**|
||Net<br>Long-<br>Fixed<br>Current<br>Term<br>**Total**<br>Assets<br>Liabilities<br>Liabilities<br>£<br>£<br>£<br>**£**<br>357,816<br>-<br>-<br>**357,816**<br>11,891,953<br>(4,564,074)<br>(858,151)<br>**6,469,728**<br>-<br>62,637<br>-<br>**62,637**<br>-<br>334<br>-<br>**334**<br>-<br>4,827<br>-<br>**4,827**<br>-<br>2,685<br>-<br>**2,685**<br>-<br>10,000<br>-<br>**10,000**<br>564,846<br>-<br>-<br>**564,846**<br>-<br>946<br>-<br>**946**|
||12,814,615<br>(4,482,645)<br>(858,151)<br>**7,473,819**|



28 



**PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **b) Allocation of the Charity Net Liabilities** 

|**2020**<br>**Unrestricted Funds**<br>General reserve<br>**Restricted Funds**<br>Foundation<br>J.C. Herringshaw – Chemistry<br>George Stephenson Pavilion<br>Astronomy donation – Prep School|Net<br>Long-<br>Fixed<br>Current<br>Term<br>**Total**<br>Assets<br>Liabilities<br>Liabilities<br>£<br>£<br>£<br>**£**<br>1,615,873<br>(2,897,741)<br>(693,200)<br>**(1,975,068)**<br>-<br>334<br>-<br>**334**<br>-<br>4,827<br>-<br>**4,827**<br>-<br>2,685<br>-<br>**2,685**<br>- <br>10,000 <br>- <br>**10,000**|
|---|---|
||1,615,873 <br>(2,879,895) <br>(693,200) <br>**(1,957,222)**|



**2019** 

|**Unrestricted Funds**<br>General reserve<br>**Restricted Funds**<br>Foundation<br>J.C. Herringshaw – Chemistry<br>George Stephenson Pavilion<br>Astronomy donation – Prep School|Net<br>Long-<br>Fixed<br>Current<br>Term<br>**Total**<br>Assets<br>Liabilities<br>Liabilities<br>£<br>£<br>£<br>**£**<br>1,678,144<br>(3,360,247)<br>(807,151)<br>**(2,489,254)**<br>-<br>334<br>-<br>**334**<br>-<br>4,827<br>-<br>**4,827**<br>-<br>2,685<br>-<br>**2,685**<br>- <br>10,000 <br>- <br>**10,000**|
|---|---|
||1,678,144 <br>(3,342,401) <br>(807,151) <br>**(2,471,408)**|



**15. Unrestricted Funds – Movement in the Year a) Group** 

**2020** 

|General Reserve<br>Designated funds<br>**2019**<br>General Reserve<br>Designated funds|Balance at<br>31 August<br>2019<br>Income<br>Expenditure<br>URGL /<br>Transfers<br>Balance at<br>31 August<br>2020<br>£<br>£<br>£<br>£<br>£<br>6,469,695<br>8,605,407<br>(8,097,925)<br>218<br>**6,977,395**<br>62,637<br>-<br>-<br>(10,000)<br>**52,637**|
|---|---|
||6,532,332<br>8,605,407<br>(8,067,425)<br>(9,782)<br>**7,030,032**|
||Balance at<br>31 August<br>2018<br>Income<br>Expenditure<br>URGL /<br>Transfers<br>Balance at<br>31 August<br>2019<br>£<br>£<br>£<br>£<br>£<br>6,390,331<br>9,547,983<br>(9,468,269)<br>(350)<br>**6,469,695**<br>72,637<br>-<br>-<br>(10,000)<br>**62,637**|
||6,462,968<br>9,547,983<br>(9,468,269)<br>(10,350)<br>**6,532,332**|



29 



**PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **b) Charity** 

|**2020**<br>General Reserve<br>**2019**<br>General Reserve|Balance at<br>31 August<br>2019<br>Income<br>Expenditure<br>Transfers<br>Balance at<br>31 August<br>2020<br>£<br>£<br>£<br>£<br>£|
|---|---|
||(2,489,287)<br>8,604,090<br>(8,089,871)<br>-<br>**(1,975,068)**|
||Balance at<br>31 August<br>2018<br>Income<br>Expenditure<br>Transfers<br>Balance at<br>31 August<br>2019<br>£<br>£<br>£<br>£<br>£|
||(2,567,463)<br>9,579,733<br>(9,501,557)<br>-<br>**(2,489,287)**|



The general reserve represents the free funds of the charity, which are not designated for any particular purpose. 

## **16. Restricted Funds – Movement in the Year a) Group** 

**2020** 

|Foundation<br>J.C. Herringshaw – Chemistry<br>Astronomy donation – Prep School<br>George Stephenson Pavilion<br>St Dunstan’s Abbey – Restricted Funds<br>Appeal Funds|Balance at 31<br>August 2019<br>Income<br>Expenditure<br>**Balance at**<br>**31 August**<br>**2020**<br>£<br>£<br>£<br>**£**<br>334<br>-<br>-<br>334<br>4,827<br>-<br>-<br>4,827<br>10,000<br>-<br>-<br>10,000<br>2,718<br>512<br>(545)<br>2,685<br>946<br>-<br>-<br>946<br>564,846<br>-<br>-<br>564,846|
|---|---|
||583,671<br>512<br>(545)<br>583,638|



## **2019** 

|**19**||
|---|---|
|Foundation<br>J.C. Herringshaw – Chemistry<br>Astronomy donation – Prep School<br>George Stephenson Pavilion<br>St Dunstan’s Abbey – Restricted Funds<br>Appeal Funds|Balance at 31<br>August 2018<br>Income<br>Expenditure<br>**Balance at**<br>**31 August**<br>**2019**<br>£<br>£<br>£<br>**£**<br>334<br>-<br>-<br>334<br>4,827<br>-<br>-<br>4,827<br>10,000<br>-<br>-<br>10,000<br>-<br>32,004<br>(29,286)<br>2,718<br>946<br>-<br>-<br>946<br>564,846<br>-<br>-<br>564,846|
||580,953<br>32,004<br>(29,286)<br>583,671|



30 



## **PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **b) Charity** 

**2020** 

|Foundation<br>J.C. Herringshaw – Chemistry<br>Astronomy donation – Prep School<br>George Stephenson Pavilion<br>**2019**<br>Foundation<br>J.C. Herringshaw – Chemistry<br>Astronomy donation – Prep School<br>George Stephenson Pavilion|Balance at 31<br>August 2019<br>Income<br>Expenditure<br>**Balance at**<br>**31 August**<br>**2020**<br>£<br>£<br>£<br>**£**<br>334<br>-<br>-<br>**334**<br>4,827<br>-<br>-<br>**4,827**<br>10,000<br>-<br>-<br>**10,000**<br>2,718<br>512<br>(545)<br>**2,685**|
|---|---|
||17,879<br>512<br>(545)<br>**17,846**|
||Balance at 31<br>August 2018<br>Income<br>Expenditure<br>**Balance at**<br>**31 August**<br>**2019**<br>£<br>£<br>£<br>**£**<br>334<br>-<br>-<br>**334**<br>4,827<br>-<br>-<br>**4,827**<br>10,000<br>-<br>-<br>**10,000**<br>-<br>32,004<br>(28,286)<br>**2,718**|
||15,161<br>32,004<br>(28,287)<br>**17,879**|



## Foundation 

In previous years, the Foundation office raised £7,944 for specific projects. The majority was utilised in prior financial years towards a new gym. However, some funds remain where the project donated for has a balance that has not yet reached the target necessary to fulfil the specific appeal. 

## – J.C Herringshaw Chemistry 

In the year ended 31[st] August 2015, the College received £5,000 from the estate of Jillian Clara Herringshaw for the furtherance of chemistry study at Plymouth College. Part of these funds were utilised to purchase a cup to be awarded annually for Chemistry: the remainder has not been utilised as yet. 

## – Astronomy Donation Prep School 

The Prep School received a £10,000 donation towards the furtherance of Astronomy at the school. This has not been utilised asset. 

## George Stephenson Pavilion 

In the prior year, the College received donations totalling £32,004 towards the refurbishment of the old sports pavilion in memory of alumnus George Stephenson. £28,831 of this was spent on the refurbishment to date, alongside additional funds from the College. The remainder has not been utilised as yet. 

## **17. Endowed Funds – Movement in the Year a) Group** 

## **2020** 

|Plymouth College Education Prize and<br>Scholarship Fund|Balance at 31<br>August 2019<br>Income/<br>Expenditure<br>Investment<br>losses/transfer<br>**Balance at**<br>**31 August**<br>**2020**<br>£<br>£<br>£<br>**£**<br>357,817<br>-<br>(20,087)<br>337,730|
|---|---|
||357,817<br>-<br>(20,087)<br>337,730|



31 



**PLYMOUTH COLL** 

**ABBEY SCHOOLS CHARITY** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## 

|**2019**||
|---|---|
|Plymouth College Education Prize and<br>Scholarship Fund<br>**Endowed Funds - Group**|Balance at 31<br>August 2018<br>Income/<br>Expenditure<br>Investment<br>gains and<br>losses/transfer<br>**Balance at**<br>**31 August**<br>**2019**<br>£<br>£<br>£<br>**£**<br>357,500<br>-<br>317<br>357,817|
||357,500<br>-<br>317<br>357,817|



## **18. Operating Leases Group and Charity** 

At 31 August 2020, there were outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 

|Within one year<br>Between two and five years<br>Over five years|**2020**<br>**£**<br>**46,749**<br>**45,669**<br>**-**<br>**92,418**|2019<br>£<br>56,479<br>92,418<br>-<br>148,897|
|---|---|---|



## **19. Contingent Liabilities** 

- (a) The music/hospitality suite was completed and brought into use during 2004. An agreement between Plymouth College Trust and the OPM Club was reached whereby the OPM Club paid a lease premium of £439,303 for the granting of a 999 year landlord repairing lease of the hospitality suite, for a peppercorn rent.  The Plymouth College Schools Charity pays the OPM Club for the use of the facilities during school hours. 

Under the terms of the agreement, should the OPM Club have to vacate the premises for various reasons (the likelihood of which is considered remote) then the Trust will have to repay to the OPM Club an amount equal to the lease premium, together with interest compounded annually in line with the RPI.  During the year 2016-2017, the OPM Club resolved to freeze this RPI escalator for ten years effective from 1[st] September 2016. 

The Trust believes the possibility of repayment is remote and so has recognised the income and has not incorporated the contingent liability into the accounts.  The annual value accruing will be presented annually by way of note to the accounts. 

(b) Since August 2006, the assets of Plymouth College Trust have been used to secure the bank borrowing of Plymouth College and St Dunstan's Abbey Schools Charity by guarantee to Lloyds Bank plc. Assets at the Ford Park site owned by Plymouth College Trust were subject to this charge. During 2018-19, the guarantee was extended so that the freehold property assets of the Group are used to secure bank borrowing of the Charity. The level of borrowings currently secured under this charge is £2,524,240 (2019: £2,740,886). 

The trust believes the possibility of the bank exercising this charge is remote and so no provision has been included in the accounts. 

32 



**ABBEY SCHOOLS CHARITY** 

## **PLYMOUTH COLL** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED)** 

## **20. Notes to the Statement of Cash Flows** 

Reconciliation of net income to net cash inflow from operating activities: 

|Net Income<br>Non-operating cash flows eliminated:<br>Interest received and investment income<br>Interest payable<br>Bank charges<br>Depreciation charges<br>Amortisation charges<br>Profit / Loss on disposal of fixed assets<br>Increase / Decrease in debtors<br>Increase/Decrease in creditors<br>Loss/Gain on revaluation of investments<br>Net cash inflow from operating activities|**2020**<br>**£**<br>**477,580**<br>**(5,173)**<br>**133,775**<br>**28,468**<br>**95,344**<br>**15,000**<br>**-**<br>**31,535**<br>**(363,593)**<br>**19,869**<br>**432,805**|2019<br>£<br>72,398<br>(7,347)<br>134,555<br>51,018<br>83,191<br>15,000<br>35,973<br>17,579<br>(228,098)<br>10,033<br>184,302|
|---|---|---|



## **21. Pension Schemes** 

During the year, the School participated in a multi-employer defined contribution pension scheme for its teaching staff administered by Aviva (APTIS). The standard contributions are 15% employer and 5% employee although staff can opt to increase their contributions or reduce their employer contributions and receive as additional salary. 

The School also contributes to a defined contribution scheme for non-teaching staff with employer contributions at 7% of basic pay, and now has an auto-enrolment scheme where it contributes 3% of pay. £73,585 was payable for the year ended 31 August 2020 (2019: £76,136). Of this, £5,993 was outstanding at year end. 

Contributions are charged in the statement of financial activities as they accrue. 

The pension cost for these schemes is recognised as it becomes payable. 

## **22. Related Parties** 

During the year the school received legal advice from Wolferstans Solicitors totalling £13,735 (2019: £25,786) which has been paid. C Hammond, a Trustee until 27[th] March 2020, is employed by that firm.  The legal authority for such payments to a 

Certain governors may have children at the school who receive bursaries or scholarships; these are assessed and awarded on the same terms available to all parents. 

During the year one Trustee provided professional services to the school totalling £1,275 (2019 £6,836 Total 2 Trustees). 

As at 31 August 2020, Plymouth College Trust owes £1,545,504 (2019: £1,534,254 Abbey Schools Charity. 

As at 31 August 2020 owes £21,435 (2019: £21,435 Abbey Schools Charity. This balance relates to audit fees and other professional fees settled by Plymouth College and St 

Other group entities were recharged costs totalling £47,718 (2019: £47,533) by Plymouth Coll Schools Charity, and invoiced the same entity £65,068 (2019: £72,257) for services provided. Plymouth College Enterprises will donate its taxable profits for the year to in the next financial year. 

During the year the spouse of one member of the Key Management Team did some work for the charity totalling £20,245 (2019: £210). 

33 



**PLYMOUTH COLL** 

## **ABBEY SCHOOLS CHARITY** 

There are no other related party transactions or balances to disclose. 


34