2020-07-31-accounts

				Page
Reference and administrative details				1-2
Trustees' report				3-17
Independent	auditor's report on the financial statements			18-20
Consolidated	statement offinancial	activities		21
Consolidated	income and expenditure		account	22
Consolidated	balance sheet			23-24
Company balance sheet				25-26
Consolidated	statement ofcash flows			27
Notes to the	financial statements			28-60

Governors
			Mrs J Drummond, Co-opted Governor		(Chairman					from 2 December 2017)
			Ms T Hartley, Co-opted Governor (Vice Chairman)
			DrJ Berry, Co-opted Governor (appointed			15October 2020)
			Mr P A Campbell, Co-opted Governor		(resigned				12June 2020)
			Ms C D'Cruz, Co-opted Governor (resigned				12June 2020)
			Mr I Evbuomwan, Co-opted Governor		(resigned				12June 2020)
			Mr H Fell, Co-opted Governor
			Mr A Fletcher, Co-opted Governor
			Mrs SGreen, Co-opted Governor
			Mrs A Gupta, Co-opted Governor
			Prof S Hambleton, Nominated by the University						ofNewcastle
			Prof M Hannifa, Nominated by the	University			of		Newcastle
			Mr A Lamb, Co-opted Governor
			Mr N McMinn, Co-opted Governor	(appointed			24			April 2020)
			Miss S Milligan, Co-opted Governor
			Mr A Murphy, Co-opted Governor
			Mrs C Murphy, Co-opted Governor	(resigned			12June 2020)
			Mr M Robinson, Co-opted Governer (appointed						15October 2020)
			Mr I Simpson, Co-opted Governor
			Ms C Stonehouse, Co-opted Governor
			Cllr TThorne, Nominated by Northumberland					County Council
			ProfJ Turner, Co-opted Governor	(resigned			8	January 2020)
			Mrs SWoodroffe, Co-opted Governor
Company	registered
number			05664801
Charity registered
number			1114424
Registered		office	Eskdale Terrace
			Newcastle upon Tyne
			NE2 4DX
Company	secretary		J Blott
Headmaster			Mr G Stanford
Independent		auditor	UNW LLP
			Chartered Accountants
			Citygate
			St.James' Boulevard
			Newcastle upon Tyne
			NE1 4JE

Bankers		Barclays Bank pic	Barclays Bank pic
		PO Box379
		71 Grey Street
		Newcastle upon	Tyne
		NE99 1JA
		NatWest
		2nd Floor
		1 Trinity Gardens
		Broad Chare
		Newcastle upon	Tyne
		NE1 2HF
Investment	advisors	Brewin Dolphin	Limited
		Time Central
		Gallowg ate
		Newcastle upon	Tyne
		NE14SR
		CCLA
		Senator House
		85 Queen Victoria Street
		London
		EC4V 4ET
Insurance	broker	Zurich Municipal
		Zurich House
		2 Gladiator Way
		Farnborough
		GU14 6GB

UKGreenhouse gas emissions and energy use data for the	UKGreenhouse gas emissions and energy use data for the	UKGreenhouse gas emissions and energy use data for the	UKGreenhouse gas emissions and energy use data for the	period 1August 2019to 31July 2020
Energy Consumption	used to calculate emissions		(kWh)	4,314,067
Scope 1emissions	in	metric tonnes CO2e
Gas consumption				540.20
Transport fuel				14.43
Total Scope 1				554.63
Scope 2emissions	in	metric tonnes CO2e
Purchased electricity				305.15
Scope 3emissions	in	metric tonnes CO2e
Business travel in employee owned vehicles				1.38
Total gross emissions		in metric tonnes CO2e		861.16
Intensity ratio tonnes		CO2e per pupil		0.66

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
			2020	2020	2020	2020	2019
		Note		E		E	E
Income from:
Donations and legacies			1,054,075	665,578		1,719,653	837,756
Charitable activities			16,986,875			16,986,875	17,054,826
Other trading activities			109,615			109,615	165,499
Investments			13,785	46,117		59,902	65,085
Other income			39,609			39,609	22,060
Total income			18,203,959	711,695		18,915,654	18,145,226
Expenditure on:
Raising funds		7	125,588			125,588	145,204
Charitable activities		8	17,784,019	665,148		18,449,167	17,478,866
Total expenditure			17,909,607	665,148		18,574,755	17,624,070
Net (losses)/gains on
investments					(115,105)	(115,105)	40,328
Net income / (expenditure)			294,352	46,547	(115,105)	225,794	561,484
Net movement in
funds before other recognised gains			294,352	46,547	(115,105)	225,794	561,484
Other recognised
gains:
Gains on revaluation	of
fixed assets			1,740,775			1,740,775
Net movement in funds			2,035,127	46,547	(115,105)	1,966,569	561,484
Reconciliation of
funds:
Total funds brought
forward			33,032,613	63,988	1,329,620	34,426,221	33,864,737
Net movement in funds			2,035,127	46,547	(115,105)	1,966,569	561,484
Total funds carried forward			35,067,740	110,535	1,214,515	36,392,790	34,426,221

		Total funds	Total funds
		2020	2019
			E
Income		18,915,654	18,145,226
Gains on revaluation offixed assets		1,740,775
Gross income in the reporting	period	20,656,429	18,145,226
Less: Total expenditure		(18,574,755)	(17,624,070)
Net income for the reporting	period	2,081,674	521,156

				2020		2019
		Note				F
Fixed assets
Tangible assets		12		47,143,906		43,470,334
Investment property		13		365,000		440,000
Investments		14		849,515		889,620
				48,358,421		44,799,954
Current assets
Stocks		15	24,533		13,114
Debtors		16	248,413		341,004
Cash at bank and	in hand		9,024,424		6,460,247
			9,297,370		6,814,365
Creditors: amounts	falling due within one
year		17	(7,247,112)		(3,327,045)
Net current assets				2,050,258		3,487,320
Total assets less	current liabilities			50,408,679		48,287,274
Creditors: amounts	falling due after more
than one year		18		(14,015,889)		(13,861,053)
Total net assets				36,392,790		34,426,221
Charity funds
Endowment funds		19		1,214,515		1,329,620
Restricted funds		19		110,535		63,988
Unrestricted funds
Designated funds		19	3,725,332		4,000,000
Revaluation reserve		19	12,941,804		11,201,029
General funds		19	18,400,604		17,831,584
Total unrestricted	funds	19		35,067,740		33,032,613
Total funds				36,392,790		34,426,221

				2020		2019
		Note		F		F
Fixed assets
Tangible assets		12		47,137,441		43,470,334
Investments		14		849,516		889,621
Investment property		13		365,000		440,000
				48,351,957		44,799,955
Current assets
Stocks		15	21,243		9,928
Debtors		16	256,985		358,061
Cash at bank and	in hand		9,014,246		6,433,889
			9,292,474		6,801,878
Creditors: amounts	falling due within one
year		17	(7,245,811)		(3,325,793)
Net current assets				2,046,663		3,476,085
Total assets less	current liabilities			50,398,620		48,276,040
Creditors: amounts	falling due after more
than one year		18		(14,015,889)		(13,861,053)
Total net assets				36,382,731		34,414,987
Charity funds
Endowment funds		19		1,214,515		1,329,620
Restricted funds		19		110,535		63,988
Unrestricted funds
Designated funds		19	4,000,000		4,000,000
Revaluation reserve		19	12,941,804		11,201,029
General funds		19	18,115,877		17,820,350
Total unrestricted	funds	19		35,057,681		33,021,379
Total funds				36,382,731		34,414,987

			Note	2020f	2019 E
Cash flows from operating activities
Net cash used in operating activities			21	1,875,903	2,955,559
Cash flows from investing activities
Dividends, interests and rents from investments				59,902	65,085
Proceeds from the sale oftangible fixed	assets				223,823
Purchase oftangible fixed assets				(3,432,186)	(6,461,742)
Proceeds from sale ofinvestments				511,322	190,669
Purchase ofinvestments				(511,322)	(190,669)
Net cash used in investing activities				(3,372,284)	(6,172,834)
Cash flows from financin activities
Repayments ofborrowing				(420,000)	(9,193,003)
Interest paid				(519,442)	(399,144)
New bank borrowings				5,000,000	15,000,000
Net cash provided by financing activities				4,060,558	5,407,853
Change in cash and cash equivalents	in	the year		2,564,177	2,190,578
Cash and cash equivalents at the beginning		ofthe year		6,460,247	4,269,669
Cash and cash equivalents at the end of		the year	22	9,024,424	6,460,247
The notes on pages 28 to 60 form part ofthese financial statements

Freehold property		- 50years
Leasehold land and	buildings	- over the life ofthe lease
All weather pitch		- 20 years
Motor vehicles		- 4years
Fixtures and fittings		- 3-10years
Trading subsidiary	equipment	-4 years

			Unrestricted	Restricted	Total
			funds	funds	funds
			2020	2020	2020
			F
Hospital ofSt Mary	the Virgin		192,480		192,480
The Royal Grammar	School Educational	Trust		665,148	665,148
Other income for bursaries				430	430
Government grants			861,595		861,595
			1,054,075	665,578	1,719,653
			Unrestdcted	Restricted	Total
			funds	funds	funds
			2019	2019	2019
			E	E	E
Hospital ofSt Mary	the Virgin		238,500		238,500
The Royal Grammar	School Educational	Trust		597,106	597,106
Other income for bursaries				2,150	2,150
			238,500	599,256	837,756

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
		E
Provision	ofschool services	16,986,875	16,986,875	17,054,826
School	fees
			2020	2019
			F	F
Gross fees			16,841,972	16,719,094
Less: Grants and allowances			(408,379)	(376,904)
Catering	income		553,282	712,636
			16,986,875	17,054,826

				Unrestricted	Total	Total
				funds	funds	funds
				2020	2020	2019
Facilities	lettings income			70,845	70845	100623
Income	from non charitable	trading	activities

Unrestricted	Total	Total
funds	funds	funds
2020	2020	2019
K	E	f.
38,770	38,770	64,876

			Unrestricted	Restricted	Total
			funds	funds	funds
			2020	2020f	2020
Property	rental income			34,350	34,350
Dividend	income			5,181	5,181
Prize fund dividend		income		3,560	3,560
Bank interest			13,785	3,026	16,811
			13,785	46,117	59,902

			Unrestricted	Restricted	Total
			funds	funds	funds
			2019	2019	2019
				F
Property	rental income			39,184	39,184
Dividend	income			3,935	3,935
Prize fund dividend		income		3,346	3,346
Bank interest			10,409	8,211	18,620
			10,409	54,676	65,085

		Unrestricted	Total
		funds	funds
		2020	2020f
Fundraising	costs	9,196	9,196
Marketing	costs	53,205	53,205
Costs of letting facilities		23,241	23,241
Subsidiary	trading costs	39,945	39,945
		125,587	125,587
		Unrestricted	Total
		funds	funds
		2019	2019
		P	F
Fundraising	costs	19,449	19,449
Marketing	costs	67,022	67,022
Costs of letting facilities		1,996	1,996
Subsidiary	trading costs	56,737	56,737
		145,204	145,204

		Unrestricted	Restricted	Total
		funds	funds	funds
		2020 f	2020 f	2020f
Provision	ofschool services	17,091,042		17,091,042
Bursaries	provided	692,977	665,148	1,358,125
		17,784,019	665,148	18,449,167
		Unrestricted	Restricted	Total
		funds	funds	funds
		2019 f	2019 f	2019f
Provision	ofschool services	16,424,756		16,424,756
Bursaries	provided	440,234	613,876	1,054,110
		16,864,990	613,876	17,478,866

		Activities	Grant
		undertaken	funding of	Support	Total
		directly	activities	costs	funds
		2020	2020	2020	2020
		E		F	E
Provision	ofschool services	15,170,358	37,567	1,883,118	17,091,043
Bursaries	provided	896,699	284,259	177,167	1,358,125
		16,067,057	321,826	2,060,285	18,449,167

		Activities	Grant
		undertaken	funding of	Support	Total
		directly	activities	costs	funds
		2019	2019	2019	2019
Provision	ofschool services	14,829,303	37,517	1,557,936	16,424,756
Bursaries	provided	836,911	57,409	159,790	1,054,110
		15,666,214	94,926	1,717,726	17,478,866

				Total	Total
				funds	funds
				2020	2019
				E
Depreciation				1,499,389	1,223,352
Teachers' salaries				9,143,521	8,569,329
Teaching resources				579,381	746,893
Other educational costs				184,269	219,087
Other teaching staff costs				239,650	148,740
Premises costs - salary				727,571	653,592
Premises costs - maintenance				472,337	588,589
Premises costs - occupancy				654,889	770,678
Premises costs - insurance				123,823	129,981
Catering costs - staff salaries				252,792	245,933
Catering costs - food				276,958	400,384
Catering costs - kitchen overheads				73,287	99,074
Academic support expenditure	-educational	support salaries		689,721	750,005
Academic support expenditure	-PE and sport			211,758	232,329
Academic support expenditure costs	-clubs, school magazines		and miscellaneous	30,357	41,833
Bursaries provided				896,699	836,911
Prizes and awards				10,656	9,504
				16,067,057	15,666,214

		Provision of
		school	Fundraising	Total
		services	costs	funds
		2020	2020	2020
		E	E
Administration	costs	906,003	177,167	1,083,170
Financial costs		875,929		875,929
Other central costs		79,767		79,767
Governance		21,419		21,419
		1,883,118	177,167	2,060,285

		Provision of
		school	Fundraising	Total
		services	costs	funds
		2019	2019	2019
			f.
Administration	costs	945,248	159,790	1,105,038
Financial costs		483,686		483,686
Other central costs		104,729		104,729
Governance		24,273		24,273
		1,557,936	159,790	1,717,726

			2020	2019
Fees payable company's	to the company's auditor annual accounts	for the audit ofthe charitable	7,500	7,500
Fees payable	to the company's auditor	in respect of:
The auditing	ofaccounts ofassociates	ofthe company	4,500	4,500
All assurance	services not included above		1,750	1,750
All non-audit	services not included above		1,250	1,250

Pupils and employees details
	2020	2019
		F
Staffcosts
Wages and salaries	8,926,335	8,730,182
Social security costs	938,551	899,665
Pension contributions	1,708,497	1,225,327
	11,573,383	10,855,174

					2020	2019
					No.	No.
The number ofemployees		receiving	remuneration	ofmore than
F60,000per annum	is as	follows:
f60,001 - 870,000					11
F70,001 - F80,000					3
F80,001 - F90,000					3
f90,001 - 6100,000
f100,001 - 6110,000
F120,001 - f130,000
f130,001 - 8140,000
						17

	Headcount	Headcount	FTE	FTE
	2020	2019	2020	2019
	No.	No.	No.	No.
Staff numbers
Senior school teachers	118	118	111	111
Junior school teachers	22	18	20	17
Academic support	38	39	28	29
Property management	33	33	26	24
Clerical and administrative	24	26	21	23
Catering	20	19	14	12
	255	253	220	216

Pupil numbers at 31July 2020
	2020	2019
	No.	No.
Senior School
Full fees	961	981
Receiving bursaries	71	66
	1,052	1,047
	2020	2019
	No.	No.
Junior School
Full fees	256	260
Receiving bursaries	6	6
	262	266

				Fixtures	Trading	Assets
		Land and	Motor	and	subsidiary	under
		buildings	vehicles	fittings	equipment	construction	Total
			E			E	E
Cost or valuation
At 1 August 2019		40,015,160	121,290	2,869,717	3,447	7,190,450	50,200,064
Additions				295,668	8,620	3,127,898	3,432,186
Transfers	between
classes		9,902,246		416,102		(10,318,348)
Revaluations		1,740,775					1,740,775
At 31 July	2020	51,658,181	121,290	3,581,487	12,067		55,373,025
Depreciation
At 1 August 2019		4,478,048	77,576	2,170,659	3,447		6,729,730
Charge for the year		904,?96	20,530	571,908	2,155		1,499,389
At 31 July	2020	5,382,844	98,106	2,742,567	5,602		8,229,119
Net book	value
At 31 July	2020	46,275,337	23,184	838,920	6,465		47,143,906
At 31 July	2019	35,537,112	43,714	699,058		7,190,450	43,470,334

				Assets
	Land and	Motor	Fixtures and	under
	buildings E	vehicles f	fittings	construction E	Totalf
Cost or valuation
At 1 August 2019	40,015,160	121,290	2,869,717	7,190,450	50,196,617
Additions			295,668	3,127,898	3,423,566
Transfers between classes	9,902,246		416,102	(10,318,348)
Revaluations	1,740,775				1,740,775
At 31 July 2020	51,658,181	121,290	3,581,487		55,360,958
Depreciation
At 1 August 2019	4,478,048	77,576	2,170,659		6,726,283
Charge for the year	904,796	20,530	571,908		1,497,234
At 31 July 2020	5,382,844	98,106	2,742,567		8,223,517
Net book value
At 31 July 2020	46,275,337	23,184	838,920		47,137,441
At 31 July 2019	35,537,112	43,714	699,058	7,190,450	43,470,334

	Freehold
	investment
	property
	f.
Valuation
At 1 August 2019	440,000
Impairment	(75,000)
At 31 July 2020	365,000
Company
	Freehold
	investment
	property
Valuation
At 1 August 2019	440,000
Impairment	(75,000)
At 31 July 2020	365,000

			Listed	Unlisted
Group			investments f	investments	Totalf
Cost or valuation
At 1 August 2019			786,461	103,158	889,619
Additions			28,530	476,500	505,030
Disposals			(522,096)		(522,096)
Revaluations			(17,700)	(5,338)	(23,038)
At 31July 2020			275,195	574,320	849,515
Net book value
At 31July 2020			275,195	574,320	849,515
At 31 July 2019			786,461	103,158	889,619
	Investments
	in
	subsidiary		Listed	Unlisted
Company	companies	f	investments f	investments f	Totalf
Cost or valuation
At 1 August 2019			786,461	103,158	889,620
Additions			28,530	476,500	505,030
Disposals			(522,096)		(522,096)
Revaluations			(17,700)	(5,338)	(23,038)
At 31July 2020		1	275,195	574,320	849,516
Net book value
At 31July 2020		1	275,195	574,320	849„516
At 31 July 2019		1	786,461	103,158	889,620

Stocks
	Group	Group	Company	Company
	2020	2019	2020	2019
		F	f,	F
Teaching and other stock	7,613	4,096	7,613	4,096
Kitchen	13,630	5,832	13,630	5,832
Goods for resale	3,290	3,186
	24,533	13,114	21,243	9,928

			Group	Group	Company	Company
			2020	2019	2020	2019
				F	F	E
Due within one year
Trade debtors			80,831	138,942	80,831	138,942
Amounts owed by group undertakings					9,695	17,083
Amounts owed by participating		interests		2,847		2,847
Other debtors			6,278	5,918	5,155	5,892
Prepayments	and accrued income		161,304	193,297	161,304	193,297
			248,413	341,004	256,985	358,061

			Group	Group	Company	Company
			2020	2019	2020	2019
				F
Bank loans			5,210,000	840,000	5,210,000	840,000
Trade creditors			146,142	850,242	146,142	850,242
School field trip creditors			107,600	151,564	107,600	151,564
Pension creditor			224,739	178,890	224,739	178,890
Other taxation and	social security		236,446	230,353	236,446	230,353
Other creditors			443,713	104,670	443,713	104,670
Accruals and deferred		income	711,446	823,198	710,145	821,946
Fees in advance			119,226	80,528	119,226	80,528
Deposits repayable	within one year		47,800	67,600	47,800	67,600
			7,247,112	3,327,045	7,245,811	3,325,793

		Group	Group	Company	Company
		2020f	2019 F	2020 F	2019 F
Bank loans		13,677,000	13,467,000	13,677,000	13,467,000
Other creditors		191,200	193,800	191,200	193,800
Fees received	in advance	147,689	200,253	147,689	200,253
		14,015,889	13,861,053	14,015,889	13,861,053
Included within	the above are amounts	falling due as follows:
		Group	Group	Company	Company
		2020	2019	2020	2019
		F	F	E	F
Between one	and two years
Bank loans		840,000	840,000	840,000	840,000
Between two	and five years
Bank loans		2,520,000	2,520,000	2,520,000	2,520,000
Over five years
Bank loans		10,317,000	10,107,000	10,317,000	10,107,000

					Group	Group	Company	Company
					2020	2019	2020	2019
						F		F
Payable	or	repayable	by	instalments	10,317,000	10,107,000	10,317,000	10,107,000
					10,317,000	10,107,000	10,317,000	10,107,000

Statement o	ffunds	-current	year
			Balance at 1			Gains/	Balance at
			August 2019	Income	Expenditure	(Losses)	31 July 2020
			E	E
Designated	funds
Bursary Fund			4,000,000		(274,668)		3,725,332
Revaluation	reserve		11,201,029			1,740,775	12,941,804
General funds
School general fund			17,820,350	18,165,189	(17,594,994)		18,390,545
RGS Trading			11,234	38,770	(39,945)		10,059
			17,831,584	18,203,959	(17,634,939)		18,400,604
Total Unrestricted		funds	33,032,613	18,203,959	(17,909,607)	1,740,775	35,067,740
Endowment	funds
Prize Funds	Charity		103,158			3,687	106,845
J R Howarth	Bursary Fund		152,623			(19,749)	132,874
Peter Taylor	Bursary	Fund	94,570			(11,671)	82,899
The Storrow	Scott Trust		979,269			(87,372)	891,897
			1,329,620			(115,105)	1,214,515
Restricted funds
J R Howarth	Bursary Fund		(599)	2,399			1,800
Peter Taylor	Bursary Fund		12,647	2,781			15,428
School Bursary Fund			48,063	665,578	(624,021)		89,620
Cricket Fund			432				432
The Storrow	Scott Trust		3,445	37377	(37,567)		3,255
Prize Fund				3,560	(3,560)
			63,988	711,695	(665,148)		110,535
Total offunds			34,426,221	18,915,654	(18,574,755)	1,625,670	36,392,790

Statement offunds	(continued)
Statement offunds	- prior year
	Balance at
	1 August 2018	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 31 July 2019
	F	E	E	E	F	F
Designated
funds
Bursary Fund	4,000,000		(57,409)	57,409		4,000,000
Revaluation
reserve	11,201,029					11,201,029
	15,201,029		(57,409)	57,409		15,201,029
General funds
School general fund	17,338,030	17,426,418	(16,896,048)	(48,050)		17,820,350
RGS Trading	3,095	64,876	(56,737)			11,234
	17,341,125	17,491,294	(16,952,785)	(48,050)		17,831,584
Total
Unrestricted
funds	32,542,154	17,491,294	(17,010,194)	9,359		33,032,613
Endowment
funds
Prize Funds
Charity	94,752				8,406	103,158
J R Howarth
Bursary Fund	172,538			(9,359)	(10,556)	152,623
Peter Taylor Bursary Fund	96,434				(1,864)	94,570
The Storrow
Scott Trust	934,927				44,342	979,269
	1,298,651			(9,359)	40,328	1,329,620
Restricted
funds
J R Howarth
Bursary Fund	7,412	5,153	(13,164)			(599)

Statement offun	ds - prior year	(continued)
	Balance at
	1 August 2018	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 31 July 2019
		F		E	E
Peter Taylor Bursary Fund	9,589	3,058				12,647
School Bursary Fund	8,656	599,256	(559,849)			48,063
Cricket Fund	432					432
The Storrow
Scott Trust	(2,157)	43,119	(37,517)			3,445
Prize Fund		3,346	(3,346)
	23,932	653,932	(613,876)			63,988
Total offunds	33,864,737	18,145,226	(17,624,070)		40,328	34,426,221

Analysis ofnet assets between funds - c	urrent period
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2020	2020 E	2020 F	2020f
Tangible fixed assets	47,143,906			47,143,906
Fixed asset investments			849,515	849,515
Investment property			365,000	365,000
Current assets	9,186,834	110,535		9,297,369
Creditors due within one year	(7,247,111)			(7,247,111)
Creditors due in more than one year	(14,015,889)			(14,015,889)
Total	35,067,740	110,535	1,214,515	36,392,790
Analysis ofnet assets between funds - prior period
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2019	2019	2019	2019
		F	E
Tangible fixed assets	43,470,334			43,470,334
Fixed asset investments			889,620	889,620
Investment property			440,000	440,000
Current assets	6,750,377	63,988		6,814,365
Creditors due within one year	(3,327,045)			(3,327,045)
Creditors due in more than one year	(13,861,053)			(13,861,053)
	33,032,613	63,988	1,329,620	34,426,221

21.	Reconcili	ation ofn	et	movement	in funds	to	net cash flow fr	om operating	activities
									Group	Group
									2020	2019
									F	F
	Net income for the period (as per Statement					of	Financial Activities)		225,794	561,484
	Adjustments for:
	Depreciation charges								1,499,389	1,229,705
	Interest paid								519,442	399,144
	Losses/(gains) on investments								115,105	(40,328)
	Dividends,	interests	and rents from		investments				(59,902)	(65,085)
	Profit on the sale offixed assets									(2,500)
	Increase	in stocks							(11,419)	(1,420)
	Decrease	in debtors							92,591	240,363
	(Decrease) / increase in creditors								(505,097)	634,196
	Net cash	provided	by	operating	activities				1,875,903	2,955,559
22.	Analysis	ofcash and		cash equivalents
									Group	Group
									2020	2019
									f.	F
	Cash in hand								9,024,424	6,460,247
	Total cash and cash			equivalents					9,024,424	6,460,247
23.	Analysis	ofchanges		in net debt
									Other non-
							At 1August		cash	At 31July
							2019	Cash flows	changes	2020
									E
							K
	Cash at bank and in		hand				6,460,247	2,564,177		9,024,424
	Debt due	within 1 year					(840,000)	(4,580,000)	210,000	(5,210,000)
	Debt due	after 1 year					(13,467,000)		(210,000)	(13,677,000)
							(7,846,753)	(2,015,823)		(9,862,576)

Principal sub	sidiaries
The following	was a subsidiary	undertaking		ofthe company:
Name				Company	Class of	Holding	Included	in
				number	shares		consolidation
RGS Trading	Limited			04063794	Ordinary	100%	Yes
The financial	results ofthe subsidiary		for	the year were:
Name				Income	Expenditure	Profit/(Loss) ISurplus/	Net	assetsf
						(Deficit) for
						the year
						E
RGS Trading	Limited			38,770	(39,945)	(1,175)		10,061