2021-08-31-accounts - Marymount International School

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REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS
OFFICERS		Mrs Margaret Gihlin	(Headmistress			from 01/01/21)
		Mr Nicholas Marcou (School Leader				to 31/12/20)
		Mr Alan Fernandes	(Bursar)
ADDRESS		Matymount International			School
		George Road
		Kingston upon Thames
		Surrey KT2 7PE
ADVISORS
Bankers		National Westminster		Bank Pic
		64 High Street
		New Maiden
		Suney KT3 4HB
		Barclays Bank Pic
		6 Clarence Street
		Kingston Upon Thames
		Surrey KTI INY
Solicitors		Veale Washrough Vizards
		Orchard Court
		Orchard Lane
		Bristol BSI SWS
Auditor		Haysmacintyre LLP
		10Queen Street Place
		London EC4R IAG
Insurance	Brokers	I-lettle Andrews Ltd
		11Brindley Place
		2 Brunswick Square
		Birmingham
		Bl 2LP

Ms Cristina Serrano	(Chairman)
Sister Mary Jo Martin RSHM	(Vice-Chair)
Sister Catherine Vincie RSI-IM
Ms Patrice Bevans	(Resigned	4e October 2021)
Mr Andre Brenninkmeijer
Ms Amends Crowley
Ms Julie Darwent
Ms Karina Govindji
Ms Niamh Green	(Appointed	6n May 2021)
Mr Andre Guimaraes
Ms Paloma Martinez
Mr Aditya Mishra	(Appointed	6e May 2021)
Ms Sofia Schaffgotsch	(Appointed	6e May 2021)
Mr Joaquin de Valenzuela	(Resigned	19aMarch 2021)

				Unrestricted	Restricted	Total	Total
				Funds	Funds	2021	2020
			Notes
INCOME FROM:
Charitable Activity:
Fees receivable			2	5,937,452		5,937,452	6,054,586
Other fees			3	959,742		959,742	1,004,124
Other educational	income		4	226,434		226,434	175,172
Other trading activities
Trading income				16,838		16,838	22,371
Investments				14,199		14,199	51,292
Grants and donations				246,349	97,276	343,625	419,936
Total Income				7,401,014	97,276	7,498,290	7,727,481
EXPENDITURE	ON:
Raising funds:
Trading expenditure				16,838		16,838	22,371
Finance and other	costs			40,578		40,578	34,417
				57,416		57,416	56,788
Charitable Activity:
School Operating	Costs
Teaching costs				3,561,125		3,561,125	3,628,647
Welfare costs				875,508		875,508	767,166
Premises costs				1,761,978		1,761,978	1,855,706
Support and governance		costs		1,387,234		1,387,234	1,459,619
Donations				8,815	93,506	102,321	22,402
				7,594,660	93,506	7,688,166	7,7ua,540
Total Expenditure			6	7,652,076	93,506	7,745,582	7,790,328
Net (expenditure)/income		before transfers		(251,062)	3,770	(247,292)	(62,847)
Transfers between	funds			58,165	(58,165)
Net expenditure				(192,897)	(54,395)	(247,292)	(62,847)
Pension Scheme actuarial		gains/(losses)	17	1,000		1,000	(92,000)
Net movement in	funds			(191,897)	(54,395)	(246,292)	(154,847)
Balances brought	forward			5,306,883	523,609	5,830,492	5,985,339
Balances carried	forward		13	5,114,986	469,214	5,584,200	5,830,492

			Group		School
			2021	2020	2021	2020
		Notes		f.
TANGIBLE FIXFDASSETS			2,767,856	2,755,092	2,767,856	2,755,092
CURRENT ASSETS
investments		9	8,513,524	7,793,125	8,513,624	7,793,225
Debtors		10	2,478,450	2,982,811	2,478,450	2,982,811
Cash at bank and in hand			251,845	161,484	251,745	161,384
			11,243,819	10,937,420	11,243,819	10,937,420
CURRENT LIABILITIES
CREDITORS: Amounts	due within
onc year		11	(8,313,175)	(7,803,070)	(8,313,175)	(7,803,070)
NET CURRENT ASSETS			2,930,644	3,134,350	2,930,644	3,134,350
TOTAL ASSETS LESS CURRENT
LIABILITIES			5,598,500	5,889,442	5,598,500	5,889,442
CREDITORS: Amounts	due after
more than one year		12	(114,300)	(58,950)	(114,300)	(58,950)
TOTAL NET ASSFTS	before pension
scheme asset			5,584,200	5,830,492	5,584,200	5,830,492
Pension scheme asset		17
TOTAL NET ASSETS			5,584,200	5,830,494	5,584,200	5,830,494
Unrestricted Funds		13
—General			4,184,178	3,939,033	4,184,178	3,939,033
—Designated funds			930,808	1,367,850	930,808	1,367,850
Restricted Funds		13	469,214	523,609	469,214	523,609
		14	5,584,200	5,830,492	5 584 200	5,830,492


Cash flows from operating	activities:
Net casit provided by operating activities						1,512,277		(1,093,466)
Cash tlows from investing	activities:
Bank interest received					15,199		51,292
Payments for tangible fixed	assets				(663,064)		(598,546)
Net casts usedin investing	activities					(647,865)		(547,254)
Change in cash and cash equivalents			in the
reporting period						864,412		(1,640,720)
Cash and cash equivalents	at the beginning			ofthe
reporting period						7,900,957		9,541,677
Cash and cash equivalents	at the end		ofthe
reporting period						8,765,369		7,900,957
Reconciliation ofnet income to net cash flow from operating					activities		2021	2020
Net loss for the reporting	period
(as per the statement offinancial activities)							(246,292)	(154,847)
Adjustments for:
Depreciation charges							650,299	662,294
Bank interest received							(15,199)	(51,292)
Decrease/(increase) in debtors							504,361	(716,981)
Increase/(decrease) in creditors							7,206	(I56,406)
Increase/(decrease) in fees in advance		scheme		creditors			612,352	(667,884)
Decrease in deposits							(450)	(8,350)
Net cash provided by operating activities							1,512,277	(1,093,466)
Analysis ofcash and cash	equivalents						2021	2020
Cash in hand							251,845	161,384
Notice deposits (less than 3	months)						8,513,524	7,793,225
Overdraft								(53,952)
Total cash and cash equivalents							8,765,369	7,900,957

Analysis	ofmovements	ofmovements	2021	2020
Increase/(decrease)		in cash in the year	864,412	(1,640,720)
Opening	net funds		7,900,957	9,541,677
Closing	net funds		8,765,369	7,900,957


2.	FEESRECEIVABLE		2021	2020
	Gross fees		6,343,997	6,336,731
	Less bursaries, scholarships,	grants and allowances	(406,545)	(282,145)
			5,937,452	6,054,586
3.	OTHER FEES		2021	2020
	Room and board		707,735	750,864
	Luncheons		252,007	253,260
			959,742	1,004,124
4.	OTHER EDUCATIONAL	INCOME	2021	2020
	Registration fees		7,600	6,100
	Forfeited deposits		20,873	9,591
	Fees in lieu ofnotice		3,000
	Graduation		24,720
	Sundry income		47,027	9,472
	School bus income		123,214	150,009
			226,434	175,172

5.	INVESTMENT INCOME	INVESTMENT INCOME				2021	2020
	Bank interest					14,199	51,292
						14,199	51,292
6.	ANALYSIS OF EXPENDITURE			Staff costs	Depreciation	Other	Total
					K
	Costs of raising funds: Fundraising trading Finance costs					16,838 40,578	16,838 40,578
						57,416	57,416
	Charitable Activity: Teaching costs Welfare costs			2,954,470 294,514		606,655 580,994	3,561,125 875,508
	Premises costs			388,324	650,299	723,355	1,761,978
	Support and governance Donations	costs		749,403		637,831 102,321	1,387,234 102,321
				4,386,711	650,299	2,651,156	7,688,166
				4,386,711	650,299	2,708,572	7,745,582
	ANALYSIS OF EXPENDITURE		(PRIOR	Staff casts	Depreciation	Other	Total
	YEAR)
	Costs ofraising funds: Fundraising trading Finance costs					22,371 34,416	22,371 34,416
						56,787	56,787
	Charitable Activity: Teaching costs Welfare costs			3,019,870 243,752		608,777 523,414	3,628,647 767,166
	Premises costs			393,450	662,294	799,962	1,855,706
	Support and governance Donations	costs		764,845		694,774 22,402	1,459,619 22,402
				4,421,917	662,294	2,649,329	7,733,540
				4,421,917	662,294	2,706,117	7,790,328

	Included within su auditors.	ppor	t	costs a	re governance	costs of f25,446 (2020: $	31,983) w	hich represent remu	neration paid t
								2021	2020
	Total expenditure includes:
	Auditor's remuneration
	—Audit fees							19,250	18,700
	—Non-audit services							6,196	7,230
	Operating lease rentals							44,545	39,803
	Depreciation							650,299	662,294
7.	STAFF COSTS							2021	2020
	Wages and salaries							3,513,106	4,421,917
	Social security costs							363,537	358,937
	Pension costs							445,773	459,785
	Other staff costs							64,295	219,870
								4,386,711	4,421,917
								No	No
	The average number	of	employees		during the year was:
	Teaching							50	51
	Other							38	36
								88
	The nmnber ofemployees			whose	emoluments	exceeded f60,000 per annum	was:
	$60,001 - f70,000
	f70,001 - f80,000
	680,001 —f90,000
	f90,001 —f100,000
	f.)00,001 —f.110,000
	I,)20,001 —f130,000
	The number with retirement			benefits accruing
	- in defined Contributions		schemes		was			8	3
	-ofwhich contributions		amounted		to			93,164	28,862
	- in Defined Benefits	schemes was							6
	Aggregate employee	benefits ofke			y management	personnel		786,400	952,797

TANGIBLE FIXEDASSET	S -GROUP AND SCH	OOL
		Assets in the	Furniture
	Building	course of	equipment	Motor
	improvements	construction	&computers	Vehicles	Total
COST
At I September 2020 Additions	4,715,933 269,351	360,341	2,193,440 33,372	9,773	6,919,146 663,064
Disposals	(180,000)				(180,000)
At 31 August 2021	4,805,284	360,341	2,226,812	9,773	7,402,210
DEPRECIATION
At I September 2020 Charge for the year Disposals	2,556,833 463,671 (180,000)		1,597,449 186,628	9,773	4,164,055 650,299 (180,000)
At 31 August 2021	2,840,504		1,784,077	9,773	4,634,354
NET BOOK VALUE
At 31 August 2021	1,964,780	360,341	442,735		2,767,856
At 31 August 2020	2,159,100		595,991		2,755,092

INVE	STMENTS			Group		School
				202]	2020	2021	2020
Investment in Marymount School Enterprises			Limited			100	100
Bank	—Special Interest Bearing Accounts			8,513,524	7,773,281	8,513,524	7,773,281
	—High Interest Business Premium	Account			19,196		19,196
	—Business Reserve Account				648		648
				8,513,524	7,793,225	8,513,624	7,793,225


10.	DEBTORS: Amounts		falling due within		one year		Group		School
							2021	2020	2021	2020
	Fees receivable						2,305,882	2 846 935	2,305,882	2,846,935
	Other debtors						13,234	32,496	13,234	32,496
	Prepayments						159,334	103,380	159,334	103,380
							2,478,450	2,982,811	2,478,450	2,982,811
11.	CREDITORS: Amounts			falling due within		one year	Group		School
							2021	2020	2021	2020
	Bank overdraft							53,652		53,652
	Fees received	in advance					7,670,273	7,057,923	7,670,273	7,057,923
	Trade creditors						160,328	145,111	160,328	145,111
	Other creditors						139,388	228,241	139,388	228,241
	Social security	payable	and other taxation				100,305	94,181	100,305	94,181
	Accruals						225,781	151,062	225,781	151,062
	Student deposits						17,100	72,900	17,100	72,900
							8,313,175	7,803,070	8,313,175	7,803,070
12.	CREDITORS: Amounts			falling due after		onc year	Group		School
							2021	2020	2021	2020
	Student deposits						113,400	58,950	113,400	58,950
							113,400	58,950	113,400	58,950

MOVEMENT	IN FUNDS	Balance at			Transfers and	Balance at
		I September			Actuarial	31August
		2020	Income	Expenditure	Gains/(Losses)	2021
Unrestricted
- General Fund		3,939,033	7,189,718	7,652,076	707,503	4,184,178
Designated —Capital fund - Transferred Capital Campaign		308,215 1,059,635	146,960 64,336		(455,175) (193,163)	930,808
		5,306,883	7,401,014	7,652,076	59,165	5,114,986
Restricted
—Capital Campaign —Hardship fund		443,753 79,856	10,794 86,482	93,506	(58,165)	454,547 14,667
		523,609	97,276	93,506	(58,165)	469,214
TOTAL FUNDS		5,830,492	7,498,290	7,745,582	1,000	5,584,200
MOVEMENT	IN FUNDS	Balance at			Transfers and	Balance at
(PRIOR YEAR) FUNDS		I September			Actuarial	31August
		2019	Income	Expenditure	Gains/(Losses)	2020
Unrestricted
—General Fund		3,850,815	7,428,847	7,774,342	433,713	3,939,033
Designated —Capital fund —Transferred Capital Campaign		685,893 572,116	220,868 41,449		(598,546) 446,070	308,215 1,059,635
		5,108,824	7,691,164	7,774,342	281,237	5,306,883
Restricted
- Capital Campaign		876,515	13,308		(446,070)	443,753
Main House Refurbishment
Fund
- Hardship fund			23,009	15,986	72,833	79,856
		876,515	36,317	15,986	(373,237)	523,609
		5,985,339	7,727,481	7,790,328	(92,000)	5,830,492
TOTAL FUNDS

ANALYSIS	OF NET ASSETS B	ETWEEN FUNDS
			Net current	Long term
		Fixed assets	assets	liabilities	Total
		8
Unrestricted
- General Fund		2,767,856	1,530,622	(114,300)	4,184,178
Designated
- Transferred	Capital Campaign		930,808		930,808
		2,767,856	2,461,430	(114,300)	5,114,986
Restricted
—Capital Campaign			469,214		469,214
			469,214		469,214
TOTAL FUNDS		2,767,856	2,930,644	(114,300)	5,584,200

YSIS OF NET ASSE	TS BETWEEN FUNDS	—PRIO	R YEAR
			Nct current	Long term	Pension
			assets	liabilities	scheme asset	Total
Unrestricted
- General Fund	2,755,092		1,242,891	(58,950)		3,939,033
Designated - Capital Fund —Trans fen cd Capital	Campaign		308,215 1,059,635			308,215 1,059,635
	2,755,092		2,610,741	(58,950)		5,306,883
Restricted
—Capital Campaign			523,609			523,609
			523,609			523,609
TOTAL FUNDS	2,755,092		3,134,350	(58,950)		5,830,492
OPERATING LFASES					2021	2020
The total commitments	in respect ofoperating	leases for equipment are set out below;
Expiring:
Within one year Between 2 —5 years					7,694 269	17,572 2,483
					7,963	20,055

						2021	2020
The amounts recognised	in the balance	sheet are as		follows:
Fair value ofplan assets						8,316,000	8,020,000
Present value ofdefined benefit obligations Effect ofasset ceiling						(7,883,000) (433,000)	(7,435,000) (585,000)
Net asset recognised in the	balance sheet
Analysis ofamounts charged in the Statement ofFinancial					Activities
Net interest (expenses)/income						(1,000)
Total amount charged to	the Statements		ofFinancial	Activities		(1,000)
Net actuarial gains/(losses)	recognised	in	the year			1,000	(92,000)
Net cumulative actuarial	losses					(2,841,000)	(2,842,000)

PENSION COMMITMENTS (continued)		2021	2020
Changes in defined benefit obligation: Defined benefit obligation at beginning ofperiod Interest expense Remcasuremcnt arising fiom changes in assumptions Remeasurement arising ftom experience Benefits paid		7,435,000 117,000 626,000 12,000 (307,000)	7,795,000 121,000 29,000 54,000 (456,000)
Defined benefit obligation at end ofperiod		7,883,000	7,435,000
Changes in plan assets Assets at beginning ofperiod Interest income		8,020,000 127,000	8,291,000 129,000
Actual return on plan assets, excluding interest income Employer contributions Benefits paid		476,000 (307,000)	(36,000) 92,000 (456,000)
Assets at end ofperiod		8,3 16,000	8,020,000
Reconciliation ofmovements in present value ofplan liabilities	and assets
Net asset at beginning ofperiod Net interest (expense)lincome Employer contributions Rcmeasuremcnt arising from changes in assumptions Remeasurement arising from experience		585,000 9,000 (626,000) (12,000)	496,000 8,000 92,000 (29,000) 54,000
Actual return on plan assets, excluding interest income		476,000	(36,000)
Netassetsatendofperiod		433,000	585,000

wide range ofavailable	wide range ofavailable	funds.
Asset class split Equities			27a/o	23'/o
Cotporate	Bonds		54'/o	55 o%%d
Gilts			18'/o	20a%%d
Cash			I '/o	2'/o
			202I	2020
				K
Actual return on plan assets			603,000	93,000
Actuarial	assumptions	used:	31August 2021	31August 2020
Discount	rate		1.7'/o	I 6a/o
Rental price inflation Consumer price inflation Increases in deferment			3.6'/o 2.9o o 2.5'/o	3.3'lo 2.4'/o 2.4'/o
Increases	in payment		3.6'/o	3.3'lo

20. PRIOR YEAR COMPARATIVES BYFUND	20. PRIOR YEAR COMPARATIVES BYFUND
		Unrestricted	Restricted	Total
		Funds	Funds	2020
INCOME FROM:
Charitable Activity:
Fees receivable		6,054,586		6,054,586
Other fees		1,004, 124		1,004, 124
Other educational income		175,172		175,172
Other trading activities Trading income		22,371		22,371
Investments		51,292		51,292
Grants and donations		383,619	36,317	419,936
Total Income		7,691,164	36,317	7,727,481
EXPENDITURE ON:
Raising funds: Trading expenditure		22,371		22,371
Finance and other costs		34,417		34,417
		56,788		56,788
Charitable Activity:
School Operating Costs Teaching costs		3,628,647		3,628,647
Welfare costs		767,166		767,166
premises costs		1,855,706		1,855,706
Support and governance Donations	costs	1,459,619 6,416	15,986	1,459,619 22,402
		7,717,554	15,986	7,733,540
Total Expenditure		7,774,342	15,986	7,790,328
Nct (expenditure)/income	before transfers	(83,178)	20,331	(62,847)
Transfers between funds		373,237	(373,237)
Net (expenditure)/income		290,059	(352,906)	(62,847)
Pension Scheme actuarial	losses	(92,000)		(92,000)
Net movement in funds		198,059	(352,906)	(154,847)
Balances brought forward		5,108,824	876,515	5,985,339
Salances brought forward		5,306,883	523,609	5,830,492