##
##
|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|||||
##
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##
|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)|
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|||||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|
##
##
|||||||2021|||2020||
|---|---|---|---|---|---|---|---|---|---|---|
|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|in net cash|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|
##
##
##
|13.|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)|
##
##
##
|17.|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|