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2021-08-31-accounts

CONTENTS Page
Governors, Officers and Advisers 1 - 3
Governors' Report 4 - 16
Independent Auditor's Report 17-19
StatementofFinancial Activities 20
Balance Sheet 21
StatementofCash Flows 22
Notestothe Financial Statements 23 - 42

Unrestricted
Restricted
Endowment
Notes
Funds
Funds
Funds
£'000
£'000
£'000
Income and endowments from:
Charitable activities
School fees
2
19,315
Other educational income
886
Voluntary sources
Grants and donations
3
13
1,158
28
Trading activities
Non-ancillary trading income
10
International schools
400
Investments
Investment income
27
102
Total income and endowments
20,651
1,260
28
Expenditureon:
Raising funds
425
91
Charitable activities
18,413
1,501
Total expenditure
4
18,838
1,592
Net income before investment
gains/(losses)
1,813
(332)
28
Net (losses)/gains on investments
9
(7)
703
2,516
Net income before transfers
1,806
371
2,544
Transfers between funds
16
12
335
(347)
Net income before other
recognised gains and (losses)
1,818
706
2,197
Pension scheme actuarial
gain/(loss)
18
912
Gains on foreignexchange
movements
9
22
72
Net movementinfunds
2,730
728
2,269
Reconciliationoffunds:
Total funds brought forward
31,729
5,422
10,832
Total funds carried forward
16
34,459
6,150
13,101		 Total
Funds
2021
£'000
19,315
886
1,199
10
400
129
21,939
516
19,914
20,430
1,509
3,212
4,721
4,721
912
94
5,727
47,983
53,710		 Total
Funds
2020
£'000
18,479
1,031
1,827
27
453
276
22,093
575
19,943
20,518
1,575
600
2,175
2,175
(938)
193
1,430
46,553
47,983

Notes
FIXED ASSETS
Tangible fixed assets
7
Intangible fixed assets
8
Investmentinsubsidiary
9
Investments
9
CURRENT ASSETS
Stocks
Debtors
10
Cash at bankandin hand
CURRENT LIABILITIES
Creditors: amounts falling due
within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
LONG-TERM LIABILITIES
Creditors:amountsfalling due after
more than one year
12
NET ASSETS EXCLUDING
PENSION LIABILITY
Pension scheme liability
18
NET ASSETS INCLUDING
PENSION LIABILITY
ENDOWMENT FUNDS
15&16
RESTRICTED FUNDS
15&16
UNRESTRICTED FUNDS
Designated funds
15&16
General funds
15&16
TOTAL FUNDS		 Group
2021
2020
£'000
£'000
26,392
24,989
17,769
17,677
44,161
42,666
174
15
1,373
804
15,366
12,622
16,913
13,441
(6,091)
(5,693)
10,822
7,748
54,983
50,414
(267)
(338)
54,716
50,076
(1,006)
(2,093)
53,710
47,983		 Group
2021
2020
£'000
£'000
26,392
24,989
17,769
17,677
44,161
42,666
174
15
1,373
804
15,366
12,622
16,913
13,441
(6,091)
(5,693)
10,822
7,748
54,983
50,414
(267)
(338)
54,716
50,076
(1,006)
(2,093)
53,710
47,983		 Group
2021
2020
£'000
£'000
26,392
24,989
17,769
17,677
44,161
42,666
174
15
1,373
804
15,366
12,622
16,913
13,441
(6,091)
(5,693)
10,822
7,748
54,983
50,414
(267)
(338)
54,716
50,076
(1,006)
(2,093)
53,710
47,983		 Charity
2021
£'000
26,392
150
17,769
44,311
174
1,175
15,281
16,630
(6,091)
10,539
54,850
(267)
54,583
{1,006)
53,577
2020
£'000
24,989
17,677
42,666
15
911
12,402
13,328
(5,693)
7,635
50,301
(338)
49,963
(2,093)
47,870		 Charity
2021
£'000
26,392
150
17,769
44,311
174
1,175
15,281
16,630
(6,091)
10,539
54,850
(267)
54,583
{1,006)
53,577
2020
£'000
24,989
17,677
42,666
15
911
12,402
13,328
(5,693)
7,635
50,301
(338)
49,963
(2,093)
47,870		 Charity
2021
£'000
26,392
150
17,769
44,311
174
1,175
15,281
16,630
(6,091)
10,539
54,850
(267)
54,583
{1,006)
53,577
2020
£'000
24,989
17,677
42,666
15
911
12,402
13,328
(5,693)
7,635
50,301
(338)
49,963
(2,093)
47,870		 Charity
2021
£'000
26,392
150
17,769
44,311
174
1,175
15,281
16,630
(6,091)
10,539
54,850
(267)
54,583
{1,006)
53,577
2020
£'000
24,989
17,677
42,666
15
911
12,402
13,328
(5,693)
7,635
50,301
(338)
49,963
(2,093)
47,870
13,101
6,150
32,511
1,948
53,710		 10,832
5,422
29,989
1,740
47,983		 13,101
6,150
32,511
1,815
53,577		 10,832
5,422
29,989
1,627
47,870

Notes
NET CASH FLOWS FROM OPERATIONS
Net cash provided/(used) by operating activities
19
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income and bank interest received
Investment management charges
Purchase of tangible fixed assets
Withdrawals from investments portfolio
Proceeds from the sale of tangible fixed assets
Purchase of investments
Net cash provided/(used)ininvesting activities
CASH FLOWS FROM FINANCING ACTIVITIES
Receipt of endowment
Net cash providedbyfinancing activities
Changeincash and cash equivalentsinthe year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
20		 £'000
125
(91)
(3,042)
8,781
(5,567)
28
2021
£'000
2,510
206
28
2,744
12,622
15,366		 2020
£'000
(1,453)
302
(79)
(3,440)
4,342
2
(2,524}
(1,397}
562
562
(2,288)
14,910
12,622

SCHOOLFEES
The school's fee income comprised:
Gross fees
Less: total bursaries, scholarships and allowances
Add : bursaries and other awards paid for by restricted funds		 Group
2021
£'000
20,201
(2,322)
17,879
1,436
19,315
2020
£'000
19,288
(2,218)
17,070
1,409
18,479

Group
2021 2020
£'000 £'000
Grants and donations include:
Donations 750 1,165
Legacies 2 10
Trusts and Foundations 445 303
Corporate donations 1 26
Government Job Retention Scheme grant 1 323
1,1 99 1,827

Raising funds:
Financing
Fundraising
Investment management
International schools
Charitable activities:
Education
Welfare
Premises
Support costs and governance
Grants, awards and prizes
Ancillary trading costs
Total Group expenditure		 Staff
Amortisation and
Other costs
costs
Depreciation
£'000
£'000
£'000
37
159
17
91
199
13
358
158
9,815
65
1,531
779
396
787
1,518
1,298
1,569
400
1,440
316
12,950
1,583
5,381
13,308
1,583
5,539		 Total
2021
£'000
37
176
91
212
516
11,411
1,175
3,603
1,969
1,440
316
19,914
20,430		 Total
2020
£'000
30
182
79
284
575
11,810
1,020
3,655
1,791
1,410
257
19,943
20,518

Raising funds:
Financing
Fundraising
Investment management
International Schools
Charitable activities:
Education
Welfare
Premises
Support costs and governance
Grants, awards and prizes
Ancillary trading costs
Total Group expenditure		 Staff
Amortisation and
Other costs
costs
Depreciation
£'000
£'000
£'000
30
162
20
79
208
76
370
205
9,841
88
1,881
663
357
797
1,385
1,473
1,451
340
1,410
24
233
12,776
1,473
5,694
13,146
1,473
5,899
Total
2020
£'000
30
182
79
284
575
11,810
1,020
3,655
1,791
1,410
257
19,943
20,518

Fees payable (excluding irrecoverable VAT)tothe group's auditor and its
associatesinrespect of:
The auditing of accounts of the group
All other non-audit services not included above
STAFF COSTS AND GOVERNOR COSTS
Staff costs for the group wereasfollows:
Wages and salaries
Social security costs
Pension contributions
Peripatetic costs
Medical insurance		 2021
£'000
25
14
2021
£'000
9,968
1,139
1,895
252
54
13,308		 2020
£'000
25
26
2020
£'000
9,888
1,125
1,858
223
52
13,146

2021 2020
£ 60,000 - £69,999 34 32
£ 70,000 - £79,999 13 13
£80,000 - £89,999 3 2
£ 90,000 - £99,999 4 4
£100,000 - £109,999 2 2
£150,000 - £159,999 1 1
£240,000 - £249,999 1
£250,000 - £259,999 1
2021 2020
£'000 £'000
Aggregate employee benefits of key management personnel 1,381 1,385

Group and Charity
Cost
At 1 September 2020
Additions
Transfers
Disposals
At31August2021
Depreciation
At 1 September 2020
Charge for the year
Disposals
At31August2021
Net book value
At31August2021
At31August 2020		 Assets
Charitable
under
Properties
Construction
£'000
£'000
29,020
1,488
779
1,512
119
(119)
(83)
29,835
2,881
6,815
1,075
(28)
7,862
21,973
2,881		 Assets
Charitable
under
Properties
Construction
£'000
£'000
29,020
1,488
779
1,512
119
(119)
(83)
29,835
2,881
6,815
1,075
(28)
7,862
21,973
2,881		 Assets
Charitable
under
Properties
Construction
£'000
£'000
29,020
1,488
779
1,512
119
(119)
(83)
29,835
2,881
6,815
1,075
(28)
7,862
21,973
2,881		 Assets
Charitable
under
Properties
Construction
£'000
£'000
29,020
1,488
779
1,512
119
(119)
(83)
29,835
2,881
6,815
1,075
(28)
7,862
21,973
2,881		 Furniture
Fittings and
Equipment
£'000
3,236
468
(232)
3,472
2,738
146
(232)
2,652
820		 Furniture
Fittings and
Equipment
£'000
3,236
468
(232)
3,472
2,738
146
(232)
2,652
820		 IT
Equipment
£'000
1,701
283
(168)
1,816
903
362
(167)
1,098
718
798		 Total
£'000
35,445
3,042
(483)
38,004
10,456
1,583
(427)
11,612
26,392
24,989
22,205 1,488 498

Group and Charity
Cost
At 1 September 2020 and31August 2021
Amortisation
At 1 September 2020 and31August2021
Net book value
At31August2021
At31August 2020		 Computer
Software
£'000
37		 Computer
Software
£'000
37
37

Group and Charity
Valuation at 1 September 2020
Additions
Disposal proceeds
Gains on foreign exchange movements
Gains on investments
At31August2021
Historical cost of investments
Investmentinsubsidiary
DEBTORS
Fees debtors
Loans to staff
Sundry debtors
Amounts owed by group undertakings
Prepayments and accrued income		 Listed
Investments
£'000
13,586
4,904
(5,781)
78
3,212
15,999		 Cash
£'000
4,091
663
(3,000)
16
1,770		 Total
£'000
17,677
5,567
(8,781)
94
3,212
17,769
11 ,219 1,770 12,989
Group
2021
£
Group
2021
£'000
39
33
865
436
1,373
2020
£
Charity
2021
2020
£
£
150,001
1

2020
£'000
61
34
404
305




Charity
2021
2020
£'000
£'000
39
61
33
34
461
181
239
363
403
272
1,175
911
804

CREDITORS: amounts due within one year
Trade creditors
Social security and other taxation
Fees receivedinadvance
Refundable deposits (note 13)
Advanced fees scheme (note 13)
Other creditors
Accruals and deferred income		 Group and Charity
2021
2020
£'000
£'000
999
294
1,057
2,873
57
65
746
837
277
777
2,746
85
280
691
6,091
5,693
5,693

Fees receivedinadvance
Advanced fees scheme (note 13)
Accruals and deferred income		 Group and Charity
2021
2020
£'000
£'000
158
83
26
155
140
43
267
338		 Group and Charity
2021
2020
£'000
£'000
158
83
26
155
140
43
267
338
338

Within one year
After more than one year:
Between one and two years
Between two and five years
Total		 Group and Charity
2021
2020
£'000
£'000
57
28
55
140
85
57
83
225		 Group and Charity
2021
2020
£'000
£'000
57
28
55
140
85
57
83
225
225
At 1 September 2020
Amounts accrued to contracts
Amounts utilisedinpayment of fees
At31August2021		 Group and Charity
2021
2020
£'000
£'000
225
1
(86)
140
330
1
(106)
225

GROUP FINANCIAL INSTRUMENTS
2021 2020
£'000 £'000
Financial assets measured at amortised cost (a) 16,133 13,090
Financial assets measured at fair value (b) 17,769 17,677
Financial liabilities measured at amortised cost (c) (4,749) (4,791)

Tangible fixed assets
Investments
Net current assets
Long term liabilities and pension deficit		 Unrestricted
funds
£'000
26,392
660
8,680
(1 ,273)
34,459		 Restricted
funds
£'000
4,072
2,078
6,150		 Endowment
Total
funds
funds
£'000
£'000
26,392
13,037
17,769
64
10,822
(1,273)
13,101
53,710
Tangible fixed assets
Investments
Net current assets/(liabilities)
Long term liabilities and pension deficit		 Unrestricted
funds
£'000
24,989
3,771
5,400
(2,431)
31,729		 Restricted
funds
£'000
3,046
2,376
5,422		 Endowment
funds
£'000
10,860
(28)
10,832		 Total
funds
£'000
24,989
17,677
7,748
(2,431)
47,983

Endowed funds
Bursary funds
Prize funds
Restricted funds
Foundation bursary funds
Rowan Trust fund
Hardship fund
Partnership/community
Prize funds
Sundry restricted funds
Unrestricted funds
General reserves
Designated funds
Buildings fund
Hardship fund
Bursaries fund
Partnerships fund
Fixed asset fund
Total funds		 At1
September
2020
£'000
10,823
9
10,832
4,298
849
52
4
92
127
5,422
1,740
5,000
24,989
31,729
47,983		 Income
£'000
28
28
1,059
6
4
140
1
50
1,260
20,651
20,651
21,939
Expenditure
£'000
(1,439)
(34)
(53)
(29)
(5)
(32)
(1,592)
(18,829)
(9)
(18,838)
(20,430)		 Transfers
£'000
(347)
(347)
347
12
(24)
335
(2,519)
1,000
15
57
56
1,403
12		 Gains
£'000
2,586
2
2,588
509
196
20
725
905
905
4,218		 At31
August
2021
£'000
13,090
11
13,101
4,774
1,017
15
115
108
121
6,150
1,948
6,000
6
57
56
26,392
34,459
53,710

Endowed funds
Bursary funds
Prize funds
Restricted funds
Foundation bursary funds
Rowan Trust fund
Partnership/community
Prize funds
Sundry restricted funds
Unrestricted funds
General reserves
Designated funds -
buildings
Designated fixed asset
fund
Total funds		 At1
September
2019
£'000
9,953
8
9,961
4,410
814
1
87
141
5,453
1,627
6,500
23,012
31,139
46,553		 Income
£'000
562
562
894
10
42
1
147
1,094
20,437
20,437
22,093		 Expenditure
£'000
(1,457)
(32)
(39)
(1)
(58)
(1,587)
(18,931)
(18,931)
(20,518)		 Transfers
£'000
(287)
(287)
361
(103)
258
(448)
(1,500)
1,977
29		 Gains/
(losses)
£'000
595
1
596
142
57
5
204
(945)
(945)
(145)		 At31
August
2020
£'000
10,823
9
10,832
4,350
849
4
92
127
5,422
1,740
5,000
24,989
31,729
47,983

At31August2021the charitable group had capital commitments as
follows :
Contracted for but not providedinthese financial statements
2021
£'000
11,757		 2020
£'000
985

2021 2020
Discount rate 1.60% 1.50%
Inflation assumption (RPI) 3.40% 3.20%
Inflation assumption (CPI) 3.10% 2.70%
Rateofincreaseinsalaries 3.10% 2.70%
5% LPI pension increases 3.10% 2.70%
2.5%LPI pension increases 2.30% 2.20%
2021 2020
Assumed life expectancyinyears at age 60:
Retiring today - Males 25.3 26.3
Retiring today - Females 29.3 28.6
Retiringin20 years' time - Males 26.8 27.8
Retiringin20years' time - Females 30.8 30.1

Present value of funded obligations
Fair valueofscheme assets
Net liability
Changesinthe present value of the defined benefit obligation
Opening defined benefit obligation
Interest cost
Actuarial (gains )/losses
Benefits paid (excluding expenses)
Closing defined benefit obligation
Changesinthe fair value of the scheme assets
Opening fair valueofscheme assets
Interest income
Expected returnonscheme assets
Benefits paid
Contributionsbyemployer
Expenses paid
Closing fair value of scheme assets
The amounts included within the StatementofFinancial Activities
Service cost - administrative costs
Net interestonthe net defined benefit liability
Total chargedtothe Statement of Financial Activities
Net actuarial (gains)/losses recognisedinthe year
Returnonassets, excluding interest income
Pension scheme actuarial (gains)/losses		 2021
£'000
(7,729)
6,723
(1,006)
2021
£000
8,039
119
(192)
(237)
7,729
2021
£'000
5,946
89
720
(237)
283
(78)
6,723
2021
£'000
78
30
108
(192)
(720)
(912)		 2020
£'000
(8,039)
5,946
(2,093)
2020
£000
7,486
125
661
(233)
8,039
2020
£'000
6,122
104
(277)
(233)
283
(53)
5,946
2020
£'000
53
21
74
661
277
938

The major categories of scheme assetsare: Value at Value at
31August2021 31August 2020
£'000 £'000
Absolute return fund 3,171 2,990
Equities 3,399 2,764
Secured pensions 130 178
Cash and other assets 23 14
Fair valueofscheme assets 6,723 5,946

Net income for the year
Non-operating cash flows eliminated:
- Investment income
- Endowment donations
- Investment management charges
Defined benefit pension scheme adjustments
Depreciation and amortisation charge
Loss/(profit) from the disposaloftangiblefixedassets
(lncrease)/decreaseinstocks
Increaseindebtors
Decrease in advanced fee scheme creditors
Increaseinrefundable deposits
lncrease/(decrease)increditors (excluding advanced fee
scheme and deposits)
Net cash inflow/( outflow) from operations		 Group
2021
2020
£'000
£'000
1,509
(129)
(28)
91
(175)
1,583
56
(159)
(565)
(85)
127
285
2,510
1,575
(276)
(562)
79
(209)
1,473
(2)
117
(209)
(105)
172
(3,506)
(1,453)		 Group
2021
2020
£'000
£'000
1,509
(129)
(28)
91
(175)
1,583
56
(159)
(565)
(85)
127
285
2,510
1,575
(276)
(562)
79
(209)
1,473
(2)
117
(209)
(105)
172
(3,506)
(1,453)
(1,453)

Cash at bank
Deposits
Total		 Group
2021
£'000
7,365
8,001
15,366
2020
£'000
4,622
8,000
12,622

Within one year
Between one and five years		 2021
£'000
64
64
128		 2020
£'000
83
52
135

Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£'000
£'000
£'000
Income and endowments from:
Charitable activities
School fees
18,479
Other educational income
1,031
Voluntary sources
Grants and donations
337
928
562
Trading activities
Non-ancillary trading income
27
International schools
453
Investments
Investment income
110
166
Total income and endowments
20,437
1,094
562
Expenditure on:
Raising funds
495
80
Charitable activities
18,436
1,507
Total expenditure
18,931
1,587
Net income before investment
gains/(losses)
1,506
(493)
562
Net gains/(losses)oninvestments
(7)
162
445
Net income before transfers
1,499
(331)
1,007
Transfers between funds
29
258
(287)
Net income before other
recognised gains and losses
1,528
(73)
720
Pensionscheme actuarial loss
(938)
Gains/(losses)onforeign exchange
movements
42
151
Net movementinfunds
590
(31)
871
Reconciliation of funds:
Total funds brought forward
31,139
5,453
9,961
Total funds carried forward
31,729
5,422
10,832		 Total
Funds
2020
£'000
18,479
1,031
1,827
27
453
276
22,093
575
19,943
20,518
1,575
600
2,175
2,175
(938)
193
1,430
46,553
47,983		 Total
Funds
2019
£'000
18,128
1,253
1,794
44
249
21,468
287
19,426
19,713
1,755
614
2,369
2,369
(635)
(162)
1,572
44,981
46,553