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2020-08-31-accounts

Report & Accounts

For the year ended 31 August 2020

144 East Dulwich Grove, London SE22 8TE

guarantee and registered in England number 6618970. Registered charity number 1124853.

REPORT & ACCOUNTS

REPORT & ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2020
CONTENTS
Page
Governors, Officers, Addresses and Advisers 2
3
Annual Report of the Governors (Incorporating Strategic Report) 4
26
Independent Auditor's
Report		 27
28
Consolidated Statement of Financial Activities 29
Consolidated Summary Income and Expenditure 30
Consolidated Balance
Sheet		 31
Parent Only Balance Sheet 32
Consolidated Cash flow Statement 33
Notes to the Accounts 34 - 52

GOVERNORS, OFFICERS, ADDRESSES AND ADVISORS

registered in England number 6618970, registered charity number 1124853. They are appointed by the Board of Governors for a normal term of five years. They may be re-elected for one further term.

The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below:

Mr David Miller MA & FCSI (Chair of Governors)

Executive Director at Quilter Cheviot; formerly Royal Bank of Canada; JP Morgan Private Bank and Flemings Private Asset Management; former JAGS parent; former Dulwich Estate trustee

Mr Alan Bird MA (Cantab) & MSc (LSE) (Governor effective 1 September 2019)

Former Governor of the London Academy of Excellence 2014-2017; Head of City of London School

Ms Alexandra Brooke (Governor effective 1 November 2020)

Senior Project Architect at Fraher Findlay Architects; experience running large projects in the education sector; former pupil of JAGS

Mrs Sarah Drennan Jones, Solicitor (Governor effective 29 June 2020)

Head of Legal for AS Watson, formerly Legal Adviser at Pfizer Limited and prior to that a solicitor at Gowling WLG, which is a Top 20 UK law firm

Mrs Alison Fleming BA (Hons), MA(Ed) & PGCE (Resigned effective 16 June 2020)

Headmistress of co-educational London prep school

Mr Adrian Floyd (Governor effective 23 February 2021)

Headmaster of The Hawthorns School, Surrey and previously Head of Finton House, Wandsworth

Mrs Alexandra Loydon BA (Hons) TEP (Governor effective 29 June 2020)

Client Solicitor; Member of the Women Lawyers Division

Dr Jane Marshall MB, BCh, BAO (Hons), DCH, MRCP, MRCPsych & FRCPsych

Consultant Psychiatrist in the Addictions, South London & Maudsley NHS Foundation Trust; and Visiting Senior Lecturer in the Addictions, Institute of Psychiatry, Psychology and Neuroscience (IoPPN)

Ms Gerri McAndrew OBE & HonMLitt BA (Hons)

Formerly:

Services for the London Boroughs of Tower Hamlets and Camden; Chair of International Foster Care Organisation; Trustee Buildings Preservation Trust / South London Theatre; former JAGS parent

Ms Helen Nixseaman MA, MSC & FCA (Deputy Chair)

Chartered Accountant; board member of Young Enterprise and board member of Coventry University; former Partner in PricewaterhouseCoopers LLP

Dame Erica Pienaar DBE, BA (Hons), MBA & FRSA

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Mr Simon Smith BA (Hons), DipArch, ARB & RIBA (resigned effective 10 December 2019)

Chartered Architect; Principal of Simon Smith and Michael Brooke Architects; former JAGS parent

Dr Rema Wasan MBBS, MA, MRCP & FRCR

Consultant Radiologist King's College Hospital NHS Foundation Trust; Head of Breast Radiology Training SE London NHS BSP National Training Centre; former JAGS parent

Mrs Sonia Watson OBE, MBA, Hon. FRIBA & Hon. FRIAS (Governor effective 1 December 2018)

Chief Executive of Blueprint for All, honours list 2019, Honorary Fellow of both the Royal Institute of British Architects (RIBA) and the Royal Incorporation of Architects of Scotland (RIAS) for services to Diversity; current JAGS parent

Mr Nick Wood, MA & MEng

Extensive career in the UK Retail industry including Chairman and Chief Executive of companies from start up to fully Listed businesses; former JAGS parent ; Dulwich Estate trustee and Chairman of Paperchase Products Limited

Officers

Th Mrs Alex Hutchinson MA (Oxon) from 1 September 2020 (Previously Mrs Sally-Anne Huang MA (Oxford) & MSc, resigned 31 August 2020.)

Junior School - Ms Finola Stack MA (Hons), PGCE & Mont Dip

Director of Operations - Mrs Justine Addison, MA (Northumbria) (And Clerk to the Governors until 1 December 2019)

Director of Finance and Clerk to the Governors - Mr Jason Peck, MSc (Hons) & ACA - (Clerk to the Governors from 1 December 2019)

Addresses

144 East Dulwich Grove London SE22 8TE (Registered Office)

152 East Dulwich Grove, London SE22 8TE

2 Dulwich Village, London SE21 7AL

Professional Advisers

Bankers HSBC, 1 The Town, Enfield, Middlesex, EN2 6LD

Solicitors Druces & Attlee, Salisbury House, London Wall, London EC2M 5PS

Auditor Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG Surveyors Knight Frank LLP, 55 Baker Street, W1U 8AN Investment Manager Investec Wealth & Investment Limited, 2 Gresham Street London, EC2V 7QN Insurance Brokers Marsh Insurance, 9 Perrymount Rd, Haywards Heath, West Sussex RH16 1TA

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REPORT OF THE GOVERNORS

(Incorporating their Group Strategic Report)

For year ended 31 August 2020

(registered in England number 6618970) with charitable status (charity number 1124853). The directors of the company, who are also charity trustees and Governors of the School, present their annual report (incorporating the strategic report) and audited accounts for the year ended 31 August 2020 Deed) dated 31 July 1995 (as amended), the Charities SORP 2015, Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Governors, officers and principal addresses of the company are as listed on pages 2 to 3, as are

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AIMS AND OBJECTIVES OF THE SCHOOL

The School aims to provide a first class education to pupils aged 4 to 18 with a strong focus on developing personal and professional skills that can prepare them for adulthood.

As well as helping pupils to reach the highest academic levels, we provide an extensive extra-curricular programme which aims to broaden their interests, build self-confidence and instil a desire to contribute to the community.

The stated Aims of the School are:

To encourage all pupils to develop their full potential by stimulating their intellectual curiosity, enthusiasm and imagination

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day school in which there shall be provided a practical, liberal and religious education, including a Senior School for girls and, if thought fit, a Preparatory School for girls; which shall be primarily and ancillary or

have given careful consideration to particular to its supplementary public benefit guidance on advancing education and on fee-charging. Other key objectives in 2020 were:

To share our resources and learning experiences with other schools in our area, particularly through our membership of the Southwark Schools Learning Partnership and Saturday Literacy Scheme.

To continue to support pupils currently receiving bursaries and provision of as many means-tested bursary places as possible from other funds without recourse to tuition fees paid by parents. 135 bursaries were paid during the year.

Provide the strongest pastoral care system that we can for all our students, parents and staff, ensuring everyone understands how they can access the support they need.

role. The policy is designed to awaken in our pupils a sense of social awareness and to educate them in active citizenship, as well as seeking to

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ACTIVITIES TO SUPPORT AIMS AND OBJECTIVES

Academic and Extra-Curricular Activities

In addition to our wide-ranging curriculum we hold a number of academic themed events to broaden to inspire the next generation of female scientists and engineers, Book Week at the Prep and Pre-Prep Schools develops an early enthusiasm for reading and Modern Foreign Language Week means our girls can explore different aspects of international cultures and history.

The girls have many opportunities to excel at sports courtesy of extensive playing fields and a sports complex. A professionally designed theatre gives those who want to develop their artistic talents the chance to study drama and perform on stage. Our vibrant music department, now housed in our Community Music Centre, holds performances throughout the year whilst the art department allows pupils to express their creativity using a range of traditional and modern media.

During usual times, school trips in London, the UK and around the world provide further opportunities to enhance academic learning and broaden life skills. Recent trips have included volunteering in Uganda, a politics trip to Washington and New York and a history trip to China.

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Pastoral Care

We have a very strong pastoral care network to make sure our girls can get the help they need for any concerns. Extensive support is available from a dedicated team of qualified school staff as well as our School Chaplain with Lina her therapy dog. We have strong partnerships with many external practices such as Child and Adolescent Mental Health Services (CAMHS) and The South London and Maudsley NHS Foundation Trust (SLaM) and over the past year have run two mental health in-school training days in collaboration with SLaM.

n pupils and staff.

Community and Charity Engagement

JAGS continues to develop and extend our relationships and projects within the local community and beyond. We see this as integral to our educational ethos, demonstrating social responsibility in our community and raising community spirit within the school.

Event/Activity Focus
Year		 Rationale/Objectives Outcomes/ Impact
Hand Written
Christmas Cards
(Link Age Southwark)		 7 & 8 - Increased opportunities
for younger pupils to be
involved in CA.
- Develop stronger links
with longstanding charity
partners
- Increase
understanding/empathy for
older generation and the
challenges many face		 - 252 pupils and 12 staff
participated
- 638 hand written cards sent to
elderly people in our
community
- Financial support for charity
from card/postage donation
- Many positive thanks from
Link Age community
Volunteering
(Little Village
Southwark)		 8 - Increased opportunities
for younger pupils to be
involved in CA.
- Increased awareness of
issues causing local
poverty including barriers
due to race, language,
refugee status, illness,
bereavement
- Pastoral intervention for
pupils less involved in
other extracurricular
activities.		 - 25 pupils participated (up until
March lockdown)
- 24 hours of volunteering.
- Stronger links with local
community organisation
- Positive ongoing reports from
charity
- Positive reports from pupils.
- Increased involvement from
pupils to support this charity in
other events/clubs.

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Christmas donations
and wrapping party
(Little Village
Southwark)		 13 -Develop more community
action projects between
JAGS/DC
- Education about reasons
for poverty/barriers faced
by parents (Broad diversity
aims).
- Increase participation for
Year 13 pupils in short,
one-off opportunities		 - Over 300 books donated for
children in poverty.
- Hundreds of JAGS pupils
involved (donations).
- Whole school assembly
educating about local poverty,
reasons for poverty
(disadvantages, barriers)
- 120 Year 13 pupils wrapped
gifts
- JAGS/DC cooperative co-
educational charity event.
Saturday Literacy
Scheme
(Southwark
Community
Education
Charity)		 10 -Opportunities for pupils
under 16 to volunteer
-Support DofE scheme
- Continue to develop
JAGS partnership with
SCEC and local primary
schools.
- Improve literacy
outcomes for children in
state schools		 - 26 Year 10 pupils (Plus 4
Year 12 admin helpers)
- 48 Year 3 children attending
- Positive reports (verbally,
emails) from parents.
* End of year surveys not
conducted and final 2 sessions
cancelled due to lockdown.
Volunteering
Placements
(local organisations
including primary
schools, care homes,
hospitals etc.)		 - Provide genuine
opportunities outside
school for Year 12 pupils
to volunteer and learn
about community
organisations working to
support local people.
- To maintain and develop
our links and partnerships
with community
organisations.		 - 63 students involved in
volunteering
- Student surveys showed
those not involved were
actively engaged or unable due
to course load.
- Positive reports from charity
partners.
- Many volunteering projects
closed down in February, prior
to lockdown to protect those in
care homes or primary schools.
Fundraising events
- NHS Mind the Gap
- Lucy Blackman
Trust
- Little Village
- Link Age Southwark		 All - Increase community
spirit.
- Increase student
engagement and
opportunities in all year
groups to participate.
- Develop student
leadership opportunities
- Involve students in
choosing charities		 Events include:
- food bank collections, Cake
sales
- House own clothes days (2)
- Gingerbread House
Competition
- Candy cane/love heart sales
with DC
- Christmas tree sales, fun run
- Teacher pantomime,
sponsored events

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-
Trees
- AFFCAD
- Mind
- Childhood Trust
- Poppy Appeal
- Breast Cancer Now
- World Child Cancer
- Imagine for Margo
- Water Aid
-
- Southwark Refugee
Day Centre		 - Service collection, book
collection, food collections
- Christmas card
sales/donations
- JACO concert - Staff/student
matches
- Lockdown bake-off
Impact:
- Over 300 books, 60 full food
boxes collected
- As of February, the school
had raised roughly £6K for
charities.
House/ Charity
Integration		 Staff - Align more closely the
House points and charity
events with the wider
charity/community action
strategy.
- Increase engagement
and pupil leadership
opportunities.
- Raise school spirit		 - More links between House
points and charity engagement.
- Revamped House Point
systems
- More links between House
charities selected and
progress/feedback from charity
recipients.

There were many more programmes and activities planned which did not take place due to lockdown.

Sustainability

JAGS was awarded the Eco Schools Green flag status again in 2018. This has been reawarded every two years since 2010. JAGS demonstrates ongoing commitment to sustainability by the appointment in 2018 of a Whole School Eco Co-ordinator working with external agencies and local partners.

Streamlined Energy and Carbon Reporting (SECR) requires the disclosure of information about energy use and carbon emissions. It is our intention to comply with SECR from 2021 and we are working on data collection with our Account Manager.

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Sharing with the Community

JAGS Community Enterprises Limited is the wholly owned, non-charitable, trading subsidiary of the Charity and a vehicle through which we open up the JAGS Sports Club to our neighbours. The Copper Beech Café at the Sports Club is also available to our neighbours and sports club members as a place to purchase food supporting our community. As well as selling locally sourced products, the interior features locally designed furniture and regular exhibitions by local artists.

The JAGS Community Music Centre is also being used by local community groups as well as commercial hires.

By giving our local community access to our facilities, these enterprises help us to provide more financial assistance to low income families as the surpluses we receive are paid into our bursary fund.

ETHOS, STRATEGY AND POLICIES

We have a strong sense of social responsibility and playing an active role in our community is a fund

activities.

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The School is committed to safeguarding and promoting the welfare of its pupils and all staff undertake training to ensure they understand how to identify safeguarding issues and what their responsibilities are if they have concerns.

Access and Inclusion Policy

As part of our Equal Opportunities Policy, it is important that the education we offer is not only accessible to those who can afford the fees. It is a matter of pride that pupils come from a very wide range of social, economic and cultural backgrounds and reflect the diversity of our South London community.

The School makes reasonable adjustments that are necessary to meet the individual needs of any staff or pupils who are disabled in any way.

Bursary policy

Our means tested bursary scheme is crucial in making us accessible to everyone, not just to those whose families can afford the fees. We provide financial assistance for up to 100% of fees as well as the costs of

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uniform, travel, trips and lunches. Bursaries cover well over 85% of all fees for the 135 pupils whose families currently receive them (please see chart below).

They may be awarded on entry at 11+ or 16+ and may also help current pupils continue their education at ncial circumstances change, for example through redundancy.

Currently the School funds approximately 20 new bursaries every year and we will undertake new fundraising initiatives over the next year to help us increase this.

Funding for bursaries comes from the annual distribution from the Dulwich Estate, investment income and -charitable trading company (see note 7 to the Accounts). We have also received a donation of £45,000 from the Parents Association after their fundraising events last year. All these sources of funds are limited. It is essential to

The success of our bursary scheme is explained in the review of achievements and performance section of the strategic report.

Bursary Contribution to Fees 2019/20

----- Start of picture text -----
Bursary Contribution to Fees 2019/20
1-24.9% 6
25-49.9% 7
50-74.9% 21
75-79.9% 7
80-84.9% 7
85-89.9% 12
90-94.9% 12
95-99.9% 15
100% 48
0 10 20 30 40 50 60
No. of Pupils
----- End of picture text -----

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Scholarships Policy

We award scholarships to recognise high academic potential or the ability to excel in art, music or sports. Up to 20 scholarships may be awarded each year based on the results of the Senior School Entrance Examination. The scholarships can be worth up to £4000 per annum and may be supplemented on a means-tested basis in line with the bursary scheme.

We also award a number of internal and external sixth form scholarships based on GCSE results, these include awards through competition for Art, Economics and Music.

Fundraising

The School has not made any fundraising appeals to the general public during the year. There are plans to expand our fundraising activities for bursaries, including through the appointment of an external fundraising professional to ensure we maximise the opportunities. During the year there were no outsourced fundraising activities via professional fundraisers or other third parties. As a result the School is not registered with the fundraising regulator and received no fundraising complaints in the year.

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ACHIEVEMENTS

Many of our year 2020 leavers are heading off to universities all over the country to study a vast range of subjects including Languages, Medicine, Maths, Politics and Veterinary Medicine. A number of students are heading overseas to continue their studies in the USA whilst others are embarking on arts foundation courses or business apprenticeships.

Other notable academic achievements in the 2019/20 school year include:

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oject, an

Extra-curricular achievements include:

Other Achievements

PLANS FOR THE FUTURE

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Ensure the school constantly responds to Covid-19 guidance for educational settings to ensure the safety and welfare of the community is paramount in this time of pandemic.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The School is a company limited by guarantee with charitable status. Its governing documents are the

Governing Body

The directors of the company limited by guarantee are charity trustees and Governors of the School. All trustees (Governors) give their time freely and no remuneration is paid to them in the year. Where the daughters of Governors have been awarded exhibitions or scholarships, they have been awarded on their own merits in line with criteria which are equal for all pupils. That apart, no Governor or person connected with a Governor received any benefit from either means-tested bursaries or scholarships supplement awarded to pupils.

Recruitment and Training of Governors

The Board reviews its constituency on a regular basis, analysing the skills available to it and identifying any gaps there might be. Through its Governors Nominations Sub-Committee, the Board seeks nominations from the parent body, friends of the School, business, public services, the arts and professions so as to maintain the full range of skills and expertise required to ensure continuing good practice within the Board and so enhance the overall strategic management of the Charity. Potential Governors are interviewed by the Nominations Committee and the Headmistress, and may subsequently be recommended for appointment to the Board. A full induction programme, including instruction in respect of Board policy and procedures and any specific requirements appropriate for the individual Governor, is managed by the Clerk to the Governors. All new Governors attend the appropriate seminar run annually by the Association of Governing Bodies of Independent Schools. In addition to regular briefings, Governors may also attend seminars and workshops organised by professional bodies on topics of interest, including the impact of new legislation and regulation on educational charities. The Board holds an annual Away Day at which strategic matters are discussed.

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Organisational Management

The Governors as directors of the company limited by guarantee and trustees of the charity are legally responsible for the overall management and control of the School and meet formally three times a year. The Finance & General Purposes Committee meets three times a year to set the fees tariff for the subsequent academic year, to agree a budget for bursaries, to finalise budgets, the statutory accounts and annual report, all for approval by the Board, and to deal with any pressing financial matters between Board meetings. Other committees and/or working groups are authorised for specific purposes as required. ies, including public benefit issues.

Acting in accordance with the wishes of the Board as agreed from time to time, the Headmistress of JAGS has strategic responsibility for the direction of the organisation as a whole. JAGS is one school and is .

The whole school leadership team, which is considered Key Management Personnel, consists of the Headmistress of JAGS, the Headteacher of the Junior School, the Director of Operations, the Director of Finance, the Deputy Head (Academic) and the Deputy Head (Pastoral).

The Senior School and the Junior School operate relatively independently with regard to day-to-day matters, the Headmistress of the Senior School and the Headteacher of the Junior School each being assisted by their senior leadership teams.

The Headmistress of JAGS, the Headteacher of the Junior School, the Director of Finance and the Director of Operations attend all formal meetings of the Governors. Remuneration is set by the Board.

Employee Involvement

Communication and consultation across the School is actively encouraged. The Whole School Forum has representatives from all areas of the School (proportionate to the number of staff), who are elected annually to serve a fixed term. The views of staff are taken into account in making decisions which are likely to affect their interests and achieving a common awareness of the financial and economic factors affecting the the Junior School and the Director of Operations at least once a term.

Group Structure

The company has a wholly owned, non-charitable, trading subsidiary, JAGS Community Enterprises Limited. The Deputy Chair of the Board, the Headmistress of JAGS, the Headteacher of the Junior School, the Director of Operations and Mr Ian Rankine and Mr Roger Holdom (as independent directors) form its Director of Finance is its company secretary.

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GROUP STRATEGIC REPORT

Pupil Numbers and Fees

Educational activities are carried out through the Senior School and the Junior School. Pupil numbers held up well during the year, averaging 1,125 (1,115 in 2018/19), being 820 (194 in the sixth form) in the Senior School and 305 in the Junior School. The School continues to be full. Demand for places remains strong, which gives confidence that pupil numbers will be maintained for the foreseeable future. The School believes this to be a result of its continued resolve to maintain high academic standards, to provide the facilities expected of a leading school, and to be an active contributor to the local community. Fees for 2019/20 before the deduction of any means-tested bursaries and scholarships were £5,679 per term in the Junior School (a year on year increase of 4.50%) and £6,267 in the Senior School (an increase of 4.50%).

FINANCIAL REVIEW

The accounts which form part of this report reflect the income generated and the expenditure incurred by the School and its wholly owned trading subsidiary, JAGS Community Enterprises Limited (JCE Limited), for the year.

Charitable Status

applied for educational purposes. JAGS benefits from tax exemption on its educational activities and on its investment income and gains, provided these are applied for its charitable aims. The School is also entitled to an 80% reduction on business rates on the properties occupied for its charitable purposes. The financial benefits of these tax exemptions are all applied for educational purposes and indirectly help to maintain the exempt for VAT purposes, the School is unable to reclaim VAT input tax on its costs. The School also pays tax as an employer through the national insurance contributions it makes.

In addition to the substantial benefits the School brings to its pupils, the local community and society through the education offered, the bursary and community outreach programmes create a social asset without cost to the Exchequer.

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Financial Results

In 2019/20 the net (loss)/income of the Charity amounted to (£1,211k) (2018/19: £279k) In 2019/20, investment revaluation was a loss of (£635k) whereas in 2018/2019 it was a profit of £296k. School fees accounted for 80.4% of total School income (2018/19: 76.4%) and the surplus/(loss) generated solely from the operation of the School before financing costs and fee reductions was (5%) (2018/19 8%) of gross tuition fee income. The Governors continue to apply all net income surpluses to the educational purposes and fabric of the School. No tuition fees from parents are applied to fee assistance; funding for this comes from the annual distribution of £1.5m (2018/19 £1.6m) from the Dulwich Estate, investment income and surpluses generated by JCE Limited. The School is very grateful for the annual distribution from the Dulwich Estate which funded 69% (2018/19: 77 A significant portion of the reduction in profit of the Charity was due to the effects of the Covid-19 pandemic. A fee rebate was given to parents in the Summer term. A hardship fund was created to help parents in difficulty with fee payments. The Charity also received considerably less Non-Fee Income due to the Covid-19 pandemic effects on JCE Limited, as outlined below, and various other income sources.

The trading results of JCE Limited are set out in note 6 to the Accounts. Its main activity during the year continued to be the operation of the JAGS Sports Club. A surplus of £8k (2018/19: £391k) excluding the licence fee of £74k (2018/19: £300k) has been made, all of which was donated to the school to be used to help fund bursaries. The significant reduction in profit of JCE Limited is due to the Covid-19 pandemic which resulted in the Sports Club being closed for much of the second half of the year. This will continue to impact 2020/21 results.

Both the Charity and JCE Limited utilised the Coronavirus Job Retention Scheme to assist the payment of staff who were furloughed during the pandemic. Both the Charity and JCE Limited deferred the payments of VAT for February 2020 in line with HMRC assistance. These amounts have now been repaid to HMRC.

£77m), and after revaluation of financial investments the consolidated net assets of the Charity decreased from £40.5m at 31 August 2019 to £39.3m at 31 August 2020.

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Reserves Policy

Details of the funds and the movements on them in the year are shown in note 17.

aim

School and excluding all financing charges) equates to an annual surplus equivalent to at least 10% of fee income, for the purpose of providing a contribution towards financing, capital and development needs. This has not been achieved for the 2019/20 year as the school result was a loss of (£1,146k) giving a return of (5.5%). The school result for 2018/19 was a profit of £1,589k giving a return of 8.1%.

Non-fee income is used to provide assistance with fees in appropriate cases as previously noted. It is the -term objective to eliminate external borrowings. arity Commission, mostly due to its high fixed asset base alongside the large endowment fund. It is something that is found across many schools. Regarding the endowment funds, £14.9m is held in investments, of which £4.0m is the Bursary fund and the remainder is the Capital Investment Fund.

The Governors believe that the School is able to operate without free reserves and wish to continue expanding the facilities of the School through investing surpluses. In assessing the viability of the Sc financial plans and strategies the Governors consider more appropriate indicators such as cash flow and working capital requirements and the impact on operating surpluses. Also the school has £10.9m in unencumbered investments, as mentioned previously, which can be drawn down if needed.

monitor and review financial performance.

Investment Policy and Performance

and thereafter to maximise income. The Finance & General Purposes Committee receives Quarterly Investment Valuation Reports (with commentary). The F annually to review investment performance and strategy. A formal review of the investment policy was completed in 2014. On this basis the strategic asset allocation of the portfolio was fine-tuned to equities 68% (previously 70%), fixed interest 21% (previously 20%), property 7% (previously 10%), infrastructure the guidelines set in 2014 are still appropriate.

Income from financial investments of £449k represented a yield of 2.85% on the average capital value in the year. The underlying value of investments decreased from £16.6m at 31 August 2019 to £14.9m at 31 August 2020 due to revaluation decrease of £0.6m and after a capital redemption of £1.0m.

JAGS OVERARCHING STRATEGIC DEVELOPMENT

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PLAN 2015-2020

This Development Plan builds on the one which was initially written and published in 1995 and updated and revised at 5 yearly intervals thereafter. All of these earlier versions have been archived within the school for future reference. Implicit within the plan is a recognition of the need for continual monitoring and evaluation of facilities, resources and practices.

Autumn 2014. These objectives were then discussed both in groups and in a plenary session at a whole school staff meeting attended by all staff from all areas of the School in January 2015. Their feedback was recorded and then refined by the Whole School Strategy Group in April 2015, before being presented to the Board. The Governors have ultimate responsibility for the delivery of this plan as part of their oversight of the School. With the appointment of a new Headmistress for September 2020 alongside school closures in the summer term 2020, it was decided that a new Strategic Development Plan would be launched in September 2021. As part of this process, the aims of the school will be reviewed and the whole school community will be involved in setting the ongoing vision. This will inform the new Strategic Development Plan 2021-2026. To that end, the Strategic Development Plan 2015-2020 will now extend until 2021.

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The agreed Strategic Objectives from September 2015 to September 2021 are to:

Under the guidance of the Headmistress each area of the School produces its own departmental

development plan, which is based on the relevant parts of this overarching strategic development plan and indicates how the objectives will be fulfilled within that department or area of the School. These plans are reviewed and updated annually.

curriculum and performance, benchmarking against national and local standards, and independent value-added criteria.

Maintaining and improving the quality of our facilities is an important factor in continuing to recruit and retain pupils and staff. Some of our current facilities are first-class, but others are in need of refurbishment or replacement. A sound financial strategy is essential for the future of JAGS; new money needs to be raised to finance development projects and old debts to be paid off. Ideally a percentage of the fee income each year should be able to be set aside for major capital projects. With the impact of Covid-19 this will be

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In all areas of the school we aim to provide places for pupils of the appropriate calibre who would benefit from a JAGS education. The Junior School has been an entirely fee-paying school, but Governors intend to keep this situation under review. We wish to be able to provide as many places as possible in the Senior School for those girls who fulfil our entry requirements but whose parents cannot afford the full fees. To ( Places Fund). The annual income from the Dulwich Estates Trustees is also being used for this purpose. Since 2002 we have decreased the basic value of all our scholarships, while retaining the additional means-tested element, in order to divert funds to more needy families.

Our new Community Music Centre was officially opened in September 2018. This facility provides the school and local community with a 500 seat concert hall with flexible seating and staging as well as rehearsal and teaching rooms. The school also benefits from the additional classrooms and IT suites in the facility and an enhanced play area for the Junior School pupils.

Environmental issues continue to be a high priority in the School as it continues to work with LB Southwark and other local schools on environmental matters.

PRINCIPAL RISKS AND UNCERTANTIES

The Board is responsible for the management of the risks faced by the Charity, and undertakes detailed considerations of risk assisted by the Headmistress, the Head Teacher of the Junior School and the Director of Operations. Risks are identified and assessed and controls established. A formal review of the incorporated into its decision-making processes. A Risk and Compliance Committee was established to review the risk regime and to ensure risks are being appropriately managed. Of the ten major risks that the

Board has identified and regularly monitors, the top two risks relate to the delivery of major projects and the In order to mitigate these risks, project approvals are required from the Board ensuring necessary projects are identified and unnecessary ones avoided, external advice is obtained and post project reviews conducted.

24

In addition, the impact of the Covid-19 pandemic has been identified as a major risk. The outbreak of COVID-19 from March 2020 has posed significant risk and challenges for the School. The risk is the

financial security. The School managed the risk in the following ways:

The management of the risks arising from the COVID-19 pandemic remains ongoing.

The Governors recognise that systems can provide reasonable but not absolute assurance that major risks have been adequately managed. However, through the risk management processes established for the School, the Governors are satisfied that the major risks have been identified and appropriate steps taken to mitigate them. The School does not use financial instruments as part of its financial risk management. It is exposed to the usual credit and cash flow risks associated with its operation and manages these risks through its internal control procedures.

APPOINTMENT OF INDEPENDENT AUDITOR

Having indicated their willingness, Haysmacintyre have been re-appointed as independent auditor to the Charity for the year ending 31 August 2021.

25

STATEMENT OF GOVERNO

The Governors (who are also the trustees and directors of James Allen in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group as at the balance sheet date, and of its incoming resources and application of resources, including income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and financial position of the charitable company and group, and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charity (Accounts and Reports) Regulations 2008 ng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information i and dissemination of financial statements may differ from legislation in other jurisdictions.

The following statements have been affirmed by each of the Governors of the charitable company:

So far as each Governor is aware, there is no relevant audit information (that is, information needed by the e; and each Governor has taken all the steps that he/she ought to have taken as a Governor in order to make auditors are aware of that information.

The Annual Report of Governors (incorporating the Strategic Report) was approved by the Board of 22 April 2021 and signed on its behalf by:

Mr David Miller Chair of Governors

26

MEMBERS OF

S

Opinion

which comprise the Consolidated Statement of Financial Activities, Income and Expenditure Account, Consolidated Balance Sheet, Charities Balance Sheet and the Consolidated Cash Flow Statement and the related notes 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial 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.

Responsibilities of governors for the financial statements

ibilities on page 26, the governors (who are also the directors of the charitable 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 governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the charitable company 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 governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

our opinion. Reasonable assurance 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 on the Financial www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Conclusions relating 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:

27

Other information

The governors are responsible for the other information. The other information comprises the information 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the

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:

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor) 10 Queen Street Place

For and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG

April 2021

28

JAMES ALLEN'S GIRLS' SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 AUGUST 2020

Y
Note
Income and Endowments from:
Voluntary Sources
Donations and Legacies
The Dulwich Estate
Charitable Activities
School Fees
2
Other Ancillary Income
3
Other Trading Activities
Trading Subsidiary
6
Investments
Total Income
Expenditure on:
Raising Funds
Raising Funds - Other
Charitable Activities
Total Expenditure
5
Net Gains on Investments
9
Net Income/(Expenditure)
Transfers Between Funds
17
Net Movements In Funds
Reconciliation of Funds
Fund Balance at 1 September 2019
Net Movements In Funds
Fund Balance at 31 August 2020		 Unrestricted
Funds
£
-
1,513,692
17,605,717
1,225,842
1,313,316
312,209
21,970,776
419,911
1,564,907
20,698,959
22,683,777
-
(713,001)
93,114
(619,887)
8,378,451
(619,887)
7,758,564
YEAR E		 Designated
Funds
£
12,066
-
-
-
-
-
12,066
-
-
-
-
-
12,066
(1,534)
10,532
1,000,000
10,532
1,010,532
NDED 31 AU		 Restricted
£
(45,045)
-
-
-
-
136,625
91,580
-
-
(32,979)
(32,979)
-
124,559
(91,580)
32,979
739,099
32,979
772,078
UST 2020		 Endowment
£
-
-
-
-
-
-
-
-
-
-
-
(635,338)
(635,338)
-
(635,338)
30,402,549
(635,338)
29,767,211		 2020
Total
£
(32,979)
1,513,692
17,605,717
1,225,842
1,313,316
448,834
22,074,422
419,911
1,564,907
20,665,980
22,650,798
(635,338)
(1,211,714)
-
(1,211,714)
40,520,099
(1,211,714)
39,308,385		 2019
Total
£
69,483
1,623,183
17,525,144
1,393,520
1,824,396
517,751
22,953,477
480,650
1,969,384
20,519,698
22,969,732
295,548
279,293
-
279,293
40,240,806
279,293
40,520,099

All amounts relate to continuing operations. All gains and losses recognised in the year are included above. The Notes on Pages 34 - 52 form part of the financial statements.

Please see Notes 22+23 Tab for Comparison

29

JAMES ALLEN'S GIRLS' SCHOOL

CONSOLIDATED SUMMARY OF INCOME AND EXPENDITURE

YEAR ENDED 31 AUGUST 2020

Income and Endowments from:
Voluntary Sources
Donations and Legacies
The Dulwich Estate
Charitable Activities
Net School Fees
Other Ancillary Income
Other Trading Activities
Trading Subsidiary
Investments
Total Income
Expenditure on:
Raising Funds
Raising Funds - Other
Charitable Activities
Total Expenditure
Net Income Before Investment Gains
Net Income		 2020
Unrestricted
and
Restricted
Funds
£
(32,979)
1,513,692
17,605,717
1,225,842
1,313,316
448,834
22,074,422
419,911
1,564,907
20,665,980
22,650,798
(576,376)
(576,376)		 2019
Unrestricted
and
Restricted
Funds
£
69,483
1,623,183
17,525,144
1,393,520
1,824,396
517,751
22,953,477
480,650
1,969,384
20,519,698
22,969,732
(16,255)
(16,255)

The above Consolidated Summary Income and Expenditure Account represents the total unrestricted and restricted income and expenditure as shown in the Consolidated Statement of Financial Activities on page 29 and its presentation is required under the Companies Act 2006.

The Notes on Pages 34 - 52 form part of the financial statements.

30

JAMES ALLEN'S GIRLS' SCHOOL

COMPANY NUMBER: 6618970

CONSOLIDATED BALANCE SHEET

Note
£
£
FIXED ASSETS
Buildings
7
30,720,960
Vehicles and Equipment
8
867,094
31,588,054
INVESTMENTS
9
14,913,943
46,501,997
CURRENT ASSETS
Stock
1,434
Debtors and Prepayments
10
1,191,440
Cash at Bank and In Hand
1,859,653
3,052,527
CURRENT LIABILITIES
Creditors and Accruals
11
3,797,458
Loans falling due within one year
12
921,863
4,719,321
NET CURRENT LIABILITIES
(1,666,794)
TOTAL ASSETS LESS CURRENT LIABILITIES
44,835,203
LONG TERM LIABILITIES
Fee Deposits
899,824
Loans
12
3,450,527
Advance Fees
13
902,031
Pension Deficit
19b
274,435
(5,526,817)
TOTAL NET ASSETS
39,308,386
ENDOWMENT FUND
17a
29,767,211
RESTRICTED FUNDS
17b
772,078
UNRESTRICTED FUNDS
17c
8,769,097
39,308,386
31 August 2020		 £
£
Restated
Restated
31,319,881
1,016,553
32,336,434
16,618,186
48,954,620
2,066
1,027,571
1,346,294
2,375,931
3,602,474
921,262
4,523,736
(2,147,805)
46,806,815
903,160
4,260,279
781,531
341,746
(6,286,716)
40,520,099
30,402,549
739,099
9,378,451
40,520,099
31 August 2019

As permitted by section 408 of the companies Act 2006, no separate Statement of Financial Activities have been presented for the Charity. The net movement of the Charity for the year ended 31 August 2020 is (£1.2m) (2019:£0.3m)

Accounts approved and authorised for issue by the Governors and signed on their behalf by:-

Mr David Miller Ms Helen Nixseaman Governor Governor Date: 22 April 2021 Date: 22 April 2021

31

JAMES ALLEN'S GIRLS' SCHOOL

COMPANY NUMBER: 6618970

PARENT ONLY BALANCE SHEET

Note
FIXED ASSETS
Buildings
7
Vehicles and Equipment
8
INVESTMENTS
9
CURRENT ASSETS
Debtors and Prepayments
10
Cash at Bank and In Hand
CURRENT LIABILITIES
Creditors and Accruals
11
Loans falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Fee Deposits
Loans
12
Advance Fees
13
Pension Deficit
19b
TOTAL NET ASSETS
ENDOWMENT FUND
17a
RESTRICTED FUNDS
17b
UNRESTRICTED FUNDS
17c		 £
£
30,137,599
766,917
30,904,516
14,913,945
45,818,461
2,083,962
1,582,349
3,666,311
3,662,028
921,863
4,583,891
(917,580)
44,900,881
899,824
3,450,527
902,031
274,435
(5,526,817)
39,374,064
29,767,211
772,078
8,834,775
39,374,064
31 August 2020		 £
£
Restated
Restated
30,725,740
832,991
31,558,731
16,618,188
48,176,919
1,653,593
1,189,096
2,842,689
3,291,531
921,262
4,212,793
(1,370,104)
46,806,815
903,160
4,260,279
781,531
341,746
(6,286,716)
40,520,099
30,402,549
739,099
9,378,451
40,520,099
31 August 2019

Accounts approved and authorised for issue by the Governors and signed on their behalf by:-

Mr David Miller Ms Helen Nixseaman Governor Governor Date: 22 April 2021 Date: 22 April 2021

32

JAMES ALLEN'S GIRLS' SCHOOL

CONSOLIDATED CASHFLOW STATEMENT

YEAR ENDED 31 AUGUST 2020

Note
£
£
Net Cash Flow from Operating Activities
Net cash provided by operating activities
20
525,363
Cashflows from Investing Activities
Investment Income Received
448,834
Interest Paid
(112,519)
Buildings (Improvements and New Build)
(279,049)
Purchase of other Tangible Fixed Assets
(283,005)
Investment
9
1,000,000
774,261
Cashflows from Financing Activities
Advanced Fees - New Contracts
612,599
Advanced Fees - Amounts Utilised and Repaid
(523,429)
Loan Repaid
(809,151)
Pension Deficit Repaid
(66,284)
(786,265)
Change in cash in the year
513,359
Analysis of Changes in Net Debt
Cash and Cash Equivalents
Opening cash
1,346,294
Cash Flows
513,359
Closing cash
1,859,653
Borrowings
Opening total borrowings
5,181,541
Cash Flows
(809,151)
Total borrowings
4,372,390
Debt due within one year
921,863
Debt due after one year
3,450,527
Total borrowings
4,372,390
31 August 2020		 £
£
1,216,600
517,751
(152,336)
(413,214)
(189,726)
-
(237,525)
527,781
(383,992)
(2,239,786)
(70,386)
(2,166,383)
(1,187,308)
2,533,602
(1,187,308)
1,346,294
7,421,327
(2,239,786)
5,181,541
921,262
4,260,279
5,181,541
31 August 2019

33

JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020

1. Accounting Policies

The school is a public benefit entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 13 June 2008 (Company number 6618970) and is registered as a charity (Charity number 1124853).

The financial statements are presented in sterling.

Basis of Accounting: The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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) - Second edition.

Basis of consolidation: The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School with its wholly owned subsidiary: JAGS Community Enterprises Limited. As permitted by Section 408 of the Companies Act 2006, no separate SOFA has been presented for the School alone.

In the application of the accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. In the view of the trustees, no assumption concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The Governors consider the following items to be areas subject to estimation and judgement:

Depreciation: the useful economic lives of tangible fixed assets are based on judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required.

Pensions: The principal assumptions used to calculate the liabilities for the historical pension deficit repayment plan are those as set out in note 19.

Fees Receivable: School fees are credited to income in the period for which they are receivable. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school from restricted and designated funds but includes contributions received from endowment and restricted funds for scholarships, bursaries and other monies received from third parties. Fees that are received in advance of the academic year to which they relate are treated as creditors and released in the year to which they relate.

34

JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

1. Accounting Policies (continued)

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to the relevant Restricted Funds, where the amount is held as expendable capital, or to Endowment Funds.

For legacies, entitlement is the earlier of the School being notified of an impending distribution or the legacy being received.

Income: The distribution from the Dulwich Estate and similar income are shown in the accounts on a received basis. Grant income relates to the Coronavirus Job Retention Grant (CJRG) and is recognised under the accruals basis in line with staff costs. Donations and legacies are accounted for on a receivable basis where the income is probable. Donations for purposes restricted by the wishes of the donor are taken to where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the wishes are accounted for as - permanent or expendable - according to the nature of the restriction. All donations in respect of the James Bursary Fund unless specifically allocated otherwise by the donor will be treated as endowments and will be invested as soon as practical. The income arising from the investment will be applied to Bursaries. All other incoming resources are included in income on an accruals basis that is accounted for in the period in which it is attributable.

Expenditure: Is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Expenditure is allocated to the appropriate headings relevant to the Support costs mainly represent office administration. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. Governance costs comprise the costs of running the School, including strategic planning for its future development charitable activities on a direct basis, external audit, legal advice and all the costs of complying with constitutional and statutory requirements. Charitable expenditure represents the costs of running the School including salaries, catering, premises and welfare costs. Costs of raising funds include non-ancillary trading, financing, investment management and fundraising and development costs. Raising funds - other comprise trading costs of the subsidiary, JAGS Community Enterprises Limited, fundraising costs and finance costs. Costs of activities in furtherance of the charity objectives comprise expenditure directly related to the provision of education. The basis for allocation of support costs and allocated staff costs is a combination of management estimates, headcounts and non-salary expenditure, as set out in note 5. Certain of these bursaries are met from the restricted funds and the amount of the grant or bursary is charged to expenditure on the restricted fund.

35

JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

1. Accounting Policies (continued)

School Buildings: The reversionary freehold of the site is not valued for accounting purposes on the basis that the interest was acquired at £Nil cost in 1886 and at varying times thereafter and the cost of obtaining such a valuation would outweigh the benefit to readers of the Accounts and if no longer required for School purposes, the freehold reverts to the Dulwich Estate.

Capitalisation of Fixed Assets and Depreciation: Any costs relating to a specific capital project are capitalised irrespective of the amount. Depreciation is provided on fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows: - Short Leasehold Property - Over the life of the lease, Buildings Improvements - 10 to 50 years, Freehold Property - 50 years, Sports and Grounds Complex - 10 to 50 years, Computer Equipment - 5 years, Motor Vehicles - 3 to 5 years, Other Equipment - 5 to 10 years. Depreciation in respect of buildings under construction will not commence until they are completed and come into use by the School.

Investments: Are a form of basic financial instrument and are initially shown in the financial statements at bid price. Movements in the values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Gains and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sale proceeds and opening carrying value or the purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value of investments at the year-end and their carrying value. Realised and unrealised investment gains and losses are allocated to the appropriate Fund according to the of the underlying assets. Investment subsidiaries are valued at cost less provision for impairment.

Financial instruments: Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, trade and fee debtors, staff loans, other debtors, prepayments and accrued income and amounts owed by group undertakings. A specific provision is made for debts for which recoverability is in doubt. Cash and cash equivalents are defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise deposits, fees in advance, trade creditors, other creditors, loans to third parties and amounts owed to group undertakings.

Funds: The School has three types of funds:

Unrestricted - where the fund is not restricted as to use other than in furthering the objects of the School. These include Designated Funds, where the funds are unrestricted but the Governors have designated them for a specific purpose.

36

JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

1. Accounting Policies (continued)

Stock: Is carried at the lower of cost and net realisable value.

Leases: Expenditure on operating lease rentals is charged to the Statement of Financial Activities as and when it is incurred. Assets purchased under finance leases are capitalised and depreciated over their useful lives. Interest charges incurred on finance leases are included within finance charges.

Pension Costs: Retirement benefits to employees of the school are provided through the following schemes: The Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the share of the underlying assets and liabilities of the Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Support Staff Pension schemes The first scheme is an occupational defined benefit scheme. The defined benefit pension scheme current service costs are charged to the Statement of Financial Activities within staff costs. The defined benefit scheme liability is included in the balance sheet as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in SOFA. Any actuarial gains or losses are recognised as other recognised gains or losses. The second scheme is a defined contribution scheme. pensions costs are charged in the period in which the salaries to which they relate are payable.

Employee termination benefits: Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.

Fees Composition Scheme: Fees Composition Scheme Financing costs include amounts accrued in accordance with the terms of the Advance Fees contract representing the present value of discounts given for payment in advance.

37

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

2
School Fees
Net Tuition Fees
Bursary Fee Reductions
James Allen's Saturday School for the Performing Arts
Bursary and other awards were paid to 133 pupils (2019: 135 pupils)
3
Other Ancillary Income
Registration Fees
Salaries Furlough Rebate
Billing Interest
After School Club Income
Insurance Commissions
School Trips income - gross
Other Commercial Activities
Catering Income
4
Expenditure
Other expenditure includes:-
Auditor's remuneration
- Audit (Excluding VAT)
- Other (Excluding VAT)
Operating Leases
Depreciation and Amortisation
Staff costs:-
Wages and salaries
Social security costs
Pension contributions - Teaching Staff
Pension contributions - Support Staff		 2020
£
19,582,031
(2,230,845)
254,531
17,605,717
£
65,755
349,695
65,436
33,394
24,571
273,051
-
413,940
1,225,842
£
15,720
4,368
131,727
1,310,435
£
12,090,937
1,193,121
1,766,393
327,363
15,377,814		 2019
£
19,202,792
(2,128,920)
451,272
17,525,144
£
65,195
-
-
-
32,734
610,406
29,915
655,270
1,393,520
£
27,630
28,818
133,198
1,344,747
£
11,487,318
1,135,801
1,142,811
254,353
14,020,283

The average number of employees in the year was 471 (2019 - 505) of whom 211 (2019 - 216) were teaching staff and 92 (2019 - 147) were casual JCE Sports Club staff. None of the Governors nor persons connected with them received any remuneration or other benefits from the School or any connected organisation. There were no trustees reimbursements or expenses in either year. Trustees' indemnity insurance is included within the Public Liability Premium at a total cost of £608 (2019 - £579). During the year termination payments made amounted to £34,319 (2019 - £Nil).

The number of employees whose emoluments on an annual basis, excluding pensions, exceeded

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
£200,001 - £210,000
£220,001 - £230,000
£60,000 were:-		 2020
21
13
2
1
-
1
1
-
1		 2019
28
5
1
2
-
1
1
-
1

In addition £669,587 (2019 - £437,103) was paid in pensions payments in respect of the 40 (2019 - 39) employees above.

Aggregate employee-benefits of Key management Personnel,
including Employers' National Insurance		 2020
£964,216		 2019
£821,363

38

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

5 Analysis of Expenditure
Fund Raising and Publicity
Charitable Expenditure
Teaching
Welfare
Premises
Awards
Total
Other
Trading Subsidiary
Finance Costs
Total Expenditure		 Staff Costs
£
231,037
14,005,303
85,047
212,618
85,047
14,388,015
750,257
8,505
758,762
15,377,814		 Direct
Costs
£
181,794
927,742
1,126,188
2,590,848
461,572
5,106,350
423,263
251,141
674,404
5,962,548		 Depreciation
£
7,080
274,334
5,310
891,971
-
1,171,615
131,741
-
131,741
1,310,436		 2020
Total
£
419,911
15,207,379
1,216,545
3,695,437
546,619
20,665,980
1,305,261
259,646
1,564,907
22,650,798		 2019
Total
£
480,650
14,878,654
1,284,412
3,710,304
646,328
20,519,698
1,433,350
536,034
1,969,384
22,969,732

39

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

6 Net Income From Trading Activity of the Subsidiary

The Charity has a wholly owned trading subsidiary, JAGS Community Enterprises Limited, which is a company incorporated in England (company Number 3636087) with an issued share capital of two ordinary shares of £1 each fully paid. The principal activity of the company during the period was the management of a sports club. It has entered into a deed of covenant to pay the School the whole of its profits for each accounting period as computed for taxation purposes.

The trading results of the Subsidiary for the year ended 31 August 2020 are summarised below. At 31 August 2020 the Subsidiary owed £982,688 to the School (31 August 2019 the Subsidiary owed £637,541 to the School ).

Profit and Loss Account of Subsidiary
Turnover
Cost of Sales
Gross Profit
Salaries Furlough Rebate
Administrative Expenses
Operating Profit Before Licence Fee
Licence Fee to the School
Operating Profit
Amount Covenanted to the School
Reserves Brought Forward
Reserves Carried Forward
Summary Balance Sheet of Subsidiary
Fixed Assets
Current Assets
Current Liabilities
Net Current (Liabilities)
Total Assets Less Current Liabilities
Reserves
Share Capital
Reserves		 2020
£
1,197,301
(756,557)
440,744
116,015
(548,704)
8,055
(73,734)
(65,679)
-
-
(65,679)
£
£
683,538
318,896
(1,068,111)
(749,215)
(65,677)
2
(65,679)
(65,677)
31 August 2020		 2019
£
1,824,396
(842,959)
981,437
-
(590,391)
391,046
(300,000)
91,046
(91,046)
-
-
£
£
777,703
170,783
(948,484)
(777,701)
2
2
-
2
31 August 2019

40

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

7 Fixed Assets - Buildings
Consolidated
Cost
Balance at 1 September 2019
Additions
Transfers
Balance at 31 August 2020
Depreciation
Balance at 1 September 2019
Charge for year
Balance at 31 August 2020
Net Book Value at 31 August 2020
Net Book Value at 31 August 2019		 Buildings
Improvements		 Buildings
Improvements		 Sports and
Grounds
Complex
£
7,660,117
-
-
7,660,117
2,593,102
153,202
2,746,304
4,913,813
5,067,015		 Freehold
Property
£
4,023,520
-
-
4,023,520
1,315,963
80,470
1,396,433
2,627,087
2,707,557		 Total
£
43,753,135
279,049
91,594
44,123,778
12,433,254
969,564
13,402,818
30,720,960
31,319,881
£
32,069,498
279,049
91,594
32,440,141
8,524,189
735,892
9,260,081
23,180,060
23,545,309

At 31 August 2020 there were outstanding contractual commitments for further capital expenditure of £Nil (31 August 2019 £Nil).

Fixed Assets - Buildings
School
Cost
Balance at 1 September 2019
Additions
Disposals
Balance at 31 August 2020
Depreciation
Balance at 1 September 2019
Charge for Year
Balance at 31 August 2020
Net Book Value at 31 August 2020
Net Book Value at 31 August 2019		 Buildings
Improvements		 Buildings
Improvements		 Sports and
Grounds
Complex
£
7,660,117
-
-
7,660,117
2,593,102
153,202
2,746,304
4,913,813
5,067,015		 Freehold
Property
£
4,023,520
-
-
4,023,520
1,315,963
80,470
1,396,433
2,627,087
2,707,557		 Total
£
42,671,729
279,050
-
42,950,779
11,945,989
867,191
12,813,180
30,137,599
30,725,740
£
30,988,092
279,050
-
31,267,142
8,036,924
633,519
8,670,443
22,596,699
22,951,168

At 31 August 2020 there were outstanding contractual commitments for further capital expenditure of £Nil (31 August 2019 £Nil).

41

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

8
Computer
Motor
Consolidated
Equipment
Vehicles
£
£
Cost
Balance at 1 September 2019
1,080,110
40,623
Additions
161,684
-
Transfers
-
-
Balance at 31 August 2020
1,241,794
40,623
Depreciation
Balance at 1 September 2019
836,643
35,079
Charge for year
111,150
5,544
Disposals
-
-
Balance at 31 August 2020
947,793
40,623
Net Book Value at 31 August 2020
294,001
-
Net Book Value at 31 August 2019
243,467
5,544
At 31 August 2020 there were outstanding contractual commitments for further
August 2019 £Nil).
Fixed Assets - Vehicles and Equipment		 Other
Equipment
Total
£
£
2,275,000
3,395,733
121,321
283,005
(91,594)
(91,594)
2,304,727
3,587,144
1,507,457
2,379,179
224,177
340,871
-
-
1,731,634
2,720,050
573,093
867,094
767,543
1,016,554
capital expenditure of £Nil (31
Fixed Assets - Vehicles and Equipment
School
Cost
Balance at 1 September 2019
Additions
Disposals
Balance at 31 August 2020
Depreciation
Balance at 1 September 2019
Charge for year
Disposals
Balance at 31 August 2020
Net Book Value at 31 August 2020
Net Book Value at 31 August 2019		 Computer
Equipment
£
1,058,015
151,266
-
1,209,281
832,849
106,957
939,806
269,475
225,166		 Motor
Vehicles
£
40,623
-
-
40,623
35,079
5,544
-
40,623
-
5,544		 Other
Equipment
£
1,869,201
94,162
-
1,963,363
1,266,920
199,001
-
1,465,921
497,442
602,281		 Total
£
2,967,839
245,428
-
3,213,267
2,134,848
311,502
-
2,446,350
766,917
832,991

At 31 August 2020 there were outstanding contractual commitments for further capital expenditure of £Nil (31 August 2019 £Nil).

42

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

9
Investments
Shares
Restricted
In Subsidiary
Funds
£
£
Valuation at 1 September 2019
2
25,107
Redemption from Fund
-
-
Fees paid 2020
-
-
Gain on Investments
-
-
Valuation at 31 August 2020 (Bid Price)
2
25,107
Bond Funds
-
18,761
UK Fixed Interest
-
-
Overseas Fixed Interest
-
-
UK Equities
-
6,346
Overseas Equities
-
-
Property
-
-
Infrastructure
-
-
Cash
-
-
Consolidated
-
25,107
Shares in Subsidiary
2
-
School
2
25,107
Historical Cost at 31 August 2020
2
11,795
There were no individual Investment whose valuation was over 5%.
10 Debtors and Prepayments
Consolidated
2020
2019
£
£
Restated
Due within One Year
Tuition Fees and Disbursements
679,232
539,712
Prepayments
134,396
192,752
Other Debtors
377,812
295,107
Amount due from Subsidiary Company
-
-
1,191,440
1,027,571		 Endowment
Fund
Total
£
£
16,593,079
16,618,188
(1,000,000)
(1,000,000)
(68,905)
(68,905)
(635,338)
(635,338)
14,888,836
14,913,945
-
18,761
1,877,751
1,877,751
640,769
640,769
6,191,951
6,198,297
3,612,490
3,612,490
1,073,944
1,073,944
1,076,148
1,076,148
415,783
415,783
14,888,836
14,913,943
-
2
14,888,836
14,913,945
10,102,759
10,114,556
School
2020
2019
£
£
Restated
679,232
539,712
125,217
183,665
346,831
292,675
932,682
637,541
2,083,962
1,653,593

Relates to grossing up of debit balances in creditors £210,000 and reclassification of other debtors to fee debtors £235,000.

43

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

11 Creditors and Accruals
Fee Creditors
Fee Deposits (Refundable in one year)
Other Taxation, Social Security and Pensions
Trade Creditors
Accruals
Fees Composition Scheme (Note 13)
Value Added Tax
Other Creditors
Fees Paid by Parents in Advance
Pension Deficit (Note 19b)
Other Income received in Advance (Note 14)		 Consolidated
2020
2019
£
£
Restated
972,547
210,000
64,490
64,490
596,434
553,706
499,619
661,765
584,256
510,978
449,941
427,132
62,653
108,587
68,716
192,998
387,813
703,562
76,427
74,000
34,562
95,256
3,797,458
3,602,474		 School
2020
2019
£
£
Restated
972,547
210,000
64,490
64,490
596,434
553,706
483,017
568,605
562,643
480,328
449,941
427,132
-
16,710
68,716
192,998
387,813
703,562
76,427
74,000
-
-
3,662,028
3,291,531

Relates to grossing up of debit balances in creditors £210,000 and reclassification of other debtors to fee debtors £235,000.

12 Bank Loans
Due after more than one Year
After five years
Within two to five years
Within one to two years
Due within one year
Bank Loan Repayments
Total Bank Borrowing		 Consolidated
2020
2019
£
£
-
575,231
2,528,664
2,763,786
921,863
921,262
3,450,527
4,260,279
921,863
921,262
921,863
921,262
4,372,390
5,181,541		 School
2020
2019
£
£
-
575,231
2,528,664
2,763,786
921,863
921,262
3,450,527
4,260,279
921,863
921,262
921,863
921,262
4,372,390
5,181,541

44

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

13 Advance Fee Payments - Fees Composition Scheme

Parents may pay tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming all pupils currently in the scheme will remain in the school, advance fees will be applied as follows:-

After 5 Years
Within 2 to 5 years
Within 1 to 2 years
Within 1 year (Note 11)		 2020
£
79,714
452,714
369,603
902,031
449,941
1,351,972		 2019
£
21,963
459,704
299,864
781,531
427,132
1,208,663

The balance below represents the accrued liability under the contracts. The movements during the year were:-

Balance at 1 September 2019
New Contracts
Discounts
Amounts utilised in payments of fees
Balance at 31 August 2020
14 Other Income in Advance
Balance at 1 September 2019
Amount released to SOFA in Year
Amount Deferred in year
Balance at 31 August 2020
15
Financial Instruments
Financial liabilities measured at amortised
cost
Financial assets measured at fair value
Financial assets measured at amortised cost		 £
£
1,208,663
612,599
54,139
666,738
(523,429)
1,351,972
Consolidated
2020
2019
£
£
95,256
57,655
(95,256)
(57,655)
34,562
95,256
34,562
95,256
Consolidated
2020
2019
£
£
14,498,160
15,966,908
3,466,876
2,815,143
7,120,874
8,500,015
2020		 £
£
1,036,158
527,781
28,716
556,497
(383,992)
1,208,663
School
2020
2019
£
£
0
0
0
0
0
0
0
0
School
2020
2019
£
£
14,498,160
15,966,908
4,082,096
3,283,969
6,985,444
8,189,072
2019

Financial assets measured at fair value comprise listed investments.

Financial assets measured at amortised cost comprise debtors, cash and investments in subsidiary Financial liabilities measured at amortised costs comprise bank loans and overdraft, fee deposits, advance fdeferred income and other creditors.

45

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

16 Allocation of the Net Assets

The net assets held for the various funds as at 31 August 2020 are as follows:-

Endowment Fund
Restricted Funds
Unrestricted Funds
School
Trading Subsidiary
Consolidated		 Fixed
Assets
£
14,878,375
654,243
15,371,898
30,904,516
897,580
31,802,096		 Investments
£
14,888,836
25,107
2
14,913,945
(2)
14,913,943		 Net Current
Assets/
(Liabilities)
£
-
92,728
(1,010,308)
(917,580)
(897,578)
(1,815,158)		 Long term
(Liabilities)
£
-
-
(5,526,817)
(5,526,817)
-
(5,526,817)		 Total
£
29,767,211
772,078
8,834,775
39,374,064
-
39,374,064

17 Funds

Figures in respect of the following funds can be found in Note 17a-17c.

The Capital Investment Fund represents several capital distributions received from The Dulwich Estate since 1995. Capital distributions are made at the discretion of The Dulwich Estate.

The James Allen's Bursary Fund has been set up to provide fees support to replace the Government Assisted Places Scheme which was abolished in 1997 and fundraising for this purpose continues.

The Development Fund consists of donations received to provide funds for capital projects. The transfer to unrestricted funds in respect of the Development Fund represents use of the funds for capital projects in the year.

Community Music Centre Fund consists of donations received in respect of this project.

The Annual Fund represents general fund raising, which is applied to various specific items benefiting the

46

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

Balance
Incoming
1 September
Resources
2019
£
£
17a Endowment Funds, including expendable endowments
Capital Investment Fund
26,197,457
-
James Allen's Bursary Fund
4,205,092
-
30,402,549
-
17b Restricted Funds
James Allen's Bursary Fund
84,856
91,160
Development Fund
-
180
Community Music Centre
654,243
240
739,099
91,580
17c Designated and Unrestricted Funds (School)
Annual Fund
-
1,534
James Allen's Bursary Fund
1,000,000
-
General Reserve
8,378,451
20,741,726

9,378,451
20,743,260

17c Designated and Unrestricted Funds (Consolidated)
Annual Fund
-
1,534
James Allen's Bursary Fund
1,000,000
-
General Reserve
8,378,451
21,981,308

9,378,451
21,982,842

Total (School)
40,520,099
20,834,840

Total (Consolidated)
40,520,099
22,074,422
 Resources
Expended
£
-
-
-
32,979
-
-
32,979
-
-
(21,378,516)
(21,378,516)
-
-
(22,683,776)
(22,683,776)
(21,345,537)
(22,650,797)		 Transfer
Between
Funds
£
-
-
-
(91,160)
(180)
(240)
(91,580)
(1,534)
-
93,114
91,580
(1,534)
-
93,114
91,580
-
-



Gains
£
(441,941)
(193,397)
(635,338)
-
-
-
-
-
-
-
-
-
-
-
-
(635,338)
(635,338)		 Balance
31 August
2020
£
25,755,516
4,011,695
29,767,211
117,835
-
654,243
772,078
-
1,000,000
7,834,775
8,834,775
-
1,000,000
7,769,097
8,769,097
39,374,064
39,308,386

47

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

18 Commitments under non-cancellable operating leases

Total Payable
Within 1 Year
Within 2 - 5 years		 Other
2020
£
118,323
260,607
378,930		 Other
2019
£
128,607
336,738
465,345

The charge to the Statement of Financial Activities is detailed in note 4.

19 Pension Schemes

The School participates in three pension Schemes.

19a The Pension Scheme (England and Wales) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,766,393 2019: £1,142,811) and at the year-end £213,686 (2019: £156,850) was accrued in respect of contributions to this scheme.

being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the

judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful

Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2019 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism

of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

The second and third schemes are for the School's support staff and are administered by The Pensions Trust. The contributions of the School are between 10% and 15% and the employees' contributions are between 5% and 18%. Growth plan and Flexible retirement plan both operated as salary sacrifice plans. The Flexible retirement plan also offers life assurance . The pension cost charged in these accounts for these schemes was £327,363 (2019: £254,353), being the contributions due for the year and at the year-end £37,780 (2019: £38,533) was accrued in respect of contributions to these schemes.

48

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

19b The Pensions Trust - The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the school is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April). Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April).

From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 3% each on 1st April).

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The liability included in these accounts is:-
Due within one Year
Due after one year
Present Value of Provision
Reconciliation of opening and closing provision
Provision at start of year
Unwinding of discount factor (interest expense)
Deficit contribution
Remeasurement - impact of any change in assumptions
Prior period correction
Remeasurement - amendments to the contribution schedule
Provision at year end
 Impacts on SOFA		 2020
76,427
274,435
350,862
415,746
3,670
(74,201)
3,207
2,440
350,862		 2019
74,000
341,746
415,746
484,000
7,000
(68,254)
8,000
(7,000)
(8,000)
415,746		 2018
63,562
420,438
484,000
544,000
6,000
(64,118)
(1,882)
-
-
484,000

49

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

19b The Pensions Trust - The Growth Plan (Cont'd)

Assumptions 2020 2019 2018
Rate of Interest 0.55% 0.97% 1.68%

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the school and the scheme at each year end period:

Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10		 2020
£'000
76
79
81
84
35
-
-
-
-
-		 2019
£'000
74
76
79
81
84
35
-
-
-
-		 2018
£'000
65
67
69
72
74
76
78
7
-
-

The school has recognised a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the school's balance sheet liability.

20 Net Cash Flow From Operating Activities
Net cash provided by operating activities
Net Income/Expenditure
(Gains) on Investments
Investment Income
Interest Paid
Investment Managers Fees Paid from Investment
Pension Late Fee
Depreciation
Debtors Movement
Stock Movement
Creditors Movement
Advance Fees Discounts
Net cash provided by operating activities		 2020
£
(1,211,714)
635,338
(448,834)
112,519
68,905
1,400
1,310,435
(163,869)
632
166,412
54,139
525,363		 2019
£
279,293
(295,548)
(517,751)
152,336
83,277
2,132
1,344,747
394,058
14,625
(269,285)
28,716
1,216,600

50

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

21 Related party transactions

Two trustees of the school and one director of the subsidiary company, JAGS Community Enterprises Limited had daughter's who attended the School during this financial year and they all paid full school fees. One of these trustees daughter was awarded a scholarship for £1k, which was donated to the Bursary Fund. All school fees were paid in full during the year in line with school policies. No trustee of the school or director of the subsidiary company or person connected with a trustee or director received any benefit from either means-tested bursaries or scholarships supplements, other than outlined above.

Key Management Personnel and Trustees are related parties and details can be found in Note 4.

22 Comparative Figures

Note
Income and Endowments from:
Voluntary Sources
Donations and Legacies
The Dulwich Estate
Charitable Activities
School Fees
2
Other Ancillary Income
3
Other Trading Activities
Trading Subsidiary
6
Investments
Total Income
Expenditure on:
Raising Funds
Raising Funds - Other
Charitable Activities
Total Expenditure
5
Net gain on Investments
9
Net Income/(Expenditure)
Transfers Between Funds
17
Other Recognised(Losses):
Actuarial (losses) on the defined
benefit pension scheme
Net Movements In Funds
Reconciliation of Funds
Fund Balance at 1 September 2018
Net Movements In Funds
Fund Balance at 31 August 2019		 Unrestricted
Funds
£
22,538
1,623,183
17,525,144
1,393,520
1,824,396
369,622
22,758,403
480,650
1,969,384
20,472,753
22,922,787
-
(164,384)
195,074
-
30,690
8,347,761
30,690
8,378,451

Designated
Funds
£
911
-
-
-
-
-
911
-
-
-
-
-
911
(911)
-
-
1,000,000
-
1,000,000
Restricted
Funds
£
46,034
-
-
-
-
148,129
194,163
-
-
46,945
46,945
-
147,218
(194,163)
-
(46,945)
786,044
(46,945)
739,099

Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
295,548
295,548
-
-
295,548
30,107,001
295,548
30,402,549		 2019
Total
£
69,483
1,623,183
17,525,144
1,393,520
1,824,396
517,751
22,953,477
480,650
1,969,384
20,519,698
22,969,732
295,548
279,293
-
-
279,293
40,240,806
279,293
40,520,099





51

JAMES ALLEN'S GIRLS' SCHOOL

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2020 (CONT'D)

Balance
Incoming
Resources
Transfer
1 September
Resources
Expended
Between
2018
Funds
£
£
£
£
22 Comparative Figures (continued)
Endowment Funds, including expendable endowments
Capital Investment Fund
25,986,465
-
-
-
James Allen's Bursary Fund
4,120,536
-
-
-
30,107,001
-
-
-
Restricted Funds
James Allen's Bursary Fund
131,801
193,297
(46,945)
(193,297)
Development Fund
-
626
-
(626)
Community Music Centre
654,243
240
-
(240)
786,044
194,163
(46,945)
(194,163)
Designated and Unrestricted Funds
Annual Fund
-
911
-
(911)
James Allen's Bursary Fund
1,000,000
-
-
-
General Reserve
8,347,761
22,758,403
(22,922,787)
195,074
9,347,761
22,759,314
(22,922,787)
194,163
Totals
40,240,806
22,953,477
(22,969,732)
-
23 Comparative Figures - Allocation of the Net Assets
The net assets held for the various funds as at 31 August 2019 were as follows:-
Fixed
Investments
Net Current
Assets
Assets/
(Liabilities)
£
£
£
Endowment Fund
13,809,470
16,593,079
-
Restricted Funds
654,243
25,107
59,749
Unrestricted Funds
17,095,018
2
(1,429,853)
School
31,558,731
16,618,188
(1,370,104)
Trading Subsidiary
897,580
(2)
(897,578)
Consolidated
32,456,311
16,618,186
(2,267,682)		 Gains
£
210,992
84,556
295,548
-
-
-
-
-
-
-
-
295,548
Long term
(Liabilities)
£
-
-
(6,286,716)
(6,286,716)
-
(6,286,716)		 Balance
31 August
2019
£
26,197,457
4,205,092
30,402,549
84,856
-
654,243
739,099
-
1,000,000
8,378,451
9,378,451
40,520,099
Total
£
30,402,549
739,099
9,378,451
40,520,099
-
40,520,099

52