11741 A
Report and Accounts
YEAR ENDED 31 AUGUST 2022
Jags
144 East Dulwich Grove, London SE22 8TE
lame5 Allen'5Gir15' 5chod Is a twpony Imited by8uarantee re815tered In En8i¥d number 6618970. Re815tered charitynumber1124853.

JAMES ALLEN'S GIRLS, SCHOOL
REPORT & ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2022
CONTENTS
Page
Governors, Officer5, Addre55es and Adviser5
Annual Report of the Governors Ilncorporating Strate8ic Report)
4-26
Independent Auditor'5 Report
27-29
Con501idated Statement of Financial Activities
30
Con501idated Summary Income ar)d Expenditure
31
Con501idated Balance Sheet
32
Parent Only Balance Sheet
33
Con501idated Cash flow Statement
Notes to the Account5
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Bursary Contribution to Fees 2021/22<br>100%<br>95 - 99.9%<br>90 - 94.9%<br>85 - 89.9%<br>80 - 84.9%<br>No. of Pupils<br>75 - 79.9%<br>50 - 74.9%<br>25 - 49.9%<br>1 - 24.9%<br>0 10 20 30 40 50 60<br>**----- End of picture text -----**<br>



















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## David miller 



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Date: 20 December 2022 



29 



## JAMES ALLEN'S GIRLS' SCHOOL 

## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 

## YEAR ENDED 31 AUGUST 2022 

|Note<br>Income and Endowments from:<br>Voluntary Sources<br>Donations and Legacies<br>The Dulwich Estate<br>Charitable Activities<br>School Fees<br>2<br>Other Ancillary Income<br>3<br>Other Trading Activities<br>Trading Subsidiary<br>6<br>Investments<br>Total Income<br>Expenditure on:<br>Raising Funds<br>Raising Funds - Other<br>Charitable Activities<br>Total Expenditure<br>5<br>Net (Losses) / Gains on Investments<br>9<br>Net (Expenditure) / Income<br>Transfers Between Funds<br>17<br>Net Movements In Funds<br>Reconciliation of Funds<br>Fund Balance at 1 September<br>Net Movements In Funds<br>Fund Balance at 31 August||Unrestricted<br>Funds<br>£<br>-<br>1,627,013<br>19,734,260<br>1,401,786<br>1,963,504<br>221,511|Unrestricted<br>Funds<br>£<br>-<br>1,627,013<br>19,734,260<br>1,401,786<br>1,963,504<br>221,511||Designated<br>Funds<br>£<br>25,423<br>-<br>-<br>-<br>-<br>-|Designated<br>Funds<br>£<br>25,423<br>-<br>-<br>-<br>-<br>-||Restricted<br>£<br>6,255<br>-<br>-<br>-<br>-<br>96,935||Endowment<br>£<br>-<br>-<br>-<br>-<br>-<br>-|2022<br>Total<br>£<br>31,678<br>1,627,013<br>19,734,260<br>1,401,786<br>1,963,504<br>318,446|2021<br>Total<br>£<br>505,858<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>358,236|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||
||||24,948,074|||25,423||103,190||-|25,076,687|22,787,784|
||||435,787<br>1,735,915<br>22,058,528|||-<br>-<br>-||-<br>-<br>31,678||-<br>-<br>-|435,787<br>1,735,915<br>22,090,206|477,129<br>1,440,628<br>20,563,408|
||||24,230,230|||-||31,678||-|24,261,908|22,481,165|
||||-|||-||-||(1,123,963)|(1,123,963)|2,083,385|
||||717,844<br>1,524|||25,423<br>(844)||71,512<br>(680)||(1,123,963)<br>-|(309,184)<br>-|2,390,004<br>-|
||||719,368|||24,579||70,832||(1,123,963)|(309,184)|2,390,004|
||||7,776,328<br>719,368|||1,135,411<br>24,579||936,055<br>70,832||31,850,596<br>(1,123,963)|41,698,390<br>(309,184)|39,308,386<br>2,390,004|
||||8,495,696|||1,159,990||1,006,887||30,726,633|41,389,206|41,698,390|



All amounts relate to continuing operations.  All gains and losses recognised in the year are included above. The Notes on Pages 35 - 53 form part of the financial statements. 

Please see Notes 22 and 23 for Comparison 

30 



## JAMES ALLEN'S GIRLS' SCHOOL 

## CONSOLIDATED SUMMARY OF INCOME AND EXPENDITURE 

## YEAR ENDED 31 AUGUST 2022 

|Income and Endowments from:<br>Voluntary Sources<br>Donations and Legacies<br>The Dulwich Estate<br>Charitable Activities<br>Net School Fees<br>Other Ancillary Income<br>Other Trading Activities<br>Trading Subsidiary<br>Investments<br>Total Income<br>Expenditure on:<br>Raising Funds<br>Raising Funds - Other<br>Charitable Activities<br>Total Expenditure<br>Net Income Before Investment Gains<br>Net Income||2022<br>Unrestricted<br>and<br>Restricted<br>Funds<br>£<br>31,678<br>1,627,013<br>19,734,260<br>1,401,786<br>1,963,504<br>318,446<br>25,076,687<br>435,787<br>1,735,915<br>22,090,206<br>24,261,908<br>814,779<br>814,779|2022<br>Unrestricted<br>and<br>Restricted<br>Funds<br>£<br>31,678<br>1,627,013<br>19,734,260<br>1,401,786<br>1,963,504<br>318,446<br>25,076,687<br>435,787<br>1,735,915<br>22,090,206<br>24,261,908<br>814,779<br>814,779||2021<br>Unrestricted<br>and<br>Restricted<br>Funds<br>£<br>505,858<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>358,236|2021<br>Unrestricted<br>and<br>Restricted<br>Funds<br>£<br>505,858<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>358,236|2021<br>Unrestricted<br>and<br>Restricted<br>Funds<br>£<br>505,858<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>358,236|
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||||||||22,787,784|
||||||||477,129<br>1,440,628<br>20,563,408|
||||||||22,481,165|
||||||||306,619|
||||||||306,619|



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 30 and its presentation is required under the Companies Act 2006. 

The Notes on Pages 35 - 53 form part of the financial statements. 

31 



## JAMES ALLEN'S GIRLS' SCHOOL 

## COMPANY NUMBER: 6618970 

## CONSOLIDATED BALANCE SHEET 

|Note<br>FIXED ASSETS<br>Buildings<br>7<br>Vehicles and Equipment<br>8<br>INVESTMENTS<br>9<br>CURRENT ASSETS<br>Stock<br>Debtors and Prepayments<br>10<br>Cash at Bank and In Hand<br>CURRENT LIABILITIES<br>Creditors and Accruals<br>11<br>Loans falling due within one year<br>12<br>NET CURRENT LIABILITIES<br>TOTAL ASSETS LESS CURRENT LIABILITIES<br>LONG TERM LIABILITIES<br>Fee Deposits<br>Loans<br>12<br>Advance Fees<br>13<br>Pension Deficit<br>19b<br>TOTAL NET ASSETS<br>ENDOWMENT FUND<br>17a<br>RESTRICTED FUNDS<br>17b<br>UNRESTRICTED FUNDS<br>17c|£<br>£<br>31,163,386<br>1,299,390<br>32,462,777<br>13,744,400<br>46,207,177<br>5,393<br>733,150<br>2,945,197<br>3,683,740<br>3,193,488<br>834,906<br>4,028,394<br>(344,654)<br>45,862,523<br>1,223,750<br>1,877,682<br>1,367,275<br>4,610<br>(4,473,317)<br>41,389,206<br>30,726,633<br>1,006,887<br>9,655,686<br>41,389,206<br>31 August 2022|£<br>£<br>31,602,078<br>1,083,582<br>32,685,660<br>14,932,706<br>47,618,366<br>1,527<br>1,067,601<br>1,726,212<br>2,795,340<br>2,912,255<br>902,314<br>3,814,569<br>(1,019,229)<br>46,599,137<br>1,041,200<br>2,637,318<br>1,025,182<br>197,047<br>(4,900,747)<br>41,698,390<br>31,850,596<br>936,055<br>8,911,739<br>41,698,390<br>31 August 2021|£<br>£<br>31,602,078<br>1,083,582<br>32,685,660<br>14,932,706<br>47,618,366<br>1,527<br>1,067,601<br>1,726,212<br>2,795,340<br>2,912,255<br>902,314<br>3,814,569<br>(1,019,229)<br>46,599,137<br>1,041,200<br>2,637,318<br>1,025,182<br>197,047<br>(4,900,747)<br>41,698,390<br>31,850,596<br>936,055<br>8,911,739<br>41,698,390<br>31 August 2021|
|---|---|---|---|
||||47,618,366<br>(1,019,229)|
||||46,599,137<br>(4,900,747)|
||||41,698,390|
||||31,850,596<br>936,055<br>8,911,739|
||||41,698,390|



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 2022 is a deficit of £0.59m (2021 - Surplus of £2.63m) 

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

## David miller 

Mr David Miller Mr Robert Cunningham Governor Governor Date:  6 December 2022 Date:  6 December 2022 

32 



JAMES ALLEN'S GIRLS' SCHOOL COMPANY NUMBER: 6618970 

## PARENT ONLY BALANCE SHEET 

|Note<br>FIXED ASSETS<br>Buildings<br>7<br>Vehicles and Equipment<br>8<br>INVESTMENTS<br>9<br>CURRENT ASSETS<br>Debtors and Prepayments<br>10<br>Cash at Bank and In Hand<br>CURRENT LIABILITIES<br>Creditors and Accruals<br>11<br>Loans falling due within one year<br>12<br>NET CURRENT ASSETS<br>TOTAL ASSETS LESS CURRENT LIABILITIES<br>LONG TERM LIABILITIES<br>Fee Deposits<br>Loans<br>12<br>Advance Fees<br>13<br>Pension Deficit<br>19b<br>TOTAL NET ASSETS<br>ENDOWMENT FUND<br>17a<br>RESTRICTED FUNDS<br>17b<br>UNRESTRICTED FUNDS<br>17c|£<br>£<br>30,696,820<br>1,083,064<br>31,779,884<br>13,744,402<br>45,524,286<br>1,511,413<br>2,584,542<br>4,095,955<br>2,904,527<br>834,906<br>3,739,433<br>356,522<br>45,880,808<br>1,223,750<br>1,877,682<br>1,367,275<br>4,610<br>(4,473,317)<br>41,407,491<br>30,726,633<br>1,006,887<br>9,673,971<br>41,407,491<br>31 August 2022|£<br>£<br>31,087,682<br>996,881<br>32,084,563<br>14,932,708<br>47,017,271<br>1,904,999<br>1,584,083<br>3,489,082<br>2,702,234<br>902,314<br>3,604,548<br>(115,466)<br>46,901,805<br>1,041,200<br>2,637,318<br>1,025,182<br>197,047<br>(4,900,747)<br>42,001,058<br>31,850,596<br>936,055<br>9,214,407<br>42,001,058<br>31 August 2021|£<br>£<br>31,087,682<br>996,881<br>32,084,563<br>14,932,708<br>47,017,271<br>1,904,999<br>1,584,083<br>3,489,082<br>2,702,234<br>902,314<br>3,604,548<br>(115,466)<br>46,901,805<br>1,041,200<br>2,637,318<br>1,025,182<br>197,047<br>(4,900,747)<br>42,001,058<br>31,850,596<br>936,055<br>9,214,407<br>42,001,058<br>31 August 2021|
|---|---|---|---|
||||47,017,271<br>(115,466)|
||||46,901,805<br>(4,900,747)|
||||42,001,058|
||||31,850,596<br>936,055<br>9,214,407|
||||42,001,058|



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

David miller 

Mr David Miller Mr Robert Cunningham Governor Governor Date:  6 December 2022 Date:  6 December 2022 

33 



## JAMES ALLEN'S GIRLS' SCHOOL 

## CONSOLIDATED CASHFLOW STATEMENT 

## YEAR ENDED 31 AUGUST 2022 

|Note<br>£<br>£<br>Net Cash Flow from Operating Activities<br>Net cash provided by operating activities<br>20<br>2,842,502<br>Cashflows from Investing Activities<br>Investment Income Received<br>318,446<br>Interest Paid<br>(77,035)<br>Buildings (Improvements and New Build)<br>(531,247)<br>Purchase of other Tangible Fixed Assets<br>(611,059)<br>Investment Drawdowns<br>9<br>-<br>(900,895)<br>Cashflows from Financing Activities<br>Advanced Fees - New Contracts<br>1,073,236<br>Advanced Fees - Amounts Utilised and Repaid<br>(752,917)<br>Loan Repaid<br>(827,044)<br>Pension Deficit Repaid<br>(215,897)<br>(722,622)<br>Change in cash in the year<br>1,218,985<br>Analysis of Changes in Net Debt<br>Cash and Cash Equivalents<br>Opening cash<br>1,726,212<br>Cash Flows<br>1,218,985<br>Closing cash<br>2,945,197<br>Borrowings<br>Opening total borrowings<br>3,539,632<br>Cash Flows<br>(827,044)<br>Total borrowings<br>2,712,588<br>Debt due within one year<br>834,906<br>Debt due after one year<br>1,877,682<br>Total borrowings<br>2,712,588<br>31 August 2022|£<br>£<br>641,184<br>358,236<br>(78,436)<br>(1,851,916)<br>(596,188)<br>2,000,000<br>(168,304)<br>874,457<br>(571,593)<br>(832,758)<br>(76,427)<br>(606,321)<br>(133,441)<br>1,859,653<br>(133,441)<br>1,726,212<br>4,372,390<br>(832,758)<br>3,539,632<br>902,314<br>2,637,318<br>3,539,632<br>31 August 2021|£<br>£<br>641,184<br>358,236<br>(78,436)<br>(1,851,916)<br>(596,188)<br>2,000,000<br>(168,304)<br>874,457<br>(571,593)<br>(832,758)<br>(76,427)<br>(606,321)<br>(133,441)<br>1,859,653<br>(133,441)<br>1,726,212<br>4,372,390<br>(832,758)<br>3,539,632<br>902,314<br>2,637,318<br>3,539,632<br>31 August 2021|
|---|---|---|
|||(133,441)|
|||1,859,653<br>(133,441)|
|||1,726,212|
|||4,372,390<br>(832,758)|
|||3,539,632|
|||902,314<br>2,637,318|
|||3,539,632|



34 



JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 

## 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. 

35 



## JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 

(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. 

36 



## JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (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 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. 

37 



## JAMES ALLEN'S GIRLS' SCHOOL NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (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 are provided to employees of the school through the following three schemes: 

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 scheme - 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. When the actuaries do a revaluation, any change in value is reflected in the present value of the contributions payable. 

Support Staff Pension scheme - 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. 

Going Concern: The Governors have considered the risks to which the school is exposed to. Having also reviewed the funding facilities available to the School together with the expected ongoing demand for places and the future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue in activities for the foreseeable future and consider that there were no material 


38 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

||||2022|2021|
|---|---|---|---|---|
|2|School Fees||£|£|
||Net Tuition Fees||21,987,781|20,362,771|
||Bursary Fee Reductions||(2,621,876)|(2,203,550)|
||James Allen's Saturday School for the Performing Arts||368,355|198,619|
||||19,734,260|18,357,840|
||Bursary and other awards were paid to 150|students (2021 - 146)|||
|3|Other Ancillary Income||£|£|
||Registration Fees||73,600|82,654|
||Salaries Furlough Rebate||-|239,408|
||Billing Interest and Other||33,655|565|
||After School Club Income||43,572|17,805|
||Insurance Commissions||42,295|22,228|
||School Trips income - gross||347,004|162,231|
||Catering Income||861,660|520,593|
||||1,401,786|1,045,484|
|4|Expenditure||||
||Other expenditure includes:-||£|£|
||Auditor's remuneration|- Audit (Excluding VAT)|23,100|21,600|
|||- Other (Excluding VAT)|18,267|10,154|
||Operating Leases||119,971|120,684|
||Depreciation and Amortisation||1,329,934|1,350,498|
||Staff costs:-||£|£|
||Wages and salaries||12,367,998|11,753,906|
||Social security costs||1,271,162|1,195,270|
||Pension contributions - Teaching Staff||1,831,529|1,800,120|
||Pension contributions - Support Staff||320,177|318,624|
||||15,790,866|15,067,920|



The average number of employees in the year was 355 (2021 - 369) of whom 202 (2021 - 209) were teaching staff and 53 (2021 - 59) 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 (2021 - £610). During the year termination payments made amounted to £8,109 (2021 - £24,880). 

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

|£60,000 were:-|2022|2021|
|---|---|---|
|£60,001 - £70,000|18|23|
|£70,001 - £80,000|18|13|
|£80,001 - £90,000|2|2|
|£90,001 - £100,000|-|1|
|£100,001 - £110,000|1|-|
|£110,001 - £120,000|1|1|
|£120,001 - £130,000|1|1|
|£200,001 - £210,000|-|1|
|£210,001 - £220,000|1|-|



In addition £711,434 (2021 - £703,620) was paid in pensions payments in respect of the 42 (2021 - 42) employees above. 

|Aggregate employee-benefits of Key management Personnel,<br>including Employers' National Insurance|2022<br>£1,137,920|2021<br>£935,382|
|---|---|---|



39 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|5 Analysis of Expenditure<br>Staff Costs<br>£<br>Fund Raising and Publicity<br>240,924<br>Charitable Expenditure<br>Teaching<br>14,225,620<br>Welfare<br>104,550<br>Premises<br>261,375<br>Awards<br>104,550<br>Total<br>14,696,095<br>Other<br>Trading Subsidiary<br>843,392<br>Finance Costs<br>10,455<br>853,847<br>Total Expenditure<br>15,790,866<br>Analysis of Expenditure (2020-21 Comparative)<br>Staff Costs<br>£<br>Fund Raising and Publicity<br>222,777<br>Charitable Expenditure<br>Teaching<br>13,635,826<br>Welfare<br>94,007<br>Premises<br>235,020<br>Awards<br>94,007<br>Total<br>14,058,860<br>Other<br>Trading Subsidiary<br>776,883<br>Finance Costs<br>9,401<br>786,284<br>Total Expenditure<br>15,067,921||Direct<br>Costs<br>£<br>188,807<br>1,315,887<br>1,449,738<br>2,976,094<br>387,756<br>6,129,475<br>560,036<br>227,535<br>787,571<br>7,105,853<br>Direct<br>Costs<br>£<br>248,350<br>1,049,655<br>1,146,805<br>2,665,534<br>414,271<br>5,276,265<br>333,207<br>204,926<br>538,133<br>6,062,748||Depreciation<br>£<br>6,056<br>300,768<br>16,149<br>947,719<br>-<br>1,264,636<br>94,497<br>-<br>94,497<br>1,365,189<br>Depreciation<br>£<br>6,002<br>310,091<br>6,002<br>912,190<br>-<br>1,228,283<br>116,211<br>-<br>116,211<br>1,350,496|2022<br>Total<br>£<br>435,787<br>15,842,275<br>1,570,437<br>4,185,188<br>492,306<br>22,090,206<br>1,497,925<br>237,990<br>1,735,915<br>24,261,908<br>2021<br>Total<br>£<br>477,129<br>14,995,572<br>1,246,814<br>3,812,744<br>508,278<br>20,563,408<br>1,226,301<br>214,327<br>1,440,628<br>22,481,165|2021<br>Total<br>£<br>477,129|
|---|---|---|---|---|---|---|
|||||||14,995,572<br>1,246,814<br>3,812,744<br>508,278|
|||||||20,563,408|
|||||||1,226,301<br>214,327|
|||||||1,440,628|
|||||||22,481,165|
||||||||
||||||||
||||||||
||||||||
||||||||
||||||||



40 



JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (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 2022 are summarised below. At 31 August 2022, the Subsidiary owed £816,691 to the School (2021 - £852,088). 

|Profit and Loss Account of Subsidiary<br>Turnover<br>Cost of sales<br>Gross profit<br>Salaries furlough rebate<br>Administrative expenses<br>Operating profit before licence fee<br>Licence fee to the School<br>Operating profit before taxation<br>Gains on sale of assets<br>Taxation<br>Operating profit after taxation<br>Amount covenanted to the School<br>Reserves brought forward<br>Reserves carried forward<br>Summary Balance Sheet of Subsidiary<br>Fixed assets<br>Current assets<br>Current liabilities<br>Net current liabilities<br>Total assets less current liabilities<br>Reserves<br>Share capital<br>Reserves|2022<br>£<br>1,953,754<br>(927,001)<br>1,026,753<br>-<br>(570,924)<br>455,829<br>(181,196)<br>274,633<br>9,750<br>-<br>284,383<br>-<br>(302,669)<br>(18,286)<br>£<br>£<br>682,890<br>404,476<br>(1,105,650)<br>(701,174)<br>(18,284)<br>2<br>(18,286)<br>(18,284)<br>31 August 2022|2021<br>£<br>920,320<br>(702,670)<br>217,650<br>140,345<br>(518,490)<br>(160,495)<br>(71,354)<br>(231,849)<br>-<br>(5,141)<br> (236,990)<br>-<br>(65,679)<br>(302,669)<br>£<br>£<br>601,097<br>158,344<br>(1,062,108)<br>(903,764)<br>(302,667)<br>2<br>(302,669)<br>(302,667)<br>31 August 2021|2021<br>£<br>920,320<br>(702,670)|
|---|---|---|---|
||||217,650<br>140,345<br>(518,490)|
||||(160,495)<br>(71,354)|
||||(231,849)<br>-<br>(5,141)|
||||(236,990)|
||||-<br>(65,679)|
||||(302,669)|
||||(302,667)|
||||2<br>(302,669)|
||||(302,667)|



41 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|7 Fixed Assets - Buildings<br>Consolidated<br>Cost<br>Balance at 1 September 2021<br>Additions<br>Balance at 31 August 2022<br>Depreciation<br>Balance at 1 September 2021<br>Charge for year<br>Balance at 31 August 2022<br>Net Book Value at 31 August 2022<br>Net Book Value at 31 August 2021|Buildings<br>Improvements<br>£<br>32,538,482<br>415,297<br>32,953,779<br>9,973,826<br>701,195<br>10,675,021<br>22,278,758<br>22,564,656||Sports and<br>Grounds<br>Complex<br>£<br>7,660,117<br>-<br>7,660,117<br>2,899,506<br>153,202<br>3,052,708<br>4,607,409<br>4,760,611||Freehold<br>Property<br>£<br>5,777,095<br>-<br>5,777,095<br>1,500,284<br>115,542<br>1,615,826<br>4,161,269<br>4,276,811|Construction<br>in<br>Progress<br>£<br>-<br>115,950<br>115,950<br>-<br>-<br>-<br>115,950<br>-|Total<br>£<br>45,975,694<br>531,247|
|---|---|---|---|---|---|---|---|
||||||||46,506,941|
||||||||14,373,616<br>969,939|
||||||||15,343,555|
||||||||31,163,386|
||||||||31,602,078|



At 31 August 2022 there were outstanding contractual commitments for further capital expenditure of £Nil (2021 - £Nil). 

|Fixed Assets - Buildings<br>School<br>Cost<br>Balance at 1 September 2021<br>Additions<br>Balance at 31 August 2022<br>Depreciation<br>Balance at 1 September 2021<br>Charge for Year<br>Balance at 31 August 2022<br>Net Book Value at 31 August 2022<br>Net Book Value at 31 August 2021|Buildings<br>Improvements<br>£<br>31,347,832<br>398,517<br>31,746,349<br>9,297,572<br>636,585<br>9,934,157<br>21,812,192<br>22,050,260||Sports and<br>Grounds<br>Complex<br>£<br>7,660,117<br>-<br>7,660,117<br>2,899,506<br>153,202<br>3,052,708<br>4,607,409<br>4,760,611||Freehold<br>Property<br>£<br>5,777,095<br>-<br>5,777,095<br>1,500,284<br>115,542<br>1,615,826<br>4,161,269<br>4,276,811|Construction<br>in<br>Progress<br>£<br>-<br>115,950<br>115,950<br>-<br>-<br>-<br>115,950<br>-|Total<br>£<br>44,785,044<br>514,467|
|---|---|---|---|---|---|---|---|
||||||||45,299,511|
||||||||13,697,362<br>905,329|
||||||||14,602,691|
||||||||30,696,820|
||||||||31,087,682|



At 31 August 2022 there were outstanding contractual commitments for further capital expenditure of £Nil (2021 - £Nil). 

42 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|8<br>Computer<br>Motor<br>Consolidated<br>Equipment<br>Vehicles<br>£<br>£<br>Cost<br>Balance at 1 September 2021<br>1,747,595<br>40,623<br>Additions<br>249,415<br>-<br>Disposals<br>-<br>-<br>Balance at 31 August 2022<br>1,997,010<br>40,623<br>Depreciation<br>Balance at 1 September 2021<br>1,120,073<br>40,623<br>Charge for year<br>211,230<br>-<br>Disposals<br>-<br>-<br>Balance at 31 August 2022<br>1,331,303<br>40,623<br>Net Book Value at 31 August 2022<br>665,707<br>-<br>Net Book Value at 31 August 2021<br>627,522<br>-<br>Fixed Assets - Vehicles and Equipment<br>Computer<br>Motor<br>School<br>Equipment<br>Vehicles<br>£<br>£<br>Cost<br>Balance at 1 September 2021<br>1,708,687<br>40,623<br>Additions<br>244,021<br>-<br>Disposals<br>-<br>-<br>Balance at 31 August 2022<br>1,952,708<br>40,623<br>Depreciation<br>Balance at 1 September 2021<br>1,105,220<br>40,623<br>Charge for year<br>202,885<br>-<br>Disposals<br>-<br>-<br>Balance at 31 August 2022<br>1,308,105<br>40,623<br>Net Book Value at 31 August 2022<br>644,603<br>-<br>Net Book Value at 31 August 2021<br>603,467<br>-<br>At 31 August 2022 there were outstanding contractual commitments for further capital<br>Fixed Assets - Vehicles and Equipment||
|---|---|
|||
|||
|||
|||
|||
|||
|||
|||
|||
|||



At 31 August 2022 there were outstanding contractual commitments for further capital expenditure of £Nil (2021 - £Nil). 

43 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|9<br>Investments<br>Valuation at 1 September 2021<br>Redemption from Fund<br>Fees paid 2022<br>Loss on Investments<br>Valuation at 31 August 2022 (Bid Price)<br>Bond Funds<br>UK Fixed Interest<br>Overseas Fixed Interest<br>UK Equities<br>Overseas Equities<br>Property<br>Infrastructure<br>Cash<br>Consolidated<br>Shares in Subsidiary<br>School<br>Historical Cost at 31 August 2022|Shares<br>In Subsidiary<br>£<br>2<br>-<br>-<br>-<br>2<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2<br>2<br>2||Restricted<br>Funds<br>£<br>25,107<br>-<br>-<br>-<br>25,107<br>18,761<br>-<br>-<br>6,346<br>-<br>-<br>-<br>-<br>25,107<br>-<br>25,107<br>11,795||Endowment<br>Fund<br>£<br>14,907,599<br>-<br>(64,343)<br>(1,123,963)<br>13,719,293<br>-<br>995,575<br>776,553<br>4,262,598<br>4,343,868<br>1,034,886<br>1,501,861<br>803,952<br>13,719,293<br>-<br>13,719,293<br>10,376,763|Total<br>£<br>14,932,708<br>-<br>(64,343)<br>(1,123,963)|
|---|---|---|---|---|---|---|
||||||||
|||||||13,744,402|
|||||||18,761<br>995,575<br>776,553<br>4,268,944<br>4,343,868<br>1,034,886<br>1,501,861<br>803,952|
|||||||13,744,400<br>2|
|||||||13,744,402|
|||||||10,388,560|



Holdings in Vanguard Funds Plc and Charity Property Fund each exceeds 5% as a proportion of the overall portfolio. 

## 10 Debtors and Prepayments 

|Debtors and Prepayments|||||
|---|---|---|---|---|
||Consolidated||School||
||2022|2021|2022|2021|
||£|£|£|£|
|Due within One Year|||||
|Tuition Fees and Disbursements|265,899|723,936|265,899|723,936|
|Prepayments|172,195|115,831|137,041|104,144|
|Other Debtors|295,056|227,834|291,782|224,831|
|Amount due from Subsidiary Company|-|-|816,691|852,088|
||733,150|1,067,601|1,511,413|1,904,999|



44 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|11 Creditors and Accruals<br>Fee Creditors<br>Fee Deposits (Refundable in one year)<br>Other Taxation, Social Security and Pensions<br>Trade Creditors<br>Accruals<br>Fees Composition Scheme (Note 13)<br>Value Added Tax<br>Other Creditors<br>Fees Paid by Parents in Advance<br>Pension Deficit (Note 19b)<br>Other Income received in Advance (Note 14)|Consolidated<br>2022<br>2021<br>£<br>£<br>111,826<br>437,338<br>75,250<br>89,250<br>594,803<br>622,637<br>248,644<br>237,625<br>640,656<br>267,651<br>703,441<br>651,945<br>94,279<br>71,194<br>233,636<br>74,209<br>291,182<br>315,532<br>54,228<br>78,720<br>145,543<br>66,154<br>3,193,488<br>2,912,255|School<br>2022<br>2021<br>£<br>£<br>111,826<br>437,338<br>75,250<br>89,250<br>594,803<br>622,637<br>221,301<br>177,611<br>584,780<br>247,932<br>703,441<br>651,945<br>14,194<br>7,060<br>233,636<br>74,209<br>291,182<br>315,532<br>54,228<br>78,720<br>19,886<br>-<br>2,904,527<br>2,702,234|School<br>2022<br>2021<br>£<br>£<br>111,826<br>437,338<br>75,250<br>89,250<br>594,803<br>622,637<br>221,301<br>177,611<br>584,780<br>247,932<br>703,441<br>651,945<br>14,194<br>7,060<br>233,636<br>74,209<br>291,182<br>315,532<br>54,228<br>78,720<br>19,886<br>-<br>2,904,527<br>2,702,234|
|---|---|---|---|
||||2,702,234|



|12 Bank Loans<br>Due after more than one Year<br>After five years<br>Within two to five years<br>Within one to two years<br>Due within one year<br>Bank Loan Repayments<br>Total Bank Borrowing|Consolidated<br>2022<br>2021<br>£<br>£<br>-<br>-<br>1,042,776<br>1,735,004<br>834,906<br>902,314<br>1,877,682<br>2,637,318<br>834,906<br>902,314<br>834,906<br>902,314<br>2,712,588<br>3,539,632|School<br>2022<br>2021<br>£<br>£<br>-<br>-<br>1,042,776<br>1,735,004<br>834,906<br>902,314<br>1,877,682<br>2,637,318<br>834,906<br>902,314<br>834,906<br>902,314<br>2,712,588<br>3,539,632|School<br>2022<br>2021<br>£<br>£<br>-<br>-<br>1,042,776<br>1,735,004<br>834,906<br>902,314<br>1,877,682<br>2,637,318<br>834,906<br>902,314<br>834,906<br>902,314<br>2,712,588<br>3,539,632|
|---|---|---|---|
||||2,637,318|
||||902,314|
||||902,314|
||||3,539,632|



45 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (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<br>Within 2 to 5 years<br>Within 1 to 2 years<br>Within 1 year (Note 11)|2022<br>£<br>108,345<br>759,985<br>498,945<br>1,367,275<br>703,441<br>2,070,716|2021<br>£<br>94,608<br>469,342<br>461,232|
|---|---|---|
|||1,025,182<br>651,945|
|||1,677,127|



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

|Balance at 1 September<br>New Contracts<br>Discounts<br>Amounts utilised in payments of fees<br>Discounts reversed<br>Balance at 31 August<br>14 Other Income in Advance<br>Balance at 1 September<br>Amount released to SOFA in Year<br>Amount Deferred in year<br>Balance at 31 August<br>15 Financial Instruments<br>Financial liabilities measured at amortised cost<br>Financial assets measured at fair value<br>Financial assets measured at amortised cost|£<br>1,073,236<br>73,270|£<br>1,677,127<br>1,146,506<br>(752,917)<br>-<br>2,070,716<br>Consolidated<br>2021<br>£<br>34,562<br>(34,562)<br>66,154<br>66,154<br>Consolidated<br>2021<br>£<br>14,579,778<br>3,030,910<br>5,935,829<br>2022|£<br>874,457<br>46,987|£<br>1,351,972<br>921,444<br>(571,593)<br>(24,696)<br>1,677,127<br>School<br>2021<br>£<br>-<br>-<br>-<br>-<br>School<br>2021<br>£<br>14,579,778<br>3,737,868<br>5,725,808<br>2021|£<br>1,351,972<br>921,444<br>(571,593)<br>(24,696)<br>1,677,127<br>School<br>2021<br>£<br>-<br>-<br>-<br>-<br>School<br>2021<br>£<br>14,579,778<br>3,737,868<br>5,725,808<br>2021|
|---|---|---|---|---|---|
||2022<br>£<br>66,154<br>(66,154)<br>145,543||2022<br>£<br>-<br>-<br>19,886|||
||145,543||19,886|||
||2022<br>£<br>12,940,448||2022<br>£<br>12,940,448|||
|||||||
||4,310,104||4,762,868||3,737,868|
||5,740,022||5,451,061||5,725,808|



Financial assets measured at fair value comprise listed investments. Financial assets measured at amortised cost comprise debtors, cash and investments in subsidiary undertakings. Financial liabilities measured at amortised costs comprise bank loans and overdraft, fee deposits, advance fees, deferred income  and other creditors. 

46 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

## 16 Allocation of the Net Assets 

The net assets held for the various funds as at 31 August 2022 are as follows:- 

|Endowment Fund<br>Restricted Funds<br>Unrestricted Funds<br>School<br>Trading Subsidiary<br>Consolidated||Fixed<br>Assets<br>£<br>17,007,340<br>654,243<br>14,118,301||Investments<br>£<br>13,719,293<br>25,107<br>2<br>13,744,402<br>(2)<br>13,744,400||Net Current<br>Assets/<br>(Liabilities)<br>£<br>-<br>327,537<br>28,985|Net Current<br>Assets/<br>(Liabilities)<br>£<br>-<br>327,537<br>28,985||Long term<br>(Liabilities)<br>£<br>-<br>-<br>(4,473,317)||Total<br>£<br>30,726,633<br>1,006,887<br>9,673,971|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||
|||31,779,884<br>682,890|||||356,522<br>(682,888)||(4,473,317)<br>-||41,407,491<br>-|
||32,462,774||||||(326,366)||(4,473,317)||41,407,491|



## 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 whole 


47 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|Balance<br>Incoming<br>1 September<br>Resources<br>2021<br>£<br>£<br>17a Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>27,106,383<br>-<br>James Allen's Bursary Fund<br>4,744,213<br>-<br>31,850,596<br>-<br>17b Restricted Funds<br>James Allen's Bursary Fund<br>281,812<br>102,510<br>Development Fund<br>-<br>440<br>Community Music Centre<br>654,243<br>240<br>936,055<br>103,190<br>17c Designated and Unrestricted Funds (School)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>8,214,407<br>23,190,345<br>9,214,407<br>23,191,189<br>17c Designated and Unrestricted Funds (Consolidated)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,911,739<br>24,972,653<br>8,911,739<br>24,973,497<br>Total (School)<br>42,001,058<br>23,294,379<br>Total (Consolidated)<br>41,698,390<br>25,076,687|Balance<br>Incoming<br>1 September<br>Resources<br>2021<br>£<br>£<br>17a Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>27,106,383<br>-<br>James Allen's Bursary Fund<br>4,744,213<br>-<br>31,850,596<br>-<br>17b Restricted Funds<br>James Allen's Bursary Fund<br>281,812<br>102,510<br>Development Fund<br>-<br>440<br>Community Music Centre<br>654,243<br>240<br>936,055<br>103,190<br>17c Designated and Unrestricted Funds (School)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>8,214,407<br>23,190,345<br>9,214,407<br>23,191,189<br>17c Designated and Unrestricted Funds (Consolidated)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,911,739<br>24,972,653<br>8,911,739<br>24,973,497<br>Total (School)<br>42,001,058<br>23,294,379<br>Total (Consolidated)<br>41,698,390<br>25,076,687|Balance<br>Incoming<br>1 September<br>Resources<br>2021<br>£<br>£<br>17a Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>27,106,383<br>-<br>James Allen's Bursary Fund<br>4,744,213<br>-<br>31,850,596<br>-<br>17b Restricted Funds<br>James Allen's Bursary Fund<br>281,812<br>102,510<br>Development Fund<br>-<br>440<br>Community Music Centre<br>654,243<br>240<br>936,055<br>103,190<br>17c Designated and Unrestricted Funds (School)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>8,214,407<br>23,190,345<br>9,214,407<br>23,191,189<br>17c Designated and Unrestricted Funds (Consolidated)<br>Annual Fund<br>-<br>844<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,911,739<br>24,972,653<br>8,911,739<br>24,973,497<br>Total (School)<br>42,001,058<br>23,294,379<br>Total (Consolidated)<br>41,698,390<br>25,076,687||Resources<br>Expended<br>£<br>-<br>-||Transfer<br>Between<br>Funds<br>£<br>-<br>-|Transfer<br>Between<br>Funds<br>£<br>-<br>-||Losses<br>£<br>(781,829)<br>(342,134)||Balance<br>31 August<br>2022<br>£<br>26,324,554<br>4,402,079|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||
||31,850,596|-||-|||-||(1,123,963)||30,726,633|
||281,812<br>-<br>654,243|102,510<br>440<br>240||(31,678)<br>-<br>-|||-<br>(440)<br>(240)||-<br>-<br>-||352,644<br>-<br>654,243|
||936,055|103,190||(31,678)|||(680)||-||1,006,887|
|||844<br>-<br>23,190,345||-<br>-<br>(22,732,305)|||(844)<br>-<br>1,524||-<br>-<br>-||-<br>1,000,000<br>8,673,971|
||9,214,407|23,191,189||(22,732,305)|||680||-||9,673,971|
|||||-<br>-<br>(24,230,230)|||(844)<br>-<br>1,524||-<br>-<br>-||-<br>1,000,000<br>8,655,686|
||8,911,739|24,973,497||(24,230,230)|||680||-||9,655,686|
||42,001,058|23,294,379||(22,763,983)|||-||(1,123,963)||41,407,491|
||41,698,390|25,076,687||(24,261,908)|||-||(1,123,963)||41,389,206|



48 



## JAMES ALLEN'S GIRLS' SCHOOL 

NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

18 Commitments under non-cancellable operating leases 

|Commitments under non-cancellable operating leases|||||
|---|---|---|---|---|
|Total Payable<br>Within 1 Year<br>Within 2 - 5 years||Other<br>2022<br>£<br>118,323<br>23,961<br>142,284||Other<br>2021<br>£<br>118,323<br>142,284|
|||||260,607|



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 School participates in the 


Pension Scheme for its teaching staff. The pension charge for the 

year includes contributions payable to the TPS of £1,831,529 (2021 - £1,800,120) and at the year-end £223,606 (2021 - £220,908) was accrued in respect of contributions to this scheme. 

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Pensions Regulations 2010 (as amended) and The Pension Scheme Regulations 2014 (as amended). Members contribute on a as you basis with contributions from members and the employer 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 Government Department. The most recent actuarial valuation of the TPS was prepared as at 31 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 This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions 


On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable. 

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 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. 

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. 

Until the 2020 valuation is 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 £320,177 (2021 - £318,624), being the contributions due for the year and at the year-end £38,309 (2021 - £33,969) was accrued in respect of contributions to these schemes. 

49 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (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 nonassociated 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 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. 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 2022 to 31 January 2025: £3,312,000 per annum payable monthly towards the deficit contributions; From 1 April 2019 to 30 September 2025: £11,243,000 per annum payable monthly towards the deficit contributions. 

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. 


showed assets of £793.4m, liabilities of £969.9m and a deficit of £131.5m. Based on the new valuation carried at 30 September 2020 and 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 2022 to 1 January 2025: £54,228 per annum (payable monthly). This includes a deficit contribution of £25,606 per annum and plan expenses of £28,622 per annum (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:-<br>Due within one Year<br>Due after one year<br>Present Value of Provision<br>Reconciliation of opening and closing provision<br>Provision at start of year<br>Unwinding of discount factor (interest expense) *<br>Deficit contribution<br>Remeasurement - impact of any change in assumptions *<br>Prior period correction<br>Remeasurement - amendments to the contribution schedule *<br>Provision at year end<br>* Impacts on SOFA|2022<br>54,228<br>4,610<br>58,838<br>275,767<br>1,561<br>(56,022)<br>(2,593)<br>-<br>(159,875)<br>58,838|2021<br>78,720<br>197,047<br>275,767<br>350,862<br>1,703<br>(76,427)<br>(371)<br>-<br>-<br>275,767|2020<br>76,427<br>274,435|
|---|---|---|---|
||||350,862|
||||415,746<br>3,670<br>(74,201)<br>3,207<br>2,440<br>-|
||||350,862|
|||||



50 



JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

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

|Assumptions|2022|2021|2020|
|---|---|---|---|
|Rate of Interest|4.46%|0.63%|0.55%|



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: 

|period:||||
|---|---|---|---|
|Year 1<br>Year 2<br>Year 3<br>Year 4<br>Year 5<br>Year 6<br>Year 7<br>Year 8<br>Year 9<br>Year 10|2022<br>£'000<br>26<br>26<br>11<br>-<br>-<br>-<br>-<br>-<br>-<br>-|2021<br>£'000<br>79<br>81<br>84<br>35<br>-<br>-<br>-<br>-<br>-<br>-|2020<br>£'000|
||||76<br>79<br>81<br>84<br>35<br>-<br>-<br>-<br>-<br>-|



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 which is 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<br>Net cash provided by operating activities<br>Net (Expenditure) / Income<br>Losses / (Gains) on Investments<br>Investment Income<br>Interest Paid<br>Investment Managers' Fees paid from Investment<br>Pension Interest (Income) / Expense<br>Depreciation<br>Loss on Disposal of Assets<br>Debtors Movement<br>Stock Movement<br>Creditors Movement<br>Advance Fees Discounts<br>Advance Fees Discounts Reversed<br>Net cash provided by operating activities|2022<br>£<br>(309,184)<br>1,123,963<br>(318,446)<br>77,035<br>64,343<br>(1,032)<br>1,329,933<br>35,256<br>334,451<br>(3,866)<br>436,779<br>73,270<br>-<br>2,842,502|2021<br>£<br>2,390,004<br>(2,083,385)<br>(358,236)<br>78,436<br>64,622<br>1,332<br>1,350,498<br>-<br>123,839<br>(93)<br>(948,124)<br>46,987<br>(24,696)|
|---|---|---|
|||641,184|



51 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

## 21 Related party transactions 

Four trustees of the school had daughters who attended the School during this financial year and they all paid full school fees. One of these trustees' daughter was awarded two scholarships for £2,000 (2021 - £1,000). 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<br>Income and Endowments from:<br>Voluntary Sources<br>Donations and Legacies<br>The Dulwich Estate<br>Charitable Activities<br>School Fees<br>2<br>Other Ancillary Income<br>3<br>Other Trading Activities<br>Trading Subsidiary<br>6<br>Investments<br>Total Income<br>Expenditure on:<br>Raising Funds<br>Raising Funds - Other<br>Charitable Activities<br>Total Expenditure<br>5<br>Net gain on Investments<br>9<br>Net Income/(Expenditure)<br>Transfers Between Funds<br>17<br>Other Recognised(Losses):<br>Actuarial (losses) on the defined benefit<br>pension scheme<br>Net Movements In Funds<br>Reconciliation of Funds<br>Fund Balance at 1 September 2020<br>Net Movements In Funds<br>Fund Balance at 31 August 2021||Unrestricted<br>Funds<br>£<br>-<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>232,280||Designated<br>Funds<br>£<br>124,924<br>-<br>-<br>-<br>-<br>-||Restricted<br>Funds<br>£<br>380,934<br>-<br>-<br>-<br>-<br>125,956||Endowment<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-|2021<br>Total<br>£<br>505,858<br>1,459,701<br>18,357,840<br>1,045,484<br>1,060,665<br>358,236|
|---|---|---|---|---|---|---|---|---|---|
|||22,155,970||124,924||506,890||-|22,787,784|
|||477,129<br>1,440,628<br>20,057,550|<br> <br>|-<br>-<br>-|<br>|-<br>-<br>505,858|<br> <br>|-<br>-<br>-|477,129<br>1,440,628<br>20,563,408|
|||21,975,307||-||505,858||-|22,481,165|
|||-||-||-||2,083,385|2,083,385|
|||180,663<br>(162,900)<br>-||124,924<br>(45)<br>-||1,032<br>162,945<br>-||2,083,385<br>-<br>-|2,390,004<br>-<br>-|
|||17,763||124,879||163,977||2,083,385|2,390,004|
|||7,758,565<br>17,763||1,010,532<br>124,879||772,078<br>163,977||29,767,211<br>2,083,385|39,308,386<br>2,390,004|
|||7,776,328||1,135,411||936,055||31,850,596|41,698,390|



52 



## JAMES ALLEN'S GIRLS' SCHOOL 

## NOTES TO THE ACCOUNTS - YEAR ENDED 31 AUGUST 2022 (CONT'D) 

|Balance<br>Incoming<br>1 September<br>Resources<br>2020<br>£<br>£<br>22 Comparative Figures (continued)<br>Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>25,755,516<br>-<br>James Allen's Bursary Fund<br>4,011,695<br>-<br>29,767,211<br>-<br>Restricted Funds<br>James Allen's Bursary Fund<br>117,835<br>506,530<br>Development Fund<br>-<br>120<br>Community Music Centre<br>654,243<br>240<br>772,078<br>506,890<br>Designated and Unrestricted Funds<br>Annual Fund<br>-<br>45<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,834,775<br>21,291,538<br>8,834,775<br>21,291,583<br>Total (School)<br>39,374,064<br>21,798,473<br>Total (Consolidated)<br>39,308,386<br>22,787,784|Balance<br>Incoming<br>1 September<br>Resources<br>2020<br>£<br>£<br>22 Comparative Figures (continued)<br>Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>25,755,516<br>-<br>James Allen's Bursary Fund<br>4,011,695<br>-<br>29,767,211<br>-<br>Restricted Funds<br>James Allen's Bursary Fund<br>117,835<br>506,530<br>Development Fund<br>-<br>120<br>Community Music Centre<br>654,243<br>240<br>772,078<br>506,890<br>Designated and Unrestricted Funds<br>Annual Fund<br>-<br>45<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,834,775<br>21,291,538<br>8,834,775<br>21,291,583<br>Total (School)<br>39,374,064<br>21,798,473<br>Total (Consolidated)<br>39,308,386<br>22,787,784|Balance<br>Incoming<br>1 September<br>Resources<br>2020<br>£<br>£<br>22 Comparative Figures (continued)<br>Endowment Funds, including expendable endowments<br>Capital Investment Fund<br>25,755,516<br>-<br>James Allen's Bursary Fund<br>4,011,695<br>-<br>29,767,211<br>-<br>Restricted Funds<br>James Allen's Bursary Fund<br>117,835<br>506,530<br>Development Fund<br>-<br>120<br>Community Music Centre<br>654,243<br>240<br>772,078<br>506,890<br>Designated and Unrestricted Funds<br>Annual Fund<br>-<br>45<br>James Allen's Bursary Fund<br>1,000,000<br>-<br>General Reserve<br>7,834,775<br>21,291,538<br>8,834,775<br>21,291,583<br>Total (School)<br>39,374,064<br>21,798,473<br>Total (Consolidated)<br>39,308,386<br>22,787,784||Resources<br>Expended<br>£<br>-<br>-||Transfer<br>Between<br>Funds<br>£<br>-<br>-|Transfer<br>Between<br>Funds<br>£<br>-<br>-||Gains<br>£<br>1,350,867<br>732,518||Balance<br>31 August<br>2021<br>£<br>27,106,383<br>4,744,213|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||
||29,767,211|-||-|||-||2,083,385||31,850,596|
||117,835<br>-<br>654,243|506,530<br>120<br>240||(505,858)<br>-<br>-|||163,305<br>(120)<br>(240)||-<br>-<br>-||281,812<br>-<br>654,243|
||772,078|506,890||(505,858)|||162,945||-||936,055|
|||45<br>-<br>21,291,538||-<br>-<br>(20,749,006)|||(45)<br>-<br>(162,900)||-<br>-<br>-||-<br>1,000,000<br>8,214,407|
||8,834,775|21,291,583||(20,749,006)|||(162,945)||-||9,214,407|
||39,374,064|21,798,473||(21,254,864)|||-||2,083,385||42,001,058|
||39,308,386|22,787,784||(22,481,165)|||-||2,083,385||41,698,390|



- 23 Comparative Figures - Allocation of the Net Assets The net assets held for the various funds as at 31 August 2021 were as follows:- 

|Endowment Fund<br>Restricted Funds<br>Unrestricted Funds<br>School<br>Trading Subsidiary<br>Consolidated||Fixed<br>Assets<br>£<br>16,942,997<br>654,243<br>14,487,323||Investments<br>£<br>14,907,599<br>25,107<br>2||Net Current<br>Assets/<br>(Liabilities)<br>£<br>-<br>256,705<br>(372,171)||Long term<br>(Liabilities)<br>£<br>-<br>-<br>(4,900,747)|Total<br>£<br>31,850,596<br>936,055<br>9,214,407|
|---|---|---|---|---|---|---|---|---|---|
||32,084,563<br>897,580|||14,932,708<br>(2)||(115,466)<br>(897,578)||(4,900,747)<br>-|42,001,058<br>-|
||32,982,143|||14,932,706||(1,013,044)||(4,900,747)|42,001,058|



53