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2020-08-31-accounts

The School maintains
directors
and senior management.		 8 officers liab ility insurance
f		 or the be nefit o f Governors, f Governors, as corporate
recor		 corporate
recor		 corporate
recor
During the year, their activities as Governors were conducted through seven committees and the membership
ofeach committee
throughout		 the year was as follows:. (1) (2) (3) (4) (5) (6) (i)
David
King		 v
Annabel
Blair		 v'
Martin George v v v
Robert Milburn
Cathy
Millis
Barbara Parson
Steven Pitchford
Richard Price
Catherine
Thomas
Charlotte Thomas
Sister Paula Thomas
Wendy Wildman
1 - Education
Committee
2 - Finance Committee
3 - Nominations
Committee
4 - Premises
Committee
5- Compliance
and Risk Committee
6- Staff Committee
7- Development
and Marketing		 Committee

Unrestricted Restricted Endowment Total Total
Notes Funds Funds Funds 2019/20 2018/19
F E
Income and endowments from:
School fees 2 16,400,680 16,400,680 16,668,831
Other income 5 2,050,934 2,050,934 2,648,030
Other trading
activities
IVillennium
Boat House		 44,535 44,535 67,477
Investments
Investment
income		 4 55,973 5,960 61,933 93,453
Bank and other interest 4 18,083 18,083 37,299
Voluntary sources
Donations
and grants		 6 665,185 381,785 1,046,970 331,868
Total income 19,235,390 387,745 19,623,135 19,846,958
Expenditure
on:
Activities ofsubsidiaries 20 48,966 48,966 58,311
Cost of raising
funds and		 development 45,508 45,508 12,049
Cost offinance 9 332,074 332,074 394,697
Charitable
activities
Education and grant making 18,131,498 182,658 18,314,156 18,630,768
Total expenditure 7 18,558,046 182,658 18,740,704 19,095,825
Net income 677,344 205,087 882,431 751,133
before transfers
and investment		 losses
Transfers
and investment		 losses 11 (328,265) (33,707) (361,972) (87,990)
Net movement
in funds		 349,079 171,380 520,459 663,143
Balances brought
forward		 16,320,828 1,069,183 4,444,335 21,834,346 21,171,203
Balances carried forward 16,669,907 1,240,563 4,444,335 22,354,805 21,834,346

Notes 2020 2019 2020 2019
E E
FIXEDASSETS Group Group School School
Tangible assets
Investments		 10
11		 31,772,083
1,967,268		 32,664,512
2,329,238		 31,772,083
1,967,269		 32,664,512
2,329,239
CURRENT ASSETS 33,739,351 34,993,750 33,739,352 34,993,751
Stock
Debtors
Cash at bank and
in hand		 12 17,901
438,243
5,775,681		 18,233
655,686
5,977,947		 17,901
607,613
5,771,357		 18,233
777,529
5,966,645
6,231,825 6,651,866 6,396,871 6,762,407
CREDITORS: falling due within one year (5,330,980) (6,523,110) (5,329,230) (6,515,821)
NET CURRENT ASSETS 900,845 128,756 1,067,641 246,586
TOTAL ASSETS LESSCURRENT LIABILITIES 34,640,196 35,122,506 34,806,993 35,240,337
CREDITORS: falling due after one year
Creditors
payable after one year
Pension scheme funding
deficit		 14
17		 (11,394,071)
(891,320)		 (12,210,492)
(1,0?7,668)		 (11,394,071)
(891,320)		 (12,210,492)
(1,077,668)
TOTAL NET ASSETS 22,354,805 21,834,346 22,521,602 21,952,177
FUNDS
Endowment
funds
—Permanent
Restricted funds
Unrestricted
funds		 15
15
15		 4,444,335
1,240,563		 4,444,335
1,069,183		 4,444,335
1,240,563		 4,444,335
1,069,183
—Designated
fixed asset reserves
—Unrestricted
free reserves		 15,423,579
1,246,328		 15,432,672
888,156		 15,590,376
1,246,328		 15,550,503
888,156
16,669,907 16,320,828 16,836,704 16,438,659
22,354,805 21,834,346 22,521,602 21,952,1?7

2020 2019
F
Cashflows
from operating
activities:
Net cash provided
by operating
activities		 (i) 1,361,373 2,447,930
Cash flows from investing
activities
Purchase
oftangible fixed assets
corn		 (518,420) (1,322,352)
Proceeds from sale oftangible
fixed assets		 66,600 19,138
Bank interest received 18,083 37,297
Inves tm ent in
e		 61,933 93,455
Net cash used in investing
activities		 (371,804) (1,172,462)
Cash flows from financing
activities
Net loans repaid (883,335) (883,330)
Interest paid on loan (308,500) (355,816)
Net cash used in financing
activities		 (1,191,835) (1,239,146)
Change
in cash and cash equivalents
in the
(Decrease)
/ Increase
in cash in the period		 reporting period: (202,266) 36,323
Cash and cash equivalents
at the beginning		 ofthe reporting period 5,977,947 5,941,624
Cash and cash equivalents
at the end of the		 reporting period 5,775,681 5,977,947
(i) Reconciliation
ofnet income to net cash flow
from operating
activities
Net income for the reporting
period		 520,459 663,143
Adjustments
for:
Bank interest paid
Investment
income		 (18,083)
(61,933)		 (37,298)
(93,454)
Non-cash
pension
related expense
Interest paid on loan
Crlpplegate
pension
deficit contributions
Unrealised
losses on investments		 18,000
308,500
(204,348)
361,972		 37,000
355,816
(204,348)
87,990
Depreciation
charge
Fixed asset impairment
(Profit) on sale offixed assets
Decrease
in stock		 1,174,902
206,704
(37,357)
332		 1,151,077
191,000
(19,138)
9,465
Decrease/ (increase)
in debtors
(Decrease)
/ increase
in creditors
Net cash flow from operations		 217,443
(1,125,218)
1,361,373		 (71,533)
378,211
2,447,930

(a) The School's fee income comprised: The School's fee income comprised: The School's fee income comprised: The School's fee income comprised: 2020 2019
Gross fees 18,753,628 18,069,162
Less: Summer term 2020 general discount (935,072)
Less: Bursaries, scholarships
and		 staff remissions (1,580,670) (1,520,366)
16,237,886 16,548,796
Add back bursaries and scholarships paid by restricted funds 162,794 120,035
16,400,680 16,668,831
Paid by
Paid by restricted
general funds funds Total 2020
(b) Means-tested bursaries and hardship awards 1,032,953 158,633 1,191,586
Scholarships 275,405 4,161 279,566
Staff remissions 109,518 109,518
1,417,876 162,794 1,580,670
Paid by
Paid by restricted
general funds funds Total 2019
E E
Means-tested bursaries and hardship awards 1,011,696 120,035 1,131,731
Scholarships 285,389 285,389
Staff remissions 103,246 103,246
1,400,331 120,035 1,520,366

2020 2019
Turnover 520,617 705,796
Cost ofsales (464,753) (653,545)
Gross profit 55,864 52,251
Administrative
expenses		 (21,050) (23,540)
Profit before donation 34,814 28,711
Donations
to the School		 (34,814) (28,711)
Profit after donation
2020 2019
Current assets E
Debtors 3,109 2,709
Cash at bank and
in hand		 61,316 51,168
64,425 53,877
Current
liabilities		 (32,783) (22,235)
Net assets 31,642 31,642
Capital and reserves:
Called up share capital 31,642 31,642
Profit and loss account
31,642 31,642

2020 2019
E
Dividends from UK investment portfolio 61,933 93,454
Bank interest 18,083 37,298
80,016 130,752
OTHER INCOME
2020 2019
E
Charitable activities
Other educational income 388,477 685,835
Registration fees 59,800 62,875
Rental income 97,319 76,402
Ancillary
income		 1,505,338 1,822,918
2,050,934 2,648,030

INCOME F ROM VOLUNTARY SOURC ES
2020 2019
E
Donations and grants
Donations 416,604 331,868
Government grants 630,366
1,046,970 331,868

ANALYSIS OF TOTAL EXPENDITURE
Depreciation
and
Staff costs Other costs impairment 2020
Note 8
F F
Activities ofsubsidiaries 48,966 48,966
Cost of raising funds and development
Cost offinance		 45,508
332,074		 45,508
332,074
426,548 426,548
Charitable activities
Education
and grant making
Teaching
Other educational
expenditure
Welfare		 9,962,973 931,577
393,471
512,484		 10,894,550
393,471
512,484
Premises and estates 1,050,750 1,105,983 1,381,606 3,538,339
Millennium Boathouse 102,608 102,608
Support costs*
Governance
costs		 1,689,692
18,258		 1,132,440
32,314		 2,822,132
50,572
12,721,673 4,210,877 1,381,606 18,314,156
12,721,673 4,637,425 1,381,606 18,740,704
Depreciation
and
Staff costs Other costs impairment 2019
Activities ofsubsidiaries 58,311 58,311
Cost of raising funds and development
Cost offinance		 12,049
394,697		 12,049
394,697
465,057 465,057
Charitable activities
Education
and grant making
Teaching
Other educational
expenditure
Welfare		 9,090,549 1,141,214
673,877
831,648		 10,231,763
673,877
831,648
Premises and estates 951,656 1,677,474 1,342,077 3,971,207
Millennium Boathouse 134,953 134,953
Support costs*
Governance costs		 1,573,240
16,329		 1,142,990
54,761		 2,716,230
71,090
11,631,774 5,656,917 1,342,077 18,630,768
11,631,774 6,121,974 1,342,077 19,095,825
Governance
costs include:		 2020 2019
F E
Audit fees 23,940 23,088
Salaries+ 18,258 16,329
Governors'
expenses
Other governance
costs		 2,358
6,016		 5,690
25,982
50,572 71,090

STAFF COSTS
2020 2019
E
Wages and salaries
Social security costs		 9,925,067
1,026,037		 9,464,312
956,862
Life assurance
and private
Pension costs		 medical cover 38,618
1,731,951		 27,165
1,183,435
12,721,673 11,631,774
Aggregate
employee-benefits		 ofkey management personnel R1,417,622 E1,270,627
The average
number ofemployees		 during the year was:
Teaching staff 164 156
Teaching assistants 29 28
Support staff 133 124
326 308
The following
number ofemployees		 exceeding E60,000 emoluments:
F60,001 - E70,000 15 12
F70,001 -280,000 4 5
880,001 -F90,000 2 1
f90,001 - F100,000 1 1
f120,001 - 2130,000 0 1
6150,001 - F160,000 1 0
f210,000 - f220,000 0 1
f230,000 - F240,000 1 0

COST OF FINANCE
2020 2019
E E
Fees
In Advance Scheme debt-financing		 cost 12,574 18,881
Bank loan interest 308,500 355,816
Pension scheme financing cost 11,000 20,000
332,074 394,697
FIXEDASSETS
Group and School		 Freehold Tangible
Motor		 Assets
Assets		 Intangible Assets
Land 8 Vehicles Under 2020 2020
Buildings 8 Equipment Construction Total Software
E E E
Cost or valuation
At 1 September 2019
Additions		 39,058,894
57,081		 3,745,665
403,488		 148,853
57,851		 42,953,412
518,420		 29,264
Disposals
Impairment		 (97,465) (206,704) (97,465)
(206,704)
39,115,975 4,051,688 43,167,663 29,264
Depreciation
At 1 September 2019
Charge
in year
Disposals		 7,651,407
852,634		 2,637,493
322,268
(68,222)		 10,288,900
1,174,902
(68,222)		 29,264
8504 041 2,891,539 11,395,580 29,264
Net book value at 31 August 2020 30,611,935 1,160,149 31,772,083
Net book value at 31 August 2019 31,407,486 1,108,173 148,853 32,664,512

2020 2019
Group investments -market value
At 1 September 2,297,596 2,385,586
Unrealised
losses		 in market value (361,972) (87,990)
1,935,624 2,297,596
Investment
in joint		 venture (note 3) 31,642 31,642
Group investments at 31 August 1,967,268 2,329,238
Investment
in subsidary
School investments at 31 August 1,967,269 2,329,239

Group Group School School
2020 2019 2020 2019
E
Fees receivable 65,642 59,192 65,642 59,192
Amounts owed by subsidiary and a5liated
companies 169,400 121,843
Other debtors 121333 150,641 121,303 150,641
Prepayments and accrued income 251,268 445,853 251,268 445,853
438,243 655,686 607,613 777,529

Group Group School School
2020 2019 2020 2019
Amounts
falling due within		 1 Year E E
Advance fees 1,714,780 1,825,422 1,714,780 1,825,422
Fees in Advance Scheme 366,779 470,100 366,779 470,100
Trade creditors 270,144 775,099 270,144 775,099
Other creditors 756,580 1,030,764 756,580 1,030,764
Place deposits refundable 1,180,900 1,169,150 1,180,900 1,169,150
Bank loan 883,333 883,333 883,333 883,333
Accruals 158,464 369,242 156,714 361,953
5,330,980 6,523,110 5,329,230 6,515,821
CREDITORS CREDITORS CREDITORS Group Group School School
2020 2019 2020 2019
Amounts falling due after 1year F F F E
From one to two years:
Fees 'in Advance Scheme 162,867 172,412 162,867 172,412
Bank loan 883,333 883,333 883,333 883,333
1,046,200 1,055,745 1,046,200 1,055,745
From two to five years:
Fees in advance scheme 210,368 133,910 210,368 133,909
Bank loan 2,650,000 2,650,000 2,650,000 2,650,000
2,860,368 2,783,910 2,860,368 2,783,909
More than five years:
Bank loan 7,487,503 8,370,837 7,487,503 8,370,838
11,394,071 12,210,492 11,394,071 12,210,492

Balance at 1 September 2019 Balance at 1 September 2019 776,419
Plus funds received during 2019/20 545,778
Amounts
utilised
in		 payment
offees:		 (582,183)
740,014

Analysis o f Group Net Assets Between Fun ds
Net Current
Tangible
Fixed Assets		 Investments Assets
/
(Liabilities)		 Long Term
Creditors		 Pension
Liability		 Total 2020
Unrestricted funds
Designated
Unrestricted		 fixed asset reserves
free reserves		 27,327,748 1,780,372 (883,333)
730,511		 (11,020,836)
(373,235)		 (891,320) 15,423,579
1,246,328
27,327,748 1,780,372 (152,822) (11,394,071) (891,320) 16,669,907
Restricted funds 186,896 1,053,667 1,240,563
Endowment funds
Permanent endowment 4,444,335 4,444,335
31,772,083' 1,967,268 900,845 (11,394,071) (891,320) 22,354,805
Net Current
Tangible
Fixed Assets		 Investments Assets
/
(Liabilities)		 Long Term
Creditors		 Pension
Liability		 Total 2019
Unrestricted funds
Designated
Unrestricted		 fixed asset reserves
free reserves		 28,220, 177 2,108,631 (883,333)
163,514		 (11,904,171)
(306,321)		 (1,077,668) 15,432,672
888,156
28,220,177 2,108,631 (719,819) (12,210,492) (1,077,668) 16,320,828
Restricted funds 220,606 848,577 1,069,183
Endowment funds
Permanent endowment 4,444,335 4,444,335
32,664,512 2,329,238 128,756 (12,210,492) (1,077,668) 21,834,346

Movement
in funds
2019
Balance 2020
Endowmentfunds Brought
Forwardf		 Income
E		 Expenditure Transfers
F		 Investment
losses		 Balance carried
forward
Land & buildings 4,444,335 4,444,335
4,444,335 4,444,335
Restricted funds
Bursary funds
Building funds
Sundry restricted funds		 805,208
14,042
249,933
1,069,183		 368,125
3,187
16,433
387,745		 (162,794)
(19,864)
(182,658)		 (19,352)
(14,355)
(33,707)		 991,187
17,229
232,147
1,240,563
Unrestricted
funds
Designated
fixed asset reserves
Unrestricted
free reserves
Total funds		 15,432,672
888,156
16,320,828
21,834,346		 19,235,390
19,235,390
19,623,135		 (18,558,046)
(18,558,046)
(18,740,704)		 (9,093)
9,093		 (328,265)
(328,265)
(361,972)		 15,423,579
1,246,328
16,669,907
22,354,805
2018
Balance 2019
Endowment
funds		 Brought
Forward		 Income
F		 Expenditure Transfers
F		 Investment
losses		 Balance carried
forward
Land & buildings 4,444,335
4,444,335		 4,444,335
4,444,335
Restricted funds
Bursary funds
Building funds
Sundry restricted
funds		 659,067
7,941
244,256
911,264		 270,485
6,100
33,791
310,376		 (120,035)
(24,607)
(144,642)		 (4,309)
(3,506)
(7,815)		 805,208
14,042
249,933
1,069,183
Unrestricted
funds
Designated
fixed asset reserves
Unrestricted
free reserves
Total funds		 14,566,565
1,249,039
15,815,604
21,171,203		 19,536,582
19,536,582
19,846,958		 (18,951,183)
(18,951,183)
(19,095,825)		 866,107
(866,107)		 (80,175)
(80,175)
(87,990)		 15,432,672
888,156
16,320,828
21,834,346

Equipment Equipment
2020 2019
Contracts due to expire in less than one year 41,582 48,334
Contracts due to expire within orie and two years 19,470 32,328
Contracts due to expire in two to five years 7,345
68,398		 10,855
91,517

2020 2019
f.
Movements
during
the
Balance at start ofyear
Unwinding
ofthe discount		 year:
rate		 1,077,668
11,000		 1,245,016
20,000
Contributions
paid
Additional
funding
charge
Balance at end ofyear		 (204,348)
7,000
891,320		 (204,348)
17,000
1,077,668
2020 2019
F
Amount recognised in the SOFA:
Unwinding ofthe discount rate 11,000 20,000
Additional funding
charge
- due to change of basis 7,000 17,000

Year ended 31 August 2019 Year ended 31 August 2019 Year ended 31 August 2019 Unrestricted Restricted Endowment Funds Total
Income and endowments from:
School fees 16,668,831 16,668,831
Other income 2,648,030 2,648,030
Other trading
activities
Millennium
Boat House		 67,477 67,477
Investments
Investment
income		 84,400 9,053 93,453
Bank and other interest 37,299 37,299
Voluntary
sources
Donations 30,545 301,323 33'I,868
Tota I income 19,536,582 310,376 19,846,958
Expenditure
on:
Activities ofsubsidiaries 58,311 58,311
Raising funds
& development		 12,049 12,049
Cost offinance 394,697 394,697
Charitable
activities
Education
8 grant
making		 18,486,126 144,642 18,630,768
Total expenditure 18,951,183 144,642 19,095,825
Net income from operations 585,399 165,734 751,133
before transfers
and investment		 gains
Gains on investments (80,175) (7,815) (87,990)
Net income and capital inflow 505,224 157,919 663,143
Net movements
in funds for the		 year 505,224 157,919 663,143
Balances brought
forward		 15,815,604 911,264 4,444,335 21,171,203
Balances carried forward 16,320,828 1,069,183 4,444,335 21,834,346

Balance at 1
September Debt Balance at 31
2019 Cash-flow Reclasslflcatlon August 2020
Cash at bank 5,977,947 (202,266) 5,775,681
Loans falling due within one year (883,333) 883,335 (883,333) (883,331)
Loans falling due after more than one year (11,904,170) 883,333 (11,020,837)
(6,809,556) 681,069 (6,128,487)