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##
|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||||||||||
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##
|||||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)|
##
##
##