**Charity registration number 1142914**
**Company registration number 06596179 (England and Wales)**
## **WISDOM SCHOOL**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2021**
## **WISDOM SCHOOL**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr Selcuk Bassoy Mr Mahmut Gunaydin Mr Rustam Aliyev **Secretary** Mr Huseyin Adak **Charity number** 1142914 **Company number** 06596179 **Registered office** 110 Colindeep Lane London Middlesex United Kingdom NW9 6HB **Auditor** KPSR LLP 58 High Street Pinner Middlesex HA5 5PZ
## **WISDOM SCHOOL**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 9|
|Independent auditor's report|10 - 12|
|Statement of financial activities|13|
|Balance sheet|14 - 15|
|Statement of cash flows|16|
|Notes to the financial statements|17 - 26|
## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
The trustees present their annual report and financial statements for the year ended 31 August 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".
The charity operates under the name of North London Grammar School.
The Headteacher in the period under review was Mr H F Adak.
## **Objectives and activities**
The principle object ives of the company are :
-As described in the Memorandum of Association is to hold funds and to utilise the income for charitable purposes for the benefit of the public including but not limited to the advancement of education;
-The relief of financial hardship by making grants of money for providing or paying for services or facilities;
-To establish and maintain such institutions as nurseries, weekend schools, schools, college and universities to promote the advancement of education of pupils at their schools and in out of school environments;
-To establish schools in order to have a positive impact in education and to emphasize importance and increase awareness of technology, mathematics, science education, music, sports, humanities and arts among students, parents and general public.
-To organise such courses and events as those which will assist the disadvantaged members of the community to develop capacity and skills that will help them participate fully in society by identifying and helping meet their needs;
-To promote equality and diversity for the benefit of the public in England by encouraging the elimination of discrimination on grounds of race, religion, disability or ethnic origin by raising awareness and understanding of the background, qualities and needs of individuals living in and organisations and groups operating in the area of benefit and by promoting attitudes, customs and practices in favour of equality.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2021**_
The strategies for achieving these objectives are:
In order to fulfil the above-listed objectives of the Charity more fully, the trustees together with the head of school and SLT have agreed that NLGS should aim to:
- To provide exceptional education to the highest possible standards with excellent teaching, learning and extra-curricular opportunities to all pupils regardless of their social, cultural, religious, and financial background.
- To recruit the highest possible calibre of teaching and support staff and facilitate their continuing professional development.
- To maintain a mix of pupils from a wide range of socio-economic background by supporting the optimum number of pupils with the cost of education, on a means-tested basis from the Charity’s limited endowment funds and other fund raising.
- To embrace modern technology and use it to enhance pupils' independence as learners and prepare for the future.
- To maintain a vibrant and diverse programme of co-curricular activities which plays a key role at NLGS, enabling all pupils to explore and develop new interests, challenge themselves and take responsibility, develop teamwork and leadership skills, make friends, and have fun .
- To provide a happy and secure pastoral environment in which all pupils can flourish with opportunities for leadership, service and an acknowledgement of respect and consideration to others.
- To educate pupils to have a true sense of service to their communities.
- To fill all available places across all year levels by attracting more pupils who have demonstrated academic potential and learning skills to benefit from North London Grammar School's rigorous academic programme.
- To further develop existing strong group communications and relationships with our stakeholders including the parents, extended families as well as the alumni community.
- To build on our school’s existing links with other Charities, Outreach Projects and the wider community by helping and supporting them and making contributions to their activities and projects in any way possible.
- To open the school facilities for community use, at appropriate times, within safeguarding constraints.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **Activities to Achieve Charity Objectives for Public Benefit**
## Bursary
It is important to NLGS that access to the education offered is not restricted simply to those that can afford the fees. During the year, 2 5 pupils (201 9 -20 20 : 2 1 pupils) were awarded fees assistance totalling £ 93 , 99 0 (201 9 -20 20 : £77,7 07 ). It is recognized that pupils benefit from learning within a diverse community and that learning occurs through social interaction and shared experience. The provision of means tested bursary support continues as a key feature of the school's admissions process with bursaries up to 100% of the fees being available and regularly awarded. In making decisions about the allocation of bursaries, a number of factors are considered including the pupil’s performance in the entrance assessment and interview, the potential for the pupil’s all-round contribution to NLGS, the family’s gross income and assets and any other important and relevant personal and family circumstances.
## Scholarship
Each year the school offers several full or partial scholarships to eligible pupils across all year levels who demonstrate advanced academic potential with outstanding learning skills to benefit from our school’s rigorous academic programme. Scholarships are offered in the form of percentages deductible from the tuition fees. During the year 5 8 (201 9 -20 20 : 4 5 pupils) pupils were awarded fees assistance totalling £ 334 , 44 0 (201 9 -20 20 : £26 5 ,0 2 0).
## Charitable Giving
The Charity strongly believes in the value of NLGS pupils being involved in partnerships, charitable events, and volunteering in a wide variety of ways. As such, it is committed to working closely with many local charities and like-minded organisations and aims to awaken in its pupils an awareness of the social context of the all-round education they receive. The pupils raised money for designated charities throughout the year. Additionally, many of our pupils take part in voluntary work in the community. This includes helping at local churches, care homes, hospitals, and numerous children's activity groups.
## Community and Local Schools Support
NLGS sees itself very much as part of a wider community, and where we can assist the community without detriment to advancing the education of our pupils, and we are delighted to do so. We provide public benefit to the community through a number of lettings at subsidised rates to local clubs and societies. We host joint events with other local schools and local clubs. The school hosts various events, competitions and festivals throughout the year enabling children of all ages and adults from across the region to use our facilities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
The major activities of the company during this period have been :
## Teaching
English, reading, mathematics, science, design technology, science, history, art & design, music, physical education, personal, social, health education and citizenship, religious education, geography, information and communication technology.
## Student services
School bus service, school lunch and hall hires.
These have been delivered from the company's preeminent site at North London Grammar School in Hendon.
## **Strategic report**
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **Achievements and performance**
NLGS has a vision that all pupils in our care will enjoy success. NLGS aims to encourage all of our pupils to participate in a variety of activities and opportunities, both curricular and extracurricular. This helps to maximize their personal development and confidence and just as importantly encourage them to enjoy all aspects of NLGS whilst forging lifelong friendships. Co - curricular activities are spread across a wide range of sports and the performing arts as well as many other clubs and opportunities. A wide range of achievements are detailed below together with the pupils’ excellent academic results:
## **Achievements and Other Activities**
NLGS were unable to carry out most of the events, clubs, activities and extra-curriculars planned due to the lockdown in England from November 5, 2020 until March 8, 2021.
NLGS Boarding became a member of the Boarding Schools' Association (BSA).
The first visit to the London International Model United Nations (LIMUN) occurred during the financial year and a group of students were able to act out scenes from the United Nations and collaborated to address the world's most critical challenges.
This year NLGS students participated in the United Kingdom Mathematics Trust (UKMT) Mathematical Challenge 2020-2021 and achieved :
## **a. Year 7 and 8 :**
3 Silver, 10 Bronze
## **b. Years 9 and 10 :**
1 Gold, 1 Silver, 5 Bronze
## **c. Year 11 :**
- 2 Silver and 5 Bronze
## **d . Grey Kangaroo**
- 1 Merit
## **e . Pink Kangaroo**
- 1 Merit
NLGS also competed and completed the following achievements;
**a.** We also competed in the Junior Physics Challenge category of the British Physics Olympiad. There were 6171 students from 122 schools that participated, and we are delighted to state that 17 of our students received the Bronze Award.
**b.** The International Online i-STEM Olympiad Final, held virtually in Germany, was attended by North London Grammar School pupils. In April 2021, 23 students successfully completed the National Online i-STEM Olympiad Final.
International level achievements;
## **a. Year 7**
- 5th place award in the World-Honourable Mention in Natural Science Category
- 5th place award in the World-Honourable Mention in Maths-Geo-Tech Category
- 6th place award in the World-Honourable Mention in Natural Science Category
- 10th place award in the World-Honourable Mention in General Exam Category
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **b. Year 10**
9th place award in the World-Honourable Mention in General Exam Category
Started a robotics club in prep school because it provides an extracurricular opportunity for students to learn more about robotics outside of the classroom.
Students signed up to become members of Wings of Hope, organised fund-raising events to help contribute towards students getting an education in Malawi and India. They were also involved in various other activities at the school.
Mr Peter Richards, South London artist and art educator, visited NLGS and taught the Year 11's, helping them prepare their exam portfolios.
NLGS UFP programme was recognized by 1 more university and the total number reached 9 2 universities (201 9 -20 20 : 91 Universities) .
As part of NLGS attempts to elevate the present high quality to even higher heights, we want to accredit our UFP programme to make it exceptional.
In addition to our rigorous curriculum and engaging extra-curricular activities at North London Prep School (NLPS), LAMDA and Lemon Jelly helped our students to experience everything that the world of performing arts has to offer, providing them with essential skills for life.
## **During COVID-19**
NLGS made great use of educational technologies and continued to offer remote learning and intervention sessions in the form of live lessons via Microsoft Teams when school closures during the COVID-19 epidemic disrupted numerous schools and curtailed educational services in many ways.
We were also able to continue some of our popular extracurricular activities and school events in the form of virtual activities as we believed they were important to support the mental wellbeing of our pupils and their families alike during the pandemic. A few examples of the activities and events that were offered remotely are Fitness, Yoga, Minecraft, Film Clubs and virtual home visits.
Maths matters - NLGS launched an Online Mathematics Club for students in Year 5 to 10 which lasted for the total duration of the school closure period of 8 months. The syllabus was designed and delivered by an academic committee comprised of experienced volunteer teachers and young mathematicians under the guidance of the schools. The syllabus's purpose was to connect Mathematics to real-life situations in order to improve students' comprehension and awareness however, the subjects were not specified or organised according to the pupil's mathematics teachings.
Its website is: https://mathsmatters.northlondongrammar.com
A virtual coffee gathering was held through Zoom for all parent/guardians to get together and have an open discussion with the Headteacher. The coffee morning had no set agenda; however, as previously said, we believed it would be a good time for parents to socialise and meet with the Headteacher.
The students in Years 3-6 were enabled to participate in the Zoos 4 You session. The students took advantage of the chance to demonstrate their knowledge of animals and to pique their interest by asking a slew of scientific questions about snakes, huge cockroaches, parrots, chinchillas, geckos, and even a rowdy teenage meerkat who treated its caregiver like one of his own.
School-parent communication:
During the pandemic, we developed stronger communication with our parents and pupils alike using alternative communication channels including telephone, live audio and video calls via Microsoft teams and online surveys. Mental wellbeing support and resources were offered. One-on-one 20-30 minute live sessions with pupils and parents.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
NLGS also offered several Reach Out Projects to support the wider school community, which included:
-We raised funds for the Comic Relief organisation. We sincerely feel that it has never been more vital for our children to participate in fun activities, dress up, and collect money to help others who are going through difficult times.
-Evening dinners were hosted within student bubbles during COVID to raise funds for those in need and to focus on those who do not have access to food and water. Students helped to make the event a success by baking cookies and serving dinner.
-We have invited some of our students in November 2020 to discuss about the transition to sixth-form including, the interview stages, A-Level choices and personal statements. Our Year 11's had a very informative careers event.
## **Financial review**
The results for the year are set out on page 12.
The trustees are satisfied with the financial position of the charity at the year end.
Fee income and contributions that support the major objectives continue to be the primary financial sources for NLGS. The income has been increased due to increase in number of students.
Staff salaries form NLGS’s largest category of expenditures, but staff are also the school’s greatest asset. The trustees’ policy is to reward staff appropriately to ensure NLGS recruits and retains quality teaching and support staff for the efficient operation of NLGS and to deliver an exceptional educational experience for our pupils. The trustees also very carefully review and consider staff and other costs in relation to school fee affordability and have endeavoured to keep fee increases consistently as low as possible
It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure that the day-to-day working capital requirements of the school are met . The level of reserves is kept under review by the trustees .
## **Risk Management**
The trustees has assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The board of trustees are responsible for the overseeing of the risks faced by NLGS. Detailed considerations of risk are delegated to the head and SLT in the school. Risks are identified, assessed and controls are established throughout the year. A formal review of NLGS's risk management processes is undertaken on an annual basis. The main risks that the board of trustees have identified and the plans to manage those risks are:
- A risk to the reputation of NLGS brand such that there is a material impact on current and future pupil numbers and the ability of NLGS to attract high quality staff. In order to manage this risk, NLGS ensures that its policies for recruitment, safeguarding and health and safety and wellbeing are at the heart of NLGS. A comprehensive training programme for staff, ongoing monitoring and management of policies and a culture of openness and trust between pupils and staff are also intended to safeguard against this risk.
- A risk NLGS's financial viability such as its ability to generate sufficient cash flow to provide adequate resources to ensure a safe and secure educational environment, to meet loan obligations and to continue investing in NLGS’s facilities. This risk is managed by ensuring sound long-term planning with clear and challenging financial targets which not only consider the operation of the school, but also the wider context in which the school operates.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
Through the risk management processes established for NLGS, the board of trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **Future developments**
- Reach out to potential investors, schools, and educational institutions to offer the NLGS University Foundation Programme in the form of a franchise business.
- Extend the current list of universities that recognise our University Foundation Programme.
- Compete in the designing and planning stages to convert the Multi-Use Games Area (MUGA) into an indoor space to make sure that pupils will be able to use it throughout different weather conditions.
- Initiate a training or professional development programme to ensure that all teachers, MLT, and SLT are fully prepared to implement a value-based education programme at NLGS.
- Establish an Alumni Association, develop strong alumni relations, and ensure effective communication with the wider school community.
- Expand the school campus by acquiring the plot of land between the existing campus and Colindeep Lane road.
- Organize national and international Academic Olympiads (Math and Science) .
## **Structure, governance and management**
The Charity is governed by its Memorandum and Articles of Association, issued on 15 May 2008 (amended by Resolution on 14 May 2011)., and constitutes a L imited company, L imited by guarantee, as defined by the Companies Act 2006.
The principal objects of the company is to achieve the highest academic standards in a secure and happy environment, promote the spiritual, moral, cultural, mental and physical development of pupils at the school and of society, prepare pupils at schools for the opportunities, responsibilities and experiences of later life for the benefit of the public.
Trustees during the year
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr Selcuk Bassoy
Mr Mahmut Gunaydin
Mr Rustam Aliyev
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2021**_
The management of the company is the responsibility of the board of Trustees who are elected and co-opted under the terms of the Articles of Association.
## **Trustee's interests**
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
## Appointment and training of new trustees
Nominations for new trustees are made by any member of the Charity or the existing trustees. Trustee candidates are considered by the board of trustees to ensure the board has the breadth of skills to offer effective strategic leadership and guidance to the Charity, in conjunction with the head of school. New trustees are appointed by the board of trustees. Trustees appointed by the board retire at the next annual general meeting (AGM) and can be re-elected by resolution of the members. New trustees can also be elected directly at the AGM. One third of the board who have served the longest in the office since their last appointment retire at the AGM each year to give space to new trustee candidates. Retired trustees may also be re-elected by resolution of the members at the AGM.
New trustees are provided with information about the Charity and appropriate training and induction is arranged. On appointment, trustees are briefed on their responsibilities as directors and trustees. Trustees are also given regular presentations by the head of school and senior leadership team (SLT) on specific curricular developments, and they are invited and encouraged to link up with a department and observe lessons and activities at first hand.
New trustees are also issued with the school and board details including:
Current trustee details - Skills and experience matrix. Minutes of the recent board meetings. The constitution and charitable status. The Memorandum and Articles of Association. Recent trustees’ report and financial accounts. The school's prospectus.
The trustees are legally responsible for the overall management of the Charity and meet as a board at least four times a year. All trustees give their time freely and no remuneration or expenses were paid in the year. No trustee or person connected to a trustee received any benefit from either means tested bursaries or scholarships awarded to our pupils.
The day-to-day management of the school (NLGS) is delegated to the head of school supported by the SLT. The head undertakes the key leadership role overseeing the educational, pastoral and administrative functions in conjunction with the SLT. The head and relevant SLT members attend board of trustee meetings as/when required.
The Memorandum and Articles of Association state that charity may not have more than 50 (fifty) members at any one time.
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## **WISDOM SCHOOL**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **Statement of trustees' responsibilities**
The trustees, who are also the directors of Wisdom School for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements ;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
In accordance with the company's articles, a resolution proposing that KPSR LLP be reappointed as auditor of the company will be put at a General Meeting.
## **The impact of the coronovirus Pandemic**
- As the coronavirus continued to spread exponentially and schools were asked to close twice , there was an immediate transfer to teaching remotely via Microsoft Teams. The SLT team continued to train & support t he teachers for online teaching. A new timetable was created for online classes and shared with families with the addition of several clubs and activities. Our pupils did not miss any lessons during the lockdown and on weekdays our teachers made themselves available to answer questions from their pupils till 5.00 pm.
- We kept our school open for the children keyworkers as they came to school for face-to-face lessons.
-At the time of signing this report the pandemic has subsided, the trustees will keep a close eye on the situation and be prepared to take steps should the coronavirus re-emerge.
- Risk assessment was carried out and necessary precautions were implemented.
The trustees' r eport, including the strategic report, was approved by the Board of Trustees.
**Mr Selcuk Bassoy** Trustee Dated: 20 June 2022
**Mr Rustam Aliyev** Trustee Dated: 20 June 2022
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## **WISDOM SCHOOL**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WISDOM SCHOOL**
## **Opinion**
We have audited the financial statements of Wisdom School (the ‘’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice) .
- In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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## **WISDOM SCHOOL**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
## **Irregularities, including fraud, are instances of non-compliance with laws and regulations.**
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Charities Legislation, taxation and Pensions legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include General Data Protection Requirement and general health and safety legislation.
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## **WISDOM SCHOOL**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL**
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## Other matters: Coronavirus
It is difficult to evaluate all the potential implications on the charity and wider economy should Coronavirus reemerge.
## **Use of our report**
This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Mr Rishil Patel (Senior Statutory Auditor) for and on behalf of KPSR LLP** 20 June 2022 **Chartered Accountants Statutory Auditor** 58 High Street Pinner Middlesex HA5 5PZ
KPSR LLP is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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## **WISDOM SCHOOL**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
192,443
-
Charitable activities
**3**
2,434,165
-
**Total income**
2,626,608
-
**Expenditure on:**
Charitable activities
**5**
2,259,494
-
Other
**10**
68,681
-
**Total expenditure**
2,328,175
-
**Net income for the year/**
**Net movement in funds**
298,433
-
Fund balances at 1
September 2020
1,626,062
4,895,196
**Fund balances at 31 August**
**2021**
1,924,495
4,895,196|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
192,443
155,372
-
2,434,165
2,043,032
-
2,626,608
2,198,404
-
2,259,494
2,028,342
-
68,681
77,710
-
2,328,175
2,106,052
-
298,433
92,352
-
6,521,258
1,533,710
4,895,196
6,819,691
1,626,062
4,895,196|**Total**
**2020**
**£**
155,372
2,043,032
2,198,404
2,028,342
77,710
2,106,052
92,352
6,428,906
6,521,258|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 13 -
## **WISDOM SCHOOL**
## **BALANCE SHEET**
## _**AS AT 31 AUGUST 2021**_
|**Notes**
**Fixed assets**
Intangible assets
**11**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current liabilities
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**16**
**Net assets**
**Income funds**
Restricted funds
Unrestricted funds|**2021**
**2020**
**£**
**£**
**£**
**£**
33,864
33,864
8,941,890
8,936,160
8,975,754
8,970,024
163,647
307,566
207,385
108,688
371,032
416,254
(898,703)
(1,118,954)
(527,671)
(702,700)
8,448,083
8,267,324
(1,628,392)
(1,746,066)
6,819,691
6,521,258
4,895,196
4,895,196
1,924,495
1,626,062
6,819,691
6,521,258|
|---|---|
- 14 -
## **WISDOM SCHOOL**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 AUGUST 2021**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2021, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
The financial statements were approved by the Trustees on 20 June 2022
**Mr Selcuk Bassoy Mr Rustam Aliyev Trustee Trustee Company registration number 06596179**
- 15 -
## **WISDOM SCHOOL**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
|**2021**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash generated from operations
**19**
247,004
**Investing activities**
Purchase of intangible assets
-
Purchase of tangible fixed assets
(43,596)
**Net cash used in investing activities**
(43,596)
**Financing activities**
Repayment of bank loans
(104,711)
**Net cash used in financing activities**
(104,711)
**Net increase in cash and cash equivalents**
98,697
Cash and cash equivalents at beginning of year
108,688
**Cash and cash equivalents at end of year**
207,385|**2020**
**£**
**£**
260,202
(33,864)
(73,693)
(107,557)
(75,127)
(75,127)
77,518
31,170
108,688|
|---|---|
- 16 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **1 Accounting policies**
## **Company information**
Wisdom School is a private company limited by guarantee incorporated in England and Wales. The registered office is 110 Colindeep Lane, London, Middlesex, NW9 6HB, United Kingdom.
## **1.1 Accounting convention**
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements , the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements .
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements .
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
## 1.4 **Income**
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 17 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **1 Accounting policies**
**(Continued)**
## 1.5 **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required i n settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **1.6 Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs Over expected life of project
## **1.7 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings not provided Fixtures and fittings 15% on reducing balance Computers 15% on redsucing balance Motor vehicles 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
## **1.8 Impairment of fixed assets**
At each reporting end date, the reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
- 18 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **1 Accounting policies**
**(Continued)**
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 19 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **1 Accounting policies**
**(Continued)**
Derecognition of financial liabilities
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Donations and legacies**
|Donations and gifts
Government grants
**Charitable activities**
Teaching and school services
Other income|**2021**
**£**
8,019
184,424
192,443
**2021**
**£**
2,304,185
129,980
2,434,165|**2020**
**£**
40,483
114,889
155,372
**2020**
**£**
1,937,829
105,203
2,043,032|
|---|---|---|
## **3 Charitable activities**
- 20 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **5 Charitable activities**
|Staff costs
Depreciation and impairment
Hire of plant and equipment
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Books and exam fees
Canteen and welfare
Advertising
Computer and software
Fire and security
Cleaning
Repairs and maintenance
School bus
Legal and professional
Student related
Travel and subsistence
Uniform
Recruitment costs
Bank charges
Bad debt provision
Grant funding of activities (see note 7)
Share of governance costs (see note 7)|**2021**
**£**
1,272,377
33,871
2,915
932
43,698
18,557
28,583
10,563
23,301
13,021
31,559
43,680
34,110
14,793
6,716
14,035
26,306
11,977
61,079
22,581
111
550
18,434
51
68,564
1,802,364
446,930
10,200
2,259,494|**2020**
**£**
1,222,750
35,724
4,413
75
39,502
20,870
53,810
3,825
23,807
3,879
30,719
43,671
34,751
11,949
6,349
20,770
10,162
10,848
38,303
10,865
1,760
230
17,124
64
15,075
1,661,295
356,627
10,420
2,028,342|
|---|---|---|
- 21 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **6 Grants payable**
||**School**|**School**|
|---|---|---|
||**activities**|**activities**|
||**2021**|**2020**|
||**£**|**£**|
|Grants to institutions:|-|-|
|Grants to individuals|446,930|356,627|
||446,930|356,627|
## **7 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Audit fees
-
7,800
Legal and professional
-
2,400
-
10,200
Analysed between
Charitable activities
-
10,200|**2021**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
7,800
-
7,200
2,400
-
3,220
10,200
-
10,420
10,200
-
10,420|**2020**
**£**
7,200
3,220
10,420
10,420|
|---|---|---|
Governance costs includes payments to the auditors of £ 7,200 (2020- £ 6,600 ) for audit fees.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|Management staff
Teaching staff
Total|**2021**
**Number**
3
42
45|**2020**
**Number**
3
25
28|
|---|---|---|
- 22 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
|**9**
**Employees**
**Employment costs**
Wages and salaries
Social security costs
There were no employees whose annual remuneration was more than £60,000.|**(Continued)**
**£**
**£**
1,187,359
1,141,744
85,018
81,006
1,272,377
1,222,750|
|---|---|
## **10 Other**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|
**funds**|
||**2021**|
**2020**|
|Net loss on disposal of tamgible fixed assets|3,993|
-|
|Other interest|6,606|
9,851|
|Financing costs|58,082|
67,859|
||68,681|
77,710|
|**Intangible fixed assets**|||
||**Development costs**||
|||**£**|
|**Cost**|||
|At 1 September 2020 and 31 August 2021||33,864|
|**Amortisation and impairment**|||
|At 1 September 2020 and 31 August 2021||-|
|**Carrying amount**|||
|At 31 August 2021||33,864|
|At 31 August 2020||33,864|
## **11 Intangible fixed assets**
- 23 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
|**12**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 September 2020
8,737,035
332,611
Additions
19,400
24,196
Disposals
-
(23,289)
At 31 August 2021
8,756,435
333,518
**Depreciation and impairment**
At 1 September 2020
-
174,689
Depreciation charged in the year
-
27,318
Eliminated in respect of disposals
-
(21,028)
At 31 August 2021
-
180,979
**Carrying amount**
At 31 August 2021
8,756,435
152,539
At 31 August 2020
8,737,035
157,922|**Computers Motor vehicles**
**£**
**£**
113,461
28,545
-
-
(5,127)
(15,800)
108,334
12,745
75,987
24,818
5,621
932
(3,922)
(15,273)
77,686
10,477
30,648
2,268
37,475
3,728|**Total**
**£**
9,211,652
43,596
(44,216)
9,211,032
275,494
33,871
(40,223)
269,142
8,941,890
8,936,160|
|---|---|---|
The trustees believe that the value of the freehold property is in excess of £10.5m. The accounts have not been adjusted to reflect this.
## **13 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2021**
**£**
89,849
19,408
54,390
163,647|**2020**
**£**
217,796
21,108
68,662
307,566|
|---|---|---|
## **14 Loans and overdrafts**
|Bank loans
Payable within one year
Payable after one year|**2021**
**£**
1,754,046
125,654
1,628,392|**2020**
**£**
1,858,757
112,691
1,746,066|
|---|---|---|
- 24 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
## **14 Loans and overdrafts**
**(Continued)**
The bank loan is secured by a fixed and floating charge over the assets of the company including the freehold property.
The loan was originally taken out at the end of 2012 and has a term of 20 years. Interest is payable at 3% above the banks base rate.
## **15 Creditors: amounts falling due within one year**
|**Notes**
Bank loans
**14**
Other taxation and social security
Trade creditors
Deposits and deferred income
Accruals|**2021**
**£**
125,654
2,298
36,811
722,807
11,133
898,703|**2020**
**£**
112,691
230,544
129,686
619,014
27,019
1,118,954|
|---|---|---|
## **16 Creditors: amounts falling due after more than one year**
|**Notes**
Bank loans
**14**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total Unrestricted**
**funds**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
Fund balances at 31
August 2021 are
represented by:
Intangible fixed assets
33,864
-
33,864
33,864
Tangible assets
2,292,648
6,649,242
8,941,890
2,182,207
Current assets/
(liabilities)
(402,017)
(125,654)
(527,671)
(590,009)
Long term liabilities
-
(1,628,392) (1,628,392)
-
1,924,495
4,895,196
6,819,691
1,626,062|**2021**
**2020**
**£**
**£**
1,628,392
1,746,066
**Restricted**
**funds**
**Total**
**2020**
**2020**
**£**
**£**
-
33,864
6,753,953
8,936,160
(112,691)
(702,700)
(1,746,066) (1,746,066)
4,895,196
6,521,258|
|---|---|
## **17 Analysis of net assets between funds**
The freehold property was purchased using restricted funds advanced for this specific purpose, the associated bank loan has also been regarded as 'restricted' funds.
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
- 25 -
## **WISDOM SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2021**_
|**19**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Cash generated from operations**
**20**
**Analysis of changes in net (debt)/funds**
**At 1 September**
**2020**
**£**
Cash at bank and in hand
108,688
Loans falling due within one year
(112,691)
Loans falling due after more than one year
(1,746,066)
(1,750,069)|**2021**
**2020**
**£**
**£**
298,433
92,352
3,993
-
33,871
35,724
143,919
(55,165)
(233,214)
187,291
247,002
260,202
**Cash flows**
**At 31 August**
**2021**
**£**
**£**
98,697
207,385
(12,963)
(125,654)
117,674
(1,628,392)
203,408
(1,546,661)|
|---|---|
- 26 -