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2021-07-31-accounts

HALCYON LONDON INTERNATIONAL SCHOOL (A Company Limited by Guarantee)

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st JULY 2021

Registered Company Number: 08120017 Registered Charity Number: 1150105

HALCYON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

CONTENTS

Page
Reference and Administrative Information 1
Governors’ Report 2 – 12
Independent Auditor’s Report 13 – 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18 – 29

HALYCON LONDON INTERNATIONAL SCHOOL

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 JULY 2021

Registered Charity Name Halcyon London International School
Charity Number 1150105
Company Registration Number 08120017
Registered Office 33 Seymour Place, London, W1H 5AU
Trustees Julia Alden (resigned December 2020)
Achim Beck
Rita Halbright
Philippa Harris
Alastair Marke
Pamela Sears
Douglas Blausten (appointed Nov 2020)
Rebecca Threlfall (appointed Nov 2020)
School Director Barry Mansfield
Chair Rita Halbright
Vice-Chair Achim Beck
Auditors Haysmacintyre LLP
10 Queens St. Place
London
EC4R 1AG
from 08/04/2021
Bankers Barclays Bank
Lloyds Bank
Solicitors Veale Wasbrough Vizards
Website www.halcyonschool.com

The Trustees, who are also directors for the purposes of the Companies Act, have pleasure in presenting their report for the year ended 31 July 2021 under the Companies Act 2006 and the Charities Act 2011. The audited financial statements for the year comply with the requirements of the Companies Act 2006, the Company's Memorandum and Articles of Association and the Charities SORP (FRS 102).

REFERENCE & ADMINISTRATIVE INFORMATION

Halcyon London International School is a charitable company founded in 2012 and incorporated as a company limited by guarantee in June 2012.

Reference and administrative details are shown in the schedule of Trustees and professional advisers on page 1 of the financial statements.

Founding Members

The Founding Members of the charity were: Achim Beck Rita Halbright Julie Matthaeus Pamela Sears

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

Trustees

The Trustees, who are members of the charity, during the period were as follows and the grid below shows details of the various committees on which they served:

GC PC FC Fa C DEI Dev. CP L&T
Rita
Halbright
(Chair)		 ✓ ✓ ✓ C C
AchimBeck
(Vice-
Chair)		 ✓ C C
Julia Alden
(to
31/12/2020)
Douglas
Blausten
(from
11/2020)
Philippa
Harris
(from
19/11/2020)		 ✓ ✓ ✓ ✓ ✓
Alastair
Marke		 ✓ ✓
Pamela
Sears		 C C ✓
Rebecca
Threlfall
(from
11/2020)		 ✓ ✓

GC (Governance Committee), PC (Policy Committee), FC (Finance Committee), Fa C (Facilities Committee), DEI (Diversity, Equity and Inclusion Committee), Dev (Development Committee), (CP Safeguarding Lead), L&T (Learning and Teaching Lead), C (Chair).

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Document

Halcyon London International School (Halcyon) is a charitable company limited by guarantee, incorporated on 26 June 2012, and registered as a charity on 10 December 2012. The company was established under a Memorandum of Association and is governed under its Articles of Association which established the objects and powers. In the event of the winding up of the charitable company the liability of the members is not to exceed £1 each.

Governing Board

The members of the Board, as the charity Trustees, are legally responsible for the overall management and control of the School. They meet at least five times per year and additionally hold strategic planning days throughout the year.

The Board is committed to delivering and developing the School’s mission statement: “to provide an exceptional education that draws out the unique potential of each student”

The key strands of the mission statement are:

Innovation - building a creative and questioning culture Collaboration - learning and succeeding together Community- valuing one another and learning together

Trustees have established the following committees to support the work of the Board and all Trustees have access to papers for all committees to enable them to stay informed:

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

Trustees meet with parents annually to update them on strategic policies, share new developments and respond to any queries. They hold an event in the autumn for new families, attend school events throughout the year and take part in some CPD events with staff. This enables them to form good relationships with all stakeholders. Whilst this has been challenging during the current year, Trustees were able to hold the annual meeting with parents virtually, attend graduation virtually and in person and meet with members of the Halcyon Parents Community (HPC).

All Trustees give of their time freely and no remuneration was paid in the year. No Trustee or person connected with a Trustee has received any benefit from their position.

The Trustees determine the general policies of the School and entrust the day to day running of the School to the School Director. He is supported by a Leadership Team including the Director of Finance and Operations, Learning Systems Coordinator, IBMYP and IBDP Coordinators, Wellbeing Leader, Digital Leader, HR & Compliance Manager, Admissions Director and Marketing Leader. This team is supported by administrative and teaching staff. The School Director undertakes the key leadership role overseeing educational, pastoral, and administrative functions. The day to day administration of the school is undertaken within the policies and procedures approved by the Board. Trustees are committed to partnership working. The Director and Director of Finance and Operations (DFO) attend all Board meetings. In addition, the Director sits on all committees and the DFO sits on both the Facilities and Finance Committees meetings.

Remuneration

The School is an equal opportunities employer, full and fair consideration is given to all job applications and the School does not discriminate. This is evident in the diverse staff population which represent 25 different countries and has a gender split of 38 females and 16 males. The senior leadership team of eight employees is comprised of three men and five women.

Staff have access to a generous staff development programme and are consulted when key decisions which directly impact on them are being made so that their views can be taken into account. All staff receive regular updates on the financial performance of the School.

The School aims to recruit the most capable and well-qualified staff, paying a premium to staff offering qualifications at Masters level. Salaries are reviewed on an annual basis in an open and transparent way, balancing developments in the sector with the fact that the School is small and runs as a not for profit organisation.

The pay and remuneration of all salaried staff is reviewed annually and approved by the Board.

Trustee Recruitment and Training

On-going training for Trustees (with the Director) is in the form of bespoke governance workshops, together with the offer to attend specific training courses and conferences run by organisations such as Education Across Frontiers, Realization Ltd, and similar relevant bodies.

The aim is to develop greater understanding of effective school governance as well as the School's operations, programming and curriculum. All Trustees have completed statutory training through EduCare in Safeguarding, Safer Recruitment, Health & Safety, Fire Safety and Data Protection. Two Trustees have completed Level 3 Safeguarding. During the year Trustees, as part of the Board’s commitment to Diversity, Equity and Inclusion have been involved in the following training session:

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

Additionally Trustees attended an in-house training session looking at their role in development and fundraising. Trustees have continued to access online materials and webinars relating to Covid to ensure that they have had access to the most up-to-date and accurate information to inform Board decision-making.

Following a Board skills assessment, a decision was taken to expand the Board. The Board welcomed two new Trustees in November 2020 and the process has continued through the summer of 2021 with the Board aiming to have a minimum of two new Trustees in place by September 2021.

Organisational Management

The Senior Leadership Management Team meets weekly to implement the general policy of the School and review its overall management and control. The financial management of the company is overseen by the members of the Finance Committee who meet at least once in each School term.

During the year the Director and the Board jointly implemented a strategic review, together with members of each stakeholder group (Board, staff, students, and parents) to develop the next phase of the School’s Strategic Plan.

The Senior Leadership Learning Team (IB Curriculum Coordinators, Wellbeing Leader, Learning Systems Coordinator and Director) meets weekly and through these meetings drive the interdisciplinary approach that the School takes in delivering the curriculum.

Risk Management

The risk management process was reviewed by the Board over the summer of 2020 with the management of risk being brought into line with the strategic priorities and a traffic light risk rating system implemented.

The Trustees regard the possible risks to the School as:

The annual cost and income budget is set on a conservative basis to ensure that the School would be able to continue to operate during a temporary significant reduction in student numbers. If such a fall in numbers looked likely to be sustained the Trustees would look first to cost reduction while prioritising curriculum and staffing. The Trustees continue to keep the School's activities under review, particularly with regard to any major unexpected risks which might arise from time to time. They monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified by the Trustees can be mitigated.

Managing the growth of the School and ensuring that the premises provide the facilities to support the School’s educational aims is a key element of the strategic plan and is under constant review.

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

The School has a marketing plan which includes recruitment which is reviewed and monitored on a regular basis by the Board and adapted as necessary

The School has robust systems and procedures in place to ensure that it is fully compliant in all areas.

It is difficult to identify control measures but the School continues to work with representative bodies and wherever possible promote the positive contribution that it makes to society. As the School grows, ways in which public benefit can be extended (especially through bursaries) are being reviewed.

The School was well placed to respond to the challenges posed by the pandemic. Thanks to responsive and innovative leadership and a high level of digital integration, the School was able to make a seamless transition to remote learning.

In order to ensure that the School could respond promptly to the pandemic a working group comprising Trustees and members of the SLT was created. This working group has continued to operate as necessary anticipating that the key risks to be managed in the coming year will be:

OBJECTS, PUBLIC BENEFIT, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The objective of the Charity for the public benefit is to advance education.

In setting the objectives and planning the activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on feecharging. Halcyon London International School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Its fees are set at a level to ensure the financial viability of the School at a level that is consistent with its aim of providing a first-class education to all students.

The School's charitable objective is “to advance education”. This objective is recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are reinvested. Halcyon is a company limited by guarantee, with no external shareholders and no possibility of making distributions, including in the form of dividends. All surpluses are re-invested in education at Halcyon and projects outside of the School that support the students’ educational experience.

The School's HR and Admissions practices aim to recruit on a fair and non-discriminatory basis, to create an inclusive and diverse community that better reflects our society and best prepares students for life.

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

In the furtherance of this objective, the Trustee Directors, as the charity Trustees, have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. In shaping the objectives and planning activities for the year, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit: running a charity (PB2).

Strategic Aim and Intended Effect Halcyon Mission:

Education: from educe meaning “to draw out”

To provide an exceptional education that draws out the unique potential of each student.

Objectives for the year

Objectives for the 2020-2021 academic year were:

A. Governance

To secure continuity and growth on the School Board by:

  1. Expanding and diversifying the Board by recruiting a minimum of two new Trustees and developing a strategy for succession planning

2. To continue to develop the governance structure to drive forward the School’s ambitious strategic goals.

B. Learning and Teaching

  1. To develop more effective use of data in support of learning

  2. To continue to build learner autonomy

  3. To expand and develop social emotional learning (SEL)

  4. To review the International Baccalaureate Approaches to Learning (ATL) and align these with social emotional learning.

C. Admissions

To improve the experience of transition for families new to the School.

D. Finance & Facilities

1. To deliver outstanding facilities to accommodate the School’s strategic growth plan.

  1. To optimise the current premises: undertake a strategic review of the use of the Seymour Place site, to ensure the most effective use of space in support of learning outcomes.

  2. To further develop the Bursary Programme by better defining the scope of, and access to the programme by establishing relationships with feeder schools and bursary organisations.

E. Community Engagement

To assess and renew the intentional creation of an equitable, inclusive and diverse community.

F. Human Resources

To attract and retain high quality, diverse staff.

Principal Activity

The principal activity continues to be the provision of an innovative, life-readying education that is not-for-profit, co-educational, International Baccalaureate (IB), international day school, in central London for students aged 11 to 18 and that places a high emphasis on student-centred learning and wellbeing.

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

Bursaries

The School has a framework and policies for a means-tested bursary programme. This programme has received annual support from donors and since 2018 has received a contribution from the School that will increase as the School grows. The aspirational goal is that the annual contribution will reach £90,000. In the current year the School awarded £110,000 bursary funding to six candidates who met and exceeded Halcyon's admissions criteria but could not afford all or part of the tuition.

Public Benefit

In setting the School’s objectives the Trustees have paid due regard to the public benefit guidance published by the Charity Commission.

Community partnership links

The service learning aspect that runs through the curriculum for all grades was significantly impacted by the restrictions imposed to preserve public health in wake of the Covid-19 pandemic. From September 2021, the School will work hard to re-establish links to the wider community as society finds a new normality.

Equal Opportunities

Halcyon London International School is an equal opportunities organisation and is committed to a working and educational environment that is free from any form of discrimination on the grounds of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race,religion or belief, sex and sexual orientation. To recognise the importance that the School places on Diversity, Equity and Inclusion a Board Committee was established in September 2019 to ensure that the School moves towards being a leader in best practice and this has been an area of focus in the current year for the Board and the School.

Safeguarding

The School is committed to safeguarding and promoting the welfare of pupils and expects all stakeholders to share this commitment.

Trustees monitor that safeguarding arrangements are effective by:

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Projects

School wide projects - initiatives to support learning and wider school development - provide the central, shared, mechanism for change at Halcyon. Four whole school projects ended this year: Staff Wellbeing, Sustainability, Data, and English Plus.

Wellbeing services embedded in weekly Thursday workshops, supported by shared digital, and human, wellbeing resources.

A new online data site has been created, hosting all academic learning data (semester grades, criteria levels, and final IB Diploma scores).

Sustainability Policy Statement adopted by School Board; Sustainability Policy developed, pending approval by the School Board; Sustainability embedded in all subject learning outcomes, evidenced in unit planners in Managebac and in planning protocols; annual days - Outdoor Classroom and Earth Day - on Staff and Whole School calendars

Other projects in place during the school year, and continuing through 2021/22, were:

Researching and presenting areas where student voice and choice are already present in the curriculum. Supporting faculty in creating opportunities for student voice and autonomy in curriculum development. Exploring opportunities in the curriculum where students can contribute to planning and decision making. Developing peer coaching programme where Grade 11/12 mentor Grade 9/10 by teaching skills necessary for the transition to the Diploma Program.

Developing a parent network for community partnership initiatives (guest speakers etc.) Developing an alumni network for community partnership initiatives (guest speakers etc.) Creating a guest speaker series (unfortunately, undermined by Covid) Developing partnerships with other London-based schools for interview and admissions testing preparation.

To audit the areas of strength, and opportunities for improvement, and supporting each subject area at Halcyon in completion of unit planners and in summative assessment tasks.

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

Auditing student and staff experience.

Training for staff- leaders to deliver, to all staff and Board members, an Intercultural Competency Inventory, and reporting back to key stakeholders. Embedding the findings of the inventory into changed staff practice, and into new staff orientation.

Within the project team, we liaised with the Communications and Engagement Team to support their objective this year, to audit and improve transition from primary school into Grade 6.

Evaluation

The School successfully completed an International Baccalaureate Middle Years Programme Evaluation. The School met or exceeded all IB Standards and there were no matters to be addressed.

Public Examination Results

The School enjoyed a very successful IBDP examination session. All candidates passed the IB Diploma, with an average score of 35.2; 50% scored 39 points or higher, and 27% were awarded a bilingual diploma. All Diploma students were accepted at their first choice university.

Extra-Curricular Offer

The School reviewed extracurricular activities, with a focus on creating the opportunity for additional sports, especially team sports. We also reviewed and strengthened areas such as robotics, to provide a stronger STEM profile.

Scheduling

The School schedule changed significantly to accommodate Covid protocols. This included longer lesson blocks (3 hours) to minimise movement and mixing. We will maintain the three hour lessons for MYP arts and PHE, G6 - 9. The remaining MYP schedule would revert back to the 2+1 model (one 120 minutes class, and one 60 minute class, each on different days).

Covid 19

Halcyon complied with all applicable government Covid guidelines through the school year, providing an uninterrupted education for all students.

Further, owing to its digitally integrated offering, Halcyon was able to adapt quickly and effectively to the changing governmentmandated requirements for in-school and remote learning. Halcyon also diverted certain resources typically used for in-school activities so as to increase its digital wellbeing provision to help the community to remain connected and supported through a challenging period of uncertainty.

PLANS FOR FUTURE PERIODS

Objectives for the 2021-2022 academic year are to continue to pursue the objectives set out in the School’s published Strategic Outlook document, and to continue to pursue the projects outlined above. Operationally, this will include a particular focus on the following:

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

FUNDRAISING DISCLOSURES

Halcyon does not raise funds from the public and does not work with professional fundraisers or commercial participators. The School has not subscribed to any fundraising standards or schemes for fundraising regulation.

There were no complaints received in the period.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The charitable activities of Halcyon were severely disrupted by the effects and responses to the Global Covid-19 pandemic. International recruitment into London slowed to a trickle, while a number of families moved out of London. For the first time in the history of the School, student admissions dipped. As a result, operating income fell by 13% to £4.6million and reported net income fell by 44% to £410,314.

A decline in student admissions by 15% pressed tuition fee income down to £4.3million, while operating costs were shaved by just under 9%. Staffing remained largely unchanged in terms of numbers and expenditure as the School maintained a high quality education offer. Indeed, there were a number of expanded subject options within maths, languages and the sciences. Nonetheless, the full year operational result was just ahead of forecast.

Despite the difficult year, Halcyon was able to pay down £126,000 loan capital, reducing net debt to £274,000 while raising cash holdings to £3.4million. The business model remained robust in trying times.

The forecasts going into the next year look somewhat more positive than at this time last year. Pupil admission data shows the largest number of new students joining Halcyon, ever. Grade 6 admissions are almost double previous years, while the numbers in Grade 11 are swelled by 40% more joining pupils. As these two grades represent important UK school transition points; 11+ and 6th Form, the School is hopeful that these trends will continue over the next few years.

Investment powers and policy

These are governed by the Memorandum and Articles of Association, which permit funds to be invested in any security listed on the London Stock Exchange. The School currently has no investments.

Reserves

At the end of the accounting period, total unrestricted free reserves stood at £1,587,988 which is in excess of the policy target of holding 3 months of unrestricted expenditure. This figure includes £153,685 held as general funds with the designated purpose to support the bursary programme. These funds will be expended over the next two years.

RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also directors of Halcyon London International School for the purposes of company law) are responsible for preparing the Report of Halcyon London International School and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

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HALYCON LONDON INTERNATIONAL SCHOOL

GOVERNORS’ REPORT

YEAR ENDED 31 JULY 2021

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

AUDITORS

The appointment of auditors will be proposed at the annual general meeting in accordance with section 487 of the Companies Act 2006.

This report has been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.

Approved by the Board and signed on its behalf:

Rita Halbright (Chair)

Date: 7 October 2021

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HALCYON LONDON INTERNATIONAL SCHOOL

Opinion

We have audited the financial statements of Halcyon London International School for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 charity 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Governors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement (set out on page 11), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’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

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.

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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliances with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019), Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the recognition of voluntary income and loan creditors (including associated disclosures). Audit procedures performed by the engagement team included:

Use of our report

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

Siobhan Holmes (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditors London Date: 28 October 2021 EC4R 1AG

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HALCYON LONDON INTERNATIONAL SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) FOR THE YEAR ENDED 31 JULY 2021

Unrestricted/
Designated Restricted Total Total
Funds Funds 2021 2020
Notes £ £ £ £
INCOME FROM:
Charitable activities
School fees 3 4,253,560 - 4,253,560 4,813,664
Other educational income 4 323,519 - 323,519 450,594
Investments -
Investment Income 5 311 - 311 2,316
Voluntary sources
Grants and donations 6 35,911 - 35,911 94,336
------------------ ------------------ ------------------- -------------------
Total income and endowments 4,613,301 - 4,613,301 5,360,910
------------------- ------------------ -------------------- --------------------
EXPENDITURE ON:
Charitable activities
Education 4,202,987 - 4,202,987 4,628,924
----------------- ------------------ ------------------- -------------------
Total Expenditure 3 4,202,987 - 4,202,987 4,628,924
----------------- ------------------ -------------------- --------------------
Net income 410,314 - 410,314 731,987
Transfer between funds - - - -
--------------------- --------------------- --------------------- ---------------------
Net movement in funds 410,314 - 410,314 731,987
Fund balances brought forward 1,605,313 - 1,605,313 873,326
-------------------- ------------------ ------------------- -------------------
Fund balances carried forward 2,015,627 - 2,015,627 1,605,313
========== ========= ========== ==========

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognized gains and losses has not.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

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HALCYON LONDON INTERNATIONAL SCHOOL

BALANCE SHEET AS AT 31 JULY 2021

2021 2020
Notes £ £
FIXED ASSETS
Tangible assets 12 427,639 449,401
----------------------- -----------------------
427,639 449,401
CURRENT ASSETS
Debtors 13 129,880 133,418
Cash at bank and in hand 3,611,093 3,409,305
---------------------- ----------------------
3,740,973 3,542,722
CREDITORS: Amounts falling
due within one year 14 (2,004,985) (2,112,810)
----------------------- -----------------------
NET CURRENT ASSETS 1,735,988 1,429,912
----------------------- -----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,163,627 1,879,313
CREDITORS: Amounts falling due after one year 15 (148,000) (274,000)
------------------------ ------------------------
NET ASSETS 2,015,627 1,605,313
============= =============
FUNDS:
Restricted funds 16 - -
Unrestricted funds – general 16 1,861,969 1,367,160
Unrestricted funds - designated 16 153,658 238,153
----------------------- -----------------------
TOTAL FUNDS 2,015,627 1,605,313
============ ============

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements were approved by the members of the Board on 7 October 2021

……………………………………………

Rita Halbright Chairman of the Board of Governors

The accompanying notes form part of these financial statements. Company Number: 08120017

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HALCYON LONDON INTERNATIONAL SCHOOL

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021

Notes 2021 2020
£ £
Net cash inflow from operating activities 21 433,897 786,263
Cash flows from investing activities:
Bank interest received 311 2,316
Interest paid (11,325) (15,438)
Payments to acquire fixed assets (107,945) (90,439)
--------------- ---------------
Net cash outflow from investment activities (119,581) (103,561)
--------------- ---------------
Financing:
Loans repaid (126,000) (125,775)
--------------- ---------------
Net cash flow from financing activities (126,000) (125,775)
Increase in cash 201,788 556,927
Cash and cash equivalents at the beginning of the reporting period 3,409,305 2,852,378
--------------- ---------------
Cash and cash equivalents at the end of the reporting period 3,611,093 3,409,305
========== ============

17

HALCYON LONDON INTERNATIONAL SCHOOL

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES

Halcyon London International School is a company limited by guarantee with registered number 8120017, incorporated and domiciled in England and Wales. It’s registered office is 33 Seymour Place. London, W1H 5AU.

a) Basis of Preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared it’s financial statements in accordance with the Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

b) Going Concern

The Trustees have reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows in light of the impact of the coronavirus. Whilst there has been a decrease in student numbers, the Trustees have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.

c) Company Limited by Guarantee

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

d) Fees Receivable and Similar Income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school.

e) Donations and Fund Accounting

Donations received for the general purposes of the school are included as unrestrictive funds. Donations restricted by the wishes of the donor of the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

f) Expenditure

Expenditure is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category. For example, the costs of kitchen and domestic staff who are employed on a short term basis during the school holidays are allocated to the Cost of Raising Funds whereas the costs of the permanent staff are allocated to Charitable Expenditure because they would have to be paid in any event. Likewise, only premises costs that are incurred because of, or to support, the letting activities are allocated to the Costs of Raising Funds.

Governance costs compromise the costs of running the Trust, including strategic planning for it’s future development, external audit, and all other costs of complying with constitutional and statutory requirements.

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HALCYON LONDON INTERNATIONAL SCHOOL

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021

g) Teaching Costs

Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred.

h) Fixed assets and depreciation

All fixed assets are used in direct furtherance of the School’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date.

Assets that are expected to have a useful economic life of less than two years and/or cost less than £1,000 are not capitalised and are written off in the year of purchase.

Depreciated is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Leasehold improvements - Over the life of the lease Computers - 33% on cost Fixtures and fittings - 25% on cost

i) Pensions

The school contributes to a money purchase retirement benefit scheme for staff. The pension cost charged in the financial statements represent the contributions payable by the school during the year.

j) Leases and Hire Purchase Contracts

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly under the period of the lease.

k) Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks

l) Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet when the company 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.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 13, 14 and 15 for the debtor and creditor notes.

m)

Taxation

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

n) Employee Benefits

The costs of short-term employee benefits are recognised liability and an expense.

2. KEY ESTIMATES & JUDGEMENTS

In the application of the company’s accounting policies, the Council is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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HALCYON LONDON INTERNATIONAL SCHOOL

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021

The estimates and underlying assumptions are reviewed an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the Trustees, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of property, plant and equipment and note 1.8 for the useful economic lives for each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. See note 12 for the net carrying amount of debtors and associated impairment provision.

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

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HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

3. FEE INCOME
The School’s activities are carried out within UK. 2021 2020
The School’s fee income comprised: £ £
Gross fees 4,363,816 4,909,581
Less: Scholarships and bursaries (110,256) (95,916)
-------------------- --------------------
4,253,560 4,813,664
========== ==========
4. OTHER EDUCATIONAL INCOME
2021 2020
£ £
Extras and disbursements 178,855 257,835
Registration fees 20,789 19,459
Other income 123,875 173,300
-------------------- --------------------
323,519 450,594
========== ==========
5. INVESTMENT INCOME
2021 2020
£ £
Interest received 311 2,316
-------------------- --------------------
311 2,316
========== ==========
Included within the above is an amount of £nil (2020: £nil) which relates to restricted income.
6. DONATIONS AND GRANTS
2021 2020
£ £
Donations and gifts 35,911 94,336
-------------------- --------------------
35,911 94,336
========== ==========

Included within the above is an amount of £nil (2020: £10,000) which relates to restricted income.

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HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

7. EXPENDITURE

EXPENDITURE
Total
Charitable expenditure Staff costs Other Depreciation 2021
£ £ £ £
Teaching 2,583,906 432,689 - 3,016,595
Welfare - 95,799 - 95,799
Premises and Estates - 333,215 72,927 406,142
Administration 220,489 350,888 39,519 610,896
Finance Costs - 11,325 - 11,325
Governance 39,858 22,372 - 62,230
------------------ ------------------ -------------------- -------------------
Total expenditure 2,844,253 1,246,288 112,446 4,202,987
========= ========= ========= ==========

Included within the above is an amount of £nil (2020: £10,000) relating to restricted expenditure.

Total
Charitable expenditure Staff costs Other Depreciation 2020
£ £ £ £
Teaching 2,626, 907 662,470 - 3,289, 377
Welfare - 94,402 - 94,402
Premises and Estates - 421,776 58,957 480,733
Administration 289,716 345,250 54,177 689,142
Finance Costs - 15,438 - 15,438
Governance 31,500 28,330 - 59,830
------------------ ------------------ -------------------- -------------------
Total expenditure 2,948,123 1,567,667 113,134 4,628,924
========= ========= ========= ==========

22

HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

7. EXPENDITURE (Continued) 2021 2020
£ £
(b) Governance Costs include:
Auditors remuneration
- Audit fees 13,200 10,470
- Under provision from previous year - 2,040
- Accountancy Fees - 2,460
Trustees’ expenses and meetings 9,172 10,361
Legal and Professional Fees - 2,999
Staff costs 39,858 31,500
-------------------- -------------------
62,230 59,830
======== ========
(c) Administration Costs 2021 2020
£ £
Salaries 214,994 277,497
Other Staff Costs 5,496 12,219
Staff Travel 3,284 4,482
Insurance 30,085 30,014
IT Consultants 104,212 89,938
Computer costs 53,296 77,706
Postage and Stationery 9,428 10,190
Telephones 15,677 15,934
Marketing and advertising 58,516 30,977
Accountancy 12,101 4,748
Miscellaneous – Administration 15,437 13,136
Bad debts - 15,532
Depreciation 39,519 54,177
Recruitment Costs 30,219 41,203
Legal and Professional Fees 18,632 11,390
-------------------- -------------------
610,896 689,142
======== ========
8. STAFF COSTS
2021 2020
£ £
Wages and salaries 2,480,698 2,566,173
Redundancy and settlement costs - 8,056
Social security costs 268,053 273,830
Other pension costs 90,006 87,846
Other staff costs 5,496 12,219
------------------- --------------------
2,844,253 2,948,123
======== ========

There were redundancy costs of £nil (2020: £8,056) paid in the year to no members of staff (2020: 1).

23

HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

8. STAFF COSTS (continued)

The average monthly number of employees during the year was as follows:

2021 2020
No. No.
Teaching 30 29
Premises 17 17
Support 6 6
------------------- --------------------
53 52
======== ========

The number of employees whose emoluments £60,000 in the year was as follows:

2021 2020
No No
£60,001 - £70,000 4 6
£70,001 - £80,000 4 3
£80,001 - £90,000 - 1
£90,001 - £100,000 1 -
£140,001 - £150,000 - 1
£150,001 - £160,000 1 0
------------------- --------------------
10 11
========= =========

The school considers that the key management personnel comprise of the trustees and the senior management team – who are the Director, the Admissions Directors, the Well Being Leader, the MYP Coordinator, the DP Coordinator, the Systems Learning Coordinator and the Finance Director. The total employee benefits including pension costs of the key management personnel of the school were £685,776 (2020: £671,804).

9. GOVERNORS RENUMERATION AND BENEFITS

There were no Governors’ renumeration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.

Travel and training expenses of £927 (2020: £4,414) for 3 (2020: 3) governors were paid by the Charity during the year.

10. PENSIONS

The school operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the school and amounted to £90,006 for the year (2020: £87,846).

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HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

11. NET INCOME FOR THE YEAR

2021 2020
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 112,446 113,134
Loss on tangible fixed assets 4,909 -
Loan interest 11,325 15,438
Operating lease rentals 255,448 333,088

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Leasehold Fixtures & IT
Property Fittings Equipment Total
£ £ £ £
Cost
As at 1 August 2020 640,503 221,841 92,437 954,781
Additions 71,154 7,961 28,380 107,495
Disposals (1,298) (15,368) (63,352) (80,018)
------------------- -------------- ----------------- --------------------
At 31 July 2021 710,359 214,434 57,465 982,258
------------------- -------------- ----------------- --------------------
Depreciation
As at 1 August 2020 292,244 145,195 67,941 505,380
Charge for the year 72,927 19,453 20,066 112,446
Disposals (519) (11,238) (51,453) (63,209)
------------------- -------------- ----------------- -------------------
At 31 July 2021 364,652 153,410 36,554 554,617
------------------- -------------- ----------------- --------------------
Net Book Value
At 31 July 2021 345,707 61,024 20,911 427,641
========== ======= ======== ==========
Net Book Value
At 31 July 2020 348,259 76,646 24,496 449,401
========== ======= ======== ==========

13. DEBTORS

2021 2020
£ £
Fees and extras 4,957 14,979
Other debtors - -
Prepayments and accrued income 124,923 118,439
------------------- -----------------
129,880 133,418
========== =========

25

HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

14. CREDITORS

14. CREDITORS
2021 2020
Amounts falling due within one year: £ £
Loans 126,000 126,000
Trade creditors 12,534 86,441
Fee Deposits 242,855 266,872
Fees in advance 1,551,347 1,559,323
Other creditors 33,248 40,308
Accruals 39,000 33,867
------------------- -----------------
2,004,985 2,112,810
========== =========
Deferred income:
Brought forwards 1,559,323 1,791,166
Released in year (1,559,323) (1,791,166)
Received in year 1,551,347 1,559,323
------------------- -------------------
Carried forwards 1,551,347 1,559,323
========== ==========
Deferred income relates to schools fees received in advance for the following term.
15. CREDITORS DUE AFTER ONE YEAR
2021 2020
£ £
Amounts falling due after more one year:
Loans 148,000 274,000
------------------- -----------------
148,000 274,000
========== =========
Movement on loans:
In one year or less 126,000 126,000
Between one and two years 126,000 126,000
Between two and five years 22,000 148,000
------------------- -------------------
274,000 400,000
========== ==========

The loan is repayable in equal annual instalments over 5 years and interest of 3% is applied on an annual basis.

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HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

16. SUMMARY OF FUNDS

At Transfer At
1 August Between Gains and 31 July
2020 Income Expenditure Funds Losses 2021
£ £ £ £ £ £
Unrestricted funds:
General reserve 1,367,160 4,613,301 (4,202,987) 84,495 - 1,861,969
Designated fund:
Bursary fund 238,153 - - (84,495) - 153,658
Restricted funds:
Restricted Fund - - - - - -
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Total funds 1,605,313 4,613,301 (4,202,987) - - 2,015,627
========== ========== ========== ========== ========== ==========
At Transfer At
1 August Between Gains and 31 July
2019 Income Expenditure Funds Losses 2020
£ £ £ £ £ £
Unrestricted funds:
General reserve 668,592 5,350,910 (4,618,924) (33,419) - 1,367,160
Designated fund:
Bursary fund 204,734 - - 33,419 - 238,153
Restricted funds:
Restricted Fund - 10,000 (10,000) - - -
--------------------- --------------------- -------------------- --------------------- --------------------- ---------------------
Total funds 873,326 5,360,910 (4,628,924) - - 1,605,313
========== ========== ========== ========== ========== ==========

Designated funds:

The Bursary Fund relates to amounts set aside by the Trustees for the school to provide bursaries. The transfer in the year represents additional amounts set aside for future years less the spend on bursaries in the year from this fund.

Restricted funds:

The Stenmo Fund relates to funds received by the school to be spent on capital goods with a focus on digital products and in support of the Exploration Programme.

27

HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted 2021
Funds Funds Total
£ £ £
Tangible fixed assets 427,639 - 427,639
Current assets 3,740,973 - 3,740,973
Creditors liabilities (2,004,985) - (2,004,985)
Long term liabilities (148,000) - (148,000)
----------------- ------------------- ---------------------
Total net assets 2,015,627 - 2,015,627
========= ========== ===========
Unrestricted Restricted 2020
Funds Funds Total
£ £ £
Tangible fixed assets 449,401 - 449,401
Current assets 3,542,722 - 3,542,722
Creditors liabilities (2,112,810) - (2,112,810)
Long term liabilities (274,00) - (274,000)
----------------- ------------------- ---------------------
Total net assets 1,605,313 - 1,605,313
========= ========== ===========

18. COMMITMENTS UNDER OPERATING LEASES

At 31 July 2021, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2021 2020
Land & Office Land & Office
Buildings Equipment Buildings Equipment
£ £ £ £
Due within one year 226,099 - 226,099 -
Due between two and five years 486,109 - 712,212 -
Due after more than five years - - - -
-------------------- --------------------- --------------------- ---------------------
Total funds 712,208 - 938,311 -
========== ========== ========== ==========

19. RELATED PARTIES

During the year, the Trustees donated a total of £NIL (2020: £940) to the School.

During the year, one Trustee paid the School Tuition Fees and Other Fees totalling £54,592.

At the year end, the school owed four trustees £96,000 (2020: £138,000) as a result of loans given to the school. During the period interest payable of £3,745 (2020: £5,223) was charged to the school on these loans.

20. CONTROL

The ultimate controlling party is the Board of Governors.

28

HALCYON LONDON INTERNATIONAL SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

21. NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
2021 2020
£ £
Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds 410,314 731,988
Depreciation 112,446 113,134
Bank interest received (311) (2,316)
Interest payable 11,325 15,428
Loss on sale of Fixed Assets 4,409 -
(Decrease)/Increase in creditors (107,821) (195,220)
Decrease in debtors 3,535 123,239
------------------- -------------------
433,897 786,263
========== ==========

22. ANALYSIS OF NET DEBT

At 1 August Cashflows At 31 July
2020 2021
£ £ £
Cash in hand 3,409,305 201,788 3,611,093
Loans (400,000) 126,000 (274,000)
----------------- ----------------- -----------------
Total cash and cash equivalents 3,009,305 327,788 3,337,093
----------------- ----------------- -----------------

29