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2021-08-31-accounts

ECI SCHOOLS TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Company No. 08109626 Charity No. 1150171

ECI SCHOOLS

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

Contents Contents Page
Reference and Administrative details 1
2 - 10
11
13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17
28

ECI SCHOOLS REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2021

Status
The organisation is a charitable company limited by guarantee, incorporated		 Status
The organisation is a charitable company limited by guarantee, incorporated
on 18 June 2012 and registered as a charity on 13 December 2012.
Governing Document
The company was established under Memorandum and Articles which
established the objects and powers of the charitable company.
Company Number
08109626
Charity Number
1150171
Registered Office
24 Greville Street, London EC1N 8SS
Trustees
T		 Kelley Chairman
J Aarnaes Vice-Chairman (resigned April 2021)
Pascale Hertay Vice-Chairman
S Nabholz
Treasurer
M Medved Krajnovic
A Monga
R Parker
D Al Fadhli
Dr Christy Brown (Advisory Member) (resigned April 2021)
Nisanart Dharmageisirattana
K Miner
T Egerton
K Chohan Executive Director, Clerk to the board of Trustees and charity
correspondent
Bankers 3rd Floor, 125 London Wall, London, EC2Y 5AJ
Auditors
Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG
Solicitors
Bates, Wells & Braithwaite LLP, 10 Queen Street Place, London EC4R 1BE
Accountants
JS2 Ltd, One Crown Square, Church Street East, Woking GU21 6HR

The Trustees present their report and the audited financial statements for the year ended 31 August 2021 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

1

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status & History

ECI Schools was incorporated as a company limited by guarantee in England in June 2012, following notice to members of the European Council of International Schools (a 501(c)(3) Delaware corporation) at its November 2011 AGM in Lisbon (Portugal) that the Council would restructure in order to adopt the most advantageous legal status for streamlined and efficient operations in the United Kingdom. The by-laws for the charitable company were passed at the November 2012 AGM for the European Council of International Schools in Nice (France), and the manner of the restructuring was confirmed. ECI Schools was successfully registered with the UK Charity Commission less than one month later, on 13 December 2012. Resolutions to enter into a transfer agreement effective 31 March 2013 were signed by the boards of both ECI Schools and ECIS on 22 March 2013. The transfer agreement admitted all Members of ECIS to membership of the UK charity and set out the terms of the acquisition of all assets of ECIS by ECI Schools, whic is contained in its Memorandum and Articles of Association.

Organisational Structure

-to-day operation and management delegated to the Executive Director (hereafter referred to as ED) Kam Chohan.

There are eleven trustees, who consist of the official representatives of Member Schools; six of whom are eting or via electronic proxy, and three of whom An Elected Trustee shall retire from office at the third annual general meeting following the annual general meeting at which he or she began service but may stand for re-election for a second three-year term in accordance with any policy which the trustees may decide.

Any trustee may propose (a) candidate(s) for the Appointed Trustees. Appointment of Appointed Trustees shall be by secret ballot and by simple majority of the trustees, with the new Appointed Trustee(s) to be announced to the membership at the ECI Schools annual general meeting (AGM), which is attached to the Leadership Conference. An Appointed Trustee shall serve a 3-year term in office and may be re-appointed for a second 3- year term in accordance with any policy which the trustees may decide.

All members of the board of trustees give their time voluntarily and receive no benefits from the charitable company, apart from the private benefits that are accorded to all Members.

ensure that trustees fulfil their role according to high ethical standards, and to ensure that those actual or perceived conflicts of interest are properly managed.

Together with the Governance Committee, the Chair of the board of trustees is responsible for the induction of any new procedures, history, and philosophical approaches of the charitable company. The new trustees receive an induction pack for ECI Schools which includes the Induction Manual (introduction to ECI Schools), Articles of Association, Board Policy Manual, UK Corporate Governance Code, Charity Commission Guidance for Trustees, Declaration of Interest narrative and forms, and copies of the minutes from the two previous board meetings. Due to the global pandemic disruption, there was no training programme for the board in FY21 but there are plans in place to provide this in FY22.

2

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Sub-Committees and Task Forces

The board of trustees has formed three sub-committees: the Executive Committee, Governance Committee, and Finance Committee. Other sub-committees are formed ad-hoc, as are task forces.

The role of the Executive Committee is to advise the ED and oversee the strategy and development of the organisation. The Executive Committee consists of the officer positions of Chair, Vice-Chair, and Treasurer of the board of trustees.

The role of the Governance Committee is, in collaboration with the executive director, to identify individuals whose skills and expertise can positively affect the organisation, as well as to oversee the ongoing education of board members in the practice of charity governance. The Governance Committee consists of up to three members, one of whom should be an officer.

The role of the Finance Committee is to review all finances in collaboration with the senior management team, as well as to consider operational risk and to review the audited accounts.

Remuneration of Key Management

The pay of all staff is reviewed annually by the ED and normally increased in accordance with average earnings to reflect a cost-of-living adjustment. In view of the nature of the charity, the pay is benchmarked against pay levels in other charities with principal offices in London. The ED salary is set by the board of trustees.

Risk & Corporate Governance Matters

ECI Schools places strong reliance on the risk analysis and the control environment operated by ECI Schools. In addition, ECI Schools maintains a risk register that details the major risks the organisation faces and identifies the controls in place to mitigate those risks. The register also covers compliance requirements and internal control procedures, as well as investment risk.

The major risks that ECI Schools faces are (1) the failure to renew and recruit membership in order to achieve the membership target and (2) the failure of one or more of its major conferences. Several actions are in place to minimise these risks.

The risk register is kept under review on an on-going basis by the senior management team of ECI Schools and is formally reviewed on at least an annual basis by the board of trustees. It is recognised that a risk management system can only seek to manage, rather than eliminate, factors that impact on the ability to achieve business objectives and can provide only reasonable assurance against material misstatement or loss.

ECIS has a formal risk management process through which the major risks to which the organisation may be exposed and has ranked these by likelihood and impact, culminating in a risk control document which is updated on a regular basis by the senior management team, and shared with the Board of Trustees. All significant risks, together with current mitigation actions, are reviewed regularly throughout the year by the trustees. The trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

3

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The principal risks and uncertainties identified by the charity are as follows:

Risk Mitigation
1. Failure to renew and recruit
membership in order to achieve the
membership target		 Annual membership plan with targets, scheduled
debtor follow-up, weekly reporting. Continuous
improvement of membership offer.
2. Failure of key conferences Risk has been mitigated by careful planning of
budgets and contracts. As delivery is mainly virtual,
expenses are substantially lower.
3. Disruption of business due to event
(geopolitical,natural, cyber, etc.)		 Disaster recovery and business continuity plan in
place
4. Membership and/or funding loss due
to our affiliative relationship with US
State Department, and any geopolitical
consequences of US actions around
theworld.		 Clarification of our relationship with the US State
Department (affiliation only, for educational funding
purposes); This relationship has been galvanised this
year by inviting Christy Brown to join the ECIS board

Global Pandemic Disruption

With the ongoing pandemic disruption. ECIS has been agile and pivoted to schools needs and continues to do so, the demonstration of the success of this strategy is clear in the financial results produced by ECIS year ending 31 August 2021.

The priority remains to keep staff safe, so ECIS continue to work remotely, with occasional working from the office, in line with UK government guidelines. No staff members are made to work from the office on a compulsory basis, they must feel safe and comfortable to travel into London offices. ECIS has proved its unprecedented time. The ED meets regularly and keeps the finance committee and board up to date. ECIS continues to maintain close relations with member schools, we have provided valuable professional development and a community, including Virtual Middle Leader Courses, a list of free PD from ECIS Special Interest Groups and regular meetings with schools. We also now provide bespoke online training for many schools. We will keep many elements of the virtual training in place even after travel restrictions are lifted as this is a more sustainable business model providing better profits for the organisation.

Professional Indemnity Insurance

Professional indemnity insurance provides insurance cover for charity trustees against claims that may arise from their legitimate actions as trustees. As a matter of law, charities require authority to purchase this type of insurance. In the case of ECI Schools, that authority is obtained from its governing document, the articles of association.

The trustees, who are also the directors of ECI Schools for the purposes of company law, are responsible for Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the trustees are required to:

4

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The trustees are responsible for keeping proper accounting records, which 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 Companies Acts 2006. They are also responsible for safeguarding the assets of the charitable company and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information dissemination of financial statements may differ from the legislation in other jurisdictions.

OBJECTIVES AND ACTIVITIES

Charitable Objectives

The charitable objectives for which the charitable company was established are set down in the governing document as follows:

The advancement of education for the public benefit, in particular but not exclusively, by promoting and facilitating best practice and high standards in teaching and international education.

Charitable Activities

when reviewing its aims and objectives in planning future activities. In particular, trustees consider that planned activities contribute to the overall aims and objectives of the charitable company.

ECI Schools will continue to focus the aims of ECI Schools in order to build and widen the membership base, increase member satisfaction, and increase the offerings available to Members.

Key activities will focus on recruiting new Members, retaining existing Members, expanding and improving the learning in both digital and in-person formats.

Our main activities and whom we aim to help are described below in the section of this report on Achievements and Performance. All our activities focus on supporting our mission and charitable objective for the advancement of international education and are undertaken to further our charitable purpose for the public benefit.

Public Benefit

the document

Benefits & Beneficiaries

In accordance with its charitable objectives, the charitable company aims to transform lives through international education. All our charitable activities focus on enabling this transformation through professional learning, research, advisory, advocacy, and funding programmes (grants, fellowships).

The charitable 35,000+ teachers, 290,000+ students), as well as the full community of international schools (11,000+ schools; 500,000+ teachers, administrators, and governors; and 5+ million pupils), as identified by ISC Research (2019), many of whom access ECIS products and services as non-members. In return for providing financial support, Members receive many benefits in the form of child protection and governance training (online), reduced pricing for ECI Schools conferences and services, as well as funding (grants and fellowships).

5

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

In order to determine whether the charity has fulfilled its charitable objectives for public benefit, the trustees

Grant Making Policy

ECIS University Scholarship (Bursary)

The ECIS University Scholarship provides up to £10,000 for first-year university studies anywhere in the world and is available to students (graduates/leavers) from Level 3 member schools, who must submit an application and be evaluated (and selected) by the Selection Committee. The award is up to £10,000 awarded to the successful candidate, and paid directly to the university, subject to university confirmation of enrolment, accompanied by a fees invoice.

ECIS Research Fellowship

The research fellowship is a grant that provides recognition and financial incentives to a recipient for their work toward the advancement of international education via an academic route. A stipend of up to £5,000 is available, following successful application and selection.

Relationships with Related Parties

ECI Schools is related to the Euro Doing Business As Educational Collaborative for International Schools), a company incorporated in the State of Delaware in the United States of America and registered as a foreign company with Companies House in the United Kingdom under company number FC008297.

ECIS, Inc is a 100% subsidiary undertaking of ECI Schools, and the members of the board of directors of ECIS are the members of the board of trustees of ECI Schools.

The purpose of the subsidiary is to transform lives through international education. The subsidiary is exclusively educational and scientific in character. It is also non-profit orientated, with no part of its net income to benefit any private shareholders.

Representation on Other Bodies

The Executive Director of ECI Schools is a member of the advisory board for the NEOM project in Saudi Arabia; ECIS are founding member of the International Task Force on Child Protection.

ACHIEVEMENTS AND PERFORMANCE

Review of Activities FY21

Conferences (Events)

This year all events have been virtual. These events have been very successful, we have pivoted to market needs and created new training for DEIJ.

Event Title & Month of Events Number of
Delegates		 Actual
Income		 Forecasted
Income
ECIS Admissions Month - Oct 20 50 £2,706 £2,500
ICMEC Trainings x 5 412 Free event
Teaching & Learning for Intercultural
Understanding		 15 £2,880 £2000
Inclusive Recruitment x 2 28 £4,320 £2900
MLIE Week - Feb 21 393 £17,739 £5,000
Moving Maths Forward - Erma Anderson 125 Free event
Supported by
the AOS

6

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

----- Start of picture text -----
PE Month - March 21 114 £4,890 £3,500
World Languages Day - March 21 125 Free event
Supported by
the AOS
Middle Leader Online Workshops 107 £31,355 £2,000
Virtual Leadership Conference 21 - April 21 617 £97,258 £75,000
Libraries Week - May 21 314 £13,805 £50,000
Online Course Sales 852 £31,556 £10,000
3161
----- End of picture text -----

New Course Developed

We have developed and launched a new course for members called Cultivating Connections a Toolkit for Teachers. We offer regular meetings with the course facilitators and creators to offer deep learning opportunities.

Collaboration - Organisations and Educational Associations

ECI Schools believe that collaboration with other organisations and educational associations encourages sharing of knowledge and discussion of effective practices in education. We networked extensively with other like-minded organisations including, but not limited to:

7

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Publications

magazine, 42,000+ contacts in digital form. We are enjoying quality submissions to this publication.

ECIS Smart Brief , a weekly digital news brief with articles relating to educational topics worldwide, continues to be well-read. Typical readership is 9,000+ per week.

INDICATORS, MILESTONES & BENCHMARKS

We have provided schools with an excellent value proposition, to ensure that we are offering what the membership find to be of value. We have cut costs and ECIS continues to attract new members and training continues to sell regardless of the global crisis being faced.

FINANCIAL REVIEW

Financial Outcome of Activities & Events

For FY21, ECI Schools, together with its subsidiary ECIS Inc, took in revenues of £1,074,206 (2020: £1,438,602 and had expenses of £842,011 (2020: £1,388,315) resulting in a surplus of £232,195 (2020: £50,287).

With guidance from JS2, our accountants since late summer 2018 the trustees and senior management team have instituted a number of enhanced internal controls and put into place robust budgetary monitoring systems, among other actions. We have analysed any and all risk elements, and have mitigated against risk, going forward, in significant ways that make us feel appropriately confident about the future.

Trustees continue to review Cash Flow and budgets and feel that the organisation remains a going concern. This is due to the measures put in place for all contracts to be reviewed and agreed by the ED and board members. The robust measures are in place for review of all expenses. Deviation from the budget for expenses will not be permitted. The robust structure can be demonstrated as a surplus made for FY21 in comparison to previous year deficits. This is the largest surplus posted by ECIS since its inception and much of this is due to the ED robust management of all finances and product development.

Reserves Policy

ECI Schools total funds as at 31 August 2021 totalled a positive of £251,974 (2020: £19,779). All funds as at 31 August were unrestricted. Excluding amounts tied up in tangible fixed assets, unrestricted funds were a positive of £244,508 (2020: £10,487).

ECI Schools policy is to maintain free reserves of four (4) months of operating cost which equate to £200,862 (2020: 344,293). Free reserves are unrestricted, undesignated funds not tied up in fixed assets. The Board of Trustees reviews the reserves annually. With the improved financial performance through FY21, the continued goal for FY22 is to rebuild cash reserves, with the robust controls and monitoring systems now in place.

Investments Policy

ECI Schools is reliant on membership subscriptions and fees for its learning and development products, services, and activities. Any investment assets are held as reserves. Investment is concentrated in real assets (cash). These real assets (cash) are held to provide financial security and liquidity, in case of requirement at short notice.

8

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

FINANCIAL REVIEW (continued)

Our reserves are held with 1. Our policy allows for investment in other assets, though since 2013, the Charity has maintained a strictly liquid position, and has no plans to alter this in the immediate future.

FUNDRAISING

We are mindful of the code issued by the Fundraising regulator. We did not use any third parties in our fundraising activities and no complaints were received in the prior year.

PLANS FOR FUTURE PERIODS

We are now seen as market leaders for Child Protection training and plan to partner with NEASC who already recognise our Child Protection training, they will recommend ECIS training if necessary, during schools accreditations visits. We are also working with ICMEC delivering specialised training to our schools, this has been oversubscribed for every session

We continue to grow membership, our commercial membership is now on hold as we have 75 commercial members, this will reopen in 2022 and this creates scarcity in the market. The Trustees believe these to be excellent indicators of future growth and stability. The new ED Kam Chohan has a strong business and educational background.

COVID 19 posed a significant threat to ECIS. ECIS, very quickly, responded by implementing a virtual conference platform and switched to an online conference; all other associations have cancelled conferences. ECIS was, therefore, able to serve its target clients whilst reducing the exposure to COVID 19. We have successfully completed our 2[nd] Annual Leadership Conference, the virtual conferences were well attended, initial feedback has been extremely positive. The virtual ticket including registration for entire teams and sixty days access to the conference, this has proved popular with schools. The profit improved as virtual conference are significantly cheaper to run.

In view of the virtual conference, moving forward we will be moving to a model of more virtual conferences, we will work to eliminate the risk in our events vertical.

There will be a focus on membership growth, the new membership and partnerships are proving popular and the board are also helping with selling to their networks, the previous 2 years membership sales have been the highest recorded in ECIS history.

The plans for the European Council of International Schools, Inc a subsidiary of ECIS is for the company to be made dormant as there will be no activity going through it after the year end and therefore the decision may be to close it down in the near future.

Our Presence in the International Schools Sector

The period through 2021 has continued to present economic and political challenges, but also presents new opportunities, perhaps outside of our more traditional markets, for learning products and services. Central and South America, for example, represent an important opportunity for ECIS, given our Spanish-language products, such as Child Protection training. The Middle East and Southeast Asia also represent strong opportunities for us.

The Charity has now reviewed its business model around conferences and made significant adjustments. We stated last year that we expected our events/conferences portfolio to look different within the next two to three years, and that has come to pass in FY21.

We anticipate further growth in our digital courses and have planned to increase the number of offerings available from FY22 onward, annually.

9

ECI SCHOOLS

FOR THE YEAR ENDED 31 AUGUST 2021

PLANS FOR FUTURE PERIODS (continued)

Statement as to Disclosure of Information to the Auditor

The Trustees at the date of approval of this annual report confirm that, so far as each of them is aware, there is that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the Trustees on 20 January 2022 and signed on their behalf by:

.................................

Trustee

T Kelley

10

INDEPENDENT AUDIT REPORT FOR THE MEMBERS OF ECI SCHOOLS FOR THE YEAR ENDED 31 AUGUST 2021

Opinion

We have audited the financial statements of ECI Schools for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, the Group and Company Balance Sheets, Consolidated 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the 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

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 group'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 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:

11

INDEPENDENT AUDIT REPORT FOR THE MEMBERS OF ECI SCHOOLS FOR THE YEAR ENDED 31 AUGUST 2021

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course

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:

adequate accounting records have not been kept by the parent charitable company; or

the parent charitable company financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance

requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fu

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

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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 group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company and charity laws applicable in England and Wales, 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 Companies Act 2006 and the Charities Act 2011, and consider other factors such as income tax, payroll tax and sales tax.

statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

vent and detect irregularities;

12

INDEPENDENT AUDIT REPORT FOR THE MEMBERS OF ECI SCHOOLS FOR THE YEAR ENDED 31 AUGUST 2021

Challenging assumptions and judgements made by management in their critical accounting estimates

A further description of our responsibilities for the audit of the financial statements is located on the Financial t of our

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.

Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 28 January 2022

10 Queen Street Place London EC4R 1AG

13

ECI SCHOOLS

Company No: 08109626

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(including consolidated income and expenditure account)

FOR THE YEAR ENDED 31 AUGUST 2021

Total Total
2021 2020
Notes £ £
INCOME FROM:
Charitable activities
Advancement of education 3 1,074,206 1,426,299
Other trading activities 9 - 12,303
--------------------- ---------------------
Total income 1,074,206 1,438,602
EXPENDITURE FROM:
Charitable activities
Advancement of education 4 836,449 1,379,392
Trading costs 9 5,562 8,923
--------------------- ---------------------
Total expenditure 842,011 1,388,315
Net expenditure 8 232,195 50,287
-------------------- --------------------
Net movement in funds 232,195 50,287
RECONCILIATION OF FUNDS
Funds brought forward 19,779 (30,508)
----------------------- -----------------------
Funds at 31 August 2021 251,974 19,779
=========== ===========

The notes on pages 17-28 form part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year.

All funds in both years are unrestricted.

All activities noted above were from continued operations.

14

ECI SCHOOLS BALANCE SHEET

Company No: 08109626

AT 31 AUGUST 2021

2021 2021 2020 2020
Notes Group Charity Group Charity
£ £ £ £
FIXED ASSETS
Tangible assets 11 7,466 7,466 9,292 9,292
CURRENT ASSETS
Debtors 12 436,139 447,261 447,462 444,410
Short term deposits and cash in hand 673,366 661,789 441,438 438,473
------------------------ ------------------------ ------------------------ ------------------------
1,109,505 1,109,050 888,900 882,883
CURRENT LIABILITIES
CREDITORS: amounts falling due
within one year 13 (864,997) (864,997) (878,413) (878,413)
------------------------ --------------------- ------------------------ ---------------------
NET CURRENT ASSETS 244,508 244,053 10,487 4,470
---------------------- ---------------------- ---------------------- ----------------------
NET ASSETS 251,974 251,519 19,779 13,762
========== ========== ========== ==========
FUNDS
Unrestricted funds
General funds 17 251,974 251,519 19,779 13,762
---------------------- ---------------------- ---------------------- ----------------------
TOTAL FUNDS 251,974 251,519 19,779 13,762
========== ========== ========== ==========

The surplus of the parent Charity for the year was £237,757 (2020: £46,907).

Approved by the Trustees and authorised for their issue on 20 January 2022 and signed on their behalf by:

................................. Trustee T Kelley

The notes on pages 17-28 form part of these financial statements.

15

ECI SCHOOLS

Company No: 08109626

CONSOLIDATED STATEMENT OF CASH FLOWS

AT 31 AUGUST 2021

2021 2020
Note Group Group
£ £
Cash flows from operating activities:
Net cash provided by/(used in) operating 19 231,928 70,827
activities
---------------------- ----------------------
Change in cash and cash equivalents in 231,928 70,827
the reporting period
Cash and cash equivalents at the
beginning of the reporting period 441,438 370,611
---------------------- ----------------------
TOTAL CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR 20 673,366 441,438
========== ==========

The notes on pages 17-28 form part of these financial statements.

16

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. GENERAL INFORMATION

The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 08109626) and a charity registered in England and Wales (charity number: 1150171 registered office address is 24 Greville Street, London, EC1N 8SS.

2. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)) Second Edition effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

ECI Schools meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of accounts on a going concern basis

At 31[st] August 2021, the charity has unrestricted funds totalling £251,974 (2020: £19,779) having made a surplus in the year of £232,195 (2020: £50,287). The accounts have been prepared on a going concern which the Trustees believe to be appropriate on the basis of their review of budgets and cash flow forecasts prepared for a period of 12 months from the date these accounts were approved. The Trustees have agreed appropriate steps to monitor the ongoing financial position of the charity, under its revised strategy, will be able to start to rebuild reserves over the next 3 to 4 years.

ECI Schools had funds at the year end of £251,519 (Group £251,974) (2020: £13,762 (Group: £19,779)) and has positive cash balances of £661,789 (Group £677,701) (2020: £438,473 (Group £441,438)). The accounts have been prepared on a going concern basis as the Trustees believe it to be appropriate as the charity has implemented a number of cost savings and reworked its strategy and on the basis of its forecasted income and expenditure and cashflow income for the period to June 2023, it is comfortable that it will continue to build up reserves and remain in this position and have positive cashflows so that it is able to meet its liabilities as they fall due.

As a result of the worldwide outbreak coronavirus (Covid-19) pandemic that occurred in the year the senior management team (SMT) put in place contingency measures to try and minimise the impact on the Charity and Group. The priority was to keep staff safe so ECIS quickly moved to set up staff to be able to work remotely before the Government imposed a lockdown. ECIS had a number of events that were due to take place in Europe with 500 registered delegates attending training and events and so it acted quickly to implement a virtual conference platform and switch some events to online only and postpone others to later dates, whilst other similar associations cancelled their conferences entirely. Our SMT worked hard to try to reduce the impact by staying in regular contact with schools, attendees and the venues to prevent a large number of cancellations, promoting the additional benefits that would be on offer as a result of the conferences being virtual. This was a great success and proved that ECIS has the unprecedented time.

17

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

The events vertical has also been redesigned to eliminate high cost venues but instead run conferences at member school sites. Membership has become a main focus and new membership acquisitions is tracking very well. These are the figures for the last 18 months, even with a global recession we are growing rapidly.

The events vertical has also been redesigned to eliminate high-cost venues and staffing. Wherever possible conferences will run at member school sites. We will also continue virtual events as running costs are negligible and provide good value for schools. The forecasted income for events was £148,900 however the actual income for this vertical was £214,803.

Membership growth remains a main focus. Membership continued to grow even with the global pandemic. Membership remained robust and the value of membership is continually updated so members have value for membership. The forecast for events income was £601,044 however this target was exceeded and membership income was £700,006.

Year
Number of Schools
Income		 Year
Number of Schools
Income		 Year
Number of Schools
Income
1/9/2019
31/8/2020
43
£90,570
1/9/2020
31/8/2021		 26 £63,604

As well as income targets being exceeded. Overheads have also been reduced significantly.

Group financial statements

The financial statements consolidate the results of activities of both ECI Schools and its wholly owned subsidiary undertaking, European Council of International Schools, Inc. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The surplus of the parent charity was £237,757 (2020: £46,907).

Significant judgments and sources estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The Trustees consider the following item to be an area subject to estimation and judgement:

Depreciation:

experience. When management identifies that the useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively.

Although tangible fixed assists are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

18

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

Income recognition

All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably.

Membership income is only recognised when the invoice is paid and so will be deferred until such time that it is paid or deemed to be a bad debt.

Events income is recognised when the event occurs and as such any income received before is deferred until that time.

Income from charitable activities

Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods are provided.

when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Investment income

Investment income is recognised on an accruals basis once the amounts can be measured reliably.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity heading:

Advancement of Education

Grants payable are payments made to third parties. They are accounted for when the Trustees have agreed to pay the grant.

Support costs have been allocated between governance costs and other support costs. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external audit, legal fees and other professional advice.

Governance and support costs have been apportioned between all activities based on staff costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Operating leases

Rental charges are charged on a straight line basis over the life of the lease.

Fixed assets

Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows, all straight line:

Furniture, fittings and equipment over 3 to 10 years straight line

Financial instruments

Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis:

19

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

Funds

General funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated funds comprise funds that have been set aside at the discretion of the Trustees for specific purposes. The purpose and use of the designated unrestricted funds are set out in the notes to the accounts.

Restricted income funds comprise unexpended balances of donations and grants held in trust to be applied for specific purposes.

Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Pension scheme

ECI Schools operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of ECI Schools in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year.

Foreign currency translation

The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities.

Legal status

ECI Schools is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

20

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

3. INCOME FROM CHARITABLE ACTIVITIES

NCOME FROM CHARITABLE ACTIVITIES
2021 2020
£ £
Membership fees 703,832 777,721
Conferences 213,786 393,547
Consultancy services - 23,105
Grant income 147,674 220,778
Other direct activity income 8,914 11,149
--------------------- ---------------------
1,074,206 1,426,300
========== ==========

Grant income includes a grant from the US State Department, the total grant received was £236,985 (2020: £276,858) of which £117,999 (2020: £73,771) related to membership and event attendance invoices already shown in income, the amount shown as grant income of £118,986 (2020: £203,087) is the remainder of the grant.

Grant income also includes £28,688 (2020: £17,691) in relation to the Coronavirus Job Retention Scheme.

4. EXPENDITURE ON CHARITABLE ACTIVITIES

2021 Direct Other Grants Support 2021
Staff costs Costs payable costs Total
£ £ £ £ £
Learning 341,638 259,460 - 167,841 768,939
Research 19,087 - - 9,377 28,464
Advocacy 19,087 - - 9,377 28,464
Funding 1,907 5,738 2,000 937 10,582
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
381,719 265,198 2,000 187,532 836,449
========== ========== ========== ========= =========
2020 Direct Other Grants Support 2020
Staff costs Costs payable costs Total
£ £ £ £ £
Learning 590,399 410,258 - 256,821 1,257,478
Research 32,983 - - 14,348 47,331
Advocacy 32,983 842 - 14,347 48,172
Funding 3,298 12,248 9,250 1,435 26,411
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
659,663 423,528 9,250 286,951 1,379,392
========== ========== ========== ========== ==========

Direct staff costs include a recharge from European Council of International Schools, Inc of £Nil (2020: £302,891) which do not form part of staff costs as shown in note 10.

21

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

5. GRANTS PAYABLE

Grants paid to institutions in the year ended 31 Grants paid to institutions in the year ended 31 Grants paid to institutions in the year ended 31 August 2021 include: August 2021 include: 2021 2020
Total Total
£ £
Royal Holloway University of London - Tuition Fee UG FT 2,000 9,250
--------------------- ---------------------
2,000 9,250
========== ==========
No grants were paid to individuals (2020: none)
SUPPORT COSTS
2021 2021
Learning Research Advocacy Funding Total
£ £ £ £ £
Governance 58,112 3,246
 3,246 325
 64,929
Building 24,249 1,355
 1,355 135
 27,094
Office 58,526 3,270
 3,270 327
 65,393
Professional 17,249 964 964 96
 19,273
Other 9,705 542 542 54
 10,843
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
167,841 9,377 9,377 937 187,532
========== ========== ========== ========== ==========
2020 2020
Learning Research Advocacy Funding Total
£ £ £ £ £
Governance 83,651 4,673 4,673 467 93,464
Building 26,482 1,479 1,479 148 29,588
Office 106,256 5,936 5,936 594 118,722
Professional 9,398 525 525 53 10,501
Other 31,034 1,735 1,734 173 34,676
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
256,821 14,348 14,347 1,435 286,951
========== ========== ========== ========== ==========
OVERNANCE COSTS INCLUDE:
2021 2020
£ £
Audit and accountancy fees 54,611 59,700
Trustee expenses 354 12,903
Other costs 9,965 20,861
--------------------- ---------------------
64,930 93,464
========== ==========

6. SUPPORT COSTS

7. GOVERNANCE COSTS INCLUDE:

22

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2021

8. NET EXPENDITURE FOR THE YEAR:

T EXPENDITURE FOR THE YEAR:
2021 2020
£ £
This is stated after charging/crediting
Auditors remuneration (excluding VAT):
Audit 13,005 12,500
Other services 385 750
Under-accrual re. prior year - 5,040
Expenses reimbursed to Trustees 354 12,903
Operating leases: 24,336 26,756
Depreciation 1,826 2,871
========= =========

In 2020/21 no Trustee received any remuneration or pension. (2020: none)

1 Trustee was either reimbursed or expenses were paid on their behalf of £354 principally on travel to the main conferences held during the year. (2020: 6 Trustees were either reimbursed or expenses were paid on their behalf of £12,902). Trustee Indemnity insurance was taken out at a cost of £1,953 (2020: £1,239).

9. SUBSIDIARY

ECI Schools company incorporated in the State of Delaware in the United States of America and registered as a foreign company with Companies House in the United Kingdom under company number FC008297. ECIS is a 100% subsidiary undertaking of ECI Schools and the members of the board of directors of ECIS are the members of the board of Trustees of ECI Schools.

The purpose of the subsidiary is to be the leading collaborative global network, promoting and supporting the ideas and best practices of international education. The subsidiary is exclusively educational and scientific in character. It is also non-profit orientated, with no part of its net income giving rise to a benefit to any private shareholder.

Annual financial statements for this subsidiary company are filed with the Registrar of Companies for England and Wales and are publicly available. The accounting reference date of the subsidiary is 30th June. The subsidiary results for the 12 months to 30 June are shown below:

June. The subsidiary
results for the 12 months to		 30 June are shown below:
2021 2020
£ £
Turnover - 357,329
Administration expenses (5,300) (353,949)
--------------------- ---------------------
Profit / (Loss) for the year (5,300) 3,380
========= =========
Current assets 10,505 6,017
Current liabilities (9,788) -
--------------------- ---------------------
Total assets 717 6,017
========= =========
Retained earnings b/fwd. 6,017 2,637
--------------------- ---------------------
Retained earnings c/fwd. 717 6,017
========= =========
The amounts owed to ECI Schools at 31 August 2021 was £11,122 (2020: £Nil).

23

ECI SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. STAFF COSTS AND NUMBERS

AFF COSTS AND NUMBERS
2021 2020
£ £
Staff costs were as follows:
Salaries and wages 294,487 302,946
Social security costs 33,102 31,052
Pension contributions 47,243 17,947
Healthcare costs 4,466 4,827
Redundancy payments 2,421 -
--------------------- ---------------------
381,719 356,772
========== ==========
2021 2020
Number Number
The number of employees whose emoluments for the
year fell within the following bands were:
£80,001 - £90,000 - 2
£120,001 - £130,000 1 -
========= =========

Employer pensions for employees whose emoluments were above £60,000 were £37,930 (2020: £8,000). The total employee benefits of the key management personnel of the Group which includes the Trustees who were not remunerated during the year and the senior management team were £225,625 (2020: £189,451).

2021 2020
Number Number
The average number of employees based on head count during
the year was as follows:
Charitable activities 3 4
Support 2 2
--------------------- ---------------------
5 6
========== ==========

24

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

11. FIXED ASSETS (GROUP AND CHARITY)

XED ASSETS (GROUP AND CHARITY)
Total Furniture,
fittings &
Equipment
£
Cost
At 1 September 2020 30,619
Additions -
Disposals -
---------------------
Balance at 31 August 2021 30,619
---------------------
Accumulated depreciation
At 1 September 2020 21,327
Charge for the year 1,826
Disposals -
---------------------
Balance at 31 August 2021 23,153
---------------------
Net Book Value
Carried forward at 31 August 2021 7,466
=========
Brought forward at 1 September 2020 9,292
=========

12. DEBTORS: amounts falling due within one year

2021 2020
Group Charity Group Charity
£ £ £ £
Trade debtors 252,617 252,617 362,831 362,831
Amounts due from European Council of - 11,122 - -
International schools, Inc.
Other debtors 30,426 30,426 39,725 36,673
Prepayments and accrued income 153,096 153,096 44,906 44,906
--------------------- --------------------- --------------------- ---------------------
436,139 447,261 447,462 444,410
========== ========== ========== ==========

13. CREDITORS: amounts falling due within one year

2021 2020
Group Charity Group Charity
£ £ £ £
Trade creditors 174,303 174,303 75,571 75,571
Other Taxation and Social Security 9,891 9,891 7,631 7,631
Other creditors 4,019 4,019 4,471 4,471
Accruals 44,356 44,356 21,931 21,931
Deferred income (see note 14) 632,428 632,428 768,809 768,809
--------------------- --------------------- --------------------- ---------------------
864,997 864,997 878,413 878,413
========== ========== ========== ==========

25

ECI SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

14. ANALYSIS OF DEFERRED INCOME

2021 2020
Group and Charity £ £
Deferred income at 1 September 768,809 807,966
Applied during the year 632,428 768,809
Released during the year (768,809) (807,966)
--------------------- ---------------------
Deferred income at 31 August 632,428 768,809
========== ==========

Deferred income includes membership income for future financial years totalling £626,428 and income is deferred because it relates to the membership periods from 1st September 2021 to 31st August 2022.

15. OPERATING LEASE COMMITMENTS - CHARITY AND GROUP

As at 31 August 2021 the charity had annual commitments under non-cancellable operating leases as follows:

Equipment Equipment Land and buildings
Leases which expire: 2021 2020 2021 2020
Within one year - - 18,600 18,600
Within two to five years - - - -
========= ========= ========= =========

16. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

2021 2020
General Total General Total
Funds Funds Funds Funds
£ £ £ £
Fixed assets 7,466 7,466 9,292 9,292
Current assets 1,110,808 1,110,808 888,900 888,900
Current liabilities (866,300) (866,300) (878,413) (878,413)
--------------------- --------------------- --------------------- ---------------------
Net assets at 31 August 251,974 251,974 19,779 19,779
========== ========== ========== ==========

Within the group, the net assets within the charity are £251,519 (2020: £13,762)

26

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

17. STATEMENT OF FUNDS

Balance Balance
1 September 31 August
2020 Income Expenditure Transfers 2021
£ £ £ £ £
General funds 19,779 1,074,206 (842,011) - 251,974
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Charity & Group total 19,779 1,074,206 (842,011) - 251,974
========== ========== ========== ========== ==========
STATEMENT OF FUNDS (Prior year)
Balance Balance
1 September 31 August
2019 Income Expenditure Transfers 2020
£ £ £ £ £
General funds (30,508) 1,438,602 (1,388,315) - 19,779
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Charity & Group total (30,508) 1,438,602 (1,388,315) - 19,779
========== ========== ========== ========== ==========
AXATION
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable
purpose. The charity is not exempt from VAT which is included with the expenses to which it relates on
the Statement of Financial Activities.
ECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2021 2020
Group Group
£ £
Net (expenditure) for the reporting period 232,195 50,287
(as per the Statement of Financial Activities)
Add back depreciation charge 1,826 2,871
Decrease in debtors 11,323 47,157
(Decrease) in creditors (13,416) (29,488)
---------------------- ----------------------
Net cash/(used in) operating activities 231,928 70,827
========== ==========
NALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
Group Charity Group Charity
£ £ £ £
Cash at bank and in hand 673,366 661,789 441,438 438,473
========= ========= ========== ==========

18. TAXATION

19. RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES

20. ANALYSIS OF CASH AND CASH EQUIVALENTS

27

ECI SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

21. POST BALANCE SHEET EVENTS

There are no other post balance sheet events that have taken place up to the date the accounts have been approved.

22. RELATED PARTIES

There were no related party transactions in the year or last year, except for transactions with its subsidiary ECI Inc disclosed above.

28