2020-08-31-accounts - The Peterborough School Limited

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				Page
Company	information			1-2
Chairman's	statement			3-4
Directors'	report (incorporating		the Strategic report)	5 —19
Independent auditor's		report		20-22
Financial statements		ofthe company		23-44

DIRECTORS	DIRECTORS	AND ADVISORS	AND ADVISORS
Directors				Ms LAyres (Chairman)
				Mr P H W Southern			(Deputy		Chairman)
				The Revd Canon	I	C Black
				Mr K P Craig
				Mrs PJ Dalgliesh		(Resigned			22 June 2020)
				Mrs S Dixon (Appointed				13October 2020)
				Mrs L Frisby (Resigned				20 September 2019)
				Mrs KC Hart
				Mr P Hayes
				Prof CJ Howe
				Mrs H L Milligan-Smith
				Mrs E Payne
				Mr P T Simmons
				Mr CW Spinley (Appointed					9 December 2019)
				DrJSThompson
				The Right Revd R		S	Ladds (Provost: non-voting
				member)
Secretary				Mr SJ Dharamraj		(Appointed			1 October 2019)
Charity No.				269667
Company	No.			01182629
Principal	Address	and Registered	Office	The Peterborough		School Limited
				Thorpe Road
				Peterborough
				Gamb ridgeshire
				PE36AP
Key Management		Personnel
Head				Mr A D Meadows
Bursar				Mr SJ Dharamraj
Auditor				RSM UK Audit LLP
				The Pinnacle
				170Midsummer	Boulevard
				Milton Keynes
				Bucking hamshire
				MK9 1BP
Bankers				Barclays Bank pic
				Peterborough Business				Centre
				PO Box294
				Peterborough
				PE1 1EZ
Solicitors				Hunt 8 Coombs	Solicitors
				35Thorpe Road
				Peterborough
				PE3 6AG

Investment	AdvIsers	Vartan Ravenscroft	Vartan Ravenscroft	Stockbrokers
		The Singing Men's Chambers
		19Minster Precincts
		Peterborough
		PE1 1XX
Insurance	Brokers	Marsh Limited Education		Practice
		Capital House
		1-5Perrymount	Road
		Haywards Heath
		West Sussex
		RH16 3SY

concern basis. Further details related accounting policies on page 27. DIRECTORS	concern basis. Further details related accounting policies on page 27. DIRECTORS	concern basis. Further details related accounting policies on page 27. DIRECTORS	to the adoption of	to the adoption of	the going concern	basis can be found in	the
The directors (who are the Governors)			who served during		the year and up to	the date ofthis report,
and the committees ofwhich		they are	members,	are:
Ms L Ayres (Chairman)				Finance 8	General Purposes
Mr P H W Southern (Deputy		Chairman)		Finance 8	General Purposes
The Revd Canon I C Black
Mr K P Craig				Finance 8	General Purpose
Mrs PJ Dalgliesh (resigned		22 June		School Development 8 Fundraising
2020)
Mrs S Dixon (appointed	13	October
2020)
Mrs KC Hart				Safeguarding, Early Years
Mr P Hayes				Finance 8 Fundraising,	General Purposes, School Development Crisis Management		8
Professor CJ Howe				Complaints	(Appea/), Education
Mrs H L Milligan-Smith				Marketing,	Early Years
Mrs E Payne				Marketing
Mr P T Simmons				Finance 8	General Purposes,	Crisis Management
Mr C W Spinley (appointed		9 December
2019)
Doctor JSThompson				Health 8 Safety, Safeguarding, (Appeal)		Early Years, Complaints

			Note	Unrestricted	Restricted	Total	Total
				Funds	Funds	2020	2019
					F	E	E
Income and endowments	from:
Charitable Activities
School fees receivable			2	5,388,456		5,388,456	5,821,747
Ancillary trading income			3	310,771		310,771	361,704
Other trading activities
Non-ancillary trading income				26,750		26,750	41,260
Investments
Investment income				8,782	866	9,648	12,444
Bank and other interest				6,863	1	6,864	9,978
Other —Grants and donations
Grants and donations				207,169	2,825	209,994	2,608
Other income				2,150		2,150
TOTAL INCOME				5,950,941	3,692	5,954,633	6,249,741
Expenditure on:
Raising funds
Financing costs				75,917		75,917	78,888
Investment management				3,202	464	3,666	3,862
				79,119	464	79,583	82,750
Charitable Activities
Education and grant making			7	5,990,198	2,633	5,992,831	6,051,285
TOTAL EXPENDITURE				6,069,317	3,097	6,072,414	6,134,035
Net (losses)/gains on investment		assets	13	(29,043)	(1,700)	(30,743)	3,214
NET (EXPENDITURE)/ INCOME				(147,419)	(1,105)	(148,524)	118,920
Transfers between funds			22	6,518	(6,518)
Net Movement in funds for the		year		(140,901)	(7,623)	(148,524)	118,920
Fund balances at 1 September 2019				6,607,276	28,750	6,636,026	6,517,106
FUND BALANCES AS AT 31 AUGUST			2020	6,466,375	21,127	6,487,502	6,636,026

			Note		Unrestricted	Restricted	Total
					Funds	Funds	2019
Income and endowments	from:
Charitable Activities
School fees receivable				2	5,821,747		5,821,747
Ancillary trading income				3	361,704		361,704
Other trading activities
Non-ancillary trading income					41,260		41,260
Investments
Investment income					10,586	1,858	12,444
Sank and other interest					9,976	2	9,978
Voluntary sources
Grants and donations						2,608	2,608
TOTAL INCOME					6,245,273	4,468	6,249,741
Expenditure on:
Raising funds
Financing costs					78,888		78,888
Investment management					3,323	539	3,862
TOTAL DEDUCTIBLE COSTS					82,211	539	82,750
Charitable Activities
Education and grant making					6,048,508	2,777	6,051,285
TOTAL EXPENDITURE					6,130,719	3,316	6,134,035
Net gains/(losses) on investment		assets
					3,631	(417)	3,214
NET INCOME					118,185	735	118,920
Transfers between funds					11,293	(11,293)
Net Movement in funds for the		year			129,478	(10,558)	11&,920
Fund balances at 1 September 2018					6,477,798	39,308	6,517,106
FUND BALANCES AS AT	31 AUGUST		2019		6,607,276	28,750	6,636,026

		Note		2020f		2019
FIXEDASSETS
Tangible assets		12		6,489,513		6,635,061
Investments		13		261,207		295,616
				6,750,720		6,930,677
CURRENT ASSETS
Debtors		14	150,888		231,875
Cash at bank and	in hand		1,397,849		1,505,792
			1,548,737		1,737,667
CURRENT LIABILITIES
Creditors payable	within one year	15	1,645,792		919,830
NET CURRENT				(97,055)		817,837
(LIABILITIES)/ASSETS
TOTAL ASSETS LIABILITIES	LESSCURRENT			6,653,665		7,748,514
LONG TERII LIABILITIES
Creditors payable	after one year	16		166,063		1,112,388
TOTAL NET ASSETS				6,487,602		6,636,126
REPRESENTED	BY:
Called up share	capital			100		100
RESTRICTED FUNDS
Restricted income	funds	22		21,127		28,750
UNRESTRICTED	FUNDS
General reserve		22		6,466,375		6,607,276
				6,487,602		6,636,126

							Note	2020	2019
Net cash	provided by operating		activities				28	307,994	386,199
Investing	activities
Dividends	and interest							16,512	22,422
Proceeds	from the sale oftangible		fixed	assets				2,150
Purchase	oftangible fixed assets							(200,824)	(349,917)
Proceeds	from sale of investments							57,759	58,405
Uninvested	cash increase							(24,003)	8,147
Purchase Repayment	of investments ofobligations under finance			leases				(30,090) 4,084	(54,745) ~4,084
Net cash	used in investing	activities						(182,580)	(319,772)
Financing	activities
Repayments of borrowing								(155,612)	(148,746)
Cash inflows from new borrowing									12,252
Financing	costs							(77,745)	~(79,388
Net cash	used in financing	activities						(233,357)	(215,862)
Decrease	in cash and cash equivalents				in the year			(107,943)	(149,435)
Cash and	cash equivalents	at the	beginning		of	the year		1,505,792	1,655,227
Cash and	cash equivalents	at the end		ofthe		year		1,397,849	1,505,792
Analysis	ofchanges in net debt
								Other
				1 September				non cash	31August
						2020f	Cash flow	movement F	2020
Cash at bank and in hand					1,505,792		(107,943)		1,397,849
Debt due	within one year
Bank loans						149,779	(151,528)	944,663	942,914
Debt due	after one year
Bank loans						944,663		(944,663)
Obligations under finance		leases				8,168	(4,084)		4,084
						403,182	47,669		450,851

Gross			6,717,794	6,678,584
Less:	Scholarships		123,467	117,155
	Bursaries		710,328	618,931
	Staff remissions		166,389	120,751
	CV19 Summer	tuition fees reduction	329,154
			1,329,338	856,837
			5,388,456	5,821,747

CHARITABL INCOME	E ACT	IVITIES	- A	NCIL	LARY TRADING
						2020	2019
						F
Pre- and After-school		educational		supervision		32,691	54,407
Entrance fees	and registration		fees			10,905	13,265
Fees in lieu of	notice	and late	payment		charges	34,375	50,281
Pupil transport						33,227	50,160
Commissions	and other income					199,573	193,591
						310,771	361,704

INVEST	MENTS - IN	VESTMENT	INCOME
					Total	Total
			Unrestricted	Restricted	2020	2019
					F
Securities	investment	income
Equities			8,782	866	9,648	12,444

					Total	Total
			Unrestricted	Restrictedf	2020 E	2019
Bank interest			6,863		6,864	9,978
. OTHER —GRANTS AND DONATIONS
					Total	Total
			Unrestricted	Restricted	2020	2019
Government	grants	—CJRS	207,069		207,069
Development	grants	and donations		2,000	2,000
Development	grants	and donations		25	25	608
The Westwoodians'		Association				1,000
Other donations			100	800	900	1,000
			207,169	2,825	209,994	2,608

7. ANALYSIS OF EX	PENDIT	URE
a) Total expenditure
		Staff Costs	Support	Depreciation	Total	Total
		(note 9)f	Costs	(note 12)	2020	2019
Costs of raising funds Financing costs (note 8)			75,917		75,917	78,888
Investment management	fees		3,666		3,666	3,862
Total costs of raising funds			79,583		79,583	82,750
Charitable expenditure
Education and grant making:
Teaching		3,812,037	395,513	72,914	4,280,464	4,195,844
Welfare		121,837	283,202		405,039	550,987
Premises		164,198	331,546	184,101	679,845	591,726
School administration		379,995	203,708	20,811	604,514	699,409
		4,478,067	1,213,969	277,826	5,969,862	6,037,966
Governance costs			22,969		22,969	13,319
Education and grant making		4,478,067	1,236,938	277,826	5,992,831	6,051,285
Total Expenditure		4,478,067	1,316,521	277,826	6,072,414	6,134,035

		2020	2019
		E	E
Remuneration paid to auditor for audit services		19,806	12,358
Depreciation oftangible	fixed assets (all owned)	277,826	247,810
Operating lease rentals:
- Land and buildings
- Other assets		49,913	54,742

8.	FINANCING	COSTS
				2020	2019
				F
	Bank interest			24,985	31,799
	Lease interest			668	668
	Bank charges			2,853	2,934
	Provision for bad and doubtful		debts	32,927	27,404
	Other costs			14,484	16,083
				75,917	78,888
9.	STAFF COSTS
				2020	2019
					E
	The aggregate	payroll costs	for the year were:
	Wages and salaries			3,551,622	3,512,688
	Social security	costs		330,714	331,703
	Other pension	costs		591,796	421,723
	Private medical	insurance		3,935	5,120
				4,478,067	4,271,234

The number of higher paid employees whose annua were F60,000 or more was:	l emoluments (excluding employer pens	ion costs)
	2020	2019
	No	No
F70,001 —280,000
2120,001 —F130,000

					2020	2019
					No	No
The number	with retirement		benefits	accruing:
—in Defined	Contribution	schemes was
					f
Of which the	contributions		amounted	to	5,337
- in Defined	Benefit schemes was
Of which the	contributions		amounted	to	45,984	32,095

he avera ollows:	ge m	onthly number of employees during	the year calculated on a head count	basis was
			2020	2019
Teaching			68	70
Teaching	support		24	22
Nursery			18	18
Welfare			11	10
Premises			10	10
Administrative		support	11	10
			142	140
Full time	equivalent		119	115

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. INVESTMENTS
					Total	Total
			Unrestricted	Restricted	2020	2019
			F
At 1 September 2019			258,458	37,158	295,616	304,209
Reinvested income
Amounts withdrawn						(7,945)
Investment management		fees	(3,202)	(464)	(3,666)	(3,862)
(Decrease)/Increase	in value of
investments			29,043	1,700	30,743	3,214
At 31August 2020			226,213	34,994	261,207	295,616
Investments comprise:
Listed investments
Equities			193,927	34,983	228,910	287,322
Cash			32,286		32,297	8,294
At' ,31August 2020			226,213	34,994	261,207	295,616

5,150	Royal London UTM UK Equity	14.5
6,250	Lindsell Train Ltd Global Equity B	10.7
10,750	FIL Inv Svcs UK Global	9.2
9,300	Unicorn Asset Management UK Income	9.0
10,000	lnt Public Partner Ordinary	7.3
42,980	Schroder Trust Income Maximiser	6.6
12,500	Montanaro UK Small Ordinary	6.6
20,000	Picton Prop Income Ordinary	6.2
1,400	NB Private Equity Class A Ordinary	5.8
2,500	Fundsmith LLP Equity Int	5.3
6,750	Utilico Emerging Market	5.2
9,711	GCP Infrastructure Ordinary	5.1

. DEBTORS
				2020f	2019
School fees receivable				118,177	124,329
Reserve for bad and doubtful		debts		80,036	57,832
				38,141	66,497
Other debtors				15,035	54,886
Prepayments and accrued income Amounts due from parent company				97,712	109,082 1,410
				150,888	231,875
. CREDITORS: amounts falling due			within one year
				2020	2019
Bank loans and overdrafts				942,914	149,779
Net obligations under finance		leases		4,084	4,084
Deposits from parents				17,906	29,844
Fees received from parents	in	advance		287,893	288,048
ofterm
Trade creditors				115,222	104,372
Taxation and social security				83,541	80,641
Other creditors				123,525	131,763
Accruals				70,707	131,299
				1,645,792	919,830
Summary of movements	in	deferred	income
Balance at 1 September 2019					288,048
Additional amounts deferred					287,893
Amounts transferred to SOFA in the year					(288,048)
Balance at 31 August 2020					287,893

. CREDITORS: amounts falling due after one year
	2020	2019
Bank loans and overdrafts		944,663
Net obligations under finance leases		4,084
Deposits from parents	166,063	163,641
	166,063	1,112,388

After 5years		120,843	98,825
Within 2 to 5 years		33,651	46,170
Within 1 to 2 years		11,569	18,646
Due after more than one year		166,063	163,641
Within 1 year		17,906	29,844
		183,969	193,485
. BANK LOAN
		2020	2019
		F	F
The bank loan is repayable	by instalments
Due after 5 years			302,757
Due within 2 to 5 years			487,965
Due within 1 to 2 years			153,941
Due after more than one year			944,663
Due within 1 year		942,914	149,779
		942,914	1,094,442

		2020f	2019
Amounts	falling due:
Due within	1 to 2 years		4,084
Due after	more than one year		4,084
Due within	1 year	4,084	4,084
		4,084	8,168

The fut	ure	minimum commitments	under non-cancellable operating le	under non-cancellable operating le	ases are:
			Land and buildings		Other
			2020	2019f	2020 E	2019
Within	1	year			54,743	54,743
Between		2 and 5 years			72,648	112,902
					127,391	167,645

			Total	Total
	Unrestricted	Restricted	2020	2019
		E	E	E
Tangible fixed assets	6,489,513		6,489,513	6,635,061
Securities investments	226,213	34,994	261,207	295,616
Net current assets/(liabilities)	(83,188)	(13,867)	(97,055)	817,837
Long term liabilities	(166,063)		(166,063)	(1,112,388)
	6,466,475	21,127	6,487,602	6,636,126

		At 1					At 31
		September					August
		2019	Income	Expenditure	Transfers	Losses	2020
		F	E	E	F		E
Restricted	Funds
Hannah Warner Scholarship		27,742	866	(464)	(6,518)	(1,700)	19,926
Elisabeth Fund	Little Prize	400		(1)			400
Enjoy Benefits			800	(632)			168
Prep play	area		2,000	(2,000)
The Giving	Tree	608	25				633
		28,750	3,692	(3,097)	(6,518)	(1,700)	21,127
Unrestricted	Funds
General Reserve		6,607,276	5,950,941	(6,069,317)	6,518	(29,043)	6,466,375
Total Funds		6,636,026	5,954,633	(6,072,414)		(30,743)	6,487,502

23. CAPITAL	COMMITMENTS	COMMITMENTS
At 31 August	2020, the	company	had capital	commitments	as follows:	2020	2019
Expenditure	contracted	for but not provided		in the accounts		Nil	Nil

RECONCILIATION OF NET INCOME	TO NET CASH INFLOW FROM OPERATING	TO NET CASH INFLOW FROM OPERATING	ACTIVITIES
		2020	2019f
Net (expenditure)/income for the year (as per the statement offinancial activities)		(148,524)	118,920
Adjustments for:
Depreciation charges		277,826	247,810
Losses/(gains) on investments		30,743	(3,214)
Dividends and interest from investments		(16,512)	(22,422)
Financing costs		75,917	78,888
Profit on the sale offixed assets		(2,150)
Decrease/(increase) in debtors		80,987	(33,896)
Increase in creditors		9,707	113
Net cash generated from operating	activities	307,994	386,199
ANALYSIS OF CASH AND CASH EQUIVALENTS
		2020	2019
		E	E
Cash at bank and in hand		1,397,849	1,505,792
Total cash and cash equivalents		1,397,849	1,505„792