COMPANY REGISTERED NO: 1229741 REGISTERED CHARITY NO: 271012 THE STUDY (WIMBLEDON) LIMITED REPORT AND FIIYANCIAL STATEMENTS 31 AUGUST 2021
THE STUDY (WIMBLEDON) LIMITF,D Page 12 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021 RLVJEII. OF AcHIEI'kMF.NTS. ACTINITIES A.YD FIITIIRE DEVFLOPfvfEYI TS The 2020121 academi¢ year has be¢n another dominated by ihe ¢ff¢cis of COVID-19. The first tern) saw a steady increase in infection numbers. generally. The School remained open and almost unaffected due to the vigilance of sthlT and a rigid Cleaning and Social di%tancing regiThe. The Spring temi Saw a government- directed closure of all schix)Is. The SchiM)I was prepared and moved all teaching online. The inconvenience to parents wa5 recognised by a reduciion in fess by 50/0. The Summer terni saw a semblanc¢ of norniality with all teaching in the summer terni taking place in the ¢l&ssroom. The School has maintained its buTsarv programme with additional support for some fwnilies in response to reques¢S due to the effects of the pandemic. Ai the year end the School had 313 pupils on roll. The School continues io achieve academic succe55 With number of pupils gaining scholarships, exhibitions and other su¢h awards to iheir fuiure schools. We are extremely proud ihal our girls gained places al some ofthe besi and most demanding senior day and boarding schools in the Country. Our pupils are once again also io be conbTratulated un iheir success in gainingT a total of 55 academic. sport. drama, art and music scholarships and awards. The Study holds the prestlbTiOUS Artsmark Gold. The School supported a wide range of extra<urricular activities including music and drama productions. sporting fixiur¢s. and numerous educational ViSi¢s. Many were adapied during lockdown, with drama and music productions being filmed and shown to parents onlin¢. For example. the Year 6 girls participated in the school production 'Legally Blonde. M'hich was filmed. Ih¢n SIrLned online via YouTube. This is now an established approach adopted &s 8 result of the pandemic. The production received excelleni reviews and The standard achieved was. as always. impressive. The School Council meet5 regularly and provides a forum for girls lo express their opinions and raise maiters concerning their school. Issues are d¢baled in class. and each class elects a representative who takes these views to ihe Sch()ol Council meeiings. The Schi)ol supports the wniinuous professional development of staff both ihrough training and regular performance asse55mertt. Educational training days for all sl&ff are held by the School during the school holidays and staff are encouraged to att¢nd a wid¢ range of external lrnining courses alongside vi5iling other educational inslitutions where wssible. Th¢ S¢h<)ol continues to improve it5 facilities. The major redevelopment of Ihe south side of Wilberfor¢e House was complet¢d during Ih¢ year. The Board of Govemor5 and its Development CoTnmittee Worked with architects. other prole5sional advisors and a construction finn to complete this fabulous new faci lity. The old single storey cla55room block was demolished lo make way for a new two storey building providing perforniing arts Centre, a new entrance with reception, office and attendant facilities, a library and six replacement classrooms. The ljoard is confident that tlie improved facilities will impact favourably on teaching and learning. The Governors held a successful, web-¢onference planning day in May 2021 to consider new ideas for future operations.
THE STUDY (mBLEDoN) LIMITED Page 13 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The School benefits from the generosity of a thriving parents association (The Study Association) whose Close SUPWrt 15 greatly appreciated. The parenis worked hard during the vear raising funds and njnning social events for the girls and their parent5. The Governors are grdteful to Th¢ Study Association for its continued support for the School. Vicky Ellis look up her TDle as Head at the beginning of the 2020121 acadernic year. FINANCIAI, REVIF.w AND RESiILTS FOR THE YEAR The Governors report a surplus of income over expenditure of £361.520 for the year ended 31 August 2021 compared with £388,346 for the year ended 31 August 2020. The Balanc¢ She¢l at 31 August 2021 Showed net assets of £9,168,357 compared with £8,806.837 at 31 August 2020. Reserves al the end of th¢ financial year the total reserves w¢re £9,168,357 {2020.' £8,806,837). RISK MAIY AGEMEYT In order lo review and mit]ge risk in a structured arkd systematic way the S¢hool has develoT*d a risk managemeni matrix and this 15 reviewed by senior managers and by the Board at least annually. Risk in this context refers to the prospect of uncertain events and their outcomes (hai may have a significant effect on= operational perforniance. the achievement of aims and obj¢ctives,' or meeting the expectations of stskeholders. The School monitors tenti&l risks in areas in¢luding governance, Strategy, financi. legal. external. reputation, complian¢¢ and personnel and has identified practices and procedures to Millte these risks. The Govemors are committed io monitoring the effectiveness of these controls through internal ¢omplian¢¢ monitoring and external audii by appropriately qualkfied profes5ion&ls. The Board considers the principal risk5 and uncertainties facing the School and th¢ir plans and sirategies for managing these risks to be: Sources of income.. The princip source of income is pupil fee5 which cover th¢ costs of running the School and of developments to continually enhance the educationa] offering. This risk is managed through fUSed marketing activities to ensure pupil numbers are sustained, by maintaining the highest standard repatIOn and through rigorous cash-flow control. The availability of the highest quality teaching and support statT: This risk is managed through effeclive recruitment predUreS, regular training for ail siaff and initiatives aimed at retaining key staff.
THE STUDY (WIMBLEDON) LIMITED Page 14 STRATEGIC REPORT FOR THE YEAR ENDED31 AUGUST 2021 GOiG Co%cEILN At ihe time of approving the financia] stsiements, the DirectOTS hav¢ a re&nable expectation the Company has adequate resources to coniinuing in OpelOnal existence for the foreseeable future. The Dir¢¢tors coniinue to monitor the impact of COVID-19 and tM)tential implications on future operations. The Directors have undertaken a number of scenario projections io understand the wlential impact on the business 8nd remain satisfied that the Comparty is able to meet its liabilities as tlw fall due over the nell 12 months. Thus the Directors coniinue io wjopt the going concern basis of a¢wunting in pparIng the financial Statements. Approved by the Board of Directors at its meeting on 30 NOveMr 2021 and signed on its behalf by.. ucker Chairman
THE STUDY (WIMBLEDON} LIMITED DIREcfoRS' REPORT FOR THE YEAR ENDED31 AUGUST 2021 The Board of Direciors are pleased to present th¢ir annual report for the year ended 31 August 2021 under the Companies Act 2006 and the Charities Act 201 l. together with the audited financial statements for the y¢ar. REFEREIYC.E AND ADMIP41S'fRATIN'E INFORMATION The Study Pr¢paralory School ('Ihe Study" Ihe School") was founded in 1893. On 14 October 1975 The Study (Wimbledon) Limited I'lhe Company" "the Charily"} w&s incorporat¢d under The Compazkies Act 1948, and on l O November 1975 it acquired the School as a going ¢oncem. The registered Company number of The Study (Wimbledon) Limited is 1229741, with the liabiliiy of it5 members limited lo £1 each by gu8rant¢¢. It is a registered Charity, number 271012. Th¢ Regisiered Office and principal address of the Company are at Spencer House, 4 Peek Crescent, Wimbledon Common, London. SW19 SER. DIRFCYOILS The Directors of the Company who are also ihe Charity Truste¢s and Ihe Govemors of The Study Pr¢paraiory School who served durin8 the year were: Mr J Tucker (Chairn14n) Mr J Bam¢s Mrs K Greenhalgh (retired 8 June 2021) Mr S Pole Mr5 M Aylett Mrs A F.lysee Mr5 C Facon Ms E Picken (appointed 8 June 20211 Mr R Lane Mr A Johnson Miss E Trapnell (appointed 15 September 2021) PRO.$410NA1. ADI'iSOK% AND KF.). Pfr.RSUNNTr.L The Head.. Miss V Ellis Bursar and S¢cTetary lo the Board of Governors.. Mr P Walker Address-. Th¢ Study Preparatory School Spencer House 4 Peek Crescent Wimbledon Common London SW19 SER Bankers.. Balay$ Bank Pl¢ Alexandra Road Wimbledon London SW19 7JZ Auditors.. Arnold Hill & Co LLP Craven House 16 Northumberland Avenue London WC2N SAP
THE STUDY (WIMBLEDON) LIMITED Page 16 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 0ErrS OF TIIF CH.4RITh' The Obje of the Chartty in accordance with its Articles of Association is the &lv8ncemenl of education. The principal aciivity of the Charity continue5 to be the provision of a Day School for 4 -1 l yearwold girls. STRI'cfi,'RF., GORlLCE MANAGEiIEYr GovenblDg Do¢ument The Company is governed by its Articles of Associatioo lasi amended on 20 January 2011. GoverDlng Body The Governors of the School are members of the Company. Director5 under the Companies Act 2006 and Trusiee5 &s defined by charity law. They are elecied at a full Directors Meeiing on the b&sis of nominations a¢¢ording to the Board's s]fIcatIOnS concerning eligibilit)., personal competen¢e. specialist skills and Ii)cal availabilily. The ienns for the pinent and removal of Governots ar¢18id down in the Articles of Associ10n. Under the Arti¢le5 of Association Trusitts serv¢ for an initial ierni offive years and may be re-appointed for up to maximum of two further l¢rnis of 3 years. The number of serving Govemors should be between three and twelve. Orgxnhitlonil M*na8ement The Directors m¢el at least four times a year to deiemiine generat rM)licy and lo receive recommendations from the five Committees. Academic arwj Pasiorai. Safeguardin& Finance. Health & Safely. Governance, and Development. Chged wilh the detailed implementation of those policies. The day-1041ay running of Ihe School is delegated to the Hea& th¢ Bursar and the Higher Management Team. Governor Committee responsibilities are &$ follows- Mrs C Facon Ms E Picken MrSMPole Mr J Tucker Mrs A Elysee Mr J Barnes Mrs M Aylett Mr R Lane Mr A John50n Miss E Trdpnell Healih & Safety. Finance Safeguarding Development Finance. Governance Finance Academic aTrJ Pasioral. Governance Governance Board Board Admissions and Marketing
THE STUDY (MBLED0) LIMfrED Page17 DIREcfoRS' REPORT FOR THE YEAR ENDED 31 AUGUST 2021 RecThitmellt & Training of Govtrnon The recruitment and induciion of neth. Govertv)rs is overseen by the Chairnwi in co$u1tIon with the Governance cotnmittee, the Boar the Headmistress and the Bursar. The Goiemors bring a wide variety of professional. commercial And charity experience. Thcir collective profession skills en¢ompass educatioo accountancy, bankin& law, corpordte governance, risk managemenl and Structural engineering. The Board is a member of the AssiKiation of Governing Bodie5 of Independenl Schools. and Governors attend seminars and forums hosied by them. and other appropria* training. Seven of the GovemoTS including the chaIrn are forni¢r pamits. Prof910#1 Associ#ti The Study Preparatory School is an active member of the Independent Association of Preparatory SChIs for the promotion and maintenance of preparatory 5ch(M)I standards generally and also takes part in peer group studies for the evaiuation of quality and perfomiance improvement rneths. The School is also a member of the Independent Schoo15 Association and the Independent Sch(M)l Bursars Associaiion. AIMS, OBJECrIS & AcHIEMETs Aims and Objeetiyes The Schix)l aims to provide the highest Stsndards of pre-prepardtory and preparntory schi)ol education and prepares pupils for entrance examinations to Senior sch]5. A wide range of academic and non-a¢ademi¢ activiiies are provided and the School strives to develop pupils and abilitie5 to the m&ximum ponti. A wide range of abilities are Caiered for from children needing 5cIal educational support to very gified and able pupils. The ieacher responsible for very able pupils is charged with the tssk of idenlifving and supporting particularlv gift¢d children and ensuring that challenging eensiOn work Is provided io them. The School has a speciat needs department suptM)ning children with a variety of needs including dyslexia and the School works in partnership with parents io provide supporL The School has systems and processes in place io help the full development of each child tn a saf¢ and secure environment. The S¢hty)I works to encourage good CItize$hip. It also seeks to develop a carin& tolerant and supponive community where girls learn to applate and respect differences in society. whether attributoble to disability, culiure or economic wellking. The School pronwtes charitable givin& The School strives to maintsin a positive relaiionship with the l(Ka] community, sharing resources and working iogeiher lo deal with l¢xal issues. The Schwl is pleased to participate in l(Kal cultural events and to share in festivals and fundraising events. Pt.'BLlC BEN'EFIT Under Section 17 of the Charilies Act 2011 the Governors must have regard to the guidan¢¢ issued by the Charity Commission on public benefit. When setting objectives and planning the Governors tske account of that guidance and the supplementar). guidance of the Commission on ihe advancemeni of education and on fee ¢harging.'fhey are also mindful of their responsibÉlity TnLxees io ensure prudent financial management.
THE STUDY IWIMBLEDON) LIMITED DIRECTORS, REPORT Page18 FOR THE YEAR ENDED 31 AUGUST 2020 The Governor5 are committed to widening ac¢ess to the fee-based educlOn offered by the School. They seek to promote public benefii through the provision of means iested bursaries to gir15 who would othenvise be unable to access the educatio opportunilies provided bv the School and thxough sharing resources, in¢luding the expertise of SlaTISt staff. with local schfy)Is. The availability of means-tesled bursaries is promoted through the school websiie and exiemai &Jvertisin& The Headmistress is active in seeking appropriate senior school places for girls requiring fee assistance io ensure ihat thev are able to ¢ontinue theireducation, if they so WIS w&thin the independent school sector when they leave the School at the end of year stx. The Study supported len pupils in the year to 31 August 2021 through means-tested bursaries. The cost of £56.231 was funded from income12020.. £47,735). In addition. a number of emergency bursaries iotslling £nil {2020: £11,340} were aw'arded to parents who were adversel). affected by the coronavirus pandemic. The School proTnotes charitable giving and the girls work hard io support two charities. one local and one national or intemaiional, selected each ierni by the girls and the staff. ITri'ESTfvIENT POLICY There are no restrictions on the School'5 poHer5 ofinvestment. The School has no investsnents and any surplus funds are pl&¢ed in short term deposits and inierest-bearing bank accounts. ALDITORS In accordance with Section 485 Oft CompleS Aa 2(K)6 a resolution proposingthe reapintment ofArnold Hill & Co LLP &s auditors will be put to the Company at the Annual General Meetin So far as the Dtrectors a awa. there is no relevant audit inforniation of Mthich the Company's auditors axe unaware. We have each taken all rhe Sieps that ive ought to have thken as the Company's Directors tn order to make ourselves aware of any relevani audit inforn)ation and to establish that the Company's auditors xTr aware of that infonnation. Approved by the Board of Direaors at lis meeting on 30 November 2021 and signed on its behalf by.. ucker Chaimian
THE STUDY (WIMBLEDON) LIMITED Page 19 DIRKcfoRS' RESPONSIBILrriES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 The purFrf)se of this statement is to distinguish the Directors, roponsibilities for the accounts from those of th¢ auditors &s stsied in their rert. Company law tequires the Dtrrftors to prepare accounts feach financial year which give a and fair view of th¢ stat¢ of affairs of ihe Company and of its net income or ¢xpendiiuTe for the year. In preparing the accounts th¢ Dir¢¢tors are required to.. select the most suitable accounting wtrlicies and then apply them consistently: observ¢ the methods and winciples in the Charities SORP: make judgements and estimal¢s are reasonable and wudent" stale whether applicable UK Accouniing Stsndard5 have been follow&1 subject to any mer] departures disclosed and explained in ihe financial sthtements. and prepare ihe aCcnts on the going concern basis Unl li is inappropriate Io &5sume that th¢ Company will continue in bsIness. The Directors are resrM)Thsibl¢ for keeping proper a¢Uting records which disclose. with reasonable accuracy, the financia] w>siiion of the Company at anv time, and to enable them to ensure the accounts comply with the Companies A¢1 2006. They are also responsible for safeguarding the Company's assets and those of its trust funds and ensuring their pro applicwion in accordance with cEwity law, and hence for lakin8 r¢a8onable slews for the prevention detection of error. fraud or oth¢r irregularities.
THE STUDY {WIMBLEDON) LIMITED Page 110 INDEPENDENT AUDITOILS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2021 OpiNIo We have audited the fin&181 statements of The Study (Wimbledon) Limited for the year ended 31 August 2021 set out on pages 14 to 27. The financial rerM)ning framework that h&s been applied in their preparaiion is the appli¢able law and Uni¢ed Kingdom Ac¢ouniing Swidards. Inc1j1n8 Financia] ReFx)rting Standard 102. the Financial ReFIng Standard applithle in ihe UK and Republic of Ireland IUnit¢d Kingdom Generally Ac¢epied Accounting Pracii¢e). In our opinion th¢ fInalA1 stst¢menls: give a irue and fair view of the slate of the chariiable Company's affairs as ai 31 August 2021 and of its incoming resources a1 applicaiion of resources. including income and expenditure for the year therk ended: have been properly prepared in accordance wilh Uniied Kingdom Get)ernlly Accepted Accounting Pracii¢e- and have been prepared in aCcOrdae with the requirements of the Companies Act 2(X)6 BA415 FnH Opiyioy We conducted our audii in accordance wilh ihe lnieml0aI Siandards on Audiiin8 IUKI {ISAs (UK)) and 8ppli¢able law. Our resp)nsibiliiies under ihose standards are further described in ihe Audiior's responsibilities for the audit of the ¢ounlS seciion of our rern. We are independent of The Siudy in accordance with the ¢ihical requirements thai are relevant io our audii of ihe 8c¢ounts in the UK, including the FRC'S Ethical Siandard. and we have fulfilled our oiher ethical resw)nsibilitie5 in 0rd&e with these requirements. We believe that the audit evidence we have obtained is sufficieni and appropriate to provide a basis for our opinion. Coyc'i.Ii%io%s RTr-I.ATlr. To GOING CoNrF.R We have nothing to ieport in respect of the following matters in relation to which ihe ISAS IUK) require us rewrt io you where.. the Directors LLqe of the 8Otng concern besis of accounting in the preparation of the accounts is not appropriate; or th¢ tlirectors have noi disclosed in ihe accounis any ideniified Materi uncertainlies Ihal may cast significani doubt atrul The Study's abiliiy ¢0 coniinue io adopi Ihe going concern basis of accounting for a period of 81 le&41 twelve month5 from the date when the 8c¢ounts are 8uth0ri5ed for issue. The rapid and fluid developm¢nl of the COVID-19 virus aTrJ its impacl on the global economy and businesses around the world {a5 explained in note l io the financia15tstementsl. indicate the existence of uncertainty which may cast doubt abo the Cornpanv's ability to continue &s a going concern. The financial 5taiements do not incllbde the adjustments that would result if the Company w&$ unable to continue &$ a going concern. ExTF.Yr To Wiiicii THE AI'DIT WAS CONSIDERED CAPABLE OF DETECTING IRREGI'I.ARITIF.S. The objectives of our audiL in resp io frnl. 8re.' to identify ar assess the risks of material misstatement of the financial st&ements due io fra. io obn sufficieni apprOprie audit evidence regarding the SeSSed risks of maierial misstalement due to fraud. through designing and implemenling appropriate resEx>tLses; and to reswnd approprialely ¢0 frnud or suspeded fraud idenlified during the audit. However. the primary responsibility for the prevention and deieciion of fraud resis wilh bthh ihose charged with governance of the entity and its management.
THE STUDY (WIMBLEDON) LIMITED Page111 INDEPENDEwf AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2021 Our approach was as follows: We ideniified ar of laws and regulations that could reasonably be expected to have a material effect on ihe financia] statements from our general commercial and stttor experience, and through discussion with the dire¢iors and other mawement (a5 required by audiling standards). and dis¢ussed with the direciors and other management the N)licits and procedures reg8rdin8 compliance with lam's and regulations. We wnsidered the legal and gUlatOry frameworks directly applicable io the finan¢ial statemenis rewning framework (FRS 102 and the Companies A¢1 2(KJ6) and the relevant w compliance regulations; We considered Ihe nawre of the industy, thecontrol envir(mment and bus1ft perfornlance, including the k¢y drivers for management's remuneration: We communicated identified laws and regulations throughout our team and remained alert to any indications of rKin4omplianc¢ throughout the a$11. We considered the procedures and controls that the company has established to address risks identified, or lh otherwise preveni, deter and ddect fraud: and how s¢nior mana8emeni monitors thos¢ procedLwes and controls. Based on ihis understanding we designed our Audii prtxedures to identify non-compliance with such laws and regulation5. Where the risk was considered to be higher. we Frfornied audit prLKedur¢5 10 address each identified fraud risk. Tlrse procedures included: iesling manual journals. reviewin8 the financial stai¢m¢ni dis¢losures and tesling to supponin8 documeniaiion- perforniing analy11c pr(edures' and enquiring of management. and were deSied to provide reasonable urance thal the financial 5Ltrments w¢r¢ free from frnud or error. Owin8 lo the ir¢herent limilations of aft audit. there 1$ an unavoidable risk that we may noi have detected some m&ieri81 misstatements in the financial stsiements, even though we have properly planned and perfornied our audit in accordance with auditing siandard5. For example. the further removed non4ompliance with laws and regulations (irregularities) is from the ei'ents and transactio$ refl¢¢d in the financial 51atements. the less likely the inherently limiied pr(Kedures required by auditirkgsw)dards would identify it. The risk is $0 greater regarding irregularities occurring due to fraud rather than error. as fra1 involves inlentlor concealment. forgery. collusion, omission or misrepresenwion. We are not reswnsibl¢ for preventing non-compliance and cannot be expected to detect nonomplian¢e wilh laws and regulatio8. OTHER INFORK4Tior41 The other inforniation comprises of Èhe inforniaiion ]luded in the annuai report. oiher ihan ihe accounts and our auditor's report thereon. The Direciors are re$rtsible for the otkr inforn]ation. Our opinion on the ac¢ounis does not cover the other inforn)aiion and. except to the exlent otherwise expltciily staled in our rety)rt, we do not express any fomi of assurarKe conclusion thereo
THE STUDY (WIMBLEDON) LIMITED Page 112 INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2021 In conneclion with our audit of the a¢counts. our responsibility is to read ihe other inforniation and. in doing so, Consider whether ihe other inforn)ation is maieriaily in¢onsislent with the accounts or our knowledg¢ obiained in the audit or otherwlse appears to be maieria]l)' misswed. If we ideniify such material inconsistencies or apparent materia] mi5slatement5, we are required io determine whether there is a maleria] misstatem¢ni in the ac¢ourkts or a material mi$5tstemeni of the other inforniaiion. If, b&sed on the work we have perforwned. we conclude ihat there is a material mTsstsiemeni of this other infoTmation. we are trquired io rewrt that Ft. We have nothing to rert in this regard. OpvNlO)s ON OTHER MATTERS PREScMED B). THE CoMp.INIE5 ACT 2006 In our opinion. based on the work underke in the ¢cwse of the audil: the infonnation given in ihe Directors. ReFrf)n for the financial year for which the filwicial staiements are prepared is consisient with the financiat atements. and the Direuors. Report h&$ been prepared in accord3n¢e with applicable legal requirem¢nts. MAfrERS O,y WcH WE ARE REQi"IRED To REPORT BI" L¥cEPTION In the light of ihe knowledge and understsnding of the Director5 and their environment obtained in the course of ihe audiL we hai'e not identified maieria] missthiements in the Directors. report. We have nothing to report in the respeci of the following mattels in relation to which the Companies Act 2006 requires us to rep)rt lo you if. in our opinion= equate &ccounting records have not been kew, or rebjrns adequate for our audit have ien received from branches Th)1 visited by u5. or the firtancial statements are not in agreement with the accounting rerdS and returns: or certain disclosures of directors, remuneration specified by law are tiol made; or we have noi received ail the inforn)ation and explan&ions we require for our audtL RESPONSI8ILtriES OF DIRECTORS As eXplned more fully in ihe Stsiement of Dir¢clors' Responsibiliti¢& ihe Directors are responsible for the preparation of the accounts and for being satisfied ihai they giv¢ a true and faiT view. and for such internal control as the Directors determin¢ is necessary io enable the preparation of acwunts that are free fmm material misstatemenL whether due to frdud or error. In preparing the ac¢ount& the Directors Are reS51ble forasse5sing The Study's ability to continue as a going concern, disclosin& as applicable, matteTS related io going con¢ern and using the going concern basis of accounting unless the DÉrectors either intend io liquidate the Company or to cease operations, or have no reaiisiic alternaiive but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AI'DIT OF THE FINLaAL STATEMENTS Our objectives are to obtain re&wnable assurane¢ aboLrt whether the accounts as a whole are free from material mis51aiement. whether due to fraud or error. and to issue an auditor's repon that includes our opinion. Reasonable &55urance is a high level of assurance. is noi a guarantee that an audit conducted in accordance with ISA5 (UK) will always deieci a material missiatement H'hen it exists. Misstatements can arise from fraud or error and are considered materiat if, individually or in ihe aggregate, Ihev could reasonably be expe¢ied to influence the economic decisions of users takerk on the b&sis of ihe5e accounts.
THE STUDY (WIMBLEDON) LIMITED Page 113 INDEPENDKNT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2021 A further description of our responsibilities for the alt of th¢ ants is Iated on the Financial ReFL)rting Council's website at.. http.'IlwiThi.frc.org.ukJauditorsrespx)nsibiliiies. This description fornis part of our auditor's report. USE OF OI'R RkpoRT This report is made solely lo th¢ Charity's Directors. &$ a bly, in accordance wilh section 144 of the Charities Aci 2011 and regulaiions made under seciion 154 of that Acl. Our aLMlil work ha5 been undertaken so that w¢ mighi state to the Charity's Llrectors those matters we are required to 5tste to them in an audiiors. report and for no other purpose. To the fvllest extent pennitted by law. we do noi ¥¢epl or &ssume responsibility 10 anyone other than th¢ Choriry and its Direclor5 a bThJy. for our audit worL for this repK)rL or for the opinions we have forn)ed. Steph8ni¢ Cl¢gg (Senior Statutory Auditor) For 4thd on behalf of ARNOLD HILL & CO LLP Chartered A¢coun¢anis & Siaiutory Auditors Craven House 16 Northumberland Avenue London WC2N SAP Dal¢'. 0410112022
THE STUDY (WIMBLEDON) LIMITED Page 114 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Restri eneral aLed Totsl unds unds R tTlCte Fullds Fun Not IliLoMING RESOiIRCES: Incoming Resources From Generated Fllnds Int¢rest DonatioTrs & Other Income Government Grants 4.481 211,620 4,483 211.620 18,654 216,583 23 18,677 216,583 13.140 229,241 13,140 229,243 52.853 288.090 52.853 288,113 23 Ineoming ResouTees From Charitable Activities Fee Income 4.540.362 4,540 362 4311,909 4,311909 To'i'AL 1C.OlING RESOI"RCES 4,769,603 4,769.605 4,599,999 23 4.600.022 RESOI'RCFS Us"LD: CbAritsble Activitie5 Teaching Property Administration 3,069,446 3.069,446 417,461 941,239 2,926,223 2,926,223 186,186 885,468 417,461 935,730 186.186 5,509 876,533 8,935 RESOI,"RC.ES USED IN YEAR 4,422.637 5,509 4,428,146 3,988.942 8,935 3.997.877 PE%iSJO) PROVISION 20.061 20,061 213,799 213,799 388,346 NFT MovbMENr IN FIINDS 367,027 (5,507) 361,520 397,258 (8.912} Transfer Between Reseryes NFT moi'E.%1FTl.WF111'Ds F()R THL YE,tR 367,027 (5.507) 361,520 397,258 (8,912) 388,346 Balances Brought Forward I September 2020 Balances Carried Forward 31 August 2021 £8,801,330 £5,507 £8,806.837 £8,404.072 £14,419 £8,418,491 £9.168.357 £9.168.357 £8,801.330 £5.507 £8,806,837 All the Company'5 activities are classed &s conlinuing. The Company had no recognised gains or losses other than the surplus for the year. The notes on page$ 18 to 27 fonn part of these financial statements.
THE STUDY (WIMBLEDOIY) LIMITED Page115 STA TEMEiYf OF FINANCIAL ACTtVlTIES FOR THE YEAR ENDED 31 AUGUST 2021 Gross Income from Ordinary Activities Interest R¢¢eivable 4,540.362 4.311.909 4.483 18.677 Ik)nations and (hher In¢om¢ 211,620 13.140 216.583 Governmeni Grants 52,853 Total Income 4,769,605 4,600.022 Total Expenditure 4.408 085 4211676 Net Income for ihe Year £361,520 £388,346 Total income Comprises £4,769.603 for unrestricied funds and £2 for restricted funds. A delailed analysis of income by sourc¢ is provided in ihe Statement of Financial Activities. The Summary Income and Expenditure A¢count is derived from the Ststem¢nt of Financial Activities on pa8e 14. All of th¢ Company's a¢tlVities are cla55ed continuin8. Th¢ nol¢s on pages 18 10 27 forni part of these financial stmiements.
THE STUDY {WIMBLEDON) LIMrrED BALANCE SHEET Page 116 AS AT31 AUGUST 2021 2021 021 2020 202 Notes FIXED ASSETS Tangibl¢ Assets Intangible Assets 9.313,280 17,050 9,330.330 7,487,014 7,487,014 CI'RREN7 ASSETS Debtors Cash.. . Bank and in Hand - J B Reed Deposii 76.916 3.31K>,513 49.425 3,1X)1.298 5,507 3,377.429 3.056.230 CIRRET LJABILTTIES: CRLDITORS: Amounts Falling t Within One Year (838,478) (888,902} NFT CI"RRE)T ASSETS ToT.4L AssE"TS LESS CI'RRENT LI.4BILJTIES CREDITORS.. Amounts Falling t)ue Aft¢r Mor¢ Than One Year 2,538.951 2,167,328 9.654.342 11.869.281 (2.507,186) (633,706) PROi'1510YS FOR LIABiLfTIES 13 (193.738) {213.7W) NET ASSETS £9.168.357 £8,806.837 FIN.1*4CkD BI.: Gener Fund J B Reed Bursary Fund 9,168.357 8.801,330 5.507 10 £9.168,357 £8,806,837 These financial statements were approved by the DItOrS on 30 November 2021 and are signed on their behalf by.. TUCKER Mrs C FACON Directors ConTrpany Registered No: 1229741 The noles on pages 18 10 27 fomj part of these financial Swements.
THE STUDY (mBLEDoN) LIMITED Page117 CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 NF,I' CASH FLOW FROM OPERATJNG AcYiviTIF.S 15 2,329.804 710.969 CAPITAL ExpENDITI,'RE PA Y%ffr.N'rs To AC.'QIIIRF TANGIBLE FIXED ASSFTS (2.040.579) {3,986,425) Rk'i'iiRNS ON INI'EsTMENrs AND SERVICING 4.483 18,677 16 INCREASEI(DEcRkASk) IN CASH 17 £293.708 £3,256.779 The notes on pa8es 18 to 27 fomi part of these financial statements.
THE STUDY (WIMBLEDON) LIMITED Page 118 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOi"NYING POLICIES ) Accounting CottveDtiOD The financial seMents are prepared under the historic cost convention and in ac¢ordance with AccouEtling and Reponing b>. Chariiies= Siaiement of Recommended Practice applicable to Charities preparing their accounts in accordance with ihe Finan¢ial Reporting Standards applicable in ihe UK and Republic of Ireland IFRS 102) (effective l JanuaTr 2015) - Charities SORP IFRS1021, Ihe Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2W6. The finattciat siaietnenis are prepared in sierlin& which is the functional CLwren¢y of the Company. Monetary amounts in these financial statements are rounded to th¢ nearest £ b) Going Con¢ern At the time of approving the finan¢Tal Statemen the Directors have a re&sonable expectstion that the Company has adequate resources to ¢ontinu&ng in oFMi0T exisience for the foreseeable fuiure. The Directors continue io monitor the impact of COVID-19 and p)tential implications on fre operations. The Directors have undertaken a number of scenario projeciion5 to understand the EX)teniial impact on ihe business and remain l$fied that the Company is able to meei its liabilitie5 as they fall due over the xI 12 months. ThtLS the Dire¢tor5 continue to &lopt the going concern basis of accounting in preparing the financiat stsiements. e) Turnover Turnover is made up of fees charged during the perifyl. SchrKJl fees relattng to future p¢riod5 are carried forward as fee5 in advarKe. d) Cajh and Casb Equivlellts Cash and c&sh equivalents are b&si¢ financia] &ssets and include c&8h in hand and deposits held at call with banks. e) Fixed Assets Fixed ets are included at cost less accumulated depreciation, excepl for land which is included at ¢ost. Fixed &8S¢ts are reviewed for impaim)ent each year. D Depreciation Depreciion is ¢alculaied so &$ to write off the cost le55 estiMcd residual value of all tsngible fixed assets. other than freehold land. by equat instalments over their eslimated useful lives as follows: Leasehold Land & Buildings Freehold Buildings over l O ye5 on cost Moior Vehicles over 50 years on cost Fixture. Fillings & Equipment over 4 years on cost Computer Equipment over 4 years on ¢05t Website Coms over 3 years on cost over 5 years on cost Depreciaiion of an &sset begins when it is available for . Depreciation xn respect of development projects commences once the development works are complete.
THE STUDY (mBLEDoN) LIMITED Page | 19 NOTES TO THE FINANCIAL STA TEMEiwrs FOR THE YEAR ENDED 31 AUCUST 2021 g) Book8, Stationery Dd Tea¢hlng Equipment Expenditure on b(M)ks, stationery and t¢a¢hing equipment is written off in 1he In¢ome and Expenditur¢ account as incurred. b) Fixtures and Fittings and Computer Equlptnent Major InallationS of fixlur¢s and fittings are included within fixed &55ets. Other fixtures and fittings and administrative computer equipmeni is written off in the Income and Expenditure account as incurred. i) Finallcial InstrumeDtJ The Company h&$ elected io apply ihe provisions of S¢ction I I 'Basi¢ Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils finan¢ial instruments. Financia] instruments are recognised in the Company's statement of financial p)sition when the Company becomes party to th¢ contractual provisions of the instrument. Basi¢ Fln¥n¢il Assets Basic financial assets, which include trade and other receivables and cash and bank balances, ar¢ initially measured at transa¢iion price including transaction costs and are subsequenily Carried at 8mortis¢d ¢osi using the effective interest method, les5 any impairn)ent. Interest is re¢ognised Ing th¢ eff¢¢liv¢ interest rate, exce for short-term receiv&ble5 when the recognition of inier¢st would b¢ immaterial. Basic FiBancial Liabilities Basic financial liabilities, including trade and other pavables are initially recognised at transaction price unless the arrangement constitutes a financing tfiqnsaction. where the debt insirument is measured at the present value of th¢ future payments discounted at a market rate of inierest. Debi instruments are subsequently carried at amortised cost, using the effective interesi rnle meihod. except for short-terni payables when the recognition of interest would be immaierial. j) Taxxtio The Company has been registered as a Charity under Section 3 of the Charities Act 1993. Accordingly, exemption from taxation under Seclion 505 of the Income and Corporation T&xes Act 1988 h&$ been granted. and therefore no provision for tsxation has been made in these accounts. k) PensioD ContributlODS Pension contributions are included in siaff costs under expenditure, and included in both leaching and administration resources as appropriate. The Company participates in the Teachers. Pension S¢h¢m¢ {TPS) and the Independent Schools. Pension S¢h¢m¢ {ISPSI. both multi-eTTtployer defined benefit schernes, and a]so in The Pension5 Trust defined contribution Scheme. l) Types of R¢sour¢¢s Exptnd¢d liem5 of expendilure are included in teAchin& property and administration resources used. The items are kept consistent year on year as to which type they are included in.
THE STUDY (WIMBLEDON) LIMITED Page 120 NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 AUCUST 2021 m) Restricted Funds Restricted funds represent income received by the school for restricted purpos¢s specified by the donor. n) Government Grants Governmeni grants are recognis¢d at the fair valu¢ of the asset receiv or rettivable when there is reasonable assurance thai the grant Conditions will be met and the antS will be r¢¢eived. Gov¢mment onI5 relating io turnover are recognised as income over the periods when the related costs are incurred. o) Leases Leases are cl&ssified as finance leases when¢v¢r the lernis of th¢ leas¢ transfer subslantia]ly a]1 the risks and rewards of ownership lo the lessees. All oiher leases are classified as operaiing leases. Assets held under finance leases are recognised as asset5 at the lower of the &55ets fair value at the date of inception and the present value of the minimum le&se payments. The related liability is in¢luded in the Balance Sheet as a finance lease obligation. Lease payments are treated as consi5titig of Capita] and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balan¢¢ of lh¢ liabilitv. 2. C1TABLE AcTJiryTIES Administratio 2021 Siaff Costs 2.608.008 575,356 3,183,364 171,485 25,778 Depreciation Loss on DispN)5ai of Fixed Asset 171,485 25,778 Office Cost5 220.198 49,562 38,468 269,760 165,671 92,224 191,506 School Equipment School Activities 127,203 92.224 191.506 50,505 3,069.446 School Lunches Other Costs 258.678 309.183 417,461 922.064 4,408,971 Share of Governance Costs 19,175 19.175 £3,069.446 £417.461 £941.239 £4.428.146 ADglysi$ by fuDd Unrestricted funds 3.069.446 417,461 935,730 5,509 £941,239 4,422,637 5.509 £4,428.146 Restricted funds £3.069,446 £417,461
THE STUDY (WIMBLEDON) LIMITED Page121 NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 AUGUST 2021 Staff Costs 2,562.426 5W,319 3.062.745 Depreciation Office Costs 64,463 64.463 121.723 128.202 36.042 249.925 123.645 Sch(M)l Equipment Sch(M)l Activilies 87.603 63,528 63.528 School Lunches 174.226 38.440 174.226 212,862 3.951,394 Other Costs 174.422 2.926.223 186.186 838.985 Share of Govemance Costs 46.483 46.483 £2.926,223 £186,186 £885.468 £3.997,877 Analyjls by hnd Unrestricted funds 2,926,223 186.186 876.533 3.988.942 Restricted funds 8.935 .935 £2.926.223 £186.186 £885.468 £3.997.877 3. EMPI,OI'LES The averag¢ number of employees (excluding Directots) who served during lh¢ year was as follows.. Texhing Staff Admini5tralive 39 25 49 12 61
THE STUDY {WIMBLEDON) LIMITED Page122 NOTES TO THE FINANCIAL STA TEmE1s FOR THE YEAR ENDED 31 AUGUST 2021 The number of employees who were ]d more £60.IMKI dvring the year was &$ follows: 202 £60.001 to £70.(KM) £70.001 to £80.0 £80.001 to £W.O(K) £90.001 io £I.(XI £100.1 to£l10.(KKI The t81 rnsiOn wst relating to employe¢s paid over £60.)0 during the year w&$ £71,046 {2020: £71,986). 4. RTr.MilNF.RATION OF KEI. MA%AGEMEIT PERSO%*EI. The remuneration of key managemeni personnel is as follows: ABgre8ate compensaiion £390.864 £387.057 None of the Direciors re1Ved any remunemion or were reimbursed for expenses during ihe year {2020.' £nil)-
THE STUDY (WIMBLEDON) LIMITED Page 123 NOTES TO THE FINANCIAL STATEMEI¥TS FOR THE YEAR ENDED 31 AUGUST 2021 FIXFD AsswTS LxDd ildin Cosl At I September 2020 101.133 8,433,959 87,282 96.668 ,719,042 Additions 17.050 45.451 .882.077 96,¢XJI 96.668 2,040,579 Disposals AI 31 Au8USt 2021 96,668 17,050 146.584 10316,036 87.282 96,001 10,662.953 Depreelatlon Ai I Seplemkr 2020 75.727 i.(K)1.350 87,282 67,669 1.232,028 Charge for Year Disposals At 31 August 2021 13.323 148.540 9.622 171.485 70,890 70.890 1.149.890 87,282 1332,623 Net Book V*lue At 31 August 2021 At 31 August 2020 £57.534 £9.166.146 £89,&)0 £9.330.330 £7 432 609 £28.999 £7 487.014 The CO of buildings included in fTe¢hold land and buildings is £1.574,087 (2020: £1,574.087). Included within Fixiures. Fittings & Equipmeni are a15 held under hire purchase agr¢ements with a net b(K)k value of £16.937 (2020: £25.406). Depreciation Che5 of £8,469 {2020.. £nil) wer¢ in¢urred in th¢ y¢ar on ikse assds.
THE STUDY (WIMBLEDON) LIMITED Page 124 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUCUST 2021 6. DEBTORS 202 2020 Trdde DeOr$ Prepaymenls Other Debtors 2,335 45.759 1.331 65,453 11,463 £76,916 £49,425 7. J B REED BIIRSARI. FI,'ND This fund has been held as a separate desI)a¢ed bank account under the control of ihe School. All movemenis in and out of this account are approved by the Board of Trustees. The fund was made available to assist girls to ¢ontinue their education. The fund w'as fully and finallv expended in the 2020121 financial year. 8. CREDITORS: AMOliNTS FAI,LING DI;'F. WI.rHI ONE YEAR 2021 202 Fees in Advance Pupil tkposits Trade Creditor5 (hher Creditors Accrua15 and Deferred Income Social S¢curity and Other Pension Costs Finan¢e Lease Bank Loan 199.461 114.495 94,619 201,041 94.330 83,118 85,626 312,260 107.109 5.418 139,275 108,201 5.418 177.009 £838.478 £888.902 9. CREDITORS: AMOL'Nts FALLING DI'E AFfER MORE THAN ONE YEAR 2021 020 Pupil Deposits Finance Lease Bank Loan 674,713 9.482 1,822.,991 618,805 14,901 £2.507.186 £633.706 Parents are required to pay an entry de$]1 of 500/0 of a term's fee on joining the School. Entry deposits are returned after the pupils have ¢omplei¢d their final tem at the School. As at 31 August 2021. the bank loan is secured by way of a fixed charge ov¢r the freehold property owned by the sch1.
THE STUDY IWIMBLEDON) LIMITED Page 125 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. REcoNciLIATION OF MOI'EMENTS IN RESER'Es 20 Surplus of Income over Exp¢nditur¢ for the Financial Year Interest Received in J B Reed Burs Fund Ouiflow from Bursori¢s Fund 367.027 397.258 23 8.935 Net Incre&8e in Reserves 361,520 388.346 Reserves at I September 2020 R¢s¢rv¢s at 31 August 2021 8,806.837 8,418.491 £9.168,357 £8.800,837 11. SIiAlU; CAPITAL The Company is limited by guarantee and does not have a share capitsl. The MlmuM liabiliiy of each member in the event of the Company being wound up is £1. 12. CoN'fROL The Company 15 under Ihe control of the Directors who also act as Governors to the School. 13. Pk'NSlO% CoN'rRIBI:'rioli Te•¢her'$ Pen$lon Scheme The School p£Ie1P8(¢s in the Teachers. P¢nsion Scheme I'the TPS") for ils leaching staff. The scheme 1$ a defined b¢nefit s¢h¢me in th¢ UK. 11 is not possible for the Company to obtain sutTicient inforniation to etiable it to account for the s¢heme as a defined benefii scheme. Therefore it account5 for the scheme as a defined conlribuiion heMe. The scheme is subjeci to the funding legislatiork outlined in the Pensions A¢1 2004 which came inio force on 30 December 2(X)5. This. together with documents issu¢d by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Rew>rting Council, set out the fr8mework for funding defined benefit occupational pension schemes in the UK. IDdepeDdent Schools, PensioD Scheme The School also participates in this scheme, a mulii-employer scheme which provides benefits to some 66 non-ass0¢ialed employers. The scheme is a defined benefi15cherne in the UK. It 15 not wssible for the School to obtain Sufficient infomiation to enable it to account for the scheme as a defined benefit scheme. Therefore it account5 for the scheme as a defined contribution scheme. The scheme is clgssified as a'last- man standing arrangement,. Therefore the Company is tentiallY liable for other participating employers, obligations if those employers are unable to meet their share of th¢ scheme defi¢lt following withdrawal from the scheme. Panicipaling employers are legally required to meet iheir share of ihe scheme deficit on an annuity pur¢h&s¢ basis on Wilhdraw from th¢ wh¢m¢. A full a¢iuariat valuaiion for the s¢h¢me was carried out with an effective dale of 30 September 2017. This actuarial valuation was certified on 27 December 2018 and showed assets of £149.4m, liabililies of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the trustee5 and the participating employers have agreed that additional contributions will be paid. in combination from all employer5, to the scheme. Where the scheme is in deficit and where the company ha5 agreed to a deficit fundin8 arrangement the Company recognises a liability for this obligation. The amount recognised is the net present value of the defi¢it reduction contributions payable under the aeMent that relates to th¢ d¢fi¢il.
THE STUDY (WIMBLEDON) LIMITED NOTES TO THE FINANCIAL STATEMENTS Pa%e 126 FOR THE YEAR ENDED 31 AUGUST 2021 The present value is ca]cul&ed using ihe discount rate and the unwinding of the discount rate is recolIsed as a finance ¢05t. Th¢ present value of the provision recognised in the financial statements as at 31 August 2021 is £193,738 with an &ssumed raie of discouni of 0.91P/• Fer annum. 14. CIiAJUTABI.E IX).%.4TIONS Accoi'yr The Charitable tA)nl0[L$ Accouffl 15 administered by ihe School. As ihis a¢¢ount IS sel up to hold charitable donations received and ihen pass ihese on to sp¢¢ific charities il 15 not included in the Study's balarKe sh¢¢l. 15. NFT CASH FLOII. FROM OpERATJ%G ACIJIITIES Nei Movement in Fund5 for the Year Inierest Received D¢pre¢iation Loss on Disposal of Fixed Ass¢1 (ln¢re&Se)/Drease in Debtors 1rtCree irk Creditors Net C&8h Inflow from Operating Aciivilies 361,520 (4,483) 171,485 25.778 127,491) 1,802.995 388,346 (18,677) 64.463 21.014 255.823 £2.329.804 £710.969 16. Rè'TI.'RNS ON INI'EST.¥ENT ASD SERI'ICISG OI FI%A%C£ Interesi Received Net C&sh Inflow From Returns LXJ Investments and Servicing of Financ¢ 4.483 18,677 £18,677 17. ANAI.ysis OF CHANGES 1% NET tem 202 Bank and Cash £3.¢N16.805 £293,708) £3.3IX).513 18. FJNAP4"CIAL Coii.MfTMEYrs A5 at 31 Aug51 2021, th¢ School w&5 committed to pay a tothl sum of £79.641 (2020.. £1,507.692) in respe¢t of developmeni ¢ost& which has provided for in the 2020121 accounts. The School was atso Committed io paying a fffjher £25.574 (2020: £nil) f website developm¢ni costs.
THE STUDY (WIMBLEDON) LIMITED Page 127 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR KNDED 31 AUGUST 2021 021 2021 2020 L+4COME: Fees Interest Donations & Other Income Government Grants 4,540.362 4.481 211.620 13.140 4.769.603 4,311,909 18.654 216.583 52.853 4,599.999 LESS: ExpEPiSES Stsff Costs Rates Light and H Telephone, Sthiiortery and Postsge IT Services and Equipment School B(K)ks Games and Outings Musica] Instruments Sundry Expenses Cleaning Repairs. Renewals and Maintenance Bank Inierest and Charges Loan Inieresl Insurdnce School Lunches tkpreciation of Wilberforce House Depreciation of Spencer House Depreciation on Le&sehold Pror¢rty Depreciation on Fixtures & Fittin&s Depreciation on Compuier Equipment Los5 on Disposal of Fixed Ass Bursaries 3,183,364 35.653 93.660 18.502 100,148 64250 92.224 .274 135J67 39.827 90.885 4,879 53.100 45.329 191.506 117.440 31.100 9.622 2.678 10.645 25.778 56231 3,062,745 30.199 39,338 19.103 72.364 50.529 63.946 752 106,671 109.099 52,186 2,834 46.269 174.?26 23.696 31,100 9,667 47.735 4.403,462 3.942,459 L&ss: Goi'EK%kYCE COSTS Audit Fee Legal and Pmf¢ssional Fees 7.200 11.975 7,800 38,683 19,175 46,483 Pension Provision 20,061 (213.799) Excess of Income over Expenditure for the Financial Year 367.027 397,258 Net Movement in Genernl Fund for the Financial Year 367.027 397.258 Balance on the General FUTKI at 8inning of Year 8.801.330 8.404.072 Balance on the General Fund at EtNI of Year £9,168,357 £8,801,330