##
##
|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Company,|its Trustees and advisers||
|Trustees' report||||2-13|
|Independent|auditor's
report|on the financial statements||14-17|
|Consolidated|statement
offinancial activities|||18|
|Consolidated|balance sheet|||19-20|
|Company
balance sheet||||21 -22|
|Consolidated|statement
ofcash flows|||23|
|Notes to the|financial statements|||24-46|
##
##
|Trustees|||AJ BBarnes||||
|---|---|---|---|---|---|---|
||||J M Donors||||
||||N D Hammond||||
||||J E Pdiory||||
||||T M N Lawson||||
||||GJ Piper||||
||||J JThompson||||
||||M J Ringer||||
||||M Sloan (appointed||19November 2019)||
||||A M Wakefield|(appointed||19November 2019)|
|Company|registered||||||
|number|||1468693||||
|Charity registered|||||||
|number|||279267||||
|Registered||office|Barrow Lane||||
||||Langton Green||||
||||Tunbridge
Wells||||
||||Kent||||
||||TN3 OEB||||
|Company|secretary||J E E Dix Perkin||||
|Independent||auditor|Crows U.K. LLP||||
||||Riverside
House||||
||||40 - 46 High Street||||
||||Maidstone||||
||||Kent||||
||||ME14 1JH||||
|Solicitors|||Thomson
Snail|and|Passmore||
||||3 Lonsdale Gardens||||
||||Tunbridge
Wells||||
||||Kent||||
||||TN1 1NX||||
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||||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|funds|
||||||2020|2020|2020|2019|
|||||Note|F|6|6||
|Income from:|||||||||
|Donations
and legacies|||||27,476||27,476|18,105|
|Charitable
activities||||||7,412,530|7,412,530|7,475,401|
|Other trading
activities||||||145,707|145,707|314,876|
|Investments||||||9,366|9,366|14,476|
|Other income||||||438,046|438,046||
|Total income|||||27,476|8,005,649|8,033,125|7,822,858|
|Expenditure
on:|||||||||
|Raising funds||||||110,360|110,360|203,500|
|Charitable
activities|||||7,564|7,515,314|7,522,878|7,133,584|
|Total expenditure|||||7,564|7,625,674|7,633,238|7,337,084|
|Net movement
in funds|||||19,912|379,975|399,887|485 774|
|Reconciliation offunds:|||||||||
|Total funds brought|forward|||||12,151,086|12,151,086|11,665,312|
|Net income attributable||to the parent|||||||
|Company|||||19,913|381,148|401,061|505,587|
||||||19,913|12,532,234|12,552,147|12,170,899|
|Net expenditure
attributable|||to non-||||||
|controlling
interests||||||(1,173)|(1,173)|(19,813)|
|Total funds carried forward|||||19,913|12,531,061|12,550,974|12,'151,086|
##
|||||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|---|---|
|||||AS AT 31|AUGUST 2020|||
|||||Note|2020f||2019f|
|Fixed assets||||||||
|Tangible assets||||13|12,772,649||13,166,324|
||||||12,772,649||13,166,324|
|Current assets||||||||
|Stocks||||15|8,781|1,184||
|Debtors||||16|333,194|283,831||
|Cash at bank and|in|hand|||3,546,078|3,232,219||
||||||3,888,053|3,517,234||
|Creditors: amounts||falling due within||one||||
|year||||17|(1,691,722)|(1,9SS,S70)||
|Net current assets|||||2,196,331||1,550,564|
|Total assets less current liabilities|||||14,968,980||14,71S,SSS|
|Creditors: amounts||falling due after||more||||
|than one year||||18|(2,418,006)||(2,565,802)|
|Net assets excluding|||pension asset||12,550,974||12,151,086|
|Total net assets|||||12,550,974||12,151,086|
|Charity funds||||||||
|Restricted funds||||20|19,912|||
|Unrestricted
funds||||20|11,170,265||10,789,117|
|Total funds|||||11,190,177||10,789,117|
|Non-controlling|interests||||1,360,797||1,351,969|
||||||12,550,974||12,151,086|
#
#
#
##
||||COMPANY BALANCE SHEET|COMPANY BALANCE SHEET|||
|---|---|---|---|---|---|---|
||||AS AT 31AUGUST 2020||||
||||Note|2020||2019f|
|Fixed assets|||||||
|Tangible assets|||13|10,027,227||10,375,085|
|Investments|||14|2,573,111||2,573,111|
|||||12,600,338||12,948,197|
|Current assets|||||||
|Stocks|||15|8,781|1,184||
|Debtors|||16|293,751|284,626||
|Cash at bank and|in|hand||3,509,864|3,197,352||
|||||3,812,396|3,483,172||
|Creditors: amounts||falling due within|one||||
|year|||17|(1,668,711)|(1,943,658)||
|Net current assets||||2,143,685||1,539,514|
|Total assets less|current liabilities|||14,744,023||14,487,711|
|Creditors: amounts||falling due after|more||||
|than one year|||18|(2,416,056)||(2,563,852)|
|Total net assets||||12,327,967||11,923,859|
|Charity funds|||||||
|Restricted funds|||20||||
|Designated
funds|||20|12,600,338|12,948,197||
|Unrestricted
funds|||20|(272,371)|(1,024,338)||
|Total unrestricted|funds||20|12,327,967||11,923,859|
|Total funds||||12,327,967||11,923,859|
##
##
##
##
##
||||||2020|2019|
|---|---|---|---|---|---|---|
||||||6|6|
|Cash flows from operating|activities||||||
|Net cash used
in operating|activities||||646,639|1,069,376|
|Cash flows from investing|activities||||||
|Dividends,
interests
and rents from investments|||||9,366|14,476|
|Purchase oftangible fixed assets|||||(107,901)|(206,897)|
|Net cash used in investing|activities||||(98,535)|(192,421)|
|Cash flows from financing|activities||||||
|Repayments
ofborrowing|||||(151,389)|(197,221)|
|Interest paid|||||(82,856)|(92,833)|
|Net cash used in financing|activities||||(234,245)|(290,054)|
|Change
in cash and cash|equivalents|in|the year||313,859|586,901|
|Cash and cash equivalents|at the beginning||ofthe year||3,232,219|2,645,318|
|Cash and cash equivalenhi|at the end of||the year|24|3,546,078|3,232,219|
|The notes on pages 24 to46 form part ofthese financial statements|||||||
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||Donations|
|---|---|
||Donations|
|4.|Income from charitable activities|
||Fees|
||Extras|
||Fees|
||Extras|
|Unrestricted|Total|
|---|---|
|funds|funds|
|2020|2020|
|8|8|
|7,252,813|7,252,813|
|159,717|159,717|
|7,412,530|7,412,530|
|Unrestricted|Total|
|funds|funds|
|2019|2019|
|7,197,312|7,197,312|
|278,089|278,089|
|7,475,401|7,475,401|
##
##
##
##
|||||||Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||2020|2020|
|||||||F|K|
|Summer|schools|courses|and|swim|school|125,884|125,884|
|School|facilities|letting||||19,823|19,823|
|||||||145,707|145,707|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2019f|2019|
|Summer|schools|courses|and|swim|school|287,036|287,036|
|School|facilities|letting||||27,840|27,840|
|||||||314,876|314,876|
##
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2020|2020|
||||5|6|
|Bank|interest|receivable|9,366|9,366|
||||Unrestricted|Total|
||||funds|funds|
||||2019|2019|
|Bank|interest|receivable|14,476|14,478|
##
##
##
##
##
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2019|2019|
||||Z|
|Staff|costs|162,114|162,114|
|Other|costs|41,386|41,385|
##
##
||||||Restiicted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||2020
F|2020
f|2020
6|
|Educational|expenses|||||4,885,498|4,885,498|
|Establishment||expenses||||734,346|734,346|
|Discounts,|bursaries||and|scholarships||550,128|550,128|
|Administration|||||7,564|1,262,486|1,270,050|
|Interest||||||82,856|82,856|
||||||7,564|7,515,314|7,522,878|
##
##
##
##
##
|Summary|by|fund|type|(continued)||||
|---|---|---|---|---|---|---|---|
||||||Restricted|Unrestricted|Total|
||||||funds|funds|funds|
||||||2019|2019|2019|
|Educational|expenses|||||4,531,489|4,531,489|
|Establishment||expenses||||715,224|715,224|
|Discounts,|bursaries||and|scholarships||560,419|560,419|
|Administration|||||10,000|1,223,619|1,233,619|
|Interest||||||92,633|92,833|
||||||10,000|7,123,584|7,133,584|
##
|||||||||Total|
|---|---|---|---|---|---|---|---|---|
||||||Staffcosts|Depreciation|Other costs|funds|
||||||2020|2020|2020|2020|
||||||6|6|6|6|
|Educationalexpenses|||||4,293,948||591,550|4,885,498|
|Establishment||expenses|||188,624||545,722|734,346|
|Discounts,|bursaries||and|scholarships|||550,128|550,128|
|Administration|||||424,124|501,548|344,378|1,270,051|
|Interest|||||||82,856|82,856|
||||||4,906,696|501,548|2,114,634|7,522,878|
##
##
##
##
|Summary
by expen|diture
type|(contin|ued)||||
|---|---|---|---|---|---|---|
|||||||Total|
||||Staffcosts|Depreciation|Other costs|funds|
||||2019|2019|2019f|20'I9|
|Educational
expenses|||3,852,240||679,249|4,531,489|
|Establishment
expenses|||177,867||537,357|715,224|
|Discounts,
bursaries|and scholarships||||560,419|560,419|
|Administration|||409,504|496,590|327,525|1,233,619|
|Interest|||||92,833|92,833|
||||4,439,611|49S,590|2,197,383|7,133,584|
|Auditor's
remuneration|||||||
||||||2020f|2019|
|Fees payable to the|Company's|auditor|for the audit ofthe Company's||||
|annual accounts|||||10,260|10,060|
|Fees payable to the|Company's|auditor|in respect of:||||
|Taxation compliance|services|||||1,002|
|Accounts preparation|||||1,980|1,940|
##
##
|Staff costs|||||||
|---|---|---|---|---|---|---|
||||Group|Group|Company|Company|
||||2020f|2019f|2020|2019f|
|Wages and|salaries||4,058,456|3,837,587|4,058,456|3,837,587|
|Social security costs|||369,227|355,710|369,227|355,710|
|Contribution|to defined contribution|pension|||||
|schemes|||584,532|408,428|584,532|408,428|
||||5,012,215|4,601,725|5,012,215|4,601,725|
##
##
##
##
|The average number ofpersons employed
by the Com|pany
during the year was as follows:||
|---|---|---|
||Group|Group|
||2020|2019|
||No.|No.|
|Teachers and matrons|74|76|
|Catering and domestic|18|17|
|Grounds and maintenance|7|6|
|Administration|11|11|
|Swim school|6|6|
|Other|6|6|
||122|122|
|Group|Group|
|---|---|
|2020|2019|
|No.|No.|
##
##
##
##
||||Short-term|Short-term||||
|---|---|---|---|---|---|---|---|
|||Freehold||leasehold|Motor|Fixtures and||
|||property||property6|vehicles
F|fittings
6|Total
F.|
|Cost||||||||
|At 1 September 2019||8,636,807||9,115,177|55,713|1,699,516|19,507,213|
|Additions||58,747||1,620||47,534|107,901|
|Disposals|||||(1,850)||(1,850)|
|At 31August 2020||8,695,554||9,116,797|53,863|1,747,050|19,613,264|
|Depreciation||||||||
|At 1 September 2019||3,018,005||2,068,878|46,360|1,207,646|6,340,889|
|Charge for the year||173,514||187,492|2,793|137,749|501,548|
|On disposals|||||(1,822)||(1,822)|
|At 31August 2020||3,191,519||2,256,370|47,331|1,345,395|6,840,615|
|Net book value||||||||
|At 31August 2020||5,504,035||6,860,427|6,532|401,655|12,772,649|
|At 31August 2019||5,618,802||7,046,299|9,353|491,870|13,166,324|
|Included
in freehold|property|is freehold|land|at cost of|F439,058 (2019 - F439,058)||which
is not|
|depreciated.||||||||
|||Short-term||||
|---|---|---|---|---|---|
||Freehold|leasehold|Motor|Fixtures and||
||property|property|vehicles|fittings|Total|
||5|8|6|6|F|
|Cost||||||
|At 1 September 2019|4,958,287|9,115,177|55,713|1,699,516|15,828,693|
|Additions|58,747|1,620||47,534|107,901|
|Disposals|||(1,850)||(1,850)|
|At 31August 2020|5,017,034|9,116,797|53,863|1,747,050|15,934,744|
##
##
##
##
##
##
||Investments|
|---|---|
||in|
||subsidiary|
||companies|
|Company|E|
|Cost||
|At 1 September 2019|2,573,111|
|At 31August 2020|2,573,111|
|Net book value||
|At 31August 2020|2,573,111|
|At31August 2019|2,573,111|
##
|The following were|subsidiary
u|ndertakings
o|ndertakings
o|fthe Compa|ny:|||||
|---|---|---|---|---|---|---|---|---|---|
|Names|Company|Registered||office or|Principal|activity||Class of|Holding|
||number|principal|place of|||||shares||
|||business||||||||
|Holmewood|00331126|Langton Green,|||Provision|offreehold||Founder|5po/0|
|House Properties||Tunbridge||Wells,|property|and|fixtures|shares||
|Limited||Kent, TN3||OEB|to Holmewood||House|||
||||||School|||||
|||||||||Bond shares|55'/a|
|||||||||AShares|100/0|
|Holmewood|05334651|Langton Green,|||Dormant|||Ordinary|Ipp/0|
|House Services||Tunbridge||Wells,||||||
|Limited||Kent, TN3||OEB||||||
##
##
##
##
|Stocks|||||||
|---|---|---|---|---|---|---|
||||Group|Group|Company|Company|
||||2020|2019|2020|2019|
||||K|E|||
|Finished|goods and goods for resale||8,781|1,184|8,781|1,184|
|Debtors|||||||
||||Group|Group|Company|Company|
||||2020|2019|2020|2019|
|Due within one year|||||||
|Trade debtors|||48,149|83,471|48,149|83,471|
|Amounts|owed by group undertakings||||1,740||
|Other debtors|||42,215|47,218|1,032|48,013|
|Prepayments||and accrued income|242,830|153,142|242,830|153,142|
||||333,194|283,831|293,751|284,625|
##
##
|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2020|2019|2020|2019|
|||6||5||
|Bankloans||176,384|197,218|176,384|197,218|
|Trade creditors||46,335|121,515|46,335|121,515|
|Corporation
tax||19,916|19,916|||
|Other taxation and social security||96,636|83,238|96,636|83,238|
|Other creditors||542,534|587,798|542,535|587,798|
|Accruals and deferred|income|809,917|956,985|806,821|953,889|
|||1,691,722|1,956,670|1,668,711|1,943,658|
##
##
##
##
##
|||||||||||Group|Group|Company||Company|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2020|2019|2020||2019|
|||||||||||E|5|K|||
|Bank loans|||||||||2,338,889||2,469,444|2,338,889||2,469,444|
|Accruals|and deferred|||income||||||77,167|94,408|77,167||94,408|
|Share capital treated as debt||||||||||1,950|1,950||||
||||||||||2,418,006||2,555,802|2,416,056||2,553,852|
|The entire||balance of||bank loans||shown||above|are|secured|by a legal charge over the|||freehold
and|
|leasehold||property|of Holmewood|||House||School|and by a charge over its|||shareholding|in|Holmewood|
|House Properties|||Limited. There are 3loans to be repaid by three instalments
each year, two ofthe final||||||||||||
|instalments||falling|due|in April 2031, and||||remaining||one
in|April 2025. Interest
is being|||paid
on the|
|respective||loans each month at a||||rate of1.985%above LIBOR, 3.90%fixed and 2.25% above base.|||||||||
|Accruals|and deferred|||income|includes||F77,167||(2019:F94,408) received|||by the School|under a single||
|advance|payment||scheme as||described||above.||||||||
|Financial||instruments|||||||||||||
|||||||||||Group|Group|Company||Company|
|||||||||||2020|2019|2020||2019|
|Financial||assets|||||||||||||
|Financial||assets measured
at|||amortised||cost||3,636,440||3,352,909|3,560,784||3,328,847|
|||||||||||Group|Group|Company||Company|
|||||||||||2020f|2019|2020
6||2019|
|Financial||liabilities|||||||||||||
|Financial||liabilities|measured||at amortised||||||||||
|cost|||||||||(4,580,716)||(3,655,000)|(4,577,620)||(3,549,953)|
##
##
##
|Statement offunds|- curren|t year|||||
|---|---|---|---|---|---|---|
|||Balance at 1||||Balance at|
|||September|||Transfers|31August|
|||2019
8|Income
8|Expenditure
f|inlout
6|2020|
|Unrestricted
funds|||||||
|Designated
funds|||||||
|Designated
Funds||13,166,324||107,901|(501,576)|12,772,649|
|General funds|||||||
|General Funds||(2,377,207)|8,005,649|(7,733,575)|502,749|(1,602,384)|
|Minority
Interest||1,361,969|||(1,173)|1,360,796|
|||(1,015,238)|8,005,649|(7,733,575)|501,576|(241,588)|
|Total Unrestricted|funds|12,151,086|8,005,649|(7,625,674)||12,531,061|
|Restricted funds|||||||
|Restricted
Fund|||7,564|(7,564)|||
|Community
Support|Fund||19,912|||19,912|
||||27,476|(7,564)||19,912|
|Total offunds||12,151,086|8,033,125|(7,633,238)||12,550,973|
##
##
|20.|Statement||offunds|(continued)||||||
|---|---|---|---|---|---|---|---|---|---|
||Statement||offunds|- prior year||||||
||||||Balance at||||Balance at|
||||||1September|||Transfers|31August|
||||||2018|Income|Expenditure|in/out|2019|
||Unrestricted||funds|||||||
||Designated||funds|||||||
||Designated||funds||13,457,936||207,848||13,166,324|
||General funds||||(3,174,406)|7,812,858|(7,534,932)|19,813|(2,377,207)|
||||||10,283,530|7,812,858|(7,327,084)|19,813|10,789,117|
||General funds|||||||||
||Minority||||1,381,782|||(19,813)|1,361,969|
||Total Unrestdcted|||funds|11,665,312|7,812,858|(7,327,084)||12,151,086|
||Restricted||funds|||||||
||Restricted|funds||||10,000|(10,000)|||
||Total offunds||||11,665,312|7,822,858|(7,337,084)||12,151,086|
|21.|Summary|offunds||||||||
||Summary|offunds||- current year||||||
||||||Balance at 1||||Balance at|
||||||September|||Transfers|31August|
||||||2019|Income|Expenditure|in/out|2020|
|||||||6|6|F|6|
||Designated||funds||13,166,324||107,901|(501,576)|12,772,649|
||General funds||||(1,015,238)|8,005,649|(7,733,575)|501,576|(241,588)|
||Restricted|funds||||27,476|(7,564)||19,912|
||||||12,151,086|8,033,125|(7,633,238)||12,550,973|
##
##
|21.|Summary
offunds (continued)|||||||
|---|---|---|---|---|---|---|---|
||Summary
offunds - prior year|||||||
|||Balance at|||||Balance al|
|||1September||||Transfers|31August|
||||2018|Income|Expenditure|in/out|2019f|
||Designated
funds|10,283,530||7,812,858|(7,327,084)|19,813|10,789,117|
||Minority interest|1,381,782||||(19,813)|1,361,969|
||Restricted funds|||10,000|(10,000)|||
|||11,665,312||7,822,858|(7,337,084)||12,151,086|
|22.|Analysis ofnet assets between|funds||||||
||Analysis ofnet assets between|funds|- current period|||||
||||||Restricted|Unrestricted|Total|
||||||funds|funds|funds|
||||||2020|2020|2020|
||||||6|F||
||Tangible fixed assets|||||12,772,649|12,772,649|
||Current assets||||19,912|3,868,140|3,888,052|
||Creditors due within one year|||||(1,691,722)|(1,691,722)|
||Creditors due in more than one year|||||(2,418,006)|(2,418,006)|
||Total||||19,912|12,531,061|12,550,973|
||Analysis ofnet assets between|funds|- prior period|||||
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2019|2019|
||Tangible fixed assets|||||13,166,324|13,166,324|
||Current assets|||||3,517,234|3,517,234|
||Creditors due within one year|||||(1,966,670)|(1,966,670)|
||Creditors due in more than one year|||||(2,565,802)|(2,565,802)|
||Total|||||12,151,086|12,151,086|
##
||||||Group|Group|
|---|---|---|---|---|---|---|
||||||2020
6|2019f|
||Net income for the|period (as per Statement of Financial Activities)|||399,887|485,774|
||Adjustments
for:||||||
||Depreciation
charges||||501,548|496,589|
||Interest paid||||82,856|92,833|
||Dividends,
interests|and rents from investments|||(9,366)|(14,476)|
||Loss on the sale of|fixed assets|||28|1,920|
||Increase
in stocks||||(7,597)|(605)|
||Increase
in debtors||||(49,361)|(86,634)|
||Increase/(decrease)|in|creditors||(271,356)|93,975|
||Net cash provided|by operating||activities|646,639|1,069,376|
|24.|Analysis ofcash and||cash equivalents||||
||||||Group|Group|
||||||2020
f|2019
f|
||Cash in hand||||3,546,078|3,232,219|
||Total cash and cash||equivalents||3,546,078|3,232,219|
|25.|Analysis ofchanges||in net debt||||
|||At 1||Other non-|At 31|
|---|---|---|---|---|---|
|||September||cash|August|
|||2019
6|Cash flows
F|changesf|2020f|
|Cash|at bank and in hand|3,232,219|313,859||3,546,078|
|Debt|due within
1 year|(197,218)|151,389|(130,555)|(176,384)|
|Debt|due after 1year|(2,471,394)||130,555|(2,340,839)|
|||563,607|465,248||1,028,855|
##
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##
|payments|und|er non-cancellable
operating
leas|es as follows:||||
|---|---|---|---|---|---|---|
||||Group
2020|Group
2019|Company
2020|Company
2019|
||||6||6||
|Not later than||1 year|104,480|104,480|293,480|293,480|
|I ster than|1 year and not later than 5years||211,822|420,782|967,822|1,176,782|
|Later than|5years||||1,198,208|1,387,726|
||||316,302|525,262|2,459,510|2,857,988|
##