| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the Governors | 2-10 |
| Independent auditors' report | 11-13 |
| Consolidated statement of financial activities | 14 |
| Consolidated balance sheet | 15 |
| Charity balance sheet | 16 |
| Consolidated statement of cash flows | 17-18 |
| Notes to the financial statements | 19-35 |
| Governors | Mrs C Sutcliffe (Chair) | Mr J R Paget |
|---|---|---|
| Dr R Day (Vice Chair) | Mrs S Richards | |
| Mrs C M Norman | Mrs D Sadd | |
| Mrs C Edwards | Mrs C Saunders | |
| Rev R Higgins | Mrs R Newton | |
| Mrs К Thompson | Mr D ATownend | |
| Dr A Main | Mrs AEwins | |
| Mrs N Bagshawe | ||
| Head | Mrs A Holloway MA (Oxon) PGCE | |
| Secretary | Mr G Ives | |
| Company registered number | 01584957 | |
| Charity Commission | ||
| registration number | 283708 | |
| Registered office and | ||
| principal address | Talbot Heath School | |
| Rothesay Road | ||
| Bournemouth | ||
| BH4 9NJ | ||
| Bankers | Lloyds Bank Pic | Barclays Wealth |
| Bournemouth Branch | County Gates House | |
| 45 Old Christchurch Road | 300 Poole Road | |
| Bournemouth | Bournemouth | |
| BH11ED | BH12BW | |
| Solicitors | Steele Raymond LLP | Wilsons Solicitors LLP |
| Richmond Point | St John's Street | |
| 43 Richmond Hill | Salisbury | |
| Bournemouth | Wiltshire | |
| Dorset | SPI 2SB | |
| BH2 6LR | ||
| Auditors | Saffery Champness LLP | |
| Chartered Accountants | ||
| Midland House | ||
| 2 Poole Road | ||
| Bournemouth | ||
| BH2 5QY | ||
| Investment advisers | Barclays Wealth | |
| County Gates House | ||
| 300 Poole Road | ||
| Bournemouth | ||
| BH12BW |
| Main Risks | Controls |
|---|---|
| Income, expenditure and cash flow | Regular financial reporting with strong budget planning and |
| controls | |
| Policy and political change | Monitoring the charitable aims and maximizing public benefit |
| Inferior quality teaching leading to poor | Robust teacher appraisal procedures and pupil achievement |
| external examination results | tracking systems _ ___ |
| Narrow curriculum leading to failure to recruit | Sufficient finance for excellent teacher recruitment and |
| pupils, particularly in the Sixth Form | curriculum resources |
| Site and infrastructure failure | Regular maintenance and asset management |
| Critical incidents | Effective crisis management and Health & Safety training |
| Dissatisfied stakeholders | Excellent communication and information through a range of |
| media including a vibrant and up-to-date website |
| Unrestricted | Designated | Restricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2020 | 2019 | ||
| Notes | £ | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | ||||||
| Donations, legacies and grants | ||||||
| Income from charitable activities | ||||||
| School fees receivable | 2 | 6,507,819 | 6,507,819 | 6,739,165 | ||
| Other trading activities | ||||||
| Letting income Sundry Investment income |
||||||
| Total income | 7,054,772 | 47,257 | 9,375 | 7,111,404 | 7,323,777 | |
| EXPENDITURE ON: | ||||||
| Charitable activities | ||||||
| Provision of education | 7,457,812 | 13,274 | 7,471,086 | 6,979,518 | ||
| Raising funds | ||||||
| Financing costs Investment management |
||||||
| Costs in relation to trading activities | ||||||
| Total expenditure | 4 | 7,676,762 11,684 7,701,720 13,274 |
7,142,504 | |||
| Net income before (losses)/gains | ||||||
| on investments | (621,990) | 35,573 | (3,899) | (590,316) | 181,273 | |
| Net (losses)/gains on investments | (41,095) | (31,120) | (72,215) | 155,095 | ||
| Net (deficit)/surplus | ||||||
| (663,085) | 4,453 | (3,899) | (662,531) | 336,368 | ||
| Transfers between funds | 28,807 | (28,807) | ||||
| Net movement in funds | 6 | (634,278) | (24,354) | (3,899) | (662,531) | 336,368 |
| Fund balances brought forward | ||||||
Fund balances carried forward |
1,996,123 | 48,569 | 11,268,738 | 11,931,269 |
| 2020 | 2019 | 2019 | |||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 8 | 12,823,709 | 12,962,337 | ||
| investments - Queensmount Fund - Prize Fund - Generai Fund |
|||||
| Current assets | |||||
| Stocks | 24Д79 | 20,367 | |||
| Debtors | 11 | 405,894 | 254,431 | ||
| Cash at bank and in hand | 708,505 | 565,833 | |||
| Cash held in deposit account | 1,472 | ||||
| 1,138,578 | 842Д03 | ||||
| Creditors: | |||||
| Amounts falling due within one year | 12 | (3,153,340) | (3,023,468) | ||
| Net current (liabilities)/ assets | (2,014,762) | (2,181,365) | |||
| Total assets less current liabilities | 15,093,277 | 16,082,152 | |||
| Creditors: | |||||
| Amounts due in more than one year | 13 | (3,643,059) | (3,959,185) | ||
| Provisions | 21 | (181,480) | (191,698) | ||
| Net assets | 14 | 11,268,738 | 11,931,269 | ||
| Represented by: | |||||
| Unrestricted funds | |||||
| General funds Designated funds Revaluation reserve Restricted Funds |
16 | ||||
| 11,268,738 | 11,931,269 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets Investments |
|||||
| - Queensmount Fund - Prize Fund |
|||||
| - General Fund - Rothesay Events Limited |
|||||
| Current assets | |||||
| Stocks | 24Д79 | 20,367 | |||
| Debtors | 11 | 413,737 | 273Д54 | ||
| Cash at bank and in hand | 648,914 | 449,322 | |||
| Cash held in deposit account | 1,472 | ||||
| 1,086,830 | 744,315 | ||||
| Creditors: | |||||
| Amounts falling due within one year | 12 | (ЗД51,630) | (3,006,074) | ||
| Net current assets | (2,064,800) | (2,261,759) | |||
| Total assets less current liabilities | |||||
| Creditors: | |||||
| Amounts due in more than one year | |||||
| Provisions | |||||
| Net assets | 11,218,701 | 11,850,876 | |||
| Represented by: | |||||
| Unrestricted funds | |||||
| General funds Designated funds Revaluation reserve Restricted Funds |
16 | ||||
| 11,218,701 | 11,850,876 | ||||
| Approved by the Governing Body on | and signed on its behalf by |
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Net cash (absorbed by)/provided by | 1 | (312,784) | 561,043 | ||||
| operating activities | |||||||
| Cash flows from investing activities | |||||||
| Bank and other interest received Dividends received |
|||||||
| Payments to acquire tangible fixed assets Proceeds from sales of tangible fixed assets |
|||||||
| Payments to acquire investments Proceeds from sales of investments |
|||||||
| Net cash inflow/(outflow) from capital | 767,783 | (5,709,753) | |||||
| expenditure and financial investment | |||||||
| Cash flows from financing activities | |||||||
| New long term bank loan | 3,443,763 | ||||||
| Bank loan repayments | (295,673) | (610,994) | |||||
| Net cash (outfIow)/infiow from financing | (295,673) | 2,832,769 | |||||
| activities | |||||||
| Change in cash and cash equivalents in the | 159,326 | (2,315,941) | |||||
| reporting period | |||||||
| Cash and cash equivalents at the beginning | of | (390,071) | 1,925,870 | ||||
| the reporting period | |||||||
| Cash and cash equivalents at the end of the | (230,745) | (390,071) | |||||
| reporting period |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| 1 | Reconciliation of net income to net cash | ||||
| flow provided by operating activities | |||||
| per statement of Met incoming resources |
(590,316) | 181,273 | |||
| financial activities | |||||
| Dividends receivable Depreciation |
|||||
| Profit on disposal of fixed assets Bank and other interest received (lncrease)/Decrease in debtors lncrease/(Decrease) in creditors Decrease in provisions |
|||||
| (!ncrease)/Decrease in stocks | |||||
| Net cash (absorbed by)/provided by | (312,784) | 561,043 | |||
| operating activities | |||||
| 2 | Analysis of cash and cash equivalents | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Net cash: | |||||
| Cash in hand at bank | |||||
| Short term deposits Overdraft facility Total cash and cash equivalents |
| 2 | School fees | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ | ||||
| Gross fees | 7,723,627 | 7,318,207 | |||
| Less: | |||||
| Total bursaries, grants and other | price differentials | (1,215,808) | (579,042) | ||
| 6,507,819 | 6,739,165 | ||||
| В | Sundry other income | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Other fees and surcharges Staff lunches |
|||||
| 4 | Analysis of total expenditure | ||||
| 2020: | |||||
| Staff costs | Other | Depreciation | Total | ||
| £ | £ | £ | £ | ||
| Charitable activities | |||||
| School operating costs: | |||||
| Teaching Welfare Premises Support costs of schooling |
|||||
| Cost of raising funds | |||||
| Financing costs Investment management |
|||||
| Expenditure on trading activities | |||||
| Total resources expended | 5,276,064 | 1,994,636 | 431,020 | 7,701,720 |
| 2019: | ||||
|---|---|---|---|---|
| Staff costs | Other | Depreciation | Total | |
| £ | £ | £ | £ | |
| Prior year | ||||
| Charitable activities | ||||
| School operating costs: | ||||
| Teaching Welfare |
||||
| Premises Support costs of schooling |
||||
| Cost of raising funds | ||||
| Financing costs | 100,214 | 100,214 | ||
| Investment management | 30,671 | 30,671 | ||
| Expenditure on trading activities | 32,101 | 32Д01 | ||
| 162,986 | 162,986 | |||
| Total expenditure | 4,818,687 | 2,048,421 | 275,396 | 7,142,504 |
| 2020 | 2019 | |||
| Within support costs there are the following governance | costs: | |||
| Criminal Records Bureau ISC inspection |
||||
| Audit Governors' liability insurance |
||||
| Governors' expenses reimbursed Legal fees |
||||
| Other professional fees |
| laries and wages | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Salaries | 4,186,306 | 3,978300 |
| National insurance contributions | 385,616 | 368,786 |
| Pension costs | 704,142 | 471,601 |
| 5,276,064 | 4,818,687 |
| Fulltime | Fulltime | Part time | Full time | Part time |
|---|---|---|---|---|
| 2020 | 2020 | 2019 | 2019 | |
| Teaching | ||||
| Administrative and domestic | ||||
| e number of higher paid employees was: | ||||
| 2020 | 2019 | |||
| No | No | |||
| ElOO.OOO-EllO^OO | 1 | 1 | ||
| £60,000-£70,000 | 1 | 1 | ||
| Total | 2 | 2 |
| Net movement in funds | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| This is stated after charging: | ||
| Auditors' remuneration (including VAT): | ||
| -for audit | 16,740 | 16,600 |
| -for other services | 6,486 | 10,644 |
| Depreciation: | ||
| - owned fixed assets | 431,020 | 275,396 |
| 8 | Fixed assets | |||||
|---|---|---|---|---|---|---|
| Freehold | Furniture | Computer | ||||
| Land & | & fittings & | Motor | & office | |||
| Buildings | equipment | vehicles | equipment | Total | ||
| Group and charity | £ | £ | £ | £ | £ | |
| Cost | ||||||
| 1 September 2019 | 14,536,606 | 1,601,608 | 284,975 | 1,431,607 | 17,854,796 | |
| Additions | 166,868 | 67,023 | 15,376 | 43Д26 | 292,393 | |
| Disposals | (8,418) | (14Д28) | (1,970) | (24,516) | ||
| 31 August 2020 | ||||||
| Depreciation | ||||||
| 1 September 2019 Charge for the year |
||||||
| Eliminated on disposals | ||||||
| 31 August 2020 2,129385 1,508,502 248,482 |
5,298,964 | |||||
| Net book value | ||||||
| 31 August 2019 | ||||||
| 31 August 2020 | 12,574,089 | 151,711 | 37,741 | 60Д68 | 12,823,709 |
| Total fixed asset investments comprise: | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Investments listed on a recognised stock | 3,957,332 | 4,881,069 | 3,957,332 | 4,881,069 |
| exchange | ||||
| Other investments - deposits | 326,998 | 420Д11 | 326,998 | 420Д11 |
| Unlisted investments | 1 | 1 | ||
| 4,284330 | 5,301,180 | 4,284,331 | 5,301,181 | |
| Investment movements: Market value at 1 September 2019 Additions |
Charity | |||
| Disposal proceeds Profiten disposal |
||||
| Deficit on revaluation at 31 August 2020 | ||||
| Market value at 31 August 2020 | 4,284,330 | 5,301,180 | 4,284,331 | 5,301,181 |
| Historical cost at 31 August 2020 | 3,716,770 | 4,564,166 | 3,716/770 | 4,564,167 |
| Analysis of investments: | Group | Charity | ||
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Cash | 326,996 | 420Д12 | 326,996 | 420Д12 |
| Equity shares | 3,656,228 | 4,326,260 | 3,656,229 | 4,326,261 |
| Fixed interest securities | 301,106 | 554,808 | 301,106 | 554,808 |
| 4,284,330 | 5,301,180 | 4,284,331 | 5,301,181 |
| Name of undertaking | Registered office | Class of share held | % Held |
|---|---|---|---|
| Rothesay Events Limited | Talbot Heath School, | Ordinary | 100.00 |
| Rothesay Road, BH4 9NJ |
| Group | Charity | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Trade debtors | 258,308 | 154,380 | 252,620 | 153,020 |
| Other debtors | 6,400 | 124 | 21,098 | 20,207 |
| Prepayments | 141Д86 | 99,927 | 140,019 | 99,927 |
| 405,894 | 254,431 | 413,737 | 273Д54 |
| Group | Charity | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Bank loans Bank overdraft |
||||
| Trade creditors Fees received in advance |
||||
| Deposits Tax and social security |
||||
| Other creditors Accruals |
| Group and charity | Group and charity | |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Bank loan | 3,643,059 | 3,959,185 |
| Analysis of loans | ||
| Wholly repayable within 5 years: | 1,968,880 | 1,887,070 |
| Not wholly repayable within 5 years by | 1,674,179 | 2,075,115 |
| instalments: | ||
| Loan maturity analysis | ||
| In more than one year but not more than two | ||
| years | ||
| In more than two years but not more than five | ||
| years | ||
| In more than five years |
| Net current | Long term | Fund | |||
|---|---|---|---|---|---|
| Fixed assets assets/liabilities | liabilities | Provisions | balances | ||
| £ | £ | £ | £ | £ | |
| Unrestricted funds | 17,072,039 | (2,027,331) | (3,643,059) | (181,480) | 11,220,169 |
| Restricted funds | 36,000 | 12,569 | 48,569 | ||
| Total funds | 17,108,039 | (2,014,762) | (3,643,059) | (181,480) | 11,268,738 |
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| Balance | Transfers and | Balance | |||
| 1 | September | incoming | Resources | gains/ (losses) | 31 August |
| 2019 | resources | expended | on investments | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds: | |||||
| School funds | 9,404,968 | 7,054,772 | (7,676,762) | 132,074 | 8,915,052 |
| Designated funds: | |||||
| Queensmount fund Prize funds |
|||||
| Revaluation reserve 737,015 567,557 |
|||||
| 11,878,801 | 7Д02,029 | (7,688,446) | (72,215) | 11,220,169 |
| und balances as follows: | ||
|---|---|---|
| General school | Designated | |
| fund | fund | |
| £ | £ | |
| Carried forward fund balance as above | 8,915,052 | 1,737,560 |
| Revaluation reserve | 308,994 | 258,563 |
| 9,224,046 | 1,996,123 |
| Balance | Transfers and | Balance | |||
|---|---|---|---|---|---|
| 1 | September | Incoming | Resources | gains/ (losses) | 31 August |
| 2018 | resources | expended | on investments | 2019 | |
| £ | £ | £ | £ | £ | |
| Prior year | |||||
| General funds: | |||||
| School funds | 7,752,831 | 7,172,052 | (7,122,253) | 1,602,338 | 9,404,968 |
| Designated funds: | |||||
| Queensmount fund | 2,753,847 | 64,835 | (11,878) | (1,089,090) | 1,717,714 |
| Prize funds | 20,924 | 280 | (2Д00) | 19Д04 | |
| 2,774,771 | 65,115 | (13,978) | (1,089,090) | 1/736,818 | |
| Revaluation reserve |
| und balances as follows: | ||
|---|---|---|
| General school | Designated | |
| fund | fund | |
| £ | £ | |
| Carried forward fund balance as above Revaluation reserve |
| 16 | Restricted funds | |||||
|---|---|---|---|---|---|---|
| Balance | Transfers and | Balance | ||||
| 1 September | Incoming | Resources gains/ (losses) | 31 August | |||
| 2019 | resources | expended on investments | 2020 | |||
| £ | £ | £ | £ | £ | ||
| Prize funds; | ||||||
| Mary Broad | ||||||
| Scholarship | ||||||
| Cordelia Westcott | ||||||
| Travel scholarship | ||||||
| Angela Feigate | ||||||
| Classics fund | ||||||
| The Hub Project | ||||||
| Balance | Transfers and | Balance | ||||
| 1 September | Incoming | Resources gains/ (losses) | 31 August | |||
| 2018 | resources | expended on investments | 2019 | |||
| £ | £ | £ | £ | £ | ||
| Prior year | ||||||
| Prize funds: | ||||||
| Mary Broad | 21,227 | 285 | (130) | 21,382 | ||
| Scholarship | ||||||
| Cordelia Westcott | 3,733 | 50 | (2,440) | 1,343 | ||
| Travel scholarship | ||||||
| Angela Feigate | 12,995 | 174 | (3,703) | 9,466 | ||
| Classics fund | ||||||
| The Hub Project | 34,176 | 86Д01 | (100,000) | 20,277 | ||
| 72Д31 | (4,867) | (100,000) | 52Д68 | |||
| 17 | Reconciliation of movements in unrealised gains on investment assets | |||||
| Queensmount | General | Total | Total | |||
| Fund | Fund | 2020 | 2019 | |||
| £ | £ | £ | £ | |||
| Unrealised gains at | 1 September 2019 | 283,659 | 453,356 | 737,015 | 995Д68 | |
| Deduct disposals in | the year | 11,428 | (45,040) | (33,612) | (3,756) | |
| 295,087 | 408,316 | 703,403 | 991,412 | |||
| Losses arising on revaluations in the | ||||||
| year | (36,524) | (99,322) | (135,846) | (254,397) | ||
| Unrealised gains at | 31 August 2020 | 308,994 |
| Non-cancellable operating leases which expire: | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Within one year Within 2 to 5 years |
| Group and charity | Hub retention |
|---|---|
| £ | |
| At 1 September 2019 | 191,698 |
| Released in the year | (10,218) |
| At 31 August 2020 | 181,480 |