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||**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||
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|**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|
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|||**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|
##
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|||**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**|||||
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|**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|
##
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|**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_||||
##
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|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|
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