2021-08-31-accounts - Talbot Heath School Trust Limited

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				Page
Legal and administrative		information
Report ofthe	Governors			2-10
Independent	auditors'	report		11-14
Consolidated	statement	offinancial	activities	15
Consolidated	balance sheet
Charity balance sheet				17
Consolidated	statement	ofcash flows		18-19
Notes to the	financial statements			20-36

Governors	Governors			Mrs CSutcliffe	(Chair)	(Chair)	(Chair)	Mr M Ford-Horne
				Dr R Day (Vice	Chair)			Mrs S Richards
				Mrs C M Norman				Mrs D Sadd
				Mrs C Saunders				Dr A Main
				Rev R Higgins				Mrs R Newton
				Mrs KThompson				Mr D A Townend
				Mrs A Ewins
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	300Poole Road
				Bourne mouth				Bournemouth
				BH1 1ED				BH1 2BW
Solicitors				Steele Raymond		LLP		Wilsons Solicitors	LLP
				Richmond Point				St John's Street
				43 Richmond Hill				Salisbury
				Bournemouth				Wiltshire
				Dorset				SP12SB
				BH2 6LR
Auditors				Saffery Champness			LLP
				Chartered Accountants
				Midland House
				2 Poole Road
				Bournemouth
				BH2 SQY
Investment		advisers		Barclays Wealth
				County Gates House
				300Poole Road
				Bourne mouth
				BH1 2BW

Risk management
The Board ofGovernors	has compiled a risk			register,	identifying the major risks	to which the company	is exposed,		by
assessing the potential	impact and likely occurrence				ofeach risk. The assessment ofsuch has enabled		the Governors
to develop risk-handling	options	for each		major risk. The risk register is reviewed on a termly basis by the				sub-
committees and reported to the full Board.				A description ofthe principal risks and uncertainties facing the company
together with the plans	and strategies for managing				those risks are:
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	leadingto	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	2021	2020
				Notes	f	f	f	f	f
INCOME AND ENDOWMENTS			FROM:
Donations, legacies and		grants			1,223,576		1,502	1,225,078	199,519
Income from charitable		activities
School fees receivable				2	6,882,740			6,882,740	6,507,819
Other trading activities
Letting income					109,133			109,133	116,313
Sundry					214,497			214,497	172,212
Investment income					52,725	44,584	(276)	97,033	115,541
Total income					8,482,671	44,584	1,226	8,528,481	7,111,404
EXPENDITURE ON:
Charitable activities
Provision ofeducation					7,289,695		301	7,289,996	7,471,086
Raising funds
Financing costs					198,239			198,239	200,324
Investment management					14,533	13,069		27,602	28,382
Costs in relation to trading			activities		7,808			7,808	1,928
					220,580	13,069		233,649	230,634
Total expenditure				4	7,510,275	13,370		7,523,645	7,701,720
Net income before gains/(losses)
on investments					972,396	31,214	1,226	1,004,836	(590,316)
Net gains/(losses) on investments					337,929	137,908		475,837	(72,215)
Net surplus/(deficit)					1,310,325	169,122	1,226	1,480,673	(662,531)
Transfers between funds					240,779	(223,866)	(16,913)
Net movement in funds				6	1,551,104	(54,744)	(15,687)	1,480,673	(662,531)
Fund balances brought	forward				9,224,046	1,996,123	48,569	11,268,738	11,931,269
Fund balances carried forward				15/16	10,775,150	1,941,379	32,882	12,749,411	11,268,738

					2021		2020
				Notes	F
Fixed assets
Tangible assets						12,499,158		12,823,709
Investments
Queensmount		Fund			2,354,377		1,993,578
Prize Fund					70,000		70,000
General	Fund				2,363,701		2,220,752
WVB Fund					658,526
Other Fund					124,189
						5,570,793		4,284,330
						18,069,951		17,108,039
Current assets
Stocks					11,165		24,179
Debtors					381,571		405,894
Cash at bank	and in	hand			584,548		708,505
Cash held in	deposit	account
					977,284		1,138,578
Creditors:
Amounts falling due		within one year		12	(2,930,182)		(3,153,340)
Net current	(liabilities)/		assets			(1,952,898)		(2,014,762)
Total assets	less current		liabilities			16,117,053		15,093,277
Creditors:
Amounts due in more than one year						(3,186,162)		(3,643,059)
Provisions				19		(181,480)		(181,480)
Net assets				14		12,749,411		11,268,738
Represented	by:
Unrestricted	funds
General funds				15		10,424,218		8,915,052
Designated funds				15		1,547,646		1,737,560
Revaluation	reserve			15		744,665		567,557
Restricted Funds				16		32,882		48,569
						12,749,411		11,268,738

					2021			2020
				Notes	f		F
Fixed assets
Tangible assets						12,499,158		12,823,709
Investments
Queensmount		Fund			2,354,377		1,993,578
Prize Fund					70,000		70,000
General	Fund				2,363,701		2,220,752
WVB Fund					658,526
Other Fund					124,189
Rothesay Events Limited					1
						5,570,794		4,284,331
						18,069,952		17,108,040
Current assets
Stocks					11,165		24,179
Debtors					362,392		413,737
Cash at bank	and in	hand			507,086		648,914
Cash held in	deposit	account
					880,643		1,086,830
Creditors:
Amounts falling due		within one year		12	(2,921,512)		(3,151,630)
Net current	assets					(2,040,869)		(2,064,800)
Total assets	less current		liabilities			16,029,083		15,043,240
Creditors:
Amounts due in more than one year				13		(3,186,162)		(3,643,059)
Provisions				19		(181,480)		(181,480)
Net assets						12,661,441		11,218,701
Represented	by:
Unrestricted	funds
General funds				15		10,336,248		8,865,015
Designated funds				15		1,547,646		1,737,560
Revaluation	reserve			15		744,665		567,557
Restricted Funds				16		32,882		48,569
						12,661,441		11,218,701
Approved by	the Governing		Body on				and signed	on its behalf by

							2020
				Notes	f
Net cash	provided by/(absorbed by)					943,343		(312,784)
operating	activities
Cash flows from investing		activities
Bank and	other interest received				(257)		1,013
Dividends	received				97,290		114,528
Payments	to acquire tangible fixed assets				(75,647)		(292,393)
Payments	to acquire investments			(2,913,867)			(1,020,975)
Proceeds	from sales of investments				2,282,078		1,965,610
Net cash	(outflow)/inflow	from capital				(610,403)		767,783
expenditure and financial		investment
Cash flows from financing		activities
Bank loan repayments					(456,897)		(295,673)
Net cash	outflow from financing activities					(456,897)		(295,673)
Change	in cash and cash	equivalents	in	the		(123,957)		159,326
reporting	period
Cash and	cash equivalents	at the beginning		of		(230,745)		(390,071)
the reporting period
Cash and cash equivalents at the			end	of the		(354,702)		(230,745)
reporting	period

								2021		2020
1	Reconciliation ofnet	income		to net cash
	flow provided by operating			activities
	Net incoming resources		per	statement	of			1,004,836		(590,316)
	financial activities
	Dividends receivable						(97,290)		(114,528)
	Depreciation						400,198		431,020
	Bank and other interest		received				257		(1,012)
	(Increase) in investments			received	via		(178,837)
	legacy
	Decrease/(increase)	in debtors					24,323		(151,462)
	(Decrease)/increase	in creditors					(223,158)		127,544
	Decrease in provisions								(10,218)
	Decrease/(Increase)	in stocks					13,014		(3,812)
								(61,493)		277,532
	Net cash provided		by/(absorbed			by)		943,343		(312,784)
	operating activities
2	Analysis ofcash and cash equivalents
								2021		2020
	Net cash:
	Cash in hand at bank							584,548		708,505
	Short term deposits
	Overdraft facility							(939,250)		(939,250)
	Total cash and cash	equivalents						(354,702)		(230,745)

2	School fees
							2021	2020
								f
	Gross fees						7,700,947	7,723,627
	Less:
	Total bursaries,		grants and other		price differentials		(818,207)	(1,215,808)
							6,882,740	6,507,819
3	Sundry other	income
							2021	2020
							f	f
	Other fees	and surcharges					212,172	168,787
	Staff lunches						2,325	3,425
							214,497	172,212
4	Analysis oftotal expenditure
	2021:
					Staff costs	Other	Depreciation	Total
					f	f	f	f
	Charitable	activities
	School operating		costs:
	Teaching				4,199,172	154,806	77,075	4,431,053
	Welfare				245,099	590,168		835,267
	Premises				180,541	507,610	306,933	995,084
	Support costs ofschooling				597,108	415,294	16,190	1,028,592
					5,221,920	1,667,878	400,198	7,289,996
	Cost of raising funds
	Financing costs					198,239		198,239
	Investment	management				27,602		27,602
	Expenditure	on	trading	activities		7,808		7,808
						233,649		233,649
	Total resources		expended		5,221,920	1,901,527	400,198	7,523,645

Analysis oftotal expenditure	Analysis oftotal expenditure	(continued)	(continued)
2020:
			Staff costs	Other	Depreciation	Total
			f	f	f	f
Prior Year
Charitable activities
School operating costs:
Teaching			4,199,712	248,882	101,862	4,550,456
Welfare			227,946	529,281		757,227
Premises			226,716	556,682	305,606	1,089,004
Support costs ofschooling			621,690	429,157	23,552	1,074,399
			5,276,064	1,764,002	431,020	7,471,086
Cost of raising funds
Financing costs				200,324		200,324
Investment management				28,382		28,382
Expenditure on trading	activities			1,928		1,928
				230,634		230,634
Total resources expended			5,276,064	1,994,636	431,020	7,701,720
					2021	2020
Within support costs there	are	the	following governance	costs:		f
Criminal Records Bureau					5,187	3,262
ISC inspection					5,112	6,569
Audit					18,542	14,826
Governors' liability insurance					1,716	1,577
Governors' expenses reimbursed					1,943	1,686
Lega I fees					51,374	36,438
Other professional fees					52,774	51,717
					136,648	116,075

laries an	d wages
			2021	2020
			f	f
Salaries			4,131,768	4,186,306
National	insurance	contributions	379,634	385,616
Pension	costs		710,518	704,142
			5,221,920	5,276,064

		Full	time	Part time	Full time	Part time
			2021	2021	2020	2020
Teaching			64	48	61	40
Administrative	and domestic		34	22	35	25
			98	70	96	65
e number of	higher paid employees	was:
					2021	2020
					No	No
6100,000-E110,000						1
F60,000-670,000						1
Total

Net moveme	nt in funds
				2021	2020
				f	f
This is stated	after charging:
Auditors'	remuneration	(including	VAT):
-for audit				18,542	16,740
—for other	services			6,444	6,486
Depreciation:
—owned fixed assets				400,198	431,020

xed assets
		Freehold	Furniture		Computer
		Land 8	Rfittings R	Motor	Roffice
		Buildings	equipment	vehicles	equipment	Total
Group and charity					f.	f
Cost
1September 2020		14,703,474	1,660,213	286,223	1,472,763	18,122,673
Additions		39,746	10,312	12,745	12,844	75,647
Disposals				(14,128)		(14,128)
31August	2021	14,743,220	1,670,525	284,840	1,485,607	18,184,192
Depreciation
1September 2020		2,129,385	1,508,502	248,482	1,412,595	5,298,964
Charge for the year		306,933	33,379	16,190	43,696	400,198
Eliminated	on disposals			(14,128)		(14,128)
31August	2021	2,436,318	1,541,881	250,544	1,456,291	5,685,034
Net book value
31August	2020	12,574,089	151,711	37,741	60,168	12,823,709
31August	2021	12,306,902	128,644	34,296	29,316	12,499,158

										Group		Charity
										2021	2020	2021	2020
												f	f
Investments		listed			on	a	recognised		stock	5,326,394	3,957,332	5,326,394	3,957,332
exchange
Other investments				—deposits						244,399	326,998	244,399	326,998
Unlisted	investments											1	1
										5,570,793	4,284,330	5,570,794	4,284,331
Investment movements:										Group		Charity
										2021	2020	2021	2020
										f	f	f	f
Market value		at 1September					2020			4,284,330	5,301,180	4,284,331	5,301,181
Additions										3,092,704	1,020,975	3,092,704	1,020,975
Disposal	proceeds									(2,282,078)	(1,965,610)	(2,282,078)	(1,965,610)
Profit on	disposal									458,682	102,636	458,682	102,636
Surplus/(Deficit)			on		revaluation			at 31	August	17,155	(174,851)	17,155	(174,851)
2021
Market value		at 31		August 2021						5,570,793	4,284,330	5,570,794	4,284,331
Historical	cost	at	31August 2021							4,826,129	3,716,770	4,826,129	3,716,770
Analysis	ofinvestments:									Group		Charity
										2021	2020	2021	2020
										f	f	f	f
Cash										244,399	326,996	244,399	326,996
Equity shares										4,525,997	3,656,228	4,525,998	3,656,229
Fixed interest		securities								800,397	301,106	800,397	301,106
										5,570,793	4,284,330	5,570,794	4,284,331

	Name of	undertaking	Registered	office	Class ofshare held	Class ofshare held	'jo	Held
	Rothesay	Events Limited	Talbot Heath School,		Ordinary		100.00
			Rothesay	Road, BH4 9NJ
	Debtors
				Group			Charity
				2021	2020		2021	2020
				f			E.	f.
Trade debtors				210,006	258,308	178,353		252,620
Other debtors				37,438	6,400	50,496		21,098
Prepayments				134,127	141,186	133,543		140,019
				381,571	405,894	362,392		413,737

		Group		Charity
		2021	2020	2021	2020
		f		f	f
Bank loans		492,220	492,220	492,220	492,220
Bank overdraft		939,250	939,250	939,250	939,250
Trade creditors		136,226	110,980	129,031	110,980
Fees received	in advance	477,479	328,615	477,479	328,615
Deposits		359,700	370,581	359,700	370,581
Tax and social	security	94,437	285,550	94,437	285,550
Other creditors		351,094	544,945	351,094	544,945
Accruals		79,776	81,199	78,301	79,489
		2,930,182	3,153,340	2,921,512	3,151,630

Creditors:	Am	ounts	falling d	ue a	fter	one year
							Group and charity
							2021	2020
							f	f
Bank loan							3,186,162	3,643,059
Analysis ofloans
Wholly repayable		within	5years:				1,968,880	1,968,880
Not wholly	repayable		within	5	years	by	1,217,282	1,674,179
instalments:
Loan maturity	analysis
In more than	one	year but not more			than	two	492,220	492,220
years
In more than	two	years	but not more		than	five	1,476,660	1,476,660
years
In more than	five	years					1,217,282	1,674,179
							3,186,162	3,643,059

				Net current	Long term		Fund
			Fixed assets assets/liabilities		liabilities	Provisions	balances
			f	f	f	f	f
Unrestricted		funds	18,033,951	(1,949,780)	(3,186,162)	(181,480)	12,716,529
Restricted	funds		36,000	(3,118)			32,882
Total funds			18,069,951	(1,952,898)	(3,186,162)	(181,480)	12,749,411

			Balance			Transfers and	Balance
			1September	Incoming	Resources	gains/ (losses)	31August
			2020	resources	expended	on investments	2021
			f	f	f	f	f
Current year
General funds:
School funds			8,915,052	8,482,671	(7,510,275)	536,770	10,424,218
Designated	funds;
Queensmount		fund	1,718,155	44,584	(13,069)	(221,128)	1,528,542
Prize funds			19,405		(301)		19,104
			1,737,560	44,584	(13,370)	(221,128)	1,547,646
Revaluation		reserve	567,557			177,108	744,665
			11,220,169	8,527,255	(7,523,645)	492,750	12,716,529

			General school	Designated
			fund	funcl
				f
Carried forward		fund balance as above	10,424,218	1,547,646
Revaluation	reserve		350,932	393,733
			10,775,150	1,941,379

			Balance			Transfers and	Balance
			1September	Incoming	Resources	gains/ (losses)	31August
			2019 f	resources f	expended f	on investments f	2020 f
Prior year
General funds:
School funds			9,404,968	7,054,772	(7,676,762)	132,074	8,915,052
Designated	funds:
Queensmount		fund	1,717,714	46,956	(11,684)	(34,831)	1,718,155
Prize funds			19,104	301			19,405
			1,736,818	47,257	(11,684)	(34,831)	1,737,560
Revaluation		reserve	737,015			(169,458)	567,557
			11,878,801	7,102,029	(7,688,446)	(72,215)	11,220,169

und balance	s as	follows:
			General school	Designated
			fund	fund
			f	f
Carried forward		fund balance as above	8,915,052	1,737,560
Revaluation	reserve		308,994	258,563
			9,224,046	1,996,123

16	Restricted funds	Restricted funds
				Balance							Transfers		and	Balance
				1September		Incoming			Resources		gains/	(losses)		31August
					2020	resources			expended		on investments			2021
								f		f
	Prize funds:
	Mary Broad				21,718		568							22,286
	Scholarship
	Cordelia Westcott				1,825		(844)							981
	Travel scholarship
	Angela Felgate				9,615									9,615
	Classics fund
	The Hub Project				15,411		1,502					(16,913)
					48,569		1,226					(16,913)		32,882
				Balance							Transfers		and	Balance
				1September		Incoming			Resources		gains/	(losses)		31August
					2019	resources			expended		on investments			2020
							f			f			f
	Prior year
	Prize funds:
	Mary Broad				21,382									21,718
	Scholarshi p
	Cordelia Westcott				1,343		482							1,825
	Travel scholarship
	Angeia Felgate				9,466		149							9,615
	Classics fund
	The Hub Project				20,277		8,408		(13,274)					15,411
					52,468		9,375		(13,274)					48,569
17	Reconciliation	of movements			in unrealised		gains	on	investment	assets
							Queensmount				General		Total	Total
									Fund		Fund		2021	2020
											f		f	f
	Unrealised gains at			1September 2020					258,563		308,994		567,557	737,015
	Deduct disposals		in	the year				(14,204)			1,466		(12,738)	(33,612)
								244,359			310,460		554,819	703,403
	Gains arising on revaluations				in the year			149,374			40,472		189,846	(135,846)
	Unrealised gains at			31August 2021					393,733		350,932		744,665	567,557

Non-cancellable	Non-cancellable	2021	2020
		f	f
Within	one year	57,673	61,559
Within	2to 5years	98,506	18,871


Group and charity	Hub retention
At 1September 2020	181,480
Released in the year
At 31August 2021	181,480