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2021-08-31-accounts

Unrestricted Restricted Total Total
Funds Fund 2021 2020
Notes £ £ £ £
INCOME:
Donations 6,794 6,794 2,204
Government grants 72,054 72,054 151,778
Charitable activities:
College fees 3 4,994,127 4,994,127 5,443,767
Other educational activities 3 223,397 223,397 315,570
Ancillary trading income 3 111,391 111,391 129,756
Other trading activities 4 26,653 26,653 60,003
Total incoming resources 5,355,568 78,847 5,434,415 6,103,078
EXPENDITURE:
Charitable activities:
College operating costs 6,058,903 78,847 6,137,750 6,113,550
Total expenditure 6,058,903 78,847 6,137,750 6,113,550
NET OPERATING (DEFICIT) (703,335) (703,335) (10,472)
Gain on revaluation of investment property 175,000 175,000 602,089
Write-dpwn of other tangible fixed assets (1,659,059) (1,659,059)
NET (EXPENDITURE)/INCOME
(including property revaluation and fixed
asset write-down) (2,187,394) - (2,187,394) 591,617
Funds brought forward 1 September 2020 4,001,151 1,336 4,002,487 3,410,870
Funds carried forward 31 August 2021 14 1,813,757 1,336 1,815,093 4,002,487

2021 2020
Notes
FIXED ASSETS
Tangible assets 8 2,237,381 4,629,663
CURRENT ASSETS
Residential property for sale 8 875,000
Debtors 9 103,797 138,112
Cash at bank and in hand 1,126,088 1,308,336
2,104,885 1,446,448
CREDITORS: Amounts falling due
within one year 10 1,914,481 1,424,137
NET CURRENT ASSETS 190,404 22,311
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,427,784 4,651,974
CREDITORS: Amounts falling due
after more than one year 11 612,690 649,487
TOTAL NET ASSETS 1,815,093 4,002,487
FUNDS OF THE CHARITY:
Restricted funds 14 1,336 1,336
Unrestricted funds 14 984,443 3,346,837
Fair value reserve 14 829,314 654,314
TOTAL FUNDS 14 1,815,093 4,002,487

2021 2020
£ £ £ £
Cash flows from operating activities
Net movement in funds (2,187,394) 591,618
Interest payable 10,703 14,793
Depreciation 96,866 89,493
Gain on investment property valuation (175,000) (602,089)
Write-down of fixed assets 1,659,059
Decrease in debtors 34,315 60,991
Increase/(Decrease) in creditors 541,290 (157,906)
2,167,233 (594,718)
Cash (absorbed) by operating activites (20,161) (3,100)
Cash flows from investing activites
Purchase of tangible fixed assets (63,643) (30,495)
Net cash used by investing activities (63,643) (30,495)
Cash flows from financing activities
Bank loan repayments (87,741) (84,421)
Interest (10,703) (14,793)
Net cash used by financing activites (98,444) (99,214)
Change in cash in year (182,248) (132,809)
Cash at the beginning of the year 1,308,336 1,441,145
Cash at the end of the year 1,126,088 1,308,336

Balance at Cash flow Balance at
1 September 31 August
2020 2021
Net cash
Cash at bank and in hand 1,308,336 (182,248) 1,126,088
1,308,336 (182,248) 1,126,088
Debt
Bank loan:
Debt due within 1 year (87,708)
(756)		 (88,464)
Debt due after 1 year (372,114)
88,497		 (283,617)
(459,822)
87,741		 (372,081)
Total 848,514
(94,507)		 754,007

2021 2020
£ £
College fees
Gross tuition fees 5,454,573 5,921,481
Less: scholarships, bursaries, discounts and allowances (460,446) (477,714)
4,994,127 5,443,767
Other educational activities
Language, music, dance and other tuition 199,914 233,224
College trips and courses 19,523 73,918
Other activities 3,961 8,428
223,397 315,570
Ancillary trading income
Coach, taxis and other pupil travel 70,151 81,766
Exam fees 5,367 3,563
Pupil insurance 8,592 10,352
Registration & entrance fees 15,756 13,528
After-school clubs 823 3,139
Other activities 10,702 17,408
111,391 129,756
4. ACTIVITIES FOR GENERATING FUNDS
2021 2020
£ £
Letting of College facilities 25,653 58,003
Non-repayable acceptance fees and charges for late fees 1,000 2,000
26,653 60,003
5. EXPENDITURE
The year's net operating deficit is stated after charging
2021 2020
£ £
Depreciation - owned assets 96,866 89,493
Operating lease rentals 34,495 21,959
Auditors' remuneration for audit 7,000 7,000
Auditors' remuneration for other services 5,000 5,000
Bank loan interest 10,703 14,793
Governors' liability insurance 964 964

Staff costs comprise:
2021 2020
£ £
Salaries and wages 3,156,294 3,042,472
Social security 306,029 292,866
Pension contributions 529,266 512,398
3,991,588 3,847,736
2021 2020
Full-time Full-time
Individuals equivalent Individuals equivalent
Teaching staff 80 62 79 63
Non-teaching staff 30 20 34 23
110 82 113 86

Staff 2021 2020 Staff 2021 2020 Staff 2021 2020 Staff 2021 2020 Staff 2021 2020
Costs Other Depreciation Total Total
Charitable activities
College operating costs
Teaching 3,071,843 247,343 37,082 3,356,268 3,649,813
Welfare 686,725 6,643 693,367 618,107
Premises 176,074 504,601 46,498 727,173 837,275
Support 841,286 440,056 6,643 1,287,984 954,564
Governance 72,958 72,958 53,791
Total resources expended 4,089,202 1,951,682 96,866 6,137,750 6,113,550

Fixtures,
Long Fittings,
Leasehold Furniture
Investment Land and Motor and
property Property Vehicles Equipment Computers Total
£ £ £ £ £ £
COST OR VALUATION
At 1 September 2020 700,000 5,211,151 97,584 1,625,846 391,991 8,026,571
Additions 15,029 48,614 63,643
Revaluation 175,000 175,000
Reclassification (875,000) (875,000)
Write-down (1,536,366) (70,750) (51,943) (1,659,059)
At 31 August 2021 3,674,785 97,584 1,570,125 388,662 5,731,155
DEPRECIATION
At 1 September 2020 1,437,404 97,584 1,503,699 358,222 3,396,909
Charge for the year 66,426 30,440 96,866
At 31 August 2021 1,437,404 97,584 1,570,125 388,662 3,493,774
NET BOOK VALUE
At 31 August 2021 2,237,381 2,237,381
At 31 August 2020 700,000 3,773,747 122,147 33,769 4,629,663

9. DEBTORS
2021 2020
£ £
Debtors for fees and lettings 24,462 24,832
Prepayments and accrued income 79,335 113,280
103,797 138,112
10. CREDITORS: Amounts falling due within one year
2021 2020
£ £
Bank loan 88,464 87,708
Trade creditors 237,497 187,493
Fees received in advance 1,280,036 857,696
Repayable acceptance fees 26,695 24,250
Social security and other taxes 74,313 72,894
Other creditors 59,003 57,865
Accrued expenses 148,473 136,231
1,914,481 1,424,137

2021 2020
£ £
Bank loan 283,617 372,114
Repayable acceptance fees 295,838 277,373
Fees received in advance 33,235
612,690 649,487

Fees received in advance comprise the following:
2021 2020
£ £
Fees received in respect of the next academic year 1,280,036 857,696
Fees received in respect of subsequent academic years 33,235
1,313,271 857,696

The Charity's borrowings mature as follows:
2021 2020
£ £
Bank loans:
In less than one year 88,464 87,708
In more than one year but less than two years 91,154 90,375
In more than two years but less than five years 192,463 281,739
After five years
372,081 459,822

Balance at Write-down Balance at
1 September Incoming Revaluation Resources affixed 31 August
2020 Resources Gain Expended assets 2021
£ £ £ £ £ £
Unrestricted funds 3,346,837 5,355,568 6,058,903 1,659,059 984,443
Fair value reserve 654,314 175,000 829,314
Restricted funds;
Government Grants 72,054 72,054
Equipment Fund 1,336 6,794 6,794 1,336
1,336 78,847 78,848 1,336
Total funds 4,002,487 5,434,415 175,000 6,137,751 1,659,059 1,815,093

2021 2020
£ £
Expiring:
- within one year 6,043 18,368
- between two and five years 2,994 9,037
9,037 27,405

Unrestricted Unrestricted Restricted Restricted Restricted Total
Funds Fund 2020
£ £ £
INCOME:
Donations 2, 204 2,204
Government Grants 151, 778 151,778
Charitable activities:
College fees 5,443,767 5 ,443,767
Other educational activities 315,570 315,570
Ancillary trading income 129,756 129,756
Other trading activities 60,003 60,003
Interest receivable
Total incoming resources 5,949,096 153, 982 6 ,103,078
EXPENDITURE:
Charitable activities:
College operating costs 5,959,568 153,982 6,113,550
Total expenditure 5 ,959,568 153 ,982 6,113,550
Gain on investment property revaluation 602,089 602,089
NET INCOME 591,617 591,617
Funds brought forward 1 September 2019 3 ,409,534 1 ,336 3,410,870
Funds carried forward 31 August 2020 4 ,001,151 1 ,336 4,002,487
22. FINANCIAL INSTRUMENTS
2021 2020
£ £
Financial liabilities measured at amortised cost 727,849 761,445
Interest on financial liabilities measured at amortised cost 10,703 14,793