2023-08-31-accounts

Board Members:				Board	Sub-Committees:	Sub-Committees:
		Finance	d'c	Teaching	dc	Pastoral k	hfarketing	&
		Operations		Learning*		fYellbeing*	Adntissions
Mr R.D.Marsh	(Res. 31Aug 2023)
Mr N. Adams
Dr T.R.Hands	(Res. 31 Aug 2023)
Mrs L,J.Moelwyn-Hughes
SirM.J.Harford""
Mr S.Miners
Mrs A.Jack
Mr H.Bond-Gunning
Mrs T.Reeve
Mr P.V. Allen~~~	(App. 7Feb 2023)
Mr R.W. Harris	(App. 7Feb 2023)
Mrs C.F.Hamilton-Russell	(App. 18 Apr 2023)

Kathryn Burton
Senior Statutory Auditor		10Queen Street Place
for and on behalf ofHaysmacintyre	LLP	London
Statutory Auditors		EC4R 1AG
Date. 5th December 2023

		General
		Unrestricted	Other	Total	Total
		Fund	Funds	Funds	Funds
INCOME AND EXPENDITURE		2023	2023	2023	2022
	Notes		f.
INCOME FROM:
Income from charitable
activities
Tuition fees		8,362,504		8,362,504	7,680,673
Disbursements and extras		214,061		214,061	175,191
Other ancillary income		43,067		43,067	44,769
Investments
Interest receivable		16,091		16,091	1,562
Voluntary sources
Donations and appeal income		96,322		96,322	1,133
Other income
Government grants
Other income		29,871		29,871	8,406
Trading income
		8,761,916		8,761,916	7,911,734
EXPENDITURE ON:
Raising funds
Finance costs		1,051		1,051	10,421
Prepaid fee discount		3,105		3,105	4,530
Trading expenditure
Charitable activities
School operating costs
Teaching costs		4,501,339		4,501,339	4,125,362
Welfare		826,818		826,818	855,296
Premises		1,446,350		1,446,350	1,311,079
Support costs ofschooling		1,129,899		1,129,899	1,060,776
Grants					715
		7,908,562		7,908,562	7,368,179
Net income before transfers		853,354		853,354	543,555
Transfers between funds
Profit on disposal offixed assets		146,500		146,500
Net income after transfers		999,854		999,854	543,555
Balance brought forward		10,653,196	48,108	10,701,304	10,157,749
Balance carried forward		11,653,050	48,108	11,701,158	10,701,304

					Group	Group		School
					2023	2022	2023	2022
				Notes			f.
FIXEDASSETS
Tangible fixed assets				10	11,197,970	10,963,572	11,197,970	10,963,572
Investments				3	-	-	1	1
CURRENT ASSETS
Debtors
Fees and extras in arrears
Other debtors, stocks and prepayments					150,677	194,600	150,677	194,600
Cash and cash equivalents					2,635,327	1,685,602	2,635,327	1,685,602
					2,786,004	1,880,202	2,786,004	1,880,202
CREDITORS —due within		one year
Fees received in advance				12	(1,030,165)	(763,888)	(1,030,165)	(763,888)
Prepaid fees				11	(113,998)	(128,447)	(113,998)	(128,447)
Other creditors				12	(665,372)	(626,567)	(665,373)	(626,568)
Bank loan				13		(125,927)		(125,927)
					(1,809,535)	(1,644,829)	(1,809,536)	(1,644,830)
NET CURRENT					976,469	235,373	976,468	235,372
ASSETS/LIABILITIES
CREDITORS - Due after one year				13	(473,281)	(497,641)	(473,281)	(497,641)
TOTAL ASSETS LESSLIABILITIES					11,701,158	10,701,304	11,701,158	10,701,304
UNRESTRICTED FUNDS
Designated fitttd
General Fund				14	11,653,050	10,653,196	11,653,050	10,653,196
Learning Support Fund				15	48,108	48,108	48,108	48,108
					11,701,158	10,701,304	11,701,158	10,701,304
The financial statements	were approved		and	authorised	for issue by the Board ofGovernors on 30'"			November 2023 and
were signed below on its	behalf by:

				2023f	2022 f.
Cash flow from operating	activities
Net income for the year				999,854	543,555
Depreciation				458,306	336,359
Interest receivable				(16,091)	(1,562)
Interest paid				1,051	10,421
(Increase)/decrease in debtors				43,923	14,188
Increase/(decrease) in creditors				345,825	303,504
Profit on disposal offixed	assets			(146,500)	(3,550)
Fixed asset adjustment					89,783
Net cash generated from operating		activities		1,686,368	1,292,698
Cash flow from investing	activities
Interest received				16,091	1,562
Purchase offixed assets				(1,006,434)	(341,542)
Proceeds from disposal offixed assets				460,230	3,550
Net cash used in investing	activities			(530,113)	(336,430)
Cash flows from financing	activities
Bank loan repayments				(125,927)	(324,073)
Increase/(decrease) in prepaid fees		(net)		(79,552)	(175,037)
Interest paid				(1,051)	(10,421)
Net cash used in financing	activities			(206,530)	(509,531)
Increase/(decrease) in cash and cash equivalents				949,725	446,737
Cash and cash equivalents	as at 1"September 2022			1,685,602	1,238,865
Cash and cash equivalents	as at 31"August 2023			2,635,327	1,685,602
Reconciliation ofnet debt
			Balance		Balance
			I"September	Cashflows	31"August
			2022		2023
Cash at bank and in hand			1,685,602	949,725	2,635,327
Debt due within 1 year			(125,927)	125,927
Debt due after 1 year
Total			1,559,675	1,075,652	2,635,327

ACCOUNTING POLICIES (continued)	ACCOUNTING POLICIES (continued)
	Financial Instruments
	The Trust only has financial assets and financial liabilities			of a kind		that	qualify			as basic		financial			instruments.
	Basic financial instruments are initially recognised		at transaction		value			and	subsequently				measured			at			their
	settlement value.
g)	Operating Leases
	Rental charges are charged on a straight-line basis over		the term ofthe		lease.
	Debtors
	Trade and other debtors are recognised at the settlement		amount due after any discounts offered.											Prepayments					are
	valued at the amount prepaid net ofany discounts due.
	Cash at bank and in hand
	Cash is represented by cash in hand and deposits with	financial institutions					repayable				without penalty				on notice of
	not more than 24 hours. Cash equivalents are highly	liquid investments				that		mature		in no more			than		three	months
	from the date of acquisition and that are readily convertible			to known		amounts of				cash with insignificant							risk of
	change in value.
	Creditors and Provisions
	Creditors and provisions are recognised where the School has a present					obligation			resulting			from		a past event					that
	will probably result in the transfer of funds to a third		party	and the		amount		due		to settle		the	obligation				can be
	measured or estimated reliably. Creditors and provisions are			normally		recognised			at		their settlement				amount			aAer
	allowing for any discounts due.
k)	Fund accounting
	The funds ofthe School are accounted for as unrestricted		or restricted income,					in accordance				with		the	terms	of			trust
	imposed by the donors or any appeal to which they may		have	responded.
	Unrestricted income belongs to the School's corporate reserves, spendable							at the			discretion		of the Governors
	either to further the School's Objects or to benefit the	School itself. Where					the Governors decide to								set aside				any
	part ofthese funds to be used in future for some specific		purpose, this is			accounted			for		by transfer			to the appropriate
	designated fund.
	Designated funds are a particular form of unrestricted		funds	consisting		ofamounts,				which have				been	allocated or
	designated for specific purposes by the Governors.	The use of designated						funds			remains	at		the	discretion				of
	Governors.
	Critical sources ofestimation uncertainty and accounting			judgements
	The governors consider there to be the following key	sources		ofestimation			uncertainty				and	have		therefore		applied
	judgement.
	Useful lives offixed assets
	The useful lives over which fixed assets are depreciated		are	estimated		by reference				to historical				experience			ofthe
	time assets are retained and utilised by the School.
m)	Employee benefits
	Employee benefits are accounted for in the period in which the employee's services								were provided.
n)	Employee termination payments
	Employee termination payments are accounted for in	the period in which the employee ceased											employment						with
	the School.

1.	CHARITABLE ACTIVITIES	CHARITABLE ACTIVITIES		2023	2022
	Fees receivable consist of:
	Boarding and tuition fees			8,882,653	8,243,086
	Less scholarships, bursaries	and remissions	given	(520,149)	(562,413)
				8,362,504	7,680,673
2.	OTHER ANCILLARY INCOME			2023	2022
	Registration fees			11,600	9,624
	Fixed asset disposals				3,550
	Other			31,467	31,595
				43,067	44,769
3.	SUBSIDIARY			2023	2022
	Turnover and other income
	Administrative expenditure
	Net (loss)/profit
	Bank Interest Received
	Tax on profit
	(Loss)/profit for the financial	period
	Donation to parent undertaking				(4,106)
	Retained in subsidiary				(4,106)
	Net assets

]NTEREST RECEIVABLE	2023f	2022
Bank interest	16,091	1,562
DONATIONS	2023	2022
Donations received	96,322	1,133
	96,322	1,133

6.	OTHER INCOME	OTHER INCOME	OTHER INCOME			2023f	2022f
	Government grants
	Rent and lettings					29,871	8,436
	Miscellaneous						(30)
						29,871	8,406
7a.	ANALYSIS OFEXPENDITURE
			Staff Costs f		Otherf	Depreciation	2023 Total f,
	Cost ofgenerating		funds
	Finance costs				1,051		1,051
	Prepaid fee discount				3,105		3,105
	School operating		costs
	Teaching		3,691,568		702,117	107,654	4,501,339
	Welfare		505,482		287,757	33,579	826,818
	Premises		561,421		617,350	267,579	1,446,350
	Support		636,165		435,733	49494	1,121,392
	Bad and doubtful	debts			8,507		8,507
	Grants
	Trading expenditure
	Total expenditure		5,394,636		2,055,620	458,306	7,908,562
7b.	COMPARATIVE	ANALYSIS OFEXPENDITURE
			Staff	Costs f	Otherf	Depreciation	2022 Total f
	Cost ofgenerating		funds
	Finance costs				10,421		10,421
	Prepaid fee discount				4,530		4,530
	School operating		costs
	Teaching		3,549,127		522,352	53,883	4,125,362
	Welfare		568,625		268,634	18,037	855,296
	Premises		540,684		531,159	239,236	1,311,079
	Support		600,050		404,796	25,203	1,030,049
	Bad and doubtful	debts			30,727		30,727
	Grants				715		715
	Trading expenditure
	Total expenditure		5,258,486		1,773,334	336,359	7,368,179

STAFFCOSTS						2023	2022
Wages and salaries						4,377,390	4,253,458
Social security costs						385,646	381,443
Pension contributions						475,237	450,458
Other staff related costs						156,364	173,127
						5,394,636	5,258,486
Termination payments ofanil were		incurred	during		the year (2022:537,630).
						No.	No.
The average number ofemployees		in the year		was:
Teaching						96	95
Others						64	65
						160	160
The number ofemployees	whose	emoluments		exceeded K60,000
f60,000 - f70,000
f70,000 - $80,000
E80,000 - f90,000
590,000 - $100,000
$100,000 - f110,000
$110,000 - %120,000
f.130,000 - f140,000

9.	EXPENDITURE				2023	2022
						K
	Expenditure includes:
	Operating lease payments				64,911	65,827
	Auditor's remuneration	-Audit			19,746	19,200
		- Other	services		(10)	1,320
	Depreciation				458,306	331,634
10.	TANGIBLE FIXEDASSETS
	The movements oftangible	fixed	assets are as follows:
	Group and School		Freehold land	Furniture,
			and freehold	Fittings, equipment
			buildings f	and motor vehicles	Computers	Total
	COSTORVALUATION
	At 1"September 2022		14,027,894	1,675,034	681,880	16,384,808
	Additions		108,441	739,244	158,749	1,006,434
	Adjustment
	Disposals		(375,826)	(6,595)		(382,421)
	At31"August 2023		13,760,509	2,407,683	840,629	17,008,821
	DEPRECIATION
	At 1"September 2022		3,829,429	1,057,782	534,025	5,421,236
	Charge for the year		201,013	179,466	77,827	458,306
	Adjustment
	On disposals		(63,745)	(4,946)		(68,691)
	At31"August 2023		3,966,697	1,232,302	611,852	5,810,851
	NET BOOKVALUE
	At31"August 2023		9,793,812	1,175,381	228,777	11,197,970
	At31"August 2022		10,198,465	617,252	147,855	10,963,572

						Group and	School
						2023	2022f
Balance	at 1"September		2022			224,015	399,052
New contracts						48,895	74,986
Amount	accrued to contracts					3,105	4,530
Refunded	to parents
						276,015	478,568
Amounts	utilised	in payment offees				(131,552)	(254,553)
Balance	at31"August 2023					144,463	224,015
Assuming pupils		remain	with the School, prepaid fees will be applied as follows:
						2023f	2022f
Within one year						113,998	128,447
Between	two and	five years				30,465	95,568
ARer five years
						144,463	224,015
CREDITORS.' -		Due within one year		Group		School
				2023 f	2022	2023 f	2022 f
Fees received in advance				1,030,165	763,888	1,030,165	763,888
					f		f
Trade creditors				257,173	172,507	257,173	172,507
Other tax	and social security			101,323	99,906	101,323	99,906
Other creditors				161,230	173,677	161,230	173,677
Accruals				145,646	180,477	145,646	180,477
Amounts	owed to	group undertakings				1	1
				665,372	626,567	665,373	626,568

13a	CREDITORS: - Due after one year	Group			School
		2023	2022	2023		2022
		f
	Prepaid fees	30,465	95,568	30,465		95,568
	Fee deposits	442,816	402,073	442,816		402,073
	Bank loans
		473,281	497,641	473,281		497,641
13b	BANK LOAN			Group	and School
				2023		2022
	Due:
	- between one and two years
	- between two and five years
	Creditors due within one year					125,927
						125,927

				Net current
				assets/	Creditors: due
			Fixed assets	(liabilities)	after one year	2023 Total
General	Fund		11,197,970	928,361	(473,281)	11,653,050
Learning	Support	Fund		48,108		48,108
			11,197,970	976,469	(473,281)	11,701,158

				Net current
				assets/	Creditors: due
			Fixed assets	(liabilities)	after one year f	2022 Total
General	Fund		10,963,572	187,265	(497,641)	10,653,196
Learning	Support	Fund		48,108		48,108
			10,963,572	235,373	(497,641)	10,701,304

The	School has the following total operating lease com	mitments due as follows:	mitments due as follows:
		Group and School
		2023	2022
Less	than one year	83,986	65,827
Two	to five years	133,032	139,312
Over	five years
		217,018	205,139