GAYHURST SCHOOL TRUST
{A Company Limited by Guarantee and not
having a Share Capital)
GOVERNORS, REPORT AND ACCOUNTS
YEAR ENDED 31 AUGUST 2020
Company Registered Number: 2209385
Charity Registered Number: 298869

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT
YEAR ENDED 31 AUGUST 2020
Governors
Mrs C Shorten Conn {Chairl
Mr5 A Dusek
Mrs E Halliday
Mrs 5 Porter
Mrs Z McKinnon
Mrs C Robson
Mr A Rudak
Mrs F Cunningham
Mr5 A Hatton (ceased 041121191
Mr A MacPhee
Mr N Garner (joined 04112119)
Mr C Pugh
Mr R Thompson
Mr S Potts (joined 211101201
The Governors are the directors of the company and the charity trustees.
Officer5 and Advisors
Headmaster
Mr Gareth R A Davies
Bursar and Company Secretary
Mrs Vanessa Lakatos
Address and Registered Office
Gayhurst School
Bull Lane
Gerrards Cross
Buckinghamshire SL9 8RJ
Bankers
National Westminster Bank PIC
Gerrards Cross
Buckinghamshire SL9 8EA
Auditors
Hay5macintyre LLP
Chartered Accountants
10 Queen Street Place
London, EC4R 1AG
Winckworth Sherwood
Minerva House
5 Montague Close
London SE1 9BB
Solicitors
Insurance Brokers
Haye5 Parson5
St Lawrence House
Bristol Street
Bristol, BS12HF
The Head and Bursar attend all meetings. All Governors attend the Full Board meetings and the
committees are..
Finance & General Purposes - S MacPhee (Chairl, E Halliday, C Pugh and C Shorten Conn lex-
officToI
Admis5ion5 & Marketing - F Cunningham (Chairl, A Dusek, C Robson, A Rudak, N Garner {joined
04.12.191 and C Shorten Conn {ex-officiol
Education - R Thompson Ichairl, Z McKinnon, S Porter, A Hatton (ceased 04.12.191 and C Shorten
Conn lex-officiol

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2020
OBJECT5, OBJECTIVES AND ACTIVITIES
Overall Objectives
The overall objectives are, a5 set out in the Memorandum of Association, to promote and
provide for the advancement of the education of children.
Gayhurst School aims to enable all pupils to reach their maximum potential and be fully
prepared for any secondary school their parents may choose. Gayhurst aims for all children to
reach their highest academic standard5 commensurate with ensuring development of well-
rounded individuals, who are confident, independent, and resilient. Pupils are encouraged to
be involved in a wide range of extracurricular activities to enrlch their broader education and
personal development. The school aims to widen public access to it5 educational provision as
much a5 possible within the constraints of our funding, as an independent education provider.
Gayhurst encourages use of the school's facilitie5 for public benefit and interacts Posltively
with the local community aiming to encourage within its pupils a desire to contribute to
society. In achieving its overall objectives, Gayhurst prepares gir15 and boy5 frorn ages 3 to 11
for their life at Secondary school and beyond.
Public Benefit
The Governors confirm that they have complied with the duty in section 4 of the Charities Act
2011 to have due regard to public benefit gLtidance published by the Charity Commission in
determining the activities undertaken by the Charity. The school is committed to the concepts
of Access and Opportunity for Public Benefit and in the last year the School provided means.
tested support for pupils who otherwse may not have been able to access the school's
provision, to the value of £86,395.
Beyond the benefit of providing a high-quality education to all the pupils of Gayhurst School,
which equips them with skills for their future, the school also provided wider public benefit
through partnerships with both local State Schools and our local community. Whilst some of
the events had to be cancelled due to the coronavirus pandemic, the school, staff and pupils
continued to work hard to support the local community and charities in many different ways
includlng:
Partnerships with local state schools:
Gayhurst continues to be an exam centre for LAMDA for local children from other
schools.
The school hosted several Year 4 Maths Challenges, involving up to 25 schools, many of
which were state primary schools.
The Deputy Head is a Governor at a local state 5chool/MAT.
The Head is a Governor of a local state school academy and a board member of iTru5t,
the IAPS charity.
Gayhurst hosted a local sports partnership cross-country event for up to 13 schools
across K52. All children were offered snacks and drinks following races and £700 was
raised for charity.

GAYHUR5T SCHOOL TRUST
GOVERNOR5, REPORT (continued}
YEAR ENDED 31 AUGUST 2020
Partnerships with the local community:
Gayhurst actively promotes events for local churches, groups and schools via our
noticeboard and by email.
Pupi15 from Gayhurst represent the school annually in the local community
Remembrance Service.
The Metropolitan Police regularly use the school buildings and premises for training of
their dogs.
Junior School Harvest FestTval Pupils delivered produce collected at the Harvest
festival to resident5 at Edith Bell House and Glebe House in Chalfont St Peter.
A collection of produce frorn the Senior School Harvest festival was donated to the
Slough Food Bank
We held a carol concert for residents at Edith Bell House
The School attends and sponsors the Community Feast day in Gerrards Cross
As part of Smile Day, our Year 6 children took part in litter picking, bag packing, choir
singing and art & games with care home residents
Donation of PPE (glove5, goggle5 and safety glasses) to local doctor surgerie5 and care
homes at the beginning of the Covid 19 crisis when supplie5 were scarce
Care for the children of Key workers at the school site throughout lockdown, including
through the Easter holidays and half term break.
'One Can collection point for local food bank for parents to drop off donations.
Objectives for the Year
Over and above the overall objectives noted above, the school had the following specific
objectives for year ended 31 August 2020:
To maintain high levels of academic excellence.
To prepare pupils for entry Into the most appropriate secondary schools
commensurate with their skills, abilities and the wishes of their parent5.
To continue to develop sporting* artistic, musical, performance and cultural
opportunities.
To extend extra-curricular activities and provide a wide, age appropriate choice
for all pupils.
To promote the values and benefits of Gayhurst as a co-educational school.
To support recruitment and retention of high-quality staff.
To continue to market the school actively, both externally and internally.
To continue to monitor drop off and pick up to enable better traffic
management and parking
To appoint new governors as required
To comply with requirements of GDPR.
To implement and roll out a system for tracking pupils, development to ensure
each child is monitored and Strategies are identified to enhance the7r learning.

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT (continued}
YEAR ENDED 31 AUGUST 2020
To continually review and update School polTCTes to ensure compliance and appropriate
implementation in line with Independent School Standard Regulations11SSRI.
To review on an ongoing basis public benefit and wider community engagement in line
with funding constraints.
To consult with teaching staff to consider options to respond to the increase in
employers, contributions to the Teachers, Pension scheme.
To consider plans to enhance sports and performing arts facilities at the school in line
with the schoo15 need5 and financTal capability.
The School has delivered on its objectives for 2019120 as outlined Tn the review of
performance and achievement5 Section of this report. The consultation with teaching
staff regarding Teachers Pensions resulted in a unanimous vote for the school to
withdraw from the scheme, which will be effective from September 2020.
Covid 19
In March 2020, with the onset of Covid.19, the school faced an unprecedented set of
challenges. Oversight of these challenges has been managed by a 'Covid group, comprising the
Chair of Governors, Chairs of the three board committees, legal Governor, Head, Deputy Head
and Bursar. ThTS 'Covid group,, established in March 2020, met regularly to oversee all aspects
of school operation5. A Governor who is by profession a Consultant paediatrician provided
added and valued medical advice. The specific challenges and risks presented by Covid.19
were identified as:
Imposed lockdown preventing the school from operating on 51te and consequent need to
educate differently and quickly.
Staff inability to work due to Covid.
Short term financial challenges due to the site closure leading to fee amendments and
potential for increased bad debt.
Potential reputational risk due to perceived inadequate provT510n.
Ensuring safeguarding practices were effective remotely.
The increased risk to the health and safety of pupils, staff, parents, and wsitors to the
school when the site reopened.
Longer term there is an identified financial risk arising from a potential drop in pupil
numbers either due to perceived inadequate response to the situation or the economic
climate affecting parental ability to afford independent education.
Care for children of key workers through both holiday and term time full days.
The Covid group devised and monitored an evolving strategy to meet these challenges and risks
during this period as circumstances and government regulations and guTdance changed. The
key aims for the school were:
To provide high quality remote education acros5 all academic disciplines but with an
emphasis on Maths and English. The educational provision was enhanced by an equally
high quality of sport, art, and music teaching to ensure remote education reflected the
broad educational offer that 15 the hallmark of Gayhurst.
To ensure high standards of pastoral guidance, safeguarding and support for all children
were maintained throughout lockdown.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2020
To glve the highest priority to the health and safety of staff and pupils, to fully risk
assess and to ensure the site and school operations were prepared for the return of
children and Staff within government guidelines.
To manage costs and cash flow carefully and to consider fee amendment5 for the
Summer term to reflect the change of circumstances
To provide care for the children of key workers to enable them to continue with their
essential work during the Cowd 19 pandemic.
To cornrnunicate in a timely, professional, and effective manner with all stakeholders.
From the outset, all staff very quickly innovated to provide a comprehensive and extremely
well received remote learning programrne, Gayhurst@home. This encompassed all areas of the
curriculum including sport, art and music and resulted in imaginatTve and creative teaching
through live and recorded lessons and materials.
Attendance was almost 100%. Pastoral support and attention to Safeguarding were maintained
through farm time5 and telephonelzoom calls home for younger pupils. A comprehensive Risk
Assessment was undertaken as Government guideline5 allowed the site to reopen, adaptations
to the physTcal aspects of the site and daily operations were made as reqLrired. Staff were
given appropriate training and information to enable safe working.
Catering and Cleaning contractors stepped up to help implement the relevant sections of the
risk as5e55ment. Pupils and parents were provided with clear instructions on school operations
under the government'5 guidelines. The risk a55es5ment was monitored and amended as
circumstances changed and implementation wa5 checked by Governors. The school's budgets
and forecasts were reviewed looking at various potential scenari05, appropriate fee reductions
were offered for the summer term. All costs have been, and will continue to be, carefully
managed and cashflow monitored to ensure financial diligence. Communications were prompt
and clear providing parents, staff, and pupils clarity on a complex situation. All at Gayhurst
are proud of the collective re5pon5e to the situation presented by Covid 19.
Risk Management
The Governors have a duty to identify and revTew the risks to which the charity 75 exposed and
to ensure appropriate controls are in place to provide reasonable assurance against f raud and
error.
The Governors have assessed the major risks to which the school is exposed, Tn
particular, those related to the operations and finances of the school and are satisfied that
systems are in place to manage exposure to these risk5. Risk management is a matter of on-
going policy and Governors continue to keep the school's exposure to these risks under review.
The risk management documentation is reviewed regularly and updated annually. This year it
was agreed that responsibility for identified risks would be moved to be a standing item on
appropriate Governor subcommittee agendas, thereby en5ufTng a dedicated focus on risks and
controls.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT {continuedl
YEAR ENDED 31 AUGUST 2020
The main areas of risk over and above those relating specifically to Covid, are considered to
External factors, the sector, economic and political
Financial risks
Risk of Harm
Regulatory compliance failure
Interruption to busines51reputational damage
External Factors - there is potential for further imposed lockdowns, either for the full school
or for select 'bubbles" but the success of Gayhurst@horne gives confidence that any site
closure would immediately be replaced by a high standard of remote learning. The risks
relating to the potential loss of business rate relief and VAT on fees are monitored and
considered in future planning for the school. The school continues to work with the
Independent Schools CouncTI, ISBA and other representative bodes to defend the charitable
status of independent education and infortn the positive contribution it makes. The economTC
climate and market competitiveness are monitored by the Governors and senior leadership and
potential effects of recession and associated drop in pupil roll are considered in budgeting and
forward planning scenarios,
Flnancial risks
the principal area of concern is the affordability of fees for parents due to
current economic and political factors. The Subsequent risk to the school is a reduction in
pupil numbers and an increase in bad debts. Costs continue to be reviewed regularly and cost
pressures arising from external factors are identified at an early Stage and managed as far as
possible by the preparation and control of School budgets involving budget holders across the
school. The school aims to ensure timely collection of fee income and management of debtors
to minimize losses.
The risk of harm
this is addressed through maintaining and implementing robust
5afeguardin£, child protection, safer recruitment and health and safety policies and practices.
A Health and Safety consultant is engaged to provide professional oversight and guTdance.
There is a focu5 on awareness by all, annual training for all staff and regular review meetings
of the safeguarding and health and safety teams.
Regulatory compliance is ensured by review and update of all sch¢)ol policies on a
predetermined cycle and checking of implementation by senior staff and Governors.
Risk of business interruption through critical incidents is managed, where it can be, by
thorough Health and Safety risk assessments. An emergency plan TS in place to provide
guidance of how to deal with, and minimise impact of, external critical incidents. Reputational
damage 15 managed through planning /rssk management and the proactive control of events a5
they occur to reduce this risk.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT Icontinued)
YEAR ENDED 31 AUGUST 2020
REVIEW OF ACHIEVEMENTS AND PERFORMANCE
Gayhurst ha5 had another very successful year, during which rapid adjustments had to be made
to deliver an engaging and appropriate remote curriculum as a result of the Coronaviru5
pandemic. The teachers responded impressively, up5killing in haste to deliver live online
lessons from the start of the Summer Term. Children continued to receive a broad education,
despite not being at school; practical task5 and challenges were as much in evidence as our
academic focus. It was particularly pleasing that we were able to respond so quickly to new
demands of working rernotely and regular government advice and updates, particularly when
planning for a return to school from June. Gayhurst welcomed Nursery, Reception, Year 1 and
Year 6 pupils in early June and was committed to getting all children back on site at the
earliest possibility - this occurred from 24th June when all other year groups were able to
return for the final 3 weeks of the academic year. This was both a significant highlight and
achievement, and testament to careful planning and risk assessment as well as reflecting the
teachers, dedication.
The school's commitment to enriching learning and developing PUPTls' resilience,
independence and confidence remained a priority and these characteristics were a prominent
feature of the lockdown period serving both staff and pupils well. Enrichment opportunities
were offered through themed weeks for STEAM and our first Art and Literature week, in
addition to many educational vislts, workshops at school and assemblies. Pastoral care and
awarene55 of pupil wellbeing and mental health became even more a priority during lockdown
and much acclaim was received for the weekly pastoral calls to pupils during this time
including online form get-togethers. This reinforced the school's caring nature and emphasis
on community.
Pupil numbers were steady at 308, with co-education continuing to prove desirable. Pupils
were once again well prepared for a varTety of selective grammar, Tndependent 5choo15 and
maintaTned schools with 66% of entrants securing place5 at the selective Bucks Grammar
Schools after passing the 11+. In total, pupils transferred to 20 different schools. It was a
fantastic year for scholarships, with 9 awarded to seven different pupils across all disciplines.
Three were awarded for Academic, two for Art, two for Music, one for Drama and one for
Sport. This reinforce5 the school's strength in these disciplines as well as reflecting the
rounded pupils developed from our broad curriculum.
Aside from the excellent scholarship and entry results, our pupils also performed well in
academic competitions. Our General Knowledge quiz team came second in their heat and
qualified for the national Triter-5chools finals, whilst two Science teams also qualified for their
respective final with one team coming third in their heat. Other notable successes included
winning a local debating competition, hTStory competition, maths competition and poetry slam
at local Senior Schools. Pupil artwork once again received high commendation in a local Rotary
competTtion. Additionally, children fared well in the Primary Maths Challenge with five pupils
entering the higher level and getting Bronze and Silver certificates. Pupils fared well in the
Bebras challenge and the Digital Leaders attended the BErr exhibition for the first time. The
Maths and Sports Departments led the way Tn school partnerships, h05ting a 5erie5 of inter.
School maths competitions and cross-country events at Gayhurst. These were well attended by
ocal State schools and Gayhurst received much praTse for their organisation.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT {continuedl
YEAR ENDED 31 AUGUST 2020
REVIEW OF ACHIEVEMENTS AND PERFORMANCE (continued)
Unfortunately, lockdown restricted many of our residential trips during the year, however, we
were fortunate to participate in our first co-educational sports, tour to Jersey. 45 pupils
travelled and participated in a wide range of training and competitive fixtures against
different Jersey schools and clubs.
The democratically elected School Council was again to the fore in raising environmental
awareness and focused on improving pupil experience at the school. Year 6 were fortunate to
participate in a leavers, programme which, although scaled back, required them to apply theTr
skills from many different subjects. Challenges included a map-reading exercise to get
themselves back to school, an art project to leave their mark on the School and they managed
to create and produce their own end of year performance mainly based on Shakespeare. It wa5
a fitting end to their time at the school and reflected their maturity, development and unity.
The new Director of Performing Art5 received rave reviews for a vibrant Year 4 production and
carol service5 that included instrumentalists for the fTrst time. The repertoire of musical skills
were certainly evident and Inspired more pupils to take up instrumental tUTtion and join an
ensemble. 12 vlsiting peripatetic teachers further enhanced the children's musical talents and
achievements with some notable successes in Grade examinations. LAMDA tuition continued to
be a real strength, with regular performance evenings at school and exams held at school,
external candidates were accommodated too. The results were extremely impressive with 77
pupils awarded distinctions and 6 achieving high merits. That the School was able to offer so
much during unprecedented times is remarkable. It is ref lective of the incredible commitment
of all staff at the school, who receive great support and challenge from the governing body.
The whole Gayhurst community provided incredible support for one another during lockdown,
remaining open for much of lockdown and holiday periods to support key worker families. It
was a truly amazing effort and I thank them sincerely for their commitment and camaraderie
during such challenging times. Gayhurst can only become stronger in the years to come as a
result of excelling in such testing circumstances; it was a remarkable year in many ways, we
can reflect very positively and look forward with optimism.
KEY MANAGEMENT PERSONNEL
The Governors have identified the Head, Bursar and Deputy Head as key management
personnel. The salary of these key management personnel is set after a55essing their
performance and reviewing market benchmarks.

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2020
REVIEW OF FINANCIAL ACTIVITIES
The Finance & General Purposes Committee supervises the School's financial affairs and meets at
least once each term. The committee liaises closely with the School's Bursar who is responsible for
the day to day management of the School's finances. A target for financial performance ha5 been
set for net incomTng resources to be in the range of 4% to 8% of total annual fee income. In the
year ended 31st August 2020 the figure was 1185,441or 4.66% of fee income up from £133,185 in
2019 or 3.08% of fee income. Whilst fee income fell by £337,000 due to the downward amendment
on fees, savings were achieved in many support/non.teaching related areas which more than offset
the incorne decline. The incoming resources were supplemented by generous parental donations Tn
support for the school during the pandemic.
The School's banking arrangements continue to operate satisfactorily, and we remain ahead of the
loan repaytllent schedules set when the 2008 development loan was raised. Cash management is
good
Reserves and Financial Health
The Governors, policy is to maintain free reserves (funds not designated or tied up in fixed assets)
through annual surpluse5 to Support the development of the school and its charitable purpose.
Re5erve5 may be used to fund specific projects alongside an approprTate and prudent level of
borrowings if necessary. The school currently has total unrestricted funds {excluding designated
funds) of £6.127,282 12019: £5,941,841). After deducting the carrying value of the tangible fixed
assets of £4,378,15612019: £4,591,687) held for the school's own use, the f reely available reserve5
were £1.75m12019: C1.35ml which is considered sufficient for operational needs.
FUTURE PLANS
The Governing Body will support the Head, the senior leadership team and the staff in
delivering the schools aims and updated strategic objectives, offering a broad, high quality
education to children in school years Nursery to Year 6. The School will continue to promote
the values and benefits of co-education for primary aged pupil5.
During 2020121, the School is likely to be operating under constraints imposed by Covid-19.
The school will prioritise providing all children an excellent broad education whether on 51te or
@home and ensuring all Tmposed restrictions are optimally managed to enable each child to
continue to reach their full potential. The health and safety of staff, pupi15 and parents will
continue to be a priority and risk assessments updated as required. The Covid group will
continue to oversee and monitor all aspects of the school as guidance changes.
Pupi15 will continue to benefit from confidence, independence and resilience bein£ core values
that are promoted in all aspects of the education at Gayhurst. The enrichment programme will
be developed within the constraints imposed be Covid 19 to offer wide and varied
opportunities to cater for the learning needs and interests of all pupils. Sports, creative and
performing arts will continue to be valued and supported as key components of the broad
education Gayhurst offers whether @home or at the school site.

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT {continuedl
YEAR ENDED 31 AUGUST 2020
The wellbeing of pupils will continue to be promoted, taught, and embedded into the
comprehensive pastoral support provided. Particular emphasis will be placed on ensuring
wellbeing of pupils as they return regularly to the school site following several months,
interruption.
School policies and all other documentation will continue to be reviewed by the Head, the
senior leadership team, and Governors to ensure ongoing compliance and implementation.
The Governors and Senior leadership will consider a programme for facility improvement.
New Governors will be appointed as required and procedure to ensure open and fair
recruitment implemented.
Fundraising Performance
The charity has not made any fundraisTng appeals to the general public during the year. There has
been no outsourced fund raising via professional fundraisers or other third parties. As a result, the
charity is not registered with the fundraising regulator and did not receive any fundraising
complaints in the year.
STATEMENT OF GOVERNORS, RESPONSIBILITIES
The Governors (who are also directors of Gayhurst School Trust for the purposes of company lawl
are responsible for preparing the Governors, Report and the financial statements in accordance
with applicable law and regulation5.
Company law requires the Governors to prepare financial Statements for each financial year. Under
that law the Governor5 have elected to prepare the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law}. Under company law the Governors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of the profit or loss of the charitable company for that period. In preparing these
financial statements, the Governors are required to:
select 5Ultable accounting policies and then apply them consistently)
observe the methods and principles in the Charities SORP.
make judgments and accounting estimates that are reasonable and prudent.
State whether applicable UK Accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the cornpany will continue in business.

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT (continued)
YEAR ENDED 31 AUGUST 2020
STATEMENT OF GOVERNORS, RESPONSIBILITIES (contlnued)
The Governors are responsible for keeping adequate accounting records that are sufficient to show
and explain the charitable COTnpany's transactions and disclose with reasonable accuracy at any
time the financial positTon of the company and enable them to ensure that the financial Statements
comply with the Companies Act 2006. They are also responsible for safeguardTng the assets of the
charitable company and hence for taklng reasonable steps for the prevention and detection of
f raud and other irregularities.
So far as each of the Governors 15 aware at the time the report is approved:
there is no relevant audit informatTon of whTch the charitable company's auditor5 are
unaware; and
the Governors have taken all steps that they ought to have taken to make them5elve5 aware
of any relevant audit information and to establish that the audTtors are aware of that
information.
AUDITORS
In accordance with Section 495 of the Companies Act 2006, a resolution proposing the
reappointment of Haysmacintyre LLP a5 auditors to the company will be put to the Annual General
Meeting.
On behalf of the Board
Mrs C Shorten Conn
Chair of Governors
Date:
3112120 20

INDEPENDENT AUDITOR'S REPORT TO THE
BOARD OF GOVERNORS OF GAYHURST SCHOOL TRLSST
Oplnion
We have audited the financial statements of Gayhurst School Trust for the year ended 31 August 2020
which cornprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and
notes to the flnancial statements, including a sufflmary of significant accounting policie5. The financial
reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom
Accountlng Standards, including Financial Reporting Standard 102 The Financial Reportirjs Star￿ard
applicoble in the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounting Practice).
In our oplnlon, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 August 2020
and of the charitable company's net movement in funds, including the income and expenditure,
for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice. and
have been prepared In accordance with the requirements of the Companies Act 2006.
Basis for oplnion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standard5 are further described in the Auditor'5
respon5ibilitTes for the audit of the financial statements section of our report. We are independent of
the Trust in accordance with the ethical requirement5 that are relevant to our audit of the financial
Statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained Is sufficient and appropriate to provTde a basis for our opinion.
Responsibilltles of trustee5 for the financial statements
As explained more fully in the trustees, responsibilities statement set out on page 10, the trustees (who
are also the directors of the charitable company for the purpose5 of company lawl are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the trustees determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financTal statements, the trustee5 are responsible for assessing the charitable company's
ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the trustees either intend to liquidate the charitable
company or to cease operations, or have no realistic alternative but to do so.
Auditor'5 re5ponslbllltles for the audlt of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
include5 our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial Statements.
A further de5CriPtion of our responsibilities for the audit of the financlal statements Is located on the
Financial Reporting Council's website at.. www.frc.org.uklauditor5responsibilities. This description form5
part of our auditor's report.
Conclusions relatlng to goln8 concern
We have nothing to report in respect of the following matters in relation to which the ISA5 IUKI require
US to report to you where:
the trustee5' use of the going concern basTS of accounting in the preparation of the financial
Statements is not appropriate., or
12

INDEPENDENT AUDITOR'5 REPORT TO THE
BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST
Continued...
the trustees have not disclosed in the financial statements any Tdentified material uncertainties
that may cast significant doLJbt about the charitable company's ability to continue to adopt the
going concern basis of accounting for a period of at least twelve month5 from the date when the
financial statements are authori5ed for i55ue.
Other Informatlon
The trustees are responsible for the other information. The other information comprises the information
Included in the Trustees, Annual Report. Our opinion on the financial statement5 does not cover the
other information and, except to the extent otherwise explicitly stated in our report, we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
Information and, in doing so, consider whether the other information is materially inconslstent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material mi55tatement in the financial statements or a
material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other Infom)atlon, we are required to report that fact. We
have nothing to report in this regard.
Oplnlons on other matters pre5crlbed by the Companie5 Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, Annual Report (which includes the strategic report and the
directors, report prepared for the purposes of company lawl for the financial year for which the
financial statements are prepared 15 con515tent with the financial statements,. and
the strategic report and the dlrectors, report included within the Tru5tee5' Annual Report have
been prepared in accordance with applicable legal requirements.
Matters on whlch we are requlred to report by exception
In the light of the knowledge and understanding of the charitable company and it5 environment obtained
in the course of the audit, we have not identlfied material mi5Statement5 in the Trustees, Annual Report
(which incorporate5 the strategic report and the directors. report).
We have nothing to report In respect of the followng matters in relation to which the Companies Act
2006 requ7res US to report to YOL¢ if, in our opinion..
adequate accounting records have not been kept by the charitable company* or returns adequate
for our audit have not been received from branches not visited by us,. or
the charitable company financial statements are not in agreetnent with the accounting record5
and returns. or
certain disclosures of trustee5' remuneration spec7fied by law are not made. or
we have not received all the inforfflation and explanations we require for our audit.
Use of our report
This report 15 made solely to the charitable company's members, as a bodyj in accordance with Chapter 3
of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might State to the
charitable company's members those matters we are required to state to them in an Auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume regponsibility
to anyone other than the charTtable company and the charitable companys members as a body, for our
audit work, for this report, or for the opinion5 we have formed.
Thomas Wilson
SenNor Statutory Auditor
For ond on beholf of Haysmacintyre LLP, Statutory Auditors
Dote..
14 December 2020
10 Queen Street Place
London. EC4R IAG

GAYHURST SCHOOL TRUST
COMPANY NUMBER 22093B5
BALANCE SHEET
AT 31 AUGUST 2020
2020
2019
Notes
FIXED ASSETS
Tangible assets
4,378,156
4.591.687
CURRENT ASSETS
Debtors - fees
Othei debtors
Prepayments and accrued income
151
72,723
16,925
3,084
38,524
49,626
Total debtors
89,799
91,234
Cash at bank and in hand
2,899,146
2,635,193
2,988,945
2,726,427
CURRENT LIABILITIES
Creditors and accruals
Bank loan
1908,3461
1131,0981
{961,6911
1143,0131
11,039,444)
11,104,704)
NET CURRENT ASSETS
1,949,501
1,621,723
TOTAL ASSETS LESS CURRENT
LIABILITIES
6,327,657
6,Z13,410
CREDITORS: due after more than
one year
1200,3751
1271,5691
NET ASSETS
£6,127,282
£5,941,841
FUNDS
Unrestricted funds
6,127,282
5,941,841
£6,127,282
£5,941,841
The financial statements were approved and authorised for issue by the Governors on 311212020 and
were signed below on their behalf by..
Mrs C Shorten Conn
I GOVERNORS
Mr A MacPhe
The accompanying notes form part of these financial statements.

GAYHURST SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2020
Unrestricted
Total
2020
Total
Funds
2020
Total
Funds
2019
INCOME FROM:
Notes
Charitable Activities:
Fees receivable
Grants and donations
Investments
Other
3,979,702
105,600
15,064
38,191
3,979,702
105,600
15.064
38,191
4,316.612
7,697
5,565
53,357
Total
E4,138,557
£4,138,557
£4,383,231
EXPENDITURE ON:
Charitable ActTVity
School Operating C05ts'.
Teaching c05tS
Welfare
Premise5
Support C05t5 of schoollng
Finance costs
2, 568,300
290,328
625,808
411,906
56,774
2,568,300
290,328
625,808
411,906
56,774
2,568,756
363,824
869,082
438,344
10,040
Total
£3,953,116
£3,953,116
£4,250,046
Net Income
185,441
185,441
133,185
Transfers between funds
Net movement in funds
185.441
185,441
133,185
Balance brouehi forward
5,941,841
5,941,841
5,808,656
Balance carried forward
£6,127,282
E6,127,282
E5,941,841
Theie were no acquisitlons or discontinLsed activities during the year. There were no other recognised
gains or105ses during the year.
The accompanying notes form part of these accounts.
14

GAYHURST SCHOOL TRUST
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2019
Cash flow5 from operatlne activitie5:
Net cash provided by operating activitie5
385,128
654,414
Cash flows from Investing activltie5:
Interest received
Payments for tangible fixed assets
15,064
153,1301
5,565
{280,3051
Net cash used in investing activities
138,0661
1274,7401
Cash flow from finandng actlvltles
Repayment of long term loan
183,1091
1143.0131
183,109
1143,0131
Net cash used by financing actlvltles
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
263,953
236,661
1,635,193
2,398,532
Cash and cash equivalents at the end of the
reportlng period
£2,899,146
£2,635,193
Reconclllatlon of net movements In funds to net cash flow from operating activltles
2020
2019
Net movement In furids for the reportlng perlod
(as per the statement of fTnancial activities)
Adjustments for:
Depreciation charge5
Interest received
Decrease in debtors
IDecreasellincrea5e in creditors
Loss on disposal of fixed assets
185,441
133.185
266,661
115,0641
1,435
153.3451
265,238
15,565
14,133
73,728
173,695
Net cash provided by operating activities
385,128
654,414
B. Analysis of cash and cash equivalents
2020
2020
Cash at bank and in hand
2,899,146
2.635,193
Total cash and cash equivalents
£2.899,146
£2,635,193
16

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES
The flnanclal statements have been prepared Tn accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in
accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland
IFRS1021 (Charities SORP 2015 Isecond Edition, effective 1 January 201911, the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2(K)6.
The functional currency of the school 15 considered to be GBP because that is the currency of the
primary economic environment in which the school operates.
The school is a Public Benefit Entity registered as a charity in England and Wales and a company
limited by guarantee Icompany number.. 2209385 and charity number.. 2988691.
Basis of Preparatlon
The accounts are prepared under the historical cost convention.
bl
Golng concern
Having reviewed the fundlng facllltleg avallable to the school together with the expected ongoing
demand for places and the school's future projected cash flows, the Govemors have an expectation
that the school has adequate resources to continue its activities for the foreseeable future and
consider that there were no material uncertainties over the school's flnancial viability. Accordingly)
they also continue to adopt the going concern basis in preparing the financial statements as
outlined in the Statement of Accounting and Reporting Responsibilities on page 10.
Crltlcal accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, Governors are required to rnake judgement,
estimates, and assumptions about the carrying value of assets and liabilities that are not readily
apparent from other source5. The estimates and underlying assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying a55UmPtIOlls are reviewed on an Dngoing basis. Revisions to
accounting estimates are recognised In the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affected
current and future periods.
Judgements made by the Governors, in the application of these accounting policie5 that have
significant effect on the financial statements and estimates with a significant risk of material
adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed
assets and are discussed below.
In the view of the Governors, no assumptions concerning the future or estirnation uncertainty
affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment
to their carrying amounts in the next financial year.
17

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES (contlnuedl
d)
Fees and Slmllar Income
Fees and charges receivable are accounted for Tn the period in which the service is provided. Fees
receivable are stated after deducting allowances and other remissions allowed by ihe school. Other
fee5 consist of extras and disbursements charged to pupils.
Investment Income
Investment Income from bank balances and flxed interest securities is accounted for on an accruals
bas15.
f)
Donatlons, legacies. grant5 and other voluntary Income
Voluntary income is accounted for as and when entitlement arises, the amount can be reliably
quantified and the economic benefit to the School is considered probable.
gl
Expenditure
Expenditure Is accounted for on an accruals basls and are allocated to expense headings on a direct
cost ba515. The irrecoverable VAT is included with the item of expense to which It relates.
Governance costs comprise c05t5 incurred In meeting statutory and constitutional requirements of
the School.
h}
A55ets
Fixed a55ets are shown on the balance sheet at cost less accumulative depreciation. Current assets
are shown at the lower of cost and net realisable value. Assets under £1,000 are ￿Itten off in the
year of purchase.
Depreciation
Depreciation is provided on fixed assets to write off theTf c05t over their estimated useful lives at
the following rates:
Buildings
Furniture, Fittings and Equipment
Short Leasehold Property (Boilers)
All Weather Pitche5
Grounds Works
Minibuses & Motorlsed Equipment
IT Equipment
Z% on cost
10% - 20% pa on c05t
2%- 12.5%oncost
15% on cost
15% on cost
20% on cogt
25% on cost
J)
Penslon contrlbutions
The company contributed to the Teachers, Pension Scheme at rates set by the scheme actuary. It is
part of a multi-employer scheme and it is not Possible to attribute a value to the scheme a55ets
and liabilities which would be appropriate to the company. In accordance with FRS 102 the scheme
is accounted for as if it were a defined contribution scheme. The assets of the scheme are held

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontinued)
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES {contlnued)
Separately froTn those of the company. The pension c05t charge represents the amount of the
contributions payable to the scheme in respect of the year. The company also contributes to
personal pension scheme5 for non-teaching Staff and these contribution5 are charged to the profit
and Ioss account in the year in which they are Incurred. The School also contributed to personal
pension plans of other employees under a defined contribLJtion scheme. Contribution5 are expensed
as they fall due. The school has left the scheme slnce the year-end.
kl
Operating Lease Rentals
Rentals paid in respect Df a55ets held under operating leases are charged against income on a
Straight line basis over the lease temi.
Unrestricted Funds
General funds are unrestricted funds expendable at the discretion of the Governors in furtherance
of the objects of the charity.
Designated funds are unrestricted funds that have been set aside by the governors for a particular
purpose.
m) Restrlcted Fund5
The restricted fund represents donations received for specific projects.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured
at amort15ed with the exception of investments which are held at fair value. Financial assets held
amortised cost comprise cash at bank and in hand, together with trade and other debtors. A
specific provision is made for debts for which recoverability 15 in doubt. Cash at bank and in hand is
defined as all cash held in instant access bank accounts and used a5 working capital. Financial
liabilities held at amortlsed cost comprise all credltors except social security and other taxes and
provisions.
Debtors
Trade and other debtors are recognlsed al the settlernent amount due after any trade dlscount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
pl
Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term highly liquid investments.
ql
Creditor5 and provisions
Creditors and provisions are recognised where the School has a present obligation resulting from a
past event that will probably re5uIt 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 after allowing for any trade discounts due.
19

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 AUGUST 2020
FEES RECEIVABLE
Unrestricted Unrestricted
funds
funds
2020
2019
Gross fees
Le55: bursaries and discounts
4,003,674
191,5821
4,344,861
166,2231
Fee5 Inetl
3,912,092
4,178,638
Extras and dlsbursements
63,734
133.630
3,975,826
4,312,168
Registration fees
Deposits forfeited
3,876
3,594
750
£3,979,702
E4,316,612
ANALYSIS OF TOTAL RESOURCES EXPENDED
2020
staff costs
Other
Depreciation
Total
Charitable Activity:
School operating costs..
Teaching costs
Welfare
Premises
Support and governance cost5
Finance costs
2,219, 585
348,715
290,328
282,072
151,938
56,774
2,568,300
290,328
625,808
411,906
56,774
77,075
259,968
266,661
£2,556,628
E1,129,827
£266,661
£3,953.116
2019
Staff costs
Other
Depreclation
Total
Charltable Activity:
School operating costs..
Teaching costs
Welfare
Premise5
Support and governance costs
Finance costs
2.158,883
409,873
363,824
521,275
174,160
10,040
2,568,756
363,824
869,082
438,344
10,040
82,569
264,184
265,238
£2, 505,636
£1,479,172
£ 265,238
£4,250,046
20

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
ANALYSIS OF TOTAL RESOURCES EXPENDED Icontlnued)
2020
2019
Expendlture Includes
Auditors remuneration
Audit (including VAT
Other non-audit services
Operating lease rentals Plant and machinery
Other A55ets
14,520
1,440
15,703
82,167
13,200
2,880
16,176
69,167
STAFF COSTS
2020
2019
Salaries and wages
Social security COStS
Pension costs
1.990,855
198,247
367,526
2,034,604
205,181
265,851
2,556,628
£2, 505,636
2020
2019
Aggregate employee benefits of key management personnel
289,461
280,358
The number of employees whose emolument5 exceeded £60,000 were
No
No
£110,CK)1 £120,000
All retirement benefits to these employees were accrued under a Defined Benefit Pension
Scheme.
The average number of employees during the year was made up as follows..
Teaching
PremTSes
Support
47
55
57

o¢>r
>w
400

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS {Continuedl
FOR THE YEAR ENDED 31 AUGUST 2020
CREDITORS: Due within one year
2020
2019
Deferred income - fees in advance
Taxation and social security
Deposits refundable and other creditors
Trade creditors and accruals
Pension
Composition fees
441,678
52,903
246, 577
163,955
3,233
390,586
53,439
230,951
250,960
7,671
28,084
£908,346
£961,691
All brought forward deferred income was released during the year.
CREDITORS: due after more than one year
2020
2019
Bank loan (note 81
200,375
Z71,569
£200,375
£277,569
CompositTon Fees
Parents may enter into a contract to pay the school up to the equlvalent of 8 years. tuition fee5 in
advance. The money may be returned Subject to specific conditions on the recelpt of one terms
notice. Assuming pupils wlll remain in the school, fee5 will be applied as follows:
2020
2019
Amounts falllng due:
Within one year
18,084
£28,084
The balance represent5 the accrued liability under contracts. The movements during the year were..
Brought forward
Additions in year
Amounts utilised in the year
28,084
55,545
128,8041
127,4611
Carried forward
E28,084
23

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl
FOR THE YEAR ENDED 31 AUGUST 2020
BANK LOAN
2020
2019
Amounts falling due
between one and two years
between two and five years
after more than five years
131,098
69,277
143,013
128,556
200,375
271,569
Within one year - bank loan
131,098
143.013
£331,473
£414,582
The loan is Secured by a legal mortgage over the freehold premises and leasehold site of Gayhurst
School. The loan is being repaid in monthly in5talments of £11,918 over 15 years frorn June 2009
with interest being charged at 0.85% above the bank base rate. A 6 month iepayment holiday was
provided from April 2020.
TAXATION
The company is a registered charlty and no taxation is payable on its income.
10. FUNDS
Unrestricted Restrlcted
Funds
Funds
Total
Funds
Balance at 1 September 2019
Net income
Transfer
5,941,841
185,441
5.941.841
185,441
Balance carrled forward at 31 August 2020
£6,127,282
£6,127,282
PRIOR YEAR COMPARATIVE OF FUNDS
Unrestricted Restricted
Funds
Funds
Total
Funds
Balance at 1 Septernber 2018
Net income
Transfer
5,808,656
133,185
5,808.656
133,185
Balance carried forward at 31 Augu512019
£5,941,841
E5,941,841
24

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2020
OPERATING LEASES
At 31 August 2020 the charity had annual commitments under non-cancellable operating leases
for as follows..
Land and bulldlngs
2020
2019
2020
2019
Main School
Adrien House
Expiry date
Within one year
Within two to five years
69,167
94,166
69,167
163,333
13,000
8,667
13,OlJO
21,667
£163,333
£232,500
£21,667
£34,667
2020
2019
Operatinq leases
Explry date
Within one year
Within two to five years
15,739
18,000
5, 581
4,099
E33,739
£9,680
12. RELATED PARTY TRANSACTIONS
No travel and accommodation expenses were reimbursed to governors IZ019'. ENill. There were no
other related party transactions during the year.
13. CAPITAL COMMITMENTS
The Governors have authorised expenditure of £28,092 in respect Df a canopy to provide shade for
the Junior School playground and an area that can be used in all weather conditions12019: INill.
25

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
PENSION COSTS
The School participated in the Teachers. Penslon Scheme I'the TPS'I, for its leaching staff. The
pension charge for the year include5 contributions payable to the TPS of £353.367 12019:
£251,131). Al the year-end £nil 12019 E Nill was accrued in respect of contributions to thi5
scheme. From 1 September 2020, the School is no longer participating in the Scheme and wlll not
be contributing to the Teacher's Pension Scheme going forward.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The
Teachers. Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme
Regulations 2014 las amended). Members contribute on a "pay as you go" basis with
cot>tributions from members and the employer being credited to the Exchequer. Retirement and
other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of Slate following scheme valuations
undertaken by the Government Actuary's Department. The m05t recent actuarial valuation of the
TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March
2019, confirmed that the employer contribution rate for the TPS would Increase from 16.4% to
23.6% from 1 September 2019. Employer5 are also required to pay a scheme administration levy
of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the
scheme regulations and under the approach specified in the Direction5, as they applled at 5
March 2019. However, the assumptions were considered and set by the Department for Education
prior to the ruling in the 'McCloudlSargeant case,. This case ha5 required the courts to consider
cases regarding the implementation of the 2015 reforms to Public Service Pensions Including the
Teachers, Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of
Appeal's judgment that transitional provisions introduced to the reformed pension schemes in
2015 gave rise to unlawful age discriminatlon. The government is respecting the Court's decislon
and has said it will engage fully with the Employment Tribunal as well as employer and member
representatives to agree how the discriminations will be remedied. A consultation was launched
by the government on 16 July 2020 and closed to response5 on 11 October 2020.
The TPS is subject to a cost cap mechanism which was put In place to protect taxpayers against
unforeseen changes in scheme c05t5. The Chief Secretary to the Treasury, having in 2018
announced that there would be a review of thls cost cap mechanism, in January 2019 announced
a pause to the cost cap mechanism following the Court of Appeal's ruling in the
McCloud/Sargeant case and until there is certainty about the value of pensions to employees
from April 2015 onwards. The pause was lifted in July 2020 and the government Is preparing to
complete the cost control element of the 2016 valuations, which is expected to be completed in
2021.
In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial
Valuation may become inappropriate. In this scenario, a valuation prepared in accordance wlth
revised benefit5 and sultably revised assumptions would yield different results than those
contained in the Actuarial Valuation.
26

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS {continuedl
FOR THE YEAR ENDED 31 AUGUST 2020
14. FINANCIAL INSTRUMENTS
2020
2019
Cash held
2,899,146
2,635,193
FTnancial assets measured at amort15ed costs {al
71,874
41,608
Flnanclal Ilablllties at amortised costs Ib)
1,183,683
1,322,834
al Financial asset5 include trade debtors, fee debtors and other debtors
bl Financial liabilities include deposits, fee5 in advance, trade creditors, loans, accruals and
other creditor5
15. NET DEBT RECONCILIATION
At1
Sept'19
Cashflows
Other non"
cash
changes
At31
Aug'20
Cash at bank and in hand
Secured bank loan falling due within 1
year
Secured bank loan falling due less than 5
years
2,635,193
143,013
263,953
111,9151
2.899,146
131,098
11,915
271,569
171,1941
21J),375
NET DEBT RECONCILIATION 2019
At1
Sept'18
Cashflows
Other non-
cash
changes
At31
Aug'19
Cash at bank and In hand
Secured bank loan falling due within 1
year
Secured bank loan falling due less than 5
years
2,398,532
143,013
1153,4431
2,635,193
143,013
443,087
1171,5181
271,569
27

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
17. COMPARATIVE PERIOD STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Total
2019
Restricted
Total
2019
Total
Funds
2019
INCOME FROM:
Notes
Charltable Activitles:
Fees receivable
Covenants and donations
Investment5
Other
4,316,612
7,697
5,565
53,357
4,316,612
7,697
5,565
53,357
Total
£4,383,231
£4,383,231
EXPENDITURE ON:
Charltable Activity
School Operating Costs:
Teaching c05tS
Welfare
Premises
Support costs of schooling
Finance costs
2,568,756
363,824
869,082
438,344
10,040
2,568,756
363,824
869,082
438,344
10,040
Total
£4,250,046
£4.250,046
Net Income
133,185
133,185
Transfers between funds
Net movement in funds
133,185
133,185
Balance brought foNard
5.808,656
5,808,656
Balance carried forward
£5,941,841
E5,941,841
28