**GREAT WALSTEAD LIMITED REGISTERED COMPANY NUMBER: 00751662**
## **Financial Statements - 31 August 2020**
## **CONTENTS**
Page General Information Trustees’ Report 3-11 Independent Auditors’ Report 12-13 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-28
**GREAT WALSTEAD LIMITED**
## **General Information**
|**GOVERNORS AND TRUSTEES:**|Mr P Thurston (Chair)|
|---|---|
||Mrs E Andersson (appointed 30 November 2019)|
||Mrs C A Chandler Browne|
||Mr C Harwood|
||Mrs P Hoyle|
||Mr R A Hopkins|
||Mr T Manly (appointed 30 November 2019)|
||Mr C D Sutton|
||Mr M Searle|
||Mr S J Ulph|
||Mr A Laurent|
||Mrs J Withington|
|**CLERK TO THE GOVERNORS:**|Ms C Bridger|
|**COMPANY SECRETARY:**|Mrs A Wolfaardt|
|**REGISTERED OFFICE:**|East Mascalls Lane|
||Lindfield|
||West Sussex|
||RH16 2QL|
|**REGISTERED AUDITORS:**|Mazars LLP|
||2ndFloor|
||6 Sutton Plaza|
||Sutton Court Road|
||Sutton|
||Surrey|
||SM1 4FS|
|**BANKERS:**|Lloyds TSB Bank plc|
||99/101 South Road|
||Haywards Heath|
||West Sussex|
||RH16 4ND|
|**SOLICITORS**|Torque Law|
||2 Maple House|
||Northminster Business Park|
||Upper Poppleton|
||York|
||YO26 6QW|
|**REGISTERED NUMBER:**|00751662|
|**CHARITY REGISTRATION NUMBER:**|307002|
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**GREAT WALSTEAD LIMITED Trustees' Report**
The trustees are pleased to present their annual report together with the audited accounts of the charity for the year ending 31 August 2020 and confirm that they comply with the requirements of the Companies Act 2006, the Articles of Association of the charity, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **CHARITABLE OBJECTS AND AIMS**
The School was founded in 1925, was incorporated as a company on 27 February 1963 and is governed by its Articles of Association. The Articles of Association were revised and adopted by special resolution on 24 September 2011.The company is a registered charity, no 307002.
The company is limited by guarantee and has no share capital.
The main object of the charitable company is the provision of educational facilities.
As stated in its Articles of Association, its objects are to advance education by carrying on in Great Britain a school or schools at which infants, children and students may obtain education and instruction in academic, sporting, musical, cultural, scientific, technical, religious, vocational, social and commercial subject activities and crafts of every description, within the framework of the Christian religion according to the teaching of the Bible.
Our vision is to enable pupils to become independent and engaged learners who see challenges as opportunities, all grounded on Christian values and a sense of social responsibility. We prepare our pupils for the opportunities, responsibilities and experience of later life by:
- Providing a first-class education to boys and girls from the ages of 2[1] /2 to 13.
- Seeking to provide a structured educational environment that enables our pupils to maximise their personal development and academic achievements.
- Promoting the academic, moral and physical development of our pupils through our academic curriculum, pastoral care, sports, arts and other activities.
- Providing an educational environment where each student can develop and fulfil his or her potential, building their self-confidence and inculcating a desire to contribute to the wider community.
## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS**
Our objectives are set to reflect our educational aims and the special Christian ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals we set for the School and its pupils, including as to physical and mental health and well-being. We give the utmost priority to the safeguarding of all our pupils.
In setting our objectives and planning our activities, our Governors have given careful consideration to the Charity Commission’s public benefit guidance.
Our key objectives for the year 2019/20 included:
- to enhance educational provision by improving the lesson length and structure of the school day;
- to continue to develop the first-class pastoral care we provide for pupils;
- to enhance the IT network and computer facilities for the School;
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**GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
- to review staffing provision throughout the School in order to create the most effective teaching and administrative structures possible for the fulfilment of the School’s objectives;
- to play our part in the life of our local community through our community access activities;
- to continue to improve achievement against our financial key performance indicators and hence consolidate the robustness of our finances and the resilience of the School in challenging times for the sector. We have done so in order that that we may be in the best position to weather any economic challenges that may be encountered having regard to current uncertainties regarding Brexit, a changing tax and regulatory environment and potential economic downturn.
## **Covid 19 Pandemic**
The School, like many businesses, had to adapt to an ever changing situation during the Covid 19 lockdown. The school, despite being physically closed, continued to provide an online remote learning environment for the majority of our pupils to engage with. In the Middles and Seniors approximately 85% of timetabled lessons were held with Microsoft Teams using our online education platform to set work for pupils and parents to access.
The School revised the Summer term fees to reflect the level of services it could provide to the different year groups. The School reopened for the designated year groups after the May half term, allowing pupils to return for much needed social interaction with their peers and to allow them to have some classroom teaching, albeit outside.
Due to smaller class sizes and the outdoor space the School can make use of, all pupils from Reception to Year 8 returned for the last two weeks of term in a very controlled and well managed safe environment to enjoy fun activities with their class friends and teachers. It also enabled a provision for transition to take place which assisted in settling any anxieties about returning to school in September. For our leavers it enabled them the opportunity to have a chance to say goodbye to teachers and friends.
## **Academic**
Academically the School has had a very successful year with all Year 8 leavers going to the Senior School of their choice. A total of 18 scholarships were awarded to 13 pupils. These included 4 Academic Scholarships as well as a combination of Sport, Music, Dance, Art and All-Rounder awards. These awards were collected across the majority of local Senior Schools including Brighton College, Hurstpierpoint College, Ardingly College, Bede’s and Worth.
This year saw a focus on developing children’s thinking skills in preparation for their pre-tests to senior schools. This addition to the curriculum takes place in Year 5, while Verbal Reasoning and Non-Verbal Reasoning are a focus in Year 6. This has enabled pupils to secure at least one or more offer to a school of their choice.
During the Summer Term all pupils from Reception up to Year 8 received some form of remote learning. In the Pre-Prep this was limited to some extent by the age of the children; while in the Prep School, on average, pupils received 85% of their lessons live through Microsoft Teams. The school were able to set up the remote teaching and train both pupils and staff in time for the start of the Summer Term, which in turn ensured pupils made good to significant progress over the summer. Pupils adapted well to this form of learning and although we have now returned to full-time school we have used these new learnt skills to adapt their prep so that more children can access it online. We were also able to open for all pupils from Reception to Year 8 for the last two weeks of the Summer Term. This was done meeting all of the safety requirements as we utilised our estate, our woods and the smaller class sizes. The focus over these two weeks was very much on children’s personal and social development, but also allowed for opportunities for reading and numeracy.
## **Co-Curricular**
Co-curricular aspects of our educational provision start in EYFS and Pre-Prep with our successful Forest School Programme and continues through the pupils life at the School. This year however, in line with Government guidelines, many of the usual Summer term activities were unfortunately cancelled.
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## **GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
In Great Walstead tradition the Year 8 teachers ensured that their pupils still managed to have Q Day (although slightly different to previous years). They ensured all Covid 19 restrictions were adhered to and the spirit of Q Day was very present and a wonderful day and night was enjoyed by all.
Most pupils had opportunities to participate in a wide range of school trips away from the School campus pre lockdown. This included the Year 7 residential trip to Normandy, the Girls Netball and Hockey Tour to South Africa in February and the Year 5 residential trip to High Ashust. Other local visits included those to the Southall Gurdwara temple, Wisley gardens, Natural History Museum, Fishbourne Palace, and the World Wildlife Fund centre. Pupils also participated in theatre trips to see Matilda and Mary Poppins in London.
Prior to lockdown pupils had numerous opportunities to perform in both formal and informal music concerts. The school have a number of different ensembles, a Development Orchestra and a School Orchestra as well as a School Choir. The whole school took part in a musical tribute to the Lion King which was performed to parents in our Sports Hall.
As well as being part of the school curriculum, drama has a very active after school club programme. All pupils have the opportunity to perform either in their class performance or in the larger year group or Prep School performance. This year saw the Senior School pupils perform Aladdin. The interest was so strong there were two casts performing over four evenings to ensure all had an opportunity to participate and it was a roaring success.
All girls and boys had the opportunity to represent the School on the sports field prior to lock down. Our elite teams had the opportunity to participate in local, regional and national competitions, while all pupils are able to experience part of our match day programme.
## **Bursary and Scholarship Awards**
Bursary and Scholarship Awards policies are in place to ensure that able children can accept offers of places at our School through the availability of means-tested fee assistance. Our policy is designed to widen access to our School.
## **Public Benefit**
The Governors are committed to promote the School’s charitable purpose of providing a public benefit and meeting the requirements of the Charities Act 2011. In setting the School’s aims and objectives and planning the School’s day-to-day activities, the Governors have given careful consideration to the Charity Commission’s guidance on public benefit. As a result Great Walstead seeks to ensure that there are clear identifiable educational benefits to the public in Sussex and neighbouring counties resulting from its charitable operations.
Prior to lockdown restrictions the School looked to widen the access to its facilities and resources and to facilitate broader partnerships between the independent and state sector communities. The School’s facilities are hired out regularly to local groups, clubs and churches at favourable rates. Users of the Sports Hall and the School’s synthetic pitch include soccer, cricket, hockey, netball and basketball groups from the local community. The swimming pool is used for life saving training and swim schools taken by outside providers. On both Saturdays and Sundays school playing fields and sports pitches are used by local sports clubs during the soccer season.
The School’s facilities are used regularly by local churches for services in the Chapel and for family away days and weekends. Individuals have celebrated family events and weddings in the Woods and numerous children’s parties from the local community have been held in the School’s Sports Hall, the dining room, the Performing Arts Centre, the swimming pool and the surrounding woodlands, again at favourable rates.
This year Great Walstead School saw plans for a number of new events to take place to enhance the community spirit of the school. Unfortunately due to the Covid 19 pandemic only the Christmas market went ahead. The weekly Wednesday farmer’s market including a local florist, baker and our own farmer selling their produce to the parents and visiting teams continued to run from September to December bringing a nice community feel to the school on a Wednesday afternoon.
Great Walstead School links with the community are strong and the school enjoys a high profile in the local community. The School is actively involved in supporting the Lindfield Arts Festival and Lindfield Village Day.
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## **GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
This year, the School’s partnership with the local dementia group continued in which adults suffering from early onset dementia visit the school to listen to pupils read, play the musical instruments whilst also enjoying lunch with the pupils. The school has also established a link with our local elderly residential care home with pupils visiting on a termly basis to enjoy conversations with residents from the home whilst also reading to them and sharing stories about their school day.
The School has also raised funds for many local and national charities throughout the year including the NSPCC, Peace One Day, Hope Gardens, McMillan Cancer Support and Save the Children. The total sum raised for these charities during the year was in the region of £4,500. FOGWA, the School’s Parents Committee, also made charitable donations to two local charities: Kangaroos (which delivers a range of programmes to support children and young adults with learning disabilities and complex medical needs) and Jamie’s Farm (which supports disadvantaged children and families to enable them to thrive in education and to see their futures more positively).
## **Future Plans**
The Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of academic achievement is a constant aim whilst maintaining the breadth and depth of the education provided through our broad range of co-curricular activities.
The Head and senior staff had to quickly adapt the curriculum, timetable and teaching support resources to enable the Summer term to be taught remotely. The teachers, pupils and parents rose to the challenge with pupils successfully sitting their Common Entrance exams or making good progress over the lockdown period. The school recognises that further investment is required in technology and many of the valuable learnings that emerged are being embedded into the learning environment now the School has reopened.
Refurbishment of the classrooms and facilities continued over the year, Governors recognise that maintaining and developing the fabric of the school is central to our strategy with a 5 year programme for the upgrade of the existing school buildings so as to provide the best possible facilities for pupils, to cover both their academic and co-curricular activities.
The School will also look to consolidate its financial resources by further developing income streams from non-school activities in ways that will not interfere with the normal operation of the School. A professional programme of woodland management has also commenced in order to preserve ready access to our woods for future generations. This programme will be selffunding if properly implemented.
Our future plans are financed primarily from fee income and from our reserves. The Governors seek to maintain an equitable balance ensuring our current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils in the same way as our current pupils benefit today from the investment made in the past.
The Governors intend to build on the success of the School’s existing links and exchanges with the state sector and its local community. In developing our plans for this programme we will work closely with the Heads of the schools we partner, ensuring the positive contribution to our shared educational aims continues.
## **OUR FINANCES**
The Statement of Financial Activities on page 14 shows total net income of £22,933 (2019 – net income of £16,058).
The total funds balance at the year-end was £8,846,877 (2019 - £8,823,944).
Details of changes in fixed assets are given in note 11 to the financial statements.
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**GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
## **Pay Policy**
The School operates a Pay Policy, which is governed by the Governors’ Finance & Operations Committee and ratified by the Board of Governors. The Governing Body will adopt a ‘whole school’ approach to pay issues. Pay decisions will be taken in the context of full consideration of the resources available to the School. This means that pay decisions relating to any given group of staff will not be taken in isolation, and that all pay decisions will be taken in the context of the School as a whole.
Decisions on pay levels, other than for the Head teacher and Director of Finance and Operations, have been delegated by the Governors to the Finance & Operations Committee, who will make recommendations to the Governing Body for ratification. The pay for the Head teacher and Director of Finance and Operations is set by the Chair of Governors and Chair of the Finance & Operations Committee with ratification by the Governing Body.
## **Future Investment**
The Governors are continuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of our School.
As a Charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities provided these are applied for our charitable aims. As a Charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our community access initiatives.
However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make.
## **Reserves and Financial Health**
The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School.
The School has a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils.
The policy of the Governors is to build reserves, which are sufficient to maintain and develop the quality of the school's educational offer and its infrastructure as well as to provide resilience against the impact of uncontrollable and unforeseeable events which might jeopardise its future.
This policy does not operate in isolation but is complemented by strict management of cash flow and banking facilities which provide the liquidity necessary to pay debt as it arises as well as a necessary margin to protect against uncontrollable and unforeseeable events.
The Governors consider that, given the strength of the School’s balance sheet, the stable cash flow from student rolls, the ongoing popularity and reputation of our School, and the available banking facility that can be called upon if need arises, it is a going concern.
## **Going concern**
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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## **GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
## **OUR ETHOS, STRATEGY AND POLICIES**
Our Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils, their continued high levels of academic and co-curricular achievement and to further widen access to the education our School provides.
Great Walstead School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first class education to boys and girls. The strong Christian ethos of the School informs all its decisions-making and is fundamental, in particular, to its reputation for providing exceptional pastoral care for its pupils.
Our School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.
We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.
Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment and comply with our comprehensive safeguarding policies and procedures.
Parents are given regular information about their children’s social and academic progress through parent evenings in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through our parent online portal, informal contacts and our weekly newsletter.
We also have a system of peer mentors who are involved in assisting senior teaching staff in enforcing our very vigorous AntiBullying Policy.
To underline the value we place on continuity for families, we offer discounts where parents have more than one child at the School.
As part of our emphasis on attracting and retaining high calibre staff, we offer a school fees discount scheme for staff members who choose to educate their children at our School.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Body**
The School Governors are Directors of the Company and Trustees of the Charity for the purposes of company law. None has any beneficial interest in the Company. The Board of Governors have overall legal responsibility for the management and control of the Charity.
The Board of Governors meets at least four times a year and are supported by four standing committees which meet regularly with appropriate members of the school’s senior leadership team. These Committees cover Finance and Operations, Education, Estates, and Governance. Each Committee has a formal meeting at least termly with relevant members of staff and then reports at the termly full Board meetings. Each Committee has written terms of reference and minutes of meetings and other relevant documentation are circulated to all Governors. The Committees provide reports and recommendations to the full Board and opportunities for wider discussion. All necessary decisions are ratified at full Board Meetings. The Clerk to the Governors is responsible for co-ordinating the work of the Governors and their Committees and preparation of papers.
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**GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
In response to the School closure during lockdown, the Governors convened an emergency Covid 19 Committee made up of members of the Finance & Operations and Education committees. The Committee was given responsibility for considering the financial impact of the closure on the School, oversight of academic, pastoral and safeguarding aspects, and oversight of the Covid 19 Risk Assessment required for the School’s re-opening. The Covid 19 Committee reported directly to the Finance & Operations Committee and the Board.
During the year, the Head presented to the Board a Strategic Development Plan for the School. This was approved by the Board and the Head has regularly reported back to the Board on achievement against that Plan via the Committees.
## **Appointment and Recruitment of Governors**
The Board of Governors is restricted to fourteen members. The Board of Governors ensures that Governors are appointed who can offer expertise and /or experience in specific areas. Experience in finance, law, education, safeguarding, pastoral care, compliance, EYFS, marketing, management and buildings are considered essential and all these areas are covered at present. The Governance Committee is responsible for the nomination and selection of new Governors.
## **Induction and training of new Governors**
A new Governor is provided with the Great Walstead Governors Handbook on induction, which includes all Policies relevant to the Governing Board, Strategic Planning, Risk Assessment Papers, School Health and Safety Policy, Safeguarding Policy, all job descriptions and terms of reference. If they are not familiar with the School, the new Governor will be given a tour of the school by the Head. Each new Governor is given a ‘buddy’ who is an existing Governor and who for a 12 month period will facilitate the new Governors settling into their roles. New Governors are asked to complete the AGBIS training for new Governors which is free and on-line. All Governors undertake accredited safeguarding checks and ongoing training required for working in an educational setting. A training budget is allocated to ensure all Governors get the training they require to undertake the role and ensure that the governance of the school is robust.
## **Volunteers**
Members of the Board of Governors did not receive any payment for the work they carried out in the capacity for the charity in the year ending 31 August 2020. In addition, a large number of parents and former pupils gave their time voluntarily in assisting the School with the supervision of excursions and extra-curricular sporting activities.
## **Organisational Management**
Working with the Head and his Senior Leadership Team, the Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff. The Head undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration of the School is undertaken within the policies and procedures approved by the Governors which provide for significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.
The Head oversees the recruitment of all staff, whilst under delegated authority the Director of Finance and Operations oversees the recruitment and performance of administrative and non-teaching support staff. The Head, Director of Finance and Operations and Deputy Head are invited to attend Governors’ meetings.
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## **GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
## **Principal Risks and Uncertainties**
The Governors have considered the principal risks and uncertainties facing the School. The main funding of the School is through fee income; therefore, uncertainties over future pupil numbers are always a factor and the Governors are increasingly mindful of the fact that changes in both the economic and political climate may affect parents’ ability to choose a private education for their children. In addition, the School faces potential financial risks that might derive from changes in tax legislation, pension contribution levels and regulatory requirements. The Governors are satisfied that the School’s senior management has carried out an appropriate risk assessment (and developed plans accordingly) to take account of the current uncertainty surrounding the basis upon which the United Kingdom may leave the European Union.
The Governors believe that the reputation of the school is key to ensuring its future success and that this will allow the School roll to be maintained. They are confident that the current management of the School is fully capable of achieving and maintaining the necessary standards and future development of the School in accordance with its Strategic Development Plan.
In order to provide a high standard of education the quality of the school buildings is important and the Governors are aware that there is a risk that additional or unexpected repair work will be required. The Governors have ensured that full insurance is in place and continue to undertake annual repairs and maintenance to mitigate the risk of substantial repairs.
The School has also considered non-financial risks and as the welfare and health and safety of the pupils is paramount, the Governors consider any potential breach to be a principal risk. To mitigate this, the School has effective safeguarding, health & safety and welfare policies in place with clear frameworks for escalation. Policies are backed up by a comprehensive training programme for all staff and strong governance from the Governors across all areas of compliance, mediated through a termly SLT Compliance Committee which is attended by the Compliance Governor and the Chair of Governors in order to review compliance issues and any regulatory changes, approve new policies and sign off on the School’s safeguarding, anti-bullying and other pupil welfare records.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the net income or expenditure of the charitable company for the year.
In preparing those financial statements, the trustees are required to:
- select suitable United Kingdom accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom accounting standards have been followed subject to any material departures disclosed and explained in the financial statements and whether the financial statements have been prepared in accordance with the Charities Statement of Recommended Practice; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for:
- maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006; and
- safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **GREAT WALSTEAD LIMITED**
## **Trustees' Report (continued)**
Each trustee has taken all steps that they ought to have taken in order to make themselves aware of any information relevant to the audit, establish that auditors are aware of that information and that there is no information relevant to the audit of which the company’s auditors are unaware.
The charity’s trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission.
## **AUDITORS**
A resolution to re-appoint Mazars LLP as auditors will be proposed at the forthcoming annual general meeting.
Approved by the board on 28 November 2020 and signed on its behalf by
Mr P Thurston Chairman of Governors
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## **GREAT WALSTEAD LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREAT WALSTEAD LIMITED**
## **Opinion**
We have audited the financial statements of Great Walstead Limited (the ‘charity’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 August 2020 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements 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 inconsistent 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 misstatement 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 information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Report has been prepared in accordance with applicable legal requirements.
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## **GREAT WALSTEAD LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREAT WALSTEAD LIMITED**
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specific by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the statement of trustees’ responsibilities set out on page 10, the trustees 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 financial statements, the trustees are responsible for assessing the charity’s ability to continue as 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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit 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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of the audit report**
This report is made solely to the charity’s trustees as a body. Our audit work has been undertaken so that we might state to the charity’s trustees 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 responsibility to anyone other than the charity and the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Nicola Wakefield (Senior Statutory Auditor)
for and on behalf of Mazars LLP, Chartered Accountants and Statutory Auditor 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4JQ Date:
13
## **GREAT WALSTEAD LIMITED**
## **Statement of Financial Activities (including income and expenditure account) For the Year Ended 31 August 2020**
|||||**Total**|**Total**|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**funds**|**funds**|
||**Notes**|**funds**|**funds**|**2020**|**2019**|
|||**£**|**£**|**£**||
||||||**£**|
|**Income from:**||||||
|Donations and legacies||23,069|-|23,069|8,103|
|_Other trading activities:_||||||
|Rental income||90,870|-|90,870|132,871|
|Clothing sales||36,767|-|36,767|36,172|
|_Charitable activities:_||||||
|Fees||4,203,655|-|4,203,655|4,758,078|
|Disbursements and other|3|499,819|-|499,819|311,012|
|Income||||||
|Investments||3,125|-|3,125|-|
|||───────|──────|───────|───────|
|**Total income**||4,857,305|-|
4,857,305|5,246,236|
|||───────|──────|───────|───────|
|**Expenditure on:**||||||
|Raising funds|4|64,712|-|64,712|137,262|
|Charitable activities|5|4,769,660|-|4,769,660|5,092,916|
|||───────|──────|───────|───────|
|**Total expenditure**||4,834,372|-|4,834,372|5,230,178|
|||───────|──────|───────|───────|
|**Net income**||22,933|-|22,933|16,058|
|**Total funds brought forward**||||||
||17|8,772,157|51,787|8,823,944|8,807,886|
|||───────|──────|───────|───────|
|**Total funds carried**||||||
|**forward**||8,795,090|51,787|8,846,877|8,823,944|
|||═══════|═**═**════|═**═**═════|═**═**═════|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 17 to 28 form part of these financial statements.
14
**GREAT WALSTEAD LIMITED**
## **Balance Sheet at 31 August 2020**
||**Notes**|**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|**FIXED ASSETS**||||
|Tangible fixed assets|11|8,800,836|8,924,806|
|||─────|─────|
|||8,800,836|8,924,806|
|||─────|─────|
|**CURRENT ASSETS**||||
|Stocks||33,817|45,128|
|Debtors|12|168,256|218,419|
|Cash at bank and in hand||1,057,616|1,385,483|
|||──────|──────|
|||1,259,689|1,649,030|
|||──────|──────|
|**CURRENT LIABILITIES**||||
|Creditors: Amounts falling due within one|13|(834,690)|(1,365,713)|
|year||||
|||──────|──────|
|**NET CURRENT ASSETS**||424,999|283,317|
|Creditors: Amounts falling due after one year||||
||14|(378,958)|(384,179)|
|||──────|──────|
|**NET ASSETS**||8,846,877|8,823,944|
|||══════|══════|
|Unrestricted funds|17|1,173,633|1,150,700|
|Revaluation reserve|17|7,621,457|7,621,457|
|Restricted funds|17|51,787|51,787|
|||──────|──────|
|**TOTAL FUNDS**||8,846,877|8,823,944|
|||══════|══════|
Approved by the trustees on and signed on their behalf by
P A Thurston - Chair of Governors
15
## **GREAT WALSTEAD LIMITED**
## **Statement of Cash Flows for the year ended 31 August 2020**
||**Notes**|**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|**Net cash used in operating activities**|20|(278,134)|(46,335)|
|**Cash flows from investing activities:**||||
|Dividends and interest received||3,125|-|
|Purchase of property, plant and equipment||(36,535)|(183,520)|
|||─────|─────|
|**Net cash used in investing activities**||(33,410)|(183,520)|
|||─────|─────|
|**Cash flows from financing activities:**||||
|Interest paid||(8,845)|(7,404)|
|Repayments of bank loans||(7,478)|(7,060)|
|||─────|─────|
|**Net cash used in financing**||(16,323)|(14,464)|
|**Change in cash and cash equivalents in the**||||
|**reporting period**||(327,867)|(244,319)|
|||═════|═════|
|**Cash and cash equivalents at the beginning**||||
|**of the reporting period**||1,385,483|1,629,802|
|Net movement in cash for the year||(327,867)|(244,319)|
|||─────|─────|
|**Cash and cash equivalents at the end of the**||||
|**reporting period**|21.|1,057,616|1,385,483|
|||═════|═════|
16
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **1 ACCOUNTING POLICIES**
## **(a) Basis of accounting**
The financial statements have been prepared in accordance with applicable accounting standards, and in accordance with The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. They are drawn up on the historical accounting basis. The charity meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared on a going concern basis. The Trustees review the financial information for the charity regularly. Future financial forecasts and cash flow forecasts indicate to the Trustees that the charity has adequate resources to continue in operational existence for the foreseeable future.
## **(b) Income**
Fees receivable represent the amounts invoiced in respect of the provision of educational and related services for children. Such services are exempt from value added tax. A provision is made for disbursements incurred in the last school term which are invoiced in the following term.
Appeal income is accounted for on a cash basis as a restricted fund.
Cash donations are accounted for on a receipts basis.
Tax related to covenanted donations is accounted for on a receivable basis.
## **(c) Expenditure**
Expenditure is accounted for on an accruals basis. These are allocated between categories of expenditure on an individual invoice basis.
All charitable expenditure in furtherance of the charity’s objectives relate to the provisions of educational services.
Cost of raising funds includes costs directly attributable to raising income for the provision of the charity’s objectives.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
## **(d) Tangible fixed assets and depreciation**
The charity has taken advantage of the option to use the value of land and buildings at the date of transition to FRS 102 (1 September 2014) as deemed cost.
All building work which is considered to increase the economic value of the property is capitalised with the exception of maintenance work designed to restore the buildings to their previous condition.
Expenditure on equipment with a useful potential life of five years or more is capitalised.
17
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **1 ACCOUNTING POLICIES (continued)**
No depreciation is provided on the freehold buildings on the grounds of immateriality as in the opinion of the trustees the residual value of the asset is not materially different from its carrying value. The charity’s policy is to ensure that its freehold land and buildings are maintained to a consistently high standard.
No depreciation is required on freehold land.
Depreciation is calculated to write off the cost of the other fixed assets over their estimated useful economic lives. The rates used are shown in note 11.
## **(e) Operating leases**
Rents payable under operating leases are charged on a straight-line basis over the term of the lease.
## **(f) Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using a first-in-first-out method and consists of material costs only.
## **(g) Taxation**
As a charity, Great Walstead is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
## **(h) Investments**
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value.
## **(i) Fund accounting**
Funds held by the charity are either unrestricted general funds or restricted funds. See note 17.
Unrestricted general funds are funds which can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **(j) Pension schemes**
The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The Scheme is an unfunded multi-employer pension scheme. In accordance with FRS 102, therefore, the scheme is accounted for as a defined contribution scheme. The School also contributes to a defined contribution group personal pension scheme for most support staff.
Contributions to all schemes are charged as they become payable in accordance with the rules of the schemes.
18
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **2 SEGMENTAL INFORMATION**
The fees receivable, net income and accumulated funds are attributable to the principal activity, the provision of educational facilities for children.
The charity operates in the UK and the whole of the fees receivable are from UK based activities.
## **3 OTHER INCOME**
|**OTHER INCOME**|||
|---|---|---|
||**Total**|**Total**|
||**2020**|**2019**|
||**£**|**£**|
|Disbursements|173,137|247,892|
|Pupil insurance|-|5,816|
|Registration fees and forfeited deposits|7,500|11,100|
|Other income|319,182|46,204|
||───────|───────|
||499,819|311,012|
||═══════|══════|
|**RAISING FUNDS**|||
||**2020**|**2019**|
||**£**|**£**|
|Advertising|22,974|66,641|
|Clothing sales|22,545|31,734|
|Support costs|19,193|38,887|
||───────|───────|
||64,712|137,262|
||═══════|═══════|
## **4 RAISING FUNDS**
19
**GREAT WALSTEAD LIMITED**
## **Notes to the Financial Statements for the Year Ended 31 August 2020**
## **5 CHARITABLE ACTIVITIES**
||**Unrestricted**|**Restricted**||**Total**|**Total**|
|---|---|---|---|---|---|
||**funds**|**funds**||**2020**|**2019**|
||**£**|**£**||**£**|**£**|
|Teaching salaries|1,904,774||-|1,904,774|2,099,958|
|Pensions|357,428||-|357,428|257,293|
|Other staff costs|10,414||-|10,414|15,698|
|School books and stationery|68,510||-|68,510|74,975|
|Catering|115,410||-|115,410|168,134|
|Games/Sport|143,442||-|143,442|123,932|
|Other educational|92,120||-|92,120|105,748|
|Transport|(11,021)||-|(11,021)|38,201|
|Magazine|7,111||-|7,111|-|
|Pupil insurance|6,450||-|6,450|12,993|
|Staff training|17,936||-|17,936|20,597|
|Rates|54,040||-|54,040|60,564|
|Light and heat|103,210||-|103,210|110,499|
|Repairs and renewals|332,899||-
-|332,899|462,780|
|Insurance|30,699||-|30,699|33,879|
|Cleaning|60,330||-|60,330|32,738|
|Equipment hire|14,832||-|14,832|14,028|
|Bad debts|5,995||-|5,995|3,665|
|Loss on disposals|27,249||-|27,249|-|
|Support costs|1,409,066||-
-|1,409,066|1,437,142|
|Governance costs|18,766|||18,766|20,092|
||───────|───────||───────|───────|
|Total|4,769,660||-|4,769,660|5,092,916|
||═══════|═══════||═══════|═══════|
## **6 GOVERNANCE COSTS**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Audit and accountancy|13,200|14,400|
|Support costs|5,566|5,692|
||─────|─────|
||18,766|20,092|
||═════|═════|
20
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**
||**Charitable**|**Costs of**||**Total**|**Total**|
|---|---|---|---|---|---|
||**activities**|**raising**|**Governance**|**2020**|**2019**|
||**£**|**funds**|**£**|**£**|**£**|
|||**£**||||
|Administration salaries|475,554|6,478|1,878|483,910|479,466|
|Ancillary salaries|519,753|7,080|2,053|528,886|547,970|
|Pensions (administration and|38,156|520|151|38,827|34,372|
|ancillary)||||||
|Office expenses|67,323|917|266|68,506|87,365|
|Legal|18,108|246|72|18,426|23,189|
|Sundry administration|150,525|2,050|595|153,170|174,039|
|Bank charges|8,693|118|34|8,845|15,832|
|Depreciation|130,954|1,784|517|133,255|119,488|
||──────|──────|──────|─────|─────|
||1,409,066|19,193|5,566|1,433,825|1,481,721|
||══════|══════|══════|═════|══════|
Support costs have been allocated over costs of raising funds, charitable activities and governance according to their respective percentages of total costs.
## **8 NET INCOME**
Net income is stated after charging:
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Provision for bad debts written off|5,995|3,665|
|Depreciation of owned tangible fixed assets|133,255|119,488|
|Loss on disposal of tangible fixed asset|27,249|-|
|Auditors remuneration- audit|13,200|14,400|
|Auditors remuneration- other|-|-|
|Staff costs|3,324,237|3,434,758|
|Amounts payable under operating leases|43,335|37,209|
||═════|═════|
21
**GREAT WALSTEAD LIMITED**
## **Notes to the Financial Statements for the Year Ended 31 August 2020**
## **9 STAFF COSTS**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Wages and salaries|2,679,398|2,873,874|
|Social security costs|238,171|253,521|
|Other pension costs|396,254|291,665|
|Other staff costs|10,414|15,698|
||───────|───────|
||3,324,237|3,434,758|
||═══════|═══════|
The average headcount was 133 staff (2019: 142 staff) and the average number of employees (full-time equivalents), analysed by function, was:
||**2020**|**2019**|
|---|---|---|
|Educational services|55|57|
|Support Services|33|35|
||──|──|
|Total|88|92|
||══|══|
The number of employees that received emoluments in the following bands were:
||**2020**|**2019**|
|---|---|---|
|£60,001-£70,000|1|-|
||═|═|
|£80,001-£90,000|-|1|
||═|═|
|£90,001-£100,000|1|-|
||═|═|
The pension costs relating to higher paid employees were £22,209 (2019: £14,648).
The key management personnel comprise the Head Teacher, Deputy Head, Director of Studies, HR Director, Director of Finance & Operations, Head of Marketing & Admissions. The total employee benefits of the key management personnel were £413,940 (2019: £389,932).
Termination payments of £nil were made in the year (2019: £nil).
22
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **10 TRUSTEES**
No remuneration was paid to any of the trustees during either year.
No trustee expenses were paid in either year.
## **11 TANGIBLE FIXED ASSETS**
||**Freehold land**|**Fixtures, fittings,**|**Synthetic**|**Total**|
|---|---|---|---|---|
||**and buildings**|**plant and**|**pitch**||
|||**equipment**|||
||**£**||||
|||**£**|**£**|**£**|
|**COST**|||||
|At 1 September 2019|8,301,268|2,520,561|240,191|11,062,020|
|Additions|-|36,534|-|36,534|
|Disposals||(123,093)||(123,093)|
||──────|──────|──────|──────|
|At 31 August 2020|8,301,268|2,434,002|240,191|10,975,461|
||══════|══════|══════|══════|
|**ACCUMULATED DEPRECIATION**|||||
|At 1 September 2019|-|2,017,119|120,095|2,137,214|
|Charge for the year|-|109,236|24,019|133,255|
|Disposals|-|(95,844)|-|(95,844)|
||─────|─────|─────|─────|
|At 31 August 2020|-|2,030,511|144,114|2,174,625|
||═════|═════|═════|═════|
|**NET BOOK VALUE**|||||
|At 31 August 2020|8,301,268|403,491|96,077|8,800,836|
||══════|═════|═════|══════|
|At 31 August 2019|8,301,268|503,442|120,096|8,924,806|
||══════|═════|═════|══════|
Depreciation rates:
Plant, fixtures and fittings and equipment 20% reducing balance Synthetic pitch 10% straight line
The freehold property was professionally valued at £7,990,000 as at 1 September 2014 by Savills on a fair value basis. The charity has taken advantage of the transition arrangements in FRS 102 to treat this value as deemed cost.
The original cost of the freehold land and buildings valued in 1981 was £363,543.
The net book value at 31 August 2020 represents fixed assets used for charitable purposes.
An overdraft facility is secured by means of a fixed charge on the freehold land and property at Great Walstead.
23
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
|**12**|**DEBTORS**|||
|---|---|---|---|
|||**2020**|**2019**|
|||**£**|**£**|
||DUE WITHIN ONE YEAR|||
||Trade debtors|33,710|91,132|
||Prepayments and other debtors|134,546|127,287|
|||──────|──────|
|||168,256|218,419|
|||══════|══════|
|**13**|**CREDITORS**|||
||**– AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||**2020**|**2019**|
|||**£**|**£**|
||Trade creditors|134,987|121,041|
||Other creditors|219,867|237,296|
||Pension costs|6,602|36,146|
||Taxation and social security|53,586|70,398|
||Accruals|24,648|68,770|
||Deferred income|387,296|825,002|
||Bank loans|7,704|7,060|
|||──────|──────|
|||834,690|1,365,713|
|||══════|══════|
|**14**|**CREDITORS**|||
||**– AMOUNTS FALLING DUE AFTER ONE YEAR**|||
|||**2020**|**2019**|
|||**£**|**£**|
||Parent’s deposit|155,250|152,350|
||Bank loans|223,708|231,829|
|||─────|─────|
|||378,958|384,179|
|||═════|═════|
24
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **15 DEFERRED INCOME**
The deferred income included in note 13 above is broken down as follows:
||**£**|
|---|---|
|Deferred income at 1 September 2019|825,002|
|Released in the year|(825,002)|
|Deferred in the year|387,296|
||──────|
|Deferred income at 31 August 2020|387,296|
||══════|
Deferred income represents fees in advance.
## **16 BANK LOAN**
|**ANK LOAN**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Bank Loans|231,412|238,889|
||══════|══════|
The bank loan amounting to £231,412 (2019: £238,889) is secured by a charge over the freehold land and buildings of Great Walstead School. The loans are repayable in 264 consecutive monthly instalments representing principle and interest. They are repayable as follows:
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Within one year|7,704|7,060|
|Between one and two years|7,704|7,060|
|Between two and five years|23,111|21,180|
|After more than five years|192,893|203,589|
||──────|──────|
||231,412|238,889|
||══════|══════|
25
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **17 RESERVES**
||**At 1 September**
**2019**|**Income**|**Expenditure**|**Transfers**|**At 31 August**
**2020**|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General fund|1,150,700|4,857,305|(4,834,372)|-|1,173,633|
|Revaluation reserve|7,621,457|-|-|-|7,621,457|
||──────|──────|───────|───────|──────|
||8,772,157|4,857,305|(4,834,372)|-|8,795,090|
|**Restricted funds**||||||
|Wilmot fund|200|-|-|-|200|
|FOGWA fund|51,587|-|-|-|51,587|
||──────|──────|───────|───────|──────|
||51,787|-|-|-|51,787|
||──────|──────|───────|───────|──────|
||8,823,944|4,857,305|(4,834,372)|-|8,846,877|
||══════|══════|═══════|═══════|══════|
The Wilmot Fund is a fund set up to provide academic prizes (there were no movements during the year).
The FOGWA Fund is donations received from the Friends of Great Walstead.
## **18 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Unrestricted**|**Restricted**|**Total funds**|
|---|---|---|---|
||**funds**|**funds**|**£**|
||**£**|**£**||
|Fixed assets|8,800,836|-|8,800,836|
|Current assets|1,207,902|51,787|1,259,689|
|Current liabilities|(834,690)|-|(834,690)|
|Creditors due after more than one year|(378,958)|-|(378,958)|
||─────|────|──────|
||8,795,090|51,787|8,846,877|
||═════|════|══════|
## **19 CAPITAL COMMITMENTS**
At 31 August 2020 there were no capital commitments (2019 - £nil).
26
**GREAT WALSTEAD LIMITED**
**Notes to the Financial Statements for the Year Ended 31 August 2020**
## **20 RECONCILIATION OF NET INCOME TO OPERATING CASH OUTLOW**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Net income|22,933|16,058|
|Depreciation|133,255|119,488|
|Loss on disposal of tangible fixed assets|27,249|-|
|Interest received|(3,125)|-|
|Interest paid|8,845|7,404|
|Decrease / (Increase) in stock|11,311|(1,622)|
|Decrease in debtors|50,163|5,987|
|Decrease in creditors|(528,765)|(200,710)|
||─────|─────|
|Cash flows used in operations|(278,134)|(46,335)|
||═════|═════|
## **21 ANALYSIS OF CHANGES IN NET DEBT**
||||**At**||**At**|
|---|---|---|---|---|---|
|||**1**|**September**|**Cash**
|**31 August**|
||||**2019**|**flows**|**2020**|
||||**£**|**£**|**£**|
|Cash at bank and|in hand||1,385,483|(327,867)|1,057,616|
||||═════|═════|═════|
## **22 OTHER FINANCIAL COMMITMENTS**
## **Teachers’ Pension Scheme (TPS)**
The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £357,428 (2019: £257,293).
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS. The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament.
Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The school is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the school has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The school has set out above the information available on the plan and the implications for the school in terms of the anticipated contribution rates.
27
**GREAT WALSTEAD LIMITED**
## **Notes to the Financial Statements for the Year Ended 31 August 2020**
## **Teachers’ Pension Scheme (TPS) (continued)**
The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return. The latest actuarial review of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education (the Department) in April 2019. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £198 billion giving a notional past service deficit of £22 billion. As a result of the valuation, new employer contribution rates were set at 23.68% of pensionable pay from September 2019 onwards (compared to 16.48% during 2018/9). A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website.
## **23 OTHER FINANCIAL COMMITMENTS**
At 31 August 2020 the company had commitments under operating leases, payable as follows:
||||||**2020**|**2019**|
|---|---|---|---|---|---|---|
||||**Motor**|**Equipment**|**Total**|**Total**|
||||**£**|**£**|**£**|**£**|
|Within|1|year|22,344|20,991|43,335|37,209|
|Within|2|to 5 years|21,323|28,092|49,415|70,283|
||||────|────
|────|────|
||||43,667|49,083|92,750|107,492|
||||════|════|════|════|
The total lease payments recognised as an expense were £43,335 (2019: £37,209).
## **24 RELATED PARTY TRANSACTIONS**
Donations from trustees totalled £1,500 (2019: £nil).
There were no other related party transactions.
28
## **GREAT WALSTEAD LIMITED**
## **Detailed Income and Expenditure Account For the Year Ended 31 August 2020**
||**Appendix**|||**2020**||**2019**|
|---|---|---|---|---|---|---|
||||**£**|**£**|**£**|**£**|
|**FEES RECEIVABLE**|||||||
|Fees|||4,203,655||4,758,078||
|Disbursements|||173,137||247,892||
||||──────||──────||
|||||4,376,792||5,005,970|
|**CLOTHING SALES**||||36,767||36,172|
|**OTHER INCOME**||A||443,746||204,094|
|||||──────||──────|
|||||4,857,305||5,246,236|
|Cost of clothing sales|||(22,545)||(31,734)||
|Provisions and consumables||B|(419,484)||(472,788)||
|Other external charges||C|(926,006)||(1,155,577)||
|Staff costs||D|(3,324,237)||(3,434,758)||
|Depreciation||E|(133,255)||(119,488)||
||||──────||──────||
|||||(4,825,527)||(5,214,345)|
|||||──────||──────|
|OPERATING SURPLUS||||31,778||31,891|
|Finance charges and interest||F||(8,845)||(15,833)|
|||||──────||──────|
|**SURPLUS ON ORDINARY**|||||||
|**ACTIVITIES**||||22,933||16,058|
|||||══════||══════|
This page does not form part of the statutory financial statements, and is unaudited.
29
## **GREAT WALSTEAD LIMITED**
## **Appendices**
## **For the Year Ended 31 August 2020**
|||**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|**A**|**OTHER INCOME**|||
||Registration fees and forfeited deposits|7,500|11,100|
||Temporary boarding|-|-|
||Donations|23,069|8,102|
||Rental income|90,870|132,871|
||Bank interest received|3,125|-|
||Pupil insurances|-|5,816|
||Other|319,182|46,204|
|||─────|─────|
|||443,746|204,093|
|||═════|═════|
|**B**|**PROVISIONS AND CONSUMABLES**|||
||School books and stationery|68,510|74,975|
||Catering provisions|115,410|168,133|
||Games and sports|143,444|123,932|
||Other educational expenses|92,120|105,748|
|||─────|─────|
|||419,484|472,788|
|||═════|═════|
This page does not form part of the statutory financial statements, and is unaudited.
30
## **GREAT WALSTEAD LIMITED**
## **Appendices For the Year Ended 31 August 2020**
||||**2020**||**2019**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**C**|**OTHER EXTERNAL CHARGES**|||||
||(a) Operating costs:|||||
||Transport|(11,021)||38,201||
||Magazine|7,111||-||
|||────||────||
||||(3,910)||38,201|
||(b) Administrative expenses:|||||
||Bad debts|5,995||3,665||
||Telephone|10,892||9,426||
||Printing, postage, stationery and advertising|80,589||144,581||
||Audit and accountancy fees|16,395||21,435||
||Legal and professional fees|59,590||60,356||
||Sundry|98,641||119,545||
||Insurance|6,450||12,993||
||Staff training|17,936||20,597||
||Governors' expenses|10,170||10,290||
||Loss on FA disposal|27,249||-||
|||────||────||
||||333,907||402,888|
||(c) Premises costs:|||||
||Rates|54,040||60,564||
||Light, heat and power|103,210||110,499||
||Repairs and renewals|332,898||462,782||
||Insurance|30,699||33,879||
||Cleaning|60,330||32,736||
||Hire of equipment|14,832||14,028||
|||────||────||
||||596,009||714,488|
||||─────||─────|
||||926,006||1,155,577|
||||═════||═════|
This page does not form part of the statutory financial statements, and is unaudited.
31
## **GREAT WALSTEAD LIMITED**
## **Appendices**
**For the Year Ended 31 August 2020**
|||**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|**D**|**STAFF COSTS**|||
||Salaries and wages|2,917,569|3,127,395|
||Pension scheme|396,254|291,665|
||Other staff costs|10,414|15,698|
|||──────|──────|
|||3,324,237|3,434,758|
|||══════|══════|
||**ANALYSIS OF SALARIES AND WAGES**|||
||Teaching|2,262,201|2,357,251|
||Administration|522,737|513,838|
||Ancillary|528,885|547,971|
||Other staff costs|10,414|15,698|
|||──────|──────|
|||3,324,237|3,434,758|
|||══════|══════|
|**E**|**DEPRECIATION**|||
||Plant, fixtures, fittings and equipment|133,255|119,488|
|||═════|═════|
|**F**|**FINANCE CHARGES AND INTEREST**|||
||Bank charges and interest|8,845|15,833|
|||════|════|
This page does not form part of the statutory financial statements, and is unaudited.
32