NEWELLS SCHOOL TRUST LIMITED (A Charltable Comp•ny Up￿ted by G￿￿rantee) GOVERNORS, REPORT AND ACCOUNTS YL4R ENDED 31 JULY 2021 Cott)pany number. 932584 Charily numb¢r: 307038 IYEWELLS SCHOOL TRUST LIM GOVERIYORS MrG. Bush DL, Msc Mrs W. Chllllen C¢rt. Ed Mr. M.S. Colyrr FCA Mrs. J. Hamblett-Jahn MA Mrs. S. Harris BEd Mr. G.R. Miller MB& FCBI Mrs. J. Riley MA Lady S. Soame5 MA Mr. R. kni FCA Mr. M. Ten4)lemall {Cbairmati) HEADMASTER Mr Iic. Brown M. BURSAR AND CLERK TO THE GOVERNORS Ms. F.M. Thomson MA. FCCA REGISTERED OFFICE Brighton College Eastrrn Road. BnEhton East Sussex BN2 OAL AUDITOILS Haysmaeintyre LLP Chartered Accountants 10 Queen Street Place EC4R IAG BANKERS HSBC Bank PL£ 38 - 42 South Stre Haywards Heath West s￿seX RH16 4LU Bank of S¢￿14nd PLC 600 Gorgi¢ Road Edinburgh EHII 3XP REGISTERED COMPANY NUMBER: 932584 REGISTERED CHAIUTY NUMBER: 307038 NEWELLS SCHOOL TRUST LIMITED GOVERNOILS, REPORT YEAR ENDED 31 JULY 21121 TheGovernorspre5ent theirannual re￿rt￿Trd financial staleJTMts forthe ￿ended 31 July 2021. The Governoysconfm that the financial statements Comply with Current statutory requirements, dM)se of the governin8 documents afyj the requirements of the Stat¢men¢ of Rewmrn¢nd¢d Prxtice-Accountin8 and Reporting by Charities" 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT Newells School Tn￿ Limited a wmp4Dy lirnited by guarantee and a registered clwity and is governed by its Memorandum and Articles of A550¢iatioL It operat¢s as Handu0s5 Park Sthool. It has l(K>% ownership of a subsidiary.. Handcross Park Com[ll¢￿1aI S¢rvi¢es Limited which incoTpora*s all the commercial tradinB activities of the School and the net surplus is traMferred to the School annually by way of a gift aid donation. Governors The present Governm of the Sthool. al¥0 th¢ cTrwity ¢rus¢e¢s and the dIr￿￿S of the Compatty for Companies Act purpos¢8. who ¥ervcd during the year and sin￿ as indicated are.. Mr G. Bwh DL, MS¢ Mrs W. Challen Cert Ed Mr. M.S. Colycr FCA Mrs. S. Harris BEd Mrs. J. Hamblett-J3hn Mr. G.R. Miller MBQ FCBI Mrs. J.A. Riley MA Lady S. Soames MA Mr. R. Soni FCA Mr. M. Templeman (Chainnan) The Board of Govemors meets ai lea￿ 3 times a year a￿1 is joined by the Heathnastrr Burnar. New Governors are appointed to the Board after carefvl consthtiort for the key skills and experience that they can offer to the School. The Chairn)an has established a sub-commit*e. lncludll￿ the Headmaster ￿ consider new appointn*nts and each new Governor undertakes full Safe8uardin8 Trainmg and a thorough induction process iticluding 5Lte visits and mttiin8s with senior stsff. Oryanlsatlon The day.to4ay management of the SclMx)l is dele8atrd to the Heath1￿. Burstr attd the S¢nior MaDag¢m¢nt T¢arn.' Headmaster Mr. R. C. Brown MA (Hon$) Bursar and Comparty S¢¢r¢tyry Ms. F.Thom50n MA (Hcrfw). FCCA Senior Manag¢m¢rtt Team Ms. E. Lyl¢ Bk (Dwuty H¢4d- Pa5tornl)- R¢signed August 2021 Mr. E. JohLson BA (Hon5} QTS (Senior Deputy Head) Mr. J. Gayler Bsc (Hons) (Head of Pre- Prep) Mr. R. Clark BSG (Hoos) Mdip (Depuiy Head Academic) Mr. A. Davis BEd (Hons) (Head of Boarding) Mrs. N. Lawrence BEd (Hons) (Head of Teaching & LUrningkReSw￿d Au8USt 2021 Ms. M Bliss BA (Ho￿) QTS (Head ofTeaching & Learn1t￿- Appointed September 2021 Remuneration is set by the Board with the policy objective of providmg appropriate Inc￿11¥￿ to encournBe enhanced perfonnance and of rewarding fairly and Yesp)Asibly individual Contr￿utionS to th SCI￿0],s sueces8. The appropriatenes5 and relevance of the remwmtion policy is reviewed amiually. ineludirtÉ referertee to compariwn8 with other independeni schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. The School aims to recrnit, subject to experience. at the lower to n￿d￿llm point within a scale. providing scope for rewarding excellence. Delivery of the School's chan"table vision and purwjse is prinwily dependent on our key management personnel aThl sr&ff costs are the largest sty element of our charit&ble expcnditure. IYEWELLS SCHOOL TRUST LIMITED COVERNORS, REPORT (eonti*•ed) YEAR ENDED 31 JULY 2•21 TRATEGIC REPORT ORIEcrtVES AND ACTIVETILS The Objectiv￿ of the School aye ￿ provide high quality education for boys atml girls up to the age of 13 years within 'endly, fidfilling and caring environmenL for the public benefit are specifically as follows: . To provide a wealth of forward thinkiDg ¢d￿all￿1￿1 Op￿t￿nItieS for individual tTr¢Tnb¢r of th¢ School To estsblish opporturtities for chitd to reacb their individual academic ￿tential • To teach and encourage kitth&4 and mutual resp¢ct within th¢ coDJrnuoity and th¢ wid¢r WOTid •To encourage each child ￿ communicate with ￿)rtridence attd provide them with opporttmiiies to develop this confidence To encourage a love of learning and ￿ ￿1￿Ulat¢ stydch challenge pupils through excellent Mching "I'o teach children to re5P¢rt on¢ anoth¢r and one another's belongi To foster a high lev¢1 of good b¢haviour and personal man 'I'o encourage a harmoDiQUS working i¢laLionship beiween pupi15 and suff To encoura8e each individual ￿ rnake most of all th¢ rywYLurriLie5 on offcr at HaThacro&s PaTK both in and oui ol the classroom To equip each child with a sound knowledge of thE past and wisdom for the ￿t￿TE To pr¢par¢ ¢a¢h mdividual for the nexi sthge in theJ"r ¢d￿all0￿ aT¥J futsur lives To maintain sound financial management To b¢ a supporliv¢ and caTiog enwloyer Handcross Park School believes that alx)ve all. a happy child is a pmductive child and we are proud of being a very fricrtdly. family orientated SclLwI. The curriculum is broad and T/aTied in order to give cach child the OPFX)rtunity to thrive. Handcross Park SCI￿01 is a ￿11 and wttkly boording and day. co¢ducational ￿h0o1 for children aged between 2 and 13 years. providing them with high quality ethThiion enablinÉ them to move on to a top itjdependent sertior sclwol (or the next $t4g¢ of their ¢du￿tiOn. Th¢ S¢hool ¢ontinu¢d to operate Pr¢paTriory, Pre.PrepJraW and Nur￿ d¢paTtrnenls. The Govemors have cort4)lied with the duty in sectiOD 17 of the Ch￿R11CS Aet 2011 to have dkne regard to publie benefit guidance published by the Clwiiy Commi&sion. ACHIEVEMENTS AND PERFORMANCE In line with the Governmeni I￿kdoWn regulauons due w the CoYoMv1n￿ pandemic. the Scknol was closed io most year group5 in th¢ spring term 2021 butall pupils, including Internaiional pupils who reNrnoJ home, were able io use the digitsl online delivery of the su¢¢essfvl remote lewning p]aiforni. The esthblished Google cl￿rooM arld experience gained from being a Google R¢f¢ren¢e School has great]y beTrefi￿d the children's ability to easily move acT05S to ihe remote learning platform. Pupils of k¢ywoTk¢r ¢hildr¢n wer¢ p¢nnitt¢d to attend s¢1￿1 dwing the spring t¢rm IlKkd0￿. The Sch¢)ol was proud to b¢ able again io financially assist families during the second 1(Kkdo￿Tr through fee rebales durÉng the sprin8 trrni #TMI by the continuation of a haTdthip fiLDd frotn kind donations rK¢iV￿1 from pmts to support fgmili¢8 at the school experiencing financial ditTiculties as a rcsult of the panderni¢. The School's reputaiion remains very strong- locally. nationally and internationally. The SCI￿1 was deli8hted to be awarded the 'Prep School of the Year, at the l*tthni SchooL% of the Year Awards 2020 and was also shonlistrd for the 'Boarding School ofthe Year. at the TES Awards 2021. Handcr0￿ Park is also pro￿ th hve been awarded 'Besi Prep School for Pasioral Care. by the Week Inde￿nI Schools Guide 2021. 0￿¢ 484ity the S¢hool appears in th¢ Tatkr SclM)ols Guid¢ 2022 a￿1 the Gord Sthools Guide 202112022. The SchtK>I 5ucccssfully tnet ail r¢guiatioos in ISI Cotnpllan￿ Ins￿tion in Jun¢ 2018. This was J complian¢¢ only itL%pection as such r¢port5 ooly wh¢th¢r th¢ meets all its regulatory 5tand8rds including th¢ Nalional Minimurn Standards for Boardll￿. The SclK)ol wLs deliEbted with the olltcotne. NEWELLS SCHOOL TRusf LIMrrED GOVERNORS, REPORT {¢oDtiDued) YEAR EI¥DED 31 JULY 2021 Academically, all our Year 8 leavers gaincd places at th¢ir firn¢-¢ILO1￿ seniorschools. with 420/tr (2020.29%) ofour le4v¢rs achieving scholarships. There have been several national and local s￿1￿8 xhi¢vettwits during the year although sport disciplines have been understandably adversely affected by the Covid-19 pathmic. During the spring and summer ternt nationhl lockdown period there were Th) fixtures with l(Kal schoo]s and no ttarn sp)rts although ph￿1￿1 aciivity was still very mueh encouraged through the PEIGames remote curriculum. Pupils perfomKd a music concert in the summcr terni which T￿orded and shared with parents. Weekly drama al music sh)wcase$ were sF•)wn ￿ Prq) pupils durin8 Friday nx)rning tutor limes. Around 45°A of school pupils took peripatetic music lessons, and of those 28 (2020..32) pupils took ABRSM music exams and 13 (2020..32) tookTrinity music exams from grades l ￿ 7. with # 98.5 /• rate. In th¢ 5pEin8 te￿ all music and L4mda exanLS were ca￿¢11¢d due to the pandemic. The Arts continue io play a major part in the life of the SclLooI, and Successfvl drama productions are perfornied at every age group with all children involved. Highlights last year include ihe musical 'Godspell' by Stephen Schwartz which 15 based ot) the Gospel according to Mathew, the Lower School prOd￿tion of 'Wind In the Willow5, which was fllmed as Promenade piece on different locaiions around the school and the Middle S¢hool produciion of 'Be More Kind, which 15 a devised piece focusin8 on the theme of kn"ndness and wellbeing inspired by the book The Boy. The Mole. The Fox and The Horse. by Charlie Mackesy and the son8'Be More Kmd, by Frank Turner. There are currenily 90 pupils participating in LAMDA lessons acro￿ the 5ch(x)l from year 2 to year 8 wtih a IOOO/o pass rate. In our July exatn5 96 /fj of those were distinctions. November 2021 pupil numbers remairt high: 388 (2020.. 379)" 39 in the NuTsery, 88 in the P￿-Prep aThJ 261 in the Prep School, including 52 (2020.47) in the Bottrdin8 HOUK. The Modem Foreigtt tAtwges departsnrnt continues to flourish It￿ is gainin8 a Yeputaiion for excellence. Handuo35 Park is one of very few schools nationally to t￿h the knp three spoken latt8ua8es in the world- Spanish, Mandarin and of course Ert8li8h. With French al￿ LAtin a]so available. the p￿)11$ are fullyprepared foran I￿reasinglY globaiised world. Additional opportunities for public bencfit bavc been integrated into the Schtyjl Developtnent Plan aryi succwsfully implemettted throughout the year. Specific cxampl¢s are referenced throughout the report. The School w&$ pl¢as¢d ¢0 be able io 8llPPOrt keyTrvoTker childrcn throughout the lockdown period and offered a holiday club 5UPUVision s¢rvi¢¢ foT nursery and keyworkcr children ovcr the FebTuary half terni. including a hot meal. The School also donated PPE, goggles and ba8s loeal surgery and nursing hom¢ and ￿tinUed to wpp)rt the I￿1 Handcross villaBe f(xxlbank The Sc]K)ol b¢Aefits from the generosity of FTieTrls of Handtt￿ Park S¢RK>ol {the Par￿ Associalionl. which . rtdependently Tun, and whosc continuing support we Breatly appreciate. The Fricnds, main ¢vents were planned to be the May Ball, annual bonfire evening and the summer fayre. all of which sadly had to be ¢￿￿elled due ¢0 the Pandemic. The Pr¢ Prep pupils greatly enjoyed the Christmas Fayre irt the auturnn terrn which was organised by the Friends Association artd whieh roi5¢d funds for the purchase of Pre Prep library b(K)ks. DuriD8 the )vr the Friends also purchas￿ a World Map Int¢Wtive Display. drama equipment aThl a cricket bowlirtg EtwchiDC. The S¢hool Slw trades through the subsidiary company continues to enable the paTents to purchase school uniforni ai reasouable prices. li has coniirtued to expa￿1 its range of itCllLS on sale during the year to sell the whole range of school unifomi and ancillary equipment. Sitice the lo¢kdovm period sale5 have fulfilled following Kndividual fitting appointments and email orders with onsite fittirt8s available from July 2021 onwatds. The residential let over the summer holiday period did not take place due ￿ Internatio￿] ttavel rc5tri¢ii¢)ns is plaJ)ned ￿ resume in the futyre. Other site facility lets such as ihe swimmin8 wK)I hire and facility hirc for holiday day camps resumed in the summer 2021 once it was considered safe io do so and iti line with insurance gUId￿C and Covid-19 iisk assessments. The School has utthken exteftsive reptiirs and development works. with contimiing itivesthmt in thc fa¢ilitie5 and infr8Stnthwe acro&8 wknle site. Following the economi¢ challenges and uncenainty due to the pandernic all project expenditure and CAPEX was carefully ￿nSIdered. E55¢ntial maincenance was undertaken ort improvements in site drainage and lighting and the School pur¢h&%d th¢ Portakabin uaits and 2 College Close for use as staff accorntnodation. NEWELLS SCHOOL TRUST LIM]TED GOVERNORS, REPORT (￿nthilled) YEAR ENDED 31 JULY 2021 Bur•Arl The School provided fuwKi¥l assiStan¢¢ to par¢nts. not othenvise have been able io send their children to the School, arnounting to £247,563 (2020.. £252.826). A hardship ￿nd w8S Created from parent donaiions of £IOJ04 (2020: £12.458} which wasused in the yearto SUP1￿ families who were strnggling w pay the fees to the imp4¢t of the Covid- 19 pandemic. Total fee rernission including sibling di￿ou￿￿ andagwKy fecs atwunkd tsy £496.712 (2020: £514.292). It is the ￿l1¢Y of Ihe School that all new appliwits for f￿a￿lJI wislance are rnearns-tcsted, and that existing recipients submit an applicaiion fonn each year for the Sch¢y)I lo w¢rtain the level of Sup1￿ available for the ensuing year. Families seeking Covid-19 hardship 85Si5tance were asked to complete a sq)arate 8pplicaiion forni. The Scknl welcomes pupils from ¥ll background5 and PTovides financial gthed chilthett from p)orer eCOnth￿ backgrounds to allow them ￿¢¢s3 to this excelleni education. U* of Faciutl The School has ¢ominued its ¢ommiun¢nt ￿ ¢I)ntribu￿ io th¢ ¢otrllnuDity and in time5 PCTmits rxtCllSiK Use of the School'5 f¥ilities to b¢ made by outside sport5 clubs and community cntilTre5 such as Scouts and the Sanwitans. esp￿la]lY welcoming th¢ I￿al prirnary sch(x)Is to use the swimmin8 pool and the village's iutjior football teams to use our grass Pltches every week free of charge. LA)cal residents from the community have been invited io enjoy the School Fireworks everht {w￿lp0nd during tILC partdemic) a￿1 local teams utjlise the All Weather Pitch foT football training. 0￿C the pandemic lockdowTr restrictions wcre lified in early summer 2021. lets resume The School rnakes available all its buildin￿ including the main house whcre thc r(x)ms are lei out during the weekends and holidays for wedding receptions and other ¢ngag¢ments. In the summcr 2020, autthrnn 2020 half terrn and summer 2021 holidays a national firni. Aciive Educaiion L¢d, used our facilitles to provide both out(kn>r and irKloor Ix>liday activities to pupils of the Sclb)ol and children from elsewhere in the local community. East Grinstead Hockey Academy havc also used the All Weaiher Piich in ihe pasi year io coach local pupils aTwJ two weekly swimmingacademiescoachedchildren in the5¢h￿l I￿01. Thisu5e of focilitie$ resumedonceCovid- 19 restrictions were eased in ihe summer 2021. A number of educalional projecTS have teen undertaken w shart t*st praetice with lo￿1 ￿h0O1& from boih the sla￿ and Independeni secwr. There has been shaTed educauonal experie￿¢ in partkcular around Icr with Google training seminars. Close link5 have been formed with H8[Kkro￿ Primary Sch￿1 who bave used scknol pool for swimming lesson& tO8ether with the pitches for their 5POrts days. This relationship will Gontinue and the shan.ng of resources encouraged in line with CUTrenl government guidance on safe operatioDs. FINANCIAL REVIEW AND RLSULTS FOR THE PERIOD The Governors regularly review the f￿a￿es. budgets and c&sh flows as part of the effective slewardthip of the S¢hool. The fina￿181 results of the School for the year ended 31 July 2021 are showm on page 12, and di￿10$¢ a suTrlus for the period of £2l4.65712020: surplus of £311.729) which is in line with GovernoTS' exp¢ctaliorns. Th¢ curr¢nt surplus reflects the strong pupil numbers. robusi reaction ￿ fin￿1&1 uncenainiy duTing the pan￿Mi¢ lockdown tight ¢05t ¢ontyoI including deferral of prnject expenditure following stra*gic decisio￿ which include.. expensing significant improvement vths in M(mIu￿$1￿8 boarding and opmtional 5pac¢5 at both Prep and the Pre.Prep' a commiunent ￿ parents not to increase fees in the cumi athic yw in ]iRhi of e¢onornic uncertainty. the inwt of offering means I¢￿ed bW5arl￿ as # dernonstratTrtin of the Scknl's regard ￿ wblic benefit. Donations were T￿e1Ved to the tkvelopment aThJ Buw Funds durin8 the yEar of £56.343 (2020.. £52,839) The Subsidiary company. Handcros5 PaTk Commercial Seryice5 Liffjit¢d traDsfrrred £49,511 {2020: £49J33) by way of a Gift Aid donation to the SclKX)l at the yeaT end. Revenue is genera*d from scknl unifonn shop sales, holiday club provision atKI facility hire. Due to the pandernic there was no rttideniial facility let during the ￿ar. NEWELLS SCHOOL TRUST LIMITED GOVERNORS, REPORT {eonthhued) YEAR ENDED 31 JULY 2021 There were additions to fixed asyets of £595255 during the year (2020: £17,880)" which compriscd of the pU￿h￿se of th¢ previously leased Portakabin ¢I￿roOmS and additional bo3rding staff accommodatio The Governors are keen for the Sthool to both attrartandT¢tain th¢ b¢st teaching 8ry1 key support $tBff and set salarie5 and other remuneration in order to achieve this. TeJTllS for the mosl senior management ¥re considered by the Finance and Development Conunittee annually. The total of remumfl￿ benefits and pensions paid to key management was £254,367 (2020.. £243,278). Key Performance IDdicAtors The key perforn)￿￿ indicators used by the mall8￿ aTrJ Governm I￿¢n consitsring the strategy for the 5chwl include: pupil demand" academic and extra-curr1a￿aT succes5 againsi anticipatyj outcomes" for¢ca5t ¢th flow and facility headroo￿ and prioriiis&l aTea5 of spendin& The School has prepared a number of Scenarios that consider the school's cash position. sources of income and plann expenditure. This include5 the impacl of COronavin￿ on operations together with assumptions around recovery thereafter. These scenarios consider reduc&J pupil munbers. delaY￿J fee pa￿enT, Tthiced fees and poten¢ial bad d¢b¢s as well as ¢h¢ impact on costs from the measures so far. Sensitivity aTound these assumptions has also been cOT￿ldered in our forecasting. Results of this cash flow and sensiuyity analy3is indicate the cash reserves of the charity are adequate to meet the charity's obligations as they fall due. Havin8 regard w the above. & trustees belieNr that the thl has ad￿te resoum to contirLue its activiti￿ in the foreseeable fijture and have therefore coTrsideTed it appropri* kn adoN the goillg cofKem basis of accounting in prepaTing these financial statrmen BDrrowlDgi Boffowings eon8iSted of a 108n during tbe )tar with Bngbthn College wkn in 2010 provided a 5 year fmancillg facility of £750,000 for a refiwbislllnent programn￿. Repayments of the loan were deferred until after the repayment of the HSBC loan for the All Weather Pitch irt July 2018. The ftrst amwal repayjnent instalment of four comtnenced in October 2018. The capitrl balance owed by the Sch(x)l as at 31 July 2021 all￿ted w £187.5(K) (2020: £375,0(X)), &4 disclosed in note 9. This f4¢ility is provided 4t & rnt¢ of 5°A p. . During the year a lo￿ of £279.375 was drawn from HSBC for & trrni of IQ years to purchase 2 College Close for stsff ommod4tion. This mortgage was provided at a of 1.97% ov¢r the Base Rate aTLd 1$ se¢ured th¢ property. The apital ba]aw¢ owed *5 at 31 July 2021 •tnount¢d to £260J54 (2020.. £NIL) *$ disclosed in 9. A back up overdraft f￿111¢Y of £250.CKO is prO￿ded by the S¢1￿11.$ bankus but was ￿1 utilis¢d in the yw. Freehold propertlei In the opinion of ihe Govern￿ the value of the freehold land and perma￿bUIlding5 is substsntially more than the bwk value but no useful purpose would be served by Underta￿ a revaluatiot Re5ervei Polley At 31 July 2021, the ￿1#& unYtStri¢ted funds of the School all￿￿ntrd ￿ £3J83,948 (2020.. £3,136.131). Of this £49.511 12020.. £49,333) h05 been de5igDatrd as a Bursary Furf with the remait)der king designated as the Property Fund reprcsenlin8 the fill￿5 invc5tcd in land and building5. The totsl Ftt Support Funds amount to £97.439 (2020.. £130,599). Free rcservu. defincd aj total UDrcstrictcd funds havin8 elirninatcd the net iK)ok valuc of unr&stricted flxed assets, are (£555,596) (2020.. (£494.701)l. The cTrJarity doE5 not use free reserves to mana8e the b￿l￿e$S but focuses on cash and the 80vernor5 monitor thi5 via rnai]a8crnerit accounts and re8ular c&%h flow forecasts prepared by Bursar. At the year end, the govcrnors arc 5alisfied that given the current puptl numbers and the budget forecasts, the operatin8 cath flow and r¢8crves heid ar¢ appropriate and in line with th¢ lonBer tcnn stsategy of the SclM)ol. NEWELLS SCHOOL TRUST LIMITED GOVERNORS. REPORT leonthiu¢d) YEAR ENDED JI JULY 21121 In recent ￿ars, significant exr*twJinJre h•$ been madc to improve and moderniK farilitie5 at the Scknol. Thi5 has been firtanced from the Genernl Fund alhd through appeals, loaThs and woth.ng Capitsl. li is the School's policy ￿ finance a continued prograrnmc ol investment in the School's facilities through a combination of donations. botrowing5 and operaiional surpluses. The analyBi5 of assets attributable to the Funds is shown in ￿te 13 to the ¥¢oUn￿. These asset5 are suffi¢ient to rneet the Scknl'$ obligations. The reserves policy 15 reviewed on an annual basis by th¢ GoverTX)TS. Prlnelpal Rlskj #nd Uncertaintie The Govemorn have Lssessed the major risks to whith the charily is expose¢l in particular those ￿lated to the operatiorts artd finances of the Scknol, and are 5at15fied that pThxedures aNI inwartt aff in place io miiigate exposure to known risks. The Schfy)I has created 8 risk register which is reviewed annu￿lY by thc GovcnMy5, listing all likely risks and assigning a num¢ri¢ quantifier based on the likelihcw)d afttt control aThJ the impttct of the risk. PlaTLS to reduce the likelihood and then mitigate the imw ar¢ Klentified for eath risk de5cn.bed athl fimhtt actions put in place •wheYe ttquired. "rhe Covid 19 p4nd¢mi¢ h45 I￿1 a global fin￿￿la] impaci and the sin￿tiOn continues io evolve. cmting challenges for School against a chwin8 cconomic landsrnp¢. Th¢ S¢h(M)l and its manag¢men¢ team have put in place precautionary safety rneasure5 ￿ reduce Ihe nsk from the virus have employ¢d sp￿I411$tr1sk Jss¢SSOtS to p¢riodically visit the school ¢riti¢ally review and advise on the risk reduction me&sur¢s that hav¢ be¢n put in pla￿. Th¢ Safety of our staff, pupils and wider communiiy are of paramouni concern during this on80in8 crisis. Thc Sch(MTrl s￿¢¢55fullY offered remote learning tlwough the effective use of Google Cla&sroom during spring t¢rni lockdovrn p¢ri(Kl. A reba￿d fee model was offered as part of a Trviewed flnancial plart which included utili$ation of the Governmen( Job Retention Scheme for 5uppon staff, deferral of projeci expendiwre and a reduciion in non-esseniial expenditure. The SclKM)I has carefully monitOT¢d flows and considers thai there are going concern conSider￿lOnS. Another high risk is thatof economic rece￿lOn (EK)th UK and Global) which could impact pupil numbers. This is miiiga¢ed by the promolion of the School as a premium place of le4rning, athling value to the children's developnrnt together with its wing culiure, location and beautiful site. Pupil numlTh for both day and Ix)arding places continu¢ to remain healthy in the followin8 a¢ad¢mi¢ yrar 2021-22. PLANS FOR THE FUTURE Future plans for the developmeni of the schwl ar¢ ￿¢111￿8. A fiTK-y¢ar ¢kv¢lopment plan has been pul in place which includes fvTther significani investment ￿ classrix)m& Pre Prep n￿ry￿ee rrplacernent al￿ a 1￿mIng Resourc¢ Centre. Further refiLrbi$htnents of exisiing tH)arding areas are plantted togcther with the creation of additional dorniitories, omfort4bl¢cornmon room spKeand new bathroom facilities. Additional investment in lTwill be underthn, maintaining and ¢nhancing th¢ firsi ¢1*5s provisionof technology available ￿ the S¢lK>ol. The ￿h(%)I telephone sysietn will be upgraded with a new sWlt¢hlx)ard neiwork pl￿De systrm and virtual hostirtg to In￿rove efficiencie5. There i5 an ongoing maintenance plan around th¢ sile including parking facility enhancetnents with addition of a new hard parking surfac¢ to allow the safe collection and drop oltof pupi]s in their 'Covid bubble. year groups. Coronavirus precauiionary safety measures Continue to be illwl¢mented with investsnent in signage, PPE and hand saniiiser slations acTOSS the site. All of the improvements have been attd eoDtinu¢ to b¢ fa¢ilita*d by mainthining pupil numbers and fee income enablin8 greaier Itivesimerti in faeiliti¢S, pupil welf￿¢ the highesi qualiiy traching stsff. The Govemors inietml kn build on the successfvl relatiowhips lo￿1 ￿h￿l$ ¢0 fiwth¢T wid¢n the contnljulion to the lo¢al communiiy. This will include developing new links with th¢ ¢¢)uuDunity for th¢ ux of the kh¢x)I grounds and fg¢ilitie5. A relaiioNhip with a lo￿1 nuTsing I￿rne has allowedpupiis ￿ develop social community links and futur¢ ¢v¢nts for pupils to ¢nterlain elderly residents are planned once it is safe ￿ recommette. The sch￿1 is proud to be involv¢d with th¢ H4n¢kross Pantry fwd bank %lKme. The School is keen to develop the environ￿1•1 gr¢¢nageJ¥Ja and to enwurage both stsff and pupils io do as much as possible (o roS￿r green cKcdentia15 including the u5¢ of gre¢n energy, refiubish and build using only enviromnentslly friendly buildirtB designs and to cncourdge pupils part ol their day ￿ day activities ￿ Teuse, rec￿le and respect the environmenl. A tree is planted within the ground5 for ¢v¢ry pl￿11 that join5 th¢ ￿(￿)1 as P¥TI of the popular 'Grow with Me, policy. The School crrated a new pupil l¢d'Ew' C04wii who strivin8 with support w achieve the Ec Schools Green Flag award. NEWELLS SCHOOL TRUST LIMITED GOVERNORS, REPORT (¢ontlnued) YEAR EI¥DED 31 JULY 2021 STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors are resp)nsible for prtparing the annual report atyl ts fuwKial Sta￿men￿ in accord￿ with 4)plicable law Utjited Kingdom Generally Acceptyj Accounting Prxri Company law requi￿5 the Governors w prepare fitwKial sth*tnents for each fit)ancia] year wljich give a tnje and fair view of the sthie of affair5 of the company and of the profit or I(￿ of the company for that wiod. In preparing thoge financi81 select suitsble a¢countllJ8 polici&4 atrj 4)ply tF*m Consi￿￿. continue in busin The GovernoTr are resp)n￿ble for keeping proper accounti￿ record5 which diKlose with Teasonable accuracy at any time the financial ￿sItiOn of the company and to enable them ￿ er￿UTe that the fJnwKial sta*M￿ts comply with the Companie5 Act 2006. They are alk) rU￿￿81ble for safeguarth'nB the assets of the company hence for tsking reagonlble steps for the prevention aThl de￿¢ll0n offraudand other irtegulariues. So far as each of the Governors is aware at the time the report is appro}￿.. there is th) relevant audit irthrnmtion of which tl* companys tudit(Ks are un&yM￿. and the Gov¢rnor5 have tak¢n Jll st¢Ps that th¢y hav¢ tsk¢n to make themKIv¢5 aware of any Tel¢Tr￿1 audit infonnationaThl ￿ ¢5¢ablisFL that the auditors are aware of that infonn•t AUDITORS HaY5m￿1nt￿e LLP have expressed their willingness to conlinue ID as auditors aTrJ a resolution proposing their TtrappointmeDt will be submitted at the Annual General Meding. The Governors. Report incorporating a Strategic Rem was approved by the Board of Governors at tts meeting on 25 November 2021 and signed on its behalf by.. M.Te leman Handcross Park Sch(Kbl. Hand¢ross West Sussex R1117 6HF INDEPENDENT AUDITOR'S REPORT TO THE MEMBEILS OF NEWELLS SCHOOL TRUST LIMITED Oplnlon We have audited the financial staternents of Newells School Trust LiTh4ted for the year ended 31 July 2021 which comprise the Statement of Finanaal Activities. the Charity Balance Sheet5. the Statement of Cash Flows and note5 to the financizl Statements. induding 3 summary of ￿gnIfICant accounting poI￿les. The financial reForting frame¥bY)rk that ha5 been applied in their preparation is applicable law and United King(lom Accounting Standard5. including Fsnancial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republ￿ of Ireland (United Kingdom Generally Accepted Accounting PrKtycel. In our opinion. the finanoal statements.. give a true and fatr ￿@W ol the State of the charitable companvs affairs as at 31 July 2021 and of the tharitsb compar¥(s net movemeni in lunds, indudin8 the income and expenditure, for the year then ended,. and have been properly prepared in accordance with United Kingdorn Generalty Accepted Accounting Prarticv. have been prepared in ￿COrd￿Ke￿th the requtrements of ihe c0ftwan￿ACt 2C(16. B*5 for O￿nI1)n We conducted our audlt In ￿(ordanCe with Intemational Standards on Auditing IUKI II&As IUKII and applicable law. Our respon9biliues under those standards are further described in the Auditorfs res￿nSibIlitieS for the audit of the financial statement5 section of our feport. We are independent of the charitable company in acCOrda￿e wlth the ethical requirements that are relevant to our audit of the financial statements in the UK. srKludin8 the FRCS Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these reqU1￿MeNts. Wt believe that the audit e4idence we have obtained is sufficient and appropriate to provide a basis lor ouropln￿n. Concluslon5 relatlngto concern In auditing the finandal statements, we have concluded that the trustees. use of thè Èoing concern basFs of atcountin8 in the preparation of the financial statefflents 15 approprvate. Based on the work we have performed. we have not identifTred any material uncertaintie5 relatin8 to events or Conditions thai. individually or collectively, may cast significant doubt on the charitable companvs abi14ty to ¢ontinue as a goin8 con¢em for a period of at least twelve months frorn when the financial statement5 are authorised for issue. Our responsibilities and the respOn￿bilItIeS of the trustees with respect to 8OinB concern are described in the relevant sections of thi5 report. Other InfOrn￿tIOn The trustees are responsible For the oiher information. The other information comprises the infoimation included in the Trustees. Report lincorporètine the strategic r•wrtl. Ovr opinion on the financial stètemertts does not cover the other information and, except to the exteni otherwise explictily stated in our rep￿t. we do not exp￿5 any form of assurance conclu%on thereon. In connection with our audit of tht financial statements. our responylmltty is to read the othw information and. in doing so. consider whether the other infomiation is materially inconsistent wth the financial statements or our knovAedge obtained in the audit or othen¥ise appears to be materially misstèted. If we identify s￿h material incon51Stencies or apparent material misStaternent5. we are required to determine ¥thether there is a material misstatement in the financial statements or a marerial rrisstatement of the other information. If, based on the workwe have perfom)ed, we conclude that there is a material misstatement of this other infomation. we are required to report that fact. We have nothi￿t0 report in this regard. Oplnlons on other matkn wesulbod bythèC•mpanies Att 2￿6 In our oplnion. based on the TAfjrk undertaken in the course of the audit.. Ihe information 8iven in the Trustee5' RepDrt lincorporatin8 the strategic report) for the financial year for which the financial statements are prepared 15 consistent with the financial 5tatements.' and the strait8￿ rewrt and dirertors, repyt in¢luded within the Trustees. Report has been prepared in a¢¢ordance with appli¢able legal requirements. Matters on whlth we are requlred to rewt by excepd In the lfjght of the knO￿edge and understandlnlof the charttable compay and en￿ronment obtalned In the course of the audiL we have not identilied materlal misstatements in the Trustee< Report Iwhich itxorporates the strategic report and directorg report). We have nothin6 to report in respect of the follown8 motters in rel*ion to whKh the Companies Art 2LK16 requires us to report to you il, in our opinion.. adequate accountin8 rtxords have not been kept the charitable company. or the charitable company financial sratements a￿ not in a8reement with the accountin8 records and returns,. or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the information and explanationswe ￿qUIre forour audit. Responsibllltles of trustees lor the financlal 5t•tements As èxplained more in the Statement of Trustees. Responsibilities statement set out on page 19, the trustees (who are also thè directors of the charitable company for the purposes of company lawl are ￿pOn￿ble for the preparation of the financial statements and for being satisfied that thty¢ivt a truè and fair vièw. and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatemÈnL whether due to fraud or error. In preparing the financial statements, the trU￿ee$ are ￿pOn￿ble for assesyn8the charitable companV5 ability to continue a5 a 8oin8 lonttrn. disclosin& as applicable. matters related to going concem and using the eolng concern basls of accountln8 unles5 the tru5tee5 ￿ther intend to liquidztethe charitable tomparty Nto ceasÈ owation¥ or havè no realistic alternative but to do 50. AU￿ta¢S respons*ililiu forth• audlt of the Ibnandal st•t•monts Our objectives are to obtain reasonable a55urance about whetherthe finanoal statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance Is a hS8h level of assuran￿. but 15 riot a guarantee that an audit cgndurted in accordance with ISA5 IUKI will alway5 detect materSal rnisstatement when it exlsts. Mlssiatements can arise from fraud or error and are considered material if, individually or in the a88re8ate, they could reasonab￿1 be expetted to Influen￿ the economic decisions of users taken on the basis of these fina￿131 statwnents. Irregularities. 5ncludin8 froud. ¥e instances of non-compliance ￿ laws and r￿UlationS. We design procedures in line our ￿sponSIbl11t1es, outlined above, to detect material MISS￿teMents in re5pert of irregularities. including fraud. The extent to which our procedures are capable of detettin8 irregularities, includin8 fraud is detailed below: Based on our understsndlng of the charitable mmpany and the environment in which it operates. we identified that the prlncipal risks of nonntrols. Audit protedures perfomied bythe en8a8ernent team in¢luded: Inspettirecorrespondence with regulatots and tax authorities; Discussions with management including con%deratlon of krthvn orsuspected instances of non-compliance with laws and regulation and fraud.. Evaluating managernenvs contro15 designed to wÈvÈnt and detttt ifregularities: Review ol minutes of meetings- Identifying and testin8 Journal¥ in particular journal entries pThted with unusual account combinations, p05tings by unusual users or with unusual descriptions- Review￿￿8 the incorne recognition around the year end to assess wh￿h*r income had beèn reco8ni5ed in the corrett accounting period- an ChallenBin8 055umption5 and judgements made by fflanagement in thwr critical ?￿OUntIng estimates. A furthèr description of our responsibilities for the audit of the financial statements is I￿ted on the Financial Reportirvd Council's website at.. www.frc.or auditorsr nsibilr(ie& This description for￿ part of our auditorfs reiw)rt. io Use of our report This rep)rt is made soldyto the chaiitable companrfs members, as a trfjdy. in accordance wth Chapter 3 of Part 16 of the Companies Act 20(￿. Our audir work has been undertaken so that we might state to the charitatle company's members those matters we are required to stste io them in an Auditorfs report and fly no other purpose. To the fvllest extent permitted by law. we do not accept or assume respon￿bIlIty to anyone other than the charitable company and the charitable company's members as a body, for our audlt worl for this reporL or for the opinions we have fomed. Rkhard Wea¥er Senior Statutory Auditor For and on behalf of Haysrna¢intyre LLP. Statulory Auditors 10 Queen Street Place London 21 January 2022 2021 EC4R IAG NEWKLLS SCHOOL TRUST LIMrrED STATEMENT OF FINANCIAL ACTivrrIES YEAR ENDED 31 JULY 2021 Uorestricted Futtds cener￿ DeslgD*ted Rertricted Total 2021 Tot 2020 oi INCOME AL¥D ENDOWMENTS FROM: Ch*rlt•bl¢ #etivltles School fees Extra5 and disbursements Registration fees Additional Grants Volthntmry IDeom¢ - Development FUTKI income Fe¢ 5UPPOrt Ful￿8 - G¢neral Donation Income Oth¢r tradlng aetlvltles - Lettings incom¢ Intere•t recelv8blt 5.426,727 203.153 28.781 67245 (10.304) 5,416.423 203,153 28.781 67,245 5,311,069 203,620 36,536 154,051 360 40,(KK) 15.983 360 40,0 79.698 380 30,0￿) 87.812 63.715 159 2.982 179 179 Tot41 Income 5.789,8(y) 46.039 5,835.839 5.826.609 EXPENDrruRE ON: Charitable Expenditure Schcxjl operdtillg COSLS - Teaching ¢os¢s - Welfare ¢0sts - Premis¢s costs - Support COSIS 2.603.087 477.930 1,199.686 1,306.181 625 2,603.712 477.930 1201.884 IJ06.181 2.566.477 460.892 1.111.957 1.338,802 2.198 5.586.884 Raislng Funds Other Expenditu Final￿ costs 2.823 5.589.707 5,478,128 2.856 2.856 28.619 279 36,473 28.619 Totsl Expendintye 5.615.503 5.679 5.621.182 5,514.880 IYET INCOMING RESOURCES BEFORE TRAI¥SFERS 174297 40.3fKI 214.657 311.729 Tratt8fer beiwtth funds (174297) 247.817 173.520) NET MOVEMENT IN FUNDS 247.817 (33.160) 2l4,657 311,729 Balance brought fonvard a¢ l August 2020 3.136.131 130,599 3,266.730 2,955.001 Unrestrictrd Reserves Balance carried forward at 31 July2021 3.383.948 97.439 3.481.387 3266.730 The note$ on page$ 17 to 26 fomi part of these a￿Utsts. 12 NEWELIS SCHOOL TRUST LIMITED COMPANY NUMBER: 932584 BALANCE SHEET AS AT31 JULY 2021 31 Juty 2021 31 July 202 Notes INVESThIENTS loo TANGIBLE FIXED ASSETS 3.939.544 3,630.832 CURRENT ASSETS D¢btOTS Cash at bank albl in hand 273.4 1.714.957 291.183 1,468.918 1.988J57 1,760,101 CREDITORS- due ￿th]ll one yur 1.552.202 1.297.505 NET CURRENT A￿ETs 436.155 462,596 CREDITORS- due after more than one year (894.412) 1826.798) NET ASSETS 3.481,387 3.266,730 RESTRICTED FUND io 97.439 130,599 UI¥RESTRIcfED FUNDS - Designated - General Fund 3.383.948 3,136,131 12 TOTAL FUNDS 13 3.481 J87 3.266.730 Approved al￿ authorised for issue by tht Board of fjovernors ￿ its tneeting on 25th Novemb¢r 2021 and signed on its beholf by- The on pa8￿ 17 th 26 fonn part of these wiunts 13 NEWELLS SCHOOL TRusf LIMITED CASHFLOW STATEMENT AS AT 31 JULY 2021 Note 2021 2020 Net eash Inflow from operathig *cdvlde5 14 1.064.701 487.528 Cash flows from Investlmg *¢dvldei Intrresi received Purchase of tsngible fixed assels Inveslment in Subsidiary IA)&8 on disposal of thn8ible fixed a$8ets 179 (595255) 2.982 (17.880) L¥et e*ihflow from Inrntln8 actlvltl (595.076) (14,898) FIDan£lng R¢payTr¢nt of loa ID¢ere8t paid (208.453) (15.133) (187,500) (20,313) Net ¢*$hflow frnm tlnandng *etivltles (223586) {207,8131 IDcreax In ¢a•h 246.039 264,817 Cash and cosh equivalent at the beginning of the period 1.468.918 1.204,101 Cash and cash equivalent at the end of the period 1.714.957 l.468,918 Reconcill*tl•n ofttei debt 01ffj8n020 C*shflows 31107nozi Cash at bank and in hand 1.468.918 (375.orKJ) 246,039 (72.853) 1.714,957 (447.853) Tot#1 1,tr)3.918 173,186 1,267,104 The ￿1¢5 on page5 17 to 26 form part ofth&se accounts 14 NEWELLS SCHOOL TRUST LnllITED ACCOUNTINC FOLIC YEAR ENDED 31 JULY 2021 The financial statements ha￿ be¢n prepared in a¢COTdance with the Fina￿la1 Reportitig Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies A¢1 2006 aThl the S￿leMent of Recommended Practice applicable to charities preparing their accounts in ¥corda￿e with the FinwKial Rewning SthndaTd applicable in the UK and Republi of Ire]and (FRS lo2)-eff￿1ive l January 2016. The functional currency of the School is o)nsidered to be GBP because that is awre1￿Y of th¢ primary ewnomic enyirotllnent in which the Sch¢)ol operates. At the time of approval of the annual Rem th¢ Covid-19 p3ndemic continues to evolve and the long-*mi impact on the charily. in commort with other businesse4 is unknowTr The Governors have reviewed the posiiion careFJlly with tt view to ensuring the ongoing provision of sCh(￿lIng for the pupi]s as ¢mployin¢nt of Sthff. The chariiy currently holds SLBnificant balances supplemerttrd, if rteed be, by an ovcrdrnft facility. for school places at Hanikross Park School rernains strong, with hisiorically high numbers ettrolled for the acadcllllc year 2021121. CoThs¢rYativ¢ cash flow modellins with sensitivity analpis irnli¢ates that the cash reser￿$ of the charity are adequate to t1￿Cl the charity, obliga(ions as they fall thie. Accordingly, the Governors believe the School's fllwKial ttsources Are sufficient to ensure thc School will corttinue as a going concern for the foreseeable future. being at least 12 months from the date of approval ofthe financial Statemertts and have I1￿[¢[0re prq￿ed the fInw￿l sthtemetus on a goityg concem basis. The School is a Public Benefit Entity RegISte￿d as a charity in England and Wales and a Company limited by Euarantee. It was incorporat¢d on 23 May 1968 {¢ompany number (K1932584) and re8iStered as a charity on 5 Jur* 1969 {clJarity number 307038). As at 31 July 2021 the kljwl had one wlKslly owt)ed 8ubsidiary. HaThIc￿$ Park Commercial Service5 Limited which traded during the year. Consolidation is prepared at a higkn level within Brighton College. Crltlcal aceovndng Judgements and key of¢stlm*tiop wDctrtainty In the application of the ac¢¢)unting policies. Governors are TeqtsiTed to make judgement. ¢8tim#tes, and assumptions about the carrying value of &55ets and li8biliiies thai are rK)t readily apparent from other sour¢¢5. Th¢ estirnates and underlying assumptions are based on histori¢al cAperic￿ •Ki other f￿lOrS thai aye consulered ￿ be TelevanL Actual results m&y differ from these esiimaies. Th¢ ¢stIn￿*S and un&rlying assumptions are reviewed ort an ongoing basi& Revisions io accounting esiimates are re¢ognis¢d in the period in which the estirna￿ is revised if revision affx¢5 only that period. or in the period of the revision and future perio(L5 if the revision affec￿ current and future p￿10d* In ihe view of th¢ Gov¢rnoTS, no a55urnpiions cowxning the future or estiTnaiion uncertainty affecttng assets or liabillties at the balan¢¢ sl*1 da¢¢ likely lo tesult in a mawial adjustt))ent ￿ their C#Trying anKM￿ts in the next financial year. Basls of Aeeoulltlng The accounts haye been pr¢pat¥d und¢r the historical o)st conventio In¢oJnlnR Resollrees Fees receivable and charBes for services and use of th¢ pwemis¢4 l¢ss any allowancA scholarships. bursaries gr￿ted by the school againsi those fee& bui includmR contnbutions r¢c¢ived from r¢5tri¢i¢d fimds. are accounted for in th¢ periryl in which the service is pft)vided. Invcstrnent inry)m¢ is ¥xounted for on an acc￿￿ basis. Rcntal incomc (includin8 incentives Tx¢iv¢d or paid) for leases aTe Tecognised in profit or 1055 on straight line basis over ihe lease tcrrn. Volunlary incoming Tesources are accounted for as atbj when ¢Dtitletn¢n¢ aTises. the amouai Can be Teliably quanlified. Grant irKome from the Coronavints Job Reietition Scheme is #ce(M￿ted for on an accn￿lS basis. 15 NEWELLS SCHOOL TRUST LIMITED ACCOUNTING POLICIES (¢ontlnued) YEAR ENDED 31 JULY 2021 Resollrees expeDded Re50UTces expcnded are accoutttrd for on an accruals b&si8. Certain ¢xp¢nditur¢ is dIr￿llY atiributable to specifi #Ctivities and ha5 becn included ID those c05t categories. Central ¢oJts whi¢h Wlnot be directly allocated are rtioned eolt categories on the b&gis of an estirnate of the proporti¢)n of time spent by 5thff on those ctiviti¢s. Employinetti benefits. iticluditig holiday pay. are teCO8nised in the rKriiMI in which they are earn￿1. T¢rrnination benefit8 are recogtiised in the pttiod iti which decision is made cotDrnunic8t¢d to th¢ relevant employ¢¢(s). Govcrnance costs cornprise thc costs of runnin8 the clwity. including strat¢gi¢ p]w￿]ng for its future developmenL external audil any legal advice for the SclKx)I's Governors. and ail th¢ COS￿ of wrnplying with constitutional aryj statutory re¢4uirements, such Ls the costs of B0￿d and Committee meeting5 aTMI of preparing Statutorya￿0￿nlS and sati$fythg public &¢coutttabdity. Flxed Awts depr¢¢l*tlo TaTJgibl¢ r￿ed a&sets aff c4)italised atyj I￿lu￿ 41 ¢0S1 ]￿lUdIng any I￿ld¢￿tal ¢xp¢D5¢5 of 4wu?si¢io Dq)r¢¢iation is provided oo fixed ¥s¢tS W wilt¢ off ¢05t Over￿lI￿ated uthl lives at the following rate& FT¢el¥)Id buildings Site Faciliti¢s New buildings, fix¢uTes & fitti Motor vehL'¢I¢s . 2Y• on wsl per - 5V• (Ill Cost per aDmum . 8% on ¢ost p¢r annu . 20V(+ on ￿st pet allnu Fwids Unresiricted: these are which can be u%d in accordance with the charithle objects at the discretion of the ITUStees. Design¢71ed.. these are funds aside by the trustees out of Unrestri¢￿d general fimds for specific pU￿oSeS or projKts. R￿r￿e￿.. these are funds thai can only be used forparticular restrictrd pu0)0s￿ within the objects of tbe charity. Ptnthn Schejn The School operatrs two p￿lon schenies. Contributions ￿ the scbettw are charged w tbe iwome and expendiDJre account as are iocurre& Fwther detaiL% are given in 19. Unless teac￿"A& staff elect to opt ou4 they join the Teackn SuperanAuaiioo athnin>st¢r¢d by the T¢achern' Pension Agency. The Schett￿ i8 a multi employer pettsion scheme and it 1$ not ￿$sible ts) id¢ntify th¢ 4ssets and liabilities of the Scheme W￿"¢h are attributable to the SCI￿)1. In accordane¢ with FRS 102 th¢T¢for¢. th¢ S¢h¢tlle is accoutttrd for &8 a defined eonthl)ution s¢h¢m¢. The S¢hool opernt¢$ J d¢fJn¢d ¢ontribution pa￿10￿ 5ch¢m¢ for l¢aching and non-teaching personnel whereby th¢ assets of the s¢h¢m¢s are held wara¢¢ly fTOm of th¢ Sc1K￿l in an Inde￿￿Y administered Th¢ S¢lwl'8 ¢Ontribu¢ion5. Charged in the ￿riod whi¢h th¢ S￿}¢5 10 Twhich they rel￿ aTe payable. Oper*thi8 L¢•*e Reni#ls Ren￿15 paid in respect of assers held under (yeming kases are charged to the sthtrment of finwial activlties a they fall due. 16 NEWELLS SCHOOL TRUST L￿￿ED ACCOUNTING POLICIES (Conthiued) *nd NOTL8 TO ACCOUNTS YEAR ENDED 31 JULY 2021 Basic fll)ancial instrumentsare initially recogrtised at transactionvalue and sub5equcntlyamortised. FinaTKial assets held atamonised costcomprisecashatbank and in hand. together with trade a￿Aother debtors. A specific provision is made for debis for which rttoverability is in doubL Cash atbank in hand is defined as all cash held in instant access bank a¢￿vni$ and used ￿ working capiral. Financial liabiliiies held ai amortised Cost comprise all crediwTS except s(￿la] Security and otlKrtaxes and provision5. The School has an advance fees scheme whereby patenis and other5 may rnake advancc pa￿1& which provi¢k for a 8¢t contribution ¢erni towards the pupils, fees. Th¢ pital portion outstanding is r¢wgniscd as a liability a￿1 the amoun¢of di5wum ￿S￿lI18¢d in th¢ is I￿luded in the Statement of Finaneial Aetiviti¢S. NOTES TO ACCOUNTS SCHOOL FEES Z021 2020 Gros5 fees receivdble L£ss sibling discoun￿ scholarships bursaTies Less agency commi&sio 5,913,135 (466,608) (30.104) 5,825,361 (456,7391 {57,553) Net fe&q receivable 5.416,423 5,311,(169 OPE114TING EXPENDrfuRE 2021 2020 Charitsbl¢ expenditure iwluths: Audilor's r¢mun¢rdiion Operating Leases 12,000 25.646 11.4(X) 23,651 ANALYSIS OF TOTAL RLSOURCES EXPENDED 2021 Tot*1 2020 Total St*if Costs tkpreeiation Ch*rltable *ctivities Teaching costs Welfare Premise$ Support ¢05 2,359.706 71,483 339,995 916.091 244,(K16 406,447 575,346 390.090 2.603,712 477,930 1,201,884 1,306,181 2.566,477 460,892 1,111,957 1,338,802 286.543 3.687.275 1.615.889 286.543 5.589,707 5.478,128 Raising Funds Other expenditure Finance cos 2.856 28.619 2.856 28.619 279 36,473 3.687.275 1,647.364 286.543 5.621,182 5.514.880 Finawe costs include interesl payable on loans of £15,133 (2020: £20J13). Ort¢ (2020.. Two) Gov¢TTh)T wa5 r¢imE4wsed tsJvel ¢xp¢Thse5 of £120 (2020.. £105). 17 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS YEAR EIYDED 31 JULY 2021 AI¥ALYSIS OF TOTAL RESOURCES EXPENDED (toDtl•tted) 2020 Total 2019 Total Staff Costs Other D¢pr¢ei*tits ch￿l¢ab]e *ctivities Teachin8 COS(S Welfare Premises Support costs 2.333.433 65,895 360,177 901.325 233.(H4 394.997 474.962 437.477 2.566,477 460,892 1.111.957 1.338,802 2,516,297 547,853 1,264,299 1.384,123 276.818 3.660.830 1.540.480 276.818 5.478.128 5.712,572 R•lJlng Funds Other expendibjre 279 36.473 279 36.473 10,206 46,045 3.660.830 1.577232 276.818 5.514,880 5,768,823 EMPLOYEE INFORMATION 2021 20211 Stsff costs: Salan'es and wages Social security costs Pension contributioos 2,928.149 272.026 487,1 2,908.762 264,663 487,405 3,687275 3,660,830 During the year there were no terniiDatson paymen￿ tr]ad¢ (2020: £30.134 being payment in li¢u of nO¢i¢¢ of £11.906 al￿ a eomprotllise art￿￿￿1 of £18228). Trre was £Nil (2020: £Nil) outstandin8 at the year end. Remuneration ofkey mawettmt perJoD[￿l wa3 £254J67 (2020.. £243.278). 21121 No. 2Q20 The average nuth of ¢mploytts dwing the year was made up as follows: Teaching Teaching A85iStants & Sports Coaches Administrative. Welfare aThJ Premises Supix)rt 46 37 42 37 43 126 125 The numbtt of ￿11 time equivalent ¢uyloyr¢s during th¢ yw was nwle up as follows.. Teachin8 Teaching A&8iStsnt8 & Sports eoaeh¢s Admitiistrative. Welf8r¢ and Pr¢rni8¢s Supp)rt 40 26 31 24 29 97 93 The number of higher paid cu￿10)r¢s was". £70.(MK)- £80,¢MK) £1 l0.0￿-£120.(X10 The number with retirem¢nibefj¢fit8 xmiing in defuThl contribwionschemes was 1 (2020.. 1) aTrJ defined benefit $th¢me5 I {2020.. 1). 18 NEWELLS SCHOOL TRUST LIMITED IYOTES TO ACCOUNTS (tontinued) YEAR ENDED 31 JULY 2021 INVESTMENTS IDve5tment In bsldlary cojnpany Cost i(A) Addition At31 July2021 l(M) Net Book Value At 31 July 2021 Tr following was a subsidiary unduthng of tk charitabk company. Coumtry of ltteorporation cl￿ of sbare e•pit Pritieiple *elivity Holding HandcTOSS COmm￿la1 Servic Limi*d & Wales IiJ)y Fa¢iliti¢s hir¢ Th¢ aggTrgat¢ of th¢ shar¢ capitsl and rexrves as Jt 31 July 2021 aryl of the profit or108s for the year ended on thai date foT the subsidiary undertaking was ¥s follows: Aggre#•t¢ of Ihare capital •nd re￿r¥ Profit Handcro&8 Park Commercial Services Limitrd Nil The Jumnury fjnaneial performance ofthe subsidiary is: 2021 2020 Turnover Cosi of sales aThl administrative cos 186,289 177,492 (136,778> 1128,159) Net Profit 49,511 49J33 Amoutti Gift aided to the charity (49.511) (49J33) Retained in the subsidiary The #￿t$ aTrJ liabilities of the subsidiary were: Fixed a55ets Current asseis Current liabilities 15,666 81,583 105.006 (97,149) (104,9001 Totsl assets Capitsl and Reserves l(M) loo 19 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (eontlnued) YEAR ENDED 31 JULY 2021 TANGIBLE FIXED ASSETS Furnltur< fittln ¢qulprn¢nt Freehdd l•nd Motor And bd]dlngs Computsri Vehld Tot COST At l Augusi 2020 Addiiions 5.623.702 595255 298.IY95 66.025 5.987,822 595,255 At31 July2021 6218.957 298.095 66.025 6.583,077 DEPRECtATION At l August 2020 Charge for the year 2,171.617 257538 138.675 23J29 46.698 5.676 2,356.990 286.543 At31 July2021 2,429.155 162.((J4 52J74 2,643.533 NET BOOK VALUE 31 July 2020 3,452.085 159.420 19J27 3.630.832 A¢31 July2021 3.789.802 136.lffJl 13,651 3.939,544 DEBTORS 2021 2020 Ftts and extr&% In arrears Int¢rwmpany amounts due from Subsidiary undert Other debtOTS and prepayinents 51.443 71.322 150.635 29,266 81.144 180.773 273,400 291.183 CREDITORS: due withim one yur 2021 2020 Bank loans and overdraft Trade creditors Amoullt Due to Bri8hion College 30.957 273.167 205,090 109.096 216.242 Ot1￿ credilOXS 672J55 311,030 59,603 607,073 262.365 102,729 Cornposition F¢¢s FMid in advance 1,552,202 1.297,505 20 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (eotstlll￿td) YEAR ENDED 31 JULY 2(121 CREDITORS:_ due After M￿re one ye*r 2021 2020 B￿ftk loans Amourtts thie atler five years Amounts falling due within five yeaTS Less wnounts falling due within one year 120.lJ66 139,688 (30,957) 229,397 Amt7UAts due ts Brithtsn Cdleze Amounts falling du¢ within five yeaTS L¢ss amounts falling due within one ye¥ 205.090 (205.090) 403.742 {216,242) 187,500 Composition Fees Amourtts falling due within five years L£ss amourtLs failing due within on¢ y¢¥r 59,603 {59.603) 110,685 (102,729) 7.956 Pupil Deposits 665,015 631.342 Total ereditors due 4tknr mor¢ than OD¢ year 894.412 826,798 Composition Fees Parenis may enier inio a COn￿a¢1 to pay a lump sum towards the pa￿en10f future Sch(x)I ruition f¢¢5. The money may be returned subjeci io s￿lf1¢ coThJiiions on the receipt of one m's noii¢e. On the basis pupils r¢main in the School, advwKe fees will be applied again￿ fumre fees as follo 2021 2020 Within one year Due between OJK IO iwo years 59.603 102,729 7.956 59.603 110.685 Summary of movements ln li*bllity: Balance ai l August 2020 New conlracfs Amounts used io pay fees 110,685 123,111 (174,193) Balance •t 31 I￿Y 2021 59,603 io. RESTRICTED FUNDS Fee Support Fundg Ikvelopment Fuud Tot Balance ai 31 July 2020 Incoming resources Transfer ￿ PropKrty Fund- Note I I 130.599 40.0 (73,160) 130.599 56,343 (89,503) 16J43 (16.343) Balance at 31 July 2021 97.439 97,439 21 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (CDDtIDued) YEAR ENDED 31 JULY 2021 io. RESTIUCTED FUNDS (eontiDutd) Lknations and other incornc rel￿]ng to the General School appeals are added to the Developmeni Appeal Fund. Transfers are made from the to t￿ Property Fund in so far as fund5 are availabl¢ up to the level of monies that have been applied for capitsl ¢xpenditure. Donaiions that are ts) bc used ¢0 supm th¢ children of families who are othenviae unablc to pay the fees are held in the Fee Support untsl applied to ideniified pupil fee account& ii. DESIGNATED FUNDS Pro Burlary Fund Total Opening balance 31 July 2020 Utilised for bursaries irt the ye4r Transfer (tollfrom General Fund Nole 12 Transf¢r from D¢v¢lopm¢nt Fund - Note io 3.086.798 49,333 (49,333) 49.511 3,136,131 (49,333) 280,807 16,343 231.296 16J43 Closing b4]3T￿ 31 July 2021 3J34.437 49.511 3J83.948 Tr subsidiary gift aid donation And th¢ kttings income for the pr is fransferrcd to the Bursary Fund from the General Fund, in so far48 funds are availabl¢ ￿ be usoj tovmrds Ixtrstiries for th¢ following year. Transfers a￿ OJad¢ to th¢ ProEW Fund from the Development Appeal Fund a￿1 the General Fund. in so for &s furtds 8Tr avai]#bl¢, so that the balarKe on the fi]nd will be equa] to (or less than, where fjJnds are not av8i14ble} net book value of fteehold land buildings less any long m loans outstsnding which were rec¢iv¢d to finance PToperty exFtnd1￿[e. The purpose of this policy is to retkct the fact that general ajkl appe41 have been used 12. GENERAL FUND 2021 2020 Opening balance 31 July 2020 Nd inwmingl(¢)utgoing) TesouTces Transfw from T¢sITiCted fund- Note 10 Transfer to Property - Note I I N¢t transfer to Bursary Fund- No* I I 174,297 73.520 (198,306) (49.511) 281,349 77,889 (309,905) (49.333) Closing bala￿e 31 July 2021 The movement in the prior year individual funds can be foutyl within the 2020 Financial Sthtements. 22 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (￿￿thI￿¢d) YEAR ENDED 31 JULY 2(121 13. AIYALYSIS OF NET ASSETS BETWEEN FbThDS Credlton du¢ after more than Dne year IRvestmettts Net current & rued TotAI tksigna*d fiubts Restricted Funds 3.939.644 338,716 97.439 (894.412) 3J83,948 97,439 3.939.644 436.155 {894.412) 3.481.387 14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPEIiATING A￿1VITIF5 2021 2020 Net movemenl in Depreciaiion Interesi receivable Intrrest payable (Increaseydecrease in debtors In¢Teasolldecrease) in crediiors Repayments of loans 214.657 286.543 (1791 15,133 17,783 322,311 208,453 311,729 270,818 (2,982) 20.313 12,490 (318,340) 187,500 cash inflow from opcraiing wivilies 1.064.701 487,528 IS. FINANCIAL INSTRUMENIS 2021 20211 Finan¢ial as5¢rs measured at anu)rtised ¢ost {J) Finan¢ial assets measured at fair valu¢ (b) Finan¢ial liabilities measured at amorti5¢d wst (¢) 1,988.357 l.760,101 100 {2,￿6,352} (l J81,2681 Nei finarKiai liabilities ￿￿rea * atnortiqcd c( (17,895) 378,933 (a) FinaTh¢iAI assets include trade aThJ fre debtor& sthff loan& other debts)rs aCCn￿ income and amounts due from subsidiaries Ib) Financial assets held at fair value include assets held as invesun¢nts 1¢) Financial liabiliti&4 include bank loart8, dwits. fees in advance. trade crcditor5. and other ¢￿dItorS. Impairmcnt losscs char8cd to financial assets Meas￿#1 amortised cosl in the year ￿￿Unted to £Nil (2020.. £Nil). 16. RELATED PARTY TRANSAcfioNS NeithertheGovernorsnorpersoM comKc*d with them received anyT¢munmtionorotherTela*dparty transaction from the Sch(x)l. The School has obthined GovernoT5 indenJDity wv¢r at a cosi of £101 (2020: £101). At the balance sheet date an amount of £205,orAI (2020.. £403.742) wa8 O*td ￿ Brighton College by th¢ School. beingth¢ loan ¢redilorof£187,500&8disclosed in 9 anda Group FundConkn￿tson0f£l?,59o (2020.. £28.742). During the year ended 31 July 2021 7*as paid on the loan of £10.938 (2020.. £20.313) b¢ing th¢ clw8¢ for 2021 (2020: includes chaTge for 2020). 23 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (eondnlled) YEAR ENDED 31 JULY 2021 17. FIUENDS OF HAI¥DCROSS PARK The Frie￿ do￿ed equipment and oth¢r facilities durin8 the puiod al[￿ll￿ting to £2.856 (2020: £215). 18. TAXATION Newe1￿ School Tn￿t Limi*d is a charity and is entided for the cur￿1 year to the exemOions provided by Sectiort 505 Income al￿ Corpo￿lOtt Taxes Act 1988. 19. PENSION SCHEME The School participa￿ in the Teachers. P¢nsion klmne fthe TPS.? for its iea¢hing thff. The pension cbar8e for the year includes contrJTr*utioN% payable to the TPS of £408.620 (2020.. £413,553) and at the year-end £31.011 {2020- £33.045) was accn*d in respect of Contributions to this schem The TPS is an unfunded multi-employ¢r d¢fin¢d benefirs peThsion scheme 8ovenKd byTh¢ Teacher5, Pensions Regulations 2010 (as amended) and Th¢ Tea¢h¢TS' Pension Scheme Reyiations 2014 (as amended). Members contribute on a ￿Y as you 80" b&sis with ¢on¢nlJutioTh8 from membtts al￿ th¢ ¢mployer credited to the Exchequer. Reiirement and otb¢r p¢nsion benefi￿ are paid by public proTrid¢d by ParliamenL The emplo￿ ¢Onth￿llts0n rate is 8¢[ by th¢ se￿ of followitig schell￿ valuation5 undertaken by the Government Acruary's Dep#rtm¢nt. Th¢ most recent acuwial valuation of thc TPS was prepared as at 3 l March 2016 and the Valuation Repo¢ whith was published in March 2019, confllmed that the employer contribution Tate for the TPS would increas¢ fryTrm 16.4% to 23.6•h from I September 2019. Ernployers are also required to pay a scheme adminiStr￿lon kvy of 0.08% gi*ing a tothj employer contribution rate of 23.680 The 31 March 2016 Valuati¢)n R¢￿)rt prepared in accord￿ with the set out in the scheme regulations and undcr the appruath 5pKified in the Directiot)s. as they appli￿1 at 5 March 2019. However. the assumptioJ]s werc co￿ldered and s¢t by the Departhmi for Education prior to the ruling in the 'McCloudlSar8canl case.. This ¢ase has required the courts th consider regarding the implementatson of the 2015 rcforrns to Publi¢ S¢Tri¢¢ Pensions including the Twlws, Pawion5. On 27 June 2019 the Supr¢rn¢ Court denied the goverJknn￿l p¢rmi&sion to appeal the Court of Appeal's judgmenl that transitional provisi¢)ns introduced w the refom)ed Pensi(￿ sth¢m¢s in 2015 gave rise to uttlawful age discrimination. Th¢ government is Tespeciing the Court's decision and has said it will engage fully with the Employin¢nt Tribwwi as well as employer and member reprexnlaiives to agree how the discrirninations will be remedied. The gov¢rnrnent announced on 4 February 2021 that it int¢nds to proceed with a deferred choic¢ underpin under whi¢h ThembeTs will be able to choose either l¢ga¢y or refoTmed scheme benefits in resp￿¢ of thcir s¢rvi¢¢ duTing the period between l April 2015 and 31 March 2022 at the poitit tlw becorn¢ payable. Th¢ TPS is subject to a cost cap tnechanism whi¢h was put in place io pro￿1 t￿payerS agair]st unforeseen hallges in ￿herne costs. The Chief Secr¢tary tt) th¢ Treasury. having in 2018 annouTKed there would be vi¢w of this w5t cap mechanism. in January 2019 announced a pause ￿ the cost cap mxlwjism following the Court of Appeal's ruling in the McClotsdlSarge4ot ￿$¢ and uniil there is cen&inty about the value of pensions to ¢mployee5 from April 2015 onwards. Th¢ paus¢ was lift￿ in July 2020. and a cowltation was laUncl￿d on 24 June on proposed changes ts) the cosi ¢ontyol mxhanism followin8 a review by th¢ Govenunent Acruary. The onsultsuon closed io tespons¢ on 19 Augusi 2021 and the Govern￿1 is curr¢ndy analysing the respon￿. In view of the above nllings and decisions the assumpiions used in the 31 March 2016 Actuarial Valuation may become inapproptiatr. ltt this seen￿￿0. a v8lwauon Preparnl in accord8nce with wised benefit5 and suithbly T¢vised assumpiions would )i¢ld diff¢r¢nt r¢sults than those contained in the kntiwial Valuation. Uolil the cost cap r¢vi¢w 13 conylekd it is possiTrJk to ¢o￿lude on any finaticial impact or future changes to the contribulion rates of th¢ TPS. Accordi￿lY no provision for any •dditional past benefit p￿slon costs is included in thc5e ruw￿1￿1 sta¢ements. The School also makcs contributi¢)ns to a moneypurcbase foTnon.teaching staff. The Sc]K)ol's¢ontribution8 for the PEriod w¢rE £77236 (2020.. £73J04). 24 NEWELLS scH￿L TRUST LIMrrED NOTES TO ACCOUIYTS l¢•utillued) YEAR ENDED 31 JULY 2•21 20. OPERATING LEASE C¢IMMITMENTS Total miTEimum l¢as¢ paym¢nts under operating ￿￿e￿:_ Tot•1 2021 Ttslal 2020 Less than on¢ y¢Ar B￿w¢¢￿ 2- 5 ye More than 5 y¢4TS 23,260 55.685 25.412 7?.085 1.918 78.945 104,415 ULYIMATE PARENT UNDERTAKING The company 15 controllcd by Brighion ColleBe. a chariiy regisiered in England and Wales (No. 307061) and a eompany limited by Buarantce INQ. 7663). The Goven)ors ¢ODsider Brighton College to be the company's uliimale parent undettiking. The Srnall￿ and 18rg¢5t group in which the rttwlts of the company ar¢ consolidatcd 15 Ihat headed by Brighton College. The ststuiory a￿oUnts of Brigbton College are available from th¢ r¢gisteTcd office of the company ai Brighwn College. E&sLern Road. Brigh￿￿ BN2 OAL 22. CAPITAL COMMfTMENT At th¢ y¢ar end 2021 thc 5chwl had commenced works to refilrbish the m(xlular classroom block. The building work5 w¢re completed in Scpteth 2021 by AW s￿e$ Ltd for tbe Contracted price of £247.754. This wa5 ¢apitalis¢d in September 2021 and £13.579 (2020.. Nil) was record¢d a5 work in progress ai the year end. 23. COIYTINGENT LIABILITY In December 2020 the Sch￿1 purchased the prcviiyjsly Icased cl&ssmonL8 from Portakabin for the agreed sum of £168.000, as an addition to fixed LWt$. This was disclosed in the prior year as a wntingertt liability as li was an 'inleniion lo pU￿has¢' arrangement with Portakabin whereby a deposit of £30.000 w&8 recorded in prepaymen and no rental was payable in the interim if the purchaseproceeded otherwise the anThual rental of £33.000 p.& would apply lor the interim penod from September 2018. STATEMENT OF FINANCIAL ACTIVITIES FOR THE 202(1 YEAR END Unrestrkned F￿ndS G¢n¢ral Deslgnated Restrlct Tot81 2020 INCOME A]¥D ENDOWMENTS FROM: CharltAble activities School fees Extras and d￿￿[semen Registraiion fees Addiiionai in¢om¢ Volunijry In¢ome . D¢v¢lopment inwme F¢¢ Support Funds G¢ner41 DonatlOD Intome Other trading *ttivltl - LettinBs income Interttt reeelvible 5.323.528 203,620 36,536 154.051 (12,459) 5.311,069 203,620 36,536 154.051 380 30,0(YJ 22,459 380 30.0(x) 87.812 65,353 159 2.982 159 2.982 Total Income 5.786.229 40.380 5.826.609 25 EWKLIS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (eonthilled) YEAR ENDED 31 JULY 2021 24. STATEMENT OF FINANCIAL ACTIVITIES FOR THE 21120 YEAR END (Conthi•ed) UnreAtrieted Fun General Designated Total 2020 Rutrleted EXPENDITURE ON: Cbarlt*ble Exptndltsre School op¢rating cosls - Twhing wsts - Welf4T¢ Costs . Pt¢mi5¢5 Costs - Support ¢ost8 2,566.477 460.891 1.101.958 I J38.802 2,566,477 460.891 1.111.958 I J38.802 iO.(K)O 5.468.128 iO,LKrf) 5.478.128 R•I￿ng FuDds Other Expenditure 279 36.473 279 36.473 Totsl Expenditure 5504.880 10.0 5514.880 NET TNCOMING RESOiJRCES BEFORE TRAIWSFERS 281J49 30.380 311.729 {281J49) 359238 (77,889) NET MOVEMENT IN FUNDS 359238 (47.509) 311.729 Balance brought forward ai l August 2019 2.776.893 178.108 2.955,fy)1 Utyestricted Reserves Balance carried f¢)rward a¢ 31 July 2020 3.136.131 130,599 3266.730 Th¢ on pages 17 to 26 form part of these accouttts. 26