Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 Company registration number.. 00555144 Charity number.. 307324 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 31 AUGUST 2020 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) MENZIES BRIGHTER ,IINKIN
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company. its Governors and Advisers Governors, Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities 9-11 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-30
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Govemors David Bailey Michael Nash Barbara Stanley Wendy Berry Peter Geman lappointed 3 October 20191 Amir Mostafid Kay Price Nigel Stoate Roger Woodbridge, Chair Madelaine Best (appointed 3 October 20191 James Dahl Company gIStered number 00555144 Charity registered number 307324 Regi¥tered offi¢e 1 London Street St Neots Road Reading Berkshire RG14QW Principal operating office St Neots Preparatory School St Neots Road Eversley Hook RG27 OPN Company saerètary Andrew Brown Head Teacher Deborah Henderson Independent auditors Menzies LLP Chartered Accountants Centrum House 36 Slalion Road Egham Suirey TW20 9LF Page 1
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Bankers N8tion81 Westminster Bank PIC 5 Broad Slieel Wokingham Beikshire RG40 1AU Sollcltors Field Seymour Parkes The Old Coronerfs Court 1 London Street PO BOX 174 Reading Berkshire RG14QW Page 2
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Governors. who are also directors for the purposes ol company law, present their annual and strategic reports together with the audited financial statements for the year 1 September 2019 to 31 August 2020. ACHIEVEMENTS AND PERFORMANCE Ac8demNc The past year has been disrupted by the closuie tsf all schools by the Govemment in response tts the Covid-19 Pandemic. The end of the Spring tem and the entire Summer Term, excluding the last two weeks were taught remotely. A number of staff participated in the Furlough Scheme, which led to a restructure of staffing for the remote learning period," all academic lessons were delivered virtually. Fom times, focussing on the children's pastoral care, were incorporated into the weekly remote programme for all classes. Despite the unprecedented situation, St Neot's pupils were extremely successful in the arnounl of scholarships awarded by senior schools.. fourteen in total across all disciplines (four Academic, four Sport, three Perforrning Arts. one Musi¢. one Art and one Music & Dance). The decision was taken. in nSultation with senior schools. for Common Entrance Examinations to be put on hold snd for the te8cheis to make use of the ongoing PSB assessment data. The PSB Scores had been collated throughout the pupils, senior ye8rs and theiefoie piovided 5 teirn's worth of assessment data. This pro55 provided accurate and Informative transfer infoirnation to destination schoo15, at a time when how to assess children was In Wodd debate. Consequently, all children gained entry to their chosen school. This situation further validated our decision to move away from CE in August 2021, where children will be assessed entirely under the umbrella of the PSB. We welcomed two new members to the teaching staff, one Teaching Assistant and one technician as well as one part time Receptionist lo the team. The recruitment prOsS has, once again, strengthened the expertise and talent ol the teaching staff. Scholarship preparation is delivered lo those entering for scholarships and also for those children who would benefit from further challenge. Eniichrnent and extension opportunities foi children have been provided through day 8nd residenti81 xteinal vi51ts, courses, cornpetitions, in-house and extra-cutriculai sessions. A comprehensive range ol after school activitie5 and additional Prep sessions ale available to children of all ages. Aututnn and Spring teirn ie51dential trips took place for pupils, allowing children to develop independence as well as collaborative and creative thinking skills. Any missed opportunities due to Covid-19 restrictions will be reconsidered as and when restrictions relax. St Neot's continues to integrate elements of the PSB into the School curriculum, in order to encourage the development of skills, speryfically of Independence. Reviewing and Improving, Thinking and Learning. Collaboration, Communication and Leadership. The teaching of skills alongside knowledge is to ensure children are fully prepared for a modem future. As a school. we have developed a skills based approach to learning further still. with a whole school approach to planning where the PSB core skills ale developed through all sreas of school life. In addition, ievised assessment opportunities allow for a variety of skills and knowledge to forrn part of children's overall outcomes and performance. All staff from Reception to Year 8 have access to annual PS8 training as well as an opportunity to liaise and nelwotk with other professionals frorn PSB schools and Heads of Departments from senior schools. To enhance further our innovative and creative approach to learning and the delivery of a holistic educational experience, music technology lessons have been introdLJced for the senior pupils. In addition, the school hosted a variety of 'Theme Days, for various year groups across the age ranges, such as Roman day, Egyptian day, Great Fire of London day and Fairytale day. This was in addition to a wonderful whole school celebration ol literature on World Book Day. Throughout the Aulurnn and Spring terms. sporting fixtures took place on an almost weekly basis. with every child who wished lo represent the School having the opportunity lo do so. Girls, in particular. have enjoyed the introduction of girfs, sor. Following ils success. future matches will be on the prograrnme. The U13 Boys, football team qualified for the 'iegionals' to reach the IAPS National Football fin815. placing the team in the top 20 teatns ol all IAPS schools. St Neol's h05ted an U13 Football Tournament, finishing as runners up, U9 Netball Festival, as well as Iwo new Inth"atives with Festivals foi Year 2 pupils in both football and netball. We continue to see strong performances In cioss country w(th 7 runners qualifying for the District team. Unfortunately, the country trials along with the St Neot's Cross Country, IAPS Athletics and Tennis Tournaments were cancelled due to the Wodd Pandemic. One student has continued to perform at International Level and Won a Gold Medal at the Open International Aerobic Gymnastics Competition. with another perfoming at international level in Dance. We have seen continued success in IAPS judo competitions with 1 gold, 1 silver and 2 bronze medals in a range of age groups. Our tennis programme was particularly badly affected by the school closure. Page 3
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Approximately 200 children took peripatetic music lessons. entering exams wth ABRSM, Trinity Guildhall, Rock School and LCM. Music exams were affected by the interruption due to lockdown. However, of the 15 children who were able to enter exams. 7 achieved distinction and 6 achieved rnerit. with 2 passes. which were outstanding achievements. p8rti¢ularly in the cutrenl circumslanTrs. Choiis took place throughout the Autumn Teirn, including Senior Choir, Junior Choir, Pre-Prep Choir and Chatnber Choir. Rock Band, Percu5510n Group and Chamber Ensemble were also regu18r break tirne activities during the Autumn Tertm. Pre-Prep and Nursery children sang and performed In a variety of delighfful Christmas and Harvest celebiations. Children from Years 3 to 8 took part in the Christmas Concert, which was, as usual, one of the highlights of the musical year. Unfortunately, the Summer Concert, Middle School Musical, and Main School's extravaganza of 'Beauty and the Beast,, were cancelled due to the pandemic. However, where the opportunity allowed, filming provided a way of children being able to perform and share the delights with their parents. The plan is for'Beauty and the Beast, rehearsals to resume next academic year and. if necessary. lo be filmed in a Covid-safe way for parents, staff and pupils to enjoy. Children in Main School Iyears 4 - 81 took part in the Barnardo's Young Supporters, Concert in the Autumn Term al the Royal Albert Hall and selected pupils were also given the opportunity to attend the Prep Schools, Choral day at Wellington College. In addition to break time activrtie$. after school musical 8¢tivities are offered. including 'Mu$ical The*re Club, and Music Technology Club. Community DLJring the year, activities have been constrained by the limitations imposed during the Covid-19 pandemic. However, when allowed.. We have continued to develop our partnership with Eversley Tennis Club and provide facilities and coaching to its members. Local youth soccer dubs used the astro facility for mid-week training. Seven local clubs used the school sports hall for netball training and rllalches. Three local cricket clubs used the indoor nels. Rushmoor Royals 8nd Hart Swimming Clubs trained in the school pool e8¢h weekd8y evening. Over £4,000 was raised lor a variety ol charrt185. Infrastmctuts Estates Management The School has continued to focus on enhancement and maintenance of the faalities and grounds. The Governors base their judgement of the performance of the charity on the academic performance ol pupils based on the receipt of assessment and tracking data taken from throughout the school. Other indicators are the number of successful entries gained to a senior school of choice and scholarships awarded. the performance of school sporting teams. plus music and drarna examination results. Govemors are kept inforrned of the general development of children a5 well as purely acadernic performan. The Governors are delighted to announce that St Neot's entered into a Fomal Collaboration with Loid Wandsworth College on 15 April 2021, an arrangement which will provide future benefits to both parties. FINANCIAL REVIEW The prinapal source of funding is fee income paid by parents., additional incorne is derived from extra-curricular activities and the hiring of school grounds and facilities to external agencies. FINANCIAL KEY PERFORMANCE INDICATORS In the year ending August 2020, overall inwme went down by £536k cornpared to the previous year. This was due lo 8 270/¢ reduction being given against the Summer teim fees during the lockdown caused by the Covid-19 pandemic, amounting to £310k, coupled with a £30k reduction in Income from property rental income a5 well a5 a reduction in other Income, for example after school clubs. Fuilough income of £195k was set against that and there were othei reduced costs amounting to £467k, achieved mainly through £238k in staff costs and £197k in other areas. Numbers of pupils at the school also reduced over this period due largely to the financial impact ol Covid. ReiptS from Fees in Advance reduced by £239k compared to the previous year. The deficit in the period was £389k after depreciation of £239k. Overall net debt including the overdraft and term loans amounted to £1.476k. The School continued to invest heavily in repairs, Maintenan and grounds upkeep. Expenditure in these areas was £174.064. Total capital expenditure during the year amounted to £30.502 Page 4
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 RESERVES POLICY The School's unrestricted funds stood at £5.157.212 at the year-end. wholly ulilised as part of the School premises and equipment provision. Day-to-d8y working capi181 is tnet by careful mana9ernent of short-lerm liquid resources in the absence of free reserves. The Governing Board rernains mindful of the requiretnent5 of SORP 2015 and the need to stipulate a 5Ultable percentage ol free resetve5. However, this niu5t be a rea115tic figure and dovetail practically wrth the need to proactively manage School loans to ensuie new projects can be sensibly planned in close partnership with the School's bankers. Given the above, the Governing Board has adopted a policy to achieve a minimum of £500,000 in free reserves, after committed capital repayments, as a suitable general objective. GOING CONCERN 2019-2020 has been a difficult trading year for the School with the impact of COVID creating considerable operating difficulties and financial uncertainty for parents affecting the ability of the School to recruit and retain pupils, while restrioting its ability to earn income from letting5 and other sources. The School generated a loss of £388,914 after depreciation of £239,269. The Governors are very pleased to report theiefoie that following the collaboration agreement with Lord Wandsworth College, St Neot's IEveisleyl Lirnited has repaid all bank borrowing5 and further working capital is available for the School to rebuild its finances. The Govemois are now very confident regarding the School's finances and believe that results will rebound now that the impact of COVID on the economy is reducing. The Governors therefore believe that St Neot's IEversleyl Limited remains a Going Conrn and the accounts are prepared on this basis. PLANS FOR FUTURE PERIODS Since the year end St Neot's has entered into a Formal Collaboration with Lord Wandsworth College, a respected local Senior School. St Neovs will continue lo work with Lord Wandsworth College to further strengthen this Collaboration, for the benefrt of both parties. This provides an exciting opportunity for the School to develop ils activities and grow. as well as putting things on 8 secure financial fooling foi the future. RISK MANAGEMENT The Board is responsible for the management of risks faced by the School. A Governors, committee regularly considers the major risks to which the charity is exposed and has established systems and prOdureS to manage those risks. The major risks identified and rnonitored by the Governors are.. Inadequate pupil numbers I marketing tsilure Failure to recruit and retain top quality staff 8nd f8ilvre to develop and support all employees Political Risk Safeguarding and Child Protection IT failure inclLJding eflect of cybei attack leach of data protection laws Major environmental catastrophe Serious health & safety incidents. The key controls used to manage risk include.. Formulation of a Risk Register An annual review of the significant business risks faced by the School Terms of Reference for each Committee (revised when appropriatel Form81 agendas for all Gomrnittee and Board activity Comprehensive budget and management accounting Established organisational structure and lines of reporting Clear financial authorisation and leve15 Vetting and reporting procedures as required by law for the safeguarding of children Regular review of all School policies Regular review and testing of the main health and safety risks by an independent consultant. It is recognised that these systems can provide reasonable but not absolute assurance that major risks have been adequately managed. The Governors are cognisant of the ¢urient uncertain political and economic environment and the possible impact that sudden chang85 might h8ve on independ8nt schoo15. This 155ue Is regu18rfy discu55ed 8t Board and Cornrnittee me8tings. Page 5
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 OBJECTIVES AND ACTIVITIES Aims oflhe Ch8rity The Aitn of the School 15 to advance educ8tion for children of pre-prepaiatory and pieparatory school age. Scholarships and 8ur5arie5 are awarded where appropriate. The Governing Board sets the poliaes to achieve this Airn and these are rellected in the School's prospectus. The School's objectives are achieved as follows.. Educational Provision The Board sets out to provide independent preparatory education al Eversley for boys and girls from the ages of 2 years to 13 years. To cope with this substantl81 age range. the School is divided iNto four separate sections. Children aged 2 years attend the School's creche InY Tuskeisl before progressing to the Nursery facility at the age of 3 years. Subsequenuy. children progress through Pie-Prep (Reception and Key Stage 11, before joining the Middle School Iyears 3 and 41. Thereafter, pupils progress to the Main School Iyears 5 to 81, where they are prepared for the Common Entranee examination at the age of 13 years, after which they leave to take up a place in secondary education. Child Protection The School's policy is to develop the varying talents of each child to the best level in a friendly, supportive and safe environment. This philosophy is taken very seriously and staff continue lo undertake formal child protection training and attend appropriate briefing sessions. The Board has appointed a Governor with specific Child Protection responsibilities who works conjointly with the mernber of the School's Senior Leadership Tearn responsible for such matters. PublNG Benefit The Govemois have taken due 8ccounl of the ruling from the Upper Tiibun81 IT8x and Ch8ncery Charnberl dated 14 October 2011 on the Chaiity Commi5510n guidance on pioviding public benefit. The Goveinor5 are confident that the School provide5 a high quality education in line with its Charitable Objects and actsss is widened through the bursaries and discounts provided. The Govemors continue to monitor best practits in this area. Infffistmctu and Estate Management The School's objectives are to maintain its facilities in good order and to expand and enhance these as necessary so as to keep them up to date and with current educational requirements. subject to appropriate funding. During the year the intention was to continue to continue to invest in infrastructure. grounds irnprovements and general maintenance. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Chaiity is a Company inctsrporated under the Companies Act 1948. It is limited by guarantee and does not have share capital. Its Memorandum, Articles of Association and Certificate of Incorporats'on were issued on 27 September 1955. Revised Articles were adopted with effect from 22 September 2016. The Governors who served the Company during the year were as follows: Louise Axton (Resigned on.. 31 December 20191 David Bailey Wendy Be James Dahl Gillian Empringham (Resigned on.. 2 May 20201 Arnir Mostafid Michael Nash Stephen Scott (Chair to 3 October 20191 IResigned on".3 October 20191 Barbara Stanley Nlgel Stoate Roger Woodbridge (Chair from 3 October 20191 Method ofappoinlment orele¢tion of Govemors Governors are recommended for appointment to the Bo8id by other Board members or the School's Executive Officers. Upon consideration of applicants, experience and after an interview with the Appointment5 and Govemance Comrnittee 8 decision will be taken by Board members on whether to appiove their application. New Governois are briefed on their Page 6
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 responsibilities by the Clerk lo the Board (the Bursar) and receive a copy of 'The Essential Trustee Guide., issued by the Charities Commission and a copy of 'Guidelines for Governors.. issued by the Association of Governing Bodies of Independent Schools and the Independent Schools, Gounryl. OrganNsational slruGfvre 8nd d8cision makirjg Board Meetings are held temly, normally three weeks before the end of each term. The meeting receives reports from the Head and Bursar covering all School matters induding staff and pupil issues, financial and inlrastruciure issues," in addition, reports are received from the chairs of committees for". Finan and General Purposes", Education," Health and Safety., Appointments and Govemance and Risk Management. An additional meeting is usually held in September, at which the School's Development Plan and any significant future events are formally reviewed. Governing Board sponsored policies. such as Health and Safety and the School's Emergency Management Plan. are now reviewed by the appropriate Board cornrnittee. The Board appoints the He8d and Burs8r and retains ultim8te responsibility for the approval of all future policies and developments and reviews regulaily their impact on the School's finance5 and operations. W(thin these parameter5, all day to day operatitsnal mattels are delegated to the Head and Bursar, as appropriate, who are responsible for ensuring the School's Aim, as detailed above, is pursued. Remuneration ofKey Management Peonnel The policy for remuneration of Key Management Personnel is that salaries are benchmarked against comparable national rates and also discretionary awards can be given, based on perforrnance. This procedure is monitored by the Appointments and Governance Gommittee. STRATEGIC REPORT The company has chosen in accordance with Section 414CI111 of the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 to set out within the Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium SEed Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. Governors, responsibilities statement The Governors (who are also directois of St Neot's (Eversleyl Lirnited for the purpose5 of company18wl ale responsible for preparing the Governors, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Piacticel. Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements Ljnless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgments and accounting estimates that 8re reasonable and prudent.. state whether applicable UK Accounting Standards have been followed. subjed lo any Tn8terial departures disclosed and explained In the finanaal 5tatetnent5", prepare the financial statements on the going contsrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Disclosure of information to auditors Each of the persons who are Govemors al the lime when this Govemors, Report is approved has confirmed that. so f8r 85 th8t Govemoi is 8W8ie, there Is no relevant 8udil inform81ion of which the ch81il8ble wmpany's auditors ale unaware, and that Govemor has taken all the steps that ought to have been taken as a Govemtsr in order to be aware of any relevant audit information and to establish that the charitable company's auditors a aware ol that infomation. Audito Under section 487121 of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report, incorporating the Strategic Report, was approved by the Governors, in their capacity as company directors, and signed on their behaK by.. Do¢uS*n•d by.. Roger Date.. 25-May-2021 Page 8
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) MENZIES BRIQHT£R THINKIN INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED Opinion We h8ve audited the financial statements of St Neot5 IEversleyl Litnited (the 'charitable company'l for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balan Sheet, the Staternent ol Cash Flows and the related notes, induding 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, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companys affairs as at 31 August 2020 and of its incoming resources and application of resour5. including its income and expenditure for the year then ended.. have been properfy prepared in accordance wrth United Kingdom Generally ACpted Accounting Piactice,. and have been prepared in accordance with the reqLJirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 m8tteis in relation to which the ISAS IUKI require us to report to you where". the Govemors, use of the going concein basis of accounting in the preparation of the financial statemènts Is not appropriate", or the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going conr basis of accounting for a period of al least Iwelve months from the date when the financial statements are authorised for issue. other infomiation The Governors are responsible for the other infonnation. The other information comprises the information included in the Annual Report. other than the financial statements and our Auditois, Report thereon. Our opinion on the financi81 statements does not cover the other inforrnation and, except to the extent otherwise explicitly stated in our ieport, W8 do not express any form of assurance conclusion theretsn. 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 infomation is materially inconsistent wrfLh 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. Page 9
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Opinion 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 Governors, Report including the Strategic Report for the financial year for which the rinanci81 statements are prepared is consistent with the financial s18lernenls. the Governors, Report and the Strategic Report have been prepared in accoidance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which 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 finanaal 5tatement5 ai8 not in agreement with th8 accounting records and r8tums,' or certain disclosures of Govemors, remuneration specified by law are not made", or we have not reiVed all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Governors, Responsibilities Statement, the Govemors (who are also the directors of the charitable cornpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Governors determine is necessary to en8ble the preparation of financial statements that are free from materi81 misstaternent. whether due to fraud or error. In prep8ring the finan81 slatemenls, the Governors ale responsible for assessing the charitsble Companys abilty to continue as 8 going conc8m, disclosing. as applicable, mattels related to going concein 8nd using the going concern ba51S of accounting unle85 the Governors either intend to liquidate the chaiitable cotnpany 01 to cease operations, or have no realistic alternative but to do so. Audltors, responslbllltles for the audlt of the fSnanclal 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 Auditors, 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 IUKI will aayS 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 lo influence the economic decisions of users taken on the basis of these financial slalemenls. A further description of our responsibilities for the audit of the financial sl8lernenls is Ioc8led on the Financi81 Reporting Council's webslte 8t.. www.frc.or .uklauditorsres This description forms part of our ALJditois' Report. Page 10
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Use of our report This report is made solely to the charitable company5 members, as a body. in accordance with Ghapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnighl state to the charitable companys members those mallers we are required to state to them in an Auditors, Report and foi no othei purpose. To the fullest exlenl peirnitted by law, we do not acpt or a55ume iesponsibility to anyone other than the charitable company and its mernbeis, as a body. for our audit work, for this ieport, or for the opinions we have lortned. Do¢USnId by.. JthACL an12&£eWs FCA (Senior Statutory Auditor) lor and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Centrum House 36 Station Road Egha Suriey TW20 9LF Date.. 25-May-2021 Page 11
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020 Unrestrlcted funds 2020 Restrlcted funds 2020 Total funds 2020 Total funds 2019 Note Incorne from.. Donations and legacies Charitable a¢tivilie5 194.752 3,675,534 67,288 2.500 197.252 3,675.534 67.288 9,090 4,368.635 98,492 Investments Total ineomè 3,937,S74 2,SOO 3,940.074 4,476,217 Expenditure on.. Charitable activities 4,326.488 2.500 4,328.988 4, 795,839 Total expenditur8 4,326.488 2.500 4,328.988 4, 795,839 Net movement in funds 1388,9141 1388.9141 (319,622) Reconciliation of funds: Total funds brought forward Net movement in funds S,552,126 138B,9141 1,000 S,S53,126 1388.9141 5,872, 748 (319,622J Total funds carrled fonward 5,163,212 1,000 5,164.212 5,553, 126 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 30 form part of these financial statements. Page 12
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER. 00555144 BALANCE SHEET AS AT 31 AUGUST 2020 2020 2019 Note Fixed assets Tangible assets Current assets 12 8,002,963 8,211. 730 Debtors 13 178,107 154,986 178,107 154,986 Creditors.. 8mounts falling due within one year 14 12,109,161) fl.951,233J Net current liabilities 11,931.0541 (1, 796,2471 Total assets less current liabilities 6,071,909 6,4t5,483 Creditors. amounts falling due after more than one year 15 1907.6971 (862,357J Total net asset8 5,164.212 5,553, 726 Charity funds Restricted funds Unrestricted funds 16 1.000 General funds 16 4.847,029 316,183 5, 165,487 386,639 Revaluation reserve Total unrestricted funds 16 5,163,212 5,552, 126 Total funds 5,164.212 5,553, 726 The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statemenis were approved and authorised for issue by the Governors and signed on their behalf by.. Do¢uS*Md by.. Roger Woodbridge Date.. 25-May-2021 The notes on pages 15 to 30 ftsim part of these financial statements. Page 13
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash flows from operating activities Nel cash used in operating activities 1395,3771 67.588 Cash flows from investing activities Purchase of tangible fixed assets 130,5021 (95,2821 Net cash used in investing activities 130,5021 195.2821 Cash flows from financing activities Repayments ol borrowing Interest paid 133,1851 119,7641 (64,048) (33,9241 Net cash used in financing activities 152,9491 197.9721 Change in cash and cash equivalents in the year 1478,8281 1125,6661 Cash and cash equivalents at the beginning of the year 1402,7161 (277,050) Cash and cash èquivalènts at tha ènd of thè yèar 1881,5441 (402, 116) The notes on pages 15 to 30 form part of these financial statements Page 14
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 General information St Neot's (Eversleyl Lirnited is a private cornpany limited by guarantee incorporated in England and Wales, registered nurllber 00555144. Details of the registered office and principal activitie5 can be found on page 1. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Companies Act 20(. st Neots (Eversleyl Limited meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially r8cognis8d at historical c05t 01 tr8nsaction value unl855 Oth8tWlS8 Stated in the relevant accounting policy. 2.2 Going eone•rn Following the announcement that St Neot's has entered into a Formal Collaboration with Lord Wandsworth College, as set out in Note 25, and the resulting repayment of bank borrowing and provision of working capital, the Govemors are confident that the School is a Going Concern for at least twelve months from the date of signing the accounts and for the foreseeable future. The accounts are accordingly prepared on the Going Concem basis. 2.3 Income Fees re¢eivable, grants and Charges for services and use of premises are 8w)unted foi in the period in which the service is provided. Fees receivable are stated after deducting allowances, and othei remissions allowed by the Schools, but are stated before buisaries awarded. BLJrsaries are shown as a cost in the period in which they are utilised to pay school fees. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balan Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 2.4 Expenditu Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party. il is prob8ble th81 a transfer of e¢onomi¢ benefits will be required in settlement and the arnount of the obligation can be measured reliabty. Expenditure is c18ssilied by actnfity. The costs of each activity are rnade up of the total of direct costs and shaied costs, induding support cost5 involved In undertaking each activity. Direct costs attiibutable to a single activrty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 15
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policies Icontinuedl 2.4 Expenditu Icontinuedl Support Costs are those costs incurred directly in support of expenditure on the objects of the company. Governance wsls are those in connection with 8dminislralion of the Charity 8nd Complian with conslitLrtion81 nd statutory requirernent5. Support costs are those costs incurred directly in support of expenditure on the objects of the company. Govemance costs are those incurred in connection with administration of the Charity and Complian with constitutional and statutory requirements. Expenditure on charitable activities is incurred on directly undertaking the activities whith further the Companys objectives. as well as any associated support costs. All expenditure is incluswe of irrecoverable VAT. 2.5 Government grants Government grants received as a Tesult of the Coronavitus Job Retention stheme 8re recognised as income when the charity is entitled to the rnoney. 2.6 Tangible fixèd assets and deprèeiation Tangible fixed assets costing £500 or more are caprftalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Assets held at September 1996 are shown at deemed cost. Other tangible fixed assets are initially recognised at cost. After recognition, under the cost rnodel. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurernent of cost. Depreci8tion is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives, using the straight-line method. DepretiOn 15 piovided on the following ba5es'. Freehold buildings Sports Complex Motor vehicles Fixtures and fittings Computer equipment 10k Straight Line 1.33¢10- 100/0 Straight Line 25°/o Straight Line 10°/0 Straight Line 20°/o Straight Line Page 16
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policies Icontinuedl 2.7 Liabilities and provisions Liabilitie5 are recognised when there is an obligation al the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be eslitnated ieliably. Liabilities are recognised at the amount that the Company antiapates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to setde the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.8 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease lerrn. 2.9 Pensions The Cornpany operate5 a defined contribution pension schetne and the pension charge repie5ents the amounts payable by the Ctstnpany to the fund in iespect of the year. 2.10 Fund aceounting General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investrnent income, gains and losses ale allo¢*ed to the appropriate fund. Critical aeeounting èstimatès and arèas of judgm•nt Estimates and judgments are continually evaluated and are based on historical experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstances. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finanaal year Page 17
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Income from donations and legacies Unrestricted funds 2020 Restricted funds 2020 Totsl fundB 2020 Tol81 fvnds 2019 Donations Government grants 2,500 2,500 194,7S2 9,090 194,752 194.752 2,500 197,252 9,090 Total 2019 7,860 7,230 9,090 Government grants received during the year are in relation to the Coronavirus Job Retention Scheme. Other forms of government assistance have been used during the year as a result of the coronavirus pandemic, induding the deferral of employment taxes and social security payments. Income from charitable activities Unrestricted funds 2020 Totsl fund 2020 Tol81 funds 2019 Fees 3,585,783 89.751 3.585,783 89,751 4, 188, 714 179.921 Other 3,675,534 3,675,S34 4,368,635 Total 2019 4,368,635 4,368,635 Inve¥tsnent incorne Unrèstrict8d funds 2020 Total funds 2020 Totèl funds 2079 Income from property rental 67,288 67,288 98,492 Total 2019 98,492 98,492 Page 18
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of expenditure on charitable activities Summary byfund type Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Tot81 funds 2019 Teaching Weffare 2,849,280 519,188 153.619 804.401 2,500 2.851,780 519,18B 153,619 804,401 3,229,560 563, 734 141,4Q5 867, 740 Bur58rie5 Premises 4,328,488 2,500 4,328,988 4, 795,839 Tot812019 4, 794,609 1,230 4, 795,839 Analysi¥ of expenditure by activities Activitie¥ undèrtaken dir8CtIy 2020 Support eosts 2020 Total funds 2020 Total fuftds 2019 Teaching WeKare 2,408,476 428,282 153,619 626.208 445,304 90,906 2,851,780 519,188 153,619 804,401 3,229,560 563, 734 141,405 867. 740 Bursaries Premises 178,193 3,614,585 714,403 4,328,988 4, 795,8S9 Total 2019 4,062,424 733,415 4, 795,839 Page 19
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of expenditure by activities Icontinuedl Analysis of direct costs Totsl fund 2020 Tol81 funrls 2019 Teaching 2020 Welfare 2020 8ursarie8 Premi8es 2020 2020 Staff costs 2,229,229 71,030 68,861 202.353 39,478 110,462 2.369,120 202,353 39,478 110,462 2,626,350 208.022 36,758 111,747 Depreciation Rent & Rates Light & Heat Repairs & Maintenan Establishment expenses Garden & Grounds 79,988 79,988 145,849 357,252 36,990 88,078 394,242 88,076 466,045 73,014 Teaching Expenses Bur5arie5 177,247 177,247 153,619 254,434 141,405 153,619 2,406,476 428,282 153.619 626,208 3,614,585 4,062.424 Total 2019 2, 747.526 477. 157 741.405 696.336 4.Q62.424 Page 20
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of expenditure by activities Icontinuedl Analysis of support costs Totsl fund 2020 Tol81 funrls 2019 Teaching 2020 Welfare 2020 Bur¥aries 2020 Staff costs 181,811 90,906 90,906 36.916 363,623 36,916 64,338 94,909 16,942 7,373 43,057 5,777 5,732 50,371 2S,365 343,902 37.240 67,386 81,441 34,650 tl,622 49,764 15,054 29. 767 42,789 21,020 Depreciation Telephone & IT Legal & Professional fees Motor & Travel Advertising Office expenses Sundry expenses Bad Debts 64,338 94,909 16,942 7,373 43,057 5.777 5,732 Finance costs Governance costs 50,371 25,365 445,304 90,906 178,193 714,403 733,415 Total 2019 482,034 85,977 165,4fM 733,415 Auditors. remuneration 2020 2019 Fees payable to the Company's auditor for the audit of the Company's annual accounts 12,420 tl,270 Fees payable to the CompanW5 auditor in respect of.. All non-audit services not induded above 3,780 6.6QO Page 21
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 10. Staff costs 2020 2019 Wages and salaiies Social security costs Other pension costs 2.150,400 206,581 375,762 2,440, 725 232,970 297. 757 2,732,743 2,97Q.252 The average numbei of persons employed by the Company during the year was as follows.. 2020 2019 Academic Staff 64 66 Non-Academic Staff 15 12 79 78 The nurnber of employees whose employee benefits {excluding ernployer pension costs) exceeded £60,000 was.. 2020 No. 2019 No. In the band 260,001 - £70,000 In the band £70,001 - £80,000 In the b8nd £90.001 - £100,000 The remuneration of key rn8nagement personnel was £386,905 (2Q19.. £425,5Q4? 11. Governors. remuneration and 8xpens8S During the year, no Governors received any remuneratitsn or other benefits (2019- £NIL). During the year ended 31 August 2020, no Govemor expenses have been incurred (2019- £NIL). Page 22
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 12. Tangible fixed assets Fr•èhold property Sports complex Motor Fixturès and vehicles fittings Computèr equipment Total Cost or valuation At 1 September 2019 Additions 5,475,694 3,642,672 23,129 880,S02 16,837 468,110 10,490,107 13,665 30,502 At 31 August 2020 S,475.694 3,642,672 23.129 897,339 481,77S 10,520.609 Depreciation At 1 September 2019 Charge for the year 850.991 51.565 358,820 111.131 23,129 669,029 39,657 376.408 36.916 2,278.377 239.269 Al 31 August 2020 902.556 469,951 23,129 708,686 413,324 2,517.646 Net book value At 31 August 2020 4,573,138 3,172,721 188,653 68,4S1 8,002,963 Al 31 August 2019 4,624. 703 3.283.852 211.473 91.702 8,211. 730 Page 23
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 12. Tangible fixed assets Icontinuedl Included in land and buildings is freehold land at a valuation of £319,047 12019 £319,047) which is not depreciated. al In Septernber 1996. the Govemors Valued the freehold 18nd and buildings 8t £1.000.000 and furniture, fittings and equipment at £110.000. The company has taken advantage of the transitional rules allowed by Financi81 Reporting Standaid 102 and have retained the valuation of land and building5 a5 a deerned cost. It has not been practicable from the company's recoids to differentiate the 1996 valuation of freehold land and buildings respectively but depreciation has been charged on 1°/D o1213rd of the valuation as in the opinion ol the Governors this will provide an acceptable estimate of depreciation. Subsequent additions to buildings are shown at cost and depreaation is charged on its value. bl All of the assets of the School with the exception of the minor items of office equipment are used for direct ch8rit8ble purposes. cl The Governors are of the opinion that the current market Value of the School'5 18nd and building is substantially in excess of the figure shown in the accounts. However, it 15 not P055ible to quanttfy the market value without cairying out a costly revaluation of the School's property. The School's buildings are Current insured at a value of £14,531,336. If the land, buildings, fixtuie5 and fittings had not been included at valuation they would have been induded under the historical cost convention as follows". 2020 2019 Cost 569,006 1173,4111 569,006 (169.6171 Accumulated depreciation 395,595 399.389 13. Dèbtors 2020 2019 Due within one year Trade debtors Other debtors Prepayments and accrued income 86,415 17,1S1 74,541 106,343 tl,991 36,652 178,107 154,986 Page 24
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 14. Creditors: Amounts falling due within one year 2020 2019 Bank overdrafts Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 881,544 22,48B 150,944 206,078 67,922 780,185 402, 716 68, 730 246.314 56. 770 66,351 7,ItQ,352 2,109,161 7,951,233 Monies received in respect of future year's fees are as follows.'_ 2020 2019 Deferred income at 1 September 2019 Resources deferred during the year Amounts released from previous periods 1.166,288 729,772 1968,5611 1,249, 722 968,561 (1,051.3951 927,499 1, 166.288 Deferred income inclLJdes £233,863 12019." £197,727) included in Creditors." Amounts falling due after more than one year (Note 151. Deferred income relates to money received for school fees in advance of future tems and activities. Induded within other creditors is £37,43212019'. £34,801) relating to outstanding pension contributions. 15. Creditors: Amounts falling due after more than one year 2020 2019 Bank ltsans Other cieditors 572,465 101,369 233,863 559,408 105.222 197. 727 Accxuals and deferred income 907,697 862.357 The bank loans and overdraft linduding 8mounts f811ing due after more Ih8n 1 ye8rl are secuied by 8 first leg81 charge over the freehold land dated 13 June 2007. Page 25
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 16. Statement of funds Statement of funds- current year Balance at 1 September 2019 Transfer5 Balance at 31 inlout August 2020 Income Expenditure Unrestricted funds Reserves 5,165,487 386,639 3,937,574 14,326,488) 70,456 170,4561 4,847.029 316,183 Revaluation reserve 5,552,126 3,937,S74 14,326.4881 5,163,212 Restricted funds St Neot's Uniform Club 1,000 2,500 12,5001 1,000 Total of funds 5,553,126 3.940,074 14,328.9881 5,164.212 Statamènt of funds- prior yaar Balance at I September 2018 Balance at 31 August 2019 Income Expenditu Unrestrlcted funds Reserves Revaluation reserve 5,485, 109 386,639 4,474,987 14, 794,609) 5, 165,487 386,639 5,871,748 4,474,987 14,794,609) 5,552, 726 Restricted funds St Neofs Uniform Club 1,000 7,230 (1,230) Total of funds 5,872,748 4,476,277 (4. 795,839) 5,553. 726 Page 26
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 17. Summary offunds Summary of funds - current year Balance at 1 September 2019 Transfer5 Balance at 31 inlout August 2020 Income Expenditure General funds Restricted funds 5,552,126 1,000 3,937,574 2,500 {4,326,4881 12,5001 5,163,212 1,000 5,553,126 3.940,074 14,328.9881 5,164.212 Summary of funds - prior year Balance at I Seplember 2018 Balan at 31 August 2019 Income Expenditure General funds Restricied funds 5,871,748 1,000 4,474,987 7,2SO 14, 794,609) (1,230) 5,552, 126 I,ooo 5.872. 748 4,476.277 (4. 795.839) 5,553. 126 18. Analysis of net assets betsyeen funds Analysis of net assets beeen funds- current period Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed as5et5 Current assets Creditors due within one year Creditors due in more than one year 8,(K)2,963 177.107 12,109,161) 19)7,697) 8,002.963 178.107 12,109,161) 1907,6971 1.000 Total 5,163,212 1,000 5,164.212 Page 27
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18. Analysis of net assets betsyeen funds Icontinuedl Analysis of net assets beeen funds- prior period UnRstri¢led funds 2019 ReslriGled funds 2019 To181 funds 2019 Tangible fixed assets Current assets 8,211,730 153,986 11.951.233) 1862,35n 8,27 1, 730 154,986 (1,957.2331 (862,3571 1,000 Creditors due within one year Creditors due in more than one year Total 5,552,128 1,OQO 5,553, 126 19. Reconciliation of net movement in funds to net cash flow from operating activities 2020 2019 Net expenditure for the period las per Statement of Finanaal Activities) 1388,9141 (319,622) Adjustment¥ for.. Depreciation ch8rg&s Decreasellincreasel in debtors Increaselldecreasel in creditors Interest charge 239,269 11,8251 1263,6711 19,764 245,262 3.913 104,711 33,924 Net cash provlded byllused Inl operatlng actlvltles 1395,3771 67,588 20. Analysis of cash and cash equivalents 2020 2019 Cash in hand 1881,S441 (402, 716) Total cash an(1 cash equlvalents 1881,5441 (402, 716) Page 28
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 21. Analysis of changes in net debt At1 September 2019 At 31 August 2020 cash flows Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 1402,7161 168,7301 1559.4081 1478,8281 46,242 113,0571 1881,5441 122,4881 1572.4651 11,030,854) 1445,6431 11,476.4971 22. Pènsion eommitmènts The Teaching staff during the year were members of the Department of Education and Skills Superannuation Scheme which is a defined benefit scheme. The Department instructs the School as to the level of employees, contributions 17.4°10- 11.7V.l and employerfs contributions (currently 23.68°/.I which the School is obliged to make, but does not have any commitment to make good an actuarial deficit, nor is it entitled to benefit from surplus funding. The Scheme is a multi-employer pension scheme and il is not possible to identify the assets and liabilities ol the Scheme which are attributable to the Charity. In accordance with FRS102 the Scherne is accounted for as a defined contribution scherne and contributions are accounted for when advised as due by the Scheme Administrator. 11 should be noted th81 the school. following consulation with the leaching staff. exited the Teachers, Pension Scheme and replaced it with a Defined Contribution Schetne operated by Legal & Gene[81 with effect from 01 Septembei 2020. Non-teaching staff are members of either the IAPS Pension Scheme which is a defined contribution scheme,. the school contributes S.4°/u and the employees contribute 2Vo, or the Pension Trust. also a defined contribution scheme where the school contributes 9-14°/o and the employees contribute 6/0-10%. Under auto enrolrnent all employees not currently under a pension scheme and who qualify are now members of the government National Employment Savings Trust., the School ntrIbuteS 1 U/0 and the employees contribute 0.8°1o. Page 29
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 23. Operating lease commitments At 31 August 2020 the Company had commitments to make future minimurn lease payrnents under nOnnCe11ab1e operating leases a5 follows.. 2020 2019 Within 1 year Beeen 1 and 5 years 98,819 94,220 108, 703 173,327 193,039 281,430 The following lease payrnents have been recognised as an expense in the Statement of Financial Activities.. 2020 2019 Operating lease rentals Changes in lease payments 8rising froTn GOVID-19 ielaled rent (x)ncessions 101,520 103, 769 R•lat•d party transactions The Company has not entered into any related party transaction during the year, nor are there any outstanding balan$ owing between related parties and the Company at 31 August 2020. 25. Post balance sheet events As announced on Wednesday 21 April 2021. St Neot's has entered into a Fomial Collaboration with Lord Wandsworth College. a respected local Senior School. As a result of this collaboration St Neot's (Eversleyl Limited has repaid all of its Bank Borrowing and additional fvnding is also available to provide working capital. There will now be significant COperatIon between the two schools going forward which the Governors believe will 8SSiSt considerably with control of costs, tnarketing of the School along with recruitment and retention of pupils. 26. Controlling party The School is under the control of the Govemors who are the Trustees under Charty law and Directors under Company law. Page 30
Docusign En¥ÈlopÈ ID". OOAOF262-OD3F48DC-944F4A17F91F1B48