2020-08-31-accounts - The Corporation Of St Lawrence College

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		Page
Govemom'	report	1-22
Independent	auditori report	23-25
Consolidated	statement offinancial activities	26
Consolidated	balance sheet	27
Company balance sheet
		ze
Consolidated	statement ofcash flow	29
Notes to the	financial statements	30-48

Governors:	Governors:	Governors:	MrJ Bolton (1,2,3,5)	MrJ Bolton (1,2,3,5)	(Chairman)	(Chairman)
			Mrs G EPage (1,3,4,5)		(Vice-Chair)
			Mrs A G Burgess	(2)
			Mr G Carter (1,4)
			Mr P Carter Mr JSLaslett (1,4)			(Resigned 9January 2020)
			Mr N G Marchant
			(1,5)
			Mrs M Millin (1) DrJ Neden (2) Rev SRae (2) MrJ H Tapp (1,4)
			Mr T LTownsend
			Rev G LWarren (1)			(Deceased 16July 2020)
Governor		Sub-committee	Membership Key:
1	Member ofthe Finance		Committee
2	Member ofthe Education and Welfare Committee
3	Member ofthe Governance, Development			&Remuneration		Committee
4	Member ofthe Estates		Committee
5	Member ofthe Marketing and Admissions			Committee
EXECUTIVE			Head ofCollege:			Head ofJunior School:
			Mr BG Durrant			Mrs E Rowe
			Bursar 8Clerk to	the
			Governors: corn
			Mr JA Connelly
ADDRESSES			Senior School:			Junior School:
			St Lawrence College			StLawrence College Junior School
			College Road			College Road
			RAMSGATE			RAMSGATE
			Kent CT11 7AE			Kent CT11 7AF
Website:			www. slcuk.
Company		Registration				Charity Number:
Number:			00037822			307921
ADVISORS:			UHY Kent LLP
Auditors:			t/a UHY Hacker Young
			Chartered Accountants
			Statutory Auditors
			Thames House
			Roman Square
			Sitting bourne Kent ME104BJ

FORTHE YEAR EN	DED 3	1AUGUST 2020
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2020	2020	2020	2019
			Note	6	8	8	E
Income:
Donations and gifts				12,386	1,097,360	1,109,746	190,342
Charitable activities				8,675,131		8,675,131	10,894,260
Commercial trading	operations			123,472		123,472	177,600
Investment income				18,856		18,856	26,276
Total income				8,829,845	1,097,360	9,927,205	11,288,498
Expenditure:
Commercial trading	operations			66,710		66,710	102,457
Charitable activities				10,716,318		10,716,318	11.458,006
Total expenditure			11	10,783,028		10,783,028	11.560,465
Net (expenditure)/income		before transfers		(1,953,183)	1,097,360	(855,823)	(271,967)
Net gain/(loss) on investments			15,16	23,075		23,075	(17,250)
Net (expenditure)/income		before other
gains and losses				(1930 108)	1,097,360	(832,748)	(289,217)
Transfers between funds				1,005,691	(1,005,891)
Net movement in funds for the year				(924,417)	91,669	(832,748)	(289.217)
Reconciliation offunds:
Total funds brought	forward			12,447,967	177,294	12,625,261	12,914,478
Total funds carried	forward

CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS	CONSOLIDATED STATEMENT OF CASHFLOWS
FOR 7HE YEAR ENDED 31		AUGUST	2020							Group
									Group	(Restated)
									2020	2019
								Note	2
Nat cash (used in) provided		by operating			activities			31	(1,388,940)	855,420
Cash flows from investing		activities
Dividends, interest and rents		from investments							18,856	20,762
Purchase of tangible fixed assets									(117,344)	(831,529)
Cash used in investment	activities
Cash flows from financing		activities
Cash inflows from new borrowing									1,065,000	303,699
Repayments of borrowing									(30,123)	(63,504)
Cash provided by financing		activities							rrr	240,195
Change in cash and cash equivalents			in	the	year				(452,551)	284,848
Cash and cash equivalents	at Ihe beginning				ofthe year				778,248	493,400
Cash and cash equivalents		at the end of			the year					778.248
(s) Analysis ofcash and cash equivalents
Cash in hand									325,697	778.248
Total cash and cash equivalents									325,897	778,248
Analysis ofchanges in net		debt
At	1	Sep 2019		Cash		flows	New finance	Fair value	Other noncash	At 31Aug 2020
							leases	movements	changes
Cash at bank and
in hand		778,248			452,551					325,697
Debt:
Loans falling dus
within one year
Loans falling due
after more than one
year	(5,950,000)			(1,065,000)						(7,015,000)
Finance lease
obligation		(87,890)				30,123				(57,767)
Net debt	6,037,890			1	034,877					(7,072,767

Buigdings		- 50years
Groundworksl improvements	to	— 25years
property
Water based Astro		15years
Roads and sports surfaces		10years
Computer equipment		4years
Other equipment		7years

FEES(continued)
Fees receivable anslysed				by geographical	location:
								2020f	2019
United Kingdom and	Europe						6,399,960		7,672,544
Rest ofthe World							2,052,890		2,461,092
Total
(b) Grants, awards	and Prizes paid for by				unrestricted	funds numbered:
Scholarships								252	262
Bursaries								365	364
Total								617	626
The above educational		awards were made to			460 Individuals(2019: 473).
CHARITABLE INCONIE
								2020f	2019 f
Income from school	fees		(note 5)				8,452,850		10,133,636
Income from lets connected				to education				44,509	589,249
Other charitable services							1,164,049		171,395
									eee, ee
The Charitable Income shown above for 2020					is unrestricted	(2019:unrestricted).
TRADING INCOME
								2020f	2019 f
Income from trading	subsidiary							123,472	177,600
								123 72	177,600
The income from trading			subsidiary shown above for 2019is unrestricted				(2018:unrestricted).
INVESTMENT INCOME
								2020f	2019
Rent receivable								14,864	20,760
Interest receivable								3,992	5,516
								18856	26.276
The investment inmme		shown above for 2020			is unrestricted	(2019:unrestricted)
STAFF COSTS
Slaif costs were as follows:
								2020f	2019 f
Wages and salaries							6,016,413		6,193,430
Sodal security costs								528,804	535,933
Other pension mats							902,453		676,719

The average monthly number of	employees	employees	during ihe year was as	follows:	follows:
						Head count	Head count
						2020		2019
						No.		No.
Teaching and support Full time						78		81
Teaching and support Part time						69		62
Non-teaching Full time						56		59
Non-teaching Part time						85		93
						288		295
The number ofhigher paid employees		was:
						2020		2019
						No.		No.
In the band E60,001 - f70,000								1
Inthe band f70,001 -EBD,DDD In the bank fBD,001 - E90,000						2 1		2
In the band F110,M1 - f120,000						1
In the band f120,001 -f130,000
						2020		2019
						No.		No.
The number ofretirement benefits aocruing			in:
- Final salary schemes was						3		5
for which the contributions amounted		to				851+31		E61,567
-Personal pension schemes was						1		1
for which the contributions amounted		to				616,035		E14,931
The key management personnel	ofthe	Charky comprise lhe Governors			and the members	ofthe Senior Management		Team.
The total employee beneBts, induding social security and employer ofihe Charity weref528 734(2019:f579907).				pension contributions,		ofthe key management	personnel

			Staf costs	Staf costs	Depreciation	Depreciation	Other	costs	Total	Total
				2020		2020		2020	2020	2019
									8
Charitable activities
Teaching costs				4,851,872			553,276		S,405,148	5,370,671
Welfare costs				1,038,719			323,292		1,362,011	1,576,672
Premises				719,262		890,025	861,115		2,470,402	2,814,131
Supporl casts				779,872			659,310		1,439,182	1,567,993
Educational lets				34,999				4,576	39,575	126,541
				7,424,724						11458 008
Trading activities
Trading subsidiary
expenses				22,942			43,768		66,710	102,457
								6	66,710	102.457
Total expenditure				7,447,066		890,025	2,445,337		10,783,028	11.560,465
Ofthe expenditure	shown		above	for 2020, Enil was	from restricted		funds (2019:Enil was from restricted funds).			The balance
was paid from unrestricted			funds	for both years.
NET EXPENDITURE I(INCOME) FOR THE YEAR
This is stated alter	charging:
									2020f	2019t
Depreciation oftangible		fixed assets: awned assets							862,638	808,082
Depreciation oftangible		fixed assets: assets acquired				under Hire	Purchase		27,387	11,462
Auditor's remuneration:		auditors		services					10,146	11,178
Auditor's remuneration:		non-sudit		services					1,014	3,536
Operating lease rentals:			Equipment						82,736	71,357
BANK INTEREST
									2020	2019
									8	6
Loan interest									108,900	119,141
Hire purchase interest									4,078	2,224
									112878	121,365

Group		Freehold land, bugdlngs, epona surfaces &roadsf	Freehold land, bugdlngs, epona surfaces &roadsf	Assets under constmctloe	Equipmentf	Total E
Cost
At 1 September 2019		26,615,946		133,993	4,222,625	30,972,564
Additions			54,240	2,000	61.104	117,344
Disposals					(7,519)	(7,519)
Assets completed
Al 31August 2020		26.670,186		135,993	4,276,210	31,082,389
Depreciation
At 1 September 2019		7,058,516			3,669,953	10,728,469
Charge for the year:
owned assets		722,395			140,243	862,638
acquired	by hire purchase				2?,387	27,387
Disposals					(7,519)	(7,519)
At31August 2020		7780911			3830064	11610975
Net BookValue
At 31August 2020
A131August2019				3.993	552 672	20.244,095

Indudedin assets underconstruction	Indudedin assets underconstruction	are costs	off135,993(2019-f133,993) relagng	off135,993(2019-f133,993) relagng	to a pavilion.	No depreciation has	No depreciation has
been charged.
Induded in equipment	are items	with a net book	value E80,935(2019:f108,322) which		was acquired	under	hire purchase
agreements.
			Freehold land,	Assets under
		buildings, sports		constmctlon	Equipment		Total
Charity		surfaces &roads f
Cost
At1 September 2019			26,615,946	133,993	4.163,078		30,913,017
Additions			54.240	2,000	61,104		117,344
Disposals					(7,519)		(7,519)
Assets completed
At 31August 2020			26,6?0,186	135,993	4,216,663		31,022,842
Depreciation
At 1 September 2019			7,058,516		3,610,406		10,668,922
Charge for the year
owned assets			722,395		140,243		862,638
acquired	by hire purchase				27,387		27,387
Disposals					(7,519)		(7,519)
At31August 2020			7,7S0,911		3,770,517		11551428
Net BookValue At 31August 2020			3	3.99	446,146		19,471814
At 31August 2019				3»	.3		20,244,095

				Group 8 Charity
				Total
Group	and Charity			E
Cost				524,000
Annual	revaluation	surplus/(deficit)
			2015	(30,000)
			2016	3,000
			2019	(19,50D)
Value	as at 1 September 2019			477,500
Revaluation				50,000
Value	as at 31August 2020			527,50D

FIXEDASSETINVESTMENTS			Listed
			Investments
			E
Group
Market value
At 1 September 2019			59,750
Additions
Gain/(loss) on revaluation			(26,925)
At31August 2020			32,825
	Listed	Unlisted
	Investments	Investments	Total
	E	E	E
Charity
Market value
At 1 September 2019	59,750	100	59.850
Additions
Gain/(lass) an revaluation	(26,925)		(26,925)
At31August 2020

17	ASSETHELD	FOR RESALE	FOR RESALE	Group	Group	Charity	Charity
				2020f	2019f	2020	2019 f.
	Land held for	resale		207,212		207,212
18	STOCKS			Group	Group	Chadty	Charity
				2020f	2019 f	2020 f	2019 f.
	School shop and catering supplies			148.740			178,938
19	DEBTORS			Group	Group	Charity	Charity
				2020	2019 f	2020f	2019 f
	Trade debtors			202,441	481,387	183,346	448,562
	Amounts owed by		group undertakings			90,366	132,395
	Other debtors			4,811	5,008
	Prepayments	and	accrued Income	403,221	418,464	403,221	418,464
				0 0 3
20	CREDITORS
	AMOUNTS FALLING DUE WITHIN ONE YEAR
				Group	Group	Charity	Charity
				2020f	2019	2020f	2019f
	Hire purchase			19,658	31,008	19,658	31,008
	Trade creditors			161,690	268,091	161,690	268,091
	Other taxation	and social security costs		137.983	151,181	137,983	151.181
	Other creditors			82,5D7	131,618	82,507	131,618
	Accruals Pupil deposits			28,431 75,000 0 230	73,734 184,500 27,471 75,000 72,774 184,500 040,32»9»3
	The hire purchase		balances are secured on the fixed assets they		relate to.
21	CREDITORS:
	AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
				Group	Group	Charity	Chafily
				2020f	2019 f	2020f	2019 f
	Bankloans			7,015.000	5,950,000	7,D15,000	5,950,000
	Pupildeposits			'727.600	1,012,735	727,600	1,012,735
	Hire purchase			38,109	56,802	38,109	56,882
					0
	The hire purchase		balances are secured on the fixed assets they		relate to.
	Included within the above are amounts			(ailing due as fogows:
				Group	Group	Charity	Charily
				2020f	2019 f	2020f	2019 f
	Between one	and two years
	Other loan				0.950,000		S,DSO,OOO
	Between two	and five years
	Bankloan			7,015,000		7,015,0DD

				Group	Group	Group			Group	Group	Charity			Charity
					2020f				2019 2		2020 2			2019
Repayable by instalmsnts
Not repayable by instalments				7,015,000				5,950,000			7,015,000			5,950,000
The bank loan is secured	by way ofa legal charge			over land		and buildings			comprising		StLawrence College, College Road,
Ramsgate. On 21 September 2017the maximum				facility	available		lo	draw down under			our RCF arrangement		was extended
to26,750,000repayable by 21 September		2020. Interest			is charged			ata rate		of1.3%above base rate.		On 1 October 2020
the facility was extended until 31 Deoember rale of1.75%pa.			2021 and increased to				a	maximum		facility	ofK9,000,000, Interest		is payable at a
FINANCIAL INSTRUMENTS
					Group				Group		Charity			Charity
					2020				2019		2020			2019
						E				5	5			5
Financial assets ai fair value through
profit or loss					0.3						560,325			537,250
Financial assets measured	at fair value comprise oflisted				investments			and investment			property.
DEFERRED INCOME
											Group and Charity
											2020			2019
											f			5
Fees in advance											1,233,107			2,131,510
Trip income received in advance											12,263			27,952
											1,245,370			2,159,462
Group and Charity
Deferred income at 1 September 2019											2,159862			1,931,449
Resources deferred during	the year										1,245.370			2,159,462
Amounts released from previous years											(2,159,462)			(1,931,449)
Deferred income al 31August 2020
Fees in advance relates to	cash received	in	respect ofschool			fees where the school term to which they						relate	falls	after Ihe
balance sheet date as well	as funds received		In advance		for school		trips.
SHARE CAPITAL											2020			2019
											5			2
Allousd, called up and fully	paid
17 Ordinary shares off10	each										170			170

	Al				Transfers	Gains/	At
	1Sep 19 6		Income 6	Expenditure 6	in/(out)	(Losses) 6	31Aug 20 6
Designated Funds
Revaluation reserve	2,250				(2,250)
Investment Property	477,500					50,000	527,5DD
The Sir Kirby Lsing
Sporls Hall Fund	129,000				(3,0DD)		126.000
The Sir Klrby Laing
Kirby House Fund	739,312				(20,086)		719,226
Prizes Fund	11,403						11,403
Buildings snd
equipment fund	145,000						145,0DD
Development fund	72,452		10,824				83,276
Scholarahlp funds	2,520						2,520
Bursary funds	2,920						2,920
CCF fund	5,372				4,587		9,959
DofE fund	6,032				(2,885)		3,147
	1 593761		10824	~244			ar
General Funds
Unrestricted
general reserve Share capital	10,854,036 170 0 04.	8,819,021 (10,783,025) . .02~			1,0292)25 (26,925) 0»~		92I92,432 170 2.
Total Unrestricted
Funds	12,447,967	8,829,845		(10,783,025)	1,005,691	23,075	11,523,553
Restricted Funds
Burssrles and
Scholarship Funds	161,574		66,269		(50)		227,7g3
Inspiring Teaching
and Learning Fund	500		1,921		(1,864)		557
Building and
Equipment Fund	2,233		42,894		(14,565)		30,562
Development Fund	12,987				(2,935)		10,052
Coronavirus Job
Retention Scheme		986,277			(986,277)
	177,294	1	097361				268,964
TotalFunds		0.0».200				23,075	11,792,517

		At			Transfers	Gains/	At
	1	Sep 18	Income	Expenditure	ini(out)	(Losses)	31Aug 19
		6	8		8	6	8
Designated Funds
Revaluation reserve						2,250	2,250
Investment Property	497,000					(19,500)	477,500
The Sir Kirby Lsing
Sports Hall Fund	132,000				(3,000)		129,000
The Sir Kirby Laing
Kirby House Fund	759,398				(20,086)		739,312
Prizes Fund		11,403					11,403
Buildings and
equipment fund	145,000		110,233	(110,233)			145,000
Development fund		58,745	13,707				72,452
Scholarship funds		2.520					2,520
Bursary funds		2,920					2,920
CCFfund		6,872			(1,500)		5,372
D ofEfund		511			5,521		6,032
	.6	36				0
General Funds
Unrestricted
general reserve Share capital Total Unrestricted Funds	11,109,757 11,096,480 170 .9,09 . 6. 9			(11,450,232)	98,031 98,031	~50)	10,854,036 170
Restricted Funds
Bursarles and
Scholarship Funds	148.474		'13,250		(150)		161,574
Inspiring Teaching
and Learning Fund			500		0.00		500
Building and
Equipment Fund		1,833	2,936		(2,536)		2233
Development Fund		37,875	51,392		(76,280)		12,987
	188182		68.078				177 94
TotalFunds							12,625,261

Analysis	ofnet assets between funds - current year
		Unrestricted	Restricted	Total
Group		funds	funds	funds
		2020	2020	2020
		E	E	E
Tangible fixed assets		19,471,414		19,471,414
Investments		32,825		32,825
Investment	Properties	527,500		527,500
Assets for resale		207,212		207,212
Current assets		815,947	268,963	1,084,910
Creditors	falling due within one year	(505,269)		(505,269)
Creditors	falling due in more than 1 year	(7,780,709)		(7,780,709)
Deferred income		(1,245,370)		(1,245,370)
		3
Analysis	of net assets between funds - prior year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2019	2019	2019
		E	E	E
Tangible fixed assets		20,244,095		20,244,095
Investments		59,750		59,750
Investment Properges		477,500		477,500
Current assets		1,685,833	177,294	E1,863,127
Creditors	falling due within one year	(840,132)		(840,132)
Creditors	falling due in more than 1 year	(7,019,617)		(7,019,617)
Dsfened	income	(2,159,462)		(2,159,462)
				12,625 61
Charity		Unrestricted	Restricted	Total
		funds	funds	funds
		2020	2020	2020
		E	E
Tangible fixed assets		19,471,414		19,471A14
Investments		527,500		527,500
Investment Properties		32,925		32,925
Assets for resale		207,212		207,212
Current assets		S00,264	268,963	1,069,227
Creditors	falling due within one year	(504,300)		(504,309)
Creditors Deferred	feting due in more than I year income	(7,780,709) (1,245.370)		(7,780,709) (1,245,370)
Analysis	of net assets between funds - prior year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2019	2019	2019
		E	E	E
Tangible	fixed assets	20,244,095		20,244,095
Investments		477,500		477,500
Investment Properties		59,850		59,850
Current assets		1,669,932	177,294	E1,847,226
Creditors	falling due within one year	(839,172)		(839,172)
Creditors	felling due in more than 1 year	(7,019,617)		(7,019,617)
Dsfened	income	(2,159,462)		(2,159,462)
		12,433,126	177,204	12,610,429

32	PRINCIPAL SUBSIDIARY	PRINCIPAL SUBSIDIARY	PRINCIPAL SUBSIDIARY
						Percentage
	Company name				Country	shareholding	Description
	StLawrence College Enterprises			Ltd	England	100%	The operation ofsports facilities made
	Company Registration 03100304		number				available to local schools and sports clubs, the provision ofa coffee shop and the provision of hire for events
	Results for the year ended 31 August 2020
							2020	2019
	Total assets						106,049	146,296
	Total liabilities						(91,326)	(133,355)
	Total equity						14,723	14,941
	Turnover						182,013	256,527
	Expenditure						(155,626)	(230,212)
	Result for the year						26,387	17,315
33	RESULTS OF THE CHARITY
							2020	2019
								E
	Total Income						9,944,869	11,241,606
	Total Expendiyure						(10,800,471) (11,493,930)
							(855,602)	(252,322)
	Net Income before	Gains	on Investments
	Net gains/(losses)	on Investments					23,075	(17,250)
	Net movement in funds						~832.2