2020-08-31-accounts

age:
	Report from	the Chair of	the Governors
	Governors,	Council Members, Officers and Advisers
	Annual Report by the Council (including Strategic Report)
15	Governors responsibilities
16	Independent	Auditors Report
19	Consolidated	statement	offinancial activities 2020
20	Consolidated	statement	offinancial activities 2019
21	Consolidated	and charity	balance sheets
22	Consolidated	statement	ofcash flow
23	Notes forming part ofthe		financial statements

			Unrestricted	Unrestricted	funds
			General	Designated		Restricted	Total	Total
		Note	funds		funds	funds	2020	2019
INCOME FROM:
Government grants		4c	429,809				429,809
Charitable activities
School fees		4a	15,602,258				15,602,258	16,568,432
Ancillary income		7	835,415				835,415	1,019,559
Other trading
activities
Trading income		14	73,216				73,216	91,403
Non-ancillary income		5	90,489				90,489	26,228
Investments					33,213		33.213	38,493
Donations			21,283			36,292	57,575	36,437
Total income			17,052,470		33,213	36,292	17,121,975	17,780,552
EXPENDITURE	ON:
Charitable activities		8	16,418,191		485,070	7,586	16,910,847	17,149,400
Raising funds		9	11,788		16,433		28,221	44,697
Trading costs		14	7,628				7,628	23,794
Total expenditure			16,437,607		501,503	7,586	16,946,696	17,217,891
Net incomel
(expenditure) before
gains/(losses)	and		614,863		(468,290)	28,706	175,279	562,661
transfers
Net (loss)/gain	on
investments		14			(46,536)		(46,536)	39,743
Transfers between		22	(514,826)		514,826
funds
Net movement	in		100,037			28,706	128,743	602,404
funds
Total funds brought
forward		22	14,750,660		1,000,000		15,750,660	15,148,256
Total funds carried
forward		22	14,850,697		1,000,000	28,706	15,879,403	15,750,660

			Unrestricted	funds
			General	Designated	Restricted	Total
		Note	funds	Funds	funds	2019
INCOME AND ENDOWMENTS
FROM:
Charitable activities
School fees Ancillary income		4a 7	16,568,432 1,019,559			16,568,432 1,019,559
Other trading activities
Trading income Non-ancillary income		14 5	91,403 26,228			91,403 26,228
Investments				38,493		38,493
Donations			21,943		14,494	36,437
Total income			17,727,565	38,493	14,494	17,780,552
EXPENDITURE ON:
Charitable costs		8	16,558,208	576,698	14,494	17,149,400
Raising funds
Trading costs Portfolio management costs Non-ancillary costs Financing costs		14	23,794 22,024 10,965	11,708		23,794 11,708 22,024 10,965
Total expenditure		8	16,614,991	588,406	14,494	17,217,891
Net income/(expenditure) before gains/(losses) and transfers			1,112,574	(549,913)		562,661
Net gains on investments		14		39,743		39,743
Net income			1,112,574	(510,170)		602,404
Transfers between funds		22	(510,170)	510,170
Net movement in funds			602,404			602,404
Total funds brought forward		22	14,148,256	1,000,000		15,148,256
Total funds carried forward		22	14,750,660	1,000,000		15,750,660

				Group	Group	School	School
Company number 0133676			Note	2020	2019	2020	2019
				'E	E	E	E
Fixed assets
Tangible assets			13	19,374,674	19,393,654	19,374,674	19,393,654
Investments			14	1,463,595	1,493,484	1,463,597	1,493,486
				20,838,269	20,887,138	20,838,271	20,887,140
Current assets
Debtors			15	401,071	417,258	417,228	415,066
Cash at bank and in hand			28	400,792	430,933	328,383	355,342
				801,863	848,191	745,611	770,408
Creditors:	amounts	falling due
within one	year		16	(3,923,536)	(5,864,899)	(3,913,874)	(5,854,727)
Net current liabilities				(3,121,673)	(5,016,708)	(3,168,263)	(5,084,319)
Total assets less current
liabilities				17,716,596	15,870,430	17,670,008	15,802,821
Creditors:	amounts	falling due
after more	than one	year	17	(1,837,193)	(119,770)	(1,837,193)	(119,770)
Net assets				15,879,403	15,750,660	15,832,815	15,683,051
Funds
General funds			22	14,850,697	14,750,660	14,804,109	14,683,051
Designated	funds		22	1,000,000	1,000,000	1,000,000	1,000,000
				15,850,697	15,750,660	15,804„109	15,683,051
Restricted	funds		22	28,706		28,706
Total			22	15,879,403	15,750,660	15,832,815	15,683,051

					Group	Group
				Note	2020	2019
Cash flows from operating	activites
Net cash provided by operating activities				27	483,552	2,252,466
Cash flows from investing	activities
Dividends and interest Purchase oftangible fixed assets Purchase of investments Receipts from sale of investments					33,213 (1,404,348) (247,752) 250,248	39,493 (2,818,698) (248,406) 310,289
Net cash used in investing	activities				(1,368,639)	(2,718,322)
Cash flows from financing	activities
Receipt of new bank loan					2,000,000
Interest paid					(36,009)	(14,614)
Net cash used in financing	activities				1,963„991	(14,614)
Increase/(decrease) in cash	and cash equivalents		in the year		1,078,904	(480,470)
Cash and cash equivalents	at the beginning	ofthe year			(2,387,479)	(1,907,009)
Total cash and cash equivalents at the end ofthe year				28	(1,308,575)	(2,387,479)

write off their cost less resid	ual value ove	r their usefu	l lives
	Straight	line basis
Freehold buildings	2%	per annum	on cost
Freehold improvements	10%	per annum	on cost
Motor Vehicles	25%	per annum	on cost
Equipment:
Computer equipment	33%	per annum	on cost
Other equipment	10%	per annum	on cost

School fees
			Unrestricted	Unrestricted
			2020	2019f
School fees receivable consist of:
Gross fees Less: Scholarships Less: Summer term	and other awards (Covid-19) discount		17,493,062 (922,023) (1,453,278)	17,051,671 (1,059,937)
Net fees receivable			15,117,761	15,991,734
Add: Bursaries paid	out ofdesignated	funds	484,497	576,698
			15,602,258	16,568,432

				Unrestricted	Unrestricted
				2020	2019
Revenue account (scholarships)				437,526	483,239
Designated	funds (means-tested		bursaries)	484,497	576,698
Total grants	and awards			922,023	1,059,937
Income from government		grants
				Unrestricted	Unrestricted
				2020	2019
Government	furlough scheme			429,809

5	Non anci	llary	income
					Unrestricted	Unrestricted
					2020	2019f
	Property	rentals			32,300	23,500
	HM Court and Tribunals			Service income	51,660
	Miscellaneous		income		6,529	2,728
					90,489	26,228
6	Income from investments
					Unrestricted	Unrestricted
					2020	2019
	UK listed	investments			33213	38,493

ncome from investments Ancillary income	was designated in the current and prev	ious financial year.
		Unrestricted	Unrestricted
		2020	2019
		P	f.
After school care		64,049	92,172
Trips income Fees for extra-curricular Fees in lieu of notice Registration fees	courses and examinations	252,791 437,835 7,404 30,884	356,087 465,607 31,614 35,972
Tuck shop income		10,816	10,293
Miscellaneous income		31,636	27,814
		835,415	1,019,559

						Total
			Staff costs	Other	Depreciation	2020
				f.
Charitable	activities
Teaching	costs		8,805,483	490,595	279,962	9,576,040
Welfare costs			62,664	822,841		885,505
Premises	costs		849,932	1,111,661	1,193,779	3,202,191
Support costs			1,564,221	776,666	4,980	2,345,867
Trip costs	and other travel			284,162		284,162
Grants, awards		and prizes		485,070		485,070
Governance costs				24,106		24,106
Finance costs				78,073		78,073
Provision	for bad debts			76,652		76,652
			11,282,300	4,149,826	1,478,721	16,910,847

						Total
			Staff costs	Other	Depreciation	2019
					F	f.
Charitable activities
Teaching costs			8,435,761	575,558	276,473	9,287,792
Welfare costs			94,310	1,036,447		1,130,757
Premises costs			804,768	1,089,879	1,071,580	2,966,227
Support costs			1,712,027	999,833	4,648	2,716,508
Trip costs and other		travel		434,719		434,719
Grants, awards	and	prizes		587,013		587,013
Governance costs				26,384		26,384
			11,046,866	4,749,833	1,352,701	17,149,400
Expenditure on raising funds
					2020	2019
Portfolio management		costs			16,433	11,708
Non-ancillary costs					11,788	22,024
Financing costs						10,965
					28,221	44,697

Staff costs
		2020	2019
Wages and salaries		8,779,419	8,851,884
Social security		835,750	840,584
Pension contributions		1,518,891	1,141,586
Other non-payroll	staff costs	148,240	212,812
		11,282,300	11,046,866

xceeded f60,	000was:
2020	2019
Number	Number

he average number ofemployees during the	year was as follows:
	2020	2019
	Number	Number
Teaching	261	262
Welfare	28	26
Premises	18	20
Support	46	51
	353	359

he split between part time	and full time staff was as follows	:
	2020	2020	2019	2019
	Number	Number	Number	Number
	Full time	Part time	Full time	Part time
Teaching	109	152	111	151
Welfare	5	23	6	20
Premises	15	3	14	6
Support	26	20	31	20
	155	198	162	197

Net Income/(expenditu	re)
			2020	2019
				E
Net income/(expenditure)		includes:
Operating lease charges			57,894	103,205
Depreciation			1,479,511	1,353,492
Auditors' remuneration	-	Audit
-Audit fees			22,320	19,100
—Other			4,260	5,812

	Freehold
	property and	Assets under	Motor
	improvements E	construction E	vehicles f.	Equipment F	Totalf
Cost
At 1 September 2019	24,482,125	1,841,930	23,338	6,294,081	32,641,474
Additions	1,348,788	56,183		55,560	1,460,531
Disposals Transfer between classes	(106,191) 1,898,113	(1,898,113)		(2,256,563)	(2,362,754)
At 31August 2020	27,622,835		23,338	4,093,078	31,739,251
Depreciation
At 1 September 2019	8,154,417		12,338	5,081,065	13,247,820
Charge for year	1,067,265		3,300	408,946	1,479,511
Disposals	(106,191)			(2,256,563)	(2,362,754)
At 31August 2020	9,115,491		15,638	3,233,448	12,364,577
Net book va/ue
At 31August 2020	18,507,344		7,700	859,630	19,374,674
At 31August 2019	16,327,708	1,841,930	11,000	. 1,213,016	19,393,654

			2020	2019
Turnover			73,216	91,403
Administration Management	expenses charge from the Abbey School		(7,628) (19,000)	(4,794) (19,000)
Profit on ordinary Tax on profit on		activities before taxation ordinary activities	46,588	67,609
Profit on ordinary		activities after taxation	46,588	67,609
Net assets			46,590	67,611

Listed inv	estments
			2020	2019
			Market	Market
			value	value
At 1 September			1,386,338	1,408,478
Additions			247,752	248,406
Disposals			(250,248)	(310,289)
(Loss)/gain	on revaluation	for the year	(46,536)	39,743
At 31August			1,337,306	1,386,338
Cash held	by investment	manager	126,289	107,146
Total			1,463,595	1,493,484
Historical	cost of investments		1,292,761	1,273,618

nvestments which comprise mor	e than 5%	ofthe market val	ue of investments	are:
				Market
				value	Cost
J P Morgan Asset Management	UK Ltd			74,920	60,692
Findlay Park Funds Plc				74,691	46,956
Debtors
		Group	Group	School	School
		2020	2019f	2020f	2019 F
Trade debtors		61,590	41,743	53,873	30,001
Amounts due from own subsidiary Other debtors P repayments		46,762 292,719	4,280 371,235	' 23,874 46,762 292,719	19,000 4,280 361,785
		401,071	417,258	417,228	415,066

Creditors: am	ounts falling due within	less than one ye	ar
		Group	Group	School	School
		2020	2019	2020	2019
Bank overdraft		1,709,367	2,818,412	1,709,367	2,818,412
Bank loan (see	note 18)	200,000		200,000
Trade creditors		322,123	1,159,956	322,123	1,159,956
Deposits held		648,868	630,136	648,868	630,136
Other taxes and social security costs		407,197	364,98'I	403,412	363,383
Other creditors		89,246	229,679	89,246	229,280
Accruals		121,785	128,952	115,908	120,777
Advance fee scheme payments
(see note 19) Fees received	in advance	42,577 382,373	76,890 455,893	42,577 382,373	76,890 455,893
		3,923,536	5,864,899	3,913,874	5,854,727

Creditors: am	ounts falling due afte	r more than one year
		Group	Group	School	School
		2020	2019	2020	2019
			t'.
Bank loan (see	note 18)	1,800,000		1,800,000
Fees received	in advance		40,000		40,000
Advance fee scheme payments
(see note 19)		37,193	79,770	37,193	79,770
		1,837,193	119,770	1,837,193	119,770

he loa	n is repayable as follows:
		2020	2019
		F
Within	1 year	200,000
Within	2 to 5years	800,000
More	than 5 years	1,000,000
Total	due in more than one year	1,800,000
Total	balance repayable at the year end	2,000,000

The figures for advanced fee payments are (notes 16and 17).The balance represents the year were:	included within the balance sheet for school fees paid in advance the accrued liability under these arrangements. Movements during	included within the balance sheet for school fees paid in advance the accrued liability under these arrangements. Movements during	included within the balance sheet for school fees paid in advance the accrued liability under these arrangements. Movements during	included within the balance sheet for school fees paid in advance the accrued liability under these arrangements. Movements during
Balance at 1 September 2019 Amounts utilised in the payment offees			156,660 (76,890)	284,391 (127,731)
Balance at 31August 2020			79,770	156,660

							2020	2019
Due within one year							53,503	99,072
Due between	one and	five years					4,391	56,211
							57,895	155,283
Capital commitments
At 31 August 2020 the		School had the	following	capital	commitments:
							2020	2019
Contracts for	future capital expenditure		not provided		in the financial
statements							91,100	577,966
Funds
Group —current year
		Balance at	Income		Expenditure	Transfers	Gains	At 31
							and	August 2020
		September					(losses)
		2019
Unrestricted
funds
General		14,750,660	17,052,470		(16,437,607)	(514,826)		14,850,697
unrestricted
Designated —The		1,000,000	33,213		(501,503)	514,826	(46,536)	1,000,000
Bursary Fund
Total Unrestricted
funds		15,750,660	17,085,683		(16,939,110)		(46,536)	15,850,697
Restricted funds			36,292		(7,586)			28,706
Total funds		15,750,660	17,121,975		(16,946,696)		(46,536)	15,879,403

	Balance at 1
	September				Gains and	At 31
	2019	Income	Expenditure	Transfers	(losses)	August 2020
Unrestricted
funds
General
unrestricted	14,683,051	17,065,863	(16,429,979)	(514,826)		14,804,109
Designated —The
Bursary Fund	1,000,000	33,213	(501,503)	514,826	(46,536)	1,000,000
Total Unrestricted
funds	15,683,051	17,099,076	(16,931,482)		(46,536)	15,804,109
Restricted funds		36,292	(7,586)			28,706
Total funds	15,683,051	17,135,368	(16,939,068)		(46,536)	15,832,815

Group —prior year
	Balance at 1
	September				Gains and	At 31
Unrestricted	2018	Income	Expenditure	Transfers	(losses)	August 2019
funds
General
unrestricted	14,148,256	17,727,565	(16,614,991)	(510,170)		14,750,660
Designated —The
Bursary Fund	1,000,000	38,493	(588,406)	510,170	39,743	1,000,000
Total Unrestricted
funds	15,148,256	17,766,058	(17,203,397)		39,743	15,750,660
Restricted funds		14,494	(14,494)
Total funds	15,148,256	17,780,552	(17,217,891)		39,743	15,750,660

School —prior year
	Balance at
	1				Gains
	September				and	At 31
Unrestricted	2018	Income	Expenditure	Transfers	(losses)	August 2019
funds
General
unrestricted Designated —The	14,084,737	17,733,170	(16,624,686)	(510,170)		14,683,051
Bursary Fund	1,000,000	38,493	(588,406)	510,170	39,743	1,000,000
Total Unrestricted
funds	15,084,737	17,771,663	(17,213,092)		39,743	15,683,051
Restricted funds		14,494	(14,494)
Total funds	15,084,737	17,786,157	(17,227,586)		39,743	15,683,051

Group
		Fixed		Net current	Long term	2020
		assets	Investments	liabilities	liabilities	Total
					E
Unrestricted
funds:
Revenue account Designated funds Restricted funds		19,374,674	1,463,595	(2,686,784) (463,595) 28,706	(1,837,193) -	14,850,697 1,000,000 28,706
		19,374,674	1,463,595	(3,121,673)	(1,837,193)	15,879,403
		Fixed		Net current	Long term	2019
		assets	Investments	liabilities	liabilities	Total
Unrestricted
funds:
Revenue account Designated funds		19,393,654	1,493,484	(4,523,224) (493,464)	(119,770)	14,750,660 1,000,000
		19,393,654	1,493,484	(5,016,708)	(119,770)	15,750,660

School
		Fixed			Net current	Long term	2020
		assets	Investmentsf		liabilities	liabilities E	Total
Unrestricted
funds:
General account		19,374,674			(2,733,372)	(1,837,193)	14,804,109
Designated	funds		1,463,597		(463,597)	-	1,000,000
Restricted funds					28,706		28,706
		19,374,674	1,463,597		(3,168,263)	(1,837,193)	15,832,815
		Fixed			Net current	Long term	2019
		assets	Investments		liabilities	liabilities	Total
		K		E
Unrestricted
funds:
General account		19,393,654			(4,590,833)	(119,770)	14,683,061
Designated	funds		1,493,486		(493,486)		1,000,000
		19,393,654	1,493,486		(5,084,319)	(119,770)	15,683,051

										Group	Group
									Note	2020f	2019
Net income for	the reporting period				(as per the statement		of
financial activities)										128,743	602,404
Adjustments for:
Depreciation									13	1,479„511	1,353,492
Losses/(gains)	on investments								14	46,536	(39,743)
Dividends and	interest								6	(33,213)	(38,493)
Interest payable										36,009	14,614
Decrease in debtors										16,187	120,737
(Decrease)/increase Increase ofcash at		in creditors investment		manager						(1,171,078) (19,143)	327,958 (88,503)
Net cash provided		by	operating		activities					483,552	2,252,466
Analysis ofcash and			cash equivalents
						Group			Group	School	School
						2020f			2019 K	2020	2019 K
Bank balances	included		in cash	at	bank	400,792		430,933		328,383	335,342
and in hand
Bank overdrafts					(1,709,367)			(2,818,412)		(1,709,367)	(2,818,412)
					(1,308,575)			(2,387,479)		(1,380,984)	(2,463,070)
Analysis ofnet debt
				At	1 September 2019	Cash		flows	Non-cash flows		At 31August 2020
											f.
Cash balances					430,933		(30,141)				400,792
Overdraft Bank loans					(2,818,412)		1,109,045 (2,000,000)				(1,709,367) (2,000,000)
Net Debt					(2,387,479)		(921,096)				(3,308,575)