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|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|
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||||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)|
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##
|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|
##
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##
|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)|