2022-08-31-accounts - The Abbey School, Reading

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Reference and Administrative Details ofthe Company		1-2
Chairman's	Statement
Governors'	Report	4-14
Independent	Auditors' Report	15-18
Consolidated	Statement of Financial Activities
Consolidated	and charity balance sheets	20 - 21
Company Balance Sheet		22 - 23
Consolidated	Statement ofCash Flows	24
Notes forming part ofthe financial statements		25-46

OFFICERS	OFFICERS
The Executive Head						Mr Will le	Fleming		BA, MA (Cambridge)
Head ofJunior School						Mrs Nisha		Kaura BSc(Surrey),		PGCW, Med (Buckingham)
Head ofFinance and Resources						Mrs Nadine		Doble	BSC(Cardiff), ACMA
ADDRESSES
					Senior	School				Junior School (Years 2-6)
					17Kendrick Road					30Christchurch	Road
					Reading					Reading
					RG1 5DZ					RG2 7AR
					Junior	School (Reception			&Year 1)	Junior School (Nursery)
					12Christchurch		Gardens			2 Vicarage Road
					Reading					Reading
					RG2 7AH					RG2 7AJ
Company	registered
number			00133676
Charity registered
number			309115
Registered		office	17Kendrick		Road
			Reading
			Berkshire
			RG1 5DZ
Independent		auditors	James Cowper Kreston
			Reading Bridge House
			George Street
			Reading
			RG1 6LS
Bankers			HSBC UK	Bank pic
			26 Broad Street
			Reading
			RG1 2BU
Solicitors			Blandy &Blandy
			1 Friar Street
			Reading
			RG1 1DA
Investment		advisers	Charles Stanley &			Company		Ltd
			55 Bishopsgate
			London
			EC2N 3AS
Insurance	brokers		Marsh Brokers Ltd
			School Division
			Capital House
			1-5Perrymount Road
			Haywards	Heath, West Sussex
			RH16 3SY

				Restricted	Unrestricted	Total	Total
				funds	funds	funds	funds
			Note	2022 6	2022 6	2022 6	2021f
Income from:
Donations and legacies:
Government grants							89,864
Donation				13,126	115,230	128,356	43,932
Charitable activities:			4,9,5
Schoolfees					17,577,861	17,577,861	16,362,449
Ancillary income					1,189,835	1,189,835	614,787
Other trading activities:
Trading income					123,044	123,044	61,116
Non-ancillary income					42,006	42,006	178,168
Investments					36,398	36,398	31,843
Total income				13,126	19,084,374	19,097,500	17,382,159
Expenditure on:
Raising funds:
Raising funds					38,603	38,603	43,557
Trading costs					5,146	5,146	9,786
Charitable activities			10	7,126	18,370,686	18,377,812	16,963,945
Total expenditure				7,126	18,414,435	18,421,561	17,017,288
Net income before		net (losses)/gains
on investments				6,000	669,939	675,939	364,871
Net (losses)/gains	on investments		16		(129,626)	(129,626)	267,174
Net movement in	funds			6,000	540,313	546,313	632,045
Reconciliation of	funds:
Total funds brought		forward		38,206	16,473,242	16,511,448	15,879,403
Net movement in funds				6,000	540,313	546,313	632,045
Total funds canied		forward		44,206	17,013,555	17,057,761	16,511,448

	FOR	THE	YEAR ENDED 31 AUGUST 20	22
				2022	2021
				6	5
Cash flows from operating	activities
Net cash used in operating	activities			1,849,328	2,273,010
Cash flows from investing	activities
Dividends and interest on investment portfolio				36,398	31,843
Purchase oftangible fixed assets				(835,447)	(694,548)
Purchase ofinvestments				(251,653)	(260,528)
Receipts from sale ofinvestments				208,733	157,051
Net cash used in Investing	activities			(841,969)	(766,182)
Cash flows from financing	activities
Receipt ofnew bank loan					2,000,000
Repayments of borrowing				(170,929)	(2,073,633)
Interest paid				(56,043)	(56,338)
Net cash used in financing	activities			(226,972)	(129,971)
Change in cash and cash	equivalents	in	the year	780,387	1,376,857
Cash and cash equivalents	at the beginning		ofthe year	68,282	(1,308,575)
Cash and cash equivalents	at the end of		the year	848,669	68,282
The notes on pages 25 to 46 form part ofthese financial statements

Freehold building	2'%%d	per annum	on cost
Freehold improvements	10'%%d	per annum	on cost
Motor vehicles	25/a	per annum	on cost
Other equipment	10'%%d	per annum	on cost
Computer equipment	33'%%d	per annum	on cost

				Unrestricted	Total	Total
				funds	funds	funds
				2022	2022	2021
				6	6	8
School fees receivable consist of:
Gross fees				18,039,356	18,039,356	17,140,408
Less: Scholarships		and other awards		(1,000.131)	(1,000,131)	(888,347)
Less: Summer	term	(Covid-19) discount		(17,131)	(17,131)	(353,976)
Net fees receivable				17,022,094	17,022,094	15,898,085
Add: Bursaries	paid	out of designated	funds	555,767	555,767	464,364
Total 2022				17,577,861	17,577,861	16,362,449
Total 2021				16,362,449	16,362,449

			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
				6	8
Revenue account (scholarships)			444,364	444,364	423,983
Designated	funds (means-tested	bursaries)	555,767	555,767	464,364
Total grants	and awards		1,000,131	1,000,131	888,347
Total 2021			888,347	888,347

						Restricted	Unrestricted	Total	Total
						funds	funds	funds	funds
						2022 f	2022 f	2022f	2021f
	Donations					13,126	115,230	128,356	43,932
	Government	furlough		scheme					89,864
	Total 2022					13,126	115,230	128,356	133,796
	Total 2021					17,044	116,752	133,796
7,	Non ancillary		income
							Unrestricted	Total	Total
							funds	funds	funds
							2022f	2022f	2021f
	Property rentals						42,006	42,006	34,738
	HM Court and		Tribunals		Service income				130,485
	Miscellaneous		income						12,945
	Total 2022						42,006	42,006	178,168
	Total2021						178,168	178,168
8.	Income from		investments
							Unrestricted	Total	Total
							funds	funds	funds
							2022f	2022	2021f
	VK listed investments						36,398	36,398	31,843
	Total 2021						31,843	31,843

				Unrestricted	Total	Total
				funds	funds	funds
				2022	2022	2021
					8	8
After school	care			46,035	46,035	31,624
Tdps income				489,560	489,560	74,141
Fees for extra-curricular			courses and examinations	507,287	507,287	393,657
Fees in lieu of		notice		17,940	17,940	44,920
Registration	fees			38,465	38,465	48,217
Miscellaneous		income		90,548	90,548	22,228
Total 2022				1,189,835	1,189,835	614,787
Total 2021				614.787	614,787

				Total	Total
	Staff costs	Other	Depreciation	funds	funds
	2022 8	2022 8	2022 8	2022	2021f
Charitable activities
Teaching costs	8,841,900	559,699	145,709	9,547,308	8,939,384
Welfare costs	93,551	1,278,326		1,371,877	1,042,802
Premises costs	1,008,469	1,450,725	1,150.788	3,609,982	3,803,943
Support costs	1,586,672	1.077,796	5,521	2,669,989	2,527,271
Trip costs and other travel		492,158		492,158	126,258
Grants, awards and prizes		555,767		555,767	464,364
Governance costs		19.329		19,329	29,730
Finance costs		100.850		100,850	60,451
Movement in bad debt
provision		10,552		10,552	(30,258)
	11,530,592	5,545,202	1,302,018	18,377,812	16,963,945
Total 2021	10,917,102	4,607,984	1,438,859	16.963,945

			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
			6	6	6
Portfolio management		costs	18,190	18,190	16,703
Non-ancillary	costs		20,413	20,413	26,854
Trading expenses			5,146	5,146	9,786
			43,749	43,749	53,343

	Fees payable	the Company's	auditor and its associates
	-audit fees				17,000	25,000
	-other services				3,400	3,200
13.	Staff costs
			Group	Group	Company	Company
			2022	2021	2022	2021
			6	6	6
	Wages and salaries		9,502,567	8,967,835	9,502,567	8,967,835
	Social security		919,769	836,368	919,769	836,368
	Pension contributions		1,021,859	967,260	1,021,859	967,260
	Other non-payroll	staff costs	86,397	145,639	86,397	145,639
			11,530,592	10,917,102	11,530,592	10.917,102

	Group	Group
	2022	2021
	No.	No.
Teaching	226	239
Welfare	29	26
Premises	22	18
Support	44	45
	321	328

	time	time	time	time
	2022	2021	2022	2021
Teaching	119	110	107	129
Welfare	7	7	22	20
Premises	15	14	7	4
Support	29	26	15	18
	170	157	151	171

Group	Group
2022	2021
No.	No.

	Freehold			Assets
	property and	Motor	Office	under
	Improvements	vehicles 6	equipment f	construction	Total E
Cost or valuation
At 1 September 2021	28,072,119	23,338	4,338,342		32,433,799
Additions	284,338		214,427	336,682	835,447
At 31 August 2022	28,356,457	23,338	4,552,769	336,682	33,269,246
Depreciation
At 1 September 2021	10,190,661	18,938	3493,837		13,803,436
Charge for the year	1,031,810	3,300	266,908		1,302,018
At 31 August 2022	11,222,471	22,238	3,860,745		15,105,454
Net book value
At 31 August 2022	17.133,986	1,100	692,024	336,682	18,163,792
At 31 August 2021	17,881,458	4.400	744,505		18,630,363

			2022	2021
Turnover			123,044	61,116
Administration Management	expenses charge from the Abbey School		(5,146) (9,786) ~19000)~190D0)
Profit on ordinary		activities before taxation	98,898	32,330
Profit on ordinary		activities after taxation	98,898	32,330
			98,902	32,333

All activities have been	consolidated	consolidated	consolidated	on	a line	by line	basis	in the SOFA. Any taxable net profit	in the SOFA. Any taxable net profit	is gifted to
the charity. The total expenses			include		a management		charge	paid by Abbey Commercial	Enterprises of
E19,000 (2021:F19,000), which			is eliminated			on consolidation.		At the year end the balance		outstanding
was a debtor in The Abbey School of619,000						(2021:619,000).
Listed investments
								2022		2021
								Market		Market
								value		value
								6		6
At 1 September 2021								1,707,957		1,337,306
Additions								251,653		260,528
Disposals								(208,733)		(157,051)
Unrealised (loss)/gain	on	revaluation		for	the year			(129,626)		267,174
At 31August 2022								I I)21 251		I 707957
Cash held by investment		manager						13,588		37,953
Total at 31August 2022								~)6 4 9		I 745 91D
Historical cost of investments								1,322,953		1,257,752

					Market
					value	Cost
					6	6
Aberdeen	Standard	Fund	Managers	Ltd	86,620	77,741

	Group	Group	Company	Company
	2022	2021	2022	2021
		5	6	5
Trade debtors	49,997	41,691	46,941	39,775
Amounts due from own subsidiary			19,000	19,000
Other debtors	39,392	4,500	39,392	4,500
Prepayments	427,471	329,148	427,471	329,148
	516,860	375,339	532,804	392,423

		Group 2022	Group 2021	Company 2022	Company 2021
		6	6		F
Bank overdrafts			622,282		622,282
Bank loan		200,000	200,000	200,000	200,000
Trade creditors		396,240	486,399	396,240	486,399
Deposits held		663,155	658,551	663,155	658,551
Other taxation	and social security costs	250,243	229,485	248,442	224,870
Other creditors		458,595	221,152	458,597	221,151
Accruals		110,153	346,251	106,753	340,604
Advance fee scheme payments		16,530	16,530	16,530	16,530
Fees received	in advance	456,045	402,648	456,045	402,648
		2,550,961	3,183,298	2,545,762	3,173,035

		Group	Group	Company	Company
		2022	2021	2022	2021
		6		6
Bank loans		1,555,438	1,726,367	1,555,438	1,726,367
Fees received	in advance		4,533		4,533
Advance fee scheme payments			16,530		16,530
		1,555,438	1,747,430	1,555,438	1,747,430

Within 2to 5years
Bank loans	800,000	800,000	800,000	800,000
More than 5years
Bank loans	755,438	926,367	755,438	926,367

			2022	2021
			6	6
Within	1	year	16,530	16,530
Within	2	to 5years		16,530
			16,530	33.060

Balance	at 1 September 2021		33,060	79,770
Amounts	utilised in the payment	offees	(16,530)	(46,710)
Balance	at 31 August 2022		16,530	33,060

						Group	Group	Company	Company
						2022	2021	2022	2021
						6	F	8	8
Financial	assets
Financial	assets	measured	at	fair	value	1,634,839	1,745,910	1,634,841	1,745,912

Statement	offunds	offunds	offunds
Statement	offunds - current year
		Balance at 1					Balance at
		September			Transfers	Gains/	31August
		2021	Income	Expenditure	in/out	(Losses)	2022
		6	6	6	6	6	F
Unrestricted
funds
Designated
funds
Designated-
The Bursary
Fund		1,000,000	36,398	(573,632)	666,860	(129,626)	1,000,000
Designated
donation			80,000				80,000
		1,000,000	116,398	(573,632)	666,860	(129,626)	1,080,000
General funds
General
unrestricted		15,473,242	18,967,976	(17,840,803)	(666,860)		15,933,555
Total
Unrestricted
funds		16,473,242	19,084,374	(18,414,435)		(129,626)	17,013,555
Restricted
funds
Restricted	Fund	38,206	13,126	(7,126)			44,206
Total offunds		16,511,448	19,097,500	(18,421,561)		(129,626)	17,057,761

Statement	offun	ds - prior year
		Balance at					Balance at
		1 September			Transfers	Gains/	31 August
		2020	Income	Expenditure	in/out	(Losses)	2021
		F	6	5	6		6
Unrestricted
funds
Designated
funds
Designated-
The Bursary
Fund		1,000,000	31,843	(481,067)	182,050	267,174	1,000,000
General funds
General
unrestricted		14,850,697	17,333,272	(16,528,677)	(182,050)		15,473,242
Total
Unrestricted
funds		15,850,697	17,365,115	(17,009,744)		267,174	16,473,242
Restricted
funds
Restricted	Fund	28,706	17,044	(7,544)			38,206
Total offunds		15,879,403	17,382,159	(17,017,288)		267,174	16,511,448

Analysis	ofnet assets between funds - current year
		Restricted	Unrestricted	Total
		funds	funds	funds
		2022	2022	2022
		6		6
Tangible	fixed assets		18,163,792	18,163,792
Fixed asset investments			1,634,839	1,634,839
Current assets		44,206	1,321,323	1,365,529
Creditors	due within one year		(2,550,961)	(2,550,961)
Creditors	due in more than one year		(1,555,438)	(1,555,438)
Total		44,206	17.013,555	17,057,761
Analysis	ofnet assets between funds - prior year
		Restricted	Unrestricted	Total
		funds	funds	funds
		2021 6	2021 E	2021f
Tangible	fixed assets		18,630,363	18,630,363
Fixed asset investments			1,745.910	1,745,910
Current assets		38,206	1,027,697	1,065,903
Creditors	due within one year		(3,183,298)	(3.183.298)
Crediltors	due in more than one year		(1,747,430)	(1,747,430)
Total		38,206	16,473,242	16,511,448

				Group	Group
				2022	2021
				6
Net income for the year (as per Statement			of Financial Activities)	546,313	632,045
Adjustments for:
Depreciation				1,302,018	1,438,859
(Losses)/gains on investments				129,626	(267,174)
Dividends and interest				(36,398)	(31,843)
Interest payable				56,043	56,338
(Increase)/ decrease	in debtors			(141,521)	25,732
Increase in creditors				17,612	330,717
(Decrease)/increase	ofcash at investment		manager	(24,365)	88,336
Net cash provided	by operating	activities		1,849,328	2,273,010

Analysis ofcash and c	ash equivalents
			Group	Group
			2022f	2021 F
Bank balances included	in cash at bank and in hand		848,669	690,564
Bank overdraft				(622,282)
Total cash and cash equivalents			848,669	68,282
Analysis ofnet debt
		At 1
		September		At 31
		2021	Cash flows	August 2022
		6	6
Cash balances		690,564	158,105	848,669
Overdraft		(622,282)	622,282
Bank loans due in under	one year	(200,000)		(200,000)
Bank loans due in more	than one year	(1,726,367)	170,929	(1,555,438)
		(1,858,085)	951,316	(906,769)

				Company	Company
				2022	2021
				8	6
At 31 August 2022 the School had the following			capital commitments:
Contracts	for future capital expenditure	not provided	in the financial
statements				300,000	11.583