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##
|||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|
##
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|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|||||||||
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|||||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|
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||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||||||
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|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|
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|||||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||
##
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##
|||||||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||
##
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##
##
|||||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||
##
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##
||||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|to|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|
||Full|time|Full|time|Part|time|Part|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|
##
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|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
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||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|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|
##
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##
|||||||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|
##
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##
|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)|
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|||||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|
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