2020-08-31-accounts - Girls' Education Company Ltd

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Contents				Page
Review by the Headmistress
Council Members, Officers and Advisors
Annual Report by the Council (including			the Strategic Report)
Independent	Auditor's Report			14
Consolidated	Statement ofFinancial	Activities		16
Consolidated	and Charity Balance sheets			17
Consolidated	Statement ofCash flow
Notes to the	Accounts			19

Remuneration Com mittees durin the	mittee (6)meet at least once ayear, and as and ear as follows:	when necessary. Members ofCouncil serve	d on t
		5)	6)
Mr Richard Ashb
Mr Jerem Baile
Dame Sue Carr
Professor Louise Fawcett
Dr Caro Godlee
Mr Simon Henderson
Mr Patrick Lewis
Mr David Lill cro
Dr Jane MacDou	all
Mrs Diana Rose
Lad Sassoon
Mr Patrick Sherrin	on
The Rt Revd Dr Alan Wilson
Mr Peter Warren
Mr Richard Winter

Energy consumption	used to calculate emissions (kWh);	used to calculate emissions (kWh);	all mandatory	all mandatory	energy sources are	included.	9,435,420.4
Scope I:Emissions	from the combustion ofnatural gas	tCOze					949.4
Scope I:Emissions	from combustion offuel for transport		and	/ or heating tCOze			517.0
(see evidence pack	for breakdown)
Scope I:Emissions	ofBiomass Pellets tCOze						0.0
Scope 3:Emissions	from business travel in employee-owned			vehicles,	where the company	repaid mileage
claims tCOze (average vehicle / fuel source unknown)
Scope 2:Emissions	from purchased electricity tCOze						521.6
Total gross COze based on above (tCOze)							1,991.5
Intensity Ratio I:	kg COze gross based on mandatory	fields above per			pupil during 2019-20.		3.13tCOze

For the Year End	ed 31		A	ugust 2020
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
					Note	2020	2020	2020	2019
						6000	5000	f000	f000
Income;
Donanons							276	276	2,332
Income fiom charaabie		acnviiirsi
School fees						23,825		23,825	24,445
Incomeftam other	iradmg			acnviries:
Tradmg activities						2,202		2,202	1,454
Income from investments			received				301	301	291
Interest received						23		23	4
Other mcomr						756		756	12
Totslincome						26 806	577	27 383	28 538
Expenditure:
Costs ofraising funds:
Tradmg activities						435		435	515
Fundraising expenditure						166		166	236
Investment management			costs			27		27	24
						628		628	775
Expenditure on charitable				activities
School expenditure					6	21,616	27	21 643	22 926
Total expenditure						22,244	27	22,271	23,701
Net income before gains			and losses on investments			4,562	550	5,112	4,837
Net (losses))gams	on mvestments					(34)	275	241	86
Net income before trsnst'ers						4,528	825	5,353	4,923
Transfers between	funds				10	451	(451)
Net movement ia	funds					4,979	374	5,353	4,923
Reconciliation of	fuods:
Total funds brought forward						46,540	11,241	57,781	52,858
Total funds carried forward						51519	11615	63 134	57 781

					Group		School
					2020	2019	2020	2019
				Note	f000	f000	f000	f000
Fixed assets
Tangible assets				11	46,518	48,220	46,515	48,216
Investments				12	12,239	11,919	4,331	4,354
					58 757	60,139	50 846	52 570
Current assets
Stocks					140	146	26	37
Debtors				13	691	1,000	2,610	1,672
Cash at bank		and in	hand		13,671	7,808	11,557	7,024
					14,502	8,954	14,193	8,733
Creditors:	amounts		falling due within one year	14	6 361	(7,282)	6308	7,244)
Net current		assets			8,141	1,672	7,885	1,489
Total assets		less current liabilities			66,898	61,811	58,731	54,059
Creditors:	amounts		falling due after more than one year	15	(3,764)	(4,030)	(3,764)	(4,030)
Pension scheme (Deficit)/Surplus				21
Net assets				17	63,134	57,781	54,967	50,029
Charity Funds
Called up share capital				16
Restricted funds				18	11,615	11,241	3,448	3,789
Unrestricted		funds		18	51519	46,540	51519	46,240
Total funds					63,134	57,781	54,967	50,029

he Girls' Education Company Limit onsolidated Statement ofCash Flow or the Year Ended 31August 2020	ed
				2020	20)9
		Note
Cash flows from operating activities
Net cash generated from operating activities			19	6 665	7,405
Cash flows from investing activities:
Investment mcome receipts				324	295
Purchase oftangible tixed assets				(338)	(2,849)
Receipts from sale oftangible fixed assets				65	)28
Payments to acquire investments				79	707
Net cash used in investiag activities				(ze)	(3,)33)
Cash flows from tinancing activities:
Repayment ofborrowmgs					(4)9)
Net payments out ofthe Composition	Fee Fund			(789)	(498)
Investment management charges				(27)	(24)
Other receipts				42	37
Net cash used in financing activities				(774)	(904)
Change in cash and cash equivalents	in the year			5,863	3,368
				7,808	4,440
Cash and cash equivalents brought forward
Total Cash and cash equivalents at	the cnd ofthe year	20		)3,67)	7,808

Unrestricted	Restricted	Total	Total
funds	funds	funds	funds
2020	2020	2020	2019
8000	8000	8000	5000
	276	276	2332

Income fro	m	charitable activities
			Ilnrestricted	Restricted	Total	Total
			funds	funds	fuads	funds
			2020	2020	2020	2019
			8000	0000	8000	5000
Gross fee income			23,356		23,356	23,892
Less: bursaries		and scholarships	(1,074)		(1,074)	(1,049)
			22,282		22,282	22,843
Fees for extra		subjects	1,338		1,338	1,417
Registration	fees and insurance		205		205	185
			23 825		23 825	24 445

Income from other trading activities
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2020	2020	2020	2019
	0000	f000	f.000	f000
				Restated
Licence fees receivable for overseas schools	1,863		1,863	678
Sales ofgoods and services	242		242	410
Rent and use ofschool faciliites	97		97	36'6
	2202		2 202	1 454

							Unrestricted	Total	Total
							funds	funds	funds
							2020	2020	2019
							8000	0000	f.000
Receipts	from	the	Coronavirus	Job	Retention	Scheme	657	657
Other							99	99	12
							756	756	12

Analysis oftotal expenditure	Analysis oftotal expenditure
		Staff costs	Oepreciation	On er	Total	Fvlv/
		2020	2020	2020	2020	2019
		f000	6000	5000	5000	f000
						/teria/cd
Costs ofraising funds:
Trading expenditure				435	435	315
Fundraising	expenditure	86		80	166	236
Investment	management			27	27	24
		86		542	628	775
Charitable	aclivitimi
Teaching		9,281	306	928	10,515	/0,311
Welfare		1,904		2,645	4,549	3,293
Plelnlscs		885	1,478	1,750	4,113	4330
Finance costs				7	7	8
Support costs		1,499	191	739	2,429	2.746
Governance	costs			30	30	36
		13,569	1,975	6,099	21,643	21,9/6
Total Expenditure		13,655	I 975	6,641	22 271	23 701

				I/nrestricted	gastric'tcd	Total	fviv/
				fuads	funds	funds	filar(l
				2020	2020	2020	2019
				f000	f000	6000	1000
Auditofs	remuneration	-statutory	audit	30		30	35
Auditors'	remuneration	-non audit	services				I
				30		30
Staffcosts
Staffcosts were as follows
						2020	2019
						5000	(000
Wages and satanas						10,922	//, 097
Somal security costs						1,037	1.073
Pension	costs					I 696	/.287
						13655	/3 437

					2020	20/9
					No.	No.
Teaching staff					112	111
Academic support					113	114
Administration					43	45
Pastoral					36	43
Domestics					70	69
Estates					30	35
					404	417
The number ofemployees		earning	over f60,000 was:
					2020	20/9
					No.	No.
In the band f60,001	- f70,000				19	14
In the band f70,001	- $80,000				2	5
In the band f80,001	- f90,000				3	3
In the band f90,001	-f100,000				I	I
In the band f.180,001 - 6190,000					I
In the band f220,001 - %230,000
					2020	20/9
					5000	%000
Aggregate employee	remuneration		ofkey management	personnel	1,222	/,222
Number ofemployees					11	//

				Unrestricted	Restricted	Total
				funds	funds	funds
				2020	2020	2020
				f000	5000	5000
Transfer	from Prize Funds			251	(251)
Payments	from Bursary Capital	Fund		16	(16)
Donations	transferred to Development		Fund	(163)	163
Payments	from Clarence Library	Donations		19	(19)
Transfer	to Boarding Houses			148	(148)
Bursaries	funded from Wycombe	Abbey School Foundation		180	180
				451	(451)

Tangible fixed assets	- School a	nd Croup
		Freehold b	land dt tidings	School F rniture, equip ent and facilities		Computer P	Motor vehicles and ga den machinery	Assets «nde construction	School Total	Subsidsry Furnit re, equipment and facilities		Group Total
			4000		5000	5000					8000	8000
C
At I Septa ber 2019			55,253		6,736	1,751	478	60	64,278		24	64,302
Additions			9		47	237	45		338			338
Disposais							(5)	(60)	(65)			(65)
At 3I Auyist 2020			SSB62		6,783	1,988	518		64,551		24	64,575
Depreciatio
At I September 2019 Charge for the yee			11,211 1,131		3,161 615	1,344 191	346 37		16,062 1,974		20 I	16,082 1,975
On disposals
At31 August2020			12 42		3776	I 535	383		18036		21	18057
Net book value
At 31 August 2020			42,920		3,007	453	135		46,515		3	46,518
At 3I August 2019			44.042		3575	407	132	60	48 216		4	48220
											2020	2019
											6000	5000
F eehold land and buddings'
Valuah on by AC Frost Addihons at cost	and Co									757 54,624		757 54614
Less disposals to date											(128)	(128)
Total cost offreehold	land and											58253
buildinas

he Y	ear Eaded 31August 2020	(C	on	tiaued)
12	Investmeats						Group			School
							2020		2019	2020	2019
							5000		5000	5000	5000
	At I September 2019						11,919		/1, 126	4,354	3,849
	Additions at cost							79	707	81	589
	Disposal proceeds
	Movement m market value						241			104
	At 31 August 2020						12239		JJ9(9	4331	4354
	The following each represented			more than 5%oflhe market value ofinvestments				held
							Group			School
							2020		2019	2020	2019
							5000		9000	5000	6000
	Cazenove Charity Multi Asset			Fund			2,108		1,653	2,108	1,653
	COIF Chanty Global Equity		Fund				1,907		1,727
	COIF Chanty Investment	Fund					2,699		2,640
	Rathbones Unit Trust - Core		Investment		Fund for Charities		3302		3,164
	The Company holds unlisted		shares m subsidary			compames:
										2020 and 2019
										Retained profit
										forthe year ager
									Share Capital	gift aid donations
									and reserves	to the Chauty	Total
	Wycombe Abbey Services	Limited
	Wycombe Abbey Developments			Limited
	Wycombe Abbey International			Limited
	Wycombe Abbey Pension	Trustees Limited
										2020	2019
										5000	5000
	Wycombe Abbey School Foundation
	Total funds brought forward									7,744	7,418
	Net movement m funds									353	326
	Total funds carried forward									8,097	7,744
										2020	2019
										5000	f000
	Wycombe Abbey Hong Kong Foundation
	Total funds brought forward
	Net movement in funds									50
	Total funds carried forward									50

Debtors
			Group		School
			2020	2019	2020	2019
			%000	f000	f000	%000
Trade debtors			282	793	2'll	680
Amounts owed by subsidiaries					1,933	785
Other debtors			317	i08	314	i08
Prepayments			92	99	92	99
			691	I 000	2610	i,672
Creditors: Amounts	falling due within one year
			Group		School
			2020	2019	2020	2019
			6000	f000	f000	6000
Fees in advance			2,380	3,111	2,380	3,111
Amounts owed to subsidiaries					35
Composition fee fund			566	594	566	594
Fee deposits held against		final bills	379	405	379	405
Trade creditors			443	271	433	251
Other taxation and social		security	271	284	266	271
Other creditors			1,919	2,119	1,863	2,125
Accruals and deferred	income		403	498	386	487
			6361	7282	6308	7244
Creditors: Amounts	falling due after more than one year
			Group		School
			2020	2019	2020	2019
			f000	f000	f000	f000
Fee deposits held against		final bills	2,898	2,403	2,898	2,403
Composition Fee Fund			866	1,627	866	1,627
			3764	4030	3764	4030
Composition Fees Fund.
					Group and School
Assuming pupils remain		in the School, advance fees will			2020	2019
be applied as follows:					6000	f000
Due within one year					566	594
Within one to two years					508	636
Within two to five years					131	698
After five years					227	293
					1 432	2 221

																										2020		2019f
	Allotted, called		up and fully paid 12(2019			16)ordmary			shares of50p each
	The shares carry		one vote each		The shares	carry neither			nghts to		dividends				nor to			parlimpate		in an	surplus		in	the event ofthe company			bemg ivound	up
17	Analysis ofaet		assets between		funds
																		Unrestricted					Restricted			Total		To/a/
																				funds					funds	funds		(ands
																				2020					2020	2020		20/9
																				5000					5000	5000		5000
	Tangible fixed assets																			46,518						46,518	/8.220
	Investments																			624					11,615	12,239	//. 9)9
	Current assets																			14,502						14,502		8,974
	Creditors due	nothm		one year															(6,361)							(6/61)	(7,282)
	Creditors due	in	more than one		year														(3,764)							(3,764)	(4030)
																				51a19					11615	63 134	5778/
																		Unrestricted					Restricted			Total		Toiv/
																				funds					funds	funds	funds
																				2019					2019	2019		/OM
																				5000					5000	f000		5000
	Tangible fixed assets																			48,220						48,220	/7,367
	Investments																			678				11,241		11,919	I/. /26
	Current assets																			8,954						8,954		5.3/6
	Creditors due	withm		one year															(7,282)							(7,282)	(6.975)
	Creditors due	in	more than one		year														(4,030)							(4,030)	(4006)
																				46540				11241		57781	52.858
18	Summary of	funds
								Brought Forivsrd f000					lacome f000					Expenditure 5000				Investment gains/(losses) f000				Transfers in/(out) f000	Carried Forward 5000
	Uarestricted	funds:
	Ordmaiy school		funds					46		540			26		806				22 244						34	451	51519
								46		540			26		806				22 244						34	451	51519
	Restricted funds:
	Pnze funds								1,779						128										(67)	(251)		1,589
	Bursary Capital		Fund							689						I										(16)		674
	Development	Fund								175						20										163		358
	Clarence Library															19										(19)
	Boardmg houses														148											(148)
	Big School									854										(27)								827
	Hong Kong Bursary			Fund												50												50
	Hammy Fniirl								7	744					211										342	180		8117
								11		241					577					27					275	451	11615
	Total unrestncted		and restncted		funds			57		781			27		383				22 71						241		63 134
	Prirpo see uf/heysrtdv
	Pend					Per ose
	Ordmary school		funds			maintamed				by Members of				Council				to I)	operate the		day to		day		activtties ofthe School, 2)to act as a
						contm		enc		fund and 3 to				finance				future	develo ments
	Pnze funds					to	reside			scholars)a		sfrom			s	emfic benefactors
	Bura Ca ital Fund					to	reside			bursanes		from	s		mfic		benefactors
	Develo ment Fund					restncted			donations			ansm		from a				eels earmarked			for	s emfic			ses
	Clarence Libr					to refurbish				the Clarence			libr
	Boardin houses					reslncted			donations			for the		buildin				ofPitt and Rubens				boardin			houses
	Bi School					restricted			donations			for tbe		refurbishment					of	Bi School
	Hon Kon Bura			Fund		restncted			donations			for buildm					ro ects
	Bursa Fund					toex		sndtheo			rtunitiestosllow							u dstobenefitfromaW							combeAbbe	education

A calculation ofthe 1966Scheme	habilities	was perfotmtxl	in accordance with	in accordance with	Financial	Reporting Standard	FRS
102 The FRS 102 balance sheet position as		at 31 August 2020 showed a surplus	in the	Scheme off)43,000(2019 f257,000)
						At 31	At 31
						August	August
						2020	2019
Pmncipo/ aciunnni ossimrpnons
Discount rate						1.6'/	I 7%
Retail pnce mflation (RPI)						3.1%	3 3%
Consumer price mfiation (CPI)						2.0%	3 2%
Pension increases - RPI maximum						3.0%	3 1%
Deferred pension revaluation (CPI	5%cap)					2.0o/	2 2%
The current mortality assumptions	include sufficient allowance for future improvements			in mortahty	rates
The assumed hfe expectations are

										At 31	At 31
										August	August
										2020	2019
For a male aged	65 now									20.2	202
At 65 for a male	aged		45 now							21.3	21 3
For a female aged 65			now							22.2	22 I
At 65 for a female member				aged 45 now						23.4	23.4
							Assets at			Assets at 31
							31 August			August
Scheme orseis.							2020			2019
							6000			6000
Equities (mcludmg property)							1,772	81%		2,006	85%
Bonds							259	12%		265	11%
Cash							148	7%		102	4'/
							2,179			2,373
										A131	At 31
										August	August
Ner defmed brnefii asset:										2020	2019
Fair value ofScheme		assets								2,179	2,373
Value offunded	obhgations
Surplus										143	257
In hne with paragraph			28.22 ofFRS 102the		net pension	asset has been restricted	on the basis ofuncertainties		over the future
recovery ofthis asset			The net pension asset		recognised	on the balance sheet is therefore fnil (2019:fntl)
Amounts recognised		m rhr		rrorerneni offinancial ocoviiies						2020	2019
										6000	f000
Net mterest expense
Past service cost
Asset return less	mterest mcome recogmsed				m PILL
Expenence gams	on	benefit		obhgations
Effect ofassumptions			changes on benefit obligation
Restnction ofasset
Total included m employer				expenses
Analysis ofrhe change			rn the defined benefit		obligation					2020	2019
										6000	6000
Dpemng defined	benefit obligation									2,116	1,959
Interest cost										35	50
Actuanal losses/	(gams)									(17)	211
Past service cost
Benefits paid
Closing defined benefit obhgation										2 036	2 116

Pension commitments	Pension commitments	(continued)
Analysts ofthe change		m thefatr value afSchetne assets	2020	2019
			0000	6000
Opening fair value	ofScheme assets		2373	2,403
Interest mcome			40	63
Actuarial(losses)l	gains		(136)	(69)
Contnbutions
Benefits paid			98	104)
Closing fair value	ofScheme assets		2,179	2,373
The asset losses are the		actual asset return over the year of6136,000 (2019 669,000 losses) less the mterest income		of640,000
(2019:663,000).

The employer made no contributions for Actuary (2019 fnil)	The employer made no contributions for Actuary (2019 fnil)	this	defined	be	nefit pension	scheme m the year to 31 August 2020 a	s advised b	y the
History ofexpemence gains and losses
The following percentages	show the actuarial		gaml(loss)		components	as a percentge ofthe end of year asset
or liabihty, as appropriate	for the requirements		ofFRSI		02.
							2020	2019
Difference between the actual and expected return on				assets (f000's)			136	69
As %ofScheme assets							6%	3o/o
Expenence gams/(losses)	on obligations	(6000's)					9	(14)
As %ofobligations							0.4%	-0.7%
Total amount recognised	m the statement	offinancial		activities (6000's)
As%ofobligations							Oo/o	0'/