| N Chadwick | J Mark BA(Hone) (Chairman) | J Mark BA(Hone) (Chairman) | (F)(E)(S)(RC) | ||
|---|---|---|---|---|---|
| M Hart MA(Cantab), MBA |
(P)(F) | JRoss BA(Hone), PGCE, NPQH | (EC)(S) | ||
| (SC) | |||||
| N James MA (Oxon) (Vice | Chair)(F) | (R)(S)(NC) | J Myers | (E)(H&S) | |
| J Gillespie MA (Cantab) |
L Summerton | MA, PhD | (S)(F) | ||
| (E) | |||||
| SThakur PhD | (E) | G James MA(Oxon), PGCE | (SG) | ||
| (E) | |||||
| D Walters BSc,FCA | (FC)(R)(S) | C Edmundson | B.Mus (Hone), PGCE (Cantab), | ||
| MBA (Exeter) | (E) | ||||
| J McCaldin MA (Cantab) |
(F) (ICT) | ||||
| (M) | |||||
| (P) Parent ofa pupil at the School | |||||
| (F) Member of the Finance | &Audit Committee | ||||
| (E) Member ofthe Education | Committee | ||||
| (S) Member ofthe Strategy | Committee | ||||
| (R) Member ofthe Remuneration Committee |
|||||
| (H&S) Governor with Health |
&Safety | oversight | |||
| (ICT) Governor with ICT oversight |
|||||
| (M) Governor with Marketing |
oversight | ||||
| (SG) Governor with Safeguarding oversight |
|||||
| (NC) Chair of Nominations Committee |
|||||
| (RC) Chair of Remuneration | Committee | ||||
| (FC)Chair of Finance and Audit Committee | |||||
| (SC)Chair ofStrategy Committee | |||||
| (EC)Chair of Education Committee |
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| Notes | fuii de | 2020 | 2010 | ||
| 0 | 5 | ||||
| INCOMEFROMi | |||||
| Charuable Actlvuies |
|||||
| schoolfees | 0,135,646 | 0,135,640 | 0,063,036 | ||
| Other educslionel | income | 372,052 | 372,052 | 703,137 | |
| Other Income | |||||
| Other eading inmme |
36,816 | zs,ets | 120,905 | ||
| Iiiveetnlniite | |||||
| Inveslmenl Income |
15,105 | 15,105 | '7,022 | ||
| Voluntary sources | |||||
| Grants and donations | 231,659 | 231,050 | 12,940 | ||
| Total Income and endowments | |||||
| EXPENDITURE ON: | |||||
| Costs ofralclng funda | |||||
| Other Irading costs | 46,771 | 46,771 | 172,130 | ||
| Chsruable acgvules Education |
0,250,260 | 0,250,2608,119,099 | |||
| Total expenditure | |||||
| Net income/(expenditure) | 15 | 494,438 | 4e4A30 | Sls,fial | |
| Transfer between fundd |
|||||
| Nsl nlnwnmhl in funda |
494,438 | 404,438 | 616,501 | ||
| Fund balances brought |
forward | rueases | 7rzs seg | 7Ii0zes | |
| Fund balances cerned | forward |
| bbot's Hill ANCE SHEET 31 U8(2S20 |
Limited | |||
|---|---|---|---|---|
| Noise | 2020 | 2019 | ||
| 8 | 2 | |||
| FIXEDASSETS | ||||
| Tangible assets | 13 | |||
| 9,012,029 | 10,012,363 | |||
| CURRENTASSETS | ||||
| Slacks | 14 | 7,011 | 21,121 | |
| Deblam | 15 | 117,793 | 170,741 | |
| Cash at bank and in hand | ||||
| 2,400,004 | 2,237,243 | |||
| CREDITORS Amounts | falling due within one year | 16 | (1,7$2,702) | (1,006,706) |
| NET CURRENT ASSETS | 330,477 | |||
| TOTAL ASSETSLESS | CURRENT LIABILITIES | 10,480,021 | 10,342,040 | |
| CREDITORS: Amounts | falling due aller more than one year | 17 | (2,247,304) | (2,615,051) |
| NETASSETS | ||||
| FUNDS | ||||
| Calbd up Share Capital | 19 | 140 | 100 | |
| Unrestricted funds —general |
10 | 0,221,327 | 7,726,889 | |
| 7,726,089 |
| CASH FLOW STATEMENT | CASH FLOW STATEMENT | Notes | 2020 | 2010 | |
|---|---|---|---|---|---|
| 5 | 2 | ||||
| Net cash Inflow from operating | activities | 25 | 830,463 | 432,078 | |
| Cash flows from investing | acevilies | ||||
| ~ank interest received |
15,105 | 7,022 | |||
| Payments to acquire feed |
assets | (240,259) | (442,264) | ||
| Net cash outflow from investrng | sctivibss | ||||
| Finenong: | |||||
| Loansreceived | |||||
| Loansrepaid | (350,310) | (360,308) | |||
| Net cash oudlow from financing | activities | ||||
| Increase/(decrease) i~ cash |
245,900 | (369,072) | |||
| Cash end sash equivalents | st | the | |||
| beginning of the reporting |
pared | ||||
| Cash and cash equivalents | at | the | |||
| end ofthe repottmg period |
2283300 | 2,037,301 |
| r th | e Brended 31 AU uat 2020 |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ACCOUNTING POLICIES |
||||||||||||||||||||||
| Abbot's Hill Limited isecompany limited by shares with registered number 00550674, incorporated |
snd domiciled | in | England | snd Wales | Ks regislered ofilce is |
||||||||||||||||||
| Abbot's Hill School Bunkers Lane, Hemel Hampstead, Hurts, HP3 6RP. |
|||||||||||||||||||||||
| 1.1 | BASISOF PREPARATION | ||||||||||||||||||||||
| The financial statements have been prepared in accordance with the Financial Reporbng Charitabl Company is a public benefi entity for the purposes afFRS 102 and therefore |
Standard applicable in the UK and Republic of Ireland the Chenly also prepared its finanoal statements in |
(FRS102).The accordance with |
|||||||||||||||||||||
| Ihe Statement of Recommended Practica applicsbls to chsntes preparing Iheir accounts |
in | accordanos | with the Financial | Reporting | Standard | applicable | in Ihe | ||||||||||||||||
| UK and Republic of Ireland (The FRS102Chenbes SORP), the Companies Act 2006 end |
ths | Chsntles | Act | 2011. | |||||||||||||||||||
| The frnancial statements are prepared in sterling, which is the functional currency of Ihe chanly |
Monetary | amounls | in | lhasa | financial statements | are rounded | to | ||||||||||||||||
| the nearest pound, | |||||||||||||||||||||||
| These financlal statements are prepared on the going concern basis, under the hislcrlcal cost |
convention | as | modified | by the revaluation | ofinvestments | snd in |
|||||||||||||||||
| accordance with Ihe Companies Acl 2006 end applicable accounfing standards in the United |
Kingdom. The | prinmpal | sccounang | polimes, | which | have been | |||||||||||||||||
| applied consistently throughout the year, are set out below |
|||||||||||||||||||||||
| 1.2 | GOING CONCERN | ||||||||||||||||||||||
| The governors have assessed whether the uss of the going concern basis is apprapriale |
and have considered | possible | events or | conditions | that might | cast | |||||||||||||||||
| significant doubt on Ihe ability of the School to conlinue es a going concern. The goverriors |
have | made | this assessment | for a | period of at least orle year | from | |||||||||||||||||
| the date of approval of Ihe financial statements. In parbcular the governors have considered |
and | challenged | the | School's | forecasts | snd proter. | tens, | including | |||||||||||||||
| cash flows, pupil pro)ecfions and the likely impact ofpressures on fee income Whilst the |
economic oufiook remains | uncertain | wheh | cauld have an impact | on | ||||||||||||||||||
| future pupil numbers, aller making enquines the detailed review undertaken by ths governors |
and | the ongoing measures |
they | have put | in place | have | led | them | |||||||||||||||
| to conclude that Ihere Is a reasonable expectation that Ihe School has adequsle resources |
to mnbnue | in | operational | existence and | meet its | ongoing | liabilibss | ||||||||||||||||
| for the foreseeable future. The School therefore continues to adopt the going concern basis |
in | prepanng | its linanctel | statemenls. | |||||||||||||||||||
| '1.3 | FEESRECEIVABLE AND SIMILAR INCOME | ||||||||||||||||||||||
| Fees receivable and charges for services end uss ofpremises are accounted for in the period |
in which Ihe service | is | provided. | Fees | receivable | sre stated | after | ||||||||||||||||
| deducting allowances. scholarships snd other remissions granted by the school. |
|||||||||||||||||||||||
| 1.4 | DONATIONS AND FUND ACCOUNTING |
||||||||||||||||||||||
| Donations received for the general purposes ofthe school sre included as unrestncted funds. |
Donations | reslncted | by Ihe | wishes of the donor | or | Ihe terms | of | an | |||||||||||||||
| appeal ere taken to restricted funds. | |||||||||||||||||||||||
| 1,5 | EXPENDITURE | ||||||||||||||||||||||
| Expenditure is allocated to expense headings, whwh aggregate afi costs relating to Ihe category either |
on a direct | cost basis or apportioned | arxordrng | to Sme | |||||||||||||||||||
| spent. | |||||||||||||||||||||||
| Expenditure on charitable scbvilies includes:- |
|||||||||||||||||||||||
| -Teaching costs (aa expenditure in connection with teach ing work), |
|||||||||||||||||||||||
| -Welfare costs (Ihose costs supporting pupil welfare including medical support and school |
meals); | ||||||||||||||||||||||
| - Support costs (expsndgure inmrred in support ofthe direct charitable expendimre above) |
|||||||||||||||||||||||
| - Premises mats (costs in connection with building maintenance and cleaning costs together |
with | grounds | and gardens); | ||||||||||||||||||||
| Trading mats (expenditure in connection with trading income), |
|||||||||||||||||||||||
| - Finance costs includes loan interest, bank interest payable and bad debls; end |
|||||||||||||||||||||||
| - Governance costs mmpnse Ihe costs of running Ihe school, induding strategic planning |
for ils future | development, | external audit, |
end | eg other | costs | of | ||||||||||||||||
| complying with constitutional and statutory requirements. |
|||||||||||||||||||||||
| 1.6 | TEACHING COSTS | ||||||||||||||||||||||
| Supplies ofgames equipmsnl, books, stationery and sundry matenels ere written offwhen |
the | expenditure | is incurred. | ||||||||||||||||||||
| l,y | FIXEDASSETS AND DEPRECIATION | ||||||||||||||||||||||
| Ag fixed assets are used In direct furtherance of the school's oblectives. Fixed assets |
are | included | in | these financial | statements | at their | oreinal cost less | ||||||||||||||||
| depreciation and accumulated impasment losses provided to date. |
|||||||||||||||||||||||
| Depremason is provided on aa tangible fixed assets, other than freehold land, at rates calculated |
to write | off the | costs | less estimated | residual | value | of | each | |||||||||||||||
| asset, by equal annual inslalments, over Iheir expected useful lives which are considered to |
be: | ||||||||||||||||||||||
| Freehold buildings and impmvemsnts 2%Straight line |
|||||||||||||||||||||||
| Garden machinery 20% Redumng |
|||||||||||||||||||||||
| Fixtures and fittings 20% Redumng |
|||||||||||||||||||||||
| Vehmlss 25%Reducing |
|||||||||||||||||||||||
| Computers 25% Straight |
|||||||||||||||||||||||
| Items cosfing less than 21,000 are written otfas an expense as acquired |
|||||||||||||||||||||||
| 1.5 | STOCKS | ||||||||||||||||||||||
| Stocks are stated at Ihe lower ofcost or net realise hie value. |
| Abbotss Hill Limited |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOTES TO THE FINANCIAL STATEMENTS | ||||||||||
| for the ar ended 31 A ust 2020 |
||||||||||
| 1.0 PENSIONS | ||||||||||
| Full-lime end psrt-time teaching stair employed under e contract cf service are eligible lo contribute lo the Teachers' Pension Scheme |
(TPS). | The TPS, e | ||||||||
| delined benefit scheme is administered by Capita Teachem Pensions on behalf ofths Department |
for Education | and | Skills. | |||||||
| Costs include normal end supplementary contributions, The regular cost Is Ihe normal |
contribution, expressed |
as | a percentage | of salary | o(a | teacher newly |
||||
| enterin service, which would defray the cost of benefils payable in respect of thai service. Vanalions fmm |
Ihe regular |
pension | cost | are mel by a |
||||||
| supplementary contnbution. This occum if as a result of the actuarial invesiigatmn, it |
e found thai ths accumulated |
liabilities for | benefits | lo pest | end present | |||||
| teachers ers not fully covered by normal contnbugons to be paid in Ihe future and by the fund built up from past |
contributmns. The |
normal | end | supplemenlery | ||||||
| contributions are charged to Ihe income end expenditure account in the year. |
||||||||||
| 1.10 CASH AND CASH EQUIVALENTS | ||||||||||
| Cash and cash equivalents include cash in harid deposits held et call with banks, other |
short term liquid investments |
with anginal | mawnties | of three months or | ||||||
| less | ||||||||||
| 1.1'I FfiqANCIAL INSTRUMFNTS |
||||||||||
| The company hss elected to apply the provisions ofSection 11 'Basic Financial Instruments' and |
Section 12'Other Finenoal Instruments |
issues' | ofFRS 102to | |||||||
| afi cf rls finanoel instmments. Financial instruments ars recognised in the company's |
balance | sheet when the company becomes |
party lo |
Ihe contractual | ||||||
| provisions of the instrument. Finanoal assets and lebilities ere offsel with the net amounts presented in Ihe |
finanoel stetemenls, |
when Ihere |
is a legsfiy | |||||||
| enforceable right to set ofithe recognised amounts and there is an Intention to settle on |
a net basis or to realise the asset and sents | the | liability simultaneously. | |||||||
| With Ihe exceptions of prepayments and deferred income afi other debtor snd creditor |
balances | ere considered | to | be basic finanoel | instruments | under FRS | ||||
| 102. | ||||||||||
| 1.12 TAXATION | ||||||||||
| The company is s registered charity end n exempt fram taxation. |
||||||||||
| 1.13 EMPLOYEE BENEFITS | ||||||||||
| The cosh ofshort-lerm employee benefits are recognised as a liabilily end sn expense. |
The coal | ofany unused | holiday entitlemsnt | is | rscogn wed | in Ihe period | ||||
| in which Ihe employee's services are received. Tenninabon benefit are recognised immediately |
as an expense | when the charitable |
company is demonstrably |
|||||||
| committed to terminals Ihs empioymenl ofan employee or to provide termination benellts. |
||||||||||
| 2 KEY ESTIMATES IiJUDGEMENTS orna |
||||||||||
| In the epphcation of the company's accounting policies, the Board ofGovernors is required to make judgements, |
estimates and assumptions |
about | Ihe csnying | |||||||
| amount ofassets and lebilities that are not readily apparent from other sources. Ths estimates and associated assumptions are based |
on | historical | experience | |||||||
| and other factum that are considered lo be relevant. Actual results msy differ from these |
eshmates | |||||||||
| The estimates and underlying assumptions sre reviewed on sn on-going basis Revisions lo accounbng eshmstes |
are recognised | in | the | period | in which the |
|||||
| estimate is revised, IfIhe revision affects only that period, or in the pared ofthe revision |
and future | periods ifthe revision alfects both |
current | and | future periods. | |||||
| In Ihe opinion of the Board ofGovernors, the estimates end assumptions wheh have s |
significant | risk of causing | a | matenal ediustment |
to | the carrying amount |
||||
| oiassels snd lisbilihes are oufiined below. |
||||||||||
| Critical judgemenls | ||||||||||
| In preparing financial statements il is necessary to make certain iudgements, estimates end assumptions that |
epact ths amounts | recognised | in | Ihs linanaal | ||||||
| statements. The follovnng judgements end esfimales sre considered by the trustees |
to have most signecant | slfect on amounts | recognised | in | Ihe financial | |||||
| slalemenls, | ||||||||||
| Useful econ lives |
||||||||||
| The annual depreoatlon charge fcr property, plant and equipment ls sensibve to changes in the estimated useful |
economic lives |
and residual |
values of the |
|||||||
| assets. The useful economic Iwes snd residual values sre re-assessed annually. They are emended when necessary to reflect |
current estimates, based on |
|||||||||
| technological advancement, future investments, economic utlliselion and Ihe physical condition of |
the assets | |||||||||
| Recoverable value offee deblors |
||||||||||
| The company makes an estimate of the recoverable value of trade end other debtors. |
When assessing impemnent |
of trade and | other debtors, | management | ||||||
| conwdsrs factors including the current credit rating ofthe debtor, the ageing profile of deblom and |
historical expenence. See note 15 | for | the | net cenying amount | ||||||
| of the debtors and assocrated impairment provision. |
| (Dr | the ended |
31AU | 31AU | U0t2320 | |||||
|---|---|---|---|---|---|---|---|---|---|
| 3 FEEINCOME | |||||||||
| The school's activities ere cerned out mthin | Ihe UK. | 2020 | 2019 | ||||||
| The school's fee | income | comprised | 6 | 2 | |||||
| Gross fees | 8,764,033 | 8,414,140 | |||||||
| Less: Decounls | end fee ad)ustments | (452,810) | (169,536) | ||||||
| Lese Scholarships | end | burseries | (170,577) | (180,968) | |||||
| 8,135,6ml | 8,063,636 | ||||||||
| 4 OTHER EDUCATIONAL | INCOME | ||||||||
| 2020 | 2019 | ||||||||
| 2 | 2 | ||||||||
| Extras and debumements | 151,320 | 350,115 | |||||||
| Rag tetra tioil fees | 15,059 | 17,300 | |||||||
| Fees in lieu ofnotice | 81,350 | 110,607 | |||||||
| Other income including | trips and minibus | income | 153,475 | 209,115 | |||||
| 703,137 | |||||||||
| 5 OTHER TRADING | INCOME | ||||||||
| 2020 | 2019 | ||||||||
| 8 | 2 | ||||||||
| Rent and leltings | 20,420 | 31,642 | |||||||
| Other income | 16,396 | 89,353 | |||||||
| 120,995 | |||||||||
| 8 INVESTMENT INCOME | |||||||||
| 2020 | 2019 | ||||||||
| 6 | 2 | ||||||||
| Interest received | 15,105 | 7,822 | |||||||
| 15105 | 7,822 | ||||||||
| 7 DONATIONS AND |
GRANTS | ||||||||
| 2020 | 2019 | ||||||||
| 2 | f. | ||||||||
| Donations and income from Abbot's |
Hill | School Parents' Association | 13,432 | 12948 | |||||
| Furlough income |
210,42T | ||||||||
| 231,050 | 12940 |
| 0 | EXPENDITURE | EXPENDITURE | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (a) | costs of Ralslng | Funds Fortheyasrended |
31August2020 | Staff costs | Total | ||||
| (note 9) | Other | Oeprecietmn | 2020 | ||||||
| 2 | 2 | 5 | E | ||||||
| Trading costs | 48771 | ||||||||
| Total Coals of | Raising | Funds | |||||||
| Charitable expenditure |
Staff mats | Total | |||||||
| (nom 0) | Other | Depreciation | 2020 | ||||||
| 2 | 2 | 2 | 0 | ||||||
| Teaching | 4,557,601 | 447,447 | 5,005,100 | ||||||
| Welfare | 281280 | 218,745 | 500,025 | ||||||
| Premises and Estates | 314,670 | 550,853 | 447,992 | 1,322,523 | |||||
| Administration | 817,658 | 472,965 | 1,200,023 | ||||||
| Finance Costs | 78,817 | 78,017 | |||||||
| Govemanm | 53173 | ||||||||
| Total Charitable | Expondthure | ||||||||
| Total Expended | |||||||||
| Costs ofRaising | Funds Forthe year ended |
31August 2010 | Staffcosts | Total | |||||
| (nom 9) | Diner | Oepreaation | 2010 | ||||||
| 2 | 2 | 2 | 0 | ||||||
| Tmding costs | 172138 | ||||||||
| Total Costs of | Raising | Funds | 172138 | 172130 | |||||
| Charitable expenditure |
Stenccsts | Total | |||||||
| (note 9) | Other | Depreciation | 201!i | ||||||
| 2 | 2 | 5 | |||||||
| Teaching | 4,173,576 | 669.881 | 4,843,457 | ||||||
| Wemre | 286,770 | 299,564 | 586,334 | ||||||
| Premises and Estates | 303,667 | 503,330 | 366,411 | 1,173,400 | |||||
| Administrahon | 819,180 | 555,978 | 1,375,150 | ||||||
| Finance | 106,730 | 100,730 | |||||||
| Governance | 34804 | ||||||||
| Total Charitable | Expenditure | 5,503,193 | 2,170,295 | 366411 | 8 119809 | ||||
| Total Expended | 5,503,103 | 2,342,433 | 366411 | 8292037 | |||||
| (b) | Other Governance | Costs Include: | 2020 | 2019 | |||||
| 2 | 2 | ||||||||
| Auditors' remuneration |
|||||||||
| .Avitri Fees | 12,502 | 9114 | |||||||
| -underprovision | from previous year | 3.132 | 1062 | ||||||
| -Accountancy | Fees | 2,100 | 4,050 | ||||||
| -Other Auditors | remuneration | 2,334 | 2,028 | ||||||
| Legal and Professmnal | Fess | 20,855 | 15,604 |
| STAFF COSTS | 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|---|
| 6 | ||||||||
| Wages and salaries | 4,761,610 | 4,618,238 | ||||||
| Social securily costs | 430,645 | 412,322 | ||||||
| Otherpension costs |
745,024 | 514,259 | ||||||
| Other sts9ccsls | 33,888 | 39,374 | ||||||
| The average monthly |
number ofemployees | during | the year was as folbws: | |||||
| 2020 | 2019 | |||||||
| No. | No. | |||||||
| Teaching | 131 | 130 | ||||||
| Other | 63 | 69 | ||||||
| The number ofemployees | whose emoluments | amounted | to | |||||
| 650,000 in lhe year was | es Ngows: | 2020 | 2019 | |||||
| No. | No. | |||||||
| 660,000 - E70,000 | 5 | 3 | ||||||
| E80,001 - E90,000 | 1 | |||||||
| E90,001 - E100,000 | ||||||||
| 5110,001 - 2120000 |
| Abbot's Hill Limited |
Abbot's Hill Limited |
|||||||
|---|---|---|---|---|---|---|---|---|
| NOTES TO THE FINANCIAL STATEMENTS | ||||||||
| for the sr ended 31 USt 2020 |
||||||||
| Governors' | ||||||||
| 10GOVERNORS REMUNERATION AND BENEFITS |
||||||||
| There was no remuneration or other benefits for the year ended 31August 2020 nor for the year ended 31 August 2019. |
||||||||
| Travel end training expenses of63,370(2019:52,650)for6governors were paid by Ihe school during Ihe year. |
||||||||
| Key management personnel include the Governors and the senior execubves whoh sre made up ofthe Heed and the Bursar The total pay and |
benefits | |||||||
| received by key management personnel were 5251,665 (2DI9 6257 850) |
||||||||
| 11 PENSIONS | ||||||||
| The school participates in the Teachem' Pension Scheme ('the TPS) for its leeching staf. Ths pension charge for ths year includes contnbutons |
payable | to ihe | ||||||
| Tps of6681,584 (2019 5455,740)snd al the year end rnil (2019:fnil) was accrued in respect of contnbutions to this scheme. |
||||||||
| The TPS is an unfunded mull+employer define benefits pension scheme governed by The Teachers' Pensions Regulations 2010(as amended) |
and The | |||||||
| Tsachem' Pension Scheme Regulations 2014(as amended). Members conbibule on 4 'pay as you go' basis with contnbullons from members |
and Ihe | |||||||
| employer being credited to the Exchequer. Rebrement and other pension benefits are paid by public funds provided by Parliament. |
||||||||
| The employer contnbullon rate is set by the Smretary ofState following scheme valuations undertaken by the Government Actuary'4 Department. The most |
||||||||
| recent actuarial valualron of the TPSwas prepared es el 31 March 2016and the Velusbon Report, which was published in March |
2019,confirmed that ihe |
|||||||
| employer contnbution rate for Ihe TPS would increase From 16.4%to 23 6% From I September 2019.Employers are also required administration levy of0.06'r. giving a lotal employer contribution rate of23.S85L |
to psy a scheme | |||||||
| The 31 March 2DI6 Valuation Report was prepared rn accordance with the benefits setout in the sr;hams regulations and under the approach |
specilied | in | the | |||||
| Directions, as they applied at 5 March 2019.However, Ihe assumptions were ronsrdered and set by the Deperlment for Educabon |
pnor to Ihe | ruling In ths |
||||||
| 'McCloud/Sergeant cesek This case has required the courts lo consider cases regarding Ihe Implementation ofthe 2015reforms |
lo Public Servse Pensions | |||||||
| including the Teachers' Pensrons |
||||||||
| On 27June 2019ths Supreme Court denied the government permission to appeal the Court ofAppeal's iudgment Inst transitional |
provisrons | rntroducsd | lo | the | ||||
| reformed pension schemes ln 2015gave rise lo unlawful sge discrimination. The govemmerlt is respecting the Court's declsron and has said it |
will engage | frilly | ||||||
| with Ihe Employment Tribunal as well as empdyer and member representaaves to agree how the discnminetions will be remedied. |
A consultation | was launched | ||||||
| by Ihe government on 16July 2020, and closed to responses on 11 October 2020. |
||||||||
| The TPSis subisct toscoal cap mechanism which was pul in place to protect taxpayers against unforeseen changes tn scheme |
rests. The Chief Secretary to | |||||||
| the Treasury, having in 2018announced that there would be 4 review of this cost cap mechanism, in January 2019announced a |
pause to the | cost cep | ||||||
| mechanism following the Court ofAppeal's ruling in the McCloud/Sergeant case and until there is certainty about the value ofpensions lo employees from |
April | |||||||
| 2015onwards. Ths pause was titted in July 2020 and the government rs prepanng to comptele ths cost control element of the 2016valuatons, |
which is | |||||||
| expected to be completed In 2021. |
||||||||
| In view efthe above mlings end decisions Ihe assump6ons used rn the 31 March 2016Actuanal Valuahon mey become inappropriate. In this scsnado, a |
||||||||
| veluahon prepared in accordance vnth revised benefits and suitably revised assumptions would yield difFerent results than those contained in Ihe |
Actusnal | |||||||
| Valuation. | ||||||||
| Until the consultation and the cost cap mechanism reviewers completed ills not possible to conclude on any finanosl Impact or future changes |
to the | |||||||
| contribution rates of Ihe TPS.Accordingly no provision for any additional past benefit pension costs s included In these frrtsnwal statements |
||||||||
| The support staff are membem oFa stakeholder scheme whish rs a defined contnbutlon scheme. The pension charge for Ihe year |
includes contnbutions | payable | ||||||
| to Ihe scheme ofBI3,44D (31August 2019:683,724) | ||||||||
| 12 | NET INCOME FOR THE YEAR | |||||||
| 2020 | 2019 | |||||||
| 8 | 5 | |||||||
| Net income 6stated after charging: | ||||||||
| Depreciaton oftangible fixed assets |
447,892 | 366,411 | ||||||
| Loan Interest | 55,223 | 87,054 | ||||||
| Operating lease rentals —other |
114,884 | 157,60D |
| Fixtures | ||||||
|---|---|---|---|---|---|---|
| Freehokl | & | n. | Motor | |||
| Pfopsriy | Flhings | Equipment | Vehicles | Total | ||
| 2 | 2 | 2 | 2 | 6 | ||
| Cost: | ||||||
| At I September 2019 | 10033,700 | 2,069,814 | 696,295 | 115262 | 13,717,070 | |
| Additions | 101,421 | 72,026 | 53,335 | 21,477 | 240,250 | |
| AI31 August2020 | ||||||
| Dspreoalion: | ||||||
| At I September 2019 | 1,670,232 | 1,466,010 | 470,224 | 01,250 | 3,704,716 | |
| Charge foryear | 206,046 | 127660 | 102,051 | 12,220 | 447,993 | |
| AI31 August2020 | I 884,278 | 1,593678 | 581,275 | 93470 | 4,152,709 | |
| Net book value: | ||||||
| AI 31AU9ust 2020 | ||||||
| Al I September 2019 | 34,012 | 10,012,38$ | ||||
| 14 | STOCK | |||||
| 2020 | 2019 | |||||
| 2 | 2 | |||||
| Stock Clothmg | 15 000 | |||||
| Stock Catenng | 7,811 | 6,121 | ||||
| 15 | DEBTORS | |||||
| 2020 | 2019 | |||||
| 2 | 2 | |||||
| Fees and Extras | 120;T04 | 124,800 | ||||
| Less provision for doubtful debts |
I93,$90) | (05,971) | ||||
| Other deblors | $,70'I | 3,307 | ||||
| Prepayments | 86,602 | 136,427 | ||||
| 170741 | ||||||
| 16 | CREDITORS | |||||
| Amounts falling due within one year |
2020 | 2010 | ||||
| E | 2 | |||||
| Loans | 440,901 | 568454 | ||||
| Trade creditors | 112,441 | 99,454 | ||||
| Texslion and senal securily costs | 111,104 | 107,016 | ||||
| Fee Deposits | 258,093 | 254,393 | ||||
| Feesin advance | 204,587 | 400,430 | ||||
| Other creditors | 128,020 | 45 477 | ||||
| Accruals | 408,700 | 422,642 | ||||
| """'~ams | ||||||
| Deferred income: | 2020 | 2019 | ||||
| 2 | 2 | |||||
| Brought forwards | T53,554 | 391,052 | ||||
| Released In year |
(753,554) | (391,652) | ||||
| Received in year |
600,952 | 753,554 | ||||
| Gamed forwards | 000,052 | 753,554 |
| 2020 | 2010 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 2 | ||||||||||
| Amounts falling due after |
more Ihan one year. | ||||||||||
| Bank loan | 2,065,510 | 2,297,357 | |||||||||
| Feesin advance | 1ST,S04 | 318,494 | |||||||||
| 2020 | 2D10 | ||||||||||
| E | 2 | ||||||||||
| Movementon hans |
|||||||||||
| In one year orless | 440,091 | 568,454 | |||||||||
| Between one and two yearn | 2,085,510 | 2,207,357 | |||||||||
| The bank loans comprise | of:one loan of23.921m taken out in | April 2006, repayable | by monthly instagmsnls |
over 17years with en Interest rats of0.853k over | |||||||
| LIBUR, one loan of5675000 taken out in July | 2015 | repayable | in 53 | monthly | instalmenls | with an interest rale ofI 959 plus the banks base rate, | and one loan | ||||
| of21.Sm taken out in September 2017end repayable | over 34 monthly | instalments | eath a fiosting interesi rate of2 31k.The loans sre secured by wsy of | ||||||||
| charges over the freehold | land and buildings. | ||||||||||
| FEES IN AOVANCE | MM0 | 2019 | |||||||||
| E | 2 | ||||||||||
| Fees In advance scheme | |||||||||||
| In one year orless | 294,567 | 400,430 | |||||||||
| Between one end two years | 123,645 | 15D,772 | |||||||||
| Between two and five years |
50,239 | 167,723 | |||||||||
| After five years | |||||||||||
| STATEMENT OF FUNDS | |||||||||||
| At I September 2019 |
Income | Expenditure | Transhr Between Funds |
Gains/ Dossss) |
AI 31 AU9uel 2020 |
||||||
| 2 | 2 | 2 | 2 | ||||||||
| Unrestrcted funds: |
|||||||||||
| General reserve | 7,726,000 | 0,791,470 | (8,297,D40) | 8,221,327 | |||||||
| Total funds | T,726,009 | 0,791,470 | (0,207,040) | 8221,327 | |||||||
| AI I September 2018 |
Income | Expenditure | Transfer Between Funds |
Gainsl gossss) |
At31 August 2019 |
||||||
| 2 | 2 | 2 | 2 | ||||||||
| Unreslncled funds: |
|||||||||||
| General reserve | 7,110,300 | 0,908 | 538 | (8,292,037) | 7,726,069 | ||||||
| Total funds | 7,110,300 | 0,908,530 | (8,292,D37) | 7,726,869 |
| ANALYSM OF N | ETASSETS BETWEEN FUND | S | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2020 | |||||||
| fuiids | Iulids | Total | |||||||
| 2 | 2 | 8 | |||||||
| Tangibte fixed assets | 9,012,629 | 0,012,020 | |||||||
| Investmenls | |||||||||
| Curreiit assets | 2,408,984 | 2400,004 | |||||||
| Current INbllilles |
(1,752,792) | (1,'752,792) | |||||||
| Long lerm liabilities | (2,247,394) | (2,247,304) | |||||||
| Totelnetassels | 0 21427 | 0221 | |||||||
| Unrestricted | Resbicled | 2019 | |||||||
| fuiids 2 |
fuhdsf | Total 2 |
|||||||
| Tangible fixed asseh | 10,012,303 | 10,012,3IO | |||||||
| Investments | |||||||||
| Cunentassee | 2,237,243 | 2,237,243 | |||||||
| Current liabilities |
(1,906,766) | (1,006,766) | |||||||
| Long lerm liebilises | (2,615,851) | (2,015,051) | |||||||
| Totalnetassets | rM6 89 |
||||||||
| COMMITMENTS | UNDER OPEIIATING LEASES | ||||||||
| At 31August 2020, the company hsd outstanding | commitments | for future | minimum | lease payments | under non cancellable | operating | leases, which fall due as | ||
| 2020 | 2010 | ||||||||
| Plant 9 | Plant& | ||||||||
| equipment | equipment | ||||||||
| Due within one year | 55,720 | 52,704 | |||||||
| Due between two |
snd five years | 48,576 | 115,700 | ||||||
| Governors |
| NOTES TO THE CASHFLOW STATEMENT | ||
|---|---|---|
| Recon olin lion ofoperating result lo net cash inflow from |
2020 | 2019f |
| operating acbvtties |
||
| Net movement in funds |
GI4,430 | 616,501 |
| Depreciaficn | 447,993 | 366,411 |
| Bank interest mceived | (15,105) | (7,022) |
| Incrsssei(Decrease) in creditors |
(fififi,f21) | (573,483) |
| (Increase)IDecmass I~ debtors |
60,940 | (44,577) |
| (Increase)/Decrease in slacks |
'13,310 | 75,840 |