#
##
##
|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||||||
##
##
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##
||||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|