2021-06-30-accounts - The Royal Medical Foundation Of Epsom College

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		Page
Council and Advisers
Report ofthe Council		2-15
Report ofthe Independent	Auditor	16-18
Consolidated Statement	ofFinancial Activities	19
Group and Charity Balance Sheets		20
Consolidated Cash Flow	Statement	21-22
Notes to the Financial Statements		23-42

128,871(202	0-f196,3	6	9)were made during the ye	ar en	ded 30June 2021,	as shown below:
Number of			Type ofAward				Amount	Paid
beneficiaries							(8)
	Re ular		a ents to medical ractitioners		and their widows	/ widowers		23,000
30	Short-term		a ents or one-otf	ts where ur ent assistance isre uired				42 028
	Financial		assistance with educational	ex	enses			13,520
	Financial		assistance with educational	e	enses atE som Colle e			49673
	Other	ants						650
							128,871

	Notes	Unrestricted	Restricted	Endowed	Total	Total
INCOME AND ENDOWMENTS FROM:		5'000	f.'000	5'000	2021 8'000	2020 &000
Charitable activities
School fees receivable Ancillary trading income Other trading activities		24,956 1,572			24,956 1,572	22,585 7,849
Non-ancillary trading income		141			141	468
Other activities		200			200	232
Investments
Investment income Finance income		90 460	370 1		460 461	429 8
Voluntary sources
Grants and donations		674	802		1,476	1,929
TOTAL INCOME		28,093	1,173		29,266	27,500
EXPENDITURE ON:
Raising funds
Non-ancillary trading	7	62			62	741
Financing costs	7,8	738			738	365
Investment management	7	11	14	49	74	70
Fundraising and development	7	166			166	190
TOTAL DEDUCTIBLE COSTS		977	14	49	1,040	766
CHARITABLE ACTIVITIES
Education and grant making	7	25,734	692		26,426	25,395
TOTAL EXPENDITURE	7	26,711	706	49	27466	26,163
NET INCOME/(EXPENDITURE)
FROM OPERATIONS		1,382	467	(49)	1,800	7,337
Gains on investments		402	469	1,717	2,588	277
NET INCOME FORTHE YEAR		1,784	936	1,668	4,388	1,554
Pension scheme actuarial losses	21				(I)	(3)
NET MOVEMENT IN FUNDS		1,783	936	1,668	4,387	1,551
Fund balances brought forward at 1 July	20	18,454	5,521	10,697	34,672	33,JZ7
FUND BALANCES CARRIED FORWARD AT30JUNE	20	20,237	6,457	12,365	39,059	34.672

		Group	Group	Charity	Charity
		2021	2020	2021	2020
	Notes	5'000		5'000	6'000
FIXEDASSETS
Tangible assets	10	30,289	31,212	30,261	31,180
Investments	11	17,789	15,186	17,S64	15,261
Derivatives	12	451		451
		48,529	46,398	48,576	46,441
CURRENT ASSETS
Stock		33	42	30	40
Debtors		841	1,168	997	1,212
Cash and deposits		7155	3,042	6 12	2,923
		8,029	4,252	7,939	4,175
CURRENT LIABILITIES
Creditors payable within one year	14	6,067	6,971	6,040	6,953
NET CURRENT ASSETS/		1,962	(2,719)	1,899	(2,778)
(LIABILITIES)
TOTAL ASSETSLESS
CURRENT LIABILITIES		50,491	43, 6'79	50,475	43,663
LONG TERM LIABILITIES
Creditors payable after one year	15	11,432	9,007	11432	9,007
NET ASSETS		39,059	34,672	39043	34,656
ENDOWED FUNDS	19,20	12@65	10,697	12@65	10 6I?7
RESTRICTED FUNDS	1920	6,457	5,521	6,457	5,521
UNRESTRICTED FUNDS	1920	20,237	18,454	20,221	18,438
TOTAL FUNDS		39,059	34, 6'72	39,043	34,656

						2021	2020
				Notes		5'000	8'000
Cash flows from operating	activities
Net cash provided by operating activities						5411	3,912
Cash flows from investing	activities:
Dividends and interest from	investments				460		437
Payments for tangible fixed assets Change in cash awaiting investment Proceeds on sale oftangible fixed assets					(2,264) (14) 1		(2,873) 95 56
Net cash used in investing	activities					(1,817)	(2,285)
Cash flows from financing	activities:
Repayment ofborrowing Cash inflows from new borrowing Movement in finance leases					(8,486) 8,862 238		(3,353) 2,928
Finance costs paid New fees in advance money Fees in advance money utilised					(365) 1,699 ~1429		(365) 1,056 ~l33ll.
Net cash provided by/ (used in) financing			activities			719	(1,064)
Change in cash and cash	equivalents	in	the reporting
period						4,113	563
Cash and cash equivalents at the beginning		ofthe reporting
period						3,042	2,479
Cash and cash equivalents period	at the end	of the reporting				~7155	3,042

(i) Reconciliation ofnet	income t	o net cash flow from ope	rating activiti	es
				2021		2020
				8'000		F000
Net income for the reporting period (as per the statement
offinancial activities)				1,800		1,339
Investment income			(460)		(437)
Other finance income			(451)
Finance costs				365	365
Depreciation charges			3,162		3,279
Loss/ (profit) on disposal	ofassets			20	(31)
Decrease/ (increase) in stock				9	7
Decrease/ (increase) in debtors Increase/ (decrease) in creditors (excluding fees in advance)				327 439 ~3411	(28) ~588	2,573
Net cash provided by operating		activities		5 11		3,912
ii) Analysis ofcash and cash equivalents
				2021		2020
				5'000		F000
Cash in bank				6,688		2,572
Cash in hand				13		16
Notice deposits (less than	3 months)			454		454
Total cash and cash equivalents				7,155		3,042
iii) Analysis ofchanges	ia net debt		1July 2020	Cash flows	Non-cash	30June 2021
			8'000	OOOO	changes	%'000
Cash in bank			2,572	4,116		6,688
Cash in hand			16	(3)		13
Notice deposits			454			454
Cash snd cash equivalents			3,042	4,113		7,155
Bank loans falling due within one		year	(1,203)	(7,659)	8,847	(15)
Bank loans falling due after more		than one year	(7,283)	7,283	(8,847)	(8,847)
Finance lease obligations	due within one year		(11)	(238)	190	(59)
Finance lease obligations	due after more than one year				(190)	(190)
Total borrowings +finance lease		obligations	(8,497)	(614)		(9,111)
Net debt			(5,455)	3,499		(1,956)

CHARITABLE ACTIVITIES —FEESRECEIVABLE	CHARITABLE ACTIVITIES —FEESRECEIVABLE	CHARITABLE ACTIVITIES —FEESRECEIVABLE	CHARITABLE ACTIVITIES —FEESRECEIVABLE	2021	2020
				K'000	F'000
Fees receivable consist of:
School fees				26,450	24,049
Less: Scholarships, bursaries			and other awards	1,71	1,670
				24,735	22,379
Add back scholarships	and	grants paid out ofrestricted funds		221	206
				24956	22,385
CHARITABLE ACTIVITIES —OTHER INCOME
				2021	2020
				0'000	Z'000
Ancillary trading income
Entrance and registration fees				193	136
Additional charges to	pupils			1,206	1,483
Insurance commission				4	10
Other				169	220
				1,572	1,849
OTHER TRADING	ACTIVITIES			2021	2020
				6'000	f.'000
Non ancillary trading	income
Epsom College Enterprises		Ltd		108	247
Courses and lettings				33	221
				141	468
Other activities
Epsom College Overseas Ltd - royalties				200	200
Profit on sale offixed	assets				32
				200	232

FINANCE INCOME
	2021	2020
	6'000	6'000
Bank and other interest receivable	10	8
Change in fair value ofderivatives	451
	461	8

GRANTS	AND DONATIONS RECEIVA	BLE
					Total	Total
		Unrestricted 5'000	Restricted K'000	Endowment 5'000	2021 K'000	2020 f'OOO
Donations	to Royal Medical Foundation
					6	4
Donations	to the College for other
charities, bursaries, fixed asset purchases			368		368	136
and other purposes
Donations	to the Epsom College Education
Trust Fund educational	for the development of faciTities and activities for the		434		434	1,025
College
Government	Grants	668			668	764
		674	802		1,476	1,929

(a) Total expenditure
	Staff	Other		2021	2020
	Costs	Costs	Depreciation	Total	Total
	6'000	g'000	5'000	ZQQQ	OOOO
Raising funds
Trading costs	32	19		62	141
Fundraising costs	142	24		166	190
Investment management		73		74	70
Financing costs (note 8)		738		738	365
Total raising funds	174	855	11	I 040	766
Charitable activities
Teaching Welfare Premises	10,340 3,114 453	1,999 1,465 1,981	41 2,508	12,380 4,579 4,942	12,246 4,382 4,954
Support and governance costs Grants, awards and prizes	1,561	1,695 667	602	3,858 667	3,316 499
Total charitable activities	15,468	7,807	3,151	26,426	25,395
Total expenditure	15,642	8662	3162	27,466	26,161

(b) Governanc	e included in support costs
		2021	2020
		g'000	6'000
Remuneration Remuneration Reimbursement	paid to auditor for audit services paid to auditor for assurance services ofpersonal expenses to Trustees —travel costs	40 3	40 I I
		43	42

Remuneration paid to auditor for audit services and assurance	Remuneration paid to auditor for audit services and assurance	Remuneration paid to auditor for audit services and assurance	Remuneration paid to auditor for audit services and assurance	Remuneration paid to auditor for audit services and assurance	services exclude irrecoverable	VAT.
Remuneration paid to the auditor ofEpsom College Enterprises Ltd and Epsom College Overseas Ltd for audit services are included, net ofVAT, within Trading costs and amount to 54,140(2020:54,060) and f2,040 (2020:
52,000) respectively. Remuneration 52,500 (2020:I 2,500), remuneration			paid to the auditor ofEpsom College Enterprises paid to the auditor ofEpsom College Overseas		Ltd for tax services Ltd for tax services			was was
53,500(2020; 61,500).
FINANCE COSTS
						2021		2020
						0'000		F000
School fees in advance financing		costs				37		50
Bank borrowings financing costs						326		311
Change in fair value	ofderivatives					373
Pension scheme financing costs						2
						738		365
STAFF COSTS
						2021		2020
						g'000		6'000
The aggregate payroll costs for the year were as follows:
Wages and salaries					12,570		12,291
Social security costs						1,303		1,273
Pension contributions						1,769		1,664
					15,642		15,228
Aggregate employee	benefits ofkey		management personnel			1,310		1,274
The average number ofemployees		during		the year was:
						2021		2020
						No.		No.
Teaching (including	teaching support		stafi)			136		137
Other						293		315
						429		452

		Charity	Charity			Subsidiary
	Land & Buildings	Assets Under	Plant, Machinery	Fixtures & Equipment	Charity Total	Fixtures & Equipment	Group Total
		Construction	&Vehicles
	E'000	5'000	F000	F000	8'000	5'000	8'000
Cost or frozen valuation
AtIJuly 2020 Additions at cost Transfers	62,316 961	723 619	I,775 23	5,874 653	70,688 2,256	50 8	70,738 2,264
Disposals	13)		39	1,534)	1,58		I 587
At 30June 2021	63,264	1,342	1,759	4,992	71 58	57	71415
Depreciation
At IJuly 2020	33,374		1,442	4,693	39,508	18	39526
Charge for the year Eliminated on disposals	2,401 (13)		130 (23)	620 (1,526)	3,151 (1,562)	11	3,162 (1,562)
At 30June 2021	35,762		1,549	3,787	41097	29	41,126
Net book value
AtIJuly 2020	28,942	723	333	I,181	31,180	32	31212
At30June 2021	27,502	1,342	210	1,205	30,261	28	30,289

11.	INVESTMENTS	INVESTMENTS
a)	Group and Charity Investment		movements	Total 2021	Tata! 2020
				5'000	6'000
	Group investments as at I July			15,186	15,064
	Change in cash awaiting	investment		14	(95)
	Realised gains/(losses)			2,386	(152)
	Unrealised (losses)/ gains			203	369
	Group investments at30	June		17,789	15,18o
	Investment in subsidiaries			75	75
	Charity investments at 30June			17,864	15,26'1
b)	Investment analysis			2021 5'000	2020 6'000
	Fixed interest stocks and	bonds		2,280	2,494
	UK equities			4417	3547
	Worldwide equities			8,580	o,872
	Alternative investments			2,612	2,273
	Group investments			17,789	15,186
	Investment in subsidiaries			75	75
	Charity investments			17,864	15,261


DERIVATIVES	Group	Group	Charity	Charity
	2021	2020	2021	2020
	5'000	6'000	f.'000	6'000
Financial instruments	451		451


DEBTORS		Group	Group	Charity	Charity
		2021	2020	2021	2020
		5'000	4'000	5'000	6'000
Fees and extras		393	336	393	336
Trade debtors		86	4
Sundry debtors		43	175	43	175
Prepayments and accrued income		319	653	314	651
Amounts due &om subsidiary	companies			247	50
		841	1,168	997	1,212
All debtors are due within one	year.
CREDITORS PAYABLE WITHIN IYEAR		Group	Group	Charity	Charity
		2021	2020	2021	2020
		6'000	6'000	5'000	&000
Deposits &om feepayers Bank loans and overdrafts Finance lease		2,635 15 59	2,458 1,203 11	2,635 15 59	2,458 1,203 11
Trade creditors		380	242	380	242
Taxation and social security		344	318	344	318
Other creditors, accruals and deferred income School fees in advance scheme (see note 16) Pension deficit funding (see note 21)		858 1,145 60	I,125 1,125 58	831 1,145 60	1,103 I,125 58
Holiday pay accrual		476	431	476	431
Derivative financial instruments		95		95
Amounts due to subsidiary companies
		6,067	6,971	6,040	6,953
CREDITORS: AMOUNTS FALLING DUE AFTER		MORE THAN ONE		2021	2020
YEAR
				6'000	t."000
Bank loans and overdraits School fees in advance scheme Finance lease	(see note 16)			8,847 1,956 190	7,283 1,506
Pension deficit funding (see note 21)				161	218
Derivative financial instruments				278
				11432	9,007

		2021	2020
		8'000	4'000
Beyond 5years		269	28
Within 2-5 years		1,687	1,478
Within I year		1,145	1,125
		3,101	2,631
The movements At I July	during the year were as follows:	2,631	2,905
New contracts during the year		1,699	1,05o
Amounts accrued	to contracts
		4,330	3,961
Amounts returned Amounts utilised	to leavers in payment offees	(30) I199	1,330
Balance at 30June		3,101	2,631

					2021	2020
					g'000	&000
Financial	assets measured		at	cost (a)	7,928	4,069
Financial	assets measured		at	fair value (b)	18440	15,186
Financial	liabilities	measured		at amortised cost (c)	13,887	12,6'60
Financial	liabilities	measured		at fair value (d)	373

The net assets are held for the various	funds as follows:
	Fixed		Net Current	Long Term	2021
	Assets	Investments	Assets/	Liabilities	Total
			(Liabilities)
	F000	g'000	8000	F000	8'000
Unrestricted funds
General fund	1,445	2,861	(1,028)	(351)	2,927
Fixed assets fund	28,844		(2,765)	(8,847)	17,232
Advance fees			1,956	(1,956)
Derivative reserve	451		(95)	278	78
	30,740	2,861	(1,932)	(11,432)	20+37
Restricted funds		2,563	3,894		6,457
Endowed funds		12,365			12,365
Balances at30June 2021	30,740	17,789	1,962	11,432	39,059

19.	ALLOCATION OF	THE NET ASSETS	THE NET ASSETS	(continued)
	2020			Fixed		I/et Current	Long	Term	2020
				Assets	Investments	Assets!	Liabilities		Total
				f'000	f'000	(Liabilities) f'000		f'000	f'000
	Unrestrteted funds
	General fund Fixed assets fund Advance fees			1,546 29,666	2,506	(1,266) (6;497) 1,506	(218) (7,283) 1,$06		2,$68 1$,886
	Restrictedfunds				1,983	3,$38			$,$21
	Endowed funds				10,697				10697
	Balances at30June	2020		31,212	1$,186	(2,719	9,007		34,6'72
20.	MOVEMENT ON FUNDS
				IJuly					Gains	30June
				2020 f'000	Income F000	Expenditure F000	Transfers f'000	/Losses f'000		2021 5'000
a.	UNRESTRICTED
	Epsom College
	General fund Designated fixed asset Derivative reserve	fund		16 15,886	27,547 451	(26,253) (373)	(1,293) 1,346 -		(I) -	16 17,232 78
	Royal Medical Foundation
	General funds			2,552	95	(85)	(53)		402	2,911
				18,454	28,093	26,711			401	20437
b.	RESTRICTED
	Epsom College
	Scholarships, bursaries	and	development
	ofeducational facilities			4,831	1,024	(602)			358	5,611
	Royal Medical Foundation
	Grant funds —maintenance		and education	173	66	(45)			28	222
	Gift/annuity fund			517	83	59			83	624
				5,521	1,173	70			469	6,457
c.	ENDOWED
	Epsom College
	Scholarships			5,529		(25)			887	6,391
	Royal Medical Foundation
	Grant funds —maintenance Reliefofpoverty fund Gift/annuity fund Foundation scholars		and education	2,142 197 2,386 443		(10) (I) (II) 2			344 32 383 71	2,476 228 2,758 512
				10,697		49			1,717	12465

20.	MOVEMENT ON FUNDS (Continued)	MOVEMENT ON FUNDS (Continued)	MOVEMENT ON FUNDS (Continued)
	2020			1July				Gains	30June
				2019	income	Expenditure	Transfers	/I.asses	2020
				L'000	OOOO	L'000	6'000	L'000	6'000
a.	UNRESTRICTED
	Epsom College
	Undesignated
	General fund			16	25,907	(25,496)	(408)	(3)	16
	Designated:
	Fixed assets fund			15,416			470		15,886
	/1dvanced fees
	Royal Medical Foundation
	General funds			2,605	89	(116)	(62)	36	2,552
				18,037	25,996	25,61Z		33	18,454
b.	RESTRICTED
	Epsom College
	Scholarships, bursaries	and	the
	development ofeducational			3,809	1,367	(375)		30	4,831
	facilities
	Royal Medical Foundation
	Grant funds —maintenance		and education	182	61	(72)			173
	Gift/annuity fund			493	76	59			$17
				4,484	1,504	506		39	5,$21
	ENDOWED
	Epsom College
	Scholarships			5,479		(23)		73	5,529
	Royal Medical Foundation
	Grant funds —maintenance		and education	2,123		(9)		28	2,142
	Reliefofpoverty fund			195		(1)		3	197
	Gift/annuity fund			2,364		(10)		32	2,386
	Foundation scholars			439		2		6	443
				10,600				142	10,697

iscount rat	e is reco	gnised as a finance cost.
					2021	2020
					8'000	Z'000
Provision	at I July				276	325
Unwinding	ofthe	discount factor (interest expense recognised	in SOFA)		2
Deficit contribution		paid			(58)	(56)
Re-measurements		—impact ofchange in actuarial assumptions	(recognised	in SOFA)	1	3
Provisioa	at 30June				221	276

		Notes	Unrestricted	Restricted	Endowed	Total
						2020
INCOME AND ENDOWMENTS	FROM:		F000	6'000	6'000	I'000
Charitable activities
School fees receivable			22,585			22,585
Ancillary trading income			1,849			1,849
Other trading activities
Non-ancillary trading income			468			468
Other activities			232			232
Investments
Investment income			86	343		429
Bank and other interest			8			8
Voluntary sources
Grants and donations			768	1,161		1,929
TOTAL INCOME			25,996	1 504		27500
EXPENDITURE ON:
Raising funds
Non-ancillary trading		6	141			141
Financing costs		6,7	365			365
Investment management		6	11	14	45	70
Fundraising and development		6	190			190
TOTAL DEDUCTIBLE COSTS			707	14	45	766
CHARITABLE ACTIVITIES
Education and grant making			24,905	492		25495
TOTAL EXPENDITURE			25,612	506	45	26,163
NET INCOME/(EXPENDITURE) FROM OPERATIONS			384	998	(45)	I/37
Gains on mvestments		10	36	39	142	217
NET INCOME/(EXPENDITURE)	FOR		420	1,037	97	1,554
THE YEAR
Pension scheme actuarial (losses)/gains		19	(3)			(3)
NET MOVEMENT IN FUNDS			417	1,037	97	1,551
Fund balances brought forward at I	July	18	18,037	4,484	10,600	33,121
FUND BALANCES CARRIED		18	18,454	5,521	10,697	34,672
FORWARD AT30JUNE