| Page | |||||
|---|---|---|---|---|---|
| Reference and Administrative | Details ofthe Company, | its Trustees and Advisers | 1-2 | ||
| Trustees' Report |
3-15 | ||||
| Trustees' Responsibilities Statement |
16 | ||||
| Independent | Auditor's | Report | on the Financial Statements | 17-20 | |
| Statement of | Financial | Activities | 21 | ||
| Statement of | Financial | Position | 22-23 | ||
| Statement of | Cash Flows | 24 | |||
| Notes to the | Financial | Statements | 25-43 |
| Trustees | R Harris BAACA, Chair | |||||
|---|---|---|---|---|---|---|
| A L Cull.um BA PGCE NPQH+ | ||||||
| R Finnan BSc(Hons) MRICS *(appointed |
1October 2022) | |||||
| SA Geary* (resigned 30October 2022) | ||||||
| M Howse LLB* | ||||||
| KJefferies MBBSMSc MRCPsych +(appointed |
1October 2022) | |||||
| RJJewkes BEng FIE Aust* (resigned | 31January 2022) | |||||
| Dr C M Kissin MB ChB MRCP FRCR+ ~ | ||||||
| Prof G Mil.ler BScMSc PhD PGCE+ | ||||||
| SG Newnes-Smith ACA* |
||||||
| PJ O'Keefe RIBA MCIOB MIMgt* | ||||||
| A R CSpender BScFIA+ | ||||||
| FThompson LLB(appointed 25 October |
2022) | |||||
| J CWatkins FCA+ |
||||||
| Dr C Zagorski MB BChir FRCR MA (Cantab) (appointed 10ctober 2022) |
||||||
| *Members ofthe Finance 8 General Purposes Committee | ||||||
| + Members ofthe Academic Committee | ||||||
| ~ Designated Safeguarding Governor |
||||||
| Company | registered | |||||
| number | 00485947 | |||||
| Charity registered | ||||||
| number | 312057 | |||||
| Registered | office | Tormead | ||||
| Cranley Road | ||||||
| Guildford | ||||||
| Surrey | ||||||
| GU1 2JD | ||||||
| Bursar | SLawton (resigned 8 February 2022) | |||||
| JSharp MA (Cantab) ACA (appointed | 8 February | 2022, resigned 8August 2022) | ||||
| SLehrter MA (Oxon) ACIB (appointed |
9August | 2022) | ||||
| Head | D Boyd MA (Oxon) MA (UCL) PGCE (Cantab) | |||||
| Independent | auditor | CLA Evelyn Partners Limited |
||||
| Chartered Accountants |
||||||
| Statutory Auditor | ||||||
| Onslow House | ||||||
| Onslow Street | ||||||
| Guildford | ||||||
| GU1 4TL |
| Unrestricted | Restricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||||
| Note | ||||||||
| Income and | ||||||||
| endowments | from: | |||||||
| Donations and |
||||||||
| l.egacies | 4 | 3,759 | 3,759 | 70,284 | ||||
| Other income | 5 | 478,568 | 478,568 | 191,881 | ||||
| School fees | 6 | 11,294,701 | 11,294,701 | 10,337211 | ||||
| Income from | ||||||||
| investments | 694 | 13 | 707 | 1,808 | ||||
| Total income | and | |||||||
| endowments | 11,777,722 | 13 | 11,777,735 | 10,601,184 | ||||
| Expenditure | on: | |||||||
| CharitabLe activities | 11,003,984 | 11,003,984 | 9,657,306 | |||||
| Total expenditure | 11,003,984 | 11,003,984 | 9,657,306 | |||||
| Net movement | in | |||||||
| funds | 773,738 | 13 | 773,751 | 943,878 | ||||
| Reconciliation | of | |||||||
| funds: | ||||||||
| Total funds brought | ||||||||
| forward | 16,465,564 | 6,562 | 119,000 | 16,591,126 | 15,647,248 | |||
| Net movement | in | |||||||
| funds | 773,738 | 13 | 773,751 | 943,878 | ||||
| Total funds carried | ||||||||
| forward | 17,239,302 | 6,575 | 119,000 | 17,364,877 | 16,591,126 |
| STATEMENT OF | FINANCIAL | POSITION | ||||||
|---|---|---|---|---|---|---|---|---|
| AS AT 31AUGUST 2022 | ||||||||
| 2022 | 2021 | |||||||
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible assets | 14 | 16,878,655 | 15,998,593 | |||||
| 16,878,655 | 15,998,593 | |||||||
| Current assets | ||||||||
| Stocks | 15 | 6,358 | ||||||
| Debtors | 16 | 686,573 | 455,084 | |||||
| Cash at bank | and | in | hand | 5,479,572 | 5,221,484 | |||
| 6,172,503 | 5,676,568 | |||||||
| Creditors: amounts | falling | due within one | ||||||
| year | 17 | (2,251,626) | (1,425,869) | |||||
| Net current assets | 3,920,877 | 4,250,699 | ||||||
| Total assets | Less current | Liabilities | 20,799,532 | 20,249,292 | ||||
| Creditors: amounts | falling | due after more | ||||||
| than one year | 18 | (3,434,655) | (3,658,166) | |||||
| Total net assets | 17,364,877 | 16,591,126 | ||||||
| Charity funds | ||||||||
| Endowment | funds | 20 | 119,000 | 119,000 | ||||
| Restricted funds | 20 | 6,575 | 6,562 | |||||
| Unrestricted | funds | 20 | 17,239,302 | 16,465,564 | ||||
| Total funds | 17,364,877 | 16,591,126 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | E | ||||||
| Cash flows from operating | activities | ||||||
| Net cash generated from |
operating | activities | 22 | 1,896,427 | 2,017,986 | ||
| Cash flows from investing | activities | ||||||
| Investment income receipts |
707 | 1,808 | |||||
| Purchase oftangible assets | (1,350,727) | (220,190) | |||||
| Net cash used in investing | activities | (1,350,020) | (218,382) | ||||
| Cash flows from financing | activities | ||||||
| Finance costs paid | (75,383) | (80,189) | |||||
| Bank loan repayments | (212,936) | (208,166) | |||||
| Net cash used in financing |
activities | (288,319) | (288,355) | ||||
| Change in cash and cash |
equivalents | in the | year | 258,088 | 1,511,249 | ||
| Cash and cash equivalents | at the beginning | ofthe year | 5,221,484 | 3,710,235 | |||
| Cash and cash equivalents | at the end | ofthe | year | 23 | 5,479,572 | 5,221,484 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2022 | ||
| E | E | ||
| Donations | 300 | 300 | |
| Government | grants | 3,459 | 3,459 |
| 3,759 | 3,759 | ||
| Unrestricted | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| Donations | 31,252 | 31,252 | |
| Government | grants | 39,032 | 39,032 |
| 70,284 | 70,284 |
| Unrestricted | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||
| 2022 | 2022 | |||||||
| E | ||||||||
| Registration | fees, | reimbursed | disbursements | and | sundry | income | 478,568 | 478,568 |
| Unrestricted | Total | |||||||
| funds | funds | |||||||
| 2021 | 2021 | |||||||
| Registration | fees, | reimbursed | disbursements | and | sundry | income | 191,881 | 191,881 |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| E | ||
| The School. fee income comprised: | ||
| Gross fees | 12,236,323 | 12,236,323 |
| Less: Bursaries | (590,559) | (590,559) |
| Schol.arships | (224,182) | (224,182) |
| Staff discounts | (97,367) | (97,367) |
| Sister discounts | (25,572) | (25,572) |
| Advance fee discount | (3,942) | (3,942) |
| 11,294,701 | 11,294,701 | |
| Unrestricted | Total | |
| funds | funds | |
| 2021 | 2021 | |
| Gross fees | 11,238,349 | 11,238,349 |
| Less: Bursaries | (589,800) | (589,800) |
| Scholarships | (212,238) | (212,238) |
| Staff discounts | (74,072) | (74,072) |
| Sister discounts | (22,161) | (22,161) |
| Advance fee discount | (2,867) | (2,867) |
| 10,337,211 | 10,337,211 |
| Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2022 | 2022 | 2022 | ||||
| E | E | |||||
| Bank interest receivable | 694 | 13 | 707 | |||
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| 2021 | 2021 | 2021 | ||||
| Bank interest receivable | 529 | 1,279 | 1,808 | |||
| 8. | Net income | |||||
| 2022 | 2021 | |||||
| E | ||||||
| Net income isstated after charging | ||||||
| Operating | leases payments | 106,132 | 53,757 | |||
| Auditor's | remuneration: | |||||
| Statutory audit | 19,975 | 21,390 | ||||
| Accounts preparation | 2,255 | 2,050 | ||||
| Other | assurance | services | 975 | 1,170 | ||
| Other | services | 17,798 | 13,140 | |||
| 147,135 | 91,507 |
| Total | |||||
|---|---|---|---|---|---|
| Staff costs | Other | Depreciation | funds | ||
| 2022 | 2022 | 2022 | 2022 | ||
| E | E | ||||
| Teaching | costs | 5,787,714 | 850,471 | 52,072 | 6,690,257 |
| Welfare | 152,543 | 569,617 | 15,378 | 737,538 | |
| Premises | 221,167 | 1,037,013 | 842,522 | 2,100,702 | |
| Support | costs (note 11) | 419,272 | 928,079 | 7,434 | 1,354,785 |
| Finance | costs (note 12) | 120,702 | 120,702 | ||
| 6,580,696 | 3,505,882 | 917,406 | 11,003,984 |
| Total | |||||
|---|---|---|---|---|---|
| Staffcosts | Other | Depreciation | funds | ||
| 2021 | 2021 | 2021 | 2021 | ||
| Teaching | costs | 5,347,547 | 480,849 | 29,611 | 5,858,007 |
| Welfare | 86,206 | 362,183 | 29,124 | 477,513 | |
| Premises | 220,605 | 1,011,211 | 830,130 | 2,061,946 | |
| Support | costs (note 11) | 379,578 | 773,471 | 4,206 | 1,157,255 |
| Finance | costs (note 12) | 102,585 | 102,585 | ||
| 6,033,936 | 2,730,299 | 893,071 | 9,657,306 |
| Support costs | ||
|---|---|---|
| 2022 | 2021 | |
| E | ||
| Wages and salaries | 419,272 | 379,726 |
| Travel. costs | 389,352 | 321,283 |
| Legal. and professional. | 119,948 | 102,122 |
| Books,journals and ITcosts | 31,043 | 27,928 |
| Insurance | 38,943 | 25,903 |
| Other office costs | 319,607 | 269,265 |
| Depreciation | 7,434 | 4,206 |
| Governance costs | 29,186 | 26,822 |
| 1,354,785 | 1,157,255 | |
| Finance costs | ||
| 2022 | 2021 | |
| Interest on bank loans and overdraft | 75,383 | 90,189 |
| Bad debt charge | 45,319 | 12,396 |
| 120,702 | 102,585 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | ||||
| Wages and | salaries | 5,135,946 | 4,669,526 | |
| Social security costs | 534,674 | 483,856 | ||
| Contribution | to defined contribution | pension schemes | 910,076 | 880,554 |
| 6,580,696 | 6,033,936 |
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Head | 1 | 1 |
| Teachers | 95 | 91 |
| Domestic | 9 | 7 |
| Administration | 9 | 8 |
| 114 | 107 |
| 2022 | 2021 |
|---|---|
| No. | No. |
| Freehold | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| land 8 | Fixtures and | Computer | |||||||
| buildings | fittings | equipment | Total | ||||||
| E | E | E | |||||||
| Cost or valuation | |||||||||
| At 1September | 2021 | 22,552,251 | 2,627,168 | 883,317 | 26,062,736 | ||||
| Additions | 1,476,087 | 210,372 | 111,441 | 1,797,900 | |||||
| Disposals | (33,998) | (777,904) | (201,437) | (1,013,339) | |||||
| At 31August 2022 | 23,994,340 | 2,059,636 | 793,321 | 26,847,297 | |||||
| Depreciation | |||||||||
| At 1September | 2021 | 6,763,886 | 2,441,575 | 858,682 | 10,064,143 | ||||
| Charge for the | year | 790,156 | 87,152 | 40,098 | 917,406 | ||||
| On disposals | (33,998) | (777,472) | (201,437) | (1,012,907) | |||||
| At 31August 2022 | 7,520,044 | 1,751,255 | 697,343 | 9,968,642 | |||||
| Net book value | |||||||||
| At 31August 2022 | 16,474,296 | 308,381 | 95,978 | 16,878,655 | |||||
| At 31August 2021 | 15,788,365 | 185,593 | 24,635 | 15,998,593 | |||||
| The School's land and F6,975,000. The valuation |
buildings has not |
were been |
valued by King Sturge 8 Co at 10 December 1999 at included in these financial statements. Since the date of |
||||||
| valuation the School |
has invested a | further | F18,449,164 in land and buildings. | ||||||
| 15. | Stocks | ||||||||
| 2022 | 2021 | ||||||||
| Finished goods | and | goods | for resale | 6,358 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| E | |||||
| Due within one year | |||||
| Fees and disbursements | recoverable | 94,109 | 94,001 | ||
| Other debtors | 46,941 | 26,403 | |||
| Prepayments | and accrued income | 545,523 | 334,680 | ||
| 686,573 | 455,084 | ||||
| Creditors: Amounts | falling due within one year | ||||
| 2022 | 2021 | ||||
| Bank loans | 217,620 | 212,936 | |||
| Trade creditors | 485,957 | 309,945 | |||
| Other taxation | and sociaL security | 134,436 | 143,802 | ||
| Other creditors | 59,241 | 81,892 | |||
| Accruals and | deferred | income | 1,354,372 | 677,294 | |
| 2,251,626 | 1,425,869 |
| 2022 | 2021 | ||
|---|---|---|---|
| Bank loans | 2,989,225 | 3,206,845 | |
| Accruals and deferred | income | 445,430 | 451,321 |
| 3,434,655 | 3,658,166 |
| Deferred | income | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| E | |||||
| Balance | at 1September | 572,263 | 440,865 | ||
| Amount | released | to incoming | resources | (522,405) | (344,355) |
| Amount | deferred | in the year | 579,324 | 475,753 | |
| Balance | at 31August | 629,182 | 572,263 |
| Statement | o | ffunds —current year |
||||
|---|---|---|---|---|---|---|
| Balance at 1 | Balance at | |||||
| September | 31August | |||||
| 2021 | Income | Expenditure | 2022 | |||
| E | E | E | ||||
| Unrestricted | funds | |||||
| General Funds —all. funds |
16,465,564 | 11,777,722 | (11,003,984) | 17,239,302 | ||
| Endowment | funds | |||||
| Endowment | Fund | 119,000 | 119,000 | |||
| Restricted | funds | |||||
| Restricted | Funds | 6,562 | 13 | 6,575 | ||
| Total offunds | 16,591,126 | 11,777,735 | (11,003,984) | 17,364,877 |
| Statement | o | ffunds —prior year |
||||
|---|---|---|---|---|---|---|
| Balance at | Balance at | |||||
| 1September | 31August | |||||
| 2020 | Income | Expenditure | 2021 | |||
| E | E | |||||
| Unrestricted | funds | |||||
| General. Funds —al.l.funds |
15,522,965 | 10,599,905 | (9,657,306) | 16,465,564 | ||
| Endowment | funds | |||||
| Endowment | Fund | 119,000 | 119,000 | |||
| Restricted | funds | |||||
| Restricted | Funds | 5,283 | 1,279 | 6,562 | ||
| Total offunds | 15,647248 | 10,601,184 | (9,657,306) | 16,591,126 |
| Analysis ofnet assets between funds —c |
urrent year | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2022 | |
| Tangible fixed assets | 16,878,655 | 16,878,655 | ||
| Current assets | 6,046,928 | 6,575 | 119,000 | 6,172,503 |
| Creditors due within one year | (2,251,626) | (2,251,626) | ||
| Creditors due in more than one year | (3,434,655) | (3,434,655) | ||
| Total | 17,239,302 | 6,575 | 119,000 | 17,364,877 |
| Analysis ofnet assets between funds |
(continued) | |||
|---|---|---|---|---|
| Analysis ofnet assets between funds | —prior year | |||
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2021 | |
| E | E | |||
| Tangible fixed assets | 15,998,593 | 15,998,593 | ||
| Current assets | 5,551,006 | 6,562 | 119,000 | 5,676,568 |
| Creditors due within one year | (1,425,869) | (1,425,869) | ||
| Creditors due in more than one year | (3,658,166) | (3,658,166) | ||
| Total | 16,465,564 | 6,562 | 119,000 | 16,591,126 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Net income for the | year (as per | Statement of Financial Activities) | 773,751 | 943,878 | |
| Adjustments for: |
|||||
| Add: Bank interest | payable | 75,383 | 80,189 | ||
| Less: Bank interest | receivable | (707) | (1,808) | ||
| Increase in stock |
(6,358) | ||||
| Increase in debtors |
(231,489) | (105,253) | |||
| Decrease in creditors |
368,441 | 207,907 | |||
| Depreciation charges |
917,406 | 893,073 | |||
| Net cash provided | by operating | activities | 1,896,427 | 2,017,986 | |
| 23. | Analysis ofcash and cash equivalents | ||||
| 2022 | 2021 | ||||
| E | |||||
| Cash in hand | 5,479,572 | 5,221,484 | |||
| Total cash and cash equivalents | 5,479,572 | 5,221,484 |
| At 1 | Other non- | |||||
|---|---|---|---|---|---|---|
| September | cash | At 31August | ||||
| 2021 | Cash flows | changes | 2022 | |||
| E | ||||||
| Cash | at bank and | in hand | 5,221,484 | 258,088 | 5,479,572 | |
| Debt | due within 1year | (212,936) | 212,936 | (217,620) | (217,620) | |
| Debt | due after 1 | year | (3,206,845) | 217,620 | (2,989,225) | |
| 1,801,703 | 471,024 | 2,272,727 |
| 2022 | 2021 | ||
|---|---|---|---|
| E | |||
| Payments | due: | ||
| Within one year | 101,803 | 103,528 | |
| After one | year and not later than five years | 66,974 | 158,360 |
| 168,777 | 261,888 |