|CONTENTS|||PAGE|
|---|---|---|---|
|Governors,
Officers and Advisers||||
|Annual
Report ofthe Governors||||
|Governors'
Responsibilities
Statement|||18|
|Independent
Auditor's
Report tothe Members|||19|
|Statement of Financial Activities (incorporating|the Income and Expenditure|Account)|22|
|Balance Sheet|||23|
|Cash Flow Statement|||24|
|Notes tothe Financial Statements|||25|
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|Advisers|||||
|---|---|---|---|---|
|Independent||Auditor|Kreston Reeves|LLP|
||||Springfield
House||
||||Springfield
Road||
||||Horsham||
||||West Sussex||
||||RH12 2RG||
|Bankers|||Barclays Bank Pic||
||||90-92 High Street||
||||Crawley||
||||West Sussex||
||||RH10 1BP||
|Solicitors|||Farrer Ik Co LLP||
||||66 Lincoln's
Inn|Fields|
||||London||
||||WC2A 3LH||
|Insurance|Brokers||Marsh
Limited||
||||1-5Perrymount|Road|
||||Haywards
Heath||
||||Surrey||
||||RH16 3SY||
|Website|||www. boxhillschool. corn||
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|umber ofbursaries
and scholarships
a|warded
during the year|:|||
|---|---|---|---|---|
|||2020||2019|
|Bursaries and sibling discounts|30pupils|6282,967|24 pupils|6206,953|
|Scholarships|116pupils|6277,228|104pupils|6283,887|
|||6560,195||6490,840|
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|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2020|2020|2019|
||||Note|8|6|E|
|Income from:|||||||
|Donations
and legacies||||211,472|211,472|64,029|
|Charitable
activities:|||||||
|School fees receivable||||8,863,553|8,863,553|9,778,846|
|Ancilliary trading|income|||396,402|396,402|597,423|
|investments||||366|360|2,428|
|Other income||||4,545|4,545|97|
|Total Income||||9,476,338|9,476,338|10,442,823|
|Expenditure
on:|||||||
|Charitable
activities||||9&413,900|9,413,909|9,718,088|
|Other expenditure|||9|203,039|203,039|200,539|
|Total expenditure||||0,616,948|9,618,948|9,918,627|
|Net movement
in|funds|||(140,610)|(140,610)|524,196|
|Reconciliation
of|funds:||||||
|Total funds brought||forward||7,640,002|7,648,092|7,123,896|
|Total funds carried||forward||7,507,482|7,507,482|7,648,092|
|for the year ended 31July||2020||||||
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
|||||||5||
|Cash flows from operating||activities||||||
|Net cash used
in operating|activities|||||96,834|1,230,481|
|Cash flows from investing||activities||||||
|Dividends,
interests
and rents from investments||||||366|2,428|
|Purchase oftangible assets||||||(473,742)|(335,133)|
|Sales proceeds from tangible||fixed assets||||17,974||
|Net cash used in investing||activities||||(455,402)|(332,705)|
|Cash flows from financing||activities||||||
|Repayments
of borrowing||||||(6,448,480)|(453,737)|
|New loans||||||6,811,772|183,118|
|Capital element offinance lease rentals||||||(74,237)|(8,998)|
|Interest paid||||||(203,039)|(200,539)|
|Net cash provided
by/(used||in) financing||activities||86,016|(480,156)|
|Change
in cash and cash|equivalents||in|the year||(272,552)|417,620|
|Cash and cash equivalents|at the beginning|||ofthe year||1,293,052|875,432|
|Cash and cash equivalents||at the end|of|the year||1,020,500|1,293,052|
|The notes on pages 25 to47||form part ofthese financial|||statements|||
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||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2020|2020|2020|
||6|6|6|
|Donations|1,817||1,817|
|Grants|209,655||209,655|
|Total 2020|211,472||211,472|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2019|2019|2019|
|||8|F|
|Donations|34,029|30,000|64,029|
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020|2020|2019|
|||S|8|8|
|Teaching and Academic Services (Note 5)||8,863,553|8,863,553|9,778,846|
|Ancillary trading|income (Note 6)|396,402|396,402|597,423|
|Total 2020||9,259,955|9,259,955|10,376,269|
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|School fees|receivable|||
|---|---|---|---|
|||2020|2019|
|||8||
|Board and tuition fees||9,313,991|10,139,446|
|Fees in lieu|of notice|109,757|66,512|
|Scholarships|and bursaries|(560,195)|(490,840)|
|Bursaries reserve reallocation|||63,728|
|||8,863,553|9,778,846|
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|Ancillary
tra|ding
income|||
|---|---|---|---|
|||2020|2019|
|||8|F|
|Income from|extra tuition|193,284|252,922|
|Courses and|sub-letlings|182,092|307,848|
|Registration|fees|21,026|36,653|
|||396,402|597,423|
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020|2020|2019|
|||||5|
|Investment|income - other local unlisted|||2,250|
|Bank interest receivable||366|366|178|
|Total 2020||366|366|2,428|
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|||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
|||||||2020|2020|2019|
|||||||6|||
|Gain|on|disposal|oftangible|fixed|assets|4,545|4,545|97|
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||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020|2020|2019|
||5||F|
|Interest on bank loans and overdrafls|168,766|168,766|179,264|
|Finance lease charges|34,273|34,273|21,275|
|Total 2020|203,039|203,039|200,539|
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||Activities|||
|---|---|---|---|
||undertaken|Governance|Total|
||directly|costs|funds|
||2020|2020|2020|
|Teaching and Academic Services|5,349,948||5,349,948|
|Welfare|1,184,698||1,184,698|
|Premises|1,052,517||1,052,517|
|Support|1,740,292||1,740,292|
|Governance||86,454|86,454|
|Total 2020|9,327,455|86,454|9,413,909|
||Activities|||
|---|---|---|---|
||undertaken|Governance|Total|
||directly|costs|funds|
||2019|2019|2019|
|||F||
|Teaching and Academic Services|5,261,767||5,261,767|
|Welfare|1,401,044||1,401,044|
|Premises|1,152,671||1,152,671|
|Support|1,834,330||1,834,330|
|Governance||68,276|68,276|
|Total 2019|9,649,812|68,276|9,718,088|
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|||Teaching|||||
|---|---|---|---|---|---|---|
|||and|||||
|||Academic||||Total|
|||Services|Welfare|Premises|Support|funds|
|||2020|2020f|2020|2020|2020|
|Staff costs||4,260,441|380,899|384,831|1,259,172|6,285,343|
|Depreciation||263,753|222,522|5,471|26,598|518,344|
|Supply staff|costs|15,175||||15,175|
|Staff discounts||103,008||||103,008|
|Advertising|and introductory||||||
|fees||220,197|||66,419|286,616|
|Text books|and equipment|216,704||||216,704|
|Maintenance||||37,847||37,847|
|Food and subsistence|||440,047|||440,047|
|Other overheads||270,670|141,230|624,368|388,103|1,424,371|
|Total 2020||5,349,948|1,184,698|1,052,517|1,740,292|9,327,455|
|||Teaching|||||
|||and|||||
|||Academic||||Total|
|||Services|Welfare|Premises|Support|funds|
|||2019|2019|2019|2019|2019|
|||F|F||F|F|
|Staff costs||3,948,326|405,797|417,870|1,260,856|6,032,849|
|Depreciation||246,130|202,884|1,195|45,111|495,320|
|Supply staff|costs|94,953||||94,953|
|Staff discounts||95,312||||95,312|
|Advertising|and introductory||||||
|fees||236,656|||69,192|305,848|
|Text books|and equipment|215,453||||215,453|
|Maintenance||||136,098||136,098|
|Food and subsistence|||607,534|||607,534|
|Other overheads||424,937|184,829|597,508|459,171|1,666,445|
|Total 2019||5,261,767|1,401,044|1,152,671|1,834,330|9,649,812|
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|||||||||Total|
|---|---|---|---|---|---|---|---|---|
||||||||Governance|funds|
||||||||2020|2020|
|Current year|||||||||
|Auditor's
remuneration|||||||16,140|16,140|
|Governors'
expenses|||||||4,440|4,440|
|Administration|costs||||||65,874|65,874|
|Total 2020|||||||86,454|86,454|
|||||||||Total|
||||||||Governance|funds|
||||||||2019|2019|
||||||||F||
|Prior year|||||||||
|Auditor's
remuneration|||||||16,493|16,493|
|Governors'
expenses|||||||3,736|3,736|
|Administration|costs||||||48,047|48,047|
|Total 2019|||||||68,276|68,276|
|Auditors'
remuneration|||||||||
||||||||2020|2019|
|||||||||F|
|Fees payable|to the charitable||company's||auditor|for the audit ofthe|||
|charitable
company's||annual|accounts||||12,600|13,200|
|Fees payable|to the charitable||company's||auditor|in respect of:|||
|All non-audit|services not included|||above|||3,540|3,293|
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|year ended
Staffcosts|31July|2020||||
|---|---|---|---|---|---|
|||||2020|2019|
||||||0|
|Wages and|salaries|||5,019,344|5,015,868|
|Social security costs||||508,718|484,008|
|Contribution|to defined|contribution|pension schemes|757,281|532,973|
|||||6,285,343|6,032,849|
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|2020|2019|
|---|---|
|No.|No.|
|143|144|
||||2020|2019|
|---|---|---|---|---|
|Teaching:|Full|time|52.40|54.00|
||Part|time|12.60|20.50|
|Support:|Full|time|14.50|11.00|
||Part|time|16.88|11.50|
|Welfare:|Full|time|11.42|11.00|
||Part|time|7.33|6.46|
|Premises:|Full|time|9.00|11.00|
|Average|FTE||124|125|
|||||2020|2019|
|---|---|---|---|---|---|
|||||No.|No.|
|In|the|band|660,001 - F70,000|||
|In|the|band|f70,001 - F80,000|||
|In|the|band|f100,001 - F110,000|||
|In|the|band|f110,001 - F120,000|||
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||||Computers,|||
|---|---|---|---|---|---|
||Freehold|Fixtures and|software|Motor||
||property|fittings|and network|vehicles|Total|
|||6|6|6|5|
|Cost||||||
|At 1 August 2019|16,045,581|1,494,644|368,619|226,691|18,135,535|
|Additions||435,737|38,005||473,742|
|Disposals||||(89,762)|(89,762)|
|At 31 July 2020|16,045,581|1,930,381|406,624|136,929|18,519,515|
|Depreciation||||||
|At 1 August 2019|1,781,112|859,158|157,371|190,859|2,988,500|
|Charge for the year|312,544|128,800|65,000|12,001|518,345|
|On disposals||||(76,333)|(76,333)|
|At 31 July 2020|2,093,656|987,958|222,371|126,527|3,430,512|
|Net book value||||||
|At 31 July 2020|13,951,925|942,423|184,253|10,402|15,089,003|
|At 31 July 2019|14,264,469|635,486|211,248|35,832|15,147,035|
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|The net boo
as follows:|k value ofassets held under finance lea|ses or hire purchase
contracts,|included
a|
|---|---|---|---|
|||2020|2019|
|Computers,|software and network|206,776|206,776|
|Motor vehicles||35,834|35,834|
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||Shares
in|
|---|---|
||group|
||undertaking|
||6|
|Cost||
|At 1 August 2019|100|
|At 31July 2020|100|
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|||2020|2019|
|---|---|---|---|
|Fees receivable||2,514,312|2,818,862|
|Other debtors||29,758|9,797|
|Non fee debtors||29,078|52,056|
|Prepayments|and accrued income|19,809|118,236|
|||2,592,957|2,998,951|
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|||||2020|2019|
|---|---|---|---|---|---|
|||||6|6|
|Bankloans||||395,418|519,655|
|Trade creditors||||16,323|220,842|
|Other taxation|and social security|||107,412|134,422|
|Net obligations|under|finance lease and hire purchase|contracts|61,827|68,143|
|Deposits||||241,180|293,462|
|Advance fees||||280,726|317,094|
|Deposits||||200,140|156,476|
|Accruals and deferred||income||2,977,491|3,484,301|
|||||4,280,517|5,194,395|
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|advance.|The mone|y may be returned
subject to specific conditions|on the receipt ofone term's notice.|
|---|---|---|---|
||||2020|
||||6|
|Advance|fees at 1 August 2019||317,094|
|Resources deferred||during the year|183,077|
|Amounts|released|from previous years|(219,445)|
|Advance|fees at 31July 2020||280,726|
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|||||2020|2019|
|---|---|---|---|---|---|
|||||6|6|
|Bankloans||||6,231,902|5,744,373|
|Net obligations|under finance lease and|hire purchase|contracts|78,968|146,889|
|Other creditors||||603,691|705,389|
|||||6,914,561|6,596,651|
|Included
within|the above are amounts|falling due as|follows:|||
|||||2020|2019|
|||||6||
|Between one and two years||||||
|Bankloans||||374,640|519,655|
|Between two and five years||||||
|Bankloans||||5,857,262|1,897,960|
|Over five years||||||
|Bankloans|||||3,326,758|
|Obligation|s
u|nder|fina|nce leases and hire purchase
con|tracts,
included
above, are payable as|follows:|
|---|---|---|---|---|---|---|
||||||2020|2019|
|||||||6|
|Between|one|and|five|years|78,968|146,889|
||||||78,968|146,889|
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|Statement offunds|- current year|||||
|---|---|---|---|---|---|
|||Balance at 1|||Balance at|
|||August 2019f|Income
8|Expenditure
6|31July 2020
8|
|Unrestricted
funds||||||
|Designated
funds||||||
|Bursary reserve||96,708|(31,243)||65,465|
|General funds||||||
|General
Funds||7,551,384|9,507,581|(9,616,948)|7,442,017|
|Total Unrestricted|funds|7,648,092|9,476,338|(9,616,948)|7,507,482|
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|Statement||offunds|- prior year||||||
|---|---|---|---|---|---|---|---|---|
|||||Balance at|||||
|||||1 August|||Transfers|Balance at|
|||||2018|Income|Expenditure|in/out|31 July 2019|
|||||E|E|6||6|
|Unrestricted||funds|||||||
|Designated||funds|||||||
|Designated||Fund -|Fundraising||||||
|Reserve|||||34,029|(34,029)|||
|Designated||Fund -|Bursary||||||
|Reserve|||||63,708|(490,840)|523,840|96,708|
||||||97,737|(524,869)|523,840|96,708|
|General funds|||||||||
|General
Funds||||7,123,896|10,314,989|(9,393,661)|(493,840)|7,551,384|
|Total Unrestricted|||funds|7,123,896|10,412,726|(9,918,530)|30,000|7,648,092|
|Restricted||funds|||||||
|Restricted|Funds -||Sports||||||
|equipment|||||30,000||(30,000)||
|Total offunds||||7,123,896|10,442,726|(9,918,530)||7,648,092|
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|Analysis ofnet assets between funds - current period|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2020|2020|
|Tangible fixed assets|15,089,003|15,089,003|
|Fixed asset investments|100|100|
|Current assets|3,613,457|3,613,457|
|Creditors due within one year|(4,280,517)|(4,280,517)|
|Creditors due in more than one year|(6,914,561)|(6,914,561)|
|Total|7,507,482|7,507,482|
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|Analysis ofnet assets between funds - prior period|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2019|2019|
||F||
|Tangible fixed assets|15,147,035|15,147,035|
|Fixed asset investments|100|100|
|Current assets|4,292,003|4,292,003|
|Creditors due within one year|(5,194,395)|(5,194,395)|
|Creditors due in more than one year|(6,596,651)|(6,596,651)|
|Tl|7,648,092|7,648,092|
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|21.|Reconciliation
of|ne|t|movement|in funds to net cash flow from|operating|activities||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||||||6|6|
||Net income/expenditure|||for the period (as per Statement of Financial|||||
||Activities)||||||(140,610)|524,196|
||Adjustments
for:||||||||
||Depreciation
charges||||||518,345|495,318|
||Impairment
of investments|||||||250|
||Dividends,
interests
and rents from||||investments||(366)|(2,428)|
||Loss/(profit)
on the|sale offixed assets|||||(4,545)||
||Decrease/(increase)||in|debtors|||405,994|(2,871,144)|
||Increase/(decrease)||in|creditors|||(885,023)|2,883,750|
||Interest payable||||||203,039|200,539|
||Net cash provided|by||operating|activities||96,834|1,230,481|
|22.|Analysis ofcash|and||cash equivalents|||||
||||||||2020|2019|
||||||||6||
||Cash
in hand||||||1,020,500|1,293,052|
||Total cash and cash equivalents||||||1,020,500|1,293,052|
|23.|Analysis ofchanges||in net debt||||||
||||||At 1|August||At 31July|
|||||||2019|Cash flows|2020|
|||||||6||F|
||Cash at bank and|in|hand||1,293,052||(272,552)|1,020,500|
||Debt due within
1 year||||(519,655)||124,237|(395,418)|
||Debt due after 1 year||||(5,744,373)||(487,529)|(6,231,902)|
||Finance leases||||(215,032)||74,237|(140,795)|
||||||(5,186,008)||(561,607)|(5,747,615)|
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|under non-|ca|ncellable
operating
leases as follows:|||
|---|---|---|---|---|
||||2020|2019|
||||6|6|
|Not later than||1 year|63,011|80,542|
|Later than|1|year and not later than 5years|38,355|99,225|
||||101,366|179,767|
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