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2021-08-31-accounts

Contents Contents Contents
Legal and administrative
details „
Governors'
Report.
Vision, Mission Statement,
Aims and Key Activities.		 .3.5.S
Governance
and Management.
,		 .7
Reserves Policy.. .8
Future Developments. .9
Statement of Governors'
Responsibilities. .		 .10
Strategic Report .. ,11
Independent
Auditor's		 Report to the members of Halliford School Limited ... ....28
Statement of Financial Activities. . .22
Balance Sheet.. .23
Statement ofCash flows. .24
Notes to the Financial Statements. .................................... .2S

GCSE 2017 2018 2019 2020 2021
Candidates 59 61 73 73 75
3E Pass Grades A'- C, Grades 4
-9		 91 95 95 99.4 97
N Grades A/A*, Grades 7-9 42 46 42 51.7 42

A Level 2017 2018 2019 2020 2021
Candidates 34 40 35 33 37
%Pass (Grades A'-E) 99 99 99 100 100
9SPass (Grades Aa-C) 76,3 82 72 90.5 94.9
SSPass (Grades Aa-8) 52.6 58.3 45.6 66.3 85

Risks for an independent school Mitigation
COVID-19, the impact on the independent Providing
parental
reassurance
that		 the
school sector. remote education
offered		 is outstanding in
the event ofa lockdown or self-isolation.
Ability
to continue
to		 deliver a
remote
education
at short
notice and		 prepare for Providing
business as usual		 despite student
adjustments
to the public		 exams. and staff not attending
the		 site.
Revision of hardship
policies to ensure they
Reduction
in fee income		 if the school is are
fit
for
purpose		 under
varying
forced
to close
in the
event		 of national circumstances.
lockdown.
Ensure the site is safe, clean and the school
continues
to comply
with		 COVID-19 Risk
Assessments.
Inability to recruit new students if unable to Provide outstanding
Virtual		 Tours and Open
attend
in person.		 Mornings.
Attractiveness
ofthe school and		 the site to Revision ofcapital expenditure
and Reserves
parents declines iffunding for investment in Policy.
new facilities and ITprovision
is		 put on hold.
Inability
to attract
and		 retain personnel, Competitive
salary
and
benefits
package
which
could
result
in the		 loss of expertise including
school fee remission.
and reliance on expensive agency staff.
Participation
in benchmarking
competitors.
Participation
in
external		 pay
reviews
conducted
by third parties i.e.Baines Cutler.
Decline
in staff physical		 and
mental		 well- Providingcounsellingandwellbeingservices
being. to
staff.
Creation
of a		 Staff
Wellbeing
Committee.
Inability / volatility ofrecruiting students to Continue
to refurbish
teaching
spaces		 and
the Lower School. increase the provision of IT equipment.
Arising principally
from recession		 / Provision
of Microsoft
Go		 2 devices for all
economic changes; parental
employment,		 students
and staff,
affordability
and the strong competition
from local Independent
and State Schools.		 Increase
offering to students
in music,		 art,
drama and sport.
Increase
co-curricular
offering
with
additional
external
providers
before
and
after school.
Pupil Admissions
in		 Sixth Form including girls Improve the retention ofinternal candidates
joining at 16years. by offering earlier / more scholarships.
Introduction
of new
A Level subjects
and
lecture programme.
Appointment
ofnew Head ofSixth Form.
Managing the cash flow in light of income Continuous
monitoring
ofthe cash flow and
received termly
and		 outgoings occurring meticulous
planning
around
payment
year-round. Greatest spend occurring schedules
in the summer.
during the summer holiday period.
Inability for parents to pay fees on time, Robust
debt
management
policies
and
procedures
in place.
External political changes leading to Affordability
of school
fees
by
parents
increased costs and uncertainty (for leading to detrimental
impact on cash flow.
example potential introduction of VAT on
school
fees,
remova!		 of Business rates, Ability to maintain
a level ofsurplus funds to
Brexit
and		 contribution changes for the cover
the
possible
cash
flow
shortage,
Teachers' Pension Scheme. ) increased
depreciation
costs and bank loan
repayments.
Compliance
with
new
immigration
regulations
and compliance.
Impact of Brexit on food and fuel shortages Inflation ofspending
in next year budget and
or inflation of pricing. beyond.
Shortage ofgoods and services for the site Projects need to be planned
and agreed
in
development
work.		 advance to meet suppliers
long lead times.
Increasing cyber
risk		 in school and the Outsourced
IT provision
providing
mbust
possibility leading to loss of data, potential knowledge
and
skills, software
experience
data breach and fraud. and data storage/
recover facility.
Additional
training forstaff.

d
Unrestricted		 Unrestricted Restricted Endawment
Revaluation TotalFunds TotalFunds
Funds Funds Funds
Reserve
f f
Notes
Income and Endowments fram
Donatlans 8Legacies 3a 4,408 4,408 8,493
investment
Income		 3b 426 10 444 8,718
Incoming
fram charitable
activities		 8,138,319 8,138,319 7,260,412
Tatal Incoming Resources 8,243,153 0 8 10 8,243,271 7,277p623
Ex enditure
on Charitable
Activities
School Services 3d 4,155,027 195 4,155.222 3,811,581
SupportCosts 3e 2,461,471 9,067 2,470,538 2,341,125
Bunaries and Scholarships 3c 615.446 8,493 623.938 549,379
Total Resources Expended 0 17,75S 0 7,249,698 6,702,085
Net Income(expenditure) and
net movement
ln funds farthe		 911,210 0 (17,747) 10 893,474 575,538
Tear
Transfer
between funds
Gains/(losses)
on revaluation
offixed assets		 103,330 (103,330)
Net Movement
in Funds		 1,014,540 103,330 17,747 10 893,474 575.538
Tatal Funds brought forward 7,484,963 4,856,528 111,954 99,131 12,552,576 11,977,038
Fund Balances at31August 21 8,499,503 4,753,198 94,207 99,141 23,446,050 12,552576

2020/21 2020/21 2019/20
unrestricted Restricted Endowment
Total Total
Funds Funds Funds
f f f f
Notes
Fixed Assets
Tangible Assets 5a-b 14,626,746 13,047 0 14,639,794 13,183,380
14,626,746 13,047 0 14,639,794 13,183,380
Cunent Assets
Stocks 5c 214,103 214,103 0
Debtors 5&I 107,852 107,852 179,229
Cash at bank and in hand 3,177,121 81,160 99,141 3,357,422 3,042,497.
3,499,076 81,160 99,141 3,679,377 3,221,721
Uabgities
Creditors: amounts falling due
within one year		 Se (1,137,709) 0 0 (1,137,709) (1,277,315)
Net Current assets 2.361,367 81160 99,141 2,541.668 1944.406
Total assets less current liabilities 16,988,113 94,207 99,141 17,181,462 15,127,786
Creditors: amounts falling due
after more than one year		 5g (3,735,412) 0 0 (3,735,412) (2,575,210)
Total Net Assets 13,252,701 94,207 99,141 13,446,050 12,552,576
Profit and Loss Fund 8,499.504 94,207 99,141 8,692,852 7,696,048
Revaluation Reserve 4,753,198 0 0 4,7S3,198 4,8S6,S28
Funds 5i 13,252,702 99,141 13,446,050 12,552,576

Vnrestrlcted Funds Bemrlcted Funds Endowment Fund All Funds
Cash flows from operating acdvftles:
Net cash provided
by(used		 in) operating activities 6a 1.22L431 (4688) 0 L202,743
Cash flows from investing activities:
Proceeds from the sale of property,
plant and
equipment
Purchase ofproperly,
plant and eqvlpment		 (CBBS,CBS) 0 (1,935,035} (86,113)
Interest received 426 10 8.718
Net cash provided
by (used In) Investing
activities		 (1,934,609) 8 (2,99C592) (77,395)
Cash f love from fina ndng actlvitl ear
Bepayme
lease)		 nls ofborrowing (Bank loan and finance (250,734) (299,734) (292,975)
Cash inf lowe from new borrowing 1,424.079 1,424,079 0
Interest paid 77566 77566
Net cash provided
by (rued In) an and		 ng activities 1,046,779 (897,605)
Change
In cash and cash equivalents
reporting period		 in the 323,601 (4680) 10 314,931
Cash and
reporting		 cash eqvlvalents
period		 atthe beBlnnlng ofthe 2,853,520 3,043491
Cash and
reportlng		 cash equivalents
pvrlod		 atthe end ofthe 6b 3,177,121 3,357,422

Freehold buildings 50years
Additional building costs 15years
plant and machinery 5 —10years, p!us a piano depreciated over 20years
IT(user interface) 3years
IT(Servers etc) 5years
Vehicles 4years

Com
arativ		 es to SO FA f rom
rio		 r
ear
unrestricted
unrestricted Restricted Endowment
Revaluation TotalFunds Total Funds
Funds Funds Funds
Reserve
E 6 E E
Notes
income and Endowments from
Donations
&Legacies		 0 8,493 8.493
Investment
Income		 3b 8,450 121 147 8,718 9,422
Incoming from
activities		 charitable 7,260,412 7,260.412 6,953,422
Total Inmming Resources 0 8,614 147 7,Z77,623 6,9!8,723
Activities
schoolservices 3&I 3,811,346 3,$11,581 3,612,074
Support Costs 3e 2,333,085 Z,ss..12 2,D79,2$0
Bursarles and scholarships 3c 549,379 549,379 52L506
Total Resourms Expended 0 8,275 0 6,7D2,0$5 6,212,$59
Net income(expenditure)
and
net movement
In funds forthe		 575,052 0 339 147 575,H$770,8H
year
Transfer between
funds
Gains/(lossesl
offixed assets		 on revaluation 103,330 (103,330(
Net Move ment in Funds
Total Funds broughtforward		 6.806,581 339
4,959,$58111,615		 147
98,9$4		 575,538
770,863
11,977,(8811,2C6,174
Fund Balances at31August 20 7,4$4,9H 4,$56,528111,954 99,131 12,552,576 21,977,HB

2021
E
The School's fee income comprises:
Gross Fees 7,591,657 6,758,028
Less bursaries, scholarships and staff discounts (615,446) (549,379)
6,976,211 6,208,648
Bursaries 281,109 336,868
Hardship
Fund		 144,215 52,563
Scholarships 89,093 66,747
Staff Discounts 101,029 93,201
Total 549,379
Other Educational Income
Catering 301,205 252,110
Coach Service 153,079 123332
Rental Income 5,506 5,808
ITEquipment Receipts 40,300 0
Insurance
Receipts		 0 0
Other Income Commission etc 6,504 5,158
Government Grants 40,068 115,978
Total
Unrestricted Income from Charitable Activities 8,138,319 7,260,412

2021
E E
Personnel
Costs		 3,432,087 3,230,099
Other Costs 722,939 579,972
School Services 4,155,027 3,810,071
PersonnelCosts 2021 2020
Salaries 2,600,793 2,476,325
hil 278,489 262,465
Pension Contributions 552,805 491,309
Total 3,432,087 3,230,099
Staff Numbers - FTE 2021 2020
Academic Teaching 52 51
AcademicSupport 7 7
Total 59 58
Staff Numbers -Average Numb er 2021 2020
Employed
Full lime 47 47
Part Time 20 19
Total
Other Costs 2021 2020
Staff Related Costs 13,571 8,181
Departmental
Resources		 189,599 190,548
School Events 10,468 4,240
ITRelated Costs 209,264 119,643
Transport
Related Costs		 285,657 238,731
Pupil Related Costs 14,576 18,864
Total Other Costs 723,134 580,207
The following number ofemployees received benefits totalling between: received benefits totalling between:
2021 2020
E60,000and E70,000 2 1
E70,001 and E80,000 2 1
E80,001and E90,000
E90,001and E100,000
E100,001and 6110,000
e. Support Costs
2021
E E
Personnel
Costs		 809,144 737,445
OtherCosts 1,661,394 1,603,680
Total School Service Costs 2,470,538
Staff Numbers - FTE 2021 2020
Domestic 10 7
Property 2 1
General 11 9
Total 17
Staff Numbers-Average Number Employed 2021 2020
Full Time 15 14
Part lime 16 15
Personnel
Costs - Domestic		 2021
Salaries 241,929 221,491
Ni 14,227 10,018
Pension Contributions 33,864
Total Domestic
personnel costs —General
Salaries 344,664 334,588
Ni 34,439 32,048
Pension Contdibutions 53,618 61,032
Total Admln 427,668
Personnel
Costs - Property		 2021
Salaries 69,726 45,462
Ni 6,625 4,372
Pension Contributions 10,051 5,030
Total Property
Total Personnel
Costs
Other Costs 2021
Cateding Costs 144,447 114,268
Grounds
and Property		 Maintenance 436,449 473,757
Propertysupplies
and		 Equipment 153,577 130,135
Admin Resources, Equipment and Marketing 187,437 154,605
Service Costs 220,112 228,873
Staffing and iiecruitment Costs 29,246 26,910
Depre ciat ion 472,515 455,603
Auditors remuneration:
Statutory audit 17,610 19,530
Assurance services other than audit 0 0
Other financial services 0 0
Total Other Costs Q661,394

Balance at Incoming Resources Balance at
31Aug 20 Resources Expended 31Aug21
Endowment
Funds
Endowment
Funds		 99,131 10 0 99,141
Total Endowment
Funds		 99,131 10 0 99,141
Bursary and Scholarships
Aik Vincent 71,334 71,341
Hardship
Bursary Fund
Fee donations 8,494 8,493
Restricted Donations
Music department 23,285 9,067 14,218
Prizes and Awards
A. Hitchens-
Memodal		 2,518 20 2,498
Guy Valadon - Single Science 1,211 15 1,197
I Hobbs- Memorial 1,294 20 1,274
John Crook 1,054 20 1,034
John Lewis —History 137 20 117
Ken Russell - Trophy 132 15 117
Neil Jones -Memorial Fund 0
Norma Cook-Senior latin 201 15 186
Peacock —latin 534 0 534
Peter Groves —Chemistry 557 0 557
Wendy Simmons —MFL 418 0 418
Bahadur Sunderji —Further Maths 141 20 121
Crosby- Maths Prize 387 15 372
Valerie Brooking- History Pnze 0 15 -15
Oliver Griffin - Government and Politics 161 20 141
Total Prizes and Awards 8,841
Total Restricted Funds 111,954 8 17,755 94,207

Balance at Incoming Resources Balance at
31Aug 19 Resources Expended 31Aug 20
Endowment
Funds
Endowment
Funds		 98,984 147
Total Endowment
Funds		 98,984 147 0 99,131
Bursary and Scholarships
A.J.Vincent 71,226 71,334
Hardship
Bursary Fund
Fee donatlans 8,493 8,493
Restricted Donations
Music department 31,326
Prizes and Awards
A, Hitchens - Memorial 2,S34 20 2,518
Guy Valadon
-Single		 Science 1,229 20 1,211
J Habbs - Memorial 1,292 1,294
John Crook 1&072 20 1,054
John Lewis-History 156 20 137
Ken Russell - Trophy 151 20 132
Neil Jones - Memorial Fund 119 20 99
Norma Cook-Seniar Latin 220 20 201
Peacock —latin 533 534
Peter Groves —Chemistry SS6 557
Wendy Simmons —IVIFL 437 20 418
Bahadur Sunderii -Further Maths 160 20 141
Crosby - Maths Prize 407 20 387
Valerie Brooking - I-listory Prize 1S 15 0
OIIver Griffin - Government and Politics 180 20 161
Total Prizes and Awards 14 235 8,842
Total Restricted Funds 111,615 8,614 8,275 111,954

Unrestricted
Funds asat31August 2021		 0,~,506
Allocated endrin'-fenced
for Designated
Funds
Main House repairs &refurbishment
Woodward
Building final payment		 675,000
PCCentre Roofing repair, electrics! modifications and PV Panels 1,500,000
Dining capacity increase and Theatre Refurbishment 2,500,000
Total allocated and ring-fenced forDesignated
Funds		 5,675,000
Reserves required to comply with 3month trading as per the Charities Commission Guidance 1,320,000
Total Reserves available as Free Funds asat31Au ust 2021 1,504,506

a .
Fixed		 Assets Assets
Freehold land & ICT Unrestricted Restricted Total
~aaulldl n Furniture Funds Funds Funds
Assets in Use Assets under
Constnlcilan
cosr/vALUATION
At 01/09/2020 13,493,539 0 723,2CS 465,663 14,682,411 30,152 14,712,563
Additions 43,700 1,696,066 46,937 148,332 1,935,035 0 1,935,035
Dispasals 0 0 0 (131,576) (131,576) 0 (131,576)
At 31/08/2D21 13,537,239 1,696,066 770,145 482,419 16,485,870 3D,152 16,516,022
fertile
DEPRECIATION
At 01/09/2020 801,192 0 431,690 288,262 1,521,144 8,037 1,529,181
Charge year 288,686 0 78,349 96,413 463,448 9,067 472,515.22
Elfminatian
on		 dispasal 0 0 0 (125,468) (725,468) 0 (125,468)
At 31/08/2021 1,089,878 0 510,038 259,207 1,859,123 17,105 1,876,228
NETBOOKVALUE
At31/08/2021 12,447,361 1,696,066 260,107 223,212 14,626,747 13,047 14,639,794
12,447,361 1,696,066 260,1D7 223,212 14.626,747
At 31/Dg/2020 12,692,347 0 291,519 177,404 13,161,270 22,115 13,183,385
12,692,347 D 291,519 177,404 13,161,27D 22,115 13,183,385

2021 2020
E E
Aggregate Historic Cost 8,370,721 8,327,021
Aggregate accumulated depreciation 2,373,SS1 2,20&,896
Aggregate carrying amount 5,997,170 6,118,125

2021 2020
f f
ITDevices 214,103 0
214,103 0

2021 2020
E E
Fees Receivable 74,209 90,408
Bad Debt Provision (69,603) (70,803)
Prepayments/Accrued income 103,247 159,624
107,852 179,229

2021
E
Deferred income 189,961 174,376
Accrued Expenses 126,181 143,349
Trade Creditors 3,701 90,594
Taxation and Social Security 0 0
Other Creditors 586,734 637,863
Bank loan (hfote Sg) 231.133 231.133
1,137,709 1,277,31S

2021 2020
E E
Balance as at 1'September 2020 174,376 217,196
Amount released to income from charitable activities (174,376) (217,196)
Amount deferred in year 189,961 174,376
Balance as at 31 August 2021 189,961 174,376

2021 2020
E E
Other Creditors 0 32,743
Bank loan (Note Sg) 3,735,412 2,542,467
3,735,412 2,575,210

2021 2020
E E
Bank loan payable (falling due within one year) 302,337 231,133
Bank loan payable
less than 5years)		 (falling due in more than one year but 1,304,288 924,532
Bank loan payable (falling due in more than 5years) 2,359,920 1,617,935
Total 3,966,545 2,773,600

unrestdcted Unrestricted Restricted Restricted Endowment
FIIIIdn Funds: Funds Funds
Profit and loss Revaluation Total Total
fund Resene
E E
Balance at 1 Sept 2020 7,454,963 4,856,528 111,954 99.131 12,552,576 11,977.038
Itet Movements
ln year		 911,21D (17,747( 10 893,473 575,538
Transfer Inthe year 1D3,33D (108,330( 0 0 0 0
Revaluauon
Adjustment
Balance at31 Aug 2021 8,499,503 4,753.198 99,141 23345,06I 12,552,576
A significant portion ofthe balance of unrestricted funds at 31"August 21 has been allocated
to designated funds as per note 4b.
Cornparat(ves ofschool funds in prior year
unrestdcted
Eundo.		 unrestrfcted
Funds:		 Restricted
Funds		 Endowment
Funds		 1019
Profit and Iass Revaluagon Total Total
lund Reserve
6 E
Balanre at 1u Sept 2018 6.&D6,581 4.959,858 1t4615 9&,9&4 11,977,D38 tl,206,174
IvetMovements
Inyear		 575,D52 339 147 575,538 770,863
Transfer In the year 103.330 (103,330( 0 0 0 0
Revalvatlon
Ad(ustment
Balance at 31"Aug 2D19 99,131 12,552676 12,9772I37

Unresufcted Restricted Endowment
Funds Funds Fund
c c
slat income/(expenditure) 911210 (17.747) 10 $93,473 575,53$
Adivsrmvnts
for:
Oepredation
Charges		 463,449 9.067 0 472.516 455,603
rect Interest adjustment (8) (10) 77,121
Loss/(profit)
on the sale offixed assets		 6,10$ 0 0 6,10$
increase
in finance lease assets		 0 0 0 0 0
(Increase)/Decrease in stocks (214,103) 0 0 (214,103)
(Increase)/Decrease in debtors 71.376 0 0 71,376 8,537
Increase/(Decrease) in creditors (10$.74$) 0 0 (103,74$) (299,049)
Iyet cash provlded
by
activities		 (used in) operating 1,211,431 (8,6$8) 0 1,202,743 $30,509
6.b.Analysis ofcash and cash equivalents
Unrestricted Resulcted Endowment
Funds Funds Fund
c c c c
Cashin hand 3,177.121 81,160 99,141 3,357,422 3.042,492
Total cash and cash equivalents gt,t60 99,141 3,357,422 3,042,492

6.cAnalysis ofChange
in net tde		 bt)/funds
ffetCash at 01/09/202D Cashflow at 31/08/2021
Cash at bank and in hand
Unrestricted 2,853,519 323,602 3,177,121
Restricted 89,842 (8,682) 81,16D
Endowment 99,131 10 99,141
3,042,492 314,930 3,357,422
Debt
Debt falling due within one year Unrestricted (299,733) 35,857 (263,876)
Debt falling due after one year Unrestricted (2,575,210) (1,160,202) (3,735,412)
(2,874,943) (1,124,345) (3,999,288)
Total 167,549 (SD9,415) (641,866)

2021 2020
Within one year 35,011 38,741
Between one and five years 37,313 1,889
More than five years 0 0
Total Operating leases 72,325 40,630

The total future
minimum
lease		 payments
under		 non-cance
2021 2020
f f
Within one year 34,656 77,807
Between one and five years 0 34,656
More than five years 0 0
34,656 112,464
Less finance charges 1,914 11,121
32,743 101,343