THE UNICORN SCHOOL LIMITED A company limited by guarantee GOVERNORS. REPORT AND FKNANCXAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 211ZI Charity Dumber: 312578 Company nurnber: 99383 1 (England and Wales) *ABiSX¢QZ' 1210412022 COMPANIES HOUSE A16 #154 THE UNICORN SCHOOL LIMrrED GOVERNORS, REPORT AYJ D FINANCIAL sTATE￿NTs FOR THE YEAR ENDED 31 AUGUST 2021 Contents Pages Legal and Administrative inforniation Report of the Govemors 2-10 Independent Auditors, Report Statement of Financial Actsvlties (including the Income and EX￿]dIf￿re Account) 14 Balance Sheet 15 Re¢on¢iliation of N¢t Expendithre to Net Casb Flow and Ststement of Cash Flows 16 Notes forniing part of the Financial Statements 17-25 THE UNICORN SCHOOL LIMITED LEGAL AND ADMINISTRATIVE INFORMATION LEGAL STATUS The Unicom School Limited w35 established on 9 November 1970 under the Companies Act. The company is a registered charity and is limited by guarantee. The Board of Directors ate the Board of Governors. who are elecred by the members of the Company in accoidance with the Articles of Associatioll. The Governors ate also ttustees of the charitsble Company. The m¢mb¢rs are the Governors and the current parents. THE BOARD OF GOVERNORS G Bayliss (Co-chair of GovemoTS) M Byatt (Co-cbair of Governors) P Aubery A Cballdler T Ewing H Kei8hley-EIscub S Lehec P O'Neill l Thomson K Warner J Webbern S Willi5 SENIOR MANAGEMENT BURSAR P Fraley- effecrive I September 2021 K Thompson- to 31 August 2021 C Mathias COMPANY SECRETARY REGISTERED COMPANY NO. 993831 C Mathi&s REGISTERED CHARJTY NO. 312578 BANKERS REGISTERED OFFICE Coutts & Co 440 Strond LL)ndon WC2R ￿s 238 K¢w Road Riclllnond SUTW TW9 3JX SOLICITORS AIIDrroRS GBH Law Limited 718 Innovatioll Place Douglas Diive Godalming Surrey GU7 IJX wskt Advisors Limited Clwtered Accountants & Re￿ste[ed Auditors Connect House 133-137 Alexandra Ro London SW19 7JY THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The Gov¢rnors who are also dirextors for the purwjses of the Compatiies ACL are pleased to present their report together wilh the fIna￿la1 statem¢nts of th¢ charktable company for the year ended J l August 2021 and to confLrnI that they comply with th¢ requsr¢ments of th¢ Charitse5 Act 2011. the Memorandum of Association of the company.and the Charities Ststement of Recommended Practice (FRS102) (as amended for accounting periods commencing on or after I January 2016). The l¢gal and administrative information set out on page I fonns part of this report THE CItAIRS' REPORT The School bas had a bighty successful and busy year (nolwithstanding COVID-191 in which 170 children have received tuition. The School's ethos and repuiaiion continue to attra¢t par¢nts to Unicorn ITh an increasingly competitive Ca￿￿Mellt area. Ptiority is given to siblings of children already ID tb¢ school and to the children of Old Unicorns. There are waiting lists and when places occasionally become available applications are tonsidered. The Govemors were sorry to receive the resi￿￿tio0 of Kit Thompson who gave the scbool eighr sterling years of seryice. Following a rigorous recruitment process. Mrs Polly FTaley. the Deputy Head was appointed to take over in September 2021 as Headteacher. There is in¢reasing Competition for places at independent secondary schools in west London. Nevertheless, our Year 6 pupils were successful in being offered places at a range of ￿hOolS at I l+ which were caTefvlly chosen to meet the needs of individual pupils. Frtsm a cohort of 17 pupils. 64 offer5 were received from 36 different independenL Single sex and co-educational scbools, including 2 at 13+ The range of schools is in keeping with Unicorn As a co-educatiollal, non- selective school. Five Acadetnic. one Music and one Art scbolarship were offered. In alphabetical order. pupils accepted offers from.. Cranford House. Ctanleigh (13+). Dunhurst Prep (Bedales), GodolphiD & tAtymer, Hatnpton, The Hatrodian, ISL Gulloersbury. Kingston Grammar Scbool. Lady Eleanor Ho11&5, LAtyrner Upper, St Augustme's Priory. St Edwards Oxford (13+). St James Girls,, St JOF￿,$ LEatherhead, St Mary's Ascot, Tiffin Boys and Truro High School. The high quality of education provided at Unicorn and the results achieved are a restsmeni to the ability and dedication of our tea¢hing staff together with the children's commithieni to give of their very best. OBJECTIVES AM) ACTIVITIES Unicom School is a co-educational school for children from 3 to I l years of age. Tbe principal objectives of the School are to provide a broad and stimularing education io primary school kged cbildre withirl a DUrturin8 and inclusive envirollmeDt. and w achieve high sthndards without a '*re5suris￿' approacb. Tbeie have beeTh llo changes in objectives since th¢ last annual reporL THE MISSION The School is eommitted to pioviding a fricndly, cr¢ativ¢ and stimulating I￿rning cnvironment for childrcn ￿tween the ages of three and eleven. OUR ETHOS AND AIMS Our ethos: The intentions of the Sehool's foundeTS Siill remain ai the foTefroni of our thinking. They creawl a school that educates children and achieves excellent academic outcomes without a 'Thot-house" approach. This encourages tbem io flourisb creatively and enjoy the process of le8rniDg. This is uT]deTpinned by patetstsl involvement and the stroog cornmuniry cleated. with mutual r¢spect and UDderstandiDg between pupils. p8reDts and staff. Our gims: to hav¢ th¢ child and family At the ¢entr¢ of everythitlg we do to maintain a happy, welcoming environment for children, f#miltes and stsff to prepare our children to be the bcst they can be and to estsblish a lifelot)g love of learning to have high expectttions and to recogni5e that success com&8 in many forn to celebrate the kindnes5. individuality. diversity, talents and achi¢vements of our pupils for learning to be enhanced by a broad curriculum which is embedded with creativity THE UNICORIY SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) STRATEGIC PRIORITIES The Straregic Priorities are set to ensure the Sch￿1 Su￿esS￿lIY maintains its ethos and achieves its aims remaining tme to all Unicoms past and present. The Governing Board'5 main Stsategic objectives continue to be ihat.. The School maintaiTLS its breadth of curriculum and focus on creativity. Every effort is taken to make parents fully aware of the ethos aDd airt)s of the School. Developing enquiring mind%, a growth mitidset and low pupil stsff ratio are important for pupi15' success. Pupils are Dot subjected to excessive testing. Thorough assessing, tracking and reporttng pr(Kedures are central to tbe School's success together with inforn￿l, verbal feedback a5 an imp)rtant channel of communication betweeD Staff and parenis. ACHIEVEMENT AND PERFORLTrIANCE Unicorn'5 broad curriculum extends far beyond the usual academLC Subject areas 8nd includes tOPlC5 such a5 Reflection Time, Pupils Parliament and Debating in Year S and Phi1050phy in Years 5 and 6. The Lu￿lculuTn was further eTthanced with tertain tTlPS, although the ￿sual extensive programme w&s curtailed by COVtD-19. There were visits to.. The Wetland Centre, Bocketts Farni. Bekonscot Model Village, St Augustine's Priory Farm, Kew Gardens and more irtiportantly all three residential trips were ablt to go ahead with Year5 3 and 4 to Sayers Crofi, Year 5 to a new venue in Devoll and Year 6 to Cumbri& These varying activities provide breadth and challenge ID an enquiry-based approach to education. The pupils greatly enjoyed Unicorn'5 50th b￿daY celebrations in September. Mamy visitors were welcomed to the School, includittg.. Toy5, Workshop, Orange Tree Worksbop followed by a perfomiance of 'Twelfth Night,. The whol¢ school took part in The Big Draw, World kn"ndness Day, Safer Intemei Day. Mad Ma￿h Hair Day and thoroughly enjoyed dressing up for World Book Day. As eveT, the after-school and extra-cutricular clubs (guiw en5embl4 kardt¢, Unicorn Singers. infant chess Club. Tutti Flutti, netball club. violin ensembles. foothall club. junior ICT acttviry club. Little Voices. Touch Typing. music theory and orchestral were much enjoyed by the children and the daily homework club invaluable to cljildren and parents alike. Seventeen clubs were on offer ai our juJ)ior clubs, aftemoon. Due to the pandemic, the nornial range of sport offered was restricted, however. the childten participated in food)all and cricket matches with flxwres against other %h¢y)Is in the 5UrnTner term. At Unicorn musi¢. art a)Id drama are fi￿darnenta1 curricular attivities and the majority of pupils learn one or more instruments with considcrable succes5. Pupi15 participated in rnusical evellts including the Rtclllnond Music Fesiival wbere fifieen singers competed in six vocal competitions. We had three fitsi places, No second places and three third places awarded. There wcre outstanding rewlts in online music exams with eleven instsumentsl and forty-one singing exams. The Christmas Concert was an enjoyable highlight and three SuTnmer ConceTts took Pla￿ where the Children perfomied itjstsumental solos, ensemble5 and perforn￿l in their clw choirs. Throughout ihe School there is an abundance of the children'5 artwork on display everywhere reflecting their talents. inspirational. beautiful. bold. colourful and creativq whtiher paintings, ceramic%, N)ttery or tapesty, Lt is of an excepiional 5t2ndard. Our annual Bi8 Draw saw all the children immersed in designing and creating eco dream homes on the theme of Climate Change. Dralna continues to go fro￿ strength to strength with weekly tuition and involvetllent in C1&55 A55emblies aDd Class ProductlODS. Our Year 6's perforrned aD outsiandiDg end of yeat production of 'Star Warts,. The EYFS nativity performance ill December was followed by Years l aThd 2's ChrLSttuas Strlow wbich, were made available to par￿ts via Zoorn. Pupils ar¢ ¢ncourdg¢d to dev¢lop a concern for the widei community through PSHEE lessons and charitable fundraising supporting a broad SpeCtn￿ of charhties, which thhs year included. Skylarks, Link Ethiopia and West London Action for Children. THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) CHARITY, INCLUDING PUBLIC BENEFIT AND GRANT MAKING The Governors, as both directors and charitable company ts￿Stee& have carefvlly considered the Charities Act 2011, with specifjc regard to the CI￿lty Comtnission's guidance concerning the Oper￿lOn of the Public Benefit requirement und¢r that Act. In particular the School operntes a burtary scheme fu￿JIng places for pupils who would otherwise not have sufficient means to attend the School. This year the bursary scbeme has funded seveydl pupils (4.7Yo of wtal pupil numbers) with svppon at £72.812 in f¢¢s and £1,512 in other expenses. This represeuts 3.5tyA of out fees in 2020121 {2019f20.. 3.20/0). Donaiions from the School Committee'5 fundraising activities tbrough the year to the School's Bursary Fund amouDted to £2.494 and the Gov¢TDofs have approved a further contributiou of £60.000 from the General Fund w tbe Bursary Fun¢ In 2019r20 we were also able to support pupils who might suffer hardship du¢ to changes in ¢ir¢umstances through th¢ Educational Fund: this latter fund is in place to suppon junior pupils nearing the eDd of their time at th¢ Sch(Trol to enabl¢ them to continue their education. The filnd stands ai £95.741 and although available wa5 Dot r¢quir¢d for funding in 2020121 {2020.. £3,685). The School cotnmunity makes chatitsble donations and also helps the I￿al community in a variety of ways_ Th¢ School unde￿￿keS a wide range of charity and outyeach programmes for ¢ducarional purp05¢s and to awaken in our pupils an awareness of the wider social context of the educarion they Teceive at the School. The following exarnples provide a sample of this yearfs activities and show the Scbool's cottunilm¢ot to supporting the widu comtnunity, both localLy and furtber afield. Tbe School raised £1 1.735 net of expenses from fiwdr8isiDg activities during the year; Governors would like to thank parents for their g¢uer05ity in giving tiTne and mouey. The School Committee also deserve our thanks. ably led by Mrs Martin. They orgaThis¢d the Party Day. Harvest Festival. muth" days, second hand uniforni sales. Coin Collections, Christltw Carol singalong and tea, 50 yeaTS challenge. School disco. moveathon and sumrner raffle. £9,241 was raised during the year for exiemal charities. including £4.085 to West London Action for Children (offering services to children and their families who are on low incomes) and £2.494 to Skylarks (an indep¢nd¢nt "chmond-upon-Thames based charity that provides activities and therapie5 for children with dI￿bilitieS and additional needs) and £2.494 to Tseda School in Ethiopia through Link Ethiopia. Kew Sparkle were also paid £168 during ihe year. Offtrings from the Harv&st F&8tival were shattd with memters of the local community via West London Action for Chilthen {WLAQ. In addition. the SCI￿0] conrillues to hold the TfL's Stars Gold le¥el A¢ueditation for its sch(y)l travel plall. Further afield the School is matntsining a comrnitted and long-terrn relationship between Unicorn and Tseda First School in Ethiopja and Contributed a fi￿her £500. We are also a 'Kew Gardens Partner School,. THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) FINANCIAL REVIEW The cornpany Tnade a defLClt of £5,492 (2020 deficit.. £19.210}. Total income and endowrynents InCrea￿d by £42,546- pupil nurnbeTS were lower and fee increases in the second and ihjrd tern) wert offset by fee discounts of over £32,000 in the third terrn. The comparby also received grant irtcome of £15.431 in the year. Total txpenditure incrt&sed by £28,828 due to higher property costs. Somc savings were made over the year with reduced school activities due to Covid-19 iesttictions. The company'$ deficit of £5,492 was made up of a sury)lus from school xtivlties of £32.650 (2020: £2.140), donations to the Rainbow Fund of £29.505, a contribution from the EducaiioDal Fund (£31) and S¢hwl Committee Fund (£2,494) offset by the use of the Bursary Fulld (£70.172). Trdnsfers to and from the fjeneral Fund were made as follows". £29.472 frorn the Rainbow Fund to th¢ G¢neral Fund and £60.000 fro￿ tbe Getteral Fund to the Butsary Fulld. Dur￿@ the year £2,494 was also transferred from the School Comrnittee Fund io the Bursary Furtd. The company positive netcash flow froTn operating activities of £155.920 {2020 deficit-. £3.065). Of these Gqsh flows the company invested £141.775 (2020= £25,781) in capiial projects including new kitchen equipment of £80,256. ￿rther renovations and new iPads. The company's financia] results were impacied by the Covid-19 pandemic in a nwnber of ways. The Board of Governors sets a tatget for the annual budget io at leasi break-eveD each year and ￿ generate a positive cash flow. This year however, in keeping witb the school's etbos and c¢cognising the challenging financial situatioll faced by some patents, the Governors decided to hold fe¢s at tbe 2019r20 l¢v¢l forone terniaud also 10 offtt fee discouttts to paretsts totaiing £32,152. All exiension and refvrbisbmeDt of the kitch¢n ¢ost over £30,000 and the company a S￿￿11 deficit of £5.492. The Governors agreed thai the deficit wa5 aPPTopriate giv¢n the improvernent itL faciliti&8 provided attd it did not threaten the financial condition of th¢ company. The cotnpany also had a positive cash flow of £155.920 mainly due ro an increas¢ in ¢r¢ditor5. The Governors approved fee increases in the year under revsew at 3.5°A for the second and third iemis although discounts of 5% were given to rnostclasses in the sutnmerterni. They budgetrd for a nei incomebefore depreciation from operation$ of £90,617,. the actual result was £91.779 (sU￿lUS on the General Fund £32,650 (noie 16) and depreciation added back of £59,129 (note 7)). The Governors set fees to cover costs over the medium terni. tsking into account operating expenses and capital investment requirements. In tetms of fuudraisiug activities. the Scbool Committee raised £16,391 in the year. which after expenses left £1 1,735 for allocation. TELe Scbool Committee again decided to divide the surplus between charities selected, with the belp of tbe children, and the Bursary Fund. This has resulted in donations of £9.241 to external tharities and £2.494 beitig transferred to the Bursary Fuud. Th¢ Bursary Fund has funded fecs and disbursements of £74.324 dunng the year. and tbe Govwiors have approved a fiffth¢i ¢ontribution of £60,0￿ to the fjjnd in line with the current estirnate for long *mi requirements. The teachers left the Teachers. Pension Scheme on 31 August 2020 and have joined Aviva Pension Trust for Independent Schools {APTIS) as of I September 2020. The pension charge for the year to 31 August 2021 includes employer contributions payable to APTIS of £143.362. The Bursar and the Finance Committee have continutd to review and where necessary irnprove financial systems so that the company has up to date. docurnenttd and approved fllwicial procedure5 that are tailored to the School's needs and implemented consis￿ntlY. INVESTMENT POWERS, POLICY AND PERFORMANCE The Governors. policy is to retsin cash with minimal risk in bank deposits which axe covered by the UK Government's guardnt¢¢. With interest rates remaillillg low, the yield QD these accounts is still pool. but the Governors believe that the risks that go with bigher returns ar¢ inappropriate for th¢ S¢b¢)ol. THE UNICORN SCHOOL LIMITED RIPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) RESERVES The company's reseryes are held in a Generdl Fund and a nurnber of Designated Funds" the balances at year end were as follows.. 2021 2021 2020 2020 General Fund School Committee Fund Educational Fund Rainbow Fund Bursary Fund Designated Fund5 Total Funds 1,128,933 1.126,811 95.741 80,256 i JO.960 95.710 80,223 118,638 286.957 1,415,890 294,571 1,421,382 Movements on the fimds are set out in 16 to the financial statements. Tbe General Furtd rq)resents the accumulated surpluses of the compaDy over its life. The Futtd effectively represents the School's property and other r￿ed assets. Tb¢ D¢signated Funds are generally held for meeiing expenditure and each have a specific putpose. as follows.. The School Committee Fund represents funds raised and set aside to help finance any projects deemed necessary by the School Committee in conjunction with the Head to help the School furtheT its objectives. The Educational Fund repr¢5ents monie5 set aside to bc US￿ to help finance educational or similar costs of pupils in hardship. parti¢ularly those in the junior section of the School who mighi need assi5t3n¢e in completing thtir final years. The Rainbow Fund is made up of voluntary dotvdtions to help finance major aciivities and developrnents in the fvtsjre. This y¢ar th¢ fund has been used to help fund the kitchen refijibishment with a transfer to the General Fund. Tbe Bursary Fund h&$ been set up by the Governors with mooies raised by appe21 and by the School Committee as well a5 funds transferred frts￿ receTht Ope￿￿g surpluses. ￿ be used to provide bwsary place5 for pupi15 who would othetwise llot have $ufficieDt means to allend the School. The balance of th¢ fijnd stand5 at £110,960 at 31 August 2021 alld is r¢vi¢w¢d by th¢ Govemors anttually th ensure its level of fimding is appropriate for the nurnberof pupils Cu￿￿tlyho1d1llg bursary places. Th¢ Gov¢rnors review the ieserves ￿}11¢Y and adequacy temily. having regard to l¢veb of forecagt fee income and expenditure, and are satisfied that ihe r￿r¥e5 are both appropri*e and sufficient for the Sehool's obligations and activities. All the Sch(Kbl's fund% ate unrestncted. The Govemors will continue to keep fee rises ￿ the lowest level consistent with delivering a bigh quality educatio LOANS LoaDS bave been received from meM￿rS and are Subject to repayment within ninety days of the last child of th¢ membeJ ceasillg to receive tuition at the School,. as per the Articl<% of Association interest may be paid at the discretion of the Govemors but historic￿lY none has been paid. The Governots bave decided not to pay interest on members, loans in respect of the year ¢ov¢red by the fitlatteial stst¢rn¢nts. DONATIOLYS During the year the Sehool made charitsble donations of £10,403 (2020.. £9.926)- THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR EfgDED 31 AUGUST 2021 (CONTINUED) RISK ]*tANAGEMENT AND PR￿cIPAL RISKS The Governors, with specific assistance from the Risk & Cornpliance Committee, continue to keep the School's activities under review. particularly with regard to any major risks thai may arise from time to lime. well as the Systems ind procedures that have Ixen established to manage thtm. The Risk & Compliance Cornmittee, chaired by Mr M Byatt through to 3 1 Au8U5t 2021, maintsins a detsiled Risk Managerntnt Control Forni and the staff hold ternily Health and Safety review Meetings. The minut¢s from th¢ Sthff Health and Safety Comrnittee are brought to the Risk atLd Compliance meetings. Regulatory compLiance forrll5 an imponantpartof the risk managernent at the Scbool and includes child welfare which Trs. the responsibility of the Designated Safeguardirlg L£ad (Deputy Head), regulatory risk and compliance with ¢hariti¢s law. The Governor with specific safeguarding oversigllt responsibility was Mts K. Warner thtough to 31 August 2021. Ms I Webbern bas taken over th.is Iole hojn I Septelllbei 2021 aud Mtss S Willis llow chaits the Risk and Compliante eomtnittee. "sks are considered and the risk managemellr forni updated at least termly by each of the Governor5, sub-committee5. The principal risks and uncertainties facing the charitable cDmpany and strategy for managing them are as follows.. The risk of breaching safeguarding obligations leads to a child or children being putatrisk and the School sufferin frotn reputational damage-the School thkes safeguardingvery seriously and has in place a Safeguarding Children and Child Protection policy. The safeguarding Govemor raises any issues with the designated Safeguarding Petsons wbo aTe in place and fully trained. All sraff uttdergo DBS checks prior to appointment with regular follow up checks. The risk of flle and105s of use of the building lead5 to f￿anCial loss, significant op¢rntional diffi¢ulti¢s in fwdiDg suitsble alternativ¢ premis¢5 and a reduction in appIl￿tIOnS to the S¢hool- there is regular inspection of all major ¢ompon¢nts of th¢ building which is fully insured and also out of hours monitOliDg of the file alarm together with a disaster recovery plan that is reviewed annually. The risk of government imwjsed regulatory and ￿atIon changes that might negatively impact income and expenditure leads to pressure on the long-temi financial viability of the School- the School maintains significant cash balancts and reseTYes. The risk of losing pupils or Dot f￿1￿8 places leads to Lncome being significalltly lower than expenses which over tirne puts at risk the f￿anCIal viability of the School- the School mailltsms waiting lists for pl￿¢$ and tbe Scbool works haid to maintaiu its brnid and reputation within the local community as a School witb a strong ethos that achieves the rigbt results for the children. The School maintsins significant cash ba]an¢¢5 al￿ reseTV¢5. The risk of being unable to recruit andlor retain high calibre staff leads to non-aehievemertc of the Schools aims- the School has low 5tsff turnov¢r and mak¢$ sur¢ its salaries ar¢ eompetitive. In addition, the School focuse$ on trdining and developmeni of staff. Throughout the coionavirus pandemic. the SLT have worked with the suppoo and approval. of the Govemors. Risk CoTnmittee to keep ￿"Sk Ass&%srnents updated and a sepatate Coronavirug Response Plan incirculaiion. ￿"Sk AssessTnents and Response Plans are consistent with guidance published from UK Government and Public Health Englan¢l while also drawin8 ort advice and proceduTes provided by the Independent Sch()Dls' Bursats AssOci￿10n OSBA). The Bursar shares inforniation on these unprecedented risks with our insurers who respond accordingly. R]"sk Assessments related to the safe openiDg of the school are approved by the full Board of Governors. THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) GOVERNANCE AND MANAGEMENr THE BOARD OF GOVERNORS The Governors who served the charitsble company during the period were as follows: P Aubery G Bayliss M Byatt A Chandler T Bwillg H Keighley-Elstub S Lehec P O'Neill K Warner J Webbern S Willis l Thompson (Non parent Governor) (appointed 6 May 2021) (appoint￿ 6 May 2021) (Non pareni Governor) (appointed 6 May 2ff21) (Non parent Governoi) (Non parent Governor) (Non parent GovernoT) (appointed 6 Mxy 2021) (Non parent GovemoT) P Hinton D Srnitb N Wrigbt (resigned 22 June 2021) {resigoed 22 June 2021) (resigned 22 June 2021) During the year the Governors delegated the day-t￿thy nts￿10g of tbe Sch¢)ol to the Headmaster, Mr K Thompson and the Bursar. Mr C Mathia5. They were botb fully wpported by their academic and admitiistrative staff. On I September 2021 Mr M Byatt replaced Mr P Hinton a5 a Co-Ch&ir of Governors. APPOINTMENT OF GOVERNORS All parcnts arc provided with information concerning governance and the role of a Governor in their handbook and on the ivcb4vlte and aic alcrted w proTr￿ Cctivc Vacanci￿ by the ChaiP-o ne￿,￿letter. The Co Chair-. along with tht ivhole governing body. &sses8es the skills of the Board to ensure appropriate diversity and experience is maintained and they undertake a regulat self-evaluation. The Co-chairs. or relevant Committee Chair, along with another Governor. will interview prospeciive Govemors. Parenral Governors who will no longer have a child at the School are expected to resig as a Governor when their child kaves the khool. In prnctice they tend to resi8Th at the AGM preeediug that eveot or by the time their loan ooie is repaid IwithiD ninety days of the child ceasll￿ to receive bJition at the School). tqutiL¢ uf Ili¢ AGM atid ll￿Vill1￿11oI1 ¥ud llUWiUil(iUll fonDs fur PIOSJ￿LtivC GvVu"j￿l% ale Iv all paJeiJi¥ 0¢ ￿,￿ulld three weeks ID advance of th¢ AGM. Th¢ Co-cbairs of Govemots workmg with the Head and non-parental Governor5 have the responsibility of rxnLiiing non-par¢ntal Governor4 who must follow the same In￿rView. nomination and election process. THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) GOVERNOR INDUCTION AND TBAINING The new Govemors are provided with sta￿tOry documentstion anddocuments relating to the aims and ethos of the School in addition io financial reports. the School tkvelopment Plan, past rrleeting tnirhutes and material relevant to any sub- committee membeiship. Individual meetings are held part of their inductlon and suitable courses are made available for them to attend. They are expected to attend the AGBIS 'Introduction to Govemors. full day course during thtir fjrst year on the Board. ORCANISATION The Governors are responsibl¢ for the overall management and control of the charitable company and meet each temi to ieview overall activities. with sub•conJrnittees (Buildings. Education & Staffing. Finance. Icr and ￿"sk & Compliance me¢ting independently. Eacb committee has a clear retnit and the chair of each is respotisiblc for setting obJe¢tivc$ over on¢ and thr¢¢ y¢ars &s part of the School's Strategic Development Plan. This plan Is reviewed annually with a 'scor¢ card, ¢hecked periodically during the year to monjtor progress. We are very grateful to our fellow Governors who give up th¢ir time and expertise for the School. A nutnber of Governots will Stsnd foi ieelecrion as part of our nonnal rotation r¢quired by the Articles. The Governors are also expected ￿ attend the AGM. Up to 31 Augusi 2021 the Risk and Compliance conynittee w&s chaired by Mr M Byat4 and conlains the Safeguarding Governor. Mrs K Wamer. and the Scbool's Des1￿￿al¢d Safeguarding IAd, Mrs P Fraley. On I Septelnber 2021 Ms J Webbern became Safeguarding Governor, Miss S Willis became the committee Chair aud Mr D Gladstone be￿￿e the School's Designa(ed Safeguarding Lead. The Fillance Committe¢, ¢hair¢d by Mr D Smith up to 31 August 2021 (to be succeeded by Mr T Ewing from I Sept¢mb¢r 2021), h&s SP￿ifiC responsibility to review the financial plans and aciivities of the School as well &5 the annual flnancial Statements. The rernwieration of Senioi Management is authoTised by the Co-chairs of Governors and 5¢t with reference to School Benchtnarking Surveys. The School is an IAPS (Independeni ASsoci￿10n of Prepara￿ry Schools) rnernber sehool and a mernber of the ISBA Ilndependent Schools. Bursar5 Associ*ion). The governirhg body is a member of AGBIS (Association of Governing Bodses of Independent Schools) and Governors regularly attend training and Teceive publications. THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) GOVERf40RS' RESPONSIBILA TIES IN RELATION TO THE FINANCIAL STATEMENTS The fjovernoTS (who are also directors of The Unicorn School Limited for the purposes of company law) are responsible for pieparirhg the Governois, Atjnual Report and thE financial Statements in accordance with applicable law and United Kingdom Accounting Standatds (United Kingdom Generally Accepted Accounting Practic¢). Company law requires the Govemots IO PtepaF¢ fin￿c￿ staiements foi eacb financial yeat, whith give a true and fair view of the stateof affair5 of the charitable company and of the illcoming resources aDd application of resources. including the incorne and expenditure. of the charitsble cotnpany for tha¢ penod. In preparitlg these financial staternents, the Governois are required to.. select suitable ￿coUnting yTrlicie% and then apply them consistently. observe the methods and priThciples in the Chan'ties SORP. make judgments and estirnates that art rtasonable and prudent. state whether applicable UK Ac£ounting Srandaids hav¢ followed. subject to any material dq)artures disclosed and explained the firtancial staternents. PTepare the flrtancial statements on th¢ 80ing concem basis unless it Is Iiiappmpriate to presum¢ that the cbaritable eompany will Continue in operation. The Gov¢mot5 are rrsponsible for keepiog adequate accounting record5 that disc105¢ With ieasotsabl¢ accuracy at any lime the fitwi¢ial position of the charitable Cotupauy aod enable them to etssure that the financial State￿ents comply with the Cotnpanies Act 2006. They are also iesponsible for safeguarding tbe assets of the charitable and hence for taking reasonable steps for the prevention and d¢te¢iioD of fraud ￿1 other itre8ulan"ties. In 50 far a5 the Gov¢moTS are aware.. there is no relevant audit infornjaiion of which the chan'table company's auditor is unaware" and the Governors have raken all steps thai they ought to have raken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of that infom)ation. The Governors aTe responsible for the maintenance and Integrity of the Cor￿rate and financial infoTTnation included on the charitable compaDy'S website. Lesuslation in the United Kiogdom govcrnLll8 the prepardtion and dissemination of fillanckal ststemetsts may differ from leglslation in other jurisdicrioDS. AUDITORS A resoluiion will be proposedat the Annual General Meeting ttkt WSM Adviso￿ Limitd be re-aPPOthted auditots to the charit&blt cornpany. Report of the Governors apprO￿d by the Board of Governors on 10 Novemb¢r 2021 and signed on their behalf by: Geoffrey Baylis5 Co-chair of Governors Mark Byatt Cfj-chair of Governors io THE UNICORN SCHOOL LIMITED INDEPENDENT AUDITORS, REPORT TO TITE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2021 Opinion We have audited the financial ststements of The Unicorn School Limited (the 'charitable company.) for the year ended 31 August 2021 which comprise the Ststement of Financial Activilies, the Balance SheeL the sta￿meTht of Cash Flows and the note5 to the fitjancial statements, including a summary of significant accounting policies. The finan¢i81 reporting fram¢work that h&5 been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Finop2cial ReporliKg Siandard apPI￿oble in iht UK Republ￿ ofIreland (United Kingdom Generdlly A¢cepted Accounting Practice). In our opinion. the r]nanCI￿ staternenLS'. give a true and fair view of the 5tste of the charitable company'5 affaits a5 at 31 August 2021 and of its itscoming resowces and application of resources. for the year then ended. have ￿en properly prepared in accoTdance with United kn"ngdom Genernlly Accepied Accounting Practi¢¢: and bave been prepared in accordance with th¢ r¢quir¢m¢nts of thc Companies Act 2006. Basis for opiniort We conducted our audit in accordance with International Statldatds on Auditing (UK) USAS (UK}} and applicable law. Our responsibilities UT]der those standards are bjrthet described in the Auditovs responsibiliiies foT the audit of th¢ financial statements section of our report. We ate independeni of the charitsble company in ac¢ordance with the ethical requiretnents tbai are relevalli to our audit of the fwancial staiements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethical tespoll$ibili¢ies in accordance with these requirernents. We believe that the audit evidenee we have obthined is sutTiciellt and appropriaie to provide a basis for our opinion. The impaft of m¥cro-etoDomit urtetrtaitsties on our a*di¢ Our audit of the financial ststem¢nrs requires u5 w obtain an und¢rstandillg of all relevant uncertaiftiies. including those arising &s a ¢on$equence of the effect4 of macro colltinue as a going concern, disclosiDg, as applicable. matters related to going concern and using tb¢ going ¢onrxrn basis of accounting unless the rnetDbers either iDtend ￿ liquida￿ the clwi"thble CA)mp8ny or to cease operatlODS, or have realistic alttrna1ive but to do so. Auditor's responsibilities for the avdit of the fin*ncial 5tstements We have been appointed as auditor under section 144 of the CharitTes Act 201 l and report in accordaThee with the Act and relevani regulation5 made or having effect thereunder. Our objectives are to obtain reasonable assurance aboutwhether the financial statements as a whole are free frorn material misststemcnt, whether due to frdud or error. and io issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarart￿e that an audit conducied in accordance with ISA5 (UK) will always detect a rnaterial misstatement when it exists. Misstsiements can arise from fraud or etTor and are considered material if, indivldually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of Users tak￿ on the basis of these financial statetnents. [tregul￿1t1C$. iacludiug fraud, are instances of noD-compliance with laws and regulations. We desi8n procdures in line with our responsibilities, OUtliThed above. to detectmateriai mis5taternents sn respect of irrcgularities, including fraud. The extent to which OUT Procedures are ¢apable of derecting irregularitie5. ]￿lUding fraud, is detailed below. We evaluated managemenvs incentives and oppomniiies for fraudulent manipulation of the financial statCTnents (including the risk of override of controls) and detetmined that the principal risks were related to managemcni bias in accounting and posting inappropriate joumal entries to Tnanipulate the fail value of the charirable company's assets. 12 THE UNICORN SCHOOL LIMITED JNDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2021 CONTINUED Our iests included a8reeillg the fllhancial statement disclosures to uudertying supporting docullThtstion where relevanL review of Governors, meeting minutes. enquir1￿ with maD4emc¥Lt as to thc risks of non-compliance and sny ÉnstsDces thereof. challengiag assumptions and judwents made by managerneDI aDd identifying and testing Jouroal entrAe5, ill particulaT any journal entries pM)strd with unusual account combinations. Our audit procethlru also fOc￿ed on law5 and regulations that could give rise to a llRteiial ￿]%81atc￿e￿t the fiD8ncial staternents, including, but not limited to, the panies Act 2006. Our audit procedurt8 were d¢signed to r¢swd to risks of mIssts￿e1t in the fjnancial staternellts, recogDisiDg that the risk of not d¢tectin8 8 material mÈsswem¢nt due to fraud is higFLer than the risk of not detecLill8 one r¢sulting from error, as fraud may ittvolye de]iberate conculmcnt by, for example, forgcry. tDisrcprtsentations or through Ilusioa. There ar¢ inJJeren¢ limitrtions in the audit proe¢thir&% pufonned and the fwther removed non-compliattce with laws atsd Tegulations is from theeventsaDdtr#D5action5 reflec*d in the financial stst¢mellts, the less like weare to become aW￿e of it. A fi¥th¢r description of our reAponsibilities for the audit of the financial staternents 1$ located on the Fin￿¢1￿1 Reporting CouTh¢il's website at: http.'Ilwww.fr¢.org.uklaudityrsrespoLsibilities. This description forn]s pan of our auditovs report. Use of our report Tbis Teport is made solely to the cbarttsble ¢OTDpatys rnembcrs, a IM)dy, accordance with Chapter 3 of Part 16 of the Comp8n1￿ Act2006. Ouraudit workbas beettundert8ke￿￿0 thatwe might stste to the cb8ritsble¢ompanYsmembers thosemattets weare required to State tothem in anauditorfreport and forno otb¢rpU￿$e. Totbe fvllestextrntperlllitted by law, we do notaccept OF responsTri Jility to anyone otberthaD thechan"table eo]npaDy members &8 a kndy, for our audit Work, (or this repo￿ or for the opinions we have fornjed. io November 2021 Sophla M Holborn FCA (Senior Ststutory Auditor) for and on behalf of WSMAdvlsors Llm5ted StatutoryAuditor Reglstered Allditors and Chlrtered Accountants Col￿ect House 133-137 Alexanth&Road vrlltLbledoTh IDDdon SW19 7JY 13 THE UNICORN SCHOOL LIMtTED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Noies 2021 2020 Income frotn ¢baritable activAtles 2,089,567 2.015.628 Income and endowments from: Donations and legacies Other trading activities Interest received Otber income 33,600 1&391 291 15.431 45.458 17.407 2, 707 31.534 Tot41 income And ¢ndowrnents 2.155.280 2,112. 734 Expenditure on r&i5ing funds Expenditsre on charitable activities 4.6S6 2.156.116 3.643 2.128.30J Total expendibjre 2,160,772 2,J3J.944 Net expendilute (5,492) (19,2JOJ Reconciliation of Fund5 Total fvnd5 brought forward 1.421 J82 1,440.JQ2 TOTAL FUNDS CARRIED FORWARD 1.415,890 J,42J.382 All movernents in 2021 and 2020 are in unrestricted fvnd& The ¢JJarity h&$ no recogni5ed gains or losses other tlwi the Tesults for th¢ year as set ollt above. All of the activities of tbe charity are classed 8s coatiouing. This in¢ludets the ineome And expendiDJre account 14 THE UNICORN SCHOOL LI￿TED BALANCE SHEET AT 31 AUGUST 2021 3021 2020 FIXED ASSETS Tattgibl¢ r￿ed asses 1,279099 1.198,91S1 CURRENT ASSETS Debtors 12 73,885 49.056 75.975 086.042 Investmertts 13 Cash at bank and in hartd 778953 852,838 811.073 Creditor5: amounts falling dut wlthill one yur 14 {716,847 f588,OJO) P4ET CURRENT ASSETS 135.991 222.463 IYET ASSETS 1.415.890 1,421.382 FUNDS Unrestricted: Designated fiu)ds General 16 16 286,957 1.128.933 294.571 J.J26.8Jl TOTAL FUNDS CAWED FORWARD 17 1.415.890 J,421.382 Approved by the Board of Governors on 10 November 2021 and si8tKd on its behalf. G BAYLISS- Governor Company regi5trdtion number.. 993831 {England and Wales) 15 THE UNICORN SCHOOL LIMITED RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Notes 2021 2020 Net expenditur¢ for the year Adjustm¢nis for.. Depreciation charges Interest received Profit on ihe sale of plant and equipment (Increase) in debtors Increase l (decrease) ill uedilots Net castrl provided by l (used ill) opetaling activities (5,492) (19.210J S9.129 (291) (834) 124029) 128.237 155.920 56,994 (2.707) 12 14 {4.940) (33,202) (3.065) STATEMENT OF CASH FLOWS Noies 2021 2020 Cash flows frorn operatillg acttvilies". Net cash provided by l {used ID) operating activities 155920 (3.065) Cash flows frolll investing activities: Inteiest Tec¢iv¢d Proceeds from the sale of plant and equipment Purchase of propety, plant and equipment Decrease in investsnents Net cash provided by l (used in) investing a¢tivilies 291 2. 707 2,500 (141.77S) 75.97S (63.009} (25. 781) (975) 4,049) 13 Challge in cash and Cash equivalents in the year Casb and cash equivalents at th¢ begintung of the year Cash and cash equivalents at the end of the year 92,911 686,Ib42 778953 (27,114) 713.156 686,042 ANALYSIS OF CASH AND CASH EQUtVALENTS 2021 2020 Cash ID band Notice deposits Total cash and cash equivalents 703J24 75.628 778,953 521,207 J¢54.83J 680.042 16 THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTTNG POLicfES The principal accountin8 policies which ar¢ adopied consistently in the preparntion of the finaTh¢ial statements are sei out below.. a) BAsis of aceountlllg The fiDan¢ixl statmeuts have been PTeFwed in accordance with the cor[￿any'S mernorandum and arhcles of associatioTL the coMpa￿leS Act 2006 aDd 'Ac¢ountitig and Reporting by Charittes.. Stst¢DW)t of Recomnjended PTactiee applicable to charities preparing their a¢counts Jn a¢cordance with the Financi&l Reporting Stand&rd applicable in the UK and Republic of Ireland (FRS 102), (as amended for accounting pericmts commencing on or after l January 20161. The school Is a Public Benefit Fthtity as defined by FRSIO2. The financial statcmeDts are prepared in sterling. whith is the functional cuttency of the chariry. Monetary amount5 In these financial ststetnents are rounded to the nearest £. At the time of approwDg the ￿CoUnts. the Governors h8Ye a reasonable expectstion that the charity has adequate resources to continue in opuationai existen¢e for the foYesee&ble fvmre. Thus the Governors continue to adopt the gowg cotxttm basis of accounbng in preparitig the accounLS. b) Incoming resource$ School fees receivable and charges for 5crvices are accounted for in the peTiod in which the service is provided. Fees receivable are stated after deducting discounts aTwJ allowances by the school. Othei fees in¢lude ￿l$tratI¢￿ fe¢s which are reco8ni5ed on a receipts b&si5. DonatlODS and sinular income Tesources aTe in¢luthd in the year in which they are re¢¢ivable, which is when the cbarity bec0[n￿ entitled ¢0 the resourte. Dooations received for the get)eral purpose5 of the charity are illcluded &s W￿estrIcted fijnds. Donations for activities rtstricttd by the wishts of the dooor art taken ￿ restricted funds where these wisbes are legally biDdkll8 on the GovernoTs. Incomc from inve5trncnt LS Included in the sta￿ment of Financial Actsvities (SOFA) In the year in which Jt 1$ receivable. e) Resources expended Resources expended are included in the Sthiemeni of Financial A¢tiviti¢s IA the year ith which they are incurre Lnclusive of any VAT which caTLnot be recovered. Costs incuTred on school Iwiches, school trips and ¢lubs ar¢ stated after netting off any disbuTsements received in respeci of these activities. Resourccs expended are allocatcd and app(*rtioned bcnyeen ￿$ts ID fi]rtherartce of cbarithble objects {llaEnely teaching costs, pret))iw costs a￿d 5UPPOrt costs), fundraisingc05ts and governance costs. Teaching costs represent all cosrs d]"rect]y incurred Jn the course of fithherin8 the charitys principal objective through th¢ provjsion of ¢du¢ation to ¢hildren and youn8 people, including teaching staff costs, educational Ma￿rIals, depre¢iation ond related equipmenL Premises costs represent those ¢osts incurred in the rLmnin& main*nallce and up-keep of the school buildings and grounds. Support cosrs represent tl)ose costs it)¢wred thTough the administrdtion of the charitys activities in furtherance of the cbaritys priucipal obje¢tiv¢. Costs incurred ID assi*ing the Governors ID thety stewardsbip of the charity are classified under 8overDance costs. 17 THE UNICORJ¥ SCHOOL IIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) ACCOUNTfNG POLIC￿ {CONTINUED) d) VAT The charity is not re￿$ter￿ for VAT and accordingly expenditure is Sho￿ w of irrecoverable VAT. e) Tangible fixed assets and depreciatio Tat)￿ble fixed assets are inilially measured at cost and subsequetttiy ￿￿u[Cd ai COSL net of depre¢iati¢)D (wh¢r¢ applicable) and any iuwairtt*Dt losses. As of I September 2016, Freehold Land. Buildin85 arKI lrnprovements have been deprt¢iated further. In the opinion of the Govemors their residual value (reali5able value ai the end of theiT economic lif¢) was at leasi equal to the hisiori¢al cost less accurnulaied depreciation at 31 August 2016. These assets are tested annually for Jmpainnent. Improvements are added io the fixed asset value. Where these replace previous idet)tifiable Impmv¢menrs, the net book value of any replaced assets will be recorded as disposals the )ur. Regular redesign ond refijrbishment C¢)SLS are however expensed iD the yeat. Depreciation is provided on all other t2￿￿61t fixed assets at rdte5 calculated to write off the full cost less estimaied residual value of each asset over Jts estitnated u5tfvl economic life. The principal rates LD Use are.. Freebold Buildings and ItDprovemeots peranoum {se¢ aiM)ve) Playground and quipment over 15 yeaTS Fixtures and fittin8S 2￿/0 pcr annuwn straighr lin¢ bLsiS Computer ¢qutpment 33Vo peT annum on a 5traigb¢ Ikn¢ basis O Financial instruments Finaneial #Ssets Basic f￿￿1ClaI &5sets, wbich 1￿Clude debtors alld cash and bank ba]ances, are initsally measured at transaction price in¢luding transaction costs and are Subsequently ¢arTÈed at 8mortised ¢ost using the effective illterest method unless the arrangemellt COll5titutes a F￿anCIng traDSaCtitsD. where the trawtion is mt&sured ot the prescDt value of the future receipLS discounted at a ￿arket rate of interesL Fiuanci21 assets classified as receivable within one year are t￿t amoriised. Fin4n¢ial assets impairrnent Financial assets, other than those held ai fair value through income and expenditure, are &ssessed for indicators of impairnient at each reportÉng end date. Financial assets are impaiTed where there is objective evidence thaL *s a result of one or more events that c*¢urred after the initial recognition of the financial asset, the e5ttma*d fil￿re ea5h flows have been affected. If an asset 15 itnpaired. the 1tnp8lr￿cllI loss is the difference between the carying ar￿)Unt and the present value of the estiroated cash flows discoullied at the asset's oli8u￿1 effective interest rate. The iMpairn￿lll Ios5 is reco8Dised in net incomel{expenditure) for the yeaT. Financial liabilities Basic financial liabilities. including crediWS are initially r¢cognised at transaction price UDless the arrangement constitutes a financing tratssaction, where the debi insbvmeni is measured at the present value of the futsre receipts di5COUThted at a rnarket rate of iti¢ere￿ FLnaii¢ial l•bLlities classified &8 payable within one ytar arc Thot arnorti5ed. Trade ciedilols are obligations to pay for gcA)ds or services that have been acquired in the ordinary ￿urse of OP¢TatioDs frolll suppliers. Amounts payable are ¢lassifi&J as curreD( liabilities if payn)ent is due within one year or less. If noi, they are presenied a5 D¢)n-current liabilities. Trade creditors ate recognised initially at transaction piice and subsequently mcasured at a￿r￿Sed cost USiD8 the effectsve interest Ineth￿. Financial liabilitie5 derecognition Finan¢ial liabiliti¢s are derecoBnised when the charitys contractual obligations txpire or are di5chatged or cancelled. 18 THE UNICORN SCHOOL LI1￿llTED NOTES TO THE FINANC￿ STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (COIYTINUED) ACCOUNrtNC POLICIES (CONTINUED) g) Cash *nd ¢asb equiv•lents Casb and ¢asb equjvalenrs include rash in band. deposits held at call banks and other short-term liquid iuvesttnents with origitial nmturities of three month5 or Iw. The funds held by the chanty att unrestricted fimd5. These are funds which can be used in ac¢ordan¢¢ with charitable obje¢ts at the dis¢retion of the Governors. Desi￿ated funds - these funds aTe set aside by the Govemofs Out of uThrestricted general funds for specific purposes or projects. The Reserves section of the Governors. Report out the Purpose. policies and balances of each of these funds at the year en 11 TAxation As th¢ company is a rewtered charity. it is exeuLPt from corp)rarioo on irs ¢barirable acuviii¥. Deeds of Covenant and Gih Aid DoDations are received tt¢t of aod credited to the appropriate fund in the year received. The tax credit recoveTable from HM Revenue and CUston￿ is a150 Credited to the appropriate fi￿d when receivable. j) Employee benefits Termination benefLt5 are recognised immedia*ly as an expense when the charity is dtrnon5trably committed terniinate the ernp1o￿ent of an eTnployee or to prowde trrmination benefits. k) Operating le￿¢ Rentals payable undcr oper&ting leases, including ony lease iwetitsv¢s r¢¢eive4 are charged to income OD a straight line basis over the m of the relevaD¢ lease. 11 Pension scheme5 Up to 31 August 2020 the charity contributed to the Teachets, Pension schen￿ (England and Wales) (TPS) for its aching strff at ra*s sei by the Scheme Actuary. Thi5 is an tnulti4mployer defined benefits pension scheme: It wa5 not p)ssible or approptia* to cot15l5tently kdentify the liabilities of the TPS which were attributable to the ¢harity. As required by FRS17 the charity accounted for this scheme as Jf It were a defjned contribution scbeTne and ¢ontributions are acc(A￿ted for when advised due bythe Schentr Admi"nistrator. Fri)m I September 2020 the ctthrity coDtributed w the Avlva PensioTh Trust for I[Mk￿ndent seb￿ls (A￿T[S> for its teaching staff. Tbis i% a defiThed contribution scbenx and ¢ontribulions are accounttd for 8￿d paid on a montbly basis. The charity also wntrÉbu*S ro defmed contnThution pension %hemes for certain rnernbeTS of staff who aTe T￿1 eligible to join the Awva Pension TTUSt for Independent khools. The 8$5ets of these schemes are held separately from those of the charity, being invested insurance companie5 or a government workplace pension scheme. Pension costs clwged in the Staternent of Financial Aclivities represent the contributiolls payable by the chan'ty in the year. rn) Compatty limited by guarantee The liability of the members is limited. Every mern￿r und¢nakes LO contribute an a[￿ount not exceediDg £1 to the assets of the Cotnpany. in the event of the cotDpany being wound up whil# tbey ar¢ a member, or within one year aftcr ceasing to be a rnembtr, for the payff*ni of the debts and liabilities of the comparty contracted before ceasing be a member. 19 THE UNICORN SCHOOL LIMITED NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (coiYfINIiED) INCOME FROM CHARITABLE ACTfviTtLs 2021 2020 Tuitio# fees payable by parents Add.. fees fI￿ded frorD Educatiollal Fund Add.. fee5 funded from Bursary FuDd School rnition fees Other fees receivable Total income receivable 4014,055 1.943.250 3.085 65.35)3 2.012.328 3,300 2.015,628 72.8J2 2,086,867 2,700 2,089,567 School tuition fees are statrd after dIsC￿nts given of £32.152 (2020.. £117,668). DONATIONS AND LEGACtLs 2021 3020 Educational Fulld Rairlbow Futtd BuTsary Fund Other donatioDs lJ.246 31.012 2,5750 250 29.475 4.125 33.600 45.458 Voluntsry income relates ts) donaiions and gifts to the fimds ab)ve and other donations. The doThations to the Rainbow Fwid include £2.138 {including Gift Aid) (2020.- £2 J25) frotn Governors and their familÉes. These are all unrestricted donations and legacies. OTHER TRADIPIG ACTIVITIES 2Q21 2020 Fundraising School Committee Fund 16J91 17.407 INTEREST RECEIVED 2021 3020 BaDk interest received 291 2,707 OTHER INCOME 2021 2020 GraDL% receivable (T￿le 8) Profit on sale of fixed assets {note I l) 14J97 834 15.431 31.534 31,534 20 THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 COIYTXIYUED TOTAL EXPENDITURE Fwid Chorithble Gtsvernonte Tothl 2027 Totol 2020 costs actsvjljes COS£f Staff costs (note 8) Depreciation {not¢ 9) Othei IJ92.709 59.129 495.326 2.147.164 2.lJ8.6951 1,592,709 59.129 5•8.934 2,160,772 1,597,843 56.994 477,107 2.13J.Q44 4.656 4.656 3.643 8952 8,952 9.602 2020 Governance costs comprise the annual audit fee together with other Governat)ce cost5 incllrred. No Governor has claimed expenses nor bd expenses met by the charity. STAFF NUMBERS APID COSTS 2021 2020 St*ff co$ts- Wages attd Salaries Social security costs Pension costs I J03,679 126513 I62￿17 J J92.709 J.202.338 127.491 208,014 1.597.843 Be￿¢¢￿ September 2020 and Mar¢h 2021 the chariry fiwloughed three employees for certain time periods.. w¢s received fTOITI the Coronavirus Job Rei¢ntJoTh Scheme amounted to £6,491 (2020.. £3 1,3541. The charity also re¢eiv¢d gra￿ts of £8.106 (2020.. Nil) from a l(xal coutLciI for sUp￿￿)rt staff costs (Note 6). liedulldancy expells¢s during the year amounted 10 £7,651: they were fvlly ext¢]wd during tbe ytarand paid in N(arcb 2021. The average number of ffijll-timt equivalent etDploJrcs during the year was a5 follows.. 2021 2020 NNmber Numèer TeacheT$ Others 23 29 29 The average monthly head¢ount was 44 (2020.. 45) of whom 38 wert teaching stsff {2020.. 37) and 6 weTe non- teaching staff {2020.. 8). The diffeftll¢e iti these from those iti the table above reflects the higb pioportion of part-ti]ne staff working in the scbool. Tbe uumber of employees whose emoluments as defitt￿ for twtioll purposes aEnounted ro over £60.000 ID the year w&s as follows.. 2021 2020 Nunjber £60.001-£70.000 £70.001-£80.000 £80,001-£90.000 £90,001-£100,O(x) The key tllaTVdgement pmonnel of the clwity comprise the Governo￿ tbe Head. the Bursar and the two Deputy Heads of the scbrK)I. Tbe cbarity paid emoluments amoutstitig to £3 13,844 (2020". £301301) attd pension contributions amountiDg to £43 J69 (2020.. £58.188) io the Jtar for tb¢se oxmbers of staff. The retnuneration of these members of staff Rs authonsed by the C￿ChaIrs of G0Ven￿Ts amd Stsffing Committee and set reference to S¢hool Benchm#Tking Surveys. No Governors have been paid any retnuneration or received any other benefits from the charity. 21 THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CONTINUED NET EXPENDIT￿RE Thi5 L5 stated after char￿ng- 202] 2020 Operaiitig lease rentals Staff pension contributions Depreci8tioD char8e5 Auditors, remuneration Ex¢¢tnal audit Other services 1.7J7 162.SJ7 59.129 J.578 208.014 56.994 &162 715 8.448 700 io TAXATION The ¢harity is exernpt from corporation tax on its eharitable activities. li TALYGIBLE FIXED ASSETS FTeehold uriewi Rix(¥res. ftsllirtgs land. buildin8$ andLrieRFionF Ployground Toial Cost: At I September 2020 AddJhOIJS Di5POsals At 31 August 2021 1.701.679 106,828 428.895 141,775 (23.994) 546,676 2237.4(J2 141,775 123.994) 2J55.J83 1.701.679 106,828 Depreciation". At I September 2020 Adjusttnent for disposals Charge for the year At 31 Augusi 2021 45.504 329.939 122.328) 52.008 1,038,483 122,328} 59,129 7.121 52th25 3S9,619 1.075,284 Net book value- At 31 August 2021 1.03&639 54313 187.057 1,279,899 Ai 31 Augusi 2020 1.038.639 01.324 8,956 I,J98,s)19 The Thet bjok value of land and buildings a¢ 31 Augusi 2021 is rnade up as follows= 2021 2020 Freehold land and builthngs 260.482 260,482 The Charities SORP (FRS 102) require5 the Board of Goven)ors to dec]are where the rnarket value of freehold land and buildings differs materially from net b(M)k value. The GovernoTS still estinmte tbe cwreot matket value of the freehold lattd and buildings to be well in excess of nei boDk value. Duiing the year the cbarity sold kitchen equiprnent with a net b￿￿k value of £1.666 and received proceeds of £2,500 griving a profit of £834. ort 31 August 2021 new k]￿hen quipment amounting to £80,256 was added to Fixtures. fittin8s and equiprnent. THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED 12 DEBTORS 2&21 2020 Sch¢)ol fees re¢eiwdbl¢ 32.088 2,369 39,428 2,553 Other debtors Prepaid expenses and ac¢n￿d income J2.339 54,164 73,885 49.056 13 tNVESTMENTS 2021 2020 Carrylng Amount of fingn¢ial ￿Sets Debt irhstruments measured at amortiseAI cost 75.97J Durin8 the year a otte year bood has mattjred attd b&$ not been reiDve5ted. 14 CREDITORS: AMOULYTS FALLING DUE WITHIN of4E YEAR 2021 2020 Members, wisecured loan notes Deferrtd irt¢ome {note 15) Other creditors Other rax and social security Accruals 303,500 262,259 48.527 3J,173 69J88 716,847 295.000 205.661 0.103 51.498 50.348 588.610 The rnembeTS' unsecured loan llotes are repoyable withjn ninety days of the la51 child of the member ceasing to receive tuition at the school. Interest is payable ai the Gov¢rnoYs' discretion at a rdte not exceeding 5(h* . Histtsrically the Governors have not paid intercst. Is DEFERRED INCOME 2021 2020 Total deferred income at I ScptemF*r 2020 AJnouDts received in the ytar AmouDts credhted to statement of fLnan¢ial a¢tiv]ties Total deftrrtd income at 31 August 2021 205,661 250,475 2,070.653 1.89&,436 (2.014.055) (1.943.250 262.259 205.661 Deferred snc(Hne relates to dep)sits and fees advat)ce for the following year. THE trNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CONTINUED 16 UNRFSTRICTED FUNDS Jn¢oming o￿t80$￿8 NelmowtLvt resourc£¥ resow¢es iyj resorw¢es rranF JSep30 31 Aut 21 De$lgnAt¢d F￿ndS School Cottllnittee Fund Educational Fund Rainbow Fund BuTsary Fund Subwl 16.391 {13.897) 2A94 31 29.505 (70.172) [￿142) (2,494) 95.710 80,223 18.638 95,741 80.256 110,960 29.505 4.152 129.472) 62.494 174J24) {88.221) 50,079 30.528 294.571 286.957 General Fund Total 2.105.201 (2.072.551) 2.155.280 12.160.772) 3L650 {5,492) (30.528) 1.126.811 1,12$.933 1,415.890 1.421.382 During the year transfers of £2.494 were made from the SchiK)I Conunittee Fund ￿ the Butsary Fund. Outgoing iesources from the Scbool Comminee Fund represent fundraLsill8 Costs and d¢)Dations to ¢hanty. A transfer was made from the Rainbow Fund to the General Fund of £29.472 ￿ fund much of the building cost of the new kitchen. The balanct on the Rainbow Fund ai 3 I August 2021 was £80.256 which equotes to the ¢051 of the kntchen equipment. Over the next five year5 an annual transfer of £16.05] w]11 be made from the RainbDW Fund to the Gen¢ral Fund, being the equivalent of the annual deprecration charge on the kitrhen equipment in the General Fund. Out80in8 resources from the BuTsary Fund related to fees {£72,812) and other expenses (£1.5l2). The Bursary Fund also benefitted frotn a transfer in of £60,000 from tbe General Fund. Ail transfers were appioved by the GovernoTS. 17 ANALYSIS OF NET ASSETS AMONG FUNDS ToialftsP￿3 2020 2O2J Tangible fixed assets Net current &55¢ts 1279,899 135,991 J,Jg8.57J9 222.463 1.415.890 2.42J.382 All fuods are UDrestri¢t¢d. 18 LEASING COhf￿TMENTs Operating leases At 31 Augusr 2021 the chariry had fvture minirnum lease payinents under non