2020-07-31-accounts

Palmers	Gre	en High School Lim	ited
CONTENTS
for the earended 31 Jul		2020
Contents			Page
Governors, officers and advisers
Report ofthe governors
Report ofthe auditors			10
Statement of financial	activities		13
Balance Sheet			14
Cash flow statement			15
Notes to the financial	statements		16

The directors	The directors	ofthe	ofthe	company are Members ofthe Council ofManagement,	company are Members ofthe Council ofManagement,	company are Members ofthe Council ofManagement,	company are Members ofthe Council ofManagement,	company are Members ofthe Council ofManagement,	and also Governors	and	Trustees ofthe Charity.	Trustees ofthe Charity.
Mr JKAtkinson			*			Mr R Keys*
Miss A Averkiou						Mr D G Lewis* (Chairman)
Mrs M Curtis*						MrJ Piggott"
Miss A Eliades						Mrs KTidmarsh
Mrs BGoulding						MrJ D Zinkin* (Resigned		13/11/2019)
MrJ Mckinley			(Appointed		19/03/2020)	Mr A Frankal (Appointed		19/03/2020)
Miss D Trivedi			(Appointed		19/03/2020)
*Members	ofthe Finance				and General	Purposes Committee
Officers
Headmistress						Mrs W Kempster
Bursar and	Company			Secretary		Mrs A Monty
Deputy Head						Miss H Lucas
Advisers
Solicitors						Veale Wasbrough	Vizards		Ellis	Whittam
						Orchard Court			Woodhouse
						Orchard Lane			Church		Lane
						Bristol BS15WS			Aldford
									Cheshire		CH3 6JD
Bankers						HSBC Bank Pic
						1 Aldermans Hill
						Palmers Green
						London N13 4YE
Auditors						Moore Kingston Smith LLP
						Devonshire House
						60 Goswell Road
						London EC1M 7AD
Investment	Managers					EFG Private Bank	Limited
						Leconfield House
						Curzon Street
						London W1J 5JB
Insurance Brokers						Hettle Andrews
						Eleven Brindleyplace
						2 Brunswick Square
						Brindleyplace
						Birmingham
						Bt 2LP
ADDRESS
Palmers Green			High	School
104 Hoppers		Road
Winchmore	Hill
London N21		3LJ				Web site				.kkl	.	. k

				Unrestricted	/
INCOME			Notes	Designated funds		Restricted funds 6	Total 2020 2	Total 2019f
Income from charitable	activities
Schoolfees Other educafional Income from investments	income			3,220.085 84.5ST			3,220,085 84,587	3,403,041 136,811
Sub-lettings Investment inocme Other Income				27,619 104,788			27,819 104,788	15,832 30,931
Donations				23,032.		19,i75	41,2'0'/	890
Total Income				3480 112		1$I76	347$,2$7	3,587,505
EXPENDITURE
Raising Funds
Raising funds Interest and other costs				20,424 10,251			20,424 1D,251	20,004 9,997
Charitable activities
Schools and grantmaking				3,134,648		(0)	3,134,646	3,205,659
Total expenditure							n
Net operating income/(expenditure)				294.792		18.175	312.967	351.845
Other recognised gains and losses
Realised and unrealised (loss)/gain Foreign exchange gain/(loss)		on investments		(4,365)			(4r365)	(76026)
Net Income				297.837		18,175	315.682	265,234
Transfer between funds
Net movement in funds				207.507		16,175	315.682'	285,234
Total funds brought forward				5,834597			6;834,597	5,569,363
Total funds carried forward			20, 21	8,132,104		18175	6'150279	5$34,597

mers Gre CE SHEET 1 Jul 2020	e	n High School Limited
			Notes	2020	2019
				8
FIXEDASSETS Tangible assets			12 13	2,340;398 r	2,«5,391
Investments
				6,381,687	5,395,111
CURRENT ASSETS Debtors			18	65,696	67,797
Cash atbank andin	hand
				'1,768,386	1,352,872
CREDITORS Amounts		falling due within one year	17	(847JIZS)	(913,385)
					439,488
NET CURRENT LIABILITIES
TOTAL ASSETSLESSCURRENT LIABILITIES				8,150,275	5,534,597
NET ASSETS
FUNDS
Unrestncted General fund Designated fund			15 18 20	3,702;398 2,340,368 107r487	3,281,719 2,445,391 107,487
Rovoluotion reserve
				8165278	5,834,597

lmers Green High School Limited HFLOW STATEMENT e ear ended 31 Jul 2020
CASH FLOW STATEMENT	Notes	2020	2019
		6
Net cash inflow from operating activities	21	393.424	607.245
Cash flows from investing activities:
Sank interest received
Dividends received In!west element oflinance lease rental payments Proceeds fmm sale ofinvestments Payments to acquire fixed assets Payments to acquire investments		80.065 24,723 (10,251) 562A27 (5SS30) (723,500)	13.564 17,367 (9,997) 413,004 (90,965) (1,516,122)
Net cash outflow from investing activities
Cashf low from new borrowmgs			500,000
Net cash outflow from capital expenditure
Increase/(decrease) in cash		270,486	24,096
Cash and cash equivalents at the
bsglnmng ofthe reporting period			rirlsr
Cash and cash equivalents at the
end ofthe reporting penod
Cash and cash equivalents:
Cash at bank and in hand Cash held as part ofinvestment portfolio		1,700,790 53,624	1,285,075 198,653

Palmers Green High School Limited	Palmers Green High School Limited	Palmers Green High School Limited
ACCOUNTING POLICIES
forthe		rended31 Jul 2020
1	ACCOUNTING POLICIES palmere Gnmn Higlr scbool Limited isa company Irmiled by guarantee with registeretl number 0537727, incorporated and domimled m England and vvales. Its ragislemd ogicsle palrnars Green High School, 104Hoppers Road, Wrnchmore Hill, London, N21 3LJ
1.1	ACCOUNTING CONVENTION
	The flnandai sletemenls have been prepared In accordance with the Ffrianclal Reporting slenctsnl appiwable in Ihe UK and Repubfb of Ireland (FRS 102I. The Charitabki Company sa pubgc benegt entity forthe purposes ofFRS1028ml therefore the Charity also prepenxl Os One ndal slate ments in acocrdancs with the Siawmentof Reccmmeaded Pracycs appscable lo charEes preparing Owlr accounts In accordance with the Finsnrdal Reporgng Slandwd spplicabie In the UKand Republic of Ireland (The FRS 102Charities SORPL the Companies Act 2006 and the Charities Act 2011.
		The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these frnandal statements are
		rounded to the nearest pound
		r ne rrnanoai swmmenrs have been preparec on vw rsstonoar cosr convenuon, mocrneo oy me recognwon cr cenarn rnvestmenrs, rnvesrmems propemes, and frnandai assets and Iablliam measured at fair value. The principal accounting policies are set out below. governors
14		GOING COISCERN The have assessed whether lhe use ofthe going concern basis ls sppmprla\8 and have considered possible even w or cond bi one that might cast slgngi cant duvet on Os ability lo continue es8going concern. The budgegn 0 and torecssting ravfavnN by ths governors has considered the impact of!he coronavirus panderrfn The pupb numbers have been strong however ws accepl there is sgy uncertainly around future pupg numbers. Consfdemtka hss been given lo the value ot Ihe frweslments held an the balance sheel and tlm governors bsoeva there is no Indfcatkm there has been 8 permanent change an Ihe investment valves as 8resrrit ofCcvrd fEAller making sppfoprisle enquiries the governors concluded Ihsl the chargaMe company remains flnanclalIy viable Irl the long I'erm and will have adequate rssources Iomeet Its ongolrrg llsbolges as Ihey fall due for Ihe period at least 12nxmlh fmm the date of appnwal of these accounts. On that basis Ihs govemms condudle Ihat Ihe charitable company 88going concern and continues lo adopt the going concern
		besw lrr pmpenrlg tliess flnwlclal slal8frrergs.
1.3		FEESAND SIMILAR INCOME Fees recenreble and charges for services and use ofpremises are accounted for rn the perirod in which the service is provided Fees receivable are stated after deducting allowances. scholarships and other remissions granted by the school from its unrestricted funds.
1.4		DONATIONS AND GRANTS
		Doa Sons received for Ole general puqmses ofthe scliool sre included as unrestrlrfed funds. Donsgens restricted by the wishes ofIhe donor or the terms of an appma are taken lo restriwed funds. Income from government or other granls is recognbed when the charity has entEement to Ow funds, any performance condiuons abached tothe grant have been met, O is probable the income will be received and the amount can be reliably messumd,
1.5		EXPENDITURE Expenditure rs accounted for on an accruals basis and recognised when there is a ccnstructrve or legal obligation to pay for expenditure Certarn expenditure Governance costs comprirse the costs of running the Trust, mciudrng strategic planning for rts future development, external audit, and all other costs	of
		complying with constitutional and statutory requirements.
1.6		FIXEDASSETS Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdeprewabon and any impairment losses.
		Depreciagon is provided on the original cost of sa tangible fixed assets, except freehold land, at rates calculated to write offthe costs less estimated residual
		value ofeach asset over rts expected userur tire as
		Freehold buildings Freehold improvements Furniture and equipment Computer equipment Motor vehicles 2% per annum 10% per annum 10% per annum 33.33% per annum 25% per annum
1.7		INI/ESTMENT PROPERTIES lnvestmenl pmperty, whfch is property held to earn rentals and/or tor capital appreciation, is reassured using the fair value model and stated at rts fair value asfne reporilng end date. The surplus or deficit on revaluation is recognised in general reserves.
1.8		INVESTMENTS Listed investments are included in the accounts at their market value, investment properties have been revalued to their deemed market value based on a
		professional valuation by a governor ofthe school.
1.3		CASH AND CASH EQUIVALENTS cash and cash aquivafents include cash fn hand, deposits held at cae with banks, other short-term liquid investments wrth original maturitres ofthree months orless, and bank ovenlrafls Bank oumdrslts ere shown within borrowings in current liabilities.
2.0		FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12'Other Financial Instruments Issues' ofFRS 102
		to all of its fmandal instruments.
		Financial instruments are recognised in the charitable company's balance sheet when the chantabls company becomes party to the contractual provisions	of
		the instrument.
		BASrc FINANCIAL ASSETS BasicOnanclal assets, which Irwlude trade 8ed other receivables and cash and bank bakrnces. am iniSlliy measured at Irarrsaogon price rncludlng transaction casts snd are subssquwloy serried 8'Iamorbsed coal using Ihe effecdve fnlerest method unless ths ansngemenl constitutes aflnandng transscaon, wham the fransacoon ls measured at the present value ofIhe future receipts dbcounted atamariret rate ofinterest.

for th	e ear ended 31 Jul 2020
	OTHER FINANCIAL ASSETS
	Other financial assets, including investments in equity instruments which are not subsidiaries, assomates orioint ventures, are initially measured	at fair	value,
	which is normally the transaction price. Such assets are subsequently carried at fair value snd the changes in fair value are recognised in profit or			loss,
	except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured ratably are measured	at cost		less
	impairment.
	Trade debtors loans and other receivables that have fixed or determmable payments that are not quoted in an active market are classified as 'loans and
	receivables'. Loans and receivables are measured at amortrsed cost using the effective interest method, less any impairment.
	Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.	The
	effective interest method isa method ofcalculating the amortised cost ofa debt instrument and ofallocating the interest income over the relevant period. effective interest rate rs the rate that exactly discounts estimated future cash receipts through the expected life ofthe debt instrument to the net carrying			The
	amount on initial recogrlitlon.
	IMPAIRMENT OF FINANCIAL ASSETS
	Frnancial assets, other than those held at farr value through profit and loss, are assessed for indicators ofimpairment at each reporting end date
	Financial assets are impaired where there is oblective evrd ence that, as a result ofone or more events that occurred aqer the rnitial recognition of	the
	finanmal asset, the estrmated future cash flows have been affected The impairment loss is recognised in expenditure
	BASIC FINANCIAL LIABILITIES
	Basic frnancial liabilities, includrng trade and other payables and bank loans, are initiagy recognised at transactron price unless the arrangement constitutes				a
	frnanang transaction, where the debt instrument rs measured at the present value ofthe future payments discounted at a market rate ofinterest,
	Debt instruments are subsequently carriied at amortised cost, using the effective interest rate method.
	Account payables are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Accounts are classrfied as current liabrlrties ifpayment is due within one year or less. Ifnot, they are presented as non-current liebilrtres. Trade payables are	payable recognised
	initially at transaction price and subsequently measured at amortised cost using the efFective interest method.
1.10	TAXES
	Under Section 505 ofthe Income and Corporation Taxes Act 1055the Company is exempt from certain taxes, Full account is taken oftax credits to covenants and dividends.	attaching
1.11	FUNDS HELD BYTHE SCHOOL ARE EITHER:
	Unrestriicted General Funds
	These are funds which can be used in accordance with the charitable objects at the discretion ofthe Governors,
	Designated Funds:
	These are funds set aside bv the Governors out ofunrestricted qeneral funds for specific future purposes or proiects.
	Restricted Funds:
	These are funds held for specrfic purposes as specified by the donor.
1.12	OPERATING LEASES
	Rentals payable under operating leases are charged on a straight line basis over the lease term.
1.13	PENSIONS
	The school contributes to the Teachers' Pension Scheme, a defined benefit scheme. The funds are held independently of the School's funds.			The
	accounting policy follows the funding policy and accounts payable are charged to direct charitable expenditure soss to spread the cost of the pensions the employees' working lives with the schooL The school also make contriibutions to the personal pension schemes for non teaching statf,		over
I.I4	JUDGEMENTS AND KEYSOURCES OF ESTIMATION UNCERTAINTY
	In the application of the chariitable company s accountmg poliwes, the governors are required to make judgements, estvnates and assumptions	about		the
	carrying amount ofassets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates,
	The estimates and underlying assumptions are reviewed on an ongoing basis Revisions to accounting estimates are recognised in the periiod in which the
	estimate is revised where the revision affects only that period, or in the period ofthe revision and future periods where the revision affects both current and
	future periods.
1.15	CRITICAL JUDGEMENTS
	The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
	The School uses a relevant local property index to establish the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market based yields. In determining fair value we make reference to market evidence and recent transaction prices for similar
	properties.
	The school makes an estimate ofthe recoverable value oftrade and other debtors, When assessing impairment oftrade and other debtors, management considers factors including the current credit rabng ofthe debtor, the ageing profile ofdebtors and historical expenence. See note 10for the net carrying amount ofthe debtors and associated impairment provision.

2	FEE INCOME The school's fee income comprised.	FEE INCOME The school's fee income comprised.	FEE INCOME The school's fee income comprised.		2020 6	2019 6
	Gross fees				3,642,078	3,571,166
	Lese Discounts				(144,193)	(188145)
	Less: Covid-19 Discounts				(277,800)
3	OTHER EDUCATIONAL	INCOME			2020	2019 f
	Etdras and disbursements				'78,387	127,680
	Registration fees Fees in lieu of notice				6,200	6,375 1,758
	Other income					1,000
4	OTHER TRADING INCOME				2020	2019
					6
	Rent and l ettings				27,619	15,832
						15,632
	Included within the above	is	an amount of 8nil (2019:9nil) which relates to restncted	income
5	INVESTMENT INCOME				2020 8	2019f
	Interest received				11,355	13,564
	Interest received - histoncal Dividend income		repayment		68,710 24,723	17,367
					104,788'	30931
	heluded within the above is		an amount oftn9 (2010:Enf) which rolotoc to restricted	income,
6	DONATIONS AND GRANTS				2020 8	2019 9
	Donations and gifls				18,175	890
	Government grants				23,032

Donations and gifls
Government grants

Cf
osts o Raising Fund	s		Staff costs			Total
			(note 8)	Other	Depreciation	2020
				2	f	2
Financing costs Investment Management	Fees			10,251 20,424		10,251 20424
Total Costs of Raising	Funds			30,675		30,675
Chaditable expenditure			Staff costs			Total
			(note 9) 2	Other f	Depreciation	2020
Teaching Welfare Premises and Estates Administration Governance			2.062,263 87,284 255,481	225.789 41.805 128.619 I54,054 18024	60,085 101,241	2,338,137 41,805 327,144 409,535 18024
Total Charitable Expenditure			2405027	583.292	161326
TotalExpended			2405027	598 967	161 328	BN65 320
Included within the chantable		expenditure	is an amount of218175(2019 2090) relating to restricted expenditure,
Costs ofRaising Funds			Staff costs			Total
			(note 8) F.	Other f	Depreciation 2	2019 f
Financing costs Investment Management	Fees			9,997 20 004		9,997 20 004
Total Costs ofRaising Funds				30001,		30,001
Charitable expenditure			Staff costs			Total
			(note 9) 2	Otherf	Depreciationf	2019
Teaching Welfare Premises and Estates Administration Governance			1,931,998 1S,BBS 78,'563' 249,947	297274 '89,274 t48,S91 'I78JI87 1BJ233	102,851 147,783	2,332,123 55,842 375,027 428,434 18233
Total Charitable Expenditure			2277086	677959	250534	3205659
TotalExpended			2277 068	707960

(b)	Other Governance Costs include:	2020	2019
		2
	Auditors' remuneration
	- Audit Fees -Accountancy Fees	14,454 3,570	12,783 3,450
(c)	Administration Costs	2020 2	2019 2
	Salaries National Insurance Pension Costs Subscriptions Staff travel Staff Umform Postage and stationery Telephones Miscellaneous - Administration Bad debts Legal and Professional Fees Other Administration Costs Other Finance	213,396 19,772 22 313 13,568 1,668 200 13,247 15,664 5,484 15,433 21,944 66,845 10,251	212,869 19,279 17,779 15,242 4,481 212 17,625 14,549 4,249 4,387 15,465 100,277 9,997

11 NET INCOME FOR THE YEAR
Net income is stated after charging:						202Df	2019
Depreciation oftangible	fixed assets					161,326	250,634
'l2 TANGIBLE FIXED ASSETS
				Furniture
		Freehold	Freehold	&	IT	Motor
Cost:		Property f	Improvementsf	Equipment	Equipment f.	Vehicles f	Total E
At 1 August 2019 Additions		3,429,D48	817,177 25,149	382,448 17,724	196,822 I3,460	35,842	4861135 56,333
At 31 July 2020		3,429,046	842 326	400172
Depremation:
At 1 August 2019 Charge for year		1,257,865 68,581	809,792 32,660	337,771 39,149	174,476 20,936	35,841	2,415,744 161,326
Al 31July 2020		1,326,448	642,452	376820	195.412	35,841	2,677,070.
Net book value:
At31 July2020
At 1 August 2019		2,171 181	207385	'14 677	22,147	1	2445391
3 INVESTMENTS
				Usted
				investmentsf	Propertyf	2020 E	2D19f
Cost/valuation At I August 2019 Additions Disposals Realised gainf(loss) on investments Unrealised gain/(loss) on investments (Decrease)/increase In cash				1,382,D73 723,569 (562,427) (30,D40) 25,685 (145,038)	1,567,647	2,949,720 723,569 (562,427) (30,040) 25,685 (145,038)	1,895,989 1,516,122 (413,004) (122,557) 46,531 26,639
Costlvaluation At 31 July	2020			1,693822	1.567.647	2 961469	2 949,720
UK equity International equity Bonds Other bated investments Property Cash				27.227 2?0,682 BD5,484 436,805 53,824	1,567,647	27,227 270,682 605,484 436,805 1,567,647 53,624	19,973 380,005 481,824 321,618 t,ser,edr 198,853
					1,5S7,6'47	2~864 69	2,949,720
Investments representing	more than 5%ofholding:						2020
Invesco Physical Gold Blackrock Fl Global OPP D2 GBP HDG New Capital GLB Pimco Gbl Inv Grade Ins Inc GBP HGD SPDR S&P500 ETF					Units	Value 861 B,D41 747 s,rre 324	96,170 70,017 81,648 81,059 79,822
Historical cost.
Property Other investments							2D20 1,46D,160 1,2Ã,188

NOTE	S TO THE FINANCIAL ST	ATEMENTS
for the	ear ended 31 Jul 2020
14	DEBTORS		2020 8	2019f
	Fees and extras Less provision for doubfful Other debtors Prepayments and accrued	debts income	50,350 It*5491 3,48$ 2L329	40.694 (9,5491 3.86'I 2S.791
15	CREDITORS		2020	2019
	Amounts falling due within	one year:	5	5
	Loans Trade creditors Taxation and social secudity costs Fee Depoats Feesin advance		600,000 20,813 43,791 238,000 4$,173	500,M0 28,716 48,570 219,5M 2IL773 49.035
	Other creditors Accruals		25,120	43,786
			917,978	913,386

		2020	2019
Deferred	income:	5
Brought forwards Released in year Received in year		26,773 (2$,773) 4$,173	14,986 ((4,958) 26.77S

					Transfer
		At 1 August 2D19			Between	Gains/	At 31 July 2020
Unrestncted funds.			Income L	Expendituref	Funds	(losses) 2
General reserve		3,281,719	3,460,112	(3,0D3,994)	(38,158)	2,715	3,702 394
Designated fund
Deugnated asset fund		2,445,391		(181,326)	56,333		2.340.398
Total designated		2.445,391		(161,326)	56,333		2.340.398
Revaluation reserve		107.487					107.487
Restricted funds:
Restncted equipment	fund		18.175		i18.175)
Total restricted			18,175		(18.175)
Totalfunds		5,834,597	3,478,287	(3,165,320)		2,715	8,150,279
					Transfer
		At 1 August 2018			Between	Gains/	At 31 July 2019
			Incomef	Expenditure	Funds f	(losses) 2
Unrestncted funds.
General reserve		2 751,585	3,586,615	(2,984 136)	I90.965)	18,620	3,281,719
Designated fund
Designated asset fund		2,805,06D		(250,634)	90965		2.445.391
Total designated		2,605,06D		(250,634)	90,985		2,445,391
Revaluation reserve		212,718				(105,231)	107,487
Restncted funds
Restncted equipment	fund		890	(890)
Total restricted			890	(890)
Total funds		5,569,383	3,587,505	(3,235,660)		(86,811)	5,834,597

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestncted	Revaluation	2020
	funds	reserve	Total
	f	F	F.
Tangible fixed assets Investments Current assets Current liabilities	2,340,398 2 853,982 1,768,386 (917,975)	107,487	2,340,398 2,961,469 1766386 (917,975)
Total net assets
	Unrestricted	Revaluation	2019
	fundsf	reserve	Tots	I
Tangible fixed assets Investments Current assets Current liabilibes	2,445,391 2,842,233 1,352,872 (913,386)	107,487	2,445,391 2,949,720 1,352,872 (913,386)
Long term liabilities
Total net assets	5,727,110	1D7,487	6834,697

			2020	2019
			Offic	Office
			equipment	equipment
Due Due	within one year between two and five years		4,784 2,040	3,764 3,764

NOTESTOTHECASHFLOWSTA	TEMENT
Reconciliation ofoperating result to	net cash inflow from	2020f	2019 f
operating activities
Net movement in funds Realised and unrealised loss/(gain) Depreciation Bank interest received Dividends received Interest payable Increase/(Decrease) in creditors (Increase)/Decrease m debtors	on investments	315,682 4,355 161,326 (80,065) (24,723) 10,251 4,589 2,010	265,234 76,026 250,634 (13,564) (17,367) 9,997 12,013 114,272