##
##
|forthe
ear ended|31Jul
2022||
|---|---|---|
|Contents||Page|
|Governors,
officers snd advisers|||
|Report ofthe governors|||
|Report ofthe auditors||10|
|Statement offinancial|activities|14|
|Balance Sheet||15|
|Cash flow statement||16|
|Notes to the financial|statements|17|
##
##
|The directors|The directors|ofthe company are Members of the|ofthe company are Members of the|Council ofManagement,|Council ofManagement,|Council ofManagement,|Council ofManagement,|and also Governors|and Trustees ofthe Charity.|
|---|---|---|---|---|---|---|---|---|---|
|Mr JKAtkinson *||||Mr R Keys- Resigned|||October 2021|||
|Miss A Ave|rkiou|||Mr D G Lewis|(Retired|||ss Chair November|2021)|
|Mrs M Curtis*Appmnted|||Chair November 2021|MrJ Plggotl'||||||
|Miss A Eliades||||Mrs KTidmaish||||||
|Mrs BGoulding||||Mr A Frankal*||||||
|MrJ McKinlay||||||||||
|Miss D Tnvedi||||||||||
|*Members|ofthe Finance||and General Purposes|Commitlee||||||
|Officers||||||||||
|Headmistress||||Mm W Kempster||||||
|Bursar and|Company Secretary|||Mrs A Monly||||||
|||||Miss H Lucas||||||
|Deputy Head||||||||||
|Advisers||||||||||
|Solicitors||||Veale Wasbrough||Vizards|||Woknest|
|||||Orchard
Court|||||Woodhouse|
|||||Orchard
Lane|||||Church Lane|
|||||Bristol BS1BWS|||||Aldford|
||||||||||Cheshire CH3 6JD|
|Bankers||||HSBC Bank Pic||||||
|||||1 Aldermans
Hill||||||
|||||Palmers Green||||||
|||||London
N13 4YE||||||
|Auditors||||Moore Kingston|Smith|||LLP||
|||||Floor 6||||||
|||||3Appold Street||||||
|||||London EC2A 2AP||||||
|Inveslment|Managers|||EFG Private Bank||Limiled||||
|||||Park House||||||
|||||116Park Streel||||||
|||||London W1K6AP||||||
|Insurance|Brokers|||Hettle Andrews||||||
|||||Eleven Brindleyplace||||||
|||||2 Brunswick Square||||||
|||||Bnndleyplace||||||
|||||Birmingham||||||
|||||Bt2LP||||||
|ADDRESS||||||||||
|Palmers Green High School||||||||||
|104Hoppers||Road||||||||
|Winchmore||Hill||||||||
|London
N21 3LJ||||Website||||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted
/||||
|---|---|---|---|---|---|---|---|
|||||Designated|Restricted|Total|Total|
||||Notes|funds
2|fundsf|2022
5|2021|
|INCOME||||||||
|Income from charitable|activities|||||||
|School fees
Other educational|income|||3,765,441
119,288||3,765,441
119,288|3,573,372
62,724|
|Income from investments||||||||
|Bub-lsttings
Investment
Income||||32,591
1,101||32,591
1,101|31,970
8,862|
|Other Income||||||||
|Donations||||10,743||10,743|18,395|
|Total income||||3929,164||3,929164|3 695323|
|EXPENDITURE||||||||
|Raising Funds
Raising funds
Interest and other|costs|||17,636
8,573||17,636
8,573|18,805
8,791|
|Charitable
activities||||||||
|Schools and grentmaklng||||3,359,213||3,359,213|3,186,067|
|Total expenditure||||3,385,422||3;385,422|3213,663|
|Net operating
income/(expenditure)||||543,742||543,742|481,860|
|Other recognised
gains|and losses|||||||
|ReaBsed and unreslised|(loss)/gain|on investments|13|67,244||67,244|4,344|
|Foreign exchange gain/(loss)||||||||
|Net income/(expenditure)||||610,966||610.986|481,856|
|Transfer between funds||||||||
|Net movementin
funds||||610,986||610,986|481,656|
|Totalfunds
broughtforward||||6,631,935||6,631,935|6,150,279|
|Total funds carried forward|||16,17|7,242,921||7,242,921|6.631.935|
##
|mers G
CE SHEET
Jul
2022|ree|n High School Limited||||
|---|---|---|---|---|---|
||||Notes|2022|2021|
|||||8||
|FIXEDASSETS||||||
|Tangible assets
Investments|||12
13|2,129,008
3,001,002|2,219,593
2951483|
|||||5,130,100|5,171,076|
|CURRENTASSETS||||||
|Debtors|||14|80,857|66,720|
|Cash at bank and|in hand||||2330843|
|||||3,041,344|2.397,563|
|CREDITORS: Amounts||falling due within one year|15|(928,523)|(936,704)|
|NET CURRENT ASSETS||||2,112,821|1,460,859|
|TOTAL ASSETS|LESS|CURRENT LIABILITIES||7,242,921|6,631,935|
|NET ASSETS||||7,242,921|6,631,935|
|FUNDS||||||
|Unrestricted||||||
|General fund|||16|4,926,715|4,401,647|
|Designated
fund|||18|2,129,008|2,219,593|
|Revaluation
reserve|||20|187,198|10,695|
|||||7,242,921|6,631,935|
##
|Palmers Green High School Limited
CASHFLOWSTATEI9ENT||||
|---|---|---|---|
|forthe
ear ended 31 Jul
2022||||
|CASH FLOW STATEMENT||||
|Net cash inflow from operating
activities|Notes|2022
6|2021|
|Cash flows from Investing
activities:
Bank inlerlud
received|21|688,043|658,506|
|Dtvidenrhr
recefved||||
|Internal
element offinance hase rental payments
Pmceads from sale af Inveslmenls
Paymenls toacquire lbred assets
Paymenls loacqulm lnvsstmenls||1,101
(8,573)
16,532
(45,381)|760
8,073
(8,791)
1,405,887
(42,047)|
||||(1,430,361)|
|Net cash outflow from investing
activities||||
|Cashf
low from
new borrowings||||
|Net cash oumow from capital expenditure||||
|Increase/(decrease)
in cash||||
|Cash and cash equivalents
at the
beginning
ofthe reporting
period||852,522|591,248|
|Cash and cash equivalents
at the||||
|end ofthe reporting
period||||
|Cash and cash equivalents
r
Cash al bank end in hand||290ILI84|2,345 682|
|Cash held as part ofInvestnmnt
portfolio||2,984,487
13,701|2,330,843
14,819|
|||2,098.188|2,345662|
|Palmers
Green High School Limited|Palmers
Green High School Limited||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ACCOUNTING
POLICIES|||||||||||||||||||||||||||||||
|forthe|r ended 31 Jul
2022||||||||||||||||||||||||||||||
||ACCOUNTING
POLICIES||||||||||||||||||||||||||||||
||Palmers
Green
High School Limited
is s company
limited
by guarantee
with registered
number|0537727, incorporated||||||and domiciled||||||in||England||||||||and||INales. Its|||||
||registered
office is Palmers Green High School, 104 Hoppers Road, Iyinchmore
Hill,
I ondon, N21|3LJ.|||||||||||||||||||||||||||||
||ACCOUNTING
CONVENTION||||||||||||||||||||||||||||||
||The financial
statements
have been prepared
in accordance
with the Finanmal
Reporting
Standard
applicable
in||||the UK and Republic|||||||||of Ireland||||||||(FRS 102).The|||||||||
||Charitable
Company
is a public benefit entity for the purposes
of FRS 102and therefore
the Charity||also prepared|||its|financial|||statements|||||||in|accordance|||||||||with|||the|
||Statement
of Recommended
Practice applicable
to charities
preparing
their accounts
in accordance||with the Financial|||||Reporting||||Standard||||||applicable||||||||in|the|||UK|
||and Republic of Ireland (The FRS 102Charities SORP), the Companies
Act 2006 and the Charities Act 2011.||||||||||||||||||||||||||||||
||The financial statements
are prepared
in sterling,
which isthe functional
currency ofthe company.|Monetary||amounts
in||||these financial||||||statements||||||||||are||rounded||||to|
||the nearest pound.||||||||||||||||||||||||||||||
||The financial
statements
have been prepared
on the historical cost convention,
modified
by the|recognition||of certain||||investments,|||||investments||||||||||properties,|||||||snd|
||financial assets and liabggies measured
at fair value. The principal
accounting
policies are set out|below.|||||||||||||||||||||||||||||
|1.2|GOING CONCERN||||||||||||||||||||||||||||||
||The governors
have assessed
whether
the use of the going concern
basis
is sppropriiate
and|have considered||||possible
events
or||||||||conditions|||||||||that|||might|||cast||
||significant
doubt on its abgily to continue as a going concern. The budgeting
and forecasting
reviewed||by the|governors||||has considered|||||||the||ongoing||||||||impact|||ofthe|||
||coronavirus
pandemic,
the current
rate of inflation
and increases
in the cost living. The
pupil|numbers||have||been||stable|||however|||||we|||accept||||||them|||is||still|
||uncertainty
around
future
pupil numbers.
Consideration
has been given to the value ofthe investments||held|on the||balance|||sheet|||and|the|||governors|||||||||believe|||there|||
||is no indication
there has been a permanent
change
on the investment
values as a result ofthe current economic||||situation.||||After||making||||sppropriiate||||||||||enquiries|||||the|
||governors
concluded
that the chariitable
company
remains
financially
viable in the long term and will have adequate
fsg due forthe period st least 12 month from the date of approval
ofthese accounts.
On that basis the governors||||resources to meet its ongoing
liabilities
conclude that the chantable
company
is||||||||||||||||||||||as they
a going||||
||concern and continues
to adopt the going concern basis
in preparing
these financial statements.||||||||||||||||||||||||||||||
|1.3|FEESAND SIMILAR INCOME||||||||||||||||||||||||||||||
||Fees receivable
and charges for services and use of premises are accounted
for in the period
in|which the||service is|||provided.|||||Fees||receivable|||||||||are|||stated|||after||
||deducting
allowances,
scholarships
and other remissions
granted
by Ihe school from its unrestricted
funds.||||||||||||||||||||||||||||||
|1.4|DONATIONS
AND GRANTS||||||||||||||||||||||||||||||
||Donations
received for the general purposes
ofthe school sre included as unrestricted
funds.
Donations
restricted|||||by|the||wishes|||ofthe|||donor|||||or|||the|||terms||of an|||
||appeal
are taken to testricted
funds.
Income from
government
or other grants
Is recognised
when||the charity|||has|entitlement|||||to the||||funds,|||||any||||performance||||||
||conditions
attached to the grant have been met,
n is probable the income
will be received and the|amount can be reliably||||||measured.|||||||||||||||||||||||
|1.5|EXPENDITURE||||||||||||||||||||||||||||||
||Expenditure
is accounted
for on an accruals basis and recognised
when there is a constructive|or legal obligation||||to|pay||for expenditure.||||||||Certain|||||||expenditure||||||is|
||apportioned
lo cost categoriies based on the estimated
amount attributabl
to that activity
in the year.||These|estimates||||are|based|||on staff||||time||||or||on|||floor||area as||||
||appropnate.||||||||||||||||||||||||||||||
||Governance
costs comprise the costs of running
the Trust, including
strategic
planning
for its future development,|||||external|||audit,|||and|ag||other|||||costs|||||of complying||||||
||with constitutional
and statutory
requirements.||||||||||||||||||||||||||||||
|1.5|FIXEDASSETS||||||||||||||||||||||||||||||
||Tangible fixed assets are initially measured
at cost snd subsequently
measured
at cost orvaluation,
net ofdepreciation||||||and||any|impairment|||||||losses.||||||||||||||
||Depreciation
is provided
on the original cost of sg tangible
fixed assets, at rates calculated
to write off the costs less estimated||||||||||residual||||value||||of|||each||||asset|||over||
||its expected
useful
life as:||||||||||||||||||||||||||||||
||2% per annum
Freehold
buildings||||||||||||||||||||||||||||||
||10% per annum
Freehold
improvements||||||||||||||||||||||||||||||
||10% per annum
Furniture
and equipment||||||||||||||||||||||||||||||
||33.33% per annum
Computer
equipment||||||||||||||||||||||||||||||
||25% perannum
Motor vehicles||||||||||||||||||||||||||||||
|1.7|INVESTMENT PROPERTIES||||||||||||||||||||||||||||||
||Investment
property,
which
is property
held to earn rentals and/or for capital appreciation,
is measured||using|the fair value model|||||||and stated||||||at||its|||fair|||value as|||||the|
||reporting
end date. The surplus or defimt on revaluation
is recognised
in general reserves.||||||||||||||||||||||||||||||
|1.5|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.||||||||||||||||||||||||||||||
|1.9|CASH AND CASH EQUIVALENTS||||||||||||||||||||||||||||||
||Cash and cash equivalents
include cash
in hand,
deposits
held st call with banks, other short-term||liquid
investments|||||with
oriiginal
maturibes||||||||||||of||three||||months||||or|
||less, and bank overdrafts
Bank overdrafts
are shown
within
borrowings
in current
liabilities.||||||||||||||||||||||||||||||
|1.10|FINANCIALINSTRUMENTS||||||||||||||||||||||||||||||
||The company
has elected to apply the provisions
ofSection 11 'Basic Financial
Instruments'
and Section 12|||'Other||Financial
Instruments||||||||||Issues'|||||of|||FRS 102|||||to ag||
||of its financial
instruments.||||||||||||||||||||||||||||||
||Financial
instruments
are recognised
in the charitable
company's
balance sheet when the charitable||company
becomes party to|||||||||the contractual||||||||||provisions||||||ofthe|||
||instrument.||||||||||||||||||||||||||||||
||BASIC FfNANCIAL ASSETS||||||||||||||||||||||||||||||
||Basic financial assets, which
include
trade and other receivables
and cash snd bank balances,|are|initially|measured||||at|transaction|||||price||||including||||||||transaction|||||
||costs and are subsequently
carried st amortised
cost using the effective interest
method
unless|the|arrangement|||constitutes||||a||financing|||||transaction,|||||||||where||||the|
||transaction
is measured
st the present value ofthe future receipts discounted
ata market rate of interest.||||||||||||||||||||||||||||||
|||||||||||||||||||||Page|||||17||||||
|Palmers Green High School Limited|Palmers Green High School Limited|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ACCOUNTING
POLICIES||||||||||||||||
|forthe|earended
31 Jul
2022|||||||||||||||
||OTHER FINANCIAL ASSETS|||||||||||||||
||Other financial
assets,
including
investments
in equity
instruments
which are not subsidiaries,
associates
or joint|ventures,|||are initially|||measured|||at|fair value,||||
||which
is normally
the transaction
price. Such assets are subsequently
cerned at fair value and 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
reliably|are measured|||||at cost|less||impairment.||||||
||Trade debtors,
loans and
other receivables
that
have
fixed or determinable
payments
that are not quoted
In an active|||market|||are classiTied as|||||'loans||and||
||receivables'.
Loans and receivables
are measured
at amortised cost using the effective interest method, less any impairment.|||||||||||||||
||Interesl is recognised
by applying
the effective interest rate, except for short-term
receivables
when the recogmtion|of interest||||would be immaterial.|||||The||effective|||
||interest
method
is a method of calculating
the amortised
rmst of a debt Instrument
and of allocating
the interest
income||over|||the|relevant||period. The||||efFective|||
||interest
rate Is the rate that exactly discounts
estimated
future cash receipts through
the expected
life ofthe debt instrument||||to the net carrying
amount||||||||on initial|||
||recog nilion.|||||||||||||||
||IMPAIRMENT OF FINANCIAL ASSETS|||||||||||||||
||Financial assets, other than those held at fair value through
profit and loss, are assessed for indicators of impairment|at each||reporting
end||||date.||||||||
||Finanwal assets are impaired
where there is objective evidence that, as a result ofone or mora events that occurred|after the||initial|||recognition|||ofthe|financial|||||
||asset, the estimated
future cash flows have been effected. The impairment
loss is recognised
in expenditure.|||||||||||||||
||BASIC FINANCIAL
LIABILITIES|||||||||||||||
||Basic financial
liabililies,
including
trade and other payables
and bank loans, are
iniliagy
recognised
at transactron|pnce|unless||||the arrangement||||constitutes||||a|
||financing
transaction,
where the debt instrument
is measured
at the present value oflhe future payments
drsrxrunted|at a market rate of rnterest.||||||||||||||
||Debt instruments
are subsequently
cerned 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
oourse of business||from suppliers.|||||Accounts|||payable||||are|
||classified as current
lrabilitres
if payment
is due within one year or less. If not, they are presented
as non-current
liabilities.||Trade payables|||||are||recognised|||inigagy|||
||at transaction
price and subsequently
measured
at amortised
rmst usrng the effective interest
method.|||||||||||||||
|1.11|TAXES|||||||||||||||
||Under Section 505 ofthe Income snd Corporation
Taxes Act 1988the Company
is exempt from certain taxes.
Full account||is taken||||oftax|credits attaching|||||to|||
||covenants
and dividends.|||||||||||||||
|1.12|FUNDS HELD BYTHE SCHOOL ARE EITHER:|||||||||||||||
||Unrestricted
General Funds:|||||||||||||||
||These are funds which can be used
in accordance
with the chariitable objects at the discretion
ofthe Governors.|||||||||||||||
||Designated
Funds:|||||||||||||||
||These are funds sst aside by the Governors
out ofunrestncted
general funds for specific future
purposes or protects.|||||||||||||||
||Restriicted
Funds:|||||||||||||||
||These are funds
held
For specific purposes as speafied
by the donor.|||||||||||||||
|1.13|OPERATING LEASES|||||||||||||||
||Rentals payable under operating
leases are charged
on a straight
line basis over the lease term.|||||||||||||||
|1.14|PENSIONS|||||||||||||||
||The school contributes
to the Teachers'
Pension Scheme, a defined
benefit scheme.
The funds are held independently||ofthe School's|||||funds.
The||||accounting||||
||policy follows the funding
poficy and accounts
payable are charged to direct charitable
expenditure
so as to spread|the cost||ofthe|||pensions||over the|||employees'||||
||working
lives with the school. The school also make contributions
to the personal
pension schemes for non teaching|staff.||||||||||||||
|1.15|JUDGEMENTS ANO KEYSOURCES OF ESTIMATION UNCERTAINTY|||||||||||||||
||In the application
ofthe charitable
company's
accxrunting
pogaes, the governors
are required
to make judgements,|estimates|||and assumptions|||||about the|||carrying|||
||amount of assets and liabilities
that are not readily apparent
from other sources. The estimates
and associated
assumptions|||||are|based on||historical|||expenence||||
||and other factors that are considered
to be relevant. Actual resugs
may ddfer from these estimates.|||||||||||||||
||The estimates
and
underlying
assumptions
are reviewed
on an ongoing
basis. Revisions
to accounting
estimates
sre||recognised
in the||||||periiod||in|which|||the|
||estimate
is revised where the revision affects only that period, or in the penod ofthe revision
and future periods where the||revision||||affects|both||current||and future||||
||periods.|||||||||||||||
|1.16|CRITICAL JUDGEMENTS|||||||||||||||
||The following judgements
(apari 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. 1he valuation||w|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
of the recoverable
value
of trade
and other debtors.
When
assessing
impairment
of||trade|||and other||debtors,|||management|||||
||considers factors including
the current credit rating of the debtor, the ageing
profile of debtors
and histoncal
experience. See||||note||10for|the|net carrying||||amount|||
||ofthe debtors and associated
impairment
provision.|||||||||||||||
||The annual
depreciation
charge for property,
plant and equipment
is sensiTive to changes
in the estimated
useful economic||lives and residual||||||values of|||the assets.||||
||The useful economic lives and residual
values are re-assessed
annually.
They are amended
when necessary to reflect current|||||estimates,||based on|||technological|||||
||advancement,
future
investments,
economic
utilisalion
and the physical
condition
of the assets. See note 12for the carrying|||||amount
of||the||property,||plant||and||
||equipment
and note 1 for the useful economic lrves for each class ofasset.|||||||||Page|18|||||
##
|2|FEE INCOME||||2022|2021|
|---|---|---|---|---|---|---|
||The school's fee income||comprised:||2|2|
||Gross fees||||3,905,466|3,739,755|
||Less: Discounts||||(140,025)|(166,383)|
||||||3,765,441|3,573,372|
|3|OTHER EDUCATIONAL||INCOME||2022|2021|
||||||6|2|
||Extras and disbursements||||109,218|47,951|
||Registration
fees||||5,770|6,825|
||Fees in lieu of|notice|||2,052|3,198|
||Other income||||2,248|4,750|
||||||119,288|62,724|
|4|OTHER TRADING INCOME||||2022|2021|
||||||2|2|
||Rent and lettings||||32,591|31,970|
|||||||31,970|
||Included
within|the above|rs an amount of8nil (2021:Enil) which telates to restricted|income.|||
|5|INVESTMENT|INCOME|||2022|2021|
|||||||2|
||Interest received||||1,101|789|
||Dividend
income|||||8,073|
|||||||8,862|
||Included
within|the above|is an amount ofEnil (2021:En8) which relates to restricted|income.|||
|6|DONATIONS|AND GRANTS|||2022|2021|
||||||6|2|
||Donations
and|gifts|||10,743||
||CJRS grants|||||18,395|
||||||10,743|18,395|
##
|orthe|
sr ended 31 J|ul
202|2||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|7|EXPENDITURE||||||||||
|(a)|Costs ofRaising Funds||||||Staff costs|||Total|
||||||||(note 8)|Other|Depredation|2022|
||||||||6|F.|6|F.|
||Financing costs|||||||8,573||8,573|
||Investment
Management|||Fees||||17,636||17,636|
||Total Costs of|Raising||Funds|||||||
||Charitable
expenditure||||||Staff costs|||Total|
||||||||(note 9)f|Other
6|Depreciation|2022
6|
||Teaching||||||2,224,633|298,441|18,554|2,541,628|
||Welfare|||||||47,622||47,622|
||Premises and Estates||||||104,751|130,916|117,412|353,079|
||Administration||||||242,644|150,544||393,188|
||Governance|||||||23 697||23 697|
||Total Charitable|Expenditure|||||2,572,028|651,220|135,966|3,359,213|
||Total Expended||||||2,572,028|677,429|135,966|3,385,422|
||Included
within ths chafitable||||expenditure|is an amount|ofBnil (2021:718175)relating to restricted expenditure.||||
||Costs ofRaising Funds||||||Staff costs|||Total|
||||||||(note 8)|Other|Depreciation|2021|
||||||||6|6|F.||
||Financing
costs|||||||8,791||8,791|
||Investment
Management|||Fees||||18,805||18,805|
||Total Costs of|Raising||Funds||||27,596||27,596|
||Charitable
expenditure||||||Staff costs|||Tots I|
||||||||(note 9)|Other
6|Depreciationf|2021f|
||Teaching||||||2,136,627|222,527|10,248|2,369,402|
||Welfare|||||||37,997||37,997|
||Premises
and Estates||||||104,136|116,738|153,504|374,378|
||Administration||||||252,387|128,004||380,391|
||Governance|||||||||23899|
||Total Charitable|Expenditure|||||2,493,150|529,165|163,752|3,186,067|
||Total Expended||||||2493150|558761|163752|3213663|
|(b)|Other Governance
Costs include:||||||||2022
6|2021
f|
||Auditors'
remuneration||||||||||
||-Audit Fees||||||||16,200|15,168|
||-over/ (under)|provision||from previous||year|||1,193|2,677|
||-Accountancy Fees||||||||2,688|3,684|
||-Other Auditors|remuneration|||||||3,612|2,370|
|(c)|Administration|Casts|||||||2022|2021f|
||Salaries||||||||203,791|210,161|
||National
Insurance||||||||18,157|19,786|
||Pension Costs||||||||20,696|22,440|
||Subscriptions||||||||15,400|12,899|
||Staff Uniform||||||||295|200|
||Postage and stationery||||||||11,090|12,959|
||Telephones||||||||14,988|14,235|
||Miscellaneous
-|Administration|||||||6,201|4,239|
||Sad debts||||||||413|377|
||Legal and Professional||Fees||||||16,871|17,530|
||Other Administration
Costs||||||||85,285|65,565|
||||||||||393,188|380,391|
##
##
##
##
##
##
||Net Income is slated after tfmrging;||||||2022
6|2021|
|---|---|---|---|---|---|---|---|---|
||Deprachdlon
of tangible fixed assets||||||||
|12
TANGIBLE FIXEDASSETS|||||||135,966|163,752|
||||||Furniture||||
||Cost:
At 1August 2021
Additions||Freehold
Property
6
3,429,046|Freehold
Improvementsf
849,221
12,790|Equipment
410,486
3,806|IT
Equipmenlf
235,821
28,785|Motor
Vehicles
f
35,842|Total
f
4,960,418
45,381|
||At 31 July 2022
Depreciation:||3429048|662 011|414E82|294808|35842|E605,797|
||At 1 August 2021
Charge foryear||1,395,027
68,581|727,375
48,831|375,341
4,264|207,239
14,289|35,841
1|2,740,823
135,966|
||At 31July 2022||||||||
||Net book value:||||379605|221,528|35.842|2876,789|
|13|At 31July 2022
At 1 August 2021
INVESTMENTS||1 986438
2.034,019|85805
121,846|34,SS7
35,145|43,078
28,582|1|2,129,008
2,219,593|
||||||Listed||||
||||||investments|Property|2022|2021|
||VsluationAt
1August 2021||||||6||
||Additions
Disposals
Realised gain/(loss)
on investments
Unrea lised gain/(loss)
on investments
(Decrease)/increase
in cash
I/aluation
At 31 July 2022
UK equity||||1,480,628
(16,532)
(257)
(108,986)
(1,119)
1,353734|1,470,855
176,503
1,647,358|2,951,483
(16,532)
(257)
67,517
(1,119)
3,Mf 062|2,961,470
1,430,361
(1,405,887)
(55,900)
60,244
(38,805)
2,951,483|
||International
equity||||||||
||Bonds||||||||
||Other gated investments
Property||||1,340,033||1,340,033|1,465,809|
||Cash||||13,701|1 647358|1647358
13,701|1,470,855
14,819|
||Investments
representing
more than 5%of|holding:|||1,353,734|1.64T.358|3.001092|2,951,483|
|New Capital GLBAlpha FD XAcc GBP||||||Units|Value|2022|
|Historical cost:|||||||11,376|1,340,033|
|Property|||||||||
|Other Investments||||||||2022
1,412,537|
|||||||||1,231,188|
|Investment
l
h||||||||2643725|
##
||Fees and extras
Less provhlion
for doubtful debts
Otherdebtom
Prepayments
and accrued income|Fees and extras
Less provhlion
for doubtful debts
Otherdebtom
Prepayments
and accrued income||2022
8
41,897
(6,856)
1,020|2021f
44,321
(5,614)|
|---|---|---|---|---|---|
|||||20.790|28,013|
||||(9,883)|||
|15|CREDITORS|||||
||Amounts
fatling|due within one year.||||
||Loans|||2022
8|2021|
||Trade creditors|||||
||Taxagon atd social security costs
Fee Depos8s
Fees In advance
Other creditors
Accruals|||500,000
30,737
50,206
210,250
30,067
92,514
14,689|500,000
8,713
47,981
228,500
42,368
78,290
30,853|
|The EFG bank loan of2500,000 (2021:2500,000) is secured
against
and the loan is repayable
In Iuif on demand.
HSBC hold a charge against
Deferred income:|non-property
the schoofs|invesfnlenls
Rtad assai|Included
property.|within|note 13. Interest
is payable at|038705
1%over SONIA|
|---|---|---|---|---|---|---|
|Brought fonvards
Released
in year|||||2022
8|2021
L|
|Received
In year
Cerned
forwards|||||42,368
(42,368)
30,067|49,173
(49,173)
42,368|
|Deferred income relates to schools feestd
|||||30,067|42,368|
##
##
||||At|1 August 2021|||Transfer|||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted
funds:
General reserve
Designated
fund:||||4,401,647|Income
6
3,929,164|Expendrture
(3,249,456)|Between
Fundsf
(45.381)|Gains/
(losses)f
(109,259)|At 31 July 2022
4,926,715|
|Designated asset|fund|||2,219,593||(135,966)|45,381||2,129,008|
|Total designated||||2,219,593||(135,966)|45,381||2,129,008|
|Revaluation
reserve||||||||||
|||||10,695||||||
|||||||||176,503|187,198|
|Restricted funds:||||||||||
|Restricted equipment||fund||||||||
|Total restdicted||||||||||
|Totalfunds||||||||||
|||||6,631,935|3,929,164|(3.385,422)||67,244|7,242,921|
||||At 1August||||Transfer|||
|Unrestricted
funds:
General resenre||||2020|Income
f|Expenditure
6|Between
Fundsf|Gains/
(losses)f|At 31July 2021|
|Designated
fund:||||3,702,394|3,695,323|(3,049,911)|(42,9471|96,788|4,401,647|
|Designated
asset fund||||2,340,398||(163,752)|42,947||2,219,593|
|Total designated||||2,340,398||(163,752)|42,947||2,219,593|
|Revaiuatron
reserve||||||||||
|||||107,487||||||
|||||||||(96,792)|10,695|
|Restricted funds:||||||||||
|Restricted equipment|fund|||||||||
|Total restricted||||||||||
|Total funds||||||||||
|||||6,150,279|3,695,323|(3,213,663)||(4)|6,631,935|
##
##
##
|ANALY|SIS OF NET ASSETS BETWEEN FUNDS||||
|---|---|---|---|---|
|||Unrestficted|Revaluation|2022|
|||funds|reservef|Total|
|Tangible|fixed assets|2,129,008||2,129,008|
|Investments||2,813,894|187,198|3,001,092|
|Current|assets|3,041,344||3,041,344|
|Current|liabilities|(928,523)||(928,523)|
|Total net assets||7,055,723|187,198|7,242,921|
|||Unrestricted|Revaluation|2021|
|||fundsf|reservef|Total
f.|
|Tangible|fixed assets|2,219,593||2,219,593|
|Investments||2,940,788|10,695|2,951,483|
|Current|assets|2,397,562||2,397,562|
|Current|liabilities|(936,704)||(936,704)|
|Long term liabilities|||||
|Total net assets||6,621,239|10,695|6,631,934|
##
||||2022|2021|
|---|---|---|---|---|
||||Office|Office|
||||equipment|equipment|
|Due|within one year||1,020|1,020|
|Due|between|two and five years|2,805|3,825|
|||||4,845|
||||||2022|2021|
|---|---|---|---|---|---|---|
|Reconciliation
ofoperating|||result to|net cash Inflow from|8||
|operating
acffvities|||||||
|Net movement
in funds|||||610,986|481,656|
|Realised and unrealised||loss/(gain)||on Investments|(67,244)|(4,344)|
|Depreciation|||||135,966|163,752|
|Bank interest received|||||(1,101)|(789)|
|Dividends
received||||||(8,073)|
|Interest payable|||||8,573|8,791|
|Increase/(Decrease)|in|creditors|||(8,200)|18,729|
|(Increase)/Decrease|in|debtors|||9,863|(1,124)|
||||||688,843|658,598|