2020-08-31-accounts - Forest School, London

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CONTENTS			page
Reference and Administrative		Information
Chair's Statement
Governors' Report			3- 10
Independent Auditor's	Report		11-12
Consolidated Statement ofFinancial Activities
Balance Sheets
Consolidated Statement	ofCash tiows		15
Accounting Policies			16- 18
Notes to the Financial	Statements		19-30

		2020	2019
UK energy use kWh		4,309,719	Not required	School and Leisure Centre
				Gas oil electrici	and fuel
Associated greenhouse	gas emissions	1,052 tonnes	Not required
Tonnes CO2 e uivalent
Intensity ratio		0.73tonnes	Not required	The intensity ratio	measures	energy usage
Emissions per pupil'. 1,445 pupils		per pupil		compared with an	appropriate	business
				metric.

				Designated
				Non charitable
			Unrestricted	trading	Restricted
			Funds	activities	Funds	?020	2019
		Notes
INCOME FROM:
Charitable activities:
Tuition fees		I	23,659,789			23,659,789	23,212,701
Other school	income	2	566,60i			566,601	508,334
Donations and	legacies		311,861		43,670	355,531	10,528
Other trading	activities	3	155,285	632,396		787,681	1,188,892
Investments			10,295			10,295	14,257
Total Income			24,703,831	632,396	43,670	25,379,897	24,934,712
EXPENDITURE ON:
Raising funds			161,182	647,062		808,244	1,015,147
Charitable activides			23,996,453		6,531	24,002,984	23,575,566
Total Expenditure		4	24,]57,635	647,062	6,531	24,811,228	24,590,713
Net income before transfers			546,196	(14,666)	37,139	568,669	343,999
Transfers		13
Net movement	in funds		546,196	(14,666)	37,139	568,669	343,999
Fund balances	brought forward
at I September	2019		14,095,813		66,434	14,162,249	13,818,250
Fund balances carried forward at 31August 2020			f.14,642,009	f(14,664)	f103,573	614,730,918	I14,162,249

				Group	Group	Charity	Charity
				2020	2019	2020	2019
			Notes	g			8
FIXEDASSETS
Tangible fixed assets			8	21,187,970	18,144,070	21,156,741	18,102,431
Investments			9			2	2
				21,187,970	18,144,070	21,156,743	18,102,433
CURRENT ASSETS
Stock				21,849	20,778	17,044	16,450
Debtors			10	463,032	303,032	538,406	436,180
Cash at bank and in hand				89,276	315,969	13,813	148,956
				574,157	639,779	569,263	601,586
CREDITORS: Amounts		falling
due within one year			11	(4,915,510)	(3,502,919)	(4,864,723)	(3,423,089)
Net current liabilities				(4,341,353)	(2,863,140)	(4395,460)	(2,821,503)
Total assets less current		liabilities		16,846,617	15280,930	16,861,283	15,280,930
CREDITORS: Amounts		falling
due after more than	one	year	12	(2,115,699)	(1,118,681)	(2,115,699)	(1,118,681)
NET ASSETS				f14,730,918	614,162,249	f14,745,584	614,162,249
FUNDS
Unrestricted
- General			13	14,578,963	14,032,767	14,578,963	14,032,767
- Designated			13	63,046	63,046	63,046	63,046
Non-charitable trading	activities		18	(14,664)	2	2	2
Restricted			14	103,573	66,434	103,573	66,434
				f14,730,918	614,162,249	814,745,584	f14,162/49

						Notes			2020 f	f	2019
	Net cash provided by operations					A			2,627,988		2,115,362
	Cash flows from investing	activities:
	Interest receivable							10,293		14,257
	Interest payable							(69,587)		(49,093)
	Purchase offixed assets						(4,182,825)			(1,565,468)
	Net cash (used in) iuvesting		activities						(4,242,119)		(1,600,304)
	Cash flows from financing	activities:
	Bank loan repayment						(621,924)			(621,924)
	New bank loans						1,739,839
	Finance lease repayments							(23,363)		(74,086)
	New finance leases							87,611
	Net cash provided by/(used			in)	financing				1,182,163		(696,010)
	activities
	Change in cash and cash		equivalents		in the				(431,968)		(180,952)
	reporting period
	Net cash and cash equivalents		at beginning		of				(32,825)		148,127
	period
	Net cash aud cash equivalents		at end ofperiod			B			f(464,793)		f(32,825)
A.	RECONCILIATION OFNET MOVEMENT IN NET CASH PROVIDED BYOPERATIONS					FUNDS	TO			2020f	2019 f
	Net movement in funds									568,668	343,999
	Depreciation									1,138,925	1,263,703
	Interest receivable									(10,293)	(14,257)
	Interest payable									69,587	49,093
	Decrease/(increase) in stocks									(1,071)	4,107
	Decrease/(increase) in debtors									(159,999)	47,279
	Increase in creditors									1,022,171	421,438
	Net cash provided by operations									f2,627,988	f2,115,362
B.	ANALYSIS OF CHANGES		IN CASH AND				At				At
	CASH EQUIVALENTS					1	September			Other	31August
							2019 f		Cashflows	Changes	2020
	Cash and cash equivalents						315,969		(226,693)		89,275
	Bank overdraft						(348,794)		(205,276)		(554,069)
							f(32,825)		f431,969	f;	f(464,793)

1.	TUITION FEES				2020	2019
						I
	Fees receivable				27,270,232	25,588,485
	Less: bursaries, scholarships	and allowances			(3,616,974)	(2,377,504)
	Add: bursaries and scholarships		funded by resutcted	funds	6,531	1,720
					$23,659,789	f23,212,701
2.	OTHER SCHOOL INCOME				2020	2019
	Registration fees				112,955	123,625
	Deposits retained				131,575	120,650
	School bus				322,071	264,059
					8566,601	f508,334
3.	OTHER TRADING ACTIVITIES				2020	2019
	Lettings —school				125,271	124,853
	Trading activities —Sylvestrian		Enterprises		632,396	1,007,803
	Limited
	Sundry income				30,014	56,236
					I787,681	IL188,892
4.	ANALYSIS OF TOTAL		2020	2020	2020	2020
	EXPENDITURE		StaffCosts	Other Costs	Depreciation I	TotalI
	Itafsiug funds
	Publicity costs			91,595		91,595
	Trading subsidiary			636,652	10,410	647,062
	Fluence costs			69,587		69,587
				797,834	10,410	808,244
	Charitable activities
	Teaching		11,506,070	1,676,197	351,077	13,533,344
	Welfare		84,170	1,450,651		1,534,821
	Premises		454,643	2,369,670	777,438	3,601,751
	Support costs		3,912,789	1,413,748		5,326,537
	Grants			6,531		6,531
			15,957,672	6,916,797	1,128,515	24,002,984
			615,957,672	f7,714,631	f.1,138,925	f24,811,228

ANALYSIS OF	TOTAL EXPENDITURE (continued)	TOTAL EXPENDITURE (continued)	TOTAL EXPENDITURE (continued)
2019COMPARATIVES		2019	2019	2019	2019
		Staff Costs	Other Costs	Depreciation	Total
			E	f.
Raising funds
Publicity costs			121,508		121,508
Trading subsidiary			830,667	13,879	844,546
Finance costs			49,093		49,093
			1,001,268	13,879	1,015,147
Cfrarirable activities
Teaching		11,133,721	1,695,845	471,457	13,301,023
Welfare		86,582	1,739,768		1,826,350
Premises		430,463	2,760,727	/78,367	3,969,557
Supportcosts		3,389,761	1,087,155		4,476,916
Grants			1,720		1,720
		15,040,527	7,285,215	1,249,824	23,575,566
		E15,040,527	E8$86,483	f1,263,703	E24,590,713
FINANCE COSTS				2020f	2019 E
Bank and loan interest				23,675	23,527
Bank charges				45,912	23,320
Leasing charges					2,246
				E69,587	E49,093
ANALYSIS OF SUPPORT COSTS				2020	2019
				E
Staffcosts				3,912,789	3,389,761
Administrative	&ITcosts			1,189,763	980,423
Governance (audit &legal fees)				223,985	106,732
				ES,326,537	E4,476,916

STAFFCOSTS
							2020	2019
The staff costs are analysed			as follows:
Salaries							12,220,333	11,900,227
Social security							1,316,204	1,293,403
pension costs							2,322,931	1„684,463
Redundancy and termmation			payments				98,204	1{i2,434
							f15,957,672	f15,040,527
							2020	2019
The number ofemployees		whose		emoluments	exceeded	f60,000	No.	No,
during the year wss as 660,001 —f70,000 670,001 - f80,000 f80,001 - f90,000	follows:						18 6 3	14 8 4
f90,001 - 8100,000 f100,001 - f110,000								1 1
f.120,001 - 6130,000
f130,001 - f140,000
Average sniff numbers	were:
Teaching							216	219
Non teaching							165	164
							381	383
Average staff numbers	expressed			as full time	equivalents	were:
Teaching							137	136
Non teaching							94	87
							231	223

6.	NKT MOVEMENT IN	FUNDS
					202Q	2019
	The net movement offunds is stated after charging/(crediting)			(before VAT):
	Auditors remuneration	—audit fee (group)			28,850	27,900
		—other services			1,750	2,000
	Rent receivable				(125,271)	(124,853)
7,	TAXATION
	There is no liability for taxation as the school		is a registered charity.
8.	TANGIBLE		Freehold		Fixtures,
	FIXEDASSETS	Freehold	buildings and		equipment and
		land	improvements	Computers	motor vehicles	Total
		g	g	g
	COST
	As at 1 September 2Q19	10,000	31,448,739	1,944,184	4,575,895	37„978,818
	Additions		4,095,214	87,611		4„182,825
	Disposals			(175,335)		(175,335)
	As at 31 August 2Q20	10,000	35,543,953	1,856,460	4,575,895	41,986,308
	DEPRECIATION
	As at 1 September 2019		14,437,046	1,504,016	3,893,686	19,834,748
	Charge for year		773,741	223,738	141,446	1,138,925
	Disposals			(175,335)		(175,335)
	As at 31August 2020		15,210,787	1,552,419	4,035,132	20,798,338
	NET BOOKVALUES
	As at 31August 2020	810,000	f20,333,166	8304,041	$540,763	$21,187,970
	As at 31 August 2019	f10,000	f17,011,693	8440,168	8682,209	f18,144,070

10.	DEBTORS		Group		Charity
			2020	2019	2020		2019
	Fees		154,617	43,311	154,617		43,311
	Amounts due &om subsidiary	undertaking			97,599		162,710
	Prepayments		175,763	207,442	165,658		205,675
	Other debtors		132,652	52,279	120,532		24,484
			f463,032	6303,032	f,538,406	f436,180
11.	CREDITORS: Amounts	due within	Group		Charity
	one year		2020 f.	2019	2020		2019 f
	Bank loan (see note 12)		645,386	444,616	645,386		444,616
	Bank overdratt		554,069	348,794	554,069		348,794
	Fee deposits		&0,675	73,100	80,675		73,100
	Fees received in advance		307,995	450,831	307,995		450,831
	Composition fees (see note 12)		178,447	184,092	178,447		1&4,092
	Trade creditors		791,358	340,802	784,867		331,194
	Finance leases		34,944		34,944
	Other taxes and social security		355241	404,814	355,241		404,814
	Accruals		635,629	721,544	635,629		721,544
	Other creditors		1,331,766	534,326	1,287,470		464,104
			64,915,510	63,502,919	f4,864,723	63,423,089
12.	CREDITORS: Amounts	dua after one year			2020		2019
	Group and charity
	Finance leases				64,248
	Less included in current liabilities				(34,944)
					29,304
	Composition fees				263,526		262,882
	Fee deposits				413,800		363,&76
	Bank loans				1,409,069		491,923
					f2,115,699	f	1,118,681

12.	CREDITORS: Amounts	due after one year (continued)
a)	Bank loan		2020	2019
	The bank loan is due for repayment	as follows:	f,
	Within one to two years		496„155	491,923
	Within two to five years		912„914
			1,409,069	491,923
	Repayable within one year		645,386	444,616
			K2,054,455	f936,539

Composition fees	Composition fees
Parents may enter into a contract topay the School for tuition fees in to specific conditions on the receipt ofone term's notice. Assuming		advaace. pupils will	The money may be returned subject remain at the School, advance fees
will be applied as follows:
			2020	2019
Within one totwo years			125,955	112,754
Within two to five years			137,571	150,128
			263,526	262,882
Repayable within one year			178,447	184,092
			f441,973	f446,974
The movements during	the year were as follows:
Balance at I September			446,974	676,795
New connucts			257,705	75,348
Amounts accrued to contracts			30,054	30,394
			734,733	782,537
Amounts utilised in payment offees			(292,760)	(335,563)
Balance at 31 August			f441,973	f446,974

UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	Balance			Transfers	Balance
				1September	Income	Expenditure	between	31August
				2019			funds	2020
							8	g
General funds				14„032,767	24,683,552	(24,137,357)		14,578,962
Non-charitable		trading
activities				2	632,396	(647,062)		(14,664)
Designated	funds
Scholarship	and bursary		fund	63,046				63,046
Development		fund			20,278	(20,278)
				63,046	20,278	(20,278)		63,046
				614,095,815	f25,336,226	g(24,804,697)		614,627,344

RESTRICTED FUNDS	RESTRICTED FUNDS		Balance				Balance
			1September				31August
			2019	Income	Expenditure	Transfer	2020
						f.
Organ Fund			73				73
Special Funds			29,563				29,563
Tyler Fund			376				376
Wolfson Foundation			20,922				20,922
Deaton Fund			220				220
Jago Fund			780				780
Colin Smith	Prize		14,500				14,500
Scholarship	and bursary	fund		6,531	(6,531)
Founders day bursary				37,139			37,139
			666,434	43,670	(6,531)		103,573

15a.	ANALYSIS OFNKT ASSETS	ANALYSIS OFNKT ASSETS	ANALYSIS OFNKT ASSETS		Net current
	BETWEEN FUNDS			Tangible	assets/	Long term
				fixed assets	{habilities)	liabilities	Total
					8		g
	Restricted Funds				103,573		103,573
	Unrestricted -General Funds			21,156,741	(4,462,079)	(2,115,699)	14,578,963
	-Designated	Fund			63,046		63,046
	Non-Charitable trading			31,229	(45,893)		{14,664)
				f21,187,970	f(4,341,353)	f(2,115,699)	f14,730,918
15b.	COMPARATIVE ANALYSIS OF NET
	ASSETSBETWEEN FUNDS
					Net current
				Tangible	assets/	Long term
				tixed assets	(liabilities)	liabilities	Total
						8
	Restricted Funds				66,434		66,434
	Unrestricted -General Funds			]8,102,432	(2,950,984)	(1,118,681)	14,032,767
	Umestricted -Designated	Fund			63,046		63,046
	Non-Charitable trading			41,638	(41,636)		2
				f.l8,144,070	f(2,863,140)	8(1,118,681)	I14,162,249
16.	CAPITAL COMMITMENTS					?020	2019
							8
	Contracted for but not included		in the accounts			f1,341,942
17	RELATED PARTY TRANSACTIONS

				2020	2019
				I
Turnover	from continuing		activities	632,396	1,007,803
Direct costs				(53,716)	(105,707)
				578,680	902,096
Administrative		expenses		(593,346)	(738,839)
Operating	pmBt			(14,666)	163,257
Gift aid payable toForest			School		(163,257)
				(14,666)
Loss brought		forward
Retained	in the subsidiary			f(14,666)

1	9. COMPARATIVE	CONSO	LIDAT	ED S	TATEMENT O	F FINANCIAL ACTIVIT	F FINANCIAL ACTIVIT	F FINANCIAL ACTIVIT	IES
						Designated
						Non charitable
					Unrestricted		trading	Restricted
					Funds	activities		Funds			2019
				Notes							8
	INCOME FROM:
	Charitable activities:
	Tuition fees			I	23,212,701					23,212,701
	Other school	income		2	508,334					508,334
	Donations and	legacies			8,808				1,720		10,528
	Other trading	activities		3	181,089	1,007,803				1,188,892
	Investments				14,257						14,257
	Total Income				23,925,189	1,007,803			1,720	24,934,712
	EXPENDITURE ON:
	Raising funds				170,601		844,546			1,015,147
	Charitable activities				23,573,846				1,720	23,5'75,566
	Total Expenditure			4	23,744,447		844,546		1,720	24,590,713
	Net income before transfers				180,742		163,257			343,999
	Transfers			13	163,257		(163,257)
	Net movement	in funds			343,999					343,999
	Fund balances	brought forward
	at I September	2018			13,751,814		2		66,434	13,818,250
	Fund balances carried
	forward st31August 2019				614,095,813				f66,434	814,162,249
20.	COMPARATIVE	FUND MOVEMENTS
	UNRESTRICTED FUNDS			Balance					Transfers			Balance
				1September		Income	Expenditure		between		31	August
					2018				funds			2019
	General funds			13,688,768 23,924,211			(23,743,469)		163,257		14,032,767
	Non-charitable	trading
	sctivides				2	1,007,803		(844,546)	(163,257)
	Designated funds
	Scholarship and bursary		fund		63,046							63,046
	Development	fund				978		(978)
					63,046	978		(978)				63,046
				613,751,816 624,932,992			f(24,588,993)				f14,095,815

RESTRICTED FUNDS	RESTRICTED FUNDS	RESTRICTED FUNDS		Balance				Balance
				1September				31August
				2018	Income	Expenditure	Transfer	2019
				8		8
Organ Fund				73				73
Special Funds				29,563				29,563
Tyler Fund				376				376
Wolfson Foundation				20,922				20,922
Deaton Fund				220				220
Sago Fund				780				780
Colin Smith	Prize			14,500				14,500
Scholarship	and bursary		fund		1,720	(1,720)
				666,434	f1,720	f{1,720)		866,434
YSISOF CHANGES IN NET				DEBT
				Balance				Balance
				1 September				31August
				2019	Cash flows	New finance	Other non-	2020
						leases	cash changes
Cash				315,969	(226,693)			89476
Overdraft				348,794	(205,276)			(554,069)
Total cash		and	cash	(32,825)	431,969			{464,793)
equivalents
Bank loans due &I year Bank loans due )1 year				(444,616) (491,923)	(200,770) (917,146)			(645386) {1,409,069)
Finar celease obligations					23,363	{87,611)		(64,248)
Total				$(969,364)	E(662,584)	f(87,611)		6(2,583,496)