##
|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)|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|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|
##
##
##
|13.|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|
|14.|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)|
##