2021-08-31-accounts - Forest School, London

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CONTENTS			Page
Reference and Administrative		Information
Chair's Statement			2-3
Governors' Report			4-12
Independent Auditor's	Report		13-14
Consolidated Statement	ofFinancial Activities		15
Balance Sheets			16
Consolidated Statement	ofCash flows		17
Accounting Policies			18 - 20
Notes to the Financial Statements			21-32

		2021	2020
UK energy use kWh		4,664,400	4,309,719	School and Leisure Centre
				Gas oil electricit	and fuel
Associated greenhouse	gas emissions	1,107tormes	1,052tounes
Tonnes CO2 ivalent
Intensity ratio		0.76tonnes	0.73 tonnes	The intensity ratio	measures	energy usage
Emissions per pupil: 1,461pupils		per pupil	per pupil	compared with an	appropriate	business
				metric.

			Designated
			Non charitable
		Unrestricted	trading	Restricted
		Funds	activities	Ponds	2021	2020
	Notes				8
INCOME FROM:
Charitable activities:
Tuihon fees	1	24,368,442			24,368,442	23,659,789
Other school income	2	590,236			590,236	566,601
Donations and legacies		196,982		2,790	199,772	355,531
Other trading activities	3	153,871	536,759		690,630	787,681
Investments		1,537			1,537	10,295
Total Income		25,311,068	536,759	2,790	25,850,617	25,379,897
EXPENDITURE ON:
Raising funds		175,241	566,358		741499	808,244
Charitable activities		24,658,262		22,463	24,680,725	24,002,984
Total Expenditure	4	24,833,503	566,358	22,463	25,422,324	24,811,228
Net income before transfers		477,565	(29,599)	(19,673)	428,293	568,669
Transfers	13
Net movement in funds		477,565	(29,599)	(19,673)	428,293	568,669
Fund balances brought forward
at 1 September 2020		14,642,009	(14,664)	103,573	14,730,918	14,162,249
Fund balances carried
forward at31August 2021		15,119,574	(44,263)	83,900	15,159,211	614,730,918

			Group	Group	Charity	Charity
			2021	2020	2021	2020
		Notes				8
FIXEDASSETS
Tangible fixed assets			22,067,003	21,187,970	22,043,581	21,156,741
Investments					2	2
			22,067,003	21,187,970	22,043,583	21,]56,743
CURRENT ASSETS
Stock			24,912	21,849	19,734	17,044
Debtors		10	291,040	463,032	337,483	538,406
Cash at bank and in hand			1,424,311	89,276	1,209,202	13,813
			1,740,263	574,157	1,566,419	569,263
CREDITORS: Amounts	falling
due within one year			(3,409,876)	(4,915,510)	(3,168,350)	(4,864,723)
Net current liabilities			(1,669,613)	(4,341,353)	(1,601,931)	(4,295,460)
Total assets less current	liabilities		20,397390	16,846.617	20,441,652	16,861483
CREDITORS: Amounts	falling
due after more than one	year		(5238,179)	(2,115,699)	(5,238,179)	(2,115,699)
NET ASSETS			15,159,211	f14,730,918	15,203,473	f14,745,584
FUNDS
Unrestricted
-General		13	15,056,528	14,578,963	15,056,526	14,578,963
-Designated		13	63,046	63,046	63,046	63,046
Non-charitable trading activities		18	(44,263)	(14,664)	2	2
Restricted		14	83,900	103,573	83,899	103,573
			15,159,211	f14,730,918	f15,203,473	I14,745,584

									2021		2020
							Notes
	Net cash provided by	operations					A		1,060,763		2,627,988
	Cash flows from investing		activities:
	interest receivable							1,537		10,293
	interest payable							(97,876)		(69,587)
	Purchase offixed assets							(2,123,857)		(4,182,825)
	Net cash (used in) investing			activities					(2,220,196)		(4,242,119)
	Cash flows from financing		activities:
	Bank loan repayment							(2,054,455)		(621,924)
	New bank loans							4,300,000		1,739,839
	Finance lease repayments							(29,669)		(23,363)
	New financ leases							832,661		87,611
	Net cash provided	by/(used			in)	financing			3,048,537		1,182,163
	activities
	Change in cash and	cash		equivalents		in the			1,889,104		(431,968)
	reporting period
	Net cash and cash equivalents			at beginning		of			K(464,793)		(32,825)
	period
	Net cash and cash equivalents			at end ofperiod			B		1,424,31 1		K(464,793)
A.	RECONCILIATION	OFNET MOVEMENT IN					FUNDS	TO		2021	2020
	NET CASH PROVIDED BYOPERATIONS
	Net movement in funds									437793	568,668
	Depreciation									1,351,579	1,138,925
	Interest receivable									(1,537)	(10293)
	interest payable									97,876	69,587
	Decrease/(increase) in	stocks								(3,059)	(1,071)
	Decrease/(increase) in	debtors								171,992	(159,999)
	Increase in creditors									(993,381)	1,022,171
	Net sash provided by	operations								1,060,763	82,627,988
B.	ANALYSIS OFCHANGES			IN CASH AND				At			At
	CASH EQUIVALENTS						1September			Other	31August
								2020	Cashflows	Changes	2021
	Cash and cash equivalents							89,275	1,335,035		1,424,311
	Bank overdratl							(554,069)	554,069
								K(464,793)	1.,889,104		1,424,311

Freehold	buildings	l~/a straight line
Freehold	impmvements	5'/o straight line
Fixtures,	fittings and equipment	20~/o reducing balance
Motor vehicles and boat		25'/e reducing balance
Computer	equipment	25'/o straight line

1.	TUITION FEES				2021	2020
	Fees receivable				27,250,865	27470,232
	Less: bursaries, scholarships	and	allowances		{2,885,132)	(3,616,974)
	Add: bursaries and scholarships		funded by restricted	funds	2,709	6,531
					24,368,442	E23,659,789
2.	OTHER SCHOOL INCOME				2021	2020
						8
	Registration fees				143,140	112,955
	Deposits retained				186,500	131,575
	School bus				260,596	322,071
					590,236	f566,601
3.	OTHER TRADING ACTIVITIES				2021	2020
	Lettings- school				141,890	125,271
	Trading activities —Sylvestrian		Enterprises		536,759	632,396
	Limited
	Sundry income				11,981	30,014
					690,630	8787,681
4.	ANALYSIS OFTOTAL		2021	2021	2021	2021
	EXPENDITURE		StaffCosts	Other Costs	Depreciation	Total
	Raising funds
	Publicity costs			77,365		7'7,365
	Trading subsidiary			548,035	7,807	555,842
	Finance costs			97,876		97,876
				723,276	7,807	731,083
	Chars'table aerivilies
	Teaching		11,385,751	1,584,440	503268	13,473,459
	Welfare		83,022	1,625,177		1,708,199
	Premises		414,775	3,009,352	840,504	4,264,631
	Support costs		4,084,162	1,150,274		5,234,436
	Grants
			15,967,710	7,369443	1,343,772	24,680,725
			15,967,710	8,092,519	1,351,579	25,411,808

ANALYSIS OF	TOTAL EXPENDITURE (continued)	TOTAL EXPENDITURE (continued)	TOTAL EXPENDITURE (continued)
2020COMPARATIVES		2020	2020	2020	2020
		StaffCosts	Other Costs	Deprecianon	Total
			8
Raising funds
Publicity costs			91.,595		91,595
Trading subsidiary			636,652	10,410	647,062
Finance costs			69,587		69,587
			797,834	10,410	808,244
Charitable scdri des
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
		f15,957,672	f7,714,631	81,138,925	f24,811,228
FINANCE COSTS				2021	2020
Bank and loan interest				81,726	23,675
Bank charges				16,150	45,912
				97,876	f69,587
ANALYSIS OFSUPPORT COSTS				2021	2020
Staffcosts				4r084,162	3,912,789
Administrative	&ITcosts			1,401,269	1,189,763
Governance (audit &legal fees)				187,789	223,985
				5,673,220	85,326,537

STAFFCOSTS
						2021	2020
The staff costs are analysed			as follows:
Salaries						12,211,278	12,220,333
Social security						1,357,006	1,316,204
Pension costs						2,339,410	2,322,931
Redundancy and termination			payments			60,016	98,204
						15,967,710	f,15,957,672
						2021	2020
The number ofemployees		whose emoluments		exceeded	f60,000	No.	No.
during the year was as I60,001 —f70,000 f70,001 -f80,000	follows:					17 5	18 6
880,001 - f90,000						3	3
890,001 - f.100,000
8100,001 -f110,000
8120,001 - f130,000
f130,001 - f140,000
Average staff numbers	were:
Teaching						213	216
Non teaching						160	165
						373	381
Average staff numbers	expressed as full time			equivalents	were:
Teaching						136	137
Non teaching						97	94
						233	231

NET MOVEMENT IN FUNDS	NET MOVEMENT IN FUNDS
				2021	2020
The net movement offiunds is stated after chargingl(crediting)			(before VAT):
Auditors remuneration	—audit fee (gmup)			29,700	28,850
	—other services			3,948	1,750
Rent receivable				(141,890)	(125,271)
TAXATION
There is no liability for taxation as the school is a registered			charity.
TANGIBLE		Freehold		Fixtures,
FIXEDASSETS	Freehold	buildings and		equipment and
	landf	improvements	Computers	motor vehicles f	Total
COST
As at 1 September 2020	10,000	35,543,953	1,856,460	4,575,895	41,986,308
Additions		1,380,429	850,183		2430,612
Disposals
As at 31August 2021	10,000	36,924,382	2,706,643	4,575,895	44,216,920
DEPRECIATION
As at 1 September 2020		15,210,787	1,552,419	4,035,132	20,798,338
Charge for year		837,546	399,118	114,915	1,351,579
Disposals
As at 31 August 2021		16,048,333	1,951,537	4,150,047	22,149,917
NET BOOKVALUES
As at31 August 2021	10,000	20,876,049	755,106	425,848	22,067,003
As at 31August 2020	f10,000	f20,333,166	f304,041	f540,763	f21,187,970

10.	DEBTORS			Group		Charity
				2021 f	2020	2021	2020f
	Fees			12,652	154,617	12,652	154,617
	Amounts due from subsidiary		undertaking			104,168	97,599
	Prepaytnents			214,827	175,763	192,642	165,658
	Other debtors			63,561	132,652	28,021	120,532
				291,040	1A63,032	337,483	6538,406
11.	CREDITORS: Amounts	due within		Group		Charity
	one year			2021 f	2020	2021 f.	2020 f,
	Bank loan (see note 12)			496,154	645,386	496,154	645,386
	Bank overdraft				554,069		554,069
	Fee deposits			53,500	80,675	53,500	80,675
	Fees received in advance			494,016	307,995	494,016	307,995
	Composition fees (see note		12)	204,312	178,447	204,312	178,447
	Trade creditors			274,009	791,358	269,431	784,867
	Finance leases			220,390	34,944	220,390	34„944
	Other taxes and social security			335,872	355,241	335,872	355,241
	Accruais			703,778	635,629	618,426	635,629
	Other creditors			627,845	1,331,766	476,249	1,287,470
				3,409,876	f4,915,510	3,168,350	f4,864,723
12.	CREDITORS: Amounts	due after one year				2021 f	2020
	Group and charity
	Finance leases					879,387	64,248
	Less included in current	liabilities				(220,390)	(34,944)
						658,997	29,304
	Composition fees					287,737	263,526
	Fee deposits					487,600	413,800
	Bank loans					3,803,845	1,409,069
						5438,179	I2,115,699

Bank loan		2021	2020
The bank loan is due for repayment	as follows:	g
Within one to two years		496,154	496,155
Within two to five years		3,307,692	912,914
		3,803,846	1,409,069
Repayable within one year		496,154	645,386
		4,300,000	I2,054,455

			4,300,000 I2	,054,455
12.b)	Composition fees
	Parents may enter into aconnect topay the School for tuition fees in	advance.	The money may be returned subject
	tospecific conditions on the receipt ofone tenn's notice. Assunung	pupils wiB remain at the School, advance fees
	will be applied as follows:
			2021	2020
			K
	Within one to two years		156,641	125,955
	Within two to five years		131,096	137,571
			287,737	263,526
	Repayable within one year		204,312	178,447
			492,049	6441,973
	The movements during the year were as follows:
	Balance at 1 September		441,973	446,974
	New contracts		233,686	257.705
	Amounts accrued to contracts		33,459	30,054
			709,118	734,733
	Amounts uulised in payment offees		(217,069)	(292,760)
	Balance at 31August		492,049	f44L973

					2021	2020
						g
Turnover	fmm continuing			activities	536,759	632,396
Direct costs					(25,809)	(53,716)
					510,950	578,680
Administrative			expenses		(540,549)	(593,346)
Opemting	profit				(29,599)	(14,666)
Gilt aid payable			to Forest	School
					(29,599)	(14,666)
Loss brought		foruurd			(14,666)
Retained	in the		subsidiary		6(44,265)	f,(14,666)

19. COMPARATIVE	19. COMPARATIVE	CONSOLIDATED STATEMENT OF	CONSOLIDATED STATEMENT OF	CONSOLIDATED STATEMENT OF	CONSOLIDATED STATEMENT OF	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES
						Designated
						Non	charitable
							trading		Restricted
						activities				Funds		2020
							f
	INCOME FROM:
	Charitable activities:
	Tuition fees		1	23,659,789							23,659,789
	Other school	income	2	566,601							566,601
	Donations and	legacies		311„861						43,670		355,531
	Other trading activities		3	155,285			632,396					787,681
	Investments				10,295							10,295
	Total Income			24,703,831			632,396			43,670	25,379,897
	EXPENDITURE ON:
	Raising funds			161,182			647,062					808,244
	Charitable activities			23,996,453						6,531	24,002,984
	Total Expeaditure		4	24,157,635			647,062			6,531	24,811,228
	Net income before transfers			546,196			(14,666)			37,139	568,669
	Transfers		13
	Net movement	in funds		546,196			(14,666)			37,139	568,669
	Fund balances	brought forward
	at 1 September	2019		14,095,813						66,434	14,162,249
	Fund balances	carried
	forward at31	August 2020		614,642,009		E(14,664)			$103,573		f14,730,918
20.	COMPARATIVE FUND MOVEMENTS
	UNRESTRICTED FUNDS		Balance							Transfers			Balance
			ISeptember		Income		Expenditure			between		31	August
				2019						funds			2020
	General funds		14,032,767		24,683,552		(24,	137,357)				14,578,962
	Non-charitable	trading
	activities					632,396	(647,062)						(14,664)
	Designated funds
	Scholarship and bursary fond			63,046									63,046
	Development	fund				20,278		(20,278)
				63,046		20,278		(20,278)					63,046
			814,095,815		f25,336426		$(24	804,697)				f14,627,344
					31

RESTRICTED FUNDS	RESTRICTED FUNDS	RESTRICTED FUNDS		Balance				Balance
				ISeptember				31August
				2019	Income	Expentflture	Transfer	2020
				8	g	g		K
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 dsy bursary					37,139			37,139
				I66,434	43,670	(6,531)		103,573
LYSIS OF	CHANGES IN NET			DEBT
				Balance				Balance
				ISeptember				31August
				2020	Cash flows	New finance	Other non-	2021
						leases	cash changes I
Cash				89,276	1,335,035			1,424,311
Overdraft				(554,069)	554,069
Total cash		and	cash	(464,793)	1,889,104			1,424,311
equivalents
Bank loans	due &I year			(645,386)	149,232			(496,154)
Bank loans	due &I year			(1,409,069)	(2,394,777)			(3,803,846)
Finance lease obligations				(64,248)	35,044	(850,183)		(879,387)
Total				K(2,583,496)	f(321,397)	f(850,183)		f(3,755,076)