2020-08-31-accounts - Glendower School Trust Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.


CONTENTS			Page
Legal and administrative		information
Governors' report			2 —6
Independent auditors'	report		7-8
Statement offinancial	activities
Balance sheet			10
Statement ofcash flows
Notes to the accounts			12-22


Governors			RKHarrison (Chair)
			SJSMartyrossian
			FMorton
			BDatIey
			P Vanni (resigned	30June 2020)
			A Rawlinson
			SKumbleben
			Z Pinkham (resigned		30June 2020)
			JRichards
			GApkarian
			Rev P Cowley
			DNangia
			EHewer (appointed		16June 2020)
Headmistress			N Kingsmill Moore
Charity Number			312717
Company	Number		960831
Principal	address and registered	ofnce	87 Queen's Gate
			London
			SW75JX
Auditors			Haysmacintyre LLP
			10Queen Street Place
			London
			EC4R 1AG
Bankers			National W~er		Bank pic
			South Kensington	Station (A)Branch
			PO Box592
			18Cromwell Place
			London SW72LB

						Total	Total
			Notes	Unrestricted f	Restricted	2020	2019
INCOME FROM:
Income from charitable	activities:
School fees Other educational income Investment income Donations and legacies Government grants				4,699,680 107,612 6,734 101,639	57,376	4,699,680 107,612 6,734 57,376 101,639	4,529,765 167,372 32,967 13,324
Total Income				4,915,665	57,376	4,973,041.	4,743,428
EXPENDITURE ON:
Costs ofRaising Funds
Investment management Finance costs	fees			3,923 292,003		3,923 292,003	2, 137 311,674
Charitable Activities
School Operatmg Costs:
Teaching costs Welfare costs Premises costs Support and governance Grants and awards	costs			2,613,929 205,136 885,494 672,798	55,008	2,613,929 205,136 885,494 672,798 55 008	2,570,747 280245 790,338 563,426 66,176
Total Expenditure			5	4,673,283	55,008	4,728,291	4,584,743
Net income before other	gains	and losses		242,382	2,368	244,750	158,685
Change in fair value ofinterest		rate swap		129,259		129759	(33735)
Net income and net movement		in funds		371,641	2,368	374,009	125,450
Fund balances at 1 September 2019				7,448,726	201439	7,649,965	7,524,515
Fund balances at31August 2020				f7,820,367	f203,607	f8,023,974	f7,649,965

				2020		2019
			Notes	f
FIXEDASSETS
Tangible assets					14,811,283	13,911,197
					14,811,283	13,911,197
CURRENT ASSETS
Debtors Cash and cash equivalents			10 11	1,300,420 2,258,764		1,155,383 3,255,033
						4,410,416
CREDITORS: amounts within one year	falling	due	12	(2,514,049)		(2,660,002)
NET CURRENT ASSETS					1,045, 135	1,750,414
TOTAL ASSETS LESSCURRENT					15,856,418	15,673,611
LIABILITIES
CREDITORS: due after	more	than one year	13		(7,832,444)	(8,011,646)
NET ASSETS					8,023,974	7,649,965
FUNDS Unrestricted funds: Restricted funds			18 18		7,820,367 203,607	7,448,726 201,239
			19		j8,023,974	g7,649,965

										2020	2019
Cash flows from operating		activities								697433	1283,707
Cash flows from investing		activities
Interest income
Purchase ofproperty, plant	and		equipment							6,734 (1,408~4)	32,967 (1,531,147)
Net cash (used in) investing		activities								(1,401,499)	(1,498,180)
Cash flows from financing		activities
Finance costs
										(292,003)	(311,674)
Net cash (used in) financing		activities								(292,003)	(311,674)
Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning ofthe reporting period										(996269) 3,255,033	(526,147J 3,781,180
Cash and cash equivalents	at the end ofthe reporting					period				2/58,764	$3355,033
NOTES TO THE STATEMENT OF CASH FLOWS Reconciliation ofnet movement in funds to net cash flow from activities								operating		2020f	2019
Net movement in funds
Depreciation										374,009	125,451
Increase in debtors										508,147	496,093
(Decrease) m creditors —including Interest mcome			swap liability							(145,037) (325,156)	(166,338) 549,794
Fmance costs										(6,734)	(32,967)
										292,003	311,674
Net cash provided by operating			activities							f697433	f1483,707
Analysis ofcash and cash equivalents Cash at bank and in hand										2458,764	3355,033
										f2,258,764	f3455,033
Movement in net debt				Cash and cash			Borrowings		Interest rate Total
				equivalents					swap
At I September2018 Cashflow Pair value gains and losses Interest charges					3,781,180 (526,147)			(6200,000)		(1,073,525) 33,235	3,492,345 (526,147) 33,235
At31 August2019					f3,255 033		($6,200,000)		(f1,106,760)		f(4,051,727)
At 1 September 2019 Cashflow Fair value gams and losses Interest charges					3,255,033 (996269		(6,200,000)		(1,106,760) (129759)		(4,051,727) (996,269) (129759)
At 1 September 2019					X2258	764	(f6200,000)			(f977,501)	f4,918,737

	are in accordance with the recommendations ofth salaries to winch they relate are payable.	are in accordance with the recommendations ofth salaries to winch they relate are payable.	e Government Actuary, are charged in the period in which te	e Government Actuary, are charged in the period in which te	e Government Actuary, are charged in the period in which te
	The charity also contributes to defined contribution are charged to the Statement ofFinancial Activities		personal pension schemes for non-teaching staff. Contributions in the period in which the salaries they relate to are paid.
2.	SCHOOL FEES			2020	2019
	Gross school fees Less bursaries and allowances			4,703,720 (59,048)	4,534,715 (71,126)
				4,644,672	4,463,589
	Add bursaries paid for by restricted funds			55,008	66,176
				f4 699680	f4 529 765
3.	OTHER EDUCATIONAL	INCOME		2020	2019
	Music lessons Deposits retained Registration fees School Fees Protection and Personal Accident Policies Swimming Other			6,448 31,455 33,691 3,641 14,322 18,055	3,100 36,996 4,498 23,179 99,599
				8107,612	8167,372
4.	INVESTMENT INCOME			2020	2019
	Rental income hrterest receivable			6,734	20,868 12,099
				86,734	232,967

OR	THE YEAR ENDED 31	AUGU	ST 2020
5.	EXPENDITURE 2020		Staff costs	Depreciation	Other Costs	Total 2020	Total 2019
	Costs ofRaising Funds:
	Investment management Finance costs	fees			3,923 292,003	3,923 292,003	2,137 311,674
	Charitable Activity:
	School Operating Costs:
	Teaching costs Welfare costs Premises costs Support and governance Grants and awards	costs	2,307,887 38,581 365,585	508,147	306,042 205, 136 338,766 307@13 55,008	2,613,929 205, 136 885,494 672,798 55,008	2,570,747 280745 790,338 563,426 66,176
			f2,712,053	f508,147	f.1,508,091	f4,728491	f4,584,743

Governance costs includes fees to the other services. Finance costs include	Governance costs includes fees to the other services. Finance costs include	Governance costs includes fees to the other services. Finance costs include	auditors off12,750 (2019:f11350)for audit and f1,500 (2019:f2,025) for interest payable on the loan to BNP Paribas —see note 14.	auditors off12,750 (2019:f11350)for audit and f1,500 (2019:f2,025) for interest payable on the loan to BNP Paribas —see note 14.	auditors off12,750 (2019:f11350)for audit and f1,500 (2019:f2,025) for interest payable on the loan to BNP Paribas —see note 14.
EXPENDITURE 2019	Comparative Staffcosts		Depreciation	Other Costs	Total 2019
Costs ofRaising Funds:
Investment management fees Investment property costs				2, 137	2,137
Finance costs				311,674	311,674
Charitable Activity:
School Operating Costs:
Teaching costs Welfare costs Premises costs Support and governance Grants and awards	costs	2,096,668 38,001 305,522	496,093	474,079 280245 256P44 257,904 66,176	2,570,747 280245 790,338 563,426 66,176
		f2,440,191	f496,093	f1,582,283	f4,584,743

connecte with them) received any remuneration orb indemnity insurance in the year amounted tof3,360 STAFFCOSTS	enefits from the charity during the year. The co (2019:f3,000).	stofGovernor
	2020	2019
Wages and salaries Social security costs Other pension costs	2,137,881 206,050 368,122	1,988,484 203,972 247,735
	f2,712,053	f2,440,191

7. STAFF COSTS (continue	7. STAFF COSTS (continue	7. STAFF COSTS (continue	d)
The average number ofemployees			during the	year	was:			2020		2019
								Number		Number
								47		43
	Teachers								1	1
	Domestic								7	6
	Administration
									54	50
	The number of employees		whose annual		emoluments	were f60,000 or more were:		Number		Number
	f60,001- f70,000
	870,001 - 880,000
	f80,001 —$90,000
	f90,001 - f100,000
	f100,001 -8110,000
	8110,001 —8120,000
	f120,001 - f130,000
	During the year pension		contributions	on behalf of		these members ofstaff amounted		tof71,545		(2019:f55,32
	Key management	remuneration						2020		2019
								8		f
	Aggregate remuneration		aud benefits	for the key management			personnel	8443,363		f443,000
8.	TAXATION

TANGIBLE FIXEDASSETS	Land and	Building	Asset Under	Furniture/
	Buildings	improvements	construction	Equipment	Total
Cost or valuation
At 1 September 2019 Additions Transfer	13,123,533 913,396 1,583,043	1,726734 67,486	1,669403 350,000 (1,669203)	452,548 77,351 86,160	16,971,518 1,408733
At 31August 2020	f.l5,619,972	51,793,720	f350,000	5616,059	518,379,751
Depreciation
At 1 September 2019 Charge for the year	1,857,949 254742	824,866 172,623		377,506 81,282	3,060,321 508,147
At 31August 2020	f2,112,191	a997,489		f458,788	f3,568,468
Net BookValue
At 31August 2020	13,507,781	796431	350,000	157471	14,811283
At 31Au~ 2019	611,265,584	Z901,368	81,669,203	575,042	513,911,197


DEBTORS		2020	2019
Fees debtors		1404,600	1,123,747
Prepayments	and accrued income	47,424	31,636
Other debtors		48,396
		f1300,420	f1,155,383
CASH AND	CASH EQUIVALENTS

12.	CREDITORS: amounts within one year	falling due	2020f	2019
	Other taxes and social security costs		68,484
	Fees charged in advance Fee deposits		1,721,521 88,130	1,683,283 91,815
	Other creditors and accruals		635,914	884,904
			82,514,049	f2,660,002
13.	CREDITORS: amounts	falling due	2020	2019
	after more than one year
	Loan notes to parents			49,988
	Fee deposits		654,943	654,898
	Bank loan		6,200,000	6,200,000
	Interest Rate Swap liability		977,501	1,106,760
			f7,832,444	f8,011,646

		Computer	Equipment
		2020	2019
			f
Expiry Within	date: one year	f29,645	87,306
Within	two to five years	839,598	f13,394

FUNDS			1September 2019	Income	Expenditure	Gains/(losses) and transfers	31August 2020
Restricted funds Bursary funds			201439	57,376	(55,008)		203,607
Total restricted	funds		f201239	557,376	5(55,008)		f203,607
Unrestricted funds General funds			7,448,726	4,915,665	(4,673,283)	129,259	7,820,367
Total unrestricted		funds	f7,448,726	54,915,665	f(4,673,283)	8129,259	f7,820,367
Total funds			X7,649&965	f4,973,041	5(4,728/91)	%129,249	Bl,023,974

PRIORYEAR MO	VEMENT	IN FUNDS
		1September 2018	Income f	Expenditure 5	Gains/()oases) and transfers	31August 2019 f
Restricted funds Bursary funds		254,091	13,324	(66,176)		201,239
Total restricted funds		5254,091	513,324	f(66,176l		201,239
Unrestricted funds General funds		7,270,424	4,730,104	(4,518,567)	(33/35)	7,448,726
Total unrestricted	funds	57,270,424	f4,730,104	f(4,518,567)	f(33/35)	X7,448,726
Total funds		%7,524,515	54,743,428	K(4,584,743)	K(33,235)	X7,649,965

NET ASSETSBETWEEN FUNDS	Restricted	General	Total
	Funds	Funds	Funds
Tangible fixed assets Net current assets Long term creditors	203,607	14,811,283 841,528 (7,832,444)	14,811483 1,045,135 (7,832,444)
Net assets at the end ofthe year	f203,607	f7,820,367	f8,023,974
NET ASSETSBETWEEN FUNDS 2019	Restricted	General	Total
	Funds	Funds	Funds
	f.
Tangible fixed assets Net current assets Long term creditors	201/39	13,911,197 1,549,175 (8,011,646)	13,911,197 1,750,414 (8,011,646)
Net assets at the end ofthe year	6201/39	f7,448,726	f7,649,965

						Total
				Unrestricted	Restricted	2019
			Notes
INCOME FROM:
Income from charitable	activities:
School fees				4,529,765		4,529,765
Other educational income				167,372		167,372
Investment income				32,967		32,967
Donations and legacies					13,324	13,324
Total Income				4,730,104	13,324	4,743,428
EXPENDITURE ON:
Costs ofRaising Funds Investment management	fees			2,137		2,137
Investment property costs Finance costs				311,674		311,674
Charitable Activities
School Operating Costs:
Teaching costs Welfare costs				2,570,747 280,245		2,570,747 280,245
Premises costs				790,338		790,338
Support and governance Grant expenditure	costs			563,426	66,176	563,426 66,176
Total Expenditure			5	4,518,567	66,176	4,584,743
Net income before other	gains and losses			211,537	(52,852)	158,685
Change in fair value of interest		rate swap		(33235)		(33,235)
Net income and net movement		in funds		178,302	(52,852)	125,450
Fund balances at 1 September 2018				7,270,424	254,091	7,524,515
Fund balances at 31August 2019				f7,448,726	620L239	f7,649,965