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|||||
|---|---|---|---|
|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|||
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|||||||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|
##
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|||||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|
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||
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.|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|
##
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|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||||||||||
##
|9.|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|||
##
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##
##
|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|
##
##
##
##
|18.|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|
##
##
|19.|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|