2021-08-31-accounts - Glendower School Trust Limited

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CONTENTS			Page
Legal and administrative		information
Governors' report			2 —6
Independent auditors'	report		7-9
Statement oftinanciat		activities	10
Balance sheet
Statement ofcash flows			12
Notes to the accounts			13-23

						Total	Total
				Unrestricted	Restricted	2021	2020
			Notes		f.
INCOME FROM:
Income from charitable	activities:
School fees				4,867,924		4,867,924	4,699,680
Other educational income				107,181		107,181	107,612
Investment income				13,023		13,023	6,734
Donations and legacies Government grants				2,513 14,535	50,333	52,846 14,535	57,376 101,639
Total Income				5,005,176	50,333	5,055,509	4,973,041
EXPENDITURE ON:
Costs ofRaising Funds Investment management Finance costs	fees			4,618 442,195		4,618 442,195	3,923 292,003
Charitable Activities
School Operating Costs: Teaching costs Welfare costs				2,558,347 168,715		2,558,347 168,715	2,6!3,929 205,136
Premises costs				941,904	4,826	946,730	885,494
Support and governance Grants and awards	costs			710,601	62,811	710,601 62,811	672,798 55,008
Total Expenditure			5	4,826,380	67,637	4,894,017	4,728,291
Net income before other	gains	snd losses		178,796	(17,304)	161,492	244,750
Change in fair value ofinterest		rate swap		279,770		279,770	129,259
Nct income and nct movement		in funds		458,566	(17,304)	441,262	374,009
I'und balances at 1 September 2020				7,820,367	203,607	8,023,974	7,649,965
Fund balances at 31August 2021				8278,933	186,303	8,465,236	8,023,974

				2021		2020
		Notes
FIXEDASSETS
Tangible assets				17,735,868		14,811783
CURRENT ASSETS
Debtors Cash and cash equivalents		10 11	1,309,054 2,064,955		1,300,420 2,258,764
CREDITORS: amounts	falling due
within one year		12	(2,261,770)		(2,514,049)
NET CURRENT ASSETS				1,112,239		1,045,135
TOTAL ASSETSLESS LIABILITIES	CURRENT			18,848,107		15,856,418
CREDITORS: due after	more than one year	13		(10,382,871)		(7,832,444)
NET ASSETS				8,465,236		8,023,974
FUNDS
Unrestricted funds: Restricted funds		18 18		8,278,933 186,303		7,820,367 203,067
		19		8,465336		f8,023,974

										2021	2020
										f
Cash flows from operating		activities								3,702,755	697,233
Cash flows from investing		activities
Interest income										13,023	6,734
Purchase ofproperty, plant	and equipment									(3,467,392)	(1,408,234)
Net cash (used ia) investing		activities								(3,454,369)	(1,401,499)
Cnsh flows from financing		activities
I inance costs										(442 195)	(292003)
Nct cash (used in) financing activities										(442,195)	(292,003)
Change in cash and cash equivalents in the Cash and cash equtvalents at the beginning						reporting period ofthe reporting		period		(193,809) 2,258,764	(996,269) 3,255,033
Cash and cash equivalents		at the end			ofthe reporting		period			2,064,955	2,258,764
NOTES TO THE STATEMENT OF					CASH FLOWS					2021	2020
										f,
Reconciliation ofnet movement			in	funds		to net cash tlow from operating
activities
Net movement in funds										441,262	374,009
Depreciation										542,807	508,147
Increase in debtors										(8,634)	(145,037)
Increase/(Decrease) in creditors			— including			swap liability				2,298,148	(325,156)
Interest income										(13,023)	(6,734)
Finance costs										442,195	292,003
Net cash provided by operating			activities							3,702,755	697,233
Analysis ofcash and cash Cash at bank and in hand		equivalents								2,064,955	2,258,764
										2,064,955	2,258,764
Movement in net debt					Cash and cash			Borrowings	Interest rate		Total
					equivalents				swap
At I September 2019						f3,255,033		(f6,200,000)	(f1,106,760)		(f4,051,727)
Cashflow Fair value gains and losses						(996,269)			129,259		(996,269) 129,259
Interest charges At 31 August 2020						62259764		E62000003	t6~977 501		(f4,91~8737
At I September 2020 Cashflow Fair value gains and losses						f2,258,764 (193,809)		(f6,200,000) (2,800,000)	(f977,501) 279,770		(f4,918,737) (2,993,809) 279,770
Interest charges At 30 August 2021						E2064955		tE9tl00000	E697	313 ~E7632 776

are charged to the Statem SCHOOLFEES	ent	ofFinan	cial Activities in the period in whi	ch the salaries they relate to a	re paid.
				2021	2020
				8
Gross school fees Less bursaries and allowances				4,867,924 (62,811)	4,703,720 (59,048)
				4,805,113	4,644,672
Add bursaries paid for	by restricted		funds	62,811	55,008
				4,867,924	4,699,680
OTHER EDUCATIONAL		INCOME		2021f	2020 8
Music lessons Deposits retained Registration fees School Fees Protection Swimming Fxcursions and visits Other	and	Personal	Accident Policies	836 2,625 40,141 1,357 8,110 21,526 32,586	6,448 31,455 33,691 3,641 14,322 14,028 4,027
				107,181	107,612
INVESTMENT INCOME				2021f	2020
Rental income Interest receivable				12,715 308	6,734
				13,023	6,734

EXPENDITURE	2021				Other	Total	Total
			Staff costs f	Depreciation	Costsf	2021f	2020
Costs ofRaising	Funds:
Investment management		fees			4,618	4,618	3,923
Finance costs					442,195	442,195	292,003
Charitable Activity:
School Operating	Costs:
Teaching costs			2,312,774		245,573	2,558,347	2,613,929
Welfare costs					168,715	168,715	205,136
Premises costs			44,754	542,807	359,169	946,730	885,494
Support and governance		costs	458,868		251,733	710,601	672,798
Grants and awards					62,811	62,811	55,008
			2,816,396	542,807	1,534,814	4,894,017	4,728,291

Metrobank —see n	ote 14	,	,
EXPENDITURE	2020	Coraparstive			Other	Total
			Staff costs f	Depreciation f	Costs f	2020 f
Costs ofRaising Funds:
Investment management		fees			3,923	3,923
Finance costs					292,003	292,003
Charitable Activity:
School Operating	Costs:
Teaching costs			2,307,887		306,042	2,613,929
Welfare costs					205,136	205,136
Premises costs			38,581	508,147	338,766	885,494
Support and governance		costs	365,585		307,213	672,798
Grants and awards					55,008	55,008
			2,712,053	508,147	1,508,091	4,728,291

indemnity insurance in the year amounted to E3,750 (	2020; E3,360).
STAFF COSTS	2021f	2020f
Wages and salaries	2,224, 147	2,137,881
Social security costs	224,696	206,050
Other pension costs	367,553	368,122
	2,816,396	2,712,053

				2021	2020
				Number	Number
Teachers Domestic Administration				49 2 7	47 1 7
					55
The number ofemployees	whose annual	emoluments	were f60,000 or more were:
				Number	Number
660,001 - 670,000 $70,001 - f80,000 f80,001 - f90,000
690,001 - f100,000
f,100,001 - 6110,000
6110,001 - 6120,000
6120,001 - 6130,000

										2021	2020
	Aggregate	remuneration	and	benefits	for	the	key	management	personnel	506,509	443,363
8.	TAXATION

TANGIBLE FIXEDASSETS	Land and		Building	Asset Under	Furniturel
	Buildings f	improvements		construction	Equipment 8	Total f
Cost or valuation
At 1 September 2020	15,619,972		1,793,720	350,000	616,059	618,379,751
Additions	3,239,634		70,556	106,070	51,132	3,467,392
Transfer	350,000			(350,000)
At 31 August 2021	19,209,606		1,864,276	106,070	667,191	21,847,143
Depreciation
At 1 September 2020	2,112,191		997,489		458,788	63,568,468
Charge for the year	294,647		183,485		64,675	542,807
At 31 August 2021	2,406,838		1,180,974		523,463	4,111,275
Net Book Value
At 31 August 2021	16,802,768		683,302	106,070	1.43,728	17,735,868
At 31 August 2020	13,507,781		796,231	350,000	157,271	14,811383
All other tangible fixed assets are	stated at historical		cost.
DEBTORS					2021	2020
						8
Fees debtors					1,280,369	1,204,600
Prepayments and accrued income					28,685	47,424
Other debtors						48,396
					1,309,054	1,300,420

12.	CREDITORS: amounts falling due within one year	2021	2020
	Other taxes and social security costs Fees charged in advance Fee deposits Other creditors and accruals Bank loans and overdrafts	1,490 1,789,086 94,130 377,064	68,484 1,721,521 88,130 635,914
		2261,770	2,514,049
13.	CREDITORS: amounts falling due after more than one year	2021f	2020
	Loan notes to parents
	Fee deposits Bank loan Interest Rate Swap liability	685,140 9,000,000 697,731	654,943 6,200,000 977,501
		10,382,871	7,832,444
	Bank loans are repayable as follows:
	Within one year (see note 12)
	Between one and two years Between two and five years Over five years	144,605 8,855,395	6,200,000
		9,000,000	6,200,000

FUNDS		I September 2020	Income f	Expenditure	Gams/posses) and transfers	31August Z021
Restricted funds
Bursary funds		203,607	50,333	(67,637)		186,303
Total restricted	funds	f203,607	50,333	(67,637l		186,303
Unrestricted funds
General funds		7,820,367	5,005,176	(4,826,380)	279,770	8,278,933
Total unrestricted	funds	f7,820,367	5,005,176	(4,826,380)	279,770	8378,933
Total funds		f8,023,974	5,055,509	(4,894,017)	279,770	8,465~6

	e current requ fund.	rements. The	rements. The	transfer represents	total bursaries	awarded in the	year to be allocate	d against the
18	PRIOR YEAR	MOVEMENT		IN FUNDS
	Restricted funds			ISeptember 2019	Income f	Expenditure	Gains/gasses) and transfers f	31August 2020
	Bursary funds			201,239	57,376	(55,008)		203,607
	Total restricted	funds		f201,239	857,376	(55,008)		5203,607
	Unrestricted funds
	General funds			7,448,726	4,915,665	(4,673483)	129459	7,820,367
	Total unrestricted		funds	7.448,726	4,915,665	(4,673,283)	129459	7,820,367
	Total funds			7,649,965	4,973,041	(4,728,291)	129,249	8,023,974

NET ASSETSBETWEEN FUNDS	Restricted	General	Total
	Fundsf	Fundsf	Fundsf
Tangible fixed assets		17,735,868	17,735,868
Net current assets	186,303	925,936	1,112,239
Long term creditors		(10,382,871)	(10,382,871)
Net assets at the end ofthe year	186,303	8,278,933	8,465,236
NET ASSETSBETWEEN FUNDS 2020	Restricted	General	Total
	Funds f	Fundsf	Fundsf
Tangible fixed assets		14,811,283	14,811,283
Net current assets	203,607	841,528	1,045, 135
Long term creditors		(7,832,444)	(7,832,444)
Net assets at the end ofthc year	203,607	7,820,367	8,023,974

						Total
			Notes	Unrestricted	Restricted	2020 f
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 57376 101,639
Total Income				4,915,665	57,376	4,973,041
EXPENDITURE ON:
Costs ofRaising Funds
Investment management Finance costs	fees			3,923 292,003		3,923 292,003
Charitable Activities
School Operating Costs:
Teaching costs Welfare costs Premises costs				2,613,929 205,136 885,494		2,613,929 205,136 885,494
Support and governance Grants and awards	costs			672 798	55,008	672,798 55,008
Total Erpenditure			5	4,673,283	55,008	4,728,291
Net income before other	gains	and losses		242,382	2,368	244,750
Change in fair value ofinterest		rate swap		129,259		129,259
Net income and net movement		in funds		371,641	2,368	374,009
Fund balances at 1 September 2019				7,448,726	201,239	7,649,965
Fund balances at 31 August 2020				87,820,367	6203,607	68,023,974