| The Directors of | the | company who served during the ye |
ar and since year end were: | ar and since year end were: | |||
|---|---|---|---|---|---|---|---|
| Dr M P Badenoch | |||||||
| Rev Dr A K Bergquist | |||||||
| H M Burgess (appointed | 9 March 2021) | ||||||
| C M S Douglass | |||||||
| M English | |||||||
| EJDe Freitas | |||||||
| JBProsser (resigned | 16 | December 2020) | |||||
| M A Sahni (appointed | 15 June 2021) | ||||||
| G J Savage (appointed | 9 | March 2021) | |||||
| V Savage | |||||||
| D Widdicombe | |||||||
| A J D Woolf | |||||||
| J H Zehner | |||||||
| REGISTERED | OFFICE | 1 Loudoun Road |
|||||
| St John's Wood | |||||||
| London | |||||||
| NW8 OLH | |||||||
| AUDITORS | Haysmacintyre | LLP | |||||
| Chartered Accountants |
|||||||
| 10 Queen Street | Place | ||||||
| London | |||||||
| EC4R 1AG | |||||||
| BANKERS | The Royal Bank ofScotland Plc | ||||||
| 48 Haymarket | |||||||
| London | |||||||
| SW1Y4SE | |||||||
| SOLICITORS | Veale Wasbrough | Vizards | |||||
| 24 King William | Street | ||||||
| London | |||||||
| EC4R 9AT | |||||||
| KEYPERSONNEL | |||||||
| Headmaster | V W PThomas, | BEd, | MA. | ||||
| Bursar/Company | Secretary | P Vanninen | |||||
| Deputy Headmaster | (Academic) | JHill | |||||
| Deputy Headmaster | (Pastoral) | S Stones | |||||
| REGISTERED | COMPANY NUMBER: | 00889424 | |||||
| REGISTERED | CHARITY NUMBER: | 312725 |
| StJohn's Hospice | 5,437 |
|---|---|
| City Harvest | 5,000 |
| The Brain Tumour Charity | 3,606 |
| FORTHE YEAR ENDE | D 31AUGU | ST 2021 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| Funds | Funds | Funds | Funds | ||||
| 2021 | 2021 | 2021 | 2020 | ||||
| Notes | |||||||
| INCOME FROM: | |||||||
| Charitable activities: |
|||||||
| School fee income | 3 | 5,912,155 | 5,912,155 | 5,636,293 | |||
| Other ancillary income |
27,677 | 27,677 | 180 | ||||
| Other trading activities: |
|||||||
| Rental income | 12,338 | 12,338 | 17,672 | ||||
| Investment income |
3,165 | 3,165 | 102,475 | ||||
| Donations and grants |
143 | 49,236 | 49,379 | 72,974 | |||
| TOTAL INCOME | f5,955,478 | f49,236 | 56,004,714 | E5,829,594 | |||
| EXPENDITURE ON: | |||||||
| Charitable activity: |
|||||||
| School Operating Costs: |
|||||||
| Teaching costs | 3,245,265 | 3,245,265 | 3,246,150 | ||||
| Welfare costs | 274,570 | 274,570 | 235,083 | ||||
| Premises costs | 1,540,845 | 1,540,845 | 1,209,475 | ||||
| Support costs ofschooling | 732,338 | 732,338 | 692,392 | ||||
| Grants, awards and prizes |
20,862 | 81,445 | 102,307 | 89,340 | |||
| 5,813,880 | 81,445 | 5,895,325 | 5,472,440 | ||||
| Raising funds: | |||||||
| Fundraising costs |
63,832 | 63,832 | 64,662 | ||||
| Investment management |
costs | 17,633 | |||||
| Finance costs | 87,637 | 87,637 | |||||
| TOTAL EXPENDITURE | 6 | $5,965,349 | $81,445 | X6,046,794 | 55,554,735 | ||
| NET (EXPENDITURE)/INCOME |
BEFORE | ||||||
| TRANSFERS dt | |||||||
| INVESTMENT LOSSES | (9,871) | (32,209) | (42,080) | 274,859 | |||
| Net losses on investments | (58,480) | ||||||
| NET MOVEMENT IN FUNDS | (9,871) | (32,209) | (42,080) | 216,379 | |||
| BALANCE BROUGHT FORWARD | |||||||
| AT 1SEPTEMBER2020 | 9,754,005 | 385,136 | 10,139,141 | 9,922,762 | |||
| BALANCE CARRIED FORWARD | |||||||
| AT 31AUGUST 2021 | 14 | 59,744,134 | K352,927 | $10,097,061 | 10,139,141 |
| Notes | 2021 | 2020 | ||
|---|---|---|---|---|
| FIXEDASSETS | ||||
| Tangible fixed assets | 13,428,002 | 4,181,865 | ||
| Investments | ||||
| 13,428,002 | 4,181,865 | |||
| CURRENT ASSETS | ||||
| Stock | 4, 102 | 4,121 | ||
| Debtors | 10 | 832,666 | 1,378,172 | |
| Cash at bank and in hand | 4,216,248 | 7,570,652 | ||
| 5,053,016 | 8,952,945 | |||
| CREDITORS: Amounts | falling due | |||
| within one year |
11 | (2,909,082) | (2,363,669) | |
| NET CURRENT ASSETS | 2,143,934 | 6,589,276 | ||
| TOTAL ASSETSLESS | CURRENT | |||
| LIABILITIES | 15,571,936 | 10,771,141 | ||
| CREDITORS: Amounts | falling due | |||
| after one year | 12 | (5,474,875) | (632,000) | |
| TOTAL NET ASSETS | f.l0,097,061 | f10,139,141 | ||
| FUNDS | ||||
| Unrestricted | 14 | 9,744,134 | 9,754,005 | |
| Restricted | 14 | 352,927 | 385,136 | |
| S10,097,061 | KI0,]39,141 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Reconciliation ofnet cash |
inflow from | |||||||
| operations | ||||||||
| Net income before investment | losses | (42,080) | 274,859 | |||||
| Depreciation | 514,820 | 383,079 | ||||||
| Interest received | (413) | (18,811) | ||||||
| investment income |
(2,752) | (83,664) | ||||||
| Interest payable | 87,637 | |||||||
| Decrease/(increase) | in stock | 19 | (484) | |||||
| Decrease/(increase) | in debtors | 545,506 | (289,060) | |||||
| Increase/(decrease) | in creditors | 488,288 | (8,416) | |||||
| Net cash flow from | operations | 1,591,025 | 257,503 | |||||
| Cash flows from investing | activities | |||||||
| Investment income |
received | 2,752 | 83,664 | |||||
| Interest received | 413 | 18,811 | ||||||
| Proceeds from sale | ofinvestments | 3,213,570 | ||||||
| Purchase oftangible | assets | (9,760,957) | (55,267) | |||||
| Purchase ofinvestments | (258,194) | |||||||
| Net cash (used in)/provided | by | investing | activities | (9,757,792) | 3,002,584 | |||
| Cash flows from financing | activities | |||||||
| New borrowing | 4,900,000 | |||||||
| Interest payable | (87,637) | |||||||
| Net cash provided | by financing | activities | 4,812,363 | |||||
| Decrease in cash | (3,354,404) | 3,260,087 | ||||||
| Cash and cash equivalents | at | the beginning | of | |||||
| the period | 7,570,652 | 4,310,565 | ||||||
| Cash and cash equivalents | at | the end of | the | |||||
| period | 54,216,248 | X7,570,652 | ||||||
| Analysis ofcash and cash equivalents | ||||||||
| Cash at bank | X4,216,248 | E7,570,652 | ||||||
| Analysis ofchanges | in net | asset/(debt) | At 1 | Cash flows Other |
At 31August | |||
| September | movements | 2021 | ||||||
| 2020 | ||||||||
| Cash and cash equivalents | 7,570,652 | (3,354,404) | 4,216,248 | |||||
| Short term borrowings | (153,125) | (153,125) | ||||||
| Long term borrowings | (4,746,875) | (4,746,875) | ||||||
| Net assets/(debt) | E7,570,652 | $(8,254,404) | E(683,752) |
| 3. | FEE INCOME | 2021 | 2020 | ||
| Gross tuition fees | 5,775,401 | 5,447,783 | |||
| Less: bursaries | (104,440) | (81,384) | |||
| Less: staff discounts | (41,774) | (41,030) | |||
| 5,629,187 | 5,325,369 | ||||
| Add: bursaries funded |
by restricted | funds | 70,530 | 54,256 | |
| Net tuition fees | 5,699,717 | 5,379,625 | |||
| Registration fees |
24,898 | 15,800 | |||
| Other fees and extras | 187,540 | 240,868 | |||
| $5,912,155 | f.5,636,293 | ||||
| 4. | INVESTMENT INCOME | 2021 | 2020 | ||
| Dividends | 2,752 | 83,664 | |||
| Interest receivable | 413 | 18,811 | |||
| 5,3,165 | 5,102,475 | ||||
| 5. | DONATION AND GRANT INCOME |
2021 | 2020 | ||
| Furlough grant |
19,130 | ||||
| Bursary fund donations | 21,808 | 24,378 | |||
| Family fund donations |
23,728 | 23,535 | |||
| Other donations | 3,843 | 5,931 | |||
| 549,379 | f72,974 |
| 6. | TOTAL EXPENDITURE | TOTAL EXPENDITURE | Staff | Other | Total | |||
|---|---|---|---|---|---|---|---|---|
| Costs | Costs | Depreciation | 2021 | |||||
| Charitable activity |
||||||||
| Teaching costs | 2,842,250 | 403,015 | 3,245,265 | |||||
| Welfare costs | 274,570 | 274,570 | ||||||
| Premises costs | 122,437 | 903,588 | 514,820 | 1,540,845 | ||||
| Support costs | 404,320 | 328,018 | 732,338 | |||||
| Grants, awards k prizes | 102,307 | 102,307 | ||||||
| Raising funds | ||||||||
| Fundraising costs |
28,821 | 35,011 | 63,832 | |||||
| Finance costs —interest payable | 87,637 | 87,637 | ||||||
| 53,397,828 | 52,134,146 | f.514,820 | X6,046,794 | |||||
| Governance included |
in support costs: | |||||||
| Auditors remuneration |
5.18,960 | |||||||
| TOTAL EXPENDITURE | (2020) | Staff | Other | Total | ||||
| Costs | Costs | Depreciation | 2020 | |||||
| Charitable activity |
||||||||
| Teaching costs | 2,815,792 | 430,358 | 3,246, 150 | |||||
| Welfare costs | 235,083 | 235,083 | ||||||
| Premises costs | 75,511 | 750,885 | 383,079 | 1,209,475 | ||||
| Support costs | 398,441 | 293,951 | 692,392 | |||||
| Grants, awards &prizes | 89,340 | 89,340 | ||||||
| Raising funds | ||||||||
| Fundraising costs |
25,510 | 39,152 | 64,662 | |||||
| Investment management |
costs | 17,633 | 17,633 | |||||
| $3,315,254 | $1,856,402 | $383,079 | X5,554,735 | |||||
| Governance included |
in support | costs: | ||||||
| Auditors remuneration |
f18,240 | |||||||
| 7. | STAFFCOSTS | 2021 | 2020 | |||||
| The average number ofemployees | during the year | |||||||
| excluding Governors |
was: | |||||||
| Teachers | 49 | 45 | ||||||
| Non-teachers | 10 | 10 | ||||||
| 59 | 55 |
| STAFFCOSTS (continued) | STAFFCOSTS (continued) | 2021 | 2020 | ||
|---|---|---|---|---|---|
| Staffcosts during the year | amounted | to: | |||
| Wages and salaries | 2,675,898 | 2,626,393 | |||
| Social security costs | 254,190 | 251,425 | |||
| Other pension costs |
467,740 | 437,436 | |||
| $3,397,828 | $3,315,254 | ||||
| 2021 | 2020 | ||||
| Number | Number | ||||
| The number ofemployees | where emoluments | exceeded 560,000 were: | |||
| $60,000 —f69,999 | |||||
| $70,000 —f79,999 | |||||
| $130,000-f.139,999 | |||||
| 5.140,000 —f.149,999 | |||||
| 5,160,000 - $169,999 |
| TANGIBLE FIXED A.SSETS | Fixtures | |||
|---|---|---|---|---|
| Fittings and | ||||
| Land and | Computer | Motor | ||
| Buildings | Equipment | Vehicles | Total | |
| COST | ||||
| At 1 September 2020 | 9,840,332 | 1,267,875 | 68,579 | 11,176,786 |
| Additions | 9,637,808 | 123,149 | 9,760,957 | |
| At 31 August 2021 | 19,478,140 | 1,391,024 | 68,579 | 20,937,743 |
| DEPRECIATION | ||||
| At 1 September 2020 | 5,774,982 | 1,151,360 | 68,579 | 6,994,921 |
| Charge for the year | 456,198 | 58,622 | 514,820 | |
| At 31August 2021 | 6,231,180 | 1,209,982 | 68,579 | 7,509,741 |
| NET BOOK VALUE | ||||
| At 31August 2021 | X13,246,960 | $181,042 | f.13,428,002 | |
| At 31 August 2020 | f4,065,350 | f.116,515 | K4,181,865 |
| TANGIBLE FIXEDASSETS | TANGIBLE FIXEDASSETS | TANGIBLE FIXEDASSETS | (continued) | 2021 | 2020 | ||
|---|---|---|---|---|---|---|---|
| Land and buildings | at net | book | value | ||||
| comprise | |||||||
| Freehold property | 11,450,602 | 2,057,037 | |||||
| Leasehold property |
1,796,358 | 2,008,3]3 | |||||
| 5.13,246,960 | $4,065,350 | ||||||
| 9. | INVESTMENTS | 2021 | 2020 | ||||
| At 1 September 2020 | 3,013,856 | ||||||
| Additions | 258,194 | ||||||
| Disposals | (3,213,570) | ||||||
| Unrealised (loss)/gain |
(160,422) | ||||||
| Realised gain | 101,942 | ||||||
| Cash held within portfolio | |||||||
| At 31August 2021 | |||||||
| Historic cost | |||||||
| 10. | DEBTORS | 2021 | 2020 | ||||
| Fees and charges receivable | 663,814 | 1,254,379 | |||||
| Other debtors | 10,825 | 4,815 | |||||
| Prepayments and accrued |
income | 158,027 | 118,978 | ||||
| f.832,666 | f.1,378,172 | ||||||
| 11. | CREDITORS: Amounts | falling due within | one year | 2021 | 2020 | ||
| Trade creditors | 219,499 | 29,667 | |||||
| Fees charged and fees received | in advance | 2,055,874 | 1,932,108 | ||||
| Fee deposits | 52,000 | 66,000 | |||||
| Other creditors | 79,716 | 120,863 | |||||
| Accruals | 281,690 | 150,555 | |||||
| Social security and |
other taxes | 67,178 | 64,476 | ||||
| Bank loan (see note | 13) | 153,125 | |||||
| f2,909,082 | f.2,363,669 |
| CREDITORS: Amounts | CREDITORS: Amounts | falling due after one year | 2021 | 2020 |
|---|---|---|---|---|
| Fee deposits | 728,000 | 632,000 | ||
| Bank loan (see note | 13) | 4,746,875 | ||
| f.5,474,875 | $632,000 | |||
| BANK LOANS | 2021 | 2020 | ||
| Bank loan maturity | analysis | |||
| Amounts falling due |
within | one year | 153,125 | |
| Amounts falling due |
1-2 years | 204,167 | ||
| Amounts falling due |
2-5 years | 612,500 | ||
| Amounts falling due |
more | than 5 years | 3,930,208 | |
| 54,900,000 |
| FUNDS | Balance at | Investment | Balance at | |||||
|---|---|---|---|---|---|---|---|---|
| 1 September | Income | Expenditure | gains/(losses) | 31August | ||||
| 2020 | and transfers | 2021 | ||||||
| Unrestricted | funds | |||||||
| General | funds | 9,754,005 | 5,955,478 | (5,965,349) | 9,744, 134 | |||
| Restricted funds |
||||||||
| Bursary | fund | 367,981 | 21,808 | (70,530) | 319,259 | |||
| Family | fund | 5,817 | 23,728 | (10,915) | 18,630 | |||
| School equipment | fund | 11,338 | 3,700 | 15,038 | ||||
| $10,139,141 | 56,004,714 | 5(6,046,794) | f.10,097,061 |
| 14. | FUNDS (2020) | Balance at | Balance at | Investment | Balance at | |||
|---|---|---|---|---|---|---|---|---|
| 1 September | Income | Expenditure | gains/(losses) | 31August | ||||
| 2019 | and transfers | 2020 | ||||||
| Unrestricted funds |
||||||||
| General funds | 9,509,866 | 5,778,960 | (5,476,341) | (58,480) | 9,754,005 | |||
| Restricted funds |
||||||||
| Bursary fund | 404,278 | 24,379 | (60,676) | 367,981 | ||||
| Family fund | 23,535 | (17,718) | 5,817 | |||||
| School equipment | 8,618 | 2,720 | 11,337 | |||||
| $9,922,762 | f.5,829,594 | X(5,554,735) | f(58,480) | f10,139,141 | ||||
| 15. | ANALYSIS OF NET ASSETSBETWEEN | FUNDS | Unrestricted | Restricted | Total | |||
| 2021 | Funds | Funds | Funds | |||||
| Fixed asset | 13,428,002 | 13,428,002 | ||||||
| Net current assets | 1,791,007 | 352,927 | 2,143,934 | |||||
| Creditors due after more than |
one year | (5,474,875) | (5,474,875) | |||||
| 59,744,134 | 5352,927 | f10,097,061 | ||||||
| ANALYSIS OF NET ASSETSBETWEEN | FUNDS | Unrestricted | Restricted | Total | ||||
| 2020 | funds | funds | funds | |||||
| Fixed asset | 4,181,865 | 4,181,865 | ||||||
| Net current assets | 6,204, 140 | 385,136 | 6,589,276 | |||||
| Creditors due after more than |
one year | (632,000) | (632,000) | |||||
| K9,754,005 | 5385,136 | $10,139,141 | ||||||
| 16. | OTHER FINANCIAL COMMITMENTS | |||||||
| Land and | buildings | |||||||
| 2021 | 2020 | |||||||
| The future minimum lease payments |
under non-cancellable | operating | leases: | |||||
| Within one year | 340,000 | 340,000 | ||||||
| Between two and five years | 1,360,000 | 1,360,000 | ||||||
| After more than 5 years | 2,233,753 | 2,573,753 | ||||||
| 53,933,753 | X4,273,753 |
| 23. | STATEMENT OF FINANCIAL ACTIVITIES | STATEMENT OF FINANCIAL ACTIVITIES | STATEMENT OF FINANCIAL ACTIVITIES | - COMPARATIVE FIGURES BYFUND | - COMPARATIVE FIGURES BYFUND | - COMPARATIVE FIGURES BYFUND | TYPE |
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||||
| Funds | Funds | I"unds | |||||
| 2020 | 2020 | 2020 | |||||
| Notes | |||||||
| INCOME FROM: | |||||||
| Charitable activities: |
|||||||
| School fee income | 3 | 5,636,293 | 5,636,293 | ||||
| Other ancillary income |
180 | 180 | |||||
| Other trading activities: | |||||||
| Rental income | 17,672 | 17,672 | |||||
| Investment income |
102,475 | 104,275 | |||||
| Donations | 22,340 | 50,634 | 72,974 | ||||
| TOTAL INCOME | 5,778,960 | 50,634 | 5,829,594 | ||||
| EXPENDITURE ON: | |||||||
| Charitable activity: |
|||||||
| School Operating Costs: |
|||||||
| Teaching costs | 3,246,150 | 3,246, 150 | |||||
| Welfare costs | 235,083 | 235,083 | |||||
| Premises costs | 1,209,475 | 1,209,475 | |||||
| Support costs ofschooling | 692,392 | 692,392 | |||||
| Grants, awards and prizes |
10,496 | 78,394 | 89,340 | ||||
| 5,394,046 | 78,394 | 5,472,440 | |||||
| Raising funds: | |||||||
| Fundraising costs |
64,662 | 64,662 | |||||
| Investment management |
costs | 17,633 | 17,633 | ||||
| TOTAL EXPENDITURE | 6 | f.5,476,341 | f78,394 | f5,554,735 | |||
| NET INCOME/(EXPENDITURE) |
BEFORE | ||||||
| TRANSFERS dt | |||||||
| INVESTMENT LOSSES | 302,619 | (27,760) | 274,859 | ||||
| Net losses on investments | (58,480) | (58,480) | |||||
| NET MOVEMENT IN FUNDS |
244,139 | (27,760) | 216,379 | ||||
| BALANCE BROUGHT FORWARD | |||||||
| AT 1 SEPTEMBER2019 | 9,509,866 | 412,896 | 9,922,762 | ||||
| BALANCE CARRIED FORWARD | |||||||
| AT 31AUGUST 2020 | 14 | f9,754,005 | f385,136 | f.10,139,141 |