2020-08-31-accounts - Channing House Incorporated, Highgate

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traditions ofthe School. Exc date ofsigning this report:	traditions ofthe School. Exc date ofsigning this report:	ept as otherwise indicated the f	ollowing were	Governors during
Ms CPeck ~ Mr JAG Alexander *		LLB(Bristol) (Chair) FCA
Dr G Algar-Faria Mr A Appleyard Mrs JBurns *	*	PhD (Bristol) BSc(Reading) BA (Southampton)	(Retired 18	June 2020)
Rev D Costley		BA (Open University)
Mrs LCristie		BA(Bristol)
Mrs JOtterburn Ms D Patman *	Hall	BA (Bristol) FRICS ACIArb	(Appointed	1 September 2020)
Mrs PPeck		MBA (Oxon)	(Appointed	1 September 2020)
Ms BRentoul		MA (Yale)
Mr WJH Spears		BA(SOAS), MBA
Dr A Sutton		MB ChB
Dr H Stringer		MA, DPHIL
Ms A Thomas		Cert. Ed.	(Retired 18	June 2020)
Mr C Underhill		MNAEA	(Retired 18	June 2020)
Dr IWassenaar		MA, DPhil

The Headmistress	Mrs LDJHughes BA (Warwick) from	1 September 2020
	Mrs BM Elliott MA (Cantab) until 31 August 2020
The Bursar	Mr RKJHill OBEMA ACMA
Address	Charming School
	Highgate Hill
	London
	N6 SHF
BANKERS	Lloyds Bank pic
	Commercial Banking
	PO Box 1000
	BX11LT
SOLICITORS	Dentons UKMEA LLP
	One Fleet Place
	London
	EC4M 7WS
AUDITORS	RSM UK Audit LLP
	25 Farringdon Street
	London
	EC4A 4AB
REGISTERED OFFICE	Charming School
	Highgate Hill
	High gate
	London
	N6 5HF

			Note	Unrestricted	Restricted	2020	Unrestricted	Restricted	2019
				Funds	Funds		Funds	Funds
				f,'000	f,'000	K'000	f.'000	K'000	F.'000
INCOME FROM:
Donations				20.3	111.0	131.3	7.2	34.5	41.7
Charitable Activities:
School Fees receivable				17,709.9		17,709.9	17,903.6		17,903.6
Other income			2	796.0	44.1	840.1	590.3	71.9	662.2
Investments
Investment income					8.6	8.6			8.8
Bank interest				48.7	3.3	52.0	69.5	1.4	70.9
Total Income				18,574.9	167.0	18,741.9	18.570.6	116.6	18,687.2
EXPENDITURE	ON:
Raising funds:
Fundraising and Development				13.7		13.7	14.3		14.3
Bank loan interest				204.6		204.6	213.8		213.8
				218.3		218.3	228.1		228.1
Charitable activities:
School operating	costs			15,101.9	51.6	15,153.5	15,511.9	67.5	15,579.4
Total Expenditure			3	15,320.2	51.6	15,371.8	15,740.0	67.5	15,807.5
(Loss)/Gain on revaluation ofinvestments - unrealised					(96)	(9.6)		4.8	4.8
Net Income before transfers				3,254.7	105.8	3,360.5	2,830.6	53.9	2,884.5
Trans fers between	funds		10	111.0	(111.0)		47.3	(47.3)
Net movement in	funds			3,365.7	(5.2)	3,360.5	2,877.9	6.6	2,884.5
Balances brought	forward	at		15,440.0	445.2	15,885.2	12,562.1	438.6	13,000.7
1 September
Balances carried	forward	at		18,805.7	440.0	19,245.7	15,440.0	445.2	15,885.2
31August

Company No: 0006312 BALANCE SHEET As at 31August 2020	1
		Notes	2020	2019
			K'000	K'000
FIXEDASSETS:
Tangible assets Investments			29,278.5 440.0	24,247.1 445.2
			29,718.5	24,692.3
CURRENT ASSETS:
Debtors			483.2	536.3
Cash at bank and in hand			6,094.5	6,498.3
			6,577.7	7,034.6
CREDITORS: Amounts	falling due within one year		(6,971.2)	(6,614.8)
NET CURRENT (LIABILITIES)/ASSETS			(393.5)	419.8
TOTAL ASSETSLESS	CURRENT LIABILITIES		29,325.0	25,112,1
CREDITORS: Amounts	falling due after more than one year		(10,079.3)	(9,226.9)
TOTAL NET ASSETS			19,245.7	15,885.2
REPRESENTED BY:
RESTRICTED FUNDS		10	440.0	445.2
UNRESTRICTED FUNDS
Retained Income			18,805.7	15,440.0
TOTAL FUNDS			19,245.7	15,885.2

						Notes	2020	2019
							f.'000	f.'000
Net cash from by operating		activities				(A)	4,S48.7	3,163.5
Cash flows from investing	activities					(B)	(5,833.6)	(4,329.7)
							(984.9)	(1,166.2)
Cash flows from financing		activities				(C)	581.1	(397.2)
(Decrease) in cash and cash equivalents					in the year		(403.8)	(1,563.4)
Cash and cash equivalents	at	I September					6,498.3	8,061.7
Total cash and cash equivalents			at31August				6,094.5	6,498.3
A) -Net cash provided by	operating			activities
Net Incoming Resources (as		per the statement offinancial activities)					3,360.5	2,884.5
~Ad f df
Unrealised Loss/ (Gain) on	revaluation			ofinvestments			9.6	(48)
Depreciation (note 5)							653.8	683.4
Bank loan interest payable							204.6	213.8
Investment income receivable							(8.6)	(8.8)
Bank interest receivable							(52.0)	(70.9)
Decrease in debtors							53.1	161.3
Increase/(Decrease) in creditors							627.7	(695.0)
Net cash provided by operating			activities				4,848.7	3,163.5
(B)—Cash flows from investing			activities
Invesnnent Income							8.6	8.8
Bank interest received							52.0	70.9
Bank loan interest paid							(204.6)	(213.8)
Purchase oftangible assets							(5,685.2)	(4,193.8)
Increase in investment cash							(4.4)	(I 8)
							(5,833.6)	(4,329.7)
(C) —Cash flows from financing			activities
Repayments ofbank loans							(418.9)	(397.2)
Cash inflows from new bank		borrowing					1,000.0
							581.1	(397.2)
D) —Analysis ofchanges in		net debt				At 1	Cash flows	At 31
						Sept		Aug 2020
						2019
Cash and cash equivalents						6,498.3	(403.8)	6,094.5
Borrowings:
Debt due within one year (note 8)						(413.4)	(101.2)	(514.6)
Debt due after one year (note		9(c))				(4,710.7)	(479.9)	(5,190.6)
						(5,124.1)	(581.1)	(5,705.2)
Total						1,374.2	(984.9)	389.3
									15

The annual rates o	fdepreciation in use are:
Freehold buildings	(including landscaping)	1%-5%
Buildings in the course ofconstruction		Nil
Plant, Equipment,	Fixtures and Fittings	10% - 33.3%
Motor Vehicles		25%

2	CHARITABLE ACTIVITIES-	CHARITABLE ACTIVITIES-					2020	2019
	OTHER INCOME						K'000	K'000
	Educational visits and other	recoverable		items			247.3	447.6
	Registration fees and fees in lieu		ofnotice				168.5	127.9
	Coronavirus Job Retention	Scheme					369.7
	Other income						54.6	86.7
							840.1	662.2
3	TOTAL		Staff costs		Depreciation	Other	2020	2019
	EXPENDI~		(note 4) K'000		S'000	costs K'000	Total f'000	Total K'000
	Raising funds:
	Fundraising and Development			10.8		2.9	13.7	14.3
	Bank Loan interest					204.6	204.6	213.8
	Total Cost ofRaising Funds			10.8		207.5	218.3	228.1
	Charitable activities:
	School operating costs:
	Teaching		8,436.8			1,410.6	9,849.4	9,549.1
	Welfare and Catering			526.8		275.0	801.8	909.0
	Premises and occupancy			172.4	653.8	1,310.8	2,137.0	2,239.0
	Junior School Development-							384.9
	Feasibility and Planning
	Property repair and					695.2	695.2	924.9
	maintenance
	Administration and support		1,112.4			467.1	1,579.5	1,481.8
	Governance			46.6		30.5	77.1	75.9
	Grants, awards and prizes					13.5	13.5	14.8
	Total Charitable expenditure		10,295.0		653.8	4,202.7	15,153.5	15,579.4
	TOTAL EXPENDITURE		10,305.8		653.8	4,410.0	15,371.8	15,807.5
	2019:		9,434.6		683.4	5,689.3

3	TOTAL EXPENDITURE (Continued)	TOTAL EXPENDITURE (Continued)		2020	2019
				K'000	K'000
	Charitable expenditure	includes:
	Operating lease rentals			352.3	321.7
	Auditor's remuneration:
	For audit services - RSM UK. Audit LLP (exclusive ofVAT)			23.8	24.8
	For payroll services	- RSM Employer	Services Limited	21.1	19.4
4	STAFF COSTS
	The aggregate staff costs (note 3)were as		follows:
	Wages and salaries			8,062.8	7,672.6
	Social security costs			843.7	787.3
	Pension contributions			1,399.3	974.7
				10,305.8	9,434.6

			2020		2019	2019
			Full Time	Part Time	Full Time	Part	Time
Teaching			77	34	72		35
Technical	and	support	8	6	8		6
Catering			16	4	15		5
Maintenance		and caretaking	4		4		1
Administrative			12	8	13		8
			117	52"'	112		55~

	The number	of employees	of employees	of employees	whose	whose	emoluments	emoluments	(excludes employer's	(excludes employer's	(excludes employer's	(excludes employer's	pension	pension	contribution)	contribution)	exceeded
	$60,000was:
															2020		2019
	f60,001 —f70,000															15	12
	F70,001 -	$80,000														4	3
	f80,001 -	f90,000														2	1
	f100,000	-	8110,000													1
	$110,001	-	F120,000
	f150,001	-	$160,000
	K180,000	-	190,000
	6230,001	-	f240,000
	f270,000	-	f280,000
	Contributions		off321,599 (2019:f171,734) were made to the Teachers'											Pension		Scheme,	which is a
	defined benefits scheme,				for	22 (2019: 17) higher				paid employees.			Contributions			off20,587 (2019:
	f25,544) were		also made to defined contribution						schemes for 2(2019:2)higher						paid employees.
	Aggregate		employee-benefits				of key	management personnel						f530,468			f465,101
	(including	employer		pension		and	national	insurance			contributions)
5	TANGIBLE FIXED				Freehold land			Buildings			in the		Plant,			Motor	Total
	ASSETS				and buildings					course of		Equipment,			Vehicles
									construction			Fixtures and
												Fittings
	Cost:						K'000				K'000		K'000			K'000	K '000
	31August 2019					22,122,5				3,803.6		1,913.2				79.7	27,919.0
	Additions										5,685.2						5,685.2
	31 August 2020					22,122.5				9,488.8		1,913.2				79.7	33,604.2
	Depreciation:
	31August 2019						2,045.5					1,578,4				48.0	3,671.9
	Charged in the year						490.6						147.9			15.3	653.8
	31August 2020						2,536.1					1,726.3				63.3	4,325.7
	Net book value:
	31August 2020					19,586.4				9,488.8			186.9			16.4	29,278.5
	31August 2019					20,077.0				3,803.6			334.8			31.7	24,247.1


6	INVESTMENTS			2020	2019
				K'000	f.'000
	Market value at I September			445.2	438.6
	Additions			4.4	1.8
	Revaluations			(96)	4.8
	Market value at 31August			440.0	445.2
	Historical costofInvestments			235.4	231.0
	Investments comprise the following:
	Listed on Stock Exchange			234.8	244.4
	Cash deposits			205.2	200.8
				440.0	445.2
	The School had investment	holdings ofgreater than 5%ofoverall market value in
	the following:
	Charities Official Investment		Fund	186.8	181.5
	J.P. Morgan UK Strategic	Equity Income Fund		23.3	29.9
	M&G Equities Investment	Fund for Charities		20.7	25.7
7	DEBTORS
	Fees receivable			55.2	I1.4
	Other debtors e			80.4	43.8
	Prepayments and accrued income			347.6	481.1
				483.2	536.3

8	CREDITORS: Amounts falling	due within one year	due within one year	2020	2019
				K'000	S'000
	Advanced Fees received I year in advance (seeNote 9(a))			3,795.7	3,966.6
	Other Fees received in advance			761.5	710.2
	Bank Loans repayable within	I year	(see Note 9(c))	514.6	413.4
	Other taxes and National Insurance		contributions	214.0	201.4
	Trade Creditors			417.3	241.7
	Other creditors			163.9	102.8
	Accruals			1,104.2	978.7
				6,971.2	6,614.8
9	CREDITORS: Amounts falling	due after more than one year
	Advanced fees (see Note 9(a))			3,097.2	3,077.9
	Final term deposits (seeNote	9(b))		1,791.5	1,438.3
	Bank loans (see Note 9(c))			5,190.6	4,710.7
				10,079.3	9,226.9

dvanced fees	dvanced fees
Parents are offered the opportunity to		pay tuition fees in advance. Certain parents have	taken advantage of
this offer and	have entered into an arrangement with the School to pay tuition fees in advance.			Advance
Fee payments	are paid direct to the School and may be returned, subject to specific conditions,			on the
receipt ofone	term's notice. Assuming	pupils will remain with the School the amounts	held in	respect of
fees falling due in more than one year		will be applied to offset tuition fees as follows:
Fees due	in I —2years		1,994.5	1,942.8
Fees due	in 2 —5 years		1,084.0	1,079.8
Fees due	in more than 5 years		18.7	55.3
			3,097.2	3,077.9
Fees due	within 1 year (see Note	8)	3,795.7	3,966.6
			6,892.9	7,044.5
The movements during the year were as follows:-
Balance	at 1 September		7,044.5	8,148.0
Amounts	received (net ofrefunds)	during the year	3,815.0	3,351.2
Amounts	utilised in payment offees		(3,966.6)	(4,454.7)
Balance	at 31August		6,892.9	7,044.5

						2020	2019
						f.'000	S'000
		Deposits due	to be refunded		in 1 —2years	230.1	183.3
		Deposits due	to be refunded		in 2 —5 years	451.8	350.6
		Deposits due	to be refunded		in more than 5 years	1,109.6	904.4
						1,791.5	1,438.3
9	(c)	Bank Loans
		Bank Loans are	repayable	as follows as follows:-
		Repayments	within 1	—2 years		521.2	430.6
		Repayments	within 2	—5 years		1,562.7	1,410.1
		Repayments	in more	than 5	years	3,106.7	2,870.0
						5,190.6	4,710.7
		Repayments	within 1	year (see Note 8)		514.6	413.4
						5,705.2	5,124.1

F	or the year ended 31Au	or the year ended 31Au	or the year ended 31Au	gust 2020
10	RESTRICTED			Balance 31	Incoming	Resources	Transfers	Loss	on	Balance 31
	FUNDS			August	resources	expended		revaluation	of	August
				2019				investments		2020
				K'000	1."000	f,'000	f.'000	K'000		K'000
	Scholarship,		Prize	406.0	12.1	(13.5)		(9.6)		395.0
	and Bursary		Funds
	School Development				111.0		(111.0)~
	Fund
	Charming	Alumnae		14.1	6.8	(5.9)				15.0
	Charming	Association		25.1	37.1	(32.2)				30.0
				445.2	167.0	(51.6)	(111.0)	(9.6)		440.0

FUNDS-		Tangible			Creditors
ALLOCATION OF		fixed	Investments	Net current	falling due	2020
NET ASSETS		assets		(Liabilities)l	after more than	Total
				Assets	1 year
		K'000	K'000	K'000	K'000	f.'000
Restricted	funds~		440.0			440.0
Unrestricted	funds	29,278.5		(393.5)	(10,079.3)	18,805.7
		29,278.5	440.0	(393.5)	(10,079.3)	19,245.7
						2019
						Total
Restricted	funds*		445.2			445.2
Unrestricted	funds	24,247.1		419.8	(9,226.9)	15,440.0
		24,247.1	445.2	419.8	(9,226.9)	15,885.2

			Buildings	Equipment	2020	2019
			f.'000	X'000	OOOO	K'000
Amounts	payable:-
Within one year			217.5	99.6	317.1	356.5
Within 2-5 years				174.3	174.3	261.0
			217.5	274.0	491.4	617.4
		2019:	261.6	355.9