## ## ## ## |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| |11|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||| ##