2022-08-31-accounts - Channing House Incorporated, Highgate

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OFFICERS
The Headmistress	Mrs LDJHughes	BA(Warwick)
The Bursar	Mr RKIHill OBEMAACMA
Address	Charming School
	Highgate Hill
	London
	N6 5HF
BANKERS	Lloyds Bank pic
	Commercial Banking
	PO Box 1000
	BX11LT
SOLICITORS	Dentons UKMEA	LLP
	One Fleet Place
	London
	EC4M 7WS
	Veale Wasbrough	Vizards LLP
	Narrow Quay House
	Narrow Quay
	Bristol
	Sl 4QA
AUDITORS	RSM UKAudit LLP
	25 Farringdon Street
	London
	EC4A 4AB
REGISTERED OFFICE	Charming School
	Highgate Hill
	Highgate
	London
	N6 5HF

			Note	Unrestricted	Restricted	2022	Unrestricted	Restricted	2021
				Funds	Funds		Funds	Funds
				K'000	K*000	f,'000	K'000	X'000	F.'000
INCOME FROM:
Donations				4.5	4.8	9.3	13.3	43.6	56.9
Charitable Activities:
School Fees receivable				20,877.8		20)877.8	19,829.7		19,829.7
Other income			2	590.1	101.0	691.1	455.4	31.5	486.9
Investments
Investment income					8.3	8.3		7.3	7.3
Bank interest				1.2	0.5	1.7	2.7	0.2	2.9
Total Income				21,473.6	114.6	21)588.2	20,301.1	82.6	20,383.7
EXPENDITURE	ON:
Raising funds:
Fundraising and Development							12.3		12.3
Bank loan interest				188.6		188.6	204.7		204.7
				188.6		188.6	217.0		217.0
Charitable activities:
School operating	costs			17,985.8	97.5	18,083.3	16,474.7	40.7	16,515.4
Total Expenditure			3	18,174.4	97.5	18,271.9	16,691.7	40.7	16,732.4
(Loss)/Gain on revaluation ofinvestments -unrealised					(11.2)	(11.2)		48.2	48.2
Net Income before transfers				3,299.2	5.9	3)305.1	3,609.4	90.1	3,699.5
Transfers between	funds		10	4.8	(4.8)		43.6	(43.6)
Net movement in	funds			3,304.0		3,305.1	3,653.0	46.5	3,699.5
Balances brought	forward	at		22,458.7	486.5	22,945.2	18,805.7	440.0	19,245.7
1 September
Balances carried	forward	at	11	25,762.7	487.6	26,250.3	22,458.7	486.5	22,945.2
31August

			Notes	2022	2021
				f,'000	f.'000
FIXEDASSETS:
Tangible assets				30,723.4	30,561.9
Investments				487.6	486.5
				31,211.0	31,048.4
CURRENT ASSETS:
Debtors				441.0	332.4
Cash at bank and in hand				13,384.8	10,368.6
				13,825.8	10,701.0
CREDITORS: Amounts	falling due within	one year		(8,713.0)	(7,340.6)
NET CURRENT ASSETS				5,112.S	3,360.4
TOTAL ASSETSLESS	CURRENT LIABILITIES			36,323.8	34,408.8
CREDITORS: Amounts	falling due after more than one		9	(10,073.5)	(11,463.6)
year
TOTAL NETASSETS				26,250.3	22,945.2
REPRESENTED BY:
RESTRICTED FUNDS			10	487.6	486.5
UNRESTRICTED FUNDS
Retained Income				25,762.7	22,458.7
TOTAL FUNDS				26,250.3	22,945.2

						Notes	2022	2021
							f.'000	K'000
Net cash from by operating		activities				(A)	4,878.6	7,061.8
Cash flows from investing	activities					(B)	(1,332.4)	(2,280.4)
							3)546.2	4,781.4
Cash flows from financing	activities					(C)	(530.0)	(507.3)
Increase in cash and cash	equivalents			in the year			3,016.2	4,274.1
Cash and cash equivalents	at I September						10/68.6	6,094.5
Total cash and cash equivalents			at31August				13,384.8	10,368.6
(A) -Net cash provided by operating				activities
Net Incoming Resources (as per the statement offinancial					activities)		3,305.1	3,699.5
~Ad' st df
Unrealised (Gain)/Loss on	revaluation			ofinvestments			11.2	(48.2)
Depreciation (note 5)							979.9	804.2
Bank loan interest payable							188.6	204.7
Investment income receivable							(83)	(73)
Bank interest receivable							(1.7)	(29)
(Increase)/Decrease in debtors							(108.6)	150.8
Increase in creditors							512.4	2,261.0
Net cash provided by operating			activities
(B)—Cash flows from investing			activities
Investment Income							8.3	7.3
Bank interest received							1.7	2.9
Bank loan interest paid							(188.6)	(204.7)
Purchase oftangible assets							(1&141.5)	(2,087.6)
(Increase)/Decrease in investment			cash
							~1332.4	2280.4
(C) —Cash flows from financing			activities
Repayments ofbank loans							(530.0)	(507.3)
Cash infloivs trom nesv bank		borrowing
(D) —Analysis ofchanges	in	net	debt			At 1Sept	Cash flows	At 31Aug
						2021		2022
Cash and cash equivalents						10,368.6	3,016.2	13,384.8
Borroivings:
Debt due within one year (note 8)						(528.5)	(6.6)	(535.1)
Debt due after one year (note		9 (c))					$3QJl	~46l!~
						5 170.7	~3546.2	8716.9

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-					2022	2021
	OTHER INCOME						K'000	K'000
	Educational visits and other	recoverable		items			447.8	192.9
	Registration fees and fees in lieu		ofnotice				131.8	130.9
	Coronavirus Job Retention	Scheme						123.0
	Other income						110.0	40.1
	Profit on sale ofmotor vehicle						1.5
							691.1	486.9
3	TOTAL		Staffcosts		Depreciation	Other	2022	2021
	EXPENDITURE		(note 4) K'000		S'000	costs X'000	Total I'000	Total K'000
	Raising funds:
	Fundraising and							12.3
	Development
	Bank Loan interest					188.6	188.6	204.7
	Total Cost ofRaising Funds					188.6	188.6	217.0
	Charitable activities:
	School operating costs:
	Teaching			9,557.5		2,011.5	11,569.0	10,422.4
	Welfare and Catering			614.5		447.8	1,062.3	969.8
	Premises and occupancy			194.0	979.9	1,271.8	2,445.7	2,202.4
	Property repair and					1,277.3	1,277.3	1,237.9
	maintenance
	Administration and support			1,084.3		561.5	1,645.8	1,598.8
	Governance			41.3		33.3	74.6	76.6
	Grants, awards and prizes					8.6	8.6	7.5
	Total Charitable expenditure		11,491.6		979.9	5,611.8	18,083.3	16,515.4
	TOTAL EXPENDITURE		11,491.6		979.9	5,800.4	18,271.9	16,732.4
	2021:		10,815.4		804.2	5,112.8

3	TOTAL EXPENDITURE (Continued)			2022	2021
				f,'000	S'000
	Charitable expenditure includes:
	Operating lease rentals			126.3	289.7
	Auditor's remuneration:
	For audit services - RSM UKAudit LLP (exclusive		ofVAT)	25.6	24.4
	For payroll services - RSM Employer	Services Limited		15.4	21.7
	For risk assurance service- RSM UK	Risk Assurance	Services LLP	9.9
4	STAFF COSTS
	The aggregate staff costs (note 3)were	as follows:
	Wages and salaries			8,989.0	8,455.0
	Social security costs			963.8	871.4
	Pension contributions			1,538.8	1,489.0
				11,491.6	10,815.4

		2022		2021	2021
		Full Time	Part Time	Full Time	Part	Time
Teaching		79	42	79		34
Technical and	support	9		8
Catering		13		15
Maintenance	and caretaking	4		4
Administrative		18		14
		123	59m	120		53~

STAFF COSTS (continued)
The number of employees	whose	emoluments	(excludes	employer's	pension	contribution)	exceeded
f60,000was:
					2022		2021
X60,001 —K70,000					21		15
f70,001 - f80,000
f80,001 - f90,000
K90,001 - f100,000
f100,001 - 6110,000
f110,001 - f120,000
K120,001 - K130,000
K150,001 - K160,000
f160,001 - K170,000
f170,001 - f180,000
K180,001 - 190,000

TANGIBLE FIXEDASSETS	Freehold land	Plant,	Motor	Total
	and buildings	Equipment,	Vehicles
		Fixtures and
		Fittings
Cost:	X'000	X'000	K'000	K '000
1 September 2021	33,127.3	2,461.6	102.9	35,691.8
Additions	1,027.1	114.4		1,141.5
Disposals			(18.6)	(18.6)
31August 2022	34 154.4	2 576.0	84.2	36814.6
Depreciation:
1 September 2021	3,210.1	1,840.4	79.4	5,129.9
Charged in the year	710.7	261.1	8.1	979.9
Disposals			(18.6)	(18.6)
31August 2022	3,9208.8	2,101.5	68.9	6,091.2
Net book value:
31August 2022	30,233.6	474.5	15.3	30,723.4
1 September 2021	29,917.2	621.2	23.5	30,561.9

INVESTMENTS			2022	2021
			K'000	K'000
Market value at I September			486.5	440.0
Additions/(Disposals)			12.3	(I7)
Revaluations			(11.2)	48.2
Market value at 31August			487.6	486.5
Historical costofInvestments			246.2	233.8
Investments comprise the following:
Listed on Stock Exchange			271.7	282.9
Cash deposits			215.9	203.6
			487.6	486.5
The School had investment	holdings ofgreater than 5%ofoverall market value in
the following:
Charities Official Investment		Fund	210.]	219.9
J.P.Morgan UK Strategic	Equity Income Fund		30.5	32.4
M&G Equities Investment	Fund for Charities		24.6	26.2
DEBTORS
Fees receivable			61.5	6.2
Other debtors ~			14.5	12.3
Prepayments and accrued income			365.0	313.9
			441.0	332.4
*Included in other debtors isI7,880		t'2021: E4,/60) falling due in more than one year

8	CREDITORS: Amounts falling	due within one year	due within one year	2022	2021
				f,'000	K'000
	Advanced Fees received 1year in advance (seeNote 9(a))			4,792.5	4,300.4
	Other Fees received in advance			1,075.6	954.0
	Bank Loans repayable within	1year	(see Note 9(c))	535.1	528.5
	Other taxes and National Insurance		contributions	269.5	224.5
	Trade Creditors			358.5	92.3
	Other creditors			186.0	170.1
	Deferred Income			84.6	63.6
	Accruals			1,411.2	1,007.2
				8,713.0	7,340.6
9	CREDITORS: Amounts falling	due aAer more than one year
	Advanced fees (seeNote 9(a))			3,499.7	4,690.1
	Final term deposits (seeNote	9(b))		2,441.0	2,104.1
	Bank loans (seeNote 9(c))			4,132.8	4,669.4
				10,073.5	11,463.6

Fees due	in 1 —2years		3,279.8	2,657.3
Fees due	in 2 —5 years		219.9	2,014.1
Fees due	in more than 5 years			18.7
			3,499.7	4,690.1
Fees due	within 1 year (seeNote	8)	4,792.5	4,300.4
			8,292.2	8,990.5
The movements during the year were as follows:—
Balance	at 1 September		8990.5	6 892.9
Amounts	received (net ofrefunds)	during the year	3,602.1	5,893.3
Amounts	utilised in payment offees		(4,300.4)	(3,795.7)
Balance	at 31August

	For the year ended 31A	For the year ended 31A	For the year ended 31A	ugust 2022
10	RESTRICTED			Balance 31	Incoming	Resources	Transfers	Loss	on	Balance 31
	FUNDS			August	resources	expended		revaluation	of	August
				2021				investments		2022
				S'000	S'000	K'000	K'000	S'000		K'000
	Scholarship,		Prize	443.2		(I1.7)		(11.2)		429.1
	and Bursary		Funds
	School Development				4.8		(4.8)*
	Fund
	Charming	Alumnae		20.9	9.3	(5.7)				24.5
	Charming	Association		22.4	91.7	(80.0)				34.1
				486.5	114.6	(97.4)	(4.8)	(11.2)		487.7

FUNDS-		Tangible	Investments		Net current	Creditors
ALLOCATION OF		fixed			Assets	falling due	2022
NETASSETS		assets				after more than	Total
						1year
		K'000	X'000		K'000	K'000	K'000
Restricted funds~			487.7				487.7
Unrestricted	funds	30,723.4			5,112.8	(10,073.5)	25,762.7
		30,723.4	487.7		5,112.8	(10,073.5)	26,250.3
							2021
							Total
Restricted funds*			486.5				486.5
Unrestricted	funds	30,561.9			3,360.5	(11,463.6)	22,458.7
		30,561.9	486.5		3,360.5	(11,463.6)	22,945.2
*Included in	Restricted	Funds are cumulative	unrealised	gains	of5241,430(2021:$252,643).

				2022	2021
				K'000	K'000
Authorised	and	contracted	for	NIL

s at 31 ggregate,	August the Sch as follows:-	ool had minimu	m lease payments	under non-cancell	able operating	leases, i
			Buildings	Equipment	2022	2021
			X,'000	f.'000	K'000	S'000
Amounts	payable:-
Within one year			2.8	90.3	93.1	126.0
Within 2-5 years						86.0
			2.8	90.3	93.1	212.0
		2021:	11.3	200.7