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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||
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||||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||||||||||
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||||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|
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|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%|
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|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||||
##
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||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).|||
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|||||2022|2021|
|---|---|---|---|---|---|
|||||K'000|K'000|
|Authorised|and|contracted|for|NIL||
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|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|||
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