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2020-08-31-accounts

Page
General
information
Trustees'
annual
report
Auditors
report		 10
Consolidated
statement
of financial		 activities
Consolidated
and charity balance		 sheets 13
Consolidated
cash flow statement		 14
Notes to the financial
statements		 15

Montessori St Nicholas Limited
is a charitable
company,
registered		 Limited
is a charitable
company,
registered		 Limited
is a charitable
company,
registered		 in the UK and limited
by guarantee.		 The
Charity uses an abbreviated name of Montessori
St Nicholas —MSN.
Company number 531204
Charity number 313636
Registered office and 4/4a Bloomsbury
Square
operational address London
WC1A 2RP
Contact T:0207493 8300
E:rece
tion
montessori. or .uk
W:www. montessori-group.
corn
Trustees Trustees who are also members and directors under company
law, who served
during the year and up to the date ofthis report were as follows:
A Bashenko
A Howat
J Barberis (appointed
18March 2020)
A Barron (appointed
4 December		 2019)
A El-Aghel (appointed
4 December 2019)
SThomas
P Vickers (appointed
18March 2020)
A Joyce (appointed
18March 2020, resigned 7January 2021)
JOsgood (appointed
4 December		 2019, resigned 15September 2020)
M De Rudder (appointed
4 December 2019,resigned 19June 2020)
G Sidhu-Robb
(appointed
15May 2019,		 resigned 14September 2020)
Bankers HSBC Bank PLC
PO Box 1EZ, 196Oxford Street, London, W1C 1NT
Lloyds Bank PLC
399Oxford Street, London, W1C 2BU
Auditors Haysmacintyre
LLP
10Queen Street Place, London, EC4R 1AG
Investment managers Newton
Investment
Management		 Limited
BNY Mellon Centre, 160Queen Victoria Street, London, EC4V 4LA
Sarasin &Partners
LLP
Juxon House, 100St Paul's Churchyard, London, EC4M 8BU

Note 2020 2019
Unrestricted Unrestricted
Funds Funds
E
Income from:
Donations
and		 legacies 1,050 254,192
Charitable
activities		 667,154 861,268
Investment
income		 32,813 90,617
Other income 291,535 4,924
Total 992552 1 211,001
Expenditure
on:
Charitable
activities		 3,257,102 4,136,818
Total 3,257 102 4,136,818
Net expenditure before (losses)/gains on (2,264,550) (2,925,817)
investments
Net (losses)/gains on investment 12 (6,717) 13,432
Net expenditure (2,271,267) (2,912,385)
Net movement in funds (2,271,267) (2,912,385)
Reconciliation of Funds:
Funds brought forward at 1 September 19 11,823,793 14,736,178
Funds carried forward at 31 August 19 9,552,526 11,823,793

GROUP AND CHARITY BALA GROUP AND CHARITY BALA GROUP AND CHARITY BALA NCE SH EETS
Year ended 31 August 2020 Company number: 00531204
Group Group Charity Charity
Note 2020 2019 2020 2019
E
Fixed assets
Tangible fixed assets 10,11 94,524 7,816,802 52,785 7,799,487
Investments 12 17499 2,492,137 17599 2492,237
112023 10308939 70384 10291,724
Current assets
Assets held for sale 14 7,672,910 1,294,252 7,672,910 1,294,252
Stock 15 5,575 6,020
Debtors 16 143,885 449,609 53,211 1,053,345
Cash at bank and in hand 2,203,863 782,680 2,136818 639,029
10,026,233 2,532,561 9,862,939 2,986,626
Creditors: amounts falling
due within one year 17 (585,730) (1,017,707) (229,781) (548,598)
Net current assets 9440,503 1,514,854 9633158 2,438,028
Net assets 9,552,526 11,823,793 9,703,542 12,729,752
Funds
Unrestricted
funds
Revaluation ofinvestments 6,595 1,767,796 6,595 1,767,796
General reserves 9,545,931 10,055,997 9,696,947 10,961,956
Total funds 19 9,552,526 11,823,793 9,703,542 12,729,752

2020 2019
E F
Cash outflow from operating
activities:
Net cash used in operating
activities		 A 2329093 2,750,285
Cash flows from investing
activities:
Proceeds from sale ofinvestments 2,467,920 2,600,001
Investment
income received		 31,459 90,557
Interest receivable 1,354 60
Purchase oftangible fixed assets (44,936) (75,543)
Sale oftangible
fixed assets		 1,294,479
Net cash provided
by investing
activities		 3,750,276 2,615,075
Change
in cash and cash equivalents		 in the reporting period B 1,421,183 (135,210)
Cash brought
forward
at 1 September		 782,680 917,890
Cash carried forward at 31August 2,203,863 782,680
2019 2019
Notes to group cash flow statement
A. Cash flows from operating
activities
Net expenditure (2,271,267) (2,912,385)
Adjustments
for:
Net losses /(gains)
on investments		 6,717 (13,432)
Investment
income received		 (31,459) (90,557)
Interest receivable (1,354) (60)
Depreciation
oftangible
fixed assets		 51,717 49,540
Write down oftangible fixed assets 42,361 52,896
Decrease / (increase)
in debtors		 305,724 (212,061)
(Decrease)/ increase
in creditors due within one year		 (431,977) 374,145
Decrease in stock 445 1,629
Net cash used in operating
activities		 2,329,093 2,750,285
At 1 September Cash flows
At		 31August
2019 2020
B.Analysis ofcash and cash equivalents
Cash at bank and in hand 782,680 1,421,183 2,203,863
Total cash and cash equivalents 782,680 1,421,183 2,203,863

Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements
Year ended 31 August 2020
2. Income from charitable activities
2020 2019
Professional training —fees 492,845 656,954
Early years education —fees 130,763
Montessori Magazine, MSA 8 MEAB 4,140 51,619
Montessori Conference 123,817
Other charitable
income		 46,352 21,932
667 154 861,268
3. Investment income
2020 2019
E E
Bank interest 1,354 60
UK listed investments 31,459 90,557
32,813 90,617
4. Expenditure on charitable activities
2020 2019
E
Professional training 2,736,194 2,602,179
Early years education 555,087
Montessori Magazine, MSA 8 MEAB 48,576 491,412
Montessori Network 29,656
Grants, Social impact and Fundraising 212,201 488,140
Montessori Conference 230475
3,257,102 4,136,818
Included
in the above are		 support costs which have been allocated as follows:
2020 2019
F F
Professional training 1,352,207 1,644,995
Early years education 350,904
Montessori International magazine (MIM) 19,305 22,757
Montessori Schools Association (MSA) 1,563 245,373
Montessori Network 14,656
Grants, Social impact and Fundraising 104,868 308,583
Montessori Evaluation and Accreditation board (MEAB) 3,137 42,521
Montessori Conference 113899
1,609,636 2,615,133


f119,696(2019:f13,236)

and depreciation
and amortisation
F51,717(2019:f86,066).
.
Net movement
on funds		 after charging 2020 2019
F
Auditor's
remuneration:
Audit services —Charity 7,500 7,250
Audit services —Subsidiary companies 6,200 6,500
Non-audit
services —group		 7,415 6,400
Depreciation
oftangible fixed assets		 51,717 49,540
Impairment
oftangible
fixed		 assets 42,360 52,896

During the year, grants were awarded as foll ows:
2020
No		 2020 2019
No		 2019
f
Individual scholarship grants 22 38,900 54 62,098

summary
 ofthe fin a ncial
acti		 vities unde rtaken
by the Charity i		 s set out below:
2020 2019
E
Gross income 812,450 641,242
Total expenditure
on		 charitable activities and cost of generating funds (3,831,943) (2,798,896)
Unrealised investment gains / (losses) 6,717 13,432
Net Income (3,026,210) (2,144,222)
Total funds brought forward at 1 September 12,729,752 14,873,974
Total funds carried forward at 31August 9,703,542 12,729,752

tatements
were		 not subject to audit for the year ended 31 August 2020. the year ended 31 August 2020.
St.Nicholas Montessori Longacre Childcare
Ltd
Training Ltd
Turnover 2020
f		 2019
E		 2020 2019
E
1,018,607 1,100,925 130,763
Cost ofsales and
administration costs (2,142,759) (1,753,181) (16,023) (246,677)
Other operating income 1,897,193
Interest received 5
Net profit
/ (loss)		 773,046 (652,247) (16,023) (115,914)
The assets and liabilities ofthe
subsidiaries
were:
Fixed assets 41,740 17,316
Current assets 180,283 499,027 26,468 72,729
Current
liabilities		 (398,118) (1,465,486) (1,287) (31,525)
Total net (liabilities)/assets (176,095) (949,143) 25,181 43,274
Allotted, called up and fully paid
shares 100 100

n addition to the above, red undancy
pa		 yments
off1		 9,855(20 19:f15,3 99) were made to staff.
Number Number
The number ofemployees whose total emoluments, including benefits in
kind) for the year (excluding employer pension costs), exceeded
F60,000 - F69,999
f70,000 - 679,999
F80,000-f100,000
F100,000 - 6120,000
E120,000 - F130,000
f130,000 - F140,000
F.140,000 - F150,000

10.
Tangible fixed a		 ssets
Computer Fixtures
For use by the Charity Leasehold hardware and fittings
Freehold improve- and Website 8
property ments software and CRM equipment Total
F
Cost:
At 1 September 2019 7,672,910 28,954 114,726 ' 107,757 27,349 7,951,696
Additions 5,425 5,460 1,136 12,021
Impairment (25,291) (17,070) (42,361)
Disposals (28,954) (227) (29,181)
Transferred
to current
assets (7,672,910) (7,672,910)
At 31August 2020 94,633 96,147 28,485 219,265
Depreciation:
At 1 September 2019 28,954 56,593 49,912 16,750 152,209
Charge for the year 18,858 21,573 2,794 43,225
Adjustment
for disposals		 28,954 28 954
At 31August 2020 75,451 71,485 19,544 166480
Net book value:
At 31 August 2020 19,182 24,662 8,941 52 785
At 31 August 2019 7,672,910 58,133 57,845 10,599 7,799,487
11.
Tangible fixed assets
Computer Fixtures
For use by the Group Leasehold hardware and fittings
Freehold improve- and Website &
property ments software and CRM equipment Total
K E
Cost:
At 1 September 2019 7,672,910 41,463 160,275 122,757 64,376 8,061,781
Additions 33,465 5,460 6,011 44,936
Impairment (25,291) (17,070) (42,361)
Reciassification 15,002 (15,002)
Disposals (41,463) (3,720) (24,707) (69,890)
Transferred
to current
assets (7,672,910) (7,672,910)
At 31August 2020 179,731 96,147 45,680 321,558
Depreciation:
1 September 2019 41,463 109,103 49,912 44,501 244,979
Charge for the year 26,402 21,573 3,742 51,717
Adjustments
for:
Reclassification (6,153) 6,153
Disposals 41 463 12,768 15,431 69662
At 31 August 2020 116,584 77638 32,812 227 034
Net book value:
At 31 August 2020 63 147 18,509 12,868 94524
At 31 August 2019 7,672,910 66,172 57,845 19,875 7,816,802

Fixed asset investment s
Group Group Charity Charity
2020 2019 2020 2019
E
Total investments:
Financial
investments		 17,499 2,492,137 17,499 2,492,137
Investments
in subsidiaries		 100 100
17499 2,492,137 17,599 2 492,237
Total financial investments:
Market value
1 September		 2,492,138 5,078,706 2,492,238 5,078,806
Disposals (2,467,922) (2,600,001) (2,467,922) (2,600,001)
Net investment
gains in the year		 6,717 13,432 6,717 13;432
Market value 31 August 17499 2,492 137 17,599 2,492 237
Cost at 31 August 10,904 724,341 10,904 724,341
Investment
in subsidiary		 100 100
Cumulative
unrealised		 gains 6,595 1,767,796 6,595 1,767,796
Total UK listed investments 17,499 2,492,137 17,599 2,492,237

esults for esults for the below subsidiarie s
are included
in		 the Group bal ances ofthes ances ofthes e accounts:
Subsidiary undertaking Country of Principal activities Authorised
registration and issued
andi or share
operation capital
St. Nicholas
Montessori		 United The training ofstudents in the Ordinary
Training Ltd —100%direct Kingdom Montessori Philosophy, providing F100
holding recognised qualifications for students
Company No. 06429337 toteach.
Longacre Childcare
Ltd		 United The provision ofearly years learning Ordinary
100%direct holding Kingdom underpinned by the Montessori F1
(Company No. 04633593) Philosophy, now discontinued.
Group 8 charity Group and charity
2020 2019
7,672,910 1,294,252

16. Debtors
Group Group Charity Charity
2020
f		 2019
f		 2020f 2019
Trade debtors 49,689 203,566 273 128,324
Other debtors 220 131
Due from subsidiary undertakings 772,372
HMRC —VAT 53,280 53,280
Prepayments and accrued income 94,196 192,543 52,938 99,238
143,885 449,609 53,211 1,053,345
17. Creditors
falling		 due within one year
Group Group Charity Charity
2020
f		 2019
f		 2020f 2019
f
Trade creditors 103,694 427,851 55,500 251,255
Other taxes and social security 33,984 12,011 16,637
Deferred income 246,964 338,672 2,538 25,300
Accruals 172,498 119,111 132,177 77,090
Due to subsidiary undertakings 21,036 72,391
Other creditors 28,590 120,062 1,893 122,562
585,730 1,017,707 229,781 548,598
18. Deferred income
Balance Released Deferred in Balance
1 September from prior Current 31August
2019
f		 yearf year
f		 2020
f
Group
Accreditation fees 2,538 2,538
Training courses 246,664 (246,664) 244,426 244,426
Tickets for event in September 2019 92,006 92,008
338,672 203,816 246,964 246,964
Balance Released Deferred in Balance
1 September from prior Current 31August
2018
f		 yearf yearf 2019
f
Group
Training courses 203,816 (203,816) 246,664 246;664
Tickets for event in September 2019 92,008 92008
203,816 203816 338672 338672

The group's
future
minimum
operating
lease payme		 nts
are as follows:		 nts
are as follows:
Equipment
Group and Charity 2020
f		 2019
f
Leases which expire:
Within one year 2,864 4,151
Within two to five years 2,574