2020-08-31-accounts - Haberdashers' Aske's Charity

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				Elstree Bo s			Elstree Girls
Affiliations				HMC —Headmasters'		&	GSA —Girls' School Association
				Headmistresses' Conference			GBGSA —Governing	Bodies of
				IAPS —Independent Association			Girls' Schools Association
				Of Prep Schools
				IBSC —International	Boys'
				School Coalition
ISI	Inspection		date	November/December		2011	January 2014
(reports on		ISI	website)	RCI November 2017			RCI January 2018
Pu	ils atSe tember 2020			1 412			1,171
2020 GCSE			rades A"/9/8 &A/7	93.7%			95.3%
2020 A Levels			rades A* to B	98.2%			97.4%

n	statement
To	discharge properly the	role of		Trustee
To	provide highest quality	governance
To	develop the influence	of	the Haberdashers'			Company in	the		field of		education
To	enable the Haberdasher		Schools to take an			independent	view on the				students'		educational	needs
To	promote common values		in Haberdasher		schools:
	Attributable to pupils:					Attributable	to		schools:
	Open minded / intellectual			curiosity		Aspirational			/ stretching
	Good citizenship					Accessible
	Cultural diversity					Academic		equality		ofopportunity
	Rounded					Ethical
	Innovative					Humane
	Co-operative					Exciting
						Supportive			of Christian			values

chools t elow:	o maintain no unr	estricted gen	era	l fund	res	erve.	Other polic	ies	for	unrestricte	d gene	ral funds ar
General	Funds	Policy										Balance at
												31 August
												2020
												E.'000
Schools	and Governors	To maintain	sufficient		balance		in general	funds		only to meet
eneral	funds	da -to-da	re	uirements		for workin ca		ital.				198
Foundation income fund		Net income	is distributed			to the	Schools'	Governors during			the
		year and a	small fund		balance		at the year	end arises only			from	47
		re aid ex	enditure.
Pension	fund	The scheme		surplus	or	deficit	as calculated		under FRS102 is
see note 17		an unrestricted		fund balance.								1,587

The following	reserves are	reserves are	held	as restricted	as restricted	or	designated	funds for specific	funds for specific	purposes:	purposes:
Restricted	and		Policy									Balance at
Designated	Funds											31 August
												2020
												f'000
Schools restricted		fund	To	rovide	bursaries		scholarshi	s and	rize funds as directed			120
Simon Stuart endowment			To	provide	bursaries		for the Boys' School
Bursaries A	eel	Fund	To	rovide	bursaries		for both schools					157
Charity Designated		fund	Interest arising b the Charit			specifically on the fees in advance				monies	held	42

			Unrestricted	Funds
				Asks's	Asks's	Restricted	Endowment
			Schools E'000	Income E'000	Designated E'000	Funds E.'000	Funds E'000	2020 F'000	2019 8'000
Income and endowments	from:
Donations			14			36		50	73
Charitable activities:
School fees		3	44,502					44,502	45,410
Other educational income			1,672			131		1,803	2,195
Ancillary trading income			129					136	185
Other trading activities:
Trading income			1,975					1,975	2,551
Other income:
Coronavirus job retention	scheme					543		543
Investments:
Investment income		2	149		42		38	234	809
FRS102 pension scheme interest		17	242					242	343
			48,683		42	715	38	49,485	51,566
Expenditure on:
Raising funds: Loan interest			154					154	275
Fees in advance discount			163					163	135
Investment management Trading cost of subsidianes			7 2,248					7 2,248	13 3,211
Charitable activities:
Schools			41,952	846		822	2,036	45,656	43,795
FRS102 pension scheme interest cost		17	276					276	365
		4	44,800	846		822	2,036	48,504	47,794
Net gains on investments		7	53				834	887	1,409
Net income/(expenditure)			3,936	(839)	42	(107)	(1,164)	1,868	5, 181
1ransfers between funds		5	(4,715)	808		(189)	4,096
Other recognised gains:
Actuarial gains/(losses) on defined benefit scheme		17	287					287	(1,049)
Net movement in funds			(492)	(31)	42	(296)	2,932	2,155	4,132
Reconciliation of Funds:
Total funds brought forward			(896)	78		575	100,908	100,665	96,533
Total funds carried forward				1,388)	47	42	279	103,840	102,820

							Group	Group	Charity	Charity
						Note	2020	2019	2020	2019
							6'000	8'000	6'000	8'000
Fixed assets:
Tangible assets						6	81,520	76,357	81,520	76,357
Investments						7	34,703	37,760	34,703	37,760
							116,223	114,117	116,223	114,117
Current assets:
Stocks							17	100	17	100
Debtors						9	1,409	1,367	1,409	1,546
Investments							9,464	11,107	9,464	11,107
Cash at bank and	in	hand					392	315	388	294
							11,282	12,889	11,278	13,047
Liabilities:
Creditors: amounts		falling	due within
one year						10	(11,899)	(12,944)	(11,896)	(13,103)
Net current liabilities							(617)	(55)	(618)	(56)
Total assets less	current			liabilities			115,606	114,062	115,605	114,061
Creditors: amounts		falling		due	in more
than one year						11	(11,199)	(11,516)	(11,199)	(11,516)
							104,407	102,546	104,406	102,545
Defined benefit pension scheme					liability	17	(1,587)	(1,881)	(1,587)	(1,881)
Total net assets							102,820	100,665	102,819	100,664
The Funds ofthe Endowment funds	Charity:					5	103,840	100,903	103,840	100,903
Restricted funds						5	279	580	279	580
Unrestricted funds:
Designated funds General funds						5 5	42 245	1,062	42 245	1,062
Non-charitable	trading		funds			5	1	1
Pension scheme		fund				5	(1,587)	(1,881)	(1,587)	(1,881)
Total Charity Funds							102,820	100,665	102,819	100,664

					2020	2020	2019	2019
					E'000	E'000	E'000	E'000
Net cash (used in)/provided	by	operating		activities		(711)		7,658
Cash flows from investing	activities:
Investment income received					234		809
Purchase oftangible fixed assets					(9,425)		(7,689)
Purchase of investments					(187)		(1,209)
Proceeds from sale of investments					6,058		1,166
Drawn from Charities Investment		Pool (Total Return)			3,722		180
Net cash used in investing	activities					402		(6,743)
Cash flows from financing	activities:
Repayment of borrowing						(1,257)		(1,230)
Change in cash and cash reporting period	equivalents		in the			(1,566)		(315)
Cash and cash equivalents	at the	beginning		of the
reporting period						11,422		11,737
Cash and cash equivalents reporting period	at the end of			the		9,856		11,422

ASH PROVI	DED BY	OPER	ATING ACTI	VITIES
					2020	2019
					E'000	E'000
Net income	for the reporting		period		1,868	5,181
Adjustments	for:
Gains on investments					(887)	(1,402)
Investment	income				(234)	(809)
Depreciation					3,291	2,962
Loss on disposal of fixed asset					971	12
Pension scheme adjustment					(7)	(26)
Decrease in	stocks				83	16
(Decrease)/increase		in creditors			(105)	2,257
Increase in	debtors				(42)	(301)
Increase in	cash held for investment				(5,649)	(232)
Net cash (used in)/provided			by operating	activities	(711)	7,658

			2020	2019
			E'000	E'000
Cash	in hand		392	315
Investments		(current assets)	9,464	11,107
Total	cash and cash equivalents		9,856	11,422

YSIS	OF CHANGES IN NET FUNDS
		At 1
		September		At 31
		2019	Cash	August
		E'000	flows	2020
			E'000	E'000
Cash	in hand	315	77	392
Cash	equivalents	11,107	(1,643)	9,464
Loans Loans	falling due within one year falling due after more than one year	(1,422) (5,509)	564 693	(858) (4,816)
Net funds		4,491	i309i	4, 182

2. INVES	TMENT INCOME
					2020	2019
					8'000	8'000
Interest from	bank deposits				120	235
Income from	listed investments				79	187
Income from Distributions	investment property from Haberdashers'	Charities	Investment	Pool (Total Return)	(3) 38	387
					234	809
FRS102 pension scheme interest					242	343
					476	1,152

TUITION	FEES
				2020	2018
				8'000	8'000
Gross Fees				48,510	49,705
Less:
Scholarships				(878)	(868)
Bursaries				(2,280)	(2,390)
Staff fee	remission			(850)	(1,037)
				44,502	45,410
Numbers of pupils Scholarships Bursaries		benefiting	from:	298 166	266 173

TOTAL RESOURCES EX	P	ENDED
				Other
			Staff	direct	Deprec-	Total	Total
			Costs	costs	iation	2020	2019
			6'000	6'000	6'000	6'000	6'000
Raising funds:
Loan interest				154		154	275
Investment management				7		7	13
Fees in advance discount				163		163	135
Trading costs of subsidiary			61	2,187		2,248	3,211
			61	2,511		2,572	3,634
Charitable expenditure:
Teaching costs School welfare			21,487 173	2,052 2,250		23,539 2,423	25,571 2,379
School premises costs Public relations and marketing			1,228	7,210 184	2,036 -	10,474 184	9,336 195
Grants paid to Haberdashers' Federation Trust				430		430	433
Supportcosts Governance costs			4,991 11	2,287 62	1,255 -	8,533 73	5,802 79
FRS102 pension scheme costs	interest			276		276	365
			27,890	14,751	3,291	45,932	44,160
Total resources expended			27,951	17,262	3,291	48,504	47,794
						2020	2019
						6'000	6'000
Charitable expenditure	includes:
Remuneration ofSchools'	auditors		for audit services			38	34
Remuneration of Charity's		auditors	for audit services			10	11
Rentals under operating leases: Equipment Payment to the Trustee for service			charges			587 18	580 17

TOTAL	RESOURCES	EXPENDED (continued)	EXPENDED (continued)
				2020	2019
				f'000	f'000
Staff costs comprised:
Wages	and salaries			21,040	20,934
Social security costs				2,373	2,206
Pension	contributions			4,276	3,271
Other costs				144	169
Payment	ofTrustees'	staff under paymaster	agreement	118	117
				27,951	26,697

to the various entities managed by the Haberd	to the various entities managed by the Haberd	to the various entities managed by the Haberd	to the various entities managed by the Haberd	ashers'	ashers'	Co	mpany on the b	mpany on the b	asis of time	asis of time	spent	spent	.
Reimbursed expenses of f280 (2019: fNil)				were		paid	to Schools'		Governors		during		the	year.	No
remuneration or	payment for services		were paid to		the	Trustees		or to any ofthe Schools' Governors.
The day-to-day running ofthe		Schools is delegated			to	the	Heads and the		Chief	Operating		Officer.		They are
also supported	by the Senior Management			Teams		and	together this		group	are	the	key management
personnel.
												2020		2019
												f'000		f'000
Aggregate	employee-benefits		of key management				personnel					3,659		3,238
The average numbers ofemployees			in the year were:
												2020			2019
													No.		No.
Teaching staff Other staff													326 196		329 200
													522		529
Numbers	of higher-paid	employees earning			in excess of			f60,000 were:
												2020			2019
													No.		No.
f60,001 to f70,000													42		48
f70,001 to f80,000 f80,001 to f90,000													22 3		11 6
f90,001 tof100,000													3
f100,001	tof110,000												1		3
f120,001	tof130,000												1		1
f140,001	to f150,000												1		1
f170,001	to f180,000												2		2

(a) Fund Movements	(a) Fund Movements	Balance			Other		Balance
		1September			recognised	Net	31August
		2019	Income	Expenditure	Gain/loss	Transfers	2020
		8'000	r.'000	0000	6'000	6'000	0000
Designated funds	- Charity:
Charity designated	fund		42				42
General funds —Charity:
Schools general fund
excluding pension	reserve	984	46,639	(42,135)	53	(5,343)	198
Pension reserve		(1,881)	242	(417)	287	182	(1,587)
Aske Income Fund		(897) 78	46,881 7	(42,552) (846)	340	(5,161) 808	(1,389) 47
Total unrestricted	funds—
Charity		(819)	46,930	(43,398)	340	(4,353)	(1,300)
Non-charitable trading funds		1	1,802	(2,248)		446	1
Total unrestricted	funds—
Group		(818)	48,732	(45,646)	340	(3,907)	(1,299)
Restricted funds
Schools restricted	funds	429	710	(819)		(200)	120
Simon Stuart Scholarship Bursaries Appeal Fund		2 144		(3)		11	2 157
Total restricted funds		575	715	(822)		(189)	279
Endowment funds
Dr Margaret Bent endowment Simon Stuart endowment		5 74	2		3	(2)	5 77
Bursaries Appeal	endowment	1,520	36		56	(36)	1,576
Asks's permanent endowment		99,309		(2,036)	775	4,134	102,182
Total endowment	funds	100,908	38	(2,036)	834	4,096	103,840
Total Funds		100,665	49,485	(48,504)	1,174		102,820

(b) Fund Transfers			Non-				Permanent
			charitable	Charitable			endow-
			Trading	Unrestricted	Designated	Restricted	ment
			funds	funds	funds	funds	fund
			E'000	E'000	E'000	E'000	E'000
New & replacement	school	buildings		(5.585)		(322)	5,907
Unapplied total return for application				930			(930)
Transfers to school	bursary	funds		(100)		100
Loan repayments				843			(843)
Transfer for fixed assets				5		(5)
Transfer of Pool investment		income				38	(38)
Coach services paid by schools				(446)
			446	(4,353)		(189)	4,096
TANGIBLE FIXEDASSETS
	Freehold		Leasehold	All weather	Equipment		Group &
		land and	land and	sports	and	Motor	Charity
	buildings		buildings	pitches	furnishings	Vehicles	Total
		E'000	E'000	E'000	E'000	E'000	E'000
Cost
1 September 2019 Additions Disposals		89,341 5,585 (1,046)	350 3,004	2,443	10,951 836 (114)	82 (6)	103,167 9,425 (1,166)
31 August 2020		93,880	3,354	2,443	11,673	76	111,426
Depreciation 1 September 2019 Charge for year Disposals		19,684 2,036 (85)	236 22	764 121	6,044 1,112 (104)	82 (6)	26,810 3,291 (195)
31 August 2020		21,635	258	885	7,052	76	29,906
Net book value
31 August 2020		72,245	3,096	1,558	4,621		81,520
31 August 2019		69,657	114	1,679	4,907		76,357

7,	INVESTMENTS
	Charity and Group

7,	INVESTMENTS
	Charity and Group			2020 6'000	2019 6'000
(A)	Listed investments				5,818
(B)	Haberdashers' Charities	Investment	Pool (Total Return)	28,634	31,522
	Investment cash			6,069	420
				34,703	37,760

Listed Investments
	2020	2019
	f.'000	6'000
Market value at 1 September 2019	5,818	5,606
Additions	187	1,209
Disposal proceeds	(6,083)	(1,166)
Revaluation	53	169
Market value at 31 August 2020		5,818

Investment in Haberdashers' Charity and Group	Charities Inve	stment Pools
			Charities
		Charities	Investment
		Investment	Pool (Total
		Pool	Return)	Total
		6'000	6000	F'000
Market value at 1 September	2019	1,596	29,926	31,522
Withdrawal			(3,722)	(3,722)
Gain on revaluation		59	775	834
Market value at 31 August	2020	1,655	26,979	28,634

endowment fund. No ne	w endow	ment	gifts ha	ve been received	since the bas	e date.
				Trust	Unapplied
				for	Total	Total	Total
				investment	Return	2020	2019
				F'000	5'000	E'000	E'000
Trust for investment at 1	September 2019			1,578	28,491	30,069	29,273
Investment returns.
Investment income							350
Realised and unrealised	gains				775	775	1,203
Transfer to trust for application					(930)	(930)	(780)
Withdrawal for purchase	ofresidential		property		(3,004)	(3,004)
Replacement ofcapital expended		prior	to
inception ofthe total return approach					23	23	23
Trust for investment at	31August 2020			1,578	25,355	26,933	30,069

				Trust	Unapplied
				for	Total	Total	Total
				investment	Return	2020	2019
				6'000	E'000	E'000	8'000
Trust for investment		at 1	September 2019	873	723	1,596	1,567
Investment	returns:
Investment	income				38	38	37
Realised and unrealised			gains		59	59	29
Transfer to	trust for application				(38)	(38)	(37)
Trust for investment		at	31August 2020	873	782	1,655	1,596

DEBTORS AND PR	EPAYMENTS
			Group		Charity
		2020		2019	2020	2019
		E'000		E'000	E'000	E'000
School fees		191		76	191	76
Other debtors		403		535	403	535
Prepayments		815		756	815	756
Due from subsidiary	company					179
		1,409		1,367	1,409	1,546

				Group		Charity	Charity
				2020	2019	2020	2019
				E'000	E'000	E.'000	E'000
Bank loan				858	1,422	858	1 422
Fees in	advance			5,657	5,843	5,657	5,843
Accruals	and deferred		income	2,870	2,117	2,866	2,117
Tax and social security Other creditors				574 1,940	571 2,991	574 1,940	571 2,991
Due to subsidiary		company				1	162
				11,899	12,944	11,896	13,103

CREDIT	ORS: AMOUNTS FALLING DUE IN MORE	THAN ONE YEAR
		Group and	Charity
		2020	2019
		E'000	E'000
Loan from NatWest		4,816	5,509
Fees in	advance	6,281	5,919
Other creditors		102	88
		11,199	11,516
Maturity ofdebt: Between 1 and 2 years Between 2 and 5 years More than 5 years		3,076 5,789 2,334	4,027 5,687 1,802
		11,199	11,516

			HASCCL		HASSL
			2020	2019	2020	2019
			E'000	f'000	6'000	6'000
Turnover			2,247	3,211	197	215
Cost ofsales			(2,180)	(3,142)	(118)	(136)
Administration		expenses	(67)	(69)	(75)	(71)
Operating	(loss)/profit				4
Other income					8
Transfer	to the	Charity —Gift Aid			(8)
Profit for	the year
Retained	profit/(loss)
brought	forward
Retained	profit	carried forward
Current assets				182	98	104
Creditors	falling	due within one
year			(3)	(181)	(87)	(97)
Net assets/(liabilities)

onciliation of opening and closing balances on the fair value o	f plan assets
	2020	2019
	E'000	E'000
Fair value of plan assets at the start ofthe period	13,721	13,367
Interest income	242	343
Asset gain/(loss)	289	371
Contributions by the employer	182	205
Benefits paid	(685)	(565)
Fair value of plan assets at the end ofthe period	13,749	13,721

he actu nalysis	al return of plan	on plan assets over the penod ended assets	31 August 2020 was f531,000 (2019:5	714,000).
			Value of	Value of
			assets	assets
			31August	31 August
			2020	2011
			r.'000	2'000
Equity Bonds	(including	property)	2,316 1,372	2,517 1,219
Insured Cash	pensions		9,628 433	9,320 665
Totala	ssets		13,749	13,721

ned benefit costs recognised	in the income st	ate	ment
				2020	2019
				6'000	6'000
Current service cost				132	144
Net interest cost				34	22
Total pension expense				166	166
ned benefits costs included	in other recognised		(losses)l gains
				2020	2019
				6'000	6'000
Actuanal gain on plan assets				289	371
Actuarial (loss)/gain on defined	benefit obligation
ofwhich due to experience				21	(8)
ofwhich due to financial assumptions				(23)	(1,412)
Total (loss)/gain included in	other recognised	gains		287	(1 049)

			Unrestricted	Funds
				Asks's	Restricted	Endowment
			Schools	Income	Funds	Funds	2019
			E'000	F'000	E'000	E'000	E'000
Income and endowments		from:
Donations					65		73
Charitable activities:
School fees			45,410				45,410
Other educational	income		2,166		29		2,195
Ancillary trading income			185				185
Other trading activities:
Trading income			2,551				2,551
Investments:
Investment income			413			387	809
FRS102 pension scheme
interest			343				343
			51,076		100	387	51,566
Expenditure on:
Raising funds: Loan interest			275				275
Fees in advance	discount		135				135
Investment management			13				13
Trading cost of subsidiaries			3,211				3,211
Charitable activities:
Schools			41,245	716	76	1,758	43,795
FRS102 pension interest cost	scheme		365				365
			45,244	716	76	1,758	47,794
Net gains on investments			170		6	1,233	1,409
Net income/(expenditure)			6,002	(713)	30	(138)	5,181
Transfers between	funds		(11,233)	657		10,576
Other recognised	losses:
Actuarial losses on	defined
benefit scheme			(1,049)				(1,049)
Net movement in funds			(6,280)	(56)	30	10,438	4,132
Reconciliation of	Funds:
Total funds brought	forward		5,384	134	545	90,470	96,533
Total funds carried forward			(8960	78	575	10II,908	100,665

(a) Fund Movements	(a) Fund Movements	Balance			Other		Balance
		1September			recognised	Net	31August
		2018	Income	Expenditure	Gain/loss	Transfers	2019
		8'000	E'000	8'000	E'000	E'000	E'000
Designated funds	- Charity:
Schools' designated funds		3,674	773	(870)		(3,577)
General funds —Charity:
Schools general fund
excluding pension	reserve	2,567	47,409	(40,641)	170	(8,521)	984
Pension reserve		(858)	343	(522)	(1,049)	205	(1,881)
		1,709	47,752	(41,163)	(879)	(8,316)	(897)
Aske Income Fund		134	3	(716)		657	78
Total unrestricted	funds—
Charity		5,517	48,528	(42,749)	(879)	(11,236)	(819)
Non-charitable trading funds		1	2,551	(3,211)		660	1
Total unrestricted	funds—
Group		5,518	51,079	(45,960)	(879)	(10,576)	(818)
Restricted funds
Schools restricted	funds	418	94	(73)		(10)	429
Simon Stuart Scholarship Bursaries Appeal Fund		2 125		(3)	6	10	2 144
Total restricted funds		545	100	(76)	6		575
Endowment funds
Dr Margaret Bent endowment Simon Stuart endowment		5 73	2		1	(2)	5 74
Bursaries Appeal	endowment	1,492	35		28	(35)	1,520
Asks's permanent endowment		88,900	350	(1,758)	1,204	10,613	99,309
Total endowment	funds	90,470	387	(1,758)	1,233	10,576	100,908
Total Funds		96,533	51,566	(47,794)	360		100,665

(b) Fund	Transfers				Non-charitable				Permanent
					Trading	Charitable			endow.
					funds	Unrestricted	Designated	Restricted	ment
					8'000	funds	funds	funds	funds
						E'000	8'000	8'000	8'000
New & replacement		school		buildings		(6,609)			6,609
Unapplied	total return		for application			780			(780)
Transfers	to school	bursary		funds		37		(37)
Loan repayments						(1,230)			1,230
Transfer	of Pool investment			income				37	(37)
Balances	released	and reclassified				23	(3,577)		3,554
Coach services paid			by schools		660	(660)
					660	(7,659)	(3,577)		10,576

						Permanent
				Unrestricted	Restricted	endowment	Total
				funds	funds	funds	Funds
				E'000	6'000	f'000	E'000
Tangible fixed		assets		6,700		69,659	76,357
Listed investments				5,818			5,818
Haberdashers'		Charities	Investment
Pools						31,522	31,522
Investment	Cash			420			420
Net current	assets l(liabilities)			(359)	580	(276)	(55)
Long term	liabilities			(13,397)			(13,397)
				(818)	580	100,903	100,665

TOTAL RESOURCES EXPENDED FO	R THE YEAR EN	DED 31 AUG	UST 2019
		Other
	Staff	direct	Deprec-	Total
	Costs	costs	iation	2019
	E'000	E'000	6'000	6'000
Raising funds:
Loan interest		275		275
Fees in advance discount		135		135
Investment management		13		13
Trading costs of subsidiary	62	3,149		3,211
	62	3,439		3,634
Charitable expenditure:
Teaching costs	22,821	2,750		25,571
School welfare	207	2,172		2,379
School premises costs	1,092	6,485	1,759	9,336
Public relations and marketing		195		195
Grants paid to other establishments		433		433
Support costs Governance costs	2,502 13	2,232 66	1,203	5,802 79
FRS102 pension scheme interest
costs		365		365
	26,635	14,698	2,962	44,160
Total resources expended	26,697	18,135	2,962	47,794