2020-08-31-accounts

	Page
Reference and administrative details of the School, its Trustees and advisers	1
Trustees’ report	2-9
Independent auditor's report on the financial statements	10-13
Consolidated statementof financial activities	14-15
Consolidated balance sheet	16-17
School balance sheet	18-19
Consolidated statement of cash flows	20
Notes to the financial statements	21-49

Trustees	Mr A J Furniss
	Mr R S Sherrey
	Mr M T Boobbyer
	Mr P D Morris
	Dr A Paterson
	Mr A D Miles
	Mrs D J Marten
	Revd M Kneen
	Mr G S F Bell (appointed 9 June 2020)
Companyregistered
number	02059659 (England and Wales)
Charity registered
number	518076
Companysecretary	Mr K P Thorne(resigned 31 August 2020)
	Mrs D J Marten (appointed 1 November 2020)
Head Teacher	Mrs G Thorne(until 31 August 2020)
	Mr J H Goode (Acting Head Teacher from 1 September 2020)
	Mrs E Niblett (Acting Head Teacher from 1 September 2020)
Independentauditor	Crowe U.K. LLP
	Fourth Floor
	St James House
	St James Square
	Cheltenham
	Gloucestershire
	GL50 3PR
Bankers	Lloyds TSB Bank PLC
	Ariel House
	2138 Coventry Road
	Sheldon
	B26 3JW
Solicitors	Harrison Clark Rickerbys Solicitors
	Thorpe House
	29 Broad Street
	Hereford
	HR4 9AR

					As restated
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2020	2020	2020	2019
	Note	£	£	£	£
Income from:
Donations	4	474,507	7,550	482,057	143,946
Charitable activities:	5,6
Fees		3,638,584	-	3,638,584	3,817,208
Other educational income		423,778	-	423,778	547,705
Othertrading activities	8	114,535	-	114,535	132,662
Investments	7	39,105	-	39,105	51,458
Total income		4,690,509	7,550	4,698,059	4,692,979
Expenditure on:
Raising funds		82,908	-	82,908	106,986
Charitable activities	9	4,700,081	150	4,700,231	4,738,673
Total expenditure		4,782,989	150	4,783,139	4,845,659
Net (expenditure)/income before		(92,480)	7,400	(85,080)	(152,680)
taxation
Taxation	15	(7,200)	-	(7,200)	-
Net (expenditure)/income after taxation		(99,680)	7,400	(92,280)	(152,680)
Transfers between funds	23	13,783	(13,783)	.	-
Net movementin funds before other recognised (losses)		(85,897)	(6,383)	(92,280)	(152,680)
Other recognised (losses):
Losses on revaluation of fixed assets		-	-	.	(372,956)
Net movementin funds		(85,897)	(6,383)	(92,280)	(525,636)
Reconciliation of funds:
Total funds brought forward	23	345,764	44,586	390,350	915,986
Net movementin funds		(85,897)	(6,383)	(92,280)	(525,636)
Total funds carried forward	23	259,867	38,203	298,070	390,350
					Page 14

				2020		2019
		Note		£		£
Fixed assets
Intangible assets		16		25,921		31,465
Tangible assets		17		3,704,390		3,778,259
Investments		18		70		70
				3,730,381		3,809, 794
Current assets
Stocks		19	27,786		46,122
Debtors		20	285,009		279,344
Cash at bank and in hand			1,258		7,058
			314,053		332,524
Creditors: amountsfalling	due within one
year		21	(3,020,373)		(1,789,878)
Net currentliabilities				(2,706,320)		(1,457,354)
Total assets less currentliabilities				1,024,061		2,352,440
Creditors: amounts falling	due after more
than one year		22		(725,991)		(1,962,090)
Total net assets				298,070		390,350
Charity funds
Restricted funds		23		38,203		44,586
Unrestricted funds
Generalfunds		23	(184,431)		(124,775)
Revaluation reserve		23	444,298		470,539
Total unrestricted funds		23		259,867		345, 764
Total funds				298,070		390,350

		Note		2020 £		2019 £
Fixed assets
Tangible assets		17		3,528,263		3,601,259
Investments		18		172,117		234,088
				3,700,380		3,835,347
Current assets
Stocks		19	27,786		46,122
Debtors		20	256,074		290,623
Cash at bank and in hand			1,243		7,043
			285,103		343,788
Creditors: amountsfalling year	due within one	21	(3,009,933)		(1,788,808)
Net currentliabilities				(2,724,830)		(1,445,020)
Total assets less currentliabilities				975,550		2,390,327
Creditors: amountsfalling than one year	due after more	22		(725,991)		(1,962,090)
Total net assets				249,559		428,237
Charity funds
Restricted funds		23		38,203		44,586
Unrestricted funds
General funds		23	(251,573)		(104,646)
Revaluation Reserve		23	462,929		488,297
Total unrestricted funds		23		211,356		383,651
Total funds				249,559		428,237

		2020	2019
	Note
Cashflows from operating activities
Net cash (provided by)/ used in operating activities	25	(18,187)	135,527
Cashflows from investing activities
Dividends,interests and rents from investments		39,105	28
Proceedsfrom the sale of tangible fixed assets		1,700
Purchase of tangible fixed assets		(48,001)	(145,836)
Proceedsfrom sale of investments			3,556
Financing costs		(45,437)	(57,023)
Interest element of HP payments		(14,402)	(21,776)
Net cash usedin investing activities		(67,035)	(221,051)
Cash flows from financing activities
Cashinflows from new borrowing		50,000	148,253
Repayments of borrowing		(30,584)	(40,000)
Repaymentsof finance leases		(44,882)	(44,407)
Net cash (used in)/provided by financing activities		(25,466)	63,846
Changein cash and cash equivalents in the year		(110,688)	(21,678)
Cash and cash equivalents at the beginning of the year		(57,472)	(35,794)
Cash and cash equivalents at the end of the year	26	(168,160)	(57,472)
The notes on pages 21 to 49 form part of these financial statements

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2020	2020	2020	2019
	£	£	£	£
Governmentgrants
Nursery Early Years Funding	90,581	-	90,581	91,513
Small Business Grant	10,000	-	10,000	-
Coronavirus Job Retention Scheme	323,788	-	323,788	-
	424,369	-	424,369	91,513
Donations	50,138	7,550	57,688	52,433
	474,507	7,550	482,057	143,946
Total 2019	143,946	-	143,946

	2020	2019
	£	£
Music, dance and drama	55,324	79,137
School outings and clubs	§2,233	161,463
Examinations and extra lessons	72,923	92,787
Horseriding and stable fees	42,297	36,869
Transport	85,611	104,425
Uniforms	34,952	31,477
Other income	80,438	41,547
	423,778	547,705

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	£	£	£
Rental income	38,170	38,170	51,430
Interest receivable	935	935	28
	39,105	39,105	51,458
Total 2019	51,458	51,458

			As restated
	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	£	£	£
Biomass income	41,889	41,889	37,198
Trading income - Lucton International Schools Limited	72,646	72,646	95,464
	114,535	114,535	132662
Total 2019 as restated	132,662	132,662

				As restated
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2020	2020	2020	2019
	£	£	£	£
Teaching	2,606,799	-	2,606,799	2,664,257
Welfare	397,436	-	397,436	405,379
Premises	633,033	150	633,183	583,857
Support	1,062,813	-	1,062,813	1,085, 180
	4,700,081	150	4,700,231	4,738,673
Total 2019 as restated	4,737,907	766	4,738,673

						As restated
					Total	Total
	Teaching	Welfare	Premises	Support	funds	funds
	2020	2020	2020	2020	2020	2019
	£	£	£	£	£	£
Staff costs	2,391,325	27,504	279,923	440,281	3,139,033	3,039, 846
Depreciation	-	26,747	92,777	-	119,524	97,010
Other costs	215,474	343,185	260,483	622,532	1,441,674	1,601,817
	2,606,799	397,436	633,183	1,062,813	4,700,231	4,738,673
Total 2019 as restated	2,664,257	405,379	583,857	1,085, 180	4,738,673

	2020	2019
Audit fees	22,877	8,650
Accountancy	2,400	2,950
Legal and professional	10,979	36,812
Trustees’ expenses	1,242	2,148
	37,498	50,560

	2020	2019
	£	£
Fees payable to the School's auditor for the audit of the School's annual
accounts	14,145	7,208
Fees payable to the School's auditor in respectof:
All non-audit services not included above	3,500	2,458

	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Wagesand salaries	2,541,390	2,518,174	2,541,390	2,518,174
Social security costs	218,391	217,229	218,391	217,229
Contribution to defined contribution pension
schemes	379,252	304,443	379,252	304,443
	3,139,033	3,039,846	3,139,033	3,039,846

	Group	Group
	2020	2019
	No.	No.
Teaching	56	53
Support and ancillary	56	56
	112	109

				Group	Group
				2020	2019
				No.	No.
In	the	band	£80,001 - £90,000	-	1
In	the	band	£90,001 - £100,000	1	-
In	the	band	£120,001 - £130,000	1	1

	2020	2019
	£	£
Corporation tax
Current tax on net (expenditure)/income for the year	7,200	-
Taxation on net (expenditure)/income	7,200	-

	2020	2019
	£	£
Net (expenditure)/income before tax	(85,080)	(152,680)
Net (expenditure)/income multiplied by the standard rate of corporation tax
in the UK of 19 (2079 - 19%).	(16,165)	(29,009)
Effects of:
Distribution to parent charity	-	(246)
Charitable activities not subject to taxation	23,365	29,255
Total tax charge for the year	7,200	-

16.	Intangible assets
	Group
		Goodwill
		£
	Cost
	At 1 September 2019	52,441
	At 31 August 2020	52,441
	Amortisation
	At 1 September 2019	20,976
	Chargefor the year	5,544
	At 31 August 2020	26,520
	Net book value
	At 31 August 2020	25,921
	At 31 August 2019	31,465

	Freehold	Plant and	Motor	Fixtures and
	property	machinery	vehicles	fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2019	3,009,493	416,210	401,710	1,061,504	4,888,917
Additions	9,044	-	15,594	23,363	48,001
Disposals	-	-	(19,440)	-	(19,440)
At 31 August 2020	3,018,537	416,210	397,864	1,084,867	4,917,478
Depreciation
At 1 September 2019	-	31,061	290,001	789,596	1,110,658
Charge for the year	26,241	14,567	26,747	52,842	120,397
Ondisposals	-	-	(17,967)	-	(17,967)
At 31 August 2020	26,241	45,628	298,781	842,438	1,213,088
Net book value
At 31 August 2020	2,992,296	370,582	99,083	242,429	3,704,390
At 31 August 2019	3,009, 493	385, 149	111,709	271,908	3,778,259

	Freehold	Plant and	Motor	Fixtures and
	property	machinery	vehicles	fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2019	2,832,493	416,210	401,710	1,061,504	4,711,917
Additions	9,044	-	15,594	23,363	48,001
Disposals	-	-	(19,440)	-	(19,440)
At 31 August 2020	2,841,537	416,210	397,864	1,084,867	4,740,478
Depreciation
At 1 September 2019	-	31,061	290,001	789,596	1,110,658
Chargefor the year	25,368	14,567	26,747	§2,842	119,524
On disposals	-	-	(17,967)	-	(17,967)
At 31 August 2020	25,368	45,628	298,781	842,438	1,212,215
Net book value
At 31 August 2020	2,816,169	370,582	99,083	242,429	3,528,263
At 31 August 2019	2,832,493	385, 149	111,709	271,908	3,601,259

	Investments
	in
	subsidiary
	companies
Group	£
Cost or valuation
At 1 September 2019	70
At 31 August 2020	70
Net book value
At 31 August 2020	70
At 31 August 2019	70

	Investments
	in
	subsidiary
School	companies £
Costor valuation
At 1 September 2019	234,088
At 31 August 2020	234,088
impairment
Charge for the year	61,971
At 31 August 2020	61,971
Net book value
At 31 August 2020	172,117
At 31August 2019	234,088

	Names	Income	Expenditure Profit/(Loss)	Expenditure Profit/(Loss)	Expenditure Profit/(Loss)	Net assets
		£		£	! for the	£
					year
					£
	Lucton School Limited	-		873	(873)	172,114
	Lucton International Schools Limited	72,646		41,802	30,844	31,138
19.	Stocks
		Group		Group	Company	Company
			2020	2019	2020	2019
			£	£	£	£
	School uniforms	27,786		46,122	27,786	46,122
20.	Debtors
		Group		Group	Company	Company
			2020	2019	2020	2019
			£	£	£	£
	Trade debtors	131,396		167,628	84,353	112,188
	Amounts owed by group undertakings		-	-	18,108	66,719
	Other debtors	42,714		34,874	42,714	34,874
	Prepayments and accrued income	110,899		76,842	110,899	76,842
		285,009		279,344	256,074	290,623

	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Bankoverdrafts	169,418	64,530	169,418	64,530
Bankloans	1,155,452	41,025	1,155,452	41,025
Fee deposits	104,125	69,255	104,125	69,255
Trade creditors	191,496	172,244	191,496	172,244
Fees in advance	572,528	82, 164	572,528	82, 164
Corporation tax	7,200	-	-	-
Other taxation and social security	293,336	56,490	293,336	56,490
Obligations underfinance lease and hire
purchasecontracts	51,912	57,137	51,912	57,137
Othercreditors	442,979	1,234,083	442,979	1,234,083
Accruals	31,927	12,950	28,687	11,880
	3,020,373	1,789, 878	3,009,933	1,788, 808
	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Deferred income at 1 September 2019	82,164	80,628	82,164	80,628
Resources deferred during the year	577,528	82, 164	-	82,164
Amounts released from previous periods	(82,164)	(80,628)	(82,164)	(80,628)
	577,528	82,164	-	82,164

	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Bank loans	46,667	1,141,678	46,667	1,141,678
Fee deposits	292,930	409, 140	292,930	409,140
Net obligations underfinance lease and hire
purchasecontracts	246,567	286,224	246,567	286,224
Tradecreditors	-	1,865	-	1,865
Feesin advance	5,000	-	5,000	-
Othercreditors	134,827	123,183	134,827	123,183
	725,991	1,962,090	725,991	1,962,090
Included within the above are amountsfalling due as follows:
	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Between one and two years
Bank loans	10,000	42,612	10,000	42,612
Between twoand five years
Bank loans	30,000	132,843	30,000	132,843
Overfive years
Bankloans	6,667	966,223	6,667	966, 223

	Balanceat1					Balanceat
	September				Transfers	31 August
	2019	income	Expenditure	Taxation	in/out	2020
	£	£	£	£	£	£
Unrestricted
funds
General Fund	(124,775)	4,690,509	(4,756,748)	(7,200)	13,783	(184,431)
Revaluation
reserve	470,539	-	(26,241)	-	-	444,298
	345,764	4,690,509	(4,782,989)	(7,200)	13,783	259,867
Restricted
funds
Portrait of the
founder donated
to the school	11,077	-	-	-	-	11,077
Sports hall
project	25,626	-	-	-	-	25,626
Shop	1,841	-	-	-	(1,841)	-
Classroom	3,742	-	-	-	(3,742)	-
Storage unit	398	-	-	.	(398)	-
Dining room
folding doors	1,902	-	-	-	(1,902)	-
Anti-slip covering	-	150	(150)	-	-	:
Prep School new
staging	.	4,000	-	-	(4,000)	-
Nursery pirate
ship	-	1,900	-	-	(1,900)	-
Outside play
equipment	-	1,500	-	-	-	1,500
	44,586	7,550	(150)	-	(13,783)	38,203
Total! of funds	390,350	4,698,059	(4,783,139)	(7,200)	-	298,070

	Balance at				Balance at
	1 September			Gains/	31 August
	2018	Income	Expenditure	(Losses)	2019
	£	£	£	£	£
Unrestricted funds
General Fund	866,710	4,692,979	(4,844,893)	(369,032)	345,764
Restricted funds
Portrait of the founder donated
to the school	11,077	-	-	-	11,077
Sports hall project	28,849	-	-	(3,223)	25,626
Shop	2,072	-	-	(231)	1,841
Classroom	4,212	-	-	(470)	3,742
Storage unit	530	-	(132)	-	398
Dining room folding doors	2,536	-	(634)	-	1,902
	49,276	-	(766)	(3,924)	44,586
Total of funds	915,986	4,692,979	(4,845,659)	(372,956)	390,350

	Unrestricted	Restricted	Total
	funds	funds	funds
	2020	2020	2020
	£	£	£
Tangible fixed assets	3,704,390	-	3,704,390
Intangible fixed assets	25,921	-	25,921
Fixed asset investments	70	-	70
Current assets	275,850	38,203	314,053
Creditors due within one year	(3,020,373)	-	(3,020,373)
Creditors due in more than one year	(725,991)	-	(725,991)
Total	259,867	38,203	298,070

	Unrestricted	Restricted	Total
	funds	funds	funds
	2019	2019	2019
	£	£	£
Tangible fixed assets	3,733,673	44,586	3,778,259
Intangible fixed assets	31,465	-	31,465
Fixed asset investments	70	-	70
Current assets	332,524	-	332,524
Creditors due within one year	(1,789,878)	-	(1,789,878)
Creditors due in more than one year	(1,962,090)	-	(1,962,090)
	345,764	44,586	390,350

	Group	Group
	2020	2019
	£	£
Net expenditure for the period (as per Statement of Financial Activities)	(92,280)	(152,680)
Adjustmentsfor:
Depreciation charges	120,397	97,883
Amortisation charges	5,544	5,244
Dividends, interests and rents from investments (Profit) on the sale of fixed assets	(39,105) (227)	(28)
Decrease/(increase) in stocks	18,336	(10,072)
(Increase) in debtors	(5,665)	(95,089)
(Decrease)/increasein creditors	(85,026)	211,470
Financing costs	45,437	57,023
Interest element of HP and finance lease payments	14,402	21,776
Net cash provided by/(usedin) operating activities	(18,187)	135,527

	Group	Group
	2020	2019
	£	£
Cashin hand	1,258	7,058
Overdraft facility repayable on demand	(169,418)	(64,530)
Total cash and cash equivalents	(168,160)	(57,472)

	Att
	September		At 31
	2019	Cash flows	August 2020
	£	£	£
Cash at bank and in hand	7,058	(5,800)	1,258
Bank overdrafts repayable on demand	(64,530)	(104,888)	(169,418)
Debt due within 1 year	(123,189)	(1,604,791)	(1,727,980)
Debt due after 1 year	(1,141,678)	1,090,011	(51,667)
Finance leases	(343,361)	44,882	(298,479)
	(1,665,700)	(580,586)	(2,246,286)

Thefinancial assumptions underlying the last	valuation as at 30 September 2014 were asfollows:	valuation as at 30 September 2014 were asfollows:
	%	p.a
Investmentreturn pre-retirement		5.1
Investment return post retirement - non-pensioner		3.3
Investment return post retirement - pensioner		3.3
Rate of pension increases
RPI		3.1
CPI		2.2

	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£
Notlater than 1 year	38,162	28,291	38,162	28,291
Later than 1 year and notlater than 5 years	35,644	48,343	35,644	48,343
	73,806	76,634	73,806	76,634