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|KEY MANAGEMENT<br>PE|RSONNEL||||||
|---|---|---|---|---|---|---|
|J Murphy-O' Connor|Principal,<br>Haberdashers'|Monmouth<br>Schools|||||
|Dr AJ Daniel|Head, Monmouth<br>School|for Boys (resigned|31 August||2020)||
|S H Dorman|Head, Monmouth<br>School|for Boys (appointed||1 September 2020)|||
|Mrs J Miles|Head, Monmouth<br>School|for Girls|||||
|Mrs J L Phillips|Head, Monmouth<br>School|Girls' Prep (resigned||31 December 2020)|||
|T Evans|Acting Head, Monmouth|School Girls' Prep (appointed|||1 January 2021)||
|N Shaw|Headteacher,<br>Monmouth|School Boys' Prep|||||
||Acting Head, Monmouth|Schools Pre-Prep and Nursery|||(appointed|1 April|
||2021)||||||
|M Wren|Head, Monmouth<br>Schools Pre-Prep and Nursery<br>(resigned 31 March||||||
||2021)||||||
|Mrs T A Norgrove|Foundation<br>Bursar||||||



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|capital, f998|,|000 unspe|000 unspe|nt<br>restricted<br>funds and 81,83|4,000 unrestricted<br>funds.|||||
|---|---|---|---|---|---|---|---|---|---|
|The following||reserves||are held as designated<br>funds|for specific purposes:|||||
|Fund||||Purpose|||||Balance at|
|||||||||31 August 2020||
||||||||||F'000|
|Schools' Cyclical||||||||||
|Repair||||To provide<br>for scheduled|major cyclical maintenance||||371|
|Funds||||||||||
|Assisted Places||||||||||
|Reserve and<br>Monmouth<br>School for||||To provide<br>bursaries<br>and|assisted places||||666|
|Girls Bursar||Fund||||||||
|Governors'<br>Reserve|pension|||To enable the Governors<br>the closed non-teachin|to maintain<br>regular<br>funding<br>staff<br>ension scheme.|for|||64|
|Prospectus<br>recruitment|and<br>reserves|||To provide for cyclical expenditure<br>on these items|||||136|
|The Trustees||consider||that the level of unapplied<br>total return<br>in the endowment||fund||is sufficient to cover||
|unexpected|short||term|needs for which a reserve<br>might otherwise<br>be maintained.|||Therefore||the Trustees|
|are content|for the||schools to maintain<br>no unrestricted||general<br>fund reserve.|||||
|Other policies||for|unrestricted<br>general<br>funds are as follows:|||||||
|Fund||||Policy||||31|Balance at<br> August 2020|
||||||||||8'000|
|Schools' general|||funds<br>To maintain<br>no reserve<br>in these funds, subject to<br>ade<br>uate cash flow for the schools' normal o erations||||||882|
|Foundation||income||Net income<br>is distributed|to the Schools Governors|during||||
|fund||||the year and the fund balance remaining<br>at the year||end|||124|
|||||re resents<br>re aid ex enditure.||||||
|Pension scheme|||fund|This reflects the trustees'|best estimate of the deficit on|||||
|||||the pension scheme at 31 August 2020. The deficit||will|be|||
|||||paid off over a number of years,<br>in accordance<br>with||a||||
|||||recovery<br>plan which has|been agreed between<br>the||||(408)|
|||||Foundation<br>and scheme|trustees<br>following<br>the completion|||||
|||||ofthe triennial<br>valuation|as at 31 March 2018(see note|||||
|||||12for further details<br>.||||||



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|Year ended 31August|2|020|||||||
|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Funds|Permanent||Total|Total|
|||||Foundation|Restricted|endowment|||
|||Note|Schools<br>K'000|Income<br>F.'000|Funds<br>r.'000|fund<br>8'000|2020<br>6'000|2019<br>8'000|
|Income and endowments|from:||||||||
|Donations|||||175||175|247|
|Charitable<br>activities:|||||||||
|School fees|||17,304||||17,304|20,662|
|Ancillary<br>trading<br>income|||945||||945|1,392|
|Other income - coronavirus|||||||||
|job retention<br>scheme|||942||||942||
|Other trading<br>activities:<br>Trading<br>income|||845||||845|1,541|
|Investments:|||||||||
|Investment<br>income|||88|15|22||125|1,082|
|FRS102 pension scheme<br>interest|||47||||47|67|
|Other income|||108||||108|148|
||||20,279|15|197||20,491|25,139|
|Expenditure<br>on:|||||||||
|Raising funds:<br>Loan interest|||328||||328|338|
|Fees in advance<br>discount|||49||||49|51|
|Trading costs of subsidiaries|||999||||999|1,510|
|Charitable<br>activities:|||||||||
|Schools|||21,470|204|146|904|22,724|22,698|
|FRS 102 pension scheme<br>interest cost|||57||||57|81|
|||4|22,903|204|146|904|24,157|24,678|
|Net (expenditure)/income<br>before gains on investments|||(2,624)|(197)|51|(904)|(3,666)|461|
|Net gains on investments||7|65||29|2,122|2,216|3,374|
|Net (expenditure)/income|||(2,559)|(189)|80|1218|(1,450)|3,835|
|Transfers<br>between<br>funds||5|864|200|(33)|(1,031)|||
|Other recognised|||||||||
|gains/(losses):|||||||||
|Actuarial<br>gains/(losses)<br>on<br>defined<br>benefit schemes||12|85||||85|(219)|
|Net movement<br>in funds|||(1,610)|11|47|187|(1,365)|3,616|
|Reconciliation<br>of Funds:|||||||||
|Total funds<br>brought<br>forward|||3,320|113|951|119,504|123,888|120,272|
|Total funds carried forward||5|1,710|124|998|119,691|122,523|123,888|





## 

||||||||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Note|2020|2019|2020|2019|
||||||||||F'000|E'000|K'000|6'000|
|Fixed assets:|||||||||||||
|Tangible assets|||||||||44,312|45,455|44,312|45,424|
|Investments|||||||||85,146|84,231|85,146|84,231|
|Unsecured<br>loan to|William Jones'||||||s||||||
|Almshouses<br>Charity|||||||||2|2|||
|Unsecured<br>loans to||connected||||trading|||||||
|companies|||||||||||62|62|
||||||||||129,460|129,688|129,505|129,719|
|Current assets:|||||||||||||
|Stocks|||||||||232|198|30|31|
|Debtors|||||||||1,049|1,355|1,190|1,586|
|Investments:<br>cash <br>Cash at bank and|on deposit<br>in hand||||||||10,603|3,489<br>3,855|10,500|3,489<br>3,692|
||||||||||11,884|8,897|11,720|8,798|
|Liabilities:|||||||||||||
|Creditors: amounts||falling||due|||||||||
|within one year||||||||10|(5,172)|(5,448)|(5,052)|(5,391)|
|Net current assets|||||||||6,712|3,449|6,668|3,407|
|Total assets less|current||||liabilities||||136,172|133,137|136,173|133,126|
|Creditors: amounts<br>than one year||falling|||due||after more|11|(13,241)|(8,700)|(13,241)|(8,700)|
||||||||||122,931|124,437|122,932|124,426|
|Defined<br>benefit pension|||scheme||||liability|12|(408)|(549)|(408)|(549)|
|Total net assets|||||||||122,523|123,888|122,524|123,877|
|The Funds ofthe Charity:<br>Permanent<br>endowment<br>fund|||||||||119,691|119,504|119691|119,504|
|Restricted<br>funds|||||||||998|951|998|951|
|Unrestricted<br>funds:|||||||||||||
|Designated<br>funds<br>General funds|||||||||1,237<br>1,006|1,242<br>2,729|1,237<br>1,006|1,242<br>2,729|
|Non-charitable<br>trading<br>Pension scheme fund||||funds|||||(1)<br>(408)|11<br>(549)|(408)|(549)|
|Total Charity Funds||||||||5|122,523|123,888|122,524|123,877|





## 

|||||2020|2020|2019|2019|
|---|---|---|---|---|---|---|---|
|||||E'000|E'000|E'000|E'000|
|Net cash used<br>in operating|activities||||(1,958)||(544)|
|Cash flows from investing|activities:|||||||
|Investment<br>income received||||125||1,082||
|Purchase<br>of tangible<br>fixed assets||||(294)||(1,483)||
|Proceeds from sale of fixed|assets|||||6||
|Purchase<br>of investments||||(450)||(47)||
|Drawn<br>from Charities<br>Investment<br>Pool (Total Return)||||1,750||1,313||
|Net cash provided<br>by investing<br>activities|||||1,131||871|
|Cash flows from financing<br>Repayments<br>of borrowing<br>Receipts of borrowing|activities:|||(914)<br>5,000||(931)||
||||||4,086||(931)|
|Change<br>in cash and cash <br>reporting<br>period|equivalents|in the|||3,259||(604)|
|Cash and cash equivalents<br>reporting<br>period|at the beginning||ofthe||7,344||7,948|
|Cash and cash equivalents<br>reporting<br>period|at the end of||the||10,603||7,344|





## 

## 

|||||||2020|2019|
|---|---|---|---|---|---|---|---|
|||||||K'000|6'000|
|Net movement<br>in funds (per||Statement||of Financial|Activities)|(1,365)|3,616|
|Adjustments<br>for:||||||||
|Gains on investments||||||(2,216)|(3,374)|
|Investment<br>income||||||(125)|(1,082)|
|Depreciation||||||1,437|1,420|
|Profit on disposal of|fixed asset||||||(2)|
|Pension scheme adjustment<br>Increase<br>in stocks||||||(141)<br>(34)|(143)<br>28|
|Increase/(decrease)|in creditors||and provisions|||179|(709)|
|Decrease/(increase)|in debtors|||||306|(216)|
|Decrease/(increase)|in cash|held|for investment|||1|(82)|
|Net cash used<br>in operating||activities||||1,958|(544)|



## 

||2020|2019|
|---|---|---|
||f'000|8'000|
|Cash at bank|10,603|3,855|
|Investments||3,489|
|Total cash and cash equivalents|10,603|7,344|



## 

|||At 1||At 31|
|---|---|---|---|---|
|||September|Cash|August|
|||2019|flows|2020|
|||E'000|6'000|6'000|
|Cash|in hand|3,855|6,748|10,603|
|Cash <br>Loans <br>Loans|equivalents<br> falling due within one year<br> falling due after more than one year|3,489<br>(914)<br>(5,420)|(3,489)<br>24<br>(4, 110)|(890)<br>(9,530)|
|Total||1,010|(827)|183|



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||||||Permanent|||
|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|Total|Total|
||||Fund|Fund|Fund|2020|2019|
||||6'000|6'000|f.'000|6'000|6'000|
|Interest from <br>Income from|bank deposits<br> listed investments||31<br>72|1<br>21||32<br>93|34<br>86|
|Distributions|from Haberdashers'|||||||
|Charities<br>Investment||Pool|||||962|
|(Total Return)||||||||
||||103|22||125|1,082|
|FRS102 pension scheme interest|||47|||47|67|
||||150|22||172|1,149|



## 

|||||2020|2019|
|---|---|---|---|---|---|
|||||6'000|6'000|
|Gross Fees||||20,042|23,988|
|Less||||||
|Scholarships<br>Bursaries||||(414)<br>(1,391)|(433)<br>(1,614)|
|Assisted<br>places (a <br>Staff fee remission|bursary scheme replacing a former State-funded||scheme)|(83)<br>(850)|(187)<br>(1,019)|
|Commission|||||(73)|
|||||17304|20662|
|Numbers<br>of pupils<br>Scholarships<br>Bursaries|benefiting|from:||232<br>311|229<br>271|
|Assisted places||||8|13|





## 

## 

|||||||Other||||
|---|---|---|---|---|---|---|---|---|---|
||||||Staff|direct||Total|Total|
||||||costs|costs|Depreciabon|2020|2019|
||||||6'000|K'000|6'000|K'000|6'000|
|Raising funds:<br>Loan interest||||||328||328|338|
|Fees in advance|discount|||||49||49|51|
|Trading costs of|subsidiaries||||105|894||999|1,510|
||||||105|1,271||1,376|1,899|
|Charitable<br>expenditure:<br>Teaching costs<br>School welfare|||||10,999<br>1,250|1,553<br>817|482<br>34|13,034<br>2,101|13,080<br>2 068|
|School premises costs<br>Support costs<br>Governance<br>costs|||||1,457<br>1,776<br>20|2,461<br>886<br>84|904<br>1|4,822<br>2663<br>104|4,828<br>2644<br>78|
|FRS102 pension|scheme|interest costs||||57||57|81|
||||||15,502|5,860|1,421|22,781|22,779|
|Total resources|expended||||15,607|7,129|1,421|24,157|24,678|
|||||||||2020|2019|
|||||||||E'000|8'000|
|Charitable<br>expenditure<br>Remuneration<br>of Schools'||includes:<br> auditors||for audit services||||34|34|
|Remuneration<br>of Foundation's|||auditors||for audit services|||10|13|
|Payment<br>to the|Haberdashers'||Company||for service charges|||18|17|



|t costs include<br>administratio<br> costs.|n<br>and gr|ounds<br>staff, establishment|costs, professional<br>fees, tr|avel and|
|---|---|---|---|---|
||||2020|2019|
||||8'000|6'000|
|Staff costs comprised:<br>Wages and salaries<br>Social security costs<br>Pension<br>contributions|||12,278<br>1,154<br>2,064|12,112<br>1,061<br>1,521|
|Payment<br>of Haberdashers'<br>paymaster<br>arrangement|Company|staff under|112|110|
||||15,607|14,804|





## 

## 

## 

|tion<br>or reimburse|d<br>|expe|nses were pa|id to the Trustees or to|any of the Schools' Go|vernors.|
|---|---|---|---|---|---|---|
||||||2020|2019|
||||||E'000|E'000|
|employee-benefits|of|key|management|personnel|1,066|442|



|e<br>number|s<br>ofemployees<br>in the year were:|||
|---|---|---|---|
|||2020|2019|
|||No.|No.|
|Teaching<br>staff<br>Other staff||278<br>286|257<br>313|
|||564|570|



|2020|2019|
|---|---|
|No.|No.|





## 

## 

|Yea|r ended 31 August 2020|r ended 31 August 2020|r ended 31 August 2020|r ended 31 August 2020||||
|---|---|---|---|---|---|---|---|
||STATEMENT OF FUND MOVEMENTS AND TRANSFERS|||||||
|(a)|Fund movements|Balance<br>1|||Other<br>recognised||Balance<br>31|
|||September|||galnsl|Net|August|
|||2019<br>E'000|Income<br>8'000|Expenditure<br>8'000|(losses)<br>E'000|Transfers<br>8'000|2020<br>K'000|
||Designated<br>funds:<br>Schools cyclical repairs<br>Boys school capital projects<br>Girls school bursary<br>fund|252<br>118<br>61||(382)||500<br>(119)<br>(61)|371|
||Leavers deposits<br>Assisted places reserve<br>Prospectus<br>reserve<br>Recruitment<br>reserve|22<br>603<br>104<br>2||||(22)<br>61<br>10<br>20|666<br>114<br>22|
||Governors<br>reserve|||||(1)||
||Pensions<br>reserve|80||(41)||25|64|
|||1,242||(423)||413|1,237|
||General funds—|||||||
||Foundation:|||||||
||Schools<br>Foundation<br>Income Fund|2,616<br>113|19,382<br>15|(21,424)<br>(204)|65|243<br>200|882<br>124|
||Pension scheme fund|(549)|47|(57)|85|66|(408)|
|||2,180|19,444|(21,685)|150|509|598|
||Total unrestricted<br>funds—<br>Foundation<br>Non-charitable<br>trading<br>funds|3,422<br>11|19,449<br>845|(22,108)<br>(999)|150|922<br>142|1,835<br>(1)|
||Total unrestricted<br>funds—<br>Group|3,433|20,294|(23,107)|150|1,064|1,834|
||Restricted funds<br>Schools scholarship<br>funds<br>Pre-Prep<br>8 Nursery<br>grant|348<br>8|100|(79)<br>(5)||(49)|319<br>3|
||Pre-Prep<br>& Nursery<br>bursary<br>Girls school other||7<br>17|(7)||16|33|
||Walker Memorial<br>Fund||1|(3)||||
||Covid Support Fund<br>Extraordinary<br>repair fund<br>Stephenson<br>awards|577<br>16|52<br>20|(52)|29||626<br>16|
||Total restricted funds|951|197|(146)|29|(33)|999|
||Permanent<br>endowment<br>fund|119,504||(904)|2, 122|(1,031)|119,691|
||Total Funds|123,888|20,491|(24,157)|2,301||122,523|





## 

## 

|5.|STATEMENT OF FUND MOV|EMENTS AND T|RANSFERS (co|ntinued)|||
|---|---|---|---|---|---|---|
|(a)|Transfers<br>between<br>funds|Non-<br>charitable|Chantable|||Permanent|
|||trading|unrestricted|Designated|Restricted|endowment|
|||funds|funds|funds|funds|fund|
|||r.'000|9'000|r.'000|9'000|E'000|
||Transfer from unapplied<br>Total Return||1,950|||(1,950)|
||Funding<br>from schools for<br>new buildings||(919)|||919|
||Additions<br>to cyclical<br>maintenance<br>reserves||(500)|500|||
||Recruitment<br>reserve||(20)|20|||
||Leavers<br>~de osits<br>Capital projects reserve<br>Prospectus<br>reserve||118<br>{10)|(2+2<br>+118)<br>10|22||
||Scholarship<br>awards||55||(~55||
||Provision<br>for assisted||||||
||places||(83)|83|||
||Assisted places provision||||||
||used|||(83)|||
||Addition<br>to governors'<br>general reserve||(23)|23|||
||Bus company<br>sup)3lement|186|{186)||||
||Trading companies<br>payment<br>under gift aid|(44)|44||||
|||142|509|413|(33)|(1,0313|





## 

## 

|TANGIBLE FIXEDASS|ETS||||||
|---|---|---|---|---|---|---|
|Foundation<br>and<br>Group|Freehold<br>land and<br>buildings<br>E'000|Equipment<br>arid<br>furnishings<br>5'000|Motor<br>vehicles<br>E'000|Charity<br>total<br>K'000|Subsidiary<br>companies<br>equipment<br>6'000|Group<br>Total<br>F'000|
|Cost|||||||
|1 September 2019<br>Additions|57,116<br>6|4,750<br>286|330|62,196<br>292|126<br>2|62,322<br>294|
|Disposals||(120)|(31)|(151)||(151)|
|31 August 2020|57,122|4,916|299|62,337|128|62,465|
|Depreciation<br>1 September 2019<br>Charge for year<br>Disposals|14,386<br>904|2,127<br>486<br>(120)|259<br>31<br>(31)|16,772<br>1,421<br>(151)|95<br>16|16,867<br>1,437<br>(151)|
|31 August 2020|15,290|2,493|259|18,042|111|18,153|
|Net book value|||||||
|31August 2020|41,832|2,423|40|44,295|17|44,312|
|31 August 2019|42,730|2,623|71|45,424|31|45,455|





## 

|Yea|r ended 31August 2|020|||||
|---|---|---|---|---|---|---|
|7,|INVESTMENTS||||||
||Foundation<br>and Group||||2020<br>000|2019<br>f'000|
|(a)<br>(b)<br>(c)|Listed investments<br>Haberdashers'<br>Charities<br>Investment<br>cash|Investment|Pool (Total Return)||2,816<br>82,247<br>83|2,272<br>81,875<br>84|
||||||85,146|84,231|
|(a)|Listed investments||||||
||Foundation<br>and Group|||Extraordinary<br>repair|Governors<br>Investment||
|||||fund|fund|Total|
|||||f'000|f'000|f'000|
||Market value at 1 September 2019<br>Acquisitions<br>at cost<br>Net gain on revaluation|||613<br>21<br>29|1,659<br>429<br>65|2,272<br>450<br>94|
||Market value at 31 August 2020|||663|2,153|2,816|



## 

|Foundation<br>and Group|2020<br>f'000|2019<br>f.'000|
|---|---|---|
|Market value at 1 September 2019<br>Withdrawals<br>Net gain on revaluation|81,875<br>(1,750)<br>2,122|79,894<br>(1,313)<br>3,294|
|Market value at 31 August 2020|82,247|81,875|





## 

## 

|||||||||Trust|Unapplied|||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||for|Total|Total|Total|
|||||||||investment|Return|2020|2019|
|||||||||E'000|E'000|E'000|E'000|
|Trust for investment||at|1|September||2019||6,314|76,793|83,107|80,751|
|Investment<br>returns:||||||||||||
|Investment<br>income|||||||||||962|
|Realised and unrealised|||||investment<br>gains||||2,122|2,122|3,294|
|Transfer to trust for|application||||||||(1,950)|(1,950)|(1,900)|
|Trust for investment|||at|31August||2020||6,314|76,965|83,279|83,107|
|DEBTORS AND PREPAYMENTS||||||||||||
|||||||||Group||Foundation||
|||||||||2020|2019|2020|2019|
|||||||||E'000|E'000|E'000|E.'000|
|Prepayments<br>Other debtors||||||||383<br>242|222<br>428|383<br>220|222<br>428|
|School fees||||||||424|697|424|697|
|Due from subsidiary||companies||||||||163|231|
|Debtors due after|more|||than one year|||||8||8|
|||||||||1,049|1,355|1,190|1,586|
|CREDITORS: AMOUNTS|||||FALLING DUE WITHIN ONE YEAR|||||||
|||||||||Group||Foundation||
|||||||||2020|2019|2020|2019|
|||||||||E'000|E'000|E'000|E'000|
|Bank loans||||||||890|914|890|914|
|School fees in advance and confirmation|||||||deposits|2,572|3,188|2,572|3,188|
|Taxation<br>and social||security||||||370|319|370|316|
|Other creditors||||||||911|666|791|555|
|Accruals and deferred||||income||||429|361|429|361|
|Due to subsidiary|companies||||||||||57|
|||||||||5,172|5,448|5,052|5,391|



## 

## 



## 

## 


## 

## 

## 



## 

## 



## 

## 

|Assumptions|Assumptions||As at<br>31 August 2020|As at<br>31August 2019|As at<br>31August 2018|
|---|---|---|---|---|---|
|Discount|rate||1.6%|1.8%|2.7%|
|Inflation|||34%|30%|33%|
|Increases <br>(statutory|to deferred<br>revaluation)|pensions<br>before retirement|2.4%|2.0%|2.3%|



## 

|Based on the assumpt<br>summarised<br>below:|ions,<br>on th|e b|alanc|e sh|eet dat|e the|average<br>future<br>life expect|ancies<br>at ag|e 65 are|
|---|---|---|---|---|---|---|---|---|---|
||||||||As at|As at||
|Life expectancy<br>from|age 65 years||||||31August 2020|31August|2019|
|Retiring<br>today|Male<br>Female||||||22.2<br>24.2|22.1<br>24.1||
|Retiring<br>in 20 years|Male<br>Female||||||24.0<br>26.0|23.9<br>25.9||
|||||||||2020|2019|
|The amounts<br>recognised<br>in the statement of financial position||||||||E'000|E'000|
|Present<br>value<br>of|funded<br>obligations|||(excluding||provision<br>for additional||3,210|3,252|
|liabilities)<br>Fair value of plan|funds|||||||(2,802)|(2,703)|
|Net defined benefit|liability as|recognised|||in the Balance Sheet|||408|549|
|||||||||2020|2019|
|The amounts<br>recognised<br>in the income||||statement||||E'000|E'000|
|Net interest cost||||||||10|14|
|Past service cost||||||||||
|Total pension expense||||||||10|14|
|||||||||2020|2019|
|The amounts<br>in the|statement|ofother||recognised||gains and losses||E'000|E'000|
|Actuarial<br>gain on <br>Actuarial<br>loss on|plan assets<br> defined<br>benefit obligation|||||||194<br>(109)|73<br>(292)|
|Total gain/(loss)|in statement||of other||recognised||gains and losses|85|(219)|





## 

|NOTES TO THE ACCOUNTS<br>Year ended 31 August 2020|||||
|---|---|---|---|---|
|12.<br>PENSION COSTS (continued)|||||
||||2020|2019|
|Changes<br>in the present value ofthe defined benefit obligation|||E'000|E.'000|
|Liabilities at the start of the period|||3,252|3,097|
|Interest cost|||57|81|
|Actuarial<br>gain|||109|292|
|Benefits paid|||(208)|(218)|
|Liabilities at the end ofthe period|||3,210|3,252|
||||2020|2019|
|Changes<br>in the fair value of plan assets|||E'000|E'000|
|Fair value of plan assets at the start of the period<br>Interest income|||2,703<br>47|2,405<br>67|
|Actuarial<br>gain<br>Contributions<br>by the employer<br>Benefits paid|||194<br>66<br>(208)|73<br>376<br>(218)|
|Fair value of plan assets at the end ofthe period|||2,802|2,703|
||||2020|2019|
|Analysis of return on plan assets|||E'000|E'000|
|Interest income|||47|67|
|Actuarial<br>gain on plan assets|||194|73|
|Return on plan assets|||241|140|
|Major categories of plan assets as a percentage|oftotal assets||||
||Proportion|Value of|Proportion|Value of|
||of portfolio|assets|of portfolio|assets|
||31 August<br>2020|31 August<br>2020|31August<br>2019|31August<br>2019|
||0/|E'000|0/|E'000|
|Equity<br>Property<br>Bonds|51.7<br>40.7|1,448<br>1,141|50.1<br>1.5<br>42.1|1,356<br>40<br>1,138|
|Alternative<br>Cash|3.3<br>4.3|92<br>121|2.7<br>3.6|72<br>97|
|Total market value ofassets|100.0|2,802|100.0|2,703|





## 

## 

||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
|Reconciliation||offunds|||||E'000|E'000|
||Total funds|excluding|pension|deficit|||122,931|124,437|
||Pension<br>deficit||||||(408)|(549)|
||Total funds|including|pension|deficit|||122,523|123,888|
|3.|ANALYSIS OF GROUP NET ASSETS||||BETWEEN FUNDS||||
||||||||Permanent||
||||||Unrestricted|Restricted|Endowment|Total|
||||||Funds|Funds|Funds|Funds|
||||||E'000|E'000|E'000|E'000|
||Tangible<br>fixed assets<br>Fixed asset investments||||2,480<br>2,234|665|41,832<br>82,247|44,312<br>85,146|
||Loan to William Jones's Almshouse||||||||
||Charity<br>Net current assets||||5,989|333|2<br>390|2<br>6,712|
||Creditors<br>Defined|due after more than one year<br>benefit pension scheme|||(8,461)<br>(408)||(4,780)|(13,241)<br>(408)|
||||||1,834|998|119691|122 523|



## 

## 



## 

## 

## 

## 

## 

|A summary<br>of trading<br>resul|ts and balance|sheets for<br>|the trading<br>sub|sidiaries<br>is|shown<br>below:||
|---|---|---|---|---|---|---|
||MSEL||HMSGEL||Bus Company||
||2020|2019|2020|2019|2020|2019|
||E'000|E'000|E'000|E'000|E'000|F'000|
|Turnover|457|875|156|350|231|316|
|Cost ofsales|(286)|(366)|(87)|(146)|(413)|(593)|
|Administration<br>expenses|(184)|(365)|(25)|(37)|(3)|(4)|
|Operating<br>profit/(loss)<br>Subsidy from schools|(13)|144|44|167|(185)<br>185|(281)<br>281|
|Interest receivable|||||||
|Transfer to the|||||||
|Foundation(DoC)||(144)|(44)|(167)|||
|Retained<br>profit for the|||||||
|year|(13)||||||
|Retained<br>profit b/f|3|3|||||
|Retained<br>profit c/f|(10)|3|||||
|Fixed assets|16|31|||||
|Current assets|186|346|147|265|4|5|
|Creditors<br>falling due|||||||
|within one year|(212)|(374)|(77)|(195)|(4)|(5)|
|Unsecured<br>loan|||(62)|(62)|||
|Net assets|(10)|3|8|8|||





## 

## 

|||Unrestricted|Funds||Permanent|Total|
|---|---|---|---|---|---|---|
||||Foundation|Restricted|Endowment||
|||Schools|Income|Funds|fund|2019|
|||K'000|E'000|E'000|E'000|E'000|
|Income and endowments|from:||||||
|Donations||39||208||247|
|Charitable<br>activities;|||||||
|School fees||20,662||||20,662|
|Other educational<br>income||44||||44|
|Ancillary<br>trading<br>income||1,348||||1,348|
|Other trading<br>activities:<br>Trading<br>income||1,541||||1,541|
|Investments:|||||||
|Investment<br>income||95||21|962|1,082|
|FRS102 pension scheme <br>Other income|interest|67<br>148||||67<br>148|
|||23,944|4|229|962|25,139|
|Expenditure<br>on:|||||||
|Raising funds:<br>Loan interest<br>Trading costs of subsidiaries||338<br>1,510||||338<br>1,510|
|Charitable<br>expenditure:<br>Schools||21,624|181|60|884|22,749|
|FRS 102 pension scheme <br>cost|interest|81||||81|
|||23,553|181|60|884|24,678|
|Net gains on investments||60||20|3294|3374|
|Net incomef(expenditure)||451|(177)|189|3,372|3,835|
|Transfers<br>between funds||(29)|150|(143)|22||
|Other recognised losses:|||||||
|Actuarial<br>losses on defined|benefit||||||
|schemes||(219)||||(219)|
|Net movement<br>in funds||203|(27)|46|3,394|3,616|
|Reconciliation<br>of Funds:|||||||
|Total funds<br>brought<br>forward||3,117|140|905|116,110|120,272|
|Total funds carried forward||3,320|113|951|119,504|123,888|





## 

## 

|18.<br>INVES|TMENT|INCOME FOR THE YE|AR ENDED 31AUG|UST 2019|||
|---|---|---|---|---|---|---|
||||||Permanent||
||||Unrestricted|Restricted|Endowment|Total|
||||Fund|Fund|Fund|2019|
||||f'000|f'000|f'000|f'000|
|Interest from|bank deposits||32|2||34|
|Income from|listed|investments|67|19||86|
|Distributions<br>from Haberdashers'<br>Charities<br>Investment<br>Pool (Total Return)|||||962|962|
||||99|21|962|1,082|
|FRS102 pension scheme interest|||67|||67|
||||166|21|962|1,149|



## 

## 

|||Other direct||Total|
|---|---|---|---|---|
||Staff costs|costs|Depreciation|2019|
||f'000|f'000|f'000|f'000|
|Raising funds:<br>Loan interest||338||338|
|Trading costs of subsidiaries|249|1,261||1,510|
||249|1,599||1,848|
|Charitable<br>expenditure:<br>Teaching costs<br>School welfare|10,632<br>890|1,970<br>1,140|478<br>38|13,080<br>2,068|
|School premises costs<br>Support<br>costs<br>Governance<br>costs|1,440<br>1,571<br>22|2,504<br>1,123<br>56|884<br>1|4,828<br>2,695<br>78|
|FRS102 pension scheme interest costs||81||81|
||14,555|6,874|1,401|22,830|
|Total resources expended|14,804|8,473|1,401|24,678|





## 

## 

|(a)|Fund movements|||Balance<br>1|||Other<br>recognised||Balance<br>31|
|---|---|---|---|---|---|---|---|---|---|
|||||September|||gains/|Net|August|
|||||2018|Income|Expenditure|(losses)|Transfers|2019|
|||||6'000|K'000|6'000|6'000|6'000|E'000|
||Designated<br>funds:|||||||||
||Schools cyclical repairs|||250||(264)||264|252|
||Boys school capital|projects||117|||||118|
||Girls school bursary|fund||61|||||61|
||Leavers deposits<br>Assisted<br>places reserve<br>Prospectus<br>reserve|||18<br>450<br>103||||151|22<br>603<br>104|
||Recruitment<br>reserve|||1||(49)||50|2|
||Governors<br>reserve|||||||(2)||
||Pensions<br>reserve|||125||(46)|||80|
|||||1251|12|(358)||463|1,242|
||General funds—|||||||||
||Foundation:|||||||||
||Schools<br>Foundation<br>Income|Fund||2,673<br>140|22,324<br>4|(21,604)<br>(181)|60|(837)<br>150|2,616<br>113|
||Pension scheme<br>fund|||(692)|67|(81)|(219)|376|(549)|
|||||2,121|22,395|(21,866)|(159)|(311)|2,180|
||Total unrestricted|funds—||||||||
||Foundation|||3,246|22,407|(22,224)|(159)|152|3,422|
||Non-charitable<br>trading||funds|11|1,541|(1,510)||(31)|11|
||Total unrestricted|funds—||||||||
||Group|||3,237|23,343|723,7347|(159)|121|3,433|
||Restricted funds|||||||||
||Schools scholarship<br>Pre-Prep<br>& Nursery|fund<br>grant||333<br>5|111<br>9|(47)<br>(6)||(49)|348<br>8|
||Pre-Prep<br>8 Nursery|bursary|||7|(7)||||
||Boys school science labs|||13||||(13)||
||Walker Memorial<br>Fund||||27|||(25)||
||Merlin<br>Music Piano|Fund|||20|||(20)||
||Rowing Boat Fund<br>Extraordinary<br>repair <br>Stephenson<br>awards|fund||538<br>16|36<br>19||20|(36)|577<br>16|
||Total restricted<br>funds|||905|229|(60)|20|(143)|951|
||Permanent<br>endowment|||||||||
||fund|||116,110|962|(884)|3,294|22|119,504|
||Total Funds|||120,272|25,139|(24,678)|3,155||123,888|





## 

## 

|(b)|Transfers<br>between|funds|funds||Non-|||||
|---|---|---|---|---|---|---|---|---|---|
||||||charitable|Charitable|||Permanent|
||||||trading|unrestricted|Designated|Restricted|endowment|
||||||funds|funds|funds|funds|fund|
||||||6'000|6'000|F'000|E'000|6'000|
||Transfer from unapplied||Total|||||||
||Return|||||1,900|||(1,900)|
||Funding<br>from schools for|||new||||||
||buildings|||||(1,922)|||1,922|
||Additions<br>to cyclical|||||||||
||maintenance<br>reserves-|||||(264)|264|||
||Recruitment<br>reserve|||||(50)|50|||
||Science laboratories|||||||||
||refurbishment<br>fund|||||13||(13)||
||Walker Memorial<br>fund|||||25||(25)||
||Merlin Music Piano|fund||||20||(20)||
||Rowing Boat fund|||||36||(36)||
||Scholarship<br>awards|||||49||(49)||
||Provision<br>for assisted||places|||(338)|338|||
||Assisted<br>places provision|||used||187|(187)|||
||Addition<br>to governors'||pension|||||||
||reserve|||||2|(2)|||
||Bus company<br>supplement||||280|(280)||||
||Trading<br>companies|payment||||||||
||under<br>gift aid||||(311)|311||||
||||||(31)|(311)|463|(143)|22|





## 

## 

|No new end|owment|gifts|have been|received since|the base date.|||
|---|---|---|---|---|---|---|---|
||||||Trust|Unapplied||
||||||for|Total|Total|
||||||investment|Return|2019|
||||||E'000|E'000|6'000|
|Trust for investment||at 1|September|2018|6,314|74,437|80,751|
|Investment|returns:|||||||
|investment|income|||||962|962|
|Realised and unrealised|||investment|gains||3,294|3,294|
|Transfer to|trust for application|||||(1,900)|(1,900)|
|Trust for investment||at|31August|2019|6,314|76,793|83,107|



## 

|||||Permanent||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||Funds|Funds|Funds|Funds|
|||K'000|E'000|8'000|E'000|
|Tangible<br>fixed assets<br>Fixed asset investments||2,725<br>1,741|615|42,730<br>81,875|46,455<br>84,231|
|Loan to|William Jones's Almshouse|||||
|Charity<br>Net current assets/(liabilities)<br>Creditors<br>due after more than one year||2,796<br>(3,280)|336|2<br>317<br>(5,420)|2<br>3,449<br>(8,700)|
|Defined|benefit pension scheme|(549)|||(549)|
|||3,433|951|119,504|123,888|