2021-08-31-accounts

		Page
Annual Report ofthe	Feoffees
Independent Auditors'	Report	16
Statement of Financial	Activities	19
Balance Sheet		20
Cash Flow Statement		21
Notes to the Cash Flow Statement
Notes to the Financial	Statements	23

	F	or the year	ended 31 Au	gust 2021
		Notes	Hospital Funds	School Funds	Libmry Funds	202(	2020
			f	f	6
Income from:
Charitable activities:
School fees				10,006,615		10,006,615	9,589,696
Anclltary activtties			530	553,390	9,103	563,023	139,495
Ofher trading act/vlVesr
Activities for generabng	funds		27,647	I33,337		160,984	291,132
lnvestmenlsr
Investment income			13,310	133,754	79,713	226,777	182,266
Voluntary sources:
Bequests and donations Grants received			28,375	483,179 219,685	120,967 91,517	632,521 311,202	1,676,952 481,769
Total incoming resources			69,862	11,529,960	301,300	11,901,122	12,361,310
Expenditure on:
Raising funds;
Fundraising Publidty Conference, facility hire	and trading costs		12,463 11,634	80,193 137,744 135,318		92,656 137,744 146,952	124,467 110,034 262,137
Financing costs			I28,802	2,819		131,621	146,200
investment management	costs		3,166	43,100	16,187	62,453	24,526
			156,065	399,174	16,187	571,426	667,364
Charitable acflvlVesr
Teaching costs —academic Teaching costs —music Welfare				2,076,471 4,005,417 1,473,716		2,076,471 4,005,417 1,473,716	2,121,423 3,765,814 1,180,736
Premises			1,070,457	2,003,830		3,074,287	2,995,825
Schdarships and bursaries Grants, awards and prizes			2,500	576,777 17,039		576,777 19,539	241,672 14,411
Library running costs					199,152	199,152	200,825
Support and Governance	costs		15948 1,088,905	86 118 10239,368	1,489 200,641	103555 11,528,914	97407 10,618,113
Total resources expended		9	1,244,970	10,638,542	216,828	12,100,340	11,285,477
Net Income/(expenditure)			(1,175,108)	891,418	84,472	(199,218)	1,075,833
Transfer between funds		10	727,000	(727,000)
Gains/(losses) on investment
assets:
Realised			1,733	75,196	46,098	123,029	(265,579)
Unrealised			187,152	1,064,097	366,647	1,617,896	402,490
Net movement in funds			(259,223)	1,303,713	497,217	1,541,707	1,212,744
Fund balances at 1 September 2020			32622,038	11,829315	2690,381	47 141 734	45928 990
Fund balances at 31	August 2021		32,362,815	13,133,028	3,187,598	48,683,441	47,141,734

				Note		2021f	2020 6
Fixed assets
Heritage assets				11		115,000	115,000
Tangible fixed assets				11	33,877,047		34,874,877
Investments				12	11	223214	8306295
					45,215,261		43,296,172
Cunent assets
Debtors - fees						380,076	464,693
other debtors and prepayments				13		432,483	1,519,429
Cash at bank and in	hand				7	493 307	4934341
					8,305,866		6,918,463
Creditors: amounts	falling due within one		year	14	3	053 663	1 141782
Net current assets					5	252 203	~577668
Total assets less current liabilities					50,467,464		49,072,853
Creditors: amounts falling due after more			than one year	15	~1784023		1 931 119
Total net assets				16
Endowment funds				17	3,461,934		2,975,678
Restricted funds				18	35,828,477		35,587,455
Unrestricted funds				19	9	393030	8578601
Total funds
Hospital funds					32	362815	32,622,038
School funds					13,133,028		11,829,315
Library funds					3	187598	2690381
Total funds				16
The financial statements were approved and signed on their behalf by:			and authorised	for issue by the Feoffees on		7Ctx.g~ 2022

			Cash flow
			statement
			notes	2021f	2020f
Net cash inflow/(outflow) from operations
Net cash provided by/(used by) operating activities			1	2,650,665	(1,259,275)
Cash flows from investing actlvllles
Investment income				226,777	186,266
Bank loan and interest payable				(131,621)	(146,200)
Payments to purchase buildings and other fixed assets				(97,787)	(175,654)
Payments to acquire investments, including	cash awaiting	investment		(1,919,071)	(6,438,310)
Receipts from sales offixed asset investments				1,803,137	2,758,640
Increase in cash held by investment advisors				165,081	(302,044)
Net cash provided by/(used in) investing	activities			46516	~4117302
Cash flow from financin activities
Bank loan repayments				5	~129323
Net cash used in Rnandng activities				~138 15	~129 23
Change in cash and cash equivalents in	the reporting	period		2,558,966	(5,505,900)
Cash and cash equivalent at the beginning	ofthe pen'od			4934341	10440 241
Cash and cash equivalent at the end ofthe	period		2

				2021f	2020f
Net (outgoing)fincoming		resources		(199,218)	1,075,833
Depreciation				1,095,617	1,077,424
Investment income				(226,777)	(186,266)
Bank and loan interest		payable		131,621	146,200
Donated investments				(1,225,141)
Decrease/(increase)	in	debtors		1,171,563	(1,216,813)
Increase/(decrease)	in	creditors		1,903,000	(2,155,653)
Net cash inflow/(oufflow)		from operating	activities	2,650,665	(1,259,275)

nalys	is	ofcash and cash equivalent
			2021f	2020
Cash	at	bank and in hand	5,963,122	3,404,361
Cash	on	deposit	1,530,185	1,529,980
			7,493,307	4,934,341

econ	ciliation of net debt
		At 1		At 31
		September		August
		2020f	Cash//ow f	2021 f
Cash	at bank and in hand	4,934,341	2,558,966	7,493,307
Bank	loan due in less than one year	(134,959)	(8,881)	(143,840)
Bank	loan due in greater than one year	(1,931,119)	147,096	(1,784,023)
		2,868,263	2,697,181	5,565,444

School fees
					2021	2020f
Gross fees receivable					10,006,615	9,701,503
Less: total bursaries,	grants	and allowances			(576,777)	(353,479)
					9,429,838	9,348,024
Scholarships and bursaries		financed	from restricted	and
endowmentfunds					576,777	241,672
The total educational	awards	financed	from restricted	funds
comprise:
					2021f	2020f
Scholarships and bursaries					576,777	241,672
Grants, awards and prizes					17,592	12,485
Other trading activities
					2021	2020f

vestment income
			2021f	2020 E
Income from UK listed investments		(gross)	226,534	161,478
Interest on funds deposited	on bank	reserve	243	20,788
accounts

Ancillary activities
		2021	2020
			E
Charitable activities
Concert income		2,411	11,464
Piano Summer School		243,441	93,207
Sundry income		35,514	34,824
Insurance daims		281,657
Expenditure
		2021	2020
			E
Charitable expenditure	indudes:
Depreciation offixed assets		1,095,617	1,077,424
Auditors' remuneration:	audit services	19,763	19,609
Operating lease costs

Employment costs	Employment costs
		2021	2020
		E
Wages	and salaries	5,844,131	5,667,740
Social security costs		499,749	474,144
Pension	contributions	916,761	892,288

he number of employees whose emoluments exce	eded 660,000was as follows:
	2021	2020
	No.	No.
f60,001to f70,000	2	1
f70,001 to f80,000		1
680,001to 690,000
f90,001tof100,000
6100,001 to6110,000
6110,001 to L'120,000
f120,001to 6130,000
L130,001to 8140,000

Analysis of	tot	al re	so	urces e	xpended
					Staff	Other	Depreciation	Total	Total
					costs	costsf		2021 E	2020f
Cost ofgenerating			funds
Fundraising					74,793	17,863		92,656	124,467
Publicity					119,589	18,155		137,744	110,034
Conference,	facility hire			and
trading costs					44,153	102,799		146,952	262,137
Financing costs						131,621		131,621	146,200
investment	management			costs		62,453		62453	24,526
					238,535	332,891		571,426	667,364
Charitable	activities
Teaching costs		—academic			1,866,998	209,473		2,076,471	2,121,423
Teaching costs		- music			3,450,819	554,598		4,005,417	3,765,814
Welfare					570,727	902,989		1,473,716	1,180,736
Premises					930,880	1,047,790	1,095,617	3,074,287	2,995,825
Scholarships	&	bursaries				576,777		576,777	241,672
Grants, awards		& prizes				19,539		19,539	14,411
Library costs					151659	47493		199152	200 825
					6,971,083	3,358,659	1,095,617	11,425,359	10,520 706
Governance	costs				51 023	52532		103555	97407
					7,260,641	3,744,082	1,095,617	12,100,340	11,285,477

	Hospital	School	Library	Total	Total
Support Costs				2021f	2020f
Management		126,718	151,659	278,377	254,063
Administration		239,039	19,112	258,151	240,253
Recruitment		21,453		21,453	18,695
ONce costs		56,427	18,340	74,767	67,083
IT		69,222		69,222	68,401
Legal and professional		231,530		231,530	183,297
Insurance		64,372		64 372	58,129
		808,761	189,111	997,872	889,921

Trans	fers between	f	unds
				Unrestricted		Funds	Restricted	Endowment	Total
				General	Designatedf		Funds f	Funds f	Fundsf
Hospital
Rent from School				627,000					627,000
New School Development		Fund		(267,717)			267,717
Contribution from School for			the
Site Development Project							100,000		100,000
Palatine	Demolitlon Project			50,000		50000
				309,283		50 000	367717		727000
School
Rent paid to Hospital				(627,000)					(627,000)
Contribution to Hospital for		the Site
Development Project				(100,000)					(100,000)
Transfer	for Dining Room
Refurbishment				(50,000)		50,000
Transfer	for Chiller Unit			(6,000)		6,000
Transfer	for Millgate Project			22,595	(22,595)
Transfer	for ITupgrade			19,320	(19,320)
				(741,085)		14,085			(727,000)
Library
Transfer	for Budget Support		Fund	(59,000)		59,000
Transfer	for Ughting Fund			(5,000)		5,000
Transfer	from Library Patrons		Fund	394			394
				(63,606)		64,000	(394)
TOTAL				495,408		128,085	367,323

angible fixed assets
	Heritage	Freehold	Fumlfure,
	Assets	Property	Fittings,
			Plant ft	Instruments	Total
			Equipment
Cost:
At 1 September 2020 Additions	115,000	43,998,868 15,500	742,419 37,020	183,173 45,267	45,039,460 97,787
At 31 August 2021	115,000	44,014,368	779,439	228,440	45,137,247
Depreciation: At 1 September 2020 Charge for the year		9,517,982 958,337	353,636 132,072	177,965 5,208	10,049,583 1,095,617
At 31 August 2021		10,476,319	485,708	183,173	11,145,200
Net book value:
At 31 August 2021	115,000	33,538,049	293,731	45,267	33,992,047
At 1 September 2020	115,000	34,480,886	388,783	5,208	34,989,877

nvestments
			Restricted	Unrestricted	Endowment
			Fundsf	Fundsf	Fundsf	Totalf
Balance at 1 September 2020			5,117,199	63,516	3,125,580	8,306,295
Additions			833,718	1,715,620	594,874	3,144,212
Disposals			(618,852)	(503,957)	(557,299)	(1,680,108)
Revaluation gains			1,016,519	114,255	487,122	1,617,896
Change in amounts		awaiting
investment			223 777	67,311	8615	165081
Balance at 31 August 2021			6,124807	1 456,745	3641 662	11,223,214
Historical cost	oflisted investments		4 653,970	584,825	2,628,636	7,867431
Listed on UK stock		exchange	6,078,450	1,387,252	3,618,037	11,083,739
Cash holding			46,357	69,493	23,625	139475
			6,124,807	1,456 745	3,641,662	11223,214
All investments	are	held to provide an investment return.
Debtors (excluding fees)
					2021 f	2020 f
Other debtors					287,773	179,211
Prepaym ants					81,470	72,558
Accrued income					63,240	1,267,660
					432,483	1,519,429

14.	Creditors:	am	ounts	falling due within one year
					2021 f	2020 f
	Bank loans	(note 15)			143,840	134,959
	Other creditors		and accruals		1,009,823	1,006,823
	Fees received		in advance from DfE		1 900000
15.	Creditors:	amounts		falling due after more than one year
					2021f	2020f
	Bank loans				1 784 023	1 931 119

			Fixed		Net current	Long term	Long term		Total
			Assets	Investments	assetsf	liabilities
				f	(liabilities) f
Hospital
Unrestricted			1,749,959	3,482	543,199				2,296,640
Restricted			31,278,415	416,662	(596,587)	(1,784,023)			29,314,467
Endowment				750 688	1 020				751 708
			33,028,374	1,170,832	52,368	1,784,023			32,362,815
School
Unrestricted			848,673	1,423,110	4,366,701				6,638,484
Restricted				5,708,145	786,399				6,494,544
			848 673	7 131,255	5153100				13133028
Librar)f
Unrestricted			115,000	30,153	312,753				457,906
Restricted					19,466				19,466
Endowment				2,890,974	180748				2710226
			115,000	2921 127	151,471				3,187,598
Total
Unrestricted			2,713,632	1,456,745	5,222,653				9,393,030
Restricted			31,278,415	6,124,807	209,278	(1,784,023)			35,828,477
Endowment				3641 662	179,728				3461934
			33,992,047	11,223,214	5,252,203	1,784,023			48,683,441
ndowmen	t	funds
			Balance at					Transfers	Balance	at
			1 September	Incoming	Resources	investment		between	31August
			2020 f	Resoumes f	expended gainer(losses) f		f	funds 2021 f f
Hospital
Investment	Replacement
Sinking Funds			491,490			102,646			594,136
EFJacob Endowment
Fund			136103			21,469			157572
			627,593			124,115			751,708
Library
Grants from	Heritage
Lottery Fund			2 348085			362,141			2,710,226
Total			2 975,678			486 256			3461 934

							Balance st
							1			Transfers				Balance et
							September	Incoming	Resources	between		Investments		31August
							2020 5	resources	expended f	funds 6		gainer(losses) f		2021
Hospital
Capital Fund - Mitigate Extension							975,188		(39,668)					935,520
Capital Fund - New Land							4,500,000							4,500,000
Capital Fund —New School			Building				18,819,287		(626,022)					18,193,265
Capital Fund —Nicholls Conversion							616,433		(18,506)					597,927
Capital Fund —Concert Hali							7,251,862		(200,158)					7,051,704
Improvements Fund							22,569							22,569
New School Development			Fund				(2,246,790)	28,375	(128,802)	302,474				(2,044,743)
Nlchogs Building Conversion				Fund			(30,487)			30,487
Concert Hall Fund							(239,767)			34,756				(205,011)
Instrument Fund							160,875	10,574	(5,152)			64,044		230,341
Nicholls Fund							32,476						125	32,601
Miscellaneous Fund							294							294
							29 861 940	38949	1 018308	367	717	64	169	29314467
School
Vernon Fartsy Fund							14,968		(300)					14,668
Hazel Smith Fund							61,356		(31,100)					30,256
Ida Carroll Fund							5231		(2,000)					3,231
Hospital Prize Fund							82,269		(380)					81,889
Kdbert Music Prize Fund							2,202	(12)	(50)				(47)	2,093
Academic Prizes Fund							320	20	(20)					320
Music Prizes Fund							100	100						200
Competition Fund							232		(232)
David Hartigan Memorial		Piano Fund					3,538		(950)					2,588
Neil Vint Bursary Fund							34,870		(1,000)					34,270
Milne Fund							224,195		(5,741)			55,126		273,580
Bursary Fund							1,545,432	193,831	(247,233)	(9,755)		919,024		2,401,299
Bsteson Family Bursary Fund							1,136,353		(72,031)					1,064,322
Andrew Lloyd Webber	Foundation				Bu	rssry Fund	100	30,000	(30,000)					100
Leverhulme Trust Bursary			Fund				34,744	69,418	(103,917)	(245)
O9lesby Bursary Fund								33,324	(33,324)
Hospitallers Camp Fund							15,838							15,838
Mellor Endowment Fund							5,345							5,345
Amy Watson Endowment		Fund					24,551							24,551
John Shaw Bursary Fund							50,000		(46,362)					3,638
Stdler Bursary Fund							3,304	11,000						14,304
Ethel Kerry Bursary Fund							1,891,599	1~5	(41,882)					1,850,942
Hardship Fund							2783	56,667	(6,814)	10,000				62,136
Co-op Fund							1,665							1,665
Miscellaneous Restricted		Fund					68,212	11,339	(13,839)		614			66,326
Instrument Fund							65		(65)
Friends of Chetham's	Fund						18,076	1,513	(3,173)					16,416
Chats in London Fund							3,400							3,400
Stoger Hall Fund							16,851	12,331						29,182
50 Anniversary Fund							102,182	53	(23,753)					78,482
Capital Fund - Instruments							5,208		(5,208)
Confudus Classroom	Fund						22,276	64,602						86,878
Piano Summer School	Fund						118,531	243,441	(230,654)					131,318
Grants and Other Income		Fund					207636	105933	117648	614				195307
							5,702932	835185	1,017676			974,103		6,494,544

					Balance at 1			Tmnsfers		Balance at
Library					September 2020 f	Incoming resources f	Resources expended f	Between fundsf	investments gainer(fosses)	31August 2021f
J Paul Getty	Fund				6,089		(3,117)			2,972
Miscdlaneous		Restricted		Fund	1,710			(394)		1,710
Library Patrons		Fund
Karl Marx Fund					800					800
Arts and Heritage			Fund		2,470					2,470
Booth Chances		Fund			600					600
Hills Archive	Fund				4,763					4,763
HLF Project	Fund				6,151					6,151
					22,583	394	(3,1 17)	(394)		19,466
Total					35,587,455	874,528	2,039,101	367,323	1,038,272	35,828 477

			Balance at 1			Transfers	Investmenf	Balance at
			September	Incoming	Resources	between	gains/	31August
			2020	resourcesf	expendedf	funds	(losses) f	2021 5
Hospital
General Fund			2,511,412	30,913	(226,662)	309,283	601	2,625,547
Designated	funds:
Palatine	Demolitlon
Fund			378 907			50 000		328 907
			2,132,505	30,913	(226,662)	359,283	601	2,296,640
School
General Fund			4,078,056	10,694,775	(9,550,519)	(741,085)	165,192	4,646,419
Designated	funds:
Chiller Unit Fund			24,000			6,000		30,000
Millgate	Building
Refurbishment		Fund	919,915			(22,595)		897,320
Dining Room
Refurbishment		Fund	50,000			50,000		100,000
Cheaters	Bequest
Fund			1 054412		70 347	19320		964745
			6 126383	10694775	9,620866	727000	165 192	6638484
Library
General Fund			319,713	300,906	(213,711)	(63,606)	50,604	393,906
Designated	funds:
Lighting Fund						5,000		5,000
Budget Support Fund						59, 000		59,000
			319713	300,906	213711	394	50604	457 906
			8,578,601	11026,594	10061 239	367,323	216 397	9,393,030

chool has	minimum lease p	ay	ments und	er	non-cancellable opera	ting leases as follows:	ting leases as follows:
						Equipment
						2021 f	2020 f
Within one year Between two and five years						23,045 4,902	26,482 27,947
After five	years
nancial	Instruments
						2021	2020
						f000	f000
Financial	assets measured	at	amortised	cost (a)		8,224	6,841
Financial	assets measured	at	fair value	(b)		11,223	8,306
Financial	liabilities measured		at amortised		cost (c)	(4,832)	(3,066)
Net financial assets measured			at amortised		cost	14,615	12,081

		Notes	Hospital Funds f	School Funds f	Library Funds f	2020
Income from:
Charitable actlvltlesr
School fees				9,589,696		9,589,696
Ancillary tradmg			632	132,347	6,516	139,495
Other trading actlvltlesr
Activities fcr generating	funds		43,275	229,532	18,325	291,132
Investments:
Investment income			15,836	82,953	83,477	182,266
Voluntary sources:
Bequests and donations			30,431	1,618,054	28,467	1,676,952
Grants received				438,781	42,988	481,769
Total incoming resources			90,174	12,091,363	179,773	12,361,310
Expenditure on:
Raising funds:
Fundraislrxl			34,952	89,515		124,467
Publidty				110,034		110,034
Conference, facility hire	and trading costs		43,220	216,033	2,884	262,137
Financing costs			142,996	3g04		146,200
Investment management	costs		490	12,917	11,119	24,526
			221 658	431 703	14003	667 364
Charitable activftlesr
Teaching ccats —academic				2,121,423		2,121,423
Teaching ccats —music				3,765,814		3,765,814
Welfare				1,180,736		1,180,736
Premises			1,074,834	1,920,991		2,995,825
Scholarships and bursaries				241,672		241,672
Grants, awards and pnzes			1,600	12,811		14,411
Library running costs					200,825	200,825
Support and Governance	costs		10533	85320	I 554	97407
			I 086 967	9328 767	202 379	10618113
Total resources expended		9	1,308,625	9,760,470	216,382	11,285,477
Net income/(expenditure)			(1,218,451)	2,330,893	(36,609)	1,075,833
Transfer between funds		10	705,000	(727,000)	22,000
Gains/(losses) on investment
assets:
Realised			(34,062)	(23,383)	(208,134)	(265,579)
Unrealised			44,709	235,221	122,560	402,490
Net movement in funds			(502,804)	1,815,731	(100,183)	1,212,744
Fund balances at 1 September 2019
			33124 842	10013584	2790564	45928 990
Fund balances at 31 August 2020			32,622,038	11,829,315	2,690,381	47,141,734