2020-08-31-accounts - The Elms (Colwall) Limited

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	Page
Legal and Administrative information	1
Annual Report of the Trustees	2 −6
Independent Auditor's Report	7 −8
Statement of Financial Activities	9
Balance Sheet	10
Cash Flow Statement	11
Notes to the Financial Statements	12 −21


TRUSTEES	T N Hone — Chairman
	P J Bailey
	L Chenevix−Trench
	T Clive
	M Gilliat Smith
	D Holloway (Resigned 15' December 2019)
	A MacKinnon
	Lady S J Mcfarlane
	A Milliken
	C Milne
	C Whitworth (Appointed 16th June 2020)
	G Steele Bodger
	T W Stubbs
	P Thomas
	W S Townsend
	A G Wynn LVO
COMPANY SECRETARY	S Brandwood
CLERK TO THE TRUSTEES	S Brandwood
HEAD OF SCHOOL	C Hattam
COMPANY NUMBER	00843499
CHARITY NUMBER	527252
REGISTERED AND PRINCIPAL	The Elms School
OFFICE	Colwell
	Malvern
	Worcestershire
	WR13 6EF
AUDITOR	Crowe U.K. LLP
	Statutory Auditor
	Carrick House
	Lypiatt Road
	Cheltenham
	GL50 2QJ
BANKERS	Lloyds Bank plc
	8 High Town
	Hereford
	HR1 2AE
SOLICITORS	Harrison Clark Rickerbys Limited
	Ellenborough House
	Wellington Street
	Cheltenham
	GL50 1YD
	Whatley Weston & Fox
	15 & 16 The Tything
	Worcester
	WR1 1HD

		Unrestricted	Restricted
		funds	funds	Total	*Total*
		2020	2020	2020	*2019*
		E	E	E	r
	Notes
INCOME FROM:
Charitable activities
School fees	2	2,069,420		. 2,069,420	*2,429,788*
Ancillary trading income	3	170,861		170,861	*299,097*
Investment income		15,786		15,786	*21,205*
Other trading activities	3	2,352	−	2,352	*2,108*
Government grant income	3	150,116		150,116
Donations		−	15,310	15,310	*13,310*
Profit on disposal of fixed asset			−		*149,850*
Total incoming resources		2,408,535	15,310	2,423,845	*2,915,358*
EXPENDITURE ON:
Charitable activities
Education and grant making		2,960, 273	15,310	2,975,683	*3,265,351*
Total expenditure	5	2,960,273	15,310	2,975,583	*3,265,351*
Net outgoing funds from
operations before investment		(551,738)		(551,738)	*(349,993)*
gains and transfers
(Losses)/gains on investments		(6,212)		(6,212)	*40,601*
NET MOVEMENT IN FUNDS		(557,950)		(557,950)	*(309,392)*
RECONCILIATION OF FUNDS:
Fund balances at 1 September 2019		*4,431,466*	*49,601*	*4,481,067*	*4,790,459*
Fund balances at 31 August 2020	11	3,873,516	49,601	3,923,117	*4,481,067*

	Notes		2020	*2019*
FIXED ASSETS
Tangible assets	7		3,125,346	*3,146,723*
Investments	6			*636,725*
			3,125,346	*3,783,448*
CURRENT ASSETS
Debtors	8	93,325		*157,259*
Cash at bank and in hand		1,107,934		*986,229*
		1,201,259		*1,143,488*
CREDITORS — amounts falling
due within one year	9	(351,488)		*(391,619)*
TOTAL ASSETS LESS CURRENT			849,771	*751,869*
LIABIUTIES
CREDITORS — amounts falling due	10		(52,000)	*(54,250)*
after more than one year
TOTAL NET ASSETS	11		3 923 117	*4.481.067*
FUNDS
Unrestricted funds	13		3,873,516	*4,431,466*
Restricted funds	12		49,601	*49,601*
TOTAL FUNDS	11		3.923.117	*4.481.067*

		2020	2020	2019
Cash flows from operating activities:
Net outgoings for the year		(551,738)		(349,994)
Adjustments for:
Investment income and bank Interest received			(15,786)	(21,205)
Depreciation charges			151,226	128,729
Profit on sale of tangible fixed assets				(149, 850)
Decrease/(increase) in debtors			63,934	(49,204)
(Decrease)/increase in creditors			(42,380)	63,645
Net cash used by operating activities		(394,744)		(377,879)
Cash flows from Investing activities
Payments for tangible fixed assets	(129,850)			(120,192)
Proceeds on sale of tangible fixed assets				165,000
Sale of investments	630,513
Investment income and bank Interest received	15,786			21,205
Net cash provided by investing activities			516,449	66,013
Change in cash and cash equivalents in the year			121,705	(311,866)
Cash and cash equivalents at the beginning of the year			986,229	1,298,095
Cash and cash equivalents at the end of the year		1,107,934		986,229
Analysis of cash and cash equivalents			2020	2019
				£
Cash at bank and in hand		1,107,934		986,229
Analysis of changes in net debt
		At 1	Cash−	At 31
	September		flows	August
		2019		2020
Cash at bank and in hand	986,229		121,705	1,107,934

		2020	*2019*
	Gross School fees	2,810,707	*3,048,283*
	Less: total scholarships, bursaries, grants and allowances:	(756,597)	*(631,805)*
		2,054,110	*2,416,478*
	Add back: Bursaries and awards paid for by restricted funds	15,310	*13,310*
		2,069,420	2,429,788
3.	OTHER INCOME	2020	*2019*
	Ancillary trading income
	Fee extras and school trips	169,029	*261,295*
	Other trading income	1,832	*37,802*
		170.861	*299.097*
	Non ancillary trading income
	Interest on overdue fees	994	*960*
	Other income	1,358	*1,148*
		2.352	*2.108*
	Government grant income	150,116
4.	STAFF COSTS	2020	*2019*
	Wages and salaries	1,567,235	*1,839,716*
	Social security costs	147,334	*154,351*
	Pension contributions	267,573	*210,517*
		1,982,142	*2,204,584*

The num	ber of employees paid in excess of £6	,000 during the year were as follows:
		2020	*2019*
		No.	*No.*
£60,001	−£70,000	1
£80,001	−£90,000	1

	The remuneration of the Senior Management Team was:
		2020	*2019*
	Senior Management Team Remuneration	496666	*:560.112*
5.	ANALYSIS OF TOTAL RESOURCES EXPENDED

ANALYSIS OF TOTAL	R	ESOURCES EX	PENDED
					2020
	Staff Costs		Other	Depreciation	Total	*2019*
		£	£	£	£	£
Charitable activities:
Education		1,462,278	333,105	75,380	1,870,763	1,944,278
Welfare		226,776	174,312	−	401,088	*530,983*
Premises		116,376	170,917	75,846	363,139	*480,293*
Marketing and publicity		−	46,423	−	46,423	*34,758*
Support costs		176,712	102,148		278,860	*261,729*
Other trading
Grants, awards and prizes			15,310		15,310	*13,310*
Total		1,982,142	822,215	151,226	2,975,583	*3,265,351*
Governance costs (included within support costs)				comprise	2020	*2019*
Auditor's remuneration	—	audit services			7.800	*7.800*

INVESTMENTS	2020	2019
At 1 September 2019	636,725	596,124
Disposals	(630,513)
(Decrease)/increase in market value	(6,212)	40,601
At 31 August 2020		636.725

		Land and	Fixtures	Motor
		buildings	and	vehicles	Total
			Fittings
	Cost
	At 1September 2019	3,841,226	770,256	247,609	4,859,091
	Additions		92,087	37,762	129,849
	At 31 August 2020	3,841,226	862,343	285,371	4,988,940
	Depreciation
	At 1 September 2019	1,019,504	465,101	227,763	1,712,368
	Charge for the year	75,846	62,530	12,850	151,226
	At 31 August 2020	1,095,350	527,631	240,613	1,863,594
	Net book value
	At 31 August 2020	2,745,876	334,712	44,758	3,125,346
	At 31 August 2019	2,821,722	305,155	19,846	3,146,723
8.	DEBTORS			2020	2019
	Net School fee debtors			28,680	46,823
	Other debtors			4,040	39,976
	Prepayments and accrued income			60,605	70,460
				93,325	157,259

	2020	2019
Trade creditors	27,445	50,306
Taxation and social security	63,891	36,699
Other creditors and accruals		1,623
Deferred income −fees received in advance of term	244,302	289,148
Deposits from parents	15,850	13,843
	351,488	391,619
CREDITORS −AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2020	2019
Fee deposits	52.000	54.250
	Fee	deposits
	2020	2019
Repayable as follows:
In one year or less, or on demand	15,850	13,843
Between one and two years	9,000	,16,350
Between two and five years	21,400	22,950
Greater than five years	21,600	14,950
	67.850	68.093

	Fixed	Net Current	Long term
	Assets	Assets	Liabilities	Total
	£	£	£	£
Current year movement
Restricted Funds (note 12)		49,601		49,601
Unrestricted Funds (note 13)	3,125,347	800,170	(52,000)	3,873,517
	3,125,341	849,771	(52,000)3.923,118

		*Fixed*	*Net Current*	*Long term*
		*Assets*	*Assets*	*Liabilities*	Total
	Prior year movement	£	£	r	r
	Restricted Funds (note 12)		*49,601*		*49,601*
	Unrestricted Funds (note 13)	3,783,448	*702,268*	*(54,250)*	*4,431,466*
		*3,783 448*	*751,869*	*(54,250)*	*4,481,067*
				___
12	RESTRICTED FUNDS
		*Balance*	Incoming	Resources	Balance
	Current year movement	*01/09/2019*	Resources	Expended	31/08/2020
		f	£	£	£
	Grocers donation — bursary	*49,601*	15,310	(16,310)	49,601
	Prior year movement	*Balance* *01/09/2018*	*Incoming* *Resources*	*Resources* *Expended*	*Balance* *31/08/2019*
		f	f	f	f
	Grocers donation — bursary	*49,601*	*13,310*	*(13,310)*	*49,601*

Current year movement	*Balance* *01/09/2019*	Incoming Resources	Resources Expended	Loss on investments	Balance 31/08/2020
	r	£	£	£	£
General
Reserve	*4,425,611*	2,408,535	(2,960,273)	(6,212)	3,867,661
Designated
Fund	*5,855*				5,855
	*4_431 466*	2,408,535	(2,960,273)	6,212	3,873,516

Prior year	Balance	Incoming	Resources	Gain on	Balance
movement	01/09/2018	Resources	Expended	investments	31/08/2019
	£	£	£	£	£
General
Reserve	4,722,036	2,902,048	(3,252,041)	53,568	4,425,611
Designated
Fund	5,855				5,855
	4,727,891	2,902,048	(3,252,041)	53,568	4,431,466

		2020	2019
Financial	assets	£
Financial	assets measured at fair value		636,725
Financial	assets measured at amortised cost	1,140,649	"/2Z
Financial	liabilities
Financial	liabilities measured at amortised cost	67,850	69,715
Financial	assets measured at fair value comprise of investments

	2020	2019
Amounts payable:
Less than 1 year	1,233	1,233
Between 1 and 2 years	1,233	1,233
Between 2 and 5 years	2,466	3,699
	4.932	6r165

7. STATEMENT OF FINANCIAL	ACTIVITI	S — Comparativ	e figures by fu	nd−type8
		Unrestricted	Restricted
		funds	funds	Total
		2019	2019	2019
	Notes
INCOME FROM:
Charitable activities
School fees	2	2,429,788	−	2,429,788
Ancillary trading income	3	299,097	−	299,097
Investment income		21,205	−	21,205
Other trading activities	3	2,108		2,108
Donations			13,310	13,310
Profit on disposal of fixed asset		149,850	−	149,850
Total incoming resources		2,902,048	13,310	2,915,358
EXPENDITURE ON:
Charitable activities
Education and grant making		3,252,041	13,310	3,265,351
Trading activities
Total expenditure	5	3,252,041	13,310	3,265,351
Net outgoing funds from
operations before investment		(349,993)	−	(349,993)
gains and transfers
Gains on investments		40,601		40,601
Transfers between funds		12,967	(12,967)
NET MOVEMENT IN FUNDS		(296,425)	(12,967)	(309,392)