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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**|





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|||
|---|---|
|**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|





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|||**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**||**.**<br>**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_**|





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||**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_**|





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|||**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**|





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|||**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_**|





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|**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**<br>**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_**|





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|**6.**|**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 **1**September 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|





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||**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_|



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||**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**||





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|||**_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_**<br>**_01/09/2018_**|**_Incoming_**<br>**_Resources_**|**_Resources_**<br>**_Expended_**|**_Balance_**<br>**_31/08/2019_**|
|||**_f_**|**_f_**|**_f_**|**_f_**|
||**Grocers donation — bursary**|**_49,601_**|**_13,310_**|**_(13,310)_**|**_49,601_**|



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|**Current year**<br>**movement**|**_Balance_**<br>**_01/09/2019_**|**Incoming**<br>**Resources**|**Resources**<br>**Expended**|**Loss on**<br>**investments**|**Balance**<br>**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**|





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|**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|



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|||**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|||



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||**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|





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|**7.**<br>**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)**|