##
|||Page|
|---|---|---|
|Legal and Administrative|information||
|Annual
Report ofthe Trustees||2-6|
|Independent
Auditor's|Report|7-9|
|Statement ofFinancial|Activities|10|
|Balance Sheet|||
|Cash Flow Statement||12|
|Notes to the Financial Statements||13-22|
##
|TRUSTEES|WSTownsend —Chairman|WSTownsend —Chairman|(resigned 2July 2022)|(resigned 2July 2022)|
|---|---|---|---|---|
||J Rose —Chairman
(appointed|||18July 2022)|
||N Baldwin (appointed|13July 2022)|||
||PJ Bailey (resigned|4July|2022)||
||L Chenevix- Trench (resigned 3July 2022)||||
||T Clive (resigned 29|November||2020)|
||BEvans (appointed|20 July 2022)|||
||M Gilliat Smith||||
||D Graham
(appointed|20 July 2022)|||
||T N Hone (resigned|29 November 2020)|||
||A MacKinnon||||
||C Milne (resigned 4July 2022)
Lady SJ Mcfarlane||||
||A Milliken||||
||L Redvers (appointed
24 March 2021)||||
||G Steele Bodger (resigned||12July 2022)||
||TW Stubbs (resigned 13June|||2022)|
||PThomas||||
||CWhitworth||||
||A G Wynn
LVO (resigned 13June 2022)||||
|COMPANY SECRETARY|SBrandwood||||
|CLERK TO THE TRUSTEES|SBrandwood||||
|HEAD OF SCHOOL|C Hattam||||
|COMPANY NUMBER|00843499||||
|CHARITY NUMBER|527252||||
|REGISTERED AND PRINCIPAL|The Elms School||||
|OFFICE|Colwall||||
||Malvern||||
||Worcestershire||||
||WR136EF||||
|AUDITOR|Crowe U.K. LLP||||
||Statutory
Auditor||||
||4'" Floor, StJames|House|||
||StJames Square||||
||Cheltenham||||
||GL50 3PR||||
|BANKERS|Lloyds Bank pic||||
||8 High Town||||
||Hereford||||
||HR1 2AE||||
|SOLICITORS|Harrison
Clark Rickerbys Limited||||
||Ellenborough
House||||
||Wellington
Street||||
||Cheltenham||||
||GL50 1YD||||
||Whatley Weston 8|Fox|||
||15&16The Tything||||
||Worcester||||
||WR1 1HD||||
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|||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|---|
|||||funds|funds|Total|Total|
|||||2021|2021|2021|2020|
||||||8|8||
||||Notes|||||
|INCOME FROM:||||||||
|Charitable
activities||||||||
|School fees||||2,177,630||2,177,630|2,069,420|
|Ancillary
trading
income
Investment
income||||188,089
105||1S6,0S9
105|170,861
15,786|
|Other trading
activities
Government
grant income
Donations||||1,693
42,368
50,000|25,310|1,693
42,368
75,310|2,352
150,116
15,310|
|Total incoming
resources||||2,459,885|25,310|2,485,195|2,423,845|
|EXPENDITURE ON:||||||||
|Charitable
activities||||||||
|Education
and grant making||||2,916,929|25,310|2,942,239|2,975,583|
|Total expenditure|||5|2,916,929|25,310|2,942,239|2,975,583|
|Net
movement
in|funds|from||(457,044)||(457,044)|(551,738)|
|operations
before investment||losses||||||
|Losses on investments|||||||(6,212)|
|Net movement
on funds||||(457,044)||(457,044)|(557,950)|
|Fund balances at 1 September||2020||3,873,516|49,601|3,923,117|4,481,067|
|Fund balances at 31August||2021|11/12|3,416,472|49,601|3,466,073|3,923,117|
##
||||Notes||2021|2020|
|---|---|---|---|---|---|---|
|||||||E|
|FIXEDASSETS|||||||
|Tangible assets|||||3,039,405|3,125,346|
|CURRENT ASSETS|||||||
|Debtors|||7|101,792||93,325|
|Cash at bank and|in hand|||831,387||1,107,934|
|||||933,179||1,201,259|
|CREDITORS —amounts
due within one year||falling|8|~438,188||351,488|
|TOTAL ASSETS|LESS CURRENT||||495,073|849,771|
|LIABILITIES|||||||
|CREDITORS —amounts||falling due|||(68,405)|(52,000)|
|after more than one year|||||||
|TOTAL NET ASSETS|||10||3,466,073|3,923,117|
|FUNDS
Unrestricted
funds|||12||3,416,472|3,873,518|
|Restricted funds|||11||49,601|49,601|
|TOTAL FUNDS|||10||3,466,073|3,923,117|
##
##
||||2021|2021||2020||
|---|---|---|---|---|---|---|---|
|Cash flows from operating|activities:|||||||
|Net outgoings for the year|||(457,044)|||(551,738)||
|Adjustments
for:||||||||
|Investment
income and bank interest received||||(105)||(15,786)||
|Depreciation
charges
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors||||138,285
(8,467)
103,023|151,226
63,934
~42.300|||
|Net cash used by operating|activities||(224,308)|||(394,744)||
|Cash flows from investing|activities|||||||
|Payments
for tangible fixed assets
Sale of investments|||(52,344)|||(129,850)
630,513||
|Investment
income and bank interest received|||105|||15,786||
|Net cash provided
by investing
activities||||52,239||516,449||
|Change
in cash and cash equivalents||in the year||276,547||121,705||
|Cash and cash equivalents|at the beginning ofthe year||1,107,934|||986,229||
|Cash and cash equivalents|at the end|ofthe year||831,387||1,107,934||
|Analysis ofcash and cash|equivalents|||2021||2020||
|Cash at bank and in hand|||~3303||~11070|||
|Analysis ofchanges
in net|debt||AI1||Cash-|At|31|
||||September||flows|August||
||||2020||6|2021||
||||||||8|
|Cash at bank and in hand|||1,107,934|(276,547)||831,387||
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|2.|FEESRECEIVABLE|||||||
|---|---|---|---|---|---|---|---|
||Income represents
gross|School|fees invoiced less discounts|||and allowances.||
|||||||2021
f.|2020f|
||Gross School fees
Less: total scholarships,|bursaries,||grants and allowances:||2,834,315
~551,995|2,610,707
~755,597|
|||||||2,152,320|2,054,110|
||Add back: Bursaries and|awards|paid for by restricted||funds|25,310|1I5,310|
|||||||2,177,630|2,069,420|
|3.|OTHER INCOME|||||2021f|2020f|
||Ancillary
trading income|||||||
||Fee extras and school trips|||||185,721|169,029|
||Other trading
income|||||2,368|1,632|
|||||||188,089|170,861|
||Non ancillary trading income|||||2021f|2020f|
||Interest on overdue fees||||||994|
||Other income|||||1,693|1,356|
|||||||1,693|2,352|
|||||||2021f|2020f|
||Government
grant income|||||42,368|150,116|
|4.|STAFF COSTS|||||2021f|2020f|
||Wages and salaries
Social security costs|||||1,542,958
143,606|1,567,235
147,334|
||Pension contributions|||||240,740|267,573|
|||||||1,927,304|1,982,142|
##
|The num|ber ofemployees
paid
in excess off6|0,000 during the year were as follows:||
|---|---|---|---|
|||2021|2020|
|||No.|No.|
|660,001|- f70,000|1|'I|
|F80,001|- K90,000|||
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6||
|Senior Management||Team Remuneration||||||
|ANALYSIS OF TOTAL|||RESOURCES EXPENDED|||||
|||||||2021|2020|
||||Staff Costs
6|Otherf|Depreciation
6|Total|Totalf|
|Charitable|activities:|||||||
|Education|||1,417,738|356,209|62,442|1,836,389|1,870,763|
|Welfare|||206,105|175,447||381,552|401,088|
|Premises|||123,477|173,709|75,843|373,029|363,139|
|Marketing|and publicity|||41,059||41,059|45,423|
|Support costs|||179,984|104,916||284,900|278,860|
|Grants, awards and
prizes||||25,310||25,310|15,310|
|Total|||1,927,304|876,650|138,285|2,942,239|2,075,583|
|Governance costs (included
within support costs)|||||comprise|2021|2020|
|||||||6||
|Auditor's|remuneration||—audit services|||||
|||||||8,500|8,100|
|6.|TANGIBLE FIXEDASSETS||||||
|---|---|---|---|---|---|---|
||||Land and|Fixtures|Motor||
||||buildings
5|and Fittings
f|vehicles
6|Total
F|
||Cost||||||
||At 1 September 2020
Additions||3,841,225|862,343
52,344|285,371|4,988,940
52,344|
||At 31August 2021||3,841,226|914,687|285,371|5,041,284|
||Depreciation
At 1 September 2020
Charge for the year||1,095,350
75,846|527,631
48,515|240,613
13,924|1,863,594
138,285|
||At 31 August 2021||1,171,196|576,146|254,537|2,001,879|
||Net book value||||||
||At 31August 2021||2,670,030|338,541|30,834|3,039,405|
||At 31August 2020||2,745,876|334,712|44,758|3,125,346|
|7.|DEBTORS||||2021|2020|
||||||6||
||Net School fee debtors||||49,614|28,680|
||Other debtors||||4,140|4,040|
||Prepayments
and accrued income||||48038|60,605|
||||||101,792|93,325|
|8.|CREDITORS - AMOUNTS|FALLING DUE WITHIN ONE||YEAR|||
||||||2021|2020|
||||||8||
||Trade creditors||||66,691|27,445|
||Taxation and social security||||42,018|63,891|
||Other creditors and accruals||||8,566||
||Deferred income - fees received||in advance ofterm||309,831|244,302|
||Deposits from parents||||11,000|15,850|
||||||438,106|351,458|
##
|CREDITORS - AMOUNTS
FALLING DUE AFTER MO|RE THAN ONE YEAR||
|---|---|---|
||2021f|2020f|
|Fee deposits|68,405|52,000|
||Fee|deposits|
||2021
f|2020
f|
|Repayable as follows:
In one year or less, or on demand
Between one and two years
Between two and five years
Greater than five years|11,000
24,405
20,000
24,000|15,850
9,000
21,400
21,600|
||79,405|67,850|
##
|||Fixed|Net Current|Long term||
|---|---|---|---|---|---|
|||Assetsf|Assetsf|Liabilities|Totalf|
|Current year movement||||||
|Restricted
Unrestricted|Funds (note 11)
Funds (note 12)|3,039,405|49,601
445,472|~M, 405|49,601
3,416,472|
|||3,039,405|495,073|~60,405|3,466,073|
|||Fixed|Nel Current|Long term||
|Prior year|movement|Assetsf|Assetsf|Liabilities|Total|
|Restricted
Unrestricted|Funds (note 11)
Funds (note 12)|3,125,347|49,80'i
800,170|52,000|49,801
3,873,517|
|||3,125,347|049227|~02000|3923,778|
##
|||||||Balance|Incoming|Resources|Resources|||Balance|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Current year||movement|||1/09/2020||Resources|Expended||||31I0812021|
||||||||E||E|||K|
|Grocers donation|||—bursary|||49,601|25,310 ~25,310|||||40,801|
|Prior year movement|||||Balance
1/09/2019||Incoming
Resources|Resources
Expended|||Balance
31/08/2020||
||||||||||8||||
|Grocers donation —bursary||||||49,601|15,310||(15,310)|||49,601|
|The Grocers||Company
provides|||annual
financial||support for an identified||pupil throughout|||their stay|
|at the school.|||||||||||||
|UNRESTRICTED FUNDS|||||||||||||
||||||||||Loss on||||
|Current year||||Balance||Incoming|Resources|Investments||||Balance|
|movement|||1/09/2020||Resources||Expended|||||31IOSI2021|
||||||||E|||E||E|
|General|||||||||||||
|Reserve|||3,867,661|||2,434,576|(2,891,620)|||||3,410,617|
|Designated
Fund||||5,855||||||||5,855|
||||3873516|||2434576|~2891620|||||3,416,472|
|Unrestricted||funds|represent
accumulated
income||||from the school's activities and other||||sources that||
|are available||for the||general purposes||ofthe school.|||||||
|Designated|funds||have been set||aside during the||year for the refurbish|of|the tennis|courts||within the|
|school grounds.|||||||||||||
|Prior year||||Balance||Incoming|Resources||Loss on|||Balance|
|movement||||1/09/2019|Resources||Expended|Investments||||31/08/2020|
||||||||L'|||||6|
|General|||||||||||||
|Reserve||||4,425,611||2,408,535|(2,960,273)||(6,212)|||3,867,661|
|Designated
Fund||||5,855||||||||5,855|
|||||4431.406||2408535|~2960273|~6272||||3873516|
##
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##
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|Financial|assets|||||8||
|Financial|assets measured||at amortised|cost||||
|Financial|liabilities|||||||
|Financial|liabilities|measured|at amortised||cost|||
##
|At 31 Aug
operating|ust 2021 the total ofthe School's future mi
leases was:|nimum
lease payments
under non-canc|ellable|
|---|---|---|---|
|||2021|2020|
|Amounts
Less than
Between
Between|payable:
1 year
1 and 2 years
2 and 5years|1,785
1,785
2,888|1,233
1,233
2,466|
|||6,458|4,932|
##
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|7.
STATEMENT OF FINANCIAL ACT|IVITIES —Comparative
|figures by fun|d-type|
|---|---|---|---|
||Unrestricted|Restricted||
||funds|funds|Total|
||2020f|2020
f|2020
8|
|INCOME FROM:||||
|Charitable
activities||||
|School fees|2,069,420||2,069,420|
|Ancillary trading income
Investment
income|170,861
15,786||170,861
15,786|
|Other trading
activities|2,352||2,352|
|Government
grant income|150,116||159,116|
|Donations||15,310|15,310|
|Total incoming
resources|2,408,535|15,310|2,423,845|
|EXPENDITURE ON:||||
|Charitable
activities||||
|Education
snd grant making|2,960, 273|15,310|2,975,583|
|Total expenditure|2,960,273|15,310|2,975,583|
|Net outgoing funds from
operations
before investment|(551,738)||(551,738)|
|gains and transfers||||
|Losses on investments|(6,212)||(6,212)|
|NET MOVEMENT
IN FUNDS|(557,950)||(557,950)|