2021-08-31-accounts - Harrogate Ladies' College Limited

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Contents			Page
Directors, Officers and	Administrative	Details
Directors' Report			2-14
Independent Auditor's	Report		15-18
Statement of Financial	Activities		19
Balance Sheet			20
Cash Flow Statement			21
Notes to the Financial	Statements		22-37

Governing Body
The Directors, who are also the Charity		trustees,		constitute the Governing		Body	and are elected	by the Governing	Body,
except that two Directors shall	be nominated		by the	MMT ifthe total	number	does not exceed 12,three ifthe number exceeds
12but does not exceed 18, and four ifthe number exceeds 18.
The Directors ofthe company	during the	year to 31 August 2021 were as follows:
Dame Francine Holroyd
Mr M. Abraham B Ed (Hons)					(appointed		16March 2021)
Reverend C. Balding BEng (Hons) BA (Hons)					(appointed		16March 2021)
Mr G. Bowring DL MA
Reverend A. Chesworth
Mrs S.Clark LLB CTA
Mrs J.Crossley B.Ed					(resigned 2 December 2020)
Mr M. Gardiner BSc
MrJ.Garnett BScHons MRICS					(resigned		3February 2022)
Mrs L. Gray Cert. Ed MA					(appointed		16March 2021;	resigned 4 June	2021)
Mrs S.Hooper MA B.Ed (Hons)
Ms S.Jackson MA
Mrs N. Loudon BA FCSI					(resigned		17January 2022)
Mrs S.Papworth BA(Hans) Oxon ACIB
Mr D. Payne BSc(Hons) FCA
Mrs L. Renwick B.Ed NPQH
Mrs J.Roe BSc(Hons)
MrJ.Skinner ACIS ACIB

				2021	2021	2021	2020
				General	Restricted	Total	Total
				Funds f	Fundsf
INCOMING RESOURCES
Income from charitable activities
School fees receivable			2	7,070,682		7,070,682	6,918,075
Other educational income				288,474		288,474	292,856
Other ancillary trading income			3	57,891		57,891	64,806
				7,417,047		7,417,047	7,275,737
Incoming resources from generated
funds
Voluntary income				3,502	5,224	8,726	8,359
Activities for generating	funds			41,129		41,129
Rents and school lets				64,295		64,295	62,952
Investment income				6,922	3,765	10,687	23,180
Other incoming resources				73,020		73,020	178,966
Total incoming resources				7,605,915	8,989	7,614,904	7,549,194
RESOURCES EXPENDED
Cost ofgenerating funds				37,956	2,565	40,521	41,480
Charitable activities
Provision ofeducation				8,477,185		8,477,185	8,081,404
Total resources expended				8,515,141	2,565	8,517,706	8,122,884
NET (OUTGOING)/INCOMING BEFORE INVESTMENT GAINS		FUNDS		(909,226)	6,424	(902,802)	(573,690)
Gains/(losses) on investments				43,737	23,048	66,785	(7,280)
Transfer offunds				50,000	(50,000)
Net movement in funds				(815,489)	(20,528)	(836,017)	(580,970)
Funds brought forward at 1	September			6,685,740	464,194	7,149,934	7,730,904
Funds carried forward at	31August			5,870,251	443,666	6,313,917	7,149,934

		Notes	As at 31August 2021	As at 31 August 2020
Tangible fixed assets			6,622,459	6,880,871
Investment assets
Funds deposited		11		1,551,574
Investment in subsidiary		12		2
				1,551,576
Current assets
Stocks		13		23,290
Debtors		14	595,484	430,017
Cash in hand			2,961,906	879,405
			3,557,390	1,332,712
Creditors: amounts	falling due within one year	15	(3,576,164)	(2,480,051)
Net current liabilities			(18,774)	(1,147,339)
Total assets less current liabilities			6,603,687	7,28WUB
Creditors: amounts	'falling due after more than one year	16	(289,770)	(135,174)
Net assets			6,313,917	7,149,934
UNRESTRICTED FUNDS
General funds		17	5,870,251	6,685,740
RESTRICTED FUNDS		18	443,666	464,194
Total funds			6,313,917	7,149,934

							Notes	2021	2020
									E
Net cash inflow/(outflow)	from operating		activities				21	527,679	(808,663)
Returns on investments	and servicing of		finance
Investment income								10,687	23,180
Interest paid								(1,385)
Net cash inflow from returns on investments				and servicing		offinance		9,302	23,180
Capital expenditure and	financial	investment
Purchase oftangible fixed assets								(72,839)	(352,787)
Disposal ofinvestments								1,618,359	(19,246)
Net cash inflow/(outflow) investment	from	capital	expenditure		and	financial		1,545,520	(372,033)
Increase/(decrease) in cash in the		year					22	2,082,501	(1,157,516)

2	Fees
									2021	2020
									F	E
	Gross	school	fees						8,809,142	8,275,668
	Less:	Scholarships,		bursaries,		allowances		and agent fees	(1,738,460)	(1,357,593)
									7.070,682	6,918,075
	The income from fees is				all unrestricted		(2020: all unrestricted).
3	Other income
									2021	2020
									E	E
	Other	ancillary	trading		income:
	Transport		to/from		School				34,931	34,552
	Uniform								22,960	30,254
									57,891	64,806
	Activity	for generating			funds:
	Donation		from HLC (Properties)				Ltd		41,129
									41,129
	Other income is		all unrestricted			(2020:	all unrestricted).
4	Voluntary	income

4	Voluntary i	ncome
				2021	2020
				F	E
	Donations	«nrestricted		9L0)
	Donations	to the Small Hall Fund —restricted		4,167	3,235
	Donations	to the Scholarship,	Bursary and Prize Fund —restricted	1,057	5,124
				8,726	8,359
5	Investment	income
				2021	2020
					E
	Dividends	from investments	—unrestricted	6,788	16,418
	Dividends	from investments	—restricted	3,765	6,762
	Bank interest received —unrestricted			134
				10,687	23,180

6	Other incoming resources
						2021	2020
							E
	Amounts received under the Coronavirus		Job Retention	Scheme -	unrestricted	67,795	173,755
	Miscellaneous income —all	unrestricted				5,225	5,211
						73,020	178,966
7	Analysis oftotal resources expended
			Staff	Other		2021	2020
			costs	costs	Depreciation	Total	Total
				E		F	E
	Cost ofgenerating funds
	Rental costs		12,247			12,247	11,824
	Finance costs comprising:
	Bank charges			20,829		20,829	20,598
	Investment manager fees			4,880		4,880	6,449
	Investment manager fees— restricted			2,565		2,565	2,609
			TZ,247				41';%SU
	Charitable'activities
	Provision ofeducation
	Teaching	3,857,599		161,471		4,019,070	4,146,434
	Welfare		693,701	702,571		1,396,272	1,271,966
	Premises		176,304	1,418,089	331,251	1,925,644	1,659,965
	Support costs		661,665	458,247		1,119,912	985,138
	Governance costs			16,287		16,287	17,901
		5,389,269		2,756,665	331,251	8,477,185	8,081,404
	Total resources expended	5,401,516		2,784,939	331,251	8,517,706	8,122,884
						2021	2020
							E
	Charitable activities include:
	Depreciation on owned	assets				331,251	328,804
	Operating lease rentals					21,568	414,372
	Governance costs include:
	Auditors' remuneration	for:
	Audit services, current year accounts					11,868	11,748
	Audit seivices, other services					1,362	1,320
						13,230	13,068

aff costs
					2021	2020
Total staff	costs comprised:
Wages	and salaries				4,328,474	4,320,817
Social	security costs				388,508	392,254
Pensions contributions
	Teachers'	Pension			586,651	585,258
	Pensions	Trust Growth	Plan		88,735	81,826
	Pensions Trust Unitised		Ethical Plan		9,148	10,740
					5,401,516	5,390,895
Aggregate	employee benefits of key management			personnel	436,282	549,249

The average	numbers of	employees	in the year were:	2021	2020
Teaching
	Full time			53	62
	Part time			66	54
Welfare
	Full time			9	9
	Part time			31	29
Premises
	Full time
	Part time
Support
	Full time			15	13
	Part time			6	5
				191	182
The number	ofemployees	whose emoluments	exceeded 260,000were:	2021	2020
f60,001	tof70,000
870,001	tof80,000
F80,001 tof90,000
F90,001 tof100,000
F120,001 to F130,000

ngible assets
		Freehold	Leasehold	Furniture,	Motor	Plant &	Computer	Total
				fixtures &	vehicles	equipment	equipment
				fittings
				F
Cost (or	frozen
valuation*) 1 September	2020	3,501,786	6,697,394	979,113	259,087	1,204,345	294,043	12,935,768
Additions		0	9718	2,217	28,419	30,666	1,819	72,839
31 August 2021		3,501,786	6,707,112	981,330	287,506	1,235,011	295,862	13,008,607
Depreciation
1 September	2020	171,502	3,521,069	905,488	243,092	952,044	261,702	6,054,897
Charge for the year		28,089	182,541	23,423	18,102	60,474	18,622	331,251
31August 2021		199,591	3,703,610	928,911	261,194	1,012,518	280,324	6,386,148
Net Book Value
31 August 2021		3,302,195	3,003,502	52,419	26,312	222,493	15,538	6,622,459
		3330,284	3.176,325	73,625	15,995	252,301	32,341	6,880,871

			3330,284 3.176,325 73,6	3330,284 3.176,325 73,6	3330,284 3.176,325 73,6	3330,284 3.176,325 73,6	3330,284 3.176,325 73,6	25 15,995	252,301	252,301	32,34	1 6,8	80,871
	*The School has elected,		in accordance with Section 35.10(d)					of FRS 102, to	use the carrying		value on	1 August	2014,
	the date oftransition	to FRS 102, of		any ofthe		above freehold	land and buildings		previously	carried at a valuat'ion, as their
	deemed cost.
10	Capital commitments
	At the balance sheet	date,	there was		anil of capital expenditure			that was contracted for but not provided				for within	these
	financial statements	(2020:F9,718).
11	Investments —Funds Deposited
				At 1 Sept 2020		Additions		Disposals	Change ln	Movement on cash		At 31 August
									market		held	2021
									value
									f
	General Investment Fund			1,057,150		170,479		(1,271,366)	43,737
	Cash				33,465						(33,465)
	Total General Investment Fund			1,090,615		170,479		(1,271,366)	43,737		(33,465)		0
	Scholarships and Fund	Bursaries			427,728	63,257		(514,033)	23,048
	Cash				33,231						(33,231)
	Total Scholarships Bursaries Fund	and			460,959	63,257		(514,033)	23,048		(33,23'I )
	Total Investment			1,551,574		233,736		(1,785,399)	66,785		(66,696)

2021	2020
	E

e following inf	ormation is disclosed:
		2021	2020
		F	F
Balance ofCapital and reserves			(3,044)
Result for the	period		(3,046)
ocks
		2021	2020
		F	E
Raw material	and consumables		23,290

btors
				2021	2020
Debtors	in respect ofschool		fee accounts	245,578	165,930
Amounts	owed by subsidiary		undertaking	91,620	14,419
Other debtors				14,354	17,075
Prepayments		and accrued income		243,932	232,593
				595,484	430,017

			2021	2020
School fees paid on account			1,296,773	379,678
Pupils' initial deposits			1,057,977	1,208,615
Amounts owed to Teachers'		Pension	73,160	71,053
Taxation and social security			99,180	101,507
Net Present Value of	Pensions Trust deficit recovery contributions		34,821	33,807
Accruals and deferred	income		499,918	442,690
CBILS loan			57,078
Other creditors			457,257	242,701
			3,576,164	2,480,051

editors: amo	unts falling due	after	more than one year
				2021	-2020
CBILSloan				192,922
Net Present Value ofPensions		Trust	deficit recovery contributions	87,162	121,393
Other creditors				9,686	13,781
				289,770	135,174
eneral funds	—unrestricted
				2021	2020
				F	E
At 1 September				6,685,740	7,277,149
Net outgoing	resources			(909,226)	(586,202)
Gains/(losses)	on investments	arising	in the periods	43,737	(5,207)
Transfer offunds				50,000
At 31August				5,870,251	6,685,740

conciliation	of mov	em	ent	in	t	otal funds
										2021	2020
											E
Result for the	financial		period							(902,802)	(573,690)
Gains/(losses)	on investments									66,785	(7,280)
Net movement	in funds									(836,017)	(580,970)
Opening funds										7,149,934	7,730,904
Closing funds										6,313,917	7,149,934
conciliation	ofnet	movement				in funds to	net cash inflow	from operating	activities
										2021	2020
										E	F
Net outgoing	resources									(902,802)	(573,690)
Investment income										(10,687)	(23,180)
Interest paid										1,385
Operating ioss for		the period								y'1~4)-
Depreciation	charge									331,251	328;804'
Decrease in stocks										23,290	3,599
(Increase)/decrease		in	debtors							(165,467)	175,186
Increase/(decrease)		in	creditors							1,250,709	(719,382)
Net cash inflow/(outflow)				from operating			activities			527,679	(808,663)
								At	1	Cash flow	At 31August
								September			2021
								2020
									E
Cash in hand								13,420		(11,561)	1,859
Cash at bank								865,985		2,094,062	2,960,047
Net cash								879,405		2,082,501	2,961,906
										2021	2020
										E
Increase/(decrease)		in cash in				period				2,082,501	(1,157,516)
Change in net cash		resulting			from cash flows					2,082,501	(1,157,516)
Net cash at 1 September										879,405	2,036,921
Net cash at	31August									2,961,906	879,405

From	1	April	2016	to	30	September	212,945,440perannum(payablemonthlyandincreasingby3%on1"	212,945,440perannum(payablemonthlyandincreasingby3%on1"	212,945,440perannum(payablemonthlyandincreasingby3%on1"	April)
2025
From	1	April	2016	to	30	September	254,560 perannum(payable	monthlyandincreasing	by3%on1"	April)
2028

			31 August 2021	31 August 2021	(F'000)	31 August 2020 (E'000)	31 August 2019(E'000)
Present Value of	Provision
conciliation ofOpening		and Closing Provisions
						Period ending 31 August	Period ending 31 August
						2021 (F'000)	2020 (F'000)
Provision at start	ofperiod					155	185
Unwinding ofthe	discount	factor	(interest	expense)
Deficit contribution	paid					(34)	(33)
Remeasurements	- impact	ofany	change	in assumptions
Remeasurements	-amendments		to the contribution		schedule
Provision at end	ofperiod					122

Income and Expendi	ture Impact
						Period ending 31 August	Period ending 31 August
						2021 (F'000)	2020 (F'000)
Interest expense
Remeasurements	—impact ofany change		in assumptions
Remeasurements	—amendments	to the contribution			schedule
Costs recognised	in income and expenditure			account
Assumptions
	31 August 2021 (%		per annum)		31 August	2020 (%per annum)	31 August 2019(%per annum)
Rate of Discount		0.63				0.55	0.97

		August 2021	31 August 2020	31August 2019
Year	ending	(E'000)	(K'000)	(F'000)
Year	1	35	34	33
Year	2	36	35	34
Year	3	37	36	35
Year	4	16	37	36
Year	5		16
Year	6			16
Year	7
Year	8
Year	9
Year	10