2020-08-31-accounts - Captain P C Thompson Memorial Prize

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CONTENTS	CONTENTS		PAGES
Governors'	Report		1-13
Auditors'	Report		14-15
Statement	of Financial	Activities	16-17
Balance Sheet			18
Cashf low	Statement
Notes			20-35

			Unrestricted	Restricted	Endowed
		Notes	Funds	Funds	Funds	2020
INCOME FROM:			f	E	E	E
Donations			27,889			27,889
Income from Charitable	Activities
School fees receivable			2,249,044			2,249,044
Other ancillary trading	income		64,213			64,213
Investment income				650		650
Grants receivable			148,525			148,525
Total income			2,489,671	650		2,490,321
EXPENDITURE ON:
Charitable activities
School operating costs			2,787,906	1,911	72,936	2,862,753
Costs ofgenerating funds
School financing costs			935			935
Total expenditure			2,788,841	1,911	72,936	2,863,688
Net income / (expenditure)			(299,170)	(1,261)	(72,936)	(373,367)
Transfers between funds		20
Other recognised gains /	(losses)
Gains / (losses) on investments
NET MOVEMENT IN FUNDS			(299,170)	(1,261)	(72,936)	(373,367)
RECONCILIATION OF FUNDS
Fund balances at 1September 2019			(1,405,538)	44,554	1,635,416	274,432
FUND BALANCES AT31AUGUST 2020		16	(1,704,708)	43,293	1,562,480	(98,935)

			Unrestricted	Restricted	Endowed
		Notes	Funds	Funds	Funds	2019
INCOME FROM:			f	f	f	f
Donations			39,483			39,483
Income from Charitable	Activities
School fees receivable			2,119,313			2,119,313
Other ancillary trading	income		81,370			81,370
Investment income			392	572		964
Total income			2,240,558	572		2,241,130
EXPENDITURE ON:
Charitable activities
School operating costs			2,853,069	1,911	72,485	2,927,465
Costs ofgenerating funds
School financing costs			1,047			1,047
Total expenditure			2,854,116	1,911	72,485	2,928,512
Net income / (expenditure)			(613,558)	(1,339)	(72,485)	(687,382)
Transfers between funds		20	(23,350)	(82)	23,432
Other recognised gains /	(losses)
Gains / (losses) on investments				163	1,741	1,904
NET MOVEMENT IN FUNDS			(636,908)	(1,258)	(47,312)	(685,478)
RECONCILIATION OF FUNDS
Fund balances at 1September 2018			(768,630)	45,812	1,682,728	959,910
FUND BALANCES AT31AUGUST 2019		16	(1,405,538)	44,554	1,635,416	274,432

				2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES					144,770	235,707
CASHFLOWS FROM INVESTING ACTIVITIES
Investment income received				650		964
Payments for investments
Payments for tangible fixed assets				(3,403)		(144,442)
Proceeds from sale of investments
Proceeds from sale offixed assets
Net cash provided by / (used in) investing	activities				(2,753)	(143,478)
CHANGE IN CASH AND CASH EQUIVALENTS	IN THE	REPORTING PERIOD			142,017	92,229
RECONCILIATION OF NET CASH FLOW TO MOVEMENT			IN NET FUNDS
Cash and cash equivalents as at 1September 2019					213,895	121,666
Change in cash and cash equivalents in the	reporting	period			142,017	92,229
Cash and cash equivalents as at 31August 2020					355,912	213,895

a.	Reconciliation ofnet	income / (expenditure)	to net cash flow from operating	activities
	Net income / (expenditure) for the reporting		period (as per the
	statement offinancial activities)				(373,367)		(685,478)
	Investment income			(650)		(964)
	(Surplus)/Loss on sale of investments
	Unrealised (gain)/loss	on investments				(1,904)
	Depreciation charge			103,272		102,897
	(Increase)/Decrease	in stock
	(Increase)/Decrease	in debtors		(61,375)		(9,327)
	Increase/(Decrease)	in creditors		480,751		828,121
	Increase/(Decrease)	in provisions		(3,861)		2,362
					518,137		921,185
	Net cash provided by / (used in) operations				144,770		235,707
b.	Analysis ofcash and	cash equivalents
	Cast at bank and in hand				355,912		213,895
					355,912		213,895

School	fees receivable consist of:	fees receivable consist of:			2020	2019
					E	f
Gross	fees				2,388,143	2,157,970
Less: Total bursaries					(192,103)	(68,255)
					2,196,040	2,089,715
Add:	Extras recoverable,	examination	fee income, registration	fees,
	deposits forfeit and	medical services			53,004	29,598
					2,249,044	2,119,313

OTHER ANCILLARY TRADING INCOME	OTHER ANCILLARY TRADING INCOME	OTHER ANCILLARY TRADING INCOME	OTHER ANCILLARY TRADING INCOME	OTHER ANCILLARY TRADING INCOME			2020	2019
							f	f
UNRESTRICTED FUNDS
Transport							48,141	53,477
Other sundry	income						16,072	27,893
							64,213	81,370
All other ancillary trading			income	in the previous	year relates to unrestricted	funds.
AUDITOR'5 REMUNERATION
							2020	2019
							f	f
Fees payable	for the audit		ofthe	financial statements			7,950	7,750
DONATIONS							2020	2019
							f	E
UNRESTRICTED FUNDS
Read School	Enterprises	Limited					8,661
Parents and	Friends Association			8 Old Draxonians	Association		2,818	16,519
Others							16,410	22,964
							27,889	39,483

			2020	2020	2020		2019	2019
			Unrestricted	Restricted	Tota I		Tota	I
			f	f	f		E
Active Saver Account Interest			650			650			392
Charities	Official Investment	Income							572
			650			650			964

Total expenditure
			Staff costs	Depreciation	Other	Total
			(note 8)	(note 11)		2020
			f	f	f	f
Charitable activities
Teaching costs			1,701,650		52,851	1,754,501
Welfare costs					245,809	245,809
Premises				103,272	211,224	314,496
Support and governance		costs	227,124		320,823	547,947
Total charitable expenditure			1,928,774	103,272	830,707	2,862,753
Costs ofgenerating	funds
Finance and other costs			611		324	935
Total costs ofgenerating		funds	611		324	935
Total expended			1,929,385	103,272	831,031	2,863,688
			Staff costs	Depreciation	Other	Total
			(note 8)			2019
			E	f	E	E
Charitable activities
Teaching costs			1,648,515		121,785	1,770,300
Welfare costs					105,345	105,345
Premises				102,897	221,597	324,494
Support and governance		costs (note 6b)	467,981		259,345	727,326
Grant, awards and prizes		(note 6c)
Total charitable expenditure			2,116,496	102,897	708,072	2,927,465
Costs ofgenerating	funds
Finance and other costs					1,047	1,047
Total costs ofgenerating		funds			1,047	1,047
Total expended			2,116,496	102,897	709,119	2,928,512

				2020	2019
b.	Support costs include the following:			f	f
	Non-teaching support salaries			40,964	467,078
	Advertising and publicity			28,582	33,878
	Telephone 8 Internet			7,989	11,554
	Printing, copying, postage, stationery		and newspapers	38,193	24,874
	Auditor's remuneration			7,950	7,750
	Other professional fees —restricted	funds			903
	Other professional fees —endowed	funds			8,556
C.	Grant, awards and prizes
	From Unrestricted Funds:
	From Restricted Funds:
STAFF COSTS
The aggregate payroll costs for the year		were as follows:
				2020	2019
				f	f
Wages and salaries				1,627,822	1,761,733
Social security costs				138,937	143,180
Pension contributions				258,647	211,583
				2,025,406	2,116,496


f60,001	to	f70,000
f70,001	to	f80,000
f80,001	to	f90,000

	2020	2019
	No.	No.
Teaching	30	29
Teaching support	15	15
Domestic	9	9
Grounds / Driving	4	5
Administration	7	5
	65	63

	Freehold	Property
	Land &	Improve-	Furniture &	Motor
	Buildings	ments	Equipment	Vehicles	Total
	f		f	f	f
COST
At 1September 2019	1,001,501	3,264,012	538,444	9,036	4,812,993
Additions			3,403		3,403
Disposals
At 31August 2020	1,001,501	3,264,012	541,847	9,036	4,816,396
DEPRECIATION
At 1September 2019	320,023	2,306,242	427,418	9,036	3,062,719
Charge for year	18,825	56,022	28,425		103,272
On disposals
At 31August 2020	338,848	2,362,264	455,843	9,036	3,165,991
NET BOOK VALUES
At 31August 2020	662,653	901,748	86,004		1,650,405
At 31August 2019	681,478	957,770	111,026		1,750,274

					2020	2019
					E	E
Charities	Official Investment		Fund		20,118	20,119
Charinco	Common	Investment	Funds	-Adept	331	331
				-Taylor	300	300
					20,749	20,750

			2020	2019
			Market	Market
			Value	Value
			f	f
Charities	Official Investment	Fund	20,118	20,119
DEBTORS
			2020	2019
			E	E
School Fees			524,081	511,960
Other debtors			22,057	3,611
Prepayments			47,331	16,522
			593,469	532,093

CREDIT	ORS: amo	unts	falling due within one year
				2020	2019
				f	f
Fees invoiced in		advance		674,787	687,499
Trade Creditors				49,288	80,362
Social Security and Other Taxes				185,451	35,429
Pensions				106,395	22,588
Sundry creditors		and	accruals	69,585	46,562
				1,085,506	872,440
Fees invoiced in		advance reconciliation
				2020	2019
				f	E
Balance	brought	forward		687,499	591,084
Amount	released	to	Statement of Financial Activities	(687,499)	(591,084)
Amount	deferred	in year		674,787	687,499
				674,787	687,499
CREDITORS: amounts			falling due after one year
				2020	2019
				f	f
Loans				1,484,743	1,225,417
Other Long Term		Creditors		94,894	86,535
				1,579,637	1,311,952

		Balance at	Incoming	Resources		Gains	/	Balance at
		31.08.2019	Resources	Expended	Transfers	(Losses)		31.08.2020
		f	f	f	f	f		f
Endowed Funds
Foundation	Capital	1,635,416		(72,936)				1,562,480
Restricted Funds
Scholarships		39,381						39,381
Prize Funds		1,341	650					1,991
Gifts (Restricted)		3,832		(1,911)				1,921
		44,554	650	(1,911)				43,293
Unrestricted	Funds
General Reserve		(1,405,538)	2,489,671	(2,788,841)				(1,704,708)
		(1,405,538)	2,489,671	(2,788,841)				(1,704,708)
Total Funds		274,432	2,490,321	(2,863,688)				(98,935)
		Balance at	Incoming	Resources		Gains	/	Balance at
		31.08.2018	Resources	Expended	Transfers	(Losses)		31.08.2019
		f	f	f	f	f		f
Endowed Funds
Foundation	Capital	1,682,728		(72,485)	23,432	1,741		1,635,416
Restricted Funds
Scholarships		39,381						39,381
Prize Funds		688	572		(82)		163	1,341
Gifts (Restricted)		5,743		(1,911)				3,832
		45,812	572	(1,911)	(82)		163	44,554
Unrestricted	Funds
General Reserve		(768,630)	2,240,558	(2,854,116)	(23,350)			(1,405,538)
		(768,630)	2,240,558	(2,854,116)	(23,350)			(1,405,538)
Total Funds		959,910	2,241,130	(2,928,512)		1,904		274,432

available for the general purposes ofth	e School.
	Endowed	Restricted	Unrestricted	Total
	2020	2020	2020
		f	f	f
Tangible fixed assets	1,562,480	1,921	86,004	1,650,405
Investments		631	20,118	20,749
Net current assets		40,741	(176,866)	(136,125)
Long term liabilities			(1,579,637)	(1,579,637)
Provisions			(54,327)	(54,327)
	1,562,480	43,293	(1,704,708)	(98,935)
	Endowed	Restricted	Unrestricted	Tota I
	2019	2019	2019	2019
		f	f	f
Tangible fixed assets	1,635,416	3,832	111,026	1,750,274
Investments		631	20,119	20,750
Net current assets / (liabilities)		40,091	(166,543)	(126,452)
Long term liabilities			(1,311,952)	(1,311,952)
Provisions			(58,188)	(58,188)
	1,635,416	44,554	(1,405,538)	274,432

RECONCILIATION	OF OPENING AND CLOSING PROVISIONS	OF OPENING AND CLOSING PROVISIONS	OF OPENING AND CLOSING PROVISIONS	OF OPENING AND CLOSING PROVISIONS	OF OPENING AND CLOSING PROVISIONS
							2020	2019
							f	f
Provision at start of period							58,188	55,826
Unwinding ofthe		discount factor	(interest	expense)			611	1,047
Deficit contribution		paid					(5,001)	(4,865)
Remeasurements		—impact of any	change	in assumptions			529	2,614
Remeasurements		—amendments	to contribution		schedule		0	3,566
Provision at end	of period						54,327	58,188
STATEMENT OF FINANCIAL ACTIVITIES IMPACT
							2020	2019
							f	f
Interest expense							611	1,047
Remeasurements		—impact of any	change	in assumptions			529	2,614
Remeasurements		—amendments	to contribution		schedule			3,566
Costs recognised	in the statement		offinancial activities				1,140	7,227
ASSUMPTIONS
						31.08.2020	31.08.2019	31.08.2018
						%per annum	%per annum	%per annum
Rate of discount						0.90	1.10	1.96

		31.08.2020	31.08.2019	31.08.2018
Year	1	5,151	5,010	4,865
Year	2	5,305	5,151	5,010
Year	3	5,465	5,305	5,161
Year	4	5,628	5,465	5,316
Year	5	5,797	5,628	5,475
Year	6	5,971	5,797	5,639
Year	7	6,150	5,971	5,808
Year	8	6,335	6,150	5,983
Year	9	6,525	6,335	6,162
Year	10	4,480	6,525	6,347
Year	11		4,480	6,538
Year	12
Year	13
Year	14
Year	15
Year	16
Year	17
Year	18
Year	19
Year	20