2021-08-31-accounts - Mayfield School Ltd

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INDEX			Page
Reference and Administrative		Details
Report ofthe Governors			2-10
Independent Auditor's	Report		11-12
Statement ofFinancial	Activities		13
Balance Sheet			14
Statement ofCash Flows			15-16
Accounting Policies			17-18
Notes to the Financial	Statements		19-27

	GOVERNORS		Lady Davies ofStamford *	Lady Davies ofStamford *	(Chairman)
			DrCJStorr+¹x		(Deputy Chairman)
			MrCJBuxtone		(Deputy Chairman)
			Miss JLV Bowden+ x
			Sister M M LDinnendahl	*x	(Retired 3December 2020)
			Mrs SHulbert-Powell +		(Retired 11June 2021)
			FrDominic Jacob		(Appointed	3 December 2020)
			Mrs RJLewis +x
			Mrs M Martin ¹ + x
			Mrs M D McGovern +
			Mrs M LMellor a
			MrTMCReid*¹
			Mrs KE Sorab a
			Mrs C FWood a
	a Members ofthe Finance and General Purposes Committee
+Members ofthe Education Committee
¹	Members ofthe Governance	Committee
xMembers ofthe Ethos Committee
HEADMISTRESS			Miss A M Beary MA, MPhil (Cantab), PGCE
SECRETARY AND BURSAR			Mr RGordon
REGISTERED OFFICE			MAYFIELD SCHOOL LTD
			The Old Palace High Street
			Mayfield
			East Sussex
			TN20 6PH
REGISTERED NUMBER			03068144
CHARITY NUMBER			1047503
SOLICITORS			Stone King LLP
			13 Queen Square
			Bath
			Avon
			BA12HJ
BANKERS			NatWest
			Chatham RCSC
			Western Avenue
			Waterside Court
			Chatham Maritime
			Chatham Kent
			ME4 4RT
AUDITOR			Haysmacintyre LLP
			10Queen Street Place,
			London
			EC4R 1AG

						Restricted	Permanent
					Unrestricted	Income	Endowment	Total	Total
					Funds	Funds	Fund	2021	2020
			Notes
INCOME FROM:
Charitable activities
Fees receivable				la	8,599,912			8,599,912	8,668,783
Other pupil charges				lb	726,533			726,533	946,178
Registration fees					42,548			42,548	42,928
Donations and Legacies
Donations including Annual		Fund			1,468			1,468	61,785
Grant income					222,980			222,980	412,227
Investments
Investment income					14,283	26,669		40,952	48,208
Bank and other interest					492			492	20,953
Other Trading Activities
Rents receivable					390			390	435
Holiday lets and summer	visitors
Other commercial activities				13	30,170			30,170	24,165
Other					63,873			63,873	31,199
Other income
Profit on disposal offixed assets					5,300			5,300
Total Income					9,707,949	26,669		9,734,618	10,256,861
EXPENDITURE ON:
Raising Funds
Fundraising and Development					43,420			43,420	68,705
Investment management	costs				5,688	8,479		14,167	13,599
Charitable activities
School operating costs
Teaching costs					4,527,976			4,527,976	4,414,539
Welfare					1,233,063			1,233,063	1,314,158
Premises					1,760,755			1,760,755	2,015,289
Cost ofother pupil charges					942,840			942,840	1,154,947
Support costs ofschooling					1,640,656			1,640,656	1,641,500
Contribution to scholarships/hardship			fund		2,948	26,669		29,617	47,320
Total Expenditure				3	10,157,346	35,148		10,192,494	10,670,057
Net expenditure before investment			gains		(449,397)	(8,479)		(457,876)	(413,196)
Gains on investment assets					82,687		124,133	206,820	(71,769)
Net income/(expenditure)					(366,710)	(8,479)	124,133	(251,056)	(484,965)
Transfers					(8,479)	8,479
Net movement in funds					(379,189)		124,133	(251,056)	(484,965)
Balances brought forward	at
1 September 2020					8,338,456		877,833	9,216,289	9,701,254
Balances carried forward	at
31August 2021					7,963,267		1,001,966	8,965,233	9,216,289

						2020
			Notes
FIXEDASSETS
Tangible assets					10,335,298		8,583,276
Investments					1,599,087		1,405,924
					11,934,385		9,989,200
CURRENT ASSETS
Stocks				19,883		24,616
Debtors			8	563,225		371,788
Cash at bank and on deposit				2,583,379		3,491,058
				3,166,487		3,887,462
CREDITORS: due within		one year	9	(2,774,029)		(2,994,330)
NET CURRENT ASSETS					392,458		893,132
TOTAL ASSETSLESSCURRENT
LIABILITIES					12,326,843		10,882,332
CREDITORS: due after mure than
one year			10		(3,361,610)		(1,666,043)
TOTAL NKT ASSETS					8,965,233		9,216,289
FUNDS
Permanent Endowment	fund				1,001,966		877,833
Restricted Income funds
Unrestricted funds:
General			12		7,963,267		8,338,456
TOTAL FUNDS					8,965,233		9,216,289

					2021
Cash flows from operating activities:
Net cash (used) yprovided by operating		activities			(102,622)		944,127
Cash flows from investing activities:
Dividends, interest and rents from	investments			15,165		37,910
Payments for tangible fixed assets				(2,339,178)		(860,927)
Proceeds from sale oftangible assets				5,300
Purchase ofinvestments				(159,358)		(189,387)
Proceeds I'rom sale ofinvestments				173,014		183,824
Net cash usedininvesting activities					(2,305,057)		(828,580)
Cash flows from financing activities:
Loan draw down				1,500,000
Net cash provided injinancing activities					1,500,000
Change in cash and cash equivalents in the
reporting period					(907,679)		115,547
Cash and cash equivalents at the beginning ofthe
reporting period					3,491,058		3,375,511
Cash and cash equivalents at the end ofthe
reporting period					2,583,379		3,491,058
Reconciliation ofnet income/(expenditure)			to net cash	flow from operating	activities	2021	2020
Net income/(expenditure) for the	reporting		period			(251,056)	(484,965)
(as per the statement offinancial	activities)
Adjustments for:
Depreciation charges						587,155	577,977
Dividends, interest and rents from	investments					(15,165)	(37,910)
Gains on investment assets						(206,820)	71,769
Profit on the sale offixed assets						(5,300)
Decrease in stock						4,733
(Increase)/decrease in debtors						(191,437)	210,279
Increase in creditors						(24,732)	606,977
Net cash provided by operating	activities					(102,622)	944,127
Analysis ofcash and cash equivalents						2021	2020
Cash in hand and on deposit						2,583,379	3,491,058
Total cash and cash equivalents						2,583,379	3,491,058

ANALYSIS OF CHANGES IN NKT DEBT
	At I September 2020	Cash flows	At 31August 2021
Cash and cash equivalents
Cash	3,491,058	(907,679)	2,583,379
	3,491,058	(907,679)	2,583,379
Borrowings
Debt due within one year		(40,563)	(40,563)
Debt due after one year		(1,459,437)	(1,459,437)
		(1,500,000)	(1,500,000)
Total	3,491,058	(2,407,679)	1,083,379

Freehold	Buildings	2/o on cost
Furniture,	Fixtures and Equipment	15%on cost
Computer	Equipment	25'/o on cost
Motor Vehicles		20/0 on cost

la.	FEESRECEIVABLE	FEESRECEIVABLE	FEESRECEIVABLE	FEESRECEIVABLE								2021	2020
	Fees receivable	consist			of:
	Gross fees											10,327,479	10,217,341
	Less: Total Scholarships,				bursaries, grants and allowances							(1,754,236)	(1,580,244)
												8,573,243	8,637,097
	Add back Scholarship			Grants paid by Scholarship				Fund				26,669	31,686
												8,599,912	8,668,783
lb.	OTHER PUPIL		CHARGES									2021	2020
	Educational activities											281,981	420,782
	Travel											162,340	157,173
	Riding											185,003	269,351
	Music											77,283	78,451
	Insurance												6,555
	Other activities											19,926	13,866
												726,533	946,178
2.	STAFF COSTS											2021	2020
												No.	No.
	The average number			employed		by the company	on a full-time			equivalent	basis
	within each category			ofpersons was:
	Teaching staff											77	78
	Other staff											80	84
												157	162
	The average number			employed		by the company		within	each	category	ofpersons	2020	2020
	was:											No.	No.
	Teaching Staff											89	90
	Other Staff											109	116
												198	206
	The costs incurred		in	respect ofthese employees			and contract			staff were:
	Wages and salaries											5,617,372	5,855,233
	Social security costs											552,895	544,945
	Pension costs											755,508	729,266
												6,925,775	7,129,444

				Staff	Other		Total
				costs	costs	Depreciation	2021
Raising Funds					g
Fundraising	and	Development			43,420		43,420
Investment	management		costs		14,167		14,167
Charitable	activities:
School operating		costs
Teaching				4,183,422	197,766	146,788	4,527,976
Welfare				811,739	348,296	73,028	1,233,063
Premises				590,990	905,545	264,220	1,760,755
Cost ofother pupil charges				475,886	436,863	30,091	942,840
Support costs of		schooling		863,738	703,890	73,028	1,640,656
Grants for	fees				29,617		29,617
				6,925,775	2,679,564	587,155	10,192,494

				StRA'	Other		Total
				costs	costs	Depreciation	2020
Raising Funds				g		g
Fundraising	and	Devlopment		58,659	10,046		68,705
Investment	management		costs		13,599		13,599
Charitable	activities:
School operating		costs
Teaching				4,083,188	186,856	144,495	4,414,539
Welfare				891,491	350,420	72,247	1,314,158
Premises				748,443	1,006,756	260,090	2,015,289
Cost ofother pupil charges				517,902	608,146	28,899	1,154,947
Support costs of		schooling		829,761	739,492	72,247	1,641,500
Grants for	fees				47,320		47,320
				7,129,444	2,962,635	577,978	10,670,057

Auditor's	Remuneration
For Audit


8.	DEBTORS			2021	2020
	Fee and extras debtors			296,861	176,403
	Prepayments and accrued	income		219,726	170,320
	Amounts due from subsidiary		undertakings	35,273	25,065
	Other debtors			11,365
				563,225	371,788
9.	CREDITORS: Amounts	falling due within		2021	2020
	one year
	Fees received in respect ofAcademic Year 2021/22			1,281,966	1,174,445
	Deposits			322,211	376,847
	Accruals and other creditors			627,102	935,254
	Lump sum fees in advance			348,976	361,338
	Social Security and other taxes			153,211	146,447
	Bank loan			40,563
				2,774,029	2,994,330
10.	CREDITORS: Amounts	falling due after more		2021	2020
	than one year
	Lump sum fees in advance			425,977	334,444
	Deposits			1,476,196	1,331,598
	Bank loan			1,459,437
				3,361,610	1,666,043
	Loan maturity			2021	2020
	Within one year			40,563
	Between one and two years			42,011
	Between two and five years			135,109
	Greater than five years			1,282,317
				1,500,000

FUNDS
		Balance		Expenditure		Balance
		31August		and	Investment	31August
		2020	Income	Transfers	Gains	2021
					8
UNRESTRICTED FUNDS
General fund		8,314,663	9,707,314	(10,162,876)	82,687	7,942,423
Hardship Fund		23,793		(2,948)		20,844
TOTAL UNRKSTRCTKD
FUNDS		8,338,456	9,707,949	(10,168,772)	82,687	7,963,267
PERMANENT
ENDOWMENT	FUND
Scholarship Fund		877,833			124,133	1,001,966
RESTRICTED INCOME
FUNDS
Scholarship Fund			26,669	(35,148)	8,479
COMPARATIVE FUNDS
		Balance		Expenditure		Balance
		31August		and	Investment	31August
		2019	Income	Transfers	Gains	2020
UNRESTRICTED FUNDS
General fund		8,763,880	10,185,748	(10,622,737)	(12,228)	8,314,663
Hardship Fund			39,427	(15,634)		23,793
TOTAL UNRESTRICTED
FUNDS		8,763,880	10,225,175	(10,638,371)	(12,228)	8,338,456
PERMANENT
ENDOWMENT	FUND
Scholarship Fund		937,374			(59,541)	877,833
RESTRICTED INCOME
FUNDS
Scholarship Fund			31,686	(40,036)	8,350

ANALYSIS OF	NET ASSETSBETWEEN FUNDS
			Permanent
		Unrestricted	Endowment	Total
		Funds	Fund	Funds
Fund balances at 31August 2021
are represented	by:
Tangible fixed assets		10,335,299		10,335,299
Investments		642,607	956,480	1,599,087
Net current assets		392,457		392,457
Liabilities falling	due afler one year	(3,361,610)		(3,361,610)
		8,028,753	956,480	8,965,233
ANALYSIS OF NKT ASSETSBETWEEN FUNDS
			Permanent
		Unrestricted	Endowment	Total
		Funds	Fund	Funds
				g
Fund balances at31August 2020
are represented	by:
Tangible fixed assets		8,583,276		8,583,276
Investments		528,090	877,833	1,405,924
Net current assets		863,132		893,132
Liabilities falling	due after one year	(1,666,043)		(1,666,043)
		8,346,456	877,833	9,216,289

	2021	2020
Turnover	159,508	155,903
Cost ofsales	(120,092)	(122,116)
Crross protit	39,416	33,787
Administration	(9,249)	(9,649)
	30,167	24,138
Other income	2	27
Loan interest paid to Parent company
Net profit	30,169	24,165
Gift Aid	(30,169)	(24,165)

		2021
		g
Not later than	1 year	18,394
Later than 1 year and not later than 5 years		48,164
		66,558

					Restricted	Permanent
					Income	Endowment	Total
					Funds f.	Fundf	2020
INCOME FROM:
Charitable activities
Fees receivable				8,668,783			8,668,783
Other pupil charges				946,178			946,178
Registration fees				42,928			42,928
Donations and Legacies
Donations including Annual		Fund		61,785			61,785
investments
Investment income				16,522	31,686		48,208
Bank and other interest				20,953			20,953
Other Trading Activities
Rents receivable				435			435
Holiday lets and summer	visitors
Other commercial activities				24,165			24,165
Other				31,199			31,199
Other income
Profit on disposal offixed assets
Total Income				10,225,175	31,686		10,256,861
EXPENDITURE ON:
Raising Funds
Fundraising				60,355	8,350		68,705
Investment management	costs			13,599			13,599
Charitable activities
School operating costs
Teaching costs				4,414,539			4,414,539
Welfare				1,314,158			1,314,158
Premises				2,015,289			2,015,289
Cost ofother pupil charges				1,154,947			1,154,947
Support costs ofschooling				1,641,500			1,641,500
Contribution to scholarships				15,634	31,686		47,320
Total Expenditure				10,630,021	40,036		10,670,057
Net expenditure before investment			gains	(404,846)	(8,350)		(413,196)
(Loss) / gain on investment	assets			(12,228)		(59,541)	(71,769)
Nct income/(expenditure)				(417,074)	(8,350)	(59,541)	(484,965)
Transfers				(8,350)	8,350
Net movement in funds				(425,424)		(59,541)	(484,965)
Balances brought forward	at
1 September 2019				8,763,880		937,374	9,701,254
Balances carried forward	at
31August 2020				8,338,456		877,833	9,216,289