NOR LODGE SCHOOL Guor4nlee COMPANY REGISTK4TION NUMBER: 28291S6 CHARITY REGISTRATION NUMBER: 1048874 GOVERNOILS, AN ALRE RTIN UDIN THE TE PORT AN INANCIAL STATEMENTS FOR THE YEAR ENDED 31ST A UST 2021 NINI mill *AB2390BF* 16ff04r2022 COMPANIES HDUSE A14 #1 MANOR LODGE Aco an Llmliedb Gudrttn¢ee REPORT AND FINANCIAL STAT EN FOR THE YEAR ENDED 31 GUST 2 CONTENTS PAGE Annual R¢porf of the Governor5 including the Strategic Rep)rt Rew)rt of the Indewdent Audilors 9-12 Stat¢rn¢nl of Financial A¢livities 13 Balance Sheet 14 Stst¢menl of flows 15 Notes to ihe Financial Statements 16-27 The ftsllowing pages do not forni part of the Financial Statements Detsiled Income and Exp¢ndityre Accouni 28-29 MANOR LODCE SCHOOL Acom Limiiedb G¥ortTn Page I GOVERNORS, ANNUAL REPORT R THE YEAR ENDED 31 AUGUST 2 The Board of Governors present their annual repxt and ihe audited fwancial Statements of the Company for the year ended 31 AuguM 2021. The report has been Fryared in Xcord￿¢¢ with Part 8 of the Charities Act 2011. The GovernoTS have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities- (FRS102) applicable w Charities preparing their fmancial staternents in accordance with the Financial Reporting Standard applicable in ihe United Kingdom and R¢public of [rel￿d. The fthancial statements have been prepared in accordance with the Company's memorandum and articles of &8s(Kiaiion and with the Companies Act 21K)6. REFERENCE AND ADMINISTRATIVE INFORMATION Manor Lodge SchiM)l Limiied (the Company) was incorporat¢d &5 a Company on 22 June 1993 and commenced aciivities 19 November 1993. The Company changed its nam¢ from Forestw￿ Lirnited io Manoi Lodge School Limited on 4 May 1995. and arranged pursuani to S￿tIon 60(1) (a) of the Companies Aci 21X)6 w have the word "Limited" omitted from the Company name. The School regi￿ered as a Charity with the Charity Commissioners (m 25 August 1995, number 1048874. The Registered OtTice and principal address of the Company is * Manor Lodge School, Rectory Lane, Ridge Hill, Shenley. Radlett, H¢rtford5hiTe WD7 9BG. Its registered company numttr 15 2829156. Governors The Govemor5 of the Schix)l. who are also DiTeuors of the Comp•)y and the Charity Trusle¢s. during the year were.. Mr D Arnold MBE # + {Chairnian} MrG Black # MrMCheny#@' Mrs S Coventry ' Mrs H Gunasekera • + Ms M Jones. Dr M Malik # •* MrJSegal#+ Mr A Williams Mr S Wilson * S DrTDLee- {Deputy chainn￿} # Member of Finanee and Gemerdl PuTP)ses Committee • Member of Educaiion Committee + Member of the Governance and Nominations C(Mnmitt¢¢ ￿¢w) @ Health and Saf¢ty Gov¢mor - App)intrd on 2011 If20 $ Safeguarding Governor * Resigned on 25103r21 *• Re5ign¢d on 08107r21 Key Exeeutiyes a*d professi(￿*1 *dvlsors The Head Mrs A BEd(HIM)s) tkputy Heads MTS C Edwards BA(Hons) QIS, Mr S Cavanagh BA(HoDS) PGCE Director of Finance and Opemions Company Secretary & Clerk io th¢ Gov¢rnor5 Mr M Mi¢czkowski BA(Hons) MBA FCMI Bankers Barclays Bank pk. 22-24 Upper Marllx)rough Road, St Albans, ALI 3AL Solicitor5 tkbenhams Ottaway. Ivy Hou4 107 St. Peier's Streei Si Albans. H¢rtfordshire. ALI 3EW Auditors Balfour S8ttson. Statutory Awlitors. charter￿ Accowitan 17 Bourne Coury South¢nd Road. Woodford Green. Essex IG8 8HD Insuran¢¢ Bn*¢r5 Aon UK Limited, 8 Devonshire Square. London EC2N 4PL Investment Managers Rathbone InvesÈment M8nagernent Limited Finsbury CiffCUS. London EQM 7AZ NOR LODGE SCHOOL Aco Limiled b P*ze 2 GOVERNORS, ANfwAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTUR& COVERNANCE AND MANAGEMENT Governing Doeument The Company is governed by its Mernorandum and Articles of AsxxiaiioTh. originally drdwn up on l June 1993 and las¢ amended on 12 Mawh 2tr20. Governing Body Th¢Governors, who are also required unthrthe Articles to serv¢ as Dir¢¢tOTS ofth¢ Company andTrnsiees ofthe Charity. are elected at a full generydl meeting. Governors ar¢ apwinted for a ienn of three years. They can be re-elected. Induetion, Re¢r￿ltMent and Training of Covernors Potential Governors are identified by recommendation from existing Governors or from the Head. They ar¢ Considered by the Board on the basis of professional or busirtss experkenrx. spxi4l1￿ skills and ￿TSOnal competence. New Governors are inducied inio the workings of the compHny ¥s a ￿h0o1 and also as a r¢gist¢red charity, including its Board Policy and Procedures. All Governor5 receive a ￿pY of the AGBIS publi¢ation'Guideline5 for Governors, &8 well as a comprehensive Governors Manual which highlighL8 their legal r¢sponsibilities. Further infonnatii)n Is provided by the Chair of Governors, Head Teacher and Director of Finance and Operdtions, as necessary. Training opporturtities are regularly publicised to and tsken up by the Governors. OrEanisational strneture The Governors meet as a Board ai lea￿ once a ￿rnI ￿deleM)ine the general policy of the School and to review its ov¢rall rnanagement and control, for which they are legally responsible. The implementation of most of tht Board's policies is carried out by the Finance and General Purposes Committee (chaired by Mr M Chenylmr J Segal and Mr G Black as Covchairs from 20105r21), the Educaiion Committ¢¢ {¢haired by Mr Williams) and the Governance and Norninations Committee (chaired by Mr J Segal). Th¢se Committees meet at le&st once a terni. prior to the fijll Governors, Meeting. to review the budg¢t, monthly rnanagement acc(wnts, annual rep)n and accounts and all other relevant matters. The School's Health and Safety Management Commiltee reviews ihe sch￿7.$ work and leisure practices and monitors liisk Assessments and is Chaired by a desiwted Governor (Mr M Chery and Mrs H GunLsekern from 14105121). The designatrd Governor for safeguarding is Mr S Wilson. The day to day mana8emeni of the School is delegated to the senior kadership team.. the Head Director of Financ¢ and Operation4 Deputy Head A￿eMiC and Deputy Head P&stwdl. Rel8lionships with eonnee¢ed parties *nd a￿lI181¢d bodies Th¢ School is a member of the Independent Association of l¥ep Sch(MJls (IAPS). the professional association for Heads and Deputy Heads of the leading 6￿ independent prep ￿hOOlS in the UK and worldwid¢. T¢a¢hing rn¢mb¢rs of the s¢Dior managenent team r¢gularly attend discussion forums with their tttr5 from other preparatory schools in the area in order to enhance ihe quality artd scope of the lessons given within the sch￿1. The School is also 2 member of ihe Association of Gowerning Bodies of Independent Schoo15 (AGBIS), which provides 8overnanc¢ advice. and the Independent Schools. Bursars ASs￿lation (ISBA). which promotes the eificient and effective management of the non-aeadernic &sF*cts of independent Sch￿Is. Pupils regularly support oiher chaTilies. for example by rnising funds and gts)ds through Collections at Harvest Festival assembli¢& House fundraising events and Christmas appeals to suptM)rt a number of local charities including the local RSPCA sanctuary, a lo¢al Hospice. Y4 local FaTnily Centre, the Allheimers Society and four House charities chosen by pupils each academir year. In 2020r21 th¢se were Christina Noble. Homeless Action Barnet. NA wr and Ttggywinkles. These initiatives are educ*ional and give pupils an awareness of life outside th¢ ￿h0o1 community. MANOR LODGE SCHOOL Aco Limiledb Guoran¢ee Page 3 GOVERNORS, ANNUAL REPORT FOR THE YEAR ENDED31 AUGUST 2021 The School h&$ regisrered as an Eco-school. and ha5 becom¢ part of an international group of schools working lowards education for sustainable development and a better quality of life for local and global communitie5. The Ecfrschool scheme provides a framework ¢0 ¢nable anatysis of operations and assists the School to become a mor¢ sustainable community. By following this PrOgr￿e the School will become a more stimulating place in which to learn, whilst reducing th¢ environmental impact on the communiry. The children's involvern¢nt is th¢ key part of the programme and to thi$ end they have been involved righi from the start in activities such as producing idw for projects.. recyclin reducing and re-using waste- decision making. rnonitoring and action planning. The School once again successfully renewed its E¢￿SchOOls Gr¢¢n Flag award in March 2018. PRINCIPAL RISKS AND UNCERTAINTIES The School has reviewed all major risks and established systems and procedures to manage those risks, as detailed in the School's risk register. The key controls used to rnanage Tisks include.. annual review ofthe risk register, appropriate tern]s of r¢f¢r¢n¢¢ for each committee, fom)al agendas for all comrninee and Board activity, cornprehensive budgeting and management accountin& estsblished lines of reporting, clear finan¢ial authori5ation levels. vetting and reportifig procedures for safeguarding children. regular health and safety audits. The principal risks ¥nd unwthinties curTently facing the School are as ftsllows: OnEoing Impaet ofthe Covid-19 pTrdemie The Covid-19 pandemic has Continu￿ io hav¢ a significant impact ￿ Manor Lodge School. wilh national lockdowns resulting in th¢ School b¢ing ¢105ed for Iwo tern15 overthe last two financial years. The Goveming Body have anticipaied that the School rnay ne¢d to close due to an outbreak within the School. or locavnational ]￿kdown. The controls in place within the School are designed io reduce the transmission of COV1[￿19 within the school community, but for the foreseeable future the School needs io be prepared for a mandat¢d p¢ri(Kl of closure. The School's main focus will be to continue to meei our mordl and ¢ontrathial r¢sponsibility to provide an educational service io the children ai Manor Lodge. via remote learning m(Mlel. The School Leadership Team are confideni thai the School will be able io deliver a high standard of education, should the School have to close. having buili and improved on th¢ model used previously. The Trustees believe that this is key in ensuring pupil r¢t¢ntion during th¢5e difficult times. The Trn￿te9 are aware that further financial supp)rt may be requirejj, through further fee redu¢tion or bursary award& This will continue to be monitort with the T￿￿1¢¢5 making wJrowiat¢ d¢ci5ion. in the be$t interest of the School, as required. The School is also aware of the impact covtD-19 will continue to have on the well-being and menthl health of the School commwiity and will ¢ontinu¢ to provid¢ support to all, throughout thi5 turbulent period. Èxternal eeonomic faetors and the sust*lnability of fee ittcre4ses The School relies on parents. ability io pay fees as ir5 main sourtt of income. There is a risk that external economic factors redu¢¢ p8r¢nts' ability to pay f¢¢s or result in parents withdrawing pupils due to fee l¢v¢ls. Impaet of govertsmtnt legis18tio Changes in government legisl&ion. for example charity taw and guidance. regul&ory compliance, or increases to employers, contributions io the Teachers. Pension Scheme. may significanily impau on the School's starus and operation. In light of the level of TPS employ¢r ¢ontributions and pot¢ntial futyre in¢r¢ases, whi¢h may be imposed, the Governing Body will coniinue io monitor the siluation and &%ses5 the impact on the School when consid¢ring any necessary aciion. R¢put4tton•l risk nearby $choo15 opening extra classes or ehaftging strneture The continuing success of the School 15 d¢pend¢nt on coniinuing to attract applicants by maintsining higlj academic standards. The rising Costs of maitstsining the fabr1¢ ofthe xhool, in p8rtieul•r the listed building Repairs and maintenance costs are a major component of the School's expenditure every year. The main school building is Grade 11 listed and approaching three hundred years old. Although th¢ School maintains a rolling programme of redecorati(ffl and refiJrbishmenL the hI￿Oric trend shows that major repair ¢xp¢nditiwe 1$ in¢urr¢d periodically. MANOR LODGE SCHOOL Limliedb Guarantee Page 4 VERNORS, ANNUAL REPORT FOR THE YEAR EN D31 AUGUST 2021 Teehntylo%y an41 Cybercrime risk Maintsining classroom technology resources and ieacher skills at an appropriate level in the face of rapid technological advance and protecting the school and its ￿sets. the School coniinues to review and develop the provision of technology resources in the cl&ssr(K)m and a highlyqualified and COM￿lent on-site IT and Digiral Services team to provide daily support to staff. ensure rapid TEsponse to any problems and facilithte the tn)plementstion of new technology in th¢ cuniculum. The School has re¢enily achieved 'Cyber essential, accreditation, demonstrating its srrive io ensure proper management control systems in order to minimise exp)sure io cybercrime and 53f¢gLwding risks. PA Y SETTING ARRANGEMENTS Pay and remuneraiion foT the School's s¢nior managemenl team is arranged according to a scale set by the Governors. Th¢ ￿ale is agreed by the Governors wilh reference to IAPS and AGBIS ben¢hmarks and national (eaching pay scales. Members of ihe senior leadership team are 4Jpraised biannually. Govemors r¢vi¢w the scak as necessary) ai least every fiv¢ years. 0￿ECTs, PUBLIC BENEFIT AIMS. ORIECTIVLS AND PRIJYCIPAL AcfiviTIES Th¢ ObjKts of the Company. in accordance with its Mernordndum of Association. are to advance ¢ducation in particular by establishing and Ca￿ying on in Great Brithin (and any other countries) schools * or by means of which scudenis may obtsin education and instruction in all subj¢¢ts whatsoev¢r may be included in a commercial, technical, scientific. classical or academic education, or may be conducive io knowledge of or Skill in any trad¢, pursuant or ￿llIng. In th¢ furtherance of these objects the Govemors. as the Charity Trustees. have complied with the duty in s.4 of the Charities Act 2011 to hav¢ due regard to the Charity Commission's published general and relevant sub-se￿Orguidanc¢ concerning the operation of ihe Public Benefit requirement under that Aci. Prlnelpal Aetivity The principal activity of the School conrintses io be the provision of education for children aged betsveen 3 and I l. The School is set in an attractive I l acre site within easy reach of th¢ M25. St Albans, Potters Bar and Cuffley, RadletL Elstree. Stanmore and Ed8ware. and most other parts of Herrfordshire and north-west London. School Aim$ The Board ts r¢swJnsibl¢ for setting a str*¢gy for ￿hleving the Sch¢)ol's Obj￿17ve5. As a ¢haritsbl¢ ind¢pendent school. the strategic aim is ihe attainment of the highem academic levels. The khool's aim is to draw out pupils. abilities and academic p)t¢ntial, to assist them to develop wider interests in lif¢ and to motivate them fora successfvl outcome at their chosen senior school. The School's bursary and admissions ￿lI¢leS enable wide access to this education and the facilities by helping lower income or otherwise disadvanta8oJ families to ttftefit if they cannol afford the School's standard f¢¢s. The School's specific aims arE'. To deliver a forward thinking ¢urriculwn th* inspires intellectual curiosity within each child, promotes academic excellence and individual achievement. 2. To offer a positive and stimulating ¢nvironm¢nt that prornotes the philosophy of 'leaming without walls.. 3. To encourag¢ support and invem in our staff to enable all individuals to thrive. 4. To ¢elebrate diversity and inclusivity in a comrnuniry that values and w¢5 for on¢ anoth¢r. 5. To bring joy to childho(Kl ¢xperien￿$ by enabling the children to feel safe and secure in an environment where each voice is heard and well-being is numjred. 6. Sustsinability - w¢ aim to develop awarene55 and wid¢r5tanding o17r¢5pxi for th¢ ¢nvironrnents in which we live and secure our commitment to sustsinable development ai a personal, local, national and global level. As a School w¢ will support initiatives that make u5 active members of society and take a positive 5tsnd againsi ¢limat¢ Ghange. global ￿>Ve￿ and the impart of our lifestyles on our ¢nvironrnent. The School is committed to Safeguarding and promoting the welfare of our pupils and expects all staff and volunteers io 5hJr¢ this commitmenl. MANOR LODGE SCHOOL Acom Pvjge 5 an Limiiedb Guuraneee OVERN ' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Objectives and Strategles for the year The Board's main objective continues io b¢ th¢ promotion of high a¢wJemic standar&% within Ctsntempor￿ facilitÈes, combined with outdoor¢thos and pastorat wellbeing. The 5trd￿8Y forachieving this is to estsblish a sound financial basis to SUPPOrt ixAh ¢urrent faciliti¢5 and future developments. OFFICERS, LIABILITY INSURANCE Th¢ CoMp￿Y rnaintains insuranc¢ Exjlicies on behalf of all the Governors against liability arising from negligence, breach of duty and breach of trust in relaiion io the ¢4)mpany. STATEMENT OF COVERNORSJ RESPONSIBILITIES The Governors, &5 Dir¢ctor5 of the Cornpany for the putposes of company law. are responsible for preparing the Governors, Annual Report including the Straregic Report and the fthancial swements in accordance wilh applicable law and Urtited Kingdom Accounting Stsndards (United Kingdom Generally A￿¢pIed Accounting Pradi¢¢). Company law requires the Governors to prepare fmancial sra*ments for each fuwicial year, which give a tTue and fair view of ihe state of affair5 of the charitabl¢ company and of th¢ incoming resources and applicalion of re50urce% including th¢ income and expenditur< of the charitable ¢(￿panY for the year. In preparing these financial statement8 the Governors are required io: select suitable accounting policies and then apply thwn consislentty. obs¢rve the meihods and principles in the Chariiies SORP (FRS 102). make judgements and estima￿ are reasonable and ptudent. slate whether applicable UK Accouniing St￿dards have been followwl Subject to any material deparlur¢s disclosed and ¢xplain¢d in the fman¢ial ststements- prepare the fthancial stst¢ments on the going concern b&%is unless it is knapwipriate to prn$ume thar the charitable company will continue in optration. The Governors are res￿)nSible for keeping adequ*e accourtting records that disclose with re&sonable accuracy at any time the fmartcial posithon of ihe charithble company and enable them io ensur¢ thatthe fin4ncial Stsiements ¢omply with the Companies Ad 2006. They aJ50 responsible for safeguarding the Lssets of the charitabl¢ company and hertce for taking reasonable sieps for the prevention and deiection of fraud and other irregularities. DISCIA)SURE OF INFORMATION TO THE AUDITORS The Governor5 who held 01T￿ at th¢ date of approval of th￿¢ fllwiciai Statements &% set out above ¢ach confllm. so far &8 ihey are awar¢ ihat: there is no relevani audil infonnation of which the charitabl¢ ￿MpanY'S auditor is unaware: and th¢ Governors have taken all sleps that they oughi to have tak¢n lo m¥k¢ th¢m5¢1v¢5 aware of any relevant audit infomaiion and to esiablish thai the auditor 1$ aware of that infonnation. This confmaiion is given and should be interprded in accordance with the provisions of S418 of the Companies Aet 2006. AUDITORS In accordan¢¢ with Sedion 485 of the Companies Act 2{￿. a resolution proposing that Balfour Sanson be appoinied &8 aLtditors to the company will b¢ put to the Annual General M¢ding. MANOR LODGE SCHOOL Acom Limliedb Gts&rnnleé ge6 GOVERNORS. ANNUAL REPORT FOR THE YEAR DED IAU UST 2021 STRATEGIC REPORT SECTAON REVIEW OF ACHIEVEMENfs AIYD PERFORMANCE FOR THE YEAR Operational p¢rfDrmance of the Sehool At the end of the academic year th¢re were 402 pupils on roll in the main School and 34 in the Nursery. There was a substantia] waiting list for most year groups. Academic results were again extrem¢ly good. The vasi majority of Year 6 pupi15 Tnoved forward to their first choice secondary sthools, both independent and state schools. A total of 23 scholarships w¢re awarded to Year 6 pupils by senior schools.. academic, along with all-rounder. att danc< drama and music awards. s￿rts scholarship awards were d¢layed du¢ to COVID-19. The Sthool was inspected by the Independent Schwls. Insr*ctorJt¢ (ISD in Jun¢ 2015 and received a highly satiSf￿lOry reryjrt, wilh all of the School's ￿tIvitieS being rated -excellenV'. The inspectors reported that'the schi)ol is ¢xtremely success￿1 in meeiing its aims". In a regulat¢Ny compliance in5P¢¢tion ￿nduCTed by the ISI in June 2018. the School met all the requir¢d stsndard5. These achievem¢nts were greatly assisted by th¢ high quality teaching staff the School has been able to retain and recrnit in the face of intense competition for this in¢T￿lInglY scarte resource from other Schools in th¢ localsty. 202012021 provided the School #nd the wider cornmunity with significant ¢hall¢nges du¢ to the Coronavirus (COVID- 19) pandemic. In line with Govemment guidance announced by the EdU￿10n Secrewy on the 18 March 2020. Manor Lodge temporarily closed on the 20 March 2020 as the ctyjniry entered lockdown. However, the School continued to operate on a significantly reduced basis to ensure that all eligible pupils were able to access the Sch￿] resources on-site and via on-line Leaming Programme. The Coach House Development completed in January 2021 wilh children occupying the space from April 2021, once the School returned following the naiional lockdown, gav¢ the School swpe to cre*e a rnodern academic ¢uryiculurn fit for the fvture based ort tradiiional values, sei in inspiring spaces. In a time of challenge, the opening of the Coach House has created a wealth of opportunities. The new con￿mpOrary building h&s allowed the S¢hool to mov¢ cornfortably intiTr the Djre. li pmvided a rich and varied coniexts foT ￿p1]S to acquire. develop and apply a broad range of knowledge, und¢rstanding and skills. The Coach House ¢kvelopment is Phase l of the master plan to enhance the 5¢h￿l.$ estste and Allow it io Compete with other outstsnding preparatory SCh￿)IS in the are& Bursaries and publit benefit The Governors have given du¢ consideration to the Ch8rity Comrnission's guidance on publTrc b¢nefit. li is important to the S¢bool th￿ access is noi restricted io ihose who can afford the fees. The Bursary Policy contribul¢s io a widening of access to the education the School offeT5 and the f8cilitie5 available. The GovernoTS continue lo review the School's Bursary policy to ensure that able children are able to attept plxes off¢r¢d ￿ the Schwl ¢ven if they ar¢ unable to afford the fee5, and the policy is publicised on the School's websiie. Bursary awards are avatlable to new entrants who meei the School's en￿ criteria and also to existing pupils. on the b&sis of par¢ntal means or ¢0 reliev¢ hardship. In assessing rnean& a number of factor5 are tsken into consideration, in¢luding famÈly income, savings. Investments and family circums￿nces. However. the School does not hav¢ an endowment fund so must also ensure a balance between fee-paying Paren￿ many of whom make ￿)nsIde￿ble ws(Trnal sacrifices to fund their children's educ￿lOn. and those benefitting frorn the awards. During the year. 37 pupils benefiied from the stsff fee reduction scheme. multi-children discounts and bursaries. th¢ last alculated on a means-t¢sted basis. Su¢h benefirs r¢durxd annual fre incom¢ by £237,170. Of this ￿ount, bursaries totsling £176.156 supported 22 pupils by the remission in part or in fijll of their fees. Bursary awards ranged from loy to IOOVfy remission of fees. In some cases. extraacurricular a¢tiviti¢s and school lunches may also be supported by a bursary. Means-tested bursaries are reviewed annually and reprEsenied 3.3% of the School's gross fee income in the 2020r21 year. Th¢ School makes its premises and facilities available to l¢xa] organisations free or ata rnodest cos( for example hosting art annual chess tournament. we¢kly football c1&55¢s, holiday camps and lending equipment to the local RSPCA centre. Th¢ S¢hool has s¢nt donations to a lo￿1 fiM)d bank and to th¢ n¢onatsl ¢¢ntrv at Great Ormond Street Hospital. MANOR LODGE SCHOOL Acom Limiied b Guaranlee P4ge 7 STRATEGIC REPORT SECTION FOR THE YEAR ENDED 31 AUGUST 2021 The School is developing link5 With locat state prirnary sch(x>15, for example hosting an annual football tournamen¢ a senior schools evening aJMI gIv￿g free tickets and transport to its annual Year 6 products"on. Workexperience pla¢¢menLs are offered io pupils from local seniorschwls andreaching staff from lo￿1 sclKM)Is bav¢been inwited to join staff trainEng sessions. Volunteers The Parents. Hub meets regularly to organise atd run %￿la1 activitiC5 in order to raise funds for the School which are used to provide additional iesourtes and activities for pupils. In the year under review over £5,0(K) was raised ID tbis rnan￿. The Schty)l also has volunteers wbo lisien to ¢hildren reading. The Board would like to tske this opportUDity to express its appreciation for this valuable and continuing supporL Fundr•ising approach and performaoee Thc Govemors are aware of tbe Chan'tses (Protection and Social InvestnKnt) Act 2016 and recognoe the impottsnce of meeting the tu'ghest standards olpractice and care in relauon to fiuylraising activities. The School only raises fjjnds from parents, staff and th05e with a personal ¢onrttuon to the School and does not undertake fiuhdraising carnpai8ns to mcrnbers of the public, nor it Use tbe services of third party fi￿th￿rs. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Despite the impact COVID-19 pandemic had on the School, thi5 ha5 been a relatively 5ucce55ful year financially. Pupil numbers were good with strong illcome from fees and activities. The School has again. SUPFKTrrted fan)i]ies throughout this unprecedented ume by offering a hardship fu￿ and finan¢ial wisthnce to in need. Capital investment during the 202012021 Wds very modest, bul included some essentsal Irsted building repoirs. The Company's n¢t irKome for the year of £496,371 {2020.. £345.175) is sei out in the sthtement of financial activities. R¢5¢rv¢s Note 16 to the flnancial stsiemenrs sknws the assets and liabih.ties attriburable to the solirary fillMI (unrestrÉcted) used by the School. The staiement of f￿ancIal activities sUmn￿Se$ the movements Ort each fund. At the year end, unrestricted ..fjJnds atnounted to £8534,235 {2020.. £8.037.864). It will be some years before the bank loaAs are repaid {as Summ￿sed in Note IS to the fir]ancial S￿￿Mellts) and the S¢lthl has fiJnds available io b¢ maintailled in appropriate reserves. One¢ this position ariK4 the Board has concluded thaL w allow.the SchtM)I to be managed efficielltly and toprovide a butTer forunintrmipted services, a general Cash reserve that equates to six months of overhead expendittwe SI￿￿￿ be built up and malts￿"n¢d. Capital Expenditure The need to maintain and etthance the infrastswtur¢ of the School Tesulted in c•pitsJ ¢xp¢nditure for the year of £1,467,566 a5 surnmwd io Note 12 ￿ the accouuts. Investment Policy Th¢ company has fvll power5 of investsn¢N of IL5 corw)rate r¢serve5 as ststed in the Articlcs of knciatign. The Board continues io keep under review tbe risk% and reward5 in ¢urreni sthte of the market and tske professional advice as ￿e¢¢￿ary. The overall financial objective is to #t le&st maintsiD the Teal value, wbich was acbieved in the year under review. In futwe it may be possible to gettera* a sustainable return to fund butsaries or ots expendinwe. The Rathbone Core Investm¢Dt Fund for Chariu¢s is etbically ￿Te¢Ded to avoid direct investment in a number of at¢gories in lin¢ with the Board's exp¢¢tatiotL5. MANOR LODGE SCHOOL Acom Limiledb Gurtrnnfee Page 8 STRATEGIC REPORT SEcfioN FOR THE YEAR ENDED 31 AUGUST 2021 FUTURE PLANS The School's future plaTh8 are set out in its five year developllRnt plan wbich is reviewed annually by the Governors, Head Teacher and senior management ieam. who are joindy teswbnsible for fortnulating and implementtng ihe plon. All dev¢lopments ar¢ ¢onsid¢red exe¢uted withio th¢ fraU￿Work of this plan. The ain￿ of the SCI￿11 d¢vel¢)pment plan are to.. detennine the future size, composition and StrucDJre of thE school based on a eoethicational system that is flexible etJOUEh io meet the demands of the next 5 years. identify and rank the requirerneDts Deeded to provide bigh sthNlards of educatio￿ twhing and administrative aecotnmodation and facilities. establish a sound flljancial basis to support both ¢UTr¢nt fa¢ilities and fUtt￿¢ d¢v¢lopm¢nts. implement agreed polices and chaDges after fiju discu&%ioD with the Governors #￿j senior managetnent team, when the ne¢¢ssary resources are in pla¢¢. for 2021-22 include.. continuing to refv the Sdwl's assessmeDr SYS￿￿$ to inftirm teacher plawiing, CU￿1¢u1￿M development and pastoral wellbeing. ¢ontinuLrtg to develop the Schth)I'$ premises to suit the School's ctrnt and OJft￿ needs includTrtg a sigtiificant refiJrbi5FJmenL of the 'coach house, to provide a learning resource ¢eDtre and new faciliti¢5 for STEAM subjects. expanding the ctsmputing curriculunL embedding the ouidoor curriculum. eontmuing to build a provision for gift¢d and tsl¢n*d pupils. updating the School's branding, website and parent comrnunicarioiLS Systems. creatll￿ opportU￿tieS for plar]lliDg and deliveriDg tl* STEAM subjects in all integrnted way. promotsng the ben¢fii$ of an a¢tiv¢ lifestyle through s¢lml focus t*n sedenlary ath phgsitafaciivi¢¥.. incre&sing aware￿SS of the imp)rtance of education for SOC￿ responSib￿lty. . continuing to improve the School's commuDity link%. The Governor's Annual RetrtTrrt ineluding the section containing the Strate￿C Repon bas been approved by the Board of Governors in their capacity as Dir￿￿5 of the Company on IIP March 2022 and sigtted on its behalf by.. MrD Arnold MBE Chairman Rtttory Lane Ridge Hill Shenley Radlett Hertfordshir¢ WD7 9BG INDEPENDENT AUDITOR'S REPORT Page 9 E MEMBERS OF MANOR SCHOOL FOR THE Y AR ENDED 31ST AUGUST 2021 Opinion W¢hav¢ audited th¢ fthancial sta¢em¢nts of ManOr￿se S¢hool (the'charitable company.) fortheyearended 31 August 2021 which comprise the Governors. Annual Report. Ihe Sthtemeni of Financial Activities and the Balance Sheei and notes io the financial statements. in¢luding a summary of srgnifi¢pnt accouniing p)licies. The fmancial rew)rttng framework ihat has b¢¢n applied in their preparntion is applicable law and United Kingdom Ac￿unting Standards, Éncluding Financial Reporting Standard 102 The Finoncial Reporting Standard applicable in the UK ond Republic of Jreland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a true and fair view of ihe stste of the charitsble company's affairs as at 31 AuguM 2021, and of its incoming resources and application of resourtes, including its income and expendiwr< for the y¢ar then ended. have been properly prepared in acwrdanrx with United Kingdom Genernlly A¢￿pIed Accounting Practice. and hav¢ be¢n prepared in accordan¢e with the requRrements of the Companies Au 21XJ6. Basis for opinion We cortducied our audit in accordance with Iniern*ional Sthndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibili¢i¢s under those standards are fvrther described in the Audithr's re5ponsibiliiies for the audit of the financial statements 5Ktion of our report. W¢ are independent of the tharithble company in accordance with the ethical requirem¢nts that are relevant to our audii of the financial S￿ements in the UK including the FRC'5 Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We b¢lieve that th¢ audit ¢vid¢n¢e we have oErfained is sutTicient and appropriate to provid¢ a basis for our opinTron. Concluslons relating to going eoneern We hav¢ nothing to report in r¢sp¢¢t of the following matt¢is rii relation to whith the ISAS (UK) require us to report to you where.. the Governor$ use ¢)f th¢ going con¢¢rn b35is of accounting in the PTeparnion of the financial ststem¢nts is n appropriate. or the Governors have not disclosed in the fmancial swements any identified material utKertainties that may east significant doubt about th¢ charitable company's ability to continue to adopt the gotng ¢onc¢rn basis of accounting for a period of at ]￿t Nvelve months from the date when the fthancial statem¢nts are authorised for issue. Other informatb)n The Governor5 are res￿nSible for the other infonnation. The other infonnation comprises the inforn)ation included in the Governors. Annual Repoffj other than the fmancial styt¢ments and our audiior's report theTeon. Our opinion on ihe financial statements does not cover th¢ other inforniation and. excw to th¢ exl¢]It otherwise explicitly stst¢d in our repor4 w¢ do not expre55 any fomi of &ssuran¢e conclusion thereon. In connection with our audit of ihe financial ststement& our res￿nSibIlity is to read the other inf0m1￿JOn and. in doing $0, CO515id¢r whether the othei infonDation is M￿triallY inCOTJSiSteni with the financial statements or our knowledge obtained in the audii or otherwise appear5 to b¢ maierially missrated. If we ?denlÈfy such material inconsistencies or apparenr material misstsiements, we are required to d¢lennin¢ whether there is a M￿trIal misstatem¢nt in the f￿an(la1 slatements or a material misststemeni of the other inforrnation. If, based on the WOTk we have perfonned. we conclude that there is a material misstatemeni of this other informatiM. we are required to report that fact. We hav¢ nothing io report in this ￿gard. INDEPENDENT AUDITOR'S REPORT P*ge 10 THE MEMBERS OF MANOR tnDGE SCHOOL FOR THE YEAR EN EDJisfA GUST 2021 Op1￿10￿$ o* other matters prestribtd by the Comp*nies Aet 2￿6 In our opinion. b&8ed on the work undertaken in the course of the audil: the infonnation given in the Governors. Annual Rewyrt (Tncorp)rating the Strategic R¢port) forthe financial year for which the fmancial 5tAt¢rnents ¥re prepared is consisreni with the financial S¢al¢m¢nts' and the Strategic Repcrt and the GoYerni)rs' Annual Rewvt have been prepar&J in accordance with applicable legal r¢quirem¢nts. M*tters om whieh we are required to rew>rt by ex¢¢ption In the light of our knowledge and understanding of th¢ ¢haritabl¢ ¢(Mnwiy and its environment obtainoj in the course of the audit, we hav¢ not identified material misslaiements in the Stratr8i¢ Repott We have nothing to report in respect of the following matters in r¢latI￿ to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting re¢(￿d5 have not been kept. or returns adequate fw our audit have not been Teceived from branches not visited by us. or the financial statements are not in agreement with the accounting Tttords and rethrns: or certain disclosures of Governor5, remuneration specified by law are not m&le' or we have not received all the infonn*ion and explanations we require for our audit. Responsibilities of Governor5 A5 explained more fully in the Governors. re5p)nsibilities statern¢nt set out on pag¢ 5. Th¢ Governors (who ar¢ also the directors of the charitable company for the PUTwses of cornpany law) are Tesponsible forthe preparntion of the financial Statements for being satisfied that ihey give a true and fair view, and for such internal control a5 the Governor$ deterrnine is necessary to ¢nable the preparntion of financial ststementsthat are free from material misstatement, whether due to fraud or error. In preparing the fujancial S￿ements, th¢ Governors a￿ r¢stthsible for a55¢ssing th¢ charitsble Company's ability io continue as a going concern, disclosin& as applicable, matters related io going concem and using the going concern basls of accounting unless the Governors ¢ith¢r intud ￿ liquidate the charithle cornpany or to Ce￿ operation4 or have no realislic alternative but to do so. Auditor's res￿￿51b]litl£￿ for tbt #udit of the fiD*nci*l stste￿t￿ts Our objectives are toobtain re&50nabIe￿uranee￿b0lll whetherthe financial ststements a5 a whole are free from material misstatemenL whether due io fraud or error. and io issue an auditor's report that i￿l￿deS OUT opinion. Reasonable assurance is a high level of assurance. but is not a guardntee ihat an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstsrements can arise from fraud or error and are consid¢r¢d ma￿rIal if. individually or in the aggregate. they could reasonably be ex￿ed ￿ influenc¢ th¢ Konorni¢ dexi5ions of U5¢rs ¢aken on the basis of th¢s¢ financial statements. A5 part of an audit in a￿ordanCe with ISAS (UK). we exercise professional judgment and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of rnaterial rnisstatemeni of the financial SWem¢nty whether due to fraud or error. design and perfonn audit pn)cedures reswmsive to those risks. and obtain audit evidence that is sufficienl and appropriate to provide a basis for ouropinion. The Tisk of not deteciing a material misstaternent resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions. misrepresentations, or the override of internal control. INDEPENDENT AUDITOR'S REPORT gell TO THE MEMBE OF ANOR EA)DGE SCHIXIL FOR THE YEAR ENDED 31-AUGUST 2 Obtain an wjderstanding of internal control relevant to the audii in order to design alldil procedures that are appropriate ith the circumstanc4 but not for th¢ ol expressing an opinion on the effeciiveness of the charit#ble company's iniemal control. Evaluate the appropriateness of aecourtting policies used and the re4sonablen¢s$ of accA)uniing esiimates and related disclosures rnade by th¢ Governors. Conclude on the approprial¢ness of the Governors, use of th¢ going ￿nCern b&%is of xcounting and, based on the audii evidence obtained, whether a maierial uncertainty exists related to events or conditions tha( may cast Signifi￿lt doubt on the charitable wmpany's ability to continue as a going concern. If we conclude that a matersal uncertainty exists, we are required to drdw auention in our ttuditor's report to the related disclosures in the financial stat¢Tnents or. if such di5¢105ure5 are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the d*e of our auditor's re￿rn. However. future events or conditions may cause the tharitable company to ceas¢ ro Conti￿U¢ as a going concern. Evaluate ihe overall presenthtion. structure and content of the f]nancial swements, including the di%losure5, and wheiher the financial statements rewesent the urtderlying transactions gnd events in a manner that achieves fair presentaiion. We Communicat¢ with those charged with governance regardin& among other matt¢r& the planned scope and timing of the audht and significant audit findings. including any significant d¢fi¢iencies tn Internal control that we identify during our audiL Explanatlon as to wh*t extent ¢h¢ audit was considered upgble of detectiTrg irregularities, iTrcluding fraud Irr¢gulariti¢s. including fr￿d. are instsnces of non-compliance with laws and r¢gulations. W¢ d¢sign pro¢edur¢s irt line with our re4)onsibilities, outlined above. to detect maierial mi55taiements in respect of irregularities, including fraud. The exteni to which our procedures are •1¢ of detxling irregulaTitLes. including fraud. is detailed below. Th¢ objectives ofour audit in respect of frauiL are- to identify and a55e5s the risks of maierial misstatement of the f]nancial Statements due io fraud,. to obrain sufficient ap[￿prIate audit evidence regarding the assessed risks of material misstatemeni due to fraud. through designing and implementing appropriate responses to those &ssessed risks., and to respond appropriately to in5tsnces of frdud or suspected fraud identified during the audit. However. the primary res￿)nSIbL[ity for the preveniion and ddection of fraud rests with both managemeni and those Charged with governance of the charitabl¢ company. Our approach was a5 follows- We obtsined an undeTstsnding of the legal regulatory requirements applicable to the charitable company and onsidered that the most significant are the Companies Aci 2006. the Charities Act2011. the Clwtty SORP. and UK financial rewrting Stsndards ￿ issued by the FiDan¢i81 Reporting Coun¢il. We obtained an understanding of how the charitsble c(Mnpany mplt¢s with th¢s¢ rtyuir¢ments by dI￿uSSionS with manag¢m¢nl and ihose charged with governance. We assessed the risk of material misstatementofth¢ fuwicial 5tstements, including the risk of maierial mi55tatement du¢ to fraud and how it rnight occur. by holding discussions with management and thos¢ ¢harged with governance. We inquired of management and th05¢ ¢hwg¢d with govemance as io any known instsnces of non-¢ompliance or suspected non-compliance with laws and regulation5. B&sed ort this understanding. we designed specific appropriate audit ￿O￿lureS lo identify inslances of non- compliance with laws and regulations. Thi5 included rnaking enquiries of mana8emeni and those charged with governance and olxaining ￿litIonal corrcthrative evidence as rwuir¢d. INDEP ENT AUDITOR'S REPORT Page 12 TO THE MEMBERS OF MANOR LODGE SCHOOL FOR THE YEAR EN D 31 AUGUST 2(121 There are inherent limitations in the audit procedur￿ dexrittd atKJve. We are less likely to become aware of ins¢an¢es of nOn-￿MplI3n¢e with laws and regulations that are not closely related to events and transactions reflected in the financial 5tatem¢nts. Also, the risk of not deiecting a material mi55tstrment due to fraud is high¢r than the risk of not detecting one resulting from error. ls fraud may involve delibeme concealmeni by. for example, forgery or inientional misrepresentations, or through collusion. Use of our report Thi$ report is made solely to the charitsble eornpany's members. as a i￿. in at￿rdance with Chapter 3 of Part 16 of theCornpanie5 Act 2006. Ouraudit work has been undenaken so ihai we might stsre to ihechariiabl¢ company's Tnernb¢rs those matters we ar¢ requtred to 5tst¢ to them in an audiior's report and for no other purpose. To the ￿lIest exteni p¢rnitted by law. we do not accept or assume responsibility to anyone ￿her ihan th¢ charitable company and the charitable eornpany's rnember5 &5 a i￿{Y, for our audit worK for this repor¢ or for the opinions w¢ hav¢ fomied. lo 202Z N L Balfour FCA (Senior Statutory Auditor) For and on behalf of Balfour S*Dson Statutory Auditors Ch8rt¢red AccountaDts 17 Bourne Court Southend Road Woodford Green Essex, IG8 8HD Date MANOR LODGE SCHOOL Acom Limi¢ed b G￿0T4￿re¢ Page 13 STATEMENT OF FINANC￿ ACTlVfttES includin Income and Ex e￿di￿re Account RTH YEAR ENDED 31 AUGUST 2021 Total (Uwestricted) 2021 Total (Unrestricted) 2020 Notes INCOME FROM: Charitsble a¢tivities Other trading activities It)vesth]enis Voluntary sources 5.193.989 11,810 7,185 91,138 4,902,333 10,614 21.129 195.873 Tot*1 Inconle 5.304,122 5.129,949 EXPENDITURE ON: Charit#ble Expettd5ture Raising fimds Charitable activities 2,083 4.857.763 8.647 4,782,112 Trfal expenditvre 4.859.846 4,790.759 NEI GAINS ON INVESTMENTS 51095. 5,985 NET t¥COME AND NET MOVEMENT IN FUNDS 496 J71 345.175 RECONCILIATION OF FUNDS: TOTAL Fuf4DS BROUGHT FORWARD 8.037,864 7.692,689 TOTAL FUNDS CARRtED FORWARD 16 .534,235 8,037,864 All ot the above results are deriv&1 from continuing activities. All gaitis and losses re¢ognis¢d in the year aTe iDcluded above. The attached notes forni part of these financial statrments. MANOR LODGE SCHOOL Acom Limiied b COMPANY REGISTRATION NUMBER: 28291S6 P*ge 14 BALANCE SHErr ASAT I AUGUST 2021 2021 2112 Notes FIXED ASSETS Tangible Assets Investments 12 13 10,923.710 341.951 9.865.157 271,309 11265.661 10,136.466 CiJRRENT ASSETS Debtors C&sh at Bank and in hand 14 134,023 1238.788 167,839 2.304.255 lJ72.811 2.472.094 CURRENT L￿￿rnEs CreditOTS.. A￿outsts fallitig due 15 1.127,376 1.338.240 NET CURREf4T ASSETS 245.435 1,133,854 TOTAL ASSETS LESS CURREIYT LIABtLfTIES 11,511.096 11,270,320 cRED￿ORS. Amounts falling due after [r￿re than one ycar 15 2976.861 3,232,456 TOTAL NET LSSETS .534235 8,037,864 CHARTfY FUNDS Unrestricted fund$ 16 8.534.235 8.037.864 Approved and authorised ftir issue by the Board of Gover￿rS on I￿ Marcb 2022 and signed on its behalf by.. Mr D Arnold MBE Cbairnian The attached notrs forni part of these financial statrn)en MANOR LODGE SCHOOL Aco Limited b Guoranlee Page 15 STATEMEf4T OF CASH F FOR THE YEAR ENDED31 AUGUST 2021 2021 2Q20 Note Cash flow from opernting activities Intrrest paid 19 674,479 (102209) ,174,258 (104,104) Net ¢a$h now from opernting activities 572270 1,070.154 Cash flow from irtvesting activities Payments io acquire tangible fixed ass¢ts Purchase of fixed &sset investments Jnt¢res1 received Dividends received (1.467.566) (12.500) 1.903 5.282 (2.335.876) 16,040 5,089 Net cash flow frorn iDv¢s¢iDg •rtivities (1.472.881) (2,314.747) Cash Ilow from financing *ctivities Net (decrease) l increase in long iern) loans Increase l (decrease) in dewsits held (189.856) 25.0(X) ,111,840 (5,000) Net cosh flow from finanting attivit6es (164.856) 1.106,840 Net (decreas¢) in cash amd equivalents (1.065.46D (137.753) Cash 4nd ¢a$h equfv*ltnts #t I Septenhber 2020 2.304.255 2.442,008 C*$h and cash ¢quiv*l¢ots ai 31 August 2021 1.238.788 2J04.255 Cash and eash eq￿1Valents eonsists of: Cash at bank and in hand 1238.788 2.304,255 1238,788 2.304.255 The not¢5 forni kwt of these financial smtements. MANOR LODGE SCHOOL Aco Limiledb Guarithlee Page 16 NOTES TO THE FINAN IA STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 ACCOUNTING POLICIES (a) General information #nd b*gi$ of prep•r*tio Manor Lodge School is registered ￿ acharity with th¢Charity Commission and incorporated &% a private limited company in England and Wales. Manor Lodge Sch￿1 is a company limited by guarantee. Every member of the Company undertakes to contribut¢ such amount ¥ may be required (not exceeding £1) to the company's assets if it should be wound up while he or she is a rneml￿r or within on¢ year after he or she ce&8es to be a member, for payment of the cornpany'5 debts and liabilities ￿)tracted before he or she ¢¢a5e5 to b¢ a member. and of the costs. charges and expenses of winding up. and for the adjusmient of the rights of the eontributories among themselves. The address of the registered o(fice is given in the charity infonnation on page l of these financial statements. The nattlre of the charity's owations and principal aciivities are as presented on page 4 of these fiTtancial statements. Th¢ charity consiiwies a public benefit entity as defined by FRS 102. The financial stai¢m¢nts have been prepared in accordance with A¢wunting and Reporting by Charities.. Statement of RecoTnmended Practice applicable to charities preparing iheir financial statements in accordance with the Financial Rewrting Stsndard applicable in the UK and Republic of Ireland (the FRS 102 Charites soil￿), the Financial Reporting Standard applicable in ihe Uniied Kingdom and Republic of Ireland (FRS 102). the Chariti¢s 2011 and the Companies Ad 21K)6. The financial staitments are prepared on a going concern b&si5 under th¢ hi51orical Cost conv¢n¢ion. The ftnancial stst¢rnents are prepared in sterling which is the fijnciional currency of the charity and rounded to the nearest £1. The significant accounting wlicies applied in the prepardtion of these fman¢ial ststem¢nts are s¢t out below. These policies have been consistrntly applied to all yeaTS presented unless (Aherwise stated. {a) Going concer The Governors hav¢ 255essed whether the use of the going concern basis is appropriate and have considered possÉble events or condilion5 that Tnight c&st significant doubt on the ability of the charity to continue as a going concem. The governors have made this asses5meni for a period of ai least one year from the date of approval of the F￿ant]a1 statements. In particular, the governor5 have consid¢red the foreC￿ts and projections and have taken account of pressures on fee Tncome. particularly in the lighi of the impaci of the COVID-19 pandemic. Aft¢r making ¢nquires. th¢ governors have wi¢luded that th¢r¢ is a reasonabl¢ ¢xp¢¢¢ation that th¢ ¢harity has adequare resources to continue in operational existence for the foreseeable fiJDJre. The accounts are therefore pr¢par¢d on the going concern basis. (b) Fwnds Unrestricted funds are available for use at the discretion ofthe Governors in furtherance ofthe general objeciives of the chariry and which have not been designated for other purp)ses. {c) Income recog￿1(70 School fees represent amounts receivable foredu¢&ional services provtded including ancillary fees charged for regi5tration$, elubs, lunches and other #ctiviti All inwming resour￿$ Jr¢ i￿]uded in th¢ Statement of Financial Activilies (SOFA) when the charity is legally entitled io the income after any perforn)ance conditions have tttn m¢L the amount can b¢ measured reliably and it is probable that the income will be receiv¢d. No amount is inrlud¢d in the financial statements for volunteer time in lin¢ with the SORP (FRS 102). Further detsil is given in the GovemoES' Annual Report. Income from tradLfi8 activiti# includes income earned from fundrnising events and trading activities to raise nds forihe charity. Fees receivableconsi￿ of charges billed for the school yearending 31 August less bursaries and allowances. Fees received for edu¢ation to b¢ provid¢d in a future year w¢ Shown as f¢¢5 paid in advance at the balance sh¢ei dal¢. MANOR LODGE SCHOOL Acom Limiled b PAge 17 aruniee NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 AUGUST 2021 (c} lTr¢ome re￿￿1]110￿ {eontithued) Income from government or othw grdnts is T¢¢0￿]sed only when the charity has entitl¢meni to the funds. any p¢rforn)ance conditions attsch¢d to the grant have been mei li 15 probabl¢ that th¢ irt¢ome will be receiveli and the amount can be readily me4wred. (d) Expendilur¢ retotnition All expenditure is accounied for on an ¥xruals b&5is and has been classified under headings that aggregttte all Sts related to the ￿egOry. Expenditwe is recognixed Whe￿ there is a legal or constTUCtiv¢ obligation to mak¢ payments to ihird parties. it is probable that the senlemeni will be required and the amount of the obligation Can be measured reliably. It 15 ￿tegorIzed urtdtt the following headings: Costs of raisirtg funds; Expendinwe on charitable acuviti¢s ¥s s¢t out irt N¢Me 6 to the fthancial sratements: and Other expenditure represents those items not falling ints) the catrgories above. Irrecov¢rnbl¢ VAT is charged as an expense against the activity for whi¢h ¢xpendiiuie amse. (¢) Support eosts allocatio Support costs are those thkt &%%ist the work of the charity but do not directly r¢pr¢s¢nt charitable activities and include office costs, governance costs. and administrative payroll costs. They are tncurred directly in support of expenditure on the objecis of the charity. Wh¢r¢ 5UPPOrtC05ts cannot be directly allribuied io particularheadings they have been allocated to th¢ c05t of raising fwMLs and eX￿ndI￿re on charitableactivities on a basi5 ¢on5lStenl with use of the resources. Fund-raising costs aT¢ those incurred in seeking non•mandatory ¢ontrilw¢ion5. The analysis of these costs is included within note 6 10 th¢ financial ststements. (o Tanglble fixed assets Tangible fixed assets are included at cost including any incidentsl exwse5 of acquisition. Costs in¢lwJ¢ any costs directly attributable to render the assei capable of use as iniended. Depreciation is provided on all tangible fixeda55¢ts at rnt¢5 ¢al¢U]￿ed to write off the cost less estimated residual value. on a systematic basis, over their ¢xpKt¢d useful economic lives as follows.. Freehold land Freehold lyJilding5 Furniture and office ¢qUi￿¢￿t Cornput¢r equipment Leasehold property NIL over SO years on a sttaighi line ba8iS over 5 yeaTS on a straighr line basis over 4 years on a straighi line basis over the period of the lease (g) Invfstments Inv¢stm¢nts rewgni5¢d initially at fair value whirh is normally the trdnsaction price excluding transaction costs. Subsequenily they are mwured at fair value with changes reco￿lsed in "nei gainsl(losses) on investments" in the Statement of Financial Activilies if the shares are publicly traded or their fair value can otherwis¢ be measured reliably. (h) Financial Instrufflents The charity h&$ elected to appty the provisions of Sedion I l -Basic Financial In5trum¢nts" and Sertion 12 "Other Financial Instruments Issues" tsf FRS102 to A]1 of its financial instruments. Financial instruments are recognised in the company's balance sheet when the charity becomes PTty to the contracbjal prnvision5 of th¢ instrum¢nt. Financial assers and liabilities are offsei. with the net amounts presented in the fmancial ststements wh¢n th¢r¢ is a legal enforc¢abl¢ right to set off th¢ r￿O￿lS¢d amounts and th¢r¢ 15 ¥n int¢ntion ¢0 settle on a ne¢ b&sis or to realise th¢ a95¢1 and s¢ttl¢ th¢ liability sirnultsnwusly. a) Debtors and ¢r¢ditws with no 5fat¢d int¢wt r*¢ and r¢c¢iv4ble or payable within one year are r¢wrdEd al Iransa¢tion pri¢e. Any losses arising from impinnent 4r¢ re¢ognised in ¢xpenditur¢ MANOR LODGE SCHOOL Aco n Limi"¢edb GuorontsÉ P•g¢ 18 NOTE TO THE FINANCIAL STATEMEP4TS- eontinued FOR THE YEAR ENDED31 AUGUST 021 (h) Financl81 Instrumthts {eontinued} a) Loans and borrowings are initially recogni5wJ at the transaciion price including transaction eosts. Subsequently, they are measured * amortised cost Using the effective inier¢st rate methoiL less impairnieni. If an arrangetnent ¢onstitut¢s a finance rransaction it is measured at present value. Cash Cash Equiv*lents Cash and cash equivalents include c&%h in hand. dysits held at call with banks and other short trrni liquid inve5tm¢nts with original maturities of three months or k55. (i) Impalrnbtnt Assets not met5ured at fair value are reviewed fv any indieatioft that the lsset may be impaired at ¢a¢h balante sheet date. If such indication exists. the re￿¥¢rable amount of the ass¢1 is estimated and compared to the carrying amount. Where the canying amount exceeds its recoverable amoun( an impaiment loss is recognised in the income and expendiwre acc(iunt unless the asset 15 carried at a T¢valued amount wh¢r¢ the impairment Ioss ts a revaluation decre￿. (k) Leas Rentals payable and rtceivable under operdting leasts are charged to the Ststement of Finartcial Activities on straight line b&si5 over the p¢riod of the lease. Employtt benefits (including pension5} When employees have rtftde￿d service to the charity. short-tenn employee benefits to which the employees are entitled are recognised at the tsndiswunied amount expected io ￿ pid in exchange for that servi¢¢. The company recognise5 lennination benefirs as a liability and an exp¢nse within th¢ financial stst¢m¢nts only when there is a demortstrable commiiment to do $0. The Company contributes to the Teachers, Pension Defmed Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Athninistrhtor. The scherne is a multi-employer pension 5ch¢me and it is not ￿$SIble to identify the assets and liabilities of the scheme which are attriburable to the School. tn accordance with FRS102 iherefore. th¢ scheme is a¢counted foras adefm¢d ¢Ontribution scheme. Th¢ Comparty also contrtbutes to a group personal pension scheme for non-teaching stsff at up 10 6.￿kn of annual basic pay. Contributions to IK)th 5¢heme5 ar¢ ¢har8ed in th¢ SOFA as they bewm¢ payable in 4￿rdanc¢ with th¢ rules of the schemes. (m) Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to Pass the tests set out in Paragraph I Schedule 6 Finanrx Act 2010 and th¢refore it meets the d¢fmition of a Charitsble company for UK co4)oratity) purtmw. (n) Value added tsKatio As the Compar]y's activities are outside of th¢ of va]ue added tax, it is unable to reclaim any input tax. Consequently. value added on any capital expendiDJre is capithlised as p¥t of the cost of the assei 8cquired and value added tax OD res S. VOLUNTARY SOURCES 2021 2020 Job Retention Scheme grants re￿1v￿ble Donations and gifts 69.723 21.415 171.493 24,380 91.138 195.873 All incorne above was attributsble to utJT¢sMed fund5. MANOR Page 21 TH FINANCIAL STATEMENTS- FOR THE YEAR ENDED31 AUG ANALYSIS OF EXPENDITURE ON CHARITABLE AcrivrriES AND ALLOCATION OF SUPPORT AND GOVERNANCE COSTS The Gov¢rnors ¢onsider that the Company is engaged in £￿]Y one category of charitable #¢tivity- namely that of the provision of education. Analysis of ¢horilabl¢ #¢tivity. govemartce and support costs Direct ch74ritsbk tivity Support Governan¢¢ Costs Function 2021 Totsl 21120 Total Salary and employ¢e eosts Pr¢mises and overhead costs Catering costs Amortisation Depreciation S¢hool aciivities attd excutsions Educational supplies Other costs Finan¢¢ costs including loan interest Legal & professional fees Audit remuneration 2.678.426 624.028 574,333 155,483 265,673 140.5T2 3.302.454 574,333 155,483 265,673 140,572 71,159 29.190 145,964 121,807 39.114 12.014 3.362.354 448.567 163.81D 213,378 129.547 57.471 57.699 163,205 144.681 30,996 10,404 71.159 29.1 15,373 130,591 121,807 39,114 12.014 2.794.148 2.012,487 51,128 4,857.763 4,782,112 7. NET INCOME FOR THE YEAR Net ineotne for the year is stated after ch#rginyl(creditiTrg): 2021 2020 Other expendilure includes: Fees payable to the Company'5 auditor for the audit ofihe Company's annual accounts for other audit work on behalf of the Cornpony Amortisation & Depreciation- owned a55ets Operating lease rentals - Land and buildtngs Fittings and equipment 10.864 1.150 406,245 74.407 720 52.095 2.768 9,424 980 342,925 72,729 720 5,985 10,776 Net gain on inves¢m¢nts Loss on diwsal of tangible r￿ed assets & GOVERNORS, AND KEY MAf4AGEMENT PERSONNEL REMUNERATION AND EXPENSES The Governor5 neither requested nor waived any emoluments during the y¢ar (2020.. £Nil). Durin8 the year, one GovernoT w&s r¢imbursed £3.550 by the sch￿1 for the payment of retail vou¢h¢r5 given to staff during ihe Covid pandemtc (2020: £Nil). The total amount of employee benefits received by key managemenl personnel was £369,148 (2020.. £355.968). Tr School considers its key management personnel c(xnprise rnembe￿ of the SchTr)I's senior management team. MANOR AC SCHOOL L￿￿$¢d b Gth4rnn¢te Page 22 NOTES TO THE FINANCIAL STATEi¥fENtS- ¢ontinM¢d R THE YEAR ENDED 31 AUGusf 2021 9. STAFF COSTS 2021 2020 Wages and Salaries Social Security costs Pension costs Other employee benefits 2.549,641 260,695 433,801 54.764 2,602,301 265,708 421,997 58.001 3298.901 3 J48,007 Totsl redundancyltemination payments amounted to £15,000 (2020: £19,(KKJ). The number of employee5 who Teceived totsl ¢mploye¢ benefits (excluding employer pension costs) of more than £60,(rf)O in the year was as follow$: 2021 Number 2020 Number £60.001- £70.000 £70,001- £80,000 £80.001- £90.000 £IOO.IK)I - £1 10.(X)o The average number of employees and full time equivaknt {FfE) anafysed by fijnction during the year was made up &% follows.. 2021 Nurnber 21J20 FTE Nurnb¢r FTE Charitable activities (Teaching and sup1￿} Administraiion 82 62 80 62 89 69 88 69 io. INrEREST PAYABLE AND SIMILAR CHARGES 2021 2020 Bar& loan interest payable 102,209 104.104 MANOR LODGE SCHOOL Aco Llmitedb Gutsranlee Page 23 NOTES TO THE FINANCIAL STATEMENTS- tontinutd FOR THE YEAR ENDED3 T2021 11. PENSION COSTS a) Defined contribution pension ￿h¢￿e. The Company contribu¢es to a defined Contril￿tion scheme on behalf of ¢ligible members of its not]-teaching stsff. ContributLOllS ore charged in the statemeni of financial activiti¢s &8 they accrne. The charge for the year was £43.937 {2020'. £44,542). Conthbutions payable as at 31 August 2021 in respea of non-teaching staff were £3,678 (2020: £3,342). b) Teachers, Pension Scheme The School parti¢ipates in the Teachers. Pension Scheme ￿the TPS") for its teaching staff. The pension charge for the year includes contribulions payable io the TPS of £389,864 (2020= £377.455) and at the year-end £Nil (2020- £31.715) w&8 accrued in respect of contributions io this stheme. The TPS is an unfuTKl¢d multi-employer der￿ed benefits Fension 5th¢me govemed by The Teachers, Pensions Re8ulations 2010 (as amended) and ihe T¢achers' Pension Scheme Regulations 2014 (a5 amended). Member5 contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provid¢d by Parliament. The employer Wntribution rdte 1$ sei by the Secretary of S￿¢ following scberne valuations undertaken by the Gov¢rnm¢nt Actuary's Dep&tr)eni. The mosi recent actharial valuatioft of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was publithed in March 2019. confirnied thai the employer Contribution rate for the TPS would incr¢&se from 16.4•/0 to 23.6% from I Seoember 2019. Employers are also required to pay a scheme administration le*y of 0.08Yo giving a total employ¢r wntribution rdte of 23.68Y•. Th¢ 31 Ma￿h 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the asstsmptions were considered and 5¢t by the D¢parttnent for Education prior ￿ the ruling in the 'McClou¢USarg¢ant C05¢'. This C8S¢ has requiredihe ¢(￿rtSt0 considercasesTegardingthe implementhcion of the2015 r¢foTrnSto Publi¢ Servic¢ Pension$ including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government perniission to ap￿1 the Court of Appeal's judgement that transitional provisions introduced io th¢ refornied pension schemes in 2015 gave rise to unlawful age discrimination. The govemm¢Dt is r¢sp¢cting the Court's decision and h&8 said it will engage fully with the Employment Tribunal as w¢ll ￿ ¢mployer and member representsrives io agree how the discriminations will I r¢rn¢died. The government amiounced on 4 February 2021 thai it iniends io proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme b¢nefits in respect of th¢ir service during the period between l April 2015 and 31 March 2022 at the w)ini th¢y brwme pyable. The TPS is subj¢c¢ to a cost ¢ap mechanism which was put in place to protect taxpayers against unfor¢s¢en Ch￿g¢S in scheme costs. The Chief Secretary io the Tre&%ury, having irt 2018 announced there would be a review of this cosi cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020. and a consuliaiion was launched on 24 June on proposed chan8es to the wst rontrol m¢¢hanism following a review by the GoveTnmenl Actuary. The ￿nsulta110n closed to response on 19 August 2021 and th¢ Government currenily analy5ing th¢ r¢S￿n5¢S. In view of ihe above njlings and decisions the ￿Ump(lonS used in the 31 March 2016 Actuarial V&lu#tion may become inappropriate. tn ihis scenario, a valuaiion prepared in accordance with revised benefits and suh¢ably r¢vis¢d assumptions would yield different results than those conthined in the Actiwial Valuation. Un¢il th¢ ¢o$t cw m¢thanism review is completed it is nol possible lo cotKlude on any fmancial impact or future changes to the contribution r*es of th¢ TPS. Accordingly. no provision for any addition￿ past benefii costs is in¢luded in these fthancial $trtements. MANOR LODGE SCHOOL Acts n Limi'ledb G¥4r4ulee Page 24 NOTES TO THE FINANCIAL STATEMEJ4TS- eonti*utd FOR THE YEAR EiYDED 31 AUGU T2021 12. TANGIBLE FIXED A&SETS Cornputer F4UbpmeAt EquipmenL Fixtures a￿d Fittings Land & Short Freehold Leasehold Property Property Total Cost As at I S¢ptemb¢r 2020 Additions Disposals 525.164 65.472 {7257) 1254.950 201,033 (12.908) IlJll.016 1.201.061 636,470 13.727,600 1.467.566 (20.165) As at 31 August 2021 583.379 1.443.075 12,512.077 636.470 15,175.(K)I DepreciatlOD As at I S¢ptember 2020 Charge for year Disposals 415,090 56.530 (6.576) 1.110.564 84,042 (10.821) 2.112.874 239.021 223.915 26.652 3.862,443 406245 (17.397) As at 31 August 2￿1 465,044 1.183.785 1351.895 250.567 4,251.291 Net Book Value As at 31 August 2021 118J35 259290 10.160.Ir2 385.903 10.923.710 As at 31 August 2020 110.074 144.386 9.198,142 412.555 9.865,157 13. FIXED ASSET INVESTMEKtS Cost or v#lu#tion Total Inyestments (Listed) At I Sepiember 2020 271.309 6.047 52.095 12,500 Re-invested income Change in market value Additions At 3 1 August 2021 341.951 Investments at fair value c4JmpTise: At31 August 2021 Funds held within a unit trust C￿h within investtnent portfolio 340.050 1.901 341,951 Historical ￿$t of fixed asset inve5tm¢nLS was £280566. The fair value of listed investh)ents is deteTmiffted by referenc¢ to the middle Market price as at 31 August 2021. MANOR LODGE SCHOOL Acom Limiled h Guoranlee Page 25 NOTES TO THE FINANCIAL STATE NT - tontinued FOR THE YEAR ENDED 31 AUG 14. DEBTORS 2021 2020 Amounts falling due within one year. Ftts re¢¢ivabl¢ Pr¢payments Other debtors 33,153 100.420 450 59.713 100,400 7,726 134.023 167,839 IS. CREDITORS 2021 2020 Amounts falling due within on¢ yeor. Bank loans Taxation and Social S¢¢urity poyabl¢ Other CT￿)10r5 F¢¢s paid in advance Deposits held AccTuals 251,948 63,627 145,521 432.129 67,500 166,651 166.209 65,280 795.319 216.826 62,500 32,106 1,127,376 1,338,240 2021 2020 Amounts falling du¢ after on¢ year: Long tenn mortgag¢ Deposits held 2.762.361 214.5fy) 3,037.956 194,5fy) 2.976,861 3.232,456 The aTnouNts falling due in resw of creditors payable by instslrnents after five years were". 2021 21120 Bank loans- element over five years Deposits held- elemeni over five years 1,758.Cl)O 80,5(KI 2,373,119 70,IXJO The bank loan facilities provided by Barclays Bank plc are secured by adebenture overthe freehold land and property (excluding that relating to the Nursery) at Manor Lodge School dated 23 May 2011. There were three loans in operation 18 ai 31 August 2021= the fiTSt being repaid by monthly instslrnents up to May 2026 at an inl¢r¢st rate of 1.950h over prevailing bank base rdte. Ihe second being repaid by monthly instalments up to January 2030 at an iniiial five year fixed rate 4.35°h (lollowed by a mar8in of 2.35% overprevailing bank base rate) and the third, being repaid by monthly instalments for a fifteen year iern) commencing December 2015 at an inieresi rdte of 3.12￿/0 over prevailing bank base rate. The aggregate value of secured liabilities is £3.014,309 (2020: £3204.165). MANOR LODGE SCHOOL Aco Limiied b Guarnntse P*£e 26 NOTE TO THE FINANCIAL STATEMENTS- eonti•ued FOR THE YEAR ENDED 31 AUGUST 2 16. FUNDS Atl S¢pt¢mber 2020 At 31 Augth5t 2021 I￿0￿¢ Expenditure Unr¢stricted fund 8.037.864 5.356217 4.859.846 8.534.235 Totsl fijnds 8,037,864 5.356217 4.859.846 8.534.235 Th¢ Unrestricted ￿nd represents the free futh￿ of th¢ Company which are noi desigtiated for any particular PUTPOSe. The Company's charitable filnds are thus wholly unrestricted and the net assets of the Company in SUp￿rt of the fijnds balance ab)ve is as represented by the balance sheet on page 14. 17. OPERATING LEASE COMMITMENTS Total furure minimum le&8e paym¢nts wthr r￿n-￿I¢¢llablc op¢r*ing leases are as follows: LaDd & Buildings 2021 2020 Other 2021 2020 Expiring.. Within on¢ y¢ar In to five years In more than five yea 1.827 35,104 2,349,327 113 5.703 2.400,886 2,340 3.060 2J86258 2.406,7¢Y2 2.340 3,060 I& FINANCIAL INSTRUMENTS 2(121 2020 Financial &55ets In￿llred at amorti5ed cost {a) Financial liabililies measured at amortised cosi (b) Financial ass¢ts rn¢&sur¢d at fair valu¢ thmugh the in¢ome and expenditure account (¢) 1.272,391 3.937.586 341,951 2,371,694 4.538.590 271.309 a) Financial a55¢ts includ¢ cash. fee de￿Or5. other d¢kns and amed incorne. b) Financial liabilities include dews1￿ fees in advance. trade ueditors. and ￿atIon and other creditors. c) Financial assets at fair value through the income and exkKndirure account comprise investsnents. MANOR LODGE SCHOOL Aco an LIMtsedb Gmaranlee Page 27 NOTES TO THE FINANCIAL STATEMENTS- ntinued FOR THE YEAR ENDED JI AUGUST 2021 19. RECONCILIATION OF NET INCOME TO NET CASH F￿w FROM OPERATING AcrivrriES 2021 2020 Net income for the year Dividend income Interest Teceivable Int¢r¢st payable Depreciation charges (Decrease) / increase in debto (Decrease) I Increase in creditor5 Change in marf(et value of Irtyesttne￿tslreinvCSted income L055 on disposal of f￿¢d assets 496.371 (5282) (1.903) 102,209 406245 33,816 (301.603) (58.142) 2,768 345,175 (5.089) (16,040) 104,104 342.925 4.063 400.166 (11,822) 10.776 N¢t ¢8sh inllow frnm opeAti#g aettyities 674.479 .174,258 211. RELATED PARTY TRANSACTIO]YS TheTe were no Telated party tsansa￿lOrt$ during the year to 31 Augu￿ 2021 {2020: no related paty tran5a¢tions). 21. CAPITAL COMMITMEP As at 31 August 2021, th¢ company had capithl commitments contracted for not provided for in thes¢ fman¢ial ststements of £65.869 (2020: £1?￿.701).