Registered Company Number." 03228456 Registered Charity Number. 1057185 Monkton Combe School (a company limited by guarantee) Annual Report and Consolidated Financial Statements for the year ended 31 August 2020 Monkton Combe School Annual Report and Consolidated Financial Statements for the year ended 31 August 2020 Contents Governors, DireGlor$, Offi¢ers and Advisors................. Annual reFx)rt of the Governors - Dlrector8' Report........................................................................................... Strategic Report linduding Section 17211) slatementi Independent auditor's ￿port....................................................-............................................................................. Consolidated slalemenl of financial activities... .. 213 .19 .22 Balall￿ sheels..............................................................-..........................................................................................23 Consolidated cash flow 51alemenl.............................. -24 Notes to the financial stalem&nts.............................................................................................................................25 Monkton Combe School Governors, Directors, Officers and Advisors for the year ended 31 August 2020 Govornors Chair Prof H Langton Msc BA (Honsl RNT RCNT RSCN RCN ED,E C Alexander MA IOxon}° (Resigned 26 June 20201 Rev S Barnes MA.BA QTS IHons} Cert BA. CPE R S Coales BA (Honsl C B Fillingham E S K Hubbard A Lytlle J Perry Bpharm (Hons), MRPhamiS, DipClinPharm R J Pringle Bsc {Honsl AJReid D R08ser EJShaw M L S Thomas M K Townsend Bsc (Honsl (Resigned 29 November 20191 ED. F M R While (Appointed 29 November 20191 S B M Young BA FCA FCA F (Chair}, EDC EDC (Chairl EDC ED (Chairl EDC ED E, F, P (Chairl ED EDC E. F (Chairl, P Company Secretary Kemplon J D (Appointed 31 July 2020) ED - member of Education Committee member of Executive Committee EOC = member of Eslale Development Committee member of Finance & General Purposes Committee P = member of Partnership Committee Parent of pupil at School during the financial year Monkton Combe School Governors, Directors, Officers and Advisors for the year ended 31 August 2020 Prlncipal C Vvheeler BA. PGCE Audltor Crowe U.K. LLP Carrick House Lypiall Road Chellenham Gloucestershire GL50 2QJ Bursar J D Kemplon (Appointed 27 July 2020) T P Davies BA FCA DChA {Resigned 31 July 20201 Clerk to the Governors S C Dormon BA MCIPD Règistered Office Monkton Combe School Monkton Combe Bath BA2 7HG Bankers National Westminster Bank PIC Bath BA1 1QF Solicitors Stone King LLP 13 Queen Square Bath BA12HJ Investment Managers Baillie Gtfford Calton Square 1 Greenside Row Edinburgh EH1 3AN Website www.monktoncombeschool.com Monkton Combe School Annual Report of the Governors for the year ended 31 August 2020 The Governors, who are the Directors of the School for the purpose of the Companies Act 2006, present their annual report, including the Directors, Report and Strategic Report, and the audited financial slalemenls for the year ended 31 August 2020. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Slalement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the financial reporting standard applicable in the UK and Republic of Ireland {FRS102} (effective 1 January 20191. DIRECTORS, REPORT Constitution and Objects Monklon Combe School I'lhe School'l is a registered charity (registered number.. 1057185) and is incorporated under the Companies Act 2006 as a company limited by guaranleo Ir8gisl8red number.. 032284561. The address of the School is shown on page 3. The Company is governed by its Memorandum and Articles of Association dated 13 July 1996, as amended with the consent of the Charity Commission pursuant to Special Resolution of the Company dated S March 2001 and 30 November 2018. The primary object of the School, as slated in the Memorandum of Association, is the promotion of education and the establishment and maintenance of an independent co-educational school combined with sound religious training within the evangelical Anglican tradition. The information with respect lo Govemors, Directors, Officers and Advisors set out on pages 2 and 3 forms parl of this report. These financial slalemenls also include the results of the School's wholly owned subsidiaries, Monklon Combe School Enterprises Limited and Monklon International Limited. This report and the consolidated financial slalements for the year ended 31 August 2020 relate lo the total activities of the legal entities combingd. Governance and Management Governlng Body The Governors, all of whom served throughout the year lo 31 August 2020, except where otherwise disclosed, are listed on page 2. Under the revised Arlides ladopled 30 November 20181 Governors can serve for up lo three terms of four years. Ro¢ruttm9nt, Induction and Tralning of Governors New Govemors are recruited. elected and inducted using the following process.. The skills and experien￿ required of any potential new candidates are identified and agreed. The School ulilises the services of a professional recruilmenl agent, as well as Its current Governors and members of the Executive Leadership Team IELTI to identify and nomlnale individuals lo the Executive Committee for consideration. The Executive Committee reviews the oandidales, Cvslapplicalion forms and statements of faith and a decision is made in each case as lo whether to proceed. After an affirmative decision, prospective Governors are then invlted to meet one or two current Governors and are also offered the opportunity for a lour of the School and lo meet members of the ELT. Details of the nominees are notified lo the Board wlth a synopsis from the interviewing governors. After the Board agree to proceed to appointment, a letter of appointment is sent inviting the candidate to become a Governor, together with a pack of information on the School and the responsibilities of Governors. 31 4) 5) Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 71 An induction programme, tailored lo match each new Governor's needs, is then established, including the opportunity lo shadow a leacherlpupillolher member of staff as appropriate and lo allend training courses for new Governors. Existing Governors are also offered the opportunity. periodically. lo shadow a pupillmember of staff, as above, and lo allend reSevanl training courses, summaries of which are then circulated lo other Governors as parl of a wdeT programme of Governor training. Speakers are also invited on occasions lo address the governing body on topics of specific interest. and to deliver training in relevant areas, such as safeguarding. 8) Organlsatlonal Management The Board of Governors, as the charitvs Trusloes, is legally responsible for the overall management and control of the School. and meets on a lermly basis. Committees oversee specific areas of the School's operation. These Commillees act under delegated authority and decisions outside that authority are rallfied by the Board. The Executive and Financ8 and General Purposes Committees meet al least three times a year and the Education & Partnership Commillees meet three Ilmes a year. The Estates Development Committee meets, as required. lo review and advise on the School's property assets and ensure that the estate is being used and developed lo best advantage lo support core activities over the medium and longer term. The Governors also acknowledge the Governance Code published by the Charity Commission in 2017. The Governors have due regard lo this Code as well as information provided by the Association of Governing Bodles of Independenl Schools IAGBIS) so as to ensure that the Board demonslrales best practice in relation lo ils governance processes. Day lo day management of the School Is delegated lo the ExeGulive Leadership Team. which Gomprises.. Prlnclpal Chris Wheeler Vlce Prlnclpal- James Goodman Bursar- Tom Davies Iresigned July 20201 & James Kempton (appointed July 2020) Head of Prep - Martin Davis Ireslgned August 2020} Head of Pre-Prep- Catherine Winchcombe (Head of Prep from August 2020) Deputy Hgad Learning- Joe Sidders Deputy Head Pastoral - Rob Youlten Dlrector of Pgople- Laura Warner Dlrector of External Relations- Becki McKinlay Employment Pollcy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consider21ion is given lo their training and employment needs. The School has been registered as a school with a religious character by the Department for Education. As such. for certain roles, the School is able lo advertise for and appoint staff who have specific Evangelical Christian faith that Is ￿ntral lo the ethos and tradition of the School. Nolwilhslanding this. the School values the individual contribution of people irrespective of sex, age, marital slalus, disability. sexual orientation, gender reassignment, race, colour, religion, ethnic or national origin. Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Arrangements for setting the remuneration of key management personnel In assessing the appropriate remuneration payable lo the School's key management personnel, the Governors draw upon the expertise of external professional advisors and the information available from benchmarking reports produced for the sector. For the purposes of this Annual Report, the School's key management personnel are considered to be the members of the ELT. Statement of Governors, Responsibllities The Governors (who are also directors of Monklon Combe School for the purposes of company lawl are responsible for preparing the Annual Reporl and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Governors lo prepare financial slalemenls for each financial year. Under company law the Governors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affair5 of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements. the Governors are required lo.. select suitable accounting policies and then apply them conslstenlly., observe the methods and principles in the Charities SORP.. make judgments and eslimales that are reasonable and prudent,. slate whether applicable UK accounts'ng standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls-, and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The Governor5 are responsible for keeping adequate accounting records that are sufficient lo Show and explain the charitable company's Iransaclions, disdose with reasonable accuracy al any lime the financia5 position of the charitable company and enable them lo ensure that the flnancial statements comply with the Companies Act 2006 and the provisions of the charills conslilulion. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Governors is aware, al the date of approval of this report, there is no relevant audll information of which the ¢haritVs auditor is unaware. The Governors have taken all the steps that we should have taken as Governors in order lo make ourselves aware of any relevant audit information and lo establish that the companvs auditors are aware of that information. Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 STRATEGIC REPORT Executive Summary: Monklon Combe School is proud of all il has achieved despite the global pandemic. Monklon is a school for boarding and day pupils. The Prep School (including Nursery) caters for 2-13 year olds. The Senior School caters for 13-18 year olds. Our boarding experience combined with our Christian ethos enables us lo know each and every child, supporting their individual journeys and helping them find their way through our academic, co-curricular and pastoral offering. We are a School that thinks drfferenlly in our approach. we lebrate success and failure and we adapt and change when we need lo. We insplre our pupils to meet our core values and our model of Servi￿ enables many examples of public benefll. 1. Objectives and actlvltles Our Vislon: Monkton inspires young people to become wnfident, kind and ambitious adults who live fulfilling lives. Our Mission: Monklon thinks drfferenfjy. We start with a proactive pastoral environment lo develop academically strong enthusiastic learners within a living Christian ethos. Our Values.. Confidence, Inlegrily. Humility. SeTVlCe. Our Aims: To provide opportunities for all pupils to increase their self-belief in areas they previously percelved lo be weaknesses To create an environment of tolerance and a clear understanding of the importance lo love our neighbour as ourselves by helping students develop respect for others so that they can form loleranl and caring relationships and be sympathetic lo the needs of other people,. To raise the aspirations of each individual ￿thIn our school community so everyone strives for person81 excellence in everything they do To monitor the personal journey of every pupil and ensure that development of self-knowledge sils al the centre of all pupils learning and achievements To help students build on their strengths and overcome their weaknesses learning from them,. To provide oulslanding learning and leaching which enables a51 students, regardless of gender. ra￿. background or ability, lo excel., To develop a culture of Goaching that promotes continuous irnprovemenl and the highest standards of achievement for staff and pupils alike To use the skills, knowledge, experience and talents of all staff to personalise the learning for each sludenl and ensure as great a breadth of experience as possible., To continue lo emphasise the importance of the Christian faith and lo convey consistently the relevance of God's message in a changing world, whilst embracing students of all faiths and none. extending the School's Christian principles beyond acts of worship so that they underpin the whole fabric of the community and ils aclivilies. To offer a fully integrated edu¢alion Ihrou9hout the 2-18 age range ensuring each phase builds on the last To develop an innovative approach lo the use of technology in learning, enhancing our focus on the individual The Governing body is mindful of the need lo provide public benefit and of the requirements of the Charities Act 2011. The Govemors have monitored closely the guidance on public benefit produced by the Charity Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Commission together with its supplemental guidance on fee charging and confirms that they have complied with their duties lo have due regard lo this guidance. In addition lo ils educational aims, the School aims lo provide a clear and effective management slruclure, capable of laklng timely decisions and allocating necessary resources appropriately, and to provide the necessary administrative and logistic infr8slruclure lo meet the needs of both staff and pupils. 2. Achlèvemènts and performance Pupil Achievements and performance.. Academic Performance.. Despite the challenges of the pandemic, our pupils achieved the following results.. GCSES _ 2020.. 720/9 of grades were 7-9 IA-A") and almost 900/¢ were 6-9 IA'_BI. A Levels 2019 - A level pupils achieved over three- quarters of grades al A"_B1780kl as well as continuing the trend that has seen pupils achieve 1 in 5 grades al A" over the last three years. Duke of Edlnburgh-. There was fantastic Inte￿81 in the DofE award at the slarl of the school year 2019. We had over 50 students sign up lo do their bronze award and almost 30 sign up for Gold. These are some of the biggest numbers the school has seen. Whilst much of the expedition section was affected by the pandemic. il was good to gel the Bronze students camping on the school grounds in November 2019, and the Gold prepared for their expeditions with maps marked and roule cards wrillen. By the end of August, a number of Gold students decided lo opt for the Certificate of Achievement, but 14 keen students are still holding out hope that the Gold expeditions will lake place again in summer 2021. During lockdown, il was very impressive lo see the way both the bronze and gold sludenl adapted their skill, physical and volunteering sections so they could continue lo count whilst workirng from home. Sport.. Our 1 sl XV boys. rugby team won 6 out of 11 games, putting up a strong team despite the significant Changes lo the squad. 24 boys went on lour lo the Netherlands. Gids Rugby al the Prep was very popular this year, and many of the boys also progressed with countless exceptional performances. Rowing had a tough year with severe flooding and poor weather taking the eady parl of 2020 and Covid taking the main season. Girls Hockey across the whole School had a great season, with our senior first team only losing 3 of the 11 games played. and our prep first team winning the Plate Final al IAPS. Our boys. senior first team also had a strong season. playing 10 games, winning 5 and drawlng 2. Sadly, boys, hockey at prep was cul short by the pandemic. Netball continues lo thrive across the school with our senior first team securing 7 wins111 played) and completing a lour lo La Manga Sports resort In Spain. Al the prep, we made the semi-final of the regional IAPS competition. Music- We welcomed six new Music Scholars Into year 9 in 2019. In November there wag a whole school concert and in March we were lucky to welcome international Pianist Valenlina Llsilsa lo the Senior School. Over So pupils were involved In the Chapel Choir, and year 6 joined the Senior school for Choral day which formed a choir of almost 150 singers. The whole School also came together for our annual joint concert in Novomber 2019. Drama: Al the Senior School Charles Dickens, Great Expectations was rehearsed and prepared for the end of Lent temi, but sadly the children were unable lo pul on the show. However, they were able lo pul on 'A maller of Life and Death, in the Michaelmas term. Al the Prep, our year 7's put on a performance of'A Winter's Tale,. and several pupils won prizes at the Mid Somersel Festival Trlps: The Dearfove Society look a trip to Kew Gardens and Drama students enjoyed several visits to the Old Vic. Our choir enjoyed trips lo the Millennium Centre in Cardiff and Wells Cathedral. Several pupils undertook Ten Tors training. 32 pupils with a keen interest in physics were able lo visit CERN. Our year 6 pupils enjoyed Hobbit Day al Oxenwood Outdoor Education Cenlre. Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Soclal events: In true Monklon Iradilion, Senior House Music brought together all our puplls al the senior school to entertain and thrill over 1000 pupils. staff families al the Bath Forum. Our Prep School also held a house music event. We also had our annual field day, which had myriad opportunities for pupils to engage in the CCF activities as well as outdoor education, media and community service. B. Adapting to the Covld Pandemlc From the very first day of the enforced school closure, Monklon was not only delivering a full teaching programme online, but providing vital pastoral support and important Co-curricular activities to ensure our pupils well-being and experience was as positive as possible. Learning and assessment have continued uninlerrupled, normal limelables have largely been kept lo and teachers have been available for the same amounts of lime as they usually are lo help and support pupils. During lessons our teachers have provided creative ideas lo keep the pupils engaged and to both embrace the opportunity for pupils lo try out new digital eXperien￿S, but to also give them a break from this additional screen lime and appreciate their surroundings. In English a project to celebrate Shakespeare's 456th birthday saw pupils asked lo record their favourile lines and pul together a film,. Wild Monklon, has seen members of our school community come together lo celebrate Ihe beauty of the natural world around them., our Year 9 pupils are doing a Page To Stage Project, a joinl scheme of work between Drama and Design Technology lessons. These are just some examples of the great work going on. Other aspects of normal school lrfe have also continued teachers, lulors and house paTenls have provided pastoral support, we have added as much as possible of the co-curricular programme lo our home learning provision, and staff and pupil meetings and individual lessons for music and learning support have all gone on as normal. Year 12 pupils have still sent in theiT applications for positions of responsibility next year. These routines and rhythms have helped our pupils lo normalise what is an extraordinary situation. Our sludenl voice and parent voice have played a key role throughout the home learning experience with regular feedback surveys provided lo allow them lo voice their opinions and suggestions. 860/0 of pupils and 95Q/o of parents have remained positive throughout the experience. With unauthorised absence from lessons is below 2'/o which speaks for itself in the way our pupils have fully engaged with home learning. Our students are also taking the initiative to find ways that they can maintain the Monklon spirit and continue lo participate in the things that they are passionate about. Examples include Year 9 students putting together a duologue simply because they love drama,. A Year 12 pupil who didn't want to miss out on the Spring Ball so organised a virtual one (complete with fabulous outfits!),. another pupil organised a head sland competition lo keep up pupils, spirits and give them something fun to do in their down time. 350 p￿pIe attending one of the first digital assemblies and attempting to sing 'The Lord is My Shepherd, wa5 quite the experience for everyone and really summed up Monklon's sense of community, our unbreakable spirit and (having seen the somewhal imperfect end result) our willingness lo accept and learn from failure. C. School Achlevements and performance: Publlc Lectures: Events and public lectures were very limited in 2019-20 due lo Covid. We did still have three guests allend before the pandemic.- Ben McBean, Royal Marine., Dianne Simpson, a personality profiler and graphologist,. Seyi Akiwowo, Founder and Director of Glitch NFP. Our annual Knight Lecture was given by OM Chris Anderson, owner of TED talks. Al the Prep. pupils welcomed author Ju5ie Edwards lo support our creative writing and FranGoi$ Louw. international rugby star. Capital Projects.. In order lo achieve the School's objectives and lo enable the continued pursuit of excellence, inc5uding the recruilmenl and retention of quality staff and pupils, the Governors agreed an ongoing programme of capital improvement projects, Total expenditure on capital projects during the year was £1.3m. This expenditure related primarily lo School House (phase 21 and Farm House refurbishments al the Senior School and refurbishments al the Prep School. Capital purchases also included machinery for the Grounds Team, furniture for the boarding houses, IT, boat purchases and work on the Astro all-weather playing area. Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Press and media.. We We￿ pleased to be included in the 2021 Tatler Schools Guide concluding ils review with "An ambitious development plan is under way.. Add lo this a cutting-edge websi16, a growing outreach scheme and an exceptional Head, and Monklon has a very exciting future.. Monklon was also shorllisled for Independent S¢hool of the year and had glowing reviews in the Good Schools Guide and on Muddy Slilellos. Inspectlons: The Independent Schools Inspeclorale IICII carried out a regulatory compliance inspection in November 2019 and the School met all the standards in the schedule lo the Education {ISI) Regulations 2014, the National MinimLJm Standards for Boarding Schools 2015 and associated requirements in the following areas.. Quality of oducalion provided., Spiritual. moral, social and cultural development of pupils., Welfare, health and safely of pupils., Suilabilily of staff, supply staff and proprietors,. Premises and accommodation,. Provision of Inforrllalion,. Manner in which complaints are handled., & Quality of leadership and management. D. Public Benefit The School is commilled to providing public benefit in accordance wth charily18w and the objects slated in the School's Memorandurll and Articles of Association. Therefore, our public benefit inilialives continue lo be directed al the prornolion of education, including the award of bursaries in cases of financial need. The Governors set aside a proportion of the School's unreslricled funds each year lo provide for scholarships and bursaries lo support the education of a range of pupils in which emphasis is placed on an assessment of financial means and ability lo pay. This year the School awarded £1.840m of scholarships. bursaries and other fee remissions which is 11.6Vo of gross fee income. Scholarships.. Scholarships are awarded al the Senior and Prep Schools based on academic achievement and achievement in other specified fields, such as sports and music, in scholarship examinations sel by the Schools. The value of the award may be further increased vi8 application for a means lesled bursary. Bursaries.. Bursaries provide financial support lo pupils whose families cannot afford private education, including clergy and missionaryfamilies. Applications for bursaries are considered by the Bursar and Principal, on behalf of the Governors. and are awarded based on the financial circumstances of the applicant. All bursaries are means lesled and reviewed annually. There is a small number of endowment and restricted funds which provide bursaries lo enable pupils who meet certaln specrfied criteria lo come lo Monklon who would olherwise be unable to do so, on financial grounds. A limited number of bursaries are also offered each year out of School funds, with the level of assistan offered being means lesled and dependent on completion and assessment of a full confidential slalement of financial circumstances. There is no fixed limit lo the level of assistan￿ provided in any single case, although the School monitors the lolal amount offered in any one year, taking account of the resources available. Priority is given to children of Clergy or missionaries in line with the School's objects or where special circumstances give rise lo a particulady deserving case. Other Fee Rgmissions.. The School continues lo offer fee remissions lo a number of specrfic categories of pupils such as siblings, children of HM Forces personnel lin addition to the MOD'S own Conlinuily of Education Allowance) and children of staff. The efficacy of these schemes for meeting their objectives is kept under regular review. Royal Springboard Foundatlon: Monkton is proud lo be a partner of the Royal Springboard Foltndalion to offer a full boarding position lo at least one disadvantaged pupil which is free al the point of delivery, Monklon works with RSF lo find a pupil that will thrive. This has also encouraged donations to support these pupils. io Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Other Public Benefit Initiatives.. In addition to the award of bursaries, the School engages in many other activities that provide benefit lo the publi¢, within the School's objectives. The Governors attach great importance lo the School's relationship with the local wmmunily and actively seek ways in which the School's facilities and experlise can be used for the public benefit. l) Actlvltles almed at inculcating a desire in our puplls to contrlbute to the wlder community In addition to the normal educational provision, the School aims lo inculcate a desire in our pupils to contribute lo the wider community. Activities that encourage Monklon pupils lo be good citizens and lo give charilably in accordance with the School's published mission and values. Sadly, many events were cancelled as a result of the pandemic. bul the giving team were still able lo support the Bath Foodbank in the run up to Christmas and participated in Charities week. which raised £2226 for the Genesis Trust and Challenge Aid. Monklon partnered with a number of organisations lo offer community servi￿. This included three local primary schools and two residential homes. ill Activities enabling children and young peoplg who are not pupils at Monkton to benefit from our facllities Children and young people who are not pupils at the School have also been ablB lo benefit from the School's facilities in the following ways.. Mlnis and Muckers Holiday Camps and National Lrfeguarding courses plus other children's activity courses run through the school holidays. Swim School enables approx. 450 children a week lo learn lo swm or lo improve their swimming skills. In addition lo this. private swimming lessons and intensive swimming lessons are also available. Turtle lots also have the pool for baby swimming lessons. Local schools and other community group use.. of pool - currenlly Combe Down Prlmary. Sl Jullan's Wellow Shoscombe Primary and Swainswck Primary hold lessons In our pool. Team Bath IraSn In our pool. Combe Down Primary School also uses the Prep School playlng flelds and Astro including using 51 for Ihelr Sports Day. This offer is now open to our loc21 partner schools. Music centre is let out lo a varlety of local groups. Charities and Church Groups make use of the School facilities during the summer- this was not Possible thls summer due to Covid. English hockey courses are held at Monklon Prep. Birthday 'pool parties" available lo the local community. The School funds an education for a Child in care which is free at the point of delivery and supported by joint partnership between the school and her local aulhorily. The School works with Royal National Springboard lo accept pupils from disadvantaged or vulnerable situations as full boarders. Barker College, Buenos Aires visited for a day of sport and culture as part of a wider lour of the UK. We ran a six week rowing experience programme for Combe Down Primary School pupils. 111) Other communlty use The School's facilities are also made available for local residents in other ways such as: Sports club - around 325 acfjve members from the local community. Personal fitness training and strength and conditioning coaching is also available. Local groups hire the Knight Sports Centre for a variety of activities such as circuit training, youth basketball, youth football, friends, five a side, Coerver football Club (for children), and so on. Local groups also hire the cricket pitches and nets for matches and training., and the artif1cial turf pitches for hockey lournamenls. Three local primary schools use the School's swimming pool al a greatly discounted rate. Pilales and dan￿ classes are held in the Clarke Swimming Cenlre. li Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Loc81 clubs are invited lo participate in a series of rowng races and the School's 'house regalla" is open lo all as spectators. Rowing sessions for Old Monklonians have also been hosted al the School. Allowing the local community to use our car parking facilities for village events, thus reducing congestion on the village streets. The School has maintained a successful mini-bus sharing agreement with Freshford primary school and Sl Michael's church which will enable them lo use Monklon minibuses for trips and sports fixtures The School continues to make an indoor space available lo Freshford Primary School for storing Ihelr go-karts during the winter. The Senior School has made an agreement with Freshford that the School's performance spaces are lo be used for free by Freshford primary School for their bi-annual Shakespeare performance. Iv) Activities with other Incidental benefits that are charitablg The School engages with a variety of other activities that, whilst not deslgned lo be directly charitable, do have a positive benefit for the local area. Some examples are provided below. Monklon lectures are held regularly and are frequently open to parents and public, along with the School's own Sixth Fomi. These have been limited by Covid. A nurses, conference is hosted al Monklon once a year for local school nurses. Work experience opportunities are provided across both the School and sports club for local childrenlsludenls. Induction and training of teachers and NQTS. reducing the cost lo the slate. Dyslexia and special needs provision al both Prep and Senior School. NVQ training courses are provided for Monklon employees, but allowing access lo the training by other local employers by arrangement. The local community are invited lo the School's drama productions. The School hosts events for the Bath taps into Science festival. Significant conservation and bal miligalion works have been undertaken on the School estate lo proled the local environment. This year we became A Rocha UK'S first school lo be a Partner in Action. This means we ￿11 work with A Rocha towards a series of conservation goals as well as hosting an intern. Invitations lo the School's in-house coaching Course have been extended to a nelwork of five local partner schools and, after positive uptake from of these schools, has resulted in plans for wider training led by our CPD coaching lead in Mulberry Park. Local maintained schools such as Combe Down primary school hold their annua5 sports day using Monklon sports grounds, equipment and staff. We have developed a formal partnership arrangement with Genesis Trust in Bath, working with them on fundraising events as well as awareness raising and educational opportunities for our pupils. Activities have included a sponsored sleep out and a range of talks and interactive sessions. E. Future Plans The School's strategic development and planning review is a live and dynamic exercise which focuses on educational improvernents, business performance and estates development. Key points from each of these three areas are 85 follows.. Educatlonal Plan A Community empowered by ils growth mind-set, consislenlly evaluating and re-evaluating progress Market leading pastoral care, maintaining our role developing the cutting edge of pastorally led Christian education Academic development that consistently 8dds value underpinned by self-knowledge and learning principles 12 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 Coiurricular programme which offers both breadth and quality of achievement, enhancing individual strengths and developing specialist achievements Strong use of technology for learning, pioneering a sector leading approach lo access. screen lime and filtering issues, encouraging thoughtful decisions and a healthy relationship wlh technology Buslness Plan Well rewarded. effectively working, efficiently deployed, highly trained and sufficiently mobile staff supported by clear management str(Jclures and regular ongoing self-refleclion and appraisal. A growing school with fee revenue mainlained al a sustainable and affordable level, increasing boarder numbers and, over lime, quality and capacity of provision An affordable fee strategy which encourages boarding growth with largeled fee remission which delivers value lo full fee paying parents and gives access to Monklon for gifted pupils, families working in Christian Ministry andlor those who would otherwise be unable to afford independent schcx)ling Estates Plan Regular investment to upgrade existing facilities and grow boarding capacity Rolling 10 Year Eslales Plan lo address major development ISSU8S Defined planned maintenance cycle lo address both functional and aeslhelic weaknesses An overall ambition that all areas of the school inspire the delivery of our education and business plans F. Financlal RevSew A summary of the financial results for the period Is sel out In the consolidated slalemenl of financial activities on page 22 of the financial statements. Fee inwrne, after scholarships and burs2rie8, lotalled £14.055,011 {2019 - £13.374.647). Scholarships, bursaries, remissions and other grants made lo pupils amounted lo £1.840,19612019 - £1,777,547). AI 11.6010 of gross fees, these remissions represent a signrficanl investment by the School in meeting ils charitable objectives and providing public benefit. Total incoming resources of £16.329,93912019 £15,792,755) are after donations received of £317,99912019- £273,416} and also after gains on disposal of fixed assets of £212,028 {2019- £144,700). Total resources expended increased to £15,748.59912019 - £15,280,852). With an overall increase in funds of £905,16012019- £604,317), and effective management of the School's working capital. the Group balance sheet as al 31 August 2020 shows net current liabilities al £1,099,139 12019 - £1,864,400} and an increase in lolal net asset balance lo £24,138,942 from a prior year lolal of £23,233,782. Like many schools, the School ends the year with a nel current liabilities figure. The movement in fixed assets during the year are sel out in Note 10 lo the financial stalemenls. The School spent £1,273,322 {2019 £1.673,1241 on fixed assets. including the refurbishment of pupil boarding accommodation before the School's closure on 20 March 2020 due to the C19 pandemic. Investmgnt Policy The School's investment strategy, policy and investment performance is monitored by the Finance & General Purposes Cornmillee. The investments are managed within a strategy which largels long term capital growth from investments with a medium risk. In reviewing the performance of the inveslrnenls during 2019120, the Governors note that the capital gain of 14.80/0 on the prior year investment balance of £2,524,042 exceeds the gain seen in the FTSE 100 during the same period. In 2020121 the School will be reviewing ils investment policies and funds to ensure that they remain appropriate to the long term needs of the School. 13 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 The investments and gains for the year can be analysed as follows.. Value Capital loss Baillie Gifford Mana ed Fund Baillie Gifford Strate ic Bond Fund Cash held b Investment Mana er Total 1,887,123 1,011,346 331,038 45,565 2,176 374.427 2,898,469 The School received investment income of £50,607 {2019- £52,065} from these funds. Reserves Al the balance sheet date, unrestricted funds of the Group lotslled £21.952,181 (2019 - 21,465,570). Unreslricled funds are commilled lo the fixed assets which are the operatin9 assets of the School. Notes 17 and 18 to the financial statements sel out an analysis of the assets attn'bulable lo the various funds and description of the funds. The focus of the Governors in relation lo the level of unreslricled reserves required is on working capital and liquidity. With a year-end cash figure of £2,042,316 (2019 £1,891,128), unreslricled investments of £1.192,84112019 - £1,066,761 }, the Governors are satisfied that the School has sufficient financing available to meet its working capital and investment requirements. The School's reserves policy is to hold a minimum balance of £1.6m of liquid unrestricted funds (cash and investments) throughout the financial year. This level of funds has been determined through an assessment of the financial risks the School manages (including in relation to ils borrowing and day lo day operational requiremenlsl and is a level which is regularfy assessed by the Governors. As at the 31 August 2020 the School had mel this largel reserves level. With regards lo the reslricled and endowment funds held by the School, these end the year al £2,186.761 and are principally held within the School's investment portfolio. Fundraising The School received £317.99912019- £273,416) in income from donations, gifts and legacies during the year. The School recruited a Director of External Relations who started in May 2020 and has developed a new two- year fundraising strategy lo evolve the School's fundraising aclivily, with a goal of increasing annual income lo around £350,000. With regards lo the additional disclosures relating lo fundraising which are required under the Charities IProleclion and Social Inveslmenll Act 2016, we report that.. The School's fundraislng activities aTe focussed primarily on those individuals and families closely connected lo the School le.g. parents, alumni or other relations} and trust funds whose objectives are closely aligned lo those of the School. In 8ddilion lo employees of the School's Development Team, the School also employed a consultant closely associated with the School lo assist in fundraising activities. We have not received any complaints regarding our fundraising activities. All staff involved with fundraising are asked lo have due regard lo the way in which they carry out fundraising activities associated with the School lo ensure that we protect members of the public from behaviour which represents an unreasonable intrusion on a person's privacy,. is unreasonably persislenl or which places undue pressure on a person lo give money or other properly. The School's fundraising activities are overseen by the Governors through the Executive Commitiee. The Director of External Relations is line managed by the School's Principal. 14 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 G. Sectlon 172111 statement- Stakeholder Engagement The Governors have acted in accordance with their duties codified in law, which include their duly lo act in the way in which they consider, in good faith. would be most likely lo promote the success of the School for the benefil of its members as a whole, having regard lo the stakeholders and mallers sel out in section 172{1) of the Companies Act 2006. In discharging their duties above, the Governors carefully considor, amongst other mallors, the impact on and interest of other stakeholders in the School and factor these into their decision-making process. Pu Boarding and day pupils alike benefit from the School's excellent pastoral provision with staff placing as much importance on pupils. all-round personal development as they do on academlc progress. Em lo The School fecognises that the qualities. skills and commitment of ils employees play a major role in the School's success. Regular briefings keep staff informed of School-wide developments, and wide-ranging employee benefits enhance their quality of life. Staff wellbeing has been a key focus this year and will be a continued area of allenlion, along with equality, diversity and inclusion. Furloughed staff were successfully re-integrated as they returned from an extended period of absence from the sile. Parents The School recognises the many benefits of engaging wlh parents and has reimagined ils communications with parents over the past twelve months. An histori¢ reliance on wrillen communication has given way lo digital innovations such as streaming live and recorded audio-visual events and podcasts. Communit The School is proud of ils place in the local community and conscious that il has a significantly beneficial impact on the local economy and on local cultural life. Greenhouse Gas GHG Emissions and ener consum tion During the year, the School has continued lo implement changes and improvements in energy efficiency and environmental actions across the eslale, using the Energy Saving Opportunities IESOS Phase 2) energy surveys as ils basis. This included replacing lighting within the boarding houses wth energy*fficienl LED lighting. This replacement programme has also extended lo academic buildings and will progress during the next academic year. In addition, we have re-assessed the repla￿ment and maintenance programme for existing heating installations, providing improved local control and an increased level of energy monitoring across the eslale. We continue lo work hard to increase staff awareness across the School both in terms of energy usage, waste and environrNental good practice. We continue lo monitor the use of buildings. Due to the COVID-19 pandemic, on-site operations over the last year have been reduced with 'Virlual' functioning during the lockdown period. The increased level of working from home significantly reduced the need for commuting. 11 was decided lo use lolal number of PLJpils as the intensity ratio. The resulting inlensily ratio of tC02e per number of pupils will best reflect changes in operation and energy consumption over lime. We have used the financial control approach as the organisalional boundary. Whilst we recognise that we have the option to exclude from our report any energy and carbon information relating to a subsidiary which the subsidiary would not itself be obliged lo include if reporting on ils own account, we have decided not lo exercise this option. Energy and carbon information therefore includes that of Monkton Combe School Enterprises Ltd, company number 03588426 (which operates the swimming pool al the sports centre at tho Prep School silel. 15 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 The rnelhodology we have used is The GHG Protocol Corporate Aco)unting and Reporting Standard. We have followed the 2013 UK Government Environmental Reporting Guidelines lupdaled March 20191. We have used the 2020 UK Government's Conversion Factors for Company Reporting. The energy efficienGy narrative methodology has been crealod based on energy management best practice. We have measured scope 1 and 2 emissions and included scope 3 emissions related to employee Use of their own vehicles, where they claim mileage allowance I'grey fleet'i. Ener and Carbon Calculation FY 2019120 Type of emission Activit kwh tC028 °A of total Sco Natural as Vehicle fleet Sub-total 4,802,074 115,422 4,917,496 882.g6 27.77 910.73 2.27Yo 74.42% Electricit Sub-total 1.334.098 1,334.098 311.03 311.03 25.41 yo 25.41% Sco Gre fleet Sub-total 8,266 8.266 2.05 2.05 0.17Yo Total gross emissions consumption and 6.259,860 1,223.81 100.00% Metrlc used: Number of 718 Intenslt ratio: lonnes of C02e per Number of pupils 1.70 16 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 H. Subsldlary Companles Monkton Combe School Enterprlses Ltd The School's wholly-owned Ir8ding subsidiary, Monklon Combe School Enterprises Ltd. carries out non- charitable trading activities for the School. The company has made a grfl aid payment of £55,44112019 - £103,212) lo the School, thereby transferring all ils taxable profits lo the School. The School has made an inleresl-bearing1oan lo the subsidiary, secured on the assets of the subsidiary. This amounted lo £311.500 12019- £311,500} al the period-end. The subsidiary also owed the School £297,079 at 31 August 2020 12019- £202,478). Monkton International Ltd The School is a 1 OOD/o shareholder in Ihls company set up to undertake the Inlernatlonal strategy of Monklon Combe School. The company had no Income In the year and incurred costs of £7,599 in relation to legal and professional fees. These were paid by the School. The company was incory)orated on 18th January 2017 and was dormant until 31 $1 August 2018. The subsidiary also owed the School £8,720 al 31 August 202012019 - £83,401 }. Risk Management The Governors give consideration to the major risks to which the School and ils subsidiary are exposed. Processes have been established lo identify, evaluate and monitor major slralegi¢, business and operational risks and lo miligale these where possible, and procedures anrt contingency plans are implemented to minimise any potential impact on the School and the Group should any of those risks malerialise. Principal Risks and Uncertainties Through the above processes, the Governors are satisfied that the major risks identified have been. and are continuing lo be, adequately addressed, with appropriate controls pul in place lo miligale them and contingency plans where necessary. These risks include compliance with borrowing covenants and ensuring that the School addresses all of the requirements of Health & Safely legislation, employment law and its regulators, including the Independent Schools Inspectorate and Charity Commission. The Governors recognise that the Covid-19 pandemic, declared by the WHO as a pandemic on 11th March 2020,posed a risk to the School. especially following the Government's instruction that all schools should close their buildings from Friday, 20th March 2020 for an indefinite period. The Governors considered a range of possible scenarios relating lo the impact of the pandemic and the School undertook a number of actions aimed at miligaling this risk. These include.. Introducing a comprehensive on-line education provision so as to enable the School lo continue to be able lo deliver educational and pastoral support to its pupils lo the fvllesl extent possible during any lockdown., Reviewng all financial commilmenls, including operating expenditure and capital commitments and. where possible and appropriate, cancelling or postponing these., and Performing detailed financial modelling for a period of al least 12 months from the date these flnancial statements aro approved so as lo provide reasonable assurance lo Governors that the School remains a going concern and retains access to sufficient liquid resources. Given the risks and the financial modelling, the Governors believe the School has sufficient cash headroom from Ils cash reserves and banklng facilities. J. Audltors A resolution to reappoint Crowe UK LLP as auditors to the School will be proposed at the annual general meeting. 17 Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2020 K. Appreciation The Governors continue to appreciate the support, both practical and financial, of existing and past parents, existing and past members of staff, and forrller pupils of the School and other donors and benefactors. Their contributions enable the School lo do far more than would be possible if all activities and developments had to be financed solely from the School's fee and trading income. L. Declaratlon This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Monklon Combe School on 1 gth Ma￿h 2021, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as aulhorised on its behalf by.. Prof H Langton Chalr Date.. 18 Monkton Combe School Independent Auditor's Report to the Members of Monkton Combe School Independent Auditor's Report to the Members of Monkton Combe School Opinion We have audited the financial statements of Monklon Combe School for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Aclivilies, the Balance Sheets, the Consolidated Cash Flow and notes lo the financial slalemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our oplnion the flnanclal statements.. give a true and fair view of the slate of the group's and the charitable company's affairs as al 31 August 2020 and of the group's incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Audiling (UK) IISAS IUK}18nd applicable law. Our respon5ibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordan￿ with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusions relating to going concarn We have nothing lo report in respect of the following mallers in relation lo whith the ISAS {UK) require us lo report lo you where: the Governors use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the group's or the ¢harilable Gompany s ability lo continue to adopt the going concern basis of accounting for a period of at least twelve months from the dale when the financial slalemenls are authorised for issue. Other information The Governors are responsible for the other information. The other information comprise5 the information included in the annual report, other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assuran￿ condusion Ihereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other infom)ation is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalement in the financial statements or a material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this olhor information. we are required lo report that fact. We have nothing lo report in this regard. 19 Monkton Combe School Independent Auditor's Report to the Members of Monkton Combe School (continued) Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audil the information given in the Governors. report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consislenl with the financial slalemenls,. and the strategic report and the directors, report included within the Governors, report have been prepared in accordan￿ with applicable legal requirements. Matters on which we are requlred to report by excgption In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstslements in the strategic report or the directors, report included wlhin the Governors, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report to you rf, in our opinion.. the parent company has not kept adequate accounting records.. or the parent company financial slalements are riot in agreement with the accounting records and relums.. or certain disclosures of Governors, remuneration specrfied by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Governors As explained more fully in the Governors, responsibilities slalement sel out on page 7, the Governors {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the Governors determine is ne￿SsarY to enable the preparation of financial slalemonls that are free from malerral misstatement, whether due to fraud or error. In preparing the financial stalemenls, the Govemors are responsible for assessing the group's or the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Governors either intend lo liquidate the charitable company or lo ￿ase operations, or have no realistic allernalive bul lo do so. 20 ## **Monkton Combe School** ## **Independent Auditor's Report to the Members of Monkton Combe School (continued)** ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. ## **Guy Biggin** Senior Statutory Auditor For and on behalf of ## **Crowe U.K. LLP** Statutory Auditor Carrick House, Lypiatt Road Cheltenham, Gloucestershire, GL50 2QJ Date: 9 April 2021 21 Monkton Combe School Consolidated Statement of Financial Activities for the year ended 31 August 2020 (incorporating a Consolidated Income and Expenditure Account) Unrestrictgd Restricted Endowed funds funds Funds 2020 2019 Notes Incomefrom: Donations and Legacies Donations, gifts and legacies - Other trading activities Trading inoorne Gain on disposal of fixed assets 51,867 266,132 317.999 273,416 270.362 270.362 754,095 212.028 729,199 212.028 729,199 144,700 299,859 Other incoming resources Investments Investment income 17.055 33.552 50.607 52,065 Charitable Activities Fee income 14.055,011 694,733 14,055,011 13,374.647 694,733 893.973 Other educational income 3b Total Income 16.030,255 299,684 16.329.939 1 S 792,755 Expenditure on.. Ralsing funds Marketing and Trading Finance costs 422,249 138,779 422,249 138.779 939,664 91.244 Charitable activities Costs of rovidin education 15,091,641 15.652.669 95,930 95,930 15,187,571 14,249,944 15.748,599 15,280,852 Total ex enditure Nel income before investment galns Gain on investments 377.586 109.025 203,754 87,168 581,340 323,820 511,903 92,414 11 127,627 Net income 486,611 290,922 127,627 905,160 604.317 Transfers between funds Net movement In funds 486,611 21,465,570 290.922 794,740 127.627 905,160 604.317 973,472 23,233,782 22,629.465 1,085,662 1,101,099 24,138.942 23,233,782 Fund balances brou hl forward 17 Fund balances earried forward 17 21.952,181 The notes on pages 25 to 48 form part of these financial statements. 22 Monkton Combe School Registered number 03228456 Balance Sheets as at 31 August 2020 Group School 2020 2019 2020 2019 Notes Flxed assets Tangible assets Investments 10 25.416,523 25,811,958 2.898,469 2,524,042 28.314,992 28,336.000 25,216.523 25,611,958 2,898,472 2,524.045 11 28.114,995 28.136,003 Current assets Stocks 12 21.256 15,120 20.113 15,120 Debtors 13 641,175 1,114,497 2.042,316 1,891,128 1,240,559 1,531,209 1,898.529 1,780.596 Cash al bank and in hand 2.704,747 3,020,745 3,159,201 3,326,925 Creditors.. amounts falling due within one ear 14 3 803 886 4,885,145 3,937,594 4,878,178 Net current liabilities 1,099.139 1.864.400 778,393 1,551,253 Total assets less current liabilities 27.215,853 26,471,600 27,336,602 26,584,750 Crgditors: amounts falling due after one ear 15 3,076.911 3.237.818 3,076.911 3.237 818 Net assets 24,138,942 23,233,782 24,259,691 23,346,932 Capitsl and roserves: Endowed reserves 17 1,101,099 973.472 1,085.662 794.740 21,952.181 21.465.570 24.138 942 23 233 782 1.101,099 973,472 Restricted reserves 1.085,662 794,740 22.072,930 21.578.720 Unrestricted funds Total funds 24,259,691 23,346,932 The nel movement in funds for the school were £912,75912019: £604,015). The financial slalements on pages 22 to 48 were approved and aulhorised for issue by the board of Governors and are signed on its behalf by.. S8MYoung Governor Dale.. 19th March 2021 23 Monkton Combe School Consolidated cash flow statement for the year ended 31 August 2020 2020 2019 Notes Cash flows from operating activltles Net Cash provided by operating activities 20 894,692 1,121,614 Cash flow from investlng activities Interest received 1.271 6.099 Investment income received 50,607 {1.273,3221 810.000 52.065 11,673,124) 174.700 Purchase of tangible fixed assets Proceeds on sale of tangible fixed assets Purchase of investments 50,607 {462,051) 52,065 Net cash used in Investing activities 11,492,325) Cash flows from financing activities Loan repayments Interest paid Receipt of advanced fees Release of advanced fees 1276,3581 1138,7791 321.017 187,333 1281,453) 1283,4621 191,2441 17,304 16 39,588 Net cash used in financing activities 1396,990} {Decrease} l increasg in cash In the year 151,188 (767,7011 Cash and cash equlvalents at the beglnning of thg period 1.891,128 2,658,829 Cash and cash equivalents at the fynd of the reporting pgriod 2,042,316 1,891,128 Analysls of net debt 2020 2019 Total debt {see note 151 Nel debt {lolal debt less cash and cash equwalents) 13.231.393) (1,189,077) 13.507,7861 11,616,658) 24 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 Principal accounting policies Legal status of the Charlty The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. Monkton Combe School is registered in England & Wales with the Charity Commission (Reg No: 10571851 and with Companies House (Reg No.. 032284561. The charitable company was incorporated on 11 July 1996 and has no share capital. The members of the company are the Governors named on page 2. In the event of the company being wound up, the liability in respect of the guarantee for each member is limited lo £1. Al the balance sheet dale there were 14 members. Reglstered and Principle Office The registered and principle office of Monklon Combe School is.. Monklon Combe School. Church Lane. Monkton Combe, Bath, BA2 7HG. Basis of preparatlon of the flnanclal statements The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102), the Companies Act 2006 and the Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}- effective 1 January 2019 (Charities SORP FRS 102}. The financial statements have been prepared under the historical cost Gonvenlion, as modified by the revaluation of listed investments. The charity has taken advantsge of the exemption available to a qualrfying entity in FRS 102 from the requirement lo present a charity only Cash Flow Slalement with the consolidated financial stalemenls. Monkton Combe School meets the definition of a Public Benefit Entity under FRS 102. Golng concern Al the balance sheet dale, the School held cash of £2,042,316 (2019.. £1,891,128), unrestricted investments of £1,192.84112019.' £1,066,761). There was no requirement lo avail of an overdraft facility al the Balance Sheet date. The Governors have reviewed forecasts for a period ending twelve months from the dale of approval of these financial slalements. Most notably, the Governors have also considered the impact of the Covid-19 pandemic which is highlighted in the 'Principal Risks and Uncertainties. Section of the Governors Report. Following the completion of these reviews, the Governors are confident that the group will be able lo satisfy ils debts as Ihey fall due and that sufficient action has and will be taken by the Group lo help ensure there are no material uncerlainlies about the School's ability lo continue as a going COn￿M. The financial statements have therefore been prepared on a going concern basi8. Basis of con8051datlon The consolidated statement of financial a¢livilies, the Gonsolidated balance Sheet and the consolidated cash flow slalemenl include the financial statements of the School and ils subsidiary undertakings detailed on page 29 made up lo 31 August 2020. consolidated on a line by line basis. Intra group transactions and profits are eliminated fully on consolidation. No separate SOFA has been presented for the Schoo5 alone as permitted by Section 408 of the Companies Act 2006 and SORP FRS 102. Nel incoming resources includes £857,318 {2019.' £460,406) attributable lo the School which includes investment gains of £323,82012019'. £92,414) and excludes gift aid income from subsidiary comp8nies of £55,441 {2019.' £143,609). The income for the School before investment gains was £16,130,791 12019.. £15,521,223> and the expenditure was £15,541,85212019.' £15.153,2311. Significant Estlmates and Judgements In the application of the School's accountlng policles, whlch are descrfbed in note 1, Governors are required to make judgements, eslimales, assumptions about the carrying values of assets and Ilabililies that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may d&ffer from these estimates. 25 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Principal accounting policies (continued) The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Governors, no assumptions concerning the future or estimation uncertainly affecting assets or liabilities al the balance sheet dale are likely to result in a material adjustment lo their carrying amounts in the next financial year. The following accounting policie5 have been applied consislenlly in dealing with items which are considered material in relation to the School's financial slalements. Donations, legacies and gifts in kind Donations and legacies are credited to revenue on a r￿1Vable basis as and when enlillemenl arises and the amount can be reliably measured and ￿Celp1 is probable. Legacies are accounted for on receipt of Correspondence from the personal representative indicating that payment of the legacy will be made. Grfts in kind are valued al a reasonable estimate of their value lo the School. No amounts are included in the financial slalements for services donated by volunteers. Fees Fee income represents gross fees, less scholarships, bursaries and other remissions for the provision of education induding extra-curricular activities. Investment & trading incorne Income from the SchoDI's investments and trading operations are recognised on a receivable basis. Advanced fees The School offers parents the opportunity to pay for tuition fees in advance in accordance with a WTillen contract. The amount received is invested until the fees for each School term are charged against the remaining balance and taken lo income. Final term deposits Final term deposrts are deposits placed when pupils join the School which are offset against fees and disbursements due for the last term each pupil attends. All deposits are ￿ated as deferred income and classffied as creditors. Resources expended All expenditure is accoLJnled for on an accruals basis and has been classrfied under headings that aggregate all costs related to the category. Overhead and other costs not directly allribulable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount allribulable lo the activity in the year, by reference lo staff lime or other cost drivers as appropriate. Costs of generating funds are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of charitable aclivilies. Bursaries, grants and allowances payable Grants from restrict￿ funds are included as expenditure in the year for which the award is given. Bursari&s and allowances from unreslricled funds towards School fees at the School are Irealed as a reduction in those fees. Support costs Support costs comprise direct costs, induding staff which are all attribLtled to the costs of provlding education. Taxation The School is a registered charilyand as such is enlided to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charitls primary objectives, rf these proftts and surpluses are applied solely for charitable purposes. 26 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Principal accounting policies (continued) Governance costs Governance costs include expenditure on governance of the School and coMFAlan￿ with conslilulional and slalulory requirements, and an appropriate apporbonment of indirect costs. Irrecoverable VAT Any irrecoverable VAT is charged lo the Statement of Financial Aclivilies. or capilalised as part of the cost of the related asset, where appropriate. Foreign currencies Transactions in foreign currencies are recorded al the GBP rale ruling al the dale of the transaction. Monetary assets and liabilities are relranslaled al the rale of exchange ruling at the Balance Sheet date. All differences are taken to the Statement of Financial Aclivilies. Creditors Creditors are recognised where the School has a present obligation which Tesulls from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or readily eslimaled. Fund accountlng Unre81rittled funds are available for tsse al the discretion of the Governors in furtheran￿ of the general objectives of the School and have not been designated for other purposes. Designated funds comprise Unrestr￿ted funds that have been set aside by the Govemors for particular purF)oses. Reslricled funds are funds which are lo be used in accordan￿ with specrfic restrictions imposed by donors or which have been raised by the School for particular purposes. The costs of raising and administering such funds are charged against the specrfic fund. The aim and use of each restr￿ted fund is sel out in the notes to the financial stslements. Endowment funds are funds for whith the capital must be retained in accordance with the specrfic restrictions Imposed by donors. The aim and use of eth endowment fund is sel out in the notes lo the financkql stslemenl8. Investment income and gains are allocated lo the appropriate fund. Ponsion costs The School contributes lo the Teacher's Superannuation Scheme at rates sel by the Scheme Actuary and advised lo the Governors by the Scheme Administrator. The scheme is a mulli-employer defined benefit scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable lo the School. Hence, Contributions are charged in the year they are incurred as rf they were lo a defined contributK)n scheme as required by FRS 102. The School also conlribules to a defined contribution scheme for non-teaching staff. Other than these annual costs, no other liabilities arise lo the School in relation lo pensions. Operating leases Rentals applicable to operating leases are charged lo the Slalemenl of Financial Activities on a slraighl-line basls over the lease term5. Tangible fixed assets Capitalisation and replacement All tangible fixed assets are held al historic Cost or deemed cost less depreciation. Assets with a cost below £500 are not capilalised. Certain inalienable assets donated lo the School have been included on the Balance Sheet within Furniture & Plant al their 2000 valuation of £2.200, which is the best estimate of cost. 27 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Principal accounting policies (continued) Tangible fixed assets (continued) Depreciation Land is not depreciated. Depreciation of other assets is calculated so as to write off the cost or valuation of tangible fixed assets, less their eslimaled residual values, over the expected useful economic lives of the assets concerned. Fixed assets in the course of construction are not depreciated until they are brought into use. The prlncipal annual rates used for this purpose on a slraighl line basis are.. Inalienable assets Nil Freehold land Buildings Plant and equipment Furnit¢Jre and fixtures and motor vehicles Computer equipment Rowin ands ortse 2¥0 Iovg 20D ment 25¥0 Investments Investments in subsidiary undertakings are slated al cost. bul are written down to their realisable value rf il is considered that there has been a permanent diminution in their value. Listed investments are included al closing mid-markel value al the Balance Sheet dale. Any realised and unrealised gains and losses on revaluation or disposals are shown in the Ststemenl of Financial Activits'es. Income from investments is included, together with the related tax credit, in the year in which it is re￿ived. Stocks Stocks are staled at the lower of cost and net realisab5e value. Dobtors Short term debtors are initially measured at iransaction price, less any impairment. Short-term bank deposits and cash Short-lerm bank deposits and cash includes cash in hand, deposiis held with banks and other highly liquid short-tem deposits. Financial Instruments Basic financial instruments are initially recognised al transaction value and subsequendy measured at amorb'sed cost with the exception of investments which are held al fair value. Financial assets held at amortised cost comprise cash al bank and in hand. together with trade and other debtors. A specffic provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financid liabilities held at amortised cost comprise all creditors ex￿p1 social security and other taxes and provisions. Assets and liabilities held in foreign currency are transl8led lo GBP al the barall￿ sheet dale al an appropriate year end exchange rate. Termination payments PayTnents made to employees on lermin81ion of employment may be subject to PAYE and NICS depending on what the paym6nl is for. The nature of the payment is delemined by reviewing the employment contract and any other relevant documentation such as the staff handbook and any negoliats'ons belween the employee and the School and any compromise or seluemenl agreement. 28 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Donatlons, gifts and legacles Group 2020 2019 Individuals 93,646 500 77,074 179,186 Legacies Charitable foundations 223,853 17,156 317,999 273,416 3a Fee income Group 2020 2019 Gross Fees. 15.799,277 14,855,210 Less.. scholarshi s. bursaries and other remissions ranted 1,840,196 1,777,547 13.959,081 13.077.663 Add back-. scholarships, bursaries and other remissions ranted. funded b reslricled funds 95,930 14,055,011 296 984 13,374,647 'Before Summer Term discounts of £762,431 were deducted due lo the School's closure on 20 March 2020 from the Covid-19 pandemlc. This discount is included as a leaching cost in expenditure Inole 7 page 321. 2020 2019 Pupil Numbers 718 656 Average gross fees per pupil before Summer Term discount £22,005 £22,645 29 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 3b Other educational income 2020 2019 Registration fees 23,853 28,350 Occasional boarding 15,714 30,836 After school care 3,994 11,711 Prep activities 10,093 16,739 English a5 a second language 102,391 100,989 Learning 5UPPOrt 74,726 89,932 Music 39.144 19.307 Instrument Hire 1.980 1.410 Fees in lieu of notice 25.200 69.837 Scholarship exam fees 2,160 2,920 Pupil insurances 80,864 Trips, activities and consumables 395,478 441,078 694,733 893,973 he sthool ceased providing pupil insurance service5 in August 2019 Other income 2020 2019 Overdue account Interest 1,271 6,099 Gain on disposal of fixed assets 212,028 144,700 Rent and lellings 55,235 83,576 HMRC Job Retention Scheme 606,452 Sundry income- including income from School trips 66.241 210,184 941,227 444,559 30 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Trading income The School owns the whole of the ordinaryshare capital, consisting of twoordinaryshares of £1 each, of Monklon Combe School Enterprises Limited (company number.. 035884261, whose principal actiwty is to cary out trading activities on behalf of the Schcx)l. The School also owns the whole of the ordinary share capital, consisting of one ordinary share of £1, of Monklon International Limited (company number.. 105704161, whose principal activity is lo cary out educational activities overseas on behalf of the School. The company did not carry out any educational activities in the year lo 31 August 2020. Both subsidiaries donate all of their taxable profit5 to the School each year by grfi aid. The registered office of the subsidiaries is Monkton Combe School, Monkton Combe, Bath, BA2 7HG. Trading income in the Stslemenl of Financial Activities includes the results of the subsidiary companies. as well as the results of the School's own Commercial department, as shown below= Subsidiary Enterprises Subsidiary International School trading Consolidation adjustments Group 2020 2019 Income 321.196 53,620 1104.4541 36,420 270,362 (294,910) 754,095 (701.4281 Expenditure {265,7551 17,5991 157,9761 Charitable contribution 55,441 Retained {defiGitl I sur lus for the ear 7,59g 4,356 12,593 24,548 52,667 The assets and liabilities of Monkton Combe School Enterprises Limited are as follows.. 2020 2019 Aggregate assets 552,157 665,308 113.151 409,293 re 522,444 Nel liabilities 113,151 The a55els and liabilities of Monklon International Limited are as follows- 2020 2019 Aggregate assets re 1,122 8.720 89,990 89.989 Nel liabilities 7,598 31 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Investment income 2020 2019 Interest on investments 50.607 52.065 Analysis of expenditure la) Total Expendlture Staff costs Other costs Depreciation 2020 2019 Cost of generating funds: Trading Finance costs 227,801 60,418 6,691 294,910 138,779 127,339 701,428 138,779 91,244 238,236 Marketin ublicil 28.926 98,413 256.727 297,610 6,691 561,028 1,030,908 Charitable aclivili&s'. Costs of providing educatlon Teaching Welfare 5.777,221 1,664.864 2,184,146 720.770 41,156 315,262 8,682.137 2.481,755 2,181,735 7,360,789 2,421,793 2,125,849 775,735 92g,987 1,003.753 Premise8 936,486 Su ort costs & Governance 838,191 9,216,762 1,841,944 15,187.571 2,341,513 4,893,621 5,191.231 1.077,188 14,249.944 Total ex enditure 9.473,489 1,083,879 15,748,599 15,280,852 {bl Govemance inGludod in support Gosts 2020 2079 Governors expenses 7.413 17,775 Bursary governance cost apportionment Auditor's remuneration- audit services 78.012 61,008 55.320 36,600 Auditor's remuneration- non audit services 2,240 11,040 142,985 126,423 32 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Employee information Group 2020 2019 Number Number The average headcounl of employees, excluding Directors. but including part-lime staff employed by the Group during the year was.. Education 137 133 Support Catering" Fundraising Marketing and publicity Tradin activities 114 112 35 39 335 307 The catering staff were brought in-house in April 2019. The catering function al the School was previously outsourced. Group 2020 2019 staff costs Wages and salaries Social security costs Pension costs 7,804,131 677.086 992.272 6,987,611 660,902 732,439 9,473,489 8,380,952 During the year there were lerminalion payments made lo five {2019= Iwol employees which amounted to £51.500 12019: £7,100). There was £25.000 oulslanding al the year-end12019'. £nill. The number of employees whose emoluments exceeded £60,000 was.. Group 2020 2019 Numbor Number £60,001 £70,000 £70,001 £80,000 £80,001 £90,001 - £100,000 £100,001 - £110,000 £140,001- £150,000 £go,000 Aggregate remuneration and benefits of the 1012019.. 61 key management personnel tolalled £880,326 {2019'. £556,8691. This relates lo the Principal, Vice Principal, Bursar, Interim Bursar, Deputy Head Learning, Deputy Head Pastoral, Prep School & Pre Prep Heads, Director of External Relations and Director of People12019.' Principal, Bursar, Prep School Head, Pre-Prep Head. Director of External Relations and Director of People). No Governors received any remuneration from the Group during the period. Six Governors received reimbursement lolalling £2.511 12019.. £4,485) for travel expenses. 33 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) Financing costs Group 2020 2019 Interest payable and similar charges Discount on fees in advance 15,474 17,335 On bank overdrafts and bank loans including arrangement fees 123,305 73,909 138,779 91.244 34 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 10 Tangible fixed assets Freehold land Building$ Furnitura and plant Assets under construction Group Total Cost or valuation Al 31 August 2019 Addillons 275,000 29,182.050 5,407.426 691,640 1,243,194 36,107,670 581,682 1,273,322 11.824,8761 Transfers 1,824,876 750,237 Dis sals 3,402,219 4,152,456 At31Au ust 2020 275,000 30,256,689 2,696.847 33.228.536 Depreclation Al 31 August 2019 Charge in year Dis osals 5.999,824 4.295,888 10.295,712 1,083,879 3,567.578 621,401 165,359 462,478 3,402,219 At31Au ust 2020 6,455.866 1.356.147 7.812.013 Net book amount At31Au ust 2020 275.000 23.800,823 1,340.700 25,416.523 At31Au ust 2019 275,000 23 182.226 1.111.538 1,243,194 25,811,958 Frèèhold land Buildings Furnlture A6S8ts und•r and plant conslru¢tion School Total Cost or valuatlon At 31 August 2019 Additions 75,OIXJ 29,065,198 5.381.208 1,243.194 35,764,600 691,640 581,682 1,273,322 11,824,876) Transfers 1,824,876 750,237 Dis osals 3,402.219 4.152,456 At31Au ust 2020 75,000 30,139.837 2.670.629 32,885.466 Depreclatlon Al 31 August 2019 Charge in year Dis osals 5,882.972 4.269,670 10,152.642 1.083,879 3,567,578 621,401 165,359 462,478 3,402,219 At31Au ust 2020 6,339,014 1,329,929 7.668,943 Net book value At31Au ust 2020 75,000 23,800,823 1.340.700 75.000 23,182,226 1,111,538 1,243,194 25,611,958 25,216.523 A131Au ust 2019 35 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 10 Tangible fixed assets (continued) The net book value of assets acquired under finance leases al 31 August 2020 was £22,11412019'. £60,568). 11 Fixed asset investments Group Llsted investments Market Value Al 1 September 2019 Additions 2,524,042 50.607 Disposal Revaluation alns 323.820 Net book value At31Au ust 2020 2.898,469 Nel book value At31Au ust 2019 2.524,042 Lisleii Investment investments in subsidiaries School Total Market Value Al 1 September 2019 Additions 2,524,042 2.524,045 50.607 50.607 Disposal Revaluation ains 323,820 323,820 Ngt book valuè At31Au ust 2020 2,898.469 2.898,472 Nel book value A131Au ust 2019 2,524.042 2,524,045 36 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 11 Fixed asset investments (continued) All investments are stated al their maTket value al 31 August 2020. The historical cost of the listed investments at 31 August 2020 was £1,233,610 (2019. £1,183,003}forthe Group and £1,233,61012019.. £1.183.0031 forthe School. 65.10 {2019'. 61.7Qknl of the market value of investments held in both the Group and the School are in Baillie Gtfford Managed Fund B Income. The remaining 34.9¥012019.' 38.30hl of the investments is held in the Baillie Gtfford Strategic Bond Fund B Income. All investments are held in the United Kingdom. For details of the subsidiary companies see note 5. 12 Stocks Group School 2020 2019 2020 2019 Catering, slalionery and Ggnsumables 21,256 15,120 20,113 15,120 13 Debtors Group School 2020 2019 2020 2019 Debtors.. amounts falllng due after more than one year Loan to subsidiary 311.500 311,500 Debtors: amounts falllng due within one year Fee debtors 222,191 88,391 269,567 222,191 269,567 Trade debtors 285,391 70,478 104,724 Amounts due from subsidiary and associated undertakings Other debtors and prepayments 305,799 285,879 330,593 559,539 330,591 559,539 641.175 1,114,497 1.240,559 1,531,209 Fees invoiced in advance are shown within Credito￿ and amounts prevlously invoiced bul not received by the Balance Sheet dale are shown above as fee debtors. The bad debt provision on fee debtors was £304.84612019.. £42,559} and the provision is included within fee debtors. The loan to the subsidiary is repayable on demand and bears interest at 6Yo per 2nnum. Monkton Combe School has confirmed that repayment will not be sought within one year. 37 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 14 Creditors: amounts falling due within one year Group School 2020 2019 2020 2019 Bank loan (see note 15) Fees received in advance (see note 161 Trade creditors 280.230 288,344 280,230 68.796 288,344 68,796 45,390 45.390 405.541 743.144 353,247 204.738 739,101 174.905 Taxation and social security Pension conlrlbutions due 204.832 182,013 120.900 96,271 120,900 190,437 96,271 Amounts owed to subsidiary and associated undertakings Other creditors 8,084 905,037 1.818.550 1,115.035 905.037 1.115,035 Accruals and deferred income (see note 14al 2.414,948 1,814,209 2,411,048 3.803.886 4,885,145 3,937,594 4,878,178 14a Deferred income Brought forward Utilised In year Ne￿Y deferred Carried foTward 2,145,107 12,145,107) 1,641,242 1.641.242 15 Creditors: amounts falling due after more than one year Group School 2020 2019 2020 2019 Fees received in advance {5ee note 161 125,748 18,376 125,748 18,376 Bank loan see below 2,951,163 3.076,911 3.219,442 2,951,163 3,219,442 3 237,818 3,076,911 3,237,818 The bank loans and overdraft are secured by way of legal charges over several of the School properties. The loans are repayable in equal monthly instalmenls, until dates between 2022 and 2028. Interest is payable on the loans at a fixed rate of 1 Yo per annum above base rale for loans expiring in 2028 and al a fixed rale of 2.980￿ per annum expiring in 2030. The nel book value over which security is held is £23,800,82312019.. £23.182,2261. 38 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 15 Creditors: amounts falling due after more than one year (continued) Maturity of loans Group and School 2020 2019 In 1 year or less, or on demand In more than 1 year, bul not more than 2 years In more than 2 years, but not more than five years In more than five 280,230 285,343 288,344 294,448 887,893 1.777,927 2,238,196 686.798 ears 3,231,393 3,507,786 Included in creditors-, amounts fallin Included in creditors,. amounts fallin due within one ear 280,230 288,344 due after more than one ear 2.951,163 3,219,442 16 Advanced fees Parents may pay lo the School up to the equivalent of seven years, luilion fees in advance. Such payments may be returned, subject to specific conditions, on the receipt of one term's notice. Assuming pupils remain in the advance fees payment scheme, payments will be applied lo offset fees 88 follows.. Group and School 2020 2019 Greater than 5 years Within 2 to 5 years Wrthin 110 2 ears 86,382 39,366 18,376 Within more than 1 year Within 1 125,748 68,796 194.544 18.376 45,390 63.766 ear Advance fees due within one year are included in note 14, which also includes other fee income paid in advance of future years. The balance represents the accrued liability under the contracts. The capital movements during the period were.. Group and School 2020 As al 1 September 2019 New contracts 63,766 195,271 Amounts accrued lo contracts Less amounts utilised in payment of fees to the School Less amounts refunded lo parents 1187,333) Asat31Au ust 2020 194544 39 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 17 Funds Balance 1 Sept 2019 Invgstment Balance Gainsl 31 August {Losses) 2020 Income Expenditura Grou Permanent endowment funds Butler endowment Governor's Bursary Fund Other scholarship and bursary endowments 264,556 81,754 34,656 10,710 299.212 92,464 627.162 973.472 82,261 709.423 127,627 1,101.099 Restricted funds Butler income Other scholarship and bursary income funds 24,094 5.993 133,4401 3,691 338 544.918 57,444 10.000 162,3901 83,477 623,449 10,000 10,400 15.529 500 200,000 14,800 10,328 193,968 250 4,100 2,000 87,168 1,085,662 All Weather Pitch Equestrian Centre For A Time Such As Thls Kingsmill Prize Mount Pleasant Quarry fund Random Acts of Garrod School Cricket Fund Springboard Bursary Wessex Water Pond Project Performing Arts Centre Blue rint Develo ments 10.400 15,529 500 200,000 14,900 1100) 10,328 193,968 250 100 1,000 299,684 4,000 794,740 95,930 Unrestricted funds Trading subsidiary companies- note S other unrestricted funds.. School Charitable contribution.. elimination {113.1531 321,196 {328.7951 (120,752) 21,578.723 15,819,941 115.434,7561 55,441 55,441 16,085,696 15,708.110 16.385,380 15,804,040 109,025 22.072.933 27,465.570 23,233,782 109,025 21,952,181 323,820 24,138,942 Total funds The reserves relating lo the School amount lo £24.259,691 {2019.' £23,346.9321. The above funds are those of the Group. The pem)anenl endowment arose from gifts which are invested such that the income arising can finance the award of bursaries and scholarships lo children allending the School. The income generated from such investments is recognised within the relevant reslricled fund allached lo the endowment. The reslricled funds were gifted lo the School for the purposes detailed above. The unrestricted funds of the School exceed the Group unrestricted funds due to the provision for the nel liabilities of the trading subsidiary. 40 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (Gontinued) 17a Comparative Funds (continued) Balance Sept 2018 Investment Balance Gainsl 31 August {Lossesl 2019 Income Expenditure Grou Permanent endowmgnt fund5 Butler endowment Governor's Bursary Fund Other scholarship and bursary endowments 254,666 78,698 9,890 3.056 264.556 81.754 603,715 937,079 23,447 36,393 627.162 973,472 Restrlcted funds Butler income Other scholarship and bursary income funds 35,985 6,245 119.3151 1,179 713,007 86,210 10,400 {277,6691 23,370 544,918 10.400 200,000 10,328 4,000 1.000 794.740 Equestrian Centre Mount Pleasant Quarry fund School Cricket Fund Perfoming Arts Centre Blue rinl Develo ments 200,000 10.000 328 4,000 1,000 107,855 958,992 296,984 24,877 Unrestricted funds Trading subsidiary companies- note 5 other unrestricted funds.. SchcK)I Charitable contribution: elimination {113,153} 271.230 1271.2301 1113.1531 20.846,547 15.557.279 114,856.2471 143 609 143,609 14,983,868 15,280,852 31,144 21,578,723 20,733,394 22.629,465 15,684,900 15,792,755 31,144 21,465.570 92,414 23.233.782 Total funds The reserves relallng to the School amount to £23,346,93212018.. £22,742,917). The above funds are those of the Group. The permanent endowment 8rose from gifts which are invested such that the income arising can finance the award of bursaries and scholarships lo children allending the School. The income generated from such investments is recognised within the relevant reslricled fund allached lo the endowment. The restricted funds were gifted lo the School for the purposes detailed above. The unreslricled funds of the School exceed the Group unrestricted fijnds due lo the provision for the nel liabilities of the trading subsidiary. 41 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 18 Allocation of the Group's net assets The nel assets are held for the various funds as follows.. Tanglble fixed assets Net current Long term Invgstments assetsllliabilitie5) {liabilitiesl Total 2020 Endowment funds 1,101,099 1,101,099 Restricted funds 200,000 604,529 281,133 1.085,662 Unrestricted funds 25,216,523 1,192,841 11,360,272) {3,076,911) 21,952,181 At 31 August 2020 25,416.523 2,898,469 11,099,139) {3.076,9111 24,138,942 18a Comparative Allocation of the Group's net assets The nel assets are held for the various funds as follows.. Tangible flxed assets Net current Long term Investments assetsl{Ilabilitiey) {liabilitiesl Total 2019 Endowment funds 973,472 973,472 Reslricled funds 200,000 483.809 110,931 794,740 Unre8lricled funds 25.611,958 1,066,761 {1,975,3311 {3,237,818} 21,465,570 At 31 August 2019 25,811.958 2,524,042 {1,864,400) {3.237.8181 23,233.782 42 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 19 Pensions commitments Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme I'lhe TPS") for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £765,26712019'. £518.5891 and al the year-end £90.343 12019= £66,526) wa5 accrued in respect of contributions lo this scheme. The TPS 15 an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members 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 provided by Padiamenl. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rale for the TPS would increase from 16.4Q/o lo 23.6D/o from 1 September 2019. Employers are also required lo pay a scheme adminislralion levy of 0.080kn giving a lolal employer contribution rate of 23.68¥0. The 31 March 2016 Valuation Report was prepared in accordance with the benefits sel out in the scheme regulations and under the approach specified in the Directions, as they applied a15 March 2019. However, the assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloud I Sargeanl case,. This case has required the courts lo consider cases regarding the implemenlalion of the 2015 reforms lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's deGision and has said il will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations wll be remedied. The TPS is subject to a cost cap mechanism which was pul in pla￿ lo protect taxpayers against unforeseen hanges in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 annoL¢nced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloud I Sargeant case. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably rovised assumptions would yield different results than those contained in the Actuarial Valuation. Until a remedy lo the discrimination conclusion has been determined by the Employment Tribunal it is not possible lo conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly, no pr()vislon for any additional past benefit pension costs is included in these financial statements. Other Schemes Certain non-academic staff are members of the School's Pension Scheme, which is a money purchase Scheme administered by a private pensions company lo which contributions are paid as they become due. The pension cost charge for the period payable by the School in respect of non-academic staff was £227,00512019.' £213,850). The balance outstanding al the yearend was £30,55812019'. £29,745). 43 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 20 Reconciliation of net income to net cash inflow from operating activities 2020 2019 Nel income for the reporting period las per the statement of financial activities) 905,160 604,317 Adjustments for.. Gain on investments (323,820) {92,4141 Interest payable Investment income 138,779 91,244 150,607) 152,0651 Interest receivable {1,2711 1212,028) 1,083,879 16,0991 Profil on disposal of fixed assets {144,7001 Depreciation of tangible fixed assets (Decrease) I Increase in stocks 896.247 6.136 16081 Decrease l {Increase) in debtors (Decrease) I Increase in Creditors Net cash provided by opgratlng activltles 473,322 99.108 (1,124,858} (273,416) 894,692 1,121,614 21 Analysis of cash and cash equivalents 2020 2019 Cash in hand 2.042,316 1,891,128 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 22 Operating leases Al 31 August the Gmup had future minimum lease payments under non in relation lo the value of refurbishment work executed and of materials and goods in relation lo one of the School's boarding houses. 26 Contingent liabilities In the ordinary course of business, the School either as claimant or defendant is involved from lime lo lime in disputes and pro￿eding$ against debtors for school fees outstanding. suppliers for services rendered and other counterparties on a variety of issues. The Governors of the School believe that any proceedings pending as al 31 August 2020 will not result in material losses for the School in addition to amounts already provided for in these financial stalemenls. Certain of these disputes arKI proceedings are in process al year end and the School. whether as daimant or defendant considers il is not in their interest to disclose the required detail as il may prejudice their position. The Governors regularly review these matters with the management of the School as part of their ongoing risk management assessments. 27 Post Balance Sheet events On 20th March 2020, Monklon Combe School - like all schools in the UK- ¢10sed for all in-person leaching except for children of key workers and children considered vulnerable. This was in response to the ongoing Covid-19 pandemic in accordance with HM Government guidelines. With pupils al home, teaching look place online across the wodd. Most pupils relurlled lo in-person leaching classes in ea￿Y September adhering lo Covid-19 guldellnes. Amidst exponential growth of cases in the UK, HM Government introduced further measures lo deal wlh the second wave and the School closed again on 4th January 2021 and re-opened fullyon 8lh March 2021. The financial implications for the School were significant. The number of employees furloughed reached 180154Vo of the workforce) - mostly non-leaching support and catering staff and the amount of furlough income received from HMRC between Apri5 2020 and February 2021 was £844,060. Conversely, the fees for the Summer Term 2020 were discounted and reduced by £762.431 for boarding120.kn discounledl and day pupils (100/0 discounledl. Further fee discounts, for the Lent Term 2021 were also agreed whilst ensuring furloughed staff were succe8sfully re-inlegraled as they returned from arb extended period of absence. 46 Monkton Combe School Notes to the financial statements for the year ended 31 August 2020 (continued) 27 Post Balance Sheet events (continued) On 26th February 2021, the School's Governors m81 and discussed the risks of remaining in the Teachers. Pension Scheme {'the TPS'I for ils teaching staff. The key risk lo the School is that of increased employer conlribulK)ns which would lock up financial resources that could be beller deployed enhancing the School's offering for staff and pupils. The Governors also discussed the potential of a hybrid approach which was highlighted as part of a consullalion with leachiry staff. Consequently, the Governors decided lo give notice of exiting the TPS on 1 st September 2021 which would be in the best interests of the long term future of the School. In ils place, a new money purchase scheme will be introduced together with a new enhanced salary scale for leaching staff. 47 Monkton Combe School 28 Comparative SOFA Unrestricted Restricted Endowed funds funds Funds 2019 2018 Notes Income from: Donations and Lega¢igS Donations, grfts and legacies - Other trading activities Trading Income Gain on disposal of fixed assets 200.079 73,337 273.416 1.090,476 754.095 754,095 672.642 144.700 299.859 144,700 299,859 5.000 430.893 Other incoming resources - Investments Investment income 17,547 34,518 52,065 49,721 Charitable Activities Fee income 13,374.647 893,973 13,374,647 12,888.338 893,973 975.259 Other educational income 3b Total income 15.684.900 107,855 15,792.755 16 112 329 Expenditure on: Raising funds Marketing ané Trading Flnance cost$ 939.664 91.244 939.664 91,244 867,112 122,402 Charltable activltles Costs of rovidin education 13,952,960 14983 868 296,984 296,984 14,249.944 13,233,956 15,280.852 14,223,470 Total ex nditurg Nel income I lexpendilurel before investment gains Gain on investments 701,032 31,144 {189,1291 24,877 511,903 1.888,859 92.414 117,052 36,393 Net income I ex enditure 732,176 164,252 36.393 604,317 2,005.971 Transfers between funds Net movement in funds 732,176 20,733,394 21,465.570 (164,2521 958,992 794,740 36,393 604,317 2,(H)5.911 937,079 22,62g,465 20,623,554 973,472 23,233,782 22,629,465 Fund balances brou hl forward 17 Fund balances carried forward 48