2021-08-31-accounts - Methodist Independent Schools Trust

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	Page
ReferenceandAdministrative Details	2
ReportoftheTrustees	7
Independent Auditor's Report	37
Consolidated Statementof Financial Activities	41
Consolidatedand Charity Statements of Financial Position	42
Consolidated Statement of cash Flows	43
Notestothe Financial Statements	44

Trustees		Appointment	Committees
Revd DrCTSamuel		Choir	Ex N
Mr N Buckland QBE	(until 31 August 2021)	c	AN
Revd S Burgess		M	AwExN
Mrs E Cleland	(DeputyChoirfrom 1 September 2021)	M	A Ex N
Mrs LCocking	(Choirs nomineefrom 1 September 2021)	T
Mrs B Easton		M	E
MrM Edwards		c
MrS Holliday		T	FR
MrHMonro		T	AR
LadyFMynors		T	ARN
Mr K Norman	(DeputyChoir, Trustee until 31 August 2021)	T	ExN
RevDrJ Pye	Choir ofDistrict	M
Mr Rîhomas		c
DrJ NTunnicliffe		T	Ex F
Revdcanon Dr Sir RWaller	(Until 1 September 2021)	M	N
MrJWeaving		T	F
Vacancy	Loma Cockingfrom 1 September 2021	c
Vacancy	Connexional Representative	M

Acquired Schools	Address	Charity	Head
(consolidated into MIST)		No.
Lorenden School	Painter's Forstal, Faversham,	1048805	Mrs K Uttley (until 31
	Kent ME13 OEM		August 2021)
			Mr Richard McIntosh
			(from 1 September 2021)
Moorlands School Limited	Foxhill Drive, Leeds LS16 5PF	529216	Miss J Atkinson
St Petroc's School Trust	40 Ocean View Road, Bude,	306578	Mr B Hilton (until 30 April
Limited	Cornwall EX23 8NJ		2021)
			Ms TWhite (Nursery
			Managerfrom August
			2021)
Truro High School for Girls	Falmouth Road, Truro,	306577	Mrs S Matthews
	Cornwall TR1 2HU

nies are:
	Company reg. no.
Lorenden School Limited	3093684
Moorlands School Limited	810136
St Petroc's School Trust Limited	884821
Truro High School for Girls Trustees	06156433

nies are as follows:
	Company reg. no.
Culford School (TradingTrust) Limited	1411769
Farringtons School Enterprises Limited	2723164
Kent College (Canterbury) Enterprises Limited	2728990
Kent College (Pembury) Enterprises Limited	2728994
Shebbear College Enterprises Limited	2728991
Queen's College Taunton Enterprises Limited	2754531
Truro School Enterprises Limited	2728988
Woodhouse Grove Enterprises Limited	2448747


	Company reg. no.
Moorlands School Enterprises Limited	3726256
Truro High School Trading Limited	8920547

	Trustees/Members	Activity	Charity no.
Thomas Robinson Ferens	Methodist Schools	Provision of scholarships	313642
Scholarship Bequest for	Property Company as	and bursaries	(Linkedto
Methodist Schools	theTrusteeofthe		MIST in
	Methodist Independent		following financial
	Education Trust		year)
TheThompson Educational	Methodist Schools	Provision of scholarships	230422
Trust	Property Company as	and bursaries to
	theTrustee of the	Methodist presbyters
	Methodist Independent
	Education Trust
Woodhouse Grove School	Methodist Independent	Support toWoodhouse	1176406
Foundation	Schools Trust (sole	Grove School-principally
	member)	by fundraising activities

	MIST School	Activity	Charity no.
Culford School General	Culford School	Charitable support ofthe	1142794-1
CharitableTrust		school
Stratford House School	Farringtons School	Bursaries for children at	1142794-2
Educational Fund		the school
Friends of Kent College	Kent College Canterbury	Furtherance of education	1142794-3
Canterbury Limited		at Kent College
The Kent College Canterbury	Kent College Canterbury	Charitable support of the	1142794-4
Development Fund		school
Simon Rattenbury Scholarship	Shebbear College	Assistanceto boys at the	1142794-5
		school
Shebbear College Development	Shebbear College	Charitable support ofthe	1142794-6
Fund		school

The Kent College (Wottonley	Kent College Canterbury	Scholarships and bursars	1142794-8
House) Fund		tothe school forchildren
		in the local area
Thefollowing charity is linked totheWoodhouse Grove School Foundation
Southerns Memorial	Woodhouse Grove	University scholarships	1176406-1
Scholarship Fund		for boys who have
		attended Woodhouse
		Grove School

Associated Schools	Address	Charity No.	Head
Ashville College	Green Lane,	529577	Mrs Rhiannon Wilkinson
	Harrogate HG2 9JP		(from 1 September 2021)
			Mrs Elspeth Fisher
			(Acting Head July 2020 to
			August 2021)
Kingswood School	Lansdown Road, Bath BAl 5RG	309148	MrA Gordon-Brown
Rydal Penrhos limited	Colwyn Bay,	1063489	Mr J Waszek
	North Wales LL29 7BT

	Current Reporting Year	Baseline Reporting Year
	2020-2021	2019-2020
	UK GHG Emission and	UK GHG Emission and
	Energy Data	Energy Data
Energyconsumption usedto calculate
emissions (kWh); all mandatoryenergy	34,095,322.84	36,997,356.9
sourcesare included.
Scope 1: Emissionsfromthe combustion ofNatural Gas (tCOe)	3,569.65	3,542.34
Scope 1: Emissionsfromcombustion of
other FuelsforheatingandTransport	478.55	281.54
(tCOe). (see evidence pack)
Scope 1: EmissionsofBiomass Pellet/ Chip (tCO2e)	10.57	Previously Recorded as Combustible Fuel
Scope3: Emissionsfrombusinesstravel in
employee-ownedvehicles,wherethe employerrepaid mileageclaims (tCO¿e)	0.83	6.89
(averagevehide/fuel source unknown)
Scope 2: Emissionsfrom purchased Electricityand BiomassHeat(tCO.e)	1,733.41	2,074.53
Total grossCO;e based on above (tCOe)	5,782.44	5,905.30
Intensity Ratio:_tCOe_grossfigure based
on mandatoryfieldsabove/1,000m?	31.73 tCOe/1,000m'	32.40 tCOe/ 1,000 m?
gross internalfloorarea

Section 172	Specific examples
Responsibilities
Long term results:	Ongoing implementation of our five-year strategy (2020-25), which is
The likely	reviewed regularly by Trustees. The actions to achieve the strategy are
consequences of any	undertaken in close partnershipwith our Schools.
decision in the long	Afinancial reporting andforecastingapproach which captures the five most
term	recent years and looks five years into the future, including capital
	investment expectations, updated annually at school and consolidated
	level.
	Regular review of results and forecasts against Group and school KPIs, and
	consideration ofthe likely impacton KPIs in strategic decision-making.
	Authority is delegated through a well-defined structure set out in our
	Governance Manualtoensurethat decisions aretaken by those bestplaced
	to do so.
	Weregularly establishworkingpartieswithwiderepresentationfrom across
	the organisation to explore challenges and identify key actions in order to
	ensuredecisions arewell-informed (e.g. Teachers' Pension SchemeWorking
	Party, PropertyWorking Party).
Our workforce: The	Staffwell-being, particularly in theface of the pressures of dealingwith the
interests of MIST's	ongoing pandemic, is a regular item at Trustee meetings, with first-hand
employees and	inputfrom Schools via Headteachers at every meeting. Advice and guidance
volunteers	is provided to School Governors to support them in promoting the well-
	being of local staff, and concerns/suggestions about well-being are shared
	by Chairs of Governors on their regular calls.
	We have sought to limit redundancies through use of the Government's
	Coronavirus Job Retention Schemeduringthe Covid-19 pandemic.
	During the pandemic the Schools have maintained detailed Risk
	Assessments and implemented practices designedto protectthewell-being
	of both staff and students.
	MIST is workingtowards beinga LivingWage employer. All school andTrust
	employees are paid at least the Living Wage Foundation minimum, and we
	areworkingwith our contract partnersto ensurethis isthe casefor all their
	staffworking in our Schools.
	MIST hosts regular events and conferences at which employees, local
	volunteergovernors and Trustees meet to discuss a rangeofstrategic issues
	and build positiverelationships. Some of these have moved online in recent
	times, but we meet in person when we can do so safely. Staff and student
	well-being are regular items for input and discussion.

Section 172	Specific examples
Responsibilities
Our desire to	We set ourselves high standards, which are described in our Governance
maintainour	Manual, Code of Conduct and associated policies. We check that these
reputation for high	standards are being maintained in Schools through our interactions with
standards of	them and through theAnnual School reporting cycle.
business conduct	We run a cycle of internal audit reviews with a mixtureof internal andthird
	party assessmentwhich consider the practices operating in our Schools and
	checkthat they meetourstandards-with follow-upand support as needed.
	Our Schools are regularly inspected by ISi and achieve strong outcomes.
	These inspections facilitate surveys of parents and students, and the
	inspection reports include any recommendations arisingfrom these, where
	appropriate. Our Schools typically receive very positivefeedback.
	As ambassadors for the Methodist Church intheir communities, our Schools
	consciously setthemselves high standardsfor considerate behaviour.
Fairness: The need	All Trustees are encouraged to visit and get to know individual Schools.
to actfairly between	Annual School Reports are reviewed and discussed by Trustees. During
members of MIST	2020-21visits in personwere not always possible, butwhere required, as an
and its beneficiaries	alternativeTrustees hadtelephone calls with key staff in School.
	School matters form part ofthe agenda of every Trustee meeting. Financial
	reporting is made available at both a School and consolidated level sothat
	Trustees can make informed decisions. Input and feedback are sought
	regularly from Schools to inform Trustee and Executive activity and the
	strategic direction of travel.
	The salary scales for Heads and Head Office staff are set centrally (and
	reviewed annually) by a Remuneration Committee ofthe Trustees; all other
	salary decisions aredelegatedto the Schools.
	The relationship between beneficiaries (students and families) and MIST's
	Schools is governed by a standard set of contract terms which are regularly
	updated in line with best practice. Our Schools operate clear Admissions
	policies which explain how school places are awarded, and there is a
	Complaints procedure in place for use by any beneficiary who feels they
	have not been treated fairly. Scholarship and bursary awards are made on
	the basis of published criteria. Parents and students are encouraged to
	communicate openly and regularly with teachers and pastoral staff in
	Schools in order to ensurethat the bestpossible outcomes are achievedfor
	all our beneficiaries.
	Regular meetings of Bursars, Heads, Chairs of Governors, Chairs of Finance
	and HR managers are facilitated by MIST in order to share good practice,
	offer advice and guidance (often from third party experts), provide
	transparency about MIST's expectations and identify and deal with any
	misunderstandings arising locally.


	`2021`	`2020`
	£OOO's	£O00's
Totalfunds	82,451	81,241
Endowmentfunds	(2,005)	(2,034)
Restricted funds	(3,638)	(2,969)
Unrestrictedfunds	76,808	76,238
Propertyfunds	(67,768)	(69,336)
Other designated funds	(4,449)	(3,536)
Pension reserve	-	37
Free reserves	4,591	3,403

To maintainthe high level of all-	This has continued to be achieved as described in the
round Methodist and Christian	commentary above regarding individual School
education withinthe Schools ofthe	achievements.
Trust.
To achieve a financial surplus in	The minimum target of a surplus of 5% of gross fee income
order to be ableto make continued	has not been achieved in the financial year, primarily as a
investment in the facilities needed	continued effect of the Covid-19 pandemic, which reduced
to support theTrust's activities.	fee income and limited non-fee income generation.
Free reserves to be approximately	The level offree reserves is currently 4.7%, and is on a slowly
10% of Total Income across the	improving trajectory followingthe disposal oftwo schools in
Trust and the Schools.	2019/20 and the ongoing impact of the pandemic. The
	trustees consider that although it willtake sometime before
	this KPI can be achieved, it is still set at the right level to be
	an appropriate aspiration forthe charity.

Total loans to Schools to be no	MIST plays an important role as a source of funding for
morethan 25% annual Gross Fee	strategic investment by the Schools. During the year there
income	were limited capital loans as the Schools did not initiate any
	major capital works. Three Schools received working capital
	loans. Total loans represented 20%of GFI.

13/04/22

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	2021	2020
	Notes	£'00O	£'O0O	£'O0O	£'O0O	£'000
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	185	802		987	702
Charitable activity (provision of education):
Schoolfees	4	89,017			89,017	89,247
Othereducational income	5	2,888			2,888	3,139
Othertrading activities	6	2,111			2,111	2,523
Investments	8	95	11		106	132
Other	9	2,597			2,597	3,763
Total income		96,893	813		97,706	99,506
EXPENDITURE ON:
Raisingfunds	10	(1,749)	(4)		(1,753)	(1,669)
Charitableactivities	11	(95,589)	(273)	(33)	(95,895)	(96,610)
Total expenditure	11	(97,338)	(277)	(33)	(97,648)	(98,279)
Net (expenditure)/income before		(445)	536	(33)	58	1,227
investment gains
Net gains/(losses) on investments	16	899	253		1152	(436)
NET INCOME/(EXPENDITURE)		454	789	(33)	1,210	791
Transfers between funds	21	116	(120)	4
Otherrecognised gains:
Remeasurementofdefined benefit
pension schemes	25					86
NET MOVEMENT IN FUNDS		570	669	(29)	1,210	877
RECONCILIATION OF FUNDS:
Total funds brought forward		76,238	2,969	2,034	81,241	80,364
TOTAL FUNDS CARRIED FORWARD		76,808	3,638	2,005	82,451	81,241

		Group	Group	Charity	Charity
		`2021`	`2020`	`2021`	`2020`
	Notes	£'000	£'000	£'0OO	£'00O
FIXED ASSETS:
Tangible assets	15	103,185	106,033	95,380	98,011
Intangibleassets		4	4
Investments	16	5,672	4,520	5,186	4,137
		108,861	110,557	100,566	102,148
CURRENT ASSETS:
Stocks		167	206	101	123
Debtors: Duewithinoneyear	17	3,601	4,018	4,390	4,164
Debtors: Due aftermorethanone year	17			3,995	4,181
Cash at bank and in hand		3,603	2,421	101	298
		7,371	6,645	8,587	8,766
LUABILITTES:
Creditors:Amountsfalling duewithin oneyear	18	(26,177)	(23,233)	(24,052)	(21,331)
NET CURRENT UABIUTlES		(18,806)	(16,588)	(15,465)	(12,565)
TOTAL ASSETS LESSCURRENTLIABILITIES		90,055	93,969	85,101	89,583
Creditors:Amountsfalling due aftermorethan one
year	19	(7,604)	(12,691)	(7,350)	(12,489)
NET ASSETS EXCULDING PENSION LIABILITY		82,451	81,278	77,751	77,094
Defined benefitpension scheme liability	25		(37)		(37)
TOTAL NET ASSETS		82,451	81,241	77,751	77,057
THEFUNDS OFTHECHARITY:
Endowmentfunds		2,005	2,034
Restricted income funds		3,638	2,969	2,833	2,299
Unrestricted funds
Property fund		67,768	69,336	62,707	64,299
Otherdesignatedfunds		4,449	3,536	4,443	3,530
General fund		4,591	3,403	7,768	6,966
Pension reserve			(37)		(37)
Total unrestrictedfunds		76,808	76,238	74,918	74,758
TOTAL CHARITY FUNDS	21	82,451	81,241	77,751	77,057

	2021	zozo
	£'000	£'O0O
CASH FLOW FROM OPERATING ACTIVITIES:
Net income from thereporting period (as perstatement offinancial activities)	1,210	791
Adjustments for:
Depreciation charges	5,712	5,824
Net (gains)/losses on investment assets	(1,152)	436
Dividends and interest from investments	(106)	(132)
(Profit) onthe sale offixed assets	(168)	(355)
Interest payable	126	168
Decrease in stocks	39	18
Decrease in debtors	417	4,558
lncrease/(decrease) in creditors	623	(7,214)
NET CASH PROVIDED BY OPERATING ACTIVITIES	6,701	4,094
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends and interest from investments	106	132
Purchase ofinvestments		(1)
Proceeds from the sale ofproperty, plant and equipment	168	361
Purchase ofproperty, plant and equipment	(2,888)	(3,917)
NET CASH USED IN INVESTING ACTIVITIES	(2,614)	(3,425)
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest payable	(126)	(168)
Proceeds ofnewborrowings		5,000
Repayments ofborrowings	(5,019)	(23)
Finance lease payments	(8)	(23)
Fees in advance scheme:
New fees in advance money	1,763	1,693
Amounts repaid	(30)	(282)
NET CASH USED IN FINANCING ACTIVITIES	(3,420)	6,197
CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD	667	6,866
Cash and cash equivalents at the beginningofthereporting period	142	(6,724)
CASH AND CASH EQUIVALENTSAT THEEND OFTHE REPORTING PERIOD	809	142
ANALYSISOFCASH AND CASH EQUIVALENTS
Cash at bank and in hand	3,603	2,421
Bank overdrafts	(2,794)	(2,279)
	809	142

3.	DONATIONSANDLEGACIES
		Unrestricted			Restricted	Endowment	Total	Total
			Funds		Funds	`Funds`	`2021`	`2020`
			£'OOO		£'OOO	£'O0O	£'O0O	£'O0O
	Donations		185		802		987	702
			185		802		987	702
	2020			6	696			702
4.	SCHOOL FEES
							Total	Total
							`2021`	2020
							£'O0O	£'OOO
	Gross schoolfeeschargeable						106,145	111,592
	Less:	Scholarshipsawardedto		pupils			(3,690)	(3,958)
		Bursariesawarded to pupils					(5,440)	(5,934)
		Staff, sibling and otherallowances					(8,146)	(12,833)
							88,869	88,867
	Add:	Bursaries paid from restricted funds					148	380
							89,017	89,247

	Schoolfees income amounted to£89,017,000 (2020: £89,247,000)ofwhich £148,000 (2020: £380,000)wasmetfrom funds	Schoolfees income amounted to£89,017,000 (2020: £89,247,000)ofwhich £148,000 (2020: £380,000)wasmetfrom funds	Schoolfees income amounted to£89,017,000 (2020: £89,247,000)ofwhich £148,000 (2020: £380,000)wasmetfrom funds
	donatedtowardsbursaries and scholarships.
5.	OTHEREDUCATIONALINCOME
		Total	Total
		`2021`	`2020`
		£'OOO	£'O0O
	Optional subjects and pupils'extras	2,207	2,387
	Otherancillaryincome	681	752
		2,888	3,139
	In 2021 othereducational incomeamounted to £2,888,000 (2020: £3,139,000)all ofwhichwasunrestricted.
6.	OTHER TRADINGACTIVITIES
		Total	Total
		2021	`2020`
		£'O0O	£'O0O
	lettings income	263	395
	Incomefrom subsidiarytrading activities(note 7)	1,848	2,128
		2111	2,523

	2021	2020
	£'O0O	£'O0O
Turnover	1,848	2,128
Operating costs	(1,642)	(1,548)
Profitfortheyear	206	580
Totalassets	1,503	1,193
Total liabilities	(1,515)	(1,048)
Totalfunds	(12)	145

	2021	2020
	£'OOO	£'O0O
Income	32	94
Operatingcosts	(3)	(2)
Profitfortheyear	29	92
Totalassets	249	217
Total liabilities	(3)
Total funds	246	217

INVESTM ENTS
	Unrestricted	Restricted	Endowment	Total	Total
	Funds	Funds	Funds	2021	2020
	£'O0O	£'O0O	£'O0O	£'O0O	£'OOO
Investment income	74	11		85	94
Bank and otherinterest	21			21	38
	95	11		106	132
2020	116	16			132

OTHER INCOME
	Unrestricted	Restricted	Endowment	Total	Total
	Funds	Funds	Funds	`2021`	`2020`
	£'OOO	£'O0O	£'O0O	£'O0O	£'O0O
Otherincome:
Governmentgrants	1,514			1,514	3,632
Otheritems	1,083			1,083	131
	2,597			2,597	3,763
2020	3,763				3,763

RAISING FUNDS
	Unrestricted	Restricted	Endowment	Total	Total
	Funds	Funds	Funds	2021	2020
	£'OOO	£'000	£'OOO	£'O0O	£'O0O
Fundraising costs	107	4		111	121
Cost ofsubsidiarytrading activities	1,642			1,642	1,548
	1,749	4		1,753	1,669
2020	1,663	6			1,669

ANALYSIS OF EXPENDITURE
	Staffcosts	Depreciation	Other	Total	Total
				2021	2020
	£'OOO	£'O0O	£'O0O	£'O0O	£'0O0
Raising funds:
Fundraisingcosts	1,068	18	667	1,753	1,669
Charitable activity(provisionofeducation):
Teaching costs	47,626	24	2,673	50,323	51,929
Welfarecosts	3,901		5,387	9,288	8,778
Premises costs	5,545	3,049	9,804	18,398	16,758
Supportcosts	5,626	2,621	5,348	13,595	14,239
Awards made			340	340	540
Governance costs			918	918	720
Charitable publicity costs	1,086		1,223	2,309	2,474
Financecosts			709	709	1,172
Other			15	15
	64,852	5,712	27,084	97,648	98,279
2020	66,036	5,824	26,419		98,279

GOVERNANCE COSTS
	2021	2020
	£'000	£'O0O
Auditor'sremuneration	127	125
Otherprofessionalfees	210	204
Governors'expenses	22	76
Othercosts	559	315
	918	720

NET INCOME/(EXPENDITURE)
	2021	2020
	£'O0O	£'O0O
Netincome/(expenditure)fortheyearisstatedaftercharging/(crediting):
Amountspayableunderoperatingleases	357		379
Depreciationon:
Tangiblefixedassets	5,712	5,820
Intangiblefixedassets			4
(Profit)on disposaloftangiblefixedassets	(168)	(355)
Interestpayableon loans	126		`168`
Baddebts written off	`231`		498
Auditor'sremuneration:
Auditservices-statutoryauditofparentandconsolidatedaccounts	80		78
Otherservices:
Auditservices-statutoryauditofsubsidiaries	47		47
Taxationcomplianceservices	25		33

STAFF COSTS
	2021	2020
*Group*	£'O0O	£'OOO
Theaggregatestaffcostsduringtheyearcomprised:
Wagesandsalaries	51,860	52,805
Socialsecuritycosts	4,747	4,774
Definedbenefitpensioncosts	7,753	7,849
Definedcontributionpensioncosts	59	43
Termination/redundancypayments	433	569
	64,852	66,040

Ofthe termination payments identified above, atotal of£39,249 (2020: £33,262) was include balancesheetdate.	d within cre	itorsat the
	2021	2020
	No.	No.
Theaveragenumberofemployeesduringtheyearcomprised:
Teachingstaff	1,197	1,296
Otherstaff	870	910
	2,067	2,206
	2021	2020
	No.	No.
Theaveragenumberofemployeesduringtheyearonthefulltimeequivalentbasis comprised:
Teachingstaff	838	880
Otherstaff	680	691
	1,518	1,571
	2021	2020
	No.	No.
Thenumberofemployeeswhose emolumentsexceeded£60,000 duringtheyearwere asfollows:
£60,001-£70,00O	19	15
£70,001-£80,000	9	14
£80,001-£90,000	7	8
£90,001 -£100,000	4	3
£100,001-£110,000	2	3
£110,001-£120,000	3	1
£120,001-£130,000	1	2
£130,001-£140,000	1	2
£140,001-£150,000	2	2
£150,001-£160,000		1
£160,001-£170,000	1

	2021	2020
Charity	£'O0O	£'OOO
Theaggregatestaff costsduring the yearcomprised:
Wages andsalaries	47,003	47,818
Socialsecuritycosts	4,418	4,434
Defined benefitpension costs	7,187	7,248
Definedcontribution pension costs	42	28
Termination/redundancypayments	420	425
	59,070	59,953

	2021	`2020`
	No.	No.
Theaveragenumberofemployees duringtheyearcomprised:
Teachingstaff	1,079	1,160
Otherstaff	797	845
	1,876	2,005
	2021	2020
	No.	No.
Thenumberofemployeeswhose emoluments exceeded £60,000 during theyearwere as follows:
£60,001 -£70,000	16	13
£70,001-£80,000	9	13
£80,001-£90,000	6	7
£90,001-£100,000	4	3
£100,001-£110,000	2	3
£110,001 -£120,000	3	1
£120,001-£130,000	1	2
£130,001-£140,000	1	2
£140,001-£150,000	2	2
£150,001-£160,000		1
£160,001-£170,000	1

TANGIBLE ASSETS
	Land and	Assetsunder	Fixtures and	Vehicles	Total
Group	buildings	construction	equipment
	£'O0O	£'O0O	£'O0O	£'O0O	£'OOO
Cost:
Asat 1 September2020	140,324	68	38,710	1,978	181,080
Additions	1,021	305	1,467	95	2,888
Disposals	(303)		(4,373)	(412)	(5,088)
Asat 31 August 2021	141,042	373	35,804	1,661	178,880
Depreciation:
Asat 1 September2020	43,873		29,533	1,641	75,047
Charged fortheyear	3,049		2,522	141	5,712
Disposals	(303)		(4,362)	(399)	(5,064)
Asat31 August2021	46,619		27,693	1,383	75,695
Net bookvalue:
Asat 31August2021	94,423	373	8,111	278	103,185
Asat 31 August2020	96,451	68	9,177	337	106,033

	Landand	Assetsunder	Fixturesand	Vehicles	Total
Charity	buildings	construction	equipment
	£'O0O	£'O0O	£'O0O	£'O0O	£'OOO
Cost:
Asat 1September2020	131,062	68	35,611	1,930	168,671
Additions	1,021	265	1,351	83	2,720
Disposals	(303)		(4,235)	(412)	(4,950)
Asat31August2021	131,780	333	32,727	1,601	166,441
Depreciation:
Asat 1September2020	41,682		27,373	1,605	70,660
Chargedfortheyear	2,895		2,307	136	5,338
Disposals	(303)		(4,235)	(399)	(4,937)
Asat31August2021	44,274		25,445	1,342	71,061
Net bookvalue:
Asat31August2021	87,506	333	7,282	259	95,380
Asat31August2020	89,380	68	8,238	325	98,011

FIXEDASSET INVESTMENTS	`2021`	2020
	£'O0O	£'O0O
Group - Listed investments at market value
Balancebroughtforward	4,520	4,955
Additionsat cost		1
Net gains/(losses) inthe year	1,152	(436)
Balancecarriedforward	5,672	4,520
Historicalcost	2,449	2,449
	`2021`	`2020`
	£'OOO	£'O0O
*Charity -*Listedinvestmentsat market value
Balancebrought forward	4,137	4,326
Additionsat cost		186
Netgains/(losses) intheyear	1,049	(375)
Balancecarriedforward	5,186	4,137
Historicalcost	2,167	2,167

	Total	Total	Total	Total	Total	Surplus/
	assets	liabilities	funds	income	expenditure	(deficit)
Acquired schools	£'O0O	£'O0O	£'O0O	£'O0O	£'OOO	£'O0O
lorenden School	1,562	(543)	1,019	1,280	(1,177)	103
Moorlands School	1,224	(1,270)	(46)	1,457	(1,477)	(20)
St. Petroc's School	559	(1,094)	(S35)	380	(507)	(127)
Truro High SchoolforGirts	6,965	(3,490)	3,475	5,027	(4,499)	528
Foundations
WoodhouseGrove	249	3)	246	32	(3)	29
Foundation Trust

	Total	Total	Total	Total	Total	Surplus/
	assets	liabilities	funds	income	expenditure	(deficit)
Tradingsubsidiaries	£'000	£'000	£'O0O	£'O0O	£'O0O	£'O0O
Culford School (Trading Trust)	248	(248)		422	(298)	124
Limited
FarringtonsSchool	43	(43)		41	(6)	35
Enterprises Limited
Kent College(Canterbury)	605	(601)	4	289	(462)	(173)
Enterprises Limited
KentCollege(Pembury)	39	(39)		37	(2)	35
Enterprises Limited
Queen's CollegeTaunton	3S	(48)	(13)	405	(388)	17
Enterprises Limited
ShebbearCollegeEnterprises	44	(49)	(5)	28	(28)
Limited
Truro School Enterprises	201	(201)		275	(275)
Limited
Woodhouse Grove	199	(195)	4	257	(135)	122
Enterprises Limited
Methodist Schools Property
Company

	Total	Total	Total	Total	Total	Surplus/
	assets	liabilities	funds	income	expenditure	(deficit)
	£'O0O	£'OOO	£'O0O	£'O0O	£'O0O	£'O0O
Tradingsubsidiaries
Moorlands School Enterprises	34	(34)		29	(5)	24
Limited
Truro HighSchool Trading	57	(57)		64	(41)	23
Limited

DEBTORS
	Group	Group	Charity	Charity
	`2021`	`2020`	`2021`	`2020`
	£'O0O	£'OOO	£'O0O	£'OOO
Loanstoschools			4,259	4,409
Fee debtors	982	1,492	953	1,416
Amounts owed bygroup undertakings			1,190	811
Otherdebtors	758	1,493	179	749
Prepayments and accrued income	1,861	1,033	1,804	960
	3,601	4,018	8,385	8,345

	Group	Group	Charity	Charity
	`2021`	`2020`	`2021`	`2020`
	£'0O0O	£'O0O	£'O0O	£'O0O
Bankoverdraft	2,794	2,279	2,794	2,279
Otherloans		19		19
Finance leaseobligations	24	17	24	17
Deposits (note20)	2,045	1,585	1,997	1,523
Prepaid fees (note20)	12,390	10,891	11,104	9,846
Composition fees(note 20)	1,790	1,793	1,770	1,749
Tradecreditors	2,120	1,593	2,003	1,386
Taxation and social security costs	853	1,074	763	975
Othercreditors	1,245	1,263	994	1,121
Pension deficit repayment plan	245	244	245	244
Accruals	2,671	2,475	2,358	2,172
	26,177	23,233	24,052	21,331

2021	Duewithin	Due within	Due after	2021
	1to2years	2to5years	5 years	Total
*Group*	£'O0O	£'O0O	£'000	£'000
Bank loan
Otherloans	19	76	35	130
Finance leaseobligations	24	26		so
Deposits (note 20)	1,752	1,938	1,041	4,731
Prepaid fees (note 20)
Composition fees (note 20)	861	936	242	2,039
Pension deficit repayment plan	239	415		654
	2,895	3,391	1,318	7,604
*2020*	Due within	Due within	Due after	2020
	1to2years	2to 5years	S5 years	Total
*Group*	£'000	£'OOO	£'000	£'000
Bank loan		5,000		5,000
Otherloans	19	57	54	130
Finance leaseobligations	17	48		65
Deposits (note20)	1,670	1,484	1,496	4,650
Prepaid fees (note20)	17			17
Compositionfees (note20)	856	855	223	1,934
Pension deficit repayment plan	250	633	12	895
	2,829	8,077	1,785	12,691
2021	Due within	Due within	Due after	2021
	1to2years	2to5years	5years	Total
Charity	£'000	£'000	£'000	£'O0O
Bank loan
Otherloans	19	76	35	130
Finance leaseobligations	24	26		50
Deposits (note20)	1,733	1,802	942	4,477
Prepaid fees(note 20)
Composition fees (note20)	861	936	242	2,039
Pension deficit repayment plan	239	415		654
	2,876	3,255	1,219	7,350
2020	Due within	Duewithin	Dueafter	2020
	1to2years	2to5years	S5 years	Total
Charity	£'O0O	£'000	£'OOO	£'000
Bank loan		5,000		5,000
Otherloans	19	57	54	130
Finance leaseobligations	17	48		65
Deposits (note 20)	1,662	1,431	1,355	4,448
Prepaid fees (note20)	17			17
Composition fees (note20)	856	855	223	1,934
Pension deficit repayment plan	250	633	12	895
	2,821	8,024	1,644	12,489

*2021*	Group	Charity
	£'O0O	£'O0O
Balance broughtforwardat1 September2020	17,143	15,834
Amounts received duringthe_year_	19,673	18,043
Amounts recognised as incomeduringtheyear	(15,005)	(13,693)
Amounts repaid to parents duringtheyear	(2,645)	(2,606)
Balance carried forwardat31 August 2021	19,166	17,578
*2020*	Group	Charity
	£'O0O	£'O0O
Balance broughtforwardat 1 September2019	20,035	18,652
Amounts received duringtheyear	18,442	15,948
Amounts recognised as incomeduring theyear	(19,702)	(17,261)
Amounts repaid to parentsduring the_year_	(1,632)	(1,505)
Balance carried forwardat 31 August 2020	17,143	15,834

*2021*	Group	Charity
	£'O0O	£'O0O
Balance brought forwardat 1 September2020	3,725	3,682
Amountsreceived duringtheyear	1,763	1,763
Interestearned on balances duringtheyear	78	78
Amounts recognised as income during theyear	(1,707)	(1,684)
Amounts repaid to parents duringtheyear	(30)	(30)
Balancecarried forwardat31 August 2021	3,829	3,809
*2020*	Group	Charity
	£'O0O	£'O0O
Balancebroughtforward at 1 September2019	4,425	4,354
Amounts received duringtheyear	1,693	1,657
Interest earned on balances duringtheyear	117	117
Amounts recognised as incomeduring theyear	(2,228)	(2,173)
Amounts repaid to parents during theyear	(282)	(273)
Balance carried forward at 31 August 2020	3,725	3,682

`2021`	Balance at				Balance at
	1September	Income	Expenditure	Other	31August
	2020				2021
	£'O0O	£'OOO	£'O0O	£'O0O	£'O0O
*Group*
Endowment funds:
Foundation fund	2,034		(33)	4	2,005
Restricted incomefunds:
Scholarships and bursaries funds	2,158	217	(148)	1907°	2,417
Appeals funds	547	555	(116)	(54)	932
Otherrestricted funds	264	41	(13)	(3) T	289
	2,969	813	(277)	133	3,638
Unrestrictedfunds:
Property funds	69,336			(1,568)	67,768
Scholarships and bursaries funds	3,465	74	(97)	898 u	4,340
Otherunrestricted funds	71	30		8	109
Pensionreserves	(37)			37
Generalfund	3,403	96,789	(97,241)	1,640 U	4,591
	76,238	96,893	(97,338)	1,015	76,808
Totalfundsofthegroup	81,241	97,706	(97,648)	1,152	82,451
	Balanceat				Balanceat
	1September	Income	Expenditure	Other	31August
	2020				2021
	£'O0O	£'O0O	£'000	£'000	£'000
*Charity*
Restrictedincome funds:
Scholarships and bursariesfunds	1,724	209	(148)	87u	1,872
Appeals funds	548	554	(118)	(SO) T	934
Otherrestricted funds	27				27
	2,299	763	(266)	37	2,833
Unrestricted funds:
Property funds	64,299			(1,592)	62,707
Scholarships and bursariesfunds	3,465	74	(97)	898 u	4,340
Otherunrestricted funds	65	30		s'	103
Pension reserves	(37)			37
General fund	6,966	86,998	(88,175)	1,979	7,768
	74,758	87,102	(88,272)	1,330	74,918
Totalfundsofthecharity	77,057	87,865	(88,538)	1,367	77,751

2020	Balance at				Balance at
	1 September	Income	Expenditure	Other	31 August
	2019				2020
	£'000	£'O0O	£'O0O	£'O0O	£'O0O
*`Group`*
Endowment funds:
Foundation fund	2,063		(33)	4	2,034
Restricted incomefunds:
Scholarshipsand bursaries funds	2,230	347	(311)	(108) 7"	2,158
Appeals funds	455	241	(147)	(2) T	547
Otherrestricted funds	176	124	(11)	(25)'	264
	2,861	712	(469)	(135)	2,969
Unrestrictedfunds:
Propertyfunds	73,368			(4,032)	69,336
Scholarshipsand bursaries funds	3,851	78	(105)	(359)°	3,465
Otherunrestricted funds	61			10 T	71
Pension reserves	(123)			86	(37)
General fund	(1,717)	98,716	(97,672)	4,076 7»	3,403
	75,440	98,794	(97,777)	(219)	76,238
Totalfundsofthegroup	80,364	99,506	(98,279)	(350)	81,241
	Balance at				Balance at
	1 Septem ber	Income	Expenditure	Other	31August
	2019				2020
	£'O0O	£'O0O	£'OOO	£'O0O	£'O0O
Charity
Restricted income funds:
Scholarshipsand bursaries funds	1,509	553	(291)	(47)°	1,724
Appeals funds	456	241	(147)	(2)	548
Otherrestricted funds	29	22	(2)	(22)	27
	1,994	816	(440)	(71)	2,299
Unrestricted funds:
Propertyfunds	72,323			(8,024)	64,299
Scholarships and bursaries funds	3,852	78	(105)	(360)	3,465
Otherunrestricted funds	55			10	65
Pension reserves	(123)			86	(37)
General fund	(1,841)	89,005	(88,600)	8,402	6,966
	74,266	89,083	(88,705)	114	74,758
Totalfunds of the charity	76,260	89,899	(89,145)	43	77,057

2021	Tangible & intangible	Investments	Netcurrent assets/	Longterm liabilities	Pension scheme	Total
	fixed assets		(liabilities)		liability
	£'O0O	£'O0O	£'O0O	£'00O	£'O0O	£'00O
Group
Endowment funds	2,005					2,005
Restrictedfunds		1,429	2,209			3,638
Unrestricted funds	101,184	4,243	(21,015)	(7,604)		76,808
	103,189	5,672	(18,806)	(7,604)		82,451
	Tangible & intangible	Investments	Netcurrent assets/	Longterm liabilities	Pension scheme	Total
	fixed assets		(liabilities)		liability
	£'000	£'O0O	£'0OO	£'O0O	£'O0O	£'O0O
Charity
Restricted funds		943	1,890			2,833
Unrestricted funds	95,380	4,243	(17,355)	(7,350)		74,918
	95,380	5,186	(15,465)	(7,350)		77,751
`2020`	Tangible & intangible	Investments	Netcurrent assets/	Longterm liabilities	Pension scheme	Total
	fedassets		(liabilities)		liability
	£'O0O	£'O0O	£'O0O	£'O0O	£'O0O	£'O0O
Group
Endowmentfunds	2,034					2,034
Restricted funds		1,176	1,793			2,969
Unrestricted funds	104,003	3,344	(18,381)	(12,691)	(37)	76,238
	106,037	4,520	(16,588)	(12,691)	(37)	81,241
	Tangible & intangible fixed assets	Investments	Netcurrent assets/ (liabilities)	Longterm liabilities	Pension scheme liability	Total
	£'O0O	£'O0O	£'00O	£'O0O	£'O0O	£'O0O
Charity
Restricted funds		793	1,506			2,299
Unrestricted funds	98,011	3,344	(14,071)	(12,489)	(37)	74,758
	98,011	4,137	(12,565)	(12,489)	(37)	77,057

falldue as follows:
	`2021`	`2020`
	£'OOO	£'O0O
Within oneyear	485	453
Between one and two years	382	376
Between twoand fiveyears	566	672
Afterfiveyears	8	40
	1,441	1,541
_Charity -_Lessee
	`2021`	`2020`
	£'O0O	£'O0O
Within one year	444	414
Between one and two years	347	335
Between twoandfiveyears	513	650
Afterfiveyears	8	40
	1,312	1,439

*Group*				`2021`	`2020`
				£'O0O	£'O0O
Contracted	for			488	144
Authorised	but	notcontracted	for	85	279
*Charity*				`2021`	2020
				£'O0O	£'O0O
Contracted	for			488	144
Authorised	but	notcontracted	for	85	279

	Group	Group	Charity	Charity
	`2021`	`2020`	2021	2020
	£'O0O	£'OOO	£'O0O	£'000
Provision atthe start oftheyear	1,048	1,253	1,048	1,253
Unwinding ofthediscountfactor	4	10	4	10
Deficitcontribution paid	(245)	(237)	(245)	(237)
Impact ofchanges in assumptions	1)	9	(1)	9
Amendments to contribution schedule	93	13	93	13
Provision atthe end oftheyear	899	1,048	899	1,048

Duetothe Group exitingthe LGPS during 2021 thefollowing isprovided onlyforcomparative information.	Duetothe Group exitingthe LGPS during 2021 thefollowing isprovided onlyforcomparative information.
	2020
	%pa
Rateofincrease in prices - rpi	3.3%
Rateofincrease in prices -cpi	2.4%
Rateofincrease in salaries	3.4%
Rateofincrease ofpensions in payment	2.4%
Discount rate applied	1.5%

Thefollowing demographic/statistical assumptions werealsoused bythe actuary:	Thefollowing demographic/statistical assumptions werealsoused bythe actuary:
	2020
Lifeexpectancyin yearfrom theageof65:
Males -retiringtoday	21.80
Males -retiring in 20 years	23.20
Females -retiring today	23.80
Females -retiring in 20 years	25.20

Amounts recognised in thegroup'sstatementoffinancialactivities:
	2021	2020
	£'OOO	£'O0O
Servicecost		24
Net interest cost on the netscheme liability		2
Exit payment	87
	87	26
Changes in the presentvalue ofdefined benefitobligations:
		2020
		£'O0O
Obligationsasat 1 September2019		840
Pastservice cost		11
Current service cost		13
Interest cost		35
Employee contributions		2
Actuarial (gains)/losses		(86)
Benefits paid		(16)
Obligationsas at 31 August 2020		799
Changes in the fairvalueofthegroup's share ofscheme assets.
		2020
		£'O0O
Assets asat 1 September2019		717
Interest income		12
Returnon plan assets(excdudingnet interest on the netscheme liability)		40
Employercontributions		7
Employee contributions		2
Remeasurementgainson schemeassets
Benefits paid		(16)
Assets as at 31 August 2020		762

Pensionscosts recognised duringtheyearwereas follows:
	`2021`	2020
	£'OOO	£'O0O
Defined benefitschemes:
The Teachers'Pension Scheme	6,534	6,707
The PensionsTrust Growth Plan	1,132	1,138
Local Government Pension Schemes	87
Defined contribution schemes	59	`43`
	7,812	7,888

At thebalance sheetdate, thefollowing amountswere included in creditors:
	`2021`	2020
	£'O0O	£'O0O
Defined benefitschemes:
TheTeachers' Pension Scheme	670	500
The PensionsTrust Growth Plan	77	111
Local Government Pension Schemes		1
Defined contribution schemes	s	6
	752	618

	MIST services	and
	assessment		Interest	charged	on loans	Loansbalanceat 31August
	`2021`	`2020`	`2021`		`2020`	`2021`	`2020`
	£'O0O	£'O0O	£'O0O		£'O0O	£'O0O	£'O0O
Lorenden School	13	12		9	12	321	385
MoorlandsSchool	48	87		25	29	1,083	1,084
St. Petroc's School		2		22	22	955	815
Truro High SchoolforGirls	62	71		48	61	1,900	2,125
	123	172	104		124	4,259	4,409

	Giftaid	distributionto	distributionto		Expenses cross charged	Expenses cross charged	Owedto	MISTat 31 August	MISTat 31 August
		MIST			from MIST
	`2021`	`2020`			2021	2020	`2021`		2020
	£'OOO	£'OOO			£'O0O	£'O0O	£'O0O		£'O0O
CutfordSchoolTradingTrust	124			83		35	160		118
Limited
FarringtonsSchoolEnterprises	35			35	3	3		35	35
Limited
Kent College Canterbury				69	22		546		413
EnterprisesLimited
KentCollege Pembury	34			35	10			32	32
EnterprisesLimited
Queen'sCollegeTaunton					42	65		31	65
Enterprises Limited
ShebbearCollegeEnterprises								42	42
Limited
TruroSchoolEnterprises Limited		1				56	174		56
WoodhouseGrove Enterprises	122		109		48		169		so
Limited
	316		331		125	159	1,189		811

Analysis ofchanges innet debt-Group
	Balance at	Cash flows	Othernon-	Balanceat
	1 September		cash	31August
	2020		changes	2021
	£'000	£'O0O	£'O0O	£'OOO
Cash at bank and in hand	2,421	1,182		3,603
Bankoverdraft	(2,279)	(515)		(2,794)
Compositionfees	(3,725)	(1,733)	1,629	(3,829)
Revolving Credit Facility	(5,000)	5,000
Otherloans	(149)	19		(130)
Obligationsunderfinance leases	(82)	8		(74)
	(8,814)	3,961	1,629	(3,224)