``` REGISTERED COMPANY NUMBER: 01509238 (England and Wales) REGISTERED CHARITY NUMBER: 280927 ``` ``` Report of the Trustees and ``` ``` Unaudited Financial Statements for the Year Ended 31 August 2020 ``` ``` for ``` ``` Moreton Hall School Trust Limited ``` ``` Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR ``` ``` Moreton Hall School Trust Limited ``` ## **`Contents of the Financial Statements for the Year Ended 31 August 2020`** ||**`Page`**| |---|---| |**`Report of the Trustees`**|`1 to 4`| |**`Independent Examiner's Report`**|`5`| |**`Statement of Financial Activities`**|`6`| |**`Balance Sheet`**|`7 to 8`| |**`Cash Flow Statement`**|`9`| |**`Notes to the Cash Flow Statement`**|`10`| |**`Notes to the Financial Statements`**|`11 to 23`| |**`Detailed Statement of Financial Activities`**|`24 to 25`| ``` Moreton Hall School Trust Limited ``` ## **`Report of the Trustees`** ## **`for the Year Ended 31 August 2020`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report withthefinancialstatementsofthecharityfortheyearended31August2020.Thetrusteeshaveadopted the provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of Ireland (FRS 102) (effective 1 January 2019). ``` ``` As was reportedin last year's accountsin April 2020 the parentsof the childrenat Moreton Hall School were informed bytheGovernorsthatMoretonHallPrepschoolwouldhavetoceaseoperationattheendofthesummerterm and would not be offering any prep school educational provision from September 2020. ``` ``` Overthelastdecade,themarketforstandalone13plusdayandboardingschoolshasbecomeincreasingly difficult. There are several politicaland economicfactorsinfluencingthis, includingan extremelycompetitivemarketplace from bothotherPrepschoolsandSeniorSchoolswho - to securetheirown sustainability- havesoughtto attractpupils at an earlier stage. ``` ``` The Governors and Senior Management Team have worked extremely hard, in recent years to put strategies in place to increase numbers by. ``` - `retaining current pupils,` - `improving the pipeline in the lower part of the school,` - `attracting overseas pupils; and` - `working on a digital marketing campaign` ``` Bolder initiativeshave also been explored,from school partnershipsand mergers to outside investmentand real estate development, to secure the school's long-term sustainability, ``` ``` The devastatingeffectof the Coronavirus,has significantlyunderminedthese plans,impactingas earlyas March 2020 with the mandatedclosure of the school. Many parentshave found themselves in difficultfinancialpositions; overseas boardingisnotviableandunlikelytobecomefeasibleagainuntilatleast2021/22andsummerrental opportunities have been cancelled,meaning that Moreton Hall's income is and will be depressedfor the next 18 months.With pupil numberslow and likelyto drop further,the schoolis not financiallyviableand with the futureuncertainfollowing the recoveryof the Globalpandemic,it was notjudgedto be in the pupils'bestintereststo tryto operatenextyearon a skeletal basis. ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and policies`** ``` MoretonHallSchoolTrustLimitedisregisteredwiththeCharityCommission.Itsprincipalactivityis providing education . ``` ``` Now that the Prep School has closed the Trustees are focussed on a number of key areas of activity: ``` - `1 - Continuing to utilise the school facilities for nursery education .` - `2 - Leasing out now unutilised classroom space to other schools` - `3 - Short-term rental of domestic accommodation on the school site.` - `4 - Continuing maintenance of the site` - `5 - The search for a potential buyer of the site which will allow the orderly realisation of the charity's assets and settling liabilities.` ``` Page 1 ``` ``` Moreton Hall School Trust Limited ``` ## **`Report of the Trustees for the Year Ended 31 August 2020`** ## **`FINANCIAL REVIEW`** ## **`Financial overview`** ``` These results reflect the significant impact of the pandemic and the subsequent decision to close the Prep School. ``` ``` Revenuehasfallenby27%reflectingreducedfeeincome,specificdiscountsofferedtoparents(typically20%) to acknowledgetheswitchtopredominantlyremoteschooling,lossofoverseasboardingincomedueto travel restrictions and the cancellation of summer schools and other rental opportunities. ``` ``` Costshaverisenby13%reflectingthecostsofstaffredundancyandtheprovisionforunpaidfeesrelatingto closure and the impact of the pandemic. ``` ``` Resourcesexpendedhaveexceededincomingresourcesintheyear,thereforetheschoolisshowingnet outgoing resources. ``` ``` The Trustees continueto supportthe charityand are exploringa number of opportunitiesto utilise the charity's assets foreducationalandotherpurposes.WiththeTrusteessupportthecharitycontinuestoserviceitsdebt partially through income from the Nursery school and other tenants. ``` ## **`Going concern`** ``` Following the closure of the Prep School the Trustees continue to closely monitor the financial situation. ``` ``` BasedontheirprojectionsandwithTrusteesupportthecharitycancontinuetooperategainingincomefrom letting outsomepartsofthesitewhilsttheTrusteesexplorewaystogainbestvaluefromtheCharity'sassetsandeffect an orderly closure. ``` ``` The process of fully realising best value for the Charity's assets could take a number of years . ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by guarantee, as defined by the Companies Act 2006. ``` ## **`Appointment and training`** ``` Trustees are selected from individualswho have demonstrateda commitment to Moreton Hall, share its values and are fullysupportiveof its ethos.Individualtrusteesare selectedon the basis of matchingtheir skills and experienceto the particularneedsthatarisewithinthe trusteebodyfrom time to time.The trainingof trusteesis basedaround certain coreareassuchastheroleoftrusteesandourobligationsasacharity,supplementedbyspecifictrainingonan as needs basis. ``` ## **`Organisational structure`** ``` TheCompany'sTrusteesappointstaffwholookafterthedaytodayrunningoftheorganisation.TheTrustees are supportedbyaboardofGovernorswhohaveabreadthofEducational,Financial,andproperty management experience. ``` ``` Allmajordecisionsregardingtheperformanceoftheschoolarereviewedandagreedwiththegoverning body.The governing body meets three times a year and reviews all aspects of the performance of the school. ``` ``` TheTrusteesdelegateddaytodaymanagementoftheschooltotheHeadmaster;MrsLWakerellduringthe period reported on.The major areas of school activityare overseen by a number of governancecommittees.The committees are: finance, marketing, education and , health and safety. ``` ## **`Public benefit statement`** ``` The trusteesconfirmthattheyhavereferredto the guidancecontainedin the CharityCommission'sgeneral guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. ``` ``` Page 2 ``` ``` Moreton Hall School Trust Limited ``` ## **`Report of the Trustees for the Year Ended 31 August 2020`** ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Risk management`** ``` Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate controls are in place to provide reasonable assurance against fraud and error. ``` ``` Thetrusteeshaveassessedthemajorriskstowhichthecharitablecompanyisexposed,inparticularrelated to operationsandfinancesoftheschool,andaresatisfiedthatthesystemsareinplacetomitigatetheirexposure to majorrisks.Thetrusteesfeelthatthegreatestpotentialrisktothecharitablecompanyisanyreductionin pupil numbers. Efforts have been made to manage costs conservatively ``` ``` In a difficultmarketenvironmentthe Governorsandthe SeniorManagementteam hadworkedhardto put strategies in place to maintainand increasepupil numbers the pandemicsignificantlyunderminedthose plans and ultimately led to the closure of the Prep School. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`** ``` 01509238 (England and Wales) ``` ## **`Registered Charity number`** ``` 280927 ``` ## **`Registered office`** ``` Moreton Hall School Mount Road Bury St Edmunds Suffolk IP32 7BJ ``` ## **`Trustees`** ``` P B Loft Director N R Smith Director ``` ## **`School Governors`** ``` Mr N Smith (Chair) Mr P Loft Mr R Dellow Mr M Hurley Ms A Ward-Thomas Mrs M Nice Mr P Day Mr R O'Brian (resigned October 2019) ``` ## **`Headteacher`** ``` Mr C Moxon (resigned September 2019) Mrs L Wakerell (appointed September 2019) ``` ## **`Company Secretary`** ``` N R Smith ``` ``` Page 3 ``` ``` Moreton Hall School Trust Limited ``` ## **`Report of the Trustees for the Year Ended 31 August 2020`** ## **`REFERENCE AND ADMINISTRATIVE DETAILS`** ## **`Independent Examiner`** ``` Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR ``` ## **`Bankers`** ``` Lloyds Bank 28-34 Risbygate Street Bury St Edmunds Suffolk IP33 3AH ``` ``` This report has been preparedin accordancewith the specialprovisionsof Part 15 of the CompaniesAct 2006 relating to small companies. ``` ``` Approved by order of the board of trustees on 25 May 2021 and signed on its behalf by: ``` ``` P B Loft - Trustee ``` ``` Page 4 ``` ``` Independent Examiner's Report to the Trustees of Moreton Hall School Trust Limited ``` ## **`Independent examiner's report to the trustees of Moreton Hall School Trust Limited ('the Company')`** ``` I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020. ``` ## **`Responsibilities and basis of report`** ``` As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). ``` ``` Having satisfied myself that the accountsof the Company are not required to be audited under Part 16 of the 2006 Act andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carryingout my examinationI have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ``` ## **`Independent examiner's statement`** ``` Since your charity'sgross income exceeded£250,000your examinermust be a member of a listedbody.I can confirm thatI am qualifiedto undertaketheexaminationbecauseI am a registeredmemberof FCA whichis oneof the listed bodies. ``` ``` Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the examination giving me cause to believe: ``` `1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or` `2. the accounts do not accord with those records; or` `3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or` `4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ``` ``` James Knights FCA Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR ``` ``` Date: ............................................. ``` ``` Page 5 ``` ``` Moreton Hall School Trust Limited ``` ## **`Statement of Financial Activities`** ## **`(Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2020`** |`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`3`
**`Charitable activities`**
`4`
`Activities for generating funds`
`Rental Income`
**`Total`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`5`
`Activities for generating funds`
`Staff costs`
`Support costs`
`Depreciation`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`TOTAL FUNDS CARRIED FORWARD`**|**`2020`**
**`Unrestricted`**
**`funds`**
**`£`**
**`76`**
**`707,768`**
**`1,610`**
**`709,454`**
**`22,258`**
**`744,063`**
**`355,709`**
**`33,392`**
**`1,155,422`**
**`(445,968)`**
**`(614,029)`**
**`(1,059,997)`**|`2019`
`Total`
`funds`
`£`
`39`
`938,114`
`28,214`
`966,367`
`3,152`
`687,944`
`301,786`
`37,583`
`1,030,465`
`(64,098)`
`(549,931)`
`(614,029)`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 6 ``` ``` Moreton Hall School Trust Limited ``` ## **`Balance Sheet`** ## **`31 August 2020`** |`Notes`
**`FIXED ASSETS`**
`Tangible assets`
`12`
`Investments`
`13`
**`CURRENT ASSETS`**
`Stocks`
`14`
`Debtors`
`15`
`Cash at bank and in hand`
**`CREDITORS`**
`Amounts falling due within one year`
`16`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`CREDITORS`**
`Amounts falling due after more than one year`
`17`
**`NET ASSETS`**
**`FUNDS`**
`21`
`Unrestricted funds`
**`TOTAL FUNDS`**|**`2020`**
**`Unrestricted`**
**`funds`**
**`£`**
**`226,949`**
**`1,597,204`**
**`1,824,153`**
**`-`**
**`94,297`**
**`28,702`**
**`122,999`**
**`(304,761)`**
**`(181,762)`**
**`1,642,391`**
**`(2,702,388)`**
**`(1,059,997)`**
**`(1,059,997)`**
**`(1,059,997)`**|`2019`
`Total`
`funds`
`£`
`286,601`
`1,597,204`
`1,883,805`
`1,528`
`121,960`
`903`
`124,391`
`(409,127)`
`(284,736)`
`1,599,069`
`(2,213,098)`
`(614,029)`
`(614,029)`
`(614,029)`| |---|---|---| ``` The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year ended 31 August 2020. ``` ``` Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006. ``` ``` The trustees acknowledge their responsibilities for ``` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 7 ``` ``` Moreton Hall School Trust Limited ``` ## **`Balance Sheet - continued`** ## **`31 August 2020`** ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies subject to the small companies regime. ``` ``` The financialstatementswere approvedbytheBoardof Trusteesandauthorisedfor issueon 25 May2021and were signed on its behalf by: ``` ``` P B Loft - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 8 ``` ``` Moreton Hall School Trust Limited ``` ## **`Cash Flow Statement for the Year Ended 31 August 2020`** |`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Interest paid`
`Interest element of hire purchase payments`
`paid`
`Finance costs paid`
`Net cash used in operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Sale of tangible fixed assets`
`Net cash provided by/(used in) investing activities`
**`Cash flows from financing activities`**
`Loan repayments in year`
`Additional Trustee loans in year`
`Capital repayments in year`
`Net cash provided by financing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning`**
**`of the reporting period`**
`2`
**`Cash and cash equivalents at the end of the`**
**`reporting period`**
`2`|**`2020`**
**`£`**
**`(414,796)`**
**`(26,562)`**
**`(1,605)`**
**`(1,520)`**
**`(444,483)`**
**`(440)`**
**`6,008`**
**`5,568`**
**`(42,953)`**
**`535,370`**
**`(5,012)`**
**`487,405`**
**`48,490`**
**`(19,788)`**
**`28,702`**|`2019`
`£`
`(84,758)`
`(50,320)`
`(1,605)`
`(4,311)`
`(140,994)`
`(55,308)`
`-`
`(55,308)`
`(42,566)`
`199,938`
`(5,012)`
`152,360`
`(43,942)`
`24,154`
`(19,788)`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 9 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Cash Flow Statement`** ## **`for the Year Ended 31 August 2020`** ## **`1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES`** |**`Net expenditure for the reporting period (as per the Statement of`**
**`Financial Activities)`**
**`Adjustments for:`**
`Depreciation charges`
`Loss on disposal of fixed assets`
`Interest paid`
`Interest element of hire purchase and finance lease rental payments`
`Finance costs`
`Decrease in stocks`
`Decrease in debtors`
`Decrease in creditors`
**`Net cash used in operations`**
**`2.`**
**`ANALYSIS OF CASH AND CASH EQUIVALENTS`**
`Cash in hand`
`Notice deposits (less than 3 months)`
`Overdrafts included in bank loans and overdrafts falling due within one year`
`Total cash and cash equivalents`|**`2020`**
**`£`**
**`(445,968)`**
**`34,539`**
**`19,545`**
**`26,562`**
**`1,605`**
**`1,520`**
**`1,528`**
**`27,663`**
**`(81,790)`**
**`(413,191)`**
**`2020`**
**`£`**
**`-`**
**`28,702`**
**`-`**
**`28,702`**|`2019`
`£`
`(64,098)`
`37,583`
`-`
`50,320`
`1,605`
`4,311`
`153`
`16,101`
`(130,733)`
`(83,153)`
`2019`
`£`
`449`
`454`
`(20,691)`
`(19,788)`| |---|---|---| |||| |||| ## `3.` **`ANALYSIS OF CHANGES IN NET DEBT`** ||`At 1.9.19`|`Cash flow`|**`At 31.8.20`**|**`At 31.8.20`**| |---|---|---|---|---| ||`£`|`£`||**`£`**| |**`Net cash`**||||| |`Cash at bank and in hand`|**`903`**|**`27,799`**||**`28,702`**| |`Bank overdraft`|**`(20,691)`**|**`20,691`**||**`-`**| ||**`(19,788)`**|**`48,490`**||**`28,702`**| |**`Debt`**||||| |`Finance leases`|**`(17,124)`**|**`5,012`**||**`(12,112)`**| |`Debts falling due within 1 year`|**`(41,047)`**|**`1,885`**||**`(39,162)`**| |`Debts falling due after 1 year`|**`(2,130,986)`**|**`(494,302)`**|**`(2,625,288)`**|| ||**`(2,189,157)`**|**`(487,405)`**|**`(2,676,562)`**|| |**`Total`**|**`(2,208,945)`**|**`(438,915)`**|**`(2,647,860)`**|| ``` The notes form part of these financial statements ``` ``` Page 10 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements for the Year Ended 31 August 2020`** ## **`1. ACCOUNTING POLICIES`** ## **`Preparation of financial statements`** ``` The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, with the exception of investments which are included at market value. ``` ``` MoretonHallSchoolTrustLimited,a publicbenefitentity,is incorporatedin EnglandandWalesas a company limited by guarantee not having share capital. In the event of the charity being wound up, the liabilityin respect oftheguaranteeislimitedto£1permemberofthecharity.Theaddressofthecharitycanbefoundin the reference and administrative details on page 3. ``` ``` The presentational currency of the financial statements is the Pound Sterling (£). ``` ## **`Preparation of consolidated financial statements`** ``` ThefinancialstatementscontaininformationaboutMoretonHallSchoolTrustLimitedasan individual companyand do not containconsolidatedfinancialinformationas the parentof a group. The charityis exempt underSection399(2A)oftheCompaniesAct2006fromtherequirementstoprepareconsolidated financial statements. ``` ``` Thesubsidiary,MoretonHallSchoolTrust,hasbeenexcludedfromconsolidationasithasnottradedin the current or preceding year. ``` ## **`Income`** ``` All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## `a) Fees receivable` ``` Feesreceivablerepresentsthevalueofthetuitionfeesandpupilregistrationsfortheyear,lessbursaries and other discounts given. ``` ## `b) Donations and grants` ``` MonetarydonationsandgrantsreceivedarecreditedtotheStatementofFinancialActivityintheyear of receiptandreleasedovertheexpectedlifeoftheasset.Donatedassetsareonlyreflectedinthe financial statements if material and if their market value can be reasonable determined. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the use of resources.Goev ``` ## **`Charitable activities`** ``` Costs of charitableactivitiesincludesall expenditureother than for generatingfunds or governanceincurred in furtherance of the charity's objectives. ``` ## **`Allocation and apportionment of costs`** ``` Supportcostsarethosefunctionsthatassisttheworkofthecharitybutdonotdirectlyundertake charitable activities. The bases on which support costs have been allocated are set out in note 7. ``` ``` continued... ``` ``` Page 11 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ``` for the Year Ended 31 August 2020 ``` ## **`1. ACCOUNTING POLICIES - continued`** ## **`Tangible fixed assets`** ``` Depreciationis providedat the followingannualratesin order to write off each assetover its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. ``` ``` Sports Hall- Straight line over 10 to 40 years Long leasehold- Straight line over 10 to 40 years Fixtures and fittings- 10 years straight line Motor vehicles- 25% on reducing balance ``` ## **`Stocks`** ``` Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and slow moving items. ``` ## **`Debtors`** ``` Trade and other debtors are recognised at the settlementamount due after any discountoffered. Prepayments are valued at the amount prepaid. ``` ## **`Creditors`** ``` Creditorsandprovisionsare recognisedwhere the charityhasa presentobligationresultingfrom a past event that will probablyresult in the transfer of funds to a third party and the amount due to settle the obligation can bemeasuredorestimatedreliably.Creditorsandprovisionsarenormallyrecognisedattheir settlement amount after allowing for any trade discounts due. ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ``` ``` There are currently no restricted funds in the charity. ``` ## **`Hire purchase and leasing commitments`** ``` Assets obtained under hire purchase contractsor finance leases are capitalisedin the Balance Sheet. Those held underhirepurchasecontractsaredepreciatedovertheirestimatedusefullives.Thoseheldunder finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. ``` ``` TheinterestelementoftheseobligationsischargedtotheStatementofFinancialActivitiesoverthe relevant period. The capital element of the future payments is treated as a liability. ``` ## **`Pension costs and other post-retirement benefits`** ``` ThecompanycontributestoaDepartmentforEducationandEmploymentscheme,whichisadefined benefit scheme,atratessetbytheschemeactuaryandadvisedtothecompanybytheschemeadministrator. The schemeisamulti-employerpensionschemeanditisnotpossibletoidentifytheassetsandliabilitiesof the scheme which are attributableto the company.In accordancewith FRS102 therefore,the scheme is accounted for as a defined contribution scheme. ``` ``` Non-teachingstaff are eligible to become members of a defined contributionpension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. ``` ``` TheannualcontributionspayabletobothschemesarechargedtotheStatementofFinancialActivitiesin the period to which they relate. ``` ``` continued... ``` ``` Page 12 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`1. ACCOUNTING POLICIES - continued`** ## **`Financial instruments`** ``` Financialassetsandfinancialliabilitiesarerecognisedwhenthecharitybecomespartytothe contractual provisionsoftheinstrument.Allfinancialassetsandliabilitiesareinitiallymeasuredattransaction price (including transaction costs). ``` ``` TheTrustonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasicfinancial instruments. Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalueandsubsequentlymeasuredat their settlementvalue,withthe exceptionof advancefee schemes.A simplediscountis offeredby the Truston the prevailingfeeratespayableinreturnforpaymentinadvance.Theadvancepaymentmustbetreated as deferred income until the criteria for income recognition are met. ``` ## **`Investments in subsidiaries`** ``` Investments in subsidiary undertakings are recognised at cost less provision for impairment. ``` ## **`2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY`** ``` IntheapplicationoftheTrust'saccountingpolicies,whicharedescribedbelow,theTrusteesarerequired to makejudgements,estimatesandassumptionsaboutthecarryingamountofassetsandliabilitiesthatare not readilyavailablefromothersources.Theestimatesandassociatedassumptionsarebasedon historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. ``` ``` The estimatesare underlyingassumptionsare reviewed on an ongoingbasis. Revisionsto accounting estimates arerecognisedintheperiodwhichtheestimateisrevisediftherevisionaffectsonlythatperiod,orin the period of the revision and future periods if the revision affects both current and future periods. ``` ``` The Trusteesdo not considerthere are any key sourcesof estimationuncertainty.Criticaljudgementsrelate to going concern as follows: ``` ## `Going concern` ``` The company meets its day to day working capital requirements through loan from Trustees. ``` ``` Duringtheyear,andinpreviousyearsthecompanyhasbeenprovidedwithloansfromTrustees,this has continuedsince the year end to ensure that the companycan meet its cash requirements.Additionalfunds will and have been made available, and the Trustees will continue to provide support going forward. ``` ``` Fromthefinancialplanningundertakenandsubjecttonotrequiringexcessivesumsforpropertyrepairs and assumingcontinuedsupportfromthebank,thegovernorsconsideritappropriatetopreparethe financial statements on a going concern basis. ``` ``` Followingthe decisionin April 2020 to close the school and end the activityof providingeducation,this activity endedinthe31August2020financialyear.Itisstillconsideredappropriatetopreparethecharity and companyaccountson a going concernbasis as the companystill has the supportof its trustees,as it closes the school activityand makes plans to ensure that the assets of the charityare maintainedand utilisedto ensure a return can be made to all creditors and any surplus used inline with the charitable purpose of the company. ``` ``` continued... ``` ``` Page 13 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`3. DONATIONS AND LEGACIES`** |**`DONATIONS AND LEGACIES`**|||||| |---|---|---|---|---|---| |`Donations and fundraising`
`Donations and fundraising relates to donations received from various parties.`
**`INCOME FROM CHARITABLE ACTIVITIES`**
`Activity`
`Fees receivable`
`Activities for generating funds`
`Grants`
`Activities for generating funds`
`Extras and disbursements`
`recoverable and recovered`
`Activities for generating funds`
`Other income`
`Activities for generating funds`
`Rent receivable`
`Rental Income`
`Grants received, included in the above, are as follows:`
`Covid Job Retention Scheme`
**`CHARITABLE ACTIVITIES COSTS`**
`Direct`
`Costs (see`
`note 6)`
`£`
`Activities for generating funds`
**`22,258`**
`Staff costs`
**`744,063`**
`Support costs`
**`307,063`**
`Depreciation`
**`33,392`**
**`1,106,776`**||**`2020`**
**`£`**
**`76`**
**`2020`**
**`£`**
**`558,804`**
**`87,535`**
**`37,854`**
**`23,575`**
**`1,610`**
**`709,378`**
**`2020`**
**`£`**
**`87,535`**
`Support`
`costs (see`
`note 7)`
`£`
**`-`**
**`-`**
**`48,646`**
**`-`**
**`48,646`**||`2019`
`£`
`39`
`2019`
`£`
`790,597`
`-`
`63,180`
`84,337`
`28,214`|| |||||`966,328`|| |||||`2019`
`£`
`-`
`Totals`
`£`
**`22,258`**
**`744,063`**
**`355,709`**
**`33,392`**|`2019`
`£`
`-`| ||||**`1,155,422`**||| ## **`4. INCOME FROM CHARITABLE ACTIVITIES`** ## **`5. CHARITABLE ACTIVITIES COSTS`** ``` continued... ``` ``` Page 14 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`6. DIRECT COSTS OF CHARITABLE ACTIVITIES`** |`Staff costs`
`Rates and insurance`
`Light and heat`
`Repairs - premises and household`
`Gardens and grounds`
`Advertising`
`Catering costs`
`Professional fees, training, subscriptions & licences`
`General teaching expenses`
`Disbursements recoverable`
`Telephone, post & stationery`
`Administration costs - health & safety, pest control & other admin`
`Bad debts`
`Travel and motor expenses`
`Leasing costs`
`Depreciation`
`Loss on sale of assets`
`Redundancy cost`
**`SUPPORT COSTS`**
`Support costs`
**`Independent examiners fees`**|`Finance`
`£`
**`29,687`**|**`2020`**
**`£`**
**`744,063`**
**`36,485`**
**`30,736`**
**`9,681`**
**`7,650`**
**`1,209`**
**`33,349`**
**`19,144`**
**`15,683`**
**`8,171`**
**`16,389`**
**`1,042`**
**`41,410`**
**`3,626`**
**`4,630`**
**`34,539`**
**`19,545`**
**`79,424`**
**`1,106,776`**
`Governance`
`costs`
`£`
**`18,959`**|**`2020`**
**`£`**
**`744,063`**
**`36,485`**
**`30,736`**
**`9,681`**
**`7,650`**
**`1,209`**
**`33,349`**
**`19,144`**
**`15,683`**
**`8,171`**
**`16,389`**
**`1,042`**
**`41,410`**
**`3,626`**
**`4,630`**
**`34,539`**
**`19,545`**
**`79,424`**
**`1,106,776`**
`Governance`
`costs`
`£`
**`18,959`**|`2019`
`£`
`687,944`
`30,346`
`25,817`
`29,202`
`9,510`
`1,445`
`56,404`
`11,923`
`20,883`
`18,121`
`15,087`
`529`
`(592)`
`5,268`
`12,441`
`37,583`
`-`
`-`
`961,911`
`Totals`
`£`
**`48,646`**|`2019`
`£`
`687,944`
`30,346`
`25,817`
`29,202`
`9,510`
`1,445`
`56,404`
`11,923`
`20,883`
`18,121`
`15,087`
`529`
`(592)`
`5,268`
`12,441`
`37,583`
`-`
`-`
`961,911`
`Totals`
`£`
**`48,646`**| |---|---|---|---|---|---| ||||||| ||||**`2020`**||`2019`| ||||**`£`**||`£`| ||||||| |`Independent examination fees`|||**`7,140`**||`-`| ||||||| |`Other fees payable to independent examiner`|||**`11,819`**||`15,389`| ||||||| ## **`7. SUPPORT COSTS`** ``` continued... ``` ``` Page 15 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`8. NET INCOME/(EXPENDITURE)`** ``` Net income/(expenditure) is stated after charging/(crediting): ``` ||**`2020`**|`2019`| |---|---|---| ||**`£`**|`£`| |`Auditors' remuneration`|**`-`**|`5,400`| |`Other non-audit services`|**`18,959`**|`6,918`| |`Depreciation - owned assets`|**`29,959`**|`31,477`| |`Depreciation - assets on hire purchase contracts and finance leases`|**`4,580`**|`6,107`| |`Deficit on disposal of fixed assets`|**`19,545`**|`-`| |`Operating lease costs - other`|**`-`**|`8,429`| ## **`9. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2020norforthe year ended 31 August 2019. ``` ``` Trustees receive no interest on loans that have been made to the charity. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31August2020norfortheyear ended 31 August 2019. ``` ## **`10. STAFF COSTS`** |`Wages and salaries`
`Social security costs`
`Other pension costs`|**`2020`**
**`£`**
**`625,231`**
**`48,516`**
**`70,316`**
**`744,063`**|`2019`
`£`
`592,537`
`43,164`
`52,243`| |---|---|---| |||`687,944`| ``` The average monthly number of employees during the year was as follows: ``` ||**`2020`**|`2019`| |---|---|---| |`Administrative & teaching staff`|**`34`**|`32`| ``` Thenumberofemployeeswhoseemployeebenefits(excludingemployerpensioncosts)exceeded £60,000 was: ``` |||**`2020`**|`2019`| |---|---|---|---| |`£60,001`|`- £70,000`|**`-`**|`1`| ``` Duringthepreviousyearretirementbenefitswereaccruingto1highpaidstaffmemberinrespectof defined benefit pension schemes. ``` ``` continued... ``` ``` Page 16 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`10. STAFF COSTS - continued`** ## **`Key management personnel`** ``` ThekeymanagementpersonneloftheTrustcomprisetheTrustees,theHeadmaster,theDeputy Headmaster andtheHeadofLowerSchool.Thetotalremuneration(includingpensioncontributions,excluding social securitycosts)ofthekeymanagementpersonnelfortheyeartotalled£56,315(2019:£143,331).The total social security costs of the key management personnel for the year totalled £6,390 (2019: £14,892). ``` ## **`11. EXCEPTIONAL ITEMS`** ``` During the period the School activityended. Further disclosure and detail is included in the Trustees report & at note 25. ``` ``` Thisprocesscausedallteachingstaffandthemajorityof supportstafftobe maderedundantasat31 August 2020. ``` ``` Thefullredundancycostisaccruedintheseaccountsandwaspaidtotheemployeesonthe3rd September 2020. ``` ## **`12. TANGIBLE FIXED ASSETS`** |**`COST`**
`At 1 September 2019`
`Additions`
`Disposals`
`At 31 August 2020`
**`DEPRECIATION`**
`At 1 September 2019`
`Charge for year`
`Eliminated on disposal`
`At 31 August 2020`
**`NET BOOK VALUE`**
`At 31 August 2020`
`At 31 August 2019`|`Sports`
`Hall`
`£`
**`113,591`**
**`-`**
**`-`**
**`113,591`**
**`84,666`**
**`2,992`**
**`-`**
**`87,658`**
**`25,933`**
`28,925`|`Long`
`leasehold`
`£`
**`267,514`**
**`-`**
**`-`**
**`267,514`**
**`111,651`**
**`18,091`**
**`-`**
**`129,742`**
**`137,772`**
`155,863`|`Fixtures`
`and`
`fittings`
`£`
**`137,512`**
**`440`**
**`(49,208)`**
**`88,744`**
**`54,019`**
**`8,876`**
**`(23,655)`**
**`39,240`**
**`49,504`**
`83,493`|`Motor`
`vehicles`
`£`
**`45,014`**
**`-`**
**`(14,950)`**
**`30,064`**
**`26,694`**
**`4,580`**
**`(14,950)`**
**`16,324`**
**`13,740`**
`18,320`|`Totals`
`£`
**`563,631`**
**`440`**
**`(64,158)`**
**`499,913`**
**`277,030`**
**`34,539`**
**`(38,605)`**
**`272,964`**
**`226,949`**
`286,601`| |---|---|---|---|---|---| ``` The net bookvalueof tangiblefixed assetsincludes£ 13,740(2019- £ 18,320) in respectof assetsheld under hire purchase contracts. ``` ``` continued... ``` ``` Page 17 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ``` for the Year Ended 31 August 2020 ``` ## **`13. FIXED ASSET INVESTMENTS`** |**`MARKET VALUE`**
`At 1 September 2019 and 31 August 2020`
**`NET BOOK VALUE`**
`At 31 August 2020`
`At 31 August 2019`|`Shares in`
`group`
`undertakings`
`£`
**`1,597,204`**
**`1,597,204`**
`1,597,204`| |---|---| ``` There were no investment assets outside the UK. ``` ``` The company's investments at the balance sheet date in the share capital of companies include the following: ``` ## **`Moreton Hall School Limited`** ``` Registered office: Moreton Hall School, Mount Road, Bury St Edmunds, Suffolk, IP32 7BJ Nature of business: Investment in freehold property. ``` ||`%`||| |---|---|---|---| |`Class of share:`|`holding`||| |`Ordinary A`|**`100`**||| |||**`2020`**|`2019`| |||**`£`**|`£`| |`Aggregate capital and reserves`||**`1,606,947`**|`1,606,947`| ``` MoretonHallSchoolLimitedownsthefreeholdpropertyexcludingtheplayingfield,whichtheschooluses for itscharitableactivity.A leasewasgrantedbyMoretonHallSchoolLimitedon20October2009,foruseof the propertyatMoretonHallSchool.Thetermofthisleaseis99years,withyearlyrentalspayableof one peppercorn. ``` ## **`14. STOCKS`** |`Stocks`
**`15.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade debtors`
`Prepayments and accrued income`
`Development costs`|**`2020`**
**`£`**
**`-`**
**`2020`**
**`£`**
**`15,833`**
**`17,438`**
**`61,026`**
**`94,297`**|`2019`
`£`
`1,528`
`2019`
`£`
`108,013`
`13,947`
`-`|`2019`
`£`
`1,528`| |---|---|---|---| |||`121,960`|| ``` continued... ``` ``` Page 18 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2020`** ## **`16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |---|---|---| |`Bank loans and overdrafts (see note 18)`
`Hire purchase (see note 19)`
`Trade creditors`
`Amounts owed to group undertakings`
`Social security and other taxes`
`Other creditors & accruals`
`Fees in advance`|**`2020`**
**`£`**
**`39,162`**
**`5,012`**
**`42,873`**
**`6,947`**
**`73,481`**
**`137,286`**
**`-`**
**`304,761`**|`2019`
`£`
`61,738`
`5,012`
`72,978`
`6,947`
`12,095`
`14,707`
`235,650`| |||`409,127`| ## `Analysis of fees in advance` ``` Fees are payabletermlyin advancethereforethe incomeis deferredas the criteriafor incomerecognition has notbeenmet.Withindeferredincomeareannualandmulti-annualfeespaidinadvanceinreturnfor a discount. An analysis of deferred income is shown as follows: ``` ||**`2020`**|`2019`| |---|---|---| ||**`£`**|`£`| |`Deferred income brought forward`|**`235,650`**|`339,680`| |`Amounts released in year`|**`(235,650)`**|`(301,905)`| |`Income deferred in year`|**`-`**|`197,875`| |||| |`Deferred income carried forward`|**`-`**|`235,650`| |||| ## **`17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`** |`Bank loans (see note 18)`
`Other loans (see note 18)`
`Hire purchase (see note 19)`
`Other creditors`|**`2020`**
**`£`**
**`769,835`**
**`1,855,453`**
**`7,100`**
**`70,000`**
**`2,702,388`**|`2019`
`£`
`805,303`
`1,325,683`
`12,112`
`70,000`
`2,213,098`| |---|---|---| ``` a)Loanstockof£200,000wasissuedon20October2009,asdeferredconsiderationforthepurchaseof the shares in Moreton Hall School Limited. ``` ``` The Loan stock was redeemablein October2019,with interestpayableat a range of rates,being 4.25% for the yearto 19 October2010,5% for the yearto 19 October2011,7.5%for the yearto 19 October2012,and 10% from 20 October 2012 onwards. ``` ``` b) The bank loan is repayableover 25 years at £5,300 per month and interest is charged on the loan at a rate of 2% above the bank's base rate. ``` ``` c)On30July2012thebankprovidedfundingforanewclassroomblockintheformoffixedrateloan of £101,500repayableover20yearsat£655.26permonth.Interestis chargedontheloanata ratefixedfor 10 years of 5.73%. ``` ``` continued... ``` ``` Page 19 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`18. LOANS`** ``` An analysis of the maturity of loans is given below: ``` |`Amounts falling due within one year on demand:`
`Bank overdrafts`
`Classroom loan`
`Lloyds mortgage`
`Amounts falling between one and two years:`
`Bank loans - 1-2 years`
`Loan stock`
`Amounts falling due between two and five years:`
`Bank loans - 2-5 years`
`Other LT creditors`
`Amounts falling due in more than five years:`
`Repayable by instalments:`
`Bank loans more than 5 years`|**`2020`**
**`£`**
**`-`**
**`946`**
**`38,216`**
**`39,162`**
**`44,207`**
**`200,000`**
**`244,207`**
**`137,385`**
**`1,655,453`**
**`1,792,838`**
**`588,243`**|`2019`
`£`
`20,691`
`4,144`
`36,903`| |---|---|---| |||`61,738`| |||`42,558`
`200,000`| |||`242,558`| |||`135,785`
`1,125,683`| |||`1,261,468`| |||`626,960`| ## **`19. LEASING AGREEMENTS`** ``` Minimum lease payments fall due as follows: ``` |`Net obligations repayable:`
`Within one year`
`Between one and five years`
`Within one year`|**`Hire purchase contracts`**
**`2020`**
`2019`
**`£`**
`£`
**`5,012`**
`5,012`
**`7,100`**
`12,112`
**`12,112`**
`17,124`
**`Non-cancellable`**
**`operating leases`**
**`2020`**
`2019`
**`£`**
`£`
**`-`**
`5,195`| |---|---| ``` continued... ``` ``` Page 20 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`20. SECURED DEBTS`** ``` The following secured debts are included within creditors: ``` |`Bank overdraft`
`Bank loans`
`Hire purchase contracts`|**`2020`**
**`£`**
**`-`**
**`808,997`**
**`12,112`**
**`821,109`**|`2019`
`£`
`20,691`
`846,350`
`17,124`| |---|---|---| |||`884,165`| ``` LloydsBankplc, providerof the bankoverdraftand bankloans,hold a chargeover the leaseholdproperty and all other property and assets of the charitable company. ``` ``` The hire purchase contracts hold charges over the assets to which they relate. ``` ``` The loan stock is secured by a fixed and floating charge over all property and assets of the charitable company. ``` ## **`21. MOVEMENT IN FUNDS`** |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are as follows:`
**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**||`At 1.9.19`
`£`
**`(614,029)`**
**`(614,029)`**
`Incoming`
`resources`
`£`
**`709,454`**
**`709,454`**|`Net`
`movement`
`in funds`
`£`
**`(445,968)`**
**`(445,968)`**
`Resources`
`expended`
`£`
**`(1,155,422)`**
**`(1,155,422)`**|`At`
`31.8.20`
`£`
**`(1,059,997)`**
**`(1,059,997)`**
`Movement`
`in funds`
`£`
**`(445,968)`**
**`(445,968)`**| |---|---|---|---|---| |||||| ``` continued... ``` ``` Page 21 ``` ``` Moreton Hall School Trust Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 August 2020`** ## **`21. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**
`Comparative net movement in funds, included in the above are as`
**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.9.18`
`£`
`(549,931)`
`(549,931)`
`follows:`
`Incoming`
`resources`
`£`
`966,367`
`966,367`|`Net`
`movement`
`in funds`
`£`
`(64,098)`
`(64,098)`
`Resources`
`expended`
`£`
`(1,030,465)`
`(1,030,465)`|`At`
`31.8.19`
`£`
`(614,029)`
`(614,029)`
`Movement`
`in funds`
`£`
`(64,098)`
`(64,098)`| |---|---|---|---| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.9.18`
`£`
`(549,931)`
`(549,931)`|`Net`
`movement`
`At`
`in funds`
`31.8.20`
`£`
`£`
`(510,066)`
`(1,059,997)`
`(510,066)`
`(1,059,997)`| |---|---|---| ``` Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`1,675,821`
`1,675,821`|`Resources`
`expended`
`£`
`(2,185,887)`
`(2,185,887)`|`Movement`
`in funds`
`£`
`(510,066)`
`(510,066)`| |---|---|---|---| ``` continued... ``` ``` Page 22 ``` ``` Moreton Hall School Trust Limited ``` ``` for the Year Ended 31 August 2020 ``` ## **`Notes to the Financial Statements - continued`** ## **`22. EMPLOYEE BENEFIT OBLIGATIONS`** ``` ThecharitycontributestotheTeachersSuperannuationpensionschemeforitsprofessionalemployeesand a definedcontributionschemeforotherstaff.Contributionspaidintheyearwere£70,316(2019:£52,243). At the year end a balance of £9,918 (2019: £7,459) was outstanding. ``` ## **`23. CONTINGENT LIABILITIES`** ``` There were no contingent liabilities at 31 August 2020 or 31 August 2019. ``` ## **`24. RELATED PARTY DISCLOSURES`** ``` a)Thecompanyhasloansfromtrustees.Thetotalamountduetotrusteesat31August2020is £1,655,453 (2019: £1,125,683). No interest is being charged on these loans. ``` ``` b)A leasewasgrantedtothecharitablecompanyon20October2009,fromMHSLFieldNomineeLimited for use of the playing fields at Moreton Hall School. The term of this lease is 99 years, with yearly rentals payable of one peppercorn. ``` ``` c)Aleasewasgrantedtothecharitablecompanyon20October2009,fromMoretonHallSchoolLimited for use of the property at Moreton Hall School. The term of this lease is 99 years, with yearly rentals payable of one peppercorn. ``` ## **`25. ULTIMATE CONTROLLING PARTY`** ``` The charitablecompanyis jointlycontrolledby the directors,with no one directorhavingultimatecontrol over the charitable company. ``` ## **`26. SIGNIFICANT EVENTS`** ``` InApril2020,theparentsofthechildrenatMoretonHallSchoolwereinformedbytheGovernor's that Moreton Hall Prep School would have to cease operation at the end of the Summer Term, 30th June 2020. ``` ``` Thereforethis activityended in the 31 August2020 financialyear.The intentionof the trusteesand Governors is to makeplansto ensurethatthe assetsof the charityare maintainedandutilisedto ensurea returncan be made to all creditors and any surplus used inline with the charitable purpose of the company. ``` ``` Further information relating to the event can be found in the Trustees Report. ``` ``` Page 23 ``` ``` Moreton Hall School Trust Limited ``` ## **`Detailed Statement of Financial Activities`** ## **`for the Year Ended 31 August 2020`** |**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations and fundraising`
**`Charitable activities`**
`Fees receivable`
`Grants`
`Extras and disbursements recoverable and`
`recovered`
`Other income`
`Rent receivable`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Charitable activities`**
`Wages`
`Social security`
`Pensions`
`Rates and insurance`
`Light and heat`
`Repairs - premises and household`
`Gardens and grounds`
`Advertising`
`Catering costs`
`Professional fees, training, subscriptions &`
`licences`
`General teaching expenses`
`Disbursements recoverable`
`Telephone, post & stationery`
`Administration costs - health & safety, pest`
`control & other admin`
`Bad debts`
`Travel and motor expenses`
`Leasing costs`
`Depreciation of tangible fixed assets`
`Loss on sale of tangible fixed assets`
`Redundancy cost`|`2020`
`£`
**`76`**
**`558,804`**
**`87,535`**
**`37,854`**
**`23,575`**
**`1,610`**
**`709,378`**
**`709,454`**
**`625,231`**
**`48,516`**
**`70,316`**
**`36,485`**
**`30,736`**
**`9,681`**
**`7,650`**
**`1,209`**
**`33,349`**
**`19,144`**
**`15,683`**
**`8,171`**
**`16,389`**
**`1,042`**
**`41,410`**
**`3,626`**
**`4,630`**
**`34,539`**
**`19,545`**
**`79,424`**
**`1,106,776`**|`2019`
`£`
`39`
`790,597`
`-`
`63,180`
`84,337`
`28,214`
`966,328`
`966,367`
`592,537`
`43,164`
`52,243`
`30,346`
`25,817`
`29,202`
`9,510`
`1,445`
`56,404`
`11,923`
`20,883`
`18,121`
`15,087`
`529`
`(592)`
`5,268`
`12,441`
`37,583`
`-`
`-`
`961,911`| |---|---|---| ## **`Support costs`** ``` This page does not form part of the statutory financial statements ``` ``` Page 24 ``` ``` Moreton Hall School Trust Limited ``` ## **`Detailed Statement of Financial Activities`** |**`for the Year Ended 31 August 2020`**
**`Support costs`**
**`Finance`**
`Bank loan interest`
`Bank mortgage interest`
`Loan note interest`
`Hire purchase interest`
`Bank charges and other interest`
**`Governance costs`**
`Auditors' remuneration`
`Auditors' remuneration for non audit work`
`Total resources expended`
**`Net expenditure`**|`2020`
`£`
**`906`**
**`15,656`**
**`10,000`**
**`1,605`**
**`1,520`**
**`29,687`**
**`-`**
**`18,959`**
**`18,959`**
**`1,155,422`**
**`(445,968)`**|`2019`
`£`
`4,491`
`25,829`
`20,000`
`1,605`
`4,311`
`56,236`
`5,400`
`6,918`
`12,318`
`1,030,465`
`(64,098)`| |---|---|---| ``` This page does not form part of the statutory financial statements ``` ``` Page 25 ``` ## **Virtual Cabinet Portal Digital Signatures** ## **Digital Signature Verification** You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page: https://www.virtualcabinetportal.com/VerifySignedDocument ## **Signature Dates and Times** All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page: http://www.virtualcabinetportal.com/WhatIsUTC ## **Signature 1** Signed by Paul Loft using authentication code OGt4UllBU0o0SVJU at IP address 81.155.66.246, on 2021/05/26 07:37:56 Z. Paul Loft's e-mail address is: paulbloft@gmail.com. ## **Signature 2** Signed by James Knights using authentication code L1Yva8KjWkVcWnowaw== at IP address 213.129.74.45, on 2021/05/28 10:16:45 Z. James Knights's e-mail address is: james@knightslowe.co.uk. James Knights added the following comments: "Independent Exam Signed"