LINGFIELD COLLEGE IA COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31AUGUST2020 Company Registration Number 02072135 Re8rstered Charity Number 0295598 UNGFIELD COLLEGE Page I LEGALAND ADMINISTrATIVE DETAILS DIRE￿oR$. TRUSfEES AND MEMBERS Mrs A Cooper (Appointed 08 April 20201 Mr K Gutteridge (Appointed 08 April 20201 Mrs F Halpin (Appointed 08 April 20201 Ms C Higgins Mr N Hinton Mr l Rolfe (Chairman) M¥ P T Samuèls GOVERNORS Mrs N Calvev Mrs C Ho¥obin (Appointed 30 September 20191 Mr M Mccann IAppointed 7 july 20201 The Trustees are a150 Governors of the School. HEADMAsfER MrRWBool REGisfERED OFFICE LinEfield Q)Ilege Racecourse Road Lingfield Surrey RH7 6PH REGlStERED COMPANY NUMBER 02072135 REGISTERED CHARrtY NUMBER 0295598 BANKERS Lloyds 3ank PIC 1-3 London Road East Grinstead West Sussex RH19 IAH SOLicfTORS Rus5ell-Cooke Solicitors 2 Putney Hill London SW15 6AB AUDITOR5 RSM UK Audit LLP Statutory Auditor Chartered Accountsnts STC House 7 Elmfield Road Bromley Kent BRI ILT UNGFIELD COLLEGE DIRE￿oR5, AND TRUSTEES. REPORTfor the year ended 31 August 2020 Page 2 The Directors are pleased to Submit their annual report for the year ended 31 August 2020 which is prepared to meet the requiremerbts for a Strategic Report for Companies Act PUfP05es. The financial ststements comply with the Charities Act 2011, the Companies Art 2006, the Memorandum and Articles of Association. and Accounting and Reporting bv Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in atcordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. STRUCTURE, GOVERNANCE AND MANAGEMEMr Strurture n8field College -the School. is a tharitable company incorporated on 7 November 1986 in England and Wales, and is company limited by the guarantee of it5 members to a maximum of £1 each. The total number of such guarantees at 31 August 2020 15 712019.61. Governlng Document The constitution of the Company is contained In the Memorandum and Artides of Association adopted by special resolution on 14 February 2018. Dlrertors tsnd Trustees The Directors are member5 of the Comparry and atso Trustees for the purpose of tharity law. The Company is required to have a rninimum of four and a maximum of fiftÈen Trustees. New Trustee5 are invited. when appropriate, and following an interview process, to join the board having been assessed by the existin8 Trustees as to their suitability having regard to their personal competence, specialist skills and availability. The Trustees who Served during the year and since the yèar end are- Mrs L Charlton IResiEned 10 June 20201 Mrs A Cooper IAppoSnted 08 April 20201 Mrs F Halpln (Appointed 08 April 20201 Mr K Gutteridge IAppointed 08 April 20201 Mrs C Higgins Rev N Hinton Mrs A Penton (Resigned Iojvly 2020) Mr l Rolfe Mr P T Sarnuels Trusteès ale appointed for four years. RetiTin8 Trustees may be ￿appOInted. but a Trustee who has served for two consecutive terms must take a break from office for one year before being re-appointed unless re-appointment is deemed to be in the best interest of the Charity. There are transitional arrangements in place in relation to the Trustees who were in office at the date of the adoption of the Artides. rrnstee frnining New Trustees are inducted into the workings of the School and also of the Company as a registered charity through rneeting5 With existing Trustees, the Headmaster and other key staff members. All relevant documentation relating to the structure of the Company and its constitutton are provided, together with the Trustees, minute book and statutory Informatlon with re8ard to thwr responsibilities as Trustees. rrnstee Meetings The Trustees meet at least three times a year to consider. when appropriate, the general pollcy of the Sthool. to review its currèr7t aclivities and frAancial performance and to address any issues which may affert the effieient and èffective manaÈement of the business. The Headmaster and other relevant staff members may be requested to attend meetings In an advi50ry capacity. UNGFIELD COLLEGE Page 3 DIRE￿oR5. ANDTRUSTEES, REPORT for the year end￿ 31 August 2020 Govemors and the Governlng Body Under the Articles ofA5sociation theTrustees delegate their powers and fvnrtions, and the implementation oftheir decisions, as they think fit. The Trustees have appointed Governors and have established a number of sub-committees to assist them with the distharge of their duties. ￿1 the current Trustees are also Governors. The role of the Governin8 Body is to assist the Trustees in ensurin8 that the School runs successfully in accordance with it5 charitable objectives and strategic plans and to act as an advisory body to the Trustees. The Governing Body meets at least once in every school term to assist the Trustees bn determiningthe general policy of the School and reviewing its overall management and control. The Trustees have formed a number of sub-committees to review and advise on policy in various key areas. It IS the Trustees, policy that all Governors wtll be appointed to serve on at least one SU￿mmIttee of the Goveming Body. Each sub-committeè meetstefmly prior to each meetin8 ofthe full Governin8 Body. The dayto day management ofthe school is delegated to the Headmaster supported by his Leadership team. The Governing Body of the School durin8 the year and Sin￿ the year end comprised the Directors and Trustees (listed on page 21 together with the following: Mr5 N Calvey Mrs C Horobin (Appointed 30 September 20191 Mr M Mccann IAppointed 7 Juty 2020} The above named Governors are not Trustees under charity law or Directors under company law. All Trustees and Governor5 give their time freely and no remuneration was paid in the year. OBJECTS, AIMS. 08JEcfivE5 AND PRINCIPALACfiv￿lES The main objects of the School, as set out in its Artides. are to promote and provide a co-educational school for children aged 2 to 18 as an educational charity- It may a150 develop courses to be delivered in other forms for educational purposes. There are no specific festrirtions imposed upon the tharity provided these aims are pursued. strategic Aim and Intènded Effert The School's slrategic aim continues to be to develop students as tndividua15, to prepare them for the ¢hallenBe5 they will face after school and enablethem to acquire the life skills, self-awareness and compassion required. The School aims to achieve these goals through the development of pupils. abilities and academic potential, providing the appropriate environment in terms of facilities. equipment and skilled staffin& and motivating pupils ultimately to leave the School as good citizens suitably equipped to enjoy the challenges and opportunities of life. Objertlves of the Year In setting the objettives the Trustees continue to Bive careful consideration to the Charity Commission's general guidance on public beneflt and, in partiojlar, to its supplementary public benefit guidan￿ on advanting education and fee charging. The School's main object¢ve for the year continued to be the education of all pupi15 to at least the same high standard as achieved by the School sn previous years. so that ults"mately they may be able to thrive in etther higher education or their chosen work place. StrateBy & Ethos As a charitable trust the Trustees are responsible for the strategy for athieving its objectives. The focus of our strategy. opèrating tn line with broadly Christian values, is on the developmènt and motivation of our pupils in a caring and safeguarded environment and maintaining the accessibiltty of the School to pupils from all backgrounds. In order to forward our strategy We: continually review and irnprove the School's academlc syllabu5 and teaching practices in order to maintain and improve examination results- LINGFIELD COLLEGE DIREcfoRS' AND TRUSTEES, REPORT tor the year ended 31 August 2020 Page 4 recruit and develop well qualified staff and maintain hrgh teacher to pupil ratios: invest in technology. buildings and equipment.. regulariy communicate with parents through reports. parents, evenings, newsletters. emails, Twitter, Facebook and the School website,. and ensure that the extensive range of extra-curricular artivities available to our pupi15 remains stimulating and challenging. In addition our strategie5 provide for the welfare of our pupils throu8h: a comprehenslve pastoral care pro8ramme,' a strong system of support from form and year tutors: regular collective school assernblies conducted by pupils. staff and visiting 5peakers- and an involvement with local. national and intemational charities. Admlsslon The School's adm155ions policy, indudinB details of bursary applitation procedures, is Included on our comprehensive website www.lln eldcolle e.co.uk together with other policies which demonstrate the School's commitment to the safeguarding and welfare of its pupi15 and infom)ation regarding other administrative matter5. The School's 3irn Is to welcome pupils it will be able to educate and devèlop to the bèst of their potential. Entry into our Prep School is dèpendent on space availabilÉty, a trial day which indudes an assessment of Mathematics and English and a reference from the previous school. There is no fonnal testing for potential Nursery pupils. In the Senior School Èntry frjr year$ 7 to 10 15 by examination and a reference from the previous School. External entry into the 61h form is also warmly welcomed. This will depend on G￿E results and a referènce from the previous school. PrlnclpqlArtivities of the yeor The Companvs main object is the provision of day sthod education for both boys and girls to at least the same high standard as achieved by the school in previous years. The Trustees are delighted to report that the School's pupils have achieved a 100% A level pass rate with over 95% of our 6th fomi pupik gaining entry to their firm ¢hoice and 98% getting their firm or insurance choice of university. In the GCSE exarninations I(￿% of students at the Sd)ool athl￿￿ at least 5 G(SEs A-C or 94 and 98% with A'_ B or 9- Throughout the School, all pupils were consldered to have been successful relètive to both government targets and our own internal monitoring criteria. These achievements were made possible by the eX￿[lent teaching and support staff employed by the School. At the conclusion of the 2019-20 academic year the pupil roll totalled 90912019- 9311. with most year groups being full. The demand for places at Lingfield College remarns high. and this is refletted in another high level of registrations for future admission. Investment in the schoofs facilitie5 were placed on hold for the year due to Covtd 19. The Governors will strNe to continue to invest in the School's facilitie5 in thè next academic year and in fvture years. In addition to the academic succè55es the School hascontinued to prowdeopportunrties for its pupils to ex￿1 in a variety of disciplines.. UNGFIELD COLLEGE Page 5 DIRECTORS. AND TRUSTEES, REPORT for the year ènded 31 Au8USt 2020 Dn¥mo The Drama department consists of ￿40 well-equipped Studios whith are used as dassrooms, rehearsal spaces and performing areas. They both have drapes and stage lightin& allowing the spa￿ to be fully and Creatively used. Drama is taught in each year of KS3 and is offered a5 a GCSE option in Years 10 and 11. It is a popular subject at thls level, as it is at A Level. Many of our A level students go on to study Drama and related subjects3t University and Drama school. Lingfield has a few notable studerhts. both past and current. who work professionally in the industry. There are 2 productions each academic year. an upper school production cast from Years 11>13 which performs in November. Additionally, a lower school production should have been performed in June cast from years 7- 9 only but due to Covid did not actually go ahead. Alongside these performan￿. we have regular GCSE and A level work which Is performed to friends and family thfoughout the year. Another element of our extrè -curricular work is a thriving Speech and Drama department which runs separately from the mainstream teaching. Specialist peripatetic teachers offer private group tuition which prepare5 Student5 for two examination sessions- one in October and one irt March. Our results have been very impressive in re￿nt years. In the higher grades IGrade5 6 and above) students earn VCAS points. These sessions were run remotety thts year. The School runs theatre trips at regular Intervals for Sixth fomi and GCSE exam students and a theatre trip for each year group although this year unfortunatdy many were cancelle(I dueto Covid. The School also has dubs for each year at KS3 and for those interested in tethnical theatre. Sport The School h35 a sporting ethos of Opportunity, Partlapat￿n and Excellen￿. Physical education forms a major part of the timetable and the students also have access to a wide range of sporting extra-curricular activities which take place during the lunchtime and at afterschool clubs. The aim is to provide students with the opportunity to represent the School across a full range of 5POrts, at all leve15 and age groups through an extensive local schools fixture list, as well as county and national competitions. Students have access to an excellent range of faulities including a fitness suite. Sixteen acres of the School site are dedicated to sport. The school now has an established and robust strength and conditionlng programme to which all senior players follow a specialised programme. under the supervision of two qualified stren8th and condttioning coaches. During the Autumn term of 2019. the school w35 successful across a large number of 5POrts where we were playin8 friendlies and competing in the initial round5 of various cup competltions. We were fortunate enough to play over 100 fixtures in Hockey, Football, Basketball and Rugby- This continued until February half term when the country was hit by the pandemic. The remainder of the academic year wa5 obviously challenging and all fixture5 were Can￿Lled. Nonetheless. the sd)ool provided an e￿lIent online learning prografflme with live lessons supplied to all pupils on Microsoft Teams. With regards practical subjects, particularlysport we did wantto keep contact wilh pupils and prowde them with various active challenges throughout the whole of the first lockdown. Daify training sessions were uploaded. as well as specific pro8fammes provided for each pupil to follow. Numerous wdeos and challenges perfomied by our students particularly our sports scholars in a number of different sports were sent in via Twitter and Fa￿bOOk. Our sports scholars wère particularly keen on this. Sadly, the planned hockey and netball tour to Holland had to be carbcelled too. More specialist sport coaches have been recruited to continue to drive thesports programme forward, raising standards at elite level, whlle also providin8 US with the scope to continue to inuease participation lates. where ex￿lIent Coaching is available for all pupils of all abilities. UNGFIELD COLLEGE Page 6 DIREcfoRS' AND TRUSTEES. REPORTft)r the year ended 31 August 2020 Co-currkulor Alongside the sport5 programme, the overall co-curricular programme has shown conslderable progfes5ion. New and exciting lunchtime activities added to the list. Music Music is taught as a cla55 subiert to all pupils in the Lower School and tslented. practical musician5 are encouraged to continue the subject at GCSE and A-level. Individual tuition is available in all orchestral and band instruments with 51udents taking practical instrumental and vocal ex3minations In ABRSMILCMrrrinitylRock School. Students have acce55 to specific music progTammes and produrtion sofvlare such a5 Sibelius and Garageband and practi￿ in our specially designated rooms. The Auditorium is an ideal venue for the Schoofs musici3ns to develop confident performance skills which are displayed at the regular and varied programme of concerts. r￿$tal$ and sthool events through-out the year. The 5tsrt of thè ac3demic year saw the department host its annual Scholars concert with the standard of performin continuing to be as high as ever with several Grade 8 standard perforrnances and a huge variety of instrumentalists as well a5 vocalists. Notably a scholar in Year 8 pèrforming a complex Grade 8 drum piece. The department continues to provide opportunities for younger I beginner musiaans to hone their perfomance ski115 Wlth the series of informal recitals which have growft significantly in number. The Christmas Concert was as always very well attended by parents, staff and families and a new addition was added to the department calendar of the 'Captain's Christmas Concert,, a lunchtime event organised by and hosted by the Captain of Music. Students also performed a Christmas gig at the Red Barn to set the festive mood for the local community. Rock and Jazz night took place in March, selling out as in previous years in just a few days. The show was huge￿ successful and the profits from the show have been saved 3nd this resulted in the departments purchase of a brand-new Kawai upright piano which has been sorely needed for the purpose of recording exams and all the grade exams. The piano is a superb investment for the school Mu51¢ department. During the winter and sprin& the department also ran a series of hugely popular trips to west end shows including School of Rotk and also arranged some superb masterclasse5 for our Music Scholars programme induding guest speakerslexaminers on the skills of performin8 and composing. Unfortunatety, due to lockdown in the summer terni we were unable to host the Spring Concert. however. we did provide a superb array of online music lessons ranging in project work that covered gamin8 music and film soundtracks. The highlight of Year 7s work scheme bein8 the hugely popular lip-synching videos that not only worked on their performan￿ ski115 but also entertained the school. OtherDeportments In line wwth the School's airns, all departments In the School not onty educate the pupils in accordan￿ with the national curriculum but also expand the subject area5 and, therefore, the puplls. experien￿ through the use of visitin8 speakers, educational visits, external competitions 3nd other associated events. Externally, the School continues to enjoy great success, the Strength of its sport being an increasingly prominent feature. The Duke of Edinburgh programme is also extrèmely popular with a large number of students achieving Bronze. Silver and Gold Award5. A variety of education31 and sporting trips were disrupted by Covid 19. the pupi15 are hoping to recommence trips next year. TrLtstees would like to express their appreciation to all the staff who willingly 8Ne their ttrne to our extra-curricular attivities. LINGFIELD COLLEGE Page 7 DIREcfoRS' AND TRUSTEES. REPORTforthe year ended 31 August 2020 COMMUNITY oufREACH AND PUBUC 8ENEFIT Hlgh quqlityeducatlo The School provides a public benefft through the provision of well-educated and self-confident people who are ready to contribute positivelyto society in general. In order to benefit the public through the pursuit of its stated aims the School Continues to maintain competitive lèvels of fees which ensure financial viability whilst 5UPPOrtin8 the costs which are necessary to dèlivereducation In accordancewith the School's objertives. Ouf gross termly tuition fee5 for 2019-20 prior to the deduction of any bursaries or other conce55ions were: Reception and Year I Years 2 to 6 Years 7 to 11 Years 12 to 13 Overseas £3.750 £4,095 £5.409 £5,451 £7,267 Bursarfes andscholorshlps The School sèeks to attract appropriate pupils from 311 background5, including those with financial circumstan￿5 whlch might make an independent education impracticable. To this end, it Supports a number of pupils with bursary award5 150me at IC%)%l. scholarships and staff distounts. Bursaries are Branted by the Trustee5 either on a means-tested basis or. octa5ionally, on an ad hoc basis following requests from parents whose financial circumstance5 have changed, and consideration thereof by the Headmaster. Scholarships are awarded based upon not only acadèmic achievement but also drarnatic, artistic. musical or sporting ability where the School WFII aim to develop. through rts program of events for Scholars, the relevant pupil's abilttie5 whilst they will be expected to fully contribute to the School's activrties in their specSalist areas. During the year these various concessions reduced fee income by £1,336,724 12019- £1.302,5381 including buisaries granted for the year of £504.210 plus a further discount offered to a5SlSt parents affected by Covid 19 of £859,780 and represented 10.2%12019= 3.7%} ot our 8TOSS income exdudin8 nursery Income12019- £460.9491. Fundrjislnq and communlty outreach Pupils are encouraged to be actively tnvofved in tharltable artivities to support local, national and international charitie5. Over the two terms the pupils raised a total of £13.36712019.. £21,2601. The beneficiaries included The Make a wish foundation, Falrtrade, Chestnut House, Jigsaw and Macmillan. VOLUNTEERS Lingfield Parents Assoaation, the Schoovs parent body. continued to provide support to the School through their fundraising effoits. The Trustees would like to take this opportunrty to say how much we appreciate their continuing and valuable support for our work. The Trustees would also like to express their appreciatlon to the School Governors for their advice. expertise and fieely-given support throughout the year. STRATEGIC REVIEW Flnandal Review & Results for the year The financial results for the year are set out on p3ge 13. Total income from charitsble actlvitie5 was £11,874,58812019: £12,119,725) of which £11.065,57912019.. £ll.4￿.361) was derived from tuition fees_ Additional intome was raised from the re-chaT8ing of gutings. trips and other activities of £358.78212019= £494.0521. Income is not recognised on trips where the school acts as 38ent only. For these trips balano5 are held on the balance sheet a5 debtors or creditors at the year end. As a charity. the parents of our pupils have the a55uran¢e that all the School's income myst be applied for educational purpose5. We enjoy a nurnbèr of benefits assoclated with charitable ststus, includtn8 exemption from taxation and reduced business rates, which ale all applied to our charitable aims. The parents of our pupils often rnake significant sauifices to pay the school fees. In doing 50 they help to relieve the state of the financial burden of educating 870 UK based children. The saving is estimated to be £5m. The school Is unable to recover VAT on purchase5 made. During the past year Lingfield College has paid an estimated £441k in VAT on goods and services. LINGFIEID COLLEGE DIREcfoRS' AND TRUSTEES. REPORTforthe year ended 31 August 2020 Pa8e 8 The Trustees regularly review the finances. budgets and expendtture relative to the budBets in order to ensure the effective stewardship of the sd)ool. Reseryes Pollcy and Golng Concern The School's Unrestricted funds total £15,022.18812019: £14.475,8151 and are represented mostly by fixed assets. The restricted endowment funds tot31 £50.(KKI12019= £50.0￿} and are funds held as permanent capital. The other restricted fvnds £nil12019.' £3.6001 represented fundin8 toward5 a new piano that was purchased in the year. It continue5 to be the Trustees, policy to invest in the strvcture of the School and to maintain, develop and improve its resources a5 appropriate for the continuing discharge of the Sthool's academic and pastoral responsibilities. As a result of the Covid 19 pandemic and in common with sthools across the country Lingfield College w35 physicallv dosed to pupils and staff with effecr from Friday March. In anticipation of this event, preparation had already begun on putting in place arrangements for the remote delivery of education to pupils via the School's Firefly system and Microsoft Teams. The move to online delivery of teaching wa5 not without its challenges with staff required to learn new system5 and spend more time on preparin8 lessons. To expedite the move online a srnall group of staff workin8 seamlessly with the IT team ensured that system5 were functioning as Tequired and that teaching staff received all necessary training. Moreover, many meFnber5 of the teaching staff worked long houfs throughout their Easter break preparing the lessons required for the Summer tem 85 well as being available to help A Level and GCSE candidate5 Wlth their studies. The feedback from parents regarding the quality of education re￿1Ved by their children was universally positive with a si@nifi¢anl number of parent5 contactÉng the School to express their appreaation of the extraordinary efforts that Staff had made. Feedback from senior management of the School's IT ser¥ices provider was that Lingfield Colle8e's provision of online education was °best in class" and as a result was being used as a case study with other Schools. The Trustees would like to extend their sincere gratitude to all members of the school's teaching and IT Staff for their tireless work in ensuring the School's pupils received as cornprehensive an education as possible in what were the most unusual of circumstances. The uncertaintie5 around Covid 19 and its impact on the School remain. However. the work done at the start of the first lockdown ensures that if the School is required to physicalty close again then it Is well placed to continue deliverinB the hi8h quality ￿UcatiOn that parents have come to expect an(J value. The Covld-19 pandemic is ongoin8 and continues to impart the school. in particular in the latest lockdown sttuation where the School site was closed to most children frorn December 2020- Marth 2021. Financial projections and scenario analysis looking forward for a perTrod of at least 12 months demonstrate that pupil numbers for 2021122 remain ahead of budget and that the school has sufficient cash and funds to enable it to meet its liabilities as they become due and therefore the Trustees consider that the school remains a going concern. Future Plans Our future edLFcational objertive5 remain largely the same a5 last year. All our future plans are currently financed through fee income and our reserves. It is our contirbuing poliry to ensure that current pupi15 benefit whilst also providing and maintainin8 a sound infrastructure and financial 5tsbility for the beneflt of future pupils. Our involvement wlth the local community wlll continue to develop and expand through the prwsion of facilities and financial support whenever practicable. A number of oigani5ation5 use the School's buildings and Erounds and we will continue to make them available for appropriate activities. DurrnB the year, a minibus and driver was provided and funded by the school to take pupils from a local primary school for a weekly trip to the Ashdown Forest. We have Continued to support parents who cannot afford full fee5 throu8h the award of means-tested bursaries and will continue to address thi5 area. In particular. the TrusiÈes remain keen to increase the awards in order to widèn access to the education which the School provides. The school will continue to encourage the local Community to access for educatlonal purpose5 the school's facilities. Lingfield are looking at breaknng into the international market alming to set up a school the Same style, ethos and standard of Lingfield College in an international destination with a view to expanding the number of schools in the following 5 to 10 years. Several exploratory trips have been done to establish contscts and whilst no contrarts have yet been signed, encouragin8 progress is beinB made. UNGFIELD COLLEGE Page 9 DIREcfoRS' AND TRUSTEES. REPORTforthe year end￿ 31 August 2020 Investment Pollcy. Powers and Performance Inve5trnent powers are govemed by the Artide5 which permit monies not required for immediate use to be invested in such investments. securities or property as the Trustees shall think frt. The Trustees ojrrent policy is to retain surplus fund5, when available, on deposiL Pay polSvi for Senlor staff The Trustees consider that the board of dsrectors. who are the School's Trustees. and the Senior Management team comprise the key management personnel of the khool in charge of direuing and controllin& running and operating the School on a day to day basÈs. AJI Trustees give of their time freely and no Trustee received remuneration in the year. Details ofTrustees' expense5 and ￿lated partytransactions are disdosed in note 6 to the accounts. The pay of the senior staff is reviewed annually and normally Increas￿ in accordance with average earnings. In view of the nature of the School, the Trusteès benchmark against pay levels in other Independent schools of a similar size. Risk Marhagement In consultation with key management the Trustee5 continue to keep the Sthool's activities under review. particularly wlih regard to any major risks that may arise from time to time. The Trustees monitor the effectiveness of the system of internal control and other viable means. including insurance cover where appropriate, by which those risks already identified can best be mitigated. The key risks to be managed by the school are the safeguarding of children, ongoing financial stability, the retention of highly skilled staff, together with an appropriate level of Governance and strategic planning. During the year, Covid-19 was declared a PandèmiL There is a potential that this could impact fee income and pupil numbeis. Management have Ltndertaken detailed scenario forecasts to ensure that the school is best placed to mitl8ate any potential impact. AUDrroRS RSM UK Audit LLP has Indicated its willin8nes5 to continue in office. DIREcfoRS AND TRUSTEES RESPONSIBILtnES IN THE PREPARATION OF flNANCIAL ￿ATEME￿I[s The Directors and Trustees are responsible for preparing the Annual Report ar￿ financial 5t3tements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generalty Accepted Accounting Practice). Company law requires theTrustee5 to prepare financial statements foreach finanaal yearwhich 8ive a trueand fairview of the state of affalrs of the charitable company and of the incoming resources and application of resources. includlng the intome and expenditufe. of the charitable company for that period. In preparing these financial statements. the Directors and Tru5tee5 are required to= select suitable accounting policies and then appty them con5i5tentty,' observe the methods and principle5 in the Charities SORP- makejudgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed. subject to any material departu￿9 disclosed and explained in the financial statements- and prepare the financial statements on the 80ing concern basis unles5 it 15 inappropriate to presume that the tharitable company will continue in busines5. The Dlrectors and Trustees are responsible for keeping proper accounting records which disclose with feasonable accuracy at any time the finanaal position of the charitable company and enable them to ensure that the financial statements tomply wr(h the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. UNGFIELD COLLEGE Page 10 DIRECTORS, AND TRUSTEES. REPORT for the year ended 31 Ay8usi 2020 STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUI)ITORS The Dirertors who were in office on the date of approval of these finanaal statements have confirmed, as far as they are aware, that there is no rèlevant audit information of which the auditors are unaware. Each of the Directors have confirmed that they have taken all the steps that they ought to have tsken as Directors in order to make themselves aware of any relevant audit information and to èstsblish that it has been communicated to the auditor. By order of the Trustees l Rolfe- Chairman i* Ilpd 2021 IINGFIELD COLLEGE Page 11 INDEPENDE￿ AUDtroR'S REPORTTO THE DFREcfoRS AND TRUSfEES OF UNGFIELD COLLEGE Oplnlon We have audited the financial statements of Lin8field College Ithe 'charitable tornpanvl for the year ended 31 August 2020 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements. Includiftg a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and Unite(l Kingdom Accounting Standards, including FRS 102 he Financial Reporting Standard applicable in the UK and Republic of Ireland~ IUnitÈd Kingdom Generally Accepted Accounting Practice). In our opinlon the ftnancial statements". give a true and fair view ofthe stateof the charitable companvs affairs as at 31 August 2020 and of its incoming resources and application of resources, includinB its income and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally kcepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We Conducted our audit in accordantè with International Standards on Auditing IUKI IISAS IUXII and applicable law. Our responsibilities under those standards are further described in the Auditorfs ￿spONsibl11t1es for the audrt of the financial staternents section of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audit of the finanual statements in thè UK, induding the FRCS Ethical Standard nd we have fulfilled our other ethical responsibilities in accordance with these requirements. We belTreve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rèlating to Boing concern We have nothing to report irt respect of the following matters in relation to whith the ISAS IUKI require us to report to you where.. the trustees. use of the goin8 COn￿rn basis of accountin8 in the preparation of the financial statements 15 not appropriate- or the trustees have not disclosed in the finanoal statements any identified material Un￿rtaIntIeS that may cast significant doubt about the charitable companvs ability to continue to adopt the goin8 concern basis of accounting for a period of at least I￿e1Ve month5 from the date when the fLnanual statements are authorlsed for issue. Other IrFformatlon The trustees are responsible for the other information. The other information comprises the information included in the Directors, and Trvstees, Report other than the financial statements and our auditorfs report thereon. Our opinion on the financi315tatements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connertion with our audit of the financial statements. our responsibility is to read the other infoTmatlon and, in doing so, consider whether the other information is materialty inconsistent with the financial Statements or our knowledÈe obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencles or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infrjrmation. If. based on the work we have performed. we conclude that there is a material misstatement of this other information. we a￿ required to report that fact. We have nothing to report in this reBard. Opinions on other matters prescribed by the Companies Act 2W6 In our opinion. based on the work undertaken in the course of the audit: the informatlon given in the Directors. and Trustee< Report and the incorporated Slrategic Report for thefinanclal vear for which the financial statements aTe prepared is consistent with the financial statements,. and the Directors. and Trustees, Report and thè Fncorporated Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by txceptlon In the light of the knowledge and understanding of the charitable company and its ￿￿ronment obtsined in the course of ihe audit, we have not identified material misstatements in the Directors. and Trustees. Report and the incorporated Strateglc ReporL Digitally signed by Helen Hunt DN: cn=Helen Hunt, o=RSM, ou=Audit, email=helen.hunt@rsmuk.com, c=GB Date: 2021.04.08 09:54:16 +01'00' UNGFIELD COLLEGE Page 13 srATEMENT OF FINANCIAL AcrivtnES {Induding Income and empendlture account) for the year ended 31 August 2020 Notes Restrlrted Unrestrlrted Totsl fund5 Total funds 2020 2020 2020 2019 Income: Donations artd legacies 4.603 4,603 2.897 Incomefrom Churitoble Artivities.. Operation of school 11.874,588 IIA74,588 12.119,725 Investment Income 452 17.579 18,031 ii,oii Total Income 452 11.8%,770 11,897,222 12,133,633 Expenditure.. Expenditure on Choritoble Activities.. Operation of School 11.350.849 11.354.449 11,070.560 Total Empenditure 11.350.849 11,354,449 11,070,560 Net income/lexpenditurel and net movemert in funds for the year {3.148} 545,921 542,773 1,063,073 Transfers betwÈÈn funds 14521 452 Reconclllatlon of lunds: Total funds brought fonvard 53,6C(I 14.475.815 14.529.415 12.957,463 Total funds carried foiward 15.022.188 15,072.188 14,529.415 The Statement of Financial Artivities indudes all gains and losses in the year. All activitie5 are classed as continuing operations. LINGFIELD COLLEGE Page 14 ALANCE SHEET As at 31 August 2020 2020 2019 FIMÈd assèts Tangible assets Investments 13,444.919 13. 867,518 10 Total Flxed assets 13,444,920 13. 867,519 Current a5sÈts Debtors Cash at bank and in hand Total Current assets 378.736 2 959 681 3,338,417 458,110 2 122 388 2.580,498 Uabllltles Creditors falllng due within one year 12 11,711,149) 11,918,602) Net Current assets 1.627,268 661,896 Totsl assets less current 15 072 188 15,072.188 14 529 415 14,529,415 Net assets The funds ofthe tharity: Unrestricted income funds Restricted Income funds 13 13 15.022,188 14,475,815 53,600 Total Charity funds 13.14 15,072,188 14,529.415 The flnancial statements on pages 13 to 24 were approved by the board and authorised for issue and signed on its behalf l Rolfe Chairman 1 April 2021 P T Samuels Trustee 1 April 2021 LINGFIELD COLLEGE Page 15 STATEMENT OF CASHFLOWS for the year ended 31 August 2020 2020 2019 Net cash provided by operating artivities 17 857.390 698,687 Cash flows from investing activities In￿￿5t income Purchase of ranw.ble fixed assets 13.098 133.195) {495,593) Cash used in investing artivities (20.097) {489.9821 Net increase in cash and cash equinlents in the year 837.293 208.705 Cash and cash equIV￿ents at the beglnning of the year 2,121388 1,913.683 Total cash and tash equivalents at the end of the year 2.959.681 1121388 LINGFIELD COLLEGE Pa@e 16 ACCOUNTING POUCIES The principal accounting tK)licies adopted, judgements and key Sour￿ of estimation uncertainty in the preparation of the financial statements are as follows-. al Basis of preparation and le8al smu5 The charity is limited by guaratrtee and has no share capital. The registered office is knngfield College. Racecourse Road. ngfield, Surrey, RH7 6PH. The khool is registered a5 a thartty undercharity number 0295598. company number 02072135. The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities prepafing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191- Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2(M)6. Thé accounts are prepared in Stefling and rounded to the nearest £. Lingfield College meets the definition of a public benefrt entity under FRS 102. Assets and liablllties are Initially fecognised at historic31 cost or transaction valve unless otherwise stated in the relevant accounting poliry note. bl Preparatlon of the accounts on a goln8concern basls The Covid-19 pandemic is unprecedented and ￿111 evolving and therefore brin85 challenges and uncertalntles, which the Trustees have considered in the'Risks and uncertainties, Section of their report on page 9. The Trustees have prepared detaiW financlal projeLtions and scenario analysis whith indicate the school can continue to operate as a going concern for a period of at least 12 mnths from the date of signing of these ftnancial statements. These projections have taken the effects of the ongoing Covid-19 crisis into consideration and mana8ement have prepared dlfferent scenarios considering changes in pupil numbefs and fees. ManaBemeTrt have considered the potential wider economic effect5 ol the crisis in formin8 these future projettions. TheTrustees are satisfied that the school is in a position to meet its Ilabilities as they fall due over the next 12 mnths from the date of S￿￿Ing of these financial statements. On this basis. the Trustees consider there are no material uncertainties about the schiK)Ys abiliry to tontinue as a goin8 concem and have accordingly prepared the financial statements on a going concern basi ¢1 Income Income is recognisefj in the period in which the School is entitled to receipt. it is probable it will be received. and the afflount can be measured. Income tsdeferred whenthe khool hasto fvlfil condition5. such asthe educatyon of a child, before becoming entitled to it. Fees consist of amounts charged for the sch￿1 year les5 bursaries. 5tholarships and discounts. dl Interest receivable Interest on funds held on deposit 15 included when receNable and the anw)vnt can be measured reliabty by the tharity; this Is normally upon notification ol the interest paid or payable bythe Bank. el Fund attountlng Unrestricted funds are available to spend on artivrf(ies that further any of the purposes of the charity. Re5tritted funds are donations whKh the donor has specified are to be solely used for bursaries and scholarships. Endowment fvnds are donated to the school to be held in perpetuity- fj Expendi￿re and irrt¢*)verabltVAT Expenditure 15 recognised once there is a legal or con5tnJttive obli8ation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. ExpenditUTe Is classified under the following attivity headings: Expendlturè on charitable actNities includesthe costs ol performances. exhibitions and gther educational activltles undertaken to further the purposes of the charity and their a550ciated support costs. other expenditure represents those ttems notfalling into anyother heading. lffecoverable VAT is char8ed as a cost against the artivity foi which the expenditure was incurred. There are no apportioned 5UPPOrt costs, all are directly allocated. UNGFIELD COLLEGE ACCOUNTING POLICIES Page 17 81 Tzn8lble Flxed Assets Fixed assets are stated at cost less accumulated depreciation. Individual items. Of projects are reviewed for capitalisation on a case by case basi5. Depreciation Ss provided at rates calculated to write off the cost of each asset. excluding land, over its expected useful life. Depreciation commences in the year in which the expenditure is incurred and a fvll yearfs depreciation charge is recognised in that year. Costs of refurbishing existing facilities are charged to repasrs and written off in full in the year In which they are incurred. The following rates of depreciation have been applied= Freehold buildings ¢￿tr SO years School equipmerlt and motor vehicles 20%- 33% straight line method Impairment of Fixed Asset.. At each reporting period end. the charrty rewews the carrying value of its fixed assets to determine whether there is any indication those assets have suffered an impairment lo￿. If an indication exists, the recoverable amount is estimated in order to determine the ertent of the Impairment10sS. h) Flxed asset investments Investments in subsidiaries are inttially measured at cost and subsequentty ffleasured at cost less any accumulated Impairment losses. The investments are assessed for impaim)ent 3t each reporting date and any impairment losse5 are recognised immedtately in the Statement of Financial Attivitie 11 Debtors Trade and other debtors are recognised at the settlement arTr)unt due after any trade discount offered. Prepayments are valued at the arnount prepaid net of anytcade discounts due. A prowsion for impaimient oftrade debtors is established when there is evidencethat the amounts due will not be collerted accordingtothe original temisof the contrart. Impairment losses are recognised in the Statement of Financial Attwities. j) Cash at bank and In hand Cash at bank and cash in hand includes cash and Short terni highly liquid investments wtth a short maturity of three months or less from the date of acqulsition oropenin8 of the dewjsit or similar account. kl Creditors and prowlsions Creditors (including fee dep05itsl and provlsions a￿ recognised where the tharty has a present obligation resulting from past event that will probably result in thetransfer of fundsto a third party and the amount due to settle the obligation can be measured or estimated reliably. Credi(or5 and provisions are nOm￿llY recognised at their settlement amount after allowing for any trade discounts due. 11 Finantial Instruments The school only has financial assets and financial liabilities of a knnd that qua14fy as basic finznoal instruments. Basic financial instruments are inirially recognised at transaction value and subsequently measured attheir settlement value. m) Penslon5 The School operates two pension schemes for tts staff. For the teaching staff. the School contributes to a multi*mployer pension scheme, the GovefflmenV5 Teachers, Pension Defifted Benefit Scheme. This 15 a defined benefit scheme, which ts externally funded. There is insuffjcient information available to use Defined Benefjt Accounting. rr is therefore treated as Defined Contribution khÈme. Contributionsto the scheme arecharged tothe Statement of Financial Attiwties 50 35 to spread the cost of pensions over employees, workin8 lives with the khool in such a way that the pension cost is a substantially level percentage of current and future pensionable payToII. The contributions are dètermined by qualified artuaries on the basis of triennial valuatlons using the quinquennial valuations tF5ing a prospective benefit method. Contributions are reco8llised in the period to which they relate. Differences between contributions payable and amounts actually paid are slwjwn either debtors or creditors. For the non-teaching staff. the School operates a defined contributiOFt s(heme the contributions to whtch are charged to the Statement of Financial Activities in the year in which they are paid. n) Leases Rental paid under operating leases are charged tothe StstÉ¥hent of FTrnanctal Activtties as incurred. on a straight-line basis. ol Con5011dation Lingfield Colle£e is exernpt from the iequirements to prepare group accounts by virtue of sett￿)n 405 of the Companies Att 2006. These financial Statements rherefore present information atK)ut the charitable company a5 an individual underraking and not as a group. The Charities SORP allows for a subsidiary to be exduded from consolidation when its inclusion is not material for the purpose of givin8 a trve and fair view. In the opinion of the Trustees. the results and net assets of ￿ngField College International Limited are not material in this context and therefoie consolidated accounts have not been prepared. Detai15 of the subsidiary are given in note 10. LINGFIELD COLLEGE Page 18 NOTES TO THE FINANaAL STATEMEpirs for the year ended 31 AugLFSt 2020 Income from donation5 and1È8acies 2020 2019 Donation5 Income frorn donations and legacies was £4,603 {2019: £28971 of whi¢h £4.603 was unrestrirted12019: £2,8971 and £nil was restricted12019'. £nill. Income from tharitsble actlvltle5 2020 2019 Tultlon fees net of burs3ries. scholarships and discounts egistration fees Fees in lieu of notice Catering School transport Government Job Retentlon Bonus Scheme Outings, trips, activtties and other income 11,C65.579 22.81XJ 67.031 17,275 105.090 238.031 358.782 11,400,361 26,650 33.913 18,443 146,306 494,052 li Income from charitable activities wa5 £11.874.58812019: £11119.7251 of which £11,874.588 was unrestricted 12019.. £12.119,7251 and £nil was restricted12019- £nill. Imie5tment Income 2020 2019 Interest income Rental income 13.098 4,933 5,611 5,400 li Investment income was £18,03112019.. £11,011) of whith £17.579 was unre5tricted12019'. £10,561) and £452 wa5 restTirted12019.' £4501 4 Analysls of expendltuTr on tharItsb￿ artivitles Staff Costs other costs Depreaation Total 2020 Total 2019 Teaching costs Premise5 Costs Catering School transport Administration 6.476,526 350,992 1.021,668 1.059.972 562,367 242.814 4CKI.392 69.101 349.896 8.631 7.567,295 1.760,860 570.998 242.814 1.212,482 7.261,2tx) 1,715,378 689.896 295.600 1,108.486 783,924 28.166 Expenditure on charitable actiwties was £11.354.44912019'. £11.070.5601 of which £11,350,849 was unrestricted12019.' £11,070.5601 and £3.6CQ was restrirted12019: £nill. Support Costs are directly allocated to the cost centre whith they relate to. UNGFIELD COLLEGE NOTES TO THE FINANCIAL STATEMETrITS for the year ended 31 August 2020 Page 19 Net Income for the year This is stated after tharging.. 2020 2019 Auditorfs remuneration Depreciation on owned assets Operating lease 15,9XJ 455,794 21,667 11,900 491,987 21.667 Analysls of staff t05ts. Trustee remuneration and expenses and the t05t of key management personnel The related costs were: 2020 2019 Wages and salaries Social security costs Pension contributrons 5.999,337 569,771 1.042,334 5.821.509 542,401 718,366 Pension costs are allocated to activitles in proportion to the Telate(I staffing costs incurred and are wholly charged to unrestricted fund5. Pension contributions include an amount of £120.24812019= £84,389) in respect of the hÉgher pard employees disclosed in the bands below. These are the only higher paid employees to whom retirement benefits are a¢cruinÈ under a defined benefit scheme. The number ofemployee5 where emoluments exceeded £60,￿￿] were: 2020 2019 £60,000- £70.000 £70,001- £80.000 £120.(Y)1- £130,C The key management personnel of theschool comprise the Trustees, the Head Teachers, Finance Manager, Deputy Head Ipastoiall, Deputy Head (Academic). Deputy Head Ipfep school). Deputy Head (Foundationl. Assistant Head, Or8anisation & Development Manage¥. Head of Sixth form and Director of Sport. The total employee benefits of the key management personnel of the School were £1.066.21512019: £956.5761 rndudin8 employer's NIC paid in the year of £90,30112019: 87.1111. TheTrustees were not paid and did not re￿iVeanY otherbenefft5from the School in the yearl2019.. £nill. Th￿eTrusteeS were reimbursed expenses of £90 in relation to travel during the year,12019.' £1971. No trustee recetved payment for professional or other servi￿5 supplied to the School12019.' Enil). Stsff num￿r$ The average monthly head count wa5 203 Stsff12019: 2(Kl staffj. The average weekly number of fvll time equivalent employees during the year was 15312019- 1481 made up as follows= 2020 2019 Teaching and teachinB support Administration Premises 122 23 118 23 153 UNGFIELD COLLEGE Page 20 NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 August 2020 8 Corporation Tax The charity is exempt from tsx on income and 8ains falling within section 471 to 489 of the Corporation Tax Act 2010 or section 252 of the Taxation of CharBeable Gains Act 1992 to the extent that these are applied to its charitable objects. Tangible fixed assets Freehold land and 5ch¢xil buildings equipment Motor vehides Total Cost or valuation As at I September 2019 17.327.165 3.619,615 126.525 21.073,305 Additions 33.195 33,195 As at 31 August 2020 17.327.165 3,652.810 126,525 21.1(￿,5 Depredatlon As at I September 2019 Charge for year 3.761,857 3,328.341 339.381 111,425 115.589 7,205.787 4,988 455,794 A5 at 31 August 2020 4.101.238 3.439,766 120,577 7,661.581 Net Book Value 31 August 2020 13.225.927 213,044 5,948 13,444.919 31 August 2019 13.565.308 291.274 10,936 13,867,518 On an historical cost basis the freehold property would have been induded at.. 2020 2019 Cost 16,877.164 16,877.164 Aggregate depTeciation 3,966,238 3.626,857 On adoption of FRS102, the cost and valuation of freehold land and buildin8s was t￿ated as deemed cost. Expendlture Sin￿ that date has been included at cost. io Investments The charity holds l share of £1 in its wholly owned subsidiary company knngfield College International Limited which is incorporated in the United Kingdom. The registered office of Lingfield College Intert)ational Limited is Racecourse Road. Lingfleld. Surrey, RH7 6PH.These are the only shares allotted. called up and fully paid. The results of Lingfield College International Limited are not consolidated, as noted In the accounting policies. li Debtors 2020 2019 Due within one year Fee debtors Prepayments and accrued income other debtors 67,453 252.742 58,541 145,756 264.967 47,387 li LINGFIELD COLLEGE NOTES TO THE FINANCIALSTATEMENTS for the year ended 31 August 2020 Page 21 12 Credltors 2020 2019 Amounts falling due within one year Trade creditor5 Taxation and social security costs Other creditors Accruals and deferred income 165.994 142,736 653,920 748.499 243,573 132.038 629.006 913.985 1.711,149 1,918,602 Uoyds Bank pl¢ hold a charge secured upon the charitable companYs freehold property. This is to secure the bank's posttion in the event of the company holding an overdraft. Deferred Income Deferred Income movements are as follow5 2020 2019 Balance ès at I September 2019 Released in the Year Deferred in the year Balancè a5 at 31 August 2020 803,159 1.535,386 1803,1591 11.535,3861 633 467 Deferred income relate5 to school fees for the Autumn term £617k12019- £165kl and fvture terms £16k 12019.. E38kl 13 Analysls of charltable fvnd5 2020 Balance at i September 2019 Balano at 31 August 2020 Income Expenditure Transfers Unrestrlcted funds General fund 14.475.815 11.896.770 111.350.8491 452 15.022,188 Re5trlcted funds LPA SSND Endowment 13.6fKII 50,(M)O 452 1452} 50,CK)O Total funds 14.529,415 11.897.222 111.354,4491 15.072,188 2019 Balance at I September 2018 Balance at 31 August 2019 Income Expendtture Transfers Unfèstrlcted fvnds General fund 13.412.742 12,133,183 111.070,560} 450 14,475,815 Restrlrted funds LPA SSNO Endowment 3,600 SO.¢ 450 14501 So,￿0 Totsl funds 13,466.342 12,133,633 111.070.5601 14,529,415 LIIYGFIELD COLLEGE Page 22 NOTESTO THE FINANCIAL STATEMENTS for the year endeil 31 August 2020 Analy5T5 of charltable funds IcontinuÈdl The School &sters of Notre Dame Trust Fund I'SSND'I restricted income indvdes thè income earned on the initial capital investment and other amounts which are to be used for bursarie5 and scholarships. The School Sisters of Notre Dame Trust Fund Endowment Fund is the initial capital r￿1Ved from The School Sssters of Notre Dame Trust Fund to be held as an investment to produce future income for future scholarships and bursaries. The transfer from the restricted funds to unrestricted funds is to recogni5e the utilisation of the SSND fund against bursaries and scholarships granted. 14 Analysis of net assets between funds 2020 Unrestricted Funds Restricted Funds Total Funds Fixed Assets & Investments Debtors Cash at bank CreditOTS 13,444.920 378.736 2.9)9.681 {1,711.1491 13,444.920 378.736 2,9S9,681 11,711.1491 TOTAL FUNDS 15.022.188 15,072,188 2019 Unrestrirted Funds Restrirted Funds Total Funds Fixed Assets Debtors Cash at bank Creditors 13,867,518 458,110 2.(￿8,789 11,918.6021 13,867,518 458,110 2,122.389 11,918,602} 53,600 TOTAL FUNDS 14.475.815 53,6CN) 14.529,415 Is Commitment5 under operatlng leases The total future minimum lease payments under non-cancellable operating lease$ are as follows: 2020 2019 Within one year Within two to five years 36,167 46,756 21,667 38,215 82,923 59,882 UNGFIELD COLLEGE NOTES TO THE FINANCIAL STATEMEpirs for the year ended 31 Au8USt 2020 Page 23 16 Penslon commitments Teachers. Penslon Stherne The School participates in the Teachers, Pension Scheme 1.the TPS"I for its teaching staff. The pension charge for the year includes contribution5 payable to the TPS of £947.27312019'. £631,631) and at the year-end £Nil 12019 '. £Nill was accrued in respect of contribution5 to this scheme. The Teachers, Penslon Scheme ITrSI is a statutory. contributory. defined benefit scheme, govemed by the Teacheis. Pènsions 2014. The TPS is an unfunded s¢heme and members contribute on a 'pay as you go, basls- these contributions alon8 Wlth those made by employers are credited to the Exchequer. Valuatlon ofthe T¢¥the￿ Pension Sdseme The Government Actuary. Using normal attuarial principles. conducts a formal actuarial rèview of the TPS in accordance with the Public Service Pensions Ivaluations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is t05pecify the level of future contributions. Actuarial stheme valuations are dependent on assumpt40n5 about the value of future costs. design of benefjts and many other fattors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Sèrvice Pensions (Valuations and Employer C05t Cap) Directions 2014 ex￿pt it has been prepared following the GovernmenV5 decision to pause the operation of the cost control mechanisms at the time when le8al challenges were still pending. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are.. Total scheme liabilities for service {pension5 currentty payable and the estimated cost of future benefits) of £218 billion Value of notional assets lestimated future contrlbutions together with the proceeds from the notional investments held at the valuatlon datel of £196 billion Notional past seThice deficit of £22 billion Discount rate is 2.4% in excess of CPI As a result of the valvation, new employer contribution rates were set at 23.68% lincluding a 0.08% administration lewyl of pensionable pay from September 2019 onwards Icompared to 16.48% during 20191201. The next valuation resvtt is due to be implemented from l April 2023. Natlonal Employment SavlngTrust {NEsr) For non-teaching staff the School contributes to a defined contributions pension scheme. throvgh the Governrnenys National Employment SavFn8 Trust INEsll. The pension cost charge represent5 contribution5 payable by the Sthool and amounted to £75,31812019.' £71.5331. Pension contributions totallrn8 £5,70312019- £2.2801 were outstandin8 at the year end and are induded In creditors. Other personal pension scheme The School contributes to another personal pension stheme for 3 members of staff. Thls is a defined contributions scheme administered by an independent company. The sthool's contribution to this fund was £19.74412019.' £15.2021. UNGFIELD COLLEGE NOTESTO THE FINANCIAL sfATEMETr¥f5 for the year end￿ 31 August 2020 Page 24 17 Rècondllation of net movement in funds to net tash flowfrom operatlry actF¥ttles 2020 2019 Net movement in funds Adjustments for: Interest re￿Ived Depreciation IncreasellDecreasel in debtors IDecreasel in creditors 542.773 1.063.073 113.0981 455,794 79.374 1207.4531 15,6111 491,987 199,5041 1751.2S81 Net cash inflow from operatin8 activilies 857,390 698,687 18 Related Party Transact￿n$ LinBfield College International Limited is a wholfy owned subsidiary company. R Bool & A Brassett are Directors of the company and are Head Teacher and Head of Finance respedively within Lingfjeld College. There were no trafis3Ctions between the fvdo entities during the year. 19 Post 8aEance Sheet Events The Covid-19 outbreak occurred during the financial year end and has had an oper3tTronal impact on the School since mid-march 2020. The school results for the year ended 31 August 2020 and those for the year to 31 August 2021 have been impacte(I by the continuing lockdown 5iluations where Schools remain closed to most children. The Trustees will conlinue to monitor the impact of the pandemic on the forerd5t results. At present, it is considered that appropriate measures are being undertaken in respett of fees discounts offered durin8 thi5 period while Still maintaining an ability to continue to teach students to the same high standards.