The Council of Milton Abbey School Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 August 2020 *AA5DCAND' 27105r2021 COKIDANIES HOUSE A22
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Compiny No 00532474 Registered Charity No 306318
Conter Detall Page Governors, Report 2-10 Auditorfs Report 11-13 Consolidated Statement of Financial Activities 14 Consolidated Balance Sheet 15 Company Balance Sheet 16 Consolidated Cash Flow Statement 17 Notes to the Accounts 18-32 Company No 00532474 Registered Charity No 306318
THE COUNCIL OF MILTON ABBEY SCHOIX LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 Company Details Registered Chaiiiv Number.. Company Registration Nurnber..: Re8iStered Office.. 306318 (X)532474 Milton Abbey School Blandford Forum Dorset DTII OBZ Judith M Fremont-Barnes MA IHonsl MEd Matthew J Porter MA (Honsl PGCE Stephen Lane 8Sc IHons}ACA PGCE Ttacey Edwards Head-. Senior Deputy Head: Finance Director.. Head of Operation5.' IAppointed 27 Au8 20191 The Council of Milton AbbeySchool Limited is a charitable companyfounded in 1954 and isgoverned by its Memorandum and Artlcles of Association dated 12 Awil 1954. The Irdbilf(ies of tts members are limited to £1 each by guarantee. Directors and Trustees Mr l G Bromilow Chalr of Govemors.. ChairGovernance Committee. Chair of Finance & General Purposes Cornrnittee.. Lead Governor Safeguarding & Single Central Register,. Lead Governor Risk & Issue Management Chair Education Committee- Lead Governor Boarding Lead Governor Health and Safety: Mr N S 8oulton < Mr OJ H Charnbeflain QVRM TD DL MrMJMDyer Mr P W McGrath MW. Mr M C R Lefort (Appointed I Sep 20191 MrMDLNoyce Mrs J H Simm MA FCAJP I IResigned I Sep 20201 Colonel N K G Tomlin IAppointed I Sep 20191 The Reverend Canon C W Mitthell-lnnes MA'< WKe Chair: Lead Governor Flnance S(hool Wisitor& Staff Lialson Member of Finance & General Purposescommlttee MemberofGoverTh3nce Committee < Memter of Education Committee
THE COUNCIL OF MILTON ABBEYSCHOOL UMrrED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT ANDTHE D]REOR5 REPORT FOR THEYEAR ENDED 31 AUGusf2020 PROFESSIONALADWSE BANK souaTOR Barclays bank plc I Churchlll Place Canary Wharf London E14 SHP Wilsons Soliutors LLP Alexandra House Stjohn's Stoet Salisbury SPI 258 AUDIT SERMCES Ward Goodrnan Audit Services Lirnited 4 Cedar Parl Cobham Road Ferndown Industrial Estate Wirnborne. Dorset 8H217SF INSURANCE 8ROKER Marsh Commercial Casilernead Lower Castle Street Bristol BSI 3AG PURPOSE AIMS AND OBJECTIVES The company was established for the pUrSe expressed and objects contained in its Memorandum of Association. The main charitable attivity of the companyttsntinuesto be that of running an independent day and boarding school for boys and girls. Aims Milton Abbey aims to be the first choice for pat5 and pupi15 who are looking for-. A school that is small enough to have a communtty identtty where each indidual is known. valued and supported A school that is bi8 enough to offer a broad and balanced curriculum with a comprehensive and well delivered co- curricular PTograrnme A School that 15 acadernically inclusive but which sets arnbitlOU5 bvt achievable arademic targets for all its pupi15 A sthool which offers a bespoke atademic programme at Key stsge 4 & 5 designed to cater for a pupil's academic strengths and learnin8 preferences Aschool which promotes a nurturing and supportive pastoral settin8 where children are allowed to flourish as A School with a thriving full boarding offer but a150 with an attr5Ve day offer that is fully integrated into boarding life. ertive5 To achieve these aims Milton Abbey will continue to pursue Its objectives- To attrart those pupils rnost likely to benefit from. and contribute to. its small. inclusive community To maintain a broad range of traditional academic and vocational courses. complemented by a vibrant extra- urricular programme, preparing our pupi15 lor 21 Century lrfe To deliver an operating surplus each year that can be used to faolitate renewal and enhancement of the school's
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE StRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 STRUCTURE The members of The Council of Milton Abbry School Limited l-the Council") constitute the Board of Governors of Milton Abbey School. subject to the provisions of the company's Memorandum and Article5 of A550Clètion. All Governors are also Trustees and direttors of the Council. New board members are sought by the chaImTr in consultstion with other Governors in order to provide a suitable bal3nce of general experien and particular expertise in academio pastoral. legal, financial and other relevant fields. Governors are 8iven an intr¢)ductory briefing by the Chairrnan of Governors. Head and senior managers on appointment and volunteerfor further governance training through AGBIS and ISBA as required. The Charity has a wholly owned non-charitsble subsidlary, Mllton Abbey School Services rnited, with rts own Board of Director5 which includes three Governo¥s. which cornrnenced trading on 29 December 2003. The principal attNities of Milton Abbey School Services Umited arethe holding of weddings, conferences. an annual music lestival and or8anising lettin8s of the school facilities. GOVERNANC The Board of Governors turrentty has three sU0Mmrttees and other sutKomrnittees are convened as and rf the need arlses. The Finance and General Purposes Committee IF&GPI meets quarterly. with monthly reporting meetings as reouired, and takes responsibillty on behalf of the Governing 8ody. to forecast. Monitor and review all aspect5 of the school's finance5, to support the Finance Director in the management of those finances and to report on those issues to Council. The F&GP also reviews, advises and reports on infrastnjcture issues. buiklines maintenan. development. health & safety and other operational issues to the Council. The Governance Committee meets termty to rewew school governance issues and rnembetship of the Council. The Education Committee ha5 a monitorin8 and adwisory role relating to the school's academic, curricular and pastoral provision and meets once a term. RISK MANAGEMENT The Governors are responslble for the management of the ri5k5 faced by the sthLW)l. The main risk5 to which the School is exposed are assessed by Council who delegate responsibility forspecifrc risks to indiiidual committees. Those with the greatest impact and likelihood have control and mitigation ProdureS imposed and are c105ety monitored by both the Seniof Managernent Team an(J Gove¥nors. Detailed coa5ideration of specific risks is given regularly in termty review5 by the full Governing Body assisted by the Senior ManagementTeam. Risk5 are identified. assessed and controls established throughout the year. Management and rnitigation of the followin8 principal risk5 and uncertainties have been delegated to the listsd subcommittees Fallure to govern corrert Failure to educate adequaiety Failureto safe8uard pup¢l welfare Failure to maintain reputation. attract and retain pupils Major incident such as a fi in the manston ho. Regulatory non-compliance Majorfraud or financial mismanagement Wider political and economic f8Ctors Governance committee Education comrnittee All committees Go¥erning body and all committees Finance & general purposes cornmittee All committee5 Finan & general purposes tommittee Go¥emin8 b)dy
THE COUNCIL OF MILTON ABBEYSCHOOLLIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 MANAfjEMENT ThE dayto day running of the school t5 delegated io the Head, supported bythe Senior Deputy Head. Finance Director, Head of Operations and other members of the school'5 senior managernent team. who are responsible for cty)rdinating teachin pastoral and 5UPPQrt tearn5. The Head, Senior Deputy Head. Finance Direttor and Head of Operations all attend full Council meetings 3nd also attend the Govemance. Education and Finance & General Purp05e5 subcommittee meetlnes whe appropriate. The Lead Governor for Heah and Safety aitends the schoof5 Health and Safety Committee meetings held each term and the Lead Governor for SafeBuarding & Single Central Register attend5 the School's sateguarding meeting& The Senior manègemefit roles at Milton Abbey.. Head. Senior Deputy Head. Finance Director and Head of Operations are on salaries aBreed with the individuals on recruitment. The salaries are reviewed annually by Counul and adJuments tonsidered on perfomante. affordability andthe outcome of appraisal5. The key conlro15 used by the school include= formal agendas for all Sub-committee and 8oard actiwty." detailed tems of reference for all Sub-commtttees.. comprehensive strategic plannin& budgetiriB and management accountin& established organisational strurtvre and lines of reportin& fomial written polioes.- clear authorisation and approval levels. and vetting procedures as required by law for the protection of the vulnerable. PUBIIC BENEFIT The School give5 financial as515tance in the form of bursaries to parents of pupils who would otherwise be unable to attend Mihon Abbey. Durin8 ihe year, the sd)ool awarded means-tested bursaries, scholarship5. remissions and grants totalling £760.35612019.. £596.303 2018.. f 672.3361. The GO¥err)r5, policy. in line with that of other independent schools. is to make these award5 on the basis of the individual's educational potential. Awards are made out of unrestricted funds and the maio¥ity are funded from income. There is a policy to enable access and to relieve hardship where the pupil's edvcation and future prospect5 would otherwise be at risk. Duringthe year. this mechanism was supplemented by the formation of the Milton Abbey Community Fund which was established as a aCtIOn to the financial impatt of the Covid-19 pandemK. The aim of this fund is to piovide financial support to pupils who may be at risk of withdrawal from the School on financial grounds as a consequence of the pandemic. The fund received contribution5 of £58,952 during the year and grants of £13.1KXI We made with furthergrants of £17.OLNJ awarded since the year end with furthei cases under conside*ation and rewiew. The school is located in rural Dofset and has good liaison with a hxal primaryschool thatordinarily use the faciltlies èt the School on a re8ular basis. The theatre. golf course. swimrnin8 pool and other sports facilities are used by members of the local community through local 5POrts clubs and bre made available to local Schoo for prartice and fixtures. Local primary pupils are invited to masterclasses in a range of subjerts and sports. In addition. the school interacts wtth local schools on wednesday afternoons. prowding adIng prdrtice and sport acti¥ibes for primary pupils an(J makes itsfacilities available for fundraising and social events for a number of local charities. However. from March 2020 to date. necessary covid-19 risk mitigation measures reduced the extent to which the school. wa5 able to welcome local community 8roups to the school estate and it is hoped that arcumstances will be svch that these activities can recommen in the second half of 2021. The school acts in liaison with the Salisbury Diocese and through the Milton Abbey Church Standing Comrnittee in the care and day-to-day administratlon of the Church of St Mary & 5t Michael and St Branwalader. Milton Abbey, which 15 used as the school's chapel.
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 PUBLIC BENEFIT CONTINUED In furtherance of their objectives the Governors. as Charity Trustee5. have complied wth their duty in the Charities Act to have due regard to the Charity Commission's published general and relevant sub seetor guidance toncerning the operation of the Public Benefrt requirement under the Att. RELATIONSHIP WITH OTHER CHARMES The school is fortunate to have the benefit of the Abbey church as its chapel and as a resource of great Significan to the wellbeing of the school communlty, because of the beauty and historical irnportanee of the building itself and its influence ort the ethos and reinforcement of the aims and objettives of the school. The building is owned by the Dwxe5e of Sallsbury but the school contribute5 appropriately to its maintenance and the buildin8 is made freely available to the school for worship, communally and individually, and many other attivities. The school. in partnershipwith the Di¢xese of Salisbury antl the Forestry Commission. has formed the Milton Abbey Heritage Trust IMAHTI whose aims are to manage the restoration of the Abbey and attract visitors to the historic site in which the school and Abbey are situated. The Trust seeks to secure grantsto carry out restoration works on the Abbey. improve publTrc access to the Abbey and proiect the landscape. ACTIVITI AND ACHEIVEMENTS OURING THEYEAR CovJd-19 Pandemic The UK government's tovFd-19 risk miti83tion measures obliged the sthool to its site to pupils. staff and wsitorsfrom March 2020 until August 2020. For this period. the educaiion of and pastoral support to pupils continued onllne through the Milton Abbey Online Learning Environment IMOLEI. The school had made 518nificant investments in its IT infrastructure durin8 the previous two year5 and therefore had MSTeams and other remote working too15 in place and was able to organise online lesson5 and support within less than one week of the site closure. The MOLE prograrnme has been continuously improved since March 2020 and the 5th001 is now able to switch quitkly between MOLE and onsite provision as circumstances dictate and certasn a5pect5 of online learning have been fvlly incorporated into the school's ongoing promsion. Parent and pupll surveys have shown high levels of satisfaction with the school's remote learning pwovi5ion and communications. Particular care hès been given to supportingthe wellbeing and mentsl health of our students and staff during the vnprecedented challenges of the pandemic. Cornmunity events, wch a5 A55emblie5 Chape15, were broado5t live through the site closure and, with the House and tutor meetings. promoted a sense of community cohesron during remote learning. A MOLE Wellbeing Checklist was the central focus of our wellbeiftg work. with regular pastoral calls to SUPPOrt students. mental health and provide advice and support tts homtrsthooling parents. induding regular webinars on relevant topics. Academlc Results 2020 was another sutcessful year for university and further education entry with a 100% final placement rate. There was a significant InC3$e in the application rate from the previous year. rising 13% to of the cohort.. a similar rise was seen in the first-choice success rate. which reached 97%. Average A level and 8TEC points accruement either remained constant or increased underthe Centre Assessed Grades mechanism. with A Levels increasing by around a full gtade overall. and overall student performance increan8 by the equivalent of just over a full A Level grade. averaging at 120 points. equivalent to B88 at A Level. The wider national context of last svmmer ts reflected in aspects of these results. with mo¥e students choosing to continue their education in the face of inevltable uncertrdintle5 in the labourand gap year market. trlowever. the overall performance was a strong one and Tefletts growing confidence in our academic cohort. The entry profile remained as broad as ever, with students pursuing courses in various specialist art and business schools in the UK and Spain toRethp.r with other instilutiuns ranging from the University of Bristol. to ncoln. to SOAS (School of African and Oriental Studies. iondonl, and the Northern School of Film based at Leeds Beckett. Course interests We similarly broad. with the usual clusters around event manageMent, bu5ines5. real estate. and land-based studtes, but with continued growth in the fashionind_design 5ec.tors,-encompassintdiEif6frriedia, arcfiItu and interior design amongst othets.
THE COUNCIL OF MILTON ABBEY SCHOOL LIMED GOVERNOR5 REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FORTHEYEAR ENDED 31 AUGUST 2020 Curricular activities The beginning of the academic year saw development and innovation with the introdurtion of a new sublett. BTEC Fashion. in. a refurbished Fashion 5tudto,. this subject was a 5tudent-requested addition to our broad range of vocational courses. A new system to a5ses5 pupil effort and application- Commitment to Leaming Grades-was bntroduced as part of our tutoring and reporting system. The natlonal lockdown and school closure posed an unpretedented challenge to the school's curricular promsion. however the MOLE Imilton Abbey Online Learning Environment) programme, planned advance of the March 2020 site closurÈ. enabled a successful transition into the online environment. Continuity of education w35 prOded through live le550ns. a Wirtual Study Hall prOded support for puplls with a teacher always on hand throu8h the working day, and a Co-curricular programme of 35 activities wa5 provided weekly. The timetsble was modified to take into account the need5 of the students during the remote learning phase and weekly tutor and house calls enabled 5uon8 SUPPOrt of students and enhanced partnership with parents. Teachers reconfigured courses, finding (atIVe way5 to teach practical aspects of our vocational crjufses and reordering the deltvery of curriculum to enablp optimal pro8re5s. The focus was on maintaining engagement and the joy of leaining. Centre assessed grades were awarded. with Vale ltsrewelll and Viva Ilwe discu55ion5 of learning) meetings held onlirne for all Middle Sixth form leave15 and the Fifth Former5 at the end of their GCSE courses. to review their achievement and mark the end of thelr courses. in place of the usual pro8ramme of teiminal examinations. For the hrst half of the year, throughout the School and across all subjett departments. a range of artivitiÈs. trips and visitors added an exifa dimension to classroom studies. There wa5 a 5ucce5sion of musical recitals and concerrs across a wide variety of genres, from the traditional local Christmas community concert organised by BTEC Music students to digttal mu5¢C productions_ The focus forthe Drama Department was the Y9 Shakespeare in Schools Festiydl. directed by a SIKth Forni BTEC Performing Arts student. Art and Photography exhibitM)ns prOded elIent showcases of pupil talent in these subjects. Many departrnents organi5ed trip5 to 5UPPOrt pupil learning during this ar. such asvlsits to the various art galleries and deRn museums in London, Science LNe. a working trip for Countryside Management pupi15 to the Holkham Estste in Norfolk and a visit to Les Roche5 and Glion in Switierfand for Hospitality siudents. Durin8 site closu, webinars. extemal speaker5 ènd teachlne staff delivered an evening lecture serie5 attended by students. parents and wider cornmunity members. The Head's ledure series continued this year. with speakers includin8 Éntrepreneur in Residence, Charlie Bigham. who fjellved a whole school psentatIOn and buslness consuttations online as part of our annual enterprise contest. Sport and extra-curricylar The extrd-curricular prograrnme at Milton Abbey continue5 to be a core strength with 85% of all students representing the school In a competitive fixture during the year. Pupils take part in sports and activitie5 four times a weeL including traditional sthool sports such as rugby. hockey. netball. lacrosse. cricket and tennis. also an irnpressNe range of vibrant alternatives such as golf (the school has its own 9 hole golf course and PGA professional on the staffj. road cycling and mountain bikin& sailin8. clay pigeon Shooting and swimming. This year two of our pupils represented their respective counties at hockey. having passed through the rigorous England Player Pathway System. Milton Abbey 1st Xl Cricket team was also delighted to receive the Yeam of ihe Yearf award for the southern District from the Middlesex County Cricket Club's'Forry Club.. The year also saw the completion of the school's first off shore sailing programme. indvdin8 a Day Skipper Course from Poole to the Solent and a Duke of Edinbur8h Gold Award trip from Parkstone Yacht Club.
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED31 AUGUST 2020 Sport and extra-curricular Icontlnuedl We play fixtures in a wide range of sports on a strong circuit of schools and compete well. Our football scholarship scheme operated in 3550ciatiorTr with professional football acaijemy Champion Sports Group continues to attract aspiring footballers. and the progiamme has evolved since September 2019 to include both male and female students. School teams are entered into the ISFA competitir)ns at Under 15 and Under 18 I1$. ASe¥ens tour to Lisbon Pfowded a Chan for our rvgby players to compete at an intemational tournamènt. The school continues to run a successful Combined Cadet Force and a Ovke of Edinburgh'sAward programme. All Year 9 students are entered for ihe Duke of Edinburgh Bronze Award. whilst Sifver and Gold attratt significant numbers of students each year. The Combined Cadet Force is a popular and fully voluntsry actiwty, which continues to offerthe cadets a wide range of expefientes. plus the chance to achieve 8TEC public service qualificatiorts through their participation in the uniL The site closure from March 2020 saw the creation of a wde rangin8 crKurricular programme online, wth students taking part in sporting activities including cycling and runfting challenges. as well as a range of currTrculum b35ed club5. rnany of which were led by students, including History Society and the popular cooking activrties. Stvdents contributed to the leading of a number of webinar5 featuring vi51ting guests from sportin&.musical. film and hospitslity backgrounds, whtlst pupils. achievement5 in the ctrcurricular field were relebrated regulady in assernblie5 and school community events. Student5, engagement with these activitie5 Was siipported through the wmpletion of a Milton Abbey MOLE Co-currlcular Dlploma, in which pupils nominated and achieved targets based around the ROUND Square IDEALS. INAN AL REVIEW AND RESULTS F R THEYEAR The school entered into a new long terffl banking arrangement with Barclay5 Bank pk in February 2020. The 8roup now benefits from a £4.5million loan. Structu over a 25 year repayment profile together with an increased overdraft facility of £l.Srnillion. Previou5 borrowings froffl Svenka Hande15banken were repaid and the balance of the new Barclays facilitoes are available to the school as working capital and to facilitate ongoing investment in the school facilitie5 and infrastructure. These facilities have enabled the School to manage the covid-19 pandemic with Confiden and to support a numberof parents who have encOUnted financial challenges resulting in delays in meeting their fee commilrnents In recognitlon of the site closure during the summer 2020 temi. the school {edud fees charged and the financial Impart of these reductions wa5 mitigated by furloughing a number of staff who were not involved with the delivery of the MOLE programme usln8 the Coronavirus Job Reteniion Scheme anLI other cost redvction measures including a staff salary sacrifi scheme. These me35ure5 enabled the group to return a modest net operattng surplus amounting to £235,432 despite the Impatt of covid-1912019.. £144.976- 2018.. £509.979- 2017: £178.1281. This surplus was somewhat lower than budEeted but was nevertheless sufficient to enable the school to continue wwth its debt reduthon programme and to preserve a stable financial plarform from whith to manage the possible k)nBer-term financial effects of the covid-ly pandemlc. As regards the current 2020121 acadernic year. pupil numbers at the start of the year were slightly down at 20912019.. 2191 due to disruptlon to admissions activity during the summer 2020 temi consequential to the pandemic. Moreover. costs have been elevated during the current year due to necessary operational adjustments to keep pupils. staff and visitors as Safe as possible whilsr the school did not increase the level of the school fee in 5UPPOrt of its parent body. Nevertheless, the school was able to aBain budget for a srnall surplus though there was very significant untertainty regarding the operational impact of covid-19 in advance of the commencement of the year. This uncertainty crystallised in numefOUS and ongoing operational h3nge5 including a second period of siie closuie during the Lent term. However the school has been able to navfjgate these challenges successfully to date and is on target to finish the year with a small surplus.
THE COUNCIL OF MILTON A8BEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 FACILITIES DEVELOPMENT AND FUTURE PLANS The school takes è balanced approach to the caie of the fabric of the site and the requirement for ongoing enhancement and development of new facilrties. Through cost-effective and high quality rnaintenaThce support services we aim to sustaSn and enhance the facilities at Milton Abbey for the benefit of pupil< education. weffare and wider developrnent taking careful ccount of cost and using a mix ol self-help and contractor support. We have also addressed the need fw strategic development of the site through establishment of an Estate Development Plan as a framework to provide for the accornmodalion. exlra-curricular and academic facility requirernents forthe sthool. now and for the future. Fundraising is undertaken to supplement resources available from ¢)perating cashflowsand from external finance where appropriate. RESERVES POLICY Milton Abbe¢s policy Is that unrestricted SerVeS should not be accumulated from year to year otherthan in anticipation of an identified capital project and that. save to the extent they are required to meet the school's debt repayment obligation5. any Surpluses generated from the running of the school will be invested in developin8 its buiklin85 and inFfastructure. The school therefore hold5 limited free re5erve5. The Group's Unre5tried fund5 std at £2.346.657 (including a reYdluatw)n gain of £1.988.5921 at the year-end12019- £2,080,211). These were wholly deployed as part of the schooys premises and equipment. supplemented by appropriate working capital faulities.
TH£ COUNCIL OF MILTON ABBEY SCHCIOL LIMITED GOVERNORS REPORT INCORPORATING THE 5tRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2020 ATEMENTOF GOVERNORS. RESPONSIBILrriES The Governors Iwho are èlso directors of The Council of Milton Abbey School Limited for the purposes of company lawl are responsible for preparing the Govemors. Annual Report and the Financial Statements in accordance with applicable law and Unlted Kin8dom Accounting Standard5 (United KinBdom GenerallyAccepted Accountine prattl). Cornpany law require5 the GoveTnor5to prepa finanoal.statements for each financial year which give a true and fairwew of the state of affairs of the chariiable company and the group and of the incoming re50urce5 and application of resources. Includin8 the income and expenditure. of the charitable 8ioup for that period. In preparing these ffinancial 5tatement5, the Governor5 are required to= - selett suitable accounting policies and then appfy Ihem con5iStentty; - ob5eThe the methods and principles in the Charities SORP,. - make judgments and esEimates that are reasonable and prudent; - state whether applicable UK Accounting StandariJ5 have been followed, subject to any material departures disdosed and explalned in the financial statements,. and - prepare the financial statements on the going conrn basis unless it is inappiopriate to presume that the tompany will continue in busines The Govemors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensu that the finantial statements comply with th Companies Act 26. They are also responsiNefor Safeguarding the assets ofthe Charitable Company and the Group. and hence for taking reasonab steps for the prevention and detection of fvavd and other irregularits"es. In so far as the Governors arè aware-. there is no relevant aL[t information of which the charitable companTrKs auditor is unaware.. and the Governors have taken all step5 that they ought to have taken to make themselves aware of any relevant audit information and to e5tabli5h that the auditor is awa of that infomation. The Governors are responsTble for thp maintenance and integrity of the corporate ond financial information Ircludecl on the charitable company's website. Legislatton in the United Kingdom governing the preparation and dissemination of financial 5taiements May differ from legislation in other jurisdrttions. AUDITOR In accordance with Section 485 of the Companies Act 2W6, a resolution proposin8 the re appointment of Ward Goodman LSmited as audltors to the company wa5 Put to Governor5 and approved on 12 May 2021. The Trustee5' Report incorporating the Strategic and Dirertor< Reports was approved by the Board of Governors ofThe Council of Milton Abw School Limited on 12 May 2021. and Signed on its behalf bv.. l G Bromilow Chair of Governors io
REPORTOF THE INDEPENDENT AUDITORSTOTHE MEMBERSOF THE COUNCIL OF MILTON ABBEY SCHOOL UMITED Opinion We have audited the consolidated financial statements of Council of Milton Abbey School Lifflited and itSi¥ading subsidiary Milton Abbey School Service5 Lirnited I'the B¥oup'l forthe year ended 31 August 2020 on pages 14 to 32. The financial reporting framework that has been applied in the4r pparatIOn is applicable law and United Kingdom Accounting Stand3rd5 (United Kingdom Generalty Accepted Accounting Practi>. In our opinlon the financbal statements= give a true and fair wew of the state of the group'5 affair5 as at 31 Avgust 2020 and of its incoming resources and application of resources. includinE its incorne anlkexpendtlure. for the year then ended- have been properly prepared in accordance wth Unlted Kingdom GenerallyAccepteiJ Accounting practi.. and have been prepad in actt>rdance wrf(h the reqUirnents of the Companies Art 26. Basis of opinion We condutted our audit irn accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further de5tribed in the Auditors respofjsibilities for the audit of the financial 5taiements section of our report. We afe independent of the charitsble company in accoTdance with the ethical requirements that are relevant to our audit of the financial rtaternents in the UK. includlng the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Ouf opinion. Conclu5ion5 relatingto goin8 cOttrn We have nolhing to report tn respecl of the following matters in relation to which the1&4s IUKI require us to report to you where.. the trustees, vse of the goi concern basis of accountlng in the preparation of the financial staternents is not appropriate- or the trustees have not di5c105ed in the financial statements any identified material uncertainties that may cast signrficant doubt about the Eroup's ability io continue to adopt the going cOnrn basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. other information The trustees are re5pon5ible for the oiheT ipfoTmation_The other inforrnation CDrnPri5es the information included in the annual part, other than the linancial statements and our Report of the Independent Auditors thereon. Our opinion on the financial Statements does not cover the other information and we do not express any form of assurnnce conclusion ihereon. In connettion with our audit of the financial steMents. our responsibility is to read the other information and. in dolnK so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtsined In the audit or otherwise appears to be materialty missrated. If, based on the workwe have performed. we conclude that there is a rnaterlal mF5Statement of this other inforrnation. we are required to rewjrt that fact. We have nothing to report in this regard. Oplnion on other matters prescribed bythe Compan*s Art 2006 In our opinion, based on the work undertaken in the couise of the audit.. the Information given in the Report of the Trustees for the fi.nancial year for which the financial statements are prepared 15 consistent with the tinancial statements: and the Report of the Tru5tee5 h35 been prepared in accordancewith applicable legal requirements. li
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERSOF THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED Key audit matters The impact of COVIO-19 on the UK economy has been significant. The trustees of the group have taken stepsto address Issues arising from the pandemic and to mltigate the financial impart on the group. Asthe pandemic Spread across the UK, It became dear that the School would be required to temporarlly close its physlcal site to protert pupils. staff. visitors and due to goverrbment advice. The trustees rEactet1 by making arranKements alongside the group'5 senior management tearn forthe group to continue delivering its tharitable objettives and aims using online sy5tem5 tfntil such time as the school sr(e could be reopened safely. Where not required to deliver the school's online learning programme Of for other essential roles. a number of staff werefijrloughed using the governmenV5 job retention 5cherne. This financial assianCe enabled the trustees io redu the school fees for the summer 2020 term both in compensation for the lack of access to the schoofs physical faciif(ies and to provide fi'nancial assistance to contracted fee payers during the initial period of disruption due to COVID-19. Managernent accounts 5howthat these measures havE enabled the group to continue operating at a net surplus though ar a lower level than budgeted. The group has cornmitted long term loan facilities together with a £1.5millKJn overdraft facility that have been adequate to meet the group's working capital requivements 51nce the start of the pandemic. The trustees have arranged for the produttlon ot cashflow forecasts which indicate that existing facilitie5. together with available working capital management strategie5. will provide adequate working (apital forthe group. even in the event of Seve disrnption due to covid-19 over the next 12 months. The audit was cornpleted remotely forthe year ended 31 Au8USi 2020 in line woth the UK 8o¥ernment Coronavirus guidline5 and our audlt work was not disrupted Sn any way. We can condude that there are no other key matters associated with this audit. Mattets on which we are requlred to report by exception In the light of the knowledge and understanding of the group and its enronrnent obtained in the course of the audit. we bave not identified material misstatements in the Report of the Trtsstees. We have nothingto report in respeLt of the following matters where the Companies Act 2006 requires us to reportto ytsu if. in our opSnlon: adequate accounting records have not been kept or returns adequate for (wjravdtr have not been received from branches not visited by us,. or the fjnandal statements are tt in agreement with the acc¢Junting records and retum5,' or certaln disclosures of trustee5' remuneration specified by law are not made." or we have not receNed all the information and explanations we require for our audit. Responsibllttles of trustees As explained more fully in the Statement of Trustees Responsibilities set out on page 8, the trustees Iwho are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for belng 5atislied that they give a true and tdir wew. and for such internal control as the trustees determine is necessary to enable the ppat10Th of financial ststernents that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's abilityto continue as a going concern. disclosin& as applicable. matters related to going concern and using the going concern basis of accountSng unless the trustees either Intend to liquidate the group or to cease operations. or have no alIStiC alternative but to do so. 12
REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF THE COUNCIL OF MILTON ABBEY SCHOOL LIMITEO Our responslbllltiesfor the audit ot the financial statements Our oblectives are to obtain reasonable assurance about whetherthefinancial statemenis as a whole are free from material misstatemenL whether due io fraud or error, and io issue a Report of the Independent Auditorsthat includes our opinion. Reasonable a55urance is a htBh level of a55urance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a material misstatement when rt eMists_ Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the finanoal ststements is located on the Financial Reportin8 Council's website at vxww.frc.¢)rg.ukl3uditor5responsibilities. This destription forms part of tyJr Report of the Independent AudStors. Mr l Rodd BSC FCA FCCA (Senior Statutory Auditor) for and on behalf of Ward Goodman Audit Ser¥ices Limited Statutory Auditor 4 Cedar Park, Cobham Road Ferndown Industr¢al Estate Wimborne Dorset BH217SF Date: 13
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CONSOLIDATED"STATEMENT OF FINANCIAIAcnvinES INCORPORATING THE INCOME AND EXPENDITURE ACCOV FOR THE YEAR ENDED 31 AUGUST 2020 Endowed RestrKied Unrestricted Toial Total 2020 2019 Income Donations. grants and legacies 3.265 437,261 440,526 42.096 Income from charilable activ(ties,' School fees 6.550.596 190.865 6.550,596 190,865 6,912,928 319,513 other eflucational Income 8iomass bateS 43.721 43,721 71,713 Income from generated funds- Non ancillary trading income 26.949 26.949 243,589 Investment Income 33.842 33,842 37.622 Yotsl Income 3365 7.283234 7.286.499 7.627.461 Expenditure Costs of raising funds.. Non anollary trading expendÈture Fundrnising costs Financing costs 130,6061 I30,) 1109,7001 1931 IS63.6491 1427.2821 1427,2821 Expenditure on chafltable activities; Education and grant making Bad and doubtful debt provisioning 16.172.581) 1420.5681 16,172.6111 16.664.303) 1420.5681 1144.7411 Total expenditure Net income lexpenditurel prè prowsionin Net income lexpenditurel 17.051.037) 652,765 132.197 17A151.0671 . 17.482.486) 656,IXKI Z89,717 235A32 144.976 3.Z35 3.235 Transfers between funds Net movernent in funds Total funds brought forward Total funds carried forward 134,2491 131.0141 361A64 330.450 34.249 266,446 2,OBO,ZII 2,346.657 235.432 2,554,533 2.789.965 144,976 2.409,557 2,554,533 15.16 15.16 112.8S8 112,858 All incomè and expenditure are derived from continuing attivit. There is no differell belween the Ststement of Financial Activitte5 and the Income and Expenditure Report. Company No 00532474 Registered Charity No 306318 The notes on pages 18 th 32 form part ofthese accounts. 14
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 AUGU5T2020 2020 2019 Nott5 Fixed Assets Tangible assets io 11.478.946 11.556.051 CurrentAssets siocks li 47.295 271,451 182,945 50¥691 45.714 283.769 447.241 776.724 Debtors Iz Cash at bank and in hand Creditors: Amounts falling due within one year 13.358.347) 13,592.0391 Net Current ILiabilitiesl l AMets 12.8S6.6S61 {2.815.3151 Total Assets le Current liabilities 8.622,290 8,740,736 Creditors: Amounts falling due after rnore than one year 14 15.832,3251 16,186.2031 Net Assets 2.789,965 2,554.533 Financed By.. Funds Endowed Restricted Unrestricted Revaluation (forms parr of unrestrfcted funds) Totsl unrestricted 15.16.17 112,858 330.450 112.858 361,464 358.06S 1.988.592 91.619 1.988.592 2.346,657 2,789.965 2,080.211 2,554,533 These accounts were approved and authorised for issue bythe Board of Governor5 on 12th May 2021 and signed on its behalf bv.. Mr l G Bromilow Chair of Governors Cornpany No 00532474 Reeistered Charity No 306318 The notes on pages 18 to 32 forrn part ofthe5e accounts. 15
THE COUNCILOF MILTON ABBEY SCHOOL LIMITED COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Notes Fijred Assets Tangible assets Investment in subsidiary io 11.472,058 11.547,648 IIA72,059 11.547.649 Current Assets Stocks li 47.295 269.577 174,777 45.714 279.048 418.052 742,814 Debtors Iz Cash at bank and in hand 491.649 Creditors: Amounts falling due within one year 14.170.663) 13,550.7271 Net Current ILlabilitie51 l A55ets I379.014) {2.807.9131 Total Assets le55 current liabilitie5 7.793.045 8.739,736 Creditors: Amounis falling due after more than one year 15,003.7701 16,186,203) Net Assets 2.789.275 2.553,533 Finan¢ed By.. Funds Endowed Restricted Unrestricted Revaluation (forms part of unrestricted reserves) Total unrestricted 16.17 112.858 330.450 112,858 361,464 3S7.375 1.988,592 .619 1,988.592 2.345.967 2.789.275 2,079,211 2,553.533 These accounts were approved and authorised for issue by the Board of Governors on 12th May 2021 and sSgned on Its behalf by.. Mr l G Bromilow Chairman of Governors Company NoOO532474 The notes on pages 18 to 32 forwn part of these accounts. Registered Charity No 306318 16
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT ASAT31 AUGUST 2020 Note zozo 2019 Net cash flows from operatingactivitiÈs Interest paid 865.992 1427.2821 1.493.599 1563,6491 Cash flows from investing artivotles Purchase of equipment Disposal of property Interest received 1143,1171 150 33.692 1221,2091 20,967 32,030 Net cash flow5 from in¥esting acliMtie5 1109.2751 1168,2121 Cash flows from finan¢inR activltks Repayment of borrowings Repayment of borrowings under finan¢e Itase New borrowings under finance lease New loans raised Income from fee arran8ement schemes utillsed fee arran8ement schemes 14.535.3) 120.2221 154.OLK)I 4,500,(K)O 125,1)03 1,125,288 11.484.677) 11.385.639) 114,9641 178.848 Net Cash flow5 from financing a(ti¥ibes 11.469,1961 196.467) Net intreaselldecreasel in cash and cash e4uNalents 11.139.761) 665,271 Cash and cash eqvlvalents at the beginning of the year 447.241 1218.0301 Cash and cash equivalents atthe end of the year 169Z,5ZOI 447.241 Reconciliation to cash at baftk and in hand: Cash at bank and in hand Bank overdraft5 182,945 1875,4651 447.241 Cash and cash eguwalents 1692.S201 447241 Company No 00532474 Registered Charity No 3C6318 The notes on pages 18 to 32 form part ofthese accounts. 17
THE COUNCIL OF MILTON ABBEYSCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 I ACCOUNTING POUCIES al Legal form These accounts present the consolidated information of The Council of Milton Abbey School knmited. a registered charity 13063181 and a limited company incorporated in England and Wèles ICrf)S324741 and its Whol owned subsidiary. Milton Abbey School Services Limited, a limlted company Incorporaied in England and Wales1043387711. Both entlties have the same regISted office- MIOn Abbey School. Milton Abbas. 81andford Forum, Dorset DTII OBZ. bl Accounting convention The financial statements have been prepared in awjrdance with Accounting and Reporting by Charities= Statement of Recommended Practtce applicable to charitses preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeuive l January 20151- (Charities S()RP IFRS 10211, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20C6. Under FRS 102. the charitsble company is a public benefir entity. cl Going concern The fjovernors have presented a business plan incorpoF3ting foretastfinancial information throueh to 31 August 2022 that reflects their viewthat the finanrlal sratements can be prepared on a eoin8 cOnrTh ba51& dl Basis of consolidation These accounts consolidaie the School and its subsidiary undertaking Milton Abbey School Semces Limited to 31 August 2020. all inter group sales ènd profits have been eliminated on consolidation. The Group ha5 taken advantage of section 408 of the Companies Att 2C¥J6 by not providtng a separate statement of financial actlvities forthe subsidiary. Net incoming resources attributable to the subsidiary a £nil12019- £145kl. el Tangible fixed assets Tangible fixe¢J assets otherthan freehold land and buildings are measured under the cost model. freehold land and buildings are measured under the revaluation moLlel. Items below £500 are not capitslised. No depreciation is provided in respect of freehold land. Depreciation of other tangible aS$S is chaoed by annual instalments at rates estirnated to write off their cost or valuation less any residual value over their expected vsefJl lives. Depreciation is not charged in the year of 3cqui51tion. The rates used to estimate these lives are.. - Freehold buildin8s Iheld for the charivs usel 0% to 20%stialght line Fixtures. fittings and equipment 5% to 33% straight line Depreciation 15 calculated on a comts"nation of the written down value and straight line basis depending on the most appropriate method for the respective asset or group of assets. During the year to 31 August 2017 properties were revalued. resulting in a gain on revaluation of £1.608,311. The trustees consider the market value to be at least equal to the future residual value of the property and therefore the property will not be depreoated further. This will be re8ularty ewed. Company No 00532474 Re@tered Charity No 306318 18
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 I ACCOUNTING POLICIES Icontinuedl l) Stocks Stocks are stated at the lowei of cost or net realisable value. Bl Fees and similar income Fees CeiVable a stated after dedurtlng bursaries. scWarships an(J other remissions granted by the School, but include contrlbutions received-frorn Restricted Funds for Scholarship5 and Bursaries. Where fee5 are paid in advance. the incorne is deferred until the term to which it lates. These deferred amounts3 shown on the balance sheet wr(hin creditors.. amounts falling due within one year and in rnore than one year. h) Pension costs The School contributes to theTeachers' Pensitin Scheme. a multi employer defined benefit scheme at the advised rates. The School's contributions to the scheme are charged in the accounts as they accrue_ The School also contributes to personal pension sthemes or to an occupational musti ernployer defined contribution scheme for non-teaching staff. The latter is administered by The Pensions Trust and the School contributes at rates set bythe Trust. Contributlons payable for the year are charged in the accounts as they accrue. In accordance th section 28 of FR5 102. the defined benefit schemes are accounted for as delined contribution schemes, as they are both multi ernployer schemes and it 15 not possible or approp¥iate to itjentify the assets and liBbilitie5 of the schemes which are attributable to the School. l Resources expended Expenses are charRed Èo the statement of financial acliwtbe5 on an accnjals basis. Expendrture is allcKated to lunctlonal headings either on a diTect t05t basis or apportioned accordingto time spent. Costs of generating fund5- include all fund raising and finanang 5VPPOrt Costs. Charitable attivities- include all costs relating tothe provision of educatw)n and running of the School. Govemance costs- include audir fees and Governors. expenses. The irrecoverable elemerÈt of VAT 15 included wth the item orexpen5e in whKh it relate& jl Voluntary incorne and government grant5 Donation5 received forthe general purpose of the Scht)ol are credited to unre5tri¢ted funds. Donations for purposes restricted by the wishes of the donor are taken to restsirted funds. Government grants shall be recognised on the Statement of Financial Activities on a systematic basis over the periods in which the entity recognise5 as expenses the related costs for which the grants ore intended to compensate. kl Funds Restricted fund5 comprise income funds subject to restrÈctions arising either from the donorf5 wishes or the term5 of a particular fund raislng initiative. Unrestritted fur5 comprise the School's Beneral funds. which are expendable at the discretion of the Governors. Expendable endowed funds comprise income funds arising from a charitab Trust. The capital of the funds cannot be spent without GDvernor approval. Income arising on the endowment fvnd (called Foundation Fund) is treated as restrlcted Income in the School. Company No 00532474 Registered Charity No 306318 19
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIOATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDE031 AUGU5T2020 I ACCOUNTING POUCIES Icontlnuedl il Taxation The School is a registered tharity and as such is entitled to certsin tsx exemptbons on surpluse5 on any tradin8 artivities (arried on in furtherance of the School's primary objectlves. ml Operating leases Rentals payable under operating12ases are charged to the ststement of financial artiwts on a straight line basis over the period of the lease. nl Grants and bursaries Grants and bursèries from restritted funds are included as expenditure in the period for which the award Is given. Bursaries and allowances from unrestrirted fundstowards School fees are treated as a redurtion in those fees. ol Recognition of assets Trade debtors, other debtors, intercompany debtors and %uued income are recognised at the settlement amount due after any trade discounts have been offered. Prepayments are valued at the amount prepaid net of any trade discount due. pl Recognition of liabilities Credilors and provisions are recognised where the School has a present obligation re5utting from a past event that will probably result in the transfer of fund5 to z third party and the amount due to settle the obligation can be measured or estSmated reliably. ql Fixed a55et valuation The Mansion House. xhwl buildings. land and staff accommodat were valued on 23 August 2017 at E9.1m. rl Grant making Thi5 year. the value tsf scholarships. grants, prizes and other awards madeto the schoofs pupils out of unrestricted funds totalled £760,35612019.. £596.3031. The Governorfs policy. in line with that of other Independent Schools. is to make these awards on the basis of the individuafs educational potential. The is a policy to relieve hardship where the pupils. education and future prospects would otherwise be at risk. 5ubjett to the particular conditions imposed by the original donor where the award is out of restricted funds. 51 Reserves The Group's uftrestricted funds stood al £2.346.657 at the year end12019.. £2.080.2111 (including a revaluation reserve of £1.988.S9212019= £1.988.5921. The Governors consider that free reserve5 of approximately £1 million or months, expenditure are desirable in order to cover the risk and uncertainties of operating as an independent e(lucational establishment. The policy is therefore to mana8e the school such that reserves at this level are maintained. Company NO 531474 Registered Charity 140 3318 20
THE COUNCILOF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CON50LIDATED ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 I ACCOUNTING POLICIES Icontinuedl In the application of the company's accounting policies. which are described above, the direttors are required to make judgements, estimates and assumptions abCrt the carryin8 amounts of assets and liabilitiesthat are not adI1¥ apparent from other sources. These estimates and associated assumptions a based on historical experience and other fattors that are considered to be relevant. The estimates and underlying assumpiions are reviewed on an ongoing basi5. Revislonsto accounting e5tirnate5 are recognised in the period in which the esiimate 15 rewised if the revision affects only that period or in the period of the rslon and fure periods if the 1$10n affects both current and future period5. The following paragraph describes the critical ju(Igements, apart from tlTrose involving Èstimate5 (dealt with separately below). that the directors have made in the process of applying the company's accountin8 policies and that have the most Sl8nffjKant effett on the amounts recognised in the finanoal statements. The only Significant judgement relatesto the provision of bad Llebts. The following are aaS th* are consideied to be key sources of estimation uncertainty. L15elul life and residual values of tangible fixed assets. The carrying value of tangible fixed assets at 31 August 2020 ts £11,478,94612019.' £11,556,051). ul Financial instnjments Basic financial liabilities. including trade and other payables. bank loans, and loans from group companies a InStlally recognised at transartion price. Financial liabilities due in more than one year are initially measured at transaction price and subsequently measured at amortised cost using the effectwe Inte$t method. Financial liabilities constltutln8 financing transactions are initially rneasured at the present value of the future payments discounted at è market rate of interest. De-reco8nition of financial assets and liabilities. Financial assets and liabilrties are derecognised when the charity's contrartual rights or obllgatlons expire or are dlscharged, transferred or cancelled. Financial instnjmenis a recognised In the balance sheet when the company become5 party to the contractual provisions of the instrurnent. Basic financial asset5.' Basic financial assets. which include trade and other receivables and cash and bank balances. are Inliialty measured at transaction price inclvdin8 iransartion costs. Financial assets due in more than one year are subsequently carried at arnortised cost using the effettwe interest method vnles5the airangement constitutes a financing transaction, where the transattion is measured at ihe present value of future receipts discounted at a market rate of interest. Cctrnpany No 00532474 Registe a)arity No 306318 21
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2020 2 NETINCOME 2020 2019 This is stated afterchargin8 the followin8'. Depreciation-owned Auditorfs remuneration 264.890 15.275 1.905 427.282 7.667 44.445 246,059 14,975 1,860 563,649 Audit other services Interest payable Loss on disposal of assets Operating lease charge5 59.SSI 3 INVESTMENT INCOME 2020 2019 Gain on sale of fixed assei Interest and charges levied on late school fees 5.592 32.030 37,622 33.692 33,692 4 STAFF NUMBERS AND COSTS The average number of persons Ifull time equivalentl. excluding Govemors and visiting staff. including part-time staff. employed by the School during the yearwas as follov4s.'_ 2020 2019 Teaching staff Adrnini5tration staff 51 56 25 24 Maintenance staff Domestic staff li 12 24 30 iii 122 The aggregate payroll costs of these persons were asfollows=. 20ZO 2019 Wages and salaries Social security costs Pension contributions 3.297.696 29J.642 433,750 4.022,088 3.?23,817 325.885 326.759 4,376,461 Included irb the above figures is £nil in respect of severnnce and redundancy payments12019.. £97.7661. Durin8thE year the Governors received £Nil12019= £Nill MUneratIon and no retint benefits were accruing. Governors ceived relmbursed out of pocket expenses of durin8 ihe year of £98012019= £1071. Durin8 the year employees. salaries in excess of £60.OCX) were in the ranges." 2020 2019 £60.001- £70.OCXJ £70.IJ)1- £80.ocIJ £80.1J)1- £90.000 £9C>,CM)i- £iOO.000 £ioo.¢J)o- £iio.rxJo Contributions of £38.49212019= £31.0801 We made to pen&on schemes in SpeCt of the above higher paid employees. 22
THE COUNCILOF MILTON ABBEYSCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31AUGUST 2020 4 STAFF NUMBERS AND COSTS Iconknnuedl Key management personnel salaries for the year tOtald £484,06212019.. £549.0901. The Governors consider the key mana8ement personnel during the year to be; Headteaeher- Judtth Fremont-Barnes Senior Deputy He3d- Matthew Porter Finance Director- sieve Lane Head ol Operations- Tracy Edwards Deputy Head Pastoral- Ruth Butler Deputy Head Academic- Stephen Phillips Deputy Head Co-Curricular- Chris 8arnes Head of Admissions- C13ire Low S SCHOOL FEES 2020 2019 Fees receivable consist of= Gross fees Les5 bursaries, scholarships and rernissions 7.407.348 1856,7521 6,550.596 7.693.085 1780,1571 6,912,928 £420.58612019." £144,7411 has been provided for as irrecover3tAe trade debts. 6 OTHERINCOMÉ 2020 2019 Othereducational iTrcome'. Entrance and registration fees Extra tuition and learnin8 SUPPOrt income Tuck shop income other trading iftcome 30,166 132.776 23.563 4.360 40,689 221,291 53.332 4.201 190,865 319,513 Biomass income.. Rebates for renewable energy overproduction 43.721 71.713 43.721 71.713 Non ancillary trading income: MASS trading income 26.949 243,589 26.949 243.589 See note IS fr)r donations Incorne 23
THE COUNCIL OF MILTON ABBEY SCHOOL IIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINVEDI FOR THEYEAR ENDED 31 AUGUST 2020 7 TRADING INCOME AND TAXAYION The School owns 100% of the £1 ordinary share capital of Milton Abbey School SeNces Limited1043387711, which offers use of the school site and faci5ities for the purpose of lettings. weddings and other commerci31 purposes, prirnarily during the school holiday perSods. It glfts itstaxable profits tothe School. Its trading re5vIts. extratted from r(s audited accounts were-. 2020 2019 Turnover C05t of sales 26.949 16.1201 243,589 159,8221 Gross profit Administrative expenses 20,829 12L1391 183.767 159,7361 Operating profit Interest receivable 13101 124.031 Profrt on ordinary activities Gift Aid to The Council of Mllton Abbey School Limlted Tax charge for year Retained profitl Ilossl for the year 13101 124.031 1124.0311 Net asset/ liabllities 13101 i.ooi During the year Milton Abbey Sthool Service5 rnited paid a totrl of £nil12019= £124,031) to The Council of Milton Abbey School mited. which induded £nil12019". £124.0311 oFEIft aided proffts. 8 ANALYSIS OF TOTAL RESOURCES EXPENOED 5tsff Otlrer Depreciation Tot?1 Total 2020 2019 Charitable Actiwties: Teachsng Welfare costs Prerni5e5 costs 1,938.859 678.631 471,355 906,462 313,630 169,436 743,652 685.696 420.568 2.332.982 264,8 2,517.379 848.067 1,215.007 1,592,158 ' 420,568 6,593,179 2,720,924 1,121.231 1,487.313 1.334.835 144.741 6.809,044 Support costs of schoolSng Provision for irrecoverable debts 3,995.307 264.890 Costs of generating fund5'. Non ancillary trading expenses Fundraising costs Financing expenses 30,606 30.606 109,700 93 563,649 673,442 427.282 457.888 427,282 457.888 Total resources expended 3.995.307 2.790.870 264.890 7.051,067 7,482.486 Durlng the ye3rtO August 2020 an amount of £15.27512019= £14.9751 wa5 paid to the statutory auditor5 for audSt fee5. 24
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUEoI FOR THE YEAR ENDED 31 AUGU5T2020 9 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Endowed Restrkted Unrestrirted Total 2019 Income Donations and legacies 33,249 8.847 42,096 Incorne from charitable activities.. School fees other edvcational income 6.912,928 319,513 6.91Z,928 319,513 Blomass rebates 71,713 71.713 Income from generated funds,. Useful life and residval values ol tangible fixed assets. The carrying value of tangible fixed assets at 31 August 2019 15 £11.556.05112018.. £11.582.4181 243.589 243.589 InvÈ5tment income 37,622 37,622 Total Incom? 33249 7.594.211 7.627A61 Expenditure Cosis of raising funds.. Non ancillary trading expenditu Fundraisin8 costs Finanang costs Expenditure on charitalJle attivities: Education and grant Man8 8ad and doubrful debt pro$101n8. 1109,7(M)I 1931 1563.6491 {109.7001 1931 1563.6491 1301 16,664.2731 16.664.303) 1144,7411 1144.7411 Total expenditure Net income (eMpendr(uI pre prowsionlng" Net Income lexpendlturel 1301 17.482A56) 17.482.486) 33.219 256,498 289.717 33.219 111,757 144.976 Tran5fer5 between funds Unreallsed gain on revaluation of fixed assets Net movement in funds Total fund5 brou8htforward Total fvnds Carried fonvard 33,219 328.245 361.464 111.757 1,968,454 2,080.211 144.976 2,409.557 2,554.533 112.858 112.858 25
THE COUNCIL OF MILTON ABBEYSCHOOL LIMITED NOTES TO THE CONSOLIDATED AccouTr¥fs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 10 FIXED ASSEfs- GROUPANO COMPANY TANGIBLE FIXED AS5ET5 Freehold Land and Byildrngs Biomass Fixtures Fittings & Equipment School Subsidiary Trading Company Group Total Total Cost At I Septefflber 2019 Additions Di5POsals 9.112.(0) 26.059 1.734.332 2.744.226 13.590.558 171.058 197.117 142,7371 142.7371 44.568 13.635.126 197.117 142,7371 At 31 August 2020 9.138.059 1.734.332 2.872,547 13.744.938 44.568 13,789,506 Oepreciatio At I September 2019 Charge for the year 0i5P05als At 31 August 2020 227,761 69,373 1,815,149 2,042,910 195,517 264,8g) 134.9201 134.9201 1,975,746 2,272,880 36.165 1.515 2.079.075 266.405 134,9201 2.310,560 297,134 37,680 Net Book Value At 31 August 2019 9.112.IXX) 1.506.S71 929.077 11.547,648 8,403 11,556,051 At 31 August 2020 9.138.059 1.437.198 896.801 11.472.058 6.888 11,478,946 The freehold land and buildings. induding the Manor House. were valued by Chrisiies on 8 October 2014 at £8tn and by Carter Jona5 on 23 Au8USt 2017 at £9.Im on an existing use basis. In 2017 3 gain on revaluatiTr) of £1,608,311 was achieved which ncreased the revaluatlon Te5erve to £1.988.S92. If freehold land and buildings had never been revalued. they would be held at depreciated historical cost of £6.556.299. Assets included above with a net book value of £1.437.198 are vnder HI Purchase a8reement12019.. £1.506,5711. The hire purchase creditor of £1,335,915 is payable. £640.367 within 5 years and £531,038 In more than 5 years. The providers of the hire purchase have first charge over the assets. 11 STOCKS Group 2020 Company 2020 2019 2019 Goods for resale 47.295 45.714 47.295 45,714 26
THE COUNCILOF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2020 12 DEBTORS Group zozo Company 2020 2019 2019 Trade debtors Prepayments and accrued income Amounts due frorn Subsidiary undertakin8 VAT Sundry debtors 86.703 181,175 139.885 141,609 86.227 181.075 135,S20 141.253 1,298 2.275 271.451 2.275 283.769 2.275 269.577 2,275 279,048 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2020 Company 2020 2019 2019 Trade creditors 212.484 1,026,965 264.360 95,900 205.036 1.026,965 13,854 122.773 349.19S 2S6.013 95.900 15,392 84,424 80,249 522 Overdraft & bank loans Amounts due to subsidiary undertaknng Other credittsrs 139.479 349.195 101.392 80.249 26.805 190,293 2,706,186 126.908 Taxalion and social security VAT Accruals and deferred income Fees in advance. pre temi fees and depOts Obli8atians underffinance lea 164,637 1,301.077 164.510 158,698 1,301,077 164.$10 185.187 2,706.132 126.908 3.358.347 3.592.093 3.342.108 3.550 727 14 CREOITORS: Amou FALLING DUE AFfER MORE THAN ONE YEAR Group 2020 Company 2020 2019 2019 Deposits Advance fee scheme Bank and other loan5 HSie purchase 298.454 379.413 124,195 4,363.21KI 4.454,100 1.170.671 1.228.495 5.832.325 6.186,203 298,454 379.413 124.195 4.454.100 1,228,495 6,186,203 4,363,2LK) 1,170.671 5.832.325 BANKAND OTHER LOANS Bank oveidrafts Due within one year Due 1-2 years Due 2-5 years Due after S yeais 875.465 151.500 95.9 181.81X) 181.800 545.4CIJ 545,400 3,636.0(KJ 3,726,900 5.390,165 4.550.ix)o 875.465 151,51J) 181.8(M) 545.4CKI 3,636,0 5.390.165 95,900 181800 545.400 3.726,900 4.550,000 27
THE COUNCIL OF MILTON ABBEYSCHOOL UMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31AUGUST 2020 14 CREOITORS: Amouiwfs FALUNG DUE AFfER MORE THAN ONE YEAR Icontinuedl As security the bank holds a legal charge dated 27 February 2020 over the freehold of Milton Abbey School, the Headmasters House. Green Walk Cotta8e and AbbeyGarden5 Cottage at Milton Abbey School, Milton Abbas. The market ¥alue ofthe security at that date was £9.1 million znd the loan represented 48% of this value. DEPOSITS Deposits are held from all studeftts and are rèpayable when they leave the Sthool at the normal age. 2020 2D19 Payable wrthln 12 months Inote 131 Payable after 12 months 255,149 298,454 553,603 49,396 379,413 428,809 ADVANCE FEE SCHEME Parents may enter into a contract to pay to the School tuition fees in advance. The rnoney may be returned subject to specifi condltions on the receipt of one term's notice. Assuming pupils will remain in the School. advance fees will be applied as follows.. 2020 2019 Within 2-5 years Within 1-2 years 50.407 73.788 124.195 2,281,317 2,405,512 Withln l year 1,045,838 1.045,838 The balan above represents the acuued liability under the contracts. The movements during the year were= 2020 2019 Balan at I September 2019 New contracts 2.405.512 2,472,857 125.003 1,318.294 11,484,677) 11.385,6391 Amounts utilised in the year 8alance at 31 AuRUSt 2020 1.045.838 2,405,512 28
THE COUNCILOF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONnNUEDI FOR THEYEAR ENDED 31 AUGUST Z020 15 RESYRICTED FUNDS {see note 161 Toby Mann This fund represents fvnds donated in order to prowde stholarships lor studerits of Mikon Abbey School. Foundatlon Fund Thi5 fund represents funds donated through the'Educatin& not just teachiftg. cafflpaign plus income from the expendable endowed funds donated in orderto provide scholatships for students of Milton Abbey School and general fundraising as515tanee. Cricket Equipment Fund This fund represents funds donated for the purchase of cricket equipment. Art Gallery and cent Fund This fund repsents funds donated for the purposes of the Art Centre. Equestrlan Arena This fund represent5fund5 donated for the purpose of the development of the eque51rian arenB. CDuntryside Mana8ement This fund represents funds donated for the purpose of developing the school's countryside management facilitfjes. Social Space This fund represents fund5 donated for the purpose of deveh)ping areas of the school to be enjoyed durtn8 social time and activities. 16 TOTAL UNRESTRICTED AND RESTRICTED FUNDS- GROUP Net in¢omingl Transfers loutgoingl Itollfrom resour$ unrestii¢ted Brought forward Incoming Resources resources expended Carried forward Toby ManTh Art Gallery and Centre CountTysidt M3naeement Equestrian arena Social space Cricket nets 73,963 122,473 126.06S 1.169 6.545 31.249 265 (301 235 74,198 122.473 126,065 1,169 6,545 134,2491 Totsl restri¢ted funds 361A64 3265 3335 1342491 330.450 Unrestricted fund5 IC¢Nnpanvl pendable Endowed Funds (Foundation Fund) 2.079.211 7,283.544 (7.051.037] 232.507 34,249 2,345,967 112.858 112.858 Total Funds (Company) Total Unrestricted Funds Isubsidiaryl 2.553.533 7.286.809 26.949 17.051.0671 127.2591 235.742 13101 2.789.27S 690 Total Funds 2,554.533 7,313,758 17.078,3261 235,432 2.789,965 29
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 16 TOTAL UNREsfRicfED AND RESTRICTED FUNDS- GROUP 2019 lcontinued) Transfers Itollfrom Brought forward Incoming resources Revjurces expended Catried forward unrestricted Tobymann Art Gallery and Centre Countryside Managefnent Equesirlan arena Soclal space Cikket nets 71.993 122.473 126.065 1.169 6.54S 1.970 73.963 122.473 126,065 1,169 6,545 31.249 31.249 31,249 Total Restricted Funds 328.24S 33249 33219 361A64 Unrestricted Funds Icompanyl Éxpendable Endowed Funds IFoundation Fund) 1.967,454 7.S94.212 17.482.456) 111.7S7 2.079.211 112.858 112.858 Total Funds (Company) Total Unrestrirted Funds lsub5idiaryl I408.557 7.627.461 243,S89 17.482.486) 1243,S891 144.976 2,SS3,533 1,000 Total Funds 2.409,557 7.871,050 17.726,0751 144,976 2,554.533 Current year and 12 month comparatt¥e5 fry unrestr(cted and restrÈrted funds Net IrKomingl Transfers loutgoingl Itollfrom resources unrestrirted Brought fowward IrKomlng resources Re50ur¢ expended CarrEed .forward Toby Mann Art Gallery and tentre Countryside Mona8ement Equestrian arena Social space Cricket nets Total Rtsthrted Funds 71.993 122,473 126,065 1,169 6.$4S 2.265 160} 2.205 74.198 122.473 126.06S 1,169 6.S4S 34.249 36.514 34.249 36.454 134,2491 134,2491 328.245 1601 330.450 Unrestricted Funds Icompanyl 1.967.454 14.877,756 114533.4931 344,264 34,249 2,345,967 Expendable Endowed Funds (Foundation Fund) 112.858 112,858 Total Funds (Companyl Totsl unstrICted Fund5 lsubsldiaryl Total Funds 408557 14.914270 114.533.5531 270,538 1270.8481 2A09557 15.184.808 114.804.401 380.718 2,789.275 690 380.718 2,789,965 30
THE COUNCIL OF MILTON ABBEYSCHOOL LIMITED NOTES TO THE CONSOLIDATED AccouNfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 17 ANALYSIS OF NET ASSETS BETWEEN FUND5 Iconsolidatedl Unrestriaed Fle¥aluatlon Restriaed Endownment Totsl Fixed assets Current assets Current liabilities Long term liabilities 9.479.816 37.907 13.358.347) 15.832,3251 1.988.592 10.538 350,926 11,478.946 501.691 13,358,347) 15,832.3251 112,858 Total assets / Iliabilitiesl 327.051 1.988.592 361.464 112.858 2.789.965 IB RECONCILIATION QF NET INC(IMINfj RE50URCESTO CASH GENERATED OPERATIONS 2020 2019 Net in¢orning resources 235,432 144.976 Adjustment for,. DepCIatiOn charges Unrealiseij gain on revaluation of fixed 355ets IProfitl/loss on sale of fixed asset Olher Investmeni income nterest paid Cash flows before movement in wwking capital 266.405 246.060 7.667 133.6921 427,282 J3,094 15,5921 132.0301 563.649 917,062 Ilncreasel l Decrease in stock Ilncreasel l Decrease in debtors Increase / IDecreasel in creditors Cash generated by operations 11,5811 12.318 147.8391 865.992 711 76.075 499,751 1,493,599 19 OPERATING LEASE COMMITMENTS At 31 August 2020. the group was committed to making the following payments in respert of operarin8 lea5e5 expirfjnB,' 2020 2019 Within one year More than I year 44,445 83,231 127.676 59,552 56,161 115,713 31
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNFS (CONTlhlUED) FOR THE YEAR ENDEO 31 AUGUST 2020 20 PENSION cosr5 The khool participates in the Teacherf Pension Scheme IEnK]and and Wales) l-the TPS-I, for its teachin8 Staff. This is 3 multi- employer defined benefits Pef15ion scheme and it is Thot Possible or appropriate to consistently idertify the liabilities of the TPS which are attributable to the School. As qUired by FRS102. the School accounts forthis scherne as if it were a defined contribution scheme. On I September 201S contribution5 were increased to 16.48% and then further increased to 23.68% with effertfrom I September 2019. Employee rates from l Awil 2015 a varying between 7.4% and 11.7%. ThE government have Set a gloss t05t ceiling for the main public service pension sthemes of 21.7% with a net cost ceiltn8 of 12.1% and an average employee contribution of 9.6%. ThE Govemment Actuarfs Department has in a report dated 9 March 2012 conduded that theTPS Agreement stheme deslgn is within this requi6 cost ceiling. This conclusion is dependent on and sensitive to the data. methodology and assumpt10ft5 adopted and further details on these are available in the full GovernmentActuarf5 report which is available on the Department for Education website. At the year-end current liabilitie5 includes £45,34712019.. £38.7661 due to the TP5 pension scheme. Contributions inc5uded in pension costs in the SOFA for the TPS stherne come to £277.1 forthe year12019.. £230.9781. Other pension 5themes The khool also contribute5 to pension schemesfor its non-teaching staff who are not member5 of the TPS which are'monev purchase. scheme5 and is to provide beneffits to members on their retiremeat. The cost for the year represents the school's contrtbutions to the schernes and amounted to E155,84912019-. £95.8011. At the year end current liabilit5 include5 £8.630 12019- £nill due to these pensron schemes. 21 REiATED PARTYTRANSACTIONS All lated party transactions during the year occurred between the charity and its wholly owned subsidiary undertakin8. Peter 8ond is the parent of a pupil who previou5ty attended Milton Abbey School. Mr Bond provided the Council of Milton Abbey School rnited with a loan of £ll)O,IXK) on 30 September 2015. Interest at the rate of 3.S% per annum was payable On the loan. The loan was repayable on 30 September 2020. but was repaid earfy on 25th February 2020. Katharine 8utler was a trustee and director of the Council of Milton Abbey khool knmited until S November 2018. Ms Builei provided the Council of Milton Abtw School Lirnited with a103n of £ll.C on 26 August 2015. Interest at the rate of 3.5% per annum was pable on the loan. The loan was repayable on 26 Au8Urt 2020, but was repaid early on 25th February 2020. During the yearthe trustees were reimbursed out of pocket expense5 of £1,45412019- £107). In addition to this duringthe year ended 31 August 2020 the trustees donated £l.(MJ) to the school12019.. £201. 32