The Council of Milton Abbey School Limited ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS For the year ended 31 August 2021 *AB4W16W)' 2710512022 COMPANIES HOUSE A07 #103 Company No 00532474 ReBiStered Charity No 306318 Contents Detatl Page Govemors, Report 2-10 Auditorf5 Report 11-13 Consolidated Statement of Financi31 Activrtie5 14 Consolidated Balance Sheet 15 Company 8alance Sheet 16 Consolidated Cash Flow Statement 17 Notes to the Accounts 18-32 Company No ￿532474 Registered Charty No 306318 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRE￿OR5 REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Company Dètails Reeistered Charity Number-. Company Registration Number..: Registered Office-. 306318 00532474 Milton Abbey School 81andford Forum Dorset DTII OBZ Judith M Fremont-8ames MA (Honsl MEd James Watson MA IHon51 FCA PGCE Stephen Lane 8Sc IHonsl ACA PGCE Tracey Edward5 Head.. Senior Deputy Head (Appointed I September 20211.. Finance Dirertor= Head of Operations.. The Council of Milton Abbey School Limited is a charitable company founded in 1954 and is governed by its Memorandum and Articles of Association dated 12 April 1954. The liabilities of its members are limited to £1 each by guarantee. Directors and Trustees MT I G Bromilow Chair of GovÈrnors,. Chair of Finance & General Purposes Committee.. Lead Governor SafegLtardinE & Single Ceniral Register,. Lead Govemor Risk & Issue Management Mr N S Boulton < Mr O J H Chamberlain QVRM TD DL MrMCRLefort' Mr P W McGrath MW Chair Education Committee.. Lead Governor Boarding Lead Governor Health and Safety. Lead Governor Online Safety MrMDLNoyce Colonel N K G Tomlin The Reverend Canon C W Mitchell-lnnes MA'< Dr R Nickinson lappoinred March 20221 Mr J Frèmpton (appointed March 20221 Mrs N Perry < (appointed M3rch 20221 Mrs V Prior < lappointed March 20221 Chair Governance Committee School Wisltor & Staff Liaison Member of Finènte & General Purposes Cornmittee Mernber ofGovern3nce Committee < Member of Education Cornrnittee THE COUNCIL OF MILTON ABBEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT ANDTHE DIREcfoRS REPORT FOR THE YEAR ENDED 31 AUGUST 2021 PROFESSIONAL ADVISERS BANK SOLICITOR 8arclay5 bank plc I Chuichill Place Wilsons Solicitors LLP Alexandia House Canary Wharf London E14 5HP St john'5 Street Salisbury SPI 2SB AUDIT 5ERVICE5 1145URANCE BROKER Ward Goodman Audit Services ￿MIted 4 Cedar Park. Cobham Road Ferndown Industrial Estate Wimborne. Dorset BH217SF Marsh Commercial Castlemead Lower Castle Street Brislol BSI 3AG PURPOSE AIMS AND oBJE￿IVEs The company was established for the purpose expressed and objects tontained in its Memorandum of Association. The main charitable artivity of the company continues to be that of iunning an independent day and boarding school for boys and girls. Alms Milton Abbey aims to be the first choice school for parents and pupils who are looking for= A school that is small enough to have a community identity where each individual is known, valued and supported A school that is big enough to offer a broad and balanced curriculum with a comprehensive and well delivered to- curricular programme A school that is academically inclusive but which sets ambitious but achievable academic targets for all its pupils A School which offer5 a bespoke academic programme at Key 5tsge 4 & 5 designed to cater for a pupil's academic strengths and learning preferences A school which promote5 a nurtvring and supportive pastoral setting where children are allowed to flourish 3s individuals A school with a thriwng full boarding offer but a150 With an attrèrtive day offer that is fully integrated into boarding Ob'ertives To achieve these aims Milton Abbey will continue to pursue its objectives.. To attract those pupils most likely to benefit from, and contribute to. its small. inclusive comrnunity To maintain a broad range of traditional academic and vocational course5. complemented by a Yibfant extra-cuiricular programme, preparin6 our pupils for 21 Century life To deliver an operatin8 surplus each year thar can be used to facilitate ￿neW31 and enhancement of ihe school's facilities THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPPRT INCORPORATING THE STRATEGIC REPORT AND THE DIREcfoRS REPORT FOR THE YEAR ENDED 31 AUGusf 2021 STRUCTURE The member5 of The Council of Milton Abbey School Limited l.the Council") constitute the Board of Governors of Milton Abbev School, subject to the provisions of the company's Memorandum and Articles of Association. All Governois are a150 Trustees and director5 of the Council. New board members are sought by Ihe Chairman in consultatfron with other Governors in order to provide a suitable balance of general experience and particular expertise in academic, pastoral, le8al, financial and other relevant fields. Governor5 are given an introductory briefing by the Chairman ol Governors, Head and senior manager5 Dri 3ppoiritment and volunteer for further governance training through AGBIS and ISBA as required. Safeguarding training is provided prior to raking up Jppointment. The Charity has a wholly owned non-charitable subsidiary. Miltoft Abbey School Services Limited. with its own Board of Direttor5 which includes two Governors, which commenced tradin8 on 29 December 2￿3. The princip31 activities of Milton Abbey Sthool Seryices Limited are the holding of weddings, conferenre5, an annual music festiwal and organising lettines of the school facilities. Where the term 8coup is used within thi5 report. it means The Council of Milton Abbey School ￿Mited and Milton Abbey School Servites Limited collectively. GOVERNANCE The Bts3rd of Governors turrenily has three sU￿COmmittee$ and other subcommittees are convened as and if the need arises. The Governance Committee meets once a term to review school goveman¢e issues aftd membership of ihe Council. The Education Committee has a mont10ring and advisory role relating to the school's academic, curricular and pastoral provision lincluding boarding) and meets once a term. The Finance and General Purposes Committee IF&GPI meets termly, with rn0nth￿ reporting meetin85 a5 required, and takes responsibility on behalf of the Governing Body. to forecast, monitor and review all aspects 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 a150 reviews. advises ènd reports on infra5trutture issues. buildin85 maintenance. development. health & safety and other matters under authoritv delegated to the Head of Operations. RISK MANAGEMENT The Governors are responsible for the management of the risks fr￿￿d by the school. The main risks to which the school is exposed are a55e5sed by Council who delegate re5pon5ibility for specific risks to individual committees. Those with the greatest impact and likelihood have control and mitigation procedures imposed and are closely monitored by both the Senior Leadership Team and Govefnors. Detailed consideiation of specific iisks is given regularly in iermly reviews by the full Governing Body assisted by the Senior Leadership Team. Risks are identified. assessed and controls established throughout the year. Management and mitigation ol the following principal risk5 and uncertainties have been delegated to the listed subcommittees though ultimate responsibility rests with the governing body= Failure to govern correctly Failure to educate adequatelv Failure to safeguard pupil welfare Failure to maintain reoutation, attrart and retain pupi15 Major incident such as a panijemic or fire Regulatory non-compliance Majoi fraud or financial mismanagement Wider political and econornic factors Governance committee Education commrtee All committees Governing body and all committees Finance & general purposes committee All committees Finance & general purp05e5 committee Governing body THE COUNCIL OF MILTON ABBEY SCHOOI LIMITED GOVERNORS REPORT INCORPORATING THE SIRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST2021 MANAGEMENT The day to day running of the ￿h0o1 15 delegateij to the Head. supported by the Senior Deputy Head, Finance Director. Head of Operations and other members of the schoofs senior leadership team. who are responsible for coordinating teaching. pastoral and support teams. The Head. Senior Deputy Head. Finance Director and Head of Operations all attend full Council meetings and also attend the Governance. Education and Finance & General Purposes subcommittee meetings where appropriate. The Lead Governor for Health and.Safety attends ihe school's Health and Safety Committee meetings held each term and rhe Lead Governor for S3fe8uardin8 & Sin8le Central Register attends the school's safeguarding meetings. The senior leadership role5 at Milton Abbey.. Head. Senior Deputy Head. Finance Director and Head of Qperations are on salaries agreed with the individua15 on recruitment. The Salaries are reviewed annually by Council and adjustments considered on performance. affordability and the outcome of appraisals. The key controls used by the 5£hool include.. formal agenda5 for all SU￿0mmittee and Board activity- detailed terms of reference for all Sub-Committee5.' comprehensive strategic plannin& budgeting and management accounting- e5tabli5hed organisational strurture and line5 of reporting- formal written policies: clear 3Uthori5ation and approval levels- and vetting pfocedures as required by law for the Pforertion of the vulnerable. PU8LIC BENEFIT The school gives financial assistance in the form of bursaries to parents of pupils who would otherwise be unable to attend Milton Abbey. Durin8 the year. the school awarded means-tested bvrsaries. scholarships, remissions and grants totalling £868,52912020." £760,356 2019.. £596.303 2018.. £672.3361. The Governors. policy, in line with that of other independent schools, is to rnake these award5 on the basi5 of the individual's educational potential. Awards are EÈrtÈralfy made out of unrèstrictèd funds and the maiority are fvnded frorn income. There is a policy to enable access and to relieve hardship where the pupil's education and future prosperts would otherwise be at risk. The Milton Abbey Community Fund. established hs a re3rtion to the financial impart of the Co¥id-19 pandemic, has continued to provide fin3ncial support to pupi15 who rnay be at risk of withd¥awal from the School on financial grounds as a consequence of the pandemic. Further grants of £18.ILIJ were made during the year and £20.OLKI awarded since the year end. The school is located in rural Dorset and has giM)d liaison wrf(h a local primary school that ordiDarily uses the facilities at the school on a regular basis. The theatre, golf course. swimming pool and other sports facilities are used by members of the local cornmunitv through loc21 sports clubs and are made available to local schools for practice and fixture5. However. since the onset of the Covid- 19 pandemie, necessary risk mitigation ffle35ures have redvced the extent to which the school was able to welcome local community groups to the school estate and it is hoped that circumstances will be such that these activities can recommence to greater extent during the summer of 2022. The school has continued where possible to host charity events such a5 the WillDoes IOK fun in 5UPPOrt of a local young people's mental heaFth charity. The school is also engaged in charity projects including the creation of a wildflower garden at our loc31 doctorfs surgery to thznk the staff for their support and care during the pandemic. The school acts in liaison with the Salisbury Dtocese and ihrough the Milton Abbey Church Standing Cornmittee in the care and day-to- day administration of the Church of St Mary & St Michael and St Branwalader, Milton Abbey, which 15 Used as the school's chapel. In furtherance of their objectives the Governors. as Charity Trustees, have complied with their duty in the Charities Act to have due regard to the Charity Commission's published general and relevant sub sector guidance concerning the operation of the Publtc Benefit requirement under the Act. THE COUNCIL OF MILTON ABBEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRE￿oR5 REPORT FOR THE YEAR ENDED 31 AUGUST2021 RELATIONSHIP WITH OTHER CHARlnES The school is fortunate to have the benefit of the AbbEy church as its chapel and as a resource of great signifKance to the wellbeing of the school community. because of the beauty and historical importance of the buildtng itself and its influence on the ethos and reinforcement of the aims and objettives of the school. The building is owned by the Dtocese of Salisbury but the school contributes appropriately to its maintenance and the buFlding is made freely available to the school for worship. communally and individually. and many other activities. The School. in partnership with the Diocese of Salisbury and the Forestry Commission, has formed the Milton Abbey Heritsge Trust IMAHTI whose aims are to rnana8e the restoration of the Abbey and attract V151tors to the historic site in which the school and Abbey are situated. The Trust seeks t0 Secure grants to carry out restoration works orb the Abbey, improve public access to the Abbey and protect the landscape. AcfiviTIES AND ACHIEVEMENTS OURING THÉ YEAR Covid-19 Pandemic Pupils ieturned to site in September 2020 after the school's closure for four months during the first national lockdown of the preceding academic year. A range of rneasures were taken ro protect against covid including 'bubblin< the Houses socially and for meals and sports. and opening a Day House so that day pupils did not mix unnecessarily with boarding pupils. The school also operated one-way sVStem5 for movement in buildings and installed outdoor wash bastns, sanitiser dispensers and lear signage at all point5 of entry. Staff and pupils were trained in covid safe-cleaning and hygiene method5 and the government's maxim of'Hands. Face. Space, was Constant￿ promoted. For the Miehèelmas Term the school also stopped sports fixtures and trips. and cancelled exeais to try to limit transmission from outside. The school also ran its first quarantine for overseas pupils in Bancks House and continued to open the facility during half- terms and exeat5 to assist families who could not fly their children home. The UK government ordered two further national lockdowns in the academic year, the first being in November 2020 during which the School remained open. For pupils who could not attend school due to covid, hybrid lessons were offered with MOLE remote working tools offering access to live lessons. The school closed again on government advice. in Common with all UK schools, in January 2021. returning to online schooling and resuming operation on 51te in March 2021. with 'bubble5' Still in place. Despite the threat of covid the school did not suffer an ouibreak of the disease. As restrictions eased in 2021 the school amended its practites to follow national guidelines and at the end of the school year, the Segregation of Houses was finished and the Dav Hou5E Wa5 shut. When the sumrner exam5 of 2021 were cancelled the school switched to Teacher A$5essed Gr3de5 for the second year. In the summer of 2021 Milton Abbey School Services Limited had a full range of bookings whith adhered to hosprtality sector covid regulations. THE COUNCIL OF MILTON A8BEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING ThE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUSf 2021 Academic Results 2021 was another successful year for un¢versity and further eilucaiion entry with a 98% fin31 placement rate. There was a slight increase in the application rale from the previous year OF 5%, taking us to 95% of ihe cohort continuing their education. The first- choice success rate remained high, with 96% of the cohort able to attend their preferred institution. Average A level and 8TEC points accruement remained largely constant. with 8TECs rising by a quarter grade and A Levels dropping by an eighth of a grade. Average student perfom)ance rose slightly overall. with an average tariff point increase equating to just over half an A Level grade, to 126pts or just below the equivalent of ABB at A Level. This consistency with the previous year dernonstrate5 the security of our systerns as we moved from the less-forMal￿ supported Teacher Assessed Grade IYAG-I process of the previous year into the board-5ampled, pgrtf0lio-based TAG process of this year. The slight increase in overall university application continues to reflect the uncertainties Surrounding the world of work and progression for young people. but the success rates suggests that our students are well-served by a process ihat allows ihem to progress effectively. It is also notable that 73% of the cohort had a diagnosed learning difference and that Ouf performarn￿ against baseline CAT4 data was ovenAfhelminEly posiflve for all groupings (gender, EAL. LD etc.) The entry profile remained as broad as ever. with studenis pursuing courses in various speoalist art and business schools, as well as traditional universities in ihe UK and overseas. indudin8 Belgium and the USA. Succe55ful UK appltcations included institutions ranging from SOAS (School gf African arbd Ortental Studte5, London), to Raven5bourne. to Durham, Cardiff and LoughbOr0￿gh, alongside the well-trodden paths to Oxford Brooke5, the Royal Agricultural University and Bristol UWE. Course interests were similarly broad, with the usual clusters around event management, bu5ine55, real estate, land-based studies, and filmmakin& with other 3reas Such as fashion. osteopathy, music production and football coaching and tèlent development also featuiing. The compari50n between GCSE and L2 BTEC grades from 2020-21 paints a similar pitture to the L3 result5 in that there was no significant upward5 shift Ibucking the national trend) despite the TAG 8rade process, hi8hli8hting again the integrty of our internal assessment and verification process. A'19 grades were slightly up from 6% in 2020 to 9% and grades An+ were down from 39% to 29% which reflects the differing CAT predictions ofthe 2021 cohort ofstudents. Overall, the pass rate at GCSE was 90%. seeing a 1% rise from 2020 and significantly higher than the 77% national average. We had another very successful 8TEC cohort, seeing ICK)% pa55 rate and 39% of our leamers achieved either Distinrtion or Distinction. Curricular activities With the UK entering a different period of the pandemic, a ran8e of curricular tIlPs has resumed, with departments or8anising for pupils to visit a range of venues relevant to their subjert. for example galleries and country-houses frjr art and photography trip5, as well as a range of land-ba5ed studies trips to local est3tes and suppliers tied into industries relevant to the study of Countryside Management. As we look further ahead to the resumption of less restricted overseas travel. we are planning to offer a cross- curricular trip to Washington OC and New York and departments are actively looking at further opportunities to enrich pupils, education in thi5 way a5 travel conditions evolve. Sport and ejrtra-curricular The extra-curricular programme at Milton Abbey continues to offer a wide range of opportunitie5 for pupi15. Wlthin the sport5 programme. but also through weekend and everbing progr3mrnes. as well as our Wednesday afternoorh aciivity programme which is inspired by the Round Square Discovery Framework. Sport contTnues to be a core strength with at least 85% of all Students regularly representing the school in a competitive fixture. The school operates a strong fixture list in a wide variety of sports, including both team and individual sports. Pupils take part in sports and activities four times 3 week, including tiaditional school sports such as fugby, hockey, netball, lacrosse, cricket and tennis, but also an impre5SNe rènge of vibrant altern3tive5 such ès golf (the school has its own 9-hole golf course. golf simulator and PGA profes5iona15 offering one-to one coachingl. road cycling and mountain bikin& clay pigeon shooting and swimming. Sailing remains ever popular. with pupils having the opportunity. not only to compete in regatt35. but also to achieve their RYA power boating and day skipper qualifications. THE COUNCIL OF MILTON A88EY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST2021 Sport and extra-curricular Icontinuedl We play fixtures in a wide range of sports on a strong circuit of schools and compete well. Our football Scholarship scheme operated in association with professional football academy Champion Sports Group continues to attrart aspiring footballers. khool teams are entered into the ISFA competitions at Under IS and Under 18 levels_ Subjert to our ability to travel safely under relevant covid restrictions, an annual Sevens tour to Lisbon provides a chance for our rugby player5 to compete at an intematitsnal tournament, whilst we also offer a range ol other sports-based trips. including tennis camps at Vale de Lobo in Portugal and Cycling in Pollenta. Maiorca. Milton Abbey's Company No 00532474 Registered Charity No 306318 The notes on pages 18 to 32 fomi part of these accounts. 16 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT AS AT 31 AUGUST 2021 Note 2021 20ZO Net cash flows from operating artivithes Interest paid 1,267,756 1225.2271 865,992 1427,2821 Cash flows from investing artivities Purchase of equipment Disposal of propertv Interest received 1125.856) 1143.1171 150 35.072 33,692 Net cash flows from investing arti¥tties 190.7841 1109.2751 Cash Ilows from finantinc activities Repayment of borrowings Repayment of borrowings under finance lease New borrowinB5 under finance le35e New loans raised .IIS4.6131 14.535,3001 1172,7801 120,2221 61.611 154.0001 4.500,000 15,000 125,003 1493.7751 11,484.6771 Newly contracted early fee payment arrangements Reduction in uncontracted and utilisation of contracted eady fee payments Net cash flows from financins artivities 1744,5571 11.469,1961 Net increaselldecrease) in cash and tash equivalents 207.188 {1.139.7611 Cash and cash equivalents at the beginning of the year 1692.5201 447,241 Cash and cash equivalents at the end of the Year 1485,3321 1692,5201 Reconciliation to cash at bank and in hand= Cash at bank and in hand Bank overdrafts 259,464 1744,7961 182,945 1875.4651 Cash and cash equivalents 1485.3321 1692.5201 Company No 00532474 Registered Charity No 306318 The notes on page5 18 to 32 fonn part of these accounts. 17 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTE5 TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTING POLICIES al Legal form These account5 present the Consolidated inftirmation of The Council of Milton Abbey School Limited. a registered charity 13063181 and a limited company incorporaied in England and Wales1005324741 and its wholly owned subsidiary. Millon Abbey School Services Linited. è limited company incorporated in England and Wales1043387711. Both entities have the same registered office- Milton Abbey School. Milton Abbas. Blandford Forurn. Dorset DTII OBZ. bl A¢counting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicèble in the UK and Republic of Ireland IFRS 1021 and the Companies Att 2006. Under FRS 102, the charitable company is a public benefit entity. cl Going concern The Governors have presented a busine55 plan incorporating forecast financial information through to 31 August 2022 that reflects their view that the financial statements can be prepared on a going concern basis. In addition to this, the group has committed long term loan facilities together with a £1.5million overdraft facility that are adequ3te to meet the group capital and operational requirment5. dl Basis of consolidation These accounts con501idate the khool and its sub￿dIary undertaking Milton Abbey School Service5 Limited to 31 August 2021, all inter group 53le5 and profits have been eliminated on consolidation. The Group has taken advantage of section 408 of the Companies Act 2006 by not providing a separate staternent of financial attivitie5 for the subsidiary. Nei incoming resources attributable to the subsidtary are £31012020.. Enill. el Tangible fixed a55ets Tangible fixed assets other than freehold land and building5 are measured under the cost model. freehold land and buildings are measured under the revaluation model. Item5 below £5(KJ are not capitalised. No depreciation is provided in respert of freehold land. Depreciarion of other tangible a55ets is charged by annual instalments at rate5 estimated to write off their cost or valuaiion less any residu31 value over their expected U5Efvl lives. Depreciatien 15 not tharged in the year of acquisilion. The rates used to estimate these lives are.. Freehold buildings Iheld for the charity'5 Usel 0% to 20% straight line Fixtures, fittin85 and equiprnent 5% to 33% straight line Depreciation is calculated on a combination of the written down value and straight line basis depending on the m05t appropriate method for the respective asset or group of assets. Dvring the year to 31 August 2017 properties were revalued. resulting in a gain on revaluation of £1,608,311. The trustees consider the market valve to be at least equal to the future residual value of the property and therefore the property will not be dep¥eciated further. This will be regularly reviewed. Company No (X)$32474 Re8istered Charity No 306318 18 THE COUNCIL OF MILTON ABBEY SCHOOL IIMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTING POLICIES (coniinuedl fj Stocks Stocks are stated at the lower of cost or net realisable value. gl Fees and similar income Fees rereivable are stated after deducting bursaries. scholaiships and other remissions granted by the School, but include contributions received from Restricted Funds for Scholarships and Bursaries. Where fee5 are paid in advance, the income is deferred until the term to which it relates. These defer￿d amounts are shown on the balance sheet within creditors= amounts falling due within one year and in more than one year. h) Pension costs The School contrib￿e5 to the Teachers. Pension Scheme. a multi employer defined benefit scheme at the advised rates. The School's colltributions to the scheme are charged in the accounts as they accrue. The School also contributes to personal pension schemes or to an occupational multi efflployer defined contribution scheme for non-teaching Staff. The latter 15 adMinist￿edbY The Pensions Trust and the School contribute5 at rates Set by the Trust. Contributs'ons payable for the year are charged in the accounts as they accrue. In accordance with Section 28 of FRS 102. the defined benefit schemes are accounted for as defined contribution scheme5, s they are both multi employer schemes and it is rtot possible or appiopriate to identify ihe assets and liabilities ol the schemes which are attributable to the School. il Resources expended Expenses are charged to the statement olfinanoal activities on an accrua￿ basis. Expenditure is allocated to functional headÈn8s either on 3 direct cost basis or apportioned according to time spent. Costs of generating funds- include all fund raising and financin8 SUPPOrt costs. Charitable activities- include all costs relating to ihe provision of education and running olthe School. Governance costs- include audit fees and Governors. expenses. The irrecoverable element of VAT is included with the item or expense in which it ￿lates. jl Voluntary incorne and government 8ran15 Oonations received for the general purpose of the School are credited to unrestricted funds. Donations for purposes restrirted by the wishes of the donor are raken to restricted funds. Governrnent grants shall bè rècognised on thè Strdtèment of Financial ActNities on a systematic basis over the periods in which the entity recognises as expen5e5 the related costs for which the 8rants are intended to compensate. kl Funds Restricted funds comprise income fvnds subjert to restrirtÉons arising either Irom the dono¢s wishes or the terms of a particular fund raising initiative. Unrestrirted funds comprise the School's genetsl funds. whith are expendable at the discretion of the Governors. Expendable endowed funds comprise income funds arising from a Charitable Tryst. The capital of the funds cannot be spent without Governor approval. Incorne arising on the endowment fund (called Foundation Fundl 15 treated as restricted income in the School. Company Wo 00532474 RE8istEr*d Charity No 306318 19 THE COUNCIL OF MILTON AB8EY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTING POLICIES (continued) il Taxation The School is a registered charity and a5 surh 15 entitle(I to ￿rtain tsx exemptions on Surpluses on any trading artivitie5 carried on in lurtherance of the School'5 primary objective& ml Operating leases Rent31s payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. n) Grants and bur53ries Grants and bursaries from restricted fund5 are included as expenditure in the period for which the award is given. Bursaries and allowances from unrestricted funds towards School fee5 are treated as a redurtion in those fees. ol Recognition of assets Trade debtors, other debtors, intercompany debtors and accrued income are retognised at the settlemènt amount due fter any trade discounts have been offered. Prepayments are valued at the'amount prepaid net of any trade discount due. pl Recognition of liabilities Creditor5 and provisions are recognised where the School has a present obligation resulting frc*m a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ql Fixed asset valuation The Mansion House. school buildings. land and Staff accommodation were valued on 23 August 2017 at £9.1m. rl Grant making This year, the value of scholarships. grants. prizes and other awartls made to the school's pupils out of unrestritted funds totalled £868.52912020.. £760.3561. The Governorfs policy. in line with that of other Independent Schools. is to make these awards on the basis of the individual's educational potential. There is a policy to Telieve hardship where the pupils, education and future piospects would otherwise be at risk, Subject to the particular conditions imposed by the original donor where the award is out of restricied funds. 51 Re5er¥es The Group's unrestricted funds stood at £2,809,687 at the year end12020- £2,346,657) (including a revaluation reserve ol £1,988,59212020.. £1.988,5921. The Governor5 consider that free resetves of approximately £1 million ortwo monthg expenditure are deslrable In order to cover the risk and uncertainties of operatin8 as an independent educational establishment. The policy is therefore to manage the School such that reserves at this level are maintained. Company No 00532474 Registered Charity No 306318 20 THE COUNCIL OF MILTON ABBEY SCHOOI LIMITED NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTING POLICIES Icontlnued} In the applicat10n of the company's accounting policies. which are described above. the directors a￿ required to make judgernents, estimates and assumptions about the carrwng amounts of assets and liabilit1È5 that are not readily apparent from other sources. These estimates and a5SOCl3ted assumptions are based on historic31 experience and other factors that are considered io be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the pertod in which the esbmate is revised if the revision affects only that period or in the period of the rewsion and luture periods if the revision affects both current and fLrture period5. The following paragraph describes the critical judgements. apart from those involving e5tirnates (dealt with separately below), that the directors have made in ihe process of applying the company's accounting policies and that have the most significant effect on the amovnts recognised in ihe financial staternents. The On￿ significant judgement relate5 to the provision of bad debts. The following are areas that are considered to be key sources of estimation uncertainty. Useful life and residual values of tangible fixed assets. The tarryTrng value of tangible fixed assets at 31 August 20211$ £11.304.85712020.. £11.478.9461. ul Financial instrument5 Basic financial liabilities; Basic financial liabilities. including trade an($ other payables. bank loans. and loans from group companies are initially recogni5ed at transaction price. Financial liabilities due in more than one year are initially measured al transattion price and subsequently measured at amtrrtised cost using the effective interest method. Financial liabilities constituting financin8 transactions are inFtIal￿ measured at the present value of the future payments discounted at a market fate of interest. De-recognition of financial assets and liabilities.. Financial assets and liabilities are dereco8nised when the charity's contractual rights or obligations expire or are discharged, transferred or cancelled. Financial instruments are reco8nised in the balance sheet when the company becomes party to the contractual provisions of the instrument. Basic financial as5ets- Basic financial assets. which include trade and other receivables and cash and bank balance5. are initially measured at transaction price including transaction costs. Financial 3S5ets due in more than one year are subsequently carried at amorti5ed cost using the effertive interest method unle55 the arrangement constitutes a financing tran$3ttion. where the transaction 15 measured at the present value of future receipts discounted at a market rate of interest. Company No OOS32474 Registered Chanty No 306318 21 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 2 NET INCOP41E 2021 2020 This is stated after charging the followin8= Depieciation- owned Avditorfs remuneration 298,430 15,575 1.905 225.227 264.890 15,275 1.905 427.282 7,667 44.445 Audit other 5eThices Interest payable Loss on disposal of asseis Operating lease tharges 16,037 3 DONATIONS. GRANTS AND LEGACIES 2021 2020 Donation& 12.812 285,405 298,217 73.694 366.832 440,526 Grants Grants received included in the above are. as follows- 2021 2020 Job Retention Scheme IGovernmentl Tara Getty Foundation 275.405 10.000 285.405 366,832 366.832 4 INVESTMÉNT INCOME 2021 2020 Gain on sale of fixed asset Interest and eharge5 lemed on late school fees 35.072 35.072 33,842 33,842 5 STAFF NUMBERS AND COSTS The average number of persons (full time equiYJlentl. exduding Govèrnors and visiting staff. induding part-time staff. employed by the School during the year wa5 35 folltsws:_ 2021 2020 Teaching staff Administration staff Maintenance Staff 52 51 26 25 li li Oomestic staff 25 24 114 iii The aggregate payroll costs of these persons were as follows:_ 2021 2020 Wages and salaiies Social security cost5 Pension tontributions 3.754,319 334.549 484.612 4.573.480 3,297,696 290,642 433,750 4,022,088 22 THE COUNCILOF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 5 STAFF NUMBERS AND COSTS (continued) Included in the above h"gures 15 £6,405 in respect of severance and redundancy payments12020.. £nill. Ouring the year the Governors received £nil12020.. Enill remuneration and no retirement benefits were accruing. Governors received reimbursed oilt of pocket expenses of during the year of £nil12020= £9801. During the year employees. salaries in excess of £60.1)(K) were in the ranges.. Z021 2020 £60.001- £70.000 £70,001- £80,000 £80,001- £90.000 £90,001- £1(O,000 Contributions of £41,35412020- £38.4921 were made to pension schemes in re5pert of the above hiBheT paid employees. Key management personnel salaries for the year totalled E448.05912020.. E484,0621. The Governors consider the kev management personnel during the year to be.. Headteacher- Judith Fremoni-Bames Head of Operations.. Tiacey Edwards Deputy Head Co-Curricular- Chri5 Barnes Head of Admissions- Claire Low (Resigned July 20211 Deputy Head Pastoral- Ruth Butler Senior Deputy Head - Matthew Porter (Resigned August 20211 Finance Director- Steve Lane Deputy Hèad Academic- Stephen Phillips (Resigned August 20211 Jame5 Watson was appointed Senior Deputy Head effective 1st September 2021 and Claudia Hindle has appointed Deputy Head Learning Development with responsibility for admissions and the school's teaching department effertive 4th January 2022. 6 SCHOOI FEES 2021 2020 Fees ￿te1Vable consist of: Gross fees Less bursaries. scholarships and rernis5ions 8,218,792 7,407.348 11.399.832) 1856.7521 6,818,960 6,550,596 £174,03412020'. £420,586) has been provided for as irrecoverable fee debts. 7 OTHER INCOME 2021 2020 Other educational income-. Entrance 2nd registration fee5 Extia tuition and learning 5UPPOrt income Tuck shop income Other trading income 27,333 170,095 30,166 132,776 23,563 4,36D 19D.865 197.428 Biomass income.. Rebates for renewable energy overproduction 85,947 85.947 43.721 43.721 Non ancillary trading income.. MASS trading incorne 132,797 132,797 26,949 26.949 Other Income.. Busines5 Interruption claim 250,000 250.000 23 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTE5 TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 8 TRAOING INCOMEANDTAXATION The School owns 100% of the £1 ordinary share capital of Milton Abbey School Services limited1043387711, which offers use of the school site and facilities for the purpose of lettings. weddings and other commercial purposes, primarily durin8 the school holiéèy periods. It gifts its taxable profits to the School. Its trading results. extracted frorn it5 audited accounts were.. 2021 2020 Turnover 132.797 140.2861 26,949 16,1201 Cost of sales Gross profit Administrative expenses 92.511 13D.2101 20,829 121,1391 Operating profit Interest receivable 62,301 13101 Profit on ordinary activities Gift Aid to The Council ol Milton Abbey School Limited Tax charge for year Retained profil / Ilossl for the year 62,301 161.9911 13101 310 Net asset / liabilities I,LKJO 690 During the year Milton Abbey khool Services Umited paid a total of £61.99112020: £nill to The Council of Milton Abbey School Limited. which included £61.99112020.. £nill of gfft aided proffts. 9 ANALYSIS OF TOTAi RESOURCES EXPENDED Stsff Other Depreciation Totsl Total Costs zozi Z020 Charitable Activities= Teaching Welfare costs Premises cost5 2,075.060 829.110 403.525 1.251,632 275.134 295,860 961.044 512.804 174,034 2,218.876 298.430 2.648.624 1,124,970 1,364,570 1.764.436 174.034 7,076,634 2.517.379 848,067 1,215,007 1.592.158 420,568 6.593,179 Support costs of schooling Provision for irrecoverable debts 4.559.327 298,430 Costs of generating fund5: Non ancillary trading expense5 Fundraising costs Financing expenses 70.655 70,655 30,606 225.227 295.882 225,227 295,882 427.282 457,888 Totsl ¥esources expended 4.559,327 2,514,758 298.430 7.372.516 7,051,067 During the year to August 2021 an amount of £15,57512020.. £15.2751 was paid ro the statutory auditors for audit fees. 24 ThE COUNCII OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 10 COMPARATIVES FOR THE STATEMENT OF FINANaAL ACTivmES Endowed Restricted Unrestricted Tolal 2020 Income Donations and legacies 3,265 437,261 440.526 Income from tharitable artiwties.. School fees Other educational income 6.S50.S96 190,865 6.550.596 190.865 Bioma55 rebates 43.721 43.721 Income from generated funds." Non ancillary trading income 26,949 26.949 Investment income 33,842 33,842 Total Income 3.265 7.283.234 7.286.499 Expenditure Costs of raising fund5- Non ancillary trading expenditure Fundraising cosis Financing costs Expenditure on charitabte artivitie5.' Education and grant making Bad and doubtful debt provisioning. 130,6061 130,6061 1427,2821 1427,2821 1301 16.172.5811 16.172.6111 1420.5681 1420,5681 Total expenditure Net intome lexpendbturel pre pro¥isioning" Net income {expenditurel 1301 17.U51.0371 17.051.067} 3,235 652,765 656,000 3.23S 232.197 235.432 Tran5fer5 between funds Unrealised gain on revalvation of fixed assets Net movement in funds Total lun41s brought forward Total fund5 carried forvrard 3.235 361,464 364,699 232,197 2.080,211 2,312,408 235A32 2,554.533 2.789.965 112.858 112.858 25 THE COUNCIL OF MILTON ABBEY SCHOOL LIMrrED NOTES TO THE CONSOUDATED ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 11 FIXED ASSETS- GROUP AND COMPANY TANGIBLE FIXED ASSETS Freehold Land and Buildings Biomass Fixtures Fittin85 & Equiprnent School Subsidiary Tr3ding Company Group Total Total Cost At I September 2020 Addition5 Disposals 9.138.059 21,066 1,734.332 2,872.547 13,744.938 104.790 125.856 44.568 13.789.506 12S.856 At 31 August 2021 9.159.125 1.734.332 2.977.337 13.870,794 44.568 13,915,362 Depreciation At I September 2020 Charye for the year D¢sp05als At 31 August 2021 297.134 69,373 1.975.746 2.272.880 229.057 298,430 37.680 1,515 2.310.560 299.945 366.507 2.204,803 2,571,310 39,195 2,610,505 Net Book Value At 31 August 2020 9.138,059 1.437.198 896,801 11.472.058 6,888 11.478,946 At 31 August 2021 9,159.125 1.367.825 772.534 11.299.484 5,373 11.304.857 The freehold land and buildings. including the Manor House. were valued by Christies on 8 October 2014 at £8m and by Carter Jonas on 23 August 2017 at £9.Im on an exitting use basis. In 2017 a gain on revaluation of £1,608,311 was achieved which increased the revaluation reserve to £1.988.592. If freehold land and buildings had never been revalued. they would be held at depreciated historical cosi of £6.383.010. Assèts included above with 3 net book value of £1.367.825 are under Hire Pufchase agreement12020.. £1,437.1981. The hire purchase creditor of £1.224.012 1% repayable. £186.382 within l years and El.037.630 between 1-5 years. The providers of the hire purchase have first charge over the assets. 12 STOCKS Gwoup 2021 Cumpanv 2021 2020 2020 Goods for resale 40.056 47.295 40.056 47.295 26 THE COUNCILOF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNT5 ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 13 DEBTORS Group 2021 Company 2021 2020 2020 Trade debtors 107.903 94.7 86,703 181,175 107,903 94.600 111,255 86.227 181.075 Piepayments and accrued income Amounts due from subsidiary undertaking VAT 1.298 2.275 271,451 Sundry debtors 250,000 452.603 250,IXKJ 563,758 2,275 269,577 14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 Company 2021 2020 2020 Trade creditors 139.944 212,484 926.596 1.026.965 139.051 926,596 105.036 1.026,965 13,854 122,773 349,195 Overdraft & bank loans Amounts due to subsidiary undertaking Other creditors 224,233 82.011 26.814 267.899 164,637 1.402.094 1.301.077 186.382 164.510 139.479 349.195 205.964 81.852 1.052 262.850 1.402.094 186.382 Taxètion and social security VAT Acerua15 and deferred income Voluntary early fee payments, deposits and fees in advan Obligations under tinance leases 158,698 1.301.077 164,510 3.255.973 3,358,347 3.205,841 3,342,108 IS CREOITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2021 Companv 2021 2020 2020 Deposits Bank and other loans 349.222 298.454 4,178,287 4.363,200 1.037.629 1".170,671 5,565,138 5,832,325 349.222 4,178,287 1,037.629 5,565,138 298,454 4,363.200 1.170,671 5,832,325 Hire purchase BANK AND OTHER LOANS Bank overdrafts Due within one year Due 1-2 years Due 2-5 year5 Due after 5 years 744,796 87S.465 181.8CX) 151,500 181.800 181.800 545,4iX) 545.400 3.451.087 3,636,000 5.104.883 5,390,165 744,796 181,800 181.800 545.400 3.451,087 5.104,883 875,465 151,500 181.800 545,400 3,636.000 5.390.165 27 THE COUNCIL OF MILTON ABBEY SCHOOL IIMITED NOTES TO THE CONSOLIDATED ACCOUNTS {COPnlNUED) FOR THE YEAR ENDED 31 AUGUST 2021 IS CREDITORS.. AMOUNTS FALUNG DUE AFTER 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 Cottage and Abbey Gardens Cotta8e at Milton Abbey School. Milton Abbas. The market value of the security at that date was £9.1 million and the loan represented 48% of thi5 value. OEPOSITS Deposits are held from all students and are repayable when they leave the School at the normal age. 2021 2020 Payable within 12 months (note 141 Payable after 12 months 136,309 349,222 485,531 255,149 298,454 553,603 AOVANCE FEE SCHEME AND PRE TERM BILLING Parent5 may enter into a contract to pay to the School tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's nobce. Parents may also wish to pay for School Tuition fees prior to the sthool term commencin& monies reteived prior to the year end in respect of the Michaelmas 21 Term are deferred into the following financial year. 2021 2020 Advanced fee scheme Voluntary early fee payments 1S,0(M) 552,063 567,063 125,003 1.045.838 1,170,841 The advancÈd fee s¢heme balano represents accrued liabilities under contracts and the movements during the year were.. 2021 202Q Balance at I September 2020 New contrarts 125.rNJ3 1.442.489 15,OOCI 125,003 I125.￿3) 11,442.4891 Amounts utilised in the year Balance at 31 Avgust 2021 15,000 125,003 28 THE COUNCIL OF MILTON A88EY SCHOOL UMITED NQTE5 TO THE CONSOLIDATED ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 16 RESTRICTED FUNOS (see ftole 171 Toby Mann This fund represents funds donated irh order to provide scholarships for students of Milton Abbey School. Cricket Equipment Fund Thi5 fund represents funds donated for the purchase of cricket equipment. Art Gallery and Centre Fund This fund represents funds donaied for the purposes of the Art Centre. Equestrian Arena This fund represents funds donated for the purpose of the development of the equestrian arena. Countryside Managernent This fund represents funds donated for the purpose of developing the school'5 countryside management facilities. Social Space This fund represents funds donated for the purpose of developin8 areas of the school to be enjoyed durin8 Social time and activities. Tara Getty Foundation Fund The fund represents funds donated to aid funding of education for puptls who are suffering from financial hardship. 17 TOTAL UNRESTRICTED AND RESTRICTED FUNDS- GROUP Net incomin Transfer5 loutgoing} Itollfrom resources unrestricted Brought forward Incoming resources Resources expended Carried forward Toby Mann Art Gallery and Centre Countryside Management Equestrian arena Social space Tara Getty Foundation Fund 74,198 122.473 126,065 1.169 6.S45 74,198 110.852 126,065 1,169 1.199 111.6211- 111.6211 15,3461 iio.cooi 15.3461 io.(Lx) Total restricted fund5 330.450 io.( 126.9681 116.9681 313A83 Unre5trlrted funds (Charitable Company. 2.345,967 Expendable Endowed Funds (Foundation Fund) 7,685.624 17.223,0621 462.562 2,808,529 112.858 112,858 Total Funds (Charitable Company) Total Unrestricted Fund5 Isubsidiaryl 2,789,275 690 7.695.624 132,797 17.250.030) 1132,4871 445,594 310 3,234,869 1.000 Total Funds 2.789,965 7W8.421 17.382.5171 445,904 3.235.869 29 THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTESTO THE CONSOLIDATED ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 17 TOTAL UNRE5fRICTED AND RESTRICTED FUNDS- GROUP 2020 Icontinuedl Net incomingl Transfers (outgoing) Itollfrom resources unrestricted Brought forward Incombn8 resource5 Resources expended Carried lorward Toby Mann Art Gallery and Centre Countryside Managernent Equestrian arena Social space Critket nets 73.963 122.473 126,065 1.169 6.545 31,249 265 1301 235 74.198 122,473 126,065 1.169 6.545 3.LlJO 134,2491 Total restricted ￿ndS 361.464 3.265 3.235 {34,2491 330.450 Unrestrlrted funds (Charitable Company. 2.079,211 Expendable Endowed Funds (Foundation Fund) 7,283.544 17,051.0371 232,507 34,249 2.345,967 112,858 112.858 Total Fund5 Icharitable Company) Total Unrestricted Funds Isubsidiaryl 553.533 7.286m 17.051.Q67} 26.949 {272591 235,742 1310) 2.789.275 690 Total Funds 2,554.533 7,313,758 {7.078.3261 235.432 2.789.965 Current year and 12 month comparatives for UDre5tricted and restrirted fund5 Net incomingl Transfers loutgoingl Itollfrom resources unrestrirted Brought fonward Incoming resources Resourtes expended Carried lop￿ard Toby Mann Art Gallery and Centre Countryside Managernefftt Equestrian arena So(•al space Cricket nets 73.963 122,473 126,065 1.169 6.545 31.249 265 1301 111,6211 235 74,198 110,852 126,065 1.169 1.199 111.6211 15,3461 15.3461 134,2491 Tara Getty Foundation Furbd Total Restricted Funds io.cKKJ 13.26S iio,0001 126.9981 113.7331 361.464 134.2491 313,483 Unrestricted funds Icharitable Company 2,079.211 14.969.168 114.274.0991 695.069 34.249 2.808.529 Expendable Endowed Funds (Foundation Fund) 112.858 112.858 Total Funds Icharitable Companvl Toial Unrestrirted Funds Isubstdiaryl Total Funds 2.553.533 14.982.433 {14.301,0971 159.746 1159,746) 15.142.179 114.460.843} 681,336 3.234.869 1,000 3.235,869 2.554.533 681.336 30 THE COUNCIL OF MILTON A8BEY SCHOOL UMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 18 ANALYSIS OF NET ASSETS BMVEEN FUNDS (cor￿Ik1ated) Unrestrirted Re¥aluati¢3n Restricted Endowment Total Fixed assets Cuirent asseis 9.305.727 336.321 13.255,9731 15.565.1381 1.988,592 10.538 302.945 11,304.857 752,123 13.255,9731 15.565.1381 112,858 CurrEnt liabilities Long term liabilities Totsl assets I Iliabilitiesl 820,937 1.988,592 313,483 112,858 3.235,869 19 RECONCIUATIQN OF NÉT INCOMING RESOURCES TO USH GENEPATED OPERAMONS 2021 2020 Net incoming resource5 445,904 235,432 Adjustment for.. Depreciation charges IProfitl/loss on sale of fixed asset Other Investment income 299.945 266,405 7.667 133,6921 427.282 903,094 135.0721 225,227 936.004 Interest paid Cash flows before movement in working capital Ilncreasel l Oecrease in stock Ilncreasel / Decrease in debtors Increase / (Decrease) in creditors Cash generared by operations 7.239 1181.1521 505,665 1.267.756 11,5811 12,318 147,8391 865,992 20 OPERATING LEASE COMMITMENTS At 31 August 2021, the group wa5 committed to making the following payments in respett of operating leases expiring., 2021 2020 Within one year More than l year 16.037 44,445 83.231 127.676 16,037 31 THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2021 21 PENSION COSTS The School participates in the Teacher< Pension Scheme (England and Wale51 l-the TPS~I, for its teaching staff. This is a mulli- employer defined benefits pension Scheme and it is not possible or appropriate to con515tently identty the liabilities of the TPS which are attributable to the School. As required by FRS102. the School accounts for this Scheme as if it weTe a defined contribution Scheme. On I September 2015 ¢ontributions were increased to 16.48% and then further increased to 23.68% with effect from I September 2019. Employee rates from l April 2015 are varyine between 7.4% and 11.7%. The government have set a gross cost ceiling for the main public seThice pension schemes of 21.7% with a net cost ceiling of 12.1% and an average employee contribution of 9.6%. The Government Artuary's Department has in a report dated 9 March 2012 concluded that the TPS Agreement scheme design is within this required cost ceiling. This conclusion is dependent on and sensitive to the data, methodology and a55umptions adopted and further details on Ihese are available in the full Government Actuarf5 report whieh is avail3ble on the Oepartment for Education website. At the year-enols' Pension Scheme have infomed the School that an additional amount is payable to the scheme. A resolution to this matter is not imminent and therefore the School is not making a provision for additjonal pension costs and cannot confiim that a liability has afisen. 32