The Councll of Mllton Abbey School Limited ANNUAL REPORT AND CONSOUDATED FINANCIAL STATEMENTS For the year ended 31 August 2024 AE2R8JNN 1710512025 COMPANIES HOUSE A13
117
Compaay No (Th32474 R¢8i5tered Charlty P49 306Y18
Contents Detsll Governors, Report 1-12 Atsditorfs Report 13-15 Consolldated Ststement of Flnancial Actlvltl 16 Consolldated 8alanc• Sheet 17 Charlty Balance Sheet 18 Consolldated Cash Flow Statement 19 Notes to the Accounts 20-35 Company No00532474 Relstered Chèrfty No 306318
ThE COUNCIL OF MILTON ABBEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE OIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 e8lstered Charlty Number: Company Resistratlon Number. Re8lrtered Offlce: 306314 00532474 Mllton Abbey School Blandlord Forum Dorset OTII 08Z James Watson MA (Honsl FCA PGCE Chrls 8arnes BA IHons) PGCE Stephen Lane 8Sc {Honsl ACA PGCE Tracey Edward5 Headmaster (appolnted 09123): Senlor Deputy Head (appolnted 091231: FSrhince Olrector: Head of Operatlons: The Counrll of Mllton Abbey SCI1 Llmlted15 a thafftable company founded In 1954 and Is 8ovemed by Its Memofandum and Artldes of Assoclallon dated 12 Aprll 1954. The Il•bllltles ol Its m¢mbor5 Jre Ilmlted to £1 In total by avafantee. Dlrttton •nd Trnstees Mr l G 8romllow Chalr OfGoverno. Chalr G0MIn¢• Commlttee; Cha51 Fln•nc• & General Purpose5 Commlttee: Lead Govemor SafeBuardln8 & Slngle Central Re8lster; Le•d Governor Rlsk & Issue Man•8ement Chalr Educatlon Commlttee; Lead Governor 8Nrdln8 Deputy Chalr ol Governars; Lead Governor Health and Safety, Member ol Flnance & General PurposÈs Commltteo Lead Governow Forn) and Country51de M•na8ernent Lead Governor Onllne Safety Leid Go¥ernoi Mllr(m Abbey Assoclatlon. m•mb¢r of Flnance and General purpo Commlttfe Member of Educatlon Comrnlttee Lead Governor SEN. member of Educatlon Comrnlttee Member ol Governance Commlttee Sthool V151tor & SLiff Llalson Mr N S Boultan Mr O J H Chamberlaln QVRM TD DL Mr J J Frampton Doctor R SJ Nlcklnson M88S MRCGP MR M O L Noyce MCSI Mrs N Perry Mrs V C P Prlor {res18ned 07 November 20241 Mr N K G Tomlln oeE The Reverend Canon C W Mltchell-lnnos MA PROFESSIONAL ADVISEH5 SOLiaYoR Veèle Wasbrou8h Vliards Lip Narrow Quay H•)use Nlrrow Quay Brlstol 8SI 4QA Barclays baftk plc I Churchill Place C•fi*ry Wharf London E14 SHP AUDIT SERVICES Ward fjoodman Audlt Seryl¢es Umlted 4 Cedar Part Cobharn Road Ferndown Industrlal Ertate mborne, ()orset 8H217SF INSURANCE BROKER Marsh Educatlon 4 Mllton Road Haywards Heath West Sussex RH16 IAH
THE COUNaL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE sfRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The company was established for the purpose erewd and obleets contalned In Sts Mernorandum of Asstxlatlon. The maln thjrltable actfvlty of the companycontlnues to be that of runnlni an Indepeftdeni full boardlnu and day school for boys and alrl5. Mltton Abbey works to be a communlty In whlch each Indlvldu•l Is known. understood and resperted and In whlch: klndneuls central dlverslty and dlfference are celebrated all stand up for what they know to be rltht We work to makè school a he•lthy. s•fe and po51te experlence for all. prlotlt151ng: wellbelna Joy In leamln8 success, In and beyond the classroom We remove barrlers to learnlni: our focus Is always on 'personal best challenge Ss hl8h and pressure Is moderate we build 5elf-bellef and •mblilon We develop Confidence by pro¥ldln8: th• br04dest posstle cholc• of courses to studv opportunltles and experienc deslined to bulld competence and conlldence mentorln8 Includlng person•llied tarlels Ind io•ls Teathws and hoyse team w511 provlde the Ideal balance of support and challenge: they wlll: kn4)w and c4r• lor Indl¥ldual puplls undstand and respond io leamln6 needs Ixpecl, •ncoura8• and ¢elebr•te effort W• wlll teach how to t•ke Mnirol of Ilf• and l•arnln& ensurSn8 puplls.. understand and et commuDIty expertatlons have ihe tools and 5trateile$ to re8ulate themselves Ind lo access any help Meded rind enthuslasm, dlreLtlon and purpose Worl(In8 In pirtnershlp wlth puplts Ind ihelf famllles, Mltton Abb•y alms to send puplls Into the world reth ènd Jble to m*k• a difference: knowlnq and understandlng themselves - able to Confie whh otheis Ind make a posltfve contrlbutlon Irre51stlbly employable and a pleasure to know We wlll r•spe¢t all puplls. We expect puplls to respect themselves and others •nd to: make klndness thelf cornerstone e¢ntrlbute• partldyle, chJllen8e thomsol¥es 8ive thelr best in all that they do To achleve thls as we approach the sthooV$ 7Sth annlvefsary In 2029, we wlll fo¢us on four key development alms: A) To establlsh Milton Abbey as the premler. worlda cenlre forteena8e l#arnln8 devel¢pm•ni 81 To plwce the unlque leamln8 needs of our puplts at the heart of xhool Ilfe Cl To deepen our communlty commitments to equallty, dlverslty, Induslon. sugt•lnability and wellbeini for all DI To maintaln flnancial stabll•ty and gr0h. to support our school's arnbitious aims for de¥elopment
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED
GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIREcfoRS flEPOIIT
FOR THE YEAR ENDED 31 AUGUST 2024
The members of The Councll of Mllton Abbey School Llmlted 1.the Councll") constltute ihe 8o•rd ot Governor5 Of Mllion Abbey
School. subject to the pro¥lslons of the company's Mernorandum and Artlcles of Association. All Goveinors are also Trustees and
dlrectors of the Coundl. New board members are souiht by the Chairman lfi consultstlon wlth othw Governors In order to provlde
4 sultsble balance of general experl•ftc• •nd partlcul•r exyrtlse In •cad•ml4 p•stor•l. l18al, flnanclal •nd other relevant flelds.
Go¥ernois are given an Introductory brlefins by the Chalrman of Governors, Head and senlor manaiers on appolntrnent and
volunteer for further 8ovemance trainlng through AGBIS and IS8A as requlfed, Safegyardlng trainlng Ss PTo¥lded prior to takln8 UP
appolntment and all Governors receSve ongoln8 safe8uèrdlnq tralnlni approprlate to thelr roles.
The Charlty has a wholly owned non
THE COUNaL OF MILTON ABBEY SCHOOL UMrrED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 AGEMEN The day io day runnln8 of the sthool Is deleBated to the Head. supported by the Senlor Deputy Hèad, Finance Olrertor, Head of Operatlons and other members of the school's senlor leadershlp team, who are respanslble for coordlnatlni teachlng. pastoral •nd support teaffls. The Hoad, Senlor Oeputy Head, Flnance Director and Head of Operatlons all •ttend full Councll meetings and also attend the Governance. Educatlon and Flnante & General Purposes subcommlttee meetln¥s where approprlate. The Lead Governor for Health and Safety attends the school's Health and Safety Commlttee meetings held each tefm and the Lead Go¥emor for Safe8uardin8 & Single Central Re8lstv attends the school's sèfeguirdin8 meetlnl The senlor leadershlp role5 at Milton Abbey: Head, Senlor Deputy Head. Flnance Olrector and Head of Operatlon¥ are on salarfes a8reed with the Indlvldu•ls on rn¢rultment, The salarles are revkw•d •nnually by Coun¢ll and ¥dlustffleDts wTh$lde¥ed on performance, aff¢ydablllty and the outcome of appralsals. The key controls used by the sthcol include: - formal agendas for all SuKomnthee and Board athty.. - d•t•ll•d t•rnis of ref•r•nu for ill Sub<ommltte•s; cornprehen5ive strate8Sc pl•nnln8, budgetlng and management accountlnB; establlshed or8anls•tlon•l stfurture and Ilnes of r•portln8j forrn41 wrltten poltcie5' clear authorlsatlon and lpprovii levels; •nd vettlni procedure$ 4$ requlred by law for the protettlon of the vulnerable. LIC The school ilves nnancl•l asgl¥tanc• In the lorm of bursarles to paronts ol puplls who would othepHlso b• un•ble to •ttend Mllton Abbey. Durlfi8 the year, the sthool awafded means-tested bursarles, hOlarshIps, femlsslons, and grants totalllng £l,1%,058 {2023'.£1,018,259 2022.. £984,414). Th• Gov•rnor$' poilcy, In Ilno wlth that of other Independent schools, Is to rn•ke these awards based on the Indlvldual's educatlonal potentlal. Awards are generally fflade from unrestrlrted funds and the majorlty are funded fiom Income. The Is a pollcy to enable access and io relleve hardshlp where the pupll's educatlon and fvture prospect5 would otherwlse be at rlsk. The Mllton Abbey Communlty Fund, establlshed as a reactlon to the flnanclal Impaet of ihe Covld-19 pandernlc, has contlnued to provlde Ilnanclal support to puplls who may be It rfsk ol wlthdraw81 Irom the School on flnanclal irounds thou8h the scope of the fund has slnce been broadened to actornmodate hardshlp for reason5 Other than ¢oDsequentlal to the Covid.19 pandemlc. The sthool contlnue$ to offer • ran8e of cornmunlty 8fOllPS the use of Its facllltles when p0551ble. for exomple thls ye•r w• hosted Cheselbourne School for thelr Chrlstmas concert, Julla's House for a respite weekend lor mothers of termlnally111 chlldf¢n and number of memorlal ser¥lce5 for the Royal Na, who we have always enjoyed a close a55odatlon wlth. We also contlnued to host local football and ru8by clubs for our annuil tournarnenls, as well as welcomlnB Dorset County Crlcket Club for vartous m•tthes. Our golf course is open to the publlc outslde of term tlmÈ and, In the sports department, we make many ofour coache5 avamable to local clubs •nd groups, esp•d•lly In rugby and ¢rkk¢t. mernben of st•ff also acl as G(wernors of local st•ttrmalnt•lned th¢1%. whh tho 1)rA,.$ WDOQrt to attond rnp.et•n•s and evftnt.% as roulred. The students also partlclpated In a number of charSty Inltlailves In the year to ialse funds for virlous tharltles. whlch Included.. Hambro House ff(d par1 drive for Michaefs House In Octob•r 2023 - Tie8of+well House poppy dlsplay In ald of the floyal Brltlsh Lealon Charlty. November 2023 Christrnas Jumper Day for Crisis. Deeembr 2023 Crass wuntry runnln8 •Wdnts In ald ol Wlll Does. J•nu•ry •nd Marth 2024 Food sale to false money for Actlon Ald. February 2024
THE COUNaL OF MILTON ABBEY SCHOOL LIMITEO GOVERNORS REPORT INCORPORATING THE sfRATEGIC REPORT AND TblE DIRECTOR5 REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The school liaise$ wtth the Salisbury Dlocese In the care and day-tfyday admlnlstratlon of the Church of St Mary & St Michael and St Bramvalader, Mllton Abbey• whlch Is used the school's chapel. We are dell8hted to support benefice for the local communlty monthty and we also fadlltated diocese tralnlng for the Southwest Rural Vlcars Network. In furtherance of thelr obJectl¥es the Govemors, as Charlty Trustees, have mPlIed wlth thelr duty In the Charllies Act to have due re8ard to the Charlty Commlsslon's publlshed 8eneral and relerdnt sub sector quldanee ¢oncernln8 the operatlon of the Publlc Benefit requlrement under thè Act. Ip wrTH OTHER CH The school is fortunate io have the beneflt of the Abbey church as fts chipel ond as a resource of great slanlfkance to the wellbeino of the school communltY because of the beauty and hlstorlcal Importan¢e ol the bulldln6 Itsell •nd115 Influence on the ethos •nd relnforcement of the alms and oblectlve5 of the school. The bulldln81s owned by the Dloce5e of Sallsbury but the 5cho0l contrlbutes approprfately to its malntenance and the bulldln8 Is made Ireely avallable to the school for wor5hlp. communally and IndSvldually. and many other actlvliles. The xhool, In partnershlp th the Diocese of Sall$bury and the Forestry Comm5551on, ha5 formed the Mllton Abbey Herl¢a8e Trust {MAHTI whose alms •ro to man•ze the restor•tlon of the Abbey Ind •ttrirt vlsltws to the hlstorfc slte In whlch the school and Abbey are sltuated. The Trust seeks to seture 8rants to carry Out restor8tlon wo5 on the Abbey. Improve publlc acce to the Abbey •nd protect the landscape. Pastoral The Introd¢Ktlon of a new PSHE pro8ramrne wrltten In house to meet th¢ specllk needs of our puplls and supplemented by a Tanot of Internal and 8ernal speakers has been a key development thls year. Deslffned to address the th•ll•e5 of th• 21st century In an a¢cesslble w4y, the prowmme equlps pup115 With the tools they need to navllate the world outslde Mllton Abbey. To fvrther support our puplls, emotional wellbelng and relatlonshlps we have also successfvlly folled out the Glrls on Board lftltlaiive whlch empowers •nd upskllls fem•le puplls to understand •nd mna8e thlr own relitk)nshlp& A renewed focus on Equallty, Dlvefslty ané Incluslon {EDI) has bé•n champloned throu8h the on8olno work of ih• EDI cafflmlitee who have been workln8 to ernbed thLyr prlncipals Inlo all aspects of school Ilfe to ensuie that every pupll feels valued, seen, heard and Included. OurJourn•y to b¢cornln8 a UN Rl8hts Respeclln8 S¢hool further hlihll8hts our whole school commltment to foster 8 eulture wlth EOI at its centre. Champlonini and actlonln8 pupll VOICE contlnue5 to be central to our pastoral approach. Reeular survey& House Counclls and feedback 8fOUPS %uch 05 Food Commltt¢e- offer pupll$ opportunltles to share thelr perspectives and Influence school declslons. Our resldentlal team are all completlng or have completed thelr 85A boardin8 qualificatlon5 pro¥ldln8 the trainlng and skllls neceuiry to underpln our provlsloTh of outst4ndlng nurturlnl and supportlve tsstoral care whlch enables every pupll to thrlve. Our 2417 health Centre contlnues to provlde ex¢eptlonal care offering our pupib access to health and wellbelnE SUPPOrt at any tlme of the day or nl8ht. Addltionally. we now have over 25 staff who have been •warded the Mental Health Flrst Ald quallflcatlon, ¢f•lned by our In-house Nurse, In support of our In-house counselllng provision.
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT ANO TrIE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 li CMIÉV mi•d p101 l£onilnu¢d) Safe8uardln8 our puplls remalns Central to all that we do and alon8slde our day-t041ay safeguafdlng praetlees we ha¥e also tlghtened aur focus on eontextual sale8uardine. tt+nslderln8 both our Intemal envlronm¢nt and more broadly understandlng Ouf local settlng. The DSL Is part of the Dorset Educational Safeguardlng Board and attends reiular rneetlngs and conferences to understand local and n4tlonal tnds. A¢•deml¢ In Ilne wlth the pfevtous year, 2023.24 saw the natlonal results pldure held to pre.p•ndemlc levels wlth the shllts In vocatlonal assÈssment now left a¢fOSS most 8TEC subjects. The curflculum remalnÈd rel•tlvely stable for thls cycle, though thanges to the 3rd form Cuf rlculum were formallsed ready for Implernentatlon In September 2024. Thls siabllity of offer reflecls a stablllty In the 5¢aff body and a good undeistsfidlng ol the puplls such that we have not needed to make wholesale ¢han8es In courses or dellvery. Thls wlll ol course femaln uftder re¥lew, and we are eXctIn1 to mak• SOME adaptatlons In the forthcomln8 •c•demkye•rto rellne aur offer conslderlng outcomes and shfftln8 assessment patterns. A s18nlficant development of provlslon occurred In our exams department. wlth the Inlroductlon ol a fleet af centrnlly manaied exam l•ptops whlth have been custom pro8rnmmed to mana8e the dlfferent levels of exam iequlrement but to do $0 Irorn a sln8le central conlrol polnt. Thts h•5 allow•d us to provlde • much rnore comprehenslve servlce In relatlon to exarn access arTanKements and to support the incre•slng number of pupll$ who need such arrangementL The results from the 2024 exarns cyde presented a l•ryety wsltl¥e plcturq. We saw a s18nlftcant upllft In pim rates In both GCSES and Le¥el 2 8TECs. Courses ol note Included a much.strengthened perform•nc¢ In En8llsh L•niui8e and Enl15h Llterature, slemming from a restructure of the dellvery and tturse whlch has proven to be very posltlve; a slmllafly In¢re3sed performance In the Double Award Sclence whith Is Inlormlne some forthcomlng adaptatlons to how we rnanige sclenee It thls level; and stron8 outcomes In Sport, Enterprise and Hospltality, ieafflrmln8 some key departrnents that have been at the centre of our offer. In Slxth Form at Le¥el 3 the 8TEC perform•n¢e w•$ Stron8er wlth p•ss rntes runnlni he•d of the n•tlon?l a¥erJe•s, wtth • noiable 12.6% Increase In the O•.M performance metrfc. We also saw a slron8 increase In our converslon of C irades Into 8 8rades at A Level vthl¢h13 a wltlve slun, bul more WDTk needs to be dDne to 5UPPOrt slmll•r conve151Dn5 both atthe top ol the irnde range. Departments whlth performed particularly stron8ly Included; Enterprlse where the uplift frorn CAT4 baselines wls cOnderable. Fllrn and IV whlch saw the strongest value added score for any department •t thls level; A Level Bl0108y whlch posled a lOO% C 8rade and above set of result5; and posltlve rewlts from both Hospltality and SporL reinforcln£ the plcture seen lower down the school. Fllm and IV and Hospltallty also featured In our stronBest Indlvldual performance, wlth one student aalnln8 10 grades alJov thelr baselSnes and securln8 the hl8hest UCAS polnts t•lly slnc• th¢ polnts system was fefoirned In 2017. The UCAS cyde was a8aln successfvL wlth 100% of our sthdents findln8 place5 In lurther and hl8her educatlon. of thls, 80% achleved entry to their flrst-cholce de5tlnatlon whlch echoes the successes of prevlous years, bullt upon the cloK Indlvldualised advlce and support that student5 are able to receive from the careers and tutor team. Applicatlon rates Increased th15 year, wtth 85% of the cohort ¢hoosln8 to contlnue In some fom of further or hluher edurallon whlch Is a po$liive stallstlc showlna a aood level of aspirdtlon amonist th Veèr 8roup. Th? TanBe of courses remèlned as varled as ever. reflectlnB the Olverslty of our cohort wlth courses ran¥in8 from Accauntlni and Flnance, to FJ5hlon Oesl8n io Intenatlonal Relatlons, to Compvier Game Desl8n. io Earlv Years Educatlon, to English Llteratur¢, to Fllmmaklng. Agalnst thls backdrop. the ranie of desllnatlon also remalned Impresslvelv dlverse, indudln8- the Unlverslty of Sussex- CardSff Unlverslty,. Westmln5ter Unlverslty: and Brunel Unlverslty. We a150 saw an Increase in oversea5 appllcatlons, with studenis golng on to stvdy at SCAD In Amerlca, the Australlan Crlcket Academy. and UE Madrfd èmon8st other&
THE COUNaL OF MILTON ABBEY SCHOOL UMITED
GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT At4D THE DIRECTORS REPORT
FOR THE YEAR ENDEO 31 AUGUST 21)24
Acn
AdefflIC lcohtlnuedl
In preparatlon forlhe new acadernlc year. we created some Intemal posts IO SUPPOrt varlous elements of the acadernlc
provtslon, as follow&. Head of Thlrd Fom,. Head of Caieers and Future pathwa Te[n8 and Leamlng Lead Piartltloner. The
latter of these wlll be crltkal as we look to develop our structure5 hnd practlce as a tr•ln5n8 centre for new te?cher% is well as
helpln8 to develop peda808ical WactI across the school. We also appointed ¥ new Head ol PHSE and a new Head of MFL
supported by a laTr8uaBe asslstant who Is also provid•n8 support to our Leam•nE Development and Hospitality department& These
•ppolntments wlll allow us to bulld stron8er leadershlp In these key areas. Wlth the maln staff body remalnlni conslstent •nd now
bolstved by new appointments. largety Irorn wlthln our exltlne staff. we are well placed to start strengthenln8our practlce as well
•5 looking to bulld new provision and •ppro•¢hes that will Illow us to face the ¢hallen8es of J chan8ln8 educatEonal context.
Co¢urrl¢ul•r
The Cocurrleular wogramme at Mllton Abbey Coniinues to offer a wlde ran8e ofopportunltles for puplls, wlthln the sports
pro8r•rnme and throuah weekend and evenlnq proir•mmes. well •5 our Wednesd•y •fternoon artity pro8rJmme, Insplred by
the Round Square Dlscovery Framework.
Sport contlnue5 to be a core stfength wlth at least 90% of all sdents- all those who wlsh to do so- re8ularfy representSni the
Sa91 In • competttlve flxture, tho remalnder prefefrln8 to enjoy a broad pro8ramme of non
THE COVNCIL OF MILTON ABBEY SCHOOL LIMrrED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND ThE DIRÉCTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Cocurrlcular Icontlnued) The Weekend Activily Prograrnme is busy wlth agfrapproprlate artlvlties lor Lower School and Slxth Form pup115. 81a¢k Tle 8alls. Barn Dantes, Sllent Dls¢os •nd Fan¢y-Dres$ Partles are very popular wlth aur student body on Saturday Nl8hts. On Sundays. a wlde range of trips and a¢tivltles are available Includln8 trlps to Thorpe Park, Bath, local town trSps to Dor¢hesler and Weyfflouth, and country walks as well •s swSmmSn& qolf. lftt•rhouM sport •nd aym on the school slte. The school his further developed Its adventurous actlvltles pro8r•mme. We Sntroduced House Adventure Tdps that took place In Septembèr to help pupi15 In boawdlnE hou5e5 to bulld relationshlps at the be8lnnln8 of the year and de%lop confidence by belng pushed out of thelr ¢gmfort 2on•s. Puplls vlslted a faftie of advonturpus tralnln8 centres In Dorset and the South-We5t, and one house Spent 3 day5 on car1 boats. In the Summer Temi Year 9, Year 10 and Year 12 students enjoyed expedltlons to Cornwall and Ihrset. The Year 12 Surfln8 Trlp Is now a well-ostabllshed ind key part of ir•nsltl( Into the Student< flnil year at the school. Sector ch•llenies As wldely anilelpated, the labour 8overnment proceeded wlth the Intioductlon of VAT on Independent sthool lees whlch beume law from January 2025. In antkipation of thls measure, ffom Au8ilSt 2024 the 5¢hool set out its Intentlon to absorb 6.2% of the VAT Increase to a551st parents wlth the addltlonal Cost burden. S•1 aslde addltlon?I bursary fundlng wlthln the schooys 2024125 bud8et and In¥lted enfjaiernent wlth those parents who 8Mlciwed dlfflculty meetlna ihe addltlonal VAT Ilablllty. The school uklmately adlusied upwards all eJ¢lslln& means t•st•d burJ4rl•s to •$51st thls iroyp of pirnnts and •1so 8ranted • numb•r of lddltlonal burIS followlnl • ffleans testlng proces& Followlng the Implemenlatlon of these support meastsres. the sch¢)ol Implemented a modlfied fee Increase of 13.8% from Jantsary 2025 whlch. thereby absorblnE 6.2% 01 the 20% VAT to asslst par*nts. The school has not experlenc•d any pupll wlthdTrwals that were attrlbuted dlrectty to affordablllty. We are aware that affordablllty Is an on8oln8 challen8e for many parents and the 5th001 wlll ¢ontlnue to offer means tested assIance whwe approprlate. In addlilon tv the Impart of VAT: followi a perlodlc scheme fvndln8 re¥lew, the teacher PensloTr Scheme IncreJsed employer contrlbutlons fiorn 23.68% to 28.68% effecttve April 2024 in¢reaslng school employment costs by lust ¢)ver £IOOk per annum. Followln8 thls developmenl, the school closed ttro Teather$ Pen51on Scheme membershlp to newly rttrubted members of the teaching staff effe¢tlve 1st January 2025 and wlll be offerlng arn attrnctlve and much more flemlble alternative scherne of the defined contrlbutlon type. Th• Costs In the thort t•rm are comparable wlth TP5 but tho school wlll beneflt from less exposure to posslble future Inueases In employer contributlons to the TPS scheme potentlallyarlsln8 followln8 luture flnanclal revlews non.domestlc rate5 rellel on the School bulldlngs wlll be withdrawn from Aprll re5ultlng In Increased cogts of Ipproxlmately É130k per annum. io
THE COUNaL OF MILTON ABBEY SCHOOL UMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR ThE YEAR ENDED 31 AUGUST 2024 FO THE YEA Pupll ntsmbers at the stlrt of the 2023124 andemlc year stood •t 219 bein8 8% up when compared wlth the prevlous year. Total Income was up 14% at £9.3mllllon Includin8 donatlons up £11Sk enablln8 a full refulShment of the Khool 8ym. Eyndlture was tl8htly Controlled durlng the year such that overhead Increases were mafi48ed at Just over 6%. Thls enabled the sthool to return to surplus, delSverln8 £477,361 followlnB a deficlt of £is7,545 In 202312022.. Surplus £127,247, 2021.. surplus £195,904 excludlni £250k buslness Intemiption daim whlch In part related to events whlch occurred In FYE 2020). The school cornmeneed the 23n4 aodemlc year with a fvrther increèse In pupll numbers to 223. Moreover, genernl cost Inllation has •bated, and Itnance costs ai¢ now decllnln6 followln8 Bank of En8land base rate reductlons. Thls has enabled the school, to budiet for another year In sufplus desplte th• s•rtor challenges outllned above. ELOPM UT The school contlnues to work through Its 10-year Sthool Development Plan announced In 2022. In partlcular, the plans Include the Implementatlon of modem deslin and cpnstructlon Ideas to UP8rade the f•cllltles for the puplls whlle meetSn8 our obll8atlons re8ardlng our herfta8e da551ftcotlon. In the year, we contlnueil our cvde ol accommodatlon fefurbhhrnents• provldlne hI8UalIty boardlng dom)s In the manslon block H¢wsos. We also contlnued work on the decoratfve aspect$ olthe school, most notably brln8lnB much needed Smpro¥ements to the Abbofs NJII and flntshlw our rycle of renovatlni our employee •ccommodatEon around the site, Followlng a fundralsing appeal and sponsored challenges wlth pupils, parents and alumnl we also ientted and reequlpped the Boat House Gvffl, refreshed our astroturf pltch and bullt three new 8rass tennls courts, whlch weie all very well recelved by the communlty. Durlns the year we also completed several unseen eleclrlcal, plumbln8 Ind sjfety proJe¢ts, lo finlsh our Flvtryear Opeiatlonal PrloritlsatloD Plan. We wlll contlnue to prlorltlse Health and Safety needs, and olher unseen works through qualty milntenance. ueatl¥e Ideas and • keen lo5 on •chle¥ln8 best value. Mllton Abbe$ long-term pollcv Is that unrestrlcted reseThes should not generally accumul•te from year to year. ¥* those arlslng due 10 relUatIon of the school est•te, In intlclpatlon of costs ar151n8 In respect ol fvture c•pltal proJ•cts or io the extent t1 arn requlred to meet the school's debt repayment obllatlons. Surpluses lenerated from the runnlng of the school wlll therefore ieneralty be relnvested Into the school estate, Infrastructure. and educatlonal provlslon. Howe¥w, to mltlBate the short-term rlsks and uncertalntles of oper4tlng •5 •Th Independent educatlonal establl$hment, partlcularty il¥en the sector ch•llen8es outllnes above, the school tsrgets freé reserves, that Is readlly avallable In Ilquld funds, of £lffl or 1-2 month's expendlture arml some •ccumulatlon ol unrestrbc¢ed reswves Is planned untll thls taryet15 •chlev•d. As ot 3tst August 2024. the Group's unrestrlcted funds therefore stood at £5,766,228 (Includln8 • revaluatlon gjln of £4,071.889) at the yearond12023: £4.858.556). These reserves were wholty deplod as p•rt ol the Khooys premlses and equlpmeni, supplemented by approprlate worklni catal facllltle5. li
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED GOVERNORS REPORT INCORPORATING THE STRATEGIC REPORT AND THE DIRECTORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIE5 The Governors (who are also directors of The Council of Milton Abbey School Limited for the purposes of company lawl are responsible for preparlng tho Governors. Annual Report and the Finantlal Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel. Company law requires the Governors to prepare flnanclal slatements lor ea¢h financiol yeor which give a true and fair vlew of the state of affairs of the charitable company and the group and of tho Incomlng resources and application of resources. includinE thc income and expenditure, of the charitable group for that period. In preparin8 these financial statements, the Governors are required to: select suitable accountinB policles and Ihen apply them con515tentlv* obser¥e the methods and principles In the Charities SORP, make judgments and estlmates that are reasonable and prudent,. stale whether applicable UK Accounling Standards have been followed. subject to any material departures dlsc105ed and explained in the financial statements,. and . prepare the financial statements on the Boing concern basis unless It Is Inapproprlate to presume that the company will continue in business. The Governors ore responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlrne the financial position of the charitable company and enable ihem to ensure that the financial statements comply with the Companles Act 2006. They are also responslble lor safeguDrdin¥ ihe assets of the Charltable Company and the Group. and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularitles. In so far a5 the Governors are aware.. Ihere is no relevant audit information of which the chJritable company's auditor is unaware; and the Governors have taken all steps that they ou8ht to have taken to make themselves aware of any felevant audlt information and to establish that the auditor is aware of that informatlon. The Governors are re5pon5ible for the maintenance and integrity of the corporate and financl31 informailon included on the chaiitable company's website. Le8islètion in the United Kingdom 8overnin8 the preparation and di5semlnailon of financlal Slatements m3y differ from le8lslatlon In other lurisdlctlons. AUDITOR In accordance with Seciion 485 of the Companies Act 2006. a re501ution proposing the re oppolntment of Ward Goodman Audit Sorvices Llmited as auditors io Ihe company was put lo Governors and approved on 28 February 2024. The Trustees. Report incorporating ihe Milton Abbey School Llmited on ond sl8ned on its behalf by: te8lc and Directors, Reports was approved by the 8oard of Governors ol The Council of l.L+a',li.AJ lozs J I3+ l G Bromllow Chair ol Governors 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE COUNCIL OF MILTON ABBEY SCHOOL LIMITEO Oplnlo We ha •udlted the consolldated flnanclal statements of Councll of Mllton Abbey School Umlted •nd Its trading subsldlary Milton Abbey School Servlces Llmlted (the gfOUP') for the year ended 31 Au8USt 2024 on pa8e5 16 to 35. The financlal reportlTrg frarnewofk that has been applled In thelr preparatlon Is appllcable law and Unlted Kln8dom Account1 standards Iunlted Kln8dom Generalty Accepted Accountln8 Practkel. In our oplnlon the financSal staternents: 8S¥e a true and falr vlew of the st•te of the 8roup's and the p¥reDt ch•ritable company's affairs as at 31 August 2024 and of the 8mup's and the parent charltable cornpanvs Incomln8 resources and applkallon ol resources. indudln8 Sts inccrne and expendlture. for the yearthen ended: - have been property prwred In •ccord•nce wlth Unltod Kln8dom G•n•rally Acopted A(C(tIn¢ Pr•ctI. and . have been prepared In attordance wlth the requlrements of the Companles Act 21JO6. 8•515 of oplnlon We conducted our audlt In ittordince wlth IDtefn•tlonil Standafds on Audftln8 (UK) IISAS {UKI) and appllcabl• law. Our responslbllltles under those >¢andards ar• further descrlbed In the Audltors responslbllltle5 lof the •udlt of the flnanclal Statements 5ertlon of our r¢port. We are Independent of the charltsble CoMnY In accordance wlih the ethlcal requlrements thal are relevant to our audlt of the flnandal statements In the UK, Includlng the FRC'S f thlcal Standard. and we have fulfflled our other elhI1 re5ponslb1l5e5 In •CCOTd•nce wlth th•se iequlrements. We belle¥e that the au•Jlt evldence we have obtalned Is sufflclent and appfoprlate to provtde a basls for our opSnlon. Conduthins rel•lln8 to iolni con¢ein We have nothlng to report In respect of the followlng matters In relatlon to whlch the ISA5 {UKI requlrn us to report to you where: th¢ trnstees, use of the golnB concern basls of è¢countlng In the preparatlon of the financlal 5taternent$ Is not •pproprlot•; or the trustees have ftot dlsdosed In the Iln?nclal statements any Identlfled materlal uncertalntles that may cast $18nlficant doubt about the 8roup's ablllty to contlnue to adopt the 8oln8 concem basls of accountin8 for a perlod ol at least twelve months from the date when the flnanclbl Statements are authorlsed for Issue. Oth•r Inform•llpn ThÈ trustées are re5ponslble for the other Informatlon. The other Inforrnatlon ¢omprlse5 the lnformatlon Included In the annual report, other than the Ilnandal statements and our Report of the Independent Audltors thereon. Our oplnlon on the flnancSal statements does not cover the other Informatlon and we do noi express any form of assurance concluslon thereon. In connectlon wlth our audlt of the Ilnan¢l•l statements. our respon51bS11ty Is to read the other Informatlon and. In do1 so. nslder whether the other Informatlon Is m•terl4lly Inconslstent wlth the ftnlnclal statements or our knowledge obtalned In the audlt or otherw15e appeals to be materlally mlsstated. If, based on the work we'have performed. we condtsde that there 15 a materf41 mlsstatement ol thls other InformatlDn. are requlred to report that fact. We have nothlng to report In thls iegard. Oplnlon oth•r mJtt¢rs pr•Krlb•d by ih• Camp•nhi Art 2(lQ6 In our oplnlon. based on the work undertaken In the course of the audlt: - the Informatlon qiven in the Report of the Trustees for the finaftcial year for which the flnancial statements are prep•r•d 15 consl%t•nt.wlth the fln•nd•l sl•t•m•nt•' •nd - the Report of the Trustees has been prep4wed In accordance wlth appllcable le8al requirement& 13
REPORT OF THE INDEPENDENT AUDfroRS TO THÉ MEMBERS OF THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED M•n•rn on whkh we r4qulred to repart by •xcoptlofi In the li8ht of the knowledge and understandlng of the gioup and its environment obtained In the course of the audlt, we have not identified materlal rnisstatements in the Report of the Trustees. We have nothln8 to report In respttt ofthe followlng matters where the Companles Act 2006 re9ulres us to report to you If. In our oplnlon: dequate accountlng records have not en kept or retums adequaie for our audlt have not been recelved from branthes not vislte(I by us; or the Ilnanclal statements are not In agreement wth the accountln8 records and retums; or certaln dlselosures of trustees, remuneratlon spÈclfiÈd by law are not rnade; or we have not recelved all the Information and explanations we requlre for our audlt. R•Tr11b11ltl•l oltruit••s A5 explalned rnore fully In the Statement of Tru5tee5 Responslbllltles set out on page 11, the trustees (who are also the dlrtttors for the purposes ol Company lawl are responslble for the preparatlon of the flnanclal statements and for belnft Gatislied that they ilve a true and falr vlew, and for such Internal control as the trustees determlne Is neCesry to enable the Preparatlon of nnanclal stotements that are free Irom materlal mtSStatement. whether due to fraud or error. In preparlng the financial statements, the trustees are respon51ble for ossessinq the 8roup's ablllty to contlnue as a lolng concern, dlsclosln8, as appIlble, matters related to 8oln8 concern and usln8 the 8oln8 concern basls of accountln8 unl•ss the trustees elther Intend to Ilquldate the group or t? cease operatlons, or have no realistic alternatlve but to do so. Ouf r•Jponslbllftles lor the ludlt ol t lln•nclal stat•m•nts Our oblectlves ère to obtalTh reasonable assurance about whether the flnanclal slatemefits as a whole are Iree fram materSal mlsStatement, whether due to fraud or error. And lo Issue a Report of the Independent Audltors that In¢lude5 our oplnlon. Reasoftable assurance Is • high level of assurance, but 1$ nol a guarantee th•t an audlt conducted In a¢eordan¢e wlth ISAS {UK) wlll always detett a materlal mlsststement when It exlsts. Mlsstatements can arlse from fraud or error and are consldered malerlal 11, Indl¥ldually or In the aure8ate, they could reOnblY be expected to Influenc• the economlc declslons of users taken on the bas1$ of these ffinancljl statements. 14
REPORT OF THE INDEPENDENT AUOITORS TO THE MEMBERS OF THE COUNaL OF MILTON ABBEY SCHOOL UMITED lffe8ular•lles, Includlng fraud. are Instances of noTh<ompllan¢e wlth law5 and req4Jlatlons. We desl8n procedures In Ilne wlth oui reSpOnbIlItIes, Outllned alx)ve, to detect materlal rnlsstatements In respect of Irre&ularltle5. IncludlnB fraud. The extent to thlch our procedures arecapable of detectln8 Irre8ularltles. Includlft8 fraud Is detalled below: W obtalned an underslandlna of the leyl and wulatory fr•meworks appllcable to th¢ 8roup ind the sector In whkh they operate. We obtained an understandln8 of how the group are complylnB wlth those legal and regulatory frameworks by mikln8 enqulres of management. We assessed the susceptlblllty ol the iroup's finandal statements to mateflal m15S1atemenL Indudlvd how fraud ml8ht 0(r. Audlt pr¢xedures performed by the enBa8ement team included: l. Identlfyln8 •nd assesslni th• desl8n eff¢(15v¢n•ss of controls man•8ement has In pllce to pr•v¢nt ind d•iect fraud, 2. Understandln8 how those ¢har8ed wlth i(Y4ernance consldered ind addre55ed the potentlal for overrlde of controls or other Inappropflate Influence over the flnanclal reportln8 process, 3. Challen8ln8 •$5umptlons •fid ludgments m•d• by fflanaiement In Itsaccountlno estlrnates. 4. Identlfylna and testln8Journal entrles, In partlcular any loumal entrles posted wlth unusual account comblnjtlons. Ind Because of the Inherent Ilmliatlons of an audlt, there Is a rlsk that we wlll not detect all Irre8ularltles. Includlng those leadln8 to a materlal misstatement In the flnanclal statements or non-cprnpllance with re8ulatlon. Thls rlsk Increases the more that compllance wlth • law or regulatlon Is removed from the events and transactlons reflerted In the financlal statements, as we wlll be less Ilkely to b•¢offle iware of Inst•nc•s of nonrfompllance. The rlsk Is also 8re•ter re8ardln8 Irre8ul8rltles occurrlnq due to fraud rather than error. •$ fr•ud Involves Intentlonal concealmenL foryery, collusSon, omlsslon or mlsrepresent•tlon. A further deKrlptlon ol our responslbllltles for the audSt ol the financlol st•tements Is located on the Flnanclal Reportln8 Councll'5 web511e It www.frLori.uklaudltorsre$ponslbllltles. Th15 descrlptlon form5 part of oui Report of the Independent Audltor& Mr l Rodd 8Sc FCA FCCA (Senlof Statutory Audttor) forand on behalf of Ward Goodman Audit Servlces Umlted 5tstutory Audltor 4 Cedaf Park. Cobham R¢Md Fernd¢)wn Industrlal estate Wlml)orn• Dorset BH217SF Is
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED CONSOUDATED STATEMENT OF FINANCIAL AcnviTIES INCORPORATING THE INCOME ANO EXPENDMIRE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Endawed Il•strl¢ted Unrestrlrt Total 2024 Total 2023 Incom• Donaiions, 8rènts and legacies 56.5SO 6.755 63,305 57.319 Income from charitable acllvltles," hool fees Othereducatlonal Income 8,502,860 380,175 8,502,860 380,175 7,429,574 332,485 Blomass rebates Income Irom 8enernted funds,. Non andllary tr¥dlng Income 47,540 47.540 65.265 184,538 184.538 238.037 InvestmeThi Income 16.828 16,828 38,980 Total Incom• S650 .9,138,696 9,195,246 8,161.660 Expendlture Costs of ralsln¥ funds: Non anclllary tradlrva expendlture Fundralslni costs Flnanclng costs 17S.930) 175.930) 191,894) (353,788) 1353,788) 1360,679) Expendlture on ¢harltable artlvlti•s; Educatlon and yant maklnl Bad and doubtfvl debt provlslonln8' {S9,126) (8,207,038) 12I004) 18,266,164) I729,870) 122.004) 136,7621 Totsl eMp•ndlturn Net In¢om• {•xpendliuTe) pre pmvlslonlni. Net Inwme {eltpdIYeJ 159,1261 12.5761 IIS761 {8.65I7601 SOiJ40 479.936 18,717.886) 18319,2051 499J64 (120.783) 477J60 (157J45 Transfers between lunds Unrealtsed yln on revaluatlon of fixed assets 2.083,297 Net movement In fvn Total funds broutht forward Total funds carr1edfonrd 12,5761 317,554 314.978 479.936 4.858.456 S3J8,392 477360 5.288.868 5,766.228 1,925.752 3,363.116 5.218.868 1417 1417 112.858 111858 All income and expendlture are iierlved from continuini actlvltleL There Is no dlfference between the Statement of Flnanclal Actl¥ltles and the Income afid ExndIture Report. C•mpany No 00532474 RIgtered Ch•rlty No 306318 The notes on pages 20 to 35 form part of these a¢¢(wnt$. 16
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITEO CONSOLIDATED BALANCE SHEET FOR THE YEAR ENOED 31 AUGUST 2024 2024 2023 Notes Flxed Assets Tangible assets li 13,250,125 13.167,471 Curyent Asset5 Stocks Oebiors Cash at bank and in hand 12 98,016 416,507 216,085 730,608 83.156 738,248 170.781 99Z.185 13 Credttors: Amounts falling due within one year 14 13,843.4641 13,945,802) Net Current ILl3billtlesl l Asset5 13,112,856) 12,953,617) Total Asseis less current Il•bllltle$ 10,137,269 10,213,854 CredStois: Amounts fallln8 due after more than ono year 15 14,371,041) 14.924.986> Net Assets 5.766.228 5,288,868 Flnan¢ed By: Funds Endowed Re5trlcted Unrestricted Revaluation (forms part of unrestrlcted funds) Total unrestrlcted 16.17,18 112,858 314,978 112,858 317,454 1.266.S03 4,071,889 786,667 4,071.889 5,338,391 5.766,228 4,858,556 5.288.868 These accounts were approved ond authorlsed for Issue by the Board of Governors on and signed on its behalf by; 14tIMo lo15 ,} £,.M. Mr l G Bromllow Chair of Governor5 Company No 0053247d Registefed Chorily No 306318 The notes on page5 20 to 35 form part of these accounts. 17
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 1014 2023 Notes Fixed Assets Tangible assets Investment in subsidiary li 13,246.483 13.161,973 13.246.484 13.161,974 Current Assets Stocks Debtors Cash Ji bank and in hand 12 98,016 419,555 178,454 696,025 83,156 712,824 80,112 876,092 13 Creditors: Amounts fallin8 due withln one year 14 13,807,552) 13.826.914) Net Current {Ilabilitles) l Asset5 13,111.S271 (2,950,822) Total Assets les5 current Ilablllties 10,134,957 10,211,152 Credltors: Amounl5 fallln8 due after more than one year 15 14.371,0411 14,924,986) Net A55et$ Financed By: Funds Endowed 5,763,916 5.286,166 16,17,18 112.858 314.978 112,858 317,554 Resiilcted Unrestricted Revaluation Iforms part ol unreslrlcted resefves) Total unrestricted 1,264,191 4,071.889 783,963 4,071.889 5.336.080 5.763.916 4.8S5,754 S,286,166 These accounis were approved and authorlsed for Issue by the 8oard of Governors o and signed on its behalf by.. IL+tA Ma 2oL Mr l G Brornilow Chairman of Governors Company No 00532474 Registered Charity No 306318 The nDtes Dn pages 20 to 35 form part of these accounts. 18
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT ASAT 31 AUGUST 2024 Nole 2023 Net ¢•sh Ilows Imm oper•tlry artlvltl Interest pald 19 1,046,524 1353,7881 117.921 (360.619) C•ih Il¢x¥$ fmm InvrfllN •rtlvltl•J Purthase of equlpment Interest rttelved {313.344) 16,828 (198,7611 38.980 Net cash flows Irorn Invejtlns artlvltles {296,5161 (159,78Z) C•th Ilowj from Ilnanclng •clfvltles Repayment ol borrowlnqs Repayment of borrowlnBS under flnance lease New l)orrowlngs under flnance lease Newty ¢¢ntr•¢t•d ••rly lee piyment arran8•m•nts Redurtlon In uncmtracted and utlllsatlon of cantra¢ted early fee Vrnents 1185,536) <308.5301 127,404 725,120 13,606 1185.5371 1234,3581 117,585 51.13S 274.452 N•t ush 110 from finandry Ktlvltl•s 372,064 23277 Net Incr•anlldttrnase) In ash and c•sh equlvalents 768,284 379,2631 Cash and ¢th equlvalents at the be8lnnln8 of the year {569,649) 1190,386) h and u$h Iqu*1•nts at th• •nd of ihe yMr I9835 (569 R•condiknilon to t•th •t b•nk •nd In h•fid: Cash at bank and In hand Bank o¥erdrafts 216,085 170,781 1740,4301 C•ih and ujh •qufvalents 216.085 569,649 COMn¥ No 00532474 Re8lstered Charfty No 306318 The notes on pages 20 to 35 form part of ihese accounts. 19
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLiaEs a) Lepl fomi These accounts present the consolldated InforfflatEon of The Coundl of Mllton Abbey School Llmlted, a gIstered charlty 13063181 and a Ilmlted company Incorporated In En8land and Wales100532474) and Its wholly ovmed subsldlary. Mllton Abbey School Services Llrnlted a Ilmlted cornpany Incorporaied In Eneland and Wales1043387711. Bath entltEes have the same registered offlce- Mllton Abbey khool, Mllton Abba% Blandford Forum. Dorset DTII 08Z. b) Accountln8 conventlon The flnandal statements have been prepared In accordance wlth AccountlnE and Reportln8 by Ch3rltl•s: Statement of Recommended Prartlce appllcable to charlties preparing thelr accounts Sn accordance wfth the Finandal Reporting St4ftd•rd appllcable In the UK and Republlc of Ireland (FRS 1021 lefftcllve l January 2015)- {Chirltle5 SORP (FRS 102)), the Flnanclal Reportlng Stsndard appllcable In the UK and Republlc of Ireland (FRS 1021 and the CompanSes Act 2006. Under FRS 102. the charltsble company Is a publlc benefit entlty. ¢) Golni concern The Governofs have presented a buslness plan Inetyporatlng forecast flnanclal Informatlon thiouBh to 31 August 2026 that reflects thelf view that the financlal statements can be prepared on a 8oln8 con¢wn ba51s. In addltton to this, the BfOUP has commltted lon8 term loan facllltles tO8Qther wlth a £1.5 mllllon oveidraft faculty that ale adequate to meet the gioup capltal and operatlonal requirements. dl 8asls of consolldatlon These accounts ronsolldate the School and fts subsldlary undenaklng Mllton Ablw School Serylces Llmlted to 31 Au8ust 2024. all Inter iroup s•le$ and profits have been ellmlnated on fonsolldatlon. The Group has taken advantage of sectlon 408 of the Companles Act 21JJ6 by not pro¥ldlTh8 a separate statement of financlal actlvltles for the subsldlory. Net Incomln8 resouices •ttrlbut•ble to the subsldlary •re £5512023: £1431, thes• •r• fl8urei b•lore tsxatlon. el T4nKlbl¢ Ilxed •55•ts Tangible fixed a15 other than freehold l•nd and bulldlnp are measured under the cost model, freehold land and bvlldlnls measured under the revaluatlon model. Items below £51XI ar• not capltalls¢d. No depretiation Is provided in respert of freehold land. Depreclatlon of other tsnglble assets Is thjrged by •nnv•l Instalfflents at rates esllmated to wrtie off thelr ¢t or valuatlon less any resldual value over thelr experted usefvl Il¥es. Oepreciatlon Is not thar8ed In the year of acqulsltlon. The r•te5 used to estlmate ihese Ilves are: Freehold bulldlnBS Iheld for the ¢h•rlty's usel 0% to 20% strallht Nne - Flxtures, llttings and equlpment 5% to 33% strnl8ht Ilne Depreclatlon Is calculated on a comblnatlon ol the wrltten down value and straliht Ilne basls d•pendln8 on the most approprlaie method for the respectlve asset or 8roup of isset$. Durlnll the prlor year end the properties were revalued. resultlng In a further galn on revaluatFon of £2,083,297. There wa5 no revaluatlon In the CUfreTht ye•r. The truste•s canslder the mèrktt value to be at least equal to the fulure resldual value of the property and therefore the property wlll not be depTe¢lated further. Thls wlll be reBularly revlewed. Cfjmpany 140 00532474 Retstertd Charfty No 3LKS318
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOUDATED ACCOUNTS (coKfiNUEDI FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING pouaES (contlnued) l) Stocks Stocks are st•ted at the lower ol cosl or net realisable value. 81 Fees and 5Sfflll•r In¢offle Fees recelvable are stated after dedL7Th8 butsarles, scholarships and other remissions oranted by the School, bjt include ¢ontrlbuih)ns iecelved from Restrlcled Funds for Scholarshlps and 8ursarles. Where fees a pald in advance, the income Is deferred untll the term to whlch R relates. These deferred amounts are shown on the bal•n sheet wlthln credltors: •mounts falllnR due wlthln one vear and In more than one veir. h) PensloD costs The School eontrfbutes lo the Teach•rs' Pen51on S¢heme, a multl employer deflned benefft scheme •t the advlsed rntes. The Sthool's contrlbutlons to the stheme are Charged in the accounts as they attrue. The khool also contr5butes to personal penslon schemes or to an occupatlonal multl employer dellned contrlbutlon 5¢heme for non.teachln8 Staff. The latter ts admlnlstered by The Penslons Trust and the School contrlbutes at rates Set by the Trust. Contrtbutlons payable for the year are charged In the accounts as they accrue. In accordance wlth se¢tlon 28 of FRS 102. the defined benefrt schemes are attounted for as dellned conlrfbutlon schemes. •s thty are both multl employer Khemes and It is not posslble or approprlate to IdentSfy the a$5ets and Ilab115tles ol the schemes whlch are attrlbutable to the Sthool. l) Ilesources expended Expenses are Ch•rd to the ststement of flnanclal actlvbtles on an accruals b•sl& Expendlture Is all•ted to lunctlonal headlngs •ltheT an • dlrect cost basls or apportk>ned accordlni io tlme spent. Costs of ieneratln8 funds. Include all fvnd ralslng and flnanclng support costs. Ch•rltable actfviiles- Inelude all costs relatlnffl to the prov[On ol educatlon and runnlne of the Schoal. Govemance costs- Include audlt lees and Governors, expenses. The Irrncoverable element of VAT 1$ Included wlth the Iteffl Qf expense In whlth It relates. J) Voluntary Inwme and qovernment 8rant$ Oonatlons recelved lor the ieneral purpose of the School are credlted to unrestrlcted funds. l)onatlgns for purposes restrlcted by the wishes of the donor are taken tts restritted funds. Govgmm•nt 8rants shall be recognlsed on the Statement of Flnanclal Actlvltles on a system•tlc basls ovor the perlod5 In which the entlty ¢0&nIseS as expenses the related costs for which the grants are Intended to comp¢nsate. k) Funds Restrlcted funds cornpr15e income fvnd5 5ubjert to restrlrtlon5 arlsln8 either Irorn the donorf5 w15he5 or the temu of a partlcular fvnd ralslnB 1nltlat1. Unrestrlct•d lunds compfls• the School's 8ener•ffunds, whlch afe exp•ndablt •t th• dlxretlon of the Governor Expendable endowed funds comprlse Income lunds ar151ft8 from a Charltable Trust. The ¢aphal of the fund5 canno¢ be ent wlthout Governor approval. Inrome arlslwd on the endowment fund (called Foundatlon Fund) Is treated as restrl¢t¢d Incom¢ In the School. Company No 00532474 fte8lster•d Charfty No 306318 21
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POUUES (conrtUed) l) Taxatlon The School is a reglstered charlty and as such is entitled to certaln tsx exernptlons on surpluses on any trad5n8 artlvltles Carrled on In lurtherance of the School's prlmary oblectlves. ffl) Operallnl le•ses Rentals payable under operatlng leases are charged to the statement of flnanclal actlvltles on a strdl8ht Ilne basls over the perlod of the lease. n) Grants and bursarfes Grants and bur5arles from restrlcted lunds •re Included as expendlture In the perlod lor whlch the •w•rd Is glwn. Bursaries and allowances from unrestrirted funds towards School fees •re treated as a reductlon In those fees. o) Recogn117on of assets Trade debtors. other debtors. Intercomp•ny debtors and 4ccru•d Income are rewnlsed •t the settl•rn•nt amount due after •ny tr0 dlscounts hve been offered. Prepayments ire valued at the amount prepald net ol anv trade dlscount due. pl Reco8nlt5on of Ilabllltles Credltors and provlslons arn r•co8nlsed wh•re the khool h•s J pw•nt obllgailon fesultSng from a past eveni th•t wlll probably result In the transler of funds to a thlrd p*ty and the Jmount due to settle the obll8atSon can be me•sureil or estlmated r•llably. ql Flxid •$set v•lu•tlon rl Grant makln8 Thls y•Jr, Ihe v4lu• of schohnhlps. Irant$. prlze5 •nd other •wards made to the school's puplls totalled £1,196,05812023: 1,018,2S91. The Govemorfs pollcy. In Ilne wlth that of other Independent Schools, Is to make these awards on the basts of the Indlvlduavs educatlonal potentSal. There15 a poll¢y to relleve hardshlp where the puplls. educatlon Ind future PTospects would otherwlse be at risl subjert to the partlcular ¢ondltlon5 Imposed by the orf8lnal donor where the award is out of festrirted funds. s) Reserves The Group's unrestrl¢ted funds stood at £5.766,228 ot the yearend12023: £4,858.5561 Ilncludlni • rev¥luatlon reser¥¢ of £4,071,889 {2023', £4.071.8891. Mllion Abberfs lona-terni pollcy Ss ihat unrestrlcted reserves should not genernlly accumulate from year to year, save those arlslni due to revaluatlon of the school estate. In antlclpatlon of costs arising in respect of fulure capltal prolects or ta the extent they are requlred to meet the Sthoufs debt repayment obll8atlons. Suipluses 8eneraied from the runnln8 of the sch¢ol wlll therefore Benerally be reinvested Into the sehool estate, Infrastrurture, and edutatlonal provlslon, However, to mltl8ate the short-term rlsks and untertalntles of operatlng as an Independent educatlonal establlshment. the school t•rqets froe feser¥es, th•t Is r••dlly avallable In Ilquld funds. of Élm or 1-2 month's expendlture and some accumulatlon of unrestrlcted reserves Is planned untll thls tareet Is athleved. Company No IJO532474 Aoglstered Ch•ftry No 3U6318 22
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CON50UDATED ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNnNG pouaES (contlnued) t) Judiemenls, ¢5tlmates and •55umptlons In the •ppllcatlon ol the company's accountln8 pollcles, whlch are des¢dbed abo¥e, the dlrectors are requlred to fflake judgements. estimates and assumptlons about the carrylng arnounts of assets and lbilitIeS that are not readlly apparent from other sources. These estimates and assoclated iKumptlons are based on hlstorlcal experlence and otherfartors that are considered to be relevant. Tha estlmates and undeflyln8 a55umpilons are revlewed on an on8oln8 bas15. Rev551on5 to accountln8 estlmates ire rewlsed In the pedod In whlch the estlmate Is revlsed If the revlslon affects onty that perlod or in the periad of the revlslon and future periods If the revision affects both current and future pertods. The followln8 p•r•y•ph descrlbe5 the crltlc41 lud8ements, apart from those In¥olvln8 estlmates (dealt wlth separately below), that the dlrectors ha¥e made In the proceu of applyln8 the companvs iccountln8 pollcles and that have the most snlflcant effert on the omounts reco6nlsed In the fin•nclal statements. Thè only sl8nlfkant jud8ement relates to the provlslon of bad debt& The followlni are areas that are consldered to be k•y sources ol estlmatlon uncertalntv. Usefvl life and resldual values of tanBlble flxed 3s5ets. The Carry1 valu¢ of t•n8lble flxed assets •t 31 Au8USt 2024 an consolldated basis Is £13,250,12512023: £13,167A71). u) Flnanclal Instruments B•slc flnanclal Il•bllltl•5: B•slc Ilnanclal Ilabllltles. Includln8 trade and other payables. bank loans, and loan5 from gioup comp•nles are Inltlallv recognlsed at transactlon prlce. Flnandal Ilabllltles due In more than one year are Inltlally measured at transactlon prlce and subsequently measured at amortlsed cost usln8 the effeellve Interest method. FSn•ncl•l Ilblllt1•5 constIttIfi6 flnanclno tr•ns•ctlon• *r• Snltl•lty me•sui•d •t th• pr•s•nt v•lu• of th• lulur• p•ym•nts dl%ounted at • market rate of Intefest. De.reco8nltlon of ftnanclal assets and Ilabiiiiles; Fln•n¢lal asset$ and Ilabllltles are derecognlsed when the charltys contractual rights or obll8ations explre or are dlstharged. transferred or can¢elled. Fln•nclal Instrumenls afe reco8nlsed In th• b•l•nce sheet when the comp•ny becoffles party to the contractual provlslon5 af the InstrumenL ea51c flnanclal assets: Bask flnan¢l31 asRts whlch Include trade and other recelvables and cash and bank balances, are Inltlally meèsured at transactlon prlce Includlnq transartlon costs. FSn4ndal assets due In more than one year are subsequently carrled at •mortlsed cost usln8 the effecllve Interest method unless the arrnn8ement constltutes a flnancln8 trnnsactlon, where the transjdlon Is measured at the present value of future recelpts dlscounted at a market rate of Interest. Company No 00532474 Reetstered Charfty No 3Q6318 23
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATEO ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 2 NEf INCOME 2024 2023 This 15 ststed after thaf8ln8 the followln8: Oepreclatlon- owned Audltorfs remuneratl+Jft 226,957 17,850 307,016 17.000 Audlt other seThlces Interest payable OperatSng lease chavees 3S3,788 31.132 360,679 3 IThATIONS GRAIITS AND LAclEs 2024 2023 Don•tlonJ 63,305 63.305 57,319 4 INVESTMENT INCOME 2024 2023 Interest and charye5 levled on lote school lees 16,828 38.980 5 STAFF NUMBERS AND COSTS The avera8e number of persons (full tlffle equlvalent). excludln8 Governors and vtsStln8 Staff, Includln8 P•rt-tlnw staff, ernployed by the Sch¢)ol durlnj the ye4r was as follows:. 2024 2023 45 19 li TeachSn8 staff AdrnlnlstTBtlon stiff Malntenance staff Domestlc staff P•$toral and board 46 17 li io 20 io 20 105 104 The allre8ate plyrnll costs of thtse persoTh$ w•r• •$ follows:. 2023 W48es and salarles Social 5ecufity costs Penslon contrlbutlofis 3,978,222 3*.447 615,089 4,983,758 3.683,922 364,492 540.547 4.588,961 24
THE COUNCIL OF MILTON ABBEY SCHOOL UMITEO NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 5 STAFF NUMBERS AND COSTS (¢ontlnue Induded In the above fi8ure515 £24.190 In respect of sevetance and redundancy payrnents (2023: £nlll. Durfn8 the year the Governors recelve(l £nll (2023: £nill remuneration and no retlrement benefits were accwulng. Go¥emors recelved relmbursed out of pocket expen5 of durln8 the year of £nll120Z3', £nll}. Jrlne the year employees, salaries In ex¢ess of £60,000 were In the rdn8e5' 2024 20 £60,001. £70.000 £70,001- £80,000 £80,001- £90,000 £90,IXII- £IOO,000 £io).001- £110.020 £I10,l- £120.000 £120,0)1- É130,000 E130,001- £140,000 Contrlbutlon$ 01 £168,25812023: £163,910) were made to penslon schemes In respect of the abo hl8her pald employees. Key Man4meTht personnel larIeS for the year totalled £723,625 {2023: £734,157). The Govewnors consSder the key m•n8Kement p•rsonn•l durfni th• ye•r to be; Headteacher- James Watson Senlor Oeputy Head - Chrls Bames Flnance Dlr¢rtor- Stev• L•ne Deputy Mead Ac•demlc- Josh eradbury Deputy Head Developmeni and Admlsslons- Claudla Hlndle Head of Operatlons . Tracey Edw•rd$ Deputy Head CtrCurrlcular- Wlll Fraser Deputy Head Pa5toial- Zoe Llvln8stone 6 SCHOOL FEES 2024 Fees recelvable consljt of: Gross 1¢ Less bursarle4 scholarshlps and remlsslons 9,699,426 &526,773 (1.196,5661 11,097,199) 8,502.860 7 429 $74 £22,004 has b••n piovlded lof (2023: £36,762) Irrecoverable fee debts. 7 OTHER INCOME 2024 2023 atl Entrance and re8lwatlon fe Extra tultlon •nd l••inln8 suppart lrttome Tuck shop Income 84,393 2SO,190 57,152 232,490 42.843 332,485 380,175 Rebates for renewable energy production 65.265 MASS tradln8 Inwme 238 037 25
ThE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS IcoMllNUED) FOR THE YEAR ENDED 31 AUGUST 2024 8 TRADING INCOME AND TAXATION The School owns 100% of the £1 ordlnary share capital of Milton Abbey School SeNlces Limited (04338771}, which offers use of the school slte and facilltles for the purpose of lettlngs, weddinB5 and other cornmerclal purposes. prirnarily during the school holiday perlods. It #ifts its iaxable profits to the khool. Its tradin& resul extrarted from Its audlted ac¢ounts were: 2021 Turno¥er Cost of 1•$ 184.538 132,407 238.037 143,5811 Gnms proflt Admlnistratlvè expenses 151131 {43.0761 194,456 (48.315) Operatln8 proflt 109,OSS 146,143 Glft Ald toThe Councll ol Mlfton Abbey Sthool Llmlt Tax charge for year Retslned profit I Ilossl for the y•ar 1109,000) 1146.000) {447) 3921 143 Plet asset I IlabllltSes Iless th• £1 share) Durlni the yeai Mlfton Abb•y khool Servlces Umlted pald 4 lot41 of £109,OIXI (2023.. £146,000) to The Councll of Mllton Abbey School Urnlted. whlch Includeit £109,00012023: £146,000) of @S(t ald•d praflt$. 9 ANALYSIS OFTOTAL RESOURCES EXPENDED Staff Costs Oth•r D•predatlon Total 2024 Tot•1 2023 Charltsble Actlvltl•s: Te4chlni Welf¥r¢ costs 3,151.92Z 1.075,556 417,437 726,457 107.177 88,046 L688,841 785,878 22,(K14 s,371,372 2,691,946 224.850 3.483,949 1,163.602 2,106.278 3,359,045 1.119.699 1.845.044 Premlses costs Support Costs of schoollni ProvSsion for iffgtiJ¥erable debt5 l.S11335 22,004 ,288,168 1.506.082 36,762 7,866.632 224,850 Costs of Benerailng fund5: Non andllary tradlni expenses Financin8 expense5 75,930 353,788 429,718 75,930 353.n8 429.718 91.894 360.679 452,573 Totsl fex*urces expended 5 371.372 3,121664 224.850 .717.886 8 319 205 OurlnB the ye•r to August 2024 an omount of £17,85012023: £17.000> was pald to the statutory •udltors for •udlt feeL 26
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTE5 TO THE CONSOLIDATED ACCOUNT51COPITINUED) FOR THE YEAR ENDED 31 AUGUST 2014 10 COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Endowed Restrfthd Unrestrf¢ted Totsl In¢om¢ l)on•tlons and le8ades 37,309 20.010 57.319 IncThme from charltable athtl•5' School fee5 Other educatlonal Incom• 7.429.574 7M29,S74 332,48S 331485 65,26S Blorna rebates Income from 8eneraied lunds; Non anclllary tradln8 Incom• 238.037 238037 Investment Income 38,9 38J80 Totsl Incom 37.309 &124,351 4161,660 EXp•ndIn Costs of Tatslng funds: Non anclllory ¢radlni expendlture Fundralsln8 COStx Financln8 costs Expendlture on chafltable aetl¥ltles; Educatlon and 8rant maklng B•d ind doubtful debt provlslonln8' 191,894) IM941 1360,6791 (360,6791 (37,3091 17.79U611 1?W970) (36,7621 136,7621 Totsl expendttur• - Net InGome l•xpendituto) pr• provlslonlnf Net Income lexpenditure} 137J091 II281M61 18J19,2051 1120.78J) 1120,7831 1157,5451 1157.5451 Transfers between funds Vnre•llsed yln on re¥aluatlon ol flxed •ets Net movement in lunds Total funds brouiht lorw•rd Totsl fvnds arrled lonv•rd 2,083.297 1,925.752 2.932J04 4,858.556 2,083397 1.925,752 3,363.116 5.288.8 IiI858 lil858 317.454 317,454 27
ThE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATEO ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 FIXED ASSETS- GROUP AND COMPANY TANGIBLE FIXED ASSErs Freehold Land and Bulldlnls Blom•ss Flxtures Flttlngs & Equlpment Sthool Total Subsldl¥ry Trading Company Group Tolal At I September 2023 Addltlon5 Olsposals Revaluatlong At 31 Au8USt 2024 11.250.(100 19.930 1,734.332 3,355,321 16339.653 293,414 313,344 1541.7961 (541.7961 47,868 16,387,521 313.344 1541.7961 11,269,930 1,734.332 3,106,939 16,111,201 47,868 16.159.069 Deprecl•tlon At I September 2023 Char8e for th• year Dlsposals At 31 Ault 2024 505,254 69,373 2,672,426 3.177,680 155,728 225,101 (S38,0631 1538,0631 2,290.091 2,864.718 42,370 1.856 3,220,OSO 226,957 1538.0631 2,908.944 574,627 44,226 Net Book V•lu• At 31 Auiyst 2023 11250,000 1,229 078 682 895 13 161973 5.498 13 167 71 At 31 AuBust 2024 11269 930 1159,705 816 848 13246 483 3 642 13,2SO,125 The freehold land and buildlnls, Includlng the Manor House, were valued by Chrlstles on 8 Ortober 2014 at £8m. by Carter Jonas on 23 August 1017 at £9.Im and by Carter Jonas on 13 Apfll 2023 at £11.25m on an exlstlng basls. In th• prlor ye•r a ialn on rwdluatlon of £2,083,297 was achleved whleh Incfea5ed the revaluatlon reserve to £4,071.889. Tr trustees belleve the valuatlon forth• ye•r endtd 31 August 2024 does not need to be revlewed. If freehold land and bulldln8s hid never been revalued. they would be held it depredjted hlstorlcal cost of £5,882.676 Assets Included •bove wlih 8 net book value of £1,159,705 are under Hlre Purchase aareèment {2023: £1,229,078). The hlre purchase Cfedltor of £836,057 Is rep8yable. £625.094 wlthln I years and £210,963 between 1-5 years. The provlders of th¢ hlre purchase hi¥e flrst char8e over the assets. 12 STOCKS Group 2024 Company 2024 2023 2023 Goods for resale 98.016 98.016 28
THE COUNaL OF MILTON ABBEY SCHOOL UMITÉD NOTES TO THE CONSOUDATEO ACCOUNTS (CONTINUEDI FOR THE YEAR ENDED 31 AU6U5T 2024 ' U OEBTORS Group 20Z4 Companv 2024 Trade debtors Prepayfflents and accrued Income AfflDunt5 due from sub51dlary wndertakln8 Sundry debtors 253,101 162.650 577.571 147,642 2S6.924 161,874 503.093 147.642 49.480 12,609 712,824 756 13.03S 738,248 756 419,555 416,507 14 CREDITORS: AMOUNTS FAWNG DIIE WITHIN ONE YEAR Group 2024 Companv 2024 2023 Trnde ¢r¢dllors O¥erdrnft & bank loans Amoyn¢% due to subshlliry undertakl Other uedltors Taxatlon and sockl securlty VAT 155.622 185.S36 495,302 925,966 155,621 185.536 31,554 341,071 88,905 2,489 182,271 2.195,009 625,094 472,628 925,966 354.461 a8,5 20.932 217,90S 2,195.009 625,094 374,612 86,415 38,708 178,534 1,533,342 312,923 349,503 86,415 4,628 141,509 1,533,342 312,923 Accruals and deferred Income Voluntary early fee payments, deposlts and fees In adv•nc• Obll8atlons under fiDanc¢ lease5 and HP 3,843,464 3,945,802 3,807,552 3,826,914 15 CREDITORS: AMOUNT5 FALUNG DUE AFTER MORE ThAN ONe YEAR Group 2024 Comp•Thy 2024 2021 2023 Deposlts Bank olher loans Obllgatlons under finan leases and HP 541133 3,617,945 210,963 4 371041 417.246 3.803.480 704.260 4,924,986 542,133 3,617,945 210.963 4 371041 417,246 3,803.480 704,260 4 924 986 29
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOUDATEDACCOUNTS (CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2024 16 LOANS. DEPOSITS AND ADVANCE FEES SCHEMES Group 2024 Company 2024 2023 2023 8ANK AND OTHER LOANS Bank overdrdfts Du• wlthln one year Due 1.2 years Du• 2-5 y••r5 740,430 185,536 185,536 3,617,94S 4.729,447 740,430 185,536 185,536 3.617,945 4,729 447 18S,536 185.536 3,432,409 3,803.480 185,536 185.536 3,432.409 3,803,480 16 LOANS, DEPOSITS AND AI)VANCE FEES SCHEMES (contlnued) As securlty th¢ bank holds • l•g•l ch•ryo d•t•d 27 February 2020 over the freehold of Mllton Abbey School. th• Headmasters House, Green Walk Cotta8e and Abbey Gardens Cotta8e at Mllton Abbey 5¢hool, MIlt¢ Abbas, The market value of the serIty at thal date was £9.1 rnllllon and the loan represeTrt•d 4896 of thls v•lue. As at 32 August 2024, the loan represents 34%12013: 35%) of the latest securlty revaluatlon. OEposrrs Deposlts are held from all stsjdents and are repayabte when they leave the School at ihe normal ale. 2023 Payable wbthln 12 months (note 141 30,330 56.248 ADVANCE FEE SCHEME AND VOLUNTARY EARLY FEE PAYMENTS Perents may enter Into a contract to pay to the School tultion fees In advanc•. The money may be retumed subject to specmc conditlons )n the receipt of one term'5 IlOtSce. Parents may •lso wSsh to voluntarlty pay far khool Tultlon fees prlor to the school iem) commenclni. Mon1 re¢elnd prlor to the vear end In respect of the Mlchaelmas Term are deferred Into th• followlng fin•n¢knl year. 2023 Advanced fee scheme Voluntary e•rly lee payments 725,113 1,439,566 2 164 679 51,135 1.425,960 1.477 095 The advanced fee stheme b•lance represents accrued liabilltles under contracts and the movements duTln8 the year were: 8èlance at I September 2023 New contRcts Arnounts utlllsed In the year 51.135 725.120 151,142) 61.340 51.135 161,3401 8al•nce at 31 Auiust 2024 725,113 51,135 30
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOLIDATED ACCOUNTS ICONTlhlUf D) FOR THE YEAR ENDED 31 AUGUST 2024 17 RESTRICIED FUNDS Toby Mann Thls fund fepresents fvnds donated In order to provlde xholafships for Sdents of Mllton Abw School. P•vlllon Fund Donatlon from the Mllton Abbey Assoclatlon for the crlcket pavlllon whlch has been named after a member olstaff who retlred. Art Gallery and Cenlre Fund Thls fund represents funds dohated for the purp05e5 of the Art Centr& Equeitrlan Aren• Thls fvnd represents fvnd5 donated for the purpose of the de¥elopment of the equestrlan arena. Countyslde M•napment Th15 lund represents funds donated for the purpose ol dlOpInI the school's untrySId• m•n•gement facllltlek Sod•l Sp•c• Thls lund represents funds dofiated lor the purpose of d•¥eloplni •ieas of the school to be enjoyed durlng so¢lal tlrne and •rtivltles. Gym Fund Re5trlcted for the refurblshment of the 8ym. 75th Fund Restrlcted towjrds projects related to the 75th annlverury of the school. 17 TOTAL UNRf5TRICTED ANO RESIRICTED FUNOS. GROUP Brouqht forward In¢ornlng resources ResOU•S Revjluatlon eMpÈnded i•lns Ilosstsl In¢omlnpJ Tr•nsf• (ouliolna) Itoufrom C•rrf¢d forward f•¥MI•# yhr•sirfrt•d Toby Mann Art Gallery and Centre Counlrysld• Manaym•nt Soclal space Atsb•y PA SyJt•m P•vlllon Fund 75th Fund 74,298 109,402 126,065 L199 5,01)0 1,$90 {29) (29) 74,269 109.402 126.065 1.199 4,043 19S71 12,8121 155,328) (9571 11,5901 1.221 SS,328 Total r•strlcted funds 317,SS4 $6,SSO 1S9,iZ6) (15761 314,9n Unre5tr1cted funds Icharltablo 4A55,752 8,954,158 18,473,830) Comp•ny) Expendable Endowed Funds IFound•tlon Fund) 480,328 5.336.080 112.858 112,8S8 Total Fund5 ICh8rftabl•ComparyJ 5.286,164 TotalVrtrestrlthdFunth (whdIary) 2.704 9,010.708 (8,532.9561 184,538 1184.9301 477,752 1392) 5,763,916 2.312 Totsl Funds S288,868 9,195,246 18,717.8861 477,360 5.766,228 31
THE COUNCII OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOUDATED ACCOUNTS {CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2024 17 TOTAL IJNREsfRICTED APID REsTricfED FUNDS- GROUP 2023 Icontlnuodl In¢offlln Transfe (outeolng) (tovfrom resources unrestrlcled 8routht fo•iv•rd lft¢ornln¢ resourtei Resourt•s R•valu•tlon expended ylns Ilomes) C•rrf•d fan¥ard Toby Mann Art G•ll•ryand Centro CNtry11d* M•n•ym•nt 5od•l spare Abtsey PA System PapAUon Fund Gym Fund 75th Fund 74.198 109.402 126,065 1.199 5,000 1.590 74,298 109,402 126.065 1.199 5,(MJO 1.590 10.601 26,608 {10.6011 126,608) Totsl roslrktqd funds 317,454 37309 137,2091 loo 317,554 Ufiffestrl¢thd lund$ (Ch•rftabl• 2,930,143 Comparbv) EMp•ndable Efidow Funds IFoundatlon Fundl 7A86,314 {8,044,0021 2,083.297 1.92S,609 4,855,752 112,858 112,858 Totsl F¥nthlCh•rltsbl• C•fflp•nv) 3,360.45S 7,923,623 18,081,211) 2,S61 238,037 1237,894) 2,083,297 1157,5881 143 S.286.164 2,704 Total Fufith J,Y63,016 8,161,660 18,319.105) 2.083.297 1157.445) 5,188,861 32
THE COUNaL OF MILTON ABBEY SCHOOL LIMITEO NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 CURRENT YEAR AND 12 MONTH COMPARATIVE5 FOR UNRESTiiicreD AND RESTRICTED FUNDS Brou8ht forwavd In¢omln¢ r•sour¢ Resourcos Revaluatlort Qxpended lalns Iloss•s) Incomln61 Translefs loutgolng) l¢ollfrom rewyrcoi unrestrlrted C•rrfed forward Toby M•nn Art Gallery and Centre Cauntryslde Mana8•mont Sod•l space Abb¢y PA System Pavlllon Fund Gym Fund 75th Fund 74.198 109.402 126.065 1.199 5,000 1,590 129) 71 74,269 109.402 126,065 1,199 4.043 (9571 {2,8121 (65,9291 126.6081 19571 11.$901 1,222 65.929 26,608 Totsi R•slrlrt•d Furtds J17h54 939 (96,33S 11476) 314,978 Unrn5tr1rted lund5 (Clkqrftabh 2.930.143 16.840.472 116.517,8321 C¢xnp•nyl Expendable Ertdow Funds (Foundatlon Fund) 2.083,297 2,40S,937 5,336.080 111858 112,858 Total ICh•rftAbl• Campin 3,360h55 16,934,331 116.614,167) 2,561 422,575 1422.8241 3,363,016 17A56,906 17,036 991 2,083,297 2,403,461 -249 2,403312 5,763016 2,312 5 766 228 Tot•1 Fund• 2 083 197 18 ANALYSIS OF NEf ASSEfs 8EtWEEN FUNDS (conwlld•t•dl Unr•sErlthed Re¥•luatlon R¢rtrkt•d Ertdowment Totsl Flxed assets Curnent a55ets Current Ilablllt5es 9.178,236 302,771 (3,843,464) 4.071,889 13.250,125 730,608 13,843.464) 314,978 112.858 Loni terni118blllties 14,371,041) 14.371,041) Totsl assets / Iliabil•tie51 4,071889 314 978 5 766 228 33
THE COUNCIL OF MILTON ABBEY SCHOOL LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 20Z4 19 RECONCIUATION OF NET INCOMING RESOURCES TO CASH GENERATED OPERAIIONS 2024 2023 Net incomln8 resources 477.360 1,925,752 Adjustment for: Depreclatlon charyes 226,957 307,016 Other Inve3tm•nt Income Interest pald Cash flows before rnt)¥ement In workln8 capltal Unreallsed 8aln on revaluatlon of flxed assets Ilncreasel l Decrease In stock Iln¢rea5e) l Decr••s• In debt(ws Increase I (Decrease) In cred6tors Cash 8ener•ted by oper•tlon$ (16,828) 353,788 L041,277 (38,980) 360,679 2.554,467 11083,2971 114,979) 1448,775) 110,505 117,921 114,8601 321,741 1301,634) 1,046,524 20 OPERATING LEASE CCIMMITMENTS At 31 Au8UIt 2024, thi youp was eofflmltted to m•kln8 the followln8 p4ynv4nts In respect of oper•tln8 l••Ms •xplrl 2014 2023 Wlthln one yeaf More than l y¢•r 31.132 51,178 8Z.309 13,216 32,968 46,184 ZI PENSION COSTS The School p¥rtlclpat•s In the Teacher< Penslon Scheme (En8land and Waleg) {"the TPS"), for It$ te•chlnB staff. Thls Is a multl- employer defined benefits penslon scheme and It Is not posslble or •pproprlate to conslstenlly Ident ihe Ilabllltles of the TPS whlrh are attrlbutable to the khool. As requlred by FRS102, the School accounts for thls scheme as If St were a deflned contrlbutlon scheme. As from I Septernber 2019 contrlbutlons have been made at 23.68% wlth the employee rate belnE ryIng between 7.4% and 11.7%. The TPA h•¥• conflrmed th•t th• employ•r contilbutlons are to rlse to 28.6% from l Aprll 2024. At the year*nd current Ilabllitles Indudes E67,82112023: £52,415) due to the TPS penslon scheme. Contrlbutlons included In pènslon costs In the SOFA for th• TPS stheme corn• to £554,995 far the ye•r12023: £472.443). 34
THE COUNCIL OF MILTON ABBEY SCHOOL UMITED NOTES TO THE CONSOUDATED ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 21 OThEII PENSION5 SCHEMES The School also cofitrlbutes to penslon schemes for Its Don-teachln8 staff who are not members of the TPS whlth are'moftey purthase, schemes and Is to provide benellts to members on thelr retirement. The cort for the year represents the Schoofs contrlbutlons to the sthemes and amounted to £60,09412023: £68,104). At the year end current Il•b116tles Indudes £9,35712023: E8.2981 due to these penslon sthem•s, 22 RELATED PARTY TRANSAcnoN5 Th•r• w•r• no rel•ted party trnnsadon durlry olthar year ended 31 Auoust 2024 or 31 Auiujt 2023. 23 corinNGENT UABiufiES The adrnlnlstrato of the Independent khools, Penslon Scherne have Informed the School thjt Jn addltlonal •mount Is payable to the scheme. A resolutlon to thls fflattef Is not Imrnlnent and therefore the School 1$ not mokln8 • provlslon for addltSonal penslon Costs and cannot conflrm that a Ilablllty has arlsen. 35