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2020-08-31-accounts

COMPANY NUMBER: 00779605 CHARITY NUMBER: 306998

GOVERNORS' REPORT, STRATEGIC REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 AUGUST 2020

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

CONTENTS

PAGE
Legal and administrative information 1
Governors' Report (Incorporating Strategic Report) 2
Statement of Governors' Responsibilities 7
Report of the Independent Auditors 8
Consolidated Statement of Financial Activities 11
Consolidated Balance Sheet 12
Company Balance Sheet 13
Consolidated Cash Flow Statement 14
Notes to the Financial Statements 15

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Full Court of Governors Mrs J E Dunn (Chair)
Mrs F Breeze
Mr D J Daniels CBE
Mrs E Fidock
Mr J S E Harrison
Dr P W E Hart
Mrs S J Hookway
R Adml J M L Kingwell CBE
Mrs A C Martin
Mr I S Mercer, CBE
Clerk to the Full Court Mr A J Brown
Senior Leadership
Head Mr D J Q Clark
Head of Prep School Mrs M Maslin
Bursar Mr A J Brown
Charity number 306998
Company number 00779605
Registered office and principal address Battle Abbey School
Battle
East Sussex
TN33 OAD
Auditors TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Bankers National Westminster Bank PLC
16 High Street
Battle
East Sussex
TN33 OAJ
Solicitors Gaby Hardwick Solicitors
2 Eversley Road
Bexhill on Sea
East Sussex
TN40 1EY

Page 1

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

The Full Court of Governors present their report and financial statements for the year ended 31 August 2020, which comply with the Charity’s Memorandum and Articles of Association and with the Companies Act 2006 requirement for a Directors Report and Strategic Report.

The financial statements have been prepared in accordance with the Companies Act 2006, Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The School is a company limited by guarantee under the Companies Act 2006 (company number 00779605) and is governed by its Memorandum and Articles of Association. The Governors adopted a revised Memorandum and Articles of Association on 5 November 2010 to replace documents that were drawn up in 1963. The School is a registered charity (charity number 306998) and its objects are to operate Battle Abbey School as an educational Charity.

Details of the school’s solicitors, auditors, bankers, registered office and principal address can be found on the Legal and Administrative Information page.

The Full Court of Governors, who are also the directors for the purpose of company law, and who served during the year were:

Mrs F Breeze Mr D J Daniels Mrs J E Dunn (Chair) Mrs E Fidock Mr J S E Harrison Dr P W E Hart Mrs S J Hookway R Adml J M L Kingwell CBE Mrs A C Martin Mr M C Melville (retired 31 Aug 2020) Mr I S Mercer

Senior Staff and Key Management Personnel:

Head Mr D J Q Clark, BA, M Phil Head of Preparatory School Mrs M Maslin, MA (Ed), BA (Hons) Bursar Mrs S Bonell OBE BA FICS

None of the Full Court of Governors has any beneficial interest in the company. All of the Full Court of Governors are members of the company and guarantee to contribute an amount not exceeding £10 in the event of winding up.

Page 2

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Organisational Structure

One-third of members of the Full Court are required to retire at the Annual General Meeting. The retiring members are those who have held office the longest since their last election or appointment and they shall be eligible for re-election.

The Charity has purchased and maintained throughout the year Directors and Officers liability insurance.

Overall responsibility for the Charity rests with the Full Court of Governors. The day-to-day running of the School is delegated to the Head and the Bursar. Their remuneration is set by the Full Court and includes reference to comparisons with other independent schools. The Full Court meet termly with the Head, Head of Preparatory School and Bursar in attendance. Other specialist sub committees of the Full Court, (e.g. Finance and General Purposes; Academic Committee) also meet termly with the appropriate staff and report to the Full Court. A Remuneration Committee will be established in the academic year 2020-2021.

Recruitment, Induction and Training

Membership of the Full Court is by invitation, with new Governors selected in order to maintain a balance of skills on the Charity’s governing body.

New Governors receive relevant background material about the School and about the role of a charity trustee. All Governors are encouraged to visit the School to meet with staff and attend special events, to help gain an insight into the working of the School. Governors are encouraged to attend appropriate training courses and review relevant technical materials to ensure their understanding of their responsibilities.

Remuneration of Key Management Personnel

The remuneration of staff is set by the Full Court of Governors with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding members of staff fairly and responsibly for their individual contributions to the success of the School.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

Principle Risks and Uncertainties

The Charity reviews its Risk Register regularly and takes appropriate action to minimise risk where possible. Where appropriate, specialist consultants are employed to ensure compliance with the latest legislation. Where appropriate, the Charity mitigates risk through insurance contracts.

Financial Risk Management

The Charity aims to minimise financial risk by seeking to maintain its income, through offering the consistent standard of care and education necessary to maintain or increase pupil numbers. The Charity is exposed to a variety of financial risks in carrying out its day-to-day operations. These include:

Page 3

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Strategic report

The description under the headings “Achievements and performance” and “Financial review” meet the company law requirements for the Full Court of Governors to present a strategic report.

CHARITABLE OBJECTS AND ACTIVITIES

Objects and strategies for achieving objectives

It is the aim of the School to provide the highest standard of education for boys and girls between the ages of 3 months and eighteen years. Battle Abbey’s ethos is highly distinctive. It is a small family school with high quality pastoral care and sensitive discipline, accompanied by strong academic results, focusing on the importance of each individual child. The School’s rich history and many of its traditions are based on Christian values but importantly, the School welcomes students from all faiths and none. Specific aims are:

Exam results

Despite a turbulent year that was severely interrupted by COVID-19, Battle Abbey School achieved its best ever set of GCSE results. Due to the unprecedented times of lockdown and COVID-19, this year’s results were based on teacher predictions, supported by a good track record of accurate predictions over previous years, with 64% 9-7 (A-A), 99.5% 9-4 (A-C).

Notwithstanding the widely publicised national criticism and uncertainty over grading, and numerous changes surrounding gradings by exam boards, the school also celebrated another very strong year for A Level results with over 75% of all grades at A – B, 87% of all grades A-C, and 57% of all grades A*-A. The School also experienced the highest Oxbridge applicant success rate since 2013 and the highest medical school application success rate on record.

Public benefit

In planning the activities for the year the Governors have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance issued by the Charity Commission on public benefit.

The School has contributed to public benefit in a variety of ways including civic and community benefit, charitable support, education and youth activities and bursary support. Over the course of the year and despite restrictions imposed due to COVID-19 on usual school activities over the spring and summer, there were more than 50 different activities associated with public benefit.

The Charity granted bursaries and scholarships to the value of £762,564 in the year under review (£765,430 in 2018-19). This represented 10.5% of the gross fee income receivable (10.6% in 2018-19). The criteria for granting these awards included academic, sporting and musical excellence and parental financial hardship.

Page 4

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Discounts for 2019-20 totalled £652,208 (£244,065 in 2018-19) but this included COVID-19 discounts totalling £308,150.

The facilities of the Charity, such as its playing surfaces, swimming pool and buildings were used by numerous local organisations such a schools, charities, clubs and interest groups in the first half of the year, but were severely impacted by COVID-19 from April 2020 onwards due to national and regional lockdown measures in place. The terms of this use of the Charity’s assets were either at no cost to the user or at rates no more than the cost to the Charity. The Charity has combined with other charities to provide educational benefits to those unable to afford the fees.

FINANCIAL REVIEW

General review

The principal income for the School is derived from the fees charged to parents. There is additional income from letting the School’s premises and facilities when not in use by the School and a separate non-charitable Trading Subsidiary (Battle Abbey School (Enterprises) Ltd) was established to manage wedding hires on 1 Sep 17. The activities and trading performance of the subsidiary are detailed in note 15 and its results are consolidated in these financial statements.

A new Early Years Education facility was opened on 3 Sep 18 in the Preparatory School grounds. The Nursery now caters for babies from the age of 3 months upwards. It operates extended hours each day and is open for 50 weeks each year.

Financial operations were significantly disrupted by Coronavirus and lockdown measures imposed in 2020. The school closed on 24[th] March 2020 following government guidelines and legislation. Measures were put in place to maintain a standard of service across the Prep and Senior schools but at a reduced output. The Nursery remain closed through the summer with no fees charged. Governors agreed a reduction in school fees for the Prep School (20% discount) and the Senior School (initially 15% then increased to 20%). There was also COVID19 Hardship fund established to provide financial support to families who were struggling as a result of the impact on business and employment to assist with continuity of education throughout the summer. Governors agreed that the fees for 2020-2021 would be held at the 2019-20 rates. It was also agreed by governors that staff would not receive a pay-rise for 2020-21. Trading in BAS Enterprises Ltd was severely impacted by COVID19 in 2019-2020, with a significant loss of income to £46,710 (2018-19: £119,074).

The financial results for the year are shown in the statement of financial activities on page 11. Total incoming resources amounted to £6,620,698 (2018-19: £6,845,660) with the resulting increase in funds of £390,680 (2018-19: £701,645) bringing the Fund Balance to £6,897,864 (2018-19: £6,507,184), including an Unrestricted General Fund of £6,827,060 (2018-19: £6,439,437) and Restricted Fund balances of £70,804 (2018-19: £67,747).

Performance is monitored against key performance indicators to provide evidence that the School is achieving the objectives set by Governors. These targets are aimed at ensuring the long-term viability of the Charity and are used to inform strategic planning and management. They are kept under constant review by the Finance and General Purposes Committee, having regard to national and local economic conditions. The key performance indicators cover a range of areas including salary costs as a percentage of net free income, bursary support and cash reserves.

Page 5

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Reserves policy

Reserves of the Charity have been expended in current and recent years in carrying out maintenance and improvements to the School’s freehold properties and leasehold property and the servicing of mortgages. The Charity’s reserves (excluding restricted funds) as stated in the balance sheet are principally represented by fixed assets held for charitable use. One of the School’s strategic priorities is to create an uncommitted fund of about £2M by Aug 23 to maintain financial security; however, this figure will be kept under review along with other strategic priorities.

PLANS FOR THE FUTURE

Governors’ vision is that by 2040, Battle Abbey will be one of the best small family schools in the country acknowledged as offering academic excellence together with exceptional pastoral care and personal development to its pupils. This will include the promotion of soft skills, the breadth of opportunities for students and by developing the best possible environment in which to prepare students for life beyond the Abbey.

Governors have set out strategic priorities for the School and these are, in priority order, to maintain financial security, achieve and then maintain academic excellence, to maintain exceptional pastoral care, and to provide suitable and appropriate teaching, pastoral and then sporting facilities for the school. The School intends to build on its recent academic successes at both Senior and Preparatory School levels and will further develop it range of academic and extra-curricular opportunities on offer. Pupil numbers will be maintained and improved where possible, whilst at the same time maintaining a truly international boarding community. The School plans to continue the development of its sites in accordance with the strategy agreed by the Full Court. This will initially focus on providing enhanced STEAM facilities in the Preparatory School and improving the provision of boarding accommodation and classroom facilities in the Senior School.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the Governors has confirmed there is no information of which they are aware that is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify any such relevant information and to establish that the auditor is aware of such information.

This report, including the Strategic Report, was approved by the Governors, as the Directors of the charitable company, on 25 February 2021 and signed on their behalf by:

Mrs J Dunn Chair

Page 6

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS' RESPONSIBILITIES

The Governors, who are also the directors for the purposes of company law, are responsible for preparing the Governors' Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard in the UK and the Republic of Ireland'.

Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that year.

In preparing these financial statements the governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS

Opinion

We have audited the financial statements of B A S (School) Limited (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Group Balance Sheet, the School Balance Sheet, the Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 8

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS

Other information

The other information comprises the governors’ report, which includes the directors’ report (and the strategic report), other than the financial statements and our auditor’s report thereon. The governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained during the audit, we have not identified material misstatements in the directors’ report (or the strategic report) included within the governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require(s) us to report to you if, in our opinion:

Page 9

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS

Responsibilities of the governors

As explained more fully in the governors’ responsibilities statement, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the group’s and the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s and to the company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of TC Group

Statutory Auditor Office: Steyning, West Sussex

Dated: 15 March 2021

Page 10

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Notes
INCOME FROM:
Donations and grants
6
Other trading activities
7
Investments
8
Charitable activities
9
Total income
EXPENDITURE ON:
10
Raising funds
Charitable activities
Total expenditure
Transfers between funds
24
Fund balances brought forward
Fund balances carried forward
24/25
Net income/(expenditure)
Net movement in funds		 Unrestricted
Funds
£
349,449
67,484
16,672
6,124,166
6,557,771
105,626
6,039,522
6,145,148
412,623
(25,000)
387,623
6,439,437
6,827,060		 Restricted
Funds
£
62,927
-
-
-
62,927
-
84,870
84,870
(21,943)
25,000
3,057
67,747
70,804		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2020
£
412,376
67,484
16,672
6,124,166
6,620,698
105,626
6,124,392
6,230,018
390,680
-
390,680
6,507,184
6,897,864		 Total
2019
£
81,233
194,082
3,613
6,566,732
6,845,660
192,633
5,951,382
6,144,015
701,645
-
701,645
5,805,539
6,507,184

All income and gains for the year are recognised above. All of the school's activities are classed as continuing.

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Page 11

Company Number: 00779605

(LIMITED BY GUARANTEE)

B A S (SCHOOL) LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2020

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Stocks
Debtors
16
Cash at bank and in hand
CURRENT LIABILITIES
Creditors due within one year
17
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Creditors due after one year
18
NET ASSETS
REPRESENTED BY:
RESTRICTED FUNDS
24/25
UNRESTRICTED FUNDS
24/25		 £
£
7,683,383
1,036
248,521
2,944,428
3,193,985
(2,384,421)
809,564
8,492,947
(1,595,083)
6,897,864
70,804
6,827,060
6,897,864
2020		 £
£
7,966,888
2,600
205,110
2,204,454
2,412,164
(2,114,538)
297,626
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184
2019		 £
£
7,966,888
2,600
205,110
2,204,454
2,412,164
(2,114,538)
297,626
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184
2019
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184

The accounts were approved by the Full Court of Governors and signed on their behalf by:

...........................................

Mrs J Dunn (Chair)

Date: 25 February 2021

Page 12

Company Number: 00779605

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) COMPANY BALANCE SHEET

AS AT 31 AUGUST 2020

Notes
FIXED ASSETS
Tangible Assets
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CURRENT LIABILITIES
Creditors due within one year
17
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Creditors due after one year
18
NET ASSETS
REPRESENTED BY:
RESTRICTED FUNDS
24
UNRESTRICTED FUNDS
24		 £
£
7,679,726
1
7,679,727
260,231
2,865,508
3,125,739
(2,312,519)
813,220
8,492,947
(1,595,083)
6,897,864
70,804
6,827,060
6,897,864
2020		 £
£
7,962,889
1
7,962,890
240,916
2,107,542
2,348,458
(2,046,834)
301,624
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184
2019		 £
£
7,962,889
1
7,962,890
240,916
2,107,542
2,348,458
(2,046,834)
301,624
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184
2019
8,264,514
(1,757,330)
6,507,184
67,747
6,439,437
6,507,184

The accounts were approved by the Full Court of Governors and signed on their behalf by:

...........................................

Mrs J Dunn (Chair)

Date: 25 February 2021

Page 13

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020

Notes
£
£
Cash flows from operating activities:
Net income/expenditure for the year
390,680
Adjustments for:
Depreciation charges
14
313,299
Dividends, interest and rents from investments
8
(16,672)
Financing costs
61,375
Loss from sale of tangible fixed assets
-
(Increase)/decrease in stock
1,564
(Increase)/decrease in debtors
16
(43,411)
Increase/(decrease) in creditors
17
293,580
Net cash provided by/(used in) operating activities
1,000,415
Cash flows from investing activities:
Dividends, interest and rents from investments
8
16,672
Financing costs
(61,375)
Proceeds from disposal of assets
-
Purchase of tangible fixed assets
14
(29,794)
Net cash provided by/(used in) investing activities
(74,497)
Cash flows from financing activities:
Repayment of bank loans
17/18
(125,130)
Repayment of other loans
17/18
(39,996)
Net cash provided by/(used in) financing activities
(165,126)
Change in cash and cash equivalents in the year
760,792
Cash and cash equivalents at the beginning of the year
2,183,636
Cash and cash equivalents at the end of the year
2,944,428
Analysis of cash and cash equivalents
Cash in hand
3,648
Cash at bank
2,940,780
2,944,428
Bank overdraft
-
Total cash and cash equivalents
2,944,428
2020		 £
£
701,645
323,384
(3,613)
57,146
15,996
1,014
29,601
137,711
1,262,884
3,613
(57,146)
310,707
(280,743)
(23,569)
(150,622)
(40,000)
(190,622)
1,048,693
1,134,943
2,183,636
2,957
2,201,497
2,204,454
(20,818)
2,183,636
2019		 £
£
701,645
323,384
(3,613)
57,146
15,996
1,014
29,601
137,711
1,262,884
3,613
(57,146)
310,707
(280,743)
(23,569)
(150,622)
(40,000)
(190,622)
1,048,693
1,134,943
2,183,636
2,957
2,201,497
2,204,454
(20,818)
2,183,636
2019
2,957
2,201,497
1,048,693
1,134,943
2,183,636
2,204,454
(20,818)
2,183,636

Page 14

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 STATUTORY INFORMATION

B A S (School) Limited is a charitable company, limited by guarantee, registered in England and Wales. The registered office, company number and charity number are detailed in the Legal and Administrative Information.

2 ACCOUNTING POLICIES

2.1 Basis of preparation

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The charitable company meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy.

At the time of approving the financial statements, the Full Court of Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.2 Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary on a line by line basis. A separate Statement of Financial Activities (including income and expenditure account) for the charity has not been presented as the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

2.3 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income is recognised net of VAT, where applicable.

Investment income and rental income is accounted for on an accruals basis.

Income from donations, legacies and grants is recognised when the charitable company is legally entitled to it, it is probable that the income will be received and the amount can be measured reliably. Where a donor or an appeal has imposed restrictions the income is credited to a restricted fund.

School fees receivable, lettings and extra charges are accounted for in the period in which the service is provided. Where fees are received for a future service period they are included in deferred income.

Page 15

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

2.4 Expenditure

Expenditure is included in the accounts on an accruals basis, as soon as a liability is considered probable. Irrecoverable VAT is included with the item of expenditure to which it relates.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between expenditure categories and departments on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Freehold land - not depreciated
Freehold buildings - 50 years straight line
Leasehold property - 50 years straight line
Long-life fixtures, fittings & equipment - 15 years straight line
Astroturf - 10 years straight line
Fixtures, fittings & equipment - 5 years straight line
Motor vehicles - 4 years straight line
Computer equipment - 3 years straight line

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed assets below the value of £500 are not capitalised.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

2.6 Investments

Investments in subsidiaries are measured at cost and reviewed annually for impairment.

2.7 Stock

Stock is stated at the lower of cost and net realisable value.

2.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial instruments are recognised at amortised cost.

Page 16

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

2.9 Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash in hand and deposits held at call with banks.

2.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

2.12 Fund accounting

Unrestricted funds are available for use at the discretion of the Full Court of Governors in furtherance of the charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Full Court of Governors for specific purposes.

Restricted funds are those funds that can only be used for particular restricted purposes in accordance with the wishes of the donor or when funds are raised for particular restricted purposes.

2.13 Leasing and hire purchase commitments

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Financial Activities on a straight line basis over the term of the relevant lease.

2.14 Employee benefits and termination benefits

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Teaching staff are members of the Teachers' Pension Scheme (TPS), a defined benefit scheme administered by the Teachers' Pension Agency. Contributions to the scheme are charged to the Statement of Financial Activities as they fall due. The TPS is an unfunded scheme. Contributions on a 'pay as you go' basis are credited to the exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments. Under the definitions set out in FRS 102 the TPS is a multi-employer pension scheme. The charity is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contribution scheme.

The Charity also makes defined contribution payments to a stakeholder pension scheme for non-teaching staff. Employer pension contributions are charged in the period in which they fall due.

2.15 Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Page 17

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

cont'd

a. Critical judgements in applying the entity’s accounting policies

i) Multi-employer defined benefit pension scheme

Certain employees participate in a multi-employer defined benefit pension scheme with other entities. In the judgment of the governors, the charity does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see note 22 for further details.

b. Critical accounting estimates and assumptions

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of tangible assets, and note 2.5 for the useful economic lives for each class of

ii) Impairment of debtors

The charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3 TURNOVER

The turnover of the charity is wholly attributable to the objects of the charity as stated in the Governors' Report and is earned entirely within the UK.

4 NET INCOME/(EXPENDITURE)

This is stated after charging: 2020 2019
£ £
Operating lease payments 163,723 167,880
Stocks recognised as an expense 5,486 11,841
Loan interest payable 61,375 57,146
Depreciation 313,299 323,384
(Profit)/loss on disposal of assets - 15,996
Auditors' remuneration - audit services 13,680 13,800
Auditors' remuneration - non-audit services 1,950 2,160

Page 18

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

5 TAXATION

The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

6 INCOME FROM DONATIONS AND GRANTS

Donations
Coronavirus Job Retention Scheme grants		 UNRESTRICTED
£
-
349,449
349,449		 RESTRICTED
£
62,927
-
62,927		 TOTAL
2020
£
62,927
349,449
412,376		 TOTAL
2019
£
81,233
-
81,233

Grant income in the prior year represents public health funding from local government for the school nursery.

7 INCOME FROM OTHER TRADING ACTIVITIES

Lettings and rental income
Subsidiary trading income		 UNRESTRICTED
£
22,522
44,962
67,484		 RESTRICTED
£
-
-
-		 TOTAL
2020
£
22,522
44,962
67,484		 TOTAL
2019
£
75,008
119,074
194,082

8 INCOME FROM INVESTMENTS

INCOME FROM INVESTMENTS
UNRESTRICTED RESTRICTED TOTAL TOTAL
2020 2019
£ £ £ £
Interest receivable 16,672 - 16,672 3,613

9 INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Gross school fees
less: bursaries, scholarships and allowances
less: COVID-19 discounts
Net school fees
Add:
Scholarships, bursaries and awards from restricted funds
Registration fees
Extras income
School bus / transport Income
Swimming pool hire		 TOTAL
2020
£
7,231,436
(1,191,492)
(308,150)
5,731,794
84,870
17,610
156,444
70,228
63,220
6,124,166		 TOTAL
2019
£
7,189,954
(1,074,260)
-
6,115,694
64,765
18,074
172,030
95,895
100,274
6,566,732

Page 19

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10 ANALYSIS OF EXPENDITURE

Staff
Depreciation
Costs
£
£
Cost of raising funds:
Other trading activities
7,358
800
Financing costs
-
-
Total cost of raising funds
7,358
800
Charitable expenditure
Education
Teaching
3,233,359
145,998
Welfare
334,728
-
Premises
160,048
166,501
Support and governance
489,556
-
Bursaries from restricted funds
-
-
Total charitable expenditure
4,217,691
312,499
Total expenditure
4,225,049
313,299
Analysis of support and governance costs:
Governance costs:
Auditors remuneration for audit services
Support costs:
Auditors' remuneration for non audit services
Legal and professional fees relating to support
Support staff wages, national insurance and pension
Advertising and promotion
Commission to agencies
Subscriptions and licences
Telephone
Other support costs		 Other
costs
£
36,093
61,375
97,468
189,606
140,956
773,371
405,399
84,870
1,594,202
1,691,670		 Total
2020
£
44,251
61,375
105,626
3,568,963
475,684
1,099,920
894,955
84,870
6,124,392
6,230,018
2020
£
13,680
1,950
17,646
489,556
64,400
72,377
72,407
50,681
112,258
894,955		 Total
2019
£
135,487
57,146
192,633
3,381,522
557,646
1,076,157
871,292
64,765
5,951,382
6,144,015
2019
£
13,800
2,160
1,323
456,623
68,353
94,685
84,461
44,890
104,997
871,292

11 PROFIT AND LOSS ON SPECIFIC ACTIVITIES

Swimming pool
Wedding lettings (subsidiary trading results)
School bus		 Income
£
63,220
46,710
70,228
180,158		 Costs
£
(124,369)
(43,572)
(95,767)
(263,708)		 Profit/(loss)
2020
£
(61,149)
3,138
(25,539)
(83,550)		 Profit/(loss)
2019
£
(20,617)
1,092
(13,722)
(33,247)

Page 20

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

12 STAFF COSTS

The average monthly number of employees during the year split between relevant departments was:

Teaching
Welfare
Domestic
Administration		 2020
Number
56
32
31
15
134		 2019
Number
57
35
29
15
136

The aggregate payroll costs for the year were as follows:

Wages and salaries
Social security costs
Pension costs		 2020
£
3,447,988
297,532
479,529
4,225,049		 2019
£
3,333,044
276,340
332,867
3,942,251

None of the governors received any remuneration or other benefits from the school or any connected body during the year and five (2019: five) were reimbursed expenses totalling £429 (2019: £660).

Staff earning in excess of £60,000 per annum in the following bands are:

2020 2019
Number Number
£60,000 - £69,999 1 1
£80,000 - £89,999 1 1

Of the employees whose emoluments exceed £60,000, 1 (2019: 1) has retirement benefits accruing under defined benefit schemes and 1 (2019: 1) has retirement benefits accruing under defined contribution schemes. Contributions payable by the school to those schemes for higher paid employees were:

paid employees were:
2020 2019
£ £
Defined benefit schemes 20,838 14,502
Defined contribution schemes 5,158 5,051

Page 21

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

B A S (SCHOOL) LIMITED

FOR THE YEAR ENDED 31 AUGUST 2020

12 STAFF COSTS cont'd

The key management personnel of the school are detailed in the Governors' Report and Legal and Administrative Information.

Aggregate employee benefits of key management personnel
(including employer pension contributions and national insurance)		 2020
£
272,658		 2019
£
262,011

Ex gratia payments of £7,969 (2019: £13,000) were paid during the year. The ex gratia payments were in relation to compensation for employment termination (authorised for payment on 31 October 2019 and 31 August 2020).

13 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - 31 AUGUST 2019

INCOME FROM:
Donations and grants
Other trading activities
Investments
Charitable activities
Total income
EXPENDITURE ON:
Raising funds
Charitable activities
Total expenditure
Net income/expenditure
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Funds
£
-
194,082
3,613
6,566,732
6,764,427
192,633
5,886,150
6,078,783
685,644
344,270
1,029,914
5,409,523
6,439,437		 Restricted
Funds
£
81,233
-
-
-
81,233
-
65,232
65,232
16,001
6,091
22,092
45,655
67,747		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
(350,361)
(350,361)
350,361
-		 Total
2019
£
81,233
194,082
3,613
6,566,732
6,845,660
192,633
5,951,382
6,144,015
701,645
-
701,645
5,805,539
6,507,184

Page 22

B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

14 TANGIBLE FIXED ASSETS - CONSOLIDATED GROUP AND SCHOOL

Cost / Revaluation
At 1 September 2019
Additions
Disposals
At 31 August 2020
Depreciation
At 1 September 2019
Charge for year
Eliminated on disposal
At 31 August 2020
Net Book Value
At 31 August 2020
At 31 August 2019		 Freehold
Land and
Buildings
£
6,596,824
7,952
-
6,604,776
457,471
122,312
-
579,783
6,024,993
6,139,353		 Leasehold
Property
Short Lease
2,149,090
2,398
-
2,151,488
749,742
48,189
-
797,931
1,353,557
1,399,348		 Fixtures,
Fittings &
Equipment
£
1,209,026
19,444
(1,782)
1,226,688
806,527
129,492
(1,782)
934,237
292,451
402,499		 Motor
Vehicles
£
58,723
-
-
58,723
33,035
13,306
-
46,341
12,382
25,688		 Total
£
10,013,663
29,794
-
(1,782)
10,041,675
2,046,775
313,299
(1,782)
2,358,292
7,683,383
7,966,888

The leasehold property book value represents the cost, less depreciation, of improvements to the land and buildings leased from English Heritage.

Included in the above is £3,657 (2019: £3,999) net book value of fixtures, fittings and equipment which relate to the subsidiary company.

The cost of freehold property includes £1,915,000 for land and buildings revalued to fair value on 1 September 2014, valued by Harold Stiles Williams, an independent valuer. The Governors took advantage of the transitional arrangements available to treat as deemed cost the fair value as at 1 September 2014 of some freehold land and buildings, and to continue to depreciate them over their remaining estimated useful lives.

If the land and buildings had not been revalued they would be included at the following historical cost:

Cost
Aggregate depreciation
Net book value
Value of land in freehold land and buildings		 2020
£
1,474,652
(449,041)
1,025,611
1,065,000		 2019
£
1,474,652
(426,098)
1,048,554
1,065,000

Page 23

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

15 INVESTMENTS

Investments in subsidiaries

The school held investments in the following companies during the year:

Battle Abbey School Enterprises Limited
Registered in England and Wales
Company number 10892751
% of share capital owned 100%

The wholly-owned trading subsidiary was incorporated in England and Wales on 1 August 2017 with the purpose of taking over the wedding and lettings activities of the school. The registered office address is Battle Abbey School, High Street, Battle, East Sussex, United Kingdom, TN33 0AD.

Battle Abbey School Battle Abbey School
Enterprises Limited
2020 2019
Summary trading results: £ £
Turnover 46,710 119,074
Administrative expenses (43,572) (117,982)
Donation to parent entity (3,138) (1,092)
Net profit/(loss) - -
Summary balance sheet:
Fixed assets 3,657 3,999
Current assets 82,612 99,920
Creditors falling due within one year (86,268) (103,918)
Net assets 1 1
Aggregate share capital and reserves 1 1
Contribution by parent company
The parent charity contribution to the results for the year is as follows:
Income 6,573,988 6,726,586
Expenditure (6,186,446) (6,026,033)
Net income/(expenditure) for the year 387,542 700,553

Page 24

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 AUGUST 2020

16 DEBTORS
2020
2019
£
£
Fee debtors
37,620
79,969
Amounts due from subsidiaries
-
-
Prepayments and accrued income
209,984
125,141
Other debtors
917
-
248,521
205,110
17 CREDITORS: due within one year
2020
2019
£
£
Bank loans and overdrafts
166,187
176,294
Other loans
40,000
40,000
Trade creditors
128,309
59,897
Accruals and other creditors
254,515
151,075
Fees in Advance
1,059,063
1,126,648
Advance Fees Payment Scheme (note 20)
300,225
123,567
Deposits
360,888
343,598
Other taxes and social security
75,234
93,459
2,384,421
2,114,538
Group
Group		 2020
2019
£
£
37,620
79,969
14,366
36,214
208,245
124,733
-
-
260,231
240,916
2020
2019
£
£
166,187
176,294
40,000
40,000
124,250
44,113
188,817
110,376
1,059,063
1,126,648
300,225
123,567
360,888
343,598
73,089
82,238
2,312,519
2,046,834
School
School		 2020
2019
£
£
37,620
79,969
14,366
36,214
208,245
124,733
-
-
260,231
240,916
2020
2019
£
£
166,187
176,294
40,000
40,000
124,250
44,113
188,817
110,376
1,059,063
1,126,648
300,225
123,567
360,888
343,598
73,089
82,238
2,312,519
2,046,834
School
School
2,046,834

Fees in advance represent amounts due for Winter term 2020.

Amounts included as Advance Fees Payment Scheme are those received under an agreement for future year's fees. The money may be returned subject to specific conditions upon the receipt of one term's notice.

18 CREDITORS: due after one year
2020
2019
£
£
Bank loans (note 19)
962,340
1,098,181
Advance Fees Payment Scheme (note 20)
312,659
299,069
Other loans
320,084
360,080
1,595,083
1,757,330
Group		 2020
2019
£
£
962,340
1,098,181
312,659
299,069
320,084
360,080
1,595,083
1,757,330
School		 2020
2019
£
£
962,340
1,098,181
312,659
299,069
320,084
360,080
1,595,083
1,757,330
School
1,757,330

Other loans of £360,084 (2019: £400,080) consist of a concessionary loan which is repayable over 12 years in instalments and is interest free. This loan is secured against freehold property at 22 Upper Lake, Westnedge House, Battle TN33 0AN.

Page 25

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

19 BANK LOANS - SCHOOL
Bank loans are wholly repayable in instalments as follows:
Less than one year
In more than one year but less than two years
In more than two years but less than five years
In more than five years		 2020
£
166,187
169,921
541,282
251,137
1,128,527		 2019
£
155,476
161,219
505,836
431,126
1,253,657

The Charity has 3 bank loans, 2 of which are repayable by way of monthly instalments over 5 years and 1 over 6 years. Interest is charged at 2.42%, 2.54% and 4.04% respectively. All loans are secured against freehold properties.

20 ADVANCE FEES PAYMENT SCHEME - SCHOOL

Parents may enter into an agreement to pay to the school tuition fees in advance. The money may be returned subject to specific conditions upon the receipt of one term's notice. Assuming pupils will remain in the school, advance fees will be applied as below:

Amounts due within one year
Amounts due after more than one year but less than two years
Amounts due after more than two year but less than five years		 2020
£
300,225
164,435
148,224
612,884		 2019
£
123,567
134,391
164,678
422,636

The balance represents the accrued liability under the agreements. The movements during the year were as follows:

Balance as at 1 September 2019
Amounts received in year
Amounts credited to pupil accounts for fees
Balance as at 31 August 2020		 2020
£
422,636
313,815
(123,567)
612,884		 2019
£
268,358
269,838
(115,560)
422,636

21 OPERATING LEASE AND CAPITAL COMMITMENTS

At 31 August 2020 the school had total commitments under non-cancellable operating leases payable as follows:

Within one year
Between one and five years		 2020
2019
£
£
118,105
118,105
229,210
236,210
347,315
354,315
Land & Buildings		 2020
2019
£
£
35,480
45,618
37,032
76,546
72,512
122,164
Other		 2020
2019
£
£
35,480
45,618
37,032
76,546
72,512
122,164
Other
122,164

At 31 August 2020 the school had total other commitments as follows:

2020 2019
£ £
Authorised and contracted for 71,280 -

Page 26

B A S (SCHOOL) LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

22 PENSION COMMITMENTS

The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £423,848 (2019: £289,687) and at the year-end £44,982 (2019: £34,648) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

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B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

22 PENSION COMMITMENTS

cont'd

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

The school also contributes to defined contribution schemes on behalf of its other staff. Employer contributions payable to these schemes were £55,681 (2019: £43,180) and at the year end £9,352 (2019: £6,040) was accrued in respect of contributions due to these schemes.

23 SHARE CAPITAL AND CONTROL

The charity is limited by guarantee and does not have a share capital. In the event of a winding up each member guarantees to contribute an amount of no more than £10.

24 SUMMARY OF FUND MOVEMENTS

Unrestricted funds
General reserves
Restricted funds
Bursary and Appeal Fund
Nursery School Fund
Total funds		 At 1 Sept
2019
6,439,437
64,361
3,386
67,747
6,507,184		 Income
6,557,771
62,927
-
62,927
6,620,698		 Expenses
(6,145,148)
(84,870)
-
(84,870)
(6,230,018)		 Transfers
(25,000)
25,000
-
25,000
-		 At 31 August
2020
6,827,060
67,418
3,386
70,804
6,897,864

Restricted funds:

Bursary and Appeal Fund - Provides funds to go towards bursaries for pupils and also for specific projects. Unrestricted income has been transferred to this restricted fund in the current year as agreed by the Governors.

Nursery School Fund - Funds are allocated by East Sussex County Council to enable eligible nurseries to enhance their approaches towards and provision of healthy eating and physical activity based on needs identified through completion of a baseline healthy eating / physical activity audit.

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B A S (SCHOOL) LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

25 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Restricted
Funds
Funds
£
£
Fund balances at 31 August 2020 are represented by:
Fixed assets
7,683,383
-
Current assets
3,123,181
70,804
Creditors: less than one year
(2,384,421)
-
Creditors: more than one year
(1,595,083)
-
6,827,060
70,804
Unrestricted
Restricted
Funds
Funds
£
£
Fund balances at 31 August 2019 are represented by:
Fixed assets
7,966,888
-
Current assets
2,344,417
67,747
Creditors: less than one year
(2,114,538)
-
Creditors: more than one year
(1,757,330)
-
6,439,437
67,747		 Designated
Funds
£
-
-
-
-
-
Designated
Funds
£
-
-
-
-
-		 Total
2020
£
7,683,383
3,193,985
(2,384,421)
(1,595,083)
6,897,864
Total
2019
£
7,966,888
2,412,164
(2,114,538)
(1,757,330)
6,507,184

26 RELATED PARTIES

The school has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. The school has also taken advantage of the exemptions under the Charities' Statement of Recommended Practice (SORP (FRS 102)) not to disclose services provided on a voluntary basis by governors, contracts of employment between the school and its employees, and the repayment of out-of-pocket expenses where the governors have acted as agent for the school.

There were no other related party transactions in either 2020 or 2019. Details of key management personnel compensation can be found in note 12 to these financial statements.

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