2021-08-31-accounts - Millfield

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CHAIRMAN'S STATEMENT
REPORT OF THE GOVERNING BODY
INDEPENDENT AUDITOR'S REPORT	20
CONSOLIDATED STATEMENTS OF FINANCIAL ACTIVITIES	23
BALANCE SHEETS	24
CONSOLIDATED CASH FLOW STATEMENTS	25
NOTES TO THE FINANCIAL STATEMENTS	26
GOVERNORS, ADVISORS AND KEYSTAFF	44

				I I I ~	I
Mean gender pay gap			22.7%	lower 17.9%lower 24.1%lower
Median gender pay gap			37.6%	lower 36,8%olower 31.7%lower
here has been a further reduction	in the	average full-time equivalent number ofpersons employed during th
ear to 632(2020:6671.This reduction arose from staff reorganisation measures taken to reduce our cost bas
nd this process continues. The overall impact			for the year ended	31August 2021 is a greater reduction	in th
bsolute number of men compared	to women		employees, mainly	in the skilled tradesperson category.	As
esult, there is an increase in the	average	pay	as well as an upward movement in the median salary		for th
emaining, albeit reduced male workforce.
Number ofemployees -male			72	77 117 137	403
Number ofemployees -female			212	207 167 147	733
%ofemployees -male			25.4%	27.1% 41.2% 48.2%	35.5%
%ofemployees —female			74.6%o	72.9% 58.8% 51.8%	64.5%

Proportion ofmen receiving a	bonus	0.01%
Proportion ofwomen receiving	a bonus
Mean bonus gender pay gap		100.00%
Median bonus gender pay gap		100.00%

reokdown ofenergy bet	reokdown ofenergy bet	ween utilities and transp	ort &other:
Tonnes CO2e		2020/21	2019/20
Electricity		908	990
Gas		2,453	1,979
Oil		634	435
LPG		235	178
Fuel &mileage		173	185
Water		62	68
Refrigerant	gases	113	170
Total		4,578	4,005

					Unrestricted	Restricted	Total	Total
					Funds	Funds	2021	2020
				Note	f'000	f'000	f'000	f'000
Income from:
Charitable Activities:
Fees receivable					42,024		42,024	39,820
Other educational		income			2,468		2,468	2,921
Other Trading Activities:
Other fees	and external		hiring		1,030		1,030	409
Subsidiary	trading	income			707		707	549
Investment income								22
Donations, grants and legacies					1,152	98	1,250	1,745
Other income					107		107	104
Total Income					47,488	98	47,586	45,570
Expenditure on:
Charitable Activities					(44,743)	(3)	(44,746)	(47,240)
Raising Funds:
Other fees	and external		hiring		(1,310)		(1,310)	(1,150)
Subsidiary	trading	expenditure			(591)		(591)	(503)
Fundraising					(119)		(119)	(142)
Finance and Other Costs					(273)		(273)	(719)
Total Expenditure					(47,036)	(3)	(47,039)	(49,754)
Net income /(expenditure)					452	95	547	(4,184)
Transfers between funds				19	3	(3)
Other Recognised Gains/(Losses):
Re-measurement ofthe	net defined		benefit	22	1,457		1,457	124
pension liability
Net Movement in Funds					1,912	92	2,004	(4,060)
Total Funds Brought Forward					39,503	776	40,279	44,339
Total Funds Carried Forward				19	41,415	868	42,283	40,279

						6~ron		~Com	an
					Note	2021	2020	2021	2020
						E'000	E'000	E'000	E'000
Fixed Assets
Tangible fixed assets					11	59,378	62,903	59,364	62,903
Investments					12			325	325
						59,378	62,903	59689	63,228
Current Assets
Stocks					13	315	294
Debtors					14	1,377	1,191	1,263	1,111
Cash at bank	and in	hand				11,245	6,000	11,223	5,976
						12,937	7,485	12,486	7,087
Creditors: amounts		falling due within		one year	15	(18,185)	(17,677)	(18,081)	(17,625)
Net Current	liabilities					(5,248)	(10,192)	(5,595)	(10,538)
Total Assets	Less Current		Liabilities			54,130	52,711	54,094	52,690
Creditors: amounts		falling due after more than one			16	(5,825)	(4,500)	(5,825)	(4,500)
year
Net Assets Excluding		Pension Liability				48,305	48,211	48,269	48,190
Defined benefit pension			liability		22	(6,022)	(7,932)	(6,022)	(7932)
Net Assets						42,283	40,279	42,247	40,258
Funds
Unrestricted	funds			General		47,437	47,435	47,401	47,414
				Pension reserve	22	(6,022)	(7,932)	(6,022)	(7,932)
					19	41,415	39,503	41,379	39,482
Restricted funds					19	868	776	868	776
Total Funds						42,283	40,279	42,247	40,258

							2021	2020
						Note	E'000	E'000
Operating Activities
Cash generated from/(used		by) operations				23	1,389	(529)
Investing Activities
Interest received								22
Purchase oftangible fixed	assets						(1,960)	(4,901)
Proceeds on sale oftangible		fixed assets					23	717
Net cash used in Investing		Activities					(1,937)	(4,162)
Financing Activities
Repayment ofborrowings							(622)	(581)
Interest paid							(61)	(103)
Receipts from new advance		fee contracts					6,516	3,597
Advanced fees repaid							(40)	(192)
Net cash generated from Financing			Activities				5,793	2,721
Change in cash and cash equivalents			in	year			5,245	(1,970)
Cash and cash equivalents	at beginning			ofthe year			6,000	7,970
Cash and cash equivalents	at end of		the	year			11,245	6,000
Relating to:
Bank balances Included in cash at bank				and in hand			11,245	6,000
Analysis ofmovements in net cash					2020	Cash flows	Other	2021
							Movements
					E'000	E'000	E'000	E'000
Cash at bank and in hand					6,000	5,245		11,245
Total cash and cash equivalents					6,000	5,245		11,245
Loan (Due in less than one year)					(622)	622	(654)	(654)
Loan (Due after more than one year)					(654)		654
Total					4,724	5,867		10,591

or this pur	pose are:
			Straight	Line
			Basis 'Ya
Freehold	land
Freehold	property			2 —4
Extensions and improvements		to buildings		10
Fixtures, fittings and equipment				15
Computers			33 1/3
Motorised	plant and vehicles			15
Assets under construction

											2021	2020
											E'000	f'000
	Net Income/(Expenditure)					is stated after			charging:
	Auditor's			remuneration	for:
				External Audit		(Company f37,830(2020:E36,240))					38	40
				Taxation - compliance				services to the Company		and its subsidiaries	2	2
				Pension scheme audit							8	7
	Depreciation oftangible				fixed assets						5,475	5,585
	Operating			lease costs							111	113
	Profit on		disposal oftangible fixed					assets			(13)	717
	Stock
				Amounts expensed			to	cost of	sales		332	303
				Impairment	losses recognised				in cost ofsales		1	4
	Interest	payable
				Loan interest							61	103
				Net interest	on the		net	defined benefit pension		liability	130	138
				Interest on fees in advance							69	69
3.	Fees Receivable
											2021	2020
											f'000	E'000
	School fees										50,799	48,356
	Less: Scholarships										(3,048)	(2,805)
	Bursaries										(3,592)	(3,636)
	Other			concessions							(2,135)	(2,095)
											42,024	39,820
	Other Educational Income
											2021	2020
											f'000	f'000
	Registration			and acceptance		fees					341	337
	Travel, School trips, examination						fees and other charges to students				2,127	2,584
											2,468	2,921
5.	Investment		Income
											2021	2020
											f'000	f'000
	Bank and	other interest										22
6.	Donations,	Grants and Legacies
											2021	2020
											E'000	f'000
	Donation	income									219	(715)
	Donation	(refunds)
	Coronavirus			JRSGovernment		Grant					1,031	2,460
											1,250	1,745

Other Income
					2021	2020
					E'000	f'000
Interest on overdue fees					29	28
Rents received					78	76
					107	104
Analysis ofExpenditure
		Staff		Deprec	2021	2020
		costs	Other	-iation	Total	Tota I
		f'000	f'000	f'000	f'000	f'000
Charitable activities:
Teaching costs		22,059	1,827	474	24,360	25,131
Welfare		2,824	3,921	90	6,835	6,392
Premises		1,804	2,808	4,520	9,132	10,882
Support costs ofSchooling		2,593	1,355	389	4,337	4,771
Governance costs			82		82	64
Total Charitable Activities		29,280	9,993	5,473	44,746	47,240
Raising Funds:
Ancillary fees and external	hiring	862	448		1,310	1,150
Subsidiary trading expenditure		188	401	2	591	503
Fundratsmg		79	40		119	142
Finance and other costs			273		273	719
Total Expenditure		30,409	11,155	5,475	47,039	49,754
Prior year Analysis of Expenditure
		Staff		Deprec	2020	2019
		costs	Other	-iation	Tots I	Tote I
		f'000	f'000	f'000	f'000	f'000
Charitable activities:
Teaching costs		7	2,588	516	25,131	25,106
Welfare		2,653	3,637	102	6,392	8,257
Premises		2,290	4,057	4,535	10,882	10,134
Support costs ofSchooling		2,758	1,581	432	4,771	4,902
Governance costs			64		64	77
Total Charitable Activities		8	7	5,585	47,240	48,476
Raising Funds:
Ancillary fees and external	hiring	748	402		1,150	4,676
Subsidiary trading		138	365		503	723
Fundraising		58	84		142	160
Finance and other costs			719		719	518
Total Expenditure		2	7	5,585	49,754	54,553

9. Employee Information
	2021	2020	2021	2020
	Group	Group	Company	Company
	Number	Number	Number	Number
The average number ofpersons
(full-time equivalent) employed
during the year was:
Teaching and coaching	258	266	258	266
Administration and support	374	401	367	394
	632	667	625	660
The average number ofpersons
employed by the group during the	999	1,053	988	1,049
year was:
Staff costs (forthe above persons)	f'000	f'000	f'000	E'000
Wages and salaries	24,677	25,068	24,813	24,942
Socia I security costs	2,251	2,118	2,242	2,111
Defined benefit pension costs	2,910	2,927	2,910	2,927
Defined contribution pension costs	571	559	564	553
	30,409	30,672	30,529	30,533
Aggregate employee costs of key
management personnel (including
salary, benefits, pension
contributions and national
msurance)	761	583	761	583

	2021	2020
	Number	Number
E60,001 - E70,000	45	36
E70,001 - f80,000	14	9
E80,001 - E90,000	5	5
f90,001 —f100,000	1
E100,001 - f110,000	1
E110,001 - E120,000
E130,001 - E140,000
E220,001 - E230,000
f230,001 —f240,000
E280,001 —E290,000

			Extensions
		Assets	and	Fixtures
		under	irnprove-	Fittings		Motorised
	Freehold	construct-	ments to	and		Plant and
	Property	ion	buildings	Equipment	Computers	Vehicles	Total
	f'000	f'000	f'000	f'000	E'000	E'000	f'000
Cost
At15ept 2020	76,907	888	30,053	7,205	2,881	801	118,735
Additions		815	452	172	521		1,960
Transfers		(889)	807	82
Disposals			(1,994)	(937)	(969)	(5)	(3,905)
At 31Aug 2021	76,907	814	29,318	6,522	2,433	796	116,790
Depreciation
At 1Sept 2020	31,241		16,450	4,961	2,537	643	55,832
Charge for year	1,573		2,743	680	437	42	5,475
Disposals			(1,994)	(930)	(969)	(2)	(3,895)
At 31Aug 2021	32,814		17,199	4,711	2,005	683	57,412
Net book value
At 31Aug 2U21	44,0'93	814	12,119	1,811	428	113	59,378
At 1Sept 2020	45,666	888	13,603	2,244	344	158	62,903
Tangible Fixed Assets (Company)
			Extensions
		Accetc	and	Fixturec
		under	improve-	Fittings		Motorised
	Freehold	construct-	ments to	and		Plant and
	Propertv	ion	buildings	Equipment	Computers	Vehicles	Tota I
	f'000	f'000	f'000	f'000	f'000	f'000	f'000
Cost
At 1Sept 2020	76,907	888	30,053	7,200	2,841	774	118,663
Additions		815	452	172	505		1,944
Transfers		(889)	807	82
Disposals			(1,994)	(937)	(969)	(5)	(3,905)
At 31Aug 2021	76,907	814	29,318	6,517	2,377	769	116,702
Depreciation
At 1Sept 2020	31,241		16,450	4,956	2,497	616	55,760
Charge for year	1,573		2,743	680	435	42	5,473
Disposals			(1,994)	(930)	(969)	(2)	(3,895)
At 31Aug 2021	32,814		17,199	4,706	1,963	656	57,338
Net book value
At 31Aug 2021	44,093	814	12,119	1,811	414	113	59,364
At 1Sept 2020	45,666	888	13,603	2,244	344	158	62,903

Fixed Asset I	nve	stment	s
													2021	2020
Company													f'000	f'000
Interest in group undertakings						at cost							325	325
The Company	had the following					subsidiary		undertakings,		at the year-end,		all with the common		registered
office on page	45:
								Millfield			Millfield		Millfield	Millfield
							Overseas				School		Overseas	School
								Limited		Enterprises			Limited	Enterprises
											Limited			Limited
								2021			2021		2020	2020
Nature of business								Dormant			Service		Dormant	Service
Company number							08339295			01553104			08339295	01553104
Proportion ofnominal			value
of issued shares		held by the						100SS			100SS		100'Yo	100'K
Company
Country ofincorporation								England			England		England	England
Results for the Subsidiary				as at
the 31August
								f'000			f'000		f'000	E'000
Net assets											361			346
Turnover											998			898
Expenses											(921)			(835)
Profit											77			63
Distribution											(62)			(166)
Net Profit for	financial		year								15			(103)
he results ofthe		subsidiary			entities have		been included			in these consolidated			financial statements.
Millfield Overseas		Limited was incorporated						on 21	December		2012and remains dormant.
tocks
									Group				Company
								2021			2020		2021	2020
								f'000			f'000		f'000	f'000
Goods for resale									315		294
ebtors: amounts		falling due			within one		year
										Group			Company
									2021		2020		2021	2020
								f'000			f'000		f'000	f'000
Trade debtors									954		550		815	527
Other debtors									7		356		7	356
Amounts due	from subsidiary												79
Prepayments									416		285		362	228
								1,377			1,191		1,263

Creditors: amounts	falling due within one	year
			Group		Company
		2021		2020	2021	2020
		E'000		E'000	E'000	E'000
Fixed term bank loan (see note 17)		654		622	654	622
Amounts received under advance fee scheme (see note 18)		5,662		2,827	5,662	2,827
Amount due to subsidiary						101
Trade creditors		1,118		893	1,015	740
Taxation and social	security costs	954		1,134	954	1,134
Other creditors		3,799		3,971	3799	3,971
Accruals		644		1,670	643	1,670
Schoolfees paid in	advance	4,609		5,659	4,609	5,659
School fee deposits	held	745		901	745	901
		18,185		17,677	18,081	17,625

					Company
			2021	2020	2021	2020
			E'000	E'000	E'000	E'000
Fixed term bank loan		(see note 17)		654		654
Amounts scheme	received under advance fee (see note 18)		1,371	1,301	1,371	1,301
School fees deposits		held	4,454	2,545	4,454	2,545
			5,825	4,500	5,825	4,500

he loan is unsecured and repayable over 20 year .88%%d p.a, as follows:	s from 2 September 2002 at a fixed inte	rest rate
	2021	2020
	E'000	E'000
Over one year:
Within 1to 2 years		654
		654
Within one year	654	622
	654	1,276

he unused balance ofthe advance is repayable up e applied as follows:	on request. It is intended that the advanc	e fees will
	2021	2020
	E'000	E'000
Over one year:
Within 1to 2 years Within 3-5years	623 577	724 372
After 5years	171	205
	1,371	1,301
Within one year	5,662	2,827

uring th	e year w	ere:
				2021	2020
				E'000	f'000
Balance	at 1September			4,128	5,564
New contracts				6,516	3,597
Amount	accrued	to contracts		69	69
				10,713	9,230
Amounts	utilised	in the payment	offees to the School	(3,640)	(4,910)
Refunds	offees	paid in advance		(40)	(192)
Balance	at 31August			7,033	4,128

Funds —Gro	up
					Defined
		Balance 1			benefit	Balance 31
		September			liability/	August
		2020	Income	Expenditure	transfers	2021
		f'000	f'000	f'000	f'000	f'000
Unrestricted	funds:
	General	47,435	47,488	(47,489)		47,437
	Pension reserve	(7,932)		453	1,457	(6,022
		39,503	47,888	(47,036)	1,460	41,415
Restricted:
	Millfield Centre Fund	653	(635)		(18)
	Sports Equipment Fund	1	103	(3)	3	104
	Other Funds	122	630		12	764
		776	98	(3)	(3)	868
Total Group		40,279	47,586	(47,039)	1,457	42,283
					Defined	Balance 31
		Balance 1			benefit	August
		September			liability/	2020
		2019	Income	Expenditure	transfers
		E'000	f'000	E'000	f'000	E'000
Unrestricted	funds:
General		51,164	46,288	(50,036)	19	47,435
Pension reserve		(8,338)		282	124	(7,932)
		42,826	46,288	(49,754)	143	39,503
Restricted:
Millfield Centre Fund		1,418	(746)		(19)	653
Sports Equipment
Fund
Other Funds		94	28			122
		1,513	(718)		(19)	776
Total Group		44,339	45,570	(49,754)	124	40,279

—Company
							Defined
				Balance 1			benefit	Balance at
				September			liability/	31August
				2020	Income	Expenditure	transfers	2021
				f'000	f'000	f'000	f'000	f'000
Unrestricted		funds:
		General		47,414	46,792	(46,903)	98	47,401
Pension reserve				(7,932)		453	1,457	(6,022)
				39,482	46,792	(46,450)	1,555	41,379
Restricted	funds:
		Millfield Centre Fund		653	(635)		(18)
		Sports Equipment	Fund	1	103	(3)	3	104
		Other Funds		122	630		12	764
				776	98	(3)	(3)	868
Total Company				40,258	46,890	(46,453)	1,552	42,247
							Defined
				Balance 1			benefit	Balance at
				September			liability/	31August
				2019	Income	Expenditure	transfers	2020
				f'000	f'000	f'000	f'000	f'000
Unrestricted		funds:
	General			51,040	45,757	(49,600)	217	47,414
Pension reserve				(8,338)		282	124	(7,932)
				42,702	45,757	(49,318)	341	39,482
Restricted funds:
	Millfield (.'entre Fund			1,418	(746)		(19)	653
	Sports Equipment		Fund	1				1
	Other Funds			94	28			122
				1,513	(718)		(19)	776
Total Company				44,215	45,039	(49,318)	322	40,258

Allocation o	fGroup Net Ass	ets
				Net current			At 31
			Fixed	assets/	Long term	Pension	August
			assets	(habihties)	liabilities	reserve	2021
			f'000	f'000	f'000	E'000	f'000
Unrestricted	funds:
	General		59,378	(6,116)	(5,825)		47,437
	Pension reserve					(6,022)	(6,022)
Restricted funds
	Sports Equipment	Fund		104			104
	Other Funds			764			764
Total Group	as at 31August	2021	59,378	(5,248)	(5,825)	(6,022)	42,283

					Net current			At 31
				Fixed	assets/	Long term	Pension	August
				assets	(liabilities)	liabilities	reserve	2020
				f'000	f'000	f'000	E'000	f'000
Unrestricted		funds:
		General		62,903	(10,968)	(4,500)		47,435
		Pension reserve					(7,932)	(7,932)
Restricted	funds
		Millfield Centre Fund			653			653
		Sports Equipment	Fund		1			1
		Other Funds			122			122
Total Group		as at 31August	2020	62,903	(10,192)	(4,500)	(7,932)	40,279
Capital Commitments
					Group		Company
				2021	2020		2021	2020
				E'000	f'000		E'ODO	f'000
Contracted August		but not provided	as at 31	357			357

				2021	2020
				E'000	E'000
Statement offinancial position
Fair value ofscheme assets				15,058	13,388
Present value ofdefined benefit obligation				(21,080)	(21,320)
Net deficit in scheme				(6,022)	(7,932)
Changes in the defined benefit obligation
Defined benefit obligation at start ofperiod				21,320	21,928
Interest cost on defined benefit obligation
Past service cost				357	366
Benefit paid				(705)	(776)
Actuarial loss/(gain)				108	(198)
Defined benefit obligation	at end ofperiod			21,080	21,320
Changes in the fair value ofscheme assets
Fair value ofscheme assets	at start ofperiod			13,388	13,590
Interest income on scheme	assets			227	228
Return less interest income	on scheme assets			1,565	(74)
Contributions by the employer				583	420
Benefits paid				(705)	(776)
Fair value ofscheme assets	at end ofperiod			15,058	13.,388
Total expense recognised in expenditure
Net interest on net defined	benefit liability			130	138
Past service cost
Expenditure charged in year				130	138
Total amount recognised in	the statement		offinancial activities
Return less interest income	on scheme assets			1,565	(74)
Actuarial (loss)/gain on liabilities				267	198
Change in assumption				(375)
Re-measurement (loss)/gain	recognised	in	the SOFA	1,457	124
Assets
Target return				13,056	11,576
Property				1,864	1,698
Insurance annuities				86	95
Cash and net current assets				52	19
Fair value ofscheme assets				15,058	13,388
A«tuel return on scheme assets over period				1,792	154
Reconciliation offunded status
Opening deficit				(7,932)	(8,338)
Employer contribution				583	420
Charge recorded in SOFA				(130)	(138)
(Loss)/Gain recorded in statement offinancial activities				1,457	124
Closing deficit				(6,022)	(7,932)

				2021	2020
	Main financial assumptions			/o pa	Xi pa
	Discount rate			1.8	1.7
	Price inflation:
	—R PI			3.4	3.1
	—CPI			2.6	2.3
	Deferred pension increases:
	-Pensions accrued to 5/4/09			2.6	2.3
	-Pensions accrued from 6/4/09			2.5	2.3
	Pension increases in payment:
	—GMPs accrued from 6/4/88			3.0	3.0
	- Non-GMPs accrued to 31/8/05			3.2	3.0
	—Pension accrued from 1/9/05			2.2	2.1
	Mortality assumptions and life expectancies			2021	2020
	Expected future lifetime from age 65:			Years	Years
	-Male currently aged 65			21.8	21.8
	-Female currently aged 65			24.1	24.1
	—Male currently aged 45			22.8	22.8
	-Female currently aged 45			25.3	25.2
23.	Reconciliation ofNet Income/(Expenditure)		to net cash generated	from operations
				2021	2020
				E'000	E'000
	Net Income/(Expenditure)			547	(4,184)
	Adjustmenrc fnr
	Depreciation oftangible fixed assets			5,475	5,585
	Defined benefit pension scheme adjustment			(583)	(420)
	Interest receivable				(22)
	Interest payable			260	310
	Gain on sale oftangible fixed assets			(13)	705
	Operating cash flows before movements	in	working capital	5,686	1,974
	Increase in stocks			(21)	17
	Increase in debtors			(186)	194
	Decrease in creditors			(450)	2,196
	Advance fees applied			(3,640)	(4,910)
				(4,297)	(2,503)
	Cash generated from operations			1,389	(529)

eases, as	follo	ws:
			Other		Motor Vehicles
			2021	2020	2021	2020
			E'000	E'000	E'000	E'000
Amounts	due	within one year	29	36	81	73
Amounts	due	in two to five years	42	43	241	10

Prior year Consolidated	State	ment	ofFinanc	ial Activities	by Fund
					Unrestricted	Restricted	Total
					Funds	Funds	2020
				Note	f'000	f'000	f'000
Income from:
Charitable Activities:
Fees receivable					39,820		39,820
Other educational		income			2,921		2,921
Other Trading Activities:
Other fees	and external		hiring		409		409
Subsidiary	trading	income			549		549
Investment Income					17	5	22
Donations and legacies					2,468	(723)	1,745
Other income					104		104
Totallncome					46,288	(718)	45,570
Expenditure on:
Charitable Activities					(47,240)		(47,240)
Raising Funds:
Other fees	and external		hiring		(1,150)		(1,150)
Subsidiary	trading	expenditure			(503)		(503)
Fundraising					(142)		(142)
Finance and Other Costs					(719)		(719)
Total Expenditure					(49,754)		(49,754)
Net (expenditure)					(3,466)	(718)	(4,184)
Transfer between funds					19	(19)
Other recognised losses:
Re-measurement ofthe	net defined		benefit	22	124		124
liability
Net Movement In Funds					(3,323)	(737)	(4,060)
Total Funds Brought Forward					42,826	1,513	44,339
Total Funds Carried Forward				19	39,503	776	40,279
							42