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|REPORT OF THE GOVERNING
BODY||
|---|---|
|INDEPENDENT ALIDITOR'S REPORT|23|
|CONSOLIDATED STATEMENTS OF FINANCIAL ACTIVITIES|26|
|BALANCE SHEETS|27|
|CONSOLIDATED
CASH FLOW STATEMENTS||
|NOTES TO THE FINANCIAL STATEMENTS|29|
|GOVERNORS, ADVISORS AND KEY STAFF||
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|Year||Lower|Lower|||Lower|Middle|||Upper Middle|Upper Middle||||Upper||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||ean|Medhan||Mean||Me|dhan|Mean||Median||Mean||Median||
||Male|Female|Male|Female|Male|Female|Male|Female|Male|Female|Male|Female|Male|Female|Male|Female|
|2023|1081|10.96|1089|11.11|12 86|12.73|12.75|12.28|22 12|27 69|21 61|22 79|43 70|40.69|40.07|37.72|
|2022|9 63|9.76|9 47|9.90|12.l}6|11.75|11.50|11.30|22.06|22.29|20.98|21.25|41 36|38.88|37.88|36.56|
|2021|8.88|9 00|8.95|8.97|1096|10.68|1065|10.58|19.92|21.39|18.57|20.40|43 37|41.03|41 12|38.43|
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|Reserves as at 31August:|Reserves as at 31August:||2023|2022|
|---|---|---|---|---|
|||Note|E million|E million|
|Total Funds||17|60.8|50.4|
|Less: Restricted|Funds|17|(5 9)|(0 7)|
|Unrestricted
Funds||17|54,9|49.7|
|Less: unrestricted|tangible fixed assets|10|(56.6)|(56,9)|
|Free Reserves|||(1.7)|(7.2)|
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|UK Greenhouse
gas emissions|UK Greenhouse
gas emissions|UK Greenhouse
gas emissions|and|energy use data for the|energy use data for the|energy use data for the|1September|2022|1September 2021|
|---|---|---|---|---|---|---|---|---|---|
|period|||||||to 31August|2023|to 31August 2022|
|Energy consumption||used to calculate emissions||||(kWh)|20,720,211|I&wh|20,937,218 kWh|
|Sco e 1emissions|in|metric tonnes||CO2e||||||
|Gas consumption|||||||2,145 tonnes|CO2e|2,114tonnes CO2e|
|Oil consumption|||||||571tonnes CO2e||528 tonnes CO2e|
|LPG consumption|||||||289tonnes C02e||208 tonnes CO2e|
|Owned transport|—minibuses||||||202 tonnes CO2e||169tonnes CO2e|
|Total scope 1|||||||3,207 tonnes|CO2e|3,019 tonnes CO2e|
|Sco e 2 emissions|in|metric tonnes||CO2e||||||
|Purchased
Electricity|||||||903tonnes CO2e||898tonnes CO2e|
|Sco e 3emissions|in|metric tonnes||CO2e||||||
|Business travel
in|employee-owned|||vehicles|||14tonnes CO2e||4tonnes CO2e|
|Total gross emissions||in metric|tonnes CO2e||||4,124tonnes|CO2e|3,921 tonnes CO2e|
|Tonnes CO2e per|pupil/staff||||||1.63tonnes CO2e||1.66tonnes CO2e|
|Breakdown
ofrefri|erantemissions|||includin|com|arisonwith|revious
ear.|||
||||||||2022/23||2021/22|
|Refrigeration
Gases||||||||||
|At September
each year|||||||2022/23||2021/22|
|Staff (Full time &|Part time*)||||||736||682|
|Pupils|||||||1,795||1,763|
|Totals|||||||2,513||2,445|
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||||Unrestricted|Restricted|Total|Tota I|
|---|---|---|---|---|---|---|
||||Funds|Funds|2023|2022|
|||Note|E'000|E'000|E'000|E'000|
|Income from:|||||||
|Charitable
Activities:|||||||
|Fees receivable|||54,259||54,259|50,432|
|Other educational|||4,498||4,498|3,758|
|income|||||||
|Other Trading Activities:|||||||
|Other fees|and external||3,051||3,051|2,188|
|hiring|||||||
|Investments|||555|105|660||
|Subsidiary|trading||1,096||1p096|1,024|
|income|||||||
|Donations,
grants and legacies|||2|388|390|375|
|Other income|||104||104|102|
|Total Income|||63,565|493|64,058|57p879|
|Expenditure
on:|||||||
|Charitable
Activities|||(53,280)|(30)|(53,310)|(50,481)|
|Raising Funds:|||||||
|Other fees|and external||(2,916)||(2,916)|(2,405)|
|hiring|||||||
|Subsidiary|trading||(851)||(8511|(837)|
|expenditure|||||||
|Fundraising|||(258)|(47)|(305)|(131)|
|Finance and Other Costs|||(477)||(477)|(367)|
|Total Expenditure||7|(57,782)|(77)|(57,859)|(54,221)|
|Net income|||5,783|416|6,199|3,658|
|Other Recognised
Gains:|||||||
|Re-measurement
ofthe|net defined|20|(554)||(554)|4,473|
|benefit pension
liability|||||||
|(Loss) on investment
assets||11||(115)|(115)||
|Transferred
in||26||4,825|4,825||
|Net Movement
in Funds|||5,229|5126|10,355|8,131|
|Total Funds Brought Forward|||49,684|730|50,414|42,283|
|Total Funds Carried Forward||17|54,913|5,856|60,769|50,414|
||||||||~Grou||~Com|an||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Note|2023|2022|2023||2022|
||||||||E'000|E'000|E'000||E'000|
|Fixed Assets||||||||||||
|Tangible fixed assets||||||10|56,596|56,947|56,590||56,938|
|Investments||||||11|5,138||325||325|
||||||||61,734|56,947|56,915||57,263|
|Current Assets||||||||||||
|Stocks||||||12|479|476||||
|Debtors||||||13|1,295|1,420|1,156||1,286|
|Cash at bank and|in|hand|||||29,597|20,036|29,334||20,033|
||||||||31,371|21,932|30,490||21,319|
|Creditors; amounts||falling due||within|one||(21,457)|(18,710)|(21,462)||(18,627)|
|year||||||||||||
|Net Current Assets|||||||9,914|3,222|9,028||2,692|
|Total Assets add|Current||Assets||||71,648|60,169|65,943||59,955|
|Creditors: amounts
than one year||falling due||after more|||(9,808)|(8,689)|(9,808)||(8,689)|
|Net Assets Excluding||Pension||Liability|||61,840|51,480|56,135||51,266|
|Defined benefit pension|||liability|||20|(1,071)|(1,066)|(1,071)||(1,066)|
|Net Assets|||||||60,769|50,414|55,064||50,200|
|Funds||||||||||||
|Unrestricted||||General|||55,984|50,750|55,398||50,536|
|funds||||||||||||
|||||Pension||20|(1,071)|(1,066)|(1,071)||(1,066)|
|||||reserve||||||||
|||||||17|54,913|49,684|54,327||49,470|
|Restricted funds||||||17|5,856|730|737||730|
|Total Funds|||||||60,769|50,414|55,064||50,200|
||||||2023|2022|
|---|---|---|---|---|---|---|
|||||Note|6'000|E'000|
|Operating
Activities|||||||
|Cash generated
from operations||||21|5,490|4,846|
|Investing|Activities||||||
|Interest|received|||6|660||
|Payments
to acquire investments||||11|(2,577)||
|Receipts|from sale ofinvestments||||1,641||
|Purchase|oftangible
fixed assets|||10|(5,423)|(3,089)|
|Proceeds|on sale oftangible
fixed assets||||47|34|
|Net cash|used in Investing
Activities||||(5,652)|(3,055)|
|Financing Activities|||||||
|Repayment
of borrowings||||||(654)|
|Interest|paid|||||(13)|
|Receipts|from new advance fee contracts|||16|9,767|7,752|
|Advanced|fees repaid|||16|(44)|(65)|
|Net cash|generated
from Financing|Activities|||9,723|7,000|
|Change
in cash and cash equivalents||in year|||9,561|8,791|
|Cash and|cash equivalents
at beginning||ofthe year||20,036|11,245|
|Cash and|cash equivalents
at end of|the|year||29,597|20,036|
|Relating|to:||||||
|Bank balances included
in cash at bank and in hand|||||29,597|20,036|
|Analysis|ofmovements
in net cash||||Cash||
|||||2022|flows|2023|
|||||6'000|E'000|6'000|
|Cash at bank and in hand||||20,036|9,561|29,597|
|Total cash and cash equivalents||||20,036|9,561|29,597|
|Total||||20,036|9,561|29,597|
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##
||||Straight|Line|
|---|---|---|---|---|
||||Basis %||
|Freehold|land||||
|Freehold|property|||2 —4|
|Extensions|and improvements|to buildings||10|
|Fixtures, fittings and equipment||||15|
|Computers|||33 1/s||
|Motorised|plant and vehicles|||15|
|Assets under construction|||||
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|2.|Net Income||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2023|2022|
||||||||||||E'000|f'000|
||Net Income|is stated||after charging:|||||||||
||Auditor's
remuneration||||for:||||||||
|||External Audit (Company|||||||E43,200 (2022:E40,230))||59|40|
|||Taxation - compliance||||||services to the Company||and its subsidiaries|5|2|
||Depreciation|of|tangible||fixed|assets|||||5,770|5,519|
||Operating
lease||costs||||||||170|174|
||Profit on disposal oftangible|||||fixed||assets|||(43)|(33)|
||Stock||||||||||||
|||Amounts||expensed to||||cost ofsales|||532|514|
||Interest payable||||||||||||
|||Loan|interest|||||||||13|
|||Net interest|||on the net|||defined benefit pension||liability|34|100|
|||Interest on fees in||||advance|||||118|81|
|3.|Fees Receivable||||||||||||
||||||||||||2023|2022|
||||||||||||f'000|f'000|
||School fees||||||||||62,613|58,551|
||Less; Scholarships||||||||||(2,556)|(2,828)|
||Bursaries||||||||||(3,543)|(3,108)|
||Other|concessions|||||||||(2,255)|(2,183)|
||||||||||||54,259|50,432|
|4.|Other Educational||Income||||||||||
||||||||||||2023|2022|
||||||||||||f'000|f'000|
||Registration|and|acceptance fees||||||||357|325|
||Travel, School trips, examination||||||fees||and other charges to|students|4,141|3,433|
||||||||||||4,498|3,758|
|5.|Donations, Grants||and|Legacies|||||||||
||||||||||||2023|2022|
||||||||||||f'000|E'000|
||Donation
income||||||||||390|375|
|6.|Other Income||||||||||||
||||||||||||2023|2022|
||||||||||||f'000|f'000|
||Bank interest|and|income||from|investments|||||660||
||Interest on overdue fees||||||||||35|30|
||Rents received||||||||||69|72|
||||||||||||764|102|
##
|Analysis of Expenditure|||||||
|---|---|---|---|---|---|---|
|||Staff||Deprec|2023|2022|
|||costs|Other|-iation|Total|Tota I|
|||E'000|E'000|E'000|E'000|E'000|
|Charitable
activities:|||||||
|Teaching costs||23,259|3,783|604|27,646|25,596|
|Welfare||3,419|6,272|112|9,803|8,765|
|Premises||1,725|3,903|4,571|10,199|10,313|
|Support costs ofSchooling||3,218|1,888|480|5,586|5,717|
|Governance
costs|||76||76|90|
|Total Charitable
Activities||31,621|15,922|5,767|53,310|50,481|
|Raising Funds:|||||||
|Ancillary fees and external|hiring|1,318|1,598||2,916|2,405|
|Subsidiary
trading expenditure||197|651|3|851|837|
|Fundraising||164|141||305|131|
|Finance and other costs|||477||477|367|
|Total Expenditure||33,300|18,789|5,770|57,859|54,221|
|Prior year Analysis of Expenditure|||||||
|||Staff||Deprec|2022|2021|
|||costs|Other|-iation|Total|Total|
|||E'000|E'000|E'000|E'000|E'000|
|Charitable
activities:|||||||
|Teaching costs||21,763|3,346|487|25,596|24,360|
|Welfare||3,101|5,571|93|8,765|6,835|
|Premises||1,576|4,200|4,537|10,313|9,132|
|Support costs ofSchooling||3,434|1,886|397|5,717|4,337|
|Governance
costs|||90||90|82|
|Total Charitable
Activities||29,874|15,093|5,514|50,481|44,746|
|Raising Funds:|||||||
|Ancillary fees and external|hiring|1,217|1,188||2 405|1310|
|Subsidiary
trading||204|628|5|837|591|
|Fundraising||67|64||131|119|
|Finance and other costs|||367||367|273|
|Total Expenditure||31,362|17,340|5,519|54,221|47,039|
|NOTES TO THE FINANCIAL STATEME
for the year ended 31August 2023|NOTES TO THE FINANCIAL STATEME
for the year ended 31August 2023|NTS||||
|---|---|---|---|---|---|
|8.
Employee
Information||||||
|||2023|2022|2023|2022|
|||Group|Group|Company|Company|
|||Number|Number|Number|Number|
|The average number|of persons|||||
|(full-time
equivalent)|employed|||||
|during the year was:||||||
|Teaching and coaching||255|253|255|253|
|Administration
and support||392|364|387|357|
|||647|617|642|610|
|The average number|of persons|||||
|employed
by the group during the||||||
|year was:||1,046|976|1,024|954|
|Staff costs (for the above persons)||f'000|f'000|f'000|f'000|
|Wages and salaries||27,659|26,052|27,482|25,870|
|Social security costs||2,448|2,265|2,436|2,251|
|Defined contribution|pension costs|3,193|3,045|3,184|3,036|
|||33,300|31,362|33,102|31,157|
|Aggregate
employee costs of key||||||
|management
personnel|(including|||||
|salary, benefits,
pension||||||
|contributions
and national||||||
|msurance)||677|590|677|590|
||2023|2022|
|---|---|---|
||Number|Number|
|E60,001 —E70,000|37|42|
|E70,001 - E80,000|32|22|
|E80,001 - E90,000|8|5|
|E90,001 - E100,000|4|4|
|E100,001 - E110,000||1|
|E110,001 - E120,000||1|
|E140,001 - E150,000||1|
|E150,001 - E160,000|||
|E250,001 — E260,000|||
|E270,001 —E280,000|||
##
|||||Extensions|||||
|---|---|---|---|---|---|---|---|---|
||||Assets|and|Fixtures||||
||||under|improve-|Fittings||Motorised||
|||Freehold|construct-|ments to|and||Plant and||
|||Property|ion|buildings|Equipment|Computers|Vehicles|Tote I|
|||E'000|E'000|E'000|E'000|E'000|E'000|E'000|
|Cost|||||||||
|At 15ept|2022|76,907|295|30,735|6,656|2,574|790|117,957|
|Additions|||1,858|1,584|1,347|606|28|5,423|
|Transfers|||(295)|165|120|10|||
|Disposals||||(1,317)|(716)|(449)|(97)|(2,579)|
|At 31Aug|2023|76,907|1,858|31,167|7,407|2,741|721|120,801|
|Depreciation|||||||||
|At 1Sept|2022|34,388||19,120|4,792|1,996|714|61,010|
|Charge for year||1,574||2,755|828|577|36|5,770|
|Disposals||||(1,318)|(713)|(449)|(95)|(2,575)|
|At 31Aug|2023|35,962||20,557|4,907|2,124|655|64,205|
|Net book|value||||||||
|At 31Aug|2023|40,945|1,858|10,610|2,500|617|66|56,596|
|At 15ept|2022|42,519|295|11,615|1,864|578|76|56,947|
|Tangible|Fixed|Assets (Company)|||||||
|||||Extensions|||||
||||Assets|and|Fixtures||||
||||under|improve-|Fittings||Motorised||
|||Freehold|construct-|ments to|and||Plant and||
|||Property|ion|buildings|Equipment|Computers|Vehicles|Tota I|
|||E'000|E'000|E'000|E'000|E'000|E'000|E'000|
|Cost|||||||||
|At 1Sept|2022|76,907|295|30,735|6,651|2,518|763|117,869|
|Additions|||1,858|1,584|1,347|606|28|5,423|
|Transfers|||(295)|165|120|10|||
|Disposals||||(1,317)|(716)|(449)|(76)|(2,558)|
|At 31Aug|2023|76,907|1,858|31,167|7,402|2,685|715|120,734|
|Depreciation|||||||||
|At 1Sept|2022|34,388||19,120|4,787|1,949|687|60,931|
|Charge for year||1,574||2,755|828|574|36|5,767|
|Disposals||||(1,318)|(713)|(449)|(74)|(2,554)|
|At 31Aug|2023|35,962||20,557|4,902|2,074|649|64,144|
|Net book|value||||||||
|At 31Aug|2023|40,945|1,858|10,610|2,500|611|66|56,590|
|At 1Sept|2022|42,519|295|11,615|1,864|569|76|56,938|
|11.|Fixed Asset Investments|Fixed Asset Investments|Fixed Asset Investments||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Group||Company||
||||||||2023|2022|2023|2022|
||Investment|Portfolio|||||E'000|E'000|E'000|E'000|
||Transferred|in|||||4,277||||
||Additions
at||cost||||2,577||||
||Disposals at|market value|||||(1,641)||||
||Net (loss) on||revaluation||||(115)||||
||Gains/ (losses) on foreign
differences||||exchange||(8)||||
||Net increase||in cash deposits||||48||||
||Market value||at 31August||2023||5,138||||
||Group Undertakings||||||||||
||Interest
in group undertakings|||||at cost|||325|325|
||Total Investments||||||5,138||325|325|
||The Company||had the following|||subsidiary|undertakings,|at the year-end,|all with the common|registered|
||office on page||49:||||||||
|||||Miiifieid|||Millfield|Millfield|Millfield|Millfield|
|||||Overseas|||School|Foundation|Overseas|School|
|||||Limited|||Enterprises||Limited|Enterprises|
||||||||Limited|||Limited|
||||||2023||2023|2023|2022|2022|
||Nature of||||||||||
||business|||Dormant|||Service|Service|Dormant|Service|
||Company
number|||08339295|||01553104|0637056|08339295|01553104|
||Proportion
of||||||||||
||nominal
value of||||||||||
||issued shares||||100%||100%|100%|100/|100%|
||held by the||||||||||
||Company||||||||||
||Country of|||England|||England|England|England|England|
||incorporation||||||||||
||Results for||||||||||
||Subsidiaries|as at|||||||||
||the 31August||||||||||
||||||E'000||E'000|E'000|E'000|E'000|
||Net assets||||||597|5,433||539|
||Turnover||||||1,810|957||1,593|
||Expenses||||||(1,510)|(349)||(1,354)|
||Profit||||||300|608||239|
||Distribution||||||(243)|||(61)|
||Net Profit for||||||57|608||178|
||financial year||||||||||
##
|tocks|||||||
|---|---|---|---|---|---|---|
||||Group||Company||
||||2023|2022|2023|2022|
||||f'000|f'000|f'000|f'000|
|Goods|for|resale|479|476|||
##
||||Group||Company||
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
||||f'000|f'000|f'000|f'000|
|Trade debtors|||797|943|697|856|
|Other debtors|||93|55|93|55|
|Prepayments|||405|422|366|375|
||||1,295|1,420|1,156|1,286|
|reditors: amounts|falling due within one year||||||
||||Group||Company||
||||2023|2022|2023|2022|
||||f.'000|f'000|f'000|f'000|
|Amounts
received under advance fee
scheme (see note 16)
Amount
due to subsidiary|||8,664|6,569|8,664
120|6,569
31|
|Trade creditors|||1,924|1,689|1,826|1,587|
|Taxation and social|security costs||750|742|750|742|
|Other creditors|||1,584|1,953|1,584|1,945|
|Accruals
and deferred||income|1,759|1,664|1,742|1,660|
|School fees paid in|advance||5,892|5,272|5,892|5,272|
|School fee deposits|held||884|821|884|821|
||||21,457|18,710|21,462|18,627|
##
##
|||||Group||Company||
|---|---|---|---|---|---|---|---|
||||2023||2022|2023|2022|
||||f'000||f'000|f'000|f'000|
|Amounts
scheme|received under advance fee
(see note 16)||2,556||1,898|2,556|1,898|
|School fees deposits||held|5,535||4,730|5,535|4,730|
|Accruals|and deferred|income|1,717||2,061|1,717|2,061|
||||9,808||8,689|9,808|8,689|
##
|he unused
balance ofthe advance
is repayable
up
e applied as follows:|on request.
It is intended
that the advanc|e fees will|
|---|---|---|
||2023|2022|
||f'000|f'000|
|Over one year:|||
|Within 1to 2 years|1,149|959|
|Within 3—5 years|976|730|
|After 5 years|431|209|
||2,556|1,898|
|Within one year|8,664|6,569|
||11220|8467|
|ear were|:|||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||f'000|f'000|
|Balance|at 1September|||8,467|7,033|
|New contracts||||9,767|7,752|
|Amount|accrued|to contracts||119|81|
|||||18,353|14,866|
|Amounts|utilised|in the payment|offees to the School|(7,089)|(6,313)|
|Refunds|offees|paid in advance||(44)|(86)|
|Balance|at 31August|||11,220|8,467|
##
|||Balance 1||||Other|Balance|
|---|---|---|---|---|---|---|---|
|||September|Transfer|||recognised|31August|
|||2022|In|Income|Expenditure|gains/(losses)|2023|
|||E'000|f'000|f'000|f'000|E'000|f'000|
|Unrestricted|Funds:|||||||
||General|50,750||63,565|(58,331)||55,984|
||Pension
reserve|(1,066)|||549|(554)|(1,071)|
|||49,684||63,565|(57,782)|(554)|54,913|
|Restricted|Funds:|||||||
||Scholarships|||||||
||8 Bursaries||4,825|282|(48)|(115)|4,944|
||Sports|||||||
||Equipment|107|||||107|
||Fund|||||||
||Other Funds|623||211|(29)||805|
|||730|4,825|493|(77)|(115)|5,856|
|Total Group||50,414|4,825|64,058|(57,859)|(669)|60,769|
||||Balance|1||||Balance|
|---|---|---|---|---|---|---|---|---|
||||September||||Other recognised|31August|
||||2021||Income|Expenditure|gains/(losses)|2022|
||||f'000||f'000|f'000|f'000|f'000|
|Unrestricted||Funds:|||||||
|||General|47,437||57,506|(54,193)||50,750|
|||Pension
reserve|(6,022)|||483|4,473|(1,066)|
||||41,415||57,506|(53,710)|4,473|49,684|
|Restricted|Funds:||||||||
|||Sports|||||||
|||Equipment||104|6|(3)||107|
|||Fund|||||||
|||Other Funds||764|367|(508)||623|
|||||868|373|(511)||730|
|Total Group|||42,283||57,879|(54,221)|4,473|50,414|
|—Company||||||||
|---|---|---|---|---|---|---|---|
||||Balance 1|||Other|Balance at|
||||September|||recognised|31August|
||||2022|Income|Expenditure|gains/(losses)|2023|
||||f'000|f'000|f'000|f'000|f'000|
|Unrestricted||Funds:||||||
|||General|50,536|62,653|(58,066)|275|55,398|
|Pension reserve|||(1,066)||549|(554)|(1,071)|
||||49,470|62,653|(57,517)|(279)|54,327|
|Restricted|Funds:|||||||
|||Sports Equipment|107||||107|
|||Fund||||||
|||Other Funds|623|213|(206)||630|
||||730|213|(206)||737|
|Total Company|||50,200|62,866|(57,723)|(279)|55,064|
||||Balance 1|||Other|Balance at|
||||September|||recognised|31August|
||||2021|Income|Expenditure|gains/(losses)|2022|
||||f'000|f'000|E'000|f'000|f'000|
|Unrestricted||Funds:||||||
|||General|47,401|56,482|(53,441)|94|50,536|
|Pension reserve|||(6,022)||483|4,473|(1,066)|
||||41,379|56,482|(52,958)|4,567|49,470|
|Restricted|Funds;|||||||
|||Sports Equipment
Fund|104||(3)||107|
|||Other Funds|764|367|(508)||623|
||||868|373|(511)||730|
|Total Company|||42,247|56,855|(53,469)|4,567|50,200|
|Restricted||Funds||||||
##
|Allocation o|fGroup Net Assets||||||
|---|---|---|---|---|---|---|
|||Fixed assets|Net current|Long term|Pension|At 31|
|||and|assets/|liabilities|reserve|August|
|||investments|(liabilities)|||2023|
|||f'000|f'000|f'000|f'000|f'000|
|Unrestricted|funds:||||||
||General|56,596|9,196|(9,808)||55,984|
||Pension reserve||||(1,071)|(1,071)|
|Restricted funds|||||||
||Sports Equipment||107|||107|
||Fund||||||
||Other Funds|5,138|611|||5 749|
|Total Group|as at 31August 2023|61,734|9,914|(9,808)|(1,071)|60,769|
##
##
|year ende|d|31August 20|23||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Net|current||||At 31|
||||Fixed|assets|assets/|||Long term|Pension|August|
||||E'000||(liabilities)|||liabilities|reserve|2022|
||||||E'000|||E'000|E'000|E'000|
|Unrestricted||funds:|||||||||
|||General||56,947||2,492||(8,689)||50,750|
|||Pension reserve|||||||(1,066)|(1,066)|
|Restricted|funds||||||||||
|||Sports Equipment|||||107|||107|
|||Fund|||||||||
|||Other Funds|||||623|||623|
|Total Group||as at 31August|2022|56,947||3,222||(8,689)|(1,066)|50,414|
|Capital Commitments|||||||||||
||||||Group||||Company||
||||||2023|||2022|2023|2022|
||||||E'000|||000|E'000|E'000|
|Contracted||but not provided|as at 31August||679|||544|679|544|
##
##
|e year ended 31August 2|023|||||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||E'000|E'000|
|Statement offinancial
position||||||||
|Fair value ofscheme assets||||||12,194|14,446|
|Present value ofdefined benefit obligation||||||(13,265)|(15,512)|
|Net deficit in scheme||||||(1,071)|(1,066)|
|Changes
in the defined benefit obligation||||||||
|Defined benefit obligation
at start||of period||||15,512|21,080|
|Interest cost on defined benefit obligation||||||636|363|
|Benefit paid||||||(789)|(669)|
|Actuarial
(gain)/loss||||||(2,094)|(5,262)|
|Defined benefit obligation|at end|ofperiod||||13,265|15,512|
|Changes
in the fair value ofscheme assets||||||||
|Fair value ofscheme assets|at start|of period||||14,446|15,058|
|Interest income on scheme|assets|||||602|263|
|Return
less interest income|on scheme assets|||||(2,648)|(789)|
|Contributions
by the employer||||||583|583|
|Benefits paid||||||(789)|(669)|
|Fair value ofscheme assets|at end|ofperiod||||12,194|14,446|
|Total expense recognised
in expenditure||||||||
|Net interest on net defined|benefit|liability||||34|100|
|Past service cost||||||||
|Expenditure
charged
in year||||||34|100|
|Total amount
recognised
in the statement||||of|financial activities|||
|Return less interest income|on scheme assets|||||(2,648)|(789)|
|Actuarial
(loss)/gain
on liabilities||||||(423)|(144)|
|Change
in assumptions||||||2,517|5,406|
|Re-measurement
(loss)/gain|recognised||in|the SOFA||(554)|4,473|
|Assets||||||||
|Target return||||||7,059|7,451|
|Property|||||||1,103|
|Insurance
annuities||||||56|62|
|Cash and net current assets||||||121|164|
|Investment
grade bonds||||||1,803|2,098|
|LD I||||||3,155|3,568|
|Fair value ofscheme assets||||||12,194|14,446|
|Actual return
on scheme assets over period||||||(2,046)|(526)|
|Reconciliation
offunded status||||||||
|Opening
deficit||||||(1,066)|(6,022)|
|Employer
contribution||||||583|583|
|Charge recorded
in SOFA||||||(34)|(100)|
|(Loss)/Gain
recorded
in statement||offinancial|||activities|(554)|4,473|
|Closing deficit||||||(1,071)|(1,066)|
##
##
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|Main financial assumptions||||||so pa|%pa|
|Discount rate||||||5.3|4.2|
|Price inflation:||||||||
|—RPI||||||3.3|3.5|
|- CPI||||||2.5|2.7|
|Deferred pension increases:||||||||
|—Pensions accrued to 5/4/09||||||2.5|3.6|
|- Pensions accrued from 6/4/09||||||2.5|3.6|
|Pension increases
in payment:||||||||
|-GMPs accrued from 6/4/88||||||3.3|3.0|
|—Non-GMPs accrued to|31/8/05|||||3.0|3.3|
|- Pension accrued from|1/9/05|||||2.3|2.3|
|Mortality assumptions|and|life expectancies||||2023|2022|
|Expected future lifetime|from age 65:|||||Years|Years|
|—Male currently
aged 65||||||21.9|21.8|
|- Female currently
aged|65|||||24.3|24.1|
|-Male currently
aged 45||||||22.9|22.8|
|—Female currently
aged|45|||||25.5|25.3|
|Reconciliation
of Net Income to net cash|||generated||from operations|||
|||||||2023|2022|
|||||||f'000|6'000|
|Net Income||||||6,084|3,658|
|Adjustments
for:||||||||
|Depreciation
oftangible|fixed assets|||||5,770|5,519|
|Defined benefit pension|scheme adjustment|||||(583)|(583)|
|Net loss on investments||||||74||
|Working capital transferred||in from Millfield||Foundation||527||
|Interest receivable||||||(660)||
|Interest
payable||||||152|194|
|Gain on sale oftangible|fixed assets|||||(43)|(33)|
|Operating
cash flows before||movements|in|working|capital|11,321|8,755|
|Increase
in stocks||||||(3)|(161)|
|Decrease in debtors||||||125|(43)|
|Increase in creditors||||||1,136|2,609|
|Advance fees applied||||||(7,089)|(6,314)|
|||||||(5,831)|(3,909)|
|Cash generated
from operations||||||5,490|4,846|
##
|eases, as|follo|ws:||||||
|---|---|---|---|---|---|---|---|
|||||Other||Motor Vehicles||
|||||2023|2022|2023|2022|
|||||6'000|6'000|6'000|6'000|
|Amounts|due|within|one year|16|23|117|117|
|Amounts|due|in two|to five years|15|20|200|317|
##
|23.|Related Party Transactions||||||||
|---|---|---|---|---|---|---|---|---|
||Transactions
between
the|School and|its subsidiary,|Millfield|School Enterprises|Limited|and|Millfield|
||Foundation
are disclosed below:||||||||
|||||||2023||2022|
||Millfield
Enter
rises Limited|||||6'000||E'000|
||Purchases
ofgoods in year|||||714||569|
||Rents received|||||33||33|
||Amounts
owed to related parties at year end|||||49||31|
||Gift Aid received|||||243||61|
||Millfield
Foundation||||||||
||Donations
paid to Millfield|Foundation||||500|||
||Contribution
from Millfield|Foundation|for Bursaries|||186|||
|Prior year Consolidated|St|atem|ent
of Fina|ncial Activitie|s
by Fund|||
|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|
||||||Funds|Funds|2022|
|||||Note|6'000|6'000|6'000|
|Income from:||||||||
|Charitable
Activities:||||||||
|Fees receivable|||||50,432||50,432|
|Other educational|||income||3,758||3,758|
|Other Trading Activities:||||||||
|Other
fees||and|external||2,188||2,188|
|hiring||||||||
|Subsidiary|trading||income||1,024||1,024|
|Donations
and legacies|||||2|373|375|
|Other Income|||||102||102|
|Total Income|||||57,506|373|57,879|
|Expenditure
on:||||||||
|Charitable
Activities|||||(49,970)|(511)|(50,481)|
|Raising Funds:||||||||
|Other
fees||and|external||(2,405)||(2,405)|
|hiring||||||||
|Subsidiary|trading||||(837)||(837)|
|expenditure||||||||
|Fundraising|||||(131)||(131)|
|Finance and Other Costs|||||(367)||(367)|
|Total Expenditure|||||(53,710)|(511)|(54,221)|
|Net (expenditure)|||||3,796|(138)|3,658|
|Other recognised
Gains:||||||||
|Re-measurement
ofthe|net|defined||21|4,473||4,473|
|benefit liability||||||||
|Net Movement
in Funds|||||8,269|(138)|8,131|
|Total Funds Brought Forward|||||41,415|868|42,2&3|
|Total Funds Carried Forward||||18|49,684|730|50,414|
||Value|Transferin|
|---|---|---|
||Reported
by|recognised|
||transferring||
||charity||
||E'000|E'000|
|FIXED ASSETS|||
|Investments|4,277|4,277|
|CURRENT ASSETS|||
|Debtors due within
one year|485|485|
|Cash at bank in hand|84|84|
|CREDITORS|||
|Creditors
due within one year|(21)|(21)|
|FUNDS|||
|Restricted income funds|4,825|4,825|
##
##
##