Reglstered number.. 00656498 Charlty number.. 311270 LANGLEY SCHOOL (1960) LIMITED {A company limitod by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 LANGLEY SCHOOL119601 LIMITED {A company limited by guarantee) CONTENTS Page Reference and adminlstrative detalls of the Company. its Truste6s and advisers Twstees, report 2-15 Independent audltOTS' report on the financial statements 16-20 Consolidated ststement of financial activities 21 Consolidated balanco sheet 22 Company balance Sheet 23 Consolidated statement of cash flows 24 Notes to the financlal statements 25-48 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trustee$ Mr D J Anderson Brown Mr J Bamwell Mr S J Brown MrJ Hook Mr J H Miller Dr H N Nearney Mr M T Newnham Lt. Col. M A Nicholas MBE DL, Chairman Mrs C Pain Mr D Slanbridge Mr Z A Virgin Dr l Young lappoinled 18 September 20201 Company registered number 00656498 Charity ragistored number 311270 Registered office Langley Park Loddon Norfolk NR14 6BJ Independent auditors Larking Gowen LLP Chartered Accounlanls Stalulory Auditors King Street House 15 Upper King Street Norwich NR3 1RB Solicltors Birkells LLP Kingfisher House 1 Gilders Way Norwich NR3 1UB Page 1 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trustèes of Langley School present their annual report together with the audited financial statements of the Company and the Group for the year 1 September 2020 10 31 August 2021.The Annual report serves the purposes of both a Trustees. report and a directors, report undei coThpany law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current slalulory requirements. the requirements of the charitable company's goverlling docurnent and the provisions of the Slalemenl of Recommended Practice ISORPI applicable to charities preparing their accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic DI Ireland IFRS1021 (effective 1 January 20191. REFERENCE AND ADMINISTRATIVE INFORMATION Langley School119601 Limited is a ¢haiitable ¢ompany limited by guarantee. The Charity was founded in 1960, and is registered with the Charity Commission under charity number 311270, and with the company registration number 00656498. Langley School {19601 Limited governors. executive officers and principal addresses of the Charity are listed on page 1. Particulars of the Charity's professional advisors are given on page 1. STRUCTURE. GOVERNANCE AND MANAGEMENT Governin9 document The Charity is governed by its memorandum and articles of association dated 14 April 1960. In the event of winding up the liability of each member is limited lo £1. Governing body Details of the members of the governing body of the Charity are shown on page 1. Oryanlsational management The Govemors, as the Iruslees of the Charity, are legally responsible for the overall management and control of the School. The full Board of Governors meets al least once a term, receiving reports and recommendations from sub ¢ommillees. which meet with a similar frequency, lo determine the general policy for the School and to review ils overall management and control. The day lo day running of the School is delegated to the Headmaster. supported by the leadership team, management learns and staff. The Headmaster undertakes the key leadership role overseeing the educational, and pastoral delivery, working with the Chief Operating Officer for all adminislraliveloperational mallers. The day lo day adminislralion is undertaken in line wrth the policies and procedures approved by the Govemors. The Headmaster, or a deputy, allends all Board level meetings. There are two sub committees. Both commillges are Chal￿d by a Governor. The Education Committee Is a forum for discussion around the educational provision delivered by the school where Governors and staff participate equally. In addition, the Education Committee ￿ceiVe$ lemily reports from the Designated Safeguarding Leads and annLJally reviews the School's Safeguarding, Anti Bullying and Behaviour policies. along with those more specifically focused on acadernia. The three meetings in the year are focused in the followng areas." Michaelmas (Academic), Lent (Pastorall and Trinity Ico Curricularl. The Resources Committee has delegated responsibility for overseeing the financial and business management of the School, the maintenance and development of the School's eslale, health and safely and all elements relating lo Human Resources. The Committee carries out regular reviews of the major risks to which the School is exposed and annually determines the School's operating budget. safely and sile developmenu maintenance along with the digital infrastructure. The Govemors gave their time freely and no remuneration or expenses were paid in the year. No Governor or person connected with a Governor received any benefit from means lesled bursaries. The Headmaster's Page 2 LANGLEY SCHOOL119601 LIMITED A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 remuneration is sel by the Board, having considered perfomance. external comparators and benchmarking Wlth similar organisalions. Rgcrultment, Induction and training of Governors New Governors are appointed al a meeting of the Board and are subsequently re*lected al the Annual General Meeting. The Board receives suggestion5 from Governors, school officers, advisors and unsolicited requests. After an initial Consideration of suitability, on the basis of th& existing skills and needs, and Confirmation of inlergst and eligibility, a detailed review of suitability is carried out together wf(h an inlemew before recommendation Is made lo the Board. The Chairman inducls new governors and explains the Board's Policies and pro￿dUres. The School is a member of AGBIS IAssocialion of Governing Bodies in Independent Schoolsl and Governors have the opportunrty lo attend relevant training and refresher courses. The Board conducts regular audits of Ihe skill sets represented on the Board lo ensure that there is a balanced membership with an appropriate range of skills and expertise. AGBIS recommendations are followed, where possible, in deciding the balan¢e. expertise and number on the goveining body. Other Relationships The School actively supports the independent and 51ale sector. In particular, the furtherance of educational standards and the quality of pasltsral care, through participation in, and subscription to, umbrella organisalions such as the Society ol Heads, llldependenl Association of Prep Schools, Independent Schools Association and Boarding Schools AssoGialion. The School is also a member of the prestigious HMC. the Headmasters. and Headmistresses, conference. The School cooperates with local charities and organisalions lo widen public access lo the education that il provides and lo optimise the use of sports facilities. This ranges from hosting spo)rts events for local schools. for example the Norfolk School's Cross Country championships, lo a celebration for Chinese New Year, raising rnoney for a local food bank. The school has a relationship with the Friend Indeed charity and Beauchamp House, a local care home. as well as working with Nelsonspiril. which promotes leadership opportunities for young people. Langley Prep School has a long standing relalionship with Harford Manor School, a school for children with complex learning difficulties. The Icenian Society lalumnil is actively works lo support the School and enhance the education of all at the school. The Langlay Parents, Teachers and Friends Association IPTFAI have helped a number of school departments during the last year and held some events. These have been restricted due to the impact of the COVIO 19 pandemic. Some examples of events held have been.. Senior School PTFA Senior School PTFA October 2020 - Virtual Quyz. February 2021 The netbalvtennis fencing filled. March 2021 Funded 25 outside picnic benches. March 2021- Virtual Book Club for staff and parents. April 2021 - Virtual quiz. May 2021 Funded Book Buzz- free books for pupils in Y64. Reading program from the charily'Read for Good, to encourage reading for pleasure. May 2021- Funded F24 Green Powered Car. May 2021 Donation lo help with the cost of the Iransportalion of sending the old school uniforms lo the Gambia. May 2021 Funded 10 picnic rugs for Sixth Fomi. Page 3 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantèe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Prep School PTFA The LPS PTFA arranged the following events during this period.. Family Zoom Bingo Zoom Quiz Children's Christmas cards Christmas hol chocolate and reindeer cones Easter zoom bingo Tea towels Managecl a 50.'50 club which is an ongoing fundraiser and has raised over £1000 Sin￿ it began in 2019. The LPS PTFA donated the following during this period., Easter eggs for all pupils Funded Year 8 leavers books and contribuled to end of term event. Provided 5 new school trophies Fullded photo frames for Prep Head's Photography competition. Risk management The Governors are responsible for the management Df the risk5 faced by Langley School. They regularly assess the major risks lo which the School is exposed and they are satisfied that systems are in place to manage all identified risks. These risks are documented within a Risk Register which is reviewed and amended al all Board meetings and internal management team meetings, as appropriate. The Governors view the risks in lemis of impact and probability. The Governors consider the economic turbulen￿ of recent years and the affordability of fees by parents across the independent sector lo be a major risk faced by the School. Whilst the Board has confidence in ils present recruitment strategy there is no room for coMpla￿ncY and particular attention is paid to marketing and pupil recruilmenl. Other key risks include risk to r&putation due lo adverse publi¢ily. failure lo meet the independent school standard regulations, risk of not managing staff and other ¢osts. and failure lo meet the financial requirements for capiial expenditure and support of means tested bursaries. Health and Safely is always a significant are8 for risk management along wbth. more recently, the impact of the COVID 19 pandemic. The School's approach to risk management and internal control may be summarised as follows. the Governors have oversight of risk management within the Schcx)l as a whole.. the management of risk is a whole School responsibility., all partie5 involved in the process adopt an open ènd receptive approach lo solving risk problems,. Langley Leadership Team ILLTI prepares policies for Governors, approval and implement5 such policies as are approved by the Governors. Each member ol the LLT is responsible for fostering good risk management practice throughout the School and particularly within their area of responsibility. Page 4 LANGLEY SCHOOL119601 LIMITED IA Company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 The Governors will.. ensure the integration of risk management into the culture of the School.. take major decisions affecting the School's iisk profile or exposu￿, determining what types of risk are a¢¢eplable and which are not., monitor the management of significant risks lo reduce the likelihood of unwelcome surprises., sa115fy itself that less significant risks are being actively managed, wrth the appropriate controls in place which are working effectively", annLJally review the School's approach to risk management, considering how effectively or otherwise Controls have been implemented, approve changes to this policy and review the Risk Register as al the dale of that review., delegate lo the Resources and Education Committees the responsibility lo review the School's Risk Regislei each term and to provide the Governors, response lo residual risk that the Committee does not consider necessary lo ￿fer to the Full Board. The School's key controls include.. detailed term5 of reference for all Committees., formal agendas for all Committee and Board a¢livily', written minutes of all Board and Committee meetings", established School management slruclure., clear line5 of communi¢ation wf(h parents., formal written policies covering all important aclivilies.. comprehensive management accounting and reportin9', strong emphasis placed on recruiting and r&taining staff., strict velling procedures with respect to the employment of staff. 11 is re¢ognised that systems cannot provide absolute assurance that all possible risks have been identified OT managed. Obje¢tlves and activitias Policies and oblectlves The company is consliluled under a Memorandum of AsSocial￿n dated 14 April 1960 and is a registered charity, number 311270. In addition lo ils charitable objectives, the slated purpose of the schoLII is.. 'Langley School exists to provide a first class, well rounded education within a friendly, inclusive and supportive family environment. We seek to develop in our young people a life long passion for learning with the confidence and ability lo enhance their world ready skills, enabling them lo succeed as global ¢itizens and leaders of the future. We want our young people to make a positive differen￿ in the world. The School Governors are conscious that they musl comply with all aspeds of charity legislation and are awa of their new duties arising from the Charities Act 2011. The Govemois confirm that, in exorcising Iheii powers and duties, they have complied with their duly lo have due regard lo the guidan￿ on public benefit published by the Charity Commission as updaled in September 2014. Page 5 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Objectives and actlvltles Icontinuedl Public Benefiucharities Commisslon This year the value of ￿hOlarships, grants, entrance prizes arid other awards made to the schoL)I's pupils out of unreslricled fLJnds was £2,538,286 12020.. £2.900,4781 and £3S.859 from restricted funds 12020.. £60,2151. Langley School's policy in line with that of other indepen(Senl schools is lo make these awards on the basis of the individual's educational potential allhough awards from restricted funds are, of course, subject to the conditions applied by the original donor. The School Governors believe the bursaries offered by the charity, including 1 OOQ/o awards. widen public access. This is in addition lo the sharing of many of its faciltiies within the local community. During a normal year Langley School would operate a number of schemes that benefit local 51ale children. For example.. Science maslerclasses for Key Stage 213 pupils The sharing of sports facilities for example cluster schools, cross country. hosted al both siles Hosted cluster primary cross country ¢hampionship5 and prep and primary alhlelics events. A plolhora of local sports clubs, use the school facilrties at Loddon and Taverham benefitting thousands of adults and children across the COLJnly focused on a variety of sporting disciplines. These include". Sports Hall at Langley Prep Aylsham St Giles Cricket Club England Netball Youth Camp Fakenham Cricket Club Great Wilchingham Cricket Club Helhersell and Tas Valley Cricket Club Horsford Cri¢kel Club Mattishall Cricket Club NCYFL Norfolk County Cricket Club Norfolk Cricket Board (NCBI Norfolk Hockèy Association Norfolk Sèniors Norwich City Hockey Club Norwich Cricket Club Norfolk United Netball Club Old Callon Cricket Club Red Mist Cricket Rockland Cricket Club Sprowston Cricket Club Vauxhall Mallards Zumba with Becks Page 6 LANGLEY SCHOOL119601 LIMITED IA company Ilmited by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Objectives and activities Icontinuedl Swimmlng Pool at Langl8y Prep Cringleford Scouts Dereham Canoe Club Dereham Ollers Eagle Canoe Club Swim with Julie Little Bobbers Manor Advenluie Mermaid Discovery Norwich Penguins OSS Lesiure Rooted in Nature Taverham Guides UEA- Kayak UEA Rowing Wensum Ospreys Astroturf at Langley Senlor Beccles Hockey Club Beccles Rugby Club Carrow Hockey Loddon Hockey Club Mavericks Netball Norwich RUFC Langley Senior, Sports Hall Ashby St. Mary Cricket Club Brooke Cricket Club Bungay Ladies Football Club Hales Cricket Harfeslon Magpies Norfolk United Netball Club Slricker Cricket and Brooke Ladies Top Croft Cricket Club Trowse Netball Club To further broaden the School's reach and public benefit the Nelson Scholarship ha5 been developed, offering a fully funded place lo attend Langley as a day pupil in the Sixth Form. To give additional benefit lo the recipient, local organisalion, Nelson5piril, will work with the School to develop key leadership skills. The first recipient will be assessed in line with the School's values and will begin their Langley journey in September 2022, In selling objectives and planning for aclivilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benafil running a charity IP821'. b. Aims and intended impact It is the Gtsvernors, policy for both our Prep and Senior School lo attain the highest academic levels. in addition lo providing a co curricular programme which aims to develop lifelong leisure interes15 and help build self confidence and a desire to contribute lo the community. Poge 7 LANGLEY SCHOOL119601 LIMITED IA ¢ompany limited by guarante&l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ObSectlve$ and activities Icontlnuedl Objgctivg$ for the year Langley School's primary objective this year was lo continue lo provide the best possible education and care for each and every pupil following a prolonged period of absence from schooling onsite due lo the COVID 19 pandemic. There has also been a significant emphasis on the mental health and wellbeing of pupils as they learn to reinlegrale back in lo 'normal' School life. d. Strategies to achieve the year's objg¢tive$ A¢ademlc foundation The School continued ils work to build a strong academic foundation, ensuring high quality classroom practice remained paramount. Teachers received tailored inset wrth a focus on evidence based besl practice focusing on areas that yield the greatest change In pupil out¢omtts, such as developing pupils, melacognitive skills. The Russell Group and Oxbridge pathways programme was further developed with a rècord seven pupils applying for either Oxford or Cambridge Universities Two Students were successful and started al Cambridge in October 2021. Boarding Boarding al the senior school continues lo be a key area of Langley life, with the range of flexi, weekly and full boarding options available. Pupilslsludenls come from all across the world which greatly enhances the cultural life of the school. There has been a further reduction in numbers due lo the pandemic and the complexities this has added to international travel. e. Principal actlvltie$ of the year The principal activity of the Charity is the provision of education lo boys anLI girls. The eombined School closed the year with 770 students {2020.' 8211 Boarding numbers were 66 by July 2021 (2020.. 781. Page 8 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ObJectlves and actlvities Icontinuedl Strategic report REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational p8rformance of the School This academic year Continued to be impacted by Covid reslri¢tions with a further government enforced lockdown from January 2021 as the second peak wave of COVID 19 hil the UK. Year groups were placed in to'bubbles. lo help lirnil the transition of the virus and maximise lime on sile. During lockdown periods. the school, in all ils, sections. provided support and care for the most vulnerable pupils and tho children of key workers. There was a comprehensive blended learning programme developed lo ensure that the educational impact to our pupils was minimised and flexible to meet the demands of each situation as il arose. No inspections look place al the Prep School during this academic year, however a visit from ISI at our Senior School sile in July identified failure to meet the required standards in four areas around behaviour and impact of the RSE ¢urriculLJm. The School has responded by submitting a comprehensive action plan to address these failures lo meet and exceed the standards at a futur& progress monitoring inspection anticipated early in 2022. Senior School Academic A Level our A"IA percentage was 51 Yo and A. C was 94Qkn. 800/0 of students gaining their first choice university offers. We continued lo gain oulslanding Extended Project Qualification IEPQI results in the 6th Form. along wf(h an increasing sludenl Ljptake. allowing more able students lo increase their academic profile for UCAS. 300k of UCAS offers were from Russell Group universities. Thgre were 2 confirmed places al Cambridge and 3 places lo study medicine. BTEC and other level 3 qualifications.. 7 distinctions. 13 merits and 5 passes. At GCSE, the total 9 7 was 410/¢, 9 6 was 600h and 9 4 was 950A. In the Trinity term our lower school Maths pupils participated in the UKMT Junior Maths Challenge. for year 7 10 9. We gained 11 x Bronze Certificates and 4 x Silver Certificates. 1 of Silver being a Year 6 pupil. This is a fantastic achievement given the la¢1 we had only recently ￿tUrrned lo being onsite when the challenge was taken. For the Senior ehallenge in that academic year (November 2020113 of Dur 6th form students participated gaining 2 x Gold, 6 x Silver, and 1 x Bronze. This was a remote event due to restrictions on use of communal space al the time, yel il was the full scope and rigour of the UKMT Senior Challenge. We were really proud of all the students who look part in those challenging times. Page 9 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Strategic report {contlnuedl REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued} b. Co-curricular Activitios DT Our DT department worked with pupils as part of our co curricular activities programme lo build a green powered go kart. Racing at the Lotus lest Irack al Helhel, the go kart was placed 3rd in the kit Car class, alongside this result the team was also awarded the best presented team. The team looks forward to entering other races in the future and have great plans for further car dgvelopmenl. The group looks fonNard lo closing the gap on our local riv81s. Drama 20 LAMDA examinations look place on October 8th 2020 where 12 were passed with distinction, with one child receiving a mark of 88 for grade 61bronze medal in speaking verse and prose. A further 15 LAMOA examinatiolls look place in June where 13 were passed with distinction and additionally there were some particularfy impressive resuf(s for our exceptional pupils. 3 students auditioned for dramalacting degree courses during this year, working with the drama department on their audition pieces. Two students sought places al conservatoires and they were guided through video modelling in their preparation for their performance auditions. CCF & Duke of Edlnburgh's Award There was an extensive and varied programme over the two terms. Even in lockdown periods, the School delivered CCF activities and the ¢adels worked towards particular qualifications. The Duke of Edinburgh award scheme continued to be popular with 121 pupils currently working towards their Bronze Award, 31 Pupils working towards Sifver and th￿e towards Gold. Debating Opportunities were sadly reduced again this year with debating. we entered the ESU Mace debate (where we reached the 2nd roundl and also the ESU Public Speaking Competition, similarly reaching the 2nd round. Sadly our Pizza and Polemic events had lo be cancelled, due to Covid. Music The music department continued lo thrive with th￿e busy terms taking every opportunity that was permitted thin COVID reguallions. A level and GCSE age group musical soirees were held along with a virtual house music competition. 90 pupils look instrumental music lessons and Asso¢ialed Board exams were taken by many pupils, achieving some excellent results. Sport With svjnificanl changes in ethos and sport having the opportunity to bounce back from the disruption of the pandemic. we embarked on a sporting vision that will move fO￿ard with as an overall strategy for the school. Our sport for all philosophy, aiming lo encourage pupils lo engage in a wide variety of physical adivilies, whilst still adhering lo our traditional focus sports, will be developed snd implemented over the coming years. Sport will be used as a vehicle for physical and social developmenl and encourage a space lo'create good human beings, that will conlinue with their sporting pursuits long after they leave Langley. Tho model will be based on foundations of participation, perseverance, and progress and the newly slruclured team will fo¢us their attention on the continued development of this strategy. Page 10 LANGLEY SCHOOL119601 LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Strategic report {¢ontinuedl REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Icontinuedl ¢. Achievemont$ and Performanco Langley Prep School Scholarships for academic, all round and 5POrt were plentiful again this year despite the disruption caused by lockdown. The School successfully migrated across lo a changed management information system resulting in improved record keeping and communication. Having obtained the Optimu5 Wellbeing Award for Schools IWASI in 2019, progress has been made in the reaccredilalion process and further staff were trained as mental health champion5 throughout the course of the year. The PSB. and in particular the project based element of the scheme, were particularly useful during lockdown and further work was undertaken Dn lo ensure all elements of the independenl learner model were incorporated into our programmes of study. Online learning was undertaken very effectively by staff and pupi15 and engagement from the pupils, perspective ensured progress lesl results at the end of the academic year showed good advancement. Sport was gradually reintroduced with a less competitive edge amongst the children who were simply plgased lo be back involved again. The U13 cricket side lost narrowly in the county final and we retained our National Schools Games Mark award based on the 'sport for all. philosophy. Results of the ABRSM music exams were once again excellent with a 1000A pass rate. Opportunities for the choir to perform were scarce and similarly there was no school produ¢lw)n. The PTFA moved online, organvzing several quizze5 and ensuring the communrf(y feel was maintsined. The School was successful in ensuring pupils all found placement al the senior school of their choice and a reslricled Speech Day was perrllilled lo celebrate achievements a¢r05s the year groups in July 2021. Achievements and Performance Langley Pre-Prep Throughout the Pre Prep expe¢tations and standards have remained consislenlly high this year and the children have benefited from being back in the classroom after remote leaching last year. Children are regularly assessed both formally and informally lo ascertain levels in all areas so that planning can be in place for individual needs. Children with specific learning difficulties are supported within the classroom under observation and guidance from the A¢¢eleraled Learning Department, if needed, The children's and staffs wellbeing is al the heart of everything we do. We follow a growth mindset philosophy effectively with the children from the start of their ts'me in the Nursery and Pie Prep, introducing them to characters who display the soft skill Irart5 that we want them lo develop and these are modelled and encouraged throughout 811 areas of school life. We have in pla¢e an effective support slructLJre in the form of regular staff meetings. regular opportunities lo meet with team leaders, appraisal and supervision. Our Mental Health First Alder does an oulslanding job supporting both staff and children on an individual basis or within small groups as required. We 81s0 continuo lo educate the child￿ll through our PSHE and Relationship Education programme and through assemblies lo help them lo understand and develop strategies lo support their mental wellbeing and their understanding of healthy relationships. In September 2021 we will opened a new class in the Pre Prep which is a Pre Reception class laughl by a qualified teacher for those children continuing their journey through the school from the Nursery or indeed other Nursery schools. This has been hugely successful and the children have all settled beautifully and are making excellent progress in all areas of their early learning goals. Page11 LANGLEY SCHOOL119601 LIMITED A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 strategic report Icontinuedl REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR {contlnuedl In January 2022 we opened a baby room the￿fore extending our current Nursery provision so that we are able lo lake children frorn the age of 6 months lo 4 years all year round therefore offering consistency of care for the children and a first class start lo their Langley journey. We continue to undertake preparation and performance of our usual nativity plays for Nursery and Pre Prep, Year 2 French Breakfast, Year 1 pantomime and a carol service. Pre Prep is extremely well supported by the PTFA and the Head of Pre Prep allends f￿quent meetings with the committee and is actively engaged In helping lo raise funds for the School. The children in Pre Prep and Nursery have recently put together their own bids as part of the School Council for a climbing wall., they are hopeful that the PTFA will be keen to fund this to help promote a healthy and active Pre Prep Community. FINANCIAL REVIEW AND RESULTS FOR THE YEAR a. Flnancial review The School reported a deficrt for the year of £1439,1231,12020. deficit £11,489,56611. The financial performance of the School was affected in the year by the continuing impact of COVID. Income was stable in the year, but within this there were various I￿ndS that can be attributed to COVID. The continued uncertainty meant Ihal commercial income from letlings and hiring out of sports facilities was affected for most of the year. Whilst the onsite working resullgd in an increase of income from food, travel income did not return. During the year we experienced short term lockdowns, bul the experience gained last year allowed us to transfer learning lo remote provision in these instances. Certain functions were again mothballed and the appropriale staff furloughed through the CJRS scheme. The school allowed a higher nurnber of exceptional discounts as a resur( of COVID - awarding £456,40412020'. £378,9721 The corresponding grant claimed through the CJRS was £306,536 compared to £873.698 in 2020, representing the fewer furloughed staff. b. Reserv•s pollcy Note 20 to the financial slalements shows the assets and liabilities atlribulable lo the varioLJS fLJnds by type and also summaiises the year's movements on each fund. At 31 August 2021 unrestricted fund5 amounted to £5,808,70812020.' £6.211.7621 with tangible assets amounting to £10,612,67712020". £10,834.6501 resulting in no free reserves 12020". £Nil). In the absence ol free reserves, working capital and cash flow are monitored closely. The Governors, policy is to continue building up reserves out of operating surpluses, subject lo the requirements for further capital expenditure. The School's working capital is considered lo be sufficient lo meet ils liabilrties as they fall due. Page 12 LANGLEY SCHOOL119601 LIMITED IA company limiled by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Investment power and objectlves Under the memorandum and articles of association, the governors have the power to make any investment which the trustees see fit. d. Future plans The Board's future plans are discussed and reviewed regularfy. The key objectives are.. lo continual update the strategic plan and lo update the School Development Plan. lo continue lo build and improve on pastoral and welfare care. lo raise standards of achievement across all year groups. lo maintain appropriate pupillleacher ratio's which are to develop both academic and wider skills. lo upgrade facilities across all areas. lo reinforce Ifollowing COVID reslriclionsl the desire to build and encourage community access lo the School's facilities. e. COVID-19 In March 2D20 (prior year} and January 2021 the school was instructed to cease the onsite delivery of education lo all bul the childrèn of key workers and vulnerable pupils as part ol the Government's strategy lo manage the COVID- 19 pandemic. These periods of lime, again, had a major impact on how the school is being run with the swit¢h to a remote learning environment. Education was delivered across the whole age spectrum with live lessons, year group meetings and whole school assemblies. Once again, Year 11 and Upper 6th pupils have had their public exams cancelled and the school ensured that they were able lo compile as much evidence as Possible, completing their courses. The Trustees judged that the fee charged would once again not be in full and COVID discounts of between 1 OQ to 150/0 were granted lo lake account of home schooling and potential extra costs associated faced by parents under these circumstances. Some services were not used al all. such as lunches, bus transport alld in these cases the school discounted these in full. Boarding was particularly affected with some pupils unable lo attend becaLJse of travel reslriclions. The discounts offered were once again broadly supported by our parents. As the Government measures were lifted the School will be in an excellent position face the challenges of a post pandemic world. a. Inforniation on fundraising practis¢$ Langley School does not undertake conventional charrtable fundraising actThiities. Langley School does not have any third party fundraisers acting on ils behalf. The Charity not bound by any voluntary scheme or standard for regulating fundraising. The Charity has not received any complaints about ils fundraising acliwly over the last year. The Charity has a complain15 procedure and would ￿vieW and learn from any complaints il they were received. Page13 LANGLEY SCHOOL {19601 LIMITED IA company limited by guarantèg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Icontinuedl b. Employee involvement and employment of the di$abled Employee5 have been consulted on issues of concern lo them by means of regular consullalive committee and staff meetings and have been kept informed on specific matters directly by management. The School Carries out exil interviews for staff leaving the organisalion and has adopted a procedure of upward feedback for senior management and the Governors via the Resources Committee. The School has implemented a number of detailed policies in ￿latiOn lo all aspects of personnel matters including.. Equal opportunities policy Volunteers. policy Health & safety policy In accordance with the School's equal opportunities policy. the School has long established fair employment practices in the recruilmenl, selection. retention and training of disabled staff. Full details of these poliaes are available from the School's HR Team. The School also undertook an extensive Collective Consullalion with staff lo review Terms and Conditions and lo implement new pension arrangements. This oxercise was undertaken lo enable the School to control yhe liability of employer costs as we move forward. Full details of Ihgse policies are available from the Headmasters, Executive Assistant. Page 14 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Disclosure of information to auditors Each of the persons who are Trustees al the time when this Trustees, report is approved has confimied that". so far as that Trust￿ is aware, ther8 is no relevant audit information of which the charitable group's auditors are unaware. and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable gr(xJp's auditors are aware of that information. Auditors The auditors, Larking Gowen LLP, have indicated their ￿nIlingneSS lo continue in offi￿. The designated Trustee5 will proposg a motion reappointing the audit(xs al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Lt. Col. M A Ni¢holas MBE DL (Chair of Trustees) Dale.. Chalman Page 15 LANGLEY SCHOOL119601 LIMITED IA company limited by guaranteè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LANGLEY SCHOOL119601 LIMITED Opinion We have audited the financial slalemenls of Langley School 119601 Limited Ilhe 'parenl charitable company'} and ils subsidiaries Ithe 'group'l for the year ende(5 31 August 2021 which comprise the Consolidated statement of financial activities, the Consolidated balance she81. the Company balance sheet. the Consolidated slalemenl of cash flows and the related notes, 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 Finanryal Reporting Standard 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally A￿pIed Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view ol the s181e of the Group's and of the parent charitable company's affairs as al 31 August 2021 and of the Group's incoming resources and application of resour¢es. including ils income and expenditu￿ for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accountr'ng Pra¢lice'. and have been prepared in accordanco with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the financi81 statements section of our report. We are independent of the Group in accordance th the ethical requirements that are relevant to our audit of the financial slalements in the Unile(J Kingdom. induding the Financi81 Reporting Council's Ethical Standard. and we have fulfilled our other ethical r&spongbililies in a￿OrdanCe ￿fj1h these requirements. We believe that the audit evidence w8 have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trusl88s' use of the going ry)ncern basis of accounbng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable company's ability to continue as a going concem for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and Ihe responsbililies of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 16 LANGLEY SCHOOL {1960} LIMITED IA company limited by guaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANGLEY SCHOOL119601 LIMITED ICONTINUEDI other information The other information comprises the infomialion induded in the Annual rep¢)rt other than the financial slalemenls and our Auditors, report Ihereon. The Trustees are responsible for the other information contained Tmlhin the Annual report. Our opinion on the financial slalemenls does not cover the other information and, ex￿p( lo the extenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knO￿edge obtained in the course of the audit, or olherwse appears to be materially misslaled. If we identify such material inconsistencies or appa￿nI material misstalemenls, we are required lo determine whether this gives rise to a material isslalemenl in the financial slatemonls themselves. If, based on the work we have performed, we conclude that there is a material misstalem¢nl of this olhei information. we are required lo report that fact. We havo nothing lo report in this regard. Opinlon on other matters prescribed by the Companios Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informalion given in the Trustees, report including Ihe Strategic report for the financial year for which the financial slalemenls are prepared is con￿Stent with the financial statements. the Trustees, report and the Strategic report have been prepared in accordance wlh applicable legal requirements. Mattors on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, report including the Slralegic report. We have nothing to report in respect of the follo￿l￿g matters in relation lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. the pa￿nI charitable company has not kept adequate and sufficient accounting records, or relums adequate for our audit have not been received from branches not visited by us. or the Pa￿nt charitable company financial statements are not in agreement with the acwunb'ng records and returns., or certain disclosures of Trustees, remunerati(In specified by law are not made,. or we hava not re￿Ved all the information and explanations we require for our audit. Page 17 LANGLEY SCHOOL119601 LIMITED IA company IFmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LANGLEY SCHOOL119601 LIMITED ICONTINUEDI Responslbllities of trustees As explained more fully in the Trustees, responsAbililies statement, the Trustees (who are also the directors ol the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Group's and the parent harilable company's ability ID continue as a going concem, disclosing, as applicable, mallers relal&d lo going concem and using the going concern bags of accounting unless the Truslg8s eilhar intend lo liquidate the Group or the parent Charitsble company or to cease operations, or have no realistic alternative bul to do so. Page 18 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANGLEY SCHOOL11960} LIMITED {CONTINUEDI Auditors. responsibilities for tho audit of the flnancial statements Our objectives are lo obtain reasonable awrance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wlh ISAS IUKI will always dele¢l a mal&rial misslalemenl when il exists. Missialemenls can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basls ol these financial stslemenls. Irregularities, including fraud, are instances of non-compliance wlh laws and regu181ions. We de￿9n procedures in line wlh our responsbililies, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of delecling irregularities, includillg fraud is detailed below.. Due lo the field in which the Charity operates, we identified areas most likely lo have a direct material impact on the financial slalem8nls as compliance wlh accounting standards. including Charities SORP IFRS 1021 and charity law. In addition, we considered the provisons of other laws and regulations which, ￿lIst not having a di￿¢1 impact on the financial slalements. are fundamental lo the Charity's ability to operate, including safeguarding requirements, health and safely, employment law, data protection and Compliance with various other regulations relevant lo the ￿ndUct ol the Charity's operations. Our approach lo identifying 8nd assessing the risk of material misslalemenl in respect ol irregularities, including fraud and non-complian￿ ￿nth laws and regulations, included the followng.. Enquiries with management and the Trustees about any known or suspected instan￿$ of non-compliance with laws and regulations, accidents in the workplace, safeguarding breaches, data b￿a¢h&s, potential liligalion or claims and fraud., Reviewing legal and profession81 fees lo confirrll mallers where the Charity engaged lawyers during the year., Reviewng financial statement disclosures and lesling lo supporting documentation lo awss complian wlh applicable laws and regulations., Reviewing board and finance committee meeting minutes and any relevant correspondence with external aulhorilies, including regulators., Challenging assumptions and judgements made by management in their significant a￿OUntIng estimates- and Auditing the risk of management override ol controls, induding through testing journal entries and other adjuslmenls for appropriateness and evaluatin9 the busnoss rationale of any significant transactions outsid8 the nomial course of bugness. Because of the inherent limitslions of an audit, there is a risk that we wll not delecl all irregularities, including those leading lo a material missialemenl in the financial statements or non-compliance with regulation. This rlsk increases the more that Complian￿ with a law or regulation is rernoved from the ev&nls and transactions reflected in the financial stslemenls. as we wll be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities IKcurring due lo fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or mis￿Presentation. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. ww.frc.or .ukJaudilorsres onsibilities. This d8￿rIptIOn forms part of our Audilors. report. Page 19 LANGLEY SCHOOL119601 LIMITED IA company limited by guaranto¢l INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANGLEY SCHOOL {1960} LIMITED {CONTINUEDI Use of our report This report is made solely lo the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 01 the Companies Act 20D6. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo stale lo them in an Auditors. report and for no other purpose. To the lullesl exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit worfi, for this report, or for the opinions we have formed. Julle Grlmmgr (Senlor statutory audltor) for and on behalf of Larking Gowen LLP Chartered Accounlanls Slatulory Auditors King Street Hous8 15 Upper King Str881 Nowch NR3 1R8 24 May 2022 Dale.. Page 20 LANGLEY SCHOOL11960) LIMITED IA company limitgd by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Note Income from.. Charitable a¢livilies Other trading 8¢1ivilies Olh6r income 9,651.531 440,191 835,135 (36.069) 9,615,462 440,191 835,135 9,884,585 32T,117 1, 246,292 Total income 10,926,857 136,0691 10.890,788 11,457,994 Expenditure on: Raisng funds Charitable activities Other expenditure 602,537 10,727,374 602,537 10.727,374 567, 798 11,315,020 1,064, T42 Total expenditure 11,329,911 11,329,911 12,947,560 Net movement in funds 1403,054) 136,069) {439,123} f1,489,566J Reconciliation of funds.. Totsl funds brought forward Nel movement in funds 6,211,762 1403.0541 36,069 136,0691 6,247,831 7, 13T,397 1439,1231 (7,489,566) Total funds carrl&d forward 5,808,708 5,808.708 6,247,831 The Consolidated slalement of financial acb'vilies includes all gains and losses recognised in the year. The notes on pages 25 10 48 form part of these financial slalemenls. Page 21 LANGLEY SCHOOL119601 LIMITED (A company limited by guarantee) REGISTERED NUMBER.. 00656498 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed assets Tangibl8 assets Investrnenls 14 15 10.633.228 so 10,834,650 50 10.633,278 10,834, 700 Currgnt a$$gt$ Stocks Debtors Cash al bank and in hand 16 17 40,003 3,274,911 1,995.050 35,447 3,279,929 1,638,448 5.309,964 4,953,818 Creditors.. arnounts falling due within one year 18 14,762,673) f4,681,448) Net current assets 547.291 272,370 Total assets lass Current liabilitie5 11,180,569 11. 107,OTO credito￿ amounts falling due after more than one year 19 15,371,861) (4.859.239J Total net assets 5,808,708 6,247,831 Charity funds Reslricled funds Unreslricled funds 20 20 36,069 6.211,762 5.808,708 Total funds 5.808,708 6,247,831 The Trustees ackno￿edge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. Th ncial stslemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Lt. Col. M A Nicholas MBE DL (Chair of Tru lees) Dale.. Mr D J Anderson Brown The notes on pages 25 10 48 form part of these finanaal stslements. Page 22 LANGLEY SCHOOL119601 LIMITED {A company limited by guarantee) REGISTERED NUMBER: 00656498 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2021 2021 2020 Note Fixed assets Tangible assets Invesltnenls 14 10,612,677 150 10,834,650 650 10,612,827 10,835,300 Current a$sots Stocks Debtors Cash at bank and in hand 16 36.305 3,241,984 1,984,888 35,441 3.249.378 1,637.929 17 5,263,177 4.922.748 Creditors.. amounts falling due wlhin one year 18 {4,693,251) (4.648, 294) Net current assets 569,926 274,454 Total assets less current liabilities 11.182.753 11, 109, 754 Cr6dilors.' arnounls falling due after more than one year 19 15,371,861) (4.859,239) Total net assets 5,810,892 6,250,515 Charity funds Reslri¢ted funds Unreslricled funds 20 36,069 6,214,446 20 5,810,892 Total funds 5,810,892 6,250,515 The Company's nel movement in funds for the year was £1439,6231 f2020- £f1,489,566)J. The Trustees a¢knO￿edge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial slalements. Th ncial statements were approved and authorised for i&we by the Trustees and si9ned on their behalf by.. Ll. Col. M A Nicholas M8E DL Ichair of Tru lees) Date.. Mr D J Anderson Brown The notes on pages 25 10 48 form part of these financial statements. Page 23 LANGLEY SCHOOL119601 LIMITED (A company limited by guarantoe) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash flows from operating activiti*s Nel cash used in operating activities (156,7051 77, 710 Cash flows from investing activities Interest received Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 16,068 14.037 1 S,700 301,305 {187,6591 {667,395) Not cash used in inv9$ting actlvities {155,891) {352,0591 Cash flows from financing activitigs Cash inflows from new borrowing Repayments of borrowing New finance188ses Repayments of finance leases Snleresl s)aid 600,000 4,400,000 122,7151 (2,603,2goJ 137,903 145,9271 {63} (34,443) Net cash provlded by financing actlvltles 669,198 1,762,267 Change in cash and cash equivalents in tha y9ar Cash and cash equivalents al the beginning of the year 356.602 1,487,918 1.638,448 150,530 Cash and cash equivalents at the end of the year 1,995,050 1,638,448 The notes on pages 2510 48 form part of these financial statements Page 24 LANGLEY SCHOOL119601 LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies 1.1 Basis of preparation of finan¢ial statomgnts The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lellective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Langley Sch(x)1119601 Limited meets the definition of a public benefit enlily undor FRS 102. Assets and liabilities arfj initially recognised al historical Gosl or transaction value unless olhewse stated in the relevant accounting policy. The Consolidated slalemenl of financial 8¢tivilies ISOFAI and Consolidated balance sheet consolidate the financial slalemenls of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line bass. The Company has taken advantage of the exemption allowed under section 408 of the Cofllpanies Act 2006 and has not presented its own Statement of financial activities in these firiancAal statements. The financial slalements are presenlecl in Sterling (£1, which is the functional currency of the company, and rounded to the nearest £. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Govemors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the company. 1.3 Going concern The Govemors have considered the level of funds held and the expected level of income and expenditure for 12 months from the dale of approving these finanual slalemenls. The Governors consider that the budgeted income and expenditure and agreed banking facilities is suffioenl with the level of unrestricted reserves for Langley SchoDI119601 kn'miled lo be able to meet ils liabilities as they fall due. For this reason the Governors consider il is appropriate for the financial slalemenls lo continue being prepared on a going concem basis. Page 25 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 counting poli¢ios {continugdl 1.4 Income All income is recognised once the Company has enlillement lo the income, it is probable that the income will be received and the amount ol inc(xne receivable Can be measured reliably. Donated seNices or facilities are recognised when the company h8s control over the item, any conditions associated wlh the donated item have been mel, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer bme of the Friends is not recognised and refer lo the Governors. report for more information about their conlribulion. On receipt, donated profe55ional services and facilities are recognised on the basis of the value of the gift lo the Company which is the amount il would have been tmlling lo pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the gervice. 1.5 Expgnditure Expenditure is recognised once ther8 is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer ol economic benefits ¥MII be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Clas￿fIed by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs. including suppcrt costs involved in undertaking each aclivily. Direct costs altribulable lo a single aclivily are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support Costs which are not allribulable lo a single activity are apportioned between those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of b'me spent, and depreciation charges allocated on the pO￿.on of the asset's use. Expenditure on raisng funds includes all expenditure incuired by the Group to raise funds for its charitable purposes and includes costs of all fundrai&ng activities events and non-charit8ble trading. Expenditure on charitable activities is incurred on diredly undertaking the aclivib'gs vhich further the Group's objectives, as well as any associated support costs. 1.6 Basis of consolidation The financial slalemenls consolidale the accounts of Langley School 11960} Limited and all ol ils bsidiary undertakings I'subsdiaries'l. The ¢ompany has taken advantage of the exemption contained wlhin se¢lion 408 of tho Companies Act 2006 not lo present ils Income and expenditure account. 1.7 Government grants Government grants relaling lo tangible fixed ass&ts are Irealed as deferred income and released lo the Consolidated slalemenl of financial aclivib'es over the expected useful lives of the assets concerned. Other grants are credited lo the Consolidated statement of financial activities as the related expenditure is incurred. Page 26 LANGLEY SCHOOL11960) LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies {continued) 1.8 Interest re¢elvable Interest on funds held on eoposil is induded when re￿1vable and the arllounl can be measured reliably by the Group,. this is normally upon nolificalion of the interest paid or payable by the instilLJlion wth whom the funds are deposited. 1.9 Taxation The Company is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Company is potentially exempl from laxalion in respect ol income or capital gains received ￿1th1n categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purpos6S. 1.10 Tanglbl& fixod a$sots and depreciation review lor impairment of a fixed asset is carried out il events or changes in ¢irCumstan￿S indicate that the Carrying value of any fixed asset may not be recoverable. Shortfalls b&lMeen the carrying value of fixed assets and their recoverable amounts are rewgnised as impairments. Impairmenl lows are recognised in the Statement of financial aclivilies. Tangible fixed assets a￿ carried al ￿$1, nel of depreciation and any provision for impaimienl. Depreciation is provided al rates calculated lo write off the cost of fixed assets. less their eslimaled residual value, over their expected useful lives on the following bases.. Freehold property Plant and machinery Fixtures and fillings 2Q/o Straight line 250/0 Straight line 25010 Straight line 1.11 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less impaimenl. Inveslmenl gains and losses, whether ￿alIsed or unrealised, are combined and presented as'Gainsl{Lossesl on investsnents, in the Consolidated slalemenl of finanaal aclivilies. Investrnenls in subsdiaries are valued al cost less provision for impairment. 1.12 Stocks Stocks are valued at the lower of ¢osl and nel realisable value after making due allowan￿ for obsolete and ￿0W-MOvIng slod(s. Cost includes all direct Costs and an appropriate PfOPOrtion of fixed and variable overheads. Page 27 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ounting policios l¢ontinued} 1.13 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade dI￿unts due. 1.14 Cash at bank and in hand Cash al bank and in hand in¢ludes cash and short-lerm highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 1.15 Liabilities and provisions Liabililles are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit be required in seltlemenl, and the amount ol the seluemenl can be eslimaled reliably. Liabilities are recogni￿￿ al the amount that the Company aniicipales il wqll pay lo sellle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of tho amounts required to settle the obligation. Where the effect of the lime value ol money is material, the provision is based on the presènt value of those amounts, discounted al the pre-tsx discount rate that r$llecls th8 risks specific lo the liability. The unwnding of the dI￿Ount is recognised in the Consolidated statement of financial activities as a finance cost. 1.16 Financial instruments The Group only has finanrAal assets and finanaal lia￿.1111es of a kind that qualify as ba￿C finanThal inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which ar8 subsequently measured al amortised cost u&ng the effective interest method. 1.17 Opgrating leases Rentals paid under operating leases are charged lo the Consolidated statement of financial activities on a straight line basis over the lease term. 1.18 Penslons The Group operates a defined contribution penson ￿heme and the pension charge represents the amounts payable by the Group lo the fund in respect ol the year. The sch(x)l Conlribules lo the Teachers. Pension Scheme, a conlribulory scheme administered by Teachers, Pensions on behalf of the Department for Education. Contributions are made al rates sel by the Govemmenl's actuary and advised lo the school by the scheme adminislralor. The school also conlribules lo personal pension schemes for other non-leathing staff. Contributions lo the pen￿on scheme are charged lo the company's income and expenditure account when payable Page 28 LANGLEY SCHOOL11960I LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Ac¢ounting poli¢ios Icontinuedl 1.19 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives ol the Group and thid) have not been designated lor other purposes. Restricted funds are funds ythich are lo be used in a￿ordance with speryfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes lo the financial stslemenls. Page 29 LANGLEY SCHOOL {19601 LIMITED IA company limited by 9uarant&el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Critical accounting estimates and areas of judgment Estimates and judgments are continually evalLJated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounbng estimates and assumptions.. The Company makes eslimales and assumptions concerning the future. The resulting awounting eslimales and assumptions will, by definition, seldom equal the related actual iesulls. The estimates and assumptions that have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year are dI￿u$$ed below. Critical areas of judgment.. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive lo changes in the estimated useful lives and residual valu8s of the assets. The uselLJI economic lives and residual values are reassessed annually. They are amended when necessary lo reflect current estimales, based on technological advan￿Ment, future investments, economic uliSisation and the physcal condition of the a*els. See note 13 for the carrying amount of the tsngible fixed assets and note 1.10 for the depreciation rates applied for each class of assets Impaimenl of fee debtors The company makes an estimate ol the recoverable value of trade.deblors and other debtors. When asses&ng impairment of trade or other debtors, factors are considered including the current financial position of the debtor, the ageing profile of the deblDrs and historical experience. See note 16 for the nel carrying amount of the debtors. Income from charitable activities 2021 2020 Gross Fees Less.. bursaries and discounts Add." bursaries and discounts paid from restricted funds 11,857,601 12, 634,319 12,575,561) (2, 975,476J 36.069 60,215 9,318,109 9, 719,118 Registration and other luilion fees 297.353 165,467 9,615,462 9,884,585 Fee discounts and bursaries Costs include an exceptional amount of £456,404 12020." £378,972) in respect of the Govemors special COVID discount awarded. Page 30 LANGLEY SCHOOL11960} LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Charity trading income Income from non charitable trading activities Unrestricted funds 2021 Total funds 2021 Total fu￿5 2020 School transport 440,191 440,191 327,117 other incoming resources Unrestricted funds 2021 Total funds 2021 Total funds 2020 Bank interest receivable Lellings and ¢alering Coronavirus Job Retention Scheme income 16,068 512,531 306,536 16,068 512,531 306,536 14,031 358,058 873. 698 Total 2021 835,135 835,135 1,246, 292 During the year, the School received exceptional govemmenl funding as part of the Coronavirus Job Retention Scheme. Funding represents the costs of employing certain staff unable lo carry out their duties as a resu11 of the coronavirus crisis. Trustees have been made aware ol a potential legacy enliyement, this has not been included wlhin the finanaal statements as it cannot be ￿liablY measured al 31 August 2021. Page 31 LANGLEY SCHOOL119601 LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2021 Total funds 2021 Tofal funds 2020 Direct costs Slalf costs 309,616 292.921 309,616 292,921 25g,037 308, 761 Total 2021 602,537 602,537 567,798 Analysis of expendlturg on charitable activities Summary by fund type Unrostricted funds 2021 Total funds 2021 Total funds 2020 Charitable aclivits'es 10,727,374 10,727.374 17,315,020 Summary by expondituro type Total funds 2021 Staff co$1$ Daprgciation Other costs 2021 2021 2021 Charitable activities 8,336,118 4,146 2,007,110 10,727,374 Page 32 LANGLEY SCHOOL119601 LIMITED {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of expenditurB on charttable actlvltles (continued) Summary by expendtture type (continued) Total funds 2020 Staff costs Depreoialion Other costs 2020 2020 2020 Charitable activities 8, 675,339 444,847 2, Ig4,834 11,315,020 Other oxpgndlture Total funds 2021 Total funds 2020 Taverham Hall roof repair work 1,064, 742 10. Analysls of expenditure by activities Activities undertakon dire¢tly 2021 Total funds 2021 Totsl funds 2020 Direct costs 10,727.374 10.727.374 17.315,020 Page 33 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. Analysis of expenditure by actlvlties Icontinuedl Analysis of direct costs Total funds 2021 Total funds 2020 Activities 2021 Wages (incl Nl & Pension) Depreciation Property costs Catering IT and communications Insurance Marketing Professional fees Finance costs Loan interest Sundry IProlilllLoss on disposal of fixed assets Other educational costs 8,336,118 384,146 866,325 243.148 230,961 110,916 95,915 159,035 3,629 79,191 79,248 115,7001 154,442 8,336,118 384.146 866,325 243,148 230,961 110,916 95,915 159,035 3,629 79,191 79,248 115,700) 154,442 8,675,339 444,847 714,403 221,846 225, 723 120, 146 125,866 269, 746 45, 183 84,074 69.832 318,015 Total 2021 10,727,374 10,727,374 71.315,020 11. Auditors. remuneration 2021 2020 Fees payable lo the Company's auditor for the audit of the Companls annual acLounls 37,000 37,000 Fees payable lo the Company's auditor in respect of.. All non-audil services not included above 3,000 3,000 Page 34 LANGLEY SCHOOL119601 LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 12. Staff costs Group 2021 Group 2020 Company 2021 Company 2020 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 7,065,275 591,972 T.339, 117 623,343 6,772,354 591,972 7,03Q,356 623,343 971.792 1,021.640 971,792 1,021,640 8,629,039 8.984, 100 8,336.118 8,675,339 The average number of persons employed by the Company during the year was as follows.. Group 2021 No. Group 2020 263 298 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2021 No. Group 2020 No. In the band £50,001- £60.000 In the band £60,001 £70.000 In the band £70,001 - £80.000 In the band £90,001 - £100,000 In the band £110.001 £120,000 Contributions were made lo the defined benefit Teachers, Pension Scheme for 2 higher paid employees 12020. two higher paid employee) with contributions amounting lo £48,78012020. £51,937>. The Key Management Personnel in the year received total remuneration (including employers NIC and pension) of £295,41212020. £292.8821. Staff Costs include £152,12412020.. £129.785} in respect of redundancy and lerminalion payments. 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020- £NIL). During the year ended 31 August 2021, no Trustee expen*s have been incurred (2020- £NILJ. Page 35 LANGLEY SCHOOL11960} LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Tangible fixed assets Group Freehold property Plant and Fixtures and machinery fittings Total Cost or valuation At 1 September 2020 Additions 13.057.211 377,268 25,483 3.512,878 16,947,357 162,176 187,059 At 31 August 2021 13,057,211 402,751 3.675.054 17,135,016 Depreciation Al 1 September 2020 Charge for the year 2,500,752 266,763 244,403 7,907 3,367,552 114,411 6,112,707 389,081 At 31 August 2021 2,767.515 2$2,310 3,481,963 6,501,788 Net book value Al 31 August 2021 10.289.696 150,441 193,091 10,633.228 At 31 August 2020 10,556,459 132,865 145,326 10,834,650 Page 36 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Tanglbl& flxed assets lcontinuèdl Group Icontinuedl Company Freehold property Plant and Fixtures and machinfjry fittings Total Cost or valuatlon Al 1 September 2020 Additions 13.057.211 371,550 3,512.878 16,941.639 162.176 162,176 Al 31 August 2021 13,057.211 371.550 3.675.054 17.103,B15 Depreclatlon Al 1 September 2020 Charge for the year 2,500,752 266,763 238,685 2,975 3,367.552 114,411 6.106,989 384.149 At 31 August 2021 2,767,515 241,660 3.481,963 6.491,138 Net book value At 31 August 2021 10,289,696 129,890 193,091 10,612,677 At 31 August 2020 10,556,459 132,865 145,326 10,834,650 Page 37 LANGLEY SCHOOL119601 LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Fixed asset Investments Unlisted investments Group Cost or valuation At 1 September 2020 so Al 31 August 2021 50 Net book value At 31 August 2021 50 At 31 August 2020 50 Investments in subsidiary Unlistgd ¢ompanlos Investments Total Company Cost or valuation At 1 September 2020 Disposals 600 15001 650 15001 Al 31 August 2021 100 50 150 Net book valu Al 31 August 2021 100 50 150 At 31 August 2020 600 650 Page 38 LANGLEY SCHOOL119601 LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Stocks Group 2021 Group Company 2020 2021 Company 2020 Consumables 40.003 35,441 36,305 35,441 17. Debtors Group 2021 Group Company 2020 2021 Company 2020 Due within one year Trade debtors Other debtors Prepayments and ac¢rued income 2.991,078 51.757 232.076 2,980,562 19,099 280,268 2,989,677 40,569 211,738 2,975,502 13,402 260,474 3,274,911 3,279,929 3,241,984 3,249,378 Autumn torm fees are included ￿thin trade debtors. Page 39 LANGLEY SCHOOL119601 LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Creditors: Amounts falllng due within one year Group 2021 Group 2020 Company 2021 Company 2020 Bank loalls Trade creditors Amounts owed lo gr￿p undertakings Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 151.956 253.007 1 51.956 235,063 166,119 141,927 2T2,669 263,218 24, 142 457,594 144,942 468,503 47,378 190,051 3.97S,339 45,927 197,960 3.696,389 47,378 169,694 3,781,114 45,927 168,524 3,688,889 4,762,673 4,681,448 4,693.251 4,648,294 Oeferred Income The table below includes both amounts due wlhln one year {Note 18} and after more than one year (Nole 191. Group 2021 Group 2020 Company 2021 Company 2020 Deferred income al 1 September 2020 Resources deferred during the year Idue with one yearl Resources deferred during the year l(Sue after more than one yearl Amounts released from previous periods 3.737,875 4,087,470 3,737,875 4,087,470 3,485,215 3.279,466 3,485,215 3,279.466 455,177 458,409 455,177 458,409 13,737,875) (4, 087,470) (3,737,875) (4,087,470) 3,940,392 3,73T,875 3.940,392 3, 737,815 Deferred income indudes autumn lemi fees inv(xced in advance of the year end. Page 40 LANGLEY SCHOOL119601 LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Crgditors.. Amounts falling dug after more than one year Group 2021 Group Company 2020 2021 Company 2020 Bank loans Nel obligations under finance lease and hire purchase contracts Accruals and doferred income 4.826,159 4,400,830 4,826,1 $9 4,400,830 90.525 455,177 90,525 455,177 458,409 458,409 5,371,861 4,859,239 5,371,861 4,859,239 Included MAthin the above are amounts falling due as follows.. Group 2021 Group 2020 Company 2021 Company 2020 Be￿een one and two years Bank loans 160,814 96,654 160,814 96,654 Betsveen tsvo and five years Bank loans 4,665,345 4,304, 176 4,665,345 4,304, 176 Over fivg years The loan is secured by a legal charge over land and buildings al Langley School, Langley Park. Loddon and land and buildings at Taverham Hall School, Taverham Park, Taverham. The bank loan is provided up lo £5m, all of which had been drawn down al 31 August 2021. The first inslallmenl was paid in August 2021. Interest is charged al 2.25Q/o above base rale and the loan is due lor repayment in the year ending 31 August 2025. Page 41 LANGLEY SCHOOL119601 LIMITED (A company limited by guarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Statement of funds Statement of funds - current year Balance at 1 September 2020 Balance at 31 ALsgust 2021 Income Expenditure Unrgstrlcted funds Revenue reserve 6.211.762 10.926,857 111,329,911) 5,808,708 Restricted funds Taverham Hall bursary 36,069 136,0691 Total of funds 6,247,831 10,890,788 111.329.9111 5,808,708 Follo￿ring the merger with Taverham Hall Educational Trust Limited in 2017 a reslricled fund Was established in order lo meet the anlicipaled costs of discounts relating lo fee matching commitments agre￿1 for the preparatory pupils transferring lo Langley Preparatory School al Taverham Hall. The redLJclion in the restricted fund balance of £36,089 reflects the costs of fee discounts bome in the year. Page 42 LANGLEY SCHOOL119601 LIMITED (A company limited by guarant801 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Statamont of funds Icontinuedl Statement of funds- prlor year Balance al 1 September 2019 Salance al 31 August 2020 Income Expenditure Unrestricted fund$ Revenue reserve 6.576,371 11.518,209 fl1,882,818) 6.211, 762 Restrictsd funds Taverham Hall bursary Taverham Hall roof repair 96,284 7.064, 742 (60,215) 36,069 17,064, 742) 1, 161,026 160,215) (1,064, 742) 36,069 Total of funds 7, 737,397 f 1.457,994 (12,947,560) 6,247,831 21. Analysis of net assets between funds Analysls of net assets between funds - current year Unrestrlcted funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due Mfilhin one year Creditors due in more than one year 10,495,325 10,495,325 50 50 5,309,964 5,309,964 14.715,2951 {4,715,295} 15,281,336) (5,281.3361 Total 5,808.708 5,808,708 Page 43 LANGLEY SCHOOL11960) LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. Analysis of net assets between funds Icontinuedl Analysls of net assets between funds - prior year UnrestriGted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Current assets Creditors due ¥Mlhin one year Creditors due in more Ihan one year 10,834, 650 10.834, 650 50 4,953,818 (4,681,448) (4, 859,239) 4,917, 749 (4,681,448) (4,859,239) 36,069 Total 6.211, T62 38,069 6,247,831 22. Reconciliation of net movement in funds to net cash flow frorn operating a¢tivltles Group 2021 Group 2020 Nel expencsilure for the year las per Slalem8nl of Financial Acliviliesl 1439.1231 {1.489,566J Adjustments for: Depreciation charges Interest received Interest paid Profil on the sale of fixed assets De¢reasel{increasel in stocks Decrease in d8blors Decrease in creditors 389,081 {16.068 63 444,845 (14,031) 15,7001 14,5621 5,018 {75,4141 (505) 72,644 1, 154,598 (30, 275J Net cash provided byllused in} operating actlvlties (156,705) T7, 710 Page 44 LANGLEY SCHOOL11960} LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Analysis of cash and cash equivalents Group 2021 Group 2020 Cath in hantj 1,995,050 1,638,448 Total cash and cash equivalents 1,995,050 1,638,448 24. Analysis of change$ in ngt debt At1 September 2020 Cash flows At31 August 2021 Cash al bank and in hand Debt due within 1 year Oebl due after 1 year Finance leases 1,638.448 406,369 2,044,817 (151,9561 {151,9581 14,400,830) {425,3291 14,826,159) 145,9271 45,927 12,808,309) (124,9891 {2,933,298) 25. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme ar& held separately from those of the group in an independently administered fund. The pension cost charge presents contributions payable by the group lo the fund and amounted lo £31,484 12020 £11,461) were payable lo Ihe fund al the balance sheel dale and are included in creditors. The School participates in the Teachers. Pension Scheme I'the TPS'I for ils teaching staff. Introduction The Teachers. Pension Scheme ITPSI is a stslulory, unlunded, defined benefit scheme, governed by the Teachers, Pensions Regulations 2010, and the Teachers, Pension Scheme Regulations 2014. These regulations apply lo teachers in schcK)Is and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and volunlary-aided sch(x)Is and teachers and lecturers in some establishments of further and higher education rllay be eligible for membership. Membership is automatic for full-b'me teachers and lecturers and, frorn 1 January 2007, automatic loo for teachers and lecturers in part-limo employment followng appointment or a change of contract. Teachers and lecturers are able lo opt out of the TPS. Page 45 LANGLEY SCHOOL119601 LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pgnslon commitments Icontinugdl The Teachers, Pension Budgeting and Valuation Account Although members may be employed by various bodies, th￿r retirement and other pen￿on benefits are sel out in regulations tllade under the Superannuation Act 119721 and Public Service Pensions Act 120131 and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members conlribule on a 'pay as you go, basis these conlribulions, along with those made by employers, are credited lo the Exchequer undgr arrangerllenls governed by the 8bove Act. The Teachers, Pensons R￿ulationS 2010 require an annual account, the Teachers, Pension Budgeting and Valuation Account. to be kept ol receipts and expenditure lincluding the cost of pension increases). From 1 April 20D1. th8 Account has been credited wlh a real rale of return, which is equivalent lo 8ssuming that the balance in th& Account is invested in notional investments that produce that real rale of return. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial ￿VIeW of the TPS in accordance with the Public Servico Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury. The aim ol the review is to specify the level of future contributions. AclLJarial scheme valuations are dependent on assumptions about the value of future Gosls, design of benefits and many other factors The previous actuarial valuation was carried out 8s at 31 March 2012 and delemiined the contributions lor the period, which were paid al a rate of 16.48010. This rale has been paid since September 2015. The latest valuation of the Teachers, Pension Scheme has now taken pla￿, in line wilh directions issued by HM Treasury and using membership data as al 31 March 2016. As a result of this valuation TPS employers will pay an increased contribution rale of 23.68°1o from Seplembei 2019 Ithis includes the adminislrab'on levy of 0.80lol. The employer's pension costs paid lo TPS in the period amounted to £1,157.688 12020.. £1,021,640). Contributions totalling £80,770 12020.. £117,837) were payable al the year end and are included in creditors. A copy of the latest valuation rewrt can be found on the Teachers, Pension Scheme website. Under the definitions set out in FRS 102, the TPS is an unfunded mulli-employer pen&on scheme. The academy has accounted for ils contributions lo the scheme as if il were a dèfined conlributs'on ￿heMe. Scheme changes The arrangemen15 for a reformed Teachers, Pension Scheme. in line with the recomrnendalions made by Lord Hutton, in particular the introduction of a Career Average Revalued Eamings ICAREI scheme, were implemented from 1 April 2015. In Decernber 2018, the Court ol Appeal held that Iransilional protection provisons contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise lo direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in Julle 2019, have rejected the Govemment's application for permission lo appeal the Court of Appeal's ruling. The case ¥MI1 now be referred to an Employment Tribunal for a decision regarding the remedy which wll need lo be offered lo those membeis ol the two schemes who were subject ol the age discrimination. Page 46 LANGLEY SCHOOL119601 LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Penslon commitments Icontlnued} HM Treasury are clear that the ruling has implications for th8 other public service schemes, including the Teachers, Pension Scheme. Those implications are Currently being considered and any impact on scheme costs is expected lo be looked al within the next %heme valuation, Mthi¢h is currently scheduled lo ba based on April 2020 data and implemented in April 2023. 26. Opèrating lease commitments Al 31 August 2021 the Group and the Company had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2021 Group 2020 Company 2021 Company 2020 Not later than 1 year Later than 1 year and not later than S years 163,662 208,958 30, 736 13, t34 13,134 26,850 73. 134 372,620 43,870 13,134 39,984 Page 47 LANGLEY SCHOOL119601 LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 27. Related party transactions Six Governors during the period, M Newnham, J H Miller, C Pain, J Barnwell, D Slanbridge and Dr H M Nearney were fee paying parents. Fees paid by parent Governors are al the same rates applicable to all pupils. M Newnham is a partner of Birkells LLP. During the year setvices were purchased from Birkells LLP amounting lo £25,14412020.' £2,513). S Brown is a partner of Real Consulting (Cost and Project Managemenll LLP. During the year services were purchased from Real Consulting amounting lo £nil12020.. £24,360). J Bamwell is a Director of Barnwell Print Ltd. During the year purchases were made from Barnwell Print Ltd amounting lo £nil {2020.' £7511. DLJring the year purchases made from Crown House Flowers, a business owned by M Nicholas. wife, amounted lo £31012020.. £2801. 28. Principal subsidiaries The following were Sub￿diary undertakings of the Company.. Names Subsidiary Name Langley School Developments Limited 06639289 Wholly owed 10001. £233,457 1£233.3571 (£1001 £569,016 1£569,0161 Company registration number Basis of control Equity shareholding 0/0 Total assets as al 31 August 2021 Total liabililes as al 31 August 2021 Total equity as al 31 August 2021 Turnover for the year ended 31 August 2021 Expenditure for the year ended 31 August 2021 The financial results of the subsidiaries for the year were.. Page 48