The Gard'ner Memorial Ltd (A company Limited by guarantee) Trading as More House School Governors, Report and Financial Statements For year ending 31" August 2021 Registered Charity number. 311872 Registered Company number. 523768 The Gard'ner Memorial ￿rnited known as More House School Govemors. Wort and Accounts forthe year ended 31"AL¢gu5t 2021 Reference and AdminlstratSve Infomatlon R8glst8red chaTIty number Roglstarèd numbor 523768 Go¥ornlng docum8nt The ch8rtiylscontrolled by ilSgOVtming dDcvfflenls, cornpri5ing its Mernrandum and Ariicl6solAssocièiion, and constitute5 a litnited cornpany. limited byguarantee, as d&linÈd by IhÈ CompaniesAct 2006. Govornor$lDlrarfwsl Mr Sean Collin5 MA ICantab.l FCAICh8lrl'l IRellred from the board 31.08.20211 Mr john Stwes Bsc IHonsl (Deputy Chairl (resigned 31.12.211'1,'4 Mrs Suzie Brand'3'4 Mrs Pamela EdWorthY￿¢ (Honsl PGDip PSCE'2,'4 Mr Robert Forster MSC 8Sc Ms Lindsay SowlanrS MAIEd.l ACIS'3 Mr Glenn Handley MBA lappointed1.09.20211 Ichair from 1.09.20211'1 Mr Gary Hay8A IHon51'1.'3 Fr Polrick Sherlock SDe Bsc BA QTS'2 Mr Graham Spawlorlh MA Med PGCE'2 IAppointed 17.D6.20211 Membershi ol Sub-commlttees '1- Finance & Le8dership '2-Tèaching, Learnino & Assessment '3-Welfare. including Safeguarding & Behaviour '4- Nominations Registered ¢fl*p Wabslte Auditors B•nkers Solicitors MDre House School Moons Hlll, Fren5ham, Farnham,Surrey,GUI0 3AP vwM.morEhou5eschool co.uk Haysmaclntyre LLP Allied IrisN HSBC GBH Law Mr lon81han Heiheringion BA (Hon51 Msc (Ed.) QT& He8dmasl stephen johnson FFA FFfA Bur58r Page 2 of 50 The Gard'ner MÈnK)ri?l Limited known as More Hou* School Governors, Report and Accounts forthe year endeil 31"August 2021 Report of the Ch8ir of Governors The impart of the continued COMD-10 pandemic realised continued challenge to the charityand sch)ol durin9 the year to the 31"Augu5t 2021, but enabled the organisation to demonstrate again it5 resilience, creatnity in over¢orning difticultie& and to highlightthe ￿mathabIe dedication of all in the school community. In 5Pite of the disruptions resultirs from the COVID-19 pandemic and the count￿5 national response, More House School's founding vision, of compassion ènd aspiration for disadvantaged learner& continued to be reali5ed in all aspects of the school's ècbwties yielding ? very successful year, transforming the futures of intelligent children who experience Specific Learning DIfficu￿leS Devek)prnentsl Language Disorders and associated conditions by empowering thern. Outcomes for pupils of More House School remain a key Sndicatcr of the efficacy of the charitys actwf(ies and wowsion. All of our KxJpi15 must overcomethe barriers posed by Developmental Language Disorders, specif￿ Leaming cifficultvés such 8s Dyslexia and Developmental Coordination Disorder, or a550ciated conditions, and 8 m¥jority are the subjects of Education. Heath and Care plans. Nevert￿leSS our students. results in their A LeveL GCSE and equivalent course5 were, again. inspiring to younger * Forour Upper Sixth leaver4 32% of A Level a￿1 equivalent Level 3 BTEC grades We￿ awarded at the highest A. and A or Distinction. and Distinction grades, and the cohort achieved 8 91% A+ to C and Distincti￿. to Merit award rate- a significant incwse on the prevK)usyear. Our Upper Sixth chalked-up a 100% pass-rète in their Level 3 (A Level and equivalentl qualificatio The Year Eleven GC5E and equivalent re5uk5 were equally exciting, with 88% of grades awarded to our 72 c¥ndidates being 9 to 4, or the L￿e1 2 BTEC equivaknt of Distin¢bon' to L2 Pass. Our pupils beat the natlonal averages for good passes in GCSE English by 13 per￿ntage p)ints lachiewng 73%) and in GCSE Mathematics by 7 percentage points (achieving 74%). 8nd 71% of our Year Elevens achieved at least fve 9t04 grades lorthe BTEC equivalentl including GCSE English and Mathematics-again, a significant incre45e on the previous year. 90% achieved a 9 to 4 good pa55 in GCSE Science, orthe equivalent Level 2 Pass in BTEC Science. These results a￿. of course, empowering to ourpupils and supportthem to realiselheirtrue potential. bo￿teringthe1TSdf-bellef. However. it is the complementary work on developing pupi15' 50cial14nguage skills, inferential understanding, indeper￿eTrt living skills and Me￿81 well￿1n9 that constructs a sustainable and sure footing on which they rnay plan theirfuture& The school continued to be recognised as fully compliant and Outstanding in all Otsted judgern￿t areas. followng the March 2Q19 integrated Education and Social Care inspection, and the most re￿nt January 2020 Ofsted Social Care ir15pecbon. The impact of the COVID-19 pandemic resulting in the Second national hxkdown and Closu￿ of xhooJ5 in January 2021, had a direa and signilicant impact on school operations. From the 6, January2021, More House School transftrred it5 educational, pastoral andtherapeutic pro*isions online asthe m8jorityof pupils again became subjectto the government's ban on schod attendance. The immediacyand efficaty of the sthool's response to this situation was impresswe, and drew on careful preparations and foundations laid down in the weeks and rnonth5 preceding the announcement. A5 with the first lockdown in MaKh 2020, the adaptation to online education was gn(Klth ar ensured continuity in the delivery of curriculury therapyand pastoral support for pupil& At the same time, the school ￿n￿lTred open for vulnerable pupils and the thiklren ol critical workers. The dedication and professional commitment of the sch¢xl's was impressive and demonstrated yet again, Ihe highest prioritygwen to meeting ourpupils, needs. This yearfs Founderfs Day ce￿OnY, marking the conclusion of the acadernic year and celebrating our pupils. achlevements was a hY￿d eventwhereby pupils andthe staff attended the ceremony in pèrson, and parents viewedthe ceremonythrough a livevidEo-strearn. Unlike last yearfs entirely Mrtual event in July 2021 Skwches were delivered IDie and in person. As usual, the event saw the awarding of prize4 trophie5 and certificate* supportiry all pupils to recognise theirachievernents and progress, promoting theirsdf-e5teem and sense of self- belief. The Headmaster presented his report on the year, the retiring pupil officers g3ve their valedictory addresses and thwr successors wereappointed. The sense ofthewhole schod community coming together, despite pupils, f3mily-members jolning virtually* powerful. Lastye8rfs dlsruptions in spring and summer 2020, included dramatic change to the arrangements for aw4rding final grade5to Upper Sixth and Year Eleven pupils reaching the conclusion of their acc￿dited course5. In 2021, exceptional arrangements were again announced by thè 9ovemmont, this time focused on realising Teacher ksessed Grade5 ffAGsl as opposed to sumrner 2020's Centre ￿eSSed Grades ICAGsl. In order to do so, the school's teaching and curriculurn staff worked tirelessly to design and IM￿eM￿t a robust process for Page 3 of 50 The Gard'ner Memorial knmited kn¢>wn a5 More House School Govemor< Re￿rt and Accounts for the year ended 31st Au9USt 2021 collecting evidence and mulerating as5es5rr￿nts. This imposed a signifiwt increase in workload lor academic stsff. As in the previous year, M£Ye House School's staff rose to these challenges, ensuring the Fyotection of each pupil'5 interests wthin a fair frameworf¢ able to meet all expectations of intemal and externèl scrutiny. This suC￿$S was realised through our students, strong results in their final awards fortheir accredited course¥ demonstrating improvement across the sch¢x)l on last yearfs statistics. In reccgnition of the Change to experience forced upon u5 by the January 2021 Itxkdom) and ban on school 8tteTh¥an￿, aNI through careful planning and ongoing management, 5UPPOrted by the UK Govemment's Coronwirus Jobs Retention scheme, the school was able to afford pare￿5 funding places through prwate means discounts on the Trinity15umrnerl term's fees inffluencÈd by co5t-saMngs and recognition ol th8 financial uncertainties faced by many families. Previous instrurtion by Her Majetys Government provided that fees funded by local authorities should not be subjectto disC￿nt *nce funding to local government remained secure. The schwl's careful managernentof the COVID-19 response thrtsugh this second year of the pandemic en$￿￿￿ the financial security ofthe elkrty and school at the close of the accounting year. (3￿fullY considered adaptations to thÈ school's cornprehen5nie pupil-adm1ss￿nS processe& tested during the fi￿t Ic(kdown period Irorn March 2020, enabled prospective pupi15 to contiNe to be assessed dvring the second lockdown period in early 2021 in tem)s of their need and the suicabilityofihe school's prowsion forthery and ensured a verystrong Puptl roil for the stsrt of the 2021-22 academic year, continuing the steady growth In nutnber5 %*itnessed overzn extended period olyear5. is exciting that in Au9USt we subrnitted to Waver￿Y Borough Council cur planning application for the construction of an a11-weat￿r surface Multi Use Games Area large entyjgh to accommodate an under-165' football pi(ch a new sports pavilion cOrnpri￿ng two separate changing roorn5, lavatorie5 and hospitality spa￿, and a new site Yehicle entrarKe and roadwty. It 15 our expectation to commence and complete construction during the 2021-22 academic year. Followtyng the èppointrnent of a new Head of l.T. Semces who joined the school's man89ement tearn in September2020, 3 new l.T. str8tsgy was approved by the Boarfl of Governors, with implementation overa th￿e￿e)r period. which commenced in the second quarter of 2021. Thers r8maifis throughout our school community, an enduring and cherished sense ol the School's mission in supportiThJ children and young people who a￿ disadvantaged by the mainstream education system and by lack of understanding and confidence in many c1i5srooms, in order to transform their future prospect& The chariti5 Cornrnitrnent to improwng that undefSt8nding and confidence in educational yofesS￿Onal& localty and nationally, so that intdligent. neuro-diverse children far beyond the scho(A's gatès benefit, rernains strong. It is e￿dént in the breadth oftraining attiwties vnéertaken bythe school during theyeartothe 31" August 2021, in 5Pite of COVID- 19 challenges and in its plars forthe future. Signature.. pète". G_ Handley. Chair of Govemor Page 4 of 50 The Gaid'ner Memorial Limited known as More House School Governors, Report and Accounts for the y8ar endsd 31rt August 2021 ort of the Governor5 The governors of the Gard'ner Memorial Limited, who are also the charitys directors forthe purposes of the Companies Art2￿6 and charitys trustees forth¢ purposes of Charity Law. are pleo$ed to present their annual reporL togetherwith the financial statsments of the charity forthe year ended 31"August 2021. The gOVer￿)r5, report has also been p￿pared to meet the requlrernents fora dlrettors, report for Q)mponies Act purpose Objectives and attivities The objects of the charity are: The advancement of education including, but not limited to, running the More House School, Frensham, and educating children, particulady those with leaming difficultie5. but a150 disseminating best practice in techniques of teaching and leaming through training, consultation, a55essmeni research and rdated aetivitie5, both in the UK and Intemalionaj￿, so continuing the tradition ol the L*e Reginall Joseph Gard'nerforthe public benefit. Too many child￿rt are failed by the mainstream education sy5tern, where comrnon methods of teaching and support in the classroom fail to uncoverthe tme co9nitive potential of children who experien¢ewe3kne55e5 intheir literacyand developmental language ski115, and those affected by associated difficultie5 including Developmental Coordination Disorder and attention deficit conditions. Such children rnay be intdlÈrtually very capable but are left believing themselve5 not clever, disathantaged by 8n education system which focuses the primary rneans of è55es5ing ability on their areas of skill-weaknesl and leaving their strengths unrecognised. Too many chddren assess themselves as failu￿5 arnongst their peers. and the threat to mental health and wellbeing IS too frequently explicit And yet such children offer huge value forihe future oloursocietyand world. Many companies now recognise immensevalue in Trcruiting neuro-diverse teams. Our pupils havÈ 3 great part to play in the fvture of ourcountry, in all a￿5 of education, industryand business. With the right educational approach at the right po¢nt in their lives children and young people v4th Specific learning difficulties, developmemal language delay znd associ*ed conditions. can be enabled to see their strengths and their future. Once they are taught to bebevo in themselves, they can the courage to tsckle the challenges in their edu¢4tional paths and realise their true intelli9ence. With an appropriate educational envIronm￿t, they can ￿hleve success at GCSE and A Level. and pursue furtherand higher education and training, leading to promising ca￿0¥5 and contributing to our society. Such a pathway is ￿sentIal in order for such young people to become truly independent. suppDrbng the state and ￿Ciety throu9h maintaining strong mentsl and physical he4￿h, participating in worthwhile employment and pawng tak rather than failiry to realise such outeome& ne￿￿tating continuous support from soci8ty and the public purse throughout their adult live5. Our vlskjrn is.. To ￿ad in tr3rthrming the futures of intelli9ent childrw who experience Speolic Learning Difficulties Dev8lopmental Language Disorders and associated ¢onditions by empowering them. Our sp￿lfi¢ #irns are.. To support the indiwdual needs of each pupiL as indi￿dUal5 so thateach thrives, adapiing contlnuouslyteaching and 5UPPOrt strategies to challenge appropriately pupils, diverse strengths and weaknesses. To provKle all pupils with an envlronrnent in which they fed, and are, safe and confident in being themselve4 and through which they develop effective skills to promote their Mental hea￿h and wellbeing. To foster in all pupils è powerful desire to question and to leam, and to realise high asprations for their futu￿, in tems ol ccfitinued education and leaming, their professional career, and socY&l relationshi Page 5 of 50 T￿ Gard'ner Memorfal Limited knowTh as More House School Governors, Report and Attounts lorthe year ended 31"Au9USt 2021 To prowde a transformatwelearning environment and QPFk)rtunitiesforourpupils so thatthey8chieve outstanding academK results above the nètional age-related average4 b￿h at level two IGCSE levdl and th￿e (Advanced level), despite having Specific Le8ming Difficulties, Develc4)mental Language Disorders and associaled conditions. To develop our pupils to become confident and ￿s111eDtY0Ung people, with experience and sknlls that allowthern to lead indeFendent Iwe5 Within a modern wodd. and with the desire to be invofved in 50ciety. To foster arnong5t all pupils an understanding, care and tolerance of all others, the School's Catholic ethos and in accordance with the fundamental values of democracy, the rule ol law. indwidual liberty, and mutual respect and tolerance of those wich different faiths and belief To collabor8te Y4tth and promote research into the edu￿tK)n and 5UPPOrtol£hildren and young people ￿th languag¢-related educational difficulties, and use researth to irnprove educational outcomes for all pupils and those in other educational settings. During the year up to the 3151 August 2021, the s¢hool's governors adopted a new School Development Plan, ￿alised through comprehensive proc￿5 of organisation-wide self-evaluation and development-planning. This process w8$ f¢xused around the following Six twgets, which We￿ approved bythe Board of Govemors.. Curriculum To be a centre of excellen￿ in the delivery of a broad at8demi¢ 4nd 50cial development curriculum, ensuring puptls vAth Specifit Leaming Difficulties Developmental Language Disorders and 8ssoci8ted conditions make the greatest possible progres¥ are empowered and prepared in the best possible mannerfortheirfuture& Extra-curricular To be 8 centre ol excellence in the delivery of developmentsl opportunities beyond the academic curriculum $0 that pupils with Specific Learning Difficulties. Developmentsl Language Disorders and a550ciated conditions extend their experience. devdoping social confidence. Pastoral To be a centre of excdlente in the deliveryol pastoral care for pupils vAth Specific Learning Difficulties Developrnental Language Disorders and ￿0clated condition4 promoting the Safeguarding and wellbeing of all PU￿15 and adults PU￿ls, positive social development and the best possible learning enwronment. Residential ro be acentreof excellenceinthedeliveryof residentialca￿ forpupi15Wth Specific Leaming Difficukies, Developmental Language Dlsorders )nd a550Ci4ted conditions ensuring pupils. Safgguarding and wellbeing, and promotin9 their persmal and social development. Therapy To be 3 trntre of excellence in the delivery of Speech and Language Therapy, Occupational Therapy, titeracy interyention and Numeracy intervention for puiyls with Specific Learning Difficukies, Developmental Languagè Dwrders and associatsd conditions so that they make the greatest wsible progress and are empowÈr¢d. Outreach To be a centre of excellence in the provision of the highest quality training and support of extern81 oryanisations professionals children and young people relating to Specific Learning DiflKuIt*4 Developmentsl Language Disorders and a55OCi?ted conditions including collaboration with and partiopation in research. Page 6 of 50 The Gard'ner Memorial Llmtted known 8$ MO￿ HtyJ5e School Governors, Report and Accounts forth¢ year ended 311¢August 2021 Organlsational structure The Board of Govemors of More House Schod cornprises the trustees of the charty, who are also the directors and members of the company The full ￿ard meets at least three times a year, with the He8dma5ter and Bursar in attendance. Appointments to the Board of Governors a￿ conducted through a process of identifying OPPOrtunitie5 loraugrnenting the complemèntof skn11s and experience éfforded by the board, and recruiting accordingly. The process is overseen bythe board s Nominations Committee, which makes recomrnendations to the full board forsu¢h appointments. All appointments a￿ approved at a rneeting of the full Board of Govemor5. New governors are required to engage in a programme of indijttion to en5uTe they understand theirduties and respon5ililitie& the objectives and operations of the school and the roles of senior managers. It 15 lrnportontthat members ofthe Board of Govemors have the capacity both to support the school's executive. and to provide robust profe$5ional delivery of the approved l.T. Strategic plan., capital developmentof the 51te and factlities in acwrdance with the School Developrnent Plary Teviewof the charity's wider strate9y. CQVID-19 rnanagement The governors recognise the ch811enges posed by the pa￿emIC are likely to influence schwl operations and wowsion for pupils through the coming academic year. The manner in v4hich the School's management ènd leadership meet these challeng￿. with appropriate challenge and support from the school's goveming b￿ly. 15 integral to the succe55 of the School in realising the best eXpellen￿ for pupils, employees and therr re5pe£tive families, and in ensuring the strength of the org8nisalion for the future. The governor5 intend to continue their practice ol tonvening regularly a COMD-19 committee to work closely Nviih the school's headmèster and bursar, until such a time as this 8rr8ngerneDt 15 deemed no longer nÈ¢e558ry. Those rneeting4 initiated in March 2020 in response to the first lockdown routinety examinethe s¢hoDI's position in temis of operations. financial posit￿n, and huTnan resource& School Dpvelopment Plan DI￿rted by an adopted, School Development Plan, realised through a procets of comprehensive self-evaluation and exterr￿1 ev8lu3tion, the governors and leadership ère cornrnitted to pursuing an ambitious prograrnme of continuous development in all areas to promote excellence in all aspects of theschool'5 provision for pupils and in its outreach actiwtie& The9ovemors identifythe operation of contlnuous rigorous and objective sdf-evalualion and strategic development-FAanning as an essential element of the school's continued $uc£ess in al￿r￿g its ambition as a centre of excellence in all aspetts of its worl and as a world leader in the education and support of intdligent pupils wth Specific Learning Diffitulties, Developmental L8ngU8ge Disorders and associated conditior4 transfo￿Ing such children'sfvture5 by empowering them. Embedded processesof department81 evaluation and devebpment-pl4nning feed intowhole-school arrangernents loridentifyin9Strengths, weakne55e5 and opportunities. en5ufjng effective evaluation. Refletting this. documentstion and processes supporting dep8rtmental and irOwidual employee evaluation and development-planning wsure tOLYdin3tion wi(h the school-wide developrnent priorities. Governance The AGBIS review ol govemance arrangements included recomMendat￿)n$ frjr futijre deVelO￿ert. These findings will inform a special meeting of the full governiry body, scheduled for Septernber 2021, intended to detemine a cohesive ￿an for the future development of govemance, with implementstion commencing in 2021. Staff and professional< training More House School ￿maInS comrnttted to the effectwe training and continued profe55ional development of its Staff. It 15 intended to continue thÈ school's engagement in initial teacher-training, and to the upskilling of all staff in supporting pupils with Developmental Langua9e weaknesses, Specific LeamiThJ Difficuhies, including Dysle)Na, and associated conditions. We ￿cOgnIse that our pupils are Page 19 of 50 The Gard'ner Memoriol knmited known as More House khool Governors, Report and Accounts for the yearended 31g August 2021 ifflelligent and cap8blt woviding they are supported to recogni5e their natural aptitudes and to hamess their sirengths. Thè quality of professionèls. practice in all area& including acodernic. therapeutiq P8tt0ral, Ind re5hdential, 9reatly infiuences pupils, Social and academic outcome& goverrors are ambitious for the eXpan￿on of this proMsK)n, recognising the benefit for teachers and pupils fèr beyond More House School's gates at a time when the physical constraints of the School facilities make continu¢d growth in pupil numbers unfeasible. It is therefore intended to widen acce55 to this training, developing a sustainable format and expanding the offer to indude other courses and 3550Clated resource& This is an exciting projett which the governors recognise as yielding direct benefit to increasing numbers of children and young people, as a greater number of educational professh)nals improve their understanding, confidence and skill in supporting effectively neuro-diverse karne l.T. strategy With the adoption of a ihree-year. arnbitious l.T. investmentstrategy, thegoverno￿ recognise as a prioritythe implernentstion of all aspects of that strate9ic plary which fomis a crucsal element of the school's wider Development Plan. Thi51.T. strategycove¥s'. network improvernenL including Wire￿$5 connediwty, central systems and se￿er5,. securty.. communications and telephony, printing and reprographic& end-u5er devices,. l.T. Services support. Capital development The nature of the School site requires ongoing commitrnent to the maintenance and development olthe 5chool'5 fabric and facilrf(ies. This ensures the Khool's resources support effective￿ the needs of pupils and the school, and address issues of ageing temporary wooden ttrucwr¢s erected in the 1g90s. The following projects have been approved prowsionally. by the Board of Governors.. creation of an all-wèather muki-usegames pitch IMUGAI usingthecrosslanes paddock addressing the identih'ed lackof sufficie facilities for meeting pupi15' physical edLKation and sports dÈvelopTnent needs, including the provision of a small pavilion comprising two changing-rooms and space to support the actiwtie5 01 The Friends of More House School, and also intluding development of 8 new access roadway improving pedwtrians, safety and the mana9ement of vehicle5 (expected cornpletion 2021-221-, re-development of the St Matthew's buildings adjacent to Main House, re81ising improvement to the surgeryfaaif(ies. 3nd to the leaching and prep.-room f8tilitie5 for the Scients department, arKI providing facilities lor catering and estates employees (expected Completi￿ 20241.. re-development of the St David's and l.T. Support SeThices block re-development ofthe Don B05co Mathernatics department block lexperted completion 20261,. replacement of thp facilities lor Swimming indoor-sports with a new sports centre, providir¥J indoor-swimming facilities SFOrts-hall and fitrva55-gyrn (expected completion 20281. Strategy The govemors and trustees intend to wiew the charWs wider strategy in respert of growth, recognising a constant ambi(ion to improve the ￿￿eatIon￿l and sooal experience and outcor￿S of a wider wpulation of children and young people who experience challenge owng to spec￿1 educational needs and disabilities ISENDI. Page 20 of 50 The Gard'ner Memorial knmitsd known as More House Sch￿1 Govemors. Report ènd Account5 forihe year ended 31$1 August 2021 Risk The Governing Body, which recognises its statutory obligations in respÈtt of risk managemenL work5 Wlth the Headmaster and Bursar on an on-going basis, to keep the sch(M)1's activities under review, particularly with regard to any major risks that may arise from time to tirne. as well as the systems and procedures established to manage them. The He8dFnaster and Bursar monitor the effectiveness of the system ol internal controls and reports to the Govorning Body in detail on an annual basis. The Governors believe the major r￿kS identified by this proce55 (fire, accidents & injuries, 1055 of income, fraud. cyber-attacks) have been mitlgated to 4n acceptable level through the extensive and cornprehensive use of risk assessments recorded in a risk register, robusi internal control systems, extensive insurance cover, and other appropriate control5. The imposition from 1° September 2019 of a 43% In¢re45e in employer¥ contribution& and the impending increase in 2023 which will include an adjustment in respect of the Mccloud rulingi to the Teachers. Pension5 Scheme has h￿hlIghted the risk of ever-increasing contributions of indeterminate amount This has leoj the Govemors to review the risk to the School's ability to fund future developrr*nt of the school, and therefore the School's rnembership of the scheme. TIMS reviewwas interrupted byconontralion on Covid-19 related issues. The results ol this reviewwill be completed in 2021-22. With an on-going declino in boarding numbers, the viabilrty of offering this facility in tts Currert format is at risk and therefore ri5k5 an adverse effect on pupil number5 and the School's finances. With rnany of the School's ￿11￿1￿5 being of wcoden consirurtion. preventstive Maintenan￿ for all buildings is an essential part of rnitigating the risk of m8jor repails and reconstnjction in the future, which could lead to risks to the School's ability to deliveredur4tion to the pupils at the same high level. Planned development of the Site, including the redevelopment of the St Matthew's complex of building, St David's and the ITSeNite5 Support Services block ènd the Don B￿(0 Mathernatics department will see further mitigation of the risks as these building are replatrd. However, commitment to these projects is a risk to the school's having sufficient funds to deliver its prirnary purpose, the education and well-be¢ng of its pupils. This risk is mitigated by forward Flanrwng to ensure that reserves remain at the level necessary to fulfll all the 5choo5'5 commitments. A rev*w of ihe school's IT facilities has concluded that there is a Considerab￿ risk of lailure. risking the school's abiltyto delww educetion both on-site and rernotely, and maintain its Adtninistrative functions. This risk has been Mitigated by the appointme￿ of a professional Head of IT St￿lce5 the allocation of funds forthe upgrading of the school's IT infrastructure and resources. A lurther r￿k to the school's ability to provide the appropriate levd ol education and support is the recruitment and retention of suitab qualified staff. Therefore, the levels of rernuneration offered by the maintained sector are closely monitored, as is th* offered by the NHS Agenda for Change in fespect of our Learning Development and Nursing stsfl. A5 Part ol its stratsgyto contain the spread of the Covid-19 pandemic, the government required all schoo15 in England to close to all pupils frun 4th January 2021, Ixher than lor those whose parents were Key Workers, or pupils who were vulnerable il staying at home. This at risk the school's abilityto deliver education to its pupils, thereby ri$￿￿g it5 income for the period of closuie. This risk was mitigated bythe introduction of a comprehensDie programme of remote leaming, vihich hè5 been widely 5UPPOrted by parents.All pupi15 returned to school (th 8. March 2021. Page 21 of 50 The Gwd'ner Memor5al limited known as More House School G¢)verTh)r5' Report and Accounts lorthe year ended 31. Au9USt 2021 Finance review The net income forthe yeai cornprised.. 2020-21 2019-20 Variance Charitsble Incorne £8.957,049 £8,492,625 £BA18 £13,990 £8,515,033 £464.424 InvestmÈnts £408 -£8,010 Donations eto £14,586 £8,972,043 £596 Total Gross Income £457.010 isin9 Fund5 Expenditure charitab￿ Expenditufe Totsl Expenditure £116,305 £1075,745 E6,19I050 £116,204 £7,628,983 £7,745.187 -£101 -£44&762 -£446.863 Net Income £779.993 69.846 £10.147 Income was £457,010 hi9her than the previous year reflerting the 3% increase in fees, three additional pupils participation in Ihe govemmenys Covid Job Retention Scheme. and discounts to private parents due to remote learning in the spring term of 15% off day fees end 80% off boardin9 fees. Expenditure overall was £446,863 higherthan18Styear, of which approKirnately half1£226,3681 was in respect of increased staffing costs. The rnain constituents were increases in te8ching £180.610, boarding & catering £108,533 and emises £156,975. With the overall result simikr to last ye8r, the net income variance was £10,174. Investment in Fixed Assets during the year comprised.. Freehold Land & Buildings Human Resources office £58.608 Exf( Barrier £7,509 sr(e Developrnent surveys £7,461 £73.578 Furniture and Equipment Simkins acoustics £10,118 Engineering extracth)n system IT Strategic Project Communication Radios £20,016 £271.464 £14,820 £10,054 £326,472 Hotspot shop Totsl Additsons £400,050 Funds have been retained in preparation for the %te Development Prolett sChedU￿d lor 2021-22. This exciting project compr&es the provlsion of an all-weather multi-use games area IMUGAI, new pavtlion and new roadwaylo better control trafh'c on site. Resources The wograrnrne of improvement to buildings was paused this yw, since fund5 were retsined for the Stte Devek)prnent Project Further improvement and refurbishment is contemplated in line with the schcol's ten-year building develowent p18n and the schoDI's Ma￿ overall strategic development plan that addresses all aspects of the school's composition. The school's management believes it is well rwourced, but resour￿5 czn go out of dète quicHy and need ￿neWa1 regularfy. Renewal is very imwrtant in the lifecycle of the school and therefore st3ff undergo regulartrainlng, induding safeguard training, the curriculum tsught atihe school undergoes regular review, its technology is updated in ordwto keep staff and students at the leading Èdge of innovation and this includes updating to the newest sofvare pad(ages undera liCen￿d Microsoft schernefor schools and othÈrtechnologies. Boarding accornrnodation is maintained so as to offer a wdcomirq, Page 22 of 50 The Gard'ner Memorial Limited known as More House School Govemor5' Rewrt and Accounts for the year ended 31. August 2021 clean and homely feeling to boarders 3nd classrooms are resourced so as to provide an environmerrt conducive to teaching and learning. The Governor5 believe the school is appropriately resourted. Fundraising The School carries out no ￿￿raiSIng acti￿ltIes with the public and consequently has had no complaints in this respert Investment powers, policy and performance Th8 income and pKopertyol the coMpanywher￿e$¢eve[ derived shall be applied Sole￿ towards the proM￿lOn of the charitable objects of the cornpany a5 set forth in the Memorandum. To achieve this, the School aim5 to implernent an efficient struCtu￿d and effective method of working to ensure More House School finances are kept safè and secure so as they can be made readily available to s¢fwice the growing nee{15 olthe school. Investrnent regardiry capit81 projects are luth0￿sed bythe Board ofGovemors in conjunrtion wth recornmendatiors from the Finall￿ & General Purposes Committee. More H(xJse School'5 Financial Policy is for pro9￿$$10￿ ofthe School to be achieved only a5 funds allow wthout the aid of additional borrowing. Here at More House educational nee(ts must aknays be the driving influence. We re always attentive to the opportunities available that will optimise the teaching our students receiwe and the leaming potential that can be gained. FinanckAI management wll 5h¢)w evidence whether sufficientfunds can be made available to change 4 suggested possibility into reality. This policy has proved it5 Worth over the manyyears that More House Schod has been growing and adapting itselfto the'futures, environment. Using ekternal funding lor the purchase of exteinal assets such 8$ land and housing which could in the future be sold off W￿¢hoUt detriment to the School is permissible underthis policy. Reserves The School'5 poIicyi5to generate and maintain reserves primaritytofund prtsjects aimed at Maintaining orimproving the f8brK andfacilitie5 of the xhool and dependent upon risk to which the organisation may be expDsed from time to time. As a Schod operating'noi for profir (yJrreseNes8re kepttothe lowest baselinethatwll ensure its continuance. Therefore, the specific levelof resetvesthatisdeemed neceS￿ry may change from yearto year as detem)ined by the Board of Govemors but never less than 1.5 months, totsl salary costs equivalent to 8% ol income. As rnost staff are on ￿o/three months. notice, it is irrtended è5 funds ellow to seek to maintain reserves equpvalent to 3 tnonth total salary costs, currently £1,520,000, equivalent 10 17% of incorne. At tirne5, when larger projects are p18nned or underway this moy mean retaining reserves from one year to be used in the subsequent yearls). Reserves must be realistic and it is recognised that theywill not be able to coverevery risk to theor98nisètion, but can g050me way to giiring the managementof the School timeto undertake dary limitation and manage the prevailing tonditions. The Governor5 ￿qUIre reserye fvnd5 ordinarilyto be kept on depositand thustogain bank interest (subject to the prevailiNJ econ(mi¢ environment). Generated funds at the of each fInants￿ year a￿ transferred into School reserves and thereafter contrOl￿d underthe aUthor￿atIOn of the Govemors. The Govemors monitor the fy58rv85 of the School by considering the availability of cash compared with the demands of ihe School's expendicure against the tirniw of its incorne. As with other schools our cash fk)w i% affected by the timing ol the fees and receipts from parents and L￿. The school Continu￿ to be exposed to the weight of LEAS Mthholding payments in an Jttemptto influence/decide upon the setbng Of our fee5 as opposed to the schod's Trustees and Board of Di￿rtOrS. This Continu￿ to be particularly disturling both operationally and finanoally IoTthe school and is therefore causing the G¢wemors to keep greater funds in reserve due to the behaviour of some LEAS e8¢h aLrturnn terrn. At the end of 31 August 2021, the School hdd reserves of £2,555,886. This level of r858rve5 reflects the school's financial commitment its preparntion for the School Devek)pment Project and the contingency of three Tnonths, salary costs. The School has a150 de5ignatedthe sum of £11,444,998 in a fixed asset fund, which representsihe historical inve5tmentin the fabric of the estate and isthÈrefore not deemed to be readily available. Restricted reserves forthe exception of £2,0cQwe￿ expended forthe purpose forwhich they were gNen. Page 23 of50 The Gard'ner MÈmoriol Limited known a5 More House School Govern￿5, Report and Accounts forthe year ended 31M Au9USt 2021 ststement of Govemors. responsibilities The Govemors, bs directors of the (hèritable cornpany, are Q5PDn5ible for preparin9 the Governors, Report and the linancyal statements in accord8nce wth applicable law and regulations. Comp4ny13w requires tho directors to Prepa￿ financi415tstsments for each financial year. Under th￿ law the directors have elected to prepore the financial statements in accord8ncÈ with United Kingdom GenerallyAccepted A£couniing Prathce (United Kingdom Accounting siandards and applicable lawl. Under company law the directors must not approve the financial ststements unless they 8re ￿l$fied that they give a true and fair view of the state ol affairs of the company and of the profit or loss ol the company for that period. In preparing these finandal staternents. the direttors a￿ required to.. select suitable accounting policies and then applythem consistendy, ob5eNe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent state vthether applicable UK accountiry Standards have been followed, Subject to 8ny material departures disclosed and explained in the financial ststements., and prepare the finanoal ststements on the going concern b8&s unless it Is inappropriate io p￿SUr￿e that the company knAII continue in busine5S. The direttors are responsible for keeping adequate acccAJnting records that are sufficient to show and explain the compan￿5 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them tr> ensurè that the financial statÈments complywiththeCornpanie5Act 2006. Theyarealso responsible forsafeguarding thea￿ets ofthe companyand hence fortakin9 reasonable steps for the prevention 8nd detecbon of fraud and other irregularities. So far as each of the directors 1$ aware at the time the report is approv8d.. there i% no relevant audit information of which the companls auditors are unaware,. and the direttor5 have taken all steps that they ought to have taken io make themselves aware of any relevant audit information and to establish that the auditors are aware ol that information. AUDITORS A ￿OlutiOn proposing the re-appointment of Haysmacintye LLP as auditor5 to the cornpanywill be put tothe annual general meeting. In approvin9 this Govemors, ReporL the Govemors are also approwng the Strategic Report included he￿ In t￿lT Capacity as Company 'r￿or& Appyoved byihe Board of Governors at tts rneet￿g on 10, March 2022 and signed on its behalf by. Glenn Handley Ichalrof vernorsl Page 24 of50 The Gard'ner Memorial Limited knowfi 4$ More House School Governors, Report and Accounts lor the yeèrended 315t August 2Q21 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE GARD'NER MEMORIAL LIMITED, MORE HOUSE SCHOOL Opinion We have audited the financial statements of More House School, The Gard'ner Memorial Limited for the year ended 31 August 2021 which comprise the Statement of Financial Activities, Balance Sheet. Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standardapplicable in the UKandRepublic oflrelandlunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the stste of the charitable company'5 affairs as at 31 August 2021 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba515 for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are ftjrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to OUT audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Our opinion. Conclusions relating to going concern We have nothing to report in respert of the following matters in relation to which the ISAS IUKI require us to report to you where.. the governors. use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the governors have not disc105ed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Page 25 of 50 The Gard'ner Memorial Limited kThowTh as More House School Governixs, Report and Accounts forthe year ended 31a¢August 2021 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE GARD'NER MEMORIAL LIMITED. MORE HOUSE SCHOOL (continued} Other information The govemors are responsible for the other information. The other information comprises the information included in the Governors, Annual Report and the Report of the Chair of Governors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be mateiially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi55tatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is 8 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit we have not identified material misstatements in the Governors, Annual Report (which incorporates the strategic report and the directors. report). We have nothing to report in re5pert of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the charitable company,. or the charitable company financial statements are not in agreement with the accounting record5 and returns., or certain disclosures of governors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities ot governors for the financial statements As explained more fully in the statement of governors, responsibilities set out on page 20, the governors Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair view. and for such intemal control as the govemors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Page 26 of 50 The Gard'ner Memorial Limited kn¢)wn as More House School Govemors. Report and Attounts for the yearended 314t August 2021 INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF THE GARD'NER MEMORIAL LIMITED, MORE HOUSE SCHOOL (continued} In preparing the financial ststement5, the governors are responsible for assessing the charitable company's abilrty to continue a5 a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the governors either intend to liquidate the charitsble company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuiance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influer¢ce the economic decisions of users taken on the basis of these financial statements. Based on our understanding of the charitable company and the environment in which it operates. we identified that the principal risks of non-compliances with law5 and regulations related to the regulatory requirements of the Charity Commission and OFSTED. and we considered the extent to which non-compliance might have material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies A¢1 2006, Charities Act 2011, Charities SORP120191 and payroll taxes. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to the recognition of voluntary income. Audit procedures performed by the engagement team included.. Enquiries of management regarding correspondence with regulators and tax authorities., Review of relevant committee meeting minutes,- Discussions with management including consideration of known or suspetted instances of non- compliance with laws and regulation and fraud,. Reviewing the controls and procedures of the charity, particularly in relation to the recording of income and processing of payments and payroll, to ensure these were in place throughout the year, including during the Covid-19 remote working period,. Evaluating management's controls designed to prevent and detect irregularities.. Reviewing and testing journal entries made in the year, particularly those made as part of the year-end financial reporting process,. and Challenging assumptions and judgements made by management in their critical accounting estimates which comprise depreciation and bad debts provision. Page 27 of 50 The Gard'ner Memorial knmitsd known as More House Sch¢x¥l Governors. Report and Accounts for the yearended 31¥tAugust 2021 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE GARD'NER MEMORIAL LIMITED, MORE HOUSE SCHOOL Icontinued) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or .uVauditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, tor this report or for the opinions we have formed. Kathryn Burton (Seniorstatutoryauditor) orand on behalf ofHaysmaantyre LLP, StatutoryAuditor 10 Queen Street Place London Date.- 24th March 2022 EC4R IAG Page 28 of 50 The Gard'ner Memorial tsmited k￿WTh as MorÈ House sc￿01 Govemors. Report and Accounts forthe year ended 315t August 2021 STATEMENT OF FINANCIAL ACTlVtTIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrirted Restricted Total Totsl Funds Funds 2021 2020 INCOME FROM: Notes Charitable attivities: School fees receivable 8,743,725 213.324 8,743,725 213,324 8,195.514 297.111 Other school income Investments- interest 408 8.418 Voluntary sources: Appeal and other donations 8,736 5.850 14,586 13,990 8,966,193 5,850 8,972,043 8,515,033 EXPENDITURE ON: Raising funds: Fundraising and development Finance and other costs 19,635 96,670 19.635 19,6Q2 96,602 96,670 116,305 116,305 116,204 Charitable Expenditure: School operating costs Teaching costs Boarding and catering Premises 4.943,931 1,299,222 1.123,947 707,080 1,565 4,945,496 1,299,222 1,123,947 707,080 4,764,886 1,190.689 966,972 706,436 Support and governance costs Totsl expenditure 8,190,485 1,565 8,192,050 7,745,187 Net Income/net movement in funds 775,708 4,285 779,993 769,846 RECONCILIATION OF FUNDS Total funds brought forward 13,220,894 2.000 13,222,894 12,453,048 Totsl funds carried forward 12 £13,996,602 £6,285 £14,002,887 £13,222,894 A summary Income and Expenditure account has not been prepared as this information is given above. The results above are in respect of continuing activities. The notes on pages 32 to 47 form part of these financial statements. Page 29 of50 The Gard'ner Memorial knmited known as More Hou* School Governor5, Report and Accounts for theyearended 31" August 2021 BALANCE SHEET AS AT 31 AUGUST 2021 COMPANY NUMBER 523768 2021 2020 Notes FIXED ASSETS 13,274,709 13,270,044 CURRENT ASSETS Debtors 76,301 3,514,068 76,150 3.063,911 Cash at bank and in hand 3,590,369 3,140,061 CREDITORS= Amounts falling due within one year Fees in advance 1572.013) 1583.302) {683,616} 1657,7951 Other creditors 11,155,315) 11,341,411) NET CURRENT ASSETS 2.435,054 1,798,650 TOTAL ASSETS LESS CURRENT LIABILITIES 15,709,763 15.068,694 CREDITORS.. omounts falling due after more than one year 11,706,876) {1,845,8001 TOTAL NET ASs￿s £14,002,887 £13,222,894 FUNDS: UNRESTRICTED FUNDS 12 -GENERAL 2,551,604 1,901,592 11,319,302 2,0(X) DESIGNATED 11,444,998 6,285 RESTRICTED FUNDS 12 TOTAL £14,002,887 £13,222,894 The financi31 statements were approved and auth0ri5ed for issue by the Board of Govemors on 10, March, 2022 and we signed below on its behalf by. Glenn Ha ley (Chairt Parn Edworthy (Deputy Chairl The notes on pag 5 32 to 47 form part of these financial ststements. Page 30 of 50 The Gard'ner Memorial knmited known a5 More House School Governors, Report and Accounts forthe year ended 31SI August 2021 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash flows from operating activities: Net ca5hpmvidedby operafrng artivitie5 (Note 18) 969,665 1,635,094 Cash flows from investing activities.. Interest from investments Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets 408 8,418 146,2541 1400,054) 1,174 Netcash usedin investing ?ttivitie5 1398,4721 137,8361 Cash flows from financing activities: Repayment of loan 1121.0361 1111,576) Net cash usedin financing artiw'tles 1121,0361 1111,576) Change in cash and cash equivalents in the year 450,157 1.485.682 Cash and cash equivalent5 at the start of the year 3,063,911 1,578,228 Cash and cash equivalents at the end of the year £3,514,068 £3,063,911 ANALYSIS OF CHANGES IN NET DEBT Atl Other September 2020 non-cash At 31 August 2021 Cash flows changes Cash and bank 3.063,911 450,159 3,514,070 The notes on pages 32 to 47 form part of these financial statemèn Page 31 of 50 The Gard'ner Mernorfal Lirnited known as More House School Govemors, Report and Accounts for the ye2r ¢*ded 31$1 Augutt 2021 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2021 asis of Accounting The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities ISORP 20151 (Second Edition, effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Gard'ner Memorial Limited More House School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note{sl. b) Preparation of the accounts on a going concern basis Having assessed the school's financial posltion and plans for the foreseeable future, the risks to which the School is exposed including the ongoing impact of the Covid-19 pandemic and the detailed cash projections and budgets to March 2023, the Governor5 are satisfied it remains appropriate to prepare the accounts on a going concern basis. There are no material uncertainties regarding the School's going concern status. Critical accounting judgements and key sources of estirnation uncertainty In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to re result in a material adjustment to their carrying amounts in the next financial year. Page 32 of50 The Gard'ner Memorial Lirnitsd known as More HoLtse School Governors, Report and Accounts forthe year ended 31°August 2021 ACCOUNTING POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 d) Income recognition All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Fees receivable and charges for seNices and use of the premises, less any allowances, scholorships, bursaries granted by the School against those fees. but including contributions received from restricted fvnds, are accounted for in the period in which the setvice is provided. Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntsry income for the School's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, donation income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Investment income from bank balances and fixed interest securities is accounted for on an accruals basis. Government grants Government grant income represents the total amount claimed from HM Revenue and Custom5 under the Coronavirus Job Retention Scheme {ORS). The income is accounted for in the period in which the associated salary payments are made to furloughed staff. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer- term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activty in the year. either by reference to staff time or the use made of the underlying assets, as appropriate. Governance costs comprise the costs of complying with constitutional and ststutory requirements. Irrecoverable VAT is included with the item of expenditure to which it relates. Page 33 of 50 The Gard'ner Memorial knmited known as More House School Governors. Report and Accounts forthe yearended 31st August 2021 ACCOUNTING POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 g) Fixed Assets All fi'xed assets are stated at COSt less depreciation. Expenditure on fixed assets Is capitalised where the cost lor the value if donated) is in excess of £5,000. Depreciation is provided to write off the cost of fixed assets, other than freehold land, using the following methods.. Freehold buildings Furniture and equipment Computer equipment Motor vehicle5 - So years 10 years 4 years 5 years Over the life of the lease Leased assets h> Hire Purchase and Finance leases Assets obtained under hire purchase and finance leases are capitalised as tangible fixed assets. These assets are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charges allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligations outstanding in each period. Pension5 Retirement benefits to employees of the School are provided through two pension schemes, one defined benefit and one defi'ned contribution. The pension costs charged in the Statement of Financial ActDlities are determined as follows.. The Teachers, Pension Scheme - this scheme is a multi-employer pension scheme. It is not possible to identify the College's share of the underlying assets and liabilities of the Teachers. Pension Scheme on a onslstent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Personal Pension Plan this is a defined contribution group personal pension plan with Prudential or NEST. Employer's pensions costs are charged in the period in which the salaries to which they relate are payable. Page 34 of 50 The Gard'ner Memorial knmited known as Mole House School Govemors, Report and Accounts forthe yearended 37" August 2021 ACCOUNTING POLICIES ICONTINUED) FOR THE Y&4R ENDED 31 AUGUST 2021 i) Funds The different funds are defined as follows.. Restricted funds are those funds which are to be used in accordance with specific instrurtions imposed by the donor or trust deed. Unrestricted funds are those funds available to the School for its general purposes. It is the policy of the governors to retsin in unrestricted funds, amounts which in their judgement can help to mitigate the short-term effects of income volatility and retain funds to generate sufficient income to meet current and future operational activities of the School. k) Debtors Fee and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or similar account. m) Creditors and provisions Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 35 of 50 The Gard'ner Memorial Limited known as More House School Govemors, Report and Accounts for the year ended 31" August 2Q21 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 FEES RECEIVABLE 2021 2020 Fees receivable consist ofr. School fees 9,657,235 9,226,896 1913,5101 11.031,382) Less.. bursaries, grants and allowances £8,743,725 £8,195,514 CHARITABLE ACTIVITIES- OTHER INCOME 2021 2020 Extras and other educational income Registration fees Government grants- job retention scheme Sundry income 58,700 22,500 127,486 10,638 31,901 17,500 246,475 1,235 £213,324 £297,111 ANALYSIS OF TOTAL EXPENDITURE - 2021 Total Total Staff costs Other Depreciation 2021 2020 Raising funds: Fundraising and development Finance costs 19,635 19,635 19,602 96,670 96,670 96,602 Charitable Activities-. School operating costs.. Teaching Boarding and catering Premises 4,564,809 902,589 156,728 456,499 380.687 396,633 585,167 250,582 4,945,496 1,299,222 1.123,946 707,081 4,764,886 1,177,355 382,051 980,306 706,436 Support and governance £6,080,625 £1,729,374 £382,051 £8,192,050 £7,745,187 Page 36 of So The Gard'ner Memorial Limited knowwn as More House School Govemors. Rewrt and Accounts for the YeareTrd￿ 31rt August 2021 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF TOTAL EXPENDITURE- 2020 Totsl Staff costs Other Depreciation 2020 Raising funds: Fundraising and development Finance costs 19,602 19,602 96,602 96,602 Charitable Activities= School operating costs.. Teaching Boarding and catering Premises 4,432,668 849,621 139.706 432,262 332,218 327.734 463.497 274,174 4,764,886 1,177,355 377,103 980,306 Support and governance 706,436 £5,854,257 £1,527,161 £377,103 £7,745,187 Support and govemance costs all relate to the direct operating costs of the school and principally comprise the following.. 2021 2020 Administrative staff costs 456,499 10.000 45.152 43,690 714 432,263 Termination Settlement Office runnin9 costs Professional fees 64,393 70,647 3,333 123,8(X) 12.000 Travel Other 132,819 18,206 Governance costs £707,080 £706.436 Expenditure includes.. Auditors remuneration: Audit 12,360 35,543 12,000 33,159 Operating lease payments- plant machinery and minibuses Interest payable on finance leases Page 37 of 50 The Gard'ner Memorial Limited kTrown 45 More House School Governors, Report and Accounts forthe year ended 31"August 2021 NOTE5 TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 STAFF COSTS: 2021 2020 Salaries and wages Social security costs Pension contributions 4,893,150 478,189 699.514 4,750,942 448,517 645,883 8,915 Apprentice Le￿Y Termination Settlement 9.772 10,000 £6.090,625 £5,584.257 The average number of employees during the year was made up as follows.. 2021 2020 Teaching Other 118 120 55 53 173 173 The number of staff on a full time equivalent basis was as follows: Teaching- full-time Teaching - part-time 72 79 27 23 99 102 Other- full-time 27 31 Other- part-time 16 13 43 Total full-time equivalent employees 142 146 The School paid for four governors to obtain training and to attend forum meetings amounting to £4,266 (2020 the school paid for one governor to attend training courses amounting to £765}. Page 38 of 50 The Gard'ner Memorial Limited kn¢Jwn as More House School Governors, Report and Accounts for the yearended 31. August 2021 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 The company is a registered charity and therefore not liable to taxation on its tharitable income or capital gains. During the year there were four higher paid employees earning between £60,000-£70,000; one between £80,000 £90,000,. and one be￿een £100,000-£110.000 12020.. one between £90,000-£100,000 and one between £150,000-£160,0001. The school made employer's pension contributions of £71,365 12020.. £37,319) on behalf of the higher paid employees. Staff benefit5 paid to key management personnel amounted to £614,97412020 - £543,435). FIXED ASSETS Freehold Freehold Furniture & Motor Land Buildings Equipment Vehicles Totsl COST As at 1 September 2020 Additions Disposals 1.321,036 15,066,510 73,578 972,993 326,476 83.023 17,443,562 400,054 119,9701 119,9701 As at 31 August 2021 1.321,036 15,140,088 1,299,469 63,053 17,823,646 DEPRECIATION As at 1 September 2020 Charge for year Disposals 3,251,663 303,313 843,132 91,589 78,723 487 4,173,518 395.389 {19.970) 119,9701 As at 31 August 2021 3,554,976 934,721 59,240 4,548,937 NET BOOK VALUE At 31 August 2021 £1,321,036 £11,585,112 £364.748 £3,873 £13,274,709 At 31 August 2020 £1,321,036 £11,814,847 £129,861 £4,300 £13,270,044 The net book value of assets held under finance lease and hire purchase agreements at 31 August 2021 was £13,33212020'. £26,333). These assets are all operational. Page 39 of 50 The fjard'ner Memorial Limited known as More House School Governors. Report and Accounts forthe year ended 31"August 2021 NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2021 DEBTORS 2021 2020 Fee debtors 23,104 21.698 22,378 50,296 3,476 Sundry debtors Prepayments 31,499 £76,301 £76,150 OTHER CREDITORS: amounts falling due within one year 2021 2020 Trade creditors 130,451 118,157 87,519 111,603 Social security and other taxes Other credilors 171,547 26,985 309,528 17,537 Accruals Bank loan (see note 9 below} Obligations under finance leases (see below) 122.830 13,332 118,275 13,333 £583,302 £657,795 CREDITORS: amounts falling due after one year 2021 2020 Bank loan (see note 9 below) Obligations under finance leases 1.706,876 1,832,467 13,333 £1,706,876 £1,845,800 Page 40 of 50 The Gard'ner Memorial Limbted known as More House School Govemors, Report and Accounts forthe year ended 31$1 Au9USt 2021 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 BANK LOANS 2021 2020 Bank loans are payable as follows.. Within one year Within one to tr40 years Be￿een Iwo and five years After five years 122,830 118,275 121,965 543,668 1,166.829 127,643 593.635 985,598 £1,829,706 £1,950,737 The above loan consist5 of two elements - a fixed rate part at an interest rate of 4.15% and a variable part at 2.75% above base rate. The initial agreement runs until 2023 when it is expected to be renewed. The loans are secured on the school's assets. 10. FINANCE LEASES 2021 2020 The total future minimum lease payments were as follows.. Due within one year Obligations under finance leases 13.333 13,333 13,334 £13.333 £26,667 11. MEMBERS GUARANTEE The Gard'ner Memorial Limited is a company limited by guarantee. There is therefore no share capital. At 31 ALtrgust 2027 there were nine members of the company, who were also the Governors. Each member guarantees to contribute 5p in the event of the company being wound up. Page 41 of 50 The Gard'ner Memorial Lirnited known as More House School Governors, Report and Accounts forthe ye8r ended 31"Augu5t 2021 NOTES TO THE ACCOUNTS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2021 12. MOVEMENT Balance at Balance at IN FUNDS- 2021 1 September 2020 31 August 2021 Income Expenditure Transfers Unrestricted General Fund 1,901,592 11,319,302 8,966,193 18,190,485) 1125.7011 125,701 1551,599 11,445,003 Designated Fund Restrirted Appeal Fund Facilities Fund 1000 2,000 5,850 11.5651 4,285 £13,222,894 £8,972,043 £18,192,050) £14,002,887 Facilities Fund consists of various donations towards various school facilities. The balance will be spent in 2021122. Donations and other income relating to the School Appeal were added to the restricted fund and used to mark the 75th Anniversary of the School by raising funds for a new knbrary and Media Centre. Any unspent income from the Appeal remains as restricted funds to be used in subsequent years. The designated fund represents amounts tied up in fixed assets less mortgage loans in respect of those assets. MOVEMENT Balance at Balance at IN FUNDS- 2020 1 September 2019 31 August 2020 Income Expenditure Transfers Unrestricted General Fund 2,295.812 10,155,236 8,515,033 (7,745,18n (1.164,0661 1,164,066 1,901,592 11,319.302 Designated Fund Restricted Appeal Fund 2,C(JO 2,000 £12,453,048 £8.515,033 £17,745,187) £13,222,894 Page 42 of50 The Gard'ner Memorial Llmked known as More House School GO￿rnOr$, Report and Accounis fort￿ year ended 31 August 2021 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 13. ANALYSIS OF NET ASSETS BEfwEEN FUNDS- 2021 Fixed Net Current Long Term Liabilities Assets Assets Total Unrestricted 13,274,709 2,428,769 6,285 11,706,876) 13,996,602 Restricted 6,285 £13,274,709 £2,435,054 £11,706,876) £14,002,887 ANALYSIS OF NET ASS￿5 BETWEEN FUNDS-2020 Fixed Net Current Long Term Liabilities Asset5 Assets Total Unrestrirted 73,270,044 1,796,650 2,000 {1,845,800) 13,220,894 2,000 Restrirted £13,270,044 £1,798,650 £(1,845,8001 £13,222,894 14. CAPITAL COMMITMENTS 2021 2020 Commitments for future capital expenditure not provided for in these accounts are.. Authorised and contracted for 1,754,085 20,016 Page 43 of 50 The Gard'ner Memorial Limi*d known as More House School GOVer￿)r5, Report and Accounts for the year ended 31. August 2021 NOTES TO THE ACCOUNTS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2021 15. PENSION COMMITMENTS Fietirement benefits to employees of the School are provided through pension schemes, one defined benefit and one defined contrib%Jtion. The pension costs charged in the Statement of Financial Activities are determined as follows.. The School participates in the Teachers. Pension Scheme (England and Wales) 1.the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £518,457 12020.. £517.1181 and at the year-end £66,836 12020 £59,517) was owing in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teacher5, Pension Scheme Regulations 2014 (as amended). Member5 contribute on a "pay as you go. basls Wlth contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefit5 are paid by public funds provided by Parliament. The employer contribution rate is set by the Se(retsry of State following scheme valuations undertaken by the Government Artuary's Department. The most recent artuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report. which was published in March 2020, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2020. Employers are also required to pay a scheme administration le￿Y of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance wth the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2020. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case.. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pension5. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transltional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or Page 44 of SO The Gard'ner Memorial Limited kn¢)wn as More House Seh<*)I Governor5, Report and Accounts for the year ended 31. August 2021 NOTE5 TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 15. PENSION COMMITMENTS Icontinued) refom)ed scheme benefits in respect of their setvice during the period between 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subjectto a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thi5 Cost cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses. In view of the above rulings and decisions the assurrtptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future change5 to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. Other staff are enrolled into the School's defined contribution scheme to which the School contributes 6% of gross salary. There were contributions of £14,09312020 - £11,986) outstsnding at the year-end. 16. OPERATING LEASE COMMITMENTS 2021 2020 At the year-end the school had future minimum lease payments under non-cancellable operating leases as follows.. Within l year Between 2 - 5 years 38,609 111,800 £131,993 £131,993 £150,409 £131,993 Page 45 of 50 The Gard'ner Memorial Limiied knDwn a5 More House School Governors. Report and Accounts forthe year ended 31"Au9USt 2021 NOTES TO THE ACCOUNTS {Continued) FOR THE YEAR ENDED 31 AUGUST 2021 17. RELATED PARTY TRANSACTIONS One Related Paty Transaction took place in 2020-21. Goods to the value of £1,637 were purchased from Robert Hammond, husband of Ruth Hammond who is a memberofthe charitys Core Leadership Group. At the year-end £175 was owed to Robert Hammond. There were no other related paty transactions in either the current or prior year. 18. RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Net income for the reporting period las per the ststement of financial activities) Depreciation Profit on disposal of fixed assets Interest receivable 779,993 395,389 11,1741 14081 11511 (203,9841 769.846 377,103 18,4181 155,6881 552,251 Ilncreasel in debtors IDecreasel/lncrease in creditors Net cash provided by operating activities £969,665 £1.635,094 19. CONTROL The school is controlled by the Board of Governors as disclosed in the Reference and AdministratNe Information on page 1. 20. SUBSIDIARY COMPANIES The More House Foundation is a connected entity that Is headed up by Mr 8arry Huggett OBE, the former Headmaster of More House School. B Huggett has overall control of the Foundation which operates separately to the School. although promoting the setvices of the School but offering in its own capacity educational consultancy services. These seryices are delivered by B Huggett and others with specialist knowledge from their working experiences and qualification5. Separate accounts are collated by the Foundation. Page 46 of 50 The Gard'ner Mernorial Limited known as More House School Governor5. Report and Accounts for thÈ year ended 31rt August 2021 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMENT OF FINANCIAL ACTIVITIES - 2020 Unrestricted Restricted Total Funds Funds 2020 INCOME FROM.. Charitable activities: School fees receivable 8,195,514 297,111 8,418 8,195,514 297,111 8.418 Other school income Investments- interest Voluntary source& Appeal and other donations 13,990 13,990 8,515,033 8.515.033 EXPENDITURE ON: Raising fund5: Fundraising and development Finance and other costs 19,602 19,602 96,602 96,602 116.204 116,204 Charitable Expenditure. School operating costs Teaching costs Boarding and catering Premises 4.764,886 1,190,689 966,972 706,436 4,764,886 1,190,689 966.972 706.436 Support and governance costs Total expenditure 7,745,187 7.745.787 Net Income/net movement in funds 769,846 769,846 RECONCILIATION OF FUNDS Total funds brought foward 12,451,048 2,000 12,453,048 Total funds carried forward £13,220,894 £2,OC() £13,222,894 Page 47 of 50 The Gaid'ner Mernorial Limsted krw)wn as More House School fjovemors, Report and Accounts forthe year ended 31s¢August 2021 DETAILED ANALYS15 OF INCOME FOR THE YEAR ENDED 31 AUGusf 2021 2021 2020 FEES RECEIVABLE Gross fees 9,657,235 8.691,057 Less bursaries, grants and allowances 1913,5101 1495,5431 8,743,725 8,195,514 Extras receivable and other educational income 58,700 31,901 8,802,425 8.227,415 BANK AND OTHER INTEREST 408 8,418 8,802,833 8,235,833 DONATIONS 14,586 13,990 OTHER INCOME Registration fees Other school income 22,500 132,124 17,500 247,710 154,624 265,210 TOTAL OPERATING INCOME 8,972,043 8,515.033 APPEAL FUND Donations received TOTAL RESTRICTED INCOME TOTAL INCOME 8,972,043 £8,515,033 Page 48 of SO The Gard'ner Memorial Limited known as More House School Governors. Report and Accounts for the yearended 31*t August 2021 D￿AlLED ANALYS15 OF EXPENDITURE FOR THE YEAR ENDED 31 AUGUST 2021 CHARITABLE EXPENDITURE 2021 2020 TEACHING COSTS Teaching staff salaries Cost of extras 4,564,809 4,432,668 62,989 24,943 244.286 66,539 Courses 46,590 267,558 Teaching materials 4,945,496 4,764,886 BOARDING AND CATERING Catering staff salaries Catering costs Cleaning staff salaries Cleaning costs Laundry- staff salaries Laundry- other Care staff salaries 188,841 359,461 282,916 29,968 21,544 187,444 289,575 237,667 31,298 19,776 6,862 404,733 7,204 409,288 1,299,222 1,177,355 PREMISES Insurance 47,836 36,241 34,045 106,836 139,706 24.923 241,927 19.525 Rates and water 43,811 1 $4,769 156,728 35,631 274,778 28,343 382,051 ght and heat Maintenance staff salaries Garden and grounds Repairs and maintenance Trade refuse Depreciation 377,103 1,123,947 980,306 Page 49 of 50 The fjèrd'ner Memorial Limited known as More Wouse School Governors. Report and Accounts forthe year ended 31$1 August 2021 DETAILED ANALY515 OF EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 OTHER SUPPORT COSTS Staff salaries 456,499 23,385 714 432,262 26,189 3,333 Stsff recruitment Staff travel Printing, postage and stationery Telephone Motor 9,334 35,818 30,033 59,086 24,632 39,767 38,856 45,940 Sundry costs Subscriptions and donations H M Discretionary Professional and other costs l inc £1 Ok termination settlement) 16,188 4,127 53.690 11,257 1,557 70,647 688,874 694,436 GOVERNANCE COSTS Audit and accountancy linc £4.286 Gov costs) 18,206 12,000 PUBLICITY AND FUNDRAISING Promotion 19,635 19,602 FINANCE COSTS Bank charges and interest payable Hire purchase charges {is actually all loan & mort interest) Bad debts 9,383 70,419 6.670 79.880 16.868 10,052 96,670 96,602 TOTAL EXPENDrruRE 8,191050 7,745,187 TOTAL INCOME 8,972,043 8,515.033 SURPLUS FOR YEAR £779.993 £769,846 Page 50 of 50