Company Number." 678565 Charity Number: 312069 MICKLEFIELD SCHOOL (REIGATE) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 MICKLEFIELD SCHOOL (REIGATE) UMITED ANNUAL REpoKf AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGU5[ 2021 Table of Contents Reference and Administratnie Details of the Company. its Governors and Advisor5 Governors, Report Governors, Responsibility Statement Independent Auditor's Report Statement of Financial Activities Balance Sheet ststement of Cashflow Notes of the Finantlal Statements 3-12 13 14-17 18 19 20 21-33 Annual Report arhd Financial Statements 2021 Page I MICKLEFIELD SCHOOL (REIGATE) LIMITED REVIEW OF THE YEAR FOR THE YEAR ENDED 31ST AUGUST 2021 Reference and Administrative Details of the Company. its Governors and Advisors Dlrertors gnd Governors Yhp dirortors of the cornpany. who are also Governors of the School and Charity Trustees. who served during the year were- Mrj D Anijerson MA, FIA Mrs E C Bates BA (Honsl, PGCE, FRG5- appointed 2 November 2021 MTS C M Caitmell LLB IHonsl Mr J D Emmerton 8Sc (Honsl Ms E L Gabe BA IHon51, ACA Mr5 F Gent BSC (Honsl, ACA (Vice Chalrl Mrs J M Hamilton LL8 (Honsl. LLM Ichairl. DL Dr B C Hutt CEng, FIET, FIMechE, FCIBSE. Mln5tRE. FRSA- retlred I" December 2020 Mrs S No￿lI1e BA, QTS, NPQH M¥ J Rotheram Bsc IHons1 Mrs M E Stansfield DipEd- retired ￿ December 2021 Mrs R A Sturt 8A. MEng, PGCE Company Reqistered Number 678565 Chorlty Reglrtered Number 312069 Reqtstered office undprlncipaloddress Micklefield School IU Somers Road Reigate Surrey RH2 9DU Keyexecutlves Headmaster.. M¥ R M Ardé BA, NPQH Bursor/Secretory'. Mr T A Khan BA (Honsl, MSC, ACCA Btsnkers.. Barclays Bank PLC, 90192 High Stree( Crawley, West Sussex, RHIO IBP Audltotty.. Kreston Reeves LLP, Springfield House, Sprin8field Road, Horsham, West Sussex, RH12 2RG sol1dto￿.' Moore Barlow LLP, The Oriel, Sydenham Rtsad, Guildford, Surrey, GUI 35R Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow Quay, Brlstol BSI 4QA Insuran￿ Brokers.. Hettle Andrew5 & As£ocialed Ltd. Eleven Brindley Place, 2 Brunswick square. 8lrmingh3m Bl 2LP Annual Reporc and Financial Statetnents 2021 Page 2 MICKLEFIELD SCHOOL (REIGATE) UMITED REVIEW OF THE YEAR IContinued} FOR THE YEAR ENDED 315Y AUGUST 2021 Govemors, Report Welcome by the Chalr of the Council of Governors The past 12 rnonths weie busy Ot Miiklefield School. All children enjoyed a varied, 5tirnulatiri8 and interactive programme of les50n5 and extracurricular actThiities throughout the year despite another national school closure in the SprinE Term 2Q21 due to the COVID-19 pandemic. A new Head of Nursery joined the Sch¢)ol in the Spring and the bursary saw the arrival of a new Bursar over the Summer months. It was such B plea5Lire to welcome all the pupi15 and staff safely back into school last September. Everytsne had rnlssed the routine and fun of a normal school day. Children and adults a15ke very much enloye¢J 5eelngthelr fmends and colleaEue5 again. Unfortunately, the Spring Tenm required a return to remote learning, but Micklefield School was fully prepared wilh its updated online leaming programme. The 5UPPOrt of the parents was very much appreciated and the feedback which the School Teceived was incredibly p051tive. In AprFI, the School's Belton House Nursery became an all-year-round nursery opening its doors for 48 weeks of the year for boys and 8irls from the age of 2 years and 9 months. The children enjoy the benefit of specialist teachers, a school-ready curritulum. and extensive otstdoor faulilies. Many new familles have joined the Nursery over the past few months. A highly anticipated ￿efit was the annual play by the Year 5 and 6 pupils. which was performed In The Harlequin Theatrè in riedhlll this year. It was a joy to See everyone singing arld acting with such enthusiasm anil confidence in The Adventures of ts Comic Book Artis¥'. No one would have guessed that the chlldTen Mad only been able to rehearse as one large 8Toup on the momlng of the performancel The fact that Micklefield School is committed to deliver an excollent all-round education for its pupbls Is demonstrated by the Year 6 pupils su¢¢essfully going ¢)n to join highty regarded local selective senior schools. This Year, Micklefield School's Year 6 children were offered a total of 30 academic, sport, music. or art scholarships between them. The current economic and politlcal uncertalnties affectlng the UK and the wider Wofld equally affect the independent schools, sector. The Governors continually assess the possible impact of these uncertaintles on Micklefield School. We remain cornmitted to ensurin6 that Micklefield School continuès to be flnancially resilient to enable it to provide its pupils with a stimulatin& carin& and challenging educatiDnal environment whilst retaining Ihe School's family ethos and atmosphe￿. Mrs J M Hamllt*>n Annual Report and Financial Statements 2021 Page 3 MICKLEFIELD SCHOOL {REIGATEI LIMITED REVIEW OF THE YEAR (Continued) FOR THE YEAR ENDED 31WAUGUST 2021 Governors, Report The Governors of AAi£klefield School are the ¢harlty trustees and the dirertors of the charitable company. Thè members of the governin8 body who served in office as Governors durin8 thè period. and up to the date of thÈg report, togetherwith the committee5 on which they si( are as follows.. Estates and Health & Finance & General Purposes Educatlon & Staffing Governor Name Mrj D Anderson MA, FIA Mrs E C Bates BA (Honsl, PGCE. FRGS Mrs C M Cartmell LLB (Honsl Mr J D Emmerton Bsc IHonsl Ms E L Gabe BA IHonsl, AIA Mrs F Gent Bsc IHonsl, ACA (Vice Chairl Mrs l M Hamilton LLB IHonsl, LLM, DL (Chairl t Mrs S Norville BA, QTS, NPQH Mr J Rotheram Bsc (Honsl Mrs M E Stansfield Di Ed Mrs R A Sturt BA, MEn& P6CE Chair of the Finance & General Purposes Comrnittee t Chair of the Education & Staffing Committee Chair of the Estates and Health & Safety Committee Thepurpose of thls report We, the Council of Governors. present our annual report for the year ended 31" August 2021 under the Companies Art 2006 and the tharities Att 2011, together with the audited Financial Statement5 for the year, and confirm that the latter complles with the rÈqu¥rements of the Companie5 Act 2006. the School's Arb"cles of Association and the Accountine and ReportinA bv Charities: Staternent of Recommended Practice applicable to charities preparingthelr accounts in acco¥dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. The School is a charitable ¢ompany and therefore this report is also thè Trustees. Report and the Dirertor%' Report. Since the charity qu8lrfiès as small under Section 382 of the Companies Act 20t16. the Strategic Report required of medium and largè companies under the Companles Act 2006 Istrategic Report arsd Directors, Report) Regulations 2013 has been omitted. Refvtsnte andodmlnlstrotlve Infvmiotlon EstabliEhpd in 1910. Mtcklefield School IRei8atel Limited (thè Schooll was incorporated on 21" December 1960. company number 678565. In 1966 the School became a Charirable Trust, reEistered number 312069, controlled by a voluntaryCoun¢il.The School does not have a share capitsl and the liabilityof the membeis is limited byguarantee. Objerts undpn'n¢ipolortlvlties The main object of the School, sn aceord2rsce with its Memorandum of Association, Ig to carry csn and develop Mi¢klefSeld School and to advance the education of it5 pupils. The principal actiwty continue5 to be the operation as 3n independent day school at the premises in Somers Rgad. Reigate, foT boys and girls from the age of 2 years and 9 month4 UP to 11 years. The School meèts Its maln object by ensurin8 that its pupil¥ 3Ye educated to x fir. and to future-proof the school from further likely increase5. The decision wa5 made to leave the TPS folfowbng a robust and transpareTrt consultaLion process. whlch offered the teaching st3ff the opportunity to join the Aviva Pension Trust for Independent Schools IAPTISI, an alternatlve defined contribution scheme. with éfféct from I S+ptÈmber 2020. Thp Cjavernors set the default pension contribution to the legal minimum of 8% of base salary14% employ￿ and 4% employer), and as part of the restructuring and rebalancing ol benefits the staff were ￿Ven a one-off increase in salary of 9.52% in addition to any norrnal annual salary increment. Staff also were given 8ttess to employment benefits such as income protection and death-in-service benefit. I addition. the staff were offered the option c>f salary exchange. Annual Report and Financial Statements 2021 Page 6 MICKLEFIELD SCHOOL (REIGATE) UMITED GOVERNORS. REPORT Icontlnued) FOR THE YEAR ENDED 31-AUGUST 2021 Rlskmunagement The Council Is responslble for overseeing potent131 risks faced by ihe school. The duty of care owed to pupils and staff is recognised, by both the Trustees 2nd the School. and informs t*e systematic approach to risk management policy. The prlnclpal rlsks relato to regulaiory and external fadors- governance. finance: and staffing issues. Reports from the School to Governors contain an assessment of risk and recommendations for artion where neCe￿ary. Whère risk is identifiÈd as medlum to high Govèrnors wlll 3s5ess and evaluate ihe impact and agree action to miti8ate and monitor. Measures in place includes.. A 5trate8ic plan. a business plan and an annual approved budget by the Board of Tnjstees Monthly considerdiions of financial issues Termly meetings of the three committees Annual review of corporate risk register as part of risk management strategy Lon8-teFrn finonii¢il pldlllliTl8 to Ynana8e financ5al Yisk_ R*sks are identified and assessed throughout the year and appropriate controls to deal wlth those risks In a tlmely and adequate manner have been established. The School's risk management policy 15 reviewed regularty. However, it is reco8ni5ed that policies and processes can only provide reasonable. rather than absolute, assurance that major risks have been adequately rnana8ed. The School is strongly committed to safeguarding and promoting the welfare of pupils. The regulatory compllance inspection by the Independent Schools, Inspectorate IISII in May 2018 confirmed that effective thlld protectlon measures are Sn place, while the most recent full ISI inspertlDn report from 2014 described the School's pastoral care provided to pupils as outstartdin8. The School mèets all fegulatory rÈquirement5 for the welfare. health and 5aEety of pupils. The School has plans and measu￿5 in place for unexpected event5 and rehearses management response to Some of these at Te8ular intervals. Similarly, the School has suitable insurance cover and qualified personnel its Senior mana8eThent and bursary whose expertise are utillsed to mana8e these risks effertively. Informatlon on1undrolslngprartl￿s Fundraising artivity has hlstorically been carried out by FOM which operates independently frorn the school. FOM raises money for the school through events and artivities which are voluntary and advertlsed in a ntsn-intrusive manner. The School does not utilise the servlces of any external commercial fundraisers. Given that the majority of donations are from parents of current pupils, either direct or through FOM, and only limited fundraising activity takes place, the schoo5 does not conslder it necessary at this time to subscribe to a fundraising regulator. Annual Repurt and Financial 5tstements 2021 Page 7 MICKLEFIELD SCHOOL IREIGATE) UMITED GOVERNORS, REPORT {Continuedl FOR THE YEAR ENDED 315T AUGUST 2021 Headmasterfs Review of the Year Micklefield School is a happyand flouri5hingtwo-form entryschool, where its pupi15 can enjoy all aspects of leamin8. It fosters the pursuil of high 5tarEdards in all aspects of education, Including behaviour. and encourages success in learnirnR and confidence in every pupil to take his or her place in society. It is my aim that children leave Micklefield School with the integrity and knowledge which they need to engage academically and socially in their subseouent lives, with the potential to be effective contributors and leaders within the community. My motto is. Achievement through hard work, strength through krndness.. The School create5 a family atmosphere. Each child 15 encouraged to develop his or her potential whether acadernic, sporting, muslcal or creative - whilst becominR confident. responsible, and independen* members of the School. We pride ourselve5 on kllowing each of the children individually. creating an environment where trust and security encourage children to thrlve. All teacher5 and staff work vrflth the School's parents to instil respect, tolerance. perseveran￿ and 5elf-dlsdplinè In the chlldren. Actlvth5 qchlevefflents l am very proud of the extenslve and successful work the Micklefield teathers and staff have ¢Jndertaken this past academ1¢ year to ensure that the School contlnued to provide Its exclting and stimulating cuiriculum to all our children in a safe and secure manner, whether we were on slte 01 delivering learnlng remotelv. During lotkdown our pupils were not only taught the core academlc subje(ts, but all thè subjetts that form part of the ntsrmal curriculum offered at Micklefièld. Tho embedded Sthool-speclfic rgmorp Ip.arnlnE platform ensured that there was a balance of live and pre-recorded learning available to support each child and famlty across the Sthool. We also ensured that all our families had the use of a School iP8d where possible. The teachers continued to set, mark, and differentiate work for all pupils. Assemblies, muslc concerts, an cgmpetilions and sports thallenges continued "Dn site" and "virtuallf, and all teachers kept in touch with their classes to ensure th3t our pupils, pastoral needs were betng mot. Our current Year 65 had a very successful year with 58 places beSng offered across a range of independent senior schoo15, which included 30 scholarships. The Senior Sthool entrance exam process W85 challenging because of the many changes that had to take place OWTn8 to the current Coronavirus restrictions. However, throughout the prote￿ we supported our children and families by providing regular upd*e5 and meetings with parents. Once again, the turriculum on offer, the dedi¢ation and subjert knowled6e of OUT Staff and the values instilled in our Fxjpils, supported our thildren in a¢hievinE and presenting themselve5 exceptionally well. On the 8 March we launched our new all-year round niJr5ery, called Belton House Nursery. This wa5 warmly received by our ¢urrent parents and parent5 Wlthin Rei8ate and the surroundin8 areas. Our Belton House Nurserv provides a homely and stimulatin8 environment which allows our chtldrÈn to take their first steps into the world of EduEdLiuii. Oui leam oFqualified staff place great importance on makin8 Children feel secure and valued. enablin8 them to naturally develop and learn throu8h our carefully planned curriculum, exploration, and hand5-on experièncès both during term-time and the holiday. The relationship between parents and the staff who care for their childrÈn is a cruclal one and at Belton House Nursery we place 8reat emphasis on buildin8 strong homelNursÈry linki so that we can work together to achieve rhe best we can for the childTen. Belton House Nursery 15 open all year-round for children frorn 2yrs+ from 7.30am to 6.00pm. We are eligible providers OF the 15 hour and 30-hour Early Years Government Funding and parents can choose between our Term- Time, Term-Time Plus and All-year Round Nllrsery provision. Annual Reportand Finanisal Statements 2021 Page 8 MICKLEFIELD SCHOOL {REIGATE) UMrrED GOVERNORS, REPORT (Contlnuedl FOR THE YEAR ENDED 31-AUGusf 2021 During the Summer term, we successfully launched our new Sd)olarship Stheme for current and prospective children joining the Year 3 cohort. The Scholarship Scheme r)ffered scholarships to children who had a particular talent in eithe¥ Art. Drama, Musi¢ oi Sport. A combination of stren8ths was also considered which lesulted in an All- Rounder Scholarship. ScholarshTrps were awarded on merit, following an assessment. and had a value of up to a 25% reducllon in fees for the duration of Ihe thild's time in the Upper School. During the holldays. many external clubs, such as Playball and ESE Football, use the School's facilitie5. These holidav clubs are open to both Mlcklefleld and non-micklèfield pupils. Academic "The exellent level of achievement is the Suc￿sSfvl fulfilment ol the Scfvools oims to foster the pursuit of high 5tondurds und the encourogement to becomesuccessfvl leornefrs.. Latest1S1 Ir)spe¢tlon At Micklefield School, we provide a stimulating, caring and challenBing environrnent app¥oprl3te for the relevant age group5 that fosters the pursuit of high standards throughout all areas of the currlculum. Pupils are encouraged to become independent learner5 and grow into individuals who will confidently take up 5ele¢tive senior school offer& Our pupils are given opportunities whl¢h will enable them to be¢c¥me effective contributors and responsiljle ¢itizens from an early age. Ksndness and honesty are irnportant values throughout the School. The thildren's Studies are not restricted to the classroom and throughout the School they enjoy many trlps to rnU5eums, gall@rS@s, theatres. and field trips to enrich their learning. Guest speakers, specia15sts and visiting drama groups are also invited to share theSr knowledge and expertise Én School. Mlcklefleld School is proud of Its teacher5 and teaching assistants. all of whom are dedicated to the Suc￿95 of the school and adhere to its values. Classes are limited to 20 pupils at Reception and above, and each class IS taught by a dedtcated cla55 ieacher assisted by a Teaching Assistant. Specialist teachersteach Art and Design Technology, ICT. French, Music, Science, speech and Drama. and Sport. It is evident throughoutthe School that5taff help and 5UPPOrt ch other and everyone one is very mLsch part of a team. Smaller classes enable Us to locus on every individual pupil. Where extra support 15 required, pupils have the support from a full-time Special Educational Needs Coordlnator. Pupils are equipped for entry into a range of senlor schools In the maintained and Independent sertors at the age of eleven. They a￿ prepared for all entrance exam5, Intludlng Common Entrance and scholar5hip5 exim5. Every year, Mickléfield School's puplls ealn placp..E at hlghly-regarded local selertive senior schoo15. sncludinR Reigate Grammarschool. Caterham School, Dunottarschool, Clty of London Freeman5 School. Lingfield Collegeand StJohn's School in Leatherhead. and a slgnificant proportlon of our pupi15 havethe honour of belng awarded academic. sport, music or art scholarships. As mentioneil. our Year 6 children who left In July th15 year were offered 30 5th018fships from senior schools between them. Cvrftulum enrkhmtnt °The pupi15'per50noldevelopmentisexcellentandlsfosteredbythe5choolsPOSltive and5upportiveethos reflecting the Schools value5. Extremety good uttention is potd to sGfeguonSing pupff15 ond to health ond safrty.- Latest Isi Inspectio)n Art and tse51￿ Tethnoloay In Art and Deslgn Technolo>BY w• provide multi-sens()ry Èxperiences to ¥tirntJlAtp the children's creatlvity and ima8ination. The children are enabled to devèlop informed aesthetlc and practical judgements. They learn to work with others in group artivities and to develop their own ideas as individuals while respectlngthe ideas of others. The children are prepared forthe technologies of a rapidly changing world. They a￿ encouraged to thlnk and plan crealjvelythrough problem solving and develop an inquisitive awareness Annual Report and FiTLancial Statements 2021 Page 9 MICKLEFIELD SCHOOL {REIGATE) UMtrED GOVERNOR5, REPORT Icontlnuedl FOR THE YEAR ENDED 315T AUGusf 2021 of how things work, the importance of design and what materials and processes can do. Above all the children learn through exploration. Music - We develop the musical potential of every pupil and providè opportunltles in a variety of musical activttie5. In lessons pupils take part in singln& listenln& musical appreciation and composition. The Director of Mu51C teaches all children from Nursery through to Year 6. Making music and performin8 in groups is a150 encouraEed and we hove choirs. an orchestra, and ensembles. In addition, the opportuniry to learn a wide variety of musical instruments, indudin6 the piano, violin, f ute. drums, marlmba, harp, saxophone, clarinet, guitar, and VOTce, is offered by gur peripatetic teacher5. The pupils ènjoy numerous fomial and Informal performance opportunities, includirk8 a number of external concerts. Speeth 4nd Drama- There is great enthu5iasrn and passlon for Speech and Drama wTrthin Micklefield. There are weekly class assemblies. and the Years 3 & 4 and 5 & 6 are involved in a large musical production each year. Sadly, thls year's Year 3 & 4 play was unable to take pla￿, however we were delighted the Vear 5 & 6 play was able to go ahead atThe Harlequln Theatre. Every pupil is offered the opportunity to take part in weekly Speech and Drama cla55e5 taYBht by our perlpatetlc Speech and Drama teacher. Children are given opportunit￿S to take London Academy of SLieech and Drama ILAMDAI examlnatlons in Communication and Performance and En81ish-Speaking Board IES81 examinatlon5 in Spokell English. AIS Year 6 children are p￿pttred for their senior school entrance examinatlon intervlews In a COUT5e of lessons proylded by the specialist Speeth and Drama teacher. Sport- Sport and Physical Educat¢on play a very important and integral part in Preparatory School life and all our children ttnjtsy a full and varied pro8ramme. A wonderful p13yin8fteld, trim trail, netball courts and outdoor activity area allow the children of all year 8roup5 ample opportunlty for physical development. Children take part in sporting activities everyweekwlththe number of le5sonsand sportsavailable increa5ingas they PiCEress through the Sthool. Partlclpation ss encouraged, and pupils have the opportunity to representthe School in thè numerous fixtures arranged throughout the year. Extra-curricular club5 and artivitiès offer the children further opportunitles. PiJpi15 13kè part bn Cficket, rugby, netb311, rounders. athletics, playball and football. Gymnastics Is ollered dLtfins PE lessons. Weekly swimmin8 le$$on$ take place durin8 the year at a local swimming pool. Inter-hoijse ¢ompetition5 at the annual Sports Day are fiercely contested and are amongst the hi8hlights of the year. The children also Compete against many local schools. We believe that the phy51cal and educational benefits whid) flow from a varied and structured sports pro8Tamffte are Immeasurable. Sport al Micklefield not only promotes physical fitne55 and friendship but it alw encourage5 teamwork. loyalty, persistence, and other chaTarter-l)uildin8 qualrties. This development of the whole chlld is at the heart of our Schoofs ethos. Mkklefield Sthool Councll - We encourage child￿n to take en responslblllty for themsÈlvès and for others within the school community. By joining the School Council, thlldren can experience workin8 together in a democracy to do good for others. This in¢ludes fund ralsln& 5thou)l events and havin8 an input Into the daily lrfe of the school. Extra4urrlcular dubs and actl¥ltTes- A selectlon ot ext¥ans; and Identifying and testingjoumal entries. in particular any manual entries made at the year end for flnanclal statement preparation. A5 Part of an &udit in accordance with ISA% IUKI we exercise professional judgement and maintain profe$5ional s￿pti¢l$rn throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements. whether due to fralsd Of èrror. design and perform audit Pro￿duleS responsive toth05e risk5, and obtsin audit evidence that is sufficient and appropriate to providè a basis for our opinion. The risk of ftot detecting a material mTSStaternent resulting from fraud is higher than for one resultiTr8 from error, as traud rnay involve colluslon. forgery, intentional omlssions, misrepreseniatlons. or the overfide of internal control. Obtain an undergtandlng of inte¥nal control relevant ro the audit In order to design audit pr￿dureS that are appropriate in the circumstances, but not for the purpose of expresslng an opinion on the effectiveness of the charitable company'5 internal control. Evaluate the approprSateness of accountin8 poli¢ies used and the rea50nableness of accounting e5tirnatès and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accountlnB and, based on the audit evidence obtained, whether a material uncertainty exists related to evènts or conditions that may ast s￿nIfICant doubt on the ch8ritable cornpanvs ability to Continue as a going concern. If we condude that rnaterièl uncertainty exists, we are required to draw attention in our auditorfs report to thè related disclosures in the Financial Statements or. if such disc105ures are inadequate, to modify our Opinion. Our condusions are based on the audit evldence obtained up to the dait of our auditorf5 report. However. future events Dr conijitions may cause the chariiable company to cease to continue as a 8Qlll8 concern. Evaluate the overall presentation, structure and cofttent of the Financial Statements, includtng the distlosures, and whether the FinBn¢ièl Statements represent the underlylng trarsactlons and events In a manner that achieves falr presentatlon. Arjnual Report and Financial Ststements 2021 Page 16 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICKLEFIELD SCHOOL {REIGATE) LIMITED (Contlnued) FOR THE YEAR ENDED 31 AUGUST 2021 ST We communicate with those charged wlth governance rogardln& èrnonB Other matters, the planned Stopè and timing of the audit and significant audit findlngs, including any Svdnrficant deficiencies In Internal control that we identify durtng our audit. (tse olourreport Thls report Is made solely to the charitable compan¢s members. 3s a body. in accardance with Chapter 3 of Pari 16 of the Companies Act 2006. Our audit work has been undertakèn go that we mlght stateto the charitable companrfs memberg thoge mattèrs we are requlred to state to them In an audltor's report and for no other purpose. To the fkjllest extent permitted by law, we do noi accept or assume responsibility to anyone other than the chariiable Company and the charitable companvs members as a body, for our audit work, for this report, of for the opinions w@ have formed. ,() Sarah Ediss BSC FCA Isenior Statutory Auditor) For and on behalf of Kreston Reeves LLP Chartered Accountants and Statutory AuditOT Sprin8Field 14ouse Springfield Road Horsham West Sussex RH12 2RG Dated." 9 December 2021 Aniiual Report and Financial Statements 2021 Page 17 MICKLEFIELD SCHOOL IREIGATE) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Includlng Income and Expendlture account) FOR THE YEAR ENDED 31"AUGUST 2021 Unrestricted Resiritted 2021 Funds Funds Total Funds 2020 Notes INCOME FROM: Donatiot)s and legacies 29.179 4,038 33,217 48.032 Charltable activlties.. School fee5 re¢eivable 2.419,990 2,419,990 3.480 11.537 2,371,149 Registration f•@$ Ancillary acttvities 11,537 10,137 Other tradlng actlvStles: Rent5 and lettings 3,530 3,530 2,895 Other Income 1,516 1,516 Investments.. Bank and other interest 206 206 1,897 Total Income 2,469,438 4.038 2,473.476 2,436,690 EXPENDJTURE ON: Raissng funds- School financing costs 7,803 7W3 9,863 Charltable artivitie5.' School operating costs io 2,486.014 5,238 2,491,252 2,523,867 Total expenditure 2,493,817 5,238 ZA99,055 2.533,730 IIEf INCOME 124.3791 11.2001 125.5791 197.0401 Reconciliatlon of funds: Fund balances at I September 2020 3,409,596 7,300 3,416,896 3,513,936 FUND BALANCES at 31° August 202L 3,385,217 6.100 3.391.317 3,416.896 There ale no other reco8nised Bains and losses othÉ¥ than the net income for the year. All operation5 and activities are continuin8. The nvtes on pages 21 to 33 form part of these Finartclal Statements. Annual Report and FinaTrLial Statements 2021 Page 18 MICKLEFIELD SCHOOL (REIGATE) LIMrrED BALANCE SHEEr AS AT 31ST AUGUST 2021 Company Number: 678565 Notes 2021 2020 FIXED ASSETS Tangible assets li 3,857,919 3,943,568 CURRENT ASSETS Debtor5 12 72,043 43,735 Cash at bank and in hand 249.330 187.320 321,373 231,055 CREDITORS: due within one yèar: 443,171 468,450 Net ¢urrent Ilabilities 1121,7981 1237,3951 Total assets less current liabilFties 3,736,121 3,706,173 CREDITORS.. due after more than one year.. sank loan Net Obli8aiions under finance lease and hire purchase contracts Fee5 in Advance 14 1255,6821 {224.0771 11,8681 124,2541 I63,0￿} Deposits 165,2001 TOTAL NÉT ASSErs 3391.317 3A16.896 FUNDS UnrEsiriciefl desi8nated & 8eneral reserves Restricted funds 17 3,385,217 3,4CB,596 6,ICX) 7,300 TOTAI CHARITY FUNDS 3?9L.317 3A16A96 Signed on behalf of the Council of Governors rsjm ami Chalr of Governo Approved by the Council of Governors on 7th December 2021. The notes on pa8es 21 to 33 forrn part of these Financial Staloments. Annual Report and Fin3nci31 Statements 2021 Page 19 MICKLEFIELD SCHOOL {REIGATE) UMrrED STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 315Y AUGUST 2021 2021 2020 Rècondllatlon ol net Sncome forthe vear to net cash fiow from operatlng aCti￿tiO$ Net income for the year 125,5791 197,0391 Adjustments for: Depreciation Bank Interest receivable Bank interest patd Ilncrea5elldecreèse in debtors IDecreasel/lnuease in credttor5 88.527 12061 7,803 128,3081 104,483 Ig4.387 11.8971 9,862 3,575 15.3081 172,299 190.619 Net cash Ilowfn>m operalln8 actlvhles 146,720 93,580 Cash flow from Inve5tlng actTvStles Interest income received Purchase of fix&J assets 206 L897 12,8791 N•t eash low from Investlng artlvltles 12.6721 1.897 Cash Ilowfrom flnandng arthAtles Cash inflows from new borrowing Repayment of loans Repayments of IIFhance leabes Interest pald 29￿81 199.6341 14,4821 17.8031 175,0561 19,862) Net(ash flow from flnanclng artl¥ltles 182.0371 184.9181 Net in¢rease/ldecreasel in cash and cash equivalents 62,010 10.559 Cash and cash equfvalents at 1° September 187.320 176.761 Cosh and ¢ash equivalents at 3111 Au8USt 249.330 187.320 Annual Report and finan¢ial Ststcm¢nts 2021 Page 20 MICKLEFIELD SCHOOL {REIGATE) LIMrfED NOTES TO THE FINANCIAL STATEMEf+rrs FOR THE YEAR ENDED 31ST AUGUST 2021 ACCOUNTING POLiaES General information and basis of preparatlon Micklefield School (Reigatel Limited is a charitable company. limited by guaT8ntee, tegistered in England and Wales. The address of thè regisiered offlce Is given In the charity information on page 2 0* these Financial Statements. The nature of the charws operations and principal activities are detailed in the GovernoTS' Report. The charity constitutes a public benefit entity a5 deflned by FRS 102. The Yinancial Statements have been prepared in accordance with Accounting and Reportlng by Charities= Statemcnt of Recommended Practice appSicable to charities preparing their accounts in accordance with the Financial Reportin8 Stsndard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Irèland IFRS 1021, the Charities Art 2011, the Companies Act 2￿6 and UK Generally Accepted Practice as it applies frorn lat January 2019. The Financial Statement5 are prepared underthè historical cost convention. The Financial StatÈmÈnts ale prepared in sterling which is the functional currency ol the charity and rounded to the nearest £1. b) Goin8 ¢on¢em HawnR reviewed the fundinR facilities available to the School together with the expected ongoing demand for places and the S¢hool's future projected cash flows. the Governor5 have a reasonable expectation that the School has adequate resour￿5 to Continue its activities for the foreseeable future. Accordingly. they continue to adopt the going concern basis in preparingthe Financial Statements as outlined in the Statement of Governors. responsibilitie& These considerations take into account the impact of COVID-19 and the Trustees have concluded that it is appropriate to continue to adopt the goin8 c0ft￿rn basis in preparing the Financial 5taternents as outlined In the Statement of Trustees, Responsibilities. Theslgniflcant accounting pollcles applled In the preparation of these Financlal Statementsare Set out below. These pollde5 have been conslstently applled to 311 years presented unless otherwise stated. Incom recognltlon All Income is Included In the Statement of Financlal Acts¥itles150FAI when the ¢harity is legally entltled to the income after any performance conditions have been met, the amount can be measured reliably and it is probaljle that the income wlll be received. For donations to be recognised the charlty will have been notifae(l olthe amoL¢nts and the settlement datè In writing. If there are conditlons attached to the donation and thls requires a level of perforfnance befo entitlement can be obtained then Incorne Is deferred unrii those condltions are fully rnet or the fulfilment of those condrtions is within the control of the charity and St Is probable that they will be fulfilled. Income from charttable a¢tivltie& inclL¢des school fees recelvable. Teglstratlon fee5 and fee5 from anclllary activities. School fee5 receivableconsist of charges billed for the school year ending 31. August less bursarie5, discouftts and other allowances. Fee5 received for education to be provided in future years are carried f0ry4ard as deferred income. Registration fees are non-refundable fee5 which are recognised once parentsl8uardians have committed for the child to allend the school in the School year ending 31° August. Income from ancillary activitie5 is generated from additional activities such as music exam fee5 and afteT xhool clubs bein6 offered to pupils in the school year endin8 31 Ats8USt. Annual Report and Financial Statements 2021 Pagc 21 MICKLEFIELD SCHOOL IREIGATEI LIMITED NOTES TO THE FINANCIAL STATEMENTS (Contlnuedl FOR THE YEAR ENDED 31ST AUGUST 2021 ACCOUNTING POLICIES ICONT.) Ir¢come from tr3din8 actlvities includes income earned from rents and lettinES to raise fijnds for the chzrty. InccFme is received in exchan8è for rentin8 Out the pavilion and fieldg of the School in order to r3ise funds and is reco8ni5ed when entitlemènt has occurred. Income from Investments includes interest whith is included when the amount can be rneasured rellably. Interest income is rècognised usift8 the effective interest method and dividend and rent income is ￿t0&￿iSed as thè chaiitvs right to rece*ve payment is established. Income from erants received are reco%ni5ed when there is reasonable assyran¢e that the School will complv with the conditions attachSng to the 8ranl and the giant will be received. d) Expendlture recognltion l expenditure 15 accounted for on an accruals basis and ha5 been tlassified under headin85 that aggregate all costs related to the cateRory. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount c*f the obligation can be measured reliably. It 15 cate8ori5ed uftder the following headings.. Costs of raising funds relates soldy to loan interest payable Expendtture on tharitable activitiès includes school operating costs guch as teachinB Costs. welfare costs, premises costs and support costs. Finance and administrative staff costs and other support costs have been dirÉttly char8Èd to th• charitable rnain activlty. The irrÈcoverable element of VAT is included with the item of expense to whlch It relates. Support d Stral8ht Ilne basis. Items costing less than £2.(KX) are written off as an expense as acquiied. Débtors and credltors retÈl¥ablelpayable within one year Debtors and treditors with no stated interest rate and rèceivable or payable within year are recorded at the transaction price. Any losses arlsing from impairment are recognised in expenditure. kl Cash Cash at bank includès cash and short term highly liquid investments from the date of opening of the deposit or simiS¥r ac¢ount. Loans and borrowin8S Loan5 and borrowings are initially recognised at the tr3nsBction price includlng tr3n53Ctlon tosts. Subsequendy, they aTe measured at amortised cogtuslngthe ÈffÈctive Interest fate rnethod. I￿5 impairment. If an arrangement constitutes a finance transartlon It Is measurèd at present value. Annual Report and Fiiiancial Statements 202 I Page 23 MICKLEFIELD SCHOOL IREIGATEI LIMITED NOTES TO THE FINANCIAL sfATEMENTS Icontlnuedl FOR THE YEAR ENDED 31ST AUGUST 2021 Hlre purchase lease5 Asset5 obtained under hire purchase contracts are capltallsed as tanglble fixed assets. Assets acquired by hire purchase are deprecSated over their useful Ilves. Hire purchase leases are those where substantially all of the benents and ilsks of owne¥ship are assumed by the School. Obligations under such agreement5 are included in ueditors net of the flnance charge allotated to futufe periods. The finance element of the repayment is charged to piofit or Ioss so a5 to prgduce a ¢onsiant periodic rate of charge in each period. Funds Unrestricted income funds are general funds that are available for use at the trusiee's dlscretlon tn furthefance of the objectlves of the charity. Restricted funds are those (fonated for use in a partIC￿lar area or for Specific purposes, the use of which is restricted to that area or purpose. Further detalls of each fund are disclosed in note 17. Designated funds comprise unrestrirtÈd funds that have ￿en Set aside by the trustees for particular purposes. The asm and use of each designated fund are Set out in the notes of the Financial Statements. ol Tax The charity is ar¢ exempt charity within the meanin8 of schedule 3 of the Charities Act 2011 and is considered to pass the tetts set tsut in Paragraph I khedule 6 Finance Act 2010 and therefore it meets the definition of 3 tharitable company for UK corporation tax purposes. CRITICAL ACCOUNTING EsllMATES AhlD AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historlcal experience and other facto¥s, includin8 expectations of future events that are believed to be reasonable under the circumstances. Crftkalaccountlng e5tlmates und o$5umptlons.' TheSchool makes estimates and assumptions concerning the future. The resulting accounting estimates 2nd asstJrnptlOn5 will, by definitton, seldorn equal the related artual results. The estimates and a55UmPtions that have a significant risk of causir*g a material adiustmentto the carrying amounis of a55et5 and liabilitie5 Wlthin the next financial year are discussed below.. Under componont accounting the frp@hold buildin&$ 3r0 dividpd Into malor ¢ompono.ntt whi¢h #Te considered to have substantially dTfferent useful live5. Judgement IS Used in allocating property costs between component5 and in detern)in¥n8 the residual value and usel￿1 lives of each component and this lud8ernont may have 3 materlal Impart on the dopwiation chargo. Crftlcalareas oAJudgement.' Deposlts held by the Sehool repJyJble wh￿rt a pupil losvèg tho gthool arè intludÈd in othèr tr￿lit￿rg. J proportion of thetotal deposits are cla%sified as falling due after one year as this reflects the expected timing of their repayment. Annual ReDort and Financial Statements 2021 Pa£e 24 MICKLEFIELD SCHOOL IREIGATEI LIMITED NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 315f AUGUST 2021 JNCOME FROM DONATIONS AND LEGACIES 21 2020 The School's donations and le8acie5 comptised.. Donattons 5,443 27.774 7,064 40.968 rants received 33217 48.032 Included wlthin donatlons and legacies Is restricted Income of £4,03812020.. £3,607) which has been either donated to cover spec*f+ed items of capltal and operatlng expenditure. has been raised to be8lven to specific charities or been used to support a COVID-19 hardship grant. Grants re¢eived represents amounls from the HM Revenue ar￿ Customs 'Job Reiention Schemé. SCHOOL FÉES RÉCEIVABLE 2021 2020 The Sch001'5 fee iActsme comprised: Gross fees Less: bursaries. discounts and other allowances Z.626.688 1206,6981 2.632,549 1261,4001 2,419,990 2.371,149 £54,23512020.' £127,277) of the £2C15,69812020.' £261,4￿} discounts and bursaries given in 2021 relotes to the fee discount Kiven du¢ to tho elosure of the School during the COVID-19 lockdown. The School fee income in¢Jude5 government grant income of £56,420 received from early years funding. GOVEIINORS. REMuf4ERAIION AND EXPENSES During the year, the Governors dFd not receive nor walve any remuner)tton from the school or othèr benefits In thelr capacity as dlrector5 and chaTlty trustees. No expen5e512020' nil) We￿ reimbursed to Governors for attendlng extemal meetlngs and semlnar5. NET INCOME FOR THE YEAR Net Incorne li 5tst¢d oftcr chaiged.. 2021 2020 Depreciatlon of tan8ible fixed assels Operatln8 lease renta15 88.527 IL908 184,387 7,2(Y) See note 11 for the deprec¢atlon breakdown. Annual Report and Financial Statements 2021 Page 25 MICKLEFIELD SCHOOL {REIGATE} LIMITED NOTESTO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 315T AUGUST 2021 STAFF COSTS 2021 2020 Wages and salaries Ernployer'5 Nl costs Pension contriburions 1,462,734 146,814 242,142 1,444,718 147,213 250,813 Wl.690 1.842.744 2021 2020 Average number of monthly employees in the year= Number Number Teaching Academic Support Administration 26 25 12 Matntenbnte and HousekeepinB 49 47 The number of employees who re￿iVed total employee benefits lexclLtding empioyer pensiori costsl of more than £60,0￿ is a5 follows.. 2021 2020 £60,OC4)- £70,000 £?O,OW- £80,CM)O 2021 2020 Pension contributlLln5 made the year 21,127 17,760 REMUNERATION OF KFI MANAGEMENT PERSONNEL 2021 2020 Wages and salaries Employerf5 Nl costs Pension ¢(trntributlons 313,599 34,943 74,197 289,140 33,901 60,053 422,739 383,094 Annual Report aiid Financial Statements 2021 Page 26 MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THEVEAR ENDED 31" AUGUST 2021 INTEREST PAYABLE AND SIMILAR CHARGES 2021 2020 Bank loans and overdrafts 7A12 9,863 10. ExPEN0￿UR£'. ANALYSIS OF TOTAL EXPENDITURE-CURRENT YEAR 2021 rotal 5tsff ¢osts Other Dèp'n Charitable activrftles School operatlng costs.. Teaching Welfare 1,563.765 103.026 143.721 158.800 123,962 6.870 1.673.661 9,622 153,343 68,977 311.339 3,058 352.9D9 Premises 83,562 225,889 Support 1,873.216 529.509 88.527 2.491.252 Ralsln8 funds School financing costs 7,803 7.803 1,873,216 537,312 88,527 2A99,055 EXPENDITURE: ANALYSIS OF TOTAL 8(PEND￿uRE- PRIOR YEAR 2020 Tofal staff costs Other Dep'n Charltable actlvltles School operaiing costs.. Teaching Welfare 1.615.781 79.125 116,066 161,577 135.174 53.133 1.748.039 7.974 124.040 118,507 320,385 4.773 331.40a Premises 40,301 191.456 Support 1,847,538 491,942 184,387 2,523,867 Ralslng funds School ftnancln8 Costs 9,862 9A62 1,847,538 5QI,804 184,387 2.533.729 £5,23912020-£1,9071 ofthe above costs were a*tributsblèto rostrIrt￿ funds.. E2.493.916120?O- F?.531.9221 of the above costs were attributablè to unrestricted funds. Governance costs included within charitable attivities can be analysed below.. 2021 2020 Audltorg remuneration 9,641 9,360 Anniigl Rgporr 2nd Flnxnrial Srxtpmpnl_s 2n21 Page 27 MICKLEFIELD SCHOOL IREIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS (Qjntlnuedl FOR THE YEAR ENDED 31" AUGUST 2021 11. TANGIBLE FIXED ASSET5 Freehold Bulldlr*s and site Improvements Freehold Land Furnlture, Equlpment, F&F and IT Motor vehicles Total Cost At 1° September 2020 Additions 359,500 4,823,331 558,165 2,879 19.920 5,760,916 2,879 At 31" August 2021 359,5Th) 4,823.331 561,044 19,920 5,763,795 Depreciation At I" September 2020 Char8e for the year 1.301,440 65,140 509,6 21,119 6.308 2.269 1,817,349 88,527 At 31° August 2021 1.366.580 530,719 8,577 1,905,876 Net Book Value At 31 Au8Urt 2021 359.500 3,456.751 30,325 11,343 3857,919 At 31" August 2020 359,500 3,521,891 48,565 13,612 3,943.568 Tangible fixed assets with a net book value of £3.456.75112020- £3.521.8911 have been pledged as securities for liabilitie5 of the charlty. During the year the School reviewed its accounting policies for the depreciatic>n of tangible flxed asset5. A5 a result of this review a change has been made to the accounting estirnate5 forthe restdual value of the freehold property and to the estimated useful economic lives IuELsl of Certain assets as set out below. Freehold buildinBs Residual value changed from nil 10 25% UEL of main school building extended to 50 yeais fiom this financial year Motor vehicles UEL Increased from 5 to 6 years IT equipment UEL Increased from 3 to 5 yoars The net impatt of this is that depreciation is approximately £42,OOQ lower than had the previous estlrnates contlnued to be applled. As a result of this 355et5 are £42,4X>CI higher and expenditure Is £42.000 lower. Annu21 Repnrt and Financi31 StatemenLq 2021 Pag& 28 MICKLEFIELD SCHOOL IREIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued} FOR THE YEAR ENDED 31ST AUGUST 2021 12. DEBTORS zo 2020 Trade debtors Prepayrnents. acttued income. and other debtors 10,106 61,937 12,780 30,955 72,043 43,735 13. CREDrroR&. DUE WITHIN ONE YEAR 2021 2020 Trade credTrtors Fees in advance (deferred income) Other taxation and social security Deposits Accma15 25.578 258,0 45,104 35,200 11.179 30.248 33.380 4.482 19,172 273,672 14,(N)O 15,046 990 Other creditor5 Bank loans 145,570 Obligations under finance lease or hire purchase agreement 4143,171 468,450 2021 2020 Doforrod incomo at I gÈptomb@r Resources deferred Sn the year Amounts released f¥orn previous years 273.672 258,000 1273,6721 270,164 273,672 1270,1641 Deferrèd income at 31 August 258,IX 273,672 Annual Report and FSnancial sratements 2021 Page 29 MICKLEFIELD SCHOOL (REIGATE) UMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31"AUGUSt 2021 14. LOANS CRED￿oR 2021 2020 Dve within one year Inote 131 Due in than one year 33,380 255,682 145.570 224,077 289,062 369,647 rivtryear analysls: 2011 2020 Due within onÈ yeaf Due within two to five yeèrs Over fNe years 33.380 143,621 112,061 145,570 224,077 289,lJ62 369,647 £289,062 of the loan credltof15 secured by legal thar8e5 over the fre*hold land and buildings by a debènture in favour of Barclays Bank PLC. After a review in May 2021, new loan teims were agreed on the existlng loan, whlch mean the loan Is repayable over the remaining period to I￿Tre 2029 in equal monthly instalments of eapltal and InterestwhSch 15 ba5etl on a wariable Tate, cuirently 2.90%12020- 2%). 15. PENSION XHEMES Untll 31° August 2020, the School participated in the Teachers, Penslon Scheme (England and Walesl (TPSI for its teachin8 stsff. The TPS is an unfunded muhi-employerijefined benefits pension scheme governed byThe Teachers, Penslon Scheme Regulations 2010 las amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benef are pald by public funds provided by the Government. The employer coniilbuiion iaie 15 Set by the Seueiary gf State tollowjng scneme valuatson5 undertaken by the GovernFnent Attuary's Department. The m05t recent actuarial valuation of the TPS was prepared a5 at 31" March 2016 and thevaluatlon Report, which wa5 published in Mèrth 2019, ctsnfirrned that the employer contribution rate for ihe TPS Would increase from 16.4% 10 23.6% from 1" September 2019. Employets are 3150 requlred to pay a scheme a(Imlnlsrratlon levy of 0.08% glving a totsl employei contribution rate of 23.68%. The 31" March 2016 Valuatton Report was prepafed In actordante wlth the beneflts ser oui In ihe scheme regulatlons and under the approach specified in the Dlrectlons, as they applled 35 at 5 March 2019. However, the assumption5 were considerèd and set by the Departsnent for Education prfor to the rullng In the McCloud/Sorg8ont C35e. Thls tasè has requSred the courts to feconsider the implemèntBtFon of the UK GDveinment's penslon reforms from 2015 to public service penslon schemes. including the Trs. Annual Report and Financial Ststements 2021 Page 30 MICKLEFIELD SCHOOL IREIGATE) LIMITED NOTESTO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 15. PENSION SCHEMES ICONT.) On 27th June 2019 the Supreme Court denied the Government permi55ion to appeal the Court of Appeal's judgment that transitlonal provisions introduced in 2015 to reform public service penslon schernes gave rtse to unlawfyl age di5criminalion. The Government is respectin8 the Court's declslon and has said it will engage ftjlly With the Employment Tribunal as well as ernployer and member representatives to ag¥ee how the discrimlnations will be remedied. A5 at 31" August 2020. the School withdrew from the TPS IEngland and Wales) and joined the Aviva Pension TTUSt for Indepencsent Schools IAPTISI, a defined contrSbution pension scheme. Theschool also runs a defined Contributlon personal pension stheme for those memljers af staff not entltled to join the APTIS scheme. Thè cost for the year represents ihe School's contributions to the scheme and at the year end the outstandln8 contributions due were £23.70612020- £nill. Total Employer Contrlbutlons paid were £242,162 of whi¢h tea¢hing stsff contributions were.. AFrris Scherne withoLrt salary exchange £8,952 APTIS Scheme wlth salary exchange £203.942 Contrlbutions in respect of the company's defined contribution pension scheme are charged lo the Income and expenditure account for the year in which they are payable to the scheme. Differences between contributions payable and contribution5 actualty paid in the vear are shown a5 elther acctuals or propayrnents at the year end. 18. FUNDS,. ANALY515 OF FI￿ASsEr5- current year 2021 Net Current Assetsl Fixed Asset5 LongTerm Liabilities Fund Balance$ Resirlrted Funds Grant5 and don3tiorLs 6,ILKI 6,100 Unrestrkted Fund5: Designated- bursaries Genèral reserve5 66,765 1194.6631 66,765 1344.8041 3318.452 3,857,919 3,857,919 1121,7981 1344,8041 3.391,317 Annual Report and Financiat Statements 2021 Page 31 MICKLEFIELD SCHOOL {REIGATE) UMrrED NOTES TO THE FINANaAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31sfAUGUST 2021 16. FUND5: Af4ALYSIS OF NE[ A55ETS ICONTINUEDI- prfor year 2020 Net Current Fixed Asset5 Long Term Fund Balances Restrlcted Funds Grants and donations 7.30QI 7.300 Unrestrithd Funds.. Designated- bursaries General reserves 58,613 1303,3081 5B,613 3.35D.983 3,943.568 1289,2771 3.943,568 1237,3951 1289.2771 3A16,896 17. FUNDS M0￿mENT- current year I September 2020 Income Expenditure Transfers 31 August 2021 Restrlrted Funds Gran15 and donation5 7,300 4,038 15,2381 6.100 Unr@strlrtÉd Funds: Desi8nated- bursarles General reserves 58,613 166.1041 3,350,983 2,469,438 12,427,713) 74.256 174.2561 66,765 3,318,452 3,416,896 2.473.476 12.499,0551 3,391.317 FUNDS MOVEMENT- prloryear I September 2019 Income Expenditure Transfers 31 August 2020 Restritted Funds Grants and donatlon5 3,607 11.8071 7,300 Unrestrlrted Funds: Desi8nated- bursaries General reserves 55,088 155,0361 3,453.348 2,433,083 12,476,887) S8,561 158.5611 58.613 3,350.983 3.513,936 2,436,690 12,533,730) 3,416,896 Annual Report and Financial Statements 2021 Page 32 MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTESTO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2021 17. FUNDS MOVEMENT ICONTINUEDI Restricted funds partly relate to grants recelved from the 'Friends of Micklefield, that are to be fully utilised in the purchase of speofi¢ resources and equipment. A150 included are donations received by parents, puprls and staff for specific fyndraising ventures where the equal amount received have been paid over to nominated charities. In Spring 2020 a fund was set to Support those pupils and families who were experiencing financial difficultles as a result of the COVID-19 outbreak. All monies donated were used during the year to help svpport affected families. The designated fund ha5 been set aside to use as the Governors deem appropriate with the aim of helping parents with fees outstanding where they are experiencing financial difficulties or to assist with entrance bursaries. Thetransfer in the year is the amount needed to cover anticipated bursarles for the next atsdernlc year. The general reserves comprise of the accumulated resources which may be expended without restrlctFon In furtherance of the charitys objects. 18. OPERATING LEASE COMMITMENTS 2021 2020 Total future minimum lease payrnents under non-cancellable operating leases a￿ as follows: Withln one year 10,166 7,21XJ 19. CONTRAcfs AND COMMITMENTS Yhgre wag no un-actrL¢ed capitsl eX￿ndItUre contracted for as at 31sS Au8Ltst 202112020-. £nlll. 20. ANALYSIS OF CHAf4GES IN NEf DEBT At start Cash flow non cash At end Cash at bank 187.320 62A)IQ 249.330 Loan< l year Finance lease < l year 1140,6781 14,8921 99,634 4,482 7,664 {33,3801 14.0721 14A821 Debt < i year 1145,5701 104.116 3,592 {37A62} Loan> l year Finance lease > l year 1218.1371 129,8811 17,6641 1255,6821 15,9401 4,072 11.8681 Debt > l yèar 1224,077) 129,8811 115921 (257.5501 Total 11813271 136,245 146,0821 21. RELATED PARTY TRANsAcfioNS There are no related party tran56Ctlons dtsririx ihe perlod12020.' £ nlll- Annual Report and Fin3ncial Statements 2021 Page 33