MICKLEFIELD SCHOOL (REIGATE) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Company Number: 00678565 Charity Number: 312069 Illllllllll ADINU9N6 2411212024 COMPANIES HOUSE A66
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MICKLEFIELD SCHOOL (REIGATE) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Page Reference and Administrative Information Governors, Report Independent Auditors. Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Financial Statements 10-12 13 14 15 16-26
MICKLEFIELD SCHOOL (REIGATE) LIMITED REFERENCE AND ADMINISTRATIVE INFORPv1ATION Trustees and Governors Mrs J M Hamilton LLB (Hons), LLM, DL (Chair) Mrs F Gent Bsc (Hons), ACA (Vice Chair) (resigned 28 Jun@ 2024) Mr J D Anderson MA, FIA Mrs E C Bates BA {Hons), PGCE, FRGS (resigned 28 June 2024) Ms E L Gabe BA (Hons). ACA (resigned 28 June 2024) Mrs E L Mee BA (Hons) (resigned 28 June 2024) Mrs S Norville BA, QTS, NPQH (resigned 28 June 2024) Mr R J M O'Hara MA, RICS (resigned 28 June 2024) Mr J Rotheram Bsc (Hons) (resigned 28 June 2024) Mrs R A Sturt BA. MEng, PGCE Company registered number 00678565 Charity reglstered nurnber 312069 Registsred office 10 Somers Road Reigate Surrey RH2 9DU Company Secretary Mrs L A Butterworth Headmastsr Mr R M Ardé BA, NPQH Independent auditors Jacob Cavenagh & Ske8t 5 Robin Hood Lane Sutton Surrey SM1 2SW Bankers Barclays Bank PIC 10-12 The Martletts Crawley West Sussex RH10 1ES Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU13SR Insurance brokers Hettle Andrews & Associated Ltd 11 Brindley Place, 2 Brunswick Square Birmingham B1 1LP Page 1
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS The Board of Governors presents its annual report for the year ended 31 August 2024, in accordance with the Companies Act 2006 and the Charities Act 2011, tog8therwith the audited financial statements forthe year, and confirms that the latter comply with the requirements of the Companies Act 2006, the Charities Act 2011, the Company's Memorandum and Articles of Association, the Charity's governing document and the Charities Statement of Recommended Practice (SORP (FRS 102)) and Financial Reporting Standard 102. Welcome by the Chalr of the Councll of Governor8 The year 2024 saw Micklefield School entering into a new era. On 28 June, Micklefield School joined the Reigate Grammar School Group. The Governors felt that this merger would be in the School's best future interests and would bring with it numerous long-term benefits. To date, Micklefield has been a successful and financially secure independent prep school. The rich and wide range of curriculum opportunities and the outstanding outcomes for each and every pupil have ensured a thriving school for many years. The Governors wanted this to continue for the long term, and to support this, the Governors considered that now was the time to strengthen the School's Position in the local community. Reigate Grammar School (RGS) is an excellent local senior school, which is nationally well-regarded and has received School of the Year awards in a number of categories in recent years. The RGS family of schools consists of RGS, Reigate St Mary's Preparatory and Choir School {RSM), Chinthurst School in Tadworth, and a network of schools internationally. Micklefield School and each of the schools in the RGS family ofschools were considered "Excellenf, in their ISI inspections in 2023, It was thought that the schools were a very good fit in terms of ethos, achievement, ambition and purpose. All are local schools seeking to educate children in and around Reigata. The schools share the same values and subscribe to the view that education is so much more than academic achievement alone. The pupils. lives are full of sport, music, drama, and a host of other activities that stretch and inspire them. Micklefield and each school in the RGS group seek to educate the whole child and aims to set them on a path to fulfilled lives establishlng a life-long love for learning. Micklefield School and RGS have worked closely together for many years. The merger has put this co-operation on a more formal footing, creating a strong family of local schools as 8qual p8rtners. The partnership 18 underpinned by a mutual understanding and agreement that Micklefield School will continue lo thrive as 8 distinctive preparatory school in Reigate for many years to come, whilst receiving all the advanlages of being part of a successful group of local independent schools. Micklefield School as part ofthe RGS GroLlP continlies to operate with a material degree of independence and - in particular- continues to prepare children fora variety of local senior schools, ensuring that all children progress to the sanior school that is right for them. This has always been the ethos of Micklefield School, and it is intended that this will continue long into the future. The merger was completed on 28 June 2024 when all the assets and liabilities of Micklefield School {Reigate) Llmited were transferred to Reigate Grammar School. Consequently, from this date, the School's financial statements will be consolidated within the Financial Statements for Reigate Grammar School, which renders these Financial Statements the final set of Micklefield School's stand-alone accounts. It has been an honour and a pleasure to govern Micklefield School over the years and the Governors wish the School every continued success in the future. Mrs J M Hamilton Page 2
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) Governors. Report The Governors of Micklefield School are the Charity trustees and the directors of the charitable company. The members of the governing body who served in office as Governors during the period, and up to the date of this report, together with the committees they sit on, are as follows.. Governor Name Estates Educatlon Finance & and & Staffing General Health & Purposes Safety Mr J D Anderson MA, FIA Mrs E C Bates BA (Hons), PGCE, FRGS (resigned 28 June 2024) Ms E L Gabe BA {Hons), ACA (resigned 28 June 2024) Mts F Gent Bsc {Hons), ACA (Vice Chair) (resigned 28 June 2024) Mrs J M Hamilton LLM, DL (Chair) Mrs E Mee BA (Hons) + Mrs S Norvi118 BA, QTS, NPQH A Mr R O'Hara MA, RICS Mr J Rotheram Bsc {Hons) Mrs R A Sturt BA, MEng, PGCE (resigned 28 June 2024) (resigned 28 June 2024) (resigned 28 June 2024) (resigned 28 June 2024) Chair of the Finance & General Purposes Committee + Chair of the Education & Staffing Committee A Chair of the Estates and Health & Safety Committee The purpose of thls report We, the Council of Governors, present our annual report for the year ended 31 August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited Financial Statements for the year, and confirm that the latter complies with the requirements of the Companies Act 2006, the School's Artlcles of Association and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire18nd. The School Is 8 charitable comp8ny and therefore this report is also the Trustees, Report and the Directors, Report. Reference and admlnistratlve information Established in 1910, Micklefield School (Reigate) Limited (the School) was incorporated on 21 December 1960, company number 678565. In 1966 the School became a Charitable Trust, registered number 312069, controlled by a voluntary Council. The School does not have a share capital and the liability of the members is limited by guarantee. stralegies for achleving objectives The main object of the School, in accordance with its Memorandum of Association, is to carry on and develop Micklefield School and to advance the education of its puplls. The principal activity continues to be the operation as an independent day school at the premises in Somers Road, Reigate, for boys and girls from the age of 2 112 years up to 11 years. The School meets its main object by ensuring that ils pupils are educated to a first-class standard, based on a wide curriculum taking into account current educational requirements and the importance of the development of the whole child. The School is non-selective and pupils are not required to undertake an entrance test. Page 3
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) Through the School's Learning Support department, pupils with various SEND needs receive appropriate support and strategies from experienced staff to allowthem to fully access the Curriculum. This enables all pupils to thrive and removes barriers in orderfor them to achieve their full potential. Pupils are encouraged to make the School a happy and fulfilling place by showing courtesy and consideration towards each other. Increasing responsibility is given to the older pupils to help them gain in confidence in preparation for senior school life. Objectives for the year In setting the objeclives and planning activities, the Governors carefully considered the Charity Comrnission's general guidance on public benefit and in particular to its supplementary public benefit guid8nc8 on advancing education. The School's key objectives in 23124 were." To continue to develop the School, building on its successful history and reputation and maintaining its sound financial p051tion in a competitive environment To sustain and further develop the excellence of teaching and learning in all areas of the curriculum To further develop the Nursery as a year-round nursery To further develop the culture of wellbeing across the School To develop exceptional leaders across the School to ensure sustainable distributed leadership To improve the School's premises and educational facilities. Structure, Governance and Management Goveming body The Council of Governors had breadth and depth of experience to carry out its duties effectively and efficiently in the period to 28 June 2024.. The Council had a balance between male and female members and possessed within it a range of skills and experience covering educational, financial, legal, construction and business backgrounds. The Governors were elected by the Council. Every thre8 years, they offered themselves for re-election at the Annual General Meeting. Govemor training Individual Governors attended seminars run by the Association of Governing Bodies of Independent Schools (AGBIS). All Governors had copies of AGBIS, manual of good practice; the Charity Commission's publication "The Essential Trustee.. What you need to knovl,; and the most recent version of the UK Government's publication "Keeping children safe in ediication Online training was also regularly undertaken through the Educare programme on topics such as safeguarding. child protection and online safety. Organisational manag8menl Meetings of the Council were held at least four times a year to determine the general policy of the School and review its overall management and control for which the Governors are legally responsible. There are three sub-committees which met at least termly: (i) Finance and General Purposes- {ii) Education and Staffing. and (iii) Estates and Health & Safety, all of which are att8nd8d ex officio by th8 Headmaster and Bursar. In addition, there was a Remuneration Committee. Page 4
MICKLEFIELD SCHOOL {REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) Key manag&menl personnel The key management involved in the day-to-day running of the School are the members of the Senior Leadership Team comprising the Headmaster,.8ursar, Deputy Head, Head of Lower School and Director of Studies. and the Head of Nursery. Salaries for the Headmaster, Bursar and Deputy Head were set by the Remuneration Committee, whereas the salary for the Head of Lower School and Direclor of Studies and the Head of Nursery were set by the Finance & General Purposes Committee. Both Committee decisions were subsequently ralified by the Council. Group slructuTr and relationships Micklefield School is an active member of the Independent Schools, Bursars Association (ISBA) and the Association of Governing Bodies in Schools (AGBIS). Through the Headmaster, the School has a membership of the Independent Association of Preparatory Schools (IAPS). Through the'Friends of Micklefield. (FOM), the parents and families of pupils have continued to provide support to the School, organising social events and fundraising activities. The FOM made donations towards specific events and resources throughout the school year, Together with the Headmaster, the Governors wish to express their appreciation for their continuing and valuable support for the School. The School works with the local community, optimising the use of the buildings and the sports ground. Employment and Staff Remuneration The School consults with staff through regular meetings and questionnaires and consults on matters such as staff wellbeing. A range of human resource policies supports our charitable and business objectives to ensure compliance with best practice and regulation. Staff remuneration, including senior staff, is decided annually by the Govemors after considering the overall annual budget and recommendations frorn the Financ8 and General Purposes committee. The School is an equal opportunities employar and will Iat all staff in accordance with the EqualitiesAct 2010 and expects all staff to comply with this policy. Risk man8gement The Council has been responsibla for overseeing potential risks faced by the School. The duty of care owed to pupils and staff is recognised, by both the Trustees and the School, and informs the Systematic approach to risk management policy. The principal risks relate to regulatory and external factors, governance, finance, and staffing issues. Reports from the School to Governors contain an assessment of risk and recommendations for action where necessary. Where risk is identified as medium to high Governors will have assessed and evaluated the impact and agreed action to mitigate and monitor. Measures in place during the year included., A strateglc plan and an annual approved budget by the Board of Trustees Termly meetings of the three sub-committees Annual review of corporate risk register as part of risk management strategy Long-term financial planning to manage financial risk. Risks were identified and assessed throughoutlhe yearand appropriate controls established to deal with those risks in a timely and adequate manner. This process led to the identification of mutual benefit for both Micklefield School and Reigate Grammar School in coming togetherto realise synergies and advantages for our pupils, whilst sustaining the ethos of Micklefield School. The two schools merged on 28 June 2024. Risk management and policies will be managed by Reigate Grammar School in the future. Page 5
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) The School is strongly committed to safeguarding and promoting the welfare of pupils. The recent Focused Compliance and Educational Quality Inspection by the Independent Schools, Inspectorate (ISI) in March 2023 confirmed that effective child protection measures are in place. The quality of the pupils, personal development was described as excellent, and pupils were described as exhibiting outstanding self-awareness and confidence. Pupils, spiritual awareness and appreciation of non-material aspects of life was described as excellent. Pupils were found to exhibit substantial moral sensibilities, and to display advanced social and collaborative skills and a strong sense of social responsibility. The School fully met all regulatory requirements, including those for the welfare, health and safety of pupils. The School has plans and meastjres in place for unexpected events and rehearses management response to some of these at regular IntealS. Similarly, the School has suitable insurance cover and qualified personnel in its senior management and bursary whose expertise are utilised to manage these risks effectively. Information on fundraising practices Fundraising activity has historically been carried out by FOM which operates independently from the School, FOM raises money for the School through events and activities which are voluntary and advartised in non-intrusive manner. The School does not utilise the services 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 School does not consider it necessary at this time to subscribe to a fundraising regulator. Headmasterfs Review of the Year 2023-24 has been another Successful year at Micklefield with many exciting achievements and enjoyable events. Following on from our successful inspection in March 2023, where the School was graded 'Excellent' in all areas by ISI, the School continues its commitment to providing an educational experience that exceeds expectations, ensuring that our children leave Micklefield with a genuine and passionate love for learnin9. Ourchildren's success is testament to their firm understanding of our values and their growth mindset approach to learning. Thi3 year, our Year 6 cohort received an impressive 70 offers to local independent senior schools (Box Hill, Caterham, City of London Freemans, Downsend, Dunottar, Lingfield College, Reigate Grammar School, St Teresa's, and Worth), including 39 scholarships, Over the past six years, on averag6, Micklefield children have received over 60 offers to some of the top independent senior schools in Surrey, including a high number of scholarships for Academic, Sports or Performing Arts. 2019 34 56 21 2020 32 61 20 2021 36 59 30 2022 33 50 23 2023 39 69 29 2024 40 70 39 Number of Offers Scholarshi upils Micklefield is a school making exciting changes for the future, incorporating traditional values with a modern vision. Despite operating in a challenging economic climate. we have not only sustained our growth but also witnessed strong progress in the past few years. Our pupil enrolment has increased significantly and our Nursery, which supports children get 'school ready., continues to thrive. Al Micklefield, we understand the importance of holistic development, ensuring that our children's educational, emotional, and social needs are Met. At the end of the summer term we were delighted to hear that we had been awarded the Eco-schools Green Flag award with DISTINCTION! We are very proud of this award as it recognises that the staff, young people and site are making great efforts to support the health of our planet. Page 6
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) Our curriculum is a testament to our commitment to inclusivity and diversity. We believe in exposing ourchildren to various perspectives and cultures, empowering them to become global citizens. An example of this belief is how most days we begin with an energetic and enthusiastic whole-school assembly singing session of exceptional quality. Children have also been instrumental in promoting sustainability by leading on initiatives such as reducing energy, waste and litter as well as taking part in charity events both in and outside of school, .g. litter picks and raising money to protect our oceans. We all enjoyed anotherv8ry special week at Micklefield with our STEM Olympics Theme Week which took place in the Spring term. The children enjoyed taking part in many activities like the STEM Olympics Opening Ceremony, Dance, Maths, BMX and scooterworkshops, a visit from a Gold Medal Paralympian. QR code hunts, an Escape Room experience. Silly Olympics, shoe box games and finally the STEM Olympics closing ceremony. The week focused on resili8nce and dev81oping a growth mindset. It also reminded the children that barriers ar8 only temporary and hard work and perseverance can lead to improvement and success. We take great pride in instilling strong values of social responsibility, sustainability, and environmental consciousness in our children from the outset. In Nursery, there is an ongoing 'Be the Change, project taking place. The children have been helping to make simple changes around our Nursery to help look after our planet. The Nursery created their own class compost caddy and now collect their own fruit and vegetable scraps so that these can be turned into bio fuel. Chlldren in the Nursery also took part In rich learning around the theme 'lntergalactic Space Exploratlon,. They were given the opportunity to extend their creative and critical thinking skills by designing, making and creating their own space buggies. They also learnt about NASA'S space training program, experienced what space training was like and created thelr own space food. Central to our ethos is the well-being, safety, and happiness ofour children. Our school community thrives on a strong partnership approach, fostering collaboration and open communication betW8&n our staff. children, and parents. We have firmly established core values of kindness, respect, responsibility. and resilience, which permeate every aspect of our school life. It has been a privilege to observe the children fully immerse themselves in the many exciting, enjoyable and learning experiences throughout the year. A big thank you must go to all tha staff at Micklefi8ld for going above and beyond so that each and every pupil receives the very best educational experience. The merger with the RGS Group was announced in Spring term. This is exciting and positive news for Micklefield as it is a merger of equal partners and mutual benefits and will allow Micklefield to continue to 'thrive' for the long terrn in its current location. Micklefield has entered this new merger with RGS from a position of strength and we are looking forward to benefiting from being part of the RGS family of schools. MrRMArdo Page 7
MICKLEFIELD SCHOOL (REIGATEI LIMITED REPORT OF THE GOVERNORS (continued) Public benefit The Governors have carefully considered the Charity Commission's guidance on public benefit and the School will continue to fulfil its charitable objects. The Governors kept the School's butsary policy under constant review with a view to widening access to the education the School provides, whilst being mindful of the need to maintain a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. Through the attendance of 250 children (2023.. 250) children from approximately 194 families (2023.. 202) families and the employment directly and indirectly of over 83 (2023: 73) people, the School contribut8S to the national and local economies and to the local community. The School plays an active part in the local community sharing its facilities for LAMDA (London Academy of Music and Dramatic Art) and Royal College of Music examinations. Local groups, such as Reigate Priory Cricket Club and Reigate Priory Youth Football Club, use the School's sports facilities. During the holidays, the School's indoor and outdoor facilities are open to both Micklefield and non-micklefi'eld children through holiday camps and activities. Funds were raised for a number of national, International and local charities. The charities were chosen by the children's School Council every half term. During the 2023124 academic year, the School supported The Children's Trust, Macmillan, Sea Changers, Place2Be, Read for Good, St Mark's Church Reigate. and Sparkfish. Through FOM, an orphanage in Ghana was also supported with school uniform. The School has strong links with a local home for the elderly. Micklefield School's pupils visit the home at various points throughout the year. We link with St Mark's Church, Reigate. The School works with the Church on local community projects such as Loveworks, the local food bank. Future plan3 From 28 June 2024 when all activities, assets and liabilities passed to Reigate Grammar School. the company became dormant. Maln sourca of fundlng The main source of funding was through School fees. Financial review The net surplus for the year was £776,151 (2023.. £381,028). Net assets of £4,598.851 were transferred lo Reigate Grammar School on 28 June 2024. Reservas The Council regularly reviewed the School's financ8s, budgets, and expenditure against budget together with a monthly cash flow analysis, as part of the effective stewardship of the School. The School invested substantial sums in its buildings in Ihe last ten years and has a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for its pupils, including enhancing the mobility of the teaching technology. The Council considered that one term's salaries should be held in free reserves. From 28 June 2024, this is encompassed in Reigate Grammar School's over811 reserve position. Page 8
MICKLEFIELD SCHOOL (REIGATE) LIMITED REPORT OF THE GOVERNORS (continued) Investment policy and objectives There are no restrictions on the School's powers of investment. Short term surplus funds were placed in an interest-bearing bank deposit account, where they were immediately available to meet planned capital expenditure and working capital requirements. ststement Of Governors. Responsibilities The Governors (who are also Charitable Trustees and Directors for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govèrnors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company forthat period. In preparing these financial statements, the trustees: select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue its operations. The Governors are responsible for keèping proper accounting records which disclosewith reasonable accuracy at any time the financial position of the charitable company 8nd enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparalion and dissemination of financial statements may differ from legislation in other jurisdictions. Di8closure of information to audltors Each of the persons who are Governors at the time when this Trustees, Report IS approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish thal the charity's auditors are aware of that information. The Governors, Report was prepared in accordance with the special provisions relating to sm811 companies, approved by the Board of Governors on 20 December 2024 and signed on its behalf by.. rs Hamllton LLM DL ir of Govemors Page 9
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF MICKLEFIELD SCHOOL {REIGATE) LIMITED Opinion We have audited the financial statements of Micklefield School (Reigate) Limited (the 'charity') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the notes to the financial statements, including a summary of significantaccounting 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 FinancialReporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, forthe yearthen 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, Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our 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 belleve that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter We draw attention to Note 1 to the financial statements which explains that the Governors have transferred the whole of the assets and liabilities of this company to Reigate Grammar School on 28 June 2024, and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements, Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter. other Informatlon The other information comprises the information included in the annual report. other than the financial staternents and our auditor's report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe 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 otherinformation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 10
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF MICKLEFIELD SCHOOL (REIGATE) LIMITED (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit,. the information given in the Governors, Report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the Governors, Report has been prepared in accordance with applicab18 legal requirements, Matters on which we are required to report by exception In the light ofthe knowledge and understanding of the charity and its environment obtained in tha course of the audit, we have not identif18d material misstatements in the directors, report included with the gov8mors' report. We have nothing to report in respect 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 k8Pt, or returns adequate for our audit have not been received from branches not visited by us; or the financial stat8ments are not in agreement with the accounting records 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; or the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemptions in preparing the Directors, Report and from the requirement to prepare a Strategic Report. Responsibilitie8 of governors As explained more fully in the governors, responsibilities statement, the governors (who ar8 also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors ar8 responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the company orto 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) 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 influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capabl8 of detecting irregularities, including fraud is detailed below.. Based on our understanding ofthe charity, we identified that the principal risks of non-compliancewith laws and regulations related to employment and financial reporting legislation and we considered the extent to which non- compliance might have a 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 th8 Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. Page11
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF IIfiICKLEFIELD SCHOOL (REIGATE) LIMITED (continued) We determined that the principal risks were related to management bias in accounting estimates, presentation of separately disclosed items and management override of controls. In response to the risks identified we designed procedures which included, bul were not limited to challenging significant accounting estimates, agreeing financial statement disclosures to underlying supporting documentation, evaluating the internal controls, reviewing trustees, minutes and identifying and testing journal entries. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit ofthe financial statements is located on the Financial Reporting Council's website at.. http'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Usa 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 and regulations made under that Act. Our audit work has been undertaken so thal we might state to the charitable company's members those matters we are required to state to them in an auditors, 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 its members as a body, for our audit work, for this report, or for the opinions we have forrned. Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cav•nagh & Skeet Statutory Auditor Chartered Accountants 5 Robln Hood Lane Sutton Surrey SM12SW Page12
MICKLEFIELD SCHOOL IREIGATEI LIMITED STATEMENT OF FINANCIAL ACTIVITIES (including th& Incomè and Expenditur& Accounll FOR THE YEAR ENDED 31 AUGUST 2024 2024 Unrestrlct•d Restrlct•d funds funds 2023 Unr•8trlctod Restrlcted lund* lund8 Total Total Income from: Don8lions and legacies Charitable activities Investrnent Other incomo Totsl Ineom• 4,490 3,227,359 26.482 4.490 3.227.359 28,482 25,119 2.951,917 26,422 25,119 2,9S1.917 26,422 Exp•ndltuT• on.. Raising funds Charitable Acliville$ Gift of net ass8ts to Reigatg Gr•mmar S¢hool Total •xp•ndltur• 14,545 2,471,428 14,545 2,471,426 16,004 2,607,799 16,004 2,690 2,610,489 262380 49 N•t incom•llexp•ndltur•l 13,820.7961 11,9041 13.822,7001 383,718 12,8901 381,028 Tr8nsfor$ ts988n fvnds N•t mov•m•nt In funds 13.820,7961 11,9041 13,822,700) 383,718 12,6901 3e1,028 R•conclllation of fund• Al 1 Septemb&r 2023 822 700 94 3 441672 B•lanc• carried forward Al 31 August 2024 All recognis8d galns and 1o$8&s are reflected through the Stat&ment of Financial Activitras and no separata St8t•m•nl of Total Raeognisad Gain$ or Lo$$•s is PSented. During the ygar all Ihg aclivilio$ of the School were discontinued prior to the merger. Pag813
MICKLEFIELD SCHOOL (REIGATE) LIMITED BALANCE SHEET AS AT 31 AUGUST 2024 Company Registration.. 00678565 2024 2023 Note Flxed assets Intangible assets Tangible assets 10 16,945 3 760 669 3,777,614 Current assets Debtors Cash 12 79,775 779 133 858,908 Liabilities.. Amounts falling due within one year 13 519 618 Net current assetsl(liabiliti•s) 339 290 Total assets less current liabllities 4,116,904 Llabllltles.. Amounts falling due after more than one year 14 294 204 Net assets Funds Restricted funds Unrestricted funds 15 15 1,904 3 820 796 Total funds 16 These financial statements have been prepared in accordance with the provisions applicable to the small companies regime. The financial statements were approved by the Board of Governors on 20 December 2024 and signed on their behalf by: rs ami Chair of Governors Page 14
MICKLEFIELD SCHOOL {REIGATE) LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash provided by operating a¢tivitie8 908,411 422,951 Cash usod in Investing activitles: Interest and dividends received Amount invested to purchase tangible fixed assets Amount invested to purchase intangible fixed assets Proceeds on the disposal of fixed assels Cash (used Inl investing activlties 22,721 10,357 (77,392) { 23.154) (21.181) (54.671) (32,603) Cash used In flnanclng actlvitles: Cash transferred to RGS Repayment of loans Repayments of finance leases Interest paid Cash {u8ed In) flnancing actlvities (1,383,534) ( 224,765) ( 10,029) 14 545) (31,684) (15.388) 16004) 163287 (63 076) Net cash inflow (779,133) 327,272 Cash and cash equivalents brought forward 779 133 451861 Cash and cash equivalents carried forward Cash provided by operatlng activitles: Net (expenditure)lincome Gift of net assets to Reigate Grammar School Depreciation Amortisation Bank interest receivable Bank interest payable Profit on disposal of fixed assets Change in deblors Change in creditors (3,822,700} 4,598,851 85,057 3,530 ( 22,721) 14,545 381,028 94.353 4,236 (10,357) 16,004 ( 1,375) (30,315) 30 623) 422 951 { 42,510) 908411 ANALYSIS OF CHANGES IN NET DEBT Brought forward Cashflows Carried forward Cash at bank Debt due in less than 1 year Debt due in more than 1 year Finance leases 779,133 (31,428) (193,337) (24 787) (779,133) 31,428 193,337 Page15
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Micklefield School (Reigate) Limited is a private company limited by guarantee incorporated in England and Wales and a registered charity. The registered office is Micklefield School, 10 Somers Road, Reigate, Surrey RH2 9DU. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.1 Basis of accountlng The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheiSe stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the Charities Statement of Recommended Practice (Charities SORP {FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Micklefield School (Reigate) Limited meets the definition of a public benefit entity under FRS 102. 1.2 Going concern The Governors transferred the whole of the assets and liabilities of this company to Reigate Grammar School on 28 June 2024, and Iherefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Pupils conlinue to be educated at Micklefield School, as part of the Reigate Grammar family of schools. Accordingly, the financial statements have been prepared on a basis other than going concern. These financial statements have therefore been prepared on a basis that is onsistent with FRS102 but amende'd to reflect the fact that the going concern assumption is not appropriate. This involved writlng assets down lo their recoverable amount based on conditions existing at the end of the reporting period and providing for contractual commitments which may have become onerous as a consequence of the decision to liquidate the entity or to cease trading. 1.3 Income All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be me8sured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment ofthose conditions is within the control of the charity and it is probable that they will be fulfilled. Income from charitable activities includes school fees recelvable, reglstration fees and fees from ancillary activities. School fees receivable consist of charges billed for the school yearending 31 August, less bursaries, discounts and other allowances. Fees received for education to be provided in future years are carried fOard as deferred income. Registration fees are non-refundable fees which are recognised once parentslguardians have committed for the child to attend the school in the school yaar ending 31 August. Income from ancillary .activities is generated from additional activities such as music exam fees and after school clubs being offered to pupils in the school year ending 31 August. Income from trading activities includes income earned from rents and lettings to raise funds for the charity. Income is received in exchange for renting out the pavilion and fields of the School in orderto raise funds and is recognised when entitlement has occurred. Income from investmenls includes interest which is included when the amount can be measured reliably. Page 16
MICKLEFIELD SCHOOL {REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) ACCOUNTING POLICIES (continued) 1.3 Income (contlnued) Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive paymant is established. Income from grants received are recognised when there is reasonable assurance that the School will comply with the conditions attaching to the grant and the grant will be received. 1.4 Expenditure All expenditure is accounted for on an accruals basis and ha5 been classified underheadings that aggregate all costs related to the category. 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 Ihe amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds relates solely to loan interest payable Expenditure on charitable activities includes school operating costs such as teaching costs. welfare costs, premises costs and sUPPOrt costs. Finance and administrative staff costs and othersupportcosts have been dir8Ctly charged to th8 ch8ritab5e main 8Ctivity. The irrecoverable element of VAT is included with the item of expense to which it relates. Support costs are those that assistthe work of the charity but do not directly represent chafltable activities and include administrative and governance costs. They are incurred directly in support of expenditure on the obj8Cts of the charity. 1.5 Pension cost8 From 1 September 2020, the School joined the Aviva Pension Trust for Independent Schools (APTIS), a new defined contribution scheme to replace the Teachers, Pension Scheme with the option for salary exchange, The School also contributes to a defined contribution personal pension scheme for non-teaching staff. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payment obligations. The contributions are recognised as an expense in in the Statement of Financial Activities (SOFA) when they fall due. Amounts not paid are shown in accruals as a li8bility in the Balance Sheet. The assets of the plan are held separately from the charity in independently administered funds. 1.6 other employee benefits The School offers its staff with income protection and death-in-service benefrt. Infften employees have rendered service to the school, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Settl8menl costs are recognised when nots'ce has been given to the employee. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee orlo provide termination benefits. 1.7 Operatlng l•ase8 Rentals payable under operating leases are charged to the SOFA on a straight line basis overthe period of the lease. 1.8 Intangible fixed assets Intangible assets are stated at cost less accumulated amortisation. Amortisation is charged on a straight line basis over 5 years. Page 17
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) ACCOUNTING POLICIES (continued) 1.9 Tangible fixed assets Tangible assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making Ihe asset capable of operating as intended. Depreciation is provided on all tangible fixed assets retained for use by the School at rates calculated to spread each asset's cost, less its estimated residual value at prices ruling at date of acquisition, over its expected useful economic life, which for each class of asset is initially assessed as averaging.. Freehold Land is not depreciated. Freehold Buildings are depreciated over 50 years on a straight line basis, with a residual value of 250/0. External Site Improvement Works are depreciated over 10 years on a straight line basis. IT Equipment are depreciated over 5 years on straight line basis. Fixtures and fittings are depreciated over 10 years on a straight line basis. Furniture and Equipment are depreclatad over 5 years on a straight line basis. Motor Vehicles are depreciated over 6 years on a straight line basis. Items costing less than £2.000 are written off as an expense as acquired. 1.10 Debtor8 Fees and extras receivable and accrued income are included at the settlement amount du8. Prepayments are valued at the amount prepaid. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. 1.12 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising 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. Creditors and provisions are recognised at their settlement amount. 1.13 Finance.leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases, Assets held under finance leases are recognlsed as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance leas8 obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. 1.14 Fund accounting Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Further details of each fund are disclosed in note 15. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes, The aim and use of each designated fund are set out in the notes of the Financial Statements. Page 18
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgements are eontinu811y evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Crltlcal accountlng estimates and assumptions The School makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within tha next financial year are discussed below, Critical areas of judgement Deposits held by the School repayable when a pupil leaves the School are included in other creditors, a proportion ofthe total deposits are classified as falling due after one y8ar as this reflects the expected timing of their repayment if they leave after Year 6. DONATIONS AND LEGACIES U nregtrlcted Restrlcted funds funds Total 2024 Total 2023 Donations Grant8 4,490 4,490 18,119 SCHOOL FEES RECEIVABLE Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Gross fees Bursaries and discounts Registration fees Ancillary income 3,442,924 (281,443) 6,500 3,442,924 3,120,799 (281,443) (232,473) 6,500 9,700 Page 19
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) INVESTMENT INCOIIftE Unrestrictod Restricted funds funds Total 2024 Total 2023 Rental Income Bank Interest 5,761 5,761 16,065 OTHER INCOME Unrestrlcted Restricted funds funds Total 2024 Total 2023 Other Income NET INCOME 2024 2023 Net income is stated after charging.. Depreciation Amortisation Auditor's remuneration.. audit fee Auditor's remuneration.. non-audit fee Operating lease rentals 85,057 3,530 9,420 5,100 94,353 4,236 9,420 2,220 EXPENDITURE Staff costs Olher Depreciatlon & amorti8ation Total 2024 Total 2023 Charitable Activities: Teaching Welfare Premises Support 1.352.954 151.810 195,284 71,481 178.804 218 062 214 444 1,642,497 740.342 22,780 1,527,544 1,641,338 356 195,640 201,505 59,481 309,766 376,213 438 476 391433 88,587 2,471,426 2,610,489 Raising funds: School financing costs 14 545 Other support costs include computer sofvare and licences of £20,205 (2023.. £36,017). Page 20
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) STAFF COSTS 2024 2023 Wages and salaries National Insurance Pension costs (see Note 17) 1,321,429 1,449,497 127,953 139,925 193 115 203 728 The average number of employees during the year was as follows: 2024 2023 Teaching Staff Academic Support Administration Maintenance and Housekeeping 31 10 29 The number of employees whose emoluments amounted to over £60,000 in the year were as follows.. 2024 2023 £60,000 - £70,000 £80,001- £90,000 £90,001- £100,000 Employer pension contributions of £11,407 (2023: £11,073) were made in respect of the above. Remuneration of Key Management Personnel Page 21
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 10 INTANGIBLE FIXED ASSETS Website 2024 Total Cost or Valuation At 1 September 2023 Transferred to Reigate Grammar School At 31 August 2024 21,181 21,181 21 181) (21 181) Depreciatlon At 1 September 2023 Charge for the year Transferred to Reigate Gramar School At 31 August 2024 4,236 3,530 4,236 3.530 Net book value At 31 August 2024 At 31 August 2023 11 TANGIBLE FIXED ASSETS Freehold Freehold Property Land Motor vehicles Flxtures & Fittlngs 2024 Total Cost or Valuation At 1 September 2023 Additions Transferred to Reigate Grammar School At 31 August 2024 4,823,331 359,500 19,920 624,352 5,827,103 77,392 77,392 359 500) 19 920) (701744) (5 904 495) 4823331) Dopreclation At 1 September 2023 Charge for the year Transferred to Reigate Grammer School At 31 August 2024 1,496,861 54,283 1551 144) 13,114 1,891 556,459 2,066,434 28,883 85,057 2 151491) Net book value At 31 August 2024 At 31 August 2023 Tangible fixed assets with a net book value of £nil (2023.. £3.326,470) have been pledged as security for liabilities of the charity. These charges were released before the year end. The net carrying value of tangible fixed assets includes £nil of assets held under finance leases. The depreciation charge in respect of such assets amounted.to £10,003. Page 22
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 12 DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 20.975 13 CREDITORS: Amounts falling du8 Within one year 2024 2023 Bank loans Fees received in advance (deferred income) Trade creditors Other tax and soci81 security Finance leases Olher creditors Accruals 31,428 317,593 42.956 35,809 13,520 45,256 Deferred Income brought forward Additions Released Deferred income carried forward 317,593 371,064 317,593 14 CREDITORS.. Amounts falling after mor8 than one year 2024 2023 Bank Loans Finance Leases Other creditors 193,337 11,267 Loan instalments due in over five years The loan was fully repaid in the year. Page 23
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 16 STATEMENT OF FUNDS Balance brought forward Transfers & transfer Expenditure to RGS Balance carried fonvard Income 2024 Deslgnated funds: Bursaries 82,062 (107.188) 25,126 Unre8tricted fund8: General funds 3 738 734 3,820,796 3369310 (2485971) 4 622 073> 3,262,122 <2,485,971) (4,596,947) Restricted funds: Grants and Donations 2023 Deslgnated funds: Bursaries 79,845 (101,979) 104,196 82,062 Unrestrlcted funds: General funds 3 357 233 3,437,078 3 109 500 {2 623 803) (104 196) 3 738 734 3,007,521 (2,623,803) 3,820,796 Restricted funds: Grants and Donations Restricted funds partly relate to grants recelved from the'Friends of Micklefield, that are to be fully utilised in the purchase of specific resources and equipment. Also included are donations received by parents, pupils and staff for specific fundraising ventures where the amounts received have been paid over to nominated charities. The designated fund has 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. Page 24
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 16 ANALYSIS OF NET ASSETS BY FUND Unrestrict8d Restricted funds funds Total funds 2024 Fixed Assets Current Assets Current liabilities Creditors due in more than one year 2023 Flxed assèts Current assets Current labilities Creditors due in more than one year 3.777,614 857,004 (519,618) 294 204 3,777,614 858,908 (519,618> 294 204) 1,904 17 STAFF PENSIONS The School operates an Aviva Pension Trust for Indep8nd8nt Schools (APTIS), a defined contribution pension scheme. The School also runs a defined contribution personal pension scheme for those rnembers of staff not entitled to join the APTIS scheme. Totsl employer contributions paid were £193,115 {2023'. £203,728) and at the year end the outstanding contributions due were £nil (2023.. £20,241). Total employer contributions were.. APTIS Scheme without salary exchange £11,108 (2023: £10,106) APTIS Scheme with salary exchange £172,477 (2023; £166,762) Non APTIS contributions £9,530 {2023.' £26,860) Contributions in respect ofthe company's defined contribution pension scheme are charged to the income and expenditure account for the year in which they are payable to the scheme. Differ8nces between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. 18 OPERATING LEASE COMMITMENTS Atthe year end, the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. 2024 2023 Within one year Within two to five years 10,426 Lease expense Page 25
MICKLEFIELD SCHOOL (REIGATE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued 19 RELATED PARTY TRANSACTIONS Trustees Donations received from Trustees or related parties of Trustees totalled £nil (2023: £10,000). No Trustees received any remuneration or other benefits (2023.. £Nil) and no Trustee expenses have been incurred (2023.. £Nil). Expenditure of £nil (2023: £310) was paid to third parties for Trustees. training courses. The children of one (2023.. one) of the Governors attended the School. They wer8 charged standard rates and the Governor was not involved in the setting of school fees. Key management personnel The children of two (2023.. two) of the key management personnel attended the School. They were charged standard rates with an enhanced staff discount and were not involved in the setting of school fees. The total remuneralion (including gross salary, employer's National Insurance, and employerfs pensions contributions) to family members of key management personnel was £4,110 (2023.. £22,855). Other On 28 June 2024 the three remainlng Trustees of this charity were appointed to the Board of Governors of Reigate Grammar School, to whom the transfer of net assets of £4.598,851 was made on the same date. The Charity has not entered into any other related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at the year end. Page 26