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2020-08-31-accounts

COMPANY NUMBER: 00911933 CHARITY NUMBER: 312070

GOVERNORS' REPORT, STRATEGIC REPORT AND FINANCIAL STATEMENTS FOR

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 AUGUST 2020

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

CONTENTS

PAGE
Legal and Administrative Information 1
Governors' Report (incorporating the Stategic Report) 2
Statement of Governors' Responsibilities 8
Report of the Independent Auditors 9
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15

LEGAL AND ADMINISTRATIVE INFORMATION

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

Governors G D Ashbee Chairman
Mrs E A Anderson
D J Barry BSc, MA, GDL
Mrs R M Bishop
R Bray (resigned November 2019)
Mrs T L Harvey M.Ed, RSA, FCoT
P A Howard
Mrs S Humphrey
Mrs M Jenner MBE, JP
G R Owton
M G Sadler MA, LLB, FCCA
Mrs S St Gallay
Mrs M White (appointed 1/09/2020)
Senior Leadership Team
Head Mrs M L Lance BD PGCE
Secretary and Bursar J P McKinlay
Deputy Head (Welfare & Community) E A Carradine BA PGCE GCPS
Deputy Head (Pastoral) Miss E Cherry BA (Hons), PGCE
Assistant Head (Teaching & Learning) S J Pomeroy MA (Ed) BSC (Hons) PGCE
Assistant Head (Co-ordination & Operations) P J Breakwell B.Ed Cert.Ed
Assistant Head (Lower School) Mrs A Burton Smith MA, QTS
Assistant Head (Digital Learning & Pupil Tracking) G J Starkey BA (Hons) PGCE
Head of Boarding M J Rochford BSc (Hons) PGCE
Head of Upper School J Thompson BA (Hons), QTS
Head of Middle School Miss A Wright BSC (Hons), PGCE
Head of Lower School Miss H Marland A (Hons), PGCE, BTEC
Director of Studies Mrs C Carradine MManSci (Hons), DEUF, PGCE
Charity number 312070
Company number 00911933
Registered office and principal address Feltonfleet School
Byfleet Road
Cobham
Surrey
KT11 1DR
Auditors TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Bankers Lloyds TSB Bank plc
Commercial Office
Brambletye House
29 Brighton Road
Crawley
RH10 6AE
Solicitors Barlow Robbins LLP
The Oriel
Sydenham Road
Guildford
Surrey
GU1 3SR

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

The Governors present their report and financial statements for the year ended 31 August 2020, which also comply with the Companies Act 2006 requirement for a Directors Report and Strategic Report.

The financial statements have been prepared in accordance with the Companies Act 2006, Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The School is a company limited by guarantee (company number 00911933) and is governed by its Memorandum and Articles of Association. The School is a registered charity (charity number 312070) and operates as Feltonfleet School.

The Directors of the Company are also Trustees of the Charity and are referred to as Governors throughout this Report. During the year there was a board of twelve Governors, with one resignation in the year and one appointment post year end, these are detailed on the legal and administration page.

None of the Governors has any beneficial interest in the Company. All the Governors are members of the Company and their individual liability is limited to £1 by the Memorandum and Articles of Association.

Recruitment, Induction and Training

Governors are recruited from amongst the large number of friends of the School who have an interest in its continued wellbeing and excellence. Also, they have a particular interest in one or more aspects of the School’s activities where they are able to share their expertise and experience.

Prospective new Governors are interviewed by both the Chairman of the Board and the Chairman of the Nominations and Governance Committee and then subsequently elected by the Board of Governors. A suitable induction programme is arranged for each new Governor and ongoing training for Governors is carried out with attendance at external training programmes as appropriate.

Organisational Structure

The overall direction of the School is determined by the Governors who review the longer term plans for the School, agree the annual budget and receive termly monitoring information against budget and performance measures.

The Governors meet as a Board three times a year and more frequently if there is a need. To assist the School there are Committees of the Board covering:

Each of these is chaired by a Governor and comprises a minimum of three Governors, the Head, the Bursar plus other School staff.

The day-to-day management of the School is delegated to the Head and the Bursar.

Risk Management

The Governors have further developed their Risk Management Policy during the year following a thorough review of the major risks to which the School is exposed. The Governors are satisfied that systems and procedures are established to manage these risks. A quantified assessment of risk was updated and considered by the Safeguarding and Risk, Health & Safety Committee and endorsed by the Board of Governors. In the current economic climate, the Governors have identified

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

the principal risks and uncertainties for the School as the maintenance of pupil numbers and resulting income. All staff and most Governors have received Safeguarding and Child Protection training during the course of the year.

The School has taken into Government guidance in relation to the Covid-10 pandemic and conducted additional Risk Assessments in most areas of the School. This has resulted in adherence to social distancing, the creation of ‘bubbles’ and changes to process and procedure in many areas of the School.

Remuneration of Key Management Personnel

The remuneration of staff is set by the Board with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding members of staff fairly and responsibly for their individual contributions to the success of the School.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

The School aims to recruit the strongest Staff possible and all are placed on a seven point scale, in recognition of their experience. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of the School’s charitable expenditure.

CHARITABLE OBJECTS AND ACTIVITIES

Objects and strategies for achieving objectives

Feltonfleet continues to strive for the highest standard of education for its pupils, both academically and in terms of personal development. The academic year 2019-20 saw evidence of further curriculum innovation and improved facilities, alongside an enhanced focus on core values and mental health, principles which have become hallmarks of the educational experience at Feltonfleet.

The months of lockdown for the Covid 19 virus presented Feltonfleet with many challenges, but also with several new opportunities. The school was determined that the time would be well spent and it adapted to provide the very best in remote learning. The result was a valuable learning curve that prompted pupils to acquire new skills and demonstrate their learning resilience, independence and creativity. They made clear progress during the period of lockdown and the entire learning community also remained connected throughout. Much of this was due to the commitment of the excellent teaching staff, but also very much thanks to the support given to the school by its parents and governors.

Not least amongst the highlights of the year was Feltonfleet’s shortlisting for the TES Independent School Awards of the Year in two categories: Wellbeing Initiative of the Year and Sport.

The overall school roll has increased to over 475 pupils as a result and demand for places at Feltonfleet is high.

Building Development programme

September 2019 saw substantial development for the Pre-Prep in the form of the newly-remodelled Year 2 House, previously the Head’s house. As part of the phased development of the Pre-Prep towards two-form entry, this provides dedicated accommodation for two Year 2 classes alongside access to all that the wider school facilities offer. The Rutherford building was also converted during the summer to create enhanced facilities for Science that now include 3 specially designed laboratories.

In late November, the doors of the new 25-yard Shooting Range for competitive target shooting were opened, with our pupils gaining a convincing victory over a touring side from Sedbergh.

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

Charitable activities

Feltonfleet regards it as a priority to look beyond the confines of the school and support local charities and the wider community. Activities such as the annual Christmas lunch for elderly Elmbridge residents are not only heart-warming occasions that bring Year 2 and Year 8 together with our elderly visitors, but they demonstrate our ongoing commitment to the local community.

In 2019 our business enterprise group Feltonfleet Warehouse , run by the Year 8s, produced highly popular Christmasthemed headbands which contributed to raising in excess of £1200 for the school charity Oasis. Similarly, the appeal to parents for Oasis saw amazing generosity that produced a wonderful array of gifts for distribution to the charity at Christmas.

The school’s facilities were loaned to a range of schools and community bodies for sporting, musical and community ventures until it was locked down in March.

Academic activities and achievements during the year

In the Pre-Prep this year, the thinking and language skills of our pupils have been furthered through curriculum developments including Forest School and the Literary Curriculum, a new text-based scheme for English. Collaborative learning remains a key feature in the Pre-Prep, as children work together indoors, outdoors, during their daily timetable and in the co-curricular programme, from the youngest three-year olds to the seven-year olds. Phonics, English and Handwriting all showed progress during lockdown through a positive partnership between pupils, parents and their teachers.

In the Lower School (Years 3 and 4) the focus has been on embedding and developing key learning skills across the curriculum. In Maths, the pupils have shown real improvement when explaining the reasoning behind their problem solving; in English huge strides have been made in how pupils approach texts, thanks to the wide range of literature to which they are exposed. Experimentation, research and international mindedness are skills which have been honed through work in the International Primary Curriculum. All these skills contribute to the growing confidence of the pupils at this stage. During lockdown, Lower School children were challenged to learn a new skill, develop an interest or do something memorable. They also showed rapid and impressive progress in terms of independent learning, uploading hundreds of pieces of work to the remote learning platform Seesaw, whilst developing growing confidence through Zooming with their teachers and learning to be more independent in their response to feedback. Numerous and varied contributions to the fortnightly Newsletter gave a flavour of the high standard of work achieved.

Pupils in the Middle School (Years 5 and 6) develop increasing confidence, independence and capacity to organise themselves. The pre-tests for senior schools that are taken in the Spring Term provide the chief academic focus for Year 6 and pupils have benefitted considerably from additional support in place for the specific English, Maths and Reasoning topics involved. A love of reading continues to develop in the Middle School and all pupils were wholeheartedly involved in Harry Potter Day as part of World Book Week. They thoroughly enjoyed designing their own version of Hogwarts and writing creative articles for the Daily Prophet, using their Latin vocabulary to create spells. The day finished with an adapted game of Quidditch, quite a sight and great fun too. During lockdown, the pupils negotiated remote learning extremely well, showing great self-discipline and motivation in the tasks set. Adapting to this new style of learning clearly made them more independent, as well as more emotionally intelligent.

As pupils reach Destination 13 at the end of the Upper School , we aim to have instilled our key values in the young men and women at Feltonfleet, so it was heartening to see evidence of resilience, leadership and maturity in all that they accomplished during the period of remote learning. The recently instituted PSB (Prep School Baccalaureate ) curriculum goes from strength to strength in the Upper School and the pupils’ blogs are full of detail and excellent analysis of the many skills they are gaining. The new 1:1 iPad initiative this year has been a great success, enabling pupils to develop purposeful and innovative ways to research and record their work.

The Year 8 cohort conducted themselves in exemplary fashion throughout their Mock exams in the Spring Term, achieving excellent results for all their hard work and subsequently securing their places at leading independent schools. Due to lockdown, there was disappointment for the Year 8s who had anticipated a full Leavers Programme at the culmination of

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GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

their Feltonfleet journey, but they accepted the restrictions with stoicism and the school was then delighted to have them back on site for the final week of term to give them a proper send-off. Prize Day had to be held virtually as well, but the presentations from senior pupils were again testament to the qualities and skills for life that these students have acquired during their time at Feltonfleet. As they move onto their senior schools in September, their roles as leaders of the school are of course filled by the Year 7s, whose applications (submitted in the form of videos this year) for positions of responsibility in the year 2020-21 demonstrated real conviction and leadership potential. They show particular promise as a group of student leaders and this was reflected in the staff and student votes cast.

3 Academic Scholarships were achieved for entry at 13+ to Senior Schools in September 2020.

Other activities and achievements during the year

Mindfulness and Wellbeing

Feltonfleet was delighted to be shortlisted for the TES Independent School Awards of the Year in the category of Wellbeing Initiative of the Year. One of the factors contributing to the success of our Wellbeing Initiative was the Mindfulness Programme, which sees all pupils pausing at key moments each day to practise mindfulness, relaxation and breathing techniques that enable them to refocus and to manage any concerns. This is complemented by a range of workshops and other events for pupils, staff and parents.

Boarding

This year the Feltonfleet Knights boarding house has seen a substantial increase in the number of pupils who board regularly, either as flexi-boarders or as full-time boarders. The boarding community is a warm environment that plays an important role in the school community by nurturing pupils and developing core values, not least through the vertical groupings of pupils during activities and in the dormitories. Boarding Trial Nights (such as ‘ Northern Lights’ this year), the annual ‘ Knighting Ceremony’ and termly social events all help to reinforce the bonds amongst the boarders.

Music

Music remains a vitally important and flourishing area of the school. The number of children taking individual instrumental and singing lessons was 253 before lockdown, at which point all Visiting Music Teachers moved their teaching onto Zoom. The vast majority of these pupils were retained during this period and measures were taken in September 2020 to redress any imbalances that had occurred. The choirs are also crucial to the success of the department, involving 188 children in the Prep School at the point of lockdown.

The extensive concerts programme during 2019-20 included Harvest Assembly in the Pre-Prep, about five Informal concerts each term featuring around 100 instrumentalists and singers who take private lessons with the Visiting Music Teachers, and trips such as the Jazz Day at Brighton College for selected musicians from Years 6-8. There were also two Evensong services led by the choirs during the Autumn Term, community visits to Whiteley Village, the ever-popular Carols for Grandparents and Carol services in St. Andrew’s, Cobham for Lower, Middle and Senior Schools, with a dedicated service for the Pre-Prep for the first time. Termly ABRSM Grade exams this year took place in November and March, with a large percentage of candidates gaining Merits and Distinctions. The Spring Instrumental Gala was another annual favourite, a concert that gave an insight into the work of the school musical ensembles that rehearse every week. Unfortunately, preparation for the choir and ensemble items for the Summer Term Jazz Night could not come to fruition due to lockdown.

Scholarships gained to Senior Schools included 1 Music Scholarship, 1 Choral Scholarship and 1 Music Exhibition.

Drama

Each year group in the Prep School normally mounts an annual production and this year the pieces performed included ‘ High School Musical’ from Year 7, a phenomenal musical piece combining quality acting, singing and dance from a highly talented year group. ' Scheherazade ’, was a spectacular performance from Year 4, a real pleasure to see all the pupils on stage, singing and dancing with such enthusiasm. Similarly, the programme of ‘ Plays from Roald Dahl’ given by Year 5 showed the pupils conveying characters from the famous novels beautifully whilst navigating complex staging and acting techniques with ease.

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GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

There were 2 Drama Scholarships to Senior Schools.

Dance

Unfortunately, the annual summer Dance Show could not take place this year but the regular weekly classes in Ballet, Contemporary Dance and Hip Hop continue to captivate pupils and enrich the co-curricular programme.

Art

Feltonfleet pupils achieve high standards in the Art Studio, as they are encouraged to challenge themselves and follow their instincts rather than just seek affirmation from the tutor about their vision. Pupils in the Prep School upload their work onto the Seesaw platform, which is also available to parents and offers a glimpse into the work of Feltonfleet artists. Weekly lessons in the studio are supplemented by the after-school club Art4Fun for Year 5 and 6, by the online Art School on Firefly and for prospective art scholars, by the very successful Art Scholarship Programme and Saturday Art School.

2 Art Scholarships were gained for 13+ entry.

Design and Technology in 2019-20 saw highlights from pupils across the age range. Year 7 work was linked with their PSB curriculum, whilst Year 8 pupils put all their efforts into our business enterprise group Feltonfleet Warehouse , producing highly popular Christmas-themed headbands which contributed to raising in excess of £1200 for the school charity Oasis. In the Lower School, Year 3 worked enthusiastically on STEM activities including a competition for the best balloonpowered vehicle. In the Spring Term, useful commonplace articles were designed and made from everyday waste to link with the ‘ Saving the Planet’ , a study on the International Primary Curriculum. A new Design and Technology club, the Upcycling Club now complements the activities of the D & T workshop.

Sport

Feltonfleet was very proud to have been shortlisted for the TES Independent School Sports Awards 2020 , an accolade which is testament to all the continued commitment and effort of the sports staff in supporting the school’s vision for sport.

There were just under 400 fixtures during the Autumn Term, featuring 359 pupils from Year 2 to Year 8. Since the beginning of the academic year 2019-20, the Pre-Prep now have twice the previous allocation for games on the timetable and the department looks forward to the benefits of this in the long term.

The First Team Boys footballers lost out in a close semi-final match of the Surrey Cup but took consolation as this was the furthest the school had ever reached in the competition. Fixtures with Perrott Hill School in Somerset remain a highlight of the sporting calendar and we were delighted this year to hear that one of their classroom blocks is to be named ‘Feltonfleet’ in honour of our historical association. The U8s Boys Rugby team remained unbeaten all season. The Girls U13 and U8 teams had particularly good seasons and the U13 A Girls Netball team won the IAPS Regional Plate competition. The U10 Girls Hockey team won the Surrey Plate and only lost out on goal difference in the Rowan Tournament. The Boys Hockey U13 A team qualified for the National Competition in Cheltenham and the U11A were unbeaten at the Wellington tournament. In Cross-Country, one of our girls won at Highfield and at Eagle House and came 9[th] in the Surrey Championships. The U11A Swimming team came 3[rd] in the ESSA Surrey Swimming Championships. Shooting remains a flagship sport for the school: the new range was used for the Holmwood House fixture and the team visited the NRSA at Bisley to shoot at 50 metres.

6 Sports Scholarships were awarded for entry to Senior Schools at 13+.

The School’s response to the Covid-19 pandemic

Following a Government directive to all schools to help reduce the spread of Covid-19, the School was physically closed to pupils and the majority of staff from Friday 20[th] March 2020. The School continued to provide remote teaching and learning services to all pupils from the following Monday and also remained open for the duration of the official lockdown for the children of key workers. Mention should be made of the work undertaken by both teaching and support staff to enable the remote learning programme to take place. The School received many positive comments back from parents on the provision that had been put in place.

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE)

GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2020

In accordance with Government guidelines, a phased re-opening of the School began on 1[st] June where four year groups were welcomed back, followed three weeks later by another four year groups. In advance of any pupils returning, a full risk assessment was undertaken and a re-opening plan undertaken in line with guidance from the Department for Education.

The Governors elected to offer varying levels of fee discount to parents for the Summer term, depending upon the year group the child was in. These discounts ranged from 25% to 80%. This had a significant impact on fee revenue for the Summer term (£570,738 was the total discount given to parents). Governors also elected not to increase fees or staff salaries for at least the Autumn term of 2020.

Additional costs were incurred to implement safety measures throughout the School in advance of it re-opening, however, the School elected to utilise the Government’s Coronavirus Job Retention Scheme (CJRS) or furlough program and claimed back £84,357 through the scheme. It also established a hardship fund to support parents suffering as a result of the pandemic. A number of parents elected to pay the full fees for the Summer term and contribute the balance of the discount to the fund. The Governors of Feltonfleet would take this opportunity to thank parents for their kind generosity and ongoing support of the School.

Despite the impact of the Covid-19 pandemic, parents have continued to support the School with a record number of pupils currently on the roll. Our provision of remote teaching and learning has proved to be robust and the School is well prepared in the event of a necessary return to this process at some point in the future; there are no plans for a further reduction in fees. The School is able to meet all its financial obligations and remains a going concern.

FINANICAL REVEIW

General Review

The School’s principal funding source is school fee and this income is used to support the key objectives of the School as documented elsewhere in this report.

Reserves have increased by £216,348 during the year to total £8,408,220 at 31 August 2020. Of total reserves, £245,312 has been designated for the provision of bursaries and £48,000 is restricted in relation to the refurbished kitchen, leaving £8,114,908 unrestricted funds.

The Governors have maintained their commitment to the improvement of the School’s infrastructure during the year as part of an ongoing programme of capital expenditure of £541,153 and substantial additional expenditure for major refurbishments throughout the School estate.

PLANS FOR THE FUTURE

The future for the independent school sector remains more challenging than ever. A 43% increase to the Teachers’ Pension Scheme contributions has had a significant effect on costs moving forward and this likely to increase further in the review scheduled for 2022. The likelihood of Mandatory Business Rates Relief (MBBR) being taken away in the next few years is high with Scotland just experiencing the same. There still remains much talk about the introduction of VAT on school fees plus the loss of charitable status, both of which would have significant impacts on the School’s finances.

With all of that said, however, the pupil roll has never looked stronger and work is well underway in a number of areas to maintain Feltonfleet’s position as a pre-eminent Prep School in this part of Surrey.

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………………………………………… Mr Giles Ashbee Chairman

Date : 2 December 2020

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FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS' RESPONSIBILITIES

The Governors, who are also the directors for the purposes of company law, are responsible for preparing the Governors' Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard in the UK and Republic of Ireland'.

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the accounts 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 and detection of fraud and other irregularities.

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

We have audited the financial statements of Feltonfleet School Trust Limited for the year ended 31 August 2020 set out on pages 12 to 25. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The governors are responsible for the other information. The other information comprises the information included in the governors’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be 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.

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(LIMITED BY GUARANTEE)

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

FELTONFLEET SCHOOL TRUST LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the governors’ report (incorporating the directors’ report and strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors' report (incorporating the directors’ report and strategic 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:

Responsibilities of the governors

As explained more fully in the governors’ responsibilities statement, the governors (who are 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 governors 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 are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

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FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our audit report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of

TC Group Statutory Auditor

Office: Steyning, West Sussex

Dated: 10 December 2020

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FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Notes
INCOME FROM:
Donations
6
Investments
7
Charitable activities
8
Total income
EXPENDITURE ON:
Charitable activities
9
Total expenditure
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Fund balances brought forward
Fund balances carried forward
20		 Unrestricted
Restricted
Designated
Total
Total
Funds
Funds
Funds
2020
2019
£
£
£
£
£
-
-
19,939
19,939
12,814
13,620
-
-
13,620
21,982
6,406,075
-
-
6,406,075
6,252,560
6,419,695
-
19,939
6,439,634
6,287,356
6,223,286
-
-
6,223,286
6,077,898
6,223,286
-
-
6,223,286
6,077,898
196,409
-
19,939
216,348
209,458
48,627
(24,000)
(24,627)
-
-
245,036
(24,000)
(4,688)
216,348
209,458
7,869,872
72,000
250,000
8,191,872
7,982,414
8,114,908
48,000
245,312
8,408,220
8,191,872

All income and gains for the year are recognised above. All of the school's activities are classed as continuing.

The Statement of Financial Activities also complies with the requirements for an income and expenditure account.

Page 12

Company Number 00911933

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 AUGUST 2020

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CURRENT LIABILITIES
Creditors due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
REPRESENTED BY:
20
RESTRICTED FUNDS
UNRESTRICTED FUNDS
General funds
Designated funds		 £
£
7,402,731
1,616,287
2,596,817
4,213,104
(3,207,615)
1,005,489
8,408,220
8,408,220
48,000
8,114,908
245,312
8,360,220
8,408,220
2020		 £
£
7,285,922
1,641,254
2,382,656
4,023,910
(3,117,960)
905,950
8,191,872
8,191,872
72,000
7,869,872
250,000
8,119,872
8,191,872
2019		 £
£
7,285,922
1,641,254
2,382,656
4,023,910
(3,117,960)
905,950
8,191,872
8,191,872
72,000
7,869,872
250,000
8,119,872
8,191,872
2019
4,213,104
(3,207,615)		 4,023,910
(3,117,960)
8,114,908
245,312		 7,869,872
250,000
8,191,872
8,191,872
72,000
8,119,872
8,191,872

The accounts were approved by the Board of Governors and signed on their behalf by:

Mr Giles Ashbee Chairman

Date: 2 December 2020

Page 13

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Cash flows from operating activities:
Net income/(expenditure) for the year
Adjustments for:
Depreciation charges
12
Dividends, interest and rents from investments
7
Loss/(profit) from sale of tangible fixed assets
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
7
Purchase of tangible fixed assets
12
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Notice deposits (less than 30 days)
Total cash and cash equivalents		 £
£
216,348
423,749
(13,620)
595
-
24,967
89,655
741,694
13,620
(541,153)
(527,533)
214,161
2,382,656
2,596,817
1,173
2,595,644
2,596,817
2020		 £
£
216,348
423,749
(13,620)
595
-
24,967
89,655
741,694
13,620
(541,153)
(527,533)
214,161
2,382,656
2,596,817
1,173
2,595,644
2,596,817
2020		 £
£
209,458
382,557
(21,982)
1,700
17,461
(73,037)
250,710
766,867
21,982
(1,293,120)
(1,271,138)
(504,271)
2,886,927
2,382,656
757
2,381,899
2,382,656
2019		 £
£
209,458
382,557
(21,982)
1,700
17,461
(73,037)
250,710
766,867
21,982
(1,293,120)
(1,271,138)
(504,271)
2,886,927
2,382,656
757
2,381,899
2,382,656
2019
13,620
(541,153)		 21,982
(1,293,120)
214,161
2,382,656		 (504,271)
2,886,927
2,596,817 2,382,656
1,173
2,595,644		 757
2,381,899
2,596,817 2,382,656

Page 14

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 STATUTORY INFORMATION

The charity is a charitable company, limited by guarantee, registered in England and Wales. The registered office, company number and charity number are detailed in the Legal and Administrative Information.

2 ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities' Statement of Recommended Practice (SORP (FRS102)) and Financial Reporting Standard 102.

The charitable company meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy.

After reviewing the charity's forecasts and projections, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

2.2 Income

Fees receivable and charges for services, less any allowances, scholarships and bursaries granted by the school against those fees are accounted for in the period in which the service is provided. Where fees are received for a future service period they are included in deferred income, including those fees received under an advance fee payment scheme. The services provided are outside the scope of VAT.

Investment income is accounted for on an accruals basis.

Donations, legacies, grants and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable.

Where a donor or an appeal has imposed restrictions the income is credited to a restricted fund.

2.3 Expenditure

Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between expenditure categories and departments on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Freehold land is not depreciated - Freehold buildings 10, 15 and 40 years straight line - Fixtures, fittings and equipment 8 years straight line Motor vehicles - 5 years straight line

Page 15

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2.5 Leasing and hire purchase commitments

Rentals paid under operating leases are charged against income on a straight line basis over the period of the lease.

2.6 Pensions

Teaching staff are members of the Teachers' Pension Scheme (TPS), a defined benefit scheme administered by the Teachers' Pension Agency. Contributions to the scheme are charged to the Statement of Financial Activities as they fall due. The TPS is an unfunded scheme. Contributions on a 'pay as you go' basis are credited to the exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments. Under the definitions set out in FRS 102 the TPS is a multi-employer pension scheme. The charity is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contribution scheme.

The charity also contributes to personal pension schemes for its non-teaching staff.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments. The governors seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.

2.9 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

2.10 Stocks

Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell.

2.11 Fund accounting

Unrestricted funds comprise those funds which can be used in accordance with the charitable objects at the discretion of the governors.

Designated funds comprise those funds set aside by the governors out of general funds for specific purposes or projects.

Restricted funds are those funds that can only be used for particular restricted purposes in accordance with the wishes of the donor or when funds are raised for particular restricted purposes.

3 TURNOVER

The turnover of the charity is wholly attributable to the objects of the charity as stated in the Governors' Report and is earned entirely within the UK.

Page 16

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FELTONFLEET SCHOOL TRUST LIMITED

FOR THE YEAR ENDED 31 AUGUST 2020

4 NET INCOME/(EXPENDITURE)

NET INCOME/(EXPENDITURE)
This is stated after charging: 2020 2019
£ £
Operating lease payments 97,686 101,412
Depreciation 423,749 382,557
Profit/(loss) on disposal of assets 588 1,700
Auditors' remuneration - audit services 12,600 11,760
Auditors' remuneration - non-audit services 13,040 16,260

5 TAXATION

The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

6 INCOME FROM DONATIONS AND LEGACIES

Donations
7 INCOME FROM INVESTMENTS
Interest		 UNRESTRICTED
RESTRICTED
DESIGNATED
TOTAL
TOTAL
2019
£
£
-
-
19,939
19,939
12,814
UNRESTRICTED
RESTRICTED
DESIGNATED
TOTAL
TOTAL
2020
2019
£
£
13,620
-
-
13,620
21,982

8 INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Gross school fees
less bursaries and allowances
Net school fees
Add:
Scholarships, bursaries and awards from restricted/designated funds
Registration fees
Extras income
Other income
School bus/transport Income		 TOTAL
TOTAL
2020
2019
£
£
7,210,901
6,500,210
(1,042,066)
(448,146)
6,168,835
6,052,064
-
-
21,491
22,200
68,729
86,384
84,357
-
62,663
91,912
6,406,075
6,252,560

Included within bursaries and allowances is a total of £570,738 (2019: £Nil) Covid-19 related discounts given to parents for Summer 2020 term.

Page 17

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

9 ANALYSIS OF EXPENDITURE
Charitable expenditure
Education
Teaching
Welfare
Premises
Support and governance
Total charitable expenditure		 Staff
Depreciation
Other
Total
Total
Costs
costs
2020
2019
£
£
£
£
£
3,281,978
423,749
284,396
3,990,123
3,582,827
116,109
-
357,857
473,966
510,444
180,021
-
659,912
839,933
1,146,605
466,030
-
453,234
919,264
838,022
4,044,138
423,749
1,755,399
6,223,286
6,077,898
Analysis of support and governance costs:
Governance costs:
Auditors remuneration for audit services
Total governance costs
Support costs:
Auditors' remuneration for non audit services
Legal and professional fees relating to support
Support staff wages, national insurance and pension
Other support costs		 2020
2019
£
£
12,600
11,760
12,600
11,760
13,040
16,260
36,910
28,506
466,030
443,512
390,684
337,984
919,264
838,022

Page 18

FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

10 STAFF COSTS

The average monthly number of employees during the year was:

Teaching
Domestic
Administration		 2020
2019
Number
Number
64
64
17
15
14
12
95
91

The aggregate payroll costs for the year were as follows:

Wages and salaries
Social security costs
Pension costs		 2020
2019
£
£
3,152,762
3,167,632
315,763
317,166
575,613
413,753
4,044,138
3,898,551

None of the governors received any remuneration, reimbursed expenses or other benefits from the school or any connected body.

There were no ex gratia payments for redundancy in the year. (2019: £Nil)

Staff earning in excess of £60,000 per annum in the following bands are:

2020 2019
Number Number
£60,000 - £69,999 1 -
£70,000 - £79,999 1 2
£80,000 - £89,999 1 -

Of the employees whose emoluments exceed £60,000, 2 (2019: 1) has retirement benefits accruing under defined contribution schemes and 1 (2019: 1) has benefits accruing under defined benefit schemes. Contributions payable by the company to those schemes for higher paid employees were:

2020 2019
£ £
Defined contribution schemes 5,021 4,972
Defined benefit schemes 34,099 12,669

Page 19

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

10 STAFF COSTS cont'd

The key management personnel of the school are detailed in the Governors' Report and Legal and Administrative Information.

Aggregate employee benefits of key management personnel
(including employer national insurance and pension contributions)		 2020
2019
£
£
962,411
670,313

The School restructured its Senior team during the academic year. It moved from a Senior Leadership Team of nine to a team of seven focussing on the strategic elements of managing the School. In addition, a Senior Management Team was created to focus on the operational running of the School. All of these individuals were already employed by the School.

11 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - 31 AUGUST 2019

INCOME FROM:
Donations and legacies
Investments
Charitable activities
Total income
EXPENDITURE ON:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Restricted
Designated
Total
Funds
Funds
Funds
2019
£
£
£
£
12,814
-
12,814
21,982
-
-
21,982
6,252,560
-
-
6,252,560
6,287,356
-
-
6,287,356
6,077,898
-
-
6,077,898
6,077,898
-
-
6,077,898
209,458
-
-
209,458
24,000
(24,000)
-
-
233,458
(24,000)
-
209,458
7,636,414
96,000
250,000
7,982,414
7,869,872
72,000
250,000
8,191,872

Page 20

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

12 TANGIBLE FIXED ASSETS

Cost
At 1 September 2019
Additions
Disposals
At 31 August 2020
Depreciation
At 1 September 2019
Charge for year
Eliminated on disposal
At 31 August 2020
Net Book Value
At 31 August 2020
At 31 August 2019		 Freehold
Fixtures,
Motor
Total
Land and
Fittings &
Vehicles
Buildings
Equipment
£
£
£
£
10,127,867
425,984
244,418
10,798,269
530,153
-
11,000
541,153
(600)
-
-
(600)
10,657,420
425,984
255,418
11,338,822
3,141,890
166,648
203,809
3,512,347
350,822
49,763
23,164
423,749
(5)
-
-
(5)
3,492,707
216,411
226,973
3,936,091
7,164,713
209,573
28,445
7,402,731
6,985,977
259,336
40,609
7,285,922

Page 21

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

13 DEBTORS

DEBTORS
Fee debtors
Prepayments and accrued income
Other debtors		 2020
2019
£
£
1,576,138
1,568,805
36,624
68,924
3,525
3,525
1,616,287
1,641,254

14 CREDITORS: due within one year

CREDITORS: due within one year
Trade creditors
Accruals and other creditors
Fees in Advance
Deposits
Other taxes and social security		 2020
2019
£
£
67,923
60,823
14,767
49,938
2,447,701
2,367,309
603,108
562,258
74,116
77,632
3,207,615
3,117,960

Fees in advance represent amounts due for Winter term 2020.

15 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2020 the company had total commitments under non-cancellable operating leases payable as follows:

Within one year
Between one and five years		 2020
2019
£
£
90,292
86,795
144,382
62,415
234,674
149,210

16 OTHER FINANCIAL COMMITMENTS

Capital commitments

At the balance sheet date the school was committed to pay £Nil in relation to ongoing works on the David Rutherford Centre (science block) and Leighton House (dedicated year 2 house), (2019: £323,268 ).

Page 22

FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17 PENSION COMMITMENTS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £534,916 (2019: £376,108) and at the year-end £nil (2019 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as 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 benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Page 23

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

FELTONFLEET SCHOOL TRUST LIMITED

17 PENSION COMMITMENTS

cont'd

The school also contributes to defined contribution schemes on behalf of its other staff. Employer contributions payable to these schemes were £40,697 (2019: £37,645) and at the year end £nil (2019: £nil) was accrued in respect of contributions due to these schemes.

18 SHARE CAPITAL AND CONTROL

The charity is limited by guarantee and does not have a share capital. In the event of a winding up each member guarantees to contribute an amount of no more than £1.

19 RELATED PARTIES

There were no related party transactions during the year (2019: none).

20 SUMMARY OF FUND MOVEMENTS

Unrestricted funds
General reserves
Designated funds
Restricted funds
Holroyd Howe
Total funds		 At 1 Sept
Income
Expenses
Transfers
At 31
2019
August 2020
7,869,872
6,419,695
(6,223,286)
48,627
8,114,908
250,000
19,939
-
(24,627)
245,312
8,119,872
6,439,634
(6,223,286)
24,000
8,360,220
72,000
-
-
(24,000)
48,000
72,000
-
-
(24,000)
48,000
8,191,872
6,439,634
(6,223,286)
-
8,408,220

Designated funds:

The governors designated funds in order to provide for the provision of bursaries.

Restricted funds:

In 2017 the school entered into a contract with Holroyd Howe for catering services and as part of that agreement Holroyd Howe provided a donation of £120,000 towards the refurbishment of the kitchen. Should the school end the contract within five years they are required to pay back the donation pro-rata with the term of the contract remaining. The transfer to unrestricted funds above represents the pro rata amount for the year

Page 24

FELTONFLEET SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

**21 ** ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2020
At 31 August 2020
£
£
£
£
Tangible fixed assets
7,402,731
-
-
7,402,731
Current assets
3,919,792
245,312
48,000
4,213,104
Creditors: less than one year
(3,207,615)
-
-
(3,207,615)
8,114,908
245,312
48,000
8,408,220
Unrestricted
Designated
Restricted
Total
Comparative Funds
Funds
Funds
Funds
2019
At 31 August 2019
£
£
£
£
Tangible fixed assets
7,285,922
-
-
7,285,922
Current assets
3,701,910
250,000
72,000
4,023,910
Creditors: less than one year
(3,117,960)
-
-
(3,117,960)
7,869,872
250,000
72,000
8,191,872		 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2020
At 31 August 2020
£
£
£
£
Tangible fixed assets
7,402,731
-
-
7,402,731
Current assets
3,919,792
245,312
48,000
4,213,104
Creditors: less than one year
(3,207,615)
-
-
(3,207,615)
8,114,908
245,312
48,000
8,408,220
Unrestricted
Designated
Restricted
Total
Comparative Funds
Funds
Funds
Funds
2019
At 31 August 2019
£
£
£
£
Tangible fixed assets
7,285,922
-
-
7,285,922
Current assets
3,701,910
250,000
72,000
4,023,910
Creditors: less than one year
(3,117,960)
-
-
(3,117,960)
7,869,872
250,000
72,000
8,191,872
8,114,908
245,312
48,000
8,408,220
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2019
£
£
£
£
7,285,922
-
-
7,285,922
3,701,910
250,000
72,000
4,023,910
(3,117,960)
-
-
(3,117,960)
7,869,872
250,000
72,000
8,191,872

Page 25