MOOR PARK CHARtrABLE TRusf LihifTED (A Charitable Company Limited by Guarantee) GOVEIL)OR5' REpoirr ACCOiJNrs IEAR ENDED 31 AUGUST 2020 Company R¢gittredNo.. 01571498 RegisteTed CbarAty No: 511800 Haysmacint)Te LLP Ch8rteTedAceountants Registrred Auditors MOOR PARK CIL4RITABLE TRUST L[￿I[[ED GOVERNORS, REPORT YEAR FM)F.D 31 AIGUST2020 The Board of Gtsv¢rnws present their aunuai T¢￿rt for the )'¢8r end¢d 31 August 2020 under the Companies Ath 2006 and Chariti¢s A¢t 2Jl I: together w'ith tb¢ audiLd financial statrjnents for the sear. and confirn) tbat ihe latter ¢omply with the reqUi￿]ll-nts of the Aci th¢ Mmorandum ona Arti¢l¢s of Asso¢iation alld tbe Charities SORP (FRS 102) - Second EditiorL STATUS AND ADMINISTIL4TION Moor Park Clkaritsble Tntst Limitd fouu&d in 1981 and is govemed bv the Mernorandum and Articles of Association The comp8my's onlv activity Since found￿lOn h&5 Mix)r Park School, a pretwatOTy school with a pre. prep department that established on a pro]Yieioriai b&sis in 1964. Tr Tr￿St-"S address and registered office is M(x)r P8rL Ricl)ards C&%tle, Ludlow, Si]ropshire SY8 4DZ. The TnLSt is a regiSte￿d cbarity. numl*T 5118(M), aijd aregistpred (x)mpan), nuTnber 01571498. GOvER￿'0Rs The Governors wl10 are directi)r8 of Company, ond Charity Tr￿ wkn ge￿ed during the year were: P Avery MTS K Br&le P Gosling M Tonks (resigDed Iiiof20) J Davenwrt Ms A Minton.Beddoes Mrs C Bengou (IX3) (i) (2x4) (5) (3) (4) (6) J Rogers-coltman {Chairnian) Mrs E Tailor M Verdin Rei S McGurk TNew]t (i) (5) (4) MembeTship of su1￿coMmIttee5 and athisory groups: {1) (2} <3) (4) (5) (6) Finance Health & Safety Property Marketing Acadenllc Safeguarding and We]faTe PROFESSIONAL ADVISERS KEY PERSOLYNEL The Headmaster C G O'B Mi￿gU¢ The Bursar Mrs S L Jones Bankers HSBC Bank pl4 Commercia] Centre 6 Broad Stree4 WoKcester WRI 2EJ Solicitors (Genernl Matters) GBH Law 718 Inwv*ion Pla¢¢ Ik)uglas Driv¢ Gcda]ming Surre GU7 IJX {Fee Recovery & Specialist Educational Mallers) vwv chardLane Briitol BSI SDS Auditors Ha)'smacinwe ILP 10 Queen Street Pl&ce tA)ndoD EC4R IAG MOOR PARK CHAR￿ABLE TRUST LLMtrED GOVERNORS, REPORT (Continued) YEAREI4DED 31 AUGLST 2020 STRUCTURE, GOVKIiL¥4.4NCE AM) MALIAGE￿L Nf Governing Body Governors are apwint¢d 8t a Full Board meting following nomiDation by an existyng Governor or the Head and having due re￿d tD the Board's ￿cifiC￿lo￿S ¢on¢erning eligibility., wnai cotnpli8llc¢ specialist skilLs and local availability. Governor trnining and induction New Qov¢mors are inducted into the Th'0rking5 of the school aud the B(wd a]￿ th¢ir responsibilitics aTKI liabilities as Charity trusrees and company director5. "I'he scb(K)l is a rnernlKr of the A5￿Clat[Oll of Governing Bodies of Independent Sch￿1$. Two training semiws are held for tbe Boatd each year aitetnating ￿tWe￿ general gDvernanc¢ and school 5tecific issues. Organisailonal TrtAnagemen6 Strnctsre & RelatiODship5 The Governors meet as a Board four times a yrar to detetrnine the gell¢rnl wlicy of the Charity and the Sch(x)L and to rcview the Scbotsl's overall Dwemeni and control for wtiich the GoYerry)rs lega]ly responsible. The Board is supported by Si￿ $ll￿cOmMitteeS and advisory, groups" Finance. Ptowty. H¢81th and Safety, Markettn& Academic And Safeguarding ond Welfare, who meet ar least three times a Jear Én adNwiTr of the tenJ]ly Full Board meetings. Th¢ Fin8ll￿ su￿¢0￿Mittee monitors 8nd reviews the Sc]xx)1'5 budgeL% annual accounts aDd fiDaocial considers burs8ry reqiiests and wees artion on b8d d¢bts and ad￿[seS the Full Board on fitwiciai matter5 generally. The Property sub-committee monitor9 alld reTriews the School's mfLiMenance artd building progrJmmes and adNiscs the Full Board OTJ all ¢state ll￿tters. The Hea]th and Safety sub-committee Advises the Full Board on bealth and safetv wlicy and ortyanisation Monitors the prograDun¢ of safcts a￿lit and revith¥ and any resultant retnediai actioll. Safeguarding and Welfwg su1￿mmIttee advises Full Board and senior staff on welfate and saf¢guaT4Jing issue4 monitors the sch￿l."S safeguarding wli¢ies 8nd procedu￿5 and Lm(krtake5 regul￿ inforni8J iDStKxtions of th¢ s¢￿01,5 arding and p￿lor¥I facilities ond systems. The A¢ademi¢ Committee is maik up of educational goi'emors, the Headmast¢r and other seniormembets of staff helps to guide educational stralegy for the schwL Th¢ charity also Iw a Marketiug wjviwry group wbicb gives ￿￿dance to the Head and his staff on all promotional rnatte￿ &Dd advises the Full Board on Jllarketitig FX)Iicy. The day-t(pday I￿nIng of tbe school is &legated to the Head and Bursar SUPPOrted by the Senior Management Team. The acadejnie and pastoral fimctions of the Sch(x)l are managed bv th Hea￿ sllpported by" th¢ Deputy Heal Head of Early Years, House Parents, Head of Middle School and Senior Nlaster. The adtrJinistTatiN'¢ and supp)rt s¢rvi¢es aT¢ majwed by the Burw in liaison Thith Head. Moor Park is an actiye mernlKr of ts tAPS (a conslituent iKNty of th¢ 1Thde￿ndellt SchoDls Council), Ihe Catholic Inde￿d¢llt Sctsools ConfereDC4 the B0￿ding SclLTr)Is AssociatiotLand thc l*J¥knt Schwls Bursars Associati(>JL Key Mthnggement Personnd The GoTr'ernors ¢onsider tbat the)., together with the Hea￿ tlLe Burw the Senior Ilanagem¢nt Team (consisting of the Deputv H=ad: Senior Master and Flead of Middle Sch(x)l) comprise Ihe Key hIanage￿tllt Pcrsonn¢l. Th¢ Govcrnors giv¢ th¢ir time freely 8nd the paj 8tJd remuneration of the Heod and senior stsff is set by the finaThcc Commiltcc and is kept under allnu￿ revicw. A uumttr of criieria ate used in settitig pay: Naiure of the role and respoTr£ibiliiies c0jn￿tit0r sai8ri¢s in the region The seclor aYa￿e salary for comtArable P￿ItiOns Trends in pav Th¢ Governors have given delegated authority to the Head to ￿ highcr SA]aries for exceptional candidates thÉs is in the interest of the School. OWECTIVES AND Ac￿l￿￿￿Es The Object of the TrusL in accordance with the M¢morthutn and Articles of AssociatiorL is to promote and provide for the advancement of Bducati(In of Child￿n. The Board ha8 referred to the Charity Conunission's general guidance publi¢ i￿lefit WI￿ reviewing its aims gnd objective5 and platming future (kY-lopmenL In particular. the trustees consider bow pLat]ned activities will contribute l(Tr the ain]s alld objecti￿$ th¢y have set. MOOR PARK cllARITABI￿ YRLST LThIKTED GOVERNORS, REPORT (contlnued) ITAR ENDED JI AUGUST 2020 OBJEcfivES ALID ACffiTfiES {eontiDued) Prfncipgl A¢tfvity The Trust's onlv activty ¢ontinues to ￿ Moor Park S¢]wL a C(￿edU￿onal ￿ardIng and d&y sch(M)I foT chil¢Jren aged 3 to 13 years Trlith all associated day we unil for babies and toddlers from 3 months kn 3 y¢8rg. Strategic Aim and Inte￿ded Effect The Sch￿1,8 overriding aim is to PTepare ts children foT tsir senior 5ch(Ml]s and life LYF'ond. This is achieved by m&Yimising the opportunity and potenti￿ of each It￿LY]dud chiltl belping them be th ￿$t the) Can be and leading them tOw￿(ts independence of thought and actio￿ so that have the Confiden￿ and self-reliancc, ao(kmio alld intsllectual 8biliti¢s to suc¢e¢d in the wi(kr worl¢1 Objectives for the )¢8T (19llO) Illithill the activity of M{￿r Park SclMM)L the Board's main objectives for the year are to:_ Promoie the vision statemem for the s¢h(N)l M'hith is ￿ prepare ¢bilthen for tbe range of sch(Kils with an iD¢lusive feel and io provide a broad but iDnovative curriculum, both ststed and hidde￿ preparing children for secondary school and a rapid]y dwiging world RcvIei￿ thc management stnjcture ￿ all Icvels of school Review the cost base of the school io Yefle(tt currem pupil numbers, with a focus on staffing Explor¢ futur¢ additional income gt4Krating opwrtuDities iwluding the furth¢r development of online learning opportlltiities Increase the pupil by pursuing oYus&2s and UK pupi The inCr￿ed use of social Tnedia to promofr the actTYities of the thl. P￿bIle Benefit Moor Park is an independent school fee paying pupi]s. tbe level of fees ixing detennined bv the School's cost structure which in tum is deterniined by the f￿11]tieS le￿e1 of service offered. The SCI￿0] aims to D]ake a small swplus eaoh year sufficient to fund capital eX￿ndli￿re a])d the TAUSI""S debt for tbe year. Within the restrictions of child pTh)tedion precautions relating to Ibe pupil4 the Sch(K)I's facilities and resources are made available to the wider community. ￿7th a parricular focus on children and )oung pLx>ple. The Trust's object and 8trategi¢ aim is thereby extended irN'ond the confines of the ScFKK)I's fee- paving pupi]s. The main &ctiviti¢s in*olving (he broader communiry, and undertaken during the }'ear1V￿e ￿ folloM%:. The s¢hwl offers a means tested bur4ar)' s¢heme, to ne￿, Wld existing pupil$ fijnded from fee inil)me. During the ye8T, 17 pupils re¢eiNed meaT￿tested qupim ainounting ty £97.000. In this way, the benefits of Moor P￿k are made available to those w'ho may TK)t able to the fees. sclmwl works in collaboration ￿7th Active TrdiDEng and Education (Charity 1062448) ro proNide day andIe8idellllal holidaTr' activitie5 for Childr￿ Tr school subsidised these edwationa]l>' ba>¢d ¢ourses: making thejn available to as bn)&l a cross sectiOD of the commuDiTh as Jx)ssible. Did not rnn in ?019120 due to Covid. M(K)r Park organi5es and hosts ￿&5 coiinty and foott>￿V￿ball cOm￿titiOnS for local pri]nary schools ill¢ludtng South shropShi￿ Cross CoimtTh' PrtJnaTh SchiM)I Championships. Ludlow Hockcsè Club us¢ the Sdwl's tacilities for junior training prograrnmes and as a bkn- for inttDducing biKkey to local primary scbocils. A local sports training Companv provi¢ks jwhior tennis and fwtball ca]nps ai Moor ParL LoL*i prim¥ry Sch￿19 us¢d th¢ astro turffaciltry. All the￿ f&iliti¢s wrrc thToughout tbc )ear &g Covid restrictiorLS allowed. The pupils at Moor Park rdised funds during year forvarious charitable causes induding The popw app CAFOD, Megan Baker Houo: and Pakistan. Th¢ whwl's facilicies are used bv a rnjoe of I(￿al S￿￿[l5 clubs, geneNdiK' for theiT vouth teams, and as a regul venue tor lo¢a] musi¢ swieiies and cbaritable fund-raising elents. The Sehool hosts an international language School during the sumrnu for childr¢n aged 12 to 16. The School organises rnass sineing events foT loral PTtmaTr scTrK>ols using MIM)r Park 8chcKTrl fA¢ilities alld gtaff. These events were suwded in March 2020 due to Covid Te>lri¢tions. A strong jink has txen ¢ki'eIo￿d a l(x2t ho]ne with children Nisiting the rcsideDts and hosting them at Moor Park in renmi. These visirs io care home contin￿d until March 2020 but had to be Lwrtailed during the national l(Kkdown. The sdwl's history teacher WOTks with lo(al stst¢ schwl teachers to pw and (kliver a topi¢ on ILKal histori￿ figLres. MOOR PARK CHARITABLE TRLST LIMITED GOVERNORS, iiEPORT (continued) IEAR £￿1)ED 31 AUGiIST 2020 Public Beo¢fit (¢ontinued) The s¢hooI inviies children from the local 8rea to take Ixrt in activtties OTh a Satt￿day r(Loming alongside chiLdren from the sch(K)l. These &ttiYities until March 2020 when Covid restrictions that the8e sessions ceased during the national and Nert only avatlable to M￿r P8rk pupits Oll rwEniI]g. Children frojn the local area are also invited kn free Mini Ex'plorer events in the schotrl grounds ￿,hICh take place around three times a year. Again these events were curtailed in tbe due to the pandemic. STIL41EGIC REPORT REVIEW OF ACHIEVEMENTS PERFORWCE FOR THE YEAR The Gurriculum alld tea¢hing methods Contin￿ to ￿ develo￿ through th¢ lens of the Moor Park Milldsets. These IMbits of mind were develo&*d bN' M(K)r Park st•ff ￿ ensur¢ that chil(Iwi ar¢ giv¢n an adv8ntage as th¢y pware to enter all increasingly fasi-changing world: C]EattYity. C￿l0$1ty. Critical Thinking, Confidence, Indep￿ndenCe, Resilie￿￿ are ail now ¢klIber￿lY eN)uraged thro* the cufficulum and teaching m¢thods refl¢ct this at all levels of the gch(K)l. Development of a progrdnllne of jive online lessons through the first lockdowrL The CPD system has continued to b¢ (kv¢lotKd M'birh o]lows for more tegulaT lesson obsetvation4 consid¢r¢d feedback and Trised stan4Jards in teathing a(r055 thB ￿1￿1. Rigorously pursue agcd debtors through le8￿ cha0￿15. The cost base of the busilless contin￿1 to rev1￿¥Cd in all ams with 8ppropriale staffing levels ¢nsur¢d for the followiDg year. More efftcttve m8rketimg of the s¢h(K>l. using the 2019 illsiKrtion rep)rt which Lknilxd the school as being Excellent ill all ar￿. A small An¢reose in th¢ nU￿ber of UK ¢bildTen at M(M)r Park been achieved for Septern￿r 2020. An inCre<￿e in tILe scS1ool'"s marketiug reath in ttK Far Fast was achieved through ellgaging with more ageots and forming linL8 withother scEK￿lS i¥h05e a]igD wittLour ow New Litw was op¢ned in Septrmkr 2019 A full consultation pn)ces8 was gone thrOll￿ teachers ar the sch(M)I regarding the future of the Teachers, P¢nsions Scherne at M(M)i ParL At Ik conclLLsion of this process, Board took ts decision lo withdraw the school from fPS fi¥Trm September 2020 and this has I￿ett achieie(L The sch(M)I now enrols teachers in the Aviva Avns Schen)e. 14 scholarships were g8in¢d by 19 UK b&ged Year 8 Eeavets to s¢nior schools. All Common Entrance Gfjndidates gained entry to their first choic¢ of senior scknol. A signifieath &wrtion of childjm represented their L￿Unty or equivalent in hockeyy crickcL taekwondo: horse ridin￿31￿)￿ jUTnPiDg and k-8rkn2. Children Co]n￿ed at a nationa] level in hotse riding. Through collth)ration with Active Training and Educatii)n (charity numtcr 1062448) the Trust w2s able to offer educationally based residenti￿ holidav activities for chtldren aged 8 to 13 as well ￿ holida}, ¢lLildcare faeilitics for children up to 5 yeaTS of age. Due io the pandemia this did wt occw in summer 2020 but ore ￿0ked to attend in summer 2021. COVID-I9 The school's rcsponse to Coiryd-19 bas tttn to implement its contingencv plaDDing arngements for guch circumstdnces, and it bas been abl¢ to serve its stake1￿IderS throughout the various sw of pbysical closure of UK schools followed by a partial reryopening for sp¢rific y¢ar groups and theu full re-ottnin The educatioll provision Mthi]st the sch(M)I was closed focused on the dciivcry of live remote le£rnit)g using IT SN'gt¢ms i*hich w&% implementsj and communica￿d to pupils and parcDts during the Easter holidays so as to allow" thc suJ]nJer *rni to begi￿ as ath.ertise¢ on Monda%, 20 Aprii 2020. This remotc 1¢8rning continued throughout thc te￿ for certain }t¥r groups whil* OtI￿r5 wtre welu)med ixck to schwl &s lifting of governm-nt restrictions allowcd; Coniinuation of remote learning at all times for those pw)ils unable to attend sclxK)I for re￿ll5 assx)ciated with Ci)vid-19,' MOOR PARK CHARITABLE TRUST LJltrrED GOVERNORSI REPORT {conti￿ued) R ENDED 31 AUGUST 2020 COVID-19 (contiDued) Discounting feeg chargcd w preDL8 to ￿tter Teflect the pvr£ived value of remote leaTning provision at & time when many are themselves facing financial un(rrtainÉi' wising from tbe COVID-19 pandemic. Making use of the government's Job Reteniion Scheme for th￿"e staff unable to work thring the Covid.19 Imw¢diat¢ CesS￿l0n of all planned capital exrtllditure and the closure of the sire &s far as y)ssible In ordeT to ot¢ct limited flo￿ resx)urc¢s. Th'ith limi1ed reorKning of facilities as more vear groups ￿turned ar￿ full re openillg wh¢n dlowed io do so. Supwrting other staL"eholders by the retethion of kes stsff W0￿]ng onsitr thiy)ugh0￿ the paJ)thmic together with others able to work re￿OIety so as to minimi* tt¢ ttisruption to schwl's operalioD; and The SCI￿01 h&5 obtained & CBILS loan of £570k fro]n HSBC so to enable it to support its se￿iCe provision during the COVID-19 outbre&k and to en&ble the deTr"elopment of future incoU￿ geneTffiing strategi¢s. A new financing arrang¢Tts¢nt has been ogre¢d frow June 2021 whereby. the CBILS l¢)au is paid off, as well as the remaining balances on previous loans. These ￿tre tEpla¢ed by a £696,2W loan from HSBC in JU￿ 2021. repai'able over 15 yeaTS, with the first 10 yeats ar a fixed tnt¢r¢st r&*. The £750,000 oi'eTar&ft lin)it ha5 also &xtended for a fi]fther E2 mon￿. frorn June 2021. l. Continue to art on the strdtegic retriew. foCU￿AngOn the folloiying arcas: Acadcmics- ensure that Moor Park deli￿ratelY prepores children to tske their piace ij) & rapidly changing world by ¢Jeveloping the habits of thinking that Thllll need to Ix suceessful aud happy. Ensure tbat we haye the teachers and facilities to achiei'e this aitn. Inch￿]vity - Ellsur¢ that 811 a5[￿ts of Mfy)r Park c*r for the widest possible variety of chilthn and f8Jnilies, fO￿551￿g OD Saturda)" PTQViSiOD in th¢ fjrn instance but including spory musiq drnm4 learning support and pastOTal ¢aT¢. OtheT strategic moves will IE Co￿ldered to fijrther this aim. Develop foreign market to ensure that we take fu]1 ly)ardcrs froTD a wider variet), of natiorks. 2. To identify additiona] income St￿￿$ to enable the sch(K>l to ￿tter mcct its charitsble ain￿. sever￿ plans are being Worked on that will allow the schiK)I to flourish in a challenging local market. 3. Ensure thatMooT Park has strong li]]ks io the outside world andthe local area ID IWb¢ul8r. 4. Continue to oFrrat¢ alld refll￿ our improv¢d systws of professional deYelopmeDt ond apwaisal to ensure iljaf the skills of staff are d¢velottd. 5. To ensure that our 5tsffing is of o high quality whilst making sure that CL)sts are CODtrolle 6. Revicw of governance to ensure that our c4)mmittee stn￿￿￿e Supp￿ the aims of the charity alld that succession planning is a¢])iei'ed. 7. Continu¢ to rcfine our academic tra¢kino systems to ensure that rKrformanet of all children in all PaTts of the school are traGk¢d and tbe fu)dAngs aaed ll￿m. 8. A reyiew of IT across the sc]M)ol to ¢nsure that our system8 hardware atMI sx)ftwarc supp)rt the traching and learntng with the mIn￿ets progrJts]m¢ in ￿llKI. 9. Plans have started to tK mad¢ to geneTat ￿ld1110￿al income from a series of courses aimed at Neparing ¢hildr¢n from abroad 10 be suc£essful ill ISEB pre-tests not detrd¢ting from the core Moor Park offering for existillB children. 10. Cominue to develop our marketing sLrategy by acting on dat& to infomi de¢Asions and using social medi4 digital morketing materials ?￿d loc￿ events to enhance vi5ibiiiry. I l. Plan for the school's 6(yb anlliversary including the deVelOp￿ent of a Fo￿￿er$, Fund ￿ supwrt bursaries and eapitsl projects. FUNDRAISING All fijnds for the sehwl are ratsed by the MI wid¢r review. This prO￿5S is foTmaliscd by an alwual review of Ihe Sch￿1,5 risk management cont'ol document that allows the Board to f￿ll$ on the systems and ￿￿edureS established to mitigate those risks gnd their effectiveness. MOOR PARK c￿lTABLE TRLST LIMrrED GOVERNORS, REPORT (continued) YEAR Ef4DED 31 AUGUST 202 PRINCIPAL IUSKS AND UNCERTALYTIES (eontinuedl Over th¢ course of the last year: a fjnancial r¢p)rting strucbjre has l*en intr￿ce1 desuibed ￿ the Financia] DagbEoard. This allowE gOVe￿￿[S to see at a glan￿ th¢ ￿r¢Cl¥ed kx)ssible fumuciai vuinerabilities of the school and demonstrates the fmwcial impact of S￿rIfiC factors H'hicb may affect the financial ￿rf0m￿nCC of the school. This allows the Board to accurntely tnonitor the financial risks to schwl on a regular basis and re￿t accordingly in a tim¢ly manner. The princip81 risks and u￿￿l￿tt&s identif￿] for th LX)ming yearwere: The ijnpact ofth globaI paud¢mi¢ on ov¢rs¢as wil nu[llbe￿. Pressur¢ on cash balances. Realting to the ever.Cha￿ging ecollornic enviTonment and the Ix)]L8equent uncertainty ou pupil numbers- manage this risk by marketing acti&itY to ma]￿11n pupil numbers. baving a reputation for academic excelleuce and gn ￿1.roUnd education al￿ active ush flow momgetnenL Compliance with the changtng safeguarding regulatiotLS and IL9￿ction i¢giin¢ - we m8nage thi8 rigk through r¢guarding wlicies, stsff recruiknent policie% Pabknral supwrt for pupits and stsff active identification and resolution of heAIth and thty". related issues. Impact of exiernal f&ctors- the Governo￿ have Iken mindfijl of the pr￿llre on p8nnts ill reeent years 8Dd have limited fee increases and offtred fee discounts whe￿r EK)ssible. wete frozen for the year in Sept¢mi*r 2020. Political risks arising from achange in goFernmenL m&in￿'ll1ng a s&fr euviionment compl>illg iiith health and 50frty tEquir¢Jnents - these risks rn￿ed thrnugh effective planniDg, risk asSe&sMet￿ and erLsuring appropriate Insuran￿ ¢oY¢r is in place. Key controls used by the Sch￿1 to manage risk iaelude: Keeping the bank informed at all tiD]es- succe&sful r¢finan¢ing hgs t£en xbieved. Identifying additio￿[ income strean]s Fomai agend￿ for aIl Ci)mJnitte¢ alld Bowd activity Detailed T¢rn￿ of Reference for all Comraittecs Comprthnsil'e strategic plallniTi& l￿dgeting and rnanug¢ment accounting Established organisational structure and lines of reFK)rtiDg Formlll Mryitten w)licie5 on ail asp¢c¢8 of a¢tivity Clear authorisation alld approi'al levels Vetting pr4xedwes as requir￿ by law for the protectionof the vulnerable TEwough the Ttsk management proceg5es established for the SclMJ)L the Govcrning Body is &]tisfied that the major risk5 identifi¢d have been adequately mitigated i*her¢ necessaTr'. Ir is FerO￿]Sed that syst¢m5 ¢an only proi'idc reasonable but not absolute assurance that tnajor risks h&ve t¢en a(kqwately Jnanaged. Goln8 concern The SclLooI has tnade a deficit in the year and h&8 ￿epared detailed f￿￿￿Claj projections which 8how that Ét will rnth a further deficit for the y¢ar endiDg 31 August 2()21. It ext£Cts tr) return to a small surplus th¢ year to 31 August 2022 due to ￿￿tIL inpupil nutnbers, generation of other addition￿ iwme and C￿e￿j1 cost COnt￿L B&sed on its fIn￿￿lai for¢izsts the Sc]Kx)I will have sufficicni fiJ)anciai resources to u>ntitLue to meet its liabilitic5 as they fall due but it will iE d¢penLknt u￿n its bank loarLS and OTr¢rdt￿ fxilities. The Sch(K)I has 5uCC¢S5￿11Y o)nsolid8ted its historic boJ]k loany and CBtLS loarn into 15 tem) loan p)st vear end. The Srhool bas an overdraft facility of £750,(K)O which is du¢ for trvi¢w io Mas. 2022. and ac¢ording tr) the ternis and conditions could be 'ithdtaMn gt an). time. There is no indi&ition that this facili￿ will withthhwiL The bank has been kept fully infoi'med of the fvll fll)ancial Position of th¢ sch(K)l on a regul￿ b&sis and is aware of the uncer￿tieS the wtential impa¢l on the school's circurllstances. BaKd on this Informatio￿ they hay¢ re]*Thed the overdraft facility for a further y¢ar and approved the long-term financing of the scb)ol. The ￿f￿ancIng has cn8bled the sel￿1 to effectively finance th¢ losses iT￿Urred during Covid with a new 10on arrwm¢nt with a 15-Trear terol the first 10 years Eting at a fixed rate. The rnonthly refinancing p&)illents are1¢5s thao tbE previous loan repayments which are TK>w p8rt of this ref￿cing package. Howeveff, the aCco￿tS approi'ed during a ￿￿0d there is much uncerfaiIiti' as a ￿.￿Ult of COTon￿,1ruS (COVIt 19). The impa¢l of Cov[￿19 and othei factots on th¢ School's ability lo grow pupil numbels and getwatr the oth¢r additionaL iDCOD]e 8nticip￿ed is uncertain. MOOR PARK c￿lTABLE TRUST LIMITED GOVERNORS, REPORT (contlnued) ITAR EI*￿ED 31 AUGUST 2020 Based on the above indxcati￿￿ tl* GoveTMrs Eelieve that it retDaiW appropTiat¢ to prepaTe the fIna￿la1 statements on a going ￿n¢￿rn basis. Howei'er, the matters ¢kscribed th>ve tepffseni a matyial unwtainty which may Gast doubt on the School's ability to Contin￿ &s a going concern. The operating outturn for tb¢ vear was a (kficii of £354,493 (2019- deficit of £114,298). Operating activities resulted iti net c&%h oufflow of £185,454 pric>r to fLI￿￿illg. amongst other thing4 wita] expEndiTure of £63,058 {2019 ~ £94,388). Thi8 ewnditure incluthd £29k on the knl phase of tb¢ replacement of gas ix)ileTS for the Main HDilSe. The fixed assets of the Trnst now stand at £2,644 758. A¢ 31 August 2020, the secured b￿]k tK>rroiving of the Tn￿t (including the bank overdraft) stood ai £976:618 ￿hICh indudes a £570,(NJO Coronavirus Business Intsrruption Lo (2019 - £667,S63). A ffvaluation of the land 9nd buildings ￿lOngIng to the Trust in D¢Cern￿ 2018 valued these at £3,780,500. This va]u&ion has not iwi ￿lJUSt¢d for in the ac￿)￿lts. Tr tx)ok Val￿ of this salne land aDd buildings at 31 Augusi 2020 £1093.723. As other school hake done, Mi>or Park offered a 20Yo diSco￿t ort dav fees during the first national lockdow￿ Th¢re were a nutrjber of parenrs who Still decided to pay fidl fees io suptK)rt school. The scls)ol made us¢ of th¢ govemment's Job R¢tentlOD Scheme whilst the sclKX)l clo*d 8nd parti8lly o￿lL These ch8mges r¢fle¢ted in the publish￿ accounts. RESERVES POLICY The Governor5 re¢o8Dise the need for reseryes to generate fut￿ for investtnent in protErty and tlLe management of risks nd contingencies. At 31 Augusi 2020, the SclNK)I hwj rcstric*d fimds of £220,798 and unrestricted fimds wexe £978,677. The School ¢urr¢ntlv h&8 no Ertt reserves &s a]1 amounts are alloeAted to fixed assets. It ￿mainS the Govern(Ir's policy lo build up fr¢¢ res¢rv¢s. INVEsfMENT POWERS These 2￿ governed by the Memordlldu￿ and Arti¢l¢s of AS￿latIOn which ￿lt fimds to Ix invested as thougbi fil by the Governors, subject to any condi110￿8 or 5allctioDs that may be AmEx)sed by law. STATELIIENT OF GOVERNORS, RESPONSIBILITIES The Governors ￿sponsIble for pr¢pdring the Gover￿)rS, Rqkn atsj financial 5tstements in accordance with applicable la￿ and TegulutiODS. Comparjy law tEquires the Governors to prepare f￿a￿l8] statements for each financial year. Under that law the Goyemors have elected to prepap. the fiDaDcia] statrments in accordall￿ with United Kingdom Ge￿rallY Accept¢d Accounting Practice Iunited Kingdom Acci)UDting Standards) and wlicable law. UThJer ¢ompauy law th¢ Governors must not approve the financial statements unless they are salisficd that thev give a and fair iiew of th¢ s(ale of afairs of the cbaritable company, and of the result of the charitable company for that yw. In preparing these financial Statemen￿ the Gove￿￿8 are wired to: select suitsblE a¢cowiting tK>li¢ies and appty tbem CO￿15tentIy. ob8¢ry¢ the principles in the Charities SORP; • makc judgments and accounting estimate5 that reasonabl¢ aDd pr￿n1' Sk*¢ whether appli¢8ble a¢Lr)unting $t8TLdards have tttn followed. sllbj￿t to any material depthures disclosed and ¢xplained in the f￿ancial siatements; prepare the financial staien)ents on ihe going con¢crn b￿1$ unle&s it is Inappro￿late to presun￿ that th¢ dwitable company M'ill continue in busin The Gov6rnor8 a]t reswnsible for keeping adeqiiate accounliDg rc£ords are suificient to show and explain the charitsble company's transactions [￿d disclose with reasvnable accuracy at any lime the financial position of the itable a)mpan)' and eT￿ble them to ensure that the financial staiemcnts comply with ts Companies Act 2006. They are also rcsponqible for safeguarding ￿ assets of the charitable cotnpany and for tsknng reaso[￿ble steps for the prevention and d¢te¢tion of fraud al￿ other irregulariries. MOOR PARK c￿ABLE TRUST IJMrrED GO￿￿1￿￿oRs, REPORT (¢ODtiolled) AR ENDEIJ 31.4UGUST 21Tr20 So far as each of the GoYernoTS i5 awajt 8t the tim¢ the rwrt is approved.. there is no rele￿'allt audit infomiaLion of w,hich the charitable companys auditors are UDaware" and the Gc>vernors haye raken 8Jl steps that try ought to b&ve tsken to mak Ibems¢lv¢5 aware of arty relevant wdit infonnation and to ¢stablish thatthe auditors are awar¢ of that InfO￿all0 AUDITORS A r¢solution proposing th¢ re4pwittLment of Haysmacintyre tLP as auditors to the mpany will put to th¢ Govemors, Meetillg. The Governors, Rewr¢ incorporating a Strategic ReEK)¢ was approved ty the Board of CM)vernors on 27th lu]y 2021 and signed on Èts Ixha]f by. J Roge￿c01t￿￿J[ Governor Moor Park Sch(xkl Ludlow Shropshire SY84DZ INDEPENDENT REPORTOF THE AUDITOR'S TO THE MEMBERS OF MOOR PARK CHARITABLE TRUST LIMITED Opinion We have audited thc financial statem¢nts of Moor Park Charitable Trust Limited for Ihe year ended 31 August 2020 which comprise the Statcment of Financial Activities, Balance Sheet and not¢s to the financial staieiDents, including a summary of significant ac¢ounting p(>licies. The financial re￿￿ing framework thai has been applied in thcir prepaiation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporling Siandard applicable ihe UK and Republic of IrelÉ3p7d {Unsted Kingdom Generall>. Accepted Accounting PTacti¢el. In our opinion, the financial stsiemenis.. give a true and fair view of the state of th¢ ¢haTitable company's affairs as ai 31 August 2020 and of the net movement in funds, including the incom¢ and expenditure, for the year then ended; have been piDperl)' prepared in accordance with United Kingdom Generally Accepted Accounting Praciice. and have prepared in accordance with the requirements of ihe Companies Act 2006. Bashs for opinion We conducted our audit in accoTdancc with IntciTrational St8ndards on Auditing IUKI IISAS (UKII and applicable law. Our re$￿A81b1]IIieS undci. those standards are further dcscTib¢d in th¢ AuditOT'S responsibiliries for the audit of the financial statemcnts section of our report. We are independent of ihe chariry in accordance with thc ethical requireTn¢nt5 that are relevant to our audit of the financial statements in Ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in ac¢ordan(* with these requiremenis. We believe thai the audit cvidence we have obiained is sufficicnt and appT(>priate to PTtsvide a basis for our opinion. Material uneertainty related to going concern We dram, aiieniion to the accounting policy notc Ilb) on page 14 regaTding going concern, which indicates ihat the School has incurred a deficit in the year and will incur a furth¢T deficit in thc }'ear ending 31 August 2021. It does, how¢vcr, expeci io rerurn ro SUTplus in the year ended 31 August 2022 due to gTOWth in pupil number aiid genei'ation of other additional income. Whilst Governors are taking action to securc additional income and manage costs, Ihe impaci of COVID- 19 gnd other factors on these plans is uncertain. These condiiions indicatc that 2 material uncertainty exisis that may cast significant doubt on ihe School's ability to continue as a going concern. Our report is not moditied in respe¢t of this matter. Responsibilities of Governors for the financiAI statements As explaincd more fully in ihe Sraiement of Governors Responsibilities, the GovernoTS (who are also rhe directors of the charitable company for the purwses of c(Impany law and trustees for the purposes of charity lawl are responsible for the preparation of the financial siaiements and for being saiisfied thai they give a true and fair view, and for such intemal control as the gov¢TnOTS detemiine is n¢eessary 10 enable the preparation of financial statements that are fret from material misstatemcnt, whether due to fraud or error. In preparing the financial statem¢nts. the gov¢rnoTS are responsible for assessing the charitable company's ability to ¢oniinue as a going conccrn, disc105ing, as applicablc, Tnattcrs rel8ted to going concern and using the going concem basis of accounting unlrss the Govemors either intend to liquida* the charitable company OT to Cease Ok￿ra(10n$, or have no realistic alternative but to do so. Auditor's respon5ibilitie$ for the audtt of the finxn¢ial statements Our objectives are to obtain T¢￿0nable a55urancc about whether the financsa] sta￿MentS as a whole are free from material misstaiement. whcther due to fraud or erroT, and to issue an auditor s report ihat includes our opinion. Reasonable assurance is a high level of assuTance: but is not a guaTantec that an audit conducied in accordance ivith ISAS (UK) will always delect a maiei'ial misstatement when it exists. Misstatements can arise from fraud or error and are considered Tnaterial if, individuaily or in the aggiEgate, they could reasonably bc ¢xpected to influence ihe economic decisions of users iaken on the basis of these financial statements. A further description of our resp(Insibilities for the audii of the financial staiements is locat¢d on the Finkmcial Reporting Council's w'ebsite aE.' www.frL.or .uklauditorsr¢s onsibilities. This descripiion forms part of OUT auditor's report. Other inforniation The trustees are IEsponsible for the other infom)ation. The other information comprises the informatioii intludcd in the Governors, Repon. Our opinion on the financial stateTnents d()es not ¢over the other information and, cNcept to the extent (>thetw."ise explicitly stated in our Feport, we do not expTess any fotm of assurance conclusion theiEOn. YDEPELYDINf REPORT OFT1￿ AUDITOR?S TO THE MEMBERS OF MOORPARK CHARfIABLE TRUST LDifrED {eontinued) In connection with our audii of tbe financial statement4 our rewllsibility is to the other information all￿ ill ¢kning so, consider whetbfr the oth¢r infortnatioll is materialty I￿)￿151ent with ￿ f￿anCIal statements or our knowledge obtained in tbe audit or othen¥is¢ appears tD b¢ materially MiS5t￿t￿ If ￿e identify such material incollsistencies or apparent matsrial misstat¢Jll¢nts, we are required to determi￿ ￿h¢ther the]t ig a materiol misstatement in the fin8ncial statements or a material misstatement of the otber iDforniation. tl based on the work we have ￿fOrme￿ we conclude that there is a material mls5taie￿¢llt of this oth¢r inforniatiol￿ we ate reqlured to report that fact. We bave ncTrtbing to report in this regard. Oplrtlonj on other m*tters pnscribcd by the Compatyics A¢t 2(KlS In our opinion, based OD the work UDdert8&"en in the COU￿ of the audit.. the infomation giv¢n io the Go￿emOrs, ReFK)rt (which iThCDTwrats the strategic rewrt and the diTector5' report) for the fiJLan¢ial v¢ar for wbich the f￿￿]cial statements are ￿epared is consistent with financial state￿ellts' the Govemors, Rewrt (￿ll1¢h incorror8tes str8t¢gi¢ wx)rt and the directors, tewrt) has prepared in accordance with applAcAble legal requirements. Motters on which Trye required to report by exceptlo In th¢ light of ihe knowledge and tfft(trstanding of the charitable company it5 environment obtained in tbe ¢OUTt¢ Trf the audiL w¢ have not identified material nJisstatemeDts in the Governors, Rewrt (wFLich iDcorporate5 th¢ strategic ￿[X)rt alld the directors, rewrt). We have nothing to retx)rt in restKct of the following matters in relatton to ￿lch the Companie5 Act 2006 Tequires us to report to if, in our opiniotL adequate a￿oUnting rewrd5 have not Fken kept b). the djaritsble ¢ompan}' or the charitable cOm￿nY finaucial 5tate]nents are not in weem¢ttt with accounting recDrds attdrelurns" or certaln dis¢losures of Governor5, remuneration s￿¢tried bs" law not mad¢; or we h￿e Trot rceived all the nrfimation and explanatio￿ we requir¢ for our audiL Use of our report This report is made wl¢ly to the ch8rit&ble compani's memlEr& as a Tr￿)., itl acu)rdantx Ch8Pter 3 of Part 16 of the Compani¢$ Act 2006. Our audit work Iren under¢aken so that i*e might state to the Ch￿￿table co1np￿Y's m¢mlMy th08¢ matt¢rs we are required to state to them in Audiiovs rep)rt and for no otber puryx)se. To thr fullest ext¢nt permitt-d by law, we do Trot accept or asyume restx)nsibilitY tr) ani.one other than the cbatitable company alld th¢ charitabl¢ company's Me]nbe￿ as a b￿j￿., for a￿jit ivorL for this repirt, or for the Opinions we hav¢ fomic(L Trarey Young (S¢nior Statutorj. Auditor) For and on beha]t of Hal'S￿aC1ntyre LLP, Statutory AudiÉors 10 Queen Stjtcl Plac Lolldon EC4R IAG Date.. 28 July 2021 io MOOR PARK CHARTIABLE TRUST LIhllTED STATEMEI%T OF FINAYCIALAcfJviTIES YEAR ENDED 31 ALGUST 21120 Unrestricted Re8tricted Funds Funds Tot 202 TotAI 2019 Notes INCOLIqE VROM: Charltablt getivitie5: Sehool fees receivable Ti¢k Tock fees, disbursements and extr&s Donation8 GOvernMe￿t grants (eornnlvin￿ Sob $llppnrt g¢heme) Other tradlng activities: Lettings Ihv¢8tments Other.. Sundry income 1,941,749 386,985 2.880 1,94l,749 386,985 7,680 2,276,369 %18.760 22,699 216,467 216,467 20,302 490 20.302 47,314 62 6.842 6,842 6.595 Total Income 2.575.715 1580,51) 2.871,799 EXPENDITURE ON: RAlslng funds: Fin8ncing Costs Charitable activities: Education andgrant Fnaking Teaching costs Welfare costs Preinises costs Ti¢k Tock costs Supwrt and governaDce costs 30.857 30,857 28,787 1.379,344 538.2fA) 3i4.097 136,537 395,913 1,379,)44 538,260 354,097 236,537 395,913 1,341,087 623 4 J6 359,502 236,5J6 397,009 Tbtal eXpendIt￿re 2.935.008 2,935,008 2,986,097 Net (expendpture)fiDcome for the year (359.293) 4,8IM) (354,493} (114,298) Net Diovtment in funds (359293) 4.81M) 1354.493) (114,298) Reconeiliation In Funds Total funds brought fonvard at I SepteM￿r 2019 1,337.970 215,998 1.553,968 1,668,266 Total funds carried fonvaTd at 31 August 2020 12 £978,677 £220,798 £1.199,475 £1,553,968 No summarv income and exFenditure account has bttn prep￿ed this infonnation is clcarly identifiEd in the atove statc]nent. All gains and losses re¢ognis¢d in the y¢ar are included in the Sr&teMe￿ of Fin￿lalAC11￿tieB. The ¢omparative Staten)cnÈ of Finallcial Activitics for the yearen¢kd 31 August 2019 is sho￿￿ in Dote l6. The Th)tes on pages 14 to 23 forni part of these ￿cOU[￿. li LIIOOR P.4RK CHAR￿.￿BlE TRUST LIMrrED COlfP.4NTr REGJsfERED NO: 1571498 BALANCE SHEET AS AT 31 AUGLIST 2020 202(1 2019 FIXED ASSETS T8n8ible assets 1642.758 2,729,766 2.641758 2,729,766 CURBENT.4SSETS Debtors Cash at ballk and in hand 2￿,989 359 175,727 1,425 201,348 177.152 CREDrtORS- falliog dtr within one year (9)4,112) (1,121.158) NET CURRENT LIABILITIES (702,764} (944,0(k5) TOTALASSETS LESS CURRENT LIABILrfIES 1.939,994 1,785,760 CREDITORS- due after more than one year io (740,519) {231,792) IYET ASSETS £1.199,475 £1,553,968 Repre8enied by.. RESTRICTED FUNDS t3NRESTRICTED FIfyYD 12 l2 220,798 978.677 215,998 1,337,970 13 £l,J99.475 £1,553,968 The f￿anC weT¢ sign¢d stst nits ell We￿ approved end authoris¢d for issue by the Board on fby: 27 luly2(r21 aud P Avery ) GOVERNORS Mr J Rogeis-ColtrtLaTJ The notes onpages 14 to 23 forni part oftLK5e accouuts. 12 MOOR PARK CHARtTABLE TRLST LI)IITED S14TEMENT OF CASH FLOWS 14R ENDED 31 AUGUST 2020 2020 2019 Notrs Cash flojy (Msed Snyprovlded by op¢r4tkng attivities (see beloTY) (179.716) 126,156 Cash flows from operating actfvities: Interest received Purchase of tangible fixed assets New lo￿ in the year 62 {94,388) (63.058) 570.0(K) 507.432 (94,326) Cash flow$ from fjnancing actiyitics Repa)ment of fillan￿ leases Loan repa￿llents FinanLZ Costs paid (36.680) (64.162) (30.857) (46,250) (69,494) (28.787) {131,699) (IM,531) Change in cash and cash equiv8le]Jts in th¢ y¢ar 196,017 (112,701) and cash equiva]ent8 at the startof the y¢ar (442.958) (330,257) Cash and cash equiyaknts It the end of the y¢ar 2 246.941) £(44l958) I. RECONCTLIATION OF NETEXPENDITURE TO CASH FLOW FROM OPERAT]FIG ACTITrITIES 2020 2019 Net movement in funds for the year (gs ￿ the Siatem¢nt of Financial Activities} Bank intere51 Finance ￿sts tkprc¢iation UncreaSeyde47e￿e in debtors Increafje in cr¢ditors (354.493) (490) 30,857 150,066 (25.262) 19.6( (114,298) (62) 28,787 143,308 45,210 23,211 Net cash (used in)Iprovided by operating actiYitie5 q179,716) £126,156 2.ANALYSIS OF CASHAND CASH EQUII'AiENIS 359 (247.3¢X)) 1.425 (444,3831 Bank ov¢rdTaft £(246,941) £(442,958) 3. ANALYSIS OFNET DEBT At I Stpt 2019 1.425 (444,3831 (163,£29) (i9.951) Other non- cash cbanges Al 31 Aug 21120 {1.(￿6) 197,083 34,?47 (540.08SI 359 (247,300) (129,282) {600,036) Bamk overdrafts Bank loans due withill on¢ year Bank loans du¢ after one ycar £(66A438) £309.821 £1976,259) 13 OOR PARK cw[rAB￿ TRUST LThttTED NOTES TO THE ACCOUNTS ISAR ENDED 31 AUGUST2020 ACCOIJNTThG POLICIES (a) Basis of prepirntioth of the ateollnts The financial statements of the se1￿1, have in accord￿ with the Ststemellt of lieeommended Practi￿ for ch￿ltieS (SORP) (Second Editioffj effectiTre l Januarn 2019), FinanciAI Rewrting Standard 102 The Financial ReEK)rting Stand￿d applicable in the UK and Republic of l]rl8nd' and the Companies Act 2000. Moor Park Charitable Tn￿t Litnited meets the der￿ltiOn of a public iKnefit entity" under FRS 102. Assets and Uabilities are initially rrfognised at historical £x￿t OT trdt]sxlion value unEess otberwise ststed in the relevarlt acGoiiniin(T P)licy note. (b) Going toncern The Schwl has made a thficit in the year a￿d has ￿ep￿ted detaiIed fi[JanCi￿ proje¢tions whid) show that it will make 8 further deficit for the Jrar ending 31 August 2021. li exrKcts lo rettwn to a small surplui in tk vear to 31 August 2￿22 due to growth in pupil generation of other additional income and carefid cost control. Bas￿ on its financial for¢￿Sts tbe Schwl will baye sufficient fina￿la1 resources to cx)ntinue to meet its liabilities as they fall du¢ t￿t will b¢ de￿lld£llt upon Éts ba￿k loalks and oTrerdraft facilities. The se￿01 has successfully coll￿11dated its bistoric bank loans and CBILS loan into one 15 yw term loan p)st vear end. The School ha5 an overdrafi facility of £750:0(Kl whickn is for Te?i¢iY in Ilay 2022 a￿1 according to the terms and conditions coul(f be withdrawn at any time. There 15 no illdi(*iou that this f￿Ility will iK withdrdwn. The bank h&8 been kept fully infomied of the fjjll financial ￿sitio11 of the sch￿1 oll a regular basis and is aware of the uncErtaintie5 and the wtcntial impact ou the 5d￿l'S circumsta1￿. Based on this Inforniatio￿ they have renewed the overdraft facility for a flrytber j'ear and appwvcd loog-tenD fi￿￿ing of the school. The refll)ancing has enabled the school to effecttvely f1llat￿ the losses incuryed during Covid wtth a new 108n arrdngement 147Th a IS-Y￿ tetm: the first 10 years FEillg at a fixcd rate. The monthly refllwicing paNnents are less than the pr¢viDUS loan repa￿llents whtch ￿ now ￿ of this refiDaDcing pxkage. How'¢v¢r, lh¢ ar¢ approved during a ￿riod WI￿Th the￿ is much uncertaillty as a result of coronavirus (covtD-19). The impa¢[ of COVID-19 and oth¢r factors on the School's ability to grow pupil numlKrs and generate the other additional incom¢ anli¢ipa*d is un¢¢nai B&sed ots the aiM)v¢ indications ti* Gov¢T]KJrs ￿]I¢ve that il r¢mains aprrfoptiate to prepare the fllwicial statelnenls OD a going concern ba5]5. HoweNer, th¢ rnattrs (kscribed abve wKesent a material Un￿rIa]ntY which may rast doubt OJ the Sch(x)I""s ability to c4)ntin￿ as a going ￿)nLy (c) Critic31 aceounting judgements and kty $our¢es ofestimAtlon untertainty tILe appli¢ation of the a¢counting wli¢ie5. GOve￿ri are required to make judgemenL estimates, 8nd assumptions aknut th¢ Ca￿lI)g Tr'alu¢ of as5¢ts and li&biliii¢s ar¢ not readily apparent fiY)m othcr souries. Th¢ estimaies 8lld underlying a5sumptioDs ￿ based ou histori￿ exrxrience and other fadors that art considered to be releTr'ant. Actu￿ results rna>" diff¢r frotn these e5timJlts. The estimates alld underl)Ing ￿sU1npt1OnS revie1￿ ott an ongoiug basis. Revisions to acco￿ting estimates ar¢ recogllised in the iHiod ill M'bich the estimate is reiqsed if the TevisÉon affects onlv periol or irj the p¢riod of the revision and futtjre ￿riOdS if the revision affeC￿d curreDt and futute period& ID the vicM' of tbe Govemor4 no assumptions concerning the futute or estimation uncertainry affecting a55ets or liabilities at the balan¢¢ sbc¢t dal¢ are likely to result in amalerial adjustmenL to their canying arLounts illt￿e next financiaj yw apart from: - Pn)vision foi IMd debts Ivhich has been set off against Year￿e￿I debtor balances ￿lIeVed to IK doubthiL . Estimating the ec0￿mIC useful life of tangible fixed (d) TaDgible fixed a$5ets All fLxed assets eosting more than £500 are capits]ised and aT¢ Stated at cost less deprecÈation. Dcpreciation is providcd on fLxed assets to wiite off their cost over estimated Mseful lives when brought into use al the folloiving rates= Ftr¢hold buildings Furniture, fi¥tuws 8nd equipment Coniputers and similar eouipmenl Motor vehiknle 2-5%on cost 5-1￿/0 on ¢os¢ 25%on wst 21B6on ¢ost 14 MOOR PARK C￿4RITABLE TRUST LIMITED NOTES TO THE ACCOUNrs YEAR EI%WED 31 AUGUST 2020 ACCOLTrITLNG POLICIES (eontlDued) (e) Flrnan¢fia] Snstruments The S¢hool only has financial assets finwcial liabilities of a kind tbat qualify as basic fin8n¢ial inslnments. Basic financial instruments are initia]lj recognised at transactiDn value and subsequentjy measuffd at their settlernentvalue. (D Income All income i5 r¢¢ognis¢d in the Stai¢m¢nt of Financial Activities ODCC thc ¢loTit)' ￿ ¢ntidemtnT to tF£ fLmd% it is obable that the income will ik Thtived and th¢ amount can ￿ rne&￿Ted rcliably. Fees receivable charges for servi(zs and use of the premises, less any allowance& scholsjships. bur88rtes gTanted b) the School again• those fees. but including contributions recetved fmjn restricted funds, are accounted for in the ￿riod in whiththe $6xvxc¢ is provide Donations for the S¢1￿0],9 getsral is accounted for &% unTestricted and is cr¢di¢ed to the Gen¢rnl Reserve. WTrre the do]K)r or an appwl bas IM￿Se￿ trust law restriction4 volunw iucome is credited ￿ th¢ relev2nt restricted funn notification of the intere5r pNqid or pavable by the bank. GovcTnment grant incoTre rw.sents the total atlloutrt claimed from Revenue and Customs under the Coronavin]s Job Retention Scheme (CJRS). The income is arxouttted for in period in which th¢ associated sa]ary pa)Th¢nts are to fiwloughed staff. (g) Expenditur¢ Liabilities recognis¢d as eX[￿dituTe as as thete is legal or cOns￿¢tiVe obligalion committing the SchocTrl to that expenditire, li is probable that settlement will ￿ required and the amo]mt of obligation be me&8ured reliably. ExpenditUTe is re¢ognised oll an acuua]s basis as a liability is incutrt i￿￿￿$rVe of VAT, which cannot F recovered. Charitable activities costs Te[￿ costs dI￿dY as9Xi8ted wilh the TffOViSiOD of ¢duLWion related supwt costs. Expeudittue is allocated io each exixnse heading on a direct cost basig. fft i￿Verable clement of VAT is included with th¢ item of exp¢ns¢ io whtch it relates. GoN'ern8nce costs mpris¢ Costs of running the charity,, including thtegic plann?ng for its fitture developmenL external audit. an). legal artv1￿ for th¢ s.ch￿1,5 Governors, and all the cosls of complying with constituiionai 8md statutorv Tequirem¢nts, such &8 costs of Board and Committee meettngs and of prepa statlltor). accounts and satisfying public aGc¢untability'. (h) FÉnart¢e leases Assets obtained unikr finall￿ leaqes are (apitslise4J as tangible assets. Finatice leases are those where subsk2ntially all of the benefits and risks of oNTrership are &￿umed b), ￿ School. Obligations under such agreeinents are included in creditors nei of the fjnance cbaTges allocated to future r￿ri0￿. The finance eletneT)t of the rental p&yrnent is charged to the Starement of Trinancial Acttvities $0 as to product a ￿nstI1t11 ￿lodie r￿¢ of charge on the net ob]igation8 outstanding in each Ferio(L (i) Debtor5 Fee and other debtors are recognised at the settlement amount after any discount offered. Prepa>inents are valued at the amount prepaid net of anv trdde diSCo￿ts due. ti) Cash at bank itt hand Cash at bank and in hand includes bank accounts and wh Edanceg. 15 MOOR PARK CHARITABLE TRUST LD(tTED NOTES TO THEACCOLiffS YEAR ENDED 31 AUGUST 2020 ACCOUP4Tll%G POLICIES (eontinved) Creditor$ and provtsions Creditors and prOv￿lOn$ recognised where cbarity apreseat obligatton resulting from a past event that will p￿babllY result in the tran5f¢r of fitods to a third part). and the amount due to sertle the obligation can rneasured or estimated reliably. Creditors and wisions a¢ nomhalty re￿gnis¢d at their settlement amoum thr allowing for allv trade discourtts d￿. {m) Penglon ycbeme Retirement IKnefits to employees of the ScluK>I ate provi¢kd thToughtwo tKnsion scheme4 a defiuert ￿$ts. 2020 2019 Remuneration paid lo auditoi for audit pvrFK>5es {inclwive of VAT) OtF£r fees payable to the auditor Legat and profe&%ional fres 18.750 1,248 35,840 18,120 1,200 41,516 £55,838 £60,830 16 MOOR PARKCHARII4BLE TRUSTLThifTED NOTES TO THE ACCOUliIS (colltinued) YEAR ENDED 31 AUGUST 2020 ANALYSIS OF EXPENDrruRE- 2019 Stsff Costs Other Depre£Tatio Total Raising funds Financing cost5- bank arnd lea8ing interest 28.787 28,787 Cb#rltable activities Education and grants T¢￿hIng costs Welfare Premises Tick Tock Sutfj)ort costs and governan¢e 1289.887 208,780 93225 234.633 199.309 39,901 369,481 201,946 1.873 174,967 11,299 44.945 64.331 1,341,087 623,206 359,502 236,506 397,(M)9 22,733 Total ebarltable expenditsre 2.025,834 788,168 143,308 2,957,310 Total eipendlture £2.025.834 £816.955 £143,308 £2,986,097 STAFF COSTS 2020 2019 Salarie5 and wages Social s¢curity costs Pension U)ntriE￿tiOn Redundancy pay Agencv and other c￿$ 1,65J,896 138,608 217,5(k6 l.f,925 45,626 1,730,251 119,928 164,069 4,000 7,586 £1070,861 £2,025,834 Aggrcgate employee teDefits of key maTJag¢m¢nt ￿nr￿1 £375,151 £393,903 The averagc weeklv numlw of employtts was ma(k up as follows.. Teaching (including Ilck Tock) 2020 2019 No. 44 37 37 81 81 One member of staff r¢mun¢rntion b￿l￿etn £￿,0¢X) - £70.IMXI and one ￿twee￿ £80.0(KJ - £90,0(M) (2019- One £60,000 - £70,0(Ml and one £7Q,000 - £80:(KM)). The SclKboI 8]so paid t*nsion contributions of £24,716 (2019 - £17,348) in respea of these etnplovecs. PENSION SCHEIWE The School participates in the Teachers, Penyion Scheme (England and Wale5) Cthe TPSI for its teaching staff. The pension charge for th¢ year includes contribuiions pav-able to the TPS of £194,343 (2019.. £143,205) and at the year. end £22,902 {2019- £19.077) WL8 acmued inTesrRrt of CODtribu(iow to tbis scheme. Th¢ TPS is an unfthided niulti•enplo}'ei deFJned iKn¢fits teLiion schemc governed bv The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, P¢nsion Scheme Regulations 2014 (as amended). Memlrrs contribute on a &$ you go" basis iyith conuibthioni from Jnemttrs and the employer being credited to the Exchequer. Retir¢ment and other ￿nSIOn E£nefits are paid by Fwblic funds ￿0Vided by P8rli8ment..- 17 MOOR PARK CHARITABII TRUSTIJMrrED NOTES TO THE ACCOUNTS (CO￿11￿￿¢d) YEAR ENDED 31 AUGUSI 2020 PENSION SCHE11￿ {to￿t￿￿ed) The employer contribution r&tr is set by the Secrethry of State following scheme valuations underthken by the Goverment Actuary's Departmeni. The most recent actharial Yaluation of TPS was prepared as at 31 M￿Ch 2016 and the Valuation RryrL which was publithed in March 2019. o)nfirn)¢d that the employer Contribution rate for the TPS would in¢rc8tse from 16.40/0 to 23.6fj/0 from I SepteMi￿r 2019. F.mplovcTS are aiso required to pay & scheme administration levy of 0.08Yo givinga totsl emptoyer contril)ution rate of 23.68%. The 3 1 March 2016 Valuation Rey)rt was prep￿ in accordance with the berefits set out in the scheme regulations and under the approach 5￿Cl￿ed in the Directions. as they applied at 5 Ilarch 2019. However, the assumptions We￿ considered and set by tbe Deparrmetll for Edu¢aÉion wÈor tr> th¢ ruling in the 'McCloud1S&Ee￿t ¢a5¢'. This case required the courts to consider cos¢s regarding th¢ iowl¢m¢ntation of the 2015 refomis to Public Ser%ryce P¢nsiolls including the Teachers, Pensions. On 27 June 2019 the S￿)reMe Court d¢n1￿ the gOvern￿ent perIllis5ion to ap￿ the Court of Appeal'5 judgment that transitional provisioDs intrcKluccd to the refonlled txt]sion schemes in 2015 gave ris¢ to unlawful age discrimination. The govenunent is reS￿ting the Court's decision and said it will engage ￿llY with the Employment Tribunal as well &8 emplo.ver and m¢mi*r representatives to 4oree how the discriminations will t romedi¢d. A consultatioJ was laullch￿ bv the governmem on 16 July 2020, aod ¢los¢d to ￿ponseS on 11 OctoEer 2020. The TPS is subject to a cap mecharjism vthicb was put iD pla(z tD protect ￿xpaYerS against uufoTeseen changes in 8cherne costs. The Chief Srcretary to tbe Treasury. haviDg in 2018 anMunced that there would ￿ a review of this cost cap rnechomism, JanuaTr 2019 announced a pause to the cost cap mechaDism following the Court ofAppeal's ruling ill the McCloudlSargeaTJt case and urLtil there is certainty aEM)ut the value of pension5 to employees from April 2015 onivards. The pause w&$ lifted in July 2020 and the government is pryring lo complete the cost ¢ontrol elemetrt of the 2016 valuation5, whtch is ext*cted ts) completed in 2021. tn view of the knve rulings and decisiorLS the a&sumpti0Ths used in the 31 MarctrL 2016 ACtu￿La1 Valuation may b¢come inappEopriate. th this S￿llari￿ a Y￿UatIon preFAted in xcordance revised benefits and suitably revised assumptio])s would yield different ￿sUlts thanttrK￿ 0)ntai￿1 in th¢Actiwial ValuatiOJL Until the consultatton ond the cost cap m¢¢hanism revi¢w wmpld¢d it is not ￿$sible to coTh¢lud¢ on any rinancigl inLpact or future ¢han4es to th¢ ¢onir]￿Ul1QT1 rat¢5 of th¢ TPS. Accordingly no provision for any additiollaL past iKn¢fii pension wsts is in¢lud¢d in th¢5¢ finwJcia] strnents. (hher staff ar¢ ¢nrollcd into th¢ Srhool's defll￿d ¢ontribution scheme to which the school contril)ut¢s of gross sal￿ equival¢ut lo £24,254 in th¢ year 12019 - £20.863). At )'ear-end £3,779 (2019 - £1937) was accrued in reS￿ct of contributions to this schetne. GOTrTILNORS' BE￿IL￿ElL￿TIONA￿D EVENSES Th¢ sch￿1 obtained Indemnity tDsuThce for Governors fn)m Hettie Anthws Insw2nce Brokers with a limit of £2,000,000. The PT¢mium was part of th¢ wblic liability pmium aud is r￿t sep&ralcly identifiable. Nelther the (k)i'emors nor t*rsoDS connected witb received anv remuneration No govemor received reimbuttejnent of travel exTens&s in the vear (2019 - otk governor r¢ttiTred reijnbuwmejtt of travel expenses amounting to £119). 18 MOOR PARK c￿AllIABLE Tiiugf LINIITED NOTES TO THE Accouwfs (Cott￿￿¢0) YEAR ENDED 31 AUGUST 2D20 TANGIBLE FIXED ASSETS Freehold l&nd xnd Furnitur xtllres and equipment Motsr Vehicles Computers Totsl COST At I Septemttr 2019 Additions 3.042296 1203,592 293,875 13,565 233,742 1.200 4,773,505 63,058 At 31 August 2020 3.042296 1251,885 307,440 234,942 4.836,563 DEPRECIATION At I S¢pte]nber 2019 Charge fc>r t]r yedr 884,242 64J31 714.656 51.856 272,246 11,082 172.595 22.797 2,043,739 150,066 At 31 August 2020 948.573 766,512 283,328 195.392 1193,805 NET BOOK VAL13E At 31 August 2020 £1093.723 £485,373 £24,112 £39,550 £2,641758 At 31 August 2019 £1158,054 £488,936 £21.629 £61,147 £2,729,766 The net IxK>k value of as￿$ ￿]d under fM￿￿e I&￿S included a]x)ve tstal £80,947 12019 £121,288) (kpreciation charged amount¢d to £40,34112019- £41,778). The fr¢ehold property showi aiK)ve was valued in I)e(tMI￿r 2018 at £3.78rn. This valuation Iw wt iken refl￿ted in the above figures. DEBTORS 2020 2019 Fees and extr&s in arrears Prepayjnents and a¢¢n￿ in¢ome 113,576 87,413 107,566 68,161 £2(M),989 £175,727 CREDrroRS: amounts fgllfing due IvlthlD one year 2020 2019 oveTdraft B8mk loan Fe&g received ID advance Other t&xes and Social security Other creditors Accruals Oblig&tions under finance le￿5 Composition fee5 ?47,300 129,1S2 188,846 33,?79 188.254 17.922 30,268 68,961 444,383 163,529 225,044 35,246 IJ7,404 17,401 36,004 42,147 £904,112 £1,121,158 The bank overdr8ft fa¢ilitv of £750,0￿ is secured on Sch(M)I's freehold prowty. 19 MOOR PAIIK CHAR￿A￿LE TRUSTLIMrtED NOTES TO THE ACCOtMS (co￿tinUed) R ENDED 31 AUGUST 21Y20 10. CREDITORS- Due 8fter more thart offje 2020 2019 Bank loan Obligations under finance l¢ases Composition fees 600,036 105,150 35.333 59,951 136,094 35,747 £740.519 £231,792 ObligAtIo der Bank Total Amounts repayabl¢'. One to two )'ears Betsve¢n two and fiv¢ ye4rs After five years 35.333 108.322 334,58J 157.129 24,078 25,072 56,OQO 167,733 3J9,657 213,129 £3< 333 £61XI.036 £105,150 £740,519 Amoullts Tepayable after one y Amounts repayable within one ye 35.333 68.961 6￿).036 129.282 105,150 30,268 740,519 228,511 £104,294 £729,318 £135,418 £969,030 A business bank loan ￿'aS tsken out in2012 Hith HSBC."The Ii)an I￿S interest rf3.6D/o over IISBC'S rate and is Rpayable by 2022. The loan stood ai £99.834 at the vewn(L In additio￿ the sch￿1 took out & new 108A in 2016117 for £IOOk, repavable by July ?024. This starding FK)u5e been built. Both of these leases expire in 2033, when th¢ rights over the use of the la￿j a[￿ owTeTship of the proFW will ￿ert to the Schwl. ii. COMPO>iTfioN FEES Under the SchtK>I's corntx)sition fee SC￿m￿ contributors MAY enter into a contract to p&y ro sc￿01 for tuition fees in advance. The ]iabilin' is valued at the balonct sheet dat4 but has Iren all(xat￿l assuming that pupils ￿.111 remain in the ScFthl for ￿ nomial duration.. 2020 2019 Mtsvern¢nts during the ycar on ac¢n￿d liability unts the collttacts were.. BaIance at I SeptemEKr 4019 New CODtracts 77,894 67,887 59,356 61,039 145.781 120,395 Amowits uiiiised ID paym¢nt of fe¢s'. To the s¢bool (41,489) (41501) £104,292 £77,894 20 MOOR PARK ￿R[rABLE TRUST LLMtrED NOTES TO THE ACCOIINTS (continued) ENDED 31 AITGUST 2020 12. FUNDS- 21llO Balats¢¢ J Septewber 2019 Bfilanee 31 .4ugu5t 202 Income Expendlture Trgnsfers RESTRICTED Bursyry and SdM)larship Fund Facilitie8 Fund 91164 123,834 96,964 123,834 215,998 4.800 220,798 UNRESTRICTED FUNDS General funds 1.337,970 1575.715 {1935,008) 978,677 £1.553,968 £2,580,515 £{2:935,(M)8) £1.199,475 FUNDS- 2019 B*lanee J September 2018 Balallce 31 August 2019 Jneome ipendilure Transftn RESTRICTED Flursary and S¢bold)ip Fund Facilities Fun 85,Oi4 123.834 7,110 92.164 123,834 208.888 7.110 215,998 IiNRESTIUCTED FUNDS General funds 1.459,378 1864.689 (1986.097} 1,337,970 £1,668,266 871.799 (£1986.097} £1,553,968 Explanations for restricted funds: Bursary. and Scholarship Fund- funds have l*en gtvento Jllowthe School to tffovits buisaTies arwj scholarsknps. Faci]ities fulld-￿nds are giYeThto improve the facilitie5 of the Sct¥J)l. 13. ANALYSIS OF NET A￿Ts BY FtND- 2020 Ilnrestric¢ed Restricted Fund Fund8 Totsl 2020 Fund balan(¥s at 31 Augwt 2020 are rep￿sented bj": Tangible fLxed assets Current ass¢¢s Creditors- due Mrythin one year Creditors- due after more than one year l(A2,7$8 (19,450) (w,11?) (740,519) 2.641758 201,348 (904,112) {740,519) 220,798 £978,677 £220,798 £1,199,475 21 MOOR PARK CHARITABL￿ TRUS[ L[￿IrrED NOTKS TO THEACCOLThTS (eontinlled) YEAR ENDED 31 AUGLST 2020 13. ANALYSIS OFNET ASSETS BYFITND- 2019 Unrestri¢t¢d Restricted Fund FuDds Thtal 2020 Fund balances at 31 Augiist 2019 e represented by: Tangible fix¢d &9sets Cumt assets Crediknrs- due within one year Creditors- due after more than year 2,729,766 {38,846} (I,l21,158} (231,792) 2,729,766 177,152 (1,121,148) (231,792) 215,998 £1,337,970 £215,998 £1,553,968 14. T4XATION The company is a registered d]arity and tKJ taxation is payable OD tts incom¢. 15. COTrUIF4GLyf LIABtLITY The Scknol signed a 5-Jear catering contrdct in 2017. As pgrt of the 8gr¢dnw¢ the contractor5 suppIAed new kitchen equipment worfh £i7,500. If the contract is ended earl!,, a pr￿rtIOn of thi5 sum is due tt) repaid to the ¢ontractors dependtng on the remaining on the uF]rtract. The Sch(K)I doE5 not baye any intention of enthng the wJtract early. 16. REL4TED PARr Ther¢ were no related paty tr￿10￿$ in etther thr a]rrent or previous ycar. MOOR PARK CllAiUTABLE TRusf LIMITKD NOTLS TO THE ACCOUNTS (continued) ITAR EiYDED 31 AUGUST 2020 16. sTATE￿￿T OF FINANC]ALACTTrTfiEs- 2019 Unrestricted Funds Restricted Fund$ Total 2019 INCOME FROM: ChAritsble activiti¢$: Sch(x)I fees receivable Tiek Tock f￿5, disbursemenrs ar#] extras Don*tions other trading aetivili¢s: Lettings InTrestmeDts Otber.. Sundry Ineome 2276,369 518,760 15.589 2,276,369 518,760 22,699 7.110 47,314 62 47,314 62 595 6,595 Tot#1 income 1864.689 7,110 2.871,799 LXPEf4DITWiE ON: RAising funds: Financing costs Charitable acti*Sties: lucalion ￿ndgr£￿1 moking Teaching costs Welfare c0515 Premise5 costs rick ToTrck costs Supwrt and governance costs 28.787 28.787 lJ41.087 623.206 359.502 236.506 397,(MJ9 1.341,087 623,206 359,502 236.506 397,009 Total expenditure 1986,097 1986,097 Net {expenditureyincome for the year (121,408) 7.110 (114,2981 Net movement in funds (121.408) 7.110 (114,298) ReeonciliatlOD in Funds TotsL funds brougbi foTward at I September 2018 1,459,378 208,888 1,668,266 Total funds edyried forward at 31 Augu￿2019 £1.337.970 £215,998 £1,553,968