MOOR PAtIK CHARITABLE TRITST LLMITF.D (A Charitabk Compan). Lirntted by Guarnnte£) GOVERNORS, REPORT YKAR ENDED 31 AUGUST 2021 Company Registered No: 01571498 Re￿tered Charity No.. 511800 Haysmacilltyre LLP Registered Auditors MOOR PARK CHARtTABLE TRUST LtMtTED GOVERTrIORS' REPORT YEAR ENDED 31 AUGUST 21Tr21 The Board of Governors present their annual rew)rt for the vear ¢nded 31 August 2021 under the Compani¢$ Act 2006 and Charitie8 Act 2011, logetber with the audited financial Statements for the vear. and confjnn th8t the latter comply with the requirenLents of the Ac( the Memorandum arKI Articles of Assoeixtion and the Charities SORP 2019. STATUS AfqD ADMtYlSTRATiON Moor Park Charitable Trust Limited w&8 founded in l981 and is governed by the Memorandum and Articles of Association. The comp4ny's ody actiytty since found￿]1)￿ h&s been Moor Park School, a PTepatztory $¢hool with a pre- prep departm¢nt that was established on a proprietorial basis in 1964. The Trust's address alld registered office is Moor ParL Richards Castle. Ludlow., Shrop5bire SY8 4DZ. Th¢ Trnst is a registered charity, Twmt*r 5118Th), #lld a registered company. numb¥ OE571498. GOVERNORS The Oovernors who d]r￿torS of the Company, and awity Tnjstees who sttved during the year werc: PSAvery Mrs K Brnde (re8ign¢d 31108nl) P G Gosling M Tonks {resigncd 1110120) J D Davenport Ms A M J Minton-Beddoes Mrs C J Bengough {IK3) (i) QX4) (5) (3) (4) (6) J G ROge￿c0]￿l￿ (a]airman) Mrs E TaylcK (resign￿ 3I108121) M J Verdi Rev S J S McGurfc T P Newman MT5 J D Wall lappinted 25 M&TEh 2022) Mrs L E Cook (appoint¢d l May 2022) R J Evans (appointed l May 2022) {5} (4) Membet3hip of Su￿coMmIttee5 and advisory grouF6: (i) {2) (3) {4) (5) (6) Finance Health & Safety Propety Marketing Academic SafegU￿dIng at)d Welfare PROFESSIONAL ADVISERS KEY PERSONYKL The Headmask C G O'B Minogue The Bursar Mrs S L Jones Bankets HSBC plc: Commercial Centre 6 Broad Stree¢ l¥orcester W'RI 2EJ Soli¢itors (HR and Genernl Matt¢rs) Th¢ Lewis Building 3) Bull Street Birmingbam B4 6AP {Fee Recovery & Specialist EducatioDal Ilatters) vwv OTchard Lalle Bristol BSI SDS Auditors Haysmacintvr¢ LLP 10 Queen Street Place London EC4R IA MOOR PARK CHèlRITABLE TRUST IIMITED GOVERNORS, REPORT (¢ODliDued) YEAR ENDED 31 AUGUST 2021 STRUCTURE, GOVRRNANCE AND MANAGEMENr Governing Body GoVErno￿ are proposed and vett￿] by the Nominations Committee having due regard to the Board's $￿C]ficationS wncerning eligibility, pe￿n￿l cO￿pIlan￿ wialist skills and local availability and ar¢ appointed at the next Full Board meeting. Governor trAlniDg and indictitsn New CTOTr'crnors are irjducted into the wort(ings of the Sch￿)] and the Board and their reswnsibi]itie8 and liabilities ag Charity trustees and Company director4 a5 w¢ll a5 in Child Prot￿tiOn #nd SafeguardiD& The sthool is a member of ibe Association of Goven]ing Bodies of Independent Sth(Kbls. Two training seminars b¢ld for the Bogrd eoch year alternating between general 8overn8ttce and 8ch¢)ol s￿l6C 1&sL￿. Organisa¢ional ManA£emen& StrM¢tsre & RelatioDsbip5 The Governors meet as a Board fow tirDts a year to deterniine the generaI policv of the Charity ￿Trd the Scbool and to review the School's overall rnanagement and control, for iTrhich the Governors are legally responsible. The Board is supported by Six s￿￿coMMittee$ and advisory ￿0up5. Fin&nee, Propty, Health and Safety, MaTkeiing, Academic and Safeguarding and Iwelfare. who meet at least three tim&s a year in advance of the taJnl>' Full B00rd meetings. The Finance sulTr¢ornmittee monitors alld r¢Yiews the School's budgets. annual accounts and finan¢ia] Teports, Considers bursary requests and a￿tts action ally bad debts aTKI advises tbe Full Board on financial matters gEttsrally. The Property sub-committee monitors and Teviews the School's maintenance and building programJnes aDd advise5 the Full Board on all estate matters. Ibe FI¢alth and Safety s￿¢01n￿1ttet adi"'ises the Fu]1 Board on health and 5afEiy policy and organisation and monitors the programme of safety audtt and reiiiew and ally resultant remedial aci10￿ The Safegllarding &nd Welfarc sulFCOtnmitrec advis¢s the Full Board alld senior staff on ￿elfare alld safeguarding tssues. monitors the school'5 safeguarding policies and procedur￿ and undertskes regular informal inspections of the School's boarding and pa5tordl facllities and systeliis. The Academic Collllnittee is made up of educationa] govemors, the Headmaster aud other senior member5 of staff and helps to guide educational strategy fi>r the school. T]ie Marketing Committee gives guidance lo the Htradmastrr And his sraff on au pr(Mnotiond matt¢rs a￿d advises the Full Board on marketing policy. The day-to-day running of th¢ sehool is delegated to ts Head and Bursar supported by tILe Senror Leadership Tegm. The academic and pastoral ftjndions of the School are managed bv tbe Hea¢ suppor¢ed by the Trputy Head, Director of Teaching and Leaming, Pre-Prep C(H)rdinator, Head of Early Years and Hous¢ ParaLts. The administrative and support seryiccs are managed by the Bursar in liaison Mith the Head. Moor Park is active member of the IAPS (8 constituent body of the Independent Schools Council), the Catholic Independent Schools Conference: th¢ Boarding Sehools A￿￿￿1￿1￿￿ and the Independent School$ Bumrs Association. Key Management Persopnel The Governors wnsidtr that th¥y, togethc£ with the Herf Ille Bursar and the Senior ILa(krship T&qm (consisting of the Deputy HeaC Director of Teaclung and Learning, Pre-Prep Co4ordinaior, the Head of Earl) Ye￿5 and the pre￿ouS Head of Middle School) comprise the Key Management PeThM]nel. The Governots give their tim¢ freely and the pay and remulleration of the Head and senior slaff is set by the Comrnittee and is kept under annual review. A number of criteria are used in setting pay.. Nature of the role and responsibili¢i& Compeiilor Salaries in the region The gector average salary for ￿MPAT8b[e p)sitions Trends in pay The Govemors have given delegat￿ aUth￿Lty to the Head to pay ￿l￿er 5alari¢s ftr exceptional candidates where thi8 IS in the inter¢st of the School. ORIECTIVKS AND ACTlVtTtES The Object of the Trus¢ in accordance with th¢ Munorxndum and Articles of Aswiation. is to promote and provid¢ for the advancement of tA￿tion of children. The 3oard has refe￿ed to the Charifv COMMI￿10￿.S general guidance on public beuEfit when resiewing its Aims and objectives and platining firture development. ]n partieular. the trustees ￿nsider how platin￿ activities will Contribute to the aims and objectiv&% they have MOOR PARK CHARITABLE TRUST LIMITED GOVERNORS, REPORT (eolltlnwed) YEAR ELI"DED 31 AUGUST 2021 OWECTIVES AND ACTIvrrIES (tontinu￿> Prlncip81 Aetliity The Trust's only activity rontinue5 to Et Moor Park School. a c1￿u¢dtio1)al iM)arding and day school for children aged 3 to 13 years with an associated day care wlit for babies and to(kllers from 3 months to 3 years. StrAtsgic Aim and InteDded Effeet The Sch(M)I'$ overriding aim 15 to prq)are the children for their senior sCh￿)]S and life be)?ond. Thig is achieved by ￿￿￿]mIs]llg the opportunity and potetitiai of each individual chi14 helping them be the best they call bc and leading them towards indcpcndettce of thought and action, so that th¢y have ihe confidence and self-reliance, academi¢ and intell¢Xtual abilities to suc￿ed in the wider world. Obj¢£ilves for the year Within the &ctiYity of MoorPatk ScbooL the Board's main objeetives for the year are to.'- Promote the vision statetnent for the sch￿1 wbicb is to p￿p￿e children for the fvll rang¢ of gch(M)Is with an inclusiv¢ feel alld to provide a broad but it￿0vati*¢ (￿triculum, both stated and hiddeN pwaring children for secondary schwl and a rapidly changing world Review the le£dership and manag¢ttLeni struc￿￿ ￿ all letrels ofthe sc1K￿l Revivw the cost base of the schLW)I to reflect current pupil nutnbeTh', with a focus on staffing Explore future additional income grnerating opwtill)ities incllldiDg the fillther d¢velopment of onli]Je le2rning OPPOTtuniti¢s, holiday cowses and thort-sta). immersion courses tncrewe the pllpil base by pursuing oYer5c&g and UK p￿11$ The increased us¢ of social media to promote the activities of the school. Publi¢ Beneflt Moor Park is an independert sch￿1 with fee paying pupils. the level of fces being deterniined by the School's cost structure which in turn is deterniintd by the facilitie5 and level of seTr'i¢e oftTered. The School aims to ￿ake a c&8h SLllplus cach ye4r suffi¢i¢nl to fi￿d capitat &¥pr￿lture and the Tn￿t'S dd)t for the year. Within the restrictions of child protection precaukions relating to the pupd5, ￿ School's fa¢iliti&g and re50vrces are made available to the wider communitv with 2 particular focus on children and voung people. The ThTSt's objeet and strategic ain is ther¢by Extended iwond the confines of the Sctwl's fee- pai'ing pupils. The ￿aIll acliviLies involving the broader COM￿Ullity, and undcrtaken th￿illg the year were as follows:. The school offers a meaD5 te5tcd bursary s¢heme. to ne* and existing pup￿15 fimded from fee income. During the year. 17 pupils receivEd means-teswl sllppor4 a￿ountIng to £96,91H. In way, the benefits of Moor Park Are made available to those who ma), not oth¢rwÉse ￿ able lo fiuKi the fees. The school works in collaboration Ivith Active TrainiDg 8tLd EthI￿tiOn {Ctwrity Number 1062448) to provide dav and residential holiday activities for children. The schiM)I subsidised th¢5e educationally b￿ed course8, makiug thEm available to as broad a ero&s se￿10D of the community as possibl¢. Did not rury ill 2020/21 due to Covid. Moor Park Organi￿ and hosts cro&$ county and footbalvnetball coM￿ltiOnS for loc41 primary s¢hool$ including South Sbropshire Cross Countr)" Primary Sc]Kx)I ChampioD5hips. Ludlow Hockey Club use the School's fwilities for junior training programmey and as a base for iThtrodueing hockej. lo local pIim2rv schcK)Is. A local sports training compan> providcs jwiior tLmniS and football Carnps at Moor Park". Local prirnary schools used the astro turffacility. All these facilstics w¢r¢ US￿ through(￿t the y¢ar &% Co*id restrictlOD5 alloh'¢d. Th¢ pupils at Moor Park raised fimds during the for various dwitsble causes in¢lL￿]llg The p)ppy appeal, CAFOD, Megan Baker House. Twins Pakista The 5¢hool'% facilities are used by a rauge of local sports club4 genernlly for their youth teams, and as a regular venue for local rnusic societies a7MI cbaTitable fund-raisin8 events. The School hosts an itrtemational language hool during the summer for children aged 12 10 16. The School orgallises mass singing e*ents for local primary scliools using Moor Park schoDI ￿e1]itieS and staff. Thege events weJe suspended fft Marcll 2020 due to Covid r&gIri¢tio￿ and will recominence next year. A strong link has been d¢veloped with a local care homc with childrni visiting the residellts 8Ld hosting them at Moor Park in return. Th¢s¢ ￿sIts to the care home continued LU)til imarch 2020 but had to bc curtailed during the national lockdOM￿ and will recommence as soon &5 the current care hojne restrictions are sufficiently relaxcd to allow it. The sCh￿l,S hirtory t¢ather works with local stste sthool t¢Achers to prepare and deliver & topic on local hI￿onCal fi¥ures. MOOR PARK CHARrrABLE TRLST LIMrrED GOVERNORSI REPORT (eomtinued) YEAR KNDED 31 AUGusf 2021 Publie Benefit (¢oDtinued) The school inTrites children from the local area to tsk£ p2rt in actii'ities on a Saturday morning alonggide d]ildren from the school. Th¢s¢ acLiTrities opcrated until.Mar¢h ?020 ThheD Coi'id restridions meant thp¢t these session5 ceased during the national lockdown and iytte onl>. available to Park pupils on reopening. Thes sessions tropened to th¢ local COfLmunity in September 21r21. Chilthn from the local area are ￿s0 invited w free Mitii Explorer ¢vents in the school grounds Mthich tske place around three times ayear. Again these evenrs wffe C￿talled in th¢ y¢8r due to the PUT￿e￿Ie. STRATEGIC REPORT REVIEW OF ACHJEVEMKNTS AND PEBFOILIIAPICE FOR THE YEAR Th¢ curriculutn and ieathing ￿ethodS continue to be developed through the lens of the Moor Park Mindsets. These habits of mind w¢r¢ dev6loped bv Moor Park staff to ensure that thildren are given an advantage as tbey pr¢paTe to enteT an inmingly fast-changing world.. Creatiyitv. Curiosity, Critica] Thinking. Confidence. Independence, Re8ilienc¢ are all now delibuately ￿cOUr4ed throughout the CULTiculwn ond teaching methods reflectthis at all levels of th¢ gchool. Development of a programrne of live online lessons througb the second loekdowTL. The CPD system ]w continued io be develuped whith allo*s for more regular lesson observation$. considered feedback and raised standards in t¢achitig acros5 the school. Rigorously pwsue aged debtors through legal ¢hanve]s. The cost base of the business ¢ONinutA to be revi¢￿ed iti All areas with appropriate staffin8 levels ensured for Ibe following year. More effechve ma￿eting of tbe school: LL8ing the 2019 in4)ection rep¥)rt wbich described the school as bein8 Exeellent in all aws. A large increase in the number of UK children at Moor PaTk has been achieved for September 9021. An incr¢ase in the school's m2Tketing reach ill the Far was achieY¢d througb engagTng with more agents alld fortning links with other sch(x)Is whose needs aligD our ow). 14 scholarshLPS WEre gained by 19 UK I)2sed Year 8 leavers to their senior schools. All Common Entrattce C￿did￿te8 gained ellty to their first ehoiee of senior school. A swnificant proportion of GhildreTh wresented their county or equivaltnt in hockey, ¢ri¢ket. taekwondo, hoTse ridin￿ShOW jutnping korate. Children competed rdt a national level in hors¢ Tiding. Through collaboration with Aetive Training and Education (charity Ttumber 1062448) the Trust W&8 able to offer eAucattonally based resid¢ntiai holiday activities for chddren aged 8 to 13 &8 well as holiday childcare facilities for hildren up to 5 yeor6 of age. IA]e to the pandemic. this did Th)t occw in 2020 but are booked to att￿d i sut]]mer 2021. Covi[￿19 The whool's resporw to Covi&19 has be￿ to i]nplem¢nt its conlitigeno. planning arrangements for such cir¢wllstanccs, and it kn tKen able lo serye its stakeholders throughout th¢ various stages of physi￿1 ¢losuTe of LK schooIs followed by a p1wti￿ rfropening for specifie year ￿0upS amd then full re-opening. The education proyision whilst the sebool was closed from January 2021 moved s¢aDdessly to online learning once again. This remote learning Contitiued tbroughKMtt the lrtkdown for certain ye4r ￿0uP$ whilst others were welcomed back to scllool as the lifting o£government restrictions allowed. ContitLuatioll of remots learning al all titThe5 for those pupils unable to attend school for rrasons asgociated with CoYid-19' MOOR PARK CHARITABLE TRugr LIMITED GOVKRNORS. REPORT (continued) YEAR EIYDED 31 AUGUST 2021 COVlIk19 (Continued) DiwLtllting fees tharged to to better reflect the pemeived ￿u¢ of remote learning provision at a tirne when many are themselves faeing financial uncertainty arising from the COVUY19 parylanic. Makiug use of the governmettt's Job ReteThtion Scheme for those staff UDabl¢ to Work during the Covid-19 l]nmediat¢ ce&%ation of all discretionary expenditUTe ID oth to prot￿* limited casb flow resources, with a 8Tadual return to llomhal as more y¢aT groups return￿1 and fidl re-opening when allowed to do 50" Supportitw othcr stakeholdels b>. the retention of key staff w0￿1ng onsit¢ thruughout the pandemie together with othera able to work remotely so as to tninimise the dtsnwion to the ￿￿001,5 operation. and The school hos obtained 2 CBILS loan of £570k from HSBC 50 to enable it to )UPPOrt its service pro￿s1On during the COVID-19 outbreak and io ¢n8ble the development of fijture income generating strategies. A new financing rngement has been agreed fro￿ June 2021 ￿herebY the CBtLS loan was p&id oft as well &s the remaining ba]ances on previous loaus. These w￿e replaced ty a £696200 loan from HSBC in June 20?1, repayable over 15 years. wtth the first 10 jears at a fixcd imerest rate. The £750.000 overdraft limit has also been extEnded for a fi]rther 12 months from May 2022. l. Continue to act on the strategic review, focussing on the fo]]owing areas". Acade]nics - ensure that Moor Park deliber*elv prepare5 children to take their place in a rapidly chang￿8 world by developillg dLe habits of thinking thai they will need to be successful and happy. Ensure that we have the teachers aTLd facilities to achieve this aim. lThclusivity - Ensure that L8pe¢ts of .Moor Park rkn for the widest possibl¢ variety of children and farnilies. focussing on Saturdaj provision in the first inslance but ill¢luding SkxJr( musi4 dt￿ll￿ learning suppon and pastornl care. Other strategic ￿0Ve$ will be Conside￿ to fiwther this aitn. Develop our foreign maTket to ensure that we 18k¢ fv]l i%)arders frojn a wider variety of nations. 2. To identifv additional incoLn¢ Streall￿ to enable the sch(K>l to b¢tter meel its charitabl¢ aims. Several plans being workEd on that ￿111 allow the s¢hool to flourisb in a challenging local In￿e1. Ensure that Moor Park ha5 strong links to the othside world and th¢ I￿81 area in particular. 4. Continue to operate and refine ow improved systems of profession￿ defv'eloF￿rnent and apprdisal to ensure tlkat the skills of staff are ¢kveloFtd. 5. To ensure that our staffing is of a higb quality whilst making sure costs are controlled. 6. Review of govemallce to ensure our conunittee structs￿¢ supports the aims of the eh8rity and that su¢¢¢ssion planning is achieved. 7. Continue to refine our acade￿1¢ trdckitlg 5yslems lo ensure that the performanee of all cbildreTh ill all parts of the school are tracked and th¢ filldiTh8s actEd U￿n. A review of IT a¢ros5 sch￿1 to ensure that OW systrm4 hardwa￿ 8nd software supp)rt the teaching and learning with tbe Mindsets progratDmc in mind. 9. Plans have started to be ￿ade to generate additional income from a 5eTies of courses al￿ed at preparing children rTom abroad to be SUcc￿fi￿ ill ISEB pre-tests whilst noi deiracting from the core MoDr Park offering for existing children. 10. Continue to develop our ttthting strategs ￿. acting on dats to infornl decisions and using social media, digital tnarketing materia]s alld local events to enhance Yisibility. 11. Plen for the ￿h(￿01'S 60 anniversary iDcluding thc d￿elOpment of a Founders, Fwjd to support bursaries and capital prOJ￿ts. FufiDRAISING All funds forthe school are r8i5ed by the Moor Park Parents Association (MPPA) which a]￿S to ratse fun(L8 from parents and carers of Cu￿nt pupilg. MPPA opemes at aTrn'S length from the schwl and does Twt use &xternal fundraisers. No omplaints WE￿ receiwed as a resuh of MPPA'S fi￿Ydra]S1ng activiiies. PRf4CIPAL RISKS AND LNCERTAINTIES The Boart advised by th¢ Finance sU1￿CO]nt￿e¢ and knior hlanagement Team. continue to keep the major risks facing the school under review. Thig process is fornMlised by an al￿￿￿1 review of the SchLN)I's risk managerThent ￿ntrOl document that allows the Board to f(￿5 un the svslems and procedures established to mitigate those risks and their eff￿tiVeneSs. MOOR PARK CHARrrABLE TRUST LIMtTED GOVERNORSI REPORT (eontiDued) YEAR Ef4DED 31 AUGUST 2021 PRINCIPAL RISKS AND UNCERTAtNfiKs (cDntknued) Goyemors conti1￿¢ to receiv¢ detailed financial inforniation which is us¢fiJlly summ8ri5ed into a Financial D&shboard. Thig allows governors to see at a glance the perceived po&sible fin8nci2] iwlTrerabilities of the school and (kmonstrates th¢ flnancial impact of specific factors which ma> affect the finan¢iyl p¢rft>nlla￿e of the school. This allows the Btrard to ae¢urately monitor the fJDancial risks to the school on a regular basis react accordingly in a timEly Jnanner. The princip21 risks and uu¢ertainties ideTrtified for the comitig year were.. The impact of the global pandemi¢ on overseas pupil numbers. Pressure on c&sh bala￿¢5. R¢acting to th¢ ever-cbanging economic envtronjnfflt and the eonsequeTJt uncertainty on pupil uumbers - we m8nage this risk by tllarketing activity to ￿￿]ntain pupil nuJnF*rs."h8ving & ￿utatiOll for academic excellence and an all-Tound edurAtion and aclive oash Jlow management. Compliance with the ¢h8nging safeguard]ng regulations and inspwtion regime- we manage this rigk through Safeg[￿]ng polici¢s, staff recruitmeth polici￿ pastornl supp)rt for both pupils and staff and active idenlifieation and resolution of bealth 8nd safety relat¢d issue5. Impact of exttvnal factors- the GoiernoTS have been ￿]ndful of the pressure on parents in recent yeaTS and haye limited fee inereases and offered fee dis¢ounts *.herevtY possible. Politkeal risks ar]8￿g from a change in government policy. Maintsining a safr environment and comptying m.ith health and safety requirem¢nts - these risks are m8JMged through effective platini￿ rlsk &55¢SStnents and ensuring appropriate insurance covtr is in p]aee. Key Controls used by the School to ￿Ett88e risk in¢knde". Keeping the baDk infomed at all times- successfid refin￿ing h&8 been achieved. Idenufying additional inclxne streaTDs Formal agendas for all Con]mittee alld Board activity Detailed Tern￿ of Reference for ail Committees Comprehensive strategic planning.. bUdget￿g andmanwettt accounting Established organisational structure and lines of ryrting FoTmal written wlicies on all aspects of activity Clear authorisation and Jpproyal levels vettI￿g pro¢edures &s required by law for th¢ protection of the vulnerable Through the risk management process￿ established for the SchooL the Governing Body is satisfi¢d that tbe major riskg identifLed have been adequately mitigated where n￿essary. It is recwised that systwDs can only provide reasonabl¢ but J)ot absolute &ssurnnce thai major risks baye been adequately o]anag¢d. Going tollcern The School has mad¢ 8 deficit in the year and ]Jas F(eparryl det&ll￿ financial projections which show that it will make a further defi¢it for the yew ￿ding 31 August 20L?. It expects to io SUTplus in the year to 31 A￿ust 2023 due to growth in pwil number5, geTherLtiot) of oth¢r additional income And oueful cost colltrol. However scdne of the additional income sources are not gllara￿eed and there i3 a Ex￿SIbl￿ty they will not be [￿e1Ved. B￿d on its financial foreeasts the School will have sufficient financial resources to continue to meet its liabilities as they fall due but it will be dependeut uwn its bank. loans and ove¥draft facilities. The Scknol ha5 successfully ¢oT]solidated its historic bank loan5 and CBILS loan into one 15 Jear tertD loan thwing the yEar. The School has 9ll overdraft facility of £750,(MM> wFLith is due for revi¢w in Ma> ?023. and ￿rding to th¢ ternis and conditions eould be withdrawn at any time. There is Do indicatiriD that this fAeilify will be ivithdramn). The baDk h&s been kept fi]Ily informed of the full financial position of tbe school on a regular bas.is and is aware of the uncertainties and the potential impact on thB school's circumstaJLces. Based on this infornaiion, th￿. hafve reneM'ed the oNerdraft facility for a fi]rther year and approved the long-ternj finallcing of the schix)l. The refllwicing has enabled the sthool ￿ effedii'ely finance the losses iocurred during Covid with B new loan aTrangement ivith a 15-ycar tem). the first l O years being 21 a fixed rate. The monthly refinancing paymeEhts are I￿8 than the previous loan repayrnents which are now part of thi4 r¢financing package. MOOR PARK CIIARITABLE TRUST LIMfTED GOVERNORSI REPORT (¢omtiuued) YEAR ENDED 31 AUGUST 2021 However. the matters &6cribed above represent a material uncertaillty whi¢b may CASt doubt on the School's ability to continue as a going cknncem Based on the above indicatious at￿ given the continual upward trend in numbers on roll, the business is considered by govemors to bt continually improving and consequentty the govenLOfS believe that it rejnains appropriate to prepatE the financial statements on a going concern b&qis. FINANCIAL REVJEW The operating outturn for the year was a deficit of £370.022 (20?O- deficir of £J54.49i). Operntllw activities r¢sulted in net cash inflow of £45,662 prior to financing, amongst other th]ngs, Capi￿ eXp￿ltUre of £59.461 (2020 . £63,058). The fLxed assets of the TnLqt now stand ￿ £2.553,849. At 31 August 2021: the secwtd bjnk bo￿o￿1ng of the Trust {including the bank overdraft) th)d at £1.046,448 (2020- £976,618). A valvation of the land 2nd i￿lIdIngS b¢loThging to the Tntst in De£embeT 2018 valued these at £3,780,500. This va]uation has not been adjusted for in die ac¢oullts. The book value of this same lalld and buildings at 31 August 2021 was £2,029,392. Moor Park offered a pr(Frat2 100/0 digciyjnt on day fees during ts second natioThaL lockdowtL There wer¢ a number of parents who still decided to pay full fees to support the school. The sebLK)l Jnade use of the go￿trnMent'S Job Retention Scheme whilst the school was closed and partiall)" 0￿1. These Cl￿g¢S are reflec*d in the pub]ished accDUDts. RESERVES POLICY The Governors Tecognis¢ the neryl for reserv6S to 8￿￿ate funds for investD]ent in property and the management of risks and contingeDCiCS. At 31 August 2021. the School had restricted fund5 of £140,228 and unrestricted funds were £689,225. The School eutreutly has no free resttves as all anounts are allocat￿ to fjxed assets. It remains the Governor's policy to build up free reserv¢5. INVESTKENf POWERS These are governed by the Memorandum and Articles of Aswiaticm) wbich pmit funds to be invested as lhO￿t fit by tbe Governors, subject to any conditions or sanctions that may be imposcd by law. STATEM.ENT OF GOVERNORS, RESPOINSlJttJTlES The Governo￿ are regFX)nsible for preparing the GovernoTS' Reyvt and the fjnanciaj statemwts in accordance with applicable law and regulations. Company law requires th¢ GoveTnQTS to prepare fitwjcial statcme￿s for each financial ye8r. Under that law the Govemors have elected to prepare the financial statem¢Thts in acconlallce with Unil¢d Kingdom Gen¢rally Accepted Aceowiting Practice (United Kingdom AccouThting Siandards) and applicable law. Under company law the Gov¢rJiors must llot approve the financial statements unless ihev are satisfied that th￿. give a true and fair view of tbe state of affair& of the charitable compally, and of the resu]t of the charitable company forth￿ year. Inpreparing these fi[￿le1a1 stst¢ments, the GovetDors are Teqllired ts): select suitable aceoullting policie5 and then apply than con5iStendy" obscrve the principl¢s in the Charities SORP. make judgments and accounting estitnates that are reasonable and prudent" stste whether applicable accounting 5Landards have been followe41 subjecl to atty material departures disclosed and explained in the financial statemen prepaTe the fina￿]￿1 siatements on the going conc£rn b&sis it 15 iJW)ptK)priate to presullLe that the charitabl¢ cornwy will ¢oniiThue in busine&f. MOOR PARK CHARrrABLE TRUST IINtTED GOVERNORSI REPORT (contiDued) YEAR ENDED 31 AUGLTT 2021 STATEMENf OF GOVEILYORS, RESPONSIBILITIES (COhTINUED) The Governors responsible for keeping adequate accounting re¢ords that are sufficient kn show and exp12in the charitable company's transactions and disclose with reason8bl¢ 2ccurncv at alw time the financial position of the cILaritable company and enable them to ensure that the financial stat￿ents cornply with the Companies Act 2006. They are also respon8ible for safeguarding the assets of the charitsbl¢ company and h￿CL for tsking reasonable stqls for the prevention al￿ detection of fraud and other irregularlties. So far as ¢aGh of the Governors is aware at the time the report is approved.. there is no rclevant audit infonnation of whi¢h the charitable comp8nv's auditOTS are unaware. and the Governors have taken all stcps that they ought to bave tsken to themsel￿e5 aware of zny relevant 8udit inforniation and to establish that the auditors are aware of that inforniation. AUDITORS A regolution proposing the re-appointniait of Haysrnacintyre LLP as auditi>rs to the eomp8Thy will be put to the Govemors, Mceting. The GovernoTS' Report, incorporating a Strntegic was approved by the Board of Govemors on 26 June 2022 and signed on its behalf by: J Rogers-col Governor Moor Park School Ludlow Shropshire SY8 4DZ INDEPENDENT REPORT OFTHE AIJDITORYS TO THE MEMBERS OF MOOR PARK CHARITABLE TRUST LIMITED Opinion We have audited the financial statemcots of Moor Park Cbaritable Trust limited for the year ended 31 August 2021 which comprise the Statement of FiEwicial Adiiities. Balallce Sheet and notes to the fitmncial statements: including a summary of sigmifieant ac¢oU￿tIng y)li¢i¢s. The financial reponing frarne￿ork that has been applied ID their preparatitrn is applicable law and United Kingd(Hn Accounting Standarth. Includi￿ FiDaiicial Rekx)rting Standard 102 The FinancEal Reporling StaF7dttpd applicable in the UK and Republic of Ireland (Unit￿& Kingdom Genually A￿epted A¢couttting Practice). opinion, the financial statements." give a and fair view of tlLe ￿at¢ of the charitsble compally's affairs as at 31 August 2021 and of the movement in fiJnd& illcluding the incom¢ and expenditure: for the year then Ended; have been prOp￿lY prepar¢d iti accordanc¢ United Kingdo]n GeneTrll!." Accepted AccOu￿tIng Practi¢e' and have be¢nprepared in aecordan¢e with the requirernents of the Comp8nies Aet 2006. B8sks for Opinion We conducted our audit in 2¢cordance witb tnternational Standards on Auditing IUK) USAS (UK)) and applicable law. Our responsibilities under those stslldards are fiuther described kn the Aulitor's respon5ibilitie8 for the audit of the fJn&ncial statements se¢tion of our repo￿ We aT¢ ]ndq￿dent of the cbarity aecord8n¢e with the ethical requirernents that are relevant to tsur audit of the financial state￿ellts in the L'K including tbe FRC'S Ethical Standard. and we have fulfilled our oth¢r ethical responsibilities in accordaDce these requiThents. We belie&e that the audit ¢videncc we have obtained is sufficient and appropriat¢ to provide ab&sis for our OPiDiOn. Material un¢¢rtalllty related to going ¢QDeern We draw att￿tion to the accounting p)lio not¢ l(b) on tfdge 14 regarding goin¥ concen4 which iDdicates that thc ?022. It docs, School has inuurred a deficit iti the year and will incur a further deficit in th¢ )rcar eThJing 31 August . howeyer, ¢xprtt to return io surplus ITh the e41ded 31 Augiist ?023 due to growth in pupil number and generdtion of other additional income. Howeyer sO￿e of the additioTMI incorlle sources are Jwt guaranteed and there is a possibility they will not be received. Th￿e conditions indirot¢ that a material uncertainty. exists that rnay cast Si8ryificAnt doubt on the School's ability to Continue as a going cOnc￿n. Our rewrt 15 not modified in respeci of this matter. In auditing thc f]n2ncial statem¢Tht5. we have con¢luth>J that the trustees. u5¢ of the going eoneem basis of accounting in the pr¢parntion of the fin9ncial s￿emellts is appropriate. Our responsibiliti¢s al￿ the Tesponsibllities of the tnkn with respxt to going concem are described in the ￿IeVallt sections L)f this report. Other informgtM)n The tr￿teeS are responsible for th¢ other information. The other Infor￿atIOn comprises the inforrnation included in the Gov¢moTS' Repon. Ollr opitiion lyn the financial ststcments does Dot coi'er the other inf0mlatio￿ anl exceptto the ¢xtent otherwise exP￿cltIY %tated in our r¢porL we do not express atLy of aw]ra￿ ¢on¢lusion the￿Oll. tn conne¢tiim with our audit of the financial stathents, our r&8wn5ibility is to Tyad the otber information and, in doing so. consider whether th¢ other inforniation is n￿teriall> inconsistent Mith the fllwicial statements or our knowledge obtaiThed in the audit or othErwise aprfats to be materialfv misstated. If ive identify. such material inconsistencies or apparent material missiatemcnts: we are required to deterrnitLe whether ih¢r¢ is a material misstatement itt the fmancial statements or a material miggtatement of the other information. If. iiased on the work we have perfornieiL we conclude that there is a material Tnisstatement of this other inf0mario￿ we are required io report that fact. Iwe have nothing lo report in this regarear to 31 August 2023 due to ￿01v￿ in pupil nujntr￿. genaation of other additional inconie and care￿1 Cost control. However gome of the additional income sources *e not guaranteed and there is a possibility they will not be receive(i Based on its finAllcial forec&8ts the School will have sufficient fin￿¢1&1 restsurcc5 to conttnuc to med its liabilities as they fall due but it will be dependent upon its bank l(vdtts and tsverdraft facilities. The School has succtt5sfidly Consolidated its historic bank loans and CBILS loan into one 15 l'ear ternL102n during the year. The School has an oven1raft facility of £750,0￿ ivhich is due for Teview in May ?(Y22 and ac¢onling to the terlns and conditions ould be withdr4wn at a￿Y titne. There is no indi(xtion that this faclliry will be withdrawRL The bamk has been kept fully infornied of the fi]ll fU￿n¢181 positii)n of the 5ch(x)I i)D a regular basi5 and is am'are of the uncertainties and the potential impact on the sch(K)I'"s cAtrutnstAnce5. B&%ed on this inf0nn2tlo￿ thei, have renewed the overdraft facility for a furthL¥ year at]d approved the long-temi fitJ£ncing of the school. ref]nancing has eilabled tbe school to effectiFely finance the losses incurred during Coyid w'ith a new low] 8rangement with a 15-year tern), Ihe first 10 vears being at a fixed rate. The ￿OnthlY refinancing pa)rynents are less than the pr¢vious loan repa}Inents which are now part of thig refinaneing pxekage. on the above indications the Governors belieye that it remains appropriate to prepare the fillanoial statements on a going concern basis. However, the matters described Above represent a matEfi21 uncertainty which may cast sigDificant doubt on the Schi)ol's ability to C4)ntinue &8 a going ctsiicem. (e) Critical #eeounting judgements 4Dd kev sourtts of estimatlOD un£ertaiDty the application of the accounting policies: Governors are required to make judgement, estimates, and &8sumptions about tbe carrymg value of assets and liabi]ities that are not readity app￿ent from other sources. The estimates and underlying &￿￿ptionS are based on histori(xl exPeri￿Ce and other factors tbat are considered to be relevant. Actual results may differ fro[￿ these estiTnat4s. The estimates and under]ying a&8ittnptions are re￿¢Wea OD an ongoiDg basi& Revisions to accounting estimates are recognised in the period in which the estimate 15 revised ifthe revision affects only that perio￿ or in the period of the ￿vIsiOn 2nd future ￿lOdS if the revision affected currellt atml futllre period& in the Yieiv of the Governors, no 855umptiong concerning the futtwe or estimatiou uncertaitthi affecting assets or liabilities at the balance sheet dal¢ ar¢ likely to rtsult ID a rnat¢rial adjustment to their carrying atnounts in the ]Jext fiDancial year apart from.. - Provi8iOD for bad debts which Ims been sd off agaiLst s'w-end debtorbaianees bElteved to be doubt￿1. - Estimating the econo￿￿¢ U￿ful lif¢ of tsngible fjxed &8sets. {d) Tangible fued assets All fLxed asgets coslillg more thall £500 ar¢ rapitslised and ststed at cost Itss depreeiAtion. Depreciation is proyided on tixed assets to write off thetr cost over estimattsl usefu] lives brought into Use at the following rates.. Freehold buildings Fwniture. fixtures and eqUip￿ent c.omputers and similar equipmenl Motor vehiele 2.50/0 on e41st S-?IP/o on cost 25°/0 on cost on wst 15 MOOR PARK CHARITABLE IRUST ILMtTED NOTES TO THE ACCOITNTS YEAR EI4IDED 31 AUGLTST 2021 Accouf*TJNG POLICILS (eonliDued) (e} FfinaDei*l iD5trunJents The School only h&s finallciaI lqsets and financial liabilities of a kind that qualify 28 basic fjnancial instrwnents. Basic financial instiuments are initially recogDised at tran5artion value and subsequend). measured at their settlement vaJu¢. (o ltycome All income is recognised in the Ststetnent of Fi￿cIal Activiti&q once the charity has entitlement to the fimds, it is prob#bl¢ that the income will be received and the amoullt ¢All ￿ measured reliably. Fees receiiable and charges for servic¢s alld use of the premistt: less any alloH'ances, scholarships, bursaries granted by the School against those fee4 but including contribthions Teceival from re5tiicted funds. are accoutLted for in the period in which the service is proYide(L Donations for the SclMKTrI's general pwses is a￿Unt¢d for ￿ unrc5tricted is credited to the Genernl FuDd. Where the donor or an w)peal h&s impo%d trust ]aw restrictiot]4 voluttw income is credited to the relevant restricted fund. Investment income is cr¢dited to iD¢0￿e when it is recelvable atid the amount can be Mea￿¢d reliably by the ciwity. this is nonnally upon notification of the interestpaid or payable. b}, the bank. GovetnttLent grart inwm¢ represents tbc totsl amOLllrt claimed from HM Revenue and Customs ￿der the Corgnavirus Job Retention Scheme (CJRS). The income is oC¢QW)ted for in the period in which the associated salary p&yments are made to fir]ou￿d staff. KspeDdifvre Liabilities are recognised as eKpenditure Ls scth as there is legal or cimstrnctive obligation ¢omrnittin8 th¢ S¢hool to that ¢K￿ldItur¢, it is prnbable th2t settlement will be reqiured and the amount of obligation e8n be rneasured reliably. Expenditu￿ is recognised on ￿ ac￿￿18 basis as a liability És in¢urf inclugive of VAT. which cannot be recovere¢l Charitable activities costs r¢prwnt costs directty ￿lated the provision of edueation and related support cost5. ExpEnditure is allocated to each expeDse heading on a direct cost basis. The irrecoverable element of VAT ts included iyith the item of expense io which it re]at&s. GovenTrnce costs comprise the c05ts of running the chaTity, ineluding strdtegie planning for its future developmenL extemal audiL any legal adyice for the School's GoYernor5, and all the costs of complying with constitutional and siatutory. requirements such as the costs of Board a[￿ Cornmittee meetings and of preparing statutory accounts aDd satisfying public accountsbilit).. Ih) Finattee leases A￿ts obtained wider flllance Ivases are capitalised as tangible assets. Fsnance leases ore those where substantially all of the benefits and risks of ownership are assumed by the School. Obligations under sucb agroemcnts are included in crolitors net of the finanee ehÈrges alloeAted to fi]ture pcriods. The fi]Ydllce eletnent of the rental payment is ehatgcd to the Stat¢ment of Fil￿ntil1 Activities so As to produce a constant peri(xlie rats of clwge on th¢ net obligations outst8nding in ¢a¢h ￿1[¥1 (i) Debtors Fee and other debtors are re¢ognised at the settlonent amount due after avty diseount offered. Prepayments are valued at the amount prepaid of anv trade discounts due. ts) Cish at bank and in hand Cash at bank alld in IJaLd iELGlu&g bank accounts alld cash Imlattces. 16 M(IOR PARK CHAIUTABLE TRUST L[￿[[TED NOTES TO THE ACCOUNTS YEAR EfqDED 31 AUGUST 2021 ACCOUNTING POLICIES {eontinued) Cr¢ditors provisions Creditor5 and proTrision8 are reco8tiised where the dlarity ha5 a t*esent obligation resulting from a pagt eV￿t that will probably result in thc tran3fEr of finds to a tbird paity and the a￿Ount due to 5edle the obLigation c4n be measured or estimated reliably. Cttditors aLd provi5ioDs are llornwlly TEcogllised at thcir settlement amount after allowing for any trade discounts due. (m) Pensloll scheme Retirement benefits to employees of tbe School are ]rovided through two petision schemes, & defined benefit and a def]ned contribution schelne. The pension costs charged An tbe Statsnent of Financial Activitie5 are determitied &8 follows: (&) The Teacher3, Pension Scheme - The School left this scheme in September 2020. This scheme ia a multi- employer pension sehem¢. It is not P0551Tr*le to identifi." the School's sh8re of the wlderlying assets WHI liabilities of theTea¢h¢rs' Pension S¢heme on 3 consistent and reasonable basis and therefor¢, as required by FRSIO2, a¢¢ounled for the s¢h¢rne as If it were a defined ￿ntribUtion sch￿le. The Schix)I's contributions. which were in a¢¢ord#n¢¢ with the ￿0￿MendatiOnS of the Govemmenl Actuary. were charged in the period in which the salaries to which they relate are pavable. (b) Teaching staff are enrolled in an APllS scheme with Aviva that pays up to 15Yo of gross s&]BTies in to the scheme. Other statyare enrolled into the School's defined contribution ￿herne to which the School contributes 50/ of ￿0s5 salary. (n) Funds RestrACted fimds are those funds whidL aTt to kn used in ace4kn with specific itistructions imp)sed by the donor. Unrestricted general fijnds are fimds tllat can used iti accithee with the chaTitablc objects at the discretion of the GoYernor& CHARrrABLE ACTtvrriES- FEES RECEryABLE 2021 2020 Fees receivable eonsist of: Gross fees Less.. sctLolarships, butsaries and allowan￿9 2,214.681 {374.970) 2273.074 (331 J25) 1,839,711 99,275 1,941,749 Add Scholarships and burwies paid by restricted fur £1,928.986 £1,941,749 ANALYSIS OF EXPENDITURE- 2021 Stsff Costs Other D¢pT¢¢i¥tion Total Raising fvDds Financing coyts- bank and leasing interest 23,417 23,417 Charfitablt *etivit5es Education and gvants Tea¢bing costs Welfare PreMi￿S Tick To¢k Support costs alld governance Scholarsbips and bursaries payable 1.147,452 205,549 85,561 34,313 29? 897 227,053 1,625 154,868 99,275 7,192 54,402 64.331 1,188.957 55?.848 376.948 263.789 390,721 99275 213,408 22,445 Totsl eharitable eXPe￿dit￿re 1.914,137 810,031 148.370 2,872,538 Total expellditure £1,914.137 £833,448 £148,370 £2,895,9i5 17 MOOR PARK CHARrtABLE TRusf LIMrrED NOTES IO THE ACCOUNTS leoDtinued) YEAR ENDED 31 AUGUST 2021 Goyemallce included in supwrt ￿￿8.. 2021 2020 RemuTLerntion paid to auditor for audit pwy)ses (inclusive of VAD Other fees payable to the auditor Legal and profe%sic￿l fees 18500 1290 37,715 18,750 1,248 35,840 £57,505 £55,838 ANALYSIS OF EXP￿￿TirruKE- 21)20 Stsff Costs Other Depretiatlon Total Raising funds FiDallcing costs- bank and leasing interest 30.857 30.857 Charitable activitie Educatiim and ￿allts Teaching costs WelFare Premises rick Tock Support Costs and governance l J32,460 ?03,516 95,467 234.674 204.744 35.803 282.888 194.298 1.863 168,371 11.082 51,856 64,331 1.379,344 538 ?60 354,097 236,537 395,913 22,798 Totsl cbaritsble expendilur¢ 2.070.861 683223 liO,067 2,904,151 Totsl eXp¢￿dIture £2.070,861 £714,080 £liO,067 £2.935,(M)8 STAFF COSTS 2021 2020 Salaries and wages Social security costs Pension Contrib￿lon Redundancy pay A8¢ncy and other w$ts 1,660,985 118,554 134,598 ,653,896 I38,608 217.506 15.225 45,626 £1.914,137 £2,070,861 Aggregate employee benefits of key rnaDa8EmCnt pe￿onnel £357,825 £375,151 The average weekly number of cffjploy was made up as follffivs: Teaching (includiug Tiek Tock) Other 2021 2020 44 38 37 82 81 (kne memE¢r of staff had relnutterdtion between £60,1)(M)- £70.(th alld one ￿ween £80,000 - £90,000 (2020 - one £60,0(KI - £70,000 and one £80,000 - £￿.(￿)0). Th¢ S¢hivl also paid pension contributions cTrf £17,973 (2020 - £24.716) in respect of th&se employees. 18 MOOR PARK CHARITABLE TRUST LIMITED NOTES TO Accou￿rS (coDtinu¢d) YLAR EF4DED 31 AUGUST 2021 PENSION SCHELIIE In the year ended 31 August 2020, the School participated in the TeAchers' Pension Scheme {England and Wales) ("the TPS") for its teaching stalT. The ￿]sion charge for the vear includ&s contributions payable to the TPS of £194,343 in 2020 and at ihat year-end L??,902 was accrned in Yespwt of eonrrlbutions to this scheme. The TPS is an Ullfund￿ muki-¢mployer d¢fmed benefits pension gov¢rn¢d by The Teachct5' Pensiot Regulations 2010 (as am¢nd¢d) and Th¢ Teachers, Pen5i0n Sch¢m¢ RegulatioDS 2014 {&5 gmettdEd}. Mernbers contribute on a 't>ay &9 you go" basis with wntrRl>utÉoos from ￿e￿i￿5 aud the t￿P10yEr bEing ctvdittd to the Lx¢hequer. R¢tirqncnt al￿ oth¢rpeDsion benefits aty paid b) public fi]nds prO￿ded by Parligment. The employer contrTh] lltion rAte is set by the seerrt￿ of State following schL4ne valuations undertaken by the (lovemment Actuarv'g Departsnent. The most rttent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation ReporL M'hich was published MAreh 2020, confirmed Ihat the employer eontiibution rnte for the TPS would increase from 16.4V/D to 23.60/0 from I Septe￿ber ?020. Employets are also required to plly scheme administration levy of 0.08°A giving a total employtr contnl)ution rate of 23.68/•. From I September 2020 Teaching staff became enrolled in An APTIS scheme with AviY2 that pays up to 150/0 of gross salaries in to the 5eherne. Staff are eThtitl£d to request upward5 of this contribution &8 part of ther grogs salary instead. amounts were (Xhcr staff are enrolled into the School's defined contrl)ution schcmc to which the School contributes 5 /0 of gross salary equivalent to £21778 in the year (2020 - £94.254). At the year-end £4,597 (2020 - £3.779) was accrued in respect of contriknions to this sdKme. GOVERNORS, REMUNEIL4TION EXPENSES The school Ob￿l￿ed Indenllllty ]nsupdnce for Govemots from Hettle Althews In&￿ance Brokers with a limit of £2,tIOO,(XM). The premiujn w&$ part of the public liability premium gnd ts not separately identifiable. Neither the Goyemors nor per50Ds coDneded with the￿ rEceiYryl aDy re[nUll¢ratio￿ No govfmor received reimbursement of tr&vel expenses in the year (2020- the same). TANGIBLE FIXED A￿ETs Freehold land buildings Furnitur< fixtures equipment Computers Vebfieles Total COST At I Septernber 2020 Additions 3,042296 1251,885 58,352 307.440 1.109 234,942 4,836,563 59,461 At 31 August 2021 3.042296 1.310237 308,549 234,942 4,896,024 DEPRECLITtON At l Septem￿ 2020 Clwgc for thc jear 948.573 64.331 766.512 54,402 195J92 22.668 2,193,805 l48,370 6,969 At31 Aw2021 1.012,904 820,914 290297 218,060 2,342,175 NET BOOK VALUE Al 31 August 2021 £2,0?9,392 £489.323 £18252 £16,882 £2,553.849 At 31 August 2020 £2,093,723 £485,)73 £24.112 £39,550 £2,642,758 The net book value of aisets held under ftnance leases included above totsl £40,606 (2020 £80,947) and d￿reCiation a￿OUnted io &IOJ41 {20?0- £40.341). The freehold prop6rty ghown above was Yalued in D￿mI￿r 2018 at £3.78m. This VAluation has not been r¢fleded in the a￿vE fj8ufES. 19 MOOR PARK CHARTTABLE TRLfsT LIMITED NOTES TO THE AccouNfs (Continued) YEAR EM)ED 31 AUGUST 2021 DEFfoRS 2021 2020 67,328 89,540 113,576 87,413 Etepayments alld accrned i[Lco￿£ £156.868 ?00.989 CREDrroRS: amounts fallimg due within DTre yewr 2020 Bank overdraft Bank loan Fees ￿e1ved in adwdnce Other tsxcs at)d social security Other credttors Accruals and defetred income Obligations under finance leasgs Composition fees 356,060 35,702 309,31? 31,664 135,313 43.668 21967 131.796 247,300 129282 188,846 33279 162.093 44,083 30.26S 68,961 £1.066.482 £904,112 The bank overdrnft fa¢i]ity of £750,IKM) is seared on the Scbool's freehold property. I￿ CREDITORS- Due after more than Me year 2021 2020 Bank loaD Obligaiions under fillallcc le& Composition ftts 654,686 80,000 80,619 6(>0,036 105,150 35,333 £815.305 £740,519 Obligations under fingDce leases CouJp05itio Bank ID#nS Totsl A￿oUnts ryayable.. One to two years BetWeEn two and five ye4rs After five years 80.619 37.035 119,606 498,045 8,000 24,000 48,000 125,654 143,606 546,IM5 80,619 654.686 80,000 815 J05 Arnounts Tepayable after one J¢ar Amounts repayable within one year 80,619 131.796 654,686 35.702 80,000 22,967 815.305 190,465 £212,415 £690.388 £10? 967 £1,005,770 During the year, the School's loans were combined into a 15-vear 102n at a fixed rnte of 3.71 /0 for the first 10 years. The108n is Se¢ur￿ by a legal ¢harg¢ on the Sch￿7].s freehold protertv. The S¢hool signed a finance lew with the conta¢tOTS who I￿￿￿ the Iwdiog house aAd has an underle&4e with th¢ ¢onlactors allowing thern to use the land on M.hi¢h the tK)ording hou>¢ has been buih. Thib lease expires in 2033, when the rights uver the use of the18nd and ownership of the properry will r¢vert to the School. 20 MOOR PARK CHARITABLE TRusf LIMITED NOTES TO THE ACCOUNTS (￿ntinued) YEAR EM)ED 31 AUGUST 2021 ii. COMPOSITION FEES Under the School's wmpositioD fee scheme, contributojs n￿V enter into a conlTact to pay to the School for bjition fees in a(lYance. The liability ts valued at the balance she£t date, but bas Iwi allocated assuming that pupils will rerllain in the School for the norn￿ duratio 2021 2020 Movements duriug th¢ year on the accrned liability Undtt the contracts were.. Balance at I Septallb¢r 2020 New contract5 104292 166.618 77,894 67.887 270.910 145,781 Amothrts uti]ised in payment of fees: To the school (58,495) (41,489) £212,415 £104,292 12. FUP4DS-2021 B*laDce I September 2020 Balanee 31 August 2021 Ill￿￿¢ Eipenditure Tr4nsfer& RESTIUCTED Bwsary and S¢holatship Fund Found¢rs Burgary Fw Facilities Fut Founders IT Fund 96.964 3200 10,505 (99,275) 889 10,505 123.834 5,000 l23.834 5.(K)O 220,798 18,705 (99 ?75) 140228 UNRESTRICTED FUNDS General funds 978,677 2,507x8 (?.7￿,680) 689.225 £1.199,475 £2,525,933 ? 895,955) £829.453 FUNDS- 2020 Baknnee 1 September 2019 Balance 31 August 2020 Expenditure Transfers RESTIUCTED Bur&qrv and Scholarship Fund Faciliti&9 Fund 92.164 123.8J4 4.800 96,964 123,834 2l5,998 4.800 220,798 ur4RESTRicfED FUNDS Get]eral funds 1,337.970 2,575.715 (2.935.008) 978,677 £1,553.968 £2J80.515 £(2,935,IN)8) £1,199,475 Eiplallatlons for restrftttd funds: Bursary and Schola1￿h1p Fund- funds have l*en given to allow the SdKJoI to provide bursari&s and scholaTships. Foundets Bursary FutKI - this is a n¢w s¢t up by Alumni which will fund specific burs3ries. Facilities Fund- fi]nd5 are given to irnprove the hcilities of the School. Founders rt Fund- this is 2 new fund to gtth¢r dotW4tions from ahjmni 8nd is to be used towords IT (x)sts. 21 MOOR PARK CHARITABLE TRLST LlliirrED NOTES TO THE AccoiJNfs {¢otttknuerf) YEAR EiYDED 31 AUGUST 2021 13. ANALYSIS OF A&SETS BY FUND- 2021 Unftstricted Restrirt¢d Futtd Funds Totgl 2021 Fund balances at 31 August 2021 aTe repr¢sented by: Tangible fixed &49&s CuTrent assets Creditors- due within one year Creditorg-due after more than one y 2.553,849 17,163 (1,066,482) (815305) 2,553,849 157,391 (1,066,482) (815,305) 140x28 £689225 £140.228 £829,453 ANALYSIS OF ASSETS BY FUP4D- 2020 UDrtstricted Re5trietsd FuDd Funds Total 2020 Fund ba]ances at 31 August 2020 e represented by: Tangible fixed a55ets Cwrent ￿Sets Cftditors- due within one yeor Cnditots- due aft￿ more than Ime year 2.642,758 (19,450) (9(H,112) (740,519) 2.642,758 201,348 (904,112) (740,519) 220.798 £978,677 £220,798 £1.199.475 14. TAXATIOY The company i$ a r¢8igtered charity and no tsxation IS￿yable on its income. IS. COtYTINGENT LIABILrrY The School signed a 5-}ear Cat￿ing contract in 2017. As part of the agreem¢nL the conttBCtOTS supplied new kitchen equip￿Ent worth £57.51Kl. If the contract is ￿ded earlv. a prowrtioll of this SU￿ is due to be repaid to the ¢ontractors depending on the period rcmaining on the contract. At the year-end, this would have amounted to £11:500 payable. The School does not have any intention of ellding the ¢ontract early. I& RELATED PARTIES There were no related party traL$ath0￿ in ¢ither the cunrnt or previous ye4r. 22 MOOR PARK CHARrrABLE TRUST LIMtTED NOTES TO THE ACCOUTr4TS (contin￿¢￿) YEAR EP4DED 31 AUGUST 2021 17. STATEMENT OF FINANCIALAcfiviTILS. 2020 UDTestri¢led Restrieted Fll￿dS Total 2020 INCOME FROM: Charitable activ5tRes:. School fees rweivablc 'rick Tock fees, disbursements and extr&q Donatioll5 Government grants (coronavin15 job supw)rt scbeme) Other trading 4clivitiw: Lettings Investments Other.. Sundry income 1.941.749 386.985 2.880 1,941,749 386,985 7,680 4.800 216.467 216.467 20J02 490 20.302 490 6.842 6,842 Totsl im¢ome 2,575.715 4.800 2,580.515 E￿ENDITuRE ON: Ralslng funth: Financing cost5 Charithble ac¢ivities: Educa{￿￿ aAdgrapts M£￿￿8 Traching costs Welfare costs Pr¢]niges costs Tick Tock cost5 Support and gov¢m&nce costs 30,857 30.857 1.379.)44 538.260 3£4.097 1,379J44 538260 354,097 236,537 395,913 395.913 Totsl e5penditsre 2.935.008 2,935,008 Net (exptnditureyincorne for tbe year {359293) 4,800 {354,493} Net movtm¢nt ill funds (359 ?93) 4.800 (354,493) Reconciliation Funds Total fuDds" brought fi)rw2rd at I Septe￿ber 2019 l J37,970 215,998 1,553,968 Total funds carried fonvard at 31 August 2020 £Y18.677 £2?0.798 £1.199,475 23