R•gi8ttifod numbgr.. 00787642 Ch•rity TrUMr. 628409 MORETON HALL EDUCATIONAL TRUST LIMITED TRUSTEES, REPORT AND FINANCIAL sTATEmErs FOR THE PERIOD ENDED 28 FEBRUARY 2023 WR Partners Protecting your future.
MORETON HALL EDUCATIONAL TRUST UMITED A comp•ny limlt•d by gu*r•nieel CONTEiirs Page R8fw•nce and •dmini8trntiv• d•talls of th• Charlty, Its Trustees and advlBor8 TrustO0S' rnport Indyndant audltors, report on tho financlal stalonThts Consolldated statement of financlal actfvitlos 2-10 15 Congolidated balance ¥h••t 16-17 Charfty b•lanc• she•t Consolldat•d stalemgnt of cash flow4 18-19 20 Notos to thè flnanclal 8tatomonts 21-42
MORETON HALL EDUCATIONAL TRUST LIMITED IA company Ilmltsd by guaranlae) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADMseRS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Trustees Mr R J Carryer lappoinled 29 Novwniw 2021. rgsillned S January 2023) Mr6 R M E Clacher DrJJD M$ E J Ftynn Iresvjned 5 Janry 2023) Mrg A G Fouber (reslgned 5 January 2023) Mr C M He8th (resigned 5 January 2023) Ms S E Hincks (reslgned S January 20231 Mr8 C A n8$ {re5igned 5 January 20231 Mr8 C M Nei18C {reSned 5 January 2023) MrA L Sto¢kdale Mrs S M Tun8tall Iregigned 5 Janu8ry 20231 Ms L V Yule (wigned 5 January 20231 Company r•glsterod number 00787642 Charfty reglslored number 528409 Reulgtered offlce oreton Hall Weston Rhyn Shrop$hiTe SY113EW Compony secretary Mr l Davle$ IRsign&J 5 Janu8ry 20231 Indgpgndgnt audltoTr WR PartneTS Chartered Accounlants Belmont House Shrewsbury B lnesS Park Shrfftvsbury Shrcpshire SY2 6LG K•y Manag•mMt Grge Budd - Principal {r88igned 31 August 2022) Sarah Davis- Principal (appointed 1 Septen*er 2022) lan Davie8- Financlal Controller {re8igned 1 December 2022} Sarah Hughes- Head of Senior Schcol John Bc<KI - Head of Moreton Hall Prep Victoria Eastman - Intematlonal Trustee Lorna Campbell- Development Tru8tee Lizzie Beer - DIrtOr of Operallons lappolnt&J 1 November 2021, resigned 31 January 2022) P481
MOREfoN HALL EDUCATIONAL TRUST UMITED IA compony Ilmbtod by guar•nt•fj) TRUSTEES. REPORT FOR THE PERIOD ENDED 28 FEBRUARY 2023 TNste¢s wesent their annual report together with the audited financial statents of Ihe Charity for the pariod, 1 September 2021 to 28 February 2023. The Report serves the purposes ol both a Trustee8' report and a directors, report under company law. The Truslee5 confimi that the Annual report and financk81 Statem1$ of the charitable company comply with the current statutory requirements. the requirements of the charitable ccmpany's governing dccument and the prDvtsions of the Ststement of Recommended Practice ISORPI applicable to charities prepariw their a¢Munts in accordance with the FinancHI RaportirMJ Standard applicabla in the UK and Republic of IrglarKI {FRS102) (èffective 1 J8nuary 20191. Objecllves and actlvltle3 Pollclos and obJectlvo5 In setting objectives and planning for odivitles, the Trustees have given due consK4er8tion lo general guidance published by the Charity Commissi)n relating to public benefft. Including the 9uhJance'PUbl benefit.. runn¥ a charity IP821'. Ch•iit•bl• object The object of the Charity 15 to benefit the public through the advon¢emenl of èducalon. Includlng the provlslon of boarding and day 8choollng for girls frcth the age of 310 18 and boys aged 3 to 13, with overseas boys UP to age 18 accommoJated in a separate Intemational Sludy Centre. Alm• The SChOd principal aim8: Provides an exceptional, kind, personalised and SUTtably challenging educalion in a nurturing and libwal boarding environment Ithere pupils take pride in eaGh othels achievements. Listens to each pupil so we can provide opportunilS whh encourage them lo forge their own path. follow their individual dreams and acccmplish what they never thought possible. produ inquisitive pupils with the maturity, self-awareness and resili¢nee to flourL8h In the mc<lem worl¢J and fosters Illelong friendship8 bofvfftn Ihem. Nurtures grounded self-rTIdenCe, 8 wlllingn&ss lo give everything a go and tho 50114)eligf to lad(le Y chaIn98 head-on. Crgales arti¢ule, diverse and enlrepreneurkgl gk)bal citizens who mae amb0U8 arKI eIronMents11Y responsible c(tributIOnS lo team5, SLriety and busines8. Develops wellbeing, CTe8tivity, curiosty, intellectual Snd6pend&nce and 8motional intelligence in its pupi18 both within and beyond the cl9s5r¢)om. Encourages Its puplls to have a thirst for new exp¥rienR$ and innovation, to passionately join in and to put them$dves fomards without fear ol failure. Ensuras th8t every pupil makes the best possible progress acr038 the lISPectruM of Moreton life, seeking excellence not perfectKn. and continues to do so once they leave u8. Page 2
MORETON HALL EDUCATIONAL TRUST UMITED IA company Ilmlted ty guarantee TRUSTEES. REPORT (CONTINUED> FOR THE PERIOD ENDED 28 FEBRUARY 2023 ObJKtivM and actlvltlos {conllnued ObJ•¢tiVo• for tho year The TnJste88' main Ltsjective during thls yearwas to malntsln the hKJh stsndards of ourjoyous, aspirational and nurturing communlty. Retuming to full q)ertion arKI re¢))vering from the 6ffect8 ofthe Cowd pandemic. Whi181 planning the obiectives for the year under revw the Trustees kept in mlnd the Charity Commi88ion's guidan on public benefit. The trustees. oblectlves for the year under revie•Y were lo rna1nta the academic Standards of the Schcol; lo be able lo fund development while at the same time holding fees as low as posslb and 8nsuring a proper level of rewaid for employee6,' to promote cpen access to the Schtx)I by malntaining 8ThJ if possibb increasing the provision of burs8ri88.' to achieve further prcgrnss with the deVelopnl plan for improving facilities; to pmmcle links the School and the l(xal ¢ommunity including 6¢hcols in the maintained Sector. b. Strategles for achlovlng objocilves The Tru$tee5' strategy for actkwing their objeth'ves duriry the year has b8gn to monitor the aC0d achievements of the School and to ero&Je wlih the Principal her lleagl on devek)pments in the curriculum,. to monitor the financial performance of the School and to approve a budget for the year wh produces a resutt SLrfficlenl to support the Schc(Jl's development plan. whiLst also taking into eonsKleratbn the essure that substantial fee increases can have on famity budgets" to build a bursary appeal fund through the SchcYJl'8 Foundation.. to use the resources of the School's foundation to offer bursary support to students from local mgintained 8choo18' to subsldiqe pthes fc¢ local Btuderts and Moreton Hall studgnts. The Trustees have paid due ffjprd to guwJan¢e by tho Charity Commisglon deckling what 8CtiMti85 tho charity shoukl undertake. Page 3
MOReTON HALL EDUCATIONAL TRUST UMITED (A company Ilmlled by guarants•) TRUSTEES. REPORT (CONfNueD) FOR THE PERIOD ENDED 28 FEBRUARY 2023 ObJectlv•s and activities (continuod) A¢llvltle8 undertaken to achlgve oblothes The principal actNity this year has been to maintain our acad8mic. pastorol and extracurricular standards 5Ghool 0pened follchwng the pandem. The School returned to full operation thi5 year for pupils and staff 8nd an OLtstanding effort from staff enabled the School to opernte as effectively as 11 could in an environment still coping wilh the r8suIIs of a pandemr. There was an glement of fear, particularly from OVee8s Stuéenls who did not feel that they Could relufn to schcd. Hybrid teaching involving simutsneou5 face lo face and online learning was a nw challenge that the leaching staff embracgd lo delwer th8 b8St possiblè academic experience for our pupils. Recordlng¥ of lessons allowed overseas pupils in different time zC lo s18y engaged. The VA5 8 huge investment in the ICT infrastructure, in the form of webcams and switches, to provide 8 more reliable and unffied nthork to cope wSth the demands of hybrid teaching. Lack of188son lime for the previous year meanl thal Exams were rellanl on contingency asses$nts and a(fvanced Information was given for summer exam$ allowing for the targeting of revis10n. Pupils and $laff who tested positNe for Covld ve required to i801ate and the pastoral given by ¢)ur medical and boarding house stoff fft second to non8 w6th parental communication prvrfiding assurarKes a1 comfort at hom8. 11 was a particularty uncertain pgrw)d for thè Sehts)I with the resignation of the Principal ond speculation surrujnding the future of Moretc Hall School. The interim Principal Sarah Davis was appointed. Pkmever the stsff worked tirelessty to ensure that within bubbk groups intemal events and fun retumed to school life. The Holroyd Theatre and Sports faciif(ie8 reopened 85 extra ¢urriGular actiwlies became an ess8ntial part of re¥¢n9 from the mental health issues that COVKI left behind. d. Grant-maklng pollc6es The Sthool has a bursary appeal fund. wh¢ch is administered within its FoundalK)n, vthich gwes finan¢ial support to paTents whose child has been awarded a place at the Sthool but who ¢annot affc*d the full fees. The School also provide5 bursaries fLTrnded from its own incom9. All bursarias are means tested up to 100% of fees and revi8wed annualty. The School also awaids schokrships to pupils who show exceptKJnal academle, musical. sportlng or artistic promise. During the FefW)d th8 Sthcol was able to award £4.987,793 12021 - £3,650,232) in stholarship awards for academic, sport, musical, artistic and all-round excellence, and means tested bursaries dO$nd to wbJgn a¢ces8 to the School's edLKalion and reliev8 hardship where the pupil's eduCatn and prospects would otherwise be at risk. Stratsglc report Achlevem•nts and p•rformanc• . MAln achlevgm•nts of the Charlty Tha extenl to which the Sch¢Jol achiev8$ f(5 aims cannot be m&qsure<l by exlation rgsults akTh. Th&rg are a rayYJe of indicatOTS, not all measurabl8 in quantrtative temis, which show how well the School is providino an ademie environment with high aspirations, an appropriate academic challenge whh enables each pupil to realise their full potential, a wide raroe of activities through which children can develop 8 breadth of interests and leam to work cCorateW. 8 caring, supportive and well-ordered environmènt in which chlldren from a variety of gXI81 IKkgrourKls Gan feel wure and equally valued, and an ethos whith gncourages Spiritual and Pag8 4
MORETON HALL EDUCATIONAL TRUST LIMITED IA company Ilrnltod by guaranteg) TRU8TEES' REPORT (cowfiNuED) FOR THE PERIOD ENDED 28 FEBRUARY 20fd Stratsglc rnport {conlInu Achlevomont8 arml p•rforniance (contlnuadl personal developff£nL The Sthcol's financlal performance IB measured again8t the budget for the year with monthly management accowtts whh compare actual and budwed expendilure arKI income, thus ensuring that, providing there are J unforeseen exceptional variations in expenditure or inccme. there are no Signifan1 variations from budget The Charity Is contlnulng to develop wtder communlty Ilnk8. The dw8Jopment of the Holroyd Commun Theatre. opened in Noveffthr 2019, wntinu8d to cement Moreton's reputation as a regional hub for the Arts. In additDn. the charity developèj a key role in supp)rting the st8ff pupi18 of a neaY stste schcol. On weakty basis. Moreion offers l¢xal students, extra turiion in Gore $ubigcts, with an emphasis on the gifted and taented. ensurlng that the ffKJ$t able pupil$ re¢¢ive the str•t¢h and ¢hallen98 they rwuire. The Charity al eOue8 widening partiPation by inviting pupils from Ic¢al sthools to events such a5 thè Annual CarB8Tr Convertion and Moreton Means 8usingSs Conference. Whilo wm8 perf0mnCe facto aTe cleady wTrthin our control, for examplè qualty of teaching 8taff, crflr f8ctOTS are noL We count ourselves fortunate in being able to ackn¢yMedge tho positive contribtrtion made to this yearfs achievemants by 8 number of fxtors not susceptlble to control. such as OUF pupib. striving for excellence and their parerts, endorSenIS of the life values we instil. Al A Le1, er 81% of grad99 achieving A" to B. whilst at GCSE. 50% of all entrles aching top grades 9- 7 in 2022. In Dember 2018. the S1 was Inspe¢Xed by the Independent sch1$ Inspectorate and vrns avrarded the top grade of 'Excellent' for the qualty of the achievement of the pupil3, including their adeMiC development, and Ihelr p8r8oMI d610pMnt. Thé Enrichm8nl programrna within th8 sthool continu8S to devgkp wrth an extenspie prograrnmg of leclures, clubs and $edeties taking leaming YOnd the $yll•bu$. The schwl achieves outslandlng results beyond the ctassroom including success in MathematK31 Olympiad5, Physics Otymplad5, Oxford Essay compeliticms and Nation81 Arts Avrdllls. Additionally. the s¢h¢ol has a long-standiry repulati)n for SpcA(en English aNI the Perfling Arts where students achieve recognition of their tslents. Thè sthcd's Enrichment prts3rsmm8, whh w&8 Ofiginally d8sign8d to assist in the preparation of Oxbdge ¢dIates, has nthv been extended to each year group aTrJ is availab to every girl in the School. It is designed to challeng8 and stretch girls gnd aims lo provKle 8V8ry pupil wth an educatlon that is as br08d 88 is deep. kndomi¢ Scvetios indude Gertrude Befi, aim&J at girt$ with an interest in anthrivo1c, geogr4)hy and arGhaeolcgy,' Pi, for would-be engineers and mathematicians., Jenner. for pupiL8 hopiw to pursue a career In every field of medi¢ine', and Bronwen, Open to every glrt in the school to develop thinking skills and explore 8rea8 not covered by the examination boards. For those intend to apply to Oxbrblge IN other h+ahty competrtive Universmles), an acceterated prograMff of tutcylals, semin¥s and int¢n$ive interv pra¢tte 1$ on ofter. The Lody Bgrbirolli Mu8ic Society provpjes Students with Opportunit to recelve prof101)81 level coaching through a 89rie8 of mastgrcbs8eg and wort8h)ps wn by professional mus0n8. N(Phf in its tenth year. Ihe Jenner Soctety is a MedNI Science Society. establlshed and run by the L(ar sth Form students, whtch invit8S SFe8kers to discuss bio1tr3ical developments and encour8g8s attdan¢e at a range of ev8nls and worf(shcp8 to help girf8 int8re8ted in Medical and Veterinary Science. Thg Brcfiwen Society provides a dtverse collection of lectures and Irips to inspire Mor8ton 8tudent8 beyond the Cfine$ of the curriculum. Pag8 5
MOREfoN HALL EDUCATIONAL TRUST UMITED IA company Ilmltsd by guarantsol TRUSTEES. REI>ORT ICONTINUEDI FOR THE PERIOD ENDED 28 FEBRUARY 2023 Strategic roport Icontlnu•d} Achlwemonts ond perfornianco {contlnu8d Thore is a strong commitm8nt to co<urricubar actitIeS for 811 pupils. The extend cuth¢ulum programm8 18 dgsvJned to erthuw girf$ lo pursue a broad base of extended curriculum and 8nrichrnont a¢livitle6 whllst allowing the flexibility to follow special interests. Activitie8 are tailored to each year grcup aTrJ offered for an hour every day after schcol. Ye¥ 7 and 8 children are expected lo takg at least four activities, Year 9 and atove, three. In roalty. P8rticipatlon rates are higher than this. Student5 ar8 wokome to suggest 8ctivf(kg$ they would like added lo the pr¢)Jramme, as they did this year with kayaking and dress making. Our gocielies ore just one aspect of our extracurricular programma. whh also include spen English atvj debating, for which Moretonians wuLarty achieve national SUe$S, and sports. drama. art and music in many form8. Moretonian8 can be found at ts national level across the p8rfomiing arts aThJ pts. Sludenl-led Moreton Enlerpri8es {hftEI, a comerstone of our entreprfta1 education. achievwj tumover of £27,248 {2021.. £16,805). The DofE Award continuèd to thrive at Moreton H811 providing puplls wilh a valuable opportunity to get invdved wi acbvrties. Students continued to work toward5 Bronze and Gold Awards and the Gold Expedition took place for the first time sIe the Covid pandemic. There hay been fto change to the pG4lcy Ihat the School does not undertake the Silver programmg. Sport IS truly for every pupil a Moreton, as understand how vitsl exerclse is lor t¥)th physical and rn8ntsl heatth. While our Sport8 Department provides carefully monitored programme8 for elile athlat8S. they also provide the same level of care for those pupi18 who are still 8eBrchir for the activity that sults them best. Moreton offers. o ¢h¢x"ce of mre than 20 8port8. Pupils have access to enhanced and specialisl coaching from srA)rting teacher8 and professionals. We invite Cuffent intemalional players and coaches to deliver special training days vthshcps and regularly take pupils to events whh benefit their phys1 and ment81 d8vdtspment. We mapFed Olrt a year-long extemal der Lr089e programme a¢rrJs8 the holklay p8riods, which involved camps, from beginners to master da55es. Developing WKler Lacrosse across the communty is ¢ertaiDty an excltsng devebjpment for Moreton and there is definf(ely a gap on th8 market for us to excel in this are•. This lies in nicgly with the introdufAK)n of our 'ACE" sport8 hubs that we are promoting in the other 8POrts, such as, Tennis. Htsckey and Golf. A programme has been implemenled to offer 8xtsrn81 camps and coaching workshops in these SFQrts to attr&t wple to Moreton. In th6 students. year group bubbles. we inc¢xporatwl intèmal set competition$ and tournaments to try and maintsin the cc4npetitive elgmant in 3POrt, and give the students Something to play ft)r eath week. Sport at Moreton Hall continues to go Irom Bu85 10 sUess. recognlslng the importanl rc49 spt arwj exercise play In the devalopmenl and wellbeing of our pupils, particularty post pandemic. b. Fundraising •ctivltle• and incom8 g•n#rntbon FundralslrrfJ aCtitIeS slowty returned throughout the ye8r. FQSt pandemic, to rfrengage with community relatnShIpS which seemed ever more important. A wlne tasting evening, wre*h making workshop a Bums night were all part of the sGh¢ol's community activities and school conlinugd to support the Holroyd Community Theatre. Page 6
MORETON HALL EDUCATIONAL TRUST UMrrED IA comp•ny Ilmfted by guarnntw) TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 28 RUARy 2023 8tr¥tsglc r•port Icontlnuedl Achlovemon18 and pgrformance Icontlnued) c. Invostmont Olcy and perfornianc• The Charity d¢x8 not have Inve8tment obledlve8, as the InvestThts held are mlnirnal. Invesiment perfomance i8 therefore measured. All investment dsusKJns are m8de within the restrictions inyosèj by Memora)dum and Arti¢le6 ofAswdation. Flnancial rovi Golng concern On 18 October 2022. thè ongoing Gharitiable acbwknes ¥rKI assds of Moroton Hall Educational Trust Limlted vffjre sold to Mordon Hall Education Limrted. Th8 ou15taTrJiro liabilities of the Charitable Company have bogn mel from the proceeds of the sa. Ac£ordingly the nanCL81 statements have been preparad on the basis that tt Charitale Ccthpany is no bnger a going concem as described in Note 2.2. b. RoMrvo• poll¢y The total fund8 olthe School as at 28 February 2023 We £102.582 P021 .. £5,773.089). Fin•ncial iisk manag•m•nt obi•ctiv•8 and polici The Trustees are responsible for the managemnt of the r18k8 faced ty the School. Detailed consKlwatioro of ri8k are d8legaled to th8 senior man8gem8nt team of th8 School. Risk8 are idenlffied and assessed, and c¢ntrd$ e$tsbli$hed throughout the year. A fomial rovw of the Charty's risk mana9em8nt pr888& 18 underten on an annual b88iS. The kay DJntroL% used by tha Charty Incl18.. fomal agenda$ for all Cgmmitt¢e and Bo¥d a¢twrty. comprehensive strategic planning, budgeting, manym8nl accounting, and cash fkyw fcffecastlng. estsblished organ1501•)nal stnJclure and line of reporting. formgl written pOIleS. induding he8hh and safety, crtÈig manogemenl, and ccthplkqncè with 811 rent legislatron appliGable to s¢$. clear authorisation and approval levels,. and vetting procedures as required by law for the piote¢lion o* childr¢n Through th8 rlsk management wocesses established for the Sclb)ol, the trustees are ¥atisfied that the major risks lo whth the Schwl is exposed, as identifd by the InBtee$, have bean reviawed syst75 or procedures havg tfjgn gstablishgd to manage those risks. It is rocognisgd that $y$tems can onty provido reasonable but not absolute assufance that major risks have been adequate managèj. th reference to Note 2.2, the xcounts have been prepared on the basi8 th81 the Charitable Comp8ny is Th) longer a going concern, the ongoing charitable activiknes and assets of the school were 501d to Mol0n H911 Education Limit•J. The outstsnding liabilitie$ of th& Gh8ritsblg Company hwe been mat from the prr¢geds of the sde. Page 7
PAORETON HALL EDUCATIONAL TRUST UMITED {A company Ilmltod by guarants• TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 28 FEBRUARY 2023 Structure. govgrnance and management a. Constitutlon Moreton Hall Educational Trust Limited iy registed as a chgritable company Ilmited by guarantee and w8S 8et up by a Trust deod. Moreton Hall Edueational Trust Limited is a ¢haiitab18 company limited by guaranleg and theroffft ha$ no share Capital. Each membe[ is liable. upon the winding up of the company. to an amount not ex¢eeding £2. The charty ¥Yas rKorporattrJ on 10th January 1964. Th8 cclnpany was e8tsblished under a Memorandum ofAsso¢iation, whh established the objects and powers of the charitable company and is g(y4emed under its Articl8s of Asswiation. The Memrandum and Articles were drawn up on 9th December 1963. The Trustees. are aLso the directors for the purpose of comp8ny law, and who seryed during the year 8nd up to the dale of signature of the financkg15taternenl$ were: Mr R J Corryer (resigned S January 2023) Mrs R M E Clacher Dr J J Dixey Ms E J Ftynn {re8igned 5 January 20231 Mr8 A G Foulger (re83ned 5 January 2023) Mr C M Heath {resKJned 5 January 2023) Ms S E Hincks Iresigne(15 January 20231 Mr$ C A Jones (resigned 5 January 2023) Mrs C M Neblson (resigned 5 January 2023) Mr A L Slcd(daie Mrs S M Tunstsll {r¢signed 5 January 20231 Ms L V Yule (resigned 5 January 2023) b. Melhods of appolntment or electlon of Tru8toe8 The managemgnl of the Group and the Charity is thg rgsponsibilty of the Tnjstees vtho are dected and ¢ gpted under the tenn$ of the Trust deed. Trustees are appointed by the existing board of truste88 in accordance with the company's Memorandum and Artic$ of As8oalK)n. There is Tr) set time limit for 8 trustee's temi in office, atthou9h gath year one third of the board retire by rotation. No fee remuneration is payab to trustses, other than reimburyement, rf claimed, of rpa$onable costs incurred in attending meetings. A trustee who is disqualrfled from acting under the Chatitles Act 2011 or does not meet all the condll•)ns a3 set OLrt in point 40 of Articks of Association. will ¢ease lo be ¥ trustee. In appoiniing new Intee$, thg Board first reviv4¥5 the ski115 and gypertise available among serving trustees, boking at educational, financial, legal. charty and business ski115. Having entIrd the skills and expertise quired trustees discuss surtably qualified candidates and then appoint the most suitable candidate. The Board bjoks to have an appropriate gender balan among tru8tees and to have amng thè tNstees, Olé Moretonians (loer pupils of the 8chooll, and forrrtr parents. The SGhcol has taken out trustee indemnity insurance. This covers ckims mad8 against the School in re8peL* of truslees, liabilty arising from any neglvJent act, error or omission committed in good failh. Page 8
MOREfoN HALL EDUCATIONAL TRUST UMITED IA company Ilmlted by guarants•l TrUSTEE8' REPORT {¢OPmNUED FOR THE PERIOD ENDED 28 FEBRUARY 2023 Structure. governance and management Icontlnu•d) Orgonl•ational ¥tructur• and docl$lon4Maklng polld The Trnstees of thè Charity are responsible for the erI1 Man¥enI and control of the Sthool and n three Ilme$ a year. There Is one principal trustee subvcommittee. The Finan Committee meets befofv oath eeling of the full truslegs, and addre8888 matters ffjlating lo finance. Mr A L Stockd81e vms ch8im)an of the finance committeg during the yoar. The Yrk of implementiry most of thè trtea¥. policies arvj the d8y to day running of the S¢hool is delegated to th8 Principal. th8 Fthanclal Controller arKI the Senior Management Team. Th? Principal and Financial Controller attend all lull Trnstee ond Finance Commlttee megtiNJ8. d. Policle• adopted for th¢ indu¢tion and tralnlng of Trnst•es All new Trustees are invrted to spend a day at the 8chool. which usualty coinudes with Iheir first tru ntirj. and include8 a conylate tour of th& school and meetlngs wtth relevant senior man8gem8nL They are akn encouraged to attend any seminars sp8cffically relevant lo their roi8 88 trustee. New Trustees appointed as mbers of the Finan¢8 Ccmmitte8 are briefed on the Schc4)f$ financial positiC by the chaimian of th Comm6ttee. All Govemors undertoke relevant safeguarding training and receive wular updat•8 on safeguarding provision from the schod's DSL. •. Pay policy for W managfjmfjnl lsOnnel The pay of key managem1 pernonnel is revie&d annualty ty the wvemots. The charty benchmarks remuneratton against other similar syed independent schools, using both AGBIS and the Baines Cuuer salary surveys. f. Related party relatlonshl Th8 Chafity has a wholty cA¥n&l non4haritab18 subsidiary, Morolon Hall SeNi¢es MIled. whtse ts8diryJ perf0mnce is disdosad in the nS9110ted xcounts which are publicly available from the Regk8trar of CpanIes, Cardrff. Thfr Holroyd Communty Theatre Company Limited is a dOnant compary. g. Flnanclal rknk management The Tvuste8s have assessed Ihe maJor rfsks to whkh the Group and the Cherfty are exposed. in particular those related to the operatlons arKI finances of the Group and the Charty. h. P¢)st y•#r and actfviti•• AS 81 the date the financial stat8ments have èeen svjned the Tn1 Cea to trade a8 an educational eslabllshment. The Trust will continu8 lo supwrt the school, in the next six months, through the di8tiibution CA rtain funds. and il ig th8 intention to Cgase all operal)n$ within the nexl twelve months. Page 9
IKIRETON HALL EDUCATIONAL TRUST LIMITED IA Gompany Ilmlted by guarantso) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 28 FEBRUARY 2023 Statem•nt of TTU•tg08' rnsponylbillti Trustees (who are olso the dlrectors of the Charity for the purposes of company lawl are responsible for preparirwj Ihe Tru8lees' rep)rt including the Strategic report and the finan¢o1 $tements in accA)rnlance with Opplble law and United Kingdom Accounting Stsndards (United Kingd G8n8ralty Accepted Accnting Practi). Company requires the Trlee$ lo prepare financial statements for each ffinancial , Und81 rnPany law. the Trustees must ncl apwove the financial ststements unless they are satisfied Ihat they givg a true and fair viww of the state of affw'rs of the Group and the Charity and of their in¢oming resources and application of r8sourcas, including their Inne arKI expenditure, for that period. In pr8paring these finwKial statements, the Trustees are required to.. select 6Uitablè accounting pol188 and then apply them ¢ort$isteny,. observe the wEthod8 and principles of the Charities SORP IFRS 102).. make judgments and accounting eslynates that are reasonable and prudentr state whetheT applicable UK Accounting Standards IFRS 1021 have been followe(I, subject lo any malerk91 departure5 di5cbsed and explained in the financial statements., prepare the financÈo1 statements on the going concern basis unless rt inapproprhqte to presume that the Group will continue In business. The Tru8tees are respon8ible for keeping adequate accounting records that are Su1¢18nt lo shcw and explain the Group and the Charty's transactions and dI10$e with reasonable aracY at any tim8 th8 financial positicfj of the Group and the Charity and enab18 them lo ensure that the finan¢io1 stslements compty with the Companies Act 2C#J6. They are also responsible for safeguarding the assets of the Group and the Charity and hence for t8king Teasonable steps for the prevention and detection of fraud and other irregularities. D18cIo8ure of Inforrnatlon to audltors Each of the PgTson5 who are Trustees at the bme when this Trustee8' reF<Jrt is approved has oonfirmed that.. 80 far as that Trustee 1$ awaffj. there Is relgvant audit infomiation of which the charitable grtYJP'S audbtors are unaware. and that Trustee has taken all the step8 th81 ought lo have been taken as a Tnjstea in order to be a4vare of any levant audrt information and lo est1¥$ that the Charitab group's aLbditors are awa of that infomialion. Audltors The auditors, WR Partner8. have indicated thwr willingne56 to continue in office. The d8signated Trustees wll prop)8e o motion reappointing th& auditors at a meeting of the Trustees. Approved by order of the members of the board of Tru8taes and Signed on their behall by.. DrJJD Trustee ¥.s 2t. Page10
MOREfoN HALL EDUCATIONAL TRUST UMITED (A company 11m1t by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEPABER8 OF MORETON HALL EDUCATIONAL TRUST LIMITED Oplnlon We have audited the fin8ncHI Statem13 of Morelon Hall Educational Trust Limtted Ithe 'parnnl charilab company'l and its $ub6idi8ries Ith8 group'l for the period ended 28 Febry 2023 vthich compri88 the Consoiidated statement of finala1 xtmlies. ts c?nIdated balanc8 sheet, the Charity balance sheet, the Consolidat•d statement of cash flows and the related notes. includlng a summary of 5ignrficant occountlng pollcies. The financial reporting framework that has applied in their prepar8tion is applieablè lw aTh United Kingdcffl AccoLmtiTrJ StaNlar¢l8, including Financial Reporbng Standard 102 The Flnancial ReportlNJ Standard applKabk in the UK and Republic of If8land' (United Kingdom Gen8rally Accepted Accounting Prxticel. In OUT opIn3n the financial statements.. give a twg and fair viow of thg 51918 of the Group'8 and of th8 parent charitablg compan$ affairs as at 28 Febry 2023 and of the Group'5 irtcoming resources arKI aPpI110n of resources, induding its income and expenditu for the period then ended: have been properfy prepared In aCcrdanCe wlth United Klngdcth Genernlty Accepted Ae¢ountlng Practice,. and have been prepared in accordance with the requiremonls of th8 Companies Act 2006. Ba818 for oplnlon We conducted audit in wxotdance with Intemational Sards on Auditing (UK) (ISAS {UK)l and applicable I. Our responsblliti8s urnler those standards are further derthd in the Audrtors, responsibSlitres for the audit of the financial statements section of our report. We are ind8perxlent of the Group in accordance wh the ethkal requirements Ihat are relevant to our audfl of the financ1 ststements in the United Kingdom. including the Financial Repcling Council's Ethical Standard, and we have fulfilled our other elhrnl responsibilllies In accordance wllh these requirem&nts. We believe thal the audlt eviden¢e we have obtained is suFFici•nt and approprtate to provide a ba8is for our opinion. Emph•818 of matter We draw attentw)n to Note 2.2 to th& financial $ts1oments which 8>plain$ that the Chathable Company ha5 ceased its Irading activitie8 during the period. It is the Trustees intention to cease all activitles wrihin the next months and the Trustees do not conslder It to be apprcprlate to adopt the going conc8m ba51$ of accounting in preparing the financial 5tatem8nts. Accor(lingty the financial 6tatements have prepared on the basis that the Charitable Company is no lower a going concem as d8scrlbed in Note 2.2. Our cpinion is not modrf*d in this resptLt of this matter. Page11
MOREfoN HALL EOUCATIONAL TRUST LIMITED IA Company limitsd by gu•ranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MORETON HALL EDUCATIONAL TRUST UMITED (CONTINUED) Oth•r Infomiatlon The other infomallon comprlses the inf0rn8tion included in the Annual report other than the finanG¢al stslements and our Audilors, report Ihgroon. The Trustees are responsiblg for thg othgr infomiation contained within the Annual rgport. Our opinion on the financial ytatements does not cover the other infomiation 8nd, except to the extent otherwise explicitly stated in report, we do not express any fo of assurance eonclusion thereon. Our responsibility is to read the olher infom)alion and. in doirrfj so. consider whether the other infomiatlon Is materially inconsistent with thg finanokwl statements or our kTrxledge obtained in the course of the audit. or otherwise appears to be materially mk85tated. If wo id?nlify Such material inconsistencies or apparent material MISSLeMents. are required lo detfrTmin8 wheth8r thiy gNes rise to a material mi$8tstement in th& financial statements themselves. If. based on the work we have perfomied. we conclude that theie is a material misstatenI of thiB Other infomiattin, are required to report that fact. We have nothing lo report in this regard. Oplnlon on olhor mattorn pros¢rfbod by the Comp?nle8 Act 2006 In our opinn, based on the woth undertaken in Ihe courne of the aL4dit: the infornation glven In the Trle88, ReFQrt including the StrategK Rep¢yt for the financial period for which the financlal ststements are prepared is consistent with the finan¢ial Statements. the Trust. Report and the Strategic ReF<Jrt have been prepared in accordance with applicable leg81 reqLtirements. Matt•rs on whlch w• aT• r•qulred to roport by In the light of our kn(ledge and understaThJing of Ihe ¢hariiable company and fts envlronment obtained In the urne of the audlt. we have not identrfl material misstatements in the Tru8tees' Report including the Stralegic Report. We l*ve nothing to report in respect of the following matters in reLwtion lo whh Companles Act 2006 raqulre8 us to rgport lo you rf. In our oplnk)n'. the parent charitable company has not kept adequate and sufficient accounting IordS. or retums adequate for our audit have not been reGeivgd from bran¢hes not visited by us; th8 parent charit8ble company financial statements are not in Teement with the accounting records and retums", or certain disclosure8 of remuneralh)n specified by law are not made., or Y+P have nol received all the information and eXPnatIonS w8 r8quire for our S11. P912
MOREfoN HALL EDUCATIONAL TRUST UMITED (A ¢ompany Nrntt ty guarnnteo) INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF MORETON HALL EDUCATIONAL TRUST UMITED (COPrnNUED) Responslbillti•s of tru•t•8s A8 explained mre fully in the Trustees, re5ponsibilitie5 Statemènt. the Trustees {who are also th8 directors of the charitable company for the p(trposes of company law) are responsible for the prep8ralion of the financial statements and foT being satisfied that they give a true and fair wew, and for Buch internal control as the detsmine 1$ rnc•ssary to enable tho preparation of financial statements that ar8 free from m¢rwl rnissta8m8nt. whether due lo fraud or error. In preparing the financ1 $1gtementy th8 gre responsiblg for assBssing the GrP,$ and the parent charft8b18 company's ability lo continue as a going concem. disclosing. as applic8bl¢, matt0 r81ated to going ¢onwn and using the going concern basis of acCJntin9 unless the elther Intend to Ip4uidal8 the Group or the parent charitable company or to cease oper8lKJns. or have no re81isllc allem8tNe but to do so. Audltors. rnsponslbllllles for tho audlt of the flnanclal ststsment8 Our objectives arg to obtain reasonable assurance about whether the finarKial statennIS as a whob are freg frcin material misstatement. Wther due to fraud or emr. arKt to 153ue an Audliors. pOrt that includ9$ our opinion. Reasonable a88urar)ce is 8 hydh level of assurance. but is not a gu8rantee that an aiKlit conducted in cordarth wrth ISAS (UK) will 8knpyB delect a material mi5Statement when il exth. Mlsstatemenls can adse from fraud or error and are cced matedal If, indildualty or in the aggregate, they could reasonably be to influence the economic deasions of Ltsers taken on thè b8Si5 ofth8se financial st•temenls. IrregulrtieS. including fra1, ara instances of non4ompliance with and regulations. We d8svJn procedures in Ilne with our re8ponslbililies. outlined 8t¢)ve. to deteci material mis8tatements in resFect of irregularities, including fraud. The extent to which procedures are capable of dele¢tillg irregularitva5, trtcluding fraud is detail bel)vr. . We reviewed the $usceptibilty of Ihe choritle c(Thpanl¥ finanGial 5tatemenls to material misstatement and Jentrfied the principal risks. impl8mentlng a stiries of lestlng procedu$ lo prowde us with suifiryent comlort to is$ue our opinion. . Wo revigwed the chavitablo compgny's Tegubtory wsvironment to onsure we could conclude that il had act&1 In acwdance wrth the framework relevant to the ¢haritable MpanY and ils environment and Ident any Instsn$ of nmpli9n. . We also assessed the c8rrtablg compan$ intemal control ProdureS to ensure we could appropriately scrutinise these controls establi$h whelhfjr our undgrstanding of tho control envlronmenl was SLrfflenI to $vppfement our additional 18Sting proGedur8S. . The engagnent team consist8d of a team th8t the engagement partner believes 18 equipped with the rèlevant level of18thnl¢d and charltsble compgny •Wane$S to cary out our work lo the requiréd standa. Becau88 of tho inherent Ilmhatlons of an audii. thera Is a sk that VIP ¥11 n¢1 detect dl irregulari1$. includlng lthe leading to 8 material mi$$talement in the finan¢i81 statements or non-ccffipliance wrth regulation. This risk increases the more that compliance with a or wulation is removed from the events and transactions refie¢ted in the financial $tstemenls. as wll le$$ likety to become aware of instance8 of non-compliance. Thg risk is a150 greater rggarding irregularilies ormng due to fraud rather than error. as fraud involves intentional wnGtslment, tsgery, w1110n, omission or mt¥repre$ontstion, A further de8cWlon of our responslIles for tha audlt of the Ilnanclal Statements 18 kxated on the FingncHI Reporting Council's websib at: WK4Y.frc.or .ukJauditorsreÈ nslbilrtiex This descrptlon forTh part of our Audltots, report. Page 13
MOREfoN HALL EDUCATIONAL TRUST LIMITED IA company limilod by gu•rant••l INDEPENDEr AUDITORS. REPORT TO THE MEMBERS OF MORETON HALL EDUCATIONAL TRUST UMrrED ICONTINUEDI U89 of our report This report is made $01gty to the charitable companys members, a8 8 W, in a¢¢ordance wlkh ChaFler 3 of Part 16 of the Comp8ni8s Act 2006. Our audti work ha5 bn Undertak so that we might slate to the ¢haritable company'8 members those matters we are required to state lo them in an ALMJitors' report and for no other purpose. To the fulle81 extent P8m)itted by law, we do not ?p1 or assume responsibilty to anyone Other than the charitabk company and its members. as a for our audit work, for this repor( or for the opinions we have fomied. P.& Andy Malpass {Swlor Slalutory •udltor for and on behalf of WR Partners Chartered Accountants Slalutory Auditors Belmont House Shrewsbury Business Park Shrgwsbury Shropshire SY2 SLG 7" •L 2•% Page 14
MORETON HALL EDUCATIONAL TRUST UMrrED {A company Ilmlt•d by gu•rnnt••) CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 28 FEBRUARY 2023 Re8trlct•d Unrestrlct•d funds fund8 2023 2023 Total funds 2023 Total Note Incom• from.. Charitable adNf( Oth8r tr•ding sctivities Inve$trnthts Other income 9.096.246 9,096,246 7,744,C 16,805 921129 Totsl Sn¢¢>m• 9.096.925 9.096.925 8,683,934 Exp•ndlture on: Raising funds Charltable actfvities Impaimient to tangib fixed assets 14.838 8,861. 169 865,346 10,780.161 10.780,161 Total expend0 10.780.161 10,780,161 9. 741.353 Net expgndlturo bgfore ngt IIOs6Mllgalns on Invostmonts Net (losSesygnS investments {1,683,236) (1,683.2361 (1,057,419) (1.170,1271 {217,144) 13,987,271) 1.403 Net mov•m•nt In fun( (1,170,127) 14,500,380) 16.670.507) (1.056.016) R•conclliation of fvnd•: Total funds broughl fomafd Net movement in fund$ 1.170.127 4602,962 5.773,089 6,829, 105 (1,170,127) {4.600.2801 15,670,507) (1,056.016J Total fund• ¢•rri•d forward 102.682 102.582 &773,089 The Consolidated Statwngnt ol Financial Activ*ie¥ includ8B all gains and10sse8 recogni8ed In the period. The n¢)t8s on pag85 21 to 42 fomi part of these fin8ncial stalements. Page 15
MORETON HALL EDUCATIONAL TRUST UMITED IA company limit by guarantee} REGISTERED NUMBER: 00787642 CONSOLIDATED BALANCE SHEET AS AT 28 FEBRUARY 2023 28 February 2023 31 Augus¢ 2021 Fix•d 4¥8•ts Tangible asset$ Investments 12 13 4932,511 9.212 4941.723 Current aggets Stocks Debtors Cash at bank in hand 14 15 10,240 312.241 1,863,596 101582 101582 2, 186,077 Creditors.. amourrts falling d¥Je wlhin cme year 16 (2,886,216) Not ¢urront ass•ts I liabllft•s 102,582 (7(. 139) Total a889ts le88 curront Ilabllltl•# 102,582 8,241,584 Cr&ditors'. amounts fa51irvJ due after mo than ong ygar 17 (2,468,495) Total net a8S•t8 102,582 &773.089 Page 16
MOREfoN HALL EDUCATIONAL TrUST LIMITED (A company Ilmlted by guarnnto•1 REGISTERED NUMBER.. 1x1787642 CONSOLIDATED BALANCE SHEET IcopifiNUEDI AS AT 28 FEBRUARY 2023 28 F•bmary 2023 31 Auw5t 2021 Nole Charlty fund8 Re8tricled funds Unrestrfcted fur*d8 18 18 1, 170, 127 4.602,9f2 102,882 Totsl fund$ 102,582 7T3,089 The Trustees acknowknjge their re8ponsibilitM for complyir8 wfth th8 requirements of the Ad wfth respect lo attounting record6 and preparalion of finaNal 8tatements. The financ statements were approved and authOriS for i8sue by the Trustees and sbgned on th8ir behalfby.. DrJ> TrLtrStee The notes on pages 21 to 42 form part of these financial statements. Page17
MORETON HALL EDUCATIONAL TRUST UMITED IA company Ilmlted by guarantee REGISTERED NUMBER: 00787642 CHARrrY BALANCE SHEET AS AT 28 FE8RUARY 2023 28 February 2023 31 August 2021 Not• Fixod a8s•ts Tangible assets Inveslments 12 13 8.932,117 9,214 8.941.331 Curront aB80ts Stocks Debtors Cash at bank and in hand 14 15 316,624 1,845, 183 102.382 102,582 2. 170.246 Creditors.. em(yJnts falling due Y171hin on8 ythr 16 (2.883.933) Nat ¢urrnnt assets I Ilabllltos 102.682 (713,687) Total assets less current Ilabllltles 102.584 8.227.644 Creditors.. smounts falling due after mre than one year 17 (2.468.495) Net ass•ts •xcludlng penslon ass•t 102,584 5,759, 149 Total nat aBBet8 102.684 5. 759, 149 Page 18
MORETON HALL EDUCATIONAL TRUST UMITED IA company limited by gu*rants&l REGISTERED NUMBER: 110787642 CHARITY BALANCE SHEET {CONTINUED) AS AT 28 FEBRUARY 2023 28 F•brnary 31 AuoMI 2021 Charlty fvnds ReBtrirted funds Unrestri¢ted furbdB 18 18 1, 170.127 4,589,022 101684 Tolal funds 102.684 4759, 149 Tre Ch8rity'8 net vement in funds forthe periLMJ £15,656,565} (2021- £(1.057.789J). The Trustees acknowledge their responsibilities for Gomptying with the requirements of the Act with re8p&X to accounting Tecords and preparation of statem&nts. The thancial statements were approved 8nd authoris&J for is8ue ty the Trustees and Signed on thelr behalf by.. DrJ The notes on pw 21 to 42 fom part ofthese finarrial statements. P4e 19
MORETON HALL EDUCATIONAL TRUST UMITED IA company Iwnit•d by guarnnt¢el CONSOUDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 28 FEBRUARY 2023 %Y23 Cash flows from opgr•ting activltl Nd cash used in operating aGtivilies {3N35,741) 447,238 Cash flows from Inv•stlng activiti DNiderKl$, interests and rents from investmerrts Pr¢¢eed8 from the sale of tangible fed assets Purchase of tangbl¢ fixed a$$ets Proceeds from sale of investments 975 4.563.800 156213) (159,444) 13,263 Net cash provided byllu¥gd inl Invo¥tlng a¢llvttles 4,621A19 (158,4691 Cash flow8 from flnanclng actfvltlos Cash inlljws from new borrowing Repayments of borrowing (2,84692} (229. 748) Net cash lused Inyprovld•d by financlng actlvlile8 (2,846,692) 1,270252 Change In cagh and cash oquiv•lènt$ in thè pellod Cash and ca8h equivalents al the beginning of the per 11.761,014Tr 1,669,021 1.863.696 304,575 Cash and cash equlvalentg at the end of the perfod 102,$82 1.863,596 The n¢)tes on pages 21 to 42 fomi part of these financial statement5 Pag8 20
XIRETON HALL EDUCATIONAL TRUST LIMITED (A ¢ompany limltsd by gUarnrrtj NOTES TO THE FINANCIAL STATEMEKrs FOR THE PERIOD ENDED 28 FEBRUARY 2023 G•n•ral Infomiation Moreton H811 Educat)nal Trust Ltd is a private company limited by guarantéo incorporated in England arKI Wde5. The regislerwj Off0 Moreton Hall, Weston Rhyn. 08we8try, Shropshire. SY113EW. A¢¢ountlng pollcl 2.1 Bajls of preparatlon of financlal glatements The financial statemanls have be6n prep¥ed In xcordance with the Charities SORP {FRS 102}- Accountlng and Reporting by Chariti8ts.' Statent of Recomm8ndad PractSce applicabk to charitses preparing their accounts in a¢cordan¢o with thg Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (thctive 1 JanLHry 20191, the Flnan¢lal Reportin9 Standard applicable in the UK and Republrc of IrelarKI (FRS 102) and the Companies Act 2006. I4retOn Hall Educalic¥Jal Trust Llmtted meets the definilbn of a public b8nfrfft a)tHy under FRS 102. Assets and liabilities are inbtially recognised at hisiorical ¢05t or transaclw valu6 unlo$8 erwise stated in the rvant xcountino poSicy. The Con8olbJaled gtatement of financi81 activities (SOFA) and Consolidated bala sheet consolidate the financial statements of the Charity its subsidiary undertaking. The results ofthe gubsidiary are consolldated on a Ilne by lir bas1$. The'charlty ha8 t8k8n advantage ofthe exempli)n allowed under $8Cth?n 408 of the Companin A 2008 and not pres•nt•i ts cwn Ststement ol financial activities in these financi81 statements. 2.2 Going COnM On 21 Juty 2022, Moreton Hall Education Limthj agreed to purcha8e the actlviMe5 and assets of the Charrtablg Cny. On 18 October 2022, the 9$s&ts, liabilitios, staff and pupils of the Charrtable Company were tf8nsferreLI to Moreton Hall Educati Limited. The oustanding liabilitEs of the Charitable Company will be met from the prcKegds ofthfr sale aTrd under the temi8 of the 4Ment. It is the Trusle8s intenlion to cease all acliwties of mcon Hall Edu¢ational Trust Llmw wrthin the next trdve months and therefore the financial statemonts have been pr8parwl on the bask8 that the Ch81itable Compary is not a going ojncem. The financial stalements have been prepared ustng an altemativg basis. The assets ol the Charitable Company have teen assess&1 for impaimient on th? proceeds that have been receNed. The recoverable amount of each asset cl888 has been revtewed. The 0verabl9 amount the higher ol, the as8ets value in use and the fair value less costs to sell. The v81ue In use is the present value of the fijture cash flows expected to be derived from tha gsset cla88. The fair value an amount obtainable from sale In an ami's length transacuon tefvffjen knovAedg?ab, wlling parties, less the costs of disp08d. Pag821
MORETON HALL EDUCATIONAL TRUST UMITED IA company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Aecountlng pollcles {contlnu•d} 2.3 Incom8 All incom8 is recognised On the Charity ha8 entitlement to the income. it is probobkn that the come will be received and the wrunt of incc4ne receable can be m8asured reliabty. Other income Is reccgnised in the peri(xJ in which it is receivable and to the extent the gcods have b8fjn provbded or on ecmptIOn of the servicg. 2.4 Expendliure Expenditure is rec4)Jni¥ed once there is a legal or constructive csligatKn to transfer econtjmic benefit to a third party, it is prcthbk that 8 transfer of economic bgngfrts will be requirgd in settlement and the amount of the obligation can be measured reliabty. Expenditure is classffi8d by activty. The costs of each activty are made up of the total of direct costs and shared costs, including 8UPPCrtt costs involved in undertaking èach actlvlty. Direct Costs attributable lo a single activty are allocated directly to that actNity. Shareil Gosts which contribute to more than one actlvity nd support C081s whh are not 8ttribulable to a single aCtIty are apportioned trVeen trtr)se activities on a bas$ consistent with the use of resources. Central staff eosts are allocated on the basis of tsme spont, 8nd depreciatic charges albcated on Ihe portion of the asset'¥ use. Expendf(ure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and indudes w$ts of all fundraising activilies events and rv)n<hwitable trading. Expenditure on charitable aditieS is incurred on directly undertaking the actNities which further the Group's obj'ecb'ves, os well as ary aSsated support Costs. All expenditure18 inclusive of irrecoverable VAT. 2.6 Tanglble flxgd aM•ts and depreclatlon Tangible fixed assets costing £2.C(10 or more are capilalised and reccgnised when future econom beneffts are wobabk and the eo8t or value of the a88et can be measured religbly. TangTrJle fixed assets are initially recognised at cost. After recognOn, under thg Cost modgl, tangible fixed assets are measurgd at C05t less ¢umUlated depreciation any accumulated impainnent 10s8es. All costs incurred lo brfng a langble fixed as8et into it8 intended working condilion should be included in the measurement of eost. DepreciatKJn is charged so as to 8lk£alg the cost of tangible fLxgd as59ts b5S their residual value over their estimated useful lives. Depreciat 1$ provKled on the fomowlng ba3es'. Freehokl property M&E work Motor vehicles Fixtures and fittings 2% -10% stralght line on cost - 2% on cost - 25% on reducing balance - 20%- 33.3% on cost, 10% - 25% on reducing balan Page 22
MORETON HALL EDUCATIONAL TRUST UMITED IA compiny limit by guaAnt••) NOTES TO THE FINANCIAL STATEMEiirs FOR THE PERIOD ENDED 28 FEBRUARY 2023 Accountkng polkl•8 Icontlnu•dl 16 Investments Fixed a68¢t inve8tTrnlB are a form of finanGial instrumgnt and are Inlllally recognlsed at their tr8nwtbn cost and Subwntty nasured al fair value at the BalarrA sheet dale. unl$ the value cannot be measured relkabty in which ca88 it i4 ISur8d at Cost fess impalmnI. InveStmt gain$ losses, whether Tealised or unrealised, are combined and presertèj as 'Gainsl(Loss8sI cn in¥sslm8nts' in the con801k1 8lateThnl of fin8ncbal actlvStl88. Investments in subsxliaries are valued at cost less provision for impairment. 2.7 Stock• Stoc8 are valued at the iow6r of cost and net rèalisable va0 after rrAking due alk)wance for Obs0 slowwmving stoGks. Cost irKludes all dired $ts and appropriate prowrtion of fed and variable overhead$. 2.8 D•btorn Trada hr debtorn are recognised at the settlement amount after any trade d18count t)ffered. PpaYMents are v•lued at amount prepaid net of any trade discounts due. 2.9 Cash •t bank and In hand C8sh at bank and in hand includes cash short-temi highly liquid investments with a sh¢yt Ttuty of three months or from the date of acquisin or opening of deposit or similar awjunt. 2.10 Uab115tlos and provlslons Liabilities are recounised whert there 18 an obligation at the Balancé she dale aB 8 f8suM a past event. it is WObab that a transfer of econc¥nic benefrt will be required in settlemgnl, and tho amount of the settlement can be 88timated reliabty. 2.11 Flnanclal Instruments The Group only has financlal a88ets 8nd financlal 118b11e$ of a klnd that qualify as basic financial instnJmen18. Basic fin8nci81 instrument8 &e initially recognised at transactw value a1 8ub8equentty measured at thelr settlement value with the exception of bank loans vthith are $thMquentty MUffjd at amorti $1 using the eff¢[¢ interest mgthod. 112 Pen•lons The Grp operaies a defined contrfbU0n pen8kJn $chem8 and the pgrnion charge repreBents the 8mounts paya)le by tho Group to th8 fijnd in r88* of the period. The Group contributes to tsvo pension 8cheme8'. - The Teacher8 Pen81on Sch . The People8 Pertsmin P¥Je 23
MORETON HALL EDUCATIONAL TRUST LIMITED IA company Ilmit by gu•ranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Accountlng polkles (contifiuod) 2.13 Fund accountlng General fund$ a unrestricted funds whi¢h are avarfab for use at the di8crel>)n of the TrLfdtee8 in furtherance of the general ot4'ectNes of the Group arwj whth have not bean d88ignated for other purpose$. Restricted funds are fvnds whh are to be used in accordance w*th $ifiC restrictS imp058d by don(Y8 ¢y which hav8 trn raised by the Grp for particular purposes. The costs of rai5ir4J arKI &Jministering such funds are charged against the sF¢crf fund. The aim and use of each r8Stricted fijnd is set out in the notes to the financial statsments. Investment income. gains and bsses are allocated to th& appropriate fund. Incorn• fr¢m charftsble •ctlvftleg Unr•strlctod funds 2023 Totsl funds 2023 Total funds Gross feeg recelvable Remi88KJns Regi$tratDn fee8 other educational income 13.740,520 13.740J20 11, 151. 790 14.987,7931 14.987,7931 I3.),232) 29.180 29.180 33, 194 314.339 314.339 209.248 T¢)tal 2023 9.0.248 9.096.246 7. 744.Liil Total 2021 7, 744,Q 7, 744,LilO Income from other trading activities P4e 24
MORETON HALL EDUCATIONAL TRUST UMITED (A company Ilmlt•d by gu•r•nte•l NOTES TO THE FINANCIAL 8TATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Income from other tradlng actlvltles {contlnuedl Income from ncn charhabjo tradlng actlvltlos Unrostridod funds Xi23 Total funds 2023 To181 Moreton Hall Services Ltd Income 16.&)5 Totsl 2023 1&805 Tof&l 16,805 16,805 Page 25
MOREfoN HALL EDUCATIONAL TRUST UMITED IA Gompary Ilmitsd by gu•ranloe) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Investment incomg UnrnJtri¢t•d funds 2023 Total funds 2023 Tol81 2021 DNhlends &89 Total 2023 569 Other incoming reUre•S Unrestrlcted fvndB 2023 Total funds 2023 funds 2021 JRS income Other incom8 921129 110 Total 2023 110 110 923. 129 Total 2021 923, 129 923. 129 Page 28
MOREfoN HALL EDUCATIONAL TRUST LIMITED (A company limit•d by guarnnteel NOTES TO THE FINANCIAL STATEMEKrs FOR THE PERIOD ENDED 28 FEBRUARY 2023 Analyskn of expendlture on charfiable actlvllles Summary by fund typ• Reslrlcted Unr•strlcled fundg fund8 2023 2023 Total 2023 EduGat)n Teaching Wgffare Premises Support Costs Governar8 costs 439,212 6,373,644 797,020 1,229.522 1.575.838 364.925 439.212 300,993 .373.644 4643,322 797,020 550,659 1329,522 1,031, 725 1,575,838 1.25&fA 364,926 7&866 Totsl 2023 10.780.161 10,780,161 4861,169 Tot812021 37,854 8,823,315 8,861, 169 Analyslj of •xpondlturn by activitl•s Actlviti•s und•rtak•n directty 2023 Support Tolal fund8 2023 Tol Edu¢bn Tfyaching Welfare Premlse8 Support o)sts GovernarKe cost$ 439,212 6.373.644 797,Ir20 1.229.522 439,212 8,373,644 797,020 1229,022 1,575,838 364,925 3LYI.993 4643.322 .659 1.031. 725 1,255,604 78,866 1,575,838 364,925 Totsl 2023 8,839,398 1,940,763 10.780,161 8,861, 169 T812021 7,526,699 1.334,470 ¢861, 169 Pago 27
MOREfoN HALL EDUCATIONAL TRUST LIMITED IA ¢ompany limitsd by guarantso) NOTES TO THE FINANCIAL STATEMENT8 FOR THE PERIOD ENDED 28 FEBRUARY 2023 Anatysij of exponditur• by actlvltles Icontlnued An•ly$i¥ of dir•ct costs Tolal fund8 2023 Total funds 2021 Educatlon 2023 T•aching 2023 Wolfare Prem19es 2023 2023 Siaff costs Depreciation Teaching cosls Hj88 expendfture Cateriry & 5.994,813 5,994,813 416,328 378,831 &278.605 367,066 364,717 416,326 378.831 120.377 120A77 13&706 676,643 676,643 414,953 Repairs & mainl8nan 147,892 147,892 202,971 Other premises 120,222 48,865 400,661 95,556 120,222 48,865 400.661 146.488 40,521 234073 39,279 13,908 287.412 Rates Utilities Insurance Lettings Other 21,878 417,336 21,876 417.336 Total 2023 439,212 6,373,644 797,020 1,229.522 8M39.398 7.526,699 Totel 2021 300,993 5,643,322 S5J,659 1,031, T25 7.526.699 Page 28
MOREfoN HALL EDUCATIONAL TRU8T LIMITED {A company Ilmlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 An•tysb of •xp•ndltur• by actlvltles {contlnued) AThals of support costs T¢)tal fund• Total Support Govem•nce 2023 Staff c08ts DepreciatK)n Other Bank intsrest & tharge5 Telephong Pi)stage & ststtsnary Marketing & pubkity Orr equipment Stsff recruitment SubscriptKJn$ Professw)nal fe88 Auditors remultiOn 1.152,475 17,145 42.967 116.725 20.842 24,245 182,144 1,152,475 17,145 42,967 116,726 202 24.246 182.144 894,897 17.068 59.227 92.919 20,466 16.359 123.811 13,396 5,316 13.396 6,316 363.537 1.388 &T81 22.246 63,866 363.537 1.388 T¢)tal 2023 1.575,838 364.925 1,940.763 1,334.470 Tot812021 1,255,604 78,866 1.334.470 Audltorn. r•munerntlon 2023 Fees payable to thg Charrvs auditor forthe audit of the Chanty'$ annual accounts 12AOO 11,000 Fees p•y•bk to the Charity'$ audltor In respect of.. All r¥)n-audil services not included above 2,900 3,25Q Page 29
MOREfoN HALL EDUCATIONAL TRUST LIMITED IA company Ilmlt•d by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 10. 8taff costs Group 2023 Group Charfty 2023 Charity 2021 Wages and solar$ Social security costs Contribution to defined contribution pension 8cheme8 5.855,740 662.741 5, 110.212 45&945 5.856.740 561741 &110,212 4&5.945 728,807 607.345 72&807 607.345 7.147,288 6, 173,502 7.147,288 6. 173.9)2 Th8 average numbar of Pn5 émployed by the Charity during the period was as follows: Charlty 2023 No. Charity 2021 Teaching Support and ancillary 73 100 115 157 215 Thg number of omploye85 who89 err4)W08 b8n8fft5 lexcluding 8mpbyer pensbjn ¢05ts> exce8d8d £60.000 was.. Group 2023 No. GrDUP 2021 In the band £60,001- £70,0 In the band £90,001- £100,OC(I In the band £1(K).001- £110.CK)1 The key management F¢rwnn¢l of the charitable company are listed page 1. The total anount of ompbyge benefits lin¢luding 8mployer pgnsDn contributions) recèived by key managemènt rnn81 for their servlces lo the ¢h8ritable company was £576.42212021.. £478,455). 11. Trustees. remuneratlon and expenses During the peri¢)J, T1te@S received any remuneration or other bert11$ (2021- £NIL). During the peric¥a ended 28 February 2023, no Trustee expertses h8ve been incurr&J f2021- £NIL). P8g8 30
KIREfoN HALL EDUCATIONAL TRUST LIMITEO {A company Ilmltod by guarantse NOTES TO THE FINANCIAL STATEMENT8 FOR THE PERIOD ENDED 28 FEBRUARY 2023 11 Tanglblo flxed assets Group Fixtures and ffttlngs l)ther flxed assots Fr•ehold Plant and Motor property machlnery vehlcle8 Totsl Al 1 September 2021 Addilions Di4)osa18 13.381.185 713,032 41.723 14,922,052 36,269 12,144 213 13A17A24) (389.109} {204.833) 1725,176) (41.723) (149782651 089.109 197,033 At 28 FeEary 2023 At 1 September 2021 Charge for th6 perkxl On dpOsal$ 4.941402 220.684 145.837 63&895 5,989.541 381,297 13,170 14AS2 24,683 433.602 (6,323,699) 1233,8641 (160,289) 1683,6781 141,723) {6,423.1431 41.723 At 28 February 2023 Mgt book valuo At 28 Feiyuary 223 At31 AW2021 &438.753 368.425 51, 196 74. 137 8.932,511 Page 31
MOREfoN HALL EtXJCATIONAL TRUST UMITED (A company limited by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 12. T•ngibl? fix assets {contlnued) Charity Flxtur•s and Ilttlngs Other Ilxed Freehold Plant and Motor prop•rty ma¢hlnèry vehlcles Total At 1 Septemb8r 2021 Addillor Di5p¢xIs 13.381.155 677,378 197.033 713.032 41.723 14,910,321 36.269 7.8 12.144 56.213 13,417A24) 1677,378} 1204.8331 1725,1761 141.7231 114.966.5341 Ai 28 Februgry 2023 At 1 S8Ptember 2021 Charg9 for th8 Poricd On disposals 4,942002 209.347 145,837 638,895 6.978,204 381,297 13.039 14,452 24,683 433,471 15,323,899) {222.3B6) 1160.2891 1663.5781 141.723} (6,411,675) 41,723 At 28 February 2023 Net book value Al 28 February 2023 At 31 August 2021 8,438. 753 364031 51, 196 74, 137 8,932,117 The freehold property has been subject lo an impaimient review based on an &xiernal valuation performed by Sanderson Weathgrall LLP, chartorad surveyors. on an open market basis. The valuab'on was pèrformed on 2 Oclober 2020. Page 32
MOREfoN HALL EDUCATIONAL TRUST UMITED A company limit•d by guaranieel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 13. Flxod afrt Invlments Li¥tod Unllsted Investments Inveslrnents Tot At 1 September 2021 Disposds Revalualions 9.212 113,9901 113363) 4778 At 28 February 2023 N•t book value At 28 FetfU9ry 2023 At 31 Augu%t 2021 8,485 727 9,212 Inveslment8 subsldlary Listod Unll8tsd Compani invostmonts Investments Totsl Charity Cost or valuallon At 1 September 2021 DisplS Rovaluati?n6 7zr 1727) 9,214 {13,9901 4,778 113,2631 At 28 February 2023 Net book value At 28 Febrry 2023 At31 August2021 8,485 727 9,214 Page 33
MOREfoN HALL EDUCATIONAL TRUST LIMITED IA company limitfjd by guarnnto8) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 13. Flxed asset Investments (continu> Prfndpal subgkllarlBs The folkpHing wa8 8 sUbdisry undertaking of the Charty.. Name Company number Holdlng Includ in consolldatlon Moreton Hall Services Ltd 02W198 1fy)% Yes The financid resums of the subsidiary for the period were.. Name Income ExPendIre Prollu Nel a•8•ts (Los8} for the year &)roton Hall Service5 Ltd 27,248 1215301 4,718 16,187 1& Stocks Group 28 F•bruary 2023 Group Charlty 31 Augusl 28 Fobruary 2023 Ch81ity 31 August 10,240 8.439 l& Debtors Group 28 Fèbruary 2023 Group Charlty 31 August 28 February 2021 2023 Ch8ri1y 31 August 2021 Due wlthln one yèar TTrde debtor8 Amounts owed by group undertakings Olher debt8 Prepayments and a¢crued Income 116,078 116.078 4.383 193.4C9 2, 754 193.41J9 2,754 312,241 316.624 P4e 34
MORETON HALL EDUCATIONAL TRUST LIMITEO IA Gompany Ilmll•d by guarant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 1& Croditors." Amounts f•lllTrg due whhln one yoar Group 28 February 2023 Group Charlty 31 August 28 F•bruary 31 August 2023 Bank bans Paymants T@1Ved ¢xt account Trade creditors Other toxation arKI social security other creditors Ac¢ruals 8nd d8ferr8d incc4ne 378.197 1.909, 128 233,944 135. 123 60,943 t68.881 374 197 I,9£. 128 231,661 13&q23 164881 2,886,216 2,883.933 17. Cr•ditor8: Amounts falling duo aftor m¢xo than om year Group Gp Charfty 28 Febrnary 31 August 28 February 2023 2021 Chan'ty 31 Augu81 2021 Bard( loans 2.46¢495 2.468.495 Includtrj wlthln thè above ¥e amounts falling due a8 foll Group 28 Fabruary Gmup Charlty 31 August 28 F•bruary 2023 Ch8rity 31 August Botwoon on• and two y••rn Bank loans 664077 664077 B•tsnen two •nd Ilv• year• Bank k$ 1,315, 797 7,31&797 Over flve years Bank I5 487,621 487,621 bank loans ar8 secured by a fir81 legal ch8rge over freehold land and prcyety. a fwed charge over book debts and floating charge over all other assets. In additn to this there is an available overdraft facilty. secured under the same provisions. Page 35
MORETON HALL EDUCATIONAL TRUST UMITED {A company limlted by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 18. Pjlalemont ol funds Stat•m•nt of funds- curr•nt p•rlod Bal•nc& at 1 September 2021 Balance at GaIn 28 Febwary {Loss98) 2023 Inc¢xne Expendlturn UnreStrIct funds Goneral Fund8- all funds Nonwcharitable trading funds Impaimient lo tangtslg fix8d 6.464,368 13.940 9,099,398 110,780,161) 13M1.0231 12,473) (11A67} 102.682 1865,346) 865,346 4,602,962 9.096,926 110.780.161) 12.817.144) 102.5V2 Restrlcted funds Norman Quick Foundalion Lingard Goblet S¢i8nc8 Bbck Sports Pavilion Wallgd Garden Thoalre Proi8d 15,5981 156,666) (1,0001 184,0691 {$3.081} 13.IXIO) 1967.743) 1.CKIO 84.069 $3,061 3,000 967,743 1.170.127 11,170,127) Total of funds 5,7n,089 9.096.925 {10.780,1611 (3.987.271 102.682 Page 36
hKIREfoN HALL EDUCATIONAL TRUST UMITED company Ilmltgd by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 18. 8tatem•nt of fund• (contlnuodl Statement of funds - prior F>•riod Balance at I September 8al8n¢e Galnw 31 Augt Inrrn ExpgThYiturn (Lossas) Unrestrlctsd funds General Funds- all funds Non-charitsble trading funds Impairment to tangible fixed 5,60495T 12. 167 8,667.323 (8.823,315) 16.611 (14,838) 1.403 5.454,368 13.940 (865,346J 1864346) 5,621, 124 4681934 (9, 703,499) 1.403 4,602.9S2 ReStrIct funds NoMn Qu Foun(19tbn Llngard GL*Jkt Science Block Sports Pavllic Walled Garden Theatre Project 56,981 {l.S25J 86.071 54.249 (2,2) (1, 188) 84.069 53,061 1.001.082 131339) 967,743 1,207,981 (37,854) 1,170, 127 Total ol funds 6,829, 105 8,683.934 (9. 741.353) 1,403 4771089 37
MORETON HALL EDUCATIONAL TRUST LIMITED (A Gornpany limltod by guardntoo) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 1B. Statement of fvnd8 (Continuodl IT Contro This fund represents monies given lo cover the devebpment of the IT 8ufte and inccKne is reSed from this fund in line with the dep1aOn of the Suite. Foundalion This fund r8pr8sents money received for bursaries and capital projects raised from oppeals, events and tWLbests. Irk the year endej 31 August 2014 this monèy w89 spent on the devebpment of the $GnCe block and income is being reSed from the fund in line with the depion of the soence bl¢xk. 8clenc• Block This represents monies given for the development of the Sera bhxk and 18 belng rel8d from Ihe fund In Ilne vlth the deprttialion of the $CnCe block. Sports Pavlllon This fund represents monies given for the building of 8 $POrts pavllion and b8 being rdeased from the fund in line vthh the depreciation of the pavilK)n. C&ntenary Scholarshlps This represents trney givenfor scholarships •warded to pupils. All mon*s have been sperrt on scholarships in 2020. Walled g¥rd¢n This represents mongy given for a project to dgveknp the walled garden. The work on the walled garden has yet to b& start8d. Theatre Project This repSents mongy given to build The Holroyd Community Theatre and is bein9 rekased from the fvnd in line with deprecHtion of the theatre. Page 38
MORETON HALL EDUCATIONAL TRU8T UMITED (A Company Ilrnlt•d by guarantee) NOTES TO THE FINANCIAL 8TATeMeNTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 19. Anatysh ol net a••rfs b•twwn funds Anaty8ls of net assets bn fundB- curr•nt perlod Unro•trlcted Totsl fund* fvnds 28 Fol)ruary 28 February 2023 102.5&2 102,582 Total 102,582 102,582 Analysls of net as80ts b•ivM•n fund• . prior perlod Restsictgd UnTrslriot8d fvnds 31 August 31 Augusf 31 Augu 2021 Tangibl• fix1 assats Fixed asset investments Cuffent 8$sgts Creditors due within one year Creditors duo in rn( than one year 1,584.843 7.347.668 Q932,511 9.212 9.212 2, 186.07T 2. 186,OTT 1474, 716) (2.471.500) 12.886,216J (2,468.495) (1468.495) Totsl 1, 170, 127 4,2,962 5,773,089 Page 39
MORETON HALL EDUCATIONAL TRUST UMITED IA company Iwnitsd by guarantee} NOTES TO THE FINANCIAL STATEMEKrs FOR THE PERIOD ENDED 28 FEBRUARY 2023 Reconclliation of not movemont in funds to net ¢h Ilow fr¢m op•ratlng actlvltlos Group 28 February Gmup 31 August 2021 Net expendibjre for the perithy las per Statement of Financial ActNit) I5,67007) (1,056,016) Adjustrnents for: Depiecration charge8 Impalrngnl on tangible fixed assèts DNldgnds, intgrests and rents from investments Decreasel{in¢reas8) in stocks Decreasel{increase) in debtors Incre8sel{decrease} In credsto Fair value galns and losse5 on investments Lo88 on disposal oftrth and assets 433.602 414.852 865.346 1975) (1,870J (31,841J 259,145 (t,403) 15691 10240 312,241 (2.$08,0191 3,987,271 Nol wh provid•d byllused Inl 0rating activiti09 13.436.741) 447,238 Analy81s of cash and ¢J•h fjquivalonts Group 28 February 2023 Group 31 A1USt 2021 Cash in hand 101582 1.863.596 Total cash and cash equiv*l•r 101582 1.863,596 Page 40
MORETON HALL EDUCATIONAL TRUST UMITED IA company Ilmltgd by guarnntsel NOTE8 TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 Analy$l• of Chang In not dobt At1 Soptsmber 2021 Cash flow8 At28 February 2023 Cash at bank and in hand Debt due within 1 year Debt dug after 1 year 1.863.696 11,761,014) 1378,1971 378,197 12A68,4951 2,468.496 102,582 1983.096} 1,085,678 102,582 Penslon ¢ommllm•nts Dgfinod Gontribvtson 8Ghom The Teach8rs' P8n8p)n S¢home ITPS) i# a Statutory, conldbutory, defined benefrt scheme. g¢)vemaJ by the Teher$. PensIc Regulations120101 and from Apnl 2014, by the Teachers, Pension ReguLqtions 2014. Membership is aulcffnatiG for full-11Th teachers and lecturers arml from 1 January 27 autom loo fof texhers and lecturers in part-11 omployment following appoinkngnt or a change of Gontrnct. Teachers and leGtur8rn are able to opt out (rfthe TPS. The TPS 18 an unfunded stheme and members contribLrte on •'pay as you go. basis- these Contributn8 along with th( made by employers are Gredf(ed to tho ExGhoqr. Retiremont and other ponslon beneffts are paid by public fvnds provKled by Parliamont. Valuatlon of the Teachers Penslon Scheme The Govemm8nt Actuary. u8lrKJ nomial actuarfal prinGiplgs. Trdcts a formal eLtu8rial roviw of th8 TPS in &ts)rdance with the Public SeThice Ponsions IValuatKJns and Employer Cost Cap) DireGtion8 2014 published by HM Treasury every 4 years. Th8 aim of th8 r8ViWI is to sPefy the level of fvture conlrrbutrons. Actuarial scheme valuations are dependent on as¥umption8 about the value of future ¢06t8. deshan of beneffts 8nd many other factors. The latOSt actuarial Valuat of the TPS was cftrTied out as at 31 March 2020. The v8Juation report 4was published by the DepathRnt for Education cm 30 Odobw 2023. The key elements dlh& ValUatn and subwuent consultation ar8: employer conlributlon ratss 881 at 28.68% of pen8ionable pay {induding a 0.08% admini¥tr8ti)n levy). 10t schemè liabililtes (pensions currenuy in payTner>t and th8 8$t¥nated cost of future benefftsl for service to the 8ffectiv8 date 01 £262,LX)O million and notional assets {est#nated fvture contribut5 tcgether with notional investments held at the VuatiOn date) of £222,2(X) mill¢on, giving a notion past seNice deficit of £39.800 million. - the SCAPE dis¢ount rate. set by HMT, 18 used to dgt9miine tho notional Investment retum. The current SCAPE ratè 18 1.7% at*)Ve the f8le of CPI, and k8 base(l on the Office for Budw Rosponstbillty. fore¢ast for long-temi GDP gro%h. The next valuallon re8uII Is due to b8 Implemented from 1 April 2027. Pag&41
MORETON HALL EDUCATIONAL TRUST UMITED IA company Ilmltod by guarants•l NOTES TO THE FINANCIAL STATEklENTS FOR THE PERIOD ENDED 28 FEBRUARY 2023 P•nsion commllments Icontinu•dl A copy of the valuatlon repjrt and supporting docuMentstic Is on the Teachers, Pen5i0Tr6 webs8 {https..IIMw.texherspen$iM$.¢o.ukJnw1eMptyerr20231loa1U•t1On-Ult.a8px). UTrJer the definitions 8d (xrt in FRS 102. the TPS 18 an unfundgd multp10yer pènsion schema. The S¢hc4)I has CoUnted for r(s contributions lo the scheme as rf it wefe a defined contribution schgm8. The h1 has set out below the ¥ifomiation availoblo on the scheme. The pension charge for the per)d repr88ents Contributior payable to the 8thme of £667.997 12021.. £555.766} The xhool also contributes lo personal pensffi schemès for some noTrteaching staff. They are defi contribution schemes and eonlributions are chard to the SOFA 88 they accrue. The tdal pension charge for th8 peTiJd was £60.810 {2021.' £57.9951. A copy of the valuation rgport and supporbng documentation is the Teachers, Penskin web81te. Operatlng lea commitments At 28 FebNHry 2023 th8 Group and the Charfty commitments to make fvtuffj minimum lease payments under non-cancellabte operating leases as fellows.. Group 28 F8bruary 2023 Group 31 August 2021 Not later than 1 year Later than 1 year and not later than 5 yoars 5,828 3,4(Xi 9,228 Related party transactlons Duriro the year one TrLBtee (2021: two) had chlldren or grandchildren al the Scho¢J. They receive r remi$sion of fees by virtue of their membership of the goveming bc¥Jy. Page 42