Company Registration No. 0844804 Charity Registration No. 529112
Moorfield School Limited
(a company limited by guarantee and not having a share capital)
Trustees' Annual Report and Audited Financial Statements
For the year ended 31 August 2022
Moorfield School Limited
Contents:
| Trustees' Annual Report | Pages | 1 | - 7 |
|---|---|---|---|
| (incorporating the Directors' Report) | |||
| (including Statement of Trustees' Responsibilities) | |||
| Independent Auditor's Report | Pages | 8 | - 10 |
| Statement of Financial Activities | Page | 11 | |
| (including Income and Expenditure account) | |||
| Balance Sheet | Page | 12 | |
| Statement of Cash Flows | Page | 13 | |
| Notes to the Financial Statements | Pages | 14 | - 22 |
Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
The trustees, who are also the directors for the purposes of company law, present their annual report and the independently audited financial statements for the year ended 31 August 2022 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)'.
Administrative details
Company Registration Number: 844804 Charity Registration Number: 529112 Trustees/Governors M.R. Alton (Chair) C. Butcher R. Clark appointed 18 January 2022 A. Coad appointed 28 September 2021 J. Disley M. Hartley R. Hartley retired 28 September 2021 S. Hinchliffe W. Newman R. Wallace Key Management: Head T. Herbert Bursar and Secretary I. Findlay appointed 1 September 2021 Charity Office/Registered Office: Moorfield School Wharfedale Lodge 11 Ben Rhydding Road Ilkley LS29 8RL Website: www.moorfieldschool.co.uk Advisers: Bankers: Barclays Bank Plc 10 Market Street, Bradford, BD1 1NR Auditors: Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Solicitors: Squire Patton Boggs Park Lane, Leeds, LS3 1ES Investments: JM Finn & Co 33 Park Place, Leeds, LS1 2RY
Purpose and activities
Moorfield School is an independent school for the education of children up to the age of eleven.
The charity has the following core aims and values:
We offer excellence in education inspiring kindness, confidence and creativity.
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
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This is achieved by:
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l Nuturing and celebrating every individual;
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l Providing a calm and purposeful academic environment where each pupil can make excellent progress from their level of ability;
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l Enabling, through a rich and creative curriculum, many areas for pupils to shine;
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l Building character to facilitate curiosity, independence, perseverance, resilience and good humour.
Statement on public benefit
The trustees are pleased to confirm that they have considered the Charity Commission's guidance on public benefit in deciding the activities and operations of the charity and trust that this report, together with the information on www.moorfieldschool.co.uk, demonstrates this.
Achievements and performance
We have continued to develop the school in many areas to provide an inspirational education and a happy childhood experience for all our pupils. It is a priority to extend such opportunity to as many pupils as we can, widening access to families who ordinarily would be unable to afford a private education. We have continued, through means tested bursaries, to offer places to children whose parents feel they would benefit from an education at Moorfield.
Bursaries and hardship awards
Within the overall means tested bursaries we offer, there are a number of transformational bursaries awarded to parents who would not be able to afford our fees and would not normally consider private education.
Case Study 1: An award was made to a boy who left Moorfield to attend a local state primary which was unable to meet his needs. He returned to Moorfield with a 100% bursary as it was clear the teaching and learning at this school would benefit him. He is the only child of a single parent family.
Case Study 2: A child left Moorfield at the end of Reception to attend another local prep school as his mother felt he needed more boys in the class (his Reception class had only 2 boys). He left Moorfield in April of Reception year but then returned the following October having been dissatisfied with the pastoral care. He is the only child of a single parent family and has been awarded a significant bursary.
Altogether, there were 24 children across the school who received financial assistance during the year.
Academic progress
Every child is able to make academic progress as each one is considered an individual and stretched from their level of ability. Without a one-sized-fits-all approach, children are able to be themselves and work hard to make personal gains both academically and socially. Specialised support for intervention groups and individuals enables everyone to achieve their potential. Since the last trustee report, Moorfield School has been awarded the highest rating from the Independent Schools Inspectorate, achieving ‘Excellent’ across the board for educational quality, achievement and pastoral care. The report highlighted how inclusive the school is and its commitment to supporting local charities and projects. Academic progress is assessed through annual GL assessments, which shows that pupils perform well above the national average with the differential growing as they proceed through the school.
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
It should be noted that during the covid pandemic lockdown, the school continued to teach a full school day, albeit remotely. Even choir, music and art lessons continued. The result at the end of the academic year in 2021 was that nearly all children had made significant progress with only a handful of children needing further intervention and support once schools were allowed to reopen. The EYFS, where the teaching is fully child-led and where children spend much of the day outside, produces children who love life and learning. Results across all seven areas of learning were, once again, exceptional. Since the last trustee report, Moorfield School has been awarded the highest rating from the Independent Schools Inspectorate, achieving ‘Excellent’ across the board for educational quality, achievement and pastoral care. The report highlighted how inclusive the school is and its commitment to supporting local charities and projects.
Moorfield develops children who are confident, resourceful, with a love of learning, providing a springboard to successful senior school attainment. As in previous years all leavers went to their first choice of senior school whether within the independent sector or to a state school. All children taking the 11+ exam for the local selective grammar school passed and all children taking common entrance exams to independent senior schools also passed.
The broad curriculum gives rich opportunities in music, drama, art and sport. Performing at festivals resulted in the adjudicator remarking that 'something special is going on at Moorfield' with regard to the musical opportunity given and standards achieved, with many pupils receiving distinctions in music exams. Drama lessons, taught by a professional actor, enable the children to exude confidence and vitality in performance.
Peripatetic drama teaching reinforces the children's confidence in performing and public speaking with many achieving distinctions in LAMDA examinations and in musical theatre examinations. Sport is enjoyed both in lessons, clubs and playtimes. Fixtures for boys and girls give competition in rugby, cricket, cross country, hockey, netball and rounders. We participate in the local cross-country league in order to be active in the local community. A local primary school uses our facilities for sport, and we join together for netball fixtures. Before lockdown, we participated in joint events with other local primary schools and intend to do this again, offering our multi-purpose pitch for after school sports.
Care and empathy for others
Very strong pastoral care develops our own pupils and secures their wellbeing. A school ethos which encourages care and empathy for others enables positive outcomes in the community and beyond. Social responsibility is an important value to develop and we urge our children to consider the needs of others and put thoughts into actions. Buying Christmas presents through Traidcraft not only raised a large sum for the charity but also taught our children the benefit of supporting workers in the third world. Once again, our link with the Revival School in Matugga, Uganda has given our children a renewed sense of values. Our pupils participated in a number of fundraising activities during the year, including Children in Need, Macmillan Coffee Mornings, POPI (a local charity raising money for baby equipment for local families), Ilkley Playground Project, the mental health charity MIND and Climate Action Ilkley. This year we have made a harvest collection of food items for the Bradford Central Food Bank. We have also supported a local project, the ‘Keighley Healthy Living’ where Moorfield families bought and donated gifts for children in this area, distributed by the charity. This year, 112 gifts have been distributed. We have participated in the Mental Health Awareness Day in order to raise awareness of mental well-being in school, along with developing a mental health school policy and creating a small team of staff who specifically monitor mental well-being in school. We are sharing this with our local community through features written by the Head which are uploaded on our website. All who visit the website can read the latest 'Word from the Head.'
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
Our commitment to the community extends to visiting nursing homes for the elderly. This started at Christmas with older children sharing Christmas songs but is now a more regular activity. Once a term, a small group of children just spend an hour or so visiting just to chat and share what they have been learning – this has been very well received and staff at the nursing home say that spending time with the children is something everyone looks forward to.
Community and outreach
In order to offer a service to the community we offer our main hall once a week an adult fitness group and at the weekend, to a sports group who run a rugby session for local children aged 2 – 4 years old. Two of our music staff run two choirs on a Friday evening which are open to all children in the area and these are very well attended and it allows us to share our strength in music.
Our outreach to the local community also include a new project called ‘Music and More’ run on a weekly basis for children aged 18 months to 4 years old. This allows parents to bring their children for a mixture of music and songs, stories and then a play session in the nursery. This has been very well received by local parents and is well attended. It is run by our own Early Years staff and the music is provided by a Moorfield music teacher. We use this session not only to get to know local parents, but also to offer support to parents who would like advice on early education and child development issues.
During the summer holidays, staff run different activity weeks for both Moorfield children and children in the local community. The range of activities is broad and includes bushcraft, sport, art, baking and drama. All activity weeks are well supported.
This year, the school also supported a child from Ukraine by offering her a place in Year 6 and assisting with transition to the local senior school. The family (mum and Grandma) live with a family in Ilkley and unfortunately, were not able to find a place in any of the local schools. Moorfield got to know about it and immediately offered a free place, assisting with language and buying suitable resources and equipment for the child to use at Moorfield and in her next school.
Summary of achievements
A summary of our achievements during the reporting year:
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An outstanding ISI inspection report;
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Evidence of strong academic achievement throughout the school showing very strong performance against the national average;
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An excellent review in the Good Schools Guide;
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Senior school admission success with every child going to their first choice of senior school;
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Increase in STEM curriculum and projects;
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Quality of trips and visits to include residentials from Year 3 to Year 6;
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100% pass rate in 11+ entrance examinations;
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Development of new technology with new touch screen displays in every classroom;
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New audio and lighting technology in the main hall to enhance concerts, assemblies and drama productions;
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Enhancing the look of the building by decorating all woodwork outside.
Financial review
The school fee income for the year was £849,660 (2021: £799,662) after deducting Bursary and Hardship Awards of £87,870 (2021: £76,711), representing 9% of total fee income.
There is an overall deficit of £87,121 (2021: surplus of £19,202). The major cause of this deficit is attributable to a loss on investments of £73,943 reflecting the general fall in investments following the Russian invasion of Ukraine.
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
General funds at the end of the period were £1,291,961 (2021: £1,381,059). This includes £991,685 that could only be realised by disposing of tangible fixed assets. Free reserves are £300,276 (2021: £423,478).
A cash reserve has been accumulated over a number of years and is retained to fund operational activities and future improvements to the school's facilities. Investments stood at £326,383 (2021: £403,383). The portfolio is managed by our investment advisers and is made up of equities, equity funds, cash and fixed interest holdings.
Reserves policy
The school policy is to invest retained surpluses in premises and facilities to support the development of the school, whilst ensuring that sufficient reserves are held to meet any contingencies as they arise.
The trustees continue to monitor reserves closely to ensure that sufficient reserves are available to meet potential threats to future income.
Plans for future periods
The school has invested heavily improving the grounds, building infrastructure and the nursery in recent years. The school’s Development Plan includes proposals for the continuing improvement of the school's infrastructure to ensure we have the best facilities possible. A full review of the current use of our building was undertaken during the year which resulted in expenditure of £35k on IT facilties and £17k on refurbisments in the main hall.
The school will continue to invest in modern communications to ensure that we have the best facilities whilst reducing costs.
The school will continue to develop its curriculum to ensure aims and objectives of the school are met. The school plans to increase its marketing activity in both scope and geographical area, in order to increase school numbers, which is the greatest risk to the school's future.
Structure, Governance and Management
The Charity is a company limited by guarantee and not having a share capital is governed by its Memorandum and Articles of Association dated 6 April 1965 and last amended on 17 September 2019.
The directors of the Charity are its trustees for the purposes of charity law and throughout this report are referred to as the trustees. The trustees as Charity Trustees have control of the Charity and its property and funds.
Each member undertakes to contribute to the assets of the Charity in the event of the Charity being wound up, to a limit not exceeding £5 (five pounds). The members of the Charity are its trustees.
The trustees named above have served throughout the year except where indicated.
The governing body has adopted its own "Governance, Aims and Policies" document which serves the purpose of recording the aims and policies upon which the governance of the school is conducted. The trustees seek to ensure that all the regulatory requirements are being met in practice, not just in in policy, these cover all areas of child protection and safeguarding; charity law and public benefit.
The governing body assesses to ensure the board has the necessary skills and experience to carry out its duties effectively and efficiently.
New trustees undergo an induction process into the workings of the board, the school, and the Charity as a limited company. This includes discussion with the Chair, the Head and provision of appropriate documentation. Trustees are encouraged to undertake any training appropriate to their role and all have received training in Child Protection.
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
Responsibility for the management and organisation of the school rests with the trustees, who meet at least once each term. The Finance Committee meets twice a year. In addition, Governors with specific responsibilities come into school as appropriate to keep themselves fully informed and to discharge their duties. The running of the school on a day-to-day basis is delegated to the Head and the Senior Management Team, in which the Bursar plays a key role.
The Head is a member of IAPS - The Independent Association of Preparatory Schools. This is a professional association for Heads of the leading 600 independent prep schools in the UK and Worldwide. All members are independent with their own ethos for the school they lead, but they are committed to delivering an excellent well-rounded education to pupils, whether by stretching out to the brightest pupils or dedicating special support and resources to those with a paricular need.
Pay policy for senior staff
The remuneration of key management personnel is agreed by the Trustees annually.
Risk management
The trustees have assessed the major risks to which the Charity is exposed and are satisfied that the systems in place are adequate. The trustees review and update the school's risk register over the year. Major risks considered include: financial stability; school safety; pupil welfare and safeguarding; employment risks; and school trips. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The key controls used by the charity include:
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l formal agendas and minutes for all committee activity
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l comprehensive planning, budgeting and management accounting
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l established organisational structure and lines of reporting
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l formal written policies
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l clear authorisation and approval levels.
Statement of trustees' responsibilities
The trustees (who are also directors of Moorfield School Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report (incorporating the directors' report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs and of the income and expenditure of the charitable company company for that period.
In preparing the financial statements, the trustees are required to:
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l select suitable accounting policies and apply them consistently;
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l observe the methods and principles in the applicable Charities SORP;
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l make judgements and estimates that are reasonable and prudent;
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l state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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l prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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Moorfield School Limited Trustees' Annual Report for the year ended 31 August 2022 (incorporating the Directors' Report)
Company Registration No. 0844804 Charity Registration No. 529112
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Articles of Association.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure to the auditors
In so far as the trustees are aware at the time of approving our Trustees' Annual Report:
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l there is no relevant information, being information needed by the auditors in connection with preparing their report, of which the charity's auditors are unaware; and
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l each trustee, having made enquiries of fellow trustees and the charity's auditor that they ought to have individually taken, have each taken all steps that he or she is obliged to take as a trustee/director in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report was approved by the trustees on 17 January 2023 and signed on their behalf by:
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M.R. Alton Trustee Moorfield School Limited
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Moorfield School Limited
Company Registration No. 0844804
Independent Auditor's Report to the members of Moorfield School Limited for the year ended 31 August 2022
Charity Registration No. 529112
Opinion
We have audited the financial statements of Moorfield School Limited for the year ended 31 August 2022 which comprise the Statement of Financial Activities and Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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l give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and applications of resources, including its income and expenditure, for the year then ended;
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l have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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l have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and the provisions available for small entities, in the circumstances set out in note 19 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the related sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Moorfield School Limited Independent Auditor's Report to the members of Moorfield School Limited for the year ended 31 August 2022
Company Registration No. 0844804
Charity Registration No. 529112
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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l the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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l the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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l adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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l the financial statements are not in agreement with the accounting records and returns; or
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l certain disclosures of trustees' remuneration specified by law are not made; or
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l we have not received all the information and explanations we require for our audit; or
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l the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report included within the trustees' report and from the requirement to prepare a strategic report.
Responsibilites of trustees
As explained more fully in the Trustees' Responsibilities Statement (set out on page 6), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
To help us identify instances of non-compliance with laws and regulations that might have a material effect on the financial statements, and in identifying and assessing the risks of material misstatement in respect to non-compliance, or procedures included, but were not limited to:
- l Making enquiries of management as to whether the charitable company is in compliance with laws and regulations, and discussing their policies and procedures in this respect;
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Company Registration No. 0844804
Charity Registration No. 529112
Moorfield School Limited
Independent Auditor's Report to the members of Moorfield School Limited for the year ended 31 August 2022
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l Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
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l Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
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l Considering the risk of acts which were contrary to applicable laws and regulations.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities Act 2011 and the Companies Act 2006. Based on our understanding of the charitable company and its sector, we identified the principal risks of non-compliance with laws and regulations related to Charity Law and Safeguarding. We considered the extent to which non-compliance might have a material effect on the financials statements.
In addition, we evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls and determined that the principal risks were related to the size of the organisation (being small means less opportunity for segregating duties and oversight) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
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l Making enquiries of management on whether they had knowledge or any actual, suspected or alleged fraud;
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l Gaining an understanding of internal controls established to mitigate risks related to fraud;
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l Discussion amongst the engagement team around the risks of fraud;
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l Evaluating and responding to the high risk of management override of controls by performing suitable tests over areas such as accounting entries;
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l Substantively testing areas suspectible to fraud and manipulation, such as revenue recognition.
There are inherent limitations in our audit procedures. Auditing standards limit the audit procedures to identify non-compliance with laws and regulations, the further that particular laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
As with any audit, there remains a risk of non-detection of irregularities, as these can involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with the trustees.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
………………………………………………………….. Ebrahim Suleman (Senior Statutory Auditor) for and on behalf of Forrest Burlinson, Statutory Auditor
18 January 2023 20 Owl Lane Dewsbury WF12 7RQ
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Company Registration No. 0844804 Charity Registration No. 529112
Moorfield School Limited
Statement of Financial Activities and Summary Income and Expenditure Account for the year ended 31 August 2022
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Total Total
Unrestricted Restricted funds funds
Note funds funds 2022 2021
£ £ £ £
Income from:
Donations and legacies
Gifts and donations 5,299 1,296 6,595 6,280
Charitable activities:
Operation of Moorfield School 2 967,981 -- 967,981 918,437
Investment income 3 1,376 -- 1,376 1,778
Total income 974,656 1,296 975,952 926,495
Expenditure on:
Raising funds:
Investment management costs 4,314 -- 4,314 4,495
Charitable activities:
Operation of Moorfield School 4 984,377 439 984,816 961,969
Total expenditure 988,691 439 989,130 966,464
Net income/(expenditure) before gain/(losses)
on investments: (14,035) 857 (13,178) (39,969)
Net gains/(losses) on investments 5 (73,943) -- (73,943) 59,171
Net income/(expenditure) (87,978) 857 (87,121) 19,202
Transfers -- -- -- --
Net movement in funds 6, 15 (87,978) 857 (87,121) 19,202
Reconciliation of funds:
Total funds brought forward 1,381,924 195 1,382,119 1,362,917
Total funds carried forward 1,293,946 1,052 1,294,998 1,382,119
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There were no recognised gains or losses in either year other than those included in the Statement of Financial Activities. All income and expenditure derives from continuing activities.
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Moorfield School Limited Balance Sheet as at 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
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Unrestricted
Total Total
2022 2021
Note £ £
Fixed assets:
Tangible fixed assets 11 991,685 958,446
Investments 12 326,383 403,383
Total fixed assets 1,318,068 1,361,829
Current assets
Debtors 13 70,052 84,783
Cash at bank and in hand 36,681 45,705
Total current assets 106,733 130,488
Creditors: amounts falling due within one year 14 129,803 110,198
Net current assets/(liabilities) (23,070) 20,290
Total assets less current liabilities 1,294,998 1,382,119
Net assets 1,294,998 1,382,119
Funds of the charity:
Restricted funds 15 1,052 195
Unrestricted income funds 15 1,293,946 1,381,924
Total charity funds 1,294,998 1,382,119
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The notes on pages 14 to 22 form part of these accounts.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The financial statements were approved by the Board on 17 January 2023 and signed on their behalf by:
……………………………………………
M.R. Alton Trustee/Director Company Registration No. 0844804
Page 12
Moorfield School Limited Statement of Cash Flows for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
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Total Total
2022 2021
£ £
Cash flows from operating activities
Net income (87,121) 19,202
Add back depreciation charge 25,476 27,102
(Gains)/losses on disposal of tangible fixed assets - 2
(Gains)/losses on investments 73,943 (59,171)
Investment income (1,376) (1,778)
- -
Interest payable
Decrease (increase) in debtors 14,731 (18,606)
Increase (decrease) in creditors 19,605 20,734
Net cash generated from/(used in) operating activities 45,258 (12,515)
Cash flows from investing activities:
Investment income 1,376 1,778
Purchase of tangible assets (42,970) (34,231)
Proceeds from sale of investments 119,937 46,246
Purchase of investments (132,625) (20,865)
Net cash provided by (used in) investing activites (54,282) (7,072)
Change in cash and cash equivalents in the reporting period (9,024) (19,587)
Cash and cash equivalents at the beginning of the period 45,705 65,292
Cash and cash equivalents at the end of the period 36,681 45,705
Reconciliation of cash and cash equivalents
Bank and cash in hand 36,681 45,705
Total cash and cash equivalents 36,681 45,705
----- End of picture text -----
Page 13
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
1 Accounting Policies
The charitable company is a public benefit entity as defined by FRS 102.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1 Basis of preparation of accounts
The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' - the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
As the charitable company does not trade for profit, the trustees have taken advantage of Section 474 of the Companies Act 2006 and have prepared an income and expenditure account instead of a profit and loss account.
1.2 Legal status
The charity is a company limited by guarantee registered in England. The members of the charity are the Governors.
In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member.
The trustees of the charity are as listed in the Trustees Annual Report.
The registered office is: Wharfedale Lodge, Ben Rhydding Road, Ilkley, Leeds, LS29 8RL.
1.3 Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no judgements (apart from those involving estimations) that management has made when applying the charity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Determining residual values and useful economic lives of tangible fixed assets. The charity depreciates tangible assets over their estimated useful lives. The estimate of the useful lives of tangible assets is based on historic performance as well as expectations of future use. Assumptions of the future use of assets are made by relating the assets to the future plans of the charity.
1.4 Going concern
There are no material uncertainties about the charitable company's ability to continue as a going concern.
Page 14
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
1.5 Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds comprise unrestricted funds that the trustees have decided at their discretion to set aside for a particular purpose. The aim and use of each designated fund (if any) is set out in these notes. Restricted funds are subject to restrictions on their expenditure through the terms of a donation or contractual agreement. The purpose and use of each restricted fund (if any) is set out in these notes.
1.6 Income
Income is recognised when the following criteria are met:
-
the charity has entitlement to the funds;
-
any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;
-
it is probable that the income will be received; and
-
the amount can be measured reliably.
Income from donations includes amounts collected for charitable causes that are in the care of the charity where applicable these are recognised as restricted funds.
Fees and other charges are included based on those billed for the school year.
Income from grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Donated services and facilities are included at the value to the charity where this can be quantified. In accordance with the Charities SORP (FRS 102) the economic contribution of volunteers time is not measured in the accounts.
Income received in advance of the provision of a service or entitlement is deferred until the criteria for income recognition are met and disclosed if material in the notes to the accounts.
Income from investments is included when receivable and the amount can be measured reliably, this is normally upon notification of the income by the investment manager.
1.7 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure of charitable activities includes the costs of operating Moorfield School, such as premises expenses, staff costs and associated support costs.
Expenditure is summarised under functional headings either on a direct cost basis or for overhead costs, apportioned according to management's estimation of staff time involved.
All costs and expenses include VAT where charged which is not recoverable by the charity.
Page 15
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
1.8 Operating leases
The charity classifies the leasing of printing and photocopying equipment as operating leases. The title to the equipment remains with the lessor and the equipment is replaced considerably before the end of the normal economic life of the equipment. Rental charges are recognised as expenditure on a straight line basis over the term of the lease. Any lease incentives are recognised as a reduction to the expense over the period of the lease.
1.9 Taxation
No corporation tax has been provided in these accounts because the trustees believe that the income and gains of the charity are within the exemptions granted by Chapters 2 and 3 of the Corporation Tax Act 2010.
1.10 Depreciation
Tangible assets are stated at cost less any accumulated depreciation and impairment losses. Depreciation was provided on all tangible fixed assets, at the rates below. No depreciation is provided with respect to land. As the directors are of the opinion that the residual value of the buildings will be at least as much as the original cost the economic cost is negligible, no depreciation has been provided. The other depreciation rates were as follows:
Motor vehicles 25% reducing balance method Fixtures and fittings 20% reducing balance method IT equipment straight line over 3 years
1.11 Investments
Investments are stated at fair value (market value) at the reporting date. All material investments held are within a professionally managed portfolio and have readily available market values.
1.12 Debtors
Debtors are recognised at the settlement amount due after any discount offered.
1.13 Cash at bank and in hand
Cash at bank and in hand includes cash and deposit accounts.
1.14 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
1.15 Financial instruments
The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method.
Page 16
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
1.16 Pensions
Retirement benefits to employees are provided by Teachers' Pensions (TP), which is a defined benefit scheme. The TP scheme is unfunded and contributions are calculated so as to spread the cost of pensions over employees' working lives in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. TP is an unfunded multiemployer scheme with no underlying assets to assign between employers. Consequently, the TP scheme is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
The charity also pays contributions to an auto enrolment scheme operated by Royal London, this is a defined contribution scheme whereby the contributions are recognised in the period to which they relate. The contributions paid to each staff pension scheme are outlined in note 10.
| 2 Income from charitable activities Unrestricted Restricted Unrestricted funds 2022 Operation of the Moorfield School: £ Gross school fees 937,530 less: bursaries and scholarships (87,870) Net school fees 849,660 Add: Other fees and charges 113,514 Hire of rooms and concerts 308 Coronavirus Job Retention Scheme grant -- Bradford Council exceptional covid grant -- Sundry income 4,499 Total income from charitable activities -- 967,981 3 Investment income Unrestricted Restricted Total 2022 £ £ Income from investments 1,361 Bank interest receivable 15 -- 1,376 4 Expenditure on operating Moorfield School Unrestricted Restricted Total Total Total 2022 2022 2022 £ £ £ Teaching costs 688,310 -- 688,310 Welfare costs 71,114 -- 71,114 Premises costs 105,946 -- 105,946 Support costs 118,983 -- 118,983 Charity collections 24 439 463 984,377 439 984,816 |
Total 2021 £ 876,373 (76,711) 799,662 85,118 -- 19,161 12,328 2,168 918,437 Total 2021 £ 1,744 34 1,778 Total 2021 £ 687,744 58,173 95,780 118,567 1,705 961,969 |
|---|---|
Page 17
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
| 5 | Net gains/(losses) on investments | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Net realised gains/(losses) on investments | 10,779 | 3,223 | |||
| Net unrealised gains/(losses) on investments | (84,722) | 55,948 | |||
| 6 | Net movements in funds for the year | (73,943) | 59,171 | ||
| Net movements in funds for the year is stated after charging: | |||||
| Operating leases - equipment | Total 2022 £ 2,356 |
Total 2021 £ 1,977 |
|||
| Depreciation | 25,476 | 27,102 | |||
| Loss on disposal of tangible fixed assets | -- | 2 | |||
| Auditors' remuneration: Audit fees | 4,820 | 4,800 | |||
| 7 | Accountancy services Support costs |
1,500 | 1,500 | ||
| All support costs are incurred in the charity's one charitable purpose, operating Moorfield School. | |||||
| Support staff salaries | Total 2022 £ 66,979 |
Total 2021 £ 73,918 |
|||
| Other support costs | 45,684 | 36,253 | |||
| Legal and professional fees | -- | 126 | |||
| Accounting and audit fees | 6,320 | 6,300 | |||
| Depreciation | -- | 1,970 | |||
| 8 | Employees | 118,983 | 118,567 | ||
| The average monthly head count and the full time | equivalent of | employees was: | |||
| Teaching staff (No. staff members) | 2022 Number 23 |
2022 FTE 17 |
2021 Number 21 |
2021 FTE 17 |
|
| Premises (No. staff members) | 13 | 4 | 12 | 4 | |
| Administration staff (No. staff members) | 4 | 2 | 5 | 2 | |
| 40 | 23 | 38 | 23 |
Page 18
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
The cost in respect of administration and teaching staff was:
| note Wages and salaries Social security costs Employer's contribution to pensions |
Total 2022 £ 615,892 43,834 94,888 754,614 |
Total 2021 £ 625,983 46,333 101,032 773,348 |
|---|---|---|
No employee had emoluments exceeding £60,000 in the year or the comparative year.
Total paid to key management in the year was £62,688 (2021: £80,082).
9 Trustee remuneration
No remuneration or expenses were paid to any trustee in the year for duties as a trustee.
10 Staff pensions
Employer contributions to Teachers' Pensions was £79,369 (2021: £87,092).
Teachers' Pensions (TP) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for teachers, including (from 1 January 2007), teachers in part-time employment following appointment or a change of contract, although they are able to opt out. TP is an unfunded scheme and members contribute on a 'pay as you go' basis, these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The school also operates a contributory pension scheme operated by Royal London, employer contributions to this scheme were £15,520 (2021: £13,940).
11 Tangible fixed assets
| Cost as at 1 September 2021 additions disposals as at 31 August 2022 Depreciation as at 1 September 2021 charge for the year eliminated on disposals as at 31 August 2022 Carrying amount at 31 August 2022 at 31 August 2021 |
Land and Fixtures IT Motor buildings and fittings equipment vehicles Total £ £ £ £ £ 890,946 272,818 70,958 32,867 1,267,589 23,094 35,622 58,716 -- 890,946 295,912 106,580 32,867 1,326,305 -- 219,267 63,486 26,390 309,143 -- 12,620 11,237 1,620 25,477 -- -- -- 231,887 74,723 28,010 334,620 890,946 64,025 31,857 4,857 991,685 890,946 53,551 7,472 6,477 958,446 |
|---|---|
Page 19
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
| 12 Investments Market value at 1 September 2021 Additions to investments at cost Disposals Net gain/(loss) on revaluation Market value at 31 August 2022 Historical cost Classes of investments: Managed portfolio: UK Government bonds Equities Cash All the above are managed and held in the UK. 13 Debtors due within one year Trade debtors Prepayments and accrued income 14 Creditors amounts falling due within one year Trade creditors Deferred income Accruals Other creditors Deferred income As at 1 September 2021 Amount released to income Amount deferred in the year As at 31 August 2022 |
Listed investments Cash Total £ £ £ 353,719 49,664 403,383 132,625 132,625 (109,157) (15,746) (124,903) (84,722) (84,722) 292,465 33,918 326,383 224,401 33,918 258,319 Total Total 2022 2021 £ £ 52,827 27,166 239,638 326,553 33,918 49,664 326,383 403,383 Total Total 2022 2021 £ £ 44,999 57,549 25,053 27,234 70,052 84,783 Total Total 2022 2021 £ £ 18,188 14,628 76,673 64,916 18,179 18,648 16,763 12,006 129,803 110,198 Total Total 2022 2021 £ £ 64,916 43,551 (50,491) (31,685) 62,248 53,050 76,673 64,916 |
|---|---|
Income is deferred where it is received in advance for fees due in the following financial period and for deposits which are offset against future fees.
Page 20
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
15 Analysis of charitable funds ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS
| Funds as at | Gains/ | Funds as at | ||||
|---|---|---|---|---|---|---|
| 1 September | Income | Expense | (losses) | Transfers | 31 August | |
| 2021 | 2022 | |||||
| £ | £ | £ | £ | £ | £ | |
| General fund | 1,381,059 | 973,512 | (988,667) | (73,943) | -- | 1,291,961 |
| Designated funds: | ||||||
| General charity | ||||||
| collections | 865 | 1,144 | (24) | -- | -- | 1,985 |
| Total unrestricted | ||||||
| funds | 1,381,924 | 974,656 | (988,691) | (73,943) | -- | 1,293,946 |
The General fund is the principal fund of the charity. The income produced is used to support the work of Moorfield School.
The General charity collections fund represents collections by the school to make donations to other charities. Donations for specific causes are included within restricted funds below.
Analysis of movements in unrestricted funds - prior year
| General fund | Funds as at Gains/ Funds as at 1 September Income Expense (losses) Transfers 31 August 2020 2021 £ £ £ £ £ 1,360,444 926,203 (964,759) 59,171 -- 1,381,059 |
|---|---|
| Designated funds: | |
| General charity | |
| collections | 1,916 39 (1,090) -- -- 865 |
| Total unrestricted | |
| funds | 1,362,360 926,242 (965,849) 59,171 -- 1,381,924 |
ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS
| 1 Entrepreneurs Week |
1 Entrepreneurs Week |
Funds as at Gains/ Funds as at September Income Expense (losses) Transfers 31 August 2021 2022 £ £ £ £ £ £ 195 237 -- -- -- 432 |
|---|---|---|
| Children in Need | -- 173 (173) -- -- -- |
|
| Hello Yellow | -- 106 (106) -- -- -- |
|
| Big Cat collection | -- 160 (160) -- -- -- |
|
| Ukraine | -- 510 -- -- -- 510 |
|
| Bushcraft display | -- 110 -- -- -- 110 |
|
| Total restricted funds | 195 1,296 (439) -- -- 1,052 |
These are collections that have taken place for specific charitable causes.
Page 21
Moorfield School Limited Notes to the financial statements for the year ended 31 August 2022
Company Registration No. 0844804 Charity Registration No. 529112
Analysis of movements in restricted funds - prior year
| Funds as at | Gains/ | Funds as at | |||||
|---|---|---|---|---|---|---|---|
| 1 | September | Income | Expense | (losses) | Transfers | 31 August | |
| 2020 | 2021 | ||||||
| £ | £ | £ | £ | £ | |||
| Entrepreneurs Week | -- | 195 | -- | -- | -- | 195 | |
| Children in Need | 467 | 58 | (525) | -- | -- | -- | |
| Jeans for Genes | 90 | -- | (90) | -- | -- | -- | |
| Total restricted funds | 557 | 253 | (615) | -- | -- | 195 |
16
| Analysis of net assets between funds Funds £ Tangible fixed assets Investments Current assets Creditors falling due within one year Analysis of net assets between funds - prior year Funds £ Tangible fixed assets Investments Current assets Creditors falling due within one year |
General Restricted Fund Fund Total £ £ £ 991,685 -- 991,685 326,383 -- 326,383 105,681 1,052 106,733 (129,803) -- (129,803) 1,293,946 1,052 1,294,998 General Restricted Fund Fund Total £ £ £ 958,446 -- 958,446 403,383 -- 403,383 130,293 195 130,488 (110,198) -- (110,198) 1,381,924 195 1,382,119 |
|---|---|
17 Related Party Transactions
There were no transactions with related parties in the reporting period.
During prior year the school purchased perspex screens for £995 from Marsel Display Company Limited, a company controlled by Mr. M.R. Alton (a trustee). There were no other transactions with related parties in the prior period.
18 Operating lease commitments Lessee
At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Office equipment Not later than 1 year Later than 1 year and not later than 5 years |
2022 £ 1,977 1,483 3,460 |
2021 £ 1,977 3,459 5,436 |
|---|---|---|
19 Auditors' ethical standards
In common with many organisations of our size and nature we use our auditors to assist with preparation of the financial statements and dealing with the tax authorities.
Page 22