|INDEX|||Page|
|---|---|---|---|
|Reference and Administrative||Details||
|Report ofthe Governors|||2-10|
|Independent
Auditor's|Report||11-12|
|Statement ofFinancial|Activities||13|
|Balance Sheet|||14|
|Statement ofCash Flows|||15-16|
|Accounting
Policies|||17-18|
|Notes to the Financial|Statements||19-27|
##
||GOVERNORS||Lady Davies ofStamford *|Lady Davies ofStamford *|(Chairman)||
|---|---|---|---|---|---|---|
||||DrCJStorr+¹x||(Deputy Chairman)||
||||MrCJBuxtone||(Deputy Chairman)||
||||Miss JLV Bowden+ x||||
||||Sister M M LDinnendahl|*x|(Retired 3December 2020)||
||||Mrs SHulbert-Powell
+||(Retired 11June 2021)||
||||FrDominic Jacob||(Appointed|3 December 2020)|
||||Mrs RJLewis +x||||
||||Mrs M Martin
¹ + x||||
||||Mrs M D McGovern +||||
||||Mrs M LMellor a||||
||||MrTMCReid*¹||||
||||Mrs KE Sorab a||||
||||Mrs C FWood a||||
||a Members ofthe Finance and General Purposes
Committee||||||
|+Members ofthe Education Committee|||||||
|¹|Members ofthe Governance|Committee|||||
|xMembers ofthe Ethos Committee|||||||
|HEADMISTRESS|||Miss A M Beary MA, MPhil (Cantab), PGCE||||
|SECRETARY AND BURSAR|||Mr RGordon||||
|REGISTERED OFFICE|||MAYFIELD SCHOOL LTD||||
||||The Old Palace High Street||||
||||Mayfield||||
||||East Sussex||||
||||TN20 6PH||||
|REGISTERED NUMBER|||03068144||||
|CHARITY NUMBER|||1047503||||
|SOLICITORS|||Stone King LLP||||
||||13 Queen Square||||
||||Bath||||
||||Avon||||
||||BA12HJ||||
|BANKERS|||NatWest||||
||||Chatham RCSC||||
||||Western Avenue||||
||||Waterside
Court||||
||||Chatham
Maritime||||
||||Chatham
Kent||||
||||ME4 4RT||||
|AUDITOR|||Haysmacintyre
LLP||||
||||10Queen Street Place,||||
||||London||||
||||EC4R 1AG||||
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|||||||Restricted|Permanent|||
|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Income|Endowment|Total|Total|
||||||Funds|Funds|Fund|2021|2020|
||||Notes|||||||
|INCOME FROM:||||||||||
|Charitable
activities||||||||||
|Fees receivable||||la|8,599,912|||8,599,912|8,668,783|
|Other pupil charges||||lb|726,533|||726,533|946,178|
|Registration
fees|||||42,548|||42,548|42,928|
|Donations
and Legacies||||||||||
|Donations
including
Annual||Fund|||1,468|||1,468|61,785|
|Grant income|||||222,980|||222,980|412,227|
|Investments||||||||||
|Investment
income|||||14,283|26,669||40,952|48,208|
|Bank and other interest|||||492|||492|20,953|
|Other Trading Activities||||||||||
|Rents receivable|||||390|||390|435|
|Holiday lets and summer|visitors|||||||||
|Other commercial
activities||||13|30,170|||30,170|24,165|
|Other|||||63,873|||63,873|31,199|
|Other income||||||||||
|Profit on disposal offixed assets|||||5,300|||5,300||
|Total Income|||||9,707,949|26,669||9,734,618|10,256,861|
|EXPENDITURE ON:||||||||||
|Raising Funds||||||||||
|Fundraising
and Development|||||43,420|||43,420|68,705|
|Investment
management|costs||||5,688|8,479||14,167|13,599|
|Charitable
activities||||||||||
|School operating
costs||||||||||
|Teaching costs|||||4,527,976|||4,527,976|4,414,539|
|Welfare|||||1,233,063|||1,233,063|1,314,158|
|Premises|||||1,760,755|||1,760,755|2,015,289|
|Cost ofother pupil charges|||||942,840|||942,840|1,154,947|
|Support costs ofschooling|||||1,640,656|||1,640,656|1,641,500|
|Contribution
to scholarships/hardship|||fund||2,948|26,669||29,617|47,320|
|Total Expenditure||||3|10,157,346|35,148||10,192,494|10,670,057|
|Net expenditure
before investment|||gains||(449,397)|(8,479)||(457,876)|(413,196)|
|Gains on investment
assets|||||82,687||124,133|206,820|(71,769)|
|Net income/(expenditure)|||||(366,710)|(8,479)|124,133|(251,056)|(484,965)|
|Transfers|||||(8,479)|8,479||||
|Net movement
in funds|||||(379,189)||124,133|(251,056)|(484,965)|
|Balances brought
forward|at|||||||||
|1 September 2020|||||8,338,456||877,833|9,216,289|9,701,254|
|Balances carried forward|at|||||||||
|31August 2021|||||7,963,267||1,001,966|8,965,233|9,216,289|
##
||||||2021||2020||
|---|---|---|---|---|---|---|---|---|
||||Notes||||||
|FIXEDASSETS|||||||||
|Tangible
assets||||||10,335,298||8,583,276|
|Investments||||||1,599,087||1,405,924|
|||||||11,934,385||9,989,200|
|CURRENT ASSETS|||||||||
|Stocks||||19,883|||24,616||
|Debtors|||8|563,225|||371,788||
|Cash at bank and on deposit||||2,583,379|||3,491,058||
|||||3,166,487|||3,887,462||
|CREDITORS: due within||one year|9|(2,774,029)|||(2,994,330)||
|NET CURRENT ASSETS||||||392,458||893,132|
|TOTAL ASSETSLESSCURRENT|||||||||
|LIABILITIES||||||12,326,843||10,882,332|
|CREDITORS: due after mure than|||||||||
|one year|||10|||(3,361,610)||(1,666,043)|
|TOTAL NKT ASSETS||||||8,965,233||9,216,289|
|FUNDS|||||||||
|Permanent
Endowment|fund|||||1,001,966||877,833|
|Restricted Income funds|||||||||
|Unrestricted
funds:|||||||||
|General|||12|||7,963,267||8,338,456|
|TOTAL FUNDS||||||8,965,233||9,216,289|
##
##
||||||2021||2020||
|---|---|---|---|---|---|---|---|---|
|Cash flows from operating
activities:|||||||||
|Net cash (used) yprovided
by operating||activities|||(102,622)|||944,127|
|Cash flows from investing
activities:|||||||||
|Dividends,
interest and rents from|investments|||15,165||37,910|||
|Payments
for tangible
fixed assets||||(2,339,178)||(860,927)|||
|Proceeds from sale oftangible
assets||||5,300|||||
|Purchase ofinvestments||||(159,358)||(189,387)|||
|Proceeds I'rom sale ofinvestments||||173,014||183,824|||
|Net cash usedininvesting
activities|||||(2,305,057)|||(828,580)|
|Cash flows from financing
activities:|||||||||
|Loan draw down||||1,500,000|||||
|Net cash provided injinancing
activities|||||1,500,000||||
|Change in cash and cash equivalents
in the|||||||||
|reporting
period|||||(907,679)|||115,547|
|Cash and cash equivalents
at the beginning ofthe|||||||||
|reporting
period|||||3,491,058|||3,375,511|
|Cash and cash equivalents
at the end ofthe|||||||||
|reporting
period|||||2,583,379|||3,491,058|
|Reconciliation
ofnet income/(expenditure)|||to net cash|flow from operating|activities|2021||2020|
|Net income/(expenditure)
for the|reporting||period|||(251,056)||(484,965)|
|(as per the statement
offinancial|activities)||||||||
|Adjustments
for:|||||||||
|Depreciation
charges||||||587,155||577,977|
|Dividends,
interest and rents from|investments|||||(15,165)||(37,910)|
|Gains on investment
assets||||||(206,820)||71,769|
|Profit on the sale offixed assets||||||(5,300)|||
|Decrease in stock||||||4,733|||
|(Increase)/decrease
in debtors||||||(191,437)||210,279|
|Increase in creditors||||||(24,732)||606,977|
|Net cash provided
by operating|activities|||||(102,622)||944,127|
|Analysis ofcash and cash equivalents||||||2021||2020|
|Cash in hand and on deposit||||||2,583,379||3,491,058|
|Total cash and cash equivalents||||||2,583,379||3,491,058|
##
##
|ANALYSIS OF CHANGES IN NKT DEBT||||
|---|---|---|---|
||At I September
2020|Cash flows|At 31August
2021|
|Cash and cash equivalents||||
|Cash|3,491,058|(907,679)|2,583,379|
||3,491,058|(907,679)|2,583,379|
|Borrowings||||
|Debt due within one year||(40,563)|(40,563)|
|Debt due after one year||(1,459,437)|(1,459,437)|
|||(1,500,000)|(1,500,000)|
|Total|3,491,058|(2,407,679)|1,083,379|
##
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##
|Freehold|Buildings|2/o on cost|
|---|---|---|
|Furniture,|Fixtures and Equipment|15%on cost|
|Computer|Equipment|25'/o on cost|
|Motor Vehicles||20/0 on cost|
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|la.|FEESRECEIVABLE|FEESRECEIVABLE|FEESRECEIVABLE|FEESRECEIVABLE||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Fees receivable|consist|||of:|||||||||
||Gross fees|||||||||||10,327,479|10,217,341|
||Less: Total Scholarships,||||bursaries,
grants and allowances|||||||(1,754,236)|(1,580,244)|
|||||||||||||8,573,243|8,637,097|
||Add back Scholarship|||Grants paid by Scholarship||||Fund||||26,669|31,686|
|||||||||||||8,599,912|8,668,783|
|lb.|OTHER PUPIL||CHARGES|||||||||2021|2020|
||Educational
activities|||||||||||281,981|420,782|
||Travel|||||||||||162,340|157,173|
||Riding|||||||||||185,003|269,351|
||Music|||||||||||77,283|78,451|
||Insurance||||||||||||6,555|
||Other activities|||||||||||19,926|13,866|
|||||||||||||726,533|946,178|
|2.|STAFF COSTS|||||||||||2021|2020|
|||||||||||||No.|No.|
||The average number|||employed||by the company|on a full-time|||equivalent|basis|||
||within each category|||ofpersons was:||||||||||
||Teaching staff|||||||||||77|78|
||Other staff|||||||||||80|84|
|||||||||||||157|162|
||The average
number|||employed||by the company||within|each|category|ofpersons|2020|2020|
||was:|||||||||||No.|No.|
||Teaching Staff|||||||||||89|90|
||Other Staff|||||||||||109|116|
|||||||||||||198|206|
||The costs incurred||in|respect ofthese employees|||and contract|||staff were:||||
||Wages and salaries|||||||||||5,617,372|5,855,233|
||Social security costs|||||||||||552,895|544,945|
||Pension costs|||||||||||755,508|729,266|
|||||||||||||6,925,775|7,129,444|
##
##
##
##
|||||Staff|Other||Total|
|---|---|---|---|---|---|---|---|
|||||costs|costs|Depreciation|2021|
|Raising Funds|||||g|||
|Fundraising|and|Development|||43,420||43,420|
|Investment|management||costs||14,167||14,167|
|Charitable|activities:|||||||
|School operating||costs||||||
|Teaching||||4,183,422|197,766|146,788|4,527,976|
|Welfare||||811,739|348,296|73,028|1,233,063|
|Premises||||590,990|905,545|264,220|1,760,755|
|Cost ofother pupil charges||||475,886|436,863|30,091|942,840|
|Support costs of||schooling||863,738|703,890|73,028|1,640,656|
|Grants for|fees||||29,617||29,617|
|||||6,925,775|2,679,564|587,155|10,192,494|
##
|||||StRA'|Other||Total|
|---|---|---|---|---|---|---|---|
|||||costs|costs|Depreciation|2020|
|Raising Funds||||g||g||
|Fundraising|and|Devlopment||58,659|10,046||68,705|
|Investment|management||costs||13,599||13,599|
|Charitable|activities:|||||||
|School operating||costs||||||
|Teaching||||4,083,188|186,856|144,495|4,414,539|
|Welfare||||891,491|350,420|72,247|1,314,158|
|Premises||||748,443|1,006,756|260,090|2,015,289|
|Cost ofother pupil charges||||517,902|608,146|28,899|1,154,947|
|Support costs of||schooling||829,761|739,492|72,247|1,641,500|
|Grants for|fees||||47,320||47,320|
|||||7,129,444|2,962,635|577,978|10,670,057|
##
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|Auditor's|Remuneration|
|---|---|
|For Audit||
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|||||||
|---|---|---|---|---|---|
|8.|DEBTORS|||2021|2020|
||Fee and extras debtors|||296,861|176,403|
||Prepayments
and accrued|income||219,726|170,320|
||Amounts
due from subsidiary||undertakings|35,273|25,065|
||Other debtors|||11,365||
|||||563,225|371,788|
|9.|CREDITORS: Amounts|falling due within||2021|2020|
||one year|||||
||Fees received in respect ofAcademic Year 2021/22|||1,281,966|1,174,445|
||Deposits|||322,211|376,847|
||Accruals and other creditors|||627,102|935,254|
||Lump sum fees in advance|||348,976|361,338|
||Social Security and other taxes|||153,211|146,447|
||Bank loan|||40,563||
|||||2,774,029|2,994,330|
|10.|CREDITORS: Amounts|falling due after more||2021|2020|
||than one year|||||
||Lump sum fees in advance|||425,977|334,444|
||Deposits|||1,476,196|1,331,598|
||Bank loan|||1,459,437||
|||||3,361,610|1,666,043|
||Loan maturity|||2021|2020|
||Within one year|||40,563||
||Between one and two years|||42,011||
||Between two and five years|||135,109||
||Greater than five years|||1,282,317||
|||||1,500,000||
##
##
##
|11.|FUNDS|||||||
|---|---|---|---|---|---|---|---|
||||Balance||Expenditure||Balance|
||||31August||and|Investment|31August|
||||2020|Income|Transfers|Gains|2021|
|||||||8||
||UNRESTRICTED FUNDS|||||||
||General fund||8,314,663|9,707,314|(10,162,876)|82,687|7,942,423|
||Hardship
Fund||23,793||(2,948)||20,844|
||TOTAL UNRKSTRCTKD|||||||
||FUNDS||8,338,456|9,707,949|(10,168,772)|82,687|7,963,267|
||PERMANENT|||||||
||ENDOWMENT|FUND||||||
||Scholarship
Fund||877,833|||124,133|1,001,966|
||RESTRICTED INCOME|||||||
||FUNDS|||||||
||Scholarship
Fund|||26,669|(35,148)|8,479||
||COMPARATIVE FUNDS|||||||
||||Balance||Expenditure||Balance|
||||31August||and|Investment|31August|
||||2019|Income|Transfers|Gains|2020|
||UNRESTRICTED FUNDS|||||||
||General fund||8,763,880|10,185,748|(10,622,737)|(12,228)|8,314,663|
||Hardship
Fund|||39,427|(15,634)||23,793|
||TOTAL UNRESTRICTED|||||||
||FUNDS||8,763,880|10,225,175|(10,638,371)|(12,228)|8,338,456|
||PERMANENT|||||||
||ENDOWMENT|FUND||||||
||Scholarship
Fund||937,374|||(59,541)|877,833|
||RESTRICTED INCOME|||||||
||FUNDS|||||||
||Scholarship
Fund|||31,686|(40,036)|8,350||
##
##
|ANALYSIS OF|NET ASSETSBETWEEN FUNDS||||
|---|---|---|---|---|
||||Permanent||
|||Unrestricted|Endowment|Total|
|||Funds|Fund|Funds|
|Fund balances at 31August 2021|||||
|are represented|by:||||
|Tangible fixed assets||10,335,299||10,335,299|
|Investments||642,607|956,480|1,599,087|
|Net current assets||392,457||392,457|
|Liabilities falling|due afler one year|(3,361,610)||(3,361,610)|
|||8,028,753|956,480|8,965,233|
|ANALYSIS OF NKT ASSETSBETWEEN FUNDS|||||
||||Permanent||
|||Unrestricted|Endowment|Total|
|||Funds|Fund|Funds|
|||||g|
|Fund balances at31August 2020|||||
|are represented|by:||||
|Tangible fixed assets||8,583,276||8,583,276|
|Investments||528,090|877,833|1,405,924|
|Net current assets||863,132||893,132|
|Liabilities
falling|due after one year|(1,666,043)||(1,666,043)|
|||8,346,456|877,833|9,216,289|
##
||2021|2020|
|---|---|---|
|Turnover|159,508|155,903|
|Cost ofsales|(120,092)|(122,116)|
|Crross protit|39,416|33,787|
|Administration|(9,249)|(9,649)|
||30,167|24,138|
|Other income|2|27|
|Loan interest paid to Parent company|||
|Net profit|30,169|24,165|
|Gift Aid|(30,169)|(24,165)|
##
##
##
|||2021|2020|
|---|---|---|---|
|||g||
|Not later than|1 year|18,394||
|Later than 1 year and not later than 5 years||48,164||
|||66,558||
##
##
##
##
||||||Restricted|Permanent||
|---|---|---|---|---|---|---|---|
||||||Income|Endowment|Total|
||||||Funds
f.|Fundf|2020|
|INCOME FROM:||||||||
|Charitable
activities||||||||
|Fees receivable||||8,668,783|||8,668,783|
|Other pupil charges||||946,178|||946,178|
|Registration
fees||||42,928|||42,928|
|Donations and Legacies||||||||
|Donations
including
Annual||Fund||61,785|||61,785|
|investments||||||||
|Investment
income||||16,522|31,686||48,208|
|Bank and other interest||||20,953|||20,953|
|Other Trading Activities||||||||
|Rents receivable||||435|||435|
|Holiday lets and summer|visitors|||||||
|Other commercial
activities||||24,165|||24,165|
|Other||||31,199|||31,199|
|Other income||||||||
|Profit on disposal offixed assets||||||||
|Total Income||||10,225,175|31,686||10,256,861|
|EXPENDITURE ON:||||||||
|Raising Funds||||||||
|Fundraising||||60,355|8,350||68,705|
|Investment
management|costs|||13,599|||13,599|
|Charitable
activities||||||||
|School operating costs||||||||
|Teaching costs||||4,414,539|||4,414,539|
|Welfare||||1,314,158|||1,314,158|
|Premises||||2,015,289|||2,015,289|
|Cost ofother pupil charges||||1,154,947|||1,154,947|
|Support costs ofschooling||||1,641,500|||1,641,500|
|Contribution
to scholarships||||15,634|31,686||47,320|
|Total Expenditure||||10,630,021|40,036||10,670,057|
|Net expenditure
before investment|||gains|(404,846)|(8,350)||(413,196)|
|(Loss) / gain on investment|assets|||(12,228)||(59,541)|(71,769)|
|Nct income/(expenditure)||||(417,074)|(8,350)|(59,541)|(484,965)|
|Transfers||||(8,350)|8,350|||
|Net movement
in funds||||(425,424)||(59,541)|(484,965)|
|Balances brought
forward|at|||||||
|1 September 2019||||8,763,880||937,374|9,701,254|
|Balances carried forward|at|||||||
|31August 2020||||8,338,456||877,833|9,216,289|