2021-07-31-accounts - The Manor Preparatory School Trust

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	Page	Page
Administrative Information	1	— 2
Report ofthe Governors	3	— 9
Statement of Governors’ Responsibilities		10
Independent Auditor’s Report	11	-14
Statement of Financial Activities		15
Balance Sheet		16
Cash Flow Statement		17
Notes to the Financial Statements	18—31

?) Crowe

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MANOR PREPARATORY SCHOOL TRUST

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.

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.

Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

Aquis House 49-51 Blagrave Street Reading RG1 1PL

Date: 26 November 2021

Page 14

				Expendable
	Notes	Unrestricted	Restricted	Endowment	2021	2020
		£	£	£	£	£
					Total	Total
INCOME FROM:
Voluntary sources:
Donations		-	13,507	-	13,507	12,353
Charitable activities:
School fees receivable	4a	5,054,098	-	-	5,054,098	4,539,353
Other income	4b	310,942	-	-	310,942	269,971
Other trading activities:
Letting income		7,306	-	-	7,306	26,615
Investments:
Bank interest		59			59	837
Government CJRS grant		35,545			35,545	154,401
Total		5,407,950	13,507		5,421,457	5,003,530
EXPENDITURE ON:
Charitable activities:
School operating costs	5	5,322,187	4,976	13,900	5,341,063	5,010,774
Raising funds:
Financing costs	5	40,947	-	-	40,947	145,142
Marketing and advertising	5	45,641			45,641	94,428
Total	5	5,408,775	4,976	13,900	5,427,651	5,250,344
NET MOVEMENT IN FUNDS		(825)	8,531	(13,900)	(6,194)	(246,814)
FUNDS BROUGHT FORWARD
AT 1 AUGUST 2020		5,394,231	50,685	569,900	6,014,816	6,261,630
FUNDS CARRIED FORWARD
AT 31 JULY 2021		5,393,406	59,216	556,000	6,008,622	6,014,816

	Notes			2020
		£	£	£
FIXED ASSETS Tangible assets	9		8,208,880	8,342,206
CURRENT ASSETS Stocks Debtors Cash at bank and in hand	10	5,331 332,398 196,615		3,472 246,161 568,578
		534,344		818,211
CREDITORS: Amounts falling due within one year	11	(1,134,598)		(1,445,598)
NET CURRENT LIABILITIES			(600,254)	(627,387)
TOTAL ASSETS LESS CURRENT			7,608,626	7,714,819
LIABILITIES
CREDITORS: Amounts due after more than	12		(1,600,004)	(1,700,003)
one year
NET ASSETS			6,008,622	6Qi4,816
FINANCED BY:
Unrestricted funds			5,393,406	5,394,231
Restricted funds	15		59,216	50,685
Expendable endowmentfunds			556,000	569,900
	16		6,008,622	iQ14 816

		2021		2020
		£		£
Cash flows from operating activities:
Net movement in funds		(6,194)		(246,814)
Interest receivable		(59)		(837)
Interest payable		72,473		70,294
Depreciation charge		443,637		430,095
Loss on sale of fixed assets		400		-
(lncrease)/decrease in stock		(1,859)		(126)
(lncrease)/Decrease in debtors		(86,237)		39, 144
lncrease/(Decrease) in creditors		51,840		(85,525)
Net cash generated by/(used in) operating activities		474,001		206,231
Cash flows from investing activities
Dividends and interest receivable		59		837
Purchase oftangible fixed assets		(310,711)		(192,248)
Net cash used in investing activities		(310,652)		(191411)
Cash flows from financing activities
Interest payable		(72,473)		(70,294)
Repayments of borrowing		(99,999)		(99999)
Net cash used in financing activities		(172,472)		(170,293)
Change in cash and cash equivalents in the year		(9,123)		(155,473)
Cash and cash equivalents at the beginning ofthe year		(142,639)		12,834
Total cash and cash equivalents at the end ofthe year	£	(151,762)	£	(142639)
Cash and cash equivalents are comprised of
CashatBank		196,615		568,578
Overdraft (note 11)		(348,377)		(711,217)
Cash and cash equivalents		(151,762)		(142,629J

he Sc	hool’s fee	inco	me comprised:
				2021	2020
				£	£
Gross	fees			5,465,840	4,835,889
Less:	Bursaries	and	allowances	(411,742)	(296,536)
				5,054,098	4.539.353

				2021	2020
				£	£
Chargeable	extras	—	income	303,802	264,271
Registration	fees			7,140	5,700
				310,942	269.971

	- 0
	Staffcosts	Depreciation	Other	Total	Total
				2021	2020
	£	£	£	£	£
Charitable activities
School operating costs:
Teaching costs	2,849,842	226,920	155,619	3,232,381	3,184,739
Welfare costs	136,531	-	428,838	565,369	384,325
Premises costs	128,298	194,829	315,482	638,609	603,760
Supportcosts	471,632	21,888	411,184	904,704	837,950
	3,586,303	443,637	1,311,123	5,341,063	5,010,774
Raising funds
Bank charges	-	-	2,799	2,799	4,190
Interest paid	-	-	72,473	72,473	70,294
Bad debt provision	-	-	(34,325)	(34,325)	70,658
Marketing and			45,641	45,641	94,428
advertising
			86,588	86,588	239,570
TOTAL RESOURCES
EXPENDED	3,586,303	443.637	1,397,711	5,427.651	5,250.344

		Staffcosts	Staffcosts	Depreciation	Other	Total 2020	Total 2019
			£	£	£	£	£
	Charitable activities
	School operating costs:
	Teaching costs Welfare costs	2,806,571 134,192		211,368 -	166,800 250,133	3,184,739 384,325	3,234,451 372,224
	Premises costs		128,614	194,829	280,317	603,760	609,151
	Support costs		510,324	23,898	303,728	837,950	940,494
		3,579,701		430,095	1,000,978	5,010,774	5,156,320
	Raising funds Bank charges Interestpaid Bad debtprovision Marketing and		- - -	- - -	4,190 70,294 70,658 94,428	4,190 70,294 70,658 94,428	2,641 71,595 (7,333) 71,429
	advertising
					239,570	239,570	138,332
	TOTAL RESOURCES
	EXPENDED	3.579,701		430,095	1,240.548	5,250.344	5.294.652
6.	NET INCOMING RESOURCES
						2021	2020
						£	£
	Net incoming resources are stated after			charging:
	Depreciation oftangible fixed assets					443,637	430,095
	Auditors’ remuneration	—audit	fees			12.090	11,740
7.	EMPLOYEES
a)	The average number of	employees in the		period was:
						2021	2020
						No.	No.
	Teaching*					77	79
	Support					18	18
	Premises and Welfare					18	20
						113	117

taff costs
	2021	2020
	£	£
Wages arid salaries	2,943,788	2,880,339
Social security costs	270,684	251,251
Pension costs	371,831	448, 111
Total	3,586,303	3.579.701

he number of employees whose emoluments	exceeded £60,000 were:
	2021		2020
	No.		No.
£60,000-70,000		I		I
£120,000-130,000				I

9. TANGIBLE ASSETS	9. TANGIBLE ASSETS
	Church	Other	Fixtures,
	Farm	freehold	fittings,		Assets under
	(see note 15) £	land & buildings £	furniture & equipment £	Motor vehicles £	construction £	Total £
COST
At 1 August 2020 Additions	695,000 -	9,159,558 -	2,969,144 185,062	107,923 -	- 125,649	12,931,625 310,711
Disposals	-	-	(2,627)	-		(2,627)
At31 July2021	695,000	9,159,558	3,151,579	107,923	125,649	13,239,709
DEPRECIATION
Ati August2020 Charge for year Disposals	125,100 13,900 -	2,449,996 180,929 -	1,913,942 244,992 (2,227)	100,381 3816 -	- -	4,589,419 443,637 (2,227)
At31 July2021
	139,000	2,630,925	2,156,707	104,197		5,030,829
NET BOOK VALUE
At 31 July 2021	556,000	6,528,633	994,872	3,726	125,649	8.208,880
At 31 July 2020	569.900	6.709.562	1.055.202	7542		8.342,206
10. DEBTORS
					2021	2020
					£	£
Trade debtors					126,563	84,383
Other debtors						5,587
Prepayments					205,835	156,191
					332,398	246.161

CREDITORS: Amounts falling due within one y	ear
	2021	2020
	£	£
Bank Overdraft	348,377	711,217
Bank Loans (Note 13)	99,999	99,999
Trade creditors	61,363	124,930
Accruals and deferred income	335,781	229,782
Other tax and social security	68,288	59,309
Other creditors	2,690	10,061
Acceptance deposits	218,100	210,300
	1,134,598	1.445.598

		2021	2020
		£	£
	Bank Loans (Note 13)	1,600,004	1,700,003
		1,600,004	1,700,003
13.	LOANS
	An analysis of the maturity of loans is as follows:	2021	2020
		£	£
	Amounts due within one year	99,999	99,999
	Amounts falling due between one and two years	99,999	99,999
	Amounts falling due between two and five years	299,999	299,997
	Amounts falling due after more than five years	1,200,006	1,300,007
		1,700,003	1,800.002

		At 1 August	Cashflow	At 31 July
		2020		2021
		£	£	£
Cash	at bank and in hand	568,578	(371,963)	196,615
Bank	overdraft	(711,217)	362,840	(348,377)
Bank	loan	(1,800,002)	99,999	(1,700,003)
		(1.942.641)	7348D	(1.851,765)

		At						At
Fund name		1 August		Incoming	Resources			31 July
		2020	Resources		expended			2021
		£		£		£		£
ManorAssociation of Parents (MAP)		26,528		6,566		(2,187)		30,907
SHUS		24,157		6,941		(2,789)		28,309
Other restricted funds
Total	£	50.685	£	13,507	£	4.976	£	59,216

estricted funds 2020:
		Ati						At
Fund name		August	Incoming		Resources			31 July
		2019	Resources		expended			2020
		£		£		£		£
ManorAssociation ofParents (MAP)		23,105		9,753		(6,330)		26,528
SHUS		22,855		2,600		(1,298)		24,157
Otherrestricted funds		210				(210)		-
Total	£	46,170	£	12,353	£	(7,838)	£	50.685

NALYSIS OF NET ASSETS	BETWEEN FUNDS
	Expendable		Unrestricted
	Endowment	Restricted	Other
	Funds	Funds	Funds	Total Funds
2021	£	£	£	£
Tangible fixed assets	556,000	-	7,652,880	8,208,880
Currentassets	-	59,216	475,128	534,344
Current liabilities	-	-	(1,134,598)	(1,134,598)
Non-current liabilities		-	(1,600,004)	(1,600,004)
	556,000	59,216	5,393,406	6.008,622
	Expendable		Unrestricted
	Endowment	Restricted	Other
	Funds	Funds	Funds	Total Funds
2020	£	£	£	£
Tangible fixedassets	569,900	-	7,772,306	8,342,206
Current assets	-	50,685	767,526	818,211
Current liabilities	-	-	(1,445,598)	(1,445,598)
Non-current liabilities			(1,700,003)	(1,700,003)
	569.900	50,685	5,394,231	6.014.816

t 31 July 2021 the School had annual commit ollows;	ments under non-can	cellable op	eratin	g leases
		2021		2020
		£		£
EXPIRY DATE:
Less than 1 year Between one and five years		2,726 2,675		417 591
	£	5401	£	1008

		2021	2020
		£	£
Financial	assets measured at amortised cost	323,178	658,548
Financial	liabilities measured at amortised cost	2,582,247	3,041,417

The School’s income. expense. gains and losses in respect of financia summarised below:	l instruments a	re
	2021	2020
	£	£
Interest income and expense:
Total interest income for financial assets held at amortised cost	59	837
Total interest expense for financial liabilities held at amortised cost	(72,474)	(70,294)
Impairment (loss)/gain	(34,325)	(70,658)

				Expendable
	Notes	Unrestricted	Restricted	Endowment	2020
		£	£	£	£
					Total
INCOME FROM:
Voluntarysources:
Donations		-	12,353	-	12,353
Charitable activities:
School feesreceivable	4a	4,539,353	-	-	4,539,353
Otherincome	4b	269,971	-	-	269,971
Other trading activities:
Letting income		26,615	-	-	26,615
Investments:
Bank interest		837		-	837
Government CJRS grant		154,401			154,401
Total		4,991,177	12,353	-	5,003,530
EXPENDITURE ON:
Charitable activities:
School operating costs	5	4,989,036	7,838	13,900	5,010,774
Raising funds:
Financing costs	5	145,142	-		145,142
Marketing and advertising	5	94,428			94,428
Total	5	5,228,606	7,838	13,900	5,250,344
NET MOVEMENT IN FUNDS		(237,429)	4,515	(13,900)	(246,814)
FUNDS BROUGHT FORWARD
AT I AUGUST2019		5,631,660	46,170	583,800	6,261,630
FUNDS CARRIED FORWARD
AT31 JULY2020		5.394.231	50.685	569.900	6.014.816