| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2023 |
| for |
| Moreton Hall School Trust Limited |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2023 |
| for |
| Moreton Hall School Trust Limited |
| Moreton Hall School Trust Limited |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2023 |
| Page |
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 17 |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
| As reported previously, the Prep School ceased operating in September 2020. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and policies |
| Moreton Hall School Trust Limited is registered with the Charity Commission . Its principal activity is providing education . |
| Now that the Prep School has closed the Trustees are focussed on a number of key areas of activity |
| 1 | Short-term rental of domestic accommodation on the school site. |
| 2 | Maintaining its responsibilities as landlord to Prepcare who manage a nursery under a leasehold on the site. |
3 | The search for a potential buyer of the site which will allow the orderly realisation of the charity's assets andsettling liabilities. |
| Significant activities |
| During the year the two cottages on the site and a number of rooms in the main building were leased on short-term residential leases.The trust also leases the tennis courts and some parking spaces to the local health club. The purpose of this is to allow the trust to service its debt and to continue to meet its financial obligations whilst the trustees examine options for the future of the site. |
| Prepcare continue to manage (on a long-term basis) the nursery on site which has remained open and trading throughout the pandemic. Prepcare have their own designated area of the school but continue to use the kitchen facility in the main building as part of preparing meals for the nursery children. |
| Throughout the year the site housed the papers files and records of the charity and served as the offices of the trust. |
| In August 2023 the trust signed a land promotion agreement with Goldrose Management Limited which specifies that they will take charge of the promotion and sale of the site as part of this transaction the Lloyds debt was repaid which significantly reduces the ongoing cost of managing and administering the charity. |
| Public benefit |
| The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| FINANCIAL REVIEW |
| Financial position |
| The Trustees continue to support the charity with the main costs covered by rental income - any shortfall is met by the trustees. |
| Goldrose and the trustees are exploring a number of options for the site. |
| During this year, both our income and expenditure decreased. The charity’s cash holdings increased from an overdraft of £(55,981) to £2. |
| The accounts show the charity had net incoming (deficit) for the year of £(88,810)(2022: £(86,962)). |
| At the year end the charity had total negative reserves of £(1,390,952)(2022: £(1,302,142)). |
| Reserves available for general charitable purposes were £nil (2022: (£nil). |
| Reserves held in fixed assets totalled £1,731,697 (2022: £1,753,975). |
| Going concern |
| Following the closure of the prep school the trustees continue to closely monitor the financial situation. |
| Based on their projections and with trustee support the charity can continue to operate with letting income largely offsetting ongoing costs which are predominantly building insurance. |
| The process of fully realising best value for the charity's assets and effecting an orderly closure which also produces a sustainable long-term solution for the historically important site could take a number of years. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Appointment and training |
| Trustees are selected from individuals who have demonstrated a commitment to Moreton Hall, share its values and are fully supportive of its ethos. Individual trustees are selected on the basis of matching their skills and experience to the particular needs that arise within the trustee body from time to time. The training of trustees is based around certain core areas such as the role of trustees and our obligations as a charity, supplemented by specific training on an as needs basis. |
| Organisational structure |
| Following the closure of the prep school the Trustee’s directly manage the residual activities of the Trust. The |
| Company's Trustees meet regularly to review the financial situation and to co-ordinate the management of the |
| relationship with Prepcare , the health club , ongoing lettings and the progress of plans to find a long-term solution for |
| the site. |
| All major decisions are reviewed and agreed with by the Trustees. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| The trustees have assessed the major risks to which the charity is exposed in particular related to operations and finances and are satisfied that systems are in place to mitigate their exposure to major risks. |
| The major risk in the year has been the inability of the charity to service the Lloyds debt - this has led to the debt being refinanced . |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| Knights Lowe Chartered Accountants |
| Eldo House |
| Kempson Way |
| Suffolk Business Park |
| Bury St Edmunds |
| Suffolk |
| IP32 7AR |
| Bankers |
| Bury St Edmunds |
| Suffolk |
| IP33 3AH |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of Moreton Hall School Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
| 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 of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Report of the Trustees |
| for the Year Ended 31 August 2023 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Moreton Hall School Trust Limited |
| Independent examiner's report to the trustees of Moreton Hall School Trust Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
| James Knights |
| The Institute of Chartered Accountants in England and Wales |
| Knights Lowe Chartered Accountants |
| Eldo House |
| Kempson Way |
| Suffolk Business Park |
| Bury St Edmunds |
| Suffolk |
| IP32 7AR |
| 22 May 2025 |
| Moreton Hall School Trust Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 August 2023 |
| 2023 | 2022 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | ( |
) |
| Charitable activities |
| Investment income | 3 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Depreciation | 22,278 | 27,885 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | (1,302,142 | ) |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Balance Sheet |
| 31 August 2023 |
| 2023 | 2022 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
| NET ASSETS | ( |
) | ( |
) |
| FUNDS | 14 |
| Unrestricted funds | ( |
) | (1,302,142 | ) |
| TOTAL FUNDS | ( |
) | (1,302,142 | ) |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| Moreton Hall School Trust Limited (Registered number: 01509238) |
| Balance Sheet - continued |
| 31 August 2023 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2023 |
| 1. | ACCOUNTING POLICIES |
| Preparation of financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. |
| Moreton Hall School Trust Limited, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the charity can be found in the reference and administrative details on page 3. |
| The presentational currency of the financial statements is the Pound Sterling (£). |
| Financial reporting standard 102 - reduced disclosure exemptions |
| The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Moreton Hall School Trust Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| The subsidiary, Moreton Hall School Trust, has been excluded from consolidation as it has not traded in the current or preceding year. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Charitable activities |
| Costs of charitable activities includes all expenditure other than for generating funds or governance incurred in furtherance of the charity's objectives. |
| Allocation and apportionment of costs |
| Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. The bases on which support costs have been allocated are set out in note 7. |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 1. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Sports Hall | - |
| Long leasehold | - |
| Fixtures and fittings | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| There are currently no restricted funds in the charity. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). |
| The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of advance fee schemes. A simple discount is offered by the Trust on the prevailing fee rates payable in return for payment in advance. The advance payment must be treated as deferred income until the criteria for income recognition are met. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less provision for impairment. |
| Debtors |
| Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid. |
| Creditors |
| 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 trade discounts due. |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 2. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the Trust's accounting policies, which are described below, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The Trustees do not consider there are any key sources of estimation uncertainty. Critical judgements relate to going concern as follows: |
| Going concern |
| The company meets its day to day working capital requirements through loan from Trustees. |
| During the year, and in previous years the company has been provided with loans from Trustees, this has continued since the year end to ensure that the company can meet its cash requirements. Additional funds will and have been made available, and the Trustees will continue to provide support going forward. |
| During the year, the bank loan has been repaid and refinanced with additional loans based on the disposal of the school site, with a backstop date of 30th June 2025. |
| From the financial planning undertaken and subject to not requiring excessive sums for property repairs, the governors consider it appropriate to prepare the financial statements on a going concern basis. |
| Following the decision in April 2020 to close the school and end the activity of providing education, this activity ended in the 31 August 2020 financial year. It is still considered appropriate to prepare the charity and company accounts on a going concern basis as the company still has the support of its trustees, as it closes the school activity and makes plans to ensure that the assets of the charity are maintained and utilised to ensure a return can be made to all creditors and any surplus used inline with the charitable purpose of the company. |
| 3. | INVESTMENT INCOME |
| 2023 | 2022 |
| £ | £ |
| Deposit account interest |
| 4. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2023 | 2022 |
| £ | £ |
| Depreciation - owned assets |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
| Trustees receive no interest on loans that have been made to the charity. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
| 6. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 2023 | 2022 |
| Director/trustees |
| Key management personnel |
| The only key management personnel of the Trust are the two trustees. No remuneration was paid during this or the prior year. |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Sports | Long | and |
| Hall | leasehold | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2022 and 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 8. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| MARKET VALUE |
| At 1 September 2022 and 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 | 1,597,204 |
| At 31 August 2022 | 1,597,204 |
| There were no investment assets outside the UK. |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| Development costs | 61,026 | 61,026 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Other loans (see note 12) |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors & accruals |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other loans (see note 12) | 1,967,880 |
| Other creditors |
| a) During 2023 all bank debt was repaid and refinanced with additional non bank loans based on the disposal of the school site, with a backstop date of 30th June 2025. |
| b) A new loan was taken agreed in 2021 for £250,000 to replace historic loan notes, this accrues interest which is paid annually at the same rate being 10%. |
| c) in 2023 a loan of £918,000 was agreed, interest is charged at 1.5% above the base rate.rate. |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank overdrafts |
| Lloyds mortgage | - | 747,710 |
| Other loan | 263,770 | 263,770 |
| Land promotion loan | 928,726 | - |
| Amounts falling due between two and five years: |
| Other LT creditors |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank overdraft |
| Other loans |
| Trustee loan |
| Land promotion loan | 928,726 | - |
| Land promotion loan | 928,726 | 928,726 |
| 4,050,187 | 1,996,187 |
| Lloyds Bank plc, provider of the bank overdraft and bank loans, held a charge over the leasehold property and all other property and assets of the charitable company. The bank account has now been closed and the loan repaid. |
| Goldrose Management Limited who provided both the loan note and land promotion loans hold a charge over the leasehold property and all other property and assets of the charitable company. |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 14. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (1,302,142 | ) | (111,088 | ) | (1,413,230 | ) |
| TOTAL FUNDS | ( |
) | (111,088 | ) | (1,413,230 | ) |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 8,921 | (120,009 | ) | (111,088 | ) |
| TOTAL FUNDS | ( |
) | (111,088 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.21 | in funds | 31.8.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (1,187,295 | ) | (114,847 | ) | (1,302,142 | ) |
| TOTAL FUNDS | (1,187,295 | ) | (114,847 | ) | (1,302,142 | ) |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 31,971 | (146,818 | ) | (114,847 | ) |
| TOTAL FUNDS | 31,971 | (146,818 | ) | (114,847 | ) |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 14. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.9.21 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (1,187,295 | ) | (225,935 | ) | (1,413,230 | ) |
| TOTAL FUNDS | (1,187,295 | ) | (225,935 | ) | (1,413,230 | ) |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 40,892 | (266,827 | ) | (225,935 | ) |
| TOTAL FUNDS | 40,892 | (266,827 | ) | (225,935 | ) |
| 15. | RELATED PARTY DISCLOSURES |
| a) The company has loans from trustees. The total amount due to trustees at 31 August 2023 is £1,928,965 (2022: £1,967,880). No interest is being charged on these loans. |
| b) A lease was granted to the charitable company on 20 October 2009, from MHSL Field Nominee Limited for use of the playing fields at Moreton Hall School. The term of this lease is 99 years, with yearly rentals payable of one peppercorn. |
| c) A lease was granted to the charitable company on 20 October 2009, from Moreton Hall School Limited for use of the property at Moreton Hall School. The term of this lease is 99 years, with yearly rentals payable of one peppercorn. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The charitable company is jointly controlled by the directors, with no one director having ultimate control over the charitable company. |
| Moreton Hall School Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 17. | INDEPENDENT EXAMINER'S FEES |
| 2023 | 2022 |
| £ | £ |
| Fees for Independent Examination | 2,592 | 3,054 |