REGISTERED COMPAP4Y NUMBER.. 03146901 (England and Wales) REGISTERED CHARITY NUMBER: 1056683 Report of the Trustees and Audited Flnancial Statement5 for the Year Ended 31 August 2021 Mylnhurst Limited CJ Woodhead & Co Limited 158 Hemper Lane Greenhill Shefffield South Ygrkshire S8 7FE
Mylnhur5t Limitèd Contents of the Financial Statements for the Year Ended 31 August 2021 Page Reference and Administrative Details I to 2 Report of the Trustees Report of the Independent Audltors 7 to 9 statement of Financial Activlties io Balance Sheet li Cash Flow Statement 12 Notes to the Cash Flow Statpment 13 to 14 Notes to the Flnancial Statements 15 to 25 Detailed Statement of Financial Activities 26 to 27
Mylnhurst LSmited Reference and Administrative Details for the Year Ended 31 Au8USt 2021 TRUSTEES MrsA C Raftery Iresigned 10.2.221 Mrs M M Bradshaw Iresigned 10.6.21} Mrs CThompson Isigned 10.2.221 J M Saunders Iresigned 14.2.221 A Husain-Naviatti (appointed 10.2.221 Mrs J Grundy {appointed 10.2.22) T D Hall lappointed 10.2.221 COMPANY SECREfARIES Mr5 A C Raftery (resigned 10.2.22) T D Hall lappointed 10.2.221 REGisfERED OFFICE Button Hill Woodholm Road Ecclesall Sheffield South Yorkshire SII 9HJ REGISTERED COMPANY NUMBER 03146901 IEngland and Wales) REGISTERED CHARITI NUMBER 1056683 AUDITORS CJ Woodhead & Co Limited 158 Hemper Lane Greenhill Sheffield south Yorkshire 58 7FE BANKERS cOperatIve Bank PLC PO Box 101 l Balloon Street Manchester M60 4EP Lloyd5 TSB Bank PLC 14 Church Street Sheffield 51 IHP Pa8e I
Mylnhurst Limtted Reference and Administrative Details for the Year Ended 31 Atjgust 2021 Natwest 997 Abbeydale Road Millhouses Sheffield South Yorkshire S7 2QE The Royal Bank of Scotland 5 Church Street Sheffield SI IHF souaTORS Knights (formerly Keeblesl Commercial House 14 Commerclal Street Sheffield 51 ZAT Forbes Solicitors Ground Floor Buckingham House Gloverf5 Court Preston Lancashire PRI 3LA Page 2
Mylnhurst Limited Report of the Trustees for the Year Encled 31 August 2021 The Trustees, who a also directors tsf the charity for the purposes Df the Companie5 Act 2CQ6, present their report with the financial 5tatement5 Of the charity for the year ended 31 August 2D21. The Trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommenijed Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 leffective l January 2019). Ob ertive5 and activlties The objective5 of the charity are to promote the advancement of education generally, and in particular the education and training of pupils of Mylnhur5t School, Woodholm Road, sheffield, and to carry on a school that maximi5e5 the potential of our children through partnership within a challenging and supportsve Christian community. STRATEGIC REPORT 8ac The accounts t1ct the period from I September 2020 to 31 August 2021. During thi5 period. the country was readjusting to life after the initial Covid lockdown. Schools and nurseries across the country re-opened to all pupils in September 2020. with class bubbles and increased cleaning and infection control produre$. The second national lockdown did not irnpart education establishment5 which remained open in November and Dember 2020. The third national lockdown started in January 2021. with schools again closed to all but the childrèn of key workers. Since March 2021, schools have been fully open. although dealing with increased pupil and staff absence rates due to national 5elf-isolation requirements. A¢hieverneTht and rfornlance Despite the many difficulties presented by the Covid pandemic. Mylnhurst Preparatory School and Nursery has Eontinued to provide an excellent education for it5 pupils. A new Headteacher was appointed from I September 2020, undertaking a review of poli¢ies and procedures and introducing changes in staffing to improve music and SEND provision. Nativities and clèss assemblies took place in the Autumn term. as well as limited sporting events. The school was well prepad for the enforced partial closure in Spring 2021, and seamlessty transitioned to remote leaming for non-keyworker pupils. Pupils were supported academically and pastorally at home, with the 'Mylnhur5t at Home, provision that school L)ffered. Google Classroom and physical workbooks provided through a Covid-5ecure delivery system were used in tandem to ensure that the 5arne high-quality provision was in pla a5 Usual. Limited sporting event5 took place, including the Mylnhurst Mile and internal competitions. Similarly, the Usual calendar of musical events went ahead but without audiences. Mylnhurst was placed in the Top 50 Preparatory Schools in The Times rankings. Page 3
Mylnhur5t Limited Report of the Trustee5 for the Year Ended 31 August 2021 Public benefrt The Trustee5 have regard to the Charity Commission's guidance on public benefit. The Trustees have allowed the school premises to be used. free of charge, by Sheffield's fostering services on two occasions to provide a safe and private environment for looked after children to enjoy a party. Additionally, The Trustees have 5LlPPQrted the school'5 fundraising efforts for a number of charitable cause5, including Sheffield Children's Hospital and Red Nose Dav. Financial review The main source of income for Mylnhurst Limited arises from fees reoived for educational services provided by the School and nursery. including wraparound care and specialist club5. Despite lockdown periods throughout the year, the school wa5 able to continue to charge fu51 school fees and pupil numbers grew. The Trustees will continue to support the Head in their marketing efforts to promote the xhool. Investment pollcy and objectives The Trustees operate a busines5 instant acces5 Savings account to Produ an interest return on the surplus funds. ReseNes pollcy The Trustees have e5tlmated the Iwel of reserves needed to bridge the funding gaps should there be a rapid shortfall in pupil admissions. The Trustees consider that the level of reserves required to be £IOO.000. The actual level of reserves at 31 August 2021 was £1,372,60612020- £1.367.4501. Towards the end of the accounting period, £51,240 was committed frDm reSee$. to replace the boiler in the main school bullding during september 2021. Plans for the future The Trustees plan to continue to strengthen the reputatirjn of the school for its academic, sporting and musical achievements. This will be achieved by supporting the Senior Leadership Team to meet its goals. as outlined in the school development plan. Investing in the school'5 playground is a particular priority, which should benefit pupils both in term5 of their provision but a150 Wlth behaviour and with sporting opportunities. In the longer term, the Trustee5 hope to enable the Head to increase staffing levels to pre-pandemic numbers, particularly in the music and sporting areas of study. Structure overnance and man ernent MylnhLTrf5t Limited 15 a Eompany limited by guarantee, governed b¥ its Memorandum and Articles of Association dated 16 january 1996. It is registered as a charity with the Charity Commission. Membership of the company must be approved by the Board of Trustees. Every person who wishes tu become a member shall deliver to the company an application for membership in such form as the Board require. Every member undertakes to contribute an amount Inot exceeding £1) in the event of the charity winding up. Page 4
Mylnhur5t Limited Report of the Trustees for the Year Ended 31 August 2021 The Trustees delegate the day-to-day management of the charity to the Headteacher, Mrs Hannah Cunningham, and the schoofs Senior Leadership Team. For the year to 31 August 2020, this included Kirstv Holland, Tom Newton and Wiesia Lesniak. Fiona Wilcock joined the school on I September 2021 as Business Manager and a memberofthe SLT. Wiesia Le5niak Stepped down fromthe SLTwith effect from I September 2021. The Trustees Set the pay of the Senior Leadership Team using the Teachers, Pay Scale and the Leadership Pay Scale a5 benchmarks. Teachers. remuneration is aligned with the Teacher5, Pay Scale. Recruitment and appointment of new Trustees As set out in the Articles of Association the members of the Board Shall not be subject to any maximum, but shall not be less than three member5. No person who 15 not a member of the company shall in any circumstances be eligible to hold Offi as a member of the council. At the Annual General Meeting one-third of the members of the Council lor if their number is not a multiple of three then the number nearest to one- thirdl shall retire from office. When a vacancy ha5 arisen for a new Trustee, an advertisement is published on the 5chool'5 web5tte. with the IS8A and with the TES. Applications are reiVed and interviews conducted with the psent Board member5. The 8oard recDgnised that the number of Trustees was small, and that Trustees had been involved with the School for a relatively long timè. A recruitment drive wa5 undertaken in Autumn 2021. with additional Trustees appointed to the Board in Spring 2022. At this point the previous members of the Board stepped down. Orgat)Isational structure The Board of Trustee5 administers the charity. Throughout the period covered by the accounts. the Board met half ternily. with the Headteacher in attèndance. During the period of the third national lockdown (January 2021 to March 20211 the Board met weekly. Recrultment, induction and trainlng of new Trustses Newly recruited trustees are provided with an induction programme, overseen by the Head of Complian and DSL. Thi5 includes familiarisation with School policies and procedures and safeguarding training. Trustees have acce5S to further training from The Key, the ISA arbd the ISBA. Related partles The landlords of the charity's operational premise5 are the Trustees of thè Institute of Our Lady Of Mercy. This charity is keen to support the school, and so only charge a below-market rènt. A separate company known as Mylnhurst Sports Education & Leisure Ltd has been set up to opèrate the McAule¥ Building. This Company is limited by guarantee and has the same Tru5teps as Mylnhurst Ltd. It has been agreed by the Trustees that Mylnhurst Ltd will a5515t the cashflow of Mylnhurst Sport5 Education & Leisure Ltd by provision of an interest free loan when required. All monies are tts be repaid in full to Mylnhurst Ltd as and when the business of Mylnhurst Sport5 Education & Leisure Ltd allow5. Page 5
IAylnhurst Limited Report of the Trustees for the Ye31 Ended 31 August 2021 The company has formed a wholly owned subsidiary called Mylnhurst Merlin5 Ltd. This cownpany is a trading company, providing sporting and recreational services to the community. Mylnhur5t Merlins has the same Trustees as MylnhuTSt Ltd. Adrninistratlve Detalls The administrative details for the Charity are recorded on pages l and 2. Trusted res onslbllities The Trustees (who are also the directors of Mylnhurst Limited for the purpose5 of company lawl are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustee5 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 appllcation of resourrEs, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the Trustee5 ore required to- select Suitable accounting policies and then apply them conslstently: observe the methc)ds and principles in the Charity SORP.. make judgemerit5 and estimate5 that are reasonable and prudent: state whether applicable accountlll8 Standards have been followed, Subject to any material departufes disc105ed and explained in the financial statement5: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will cDntinue in business. The Trustees are responsible for keeping proper accounting record5 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 Companie5 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. In 50 far as the Trustee5 are aware.. there 15 no relevant audit Information of which the charitable company's audltors are unaware,. and the Trustees have taken all steps that they ought to have iaken tD make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The report of the Trustees. incorporating a strategic report, wa5 approved by order of the Buard of Tru5tee5, a5 the company Directors, on 17 May 2022 and signed on the Board's behalf by.. Mr Asif Husain-Naviatti - Trustee Page 6
fteport of the Independent Auditors to the Members of Mylnhurst Limited Opinlon We havE audited the financial statements of Mylnhurst Limited Ithe 'charitable company'l forthe ye.ar ended 31 August 2021 which cornprise the Statement of Financial Attivities, the Balance SheeL the Cash FIDW Statement and Notè5 to the financial statements, including a Summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitsble company's affairs a5 at 31 August 2021 and of its Incoming sourceS and application of reurces, including tts income and eKpendlture, for the year then ended- have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Practbce; and have been prepared in accordance with the reqUIents Df the Companies Act 2QO6. Basis for opinion We conducted our audit in accordance wlth International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements settioft of our report. We a independent of the haritable company in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrficient and appropriate to provide a basis for our opinion. Conclusions relating to zolng CobeM In auditing the financial statements. we have concluded that the tru5tees' use of the golng concern basisof accounting ifi the pparation 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 charitable company's ability to continue as a going concerrb fora period of at least twelve months from when the financial statement5 a authorised for issue. Our responsibilitie5 and the responsibilit5 of the trustees with respect to going concern are described in the relevant section5 of thi5 report. Other information The trustees are responsible for the other inforniation. The other information comprises the information incluLled in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinioTr on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 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 audit or othertvise appears to be materially mi55tated. If we identify such materiiil inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mi5Statement in the financial statements themselves. 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 nothlr)g to r2port in thi5 regard. Page 7
Report of the Independent Auditors tc) thè Members of Mylnhurst Limited Opinions Dn other matter5 prescribed by the Companles Act 2006 In our opinion, based on the WDrk undertaken in the course of the audit.. the inft)rmation given in the Report of the Trustees forthe financial yearfor which the financial statements are prepared is consistent with the financial statements,. and the RepK)rt of the Trustees has been prepared in accordance with applicable le8al requirements. Matters on whlth we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audlt. we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 require5 US to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate forour audit have not been reiVed from branches not visited by us,. or the financial statement5 are not in agreement with the accounting records and tUrn5- or certain disclosures of trustees, remuneration specified by law are not made,. or we have r)ot received all the infomation and explanations we require for our audit. Responsibi1ftSts of trustees As explained more fully in the statement of Trustees, Responsibilities, the trustees Iwho are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view. and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material mi5ttatement. whether due to fratsd or error. In preparing the financial 5tstements. the trustees a responsible for a55e55ing the charitable company's abllity to continue a5 a going concern, disclosing, a5 applicable. rnatter5 related to going concern and using the going concern basis of accounting unless the trustees elther intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Our rn5ponslbllltle5 for the audlt Df the financial statements Our objettives 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 a Report of the Independent Auditors that include5 our opinion. Reasonable a55urance is a high level of a55urance. but is not a guardntee that an atjdit conducted in accordance with ISAS ILIKI will alway5 detect a material misstatement when it exist5. Mi55tatements 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 our procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understandin8 of the Company and industry, we identified that the principal risk5 of non- compliance with laws and regulations related to breaches of Charity regulations is5ueLI by The Charitv Commi5si0n. and we eDnsidered the extent to which non-compliance might have a material effett on the financial statements. We also considered those13ws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evèluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding risk of overide of controls). and determined that the principal risks were related to PD5ting inappropriate journal entries to reduce expenditure and management bias in accounting estimates and judsemental areas of the financial statement5. Audit prgce(Ju9 performed included.. Page 8
Reportof the Independent Auditorsto the Membersof Mylnhur5t Limited Discussions with managefflent including consideration of known or suspected instances of non-compliance with law5 and regulation5 and fraud- Noting key corrèspondence with regulators such as The Charity Commission in relation to compliance with laws and regulations,. and Identifying and testing journal entries, in particular any joumal entries posted with unusual account combinations A further description of our responsibilities for the audit of the financi31 statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibllities. This description fomis part of our Report of the Independent Auditors. Use of Dur report This report is made .%olely 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 auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibllity to anyone other than the charitable company and the charitable company's members as a body, for our audit worl for thi5 report, or for the opinion5 we have fomied. C J Woodhead Isenior Statutory Auditor) forand on behalfof CJ Woodhead & Co Limited 158 Hemper Lane Greenhill Sheffield South Yorkshire 58 7FE Date: 17 May 2022 Page 9
Mylnhur5t Limited Statement of Financial Activities for the Year Ended 31 August 2021 31.8.21 Unrestricted fvnd 31.8.20 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 100 300 Charitsble actl¥ltle5 Uniform sales School income Grant Income General inctsme MDther & Toddler 33,204 1.349,533 113,822 7.564 26,261 1.440,526 220,035 3.370 Investment income ID Total 1,504,233 1.690.894 EXPENDITURE ON Raising funds 23.270 24,474 Charltèble artivitles School expenses Covid fee refund 1,475,807 1.530,796 114.093 Totsl 1.499,077 1.669,363 NEf INCOME 5,15S 21,531 RECONCILIATION OF FUNDS Total funds brought font4ard 1,367,450 1.345,919 TOTAL FUNDS CARRIED FORWARD 1,372,606 1.367,450 The notes form part of these financial statements Page 10
Mylnhurst Umited Balance Sheet 31 August 2021 31.8.21 Unrestricted fund 31.8.20 TDtsI funds Notes FIXED ASSETS Tangible a55ets Investments 12 13 1,271,317 i(N) 1,326.939 1.271.417 1.327.039 CURRENT ASSETS Stocks Debtors.. amounts falling due within one vear Cash at bank and in hand 14 26,447 32.681 15 106,693 622,990 114,292 397.172 756,130 544.145 CREDITORS Amounts falling due within one year 16 1426,500} (315,0801 NET CURRETrTh ASSErs 329,630 229,065 TOTAL ASSETS LESS CURRENT LIABILillES 1,601,047 1.556,104 CREDITOR5 Amount5 falling due after rn0 than one year 17 1228,4411 1188,6541 NEf ASSETS 1,372,606 1,367.450 FUNDS Unrestricted funds 19 1,372,606 1,367,450 TOTAL FUNDS 1,372,606 1,367,450 The financial statement5 were approved by thè Board of Trustees and authori5ed for issue on 17 May 2022 and were signed on its behalf by.. A Hu&aln-Naviatti - Tru5t2e The notes form part of these financial statements Page 11
Mylnhurst Limited Cash Flow Statement fi)r the Year Ended 31 August 2021 31.8.21 31.8.20 Notes Cash flows from operdting activities Cash generated from operation5 Interest paid 256,575 17.8391 131.438 {12,2411 Net cash provided by operating activities 248,736 119,197 Cash flows from investing actlvities Purchase of tangible fixed assets Sale of tangible fixed assets Interost received 11,245} 2,70 io {112,4411 Net cash provided b¥l{u5ed inl investing activities 765 (112,4411 Cash flow5 from financing actlvlties Loan repayment5 in year Interest charged 126,5231 7,840 186,0971 Net cash used in financing activities 118.6831 186,0971 Change In cash and cash equlvalent5 In the reportlng period Cash and Cash equivalents at the begTnnini of the TrPDrting perlod 230.818 (79,3411 392,172 471.513 Cash and cash equlvalents at the end ol the reportlng perlod 622,990 392.172 The notes form part of these financial statements Page 12
Mylnhurst Limited Notes to the Cash Flow Statement for the Year Ended 31 August 2021 RECONCIUATION OF NEf INCOME TO NET CAStrI FLOW FROM OPERATING AcfiviTIES 31.8.21 31.8.20 Net Intome for the repartlng period (as per the Statement of Financial ActSvities1 Adjtsstments for: Depreciation charges Profit on disposal of fixed assets Interest received Interest paid Decrease iii stocks Dease in debtors I¢aSe in creditors 5,156 21.531 56,867 12,1X)01 {ioi 7,839 6,234 7.599 174.890 70.560 12,241 7,359 17.355 2.392 Net cash provlded by operations 256,575 131.438 ANALYSIS OF CASH AND CASH EQUIVALENTS 31.8.21 31.8.20 Cash in hand Notice deposits Ile5S than 3 months) Overdraft5 included in bank loans and overdrafts falling due within one year 1,159 621,831 1,676 395,496 15,0001 Total cash and cash equivalents 622.990 392.172 The movement5 shown on pages 13 and 14 of the Cash Flow Statement reflect the movements in the assets and liabilities shown In the Balance Sheet on page 12. The notes to the Balance Sheet provide further detail. The note5 form part of these financial statements Page 13
Mylnhurst Limited Notes to the Cash Flow Statement for the Year Ended 31 August 2021 ANALYSIS OF CHANGE5 IN NET FUNDS At 1.9.20 Cash flow At 31.8.21 Net cash Cash at bank and in hand 8ank overdraft 397,172 15,L)J)I 225,818 622,990 392,172 230,818 622,990 Debt Debts falling due within l year Debts fallin8 due after l year 1128,8661 1148,7541 52,343 133.6601 176,5231 {182,4141 1277,6201 18.683 (258,9371 Total 114,552 249.501 364,053 The note5 form part of these flnancial statements Page 14
Mylnhur5t Limlted Notes to the Financial Statements for the Year Ended 31 August 2021 ACCOUNTING POLICIES 8asls of preparing the 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 Charitie5 SORP IFR5 102) 'Accounting and Reporting by Charitles: Statement Df Recommended Practice applicable to charlties preparing their account5 in accordance with the Financial Reporting Standarij applicable in the UK and Republic of Ireland IFRS 1021 leffetti¥e l January 20191,, Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2C4J6. The financial Statements have been prepared under the historical cost convention. wlth the exceptlon of Investments which are included at market value. Income All incomp 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 recagnised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it 15 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 direttly attributed to particular headings they have been allocated to activities on a basi5 consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over Its estimated useful life. ImproveFnents to property Fixtures and fittings Motor Vehicles Computer equipment in accordance with the propety 20% on reducing balance 25% on reducing balan 33% on reducing balance Stocks Stock5 are valued at the lower of c05t and net realisable valup, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempt from corporation ta¥ 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 purpose5 Wlthin the objects of the charity. Restrictions arise when specified by the donor Dr when funds are raised for particular restricted purposes. Furthèr explanation Df the nature and purpose of each fund is included In the notes to the flnancial statements. Page 15
Mylnhurst rnited Notes to the Financial 5tatements- continued for the Year Ended 31 August 2021 ACCOUhmNG POUCIES- contlnued Hire purchase and leaslng cornmitment5 Rentals paid under operating leases are charged to the Statement of Financial Artivities on a straight line basis over the period of the lease. Pension costs and other POSt-retlfflent benefits The charitable company operate5 a defined contribution pension Scheme. Contributions payable to the charitable company's pension scheme are charged to the Ststement of Financial Activities in the period to which they relate. DONATIONS AND LEGACIES 31.8.21 31.8.20 Donations ICN) 3IXs IIWEsfMENT INCOME 31.8.21 31.8.20 Interest receivable- tradlng io INCOME FROM CHARITABLE ACTIVITIES 31.8.21 31.8.20 Activity Uniform sales School income Sch()ol income School income School income Grant Income General income Mother & Toddler Uniform sales School & nursery fees Music fee5 Hire of facilities Clubs & activltles Grants General income Mother & toddler 33,204 1,285,827 19.544 22.510 21,652 113,822 7,564 26.261 1.368.811 20.053 29,634 22,028 220,035 3.370 402 1,504,123 1,690,594 Grants rec2ived, included in the above, are as follows.. 31.8.21 31.8.20 Nursery FEL grants CJRS grants SEND grants 77,813 8,237 27,772 71,541 148,494 113,822 220,035 Page 16
Mylnhurst Limited Notes to the Financial Statements- continued for the Year Ended 31 August 2021 RAISING FUNDS Other trdding activltles 31.8.21 31.8.20 Opening stock Purchases C105in8 Stock Bad debts 32.681 17.706 126,4471 16701 40,040 14.211 132.6811 2,904 23.270 24,474 CHARITABLE AcnviTIES COSTS Support costs (see note 71 Direct Costs Totals School expefises 1,411,075 64,732 1,47S.807 SUPPORT Costs Governance costs Finance Totals School expenses 7.839 56,893 64,732 NEf INCOMEI{EXPENDITURE) Net incomellexpenditurel is stated after char8ingllcrediting): 31.8.21 31.8.20 Auditor5, remuneratitsn Depreciation- owned assets Other operatin8 leases Surplus on disposal of fixed a55et5 6,445 56,867 10,000 12,0001 70.561 Page 17
Mylnhur5t LSmited Note5 to the Financial Statements - continued for the Year Ended 31 August 2021 TRUSTEES, REMUNERAnoN AND BENEFITS- PRIOR YEAR ADJUSTMENT The accounts for the year ended 31 August 2020 included the following note- "Martina Bradshaw, a trustee, received remuneration of £9.695 during the year12019 - nll). None of the other trustees received any remuneratlDn. There were no trustees, expenses paid for the year endeLI 31 August 2020 nor for the year ended 31 August 2019.. The disclosure which should have been made in the accounts for the year ended 31 August 2020 i& 'Three trustees have been paid remuneration frtsm an employment with Mylnhurst Ltd.. Martina Bradshaw (Finance D1CtOr). £9,695 plus pension contribution5 of £248 {2019- £7.920 plu5 pension contributions of £1601. Anne Raftery (Health & Safety Direttorl: £5,CM)J12019- nil) Catherine Thomp50n IL2gal Officer): £11.372 plus pension contribution5 of £3(X) {2019 - £19,280 plus pensirin contributions of £384). The other trustee received no muneratIon[2019 - nil). There were no trustees, expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019". 10. TRUSTEES. REMUNERATION AND BENEFITS Three trustees have been paid remuneration from an employment with Mylnhurst Ltd- Martina Bradshaw (Finance Direttorl= £4,855 plus pension contributlons of £146 (2020- £9,695 plus pension contrlbutions of £2481. -Anne Raftery (Health & Safety Director1= £3.WO12020- £5,O)01. -catherine Thomp50n (Legal Officer): £9,984 plu5 penslon contributions of £3CKJ12020 - £11.372 plus pension contribution5 of £300}. The other trustee received no remuneration or benefits12020- nill. There were no tru5tees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020. William Thompson, who 15 a relatEd party in respect of Catherine Thornpson ha5 been paid retnuneration from an employment with Mylnhurst Ltd, totslling E2,824 {2020 - nill. Page 18
Mylnhur5t Limited Notes to the Financial Statements- continued for the Year Ended 31 August 2021 10. STAFF COSTS 31.8.21 31.8.20 Wagesand salaries Social CurIty cost5 Other pension costs 865,603 61,040 86,948 928,080 67,604 81,895 1.013,591 1.077,579 The average monthly number ofemployee5during the year wa5 as follows= School Staff Managementstaff 31.8.21 51 31.8.20 69 55 73 The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was: £60.l- £70.(YJO 31.8.21 31.8.20 11. COMPARATIVES FOR THE STATEMENT OF FINANCIALACtIVlTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and le8acies 3 Charitable activlties Uniform sales School income Grant Income General income Mother& Toddler 26.261 1.440,526 220.035 3,370 402 Total 1.690,894 EXPENDITURE ON Raising funds 24.474 Charitsble artivities School eKpenses Covid fee refund 1.530,796 114,093 Page 19
Mylnhurst Limited Notes to the Financial Statement5 - continued for the Year Ended 31 August 2021 11. COMPARATIVES FOR TTrIE STATEMENT OF FINANaAL AcfiviTIES- continued Unrestricted fund Total 1.669.363 INCOME 21.531 RECONCIIIATION OF FUNDS Totsl funds brought forward 1.345,919 TOTAL FUND5 CARRIED FORWARD 1.367,450 IZ. TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Plant and machinery COST At I September 2020 Additions 1,575.694 30,401 493 331,667 At 31 August 2021 1,575,694 30.894 331,667 DEPRECIATION At I September 2020 Charge for year 366.678 24,180 24,079 1,363 286,221 9,089 At 31 August 2021 390,858 25,442 295,310 NET BOOK VALUE At 31 August 2021 1.184,835 5,452 36,357 At 31 August 2020 1.209,016 6,322 45.446 Page 20
Mylnhurst Limited Notes to the Financial Statements- continued for the Year Ended 31 August 2021 12. TANGIBLE FIXED ASSETS- continued Motor vehicles Computer equipment Totals COST At I September 2020 Additions 44,847 344,354 752 2.326,963 1,245 At 31 August 2021 44,847 345,106 2.328,208 DEPRECIATION At I September 2020 Charge for year 44,043 201 279.003 22,034 I.[0.024 56.867 At 31 August 2021 44,244 301.037 1.056,891 NEf BOOK VALUE At 31 August 2021 603 44.069 1,271.317 At 31 August2020 65,351 1.326,939 13. FIXED ASSET INVEsfMENTS Shares in group undertakin85 PMRKET VALUE At I September 2020 and 31 August 2021 100 NET BOOK VALUE At 31 August 2021 Ico At 31 August 2020 There were no investment assets outside the UK. Page 21
Mylnhurst Limited Notes to the Financial Statements- continued for the Year Ended 31 Au8USt 2021 14. sfocK5 31.8.21 31.8.20 Stocks 26,447 32,681 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.21 31.8.20 Trade debtors Other debtors Prepayments and accrued income 32,321 74,149 223 36,353 77,939 106.693 114,292 16. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.8.21 31.8.20 Bank loans and overdraft5 (see note 181 Trade creditor5 PAYE & NIC Other creditors Accruals and deferred income Accrued expenses 76,523 125,597 26,631 1,679 188,486 7,584 133,866 105,369 39,215 14,474 8.071 14,085 426.500 315,080 17. CREDITORS: AMOUNT5 FALUNG DUE AFfER MORE THAN ONE YEAR 31.8.21 31.8.20 Bank loan$15ee note 181 Other creditors 182.414 46.027 148.754 39,900 228,441 188.654 Page 22
Mylnhur5t Limited Notes to the Financial 5tatemeftts- continued for the Year Ended 31 August 2021 18. LOANS An analysis of the maturity of loans is given below.. 31.8.21 31.8.20 Amounts falling due within one year on demand.. Bank overdrafts Bank loons 5,LKJo 128.866 76,523 76,523 133.866 Amounts falling between one and two years: Bank loan5- 1-2 year5 182,414 148,754 19. MOVEMENTIN FUNDS Net movement in fund5 At 31.8.21 At 1.9.20 Unrestrlrted fund5 General fund 1.367.450 5,156 1.372.606 TOTAL FUNDS 1.367,450 5,156 1.372.606 Net movement In funds. included in the above a as follow5: Incoming reSoUrS Resources expended Movement in funds Unrertrlrted funds General fund 1.51J4,233 11.499,0771 5,156 TOTAL FUNDS 1,504,233 {1.499,0771 5,156 Page 23
Mylnhurst Limited Notes to the Financial Statements- contillued for the Year Ended 31 August 2021 19. MOVEMENT IN FUNDS- contlnued Comparatives for movement in lunds Net movement in fund5 At 31.8.20 At 1.9.19 Unrestricted funds General fund 1,345,919 21,531 1,367.450 TOTAL FUNOS 1.345.919 21.531 1.367.450 Comparative net movement In funds, included in the above are as follow5- Incoming resour$ Resources expended Movement in fund5 Unrestrfcted funds General fund 1.690.894 11.669.363) 21.531 TOTAL FUND5 1,690,894 11.669,3631 21,531 A current year 12 months and prior year 12 months CDmbined posltlon is as follow5: Net movement in funds At 31.8.21 At 1.9.19 Unréstritted funds General fund 1.345.919 26,687 1.372,606 TOTAL FUNDS 1,345,919 26,687 1.372.606 Pase 24
Mylnhur5t Limited Notes to the Financial Statements- continued for the Year Ended 31 August 2021 19. MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows- Incoming resources Resource5 expended Movement in funds Unrestricted funds General fund 3,195,127 13,168,4401 26.687 TOTAL FUNDS 3.195,127 13,168.4401 25,687 211 EMPLOYEE BENEFIT OBLIGATIONS Mylrshurst Llrnited operates a two private pension schemes for its employees. Mylnhurst Llmited does not control the Teacher5 Penslon Scheme. The cost to Mylnhurst Limited in the year was £97,965 12020- £81,895) REIATED PARTY DISCLOSURES At the year-end Mylnhur5t Limited owed £19,099 to Mylnhurst Sport5, Education & Leisu Ltd. 12020- £49.894 loan indebtedness due from Mylnhurst Sports, Education & Leisure Ltd). At the year*nd Mylnhurst Llmited owed £10.500 to Mylnhurst Merlins Llmited12020- nill. Page 24