Company registration number: 03146901 Charity registration number: 1056683
Mylnhurst Limited
(A company limited by guarantee)
Consolidated Annual Report and Financial Statements
for the Year Ended 31 August 2025
Mylnhurst Limited
Contents (continued)
| Trustees' Report | 1 to 5 |
|---|---|
| Independent Auditors' Report | 6 to 9 |
| Statement of Financial Activities | 10 |
| Consolidated Statement of Financial Activities | 11 |
| Consolidated Balance Sheet | 12 |
| Consolidated Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 to 29 |
Mylnhurst Limited
Trustees' Report
Reference and Administrative Details
The trustees (who are also directors of Mylnhurst Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.
| Charity registration number: | 1056683 |
|---|---|
| Company Registration Number: | 03146901 |
| Trustees: | A J Rawlings |
| A L Barker | |
| O M Firth | |
| D Smith | |
| P H Hopkins | |
| F R Burley | |
| L G Giaimo-Cossar | |
| Registered Office: | Mylnhurst Preparatory School and Nursery |
| Button Hill | |
| Sheffield | |
| South Yorkshire | |
| S11 9HJ | |
| Auditor: | Hawsons Chartered Accountants |
| Pegasus House | |
| 463a Glossop Road | |
| Sheffield | |
| South Yorkshire | |
| S10 2QD | |
| Bankers: | Co-operative Bank PLC |
| PO Box 101 | |
| 1 Balloon Street | |
| Manchester | |
| M60 4EP | |
| Solicitors: | Forbes Solicitors |
| Ground Floor | |
| Buckingham House | |
| Glover's Court | |
| Preston | |
| Lancashire | |
| PR1 3LA |
Page 1
Mylnhurst Limited
Trustees' Report (continued)
The trustees, who are directors for the purposes of company law, present the annual report, together with the financial statements and auditors' report of the charitable company for the year ended 31 August 2025.
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).
Objectives and activities
The objectives of the charity are to promote the advancement of education generally, and in particular the education and training of pupils of Mylnhurst School, Sheffield, within a supportive Catholic community. The charity aims to maximise the potential of our children by encouraging individuality and creating an environment in which they can thrive as happy, secure and confident children. Mylnhurst does this by combining a forward-thinking and outward-looking approach to education with traditional values.
Background
The accounts reflect the period from 1 September 2024 to 31 August 2025, during which the school experienced growth with an increase in pupil numbers and our Nursery numbers continued to grow throughout the reporting period.
Achievements and performance
Public benefit
The trustees have regard to the Charity Commission’s guidance on public benefit and throughout the reporting period have supported the school’s fundraising efforts for a number of charitable causes. A number of local primary schools benefitted from using our swimming pool and sports facilities. This has provided a viable option for their swimming lessons to continue given the closure of many local swimming facilities. The school actively engages with local primary schools (both state and independent) to host sporting events on site.
During the period the school continued to partner with Marsh Lane Primary School, providing sporting, ICT and leadership support and two members of Mylnhurst’s staff remain as governors at Marsh Lane.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
Investment policy and objectives
The trustees operate a business instant access savings account to produce an interest return on the surplus funds, which is regularly reviewed to ensure it still meets the school’s objectives.
Page 2
Mylnhurst Limited
Trustees' Report (continued)
Policy on reserves
Our reserves policy is designed to ensure financial resilience and sustainability, including protection against any key risks faced by the charity. The trustees have estimated the charity level of reserves required to bridge the funding gaps, should there be a rapid shortfall in pupil admissions, is £315,000. This is based on an approximation of running costs that the school would still be committed to for the forthcoming academic year. The actual level of unrestricted reserves at 31 August 2025 was £1,376,620 however this includes the fixed assets of the charity which the trustees do not classify as being immediately liquid reserves.
The trustees have estimated the group level of reserves required to bridge the funding gaps, should there be a shortfall in pupil admissions together with an unplanned closure of the sporting facilities is £425,000. This is based on an approximation of running costs. The actual level of unrestricted reserves at 31 August 2025 was £4,311,352 however this includes the fixed assets of the group which the trustees do not classify as being immediately liquid reserves. As at 31 August, the group held free reserves of £260,088 which is defined as unrestricted reserves less fixed assets and loans.
Plans for future periods
The school has an established Board of Directors and all the trustees will continue to support and prioritise growing the school’s reputation for its academic, sporting and musical achievements.
The school has planned for and increased its presence on social media, and will continue to follow its marketing strategy with the aim of further improving the school’s visibility and generating more interest in school applications.
Part of the school’s strategy is to embrace new and emerging technology in its approach to education and recognises the importance of keeping abreast of technological advancements. This allows the school to improve and future-proof the learning environment as well as equipping children from an early age for a new world .
Structure, governance and management
Mylnhurst Limited is a company limited by guarantee, governed by 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 to become a member shall deliver to the company an application for membership in such form as the Board requires. Every member undertakes to contribute an amount (not exceeding £1) in the event of the charity winding up.
The current Board brings a broad skill set that will further support the school in its aims and objectives over the coming years. The trustees delegate the day-to-day management of the charity to the Headteacher, Deputy Head and the Senior Leadership Team. The trustees set the pay of the Senior Leadership Team using the Teachers’ Pay Scale and the Leadership Pay Scale as benchmarks. Teachers’ remuneration is aligned with the Teachers’ Pay Scale.
Recruitment and appointment of trustees
As set out in the Articles of Association the members of the Board shall not be subject to any maximum number, but shall not be less than three members. At the Annual General Meeting one-third of the members of the Board (or if their number is not a multiple of three then the number nearest to one-third) shall retire from office. They may be reappointed by vote of the trustees.
When a vacancy arises for a new trustee, an advertisement is published on the school’s website, with the ISBA and with the TES. Applications are received and interviews conducted with the present Board members.
Page 3
Mylnhurst Limited
Trustees' Report (continued)
Organisational structure
The Board of Trustees administers the charity. Throughout the period covered by the accounts, the Board met half termly, with the Headteacher and Deputy Head in attendance.
Recruitment, induction and training of new Trustees
Newly recruited trustees are provided with an induction programme, overseen by the compliance officer and the DSL. This includes familiarisation with school policies and procedures, and safeguarding training. Trustees have access to further training from The Key, the ISBA and the ISA.
Related parties
The landlords of the charity's operational premises are the trustees of the Institute of Our Lady Of Mercy. This charity supports the school by maintaining rent at below market value. The Sisters of Mercy have been incredibly supportive of the school over the years, providing loans where deemed beneficial to enhance the facilities offered to our pupils.
A separate charitable company, Mylnhurst Sports Education & Leisure Ltd, operates the McAuley Building, which houses a swimming pool and other sports and recreation facilities. This company is limited by guarantee and has the same trustees as Mylnhurst Limited.
Mylnhurst Limited has a wholly owned subsidiary called Mylnhurst Merlins Limited. This company is a trading company, providing sporting and recreational services to the community.
Directors' liabilities
The charitable company has made qualifying third party indemnity provisions for the benefits of its trustees which were made during the year and remain in force at the date of this report.
Page 4
Mylnhurst Limited
Trustees' Report (continued)
Statement of trustees' responsibilities
The trustees (who are also the directors of Mylnhurst Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hawsons Chartered Accountants as auditors of the charitable company is to be proposed at the forthcoming Annual General Meeting.
The annual report, was approved by the trustees of the charitable company on 25 March 2026 and signed on its behalf by:
......................................... A L Barker Trustee
Page 5
Mylnhurst Limited
Independent Auditor's Report to the Members of Mylnhurst Limited
Opinion
We have audited the financial statements of Mylnhurst Limited (the 'charitable parent company') and its subsidiary (the 'group') for the year ended 31 August 2025, which comprise the Consolidated Statement of Financial Activities, Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement in the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
Mylnhurst Limited
Independent Auditor's Report to the Members of Mylnhurst Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the and Trustees' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 7
Mylnhurst Limited
Independent Auditor's Report to the Members of Mylnhurst Limited (continued)
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The charitable company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charitable company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006, Health and Safety regulations and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the charitable company to obtain an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
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Reviewing minutes of Trustee meetings;
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
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Challenging assumptions and judgements made by management in their significant accounting estimates.
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk. This description forms part of our auditor's report.
Page 8
Mylnhurst Limited
Independent Auditor's Report to the Members of Mylnhurst Limited (continued)
Use of our report
This report is made solely to the charitable parent company's trustees, 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 group's trustees 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 parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Simon Bladen (Senior Statutory Auditor) For and on behalf of Hawsons Chartered Accountants, Statutory Auditor
Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD 27/03/2026 Date:.............................
Page 9
Mylnhurst Limited
Statement of Financial Activities for the Year Ended 31 August 2025
| Unrestricted | Restricted | Total | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | 2025 | 2024 | |||||||||
| Note | £ | £ | £ | £ | ||||||||
| Incoming resources | ||||||||||||
| Donations and legacies | 2 | 150,735 | - | 150,735 | 165,592 | |||||||
| Charitable activities | 3 | 2,145,876 | - | 2,145,876 | 2,011,805 | |||||||
| Investment income | 3,703 | - | 3,703 | 1,482 | ||||||||
| Total incoming resources | 2,300,314 | - | 2,300,314 | 2,178,879 | ||||||||
| Resources expended | ||||||||||||
| Raising funds | 4 | 38,989 | - | 38,989 | 28,769 | |||||||
| Charitable activities | 5 | 2,233,422 | - | 2,233,422 | 2,097,266 | |||||||
| Total expenditure | 2,272,411 | - | 2,272,411 | 2,126,035 | ||||||||
| Net incoming resources | 27,903 | - | 27,903 | 52,844 | ||||||||
| Net movement in funds | 27,903 | - | 27,903 | 52,844 | ||||||||
| Reconciliation of funds | ||||||||||||
| Total funds brought forward | 1,348,717 | - | 1,348,717 | 1,295,873 | ||||||||
| Total funds carried forward | 18 | 1,376,620 | - | 1,376,620 | 1,348,717 |
The notes on pages 14 to 29 form an integral part of these financial statements. Page 10
Mylnhurst Limited
Consolidated Statement of Financial Activities for the Year Ended 31 August 2025
| Unrestricted | Restricted | Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | 2025 | 2024 | |||||||
| Note | £ | £ | £ | £ | ||||||
| Incoming resources | ||||||||||
| Donations and legacies | 2 | 150,735 | - | 150,735 | 165,592 | |||||
| Charitable activities | 3 | 2,714,436 | - | 2,714,436 | 2,522,632 | |||||
| Investment income | 3,810 | - | 3,810 | 1,482 | ||||||
| Total Incoming resources | 2,868,981 | - | 2,868,981 | 2,689,706 | ||||||
| Resources expended | ||||||||||
| Raising funds | 4 | 139,536 | - | 139,536 | 332,565 | |||||
| Charitable activities | 5 | 2,874,146 | - | 2,874,146 | 2,255,272 | |||||
| Total expenditure | 3,013,682 | - | 3,013,682 | 2,587,837 | ||||||
| Net (outgoing | ||||||||||
| resources)/incoming | ||||||||||
| resources | (144,701) | - | (144,701) | 101,869 | ||||||
| Other recognised gains | ||||||||||
| and losses | ||||||||||
| Gains/losses on | ||||||||||
| revaluation of fixed assets | - | - | - | 2,533,539 | ||||||
| Net movement in funds | (144,701) | - | (144,701) | 2,635,408 | ||||||
| Reconciliation of funds | ||||||||||
| Total funds brought forward | 4,456,053 | - | 4,456,053 | 1,820,645 | ||||||
| Total funds carried forward | 18 | 4,311,352 | - | 4,311,352 | 4,456,053 |
The notes on pages 14 to 29 form an integral part of these financial statements. Page 11
Mylnhurst Limited
(Registration number: 03146901) Consolidated Balance Sheet as at 31 August 2025
| 31 August | 31 August | 31 August | 31 August | 31 August | 31 August | 31 August | 31 August | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||||||
| Group | Company | Group | Company | ||||||||
| Note | £ | £ | £ | £ | |||||||
| Fixed assets | |||||||||||
| Tangible assets | 8 | 4,437,162 | 1,373,735 | 4,727,432 | 1,429,708 | ||||||
| Investments | - | 100 | - | 100 | |||||||
| 4,437,162 | 1,373,835 | 4,727,432 | 1,429,808 | ||||||||
| Current assets | |||||||||||
| Stocks | 10 | 58,425 | 57,909 | 35,696 | 35,696 | ||||||
| Debtors | 11 | 156,204 | 141,418 | 1,552,179 | 1,459,749 | ||||||
| Cash at bank and in hand | 12 | 594,785 | 432,740 | 559,246 | 491,101 | ||||||
| 809,414 | 632,067 | 2,147,121 | 1,986,546 | ||||||||
| Creditors: Amounts | |||||||||||
| falling due within one | |||||||||||
| year | 13 | (544,924) | (588,982) | (2,001,978) | (2,026,115) | ||||||
| Net current | |||||||||||
| assets/(liabilities) | 264,490 | 43,085 | 145,143 | (39,569) | |||||||
| Total assets less | |||||||||||
| current liabilities | 4,701,652 | 1,416,920 | 4,872,575 | 1,390,239 | |||||||
| Creditors: Amounts | |||||||||||
| falling due after more | |||||||||||
| than one year | 14 | (390,300) | (40,300) | (416,522) | (41,522) | ||||||
| Net assets | 4,311,352 | 1,376,620 | 4,456,053 | 1,348,717 | |||||||
| Charity funds: | |||||||||||
| Unrestricted income | |||||||||||
| funds | |||||||||||
| Unrestricted funds | 4,311,352 | 1,376,620 | 4,456,053 | 1,348,717 | |||||||
| Total charity funds | 18 | 4,311,352 | 1,376,620 | 4,456,053 | 1,348,717 |
The financial statements on pages 10 to 29 were approved by the trustees, and authorised for issue on 25 March 2026 and signed on their behalf by:
......................................... A L Barker Trustee
The notes on pages 14 to 29 form an integral part of these financial statements. Page 12
Mylnhurst Limited
Consolidated Statement of Cash Flows for the Year Ended 31 August 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Cash flows from operating activities | ||||||
| Net cash (expenditure)/income | (144,701) | 2,635,408 | ||||
| Adjustments to cash flows from non-cash items | ||||||
| Depreciation | 4 | 324,922 | 134,041 | |||
| Investment income | (3,810) | (1,482) | ||||
| Revaluation of fixed assets | - | (2,533,539) | ||||
| 176,411 | 234,428 | |||||
| Working capital adjustments | ||||||
| Increase in stocks | 10 | (22,729) | (6,944) | |||
| Decrease/(increase) in debtors | 11 | 1,395,975 | (1,483,394) | |||
| (Decrease)/increase in creditors | 13 | (1,451,312) | 1,740,223 | |||
| Net cash flows from operating activities | 98,345 | 484,313 | ||||
| Cash flows from investing activities | ||||||
| Interest receivable and similar income | 3,810 | 1,482 | ||||
| Purchase of tangible fixed assets | 8 | (34,652) | (176,161) | |||
| Net cash flows from investing activities | (30,842) | (174,679) | ||||
| Cash flows from financing activities | ||||||
| Repayment of loans and borrowings | 13 | (31,964) | (106,147) | |||
| Net increase in cash and cash equivalents | 35,539 | 203,487 | ||||
| Cash and cash equivalents at 1 September | 559,246 | 355,759 | ||||
| Cash and cash equivalents at 31 August | 594,785 | 559,246 |
The notes on pages 14 to 29 form an integral part of these financial statements. Page 13
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
1 Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material to the charitable company’s affairs.
Statutory information
Mylnhurst Limited is a company (No. 03146901) and charity (No. 1056683) limited by guarantee incorporated under a memorandum of association, domiciled in England and Wales. The guarantors are the Board of Trustees. The liability in respect of this guarantee, as set out in the memorandum, is limited to £1 per member. The address of its registered office is: Mylnhurst Preparatory School and Nursery, Button Hill, Sheffield, South Yorkshire, S11 9HJ.
Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. there has been no material departure from these standards.
The functional and presentational currency of the charity is GBP.
Going concern
At the date of signing these financial statements, the trustees have reviewed the current financial position and future projections and believe this indicates that the charitable group will be able to continue to operate for a period of at least 12 months beyond the signing date.
Given the above factors, the trustees consider that it is appropriate to prepare these financial statements on a going concern basis.
Basis of consolidation
These financial statements consolidate the results of the charity and its wholly owned and controlled subsidiaries, Mylnhurst Sports Education & Leisure Limited and Mylnhurst Merlins Limited on a line by line basis.
Exemptions for qualifying entities
The charitable company has taken advantage of the exemption from preparing a statement of cashflows on the basis that it is a qualifying entity and the group cashflow statement included within these financial statements includes the company’s cashflows.
The charitable company has taken advantage of the exemption from the financial instruments disclosure, required under FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29, as the information is provided in the Group financial disclosures.
Page 14
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
1 Accounting policies (continued)
Income
All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Income includes donations, legacies and trading income from charitable activities.
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
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 an accruals basis and has been classified under headings that aggregate all cost related to the activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activity events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.
Investments
Investments in subsidiaries are valued at cost less provision for impairment.
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.
Pensions
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 15
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
1 Accounting policies (continued)
Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.
At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised when the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the reducing-balance method.
Depreciation is provided on the following bases:
| Depreciation is provided on the following bases: | |
|---|---|
| Asset class | Depreciation method and rate |
| Improvements to leasehold property | 2.5% - 10% Straight line |
| Leasehold | Straight line over the life of the lease |
| Fixtures and fittings | 10% - 20% Straight line |
| Motor vehicles | 20% Straight line |
| Computer equipment | 20% - 50% Straight line |
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 are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements where applicable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
Judgements
There are no significant estimates or judgements made in the process of applying the company’s accounting policies.
Page 16
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
| 2 Income from grants, donations and |
2 Income from grants, donations and |
legacies | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Nursery FEL funding | 134,695 | 134,695 | 130,627 | 130,627 | ||||||||
| SEND funding | 16,040 | 16,040 | 34,965 | 34,965 | ||||||||
| 150,735 | 150,735 | 165,592 | 165,592 | |||||||||
| 3 Income from other trading activities |
||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Charitable trading: | ||||||||||||
| Uniform sales | 41,450 | 41,450 | 29,983 | 29,983 | ||||||||
| School and nursery fees | 1,874,790 | 1,874,790 | 1,749,850 | 1,749,850 | ||||||||
| Music fees | 40,578 | 40,578 | 39,722 | 39,722 | ||||||||
| Hire of facilities | 4,250 | 76,140 | 4,526 | 77,726 | ||||||||
| Clubs and activities | 66,224 | 66,224 | 55,964 | 55,964 | ||||||||
| General income | 46,694 | 46,694 | 58,560 | 58,560 | ||||||||
| Leisure activities | 519,655 | - | 92,765 | - | ||||||||
| 2,593,641 | 2,145,876 | 2,031,370 | 2,011,805 | |||||||||
| Non charitable: | ||||||||||||
| Income from trading subsidiary | 120,795 | - | 491,262 | - | ||||||||
| 2,714,436 | 2,145,876 | 2,522,632 | 2,011,805 | |||||||||
| 4 Expenditure on raising funds |
||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Charitable expenditure: | ||||||||||||
| Purchases | 25,708 | 24,639 | 29,434 | 25,733 | ||||||||
| Bad debts | 14,350 | 14,350 | 3,037 | 3,036 | ||||||||
| Pool expenses | 10,016 | - | 10,332 | - | ||||||||
| 50,074 | 38,989 | 42,803 | 28,769 | |||||||||
| Non charitable expenditure: | ||||||||||||
| Trading subsidiary expenditure | 16,953 | - | 23,999 | - | ||||||||
| Trading subsidiary staff costs | 72,509 | - | 265,763 | - | ||||||||
| 139,536 | 38,989 | 332,565 | 28,769 |
Page 17
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
5 Expenditure on charitable activities
Analysis of expenditure by fund type
| Group | Charity | Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Charitable expenditure | 2,797,181 | 2,160,759 | 2,179,639 | 2,022,133 | |||||||
| Support costs | 76,965 | 72,663 | 75,633 | 75,133 | |||||||
| 2,874,146 | 2,233,422 | 2,255,272 | 2,097,266 | ||||||||
| **Analysis of costs - Charitable ** | expenditure | ||||||||||
| Group | Charity | Group | Charity | ||||||||
| 2025 | 2025 | 2024 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Staff costs | 1,734,022 | 1,363,229 | 1,382,685 | 1,272,064 | |||||||
| Training | 3,358 | 2,855 | 1,629 | 1,526 | |||||||
| Rates and utilities | 130,288 | 75,234 | 53,874 | 40,351 | |||||||
| Insurance | 33,889 | 33,889 | 38,050 | 36,014 | |||||||
| Postage and stationery | 9,482 | 9,482 | 11,098 | 11,098 | |||||||
| Repair and renewals | 49,036 | 45,881 | 55,556 | 49,938 | |||||||
| Catering | 210,184 | 210,184 | 133,789 | 133,789 | |||||||
| Curriculum costs | 63,638 | 61,132 | 71,250 | 71,000 | |||||||
| Rent | - | 84,238 | 11,970 | 71,820 | |||||||
| Clubs, trips and activities | 42,114 | 42,114 | 66,646 | 66,646 | |||||||
| Telephone | 1,293 | 1,293 | 2,495 | 2,467 | |||||||
| Motor expenses | 26,142 | 26,142 | 24,587 | 24,587 | |||||||
| IT maintenance | 16,636 | 16,636 | 28,902 | 28,902 | |||||||
| Advertising | 21,454 | 15,114 | 31,626 | 25,776 | |||||||
| Cleaning | 59,480 | 50,185 | 80,023 | 63,559 | |||||||
| Bank charges | 6,220 | 3,685 | 3,813 | 3,813 | |||||||
| Subscriptions | 29,624 | 22,882 | 5,028 | 4,653 | |||||||
| Recruitment | 11,670 | 11,670 | 14,983 | 14,983 | |||||||
| Sundry expenses | 17,141 | 16,690 | 27,637 | 25,967 | |||||||
| Irrecoverable VAT | 6,588 | (16,436) | - | - | |||||||
| Depreciation | 324,922 | 84,660 | 133,998 | 73,180 | |||||||
| 2,797,181 | 2,160,759 | 2,179,639 | 2,022,133 |
Page 18
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
5 Expenditure on charitable activities (continued)
Analysis of costs - support costs
| Group | Charity | Group | Charity | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Rent | 11,000 | 11,000 | 11,000 | 11,000 | ||||||||
| Auditor’s remuneration | 29,150 | 29,150 | 29,150 | 29,150 | ||||||||
| Legal and professional fees | 36,815 | 32,513 | 31,713 | 31,213 | ||||||||
| Loan interest | - | - | 3,770 | 3,770 | ||||||||
| 76,965 | 72,663 | 75,633 | 75,133 | |||||||||
| 6 Net incoming/outgoing resources |
||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| This is stated after charging: | ||||||||||||
| Depreciation | 324,922 | 84,660 | 134,041 | 73,180 | ||||||||
| Other operating leases | 13,040 | 9,000 | 12,000 | 9,000 | ||||||||
| Fees payable to the | ||||||||||||
| Company’s auditors in | ||||||||||||
| respect of: | ||||||||||||
| The audit of the Company’s | ||||||||||||
| annual accounts | 15,000 | 15,000 | 14,500 | 14,500 | ||||||||
| The audit of the subsidiaries’ | ||||||||||||
| annual accounts | 6,500 | 6,500 | 6,000 | 6,000 | ||||||||
| Non-audit services | 7,650 | 7,650 | 8,650 | 8,650 |
Page 19
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
7 Staff costs
The aggregate payroll costs were as follows:
| Group | Charity | Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Staff costs during the year | |||||||||||
| were: | |||||||||||
| Wages and salaries | 1,488,835 | 1,073,264 | 1,370,602 | 1,016,470 | |||||||
| Social security costs | 132,130 | 108,781 | 103,925 | 86,293 | |||||||
| Pension costs | 185,566 | 181,184 | 173,921 | 169,301 | |||||||
| 1,806,531 | 1,363,229 | 1,648,448 | 1,272,064 |
The monthly average number of persons (including senior management) employed by the group during the year expressed as full time equivalents was as follows:
| Group | Charity | Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | ||||||||
| No | No | No | No | ||||||||
| School staff | 50 | 50 | 55 | 55 | |||||||
| Management staff | 3 | 3 | 3 | 3 | |||||||
| Leisure staff | 30 | - | 29 | - | |||||||
| 83 | 53 | 87 | 58 | ||||||||
Pension costs are allocated between activities and between restricted and unrestricted funds on the basis of staff time.
The number of employees whose emoluments fell within the following bands was:
£70,001 - £80,000
| 2025 | 2024 | ||
|---|---|---|---|
| No | No | ||
| 1 | 1 | ||
The total employee benefits of the key management personnel of the group were £259,649 (2024 - £244,114). The key management personnel of the charity comprise the trustees and the Senior Management Team, which at the year end comprises the staff members listed below.
Headmaster Deputy Head Designated Safeguarding Lead
None of the trustees have been paid any remuneration nor have they received any other benefits from employment with the charity (2024: Nil).
No trustee expenses have been incurred (2024: Nil).
Page 20
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
8 Tangible fixed assets
Group
| Group | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Improvements | Long | Plant & | Fixtures & | Computer | Motor | ||||||||||||||
| to property | leasehold | machinery | fittings | equipment | vehicles | Total | |||||||||||||
| £ | £ | £ | £ | £ | £ | £ | |||||||||||||
| Cost | |||||||||||||||||||
| At 1 September 2024 | 1,786,932 | 3,290,000 | 33,215 | 544,960 | 380,520 | 44,847 | 6,080,474 | ||||||||||||
| Additions | 14,455 | - | 390 | 19,081 | 726 | - | 34,652 | ||||||||||||
| At 31 August 2025 | 1,801,387 | 3,290,000 | 33,605 | 564,041 | 381,246 | 44,847 | 6,115,126 | ||||||||||||
| Depreciation | |||||||||||||||||||
| At 1 September 2024 | 490,567 | - | 29,067 | 430,134 | 358,427 | 44,847 | 1,353,042 | ||||||||||||
| Charge for the year | 49,868 | 235,000 | 1,227 | 24,113 | 14,714 | - | 324,922 | ||||||||||||
| At 31 August 2025 | 540,435 | 235,000 | 30,294 | 454,247 | 373,141 | 44,847 | 1,677,964 | ||||||||||||
| Net book value | |||||||||||||||||||
| At 31 August 2025 | 1,260,952 | 3,055,000 | 3,311 | 109,794 | 8,105 | - | 4,437,162 | ||||||||||||
| At 31 August 2024 | 1,296,365 | 3,290,000 | 4,148 | 114,826 | 22,093 | - | 4,727,432 |
Revaluation
The fair value of the Mylnhurst Sports Education & Leisure’s long leasehold (the McAuley Building and associated facilities) was revalued on 22 October 2024 by Eddisons, who are a RICS registered valuer. The basis of valuation was market value on an existing use basis.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £702,428 (2024 - £756,461).
Page 21
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
8 Tangible fixed assets (continued)
Charitable company
| Charitable company | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Improvements | Plant & | Fixtures & | Computer | Motor | ||||||||||||
| to property | machinery | fittings | equipment | vehicles | Total | |||||||||||
| £ | £ | £ | £ | £ | £ | |||||||||||
| Cost | ||||||||||||||||
| At 1 September 2024 | 1,786,932 | 32,740 | 441,261 | 380,157 | 44,847 | 2,685,937 | ||||||||||
| Additions | 14,455 | - | 14,056 | 176 | - | 28,687 | ||||||||||
| At 31 August 2025 | 1,801,387 | 32,740 | 455,317 | 380,333 | 44,847 | 2,714,624 | ||||||||||
| Depreciation | ||||||||||||||||
| At 1 September 2024 | 490,567 | 28,592 | 334,159 | 358,064 | 44,847 | 1,256,229 | ||||||||||
| Charge for the year | 49,868 | 1,186 | 18,993 | 14,613 | - | 84,660 | ||||||||||
| At 31 August 2025 | 540,435 | 29,778 | 353,152 | 372,677 | 44,847 | 1,340,889 | ||||||||||
| Net book value | ||||||||||||||||
| At 31 August 2025 | 1,260,952 | 2,962 | 102,165 | 7,656 | - | 1,373,735 | ||||||||||
| At 31 August 2024 | 1,296,365 | 4,148 | 107,102 | 22,093 | - | 1,429,708 |
Page 22
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
9 Fixed asset investments
Charitable company
Shares in group undertakings and participating interests
Cost
At 1 September 2024 and at 31 August 2025
Subsidiary undertakings £ 100
Details of undertakings
Details of the investments in which the charitable company holds 20% or more of the nominal value of any class of share capital are as follows:
| Company | Class of | Proportion | of shares | |
|---|---|---|---|---|
| Undertaking | number | share | held | |
| 2025 | 2024 | |||
| Mylnhurst Sports Education & Leisure |
06540616 | Limited by guarantee |
0% | 0% |
| Mylnhurst Merlins Limited | 09193027 | Ordinary | 100% | 100% |
Mylnhurst and Mylnhurst Sports Education & Leisure share common trustees. The trustees of Mylnhurst Limited have the power to govern the financial and operating policies of Mylnhurst Sports Education & Leisure in order to obtain benefits from its activities, therefore demonstrating control over Mylnhurst Sports Education & Leisure.
Subsidiaries
The registered office of Mylnhurst Sports Education & Leisure and Mylnhurst Merlins Limited is The McAuley Building, Button Hill, Sheffield, South Yorkshire, S11 9HJ.
The principal activity of Mylnhurst Sports Education & Leisure is Sports and recreation education. The deficit for the financial period of Mylnhurst Sports Education & Leisure was £161,515 (2024 - surplus of £2,550,756) and the aggregate amount of reserves at the end of the period was £2,919,003 (2024 - £3,080,518).
The principal activity of Mylnhurst Merlins Limited is the provision of leisure activities for school-aged children. The deficit for the financial period of Mylnhurst Merlins Limited was £11,089 (2024 - surplus of £31,808) and the aggregate amount of reserves at the end of the period was £15,729 (2024 - £26,818).
Page 23
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
10 Stock
| 10 Stock | |||||||
|---|---|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||||
| 2025 | 2025 | 2024 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Stocks | 58,425 | 57,909 | 35,696 | 35,696 |
There is no material difference between the replacement cost of stocks and amounts stated above.
11 Debtors
| 11 Debtors | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Trade debtors | 53,052 | 46,582 | 1,480,377 | 1,399,263 | ||||||||
| Other debtors | 23,856 | 15,540 | 15,760 | 4,444 | ||||||||
| Prepayments | 79,296 | 79,296 | 56,042 | 56,042 | ||||||||
| 156,204 | 141,418 | 1,552,179 | 1,459,749 | |||||||||
| 12 Cash and cash equivalents | ||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Cash at bank | 594,785 | 432,740 | 559,246 | 491,101 | ||||||||
| 13 Creditors: amounts falling due within one year | ||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Bank loans | 10,898 | 10,898 | 6,940 | 6,940 | ||||||||
| Other loans | 25,000 | - | 25,000 | - | ||||||||
| Trade creditors | 105,178 | 94,805 | 104,815 | 97,736 | ||||||||
| PAYE and social security | 77,423 | 69,657 | 51,975 | 22,300 | ||||||||
| Other creditors | 11,682 | 11,470 | 19,391 | 16,138 | ||||||||
| Accruals and deferred income | 314,743 | 309,668 | 1,793,857 | 1,790,517 | ||||||||
| Due to group undertakings | - | 92,484 | - | 92,484 | ||||||||
| 544,924 | 588,982 | 2,001,978 | 2,026,115 |
Page 24
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
14 Creditors: amounts falling due after one year
| Group | Charity | Group | Charity | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Bank loans | - | - | 10,922 | 10,922 | ||||||||
| Other loans | 350,000 | - | 375,000 | - | ||||||||
| Other creditors | 40,300 | 40,300 | 30,600 | 30,600 | ||||||||
| 390,300 | 40,300 | 416,522 | 41,522 | |||||||||
| 15 Loans | ||||||||||||
| The ageing of the loans is as follows: | ||||||||||||
| Group | Charity | Group | Charity | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Due in one year | 35,898 | 10,898 | 31,940 | 6,940 | ||||||||
| Due between two and five years | 75,000 | - | 85,922 | 10,922 | ||||||||
| Due in more than five years | 275,000 | - | 300,000 | - | ||||||||
| 385,898 | 10,898 | 417,862 | 17,862 |
The charity loan is secured by means of a first legal charge over all assets of the charity and is an unlimited debenture incorporating a fixed and floating charge.
The group loan is secured by means of a first legal charge over all assets of the subsidiary, Mylnhurst Sports Education & Leisure, and is an unlimited debenture incorporating a fixed and floating charge.
16 Deferred income
| 16 Deferred income | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Group | £ | £ | |||
| Deferred income at 1 September 2024 | 1,731,370 | 89,165 | |||
| Resources deferred in the period | 251,368 | 1,718,995 | |||
| Amounts released from previous periods | (1,731,370) | (76,790) | |||
| Deferred income at year end | 251,368 | 1,731,370 | |||
| 2025 | 2024 | ||||
| Charity | £ | £ | |||
| Deferred income at 1 September 2024 | 1,731,370 | 89,165 | |||
| Resources deferred in the period | 251,368 | 1,718,995 | |||
| Amounts released from previous periods | (1,731,370) | (76,790) | |||
| Deferred income at year end | 251,368 | 1,731,370 |
Deferred income comprises amounts which have been invoiced in advance (predominantly school fees) and relate to future accounting periods.
Page 25
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
17 Financial commitments
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Group | Charity | Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Within one year | 13,560 | 9,000 | 12,000 | 9,000 | |||||||
| Between one and five years | 50,080 | 36,000 | 48,000 | 36,000 | |||||||
| After five years | 87,000 | 63,000 | 99,000 | 72,000 | |||||||
| 150,640 | 108,000 | 159,000 | 117,000 |
Lease expenses totalling £9,000 (2024: £9,000) have been recognised in the statement of financial activities for the period.
Page 26
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
18 Funds
Group
| Group | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Balance at | ||||||||||
| September | Incoming | Resources | 31 August | ||||||||
| 2024 | resources | expended | 2025 | ||||||||
| Group - 2025 | £ | £ | £ | £ | |||||||
| Unrestricted funds | 1,922,514 | 2,868,981 | (2,832,715) | 1,958,780 | |||||||
| Revaluation reserve | 2,533,539 | - | (180,967) | 2,352,572 | |||||||
| 4,456,053 | 2,868,981 | (3,013,682) | 4,311,352 | ||||||||
| Balance at 1 | Balance at 1 | Balance at | |||||||||
| September | September | Resources | 31 August | ||||||||
| 2023 | 2023 | expended | 2024 | ||||||||
| Group - 2024 | £ | £ | £ | £ | |||||||
| Unrestricted funds | 1,820,645 | 2,689,706 | (2,587,837) | 1,922,514 | |||||||
| Revaluation reserve | - | 2,533,539 | - | 2,533,539 | |||||||
| 1,820,645 | 5,223,245 | (2,587,837) | 4,456,053 | ||||||||
| Charity | |||||||||||
| Balance at 1 | Balance at | ||||||||||
| September | Incoming | Resources | 31 August | ||||||||
| 2024 | resources | expended | 2025 | ||||||||
| Charity - 2025 | £ | £ | £ | £ | |||||||
| Unrestricted funds | 1,348,717 | 2,300,314 | (2,272,411) | 1,376,620 | |||||||
| Balance at 1 | Balance at | ||||||||||
| September | Incoming | Resources | 31 August | ||||||||
| 2023 | resources | expended | 2024 | ||||||||
| Charity - 2024 | £ | £ | £ | £ | |||||||
| Unrestricted funds | 1,295,873 | 2,178,879 | (2,126,035) | 1,348,717 |
Page 27
Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
19 Analysis of net assets between funds
| 19 Analysis of net assets between funds | ||||||
|---|---|---|---|---|---|---|
| Group | ||||||
| Unrestricted | Restricted | |||||
| fund | funds | 2025 | ||||
| Group - 2025 | £ | £ | £ | |||
| Tangible fixed assets | 4,437,162 | - | 4,437,162 | |||
| Current assets | 809,414 | - | 809,414 | |||
| Creditors due within one year | (544,924) | - | (544,924) | |||
| Creditors due in more than one year | (390,300) | - | (390,300) | |||
| Total net assets | 4,311,352 | - | 4,311,352 | |||
| Unrestricted | Restricted | |||||
| fund | funds | 2024 | ||||
| Group - 2024 | £ | £ | £ | |||
| Tangible fixed assets | 4,727,432 | - | 4,727,432 | |||
| Current assets | 2,147,121 | - | 2,147,121 | |||
| Creditors due within one year | (2,001,978) | - | (2,001,978) | |||
| Creditors due in more than one year | (416,522) | - | (416,522) | |||
| Total net assets | 4,456,053 | - | 4,456,053 | |||
| Charity | ||||||
| Unrestricted | Restricted | |||||
| fund | funds | 2025 | ||||
| Charity - 2025 | £ | £ | £ | |||
| Tangible fixed assets | 1,373,735 | - | 1,373,735 | |||
| Fixed asset investments | 100 | - | 100 | |||
| Current assets | 632,067 | - | 632,067 | |||
| Creditors due within one year | (588,982) | - | (588,982) | |||
| Creditors due in more than one year | (40,300) | - | (40,300) | |||
| Total net assets | 1,376,620 | - | 1,376,620 | |||
| Unrestricted | Restricted | |||||
| fund | funds | 2024 | ||||
| Charity - 2024 | £ | £ | £ | |||
| Tangible fixed assets | 1,429,708 | - | 1,429,708 | |||
| Fixed asset investments | 100 | - | 100 | |||
| Current assets | 1,986,546 | - | 1,986,546 | |||
| Creditors due within one year | (2,026,115) | - | (2,026,115) | |||
| Creditors due in more than one year | (41,522) | - | (41,522) | |||
| Total net assets | 1,348,717 | - | 1,348,717 |
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Mylnhurst Limited
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
20 Analysis of net debt
Group
| Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| At 1 | Other non | ||||||||
| September | Financing | cash | At 31 | ||||||
| 2024 | cash flows | changes | August 2025 | ||||||
| £ | £ | £ | £ | ||||||
| Cash at bank and in hand | 559,246 | 35,539 | - | 594,785 | |||||
| Debt due within one year | (31,940) | 31,964 | (35,922) | (35,898) | |||||
| Debt due after more than one | |||||||||
| year | (385,922) | - | 35,922 | (350,000) | |||||
| Net debt | 141,384 | 67,503 | - | 208,887 |
21 Pension commitments
Mylnhurst Limited operates two private pension schemes for its employees. The cost for Mylnhurst Limited in the year was £181,184 (2024 - £169,301).
At the year end date, the amount outstanding was £19,696 (2024: £11,019) and is included within accruals.
22 Related party transactions
At the year end Mylnhurst Limited owed £92,484 to Mylnhurst Sports Education and Leisure Ltd. (2024 - £92,484).
Details of transactions with trustees are detailed in note 7.
There are no other related party transactions to disclose.
Page 29