THE MILL HILL SCHOOL FOUNDATION Company Ae8iStration Number.. 03404450 Governors, Report & Financial Statements For the year ended 31 August 2020 'AASE9GOY• 2810412021 PANIES HOUSE 111 I A12 Conter)ts Governing Body and Committees............................................................. Charrtable Aims and Objecti¥es................................................................................. Structure, Governance and Managerr*nt of the Foundaticffl.................... .. Governan￿ and Mana8ement of the Foundation................. s￿￿COmMIttee5 ofthe Court ol Governor5................................ . .. Our Aims and Objective5.............................................................................. Public Benefit and Acce$5............................................................ 8ursaries and Sch&ar5hsps.......................................................... .10 COVID-19 Impact......................................................... Our Achievements in 201912020............................. -10 -11 Development Actiwty................................. . Plans for the future. -16 -17 Enivronmenial Impatt..... -17 Financial Rewew..... .18 Remuneration Policy.............................. .18 Key Perfomiance Indicators.......................................................................................... -19 Reserves. Financial Resources and Liquidity.......................................... .19 Investment Policy...-....-.............-......................................................................... .20 Risk Management................................................................................................. .20 Trust Funds.......................................................................................................... .21 ststement of Trustees. respon5ibilities............................... Independent Auditorfs Report......................................................... Consolidated Statement of Financial Actryitie5... .22 .23 -.27 Consijlidated and khool Balance Sheet ..28 C35h flow staternent..._...... -.29 Notes to the AcctyJnts................_..._......_.................. .30 Governing Body and Committees COURT OF GOVERNORS Election Date Committee Membershi Ex-officio lall cornrnitteesl Chair of the CoLtrt of Gavernor5 Mr Elliot Liptom. BSC IHonsl. MB4 FFISA, FRICS Vice Chair of the Court of Governors Mrs Sunena Stoneharn LLB (Honsl. LPC Professor Erlc WFW ￿lD$1. MA M8. BS. MD, FRCP. FHEA. FERS. FMed5ci Mrs Charlotte Avery MA Ioxonl Mr Robin Burdell FCMA Mr Simon 8aWis$ 6SclHonsl. PGCE. MSC Dr Roger Chapman 85c MB BS FRCGP Mr David J Dickinson DipQS FRICS Mr lan Dowmie 8Sc. MIWFM. CEM Dip FM Mr Paul Dunleavy BA IHonsl ClSSP- ISSAP CISM COPO MBCS Appointed on 19 Marth 2013 S&TIChl P. F. N&G (Chairl. S Appjinted on l March 2016 Apwjinted on 25 Marth 2015 A (Chl. S ApwJ¥nted on 23 September 2017 Retired on l October 2020 Apptynted on 7 October 2020 Appointed on 12 October 2019 Appointed on 20 June 2006 Appointed on 28 March 2020 E Ichl. F. S. C Appointed OA 16 May 2020 A,E,S Mr Jamie Hornshaw, BEd IHon51. MEd. NPQH Mr R A Eliott lockhart MA MPhil Mrs StÈphaniÈ J MilleT BA Mr Andrew Millet BA M8A FCA Mrs Mary Moore MSC 8A FCIPD Ms Sophie Mortimer BA f Noyan Nihat Mrs Man al Patel MBA Mr Mark Skelly BEng (Honsl PhD RAEngWF Mr Andrew Wdch MA (Oxonl Retired on 12 Oecember 2020 Appointed on 14 September 2013 AppLiinted on 16 MaTch 2013 Appointed on 24 March 2018 Appointed on 28 March 2020 Appointed on 23 September 2016 Appointed on 12 December 2020 Appointed on 20 Septernber 2014 Appointed 20 June 2010 A.S.T A, N&G. S F (Chl. N&G. S. EC P Ichl. C A.E.S Deceased 14 April 2020 P. N&G A-A(odemtc Committee. C- CovidComn¥itteE. l-Estotes Cornmrttee. EC- Ente￿nse Cwrt(tl Committee. F- Finance Comffl￿ee. P-Pastorol Cornrnirree. IdXG- Plominotions & GovErnonce Cornmittee, S-StrotEgy Comrnittee. T. Trustee5 Comffl￿ee. Ch- Choir of Coinmrfttt. Annual report of the Governors The Governors present their Annual Report and audited consolidated finanual statements prepared in accordance wth ihe Finanti31 Repor(irt8 Standard applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its finanoal statements in accordance ¥Ath the Staternent of Recomrnended Practice applicable to charities prepa¥ire their attounts in atcordance wr(h the Finanual Reporting Standard applicable in the UK and Aepublic of Ireland IThe FRS 102 Charitie5 SORPI. the Companies Art 2006 and the Charities Art 2011. matters that areincluded in the Strategic Report3re induded in the Report of the Go¥ernors. Charitable Aims and Objectives The Found*ion's purpose. as set out tn the Articles of A5S0tiation. and its charitable object 15 to promote and provide for the advancement of education of pupils of any age. Further detèils can be obtained from The Clerk to ihe Court of Governors, Walker House. The Ridgeway. Mill Hill, London NW7 IAQ. The Foundatirm'saims and objecti¥esare set by thecovrt of GobErnorsto refled the thar¢table object and airns of the Foundation. The annual key sirate8bc iJbjettNes for the Foundation are derived from the CharitV5 longer term strategy which is Set out in The Mill Hill School Foundation Development Plan. whith has been updated and re￿Sed to co¥er the peric*J 2018-2021. Thi5 Plan is reviewed annually and regulady updated by the Governors in consultation with the Executi¥e5. This plan is complemented by a 10-year (ash flow forecast to identify trends #nd inlomi financial planning. In settinR the objectives and planning the actiwties. the Govemor5 give careful tonsideraiion to the Charity Comrnission's pU￿1C benefr¢ 8uidance. In shaping the Foundation's objective5 for the year and planning its acti¥ities. the Gover[￿r5 a5 Trustees have consideretl the Charity Commission's guidance on public benefit. including the guidance 'Public benefit.. running 3 charity IP821'. Structure, Governance and Management of the Foundation The Foundation is a tompany limiied by guarantee. number 34044SO. and a registered Charity. number 10647S8. The Foundation'5 gtsveming document is its Memorandum and Articles. OurinÉ the financial year it cornpiised of four co- educational s(hools= Mill Hill School. founded in 1807 for pupils aged 13-18. day and boarding- Belmont School. founded in 1912. lor pupi15 aged 7-13. day only., Grimsdell School. founded in 1995. for pupils aged 3-7. day only. and The Mount Mill Hill International. founded in 2015. fly pupils aged 13-17, day and boarding. On 5th March 2021 a further xhool jtyned the Foundation. Cobham Hall School a dzy and boavding School for girls aged 11-18. The Governors of the Foundation, as Direttors of the Company, afe also the Charitvs Trustees. Governors who served during the period i September 2019 to the date when the Accounts were Si8netl are shown on paee 2. In supFM)rtof its charr(ableobjectives. the Foundation operate5 Mill Hill School Enterprises as 3 wholly- owned subsidiary with its own separaie Board of Direttors. Mtll Hill School Enterprises was incorporated on 11 January 1983. number 1690525. and is a company limited byguarantee underthe Companies Art 1948. now replaced by Cornpanies Act 2006. Its actounts a￿ consolidated intg the financial statements ol the Foundation. Governance and Management of the Foundation Governors lotherthan GovernorsappoIn￿ tofill casual ¥aonciesl are elected at theAnnual Meeting of life Gktardian5. Life Guardians duties are set out in the Fovntlation's Arttcles of Association. Membership of ihe Life Guardians is open io all former pupils of Mill Hill School. The Court of Governors meets at least four times a year and detemiines the general policies of the Foundation. Members of the Court ol Governors are responsible lor the management of risks faced by the Foundarion. They dele￿te the implementation of policy and overall man3Bement of the Foundation to Standing su￿ ¢ommittees of the Court of Govemors, all of t*4hich are chaired by a Governor or to the Executives, 35 appropriate, who report iegularly to the Governors. A scheme of delegation form3lisin8 responsibilit￿S between Governors. Committee5 and the Executives hès been created and introduced from Seprember 2019.. it will be remewed and develgped further with the appointment of the CEO and OFR. All Governors eive of their time on a pro l)ono basis and re￿1￿ no remunerat40n. Related partv transactions are shown in note 23 to the Accounts. Any expenses reclaimed by Governors from the Foundation are shown in note 10 to the Accounts. A5 defined by 5ertioft 234 of the Companies Act 2thJ6, a qualifying third party indemnirywas in force ihroughout the135t financial year and is currenily in force. The Foundation also purchased and maintained throughout the financial year Directors. and Offi￿rS. liability insurance in respert of itself and it5 Directors. Each Govemor is elected for z term of three years, wilh the exteption of casual vacanae5 which are filleé only until the condusion of the next Annual General Meeting of the Lrfe Guardians. usually held during the Spring Tefm. Elerted Govemors cèn be re*Serted and can serve up to a maximum of four consecutive terms. The Chair and VI￿ Chair rnay seThE for addittonèl limited terms. At least five members of the Court of Go¥emors must be Life Guardians. All nominations and elections of Governors are in accordance with the Article5 of Association of the Foundation ensurinRa broad range of experiente and qualilications arè represented on the Court. The breadth of experience and expertise of the gOVern￿ng bc*Jy indvdes two Head Tethers. a Universrty Professor. a Doctor. a Chartered Accouniant, Company Dirertors. Chartered Surveyor. a Property Developer. Lawyers. an Estates Director. an IT Director and a HR Director. The Foundation promdes an induction process for each new GDvernor covering the Foundation's aovernance structure. the Governorfs role as a trustee nd issues which affert the Foundation_ G¢Mmors encouraged to attend external semiTrar5 for Governorznd Trustee development for which funding provision is made available. Section 172 of the Companie5 Act During the year the Direttors have acted in Bood faith with the aim of promotin8 the success of the Foundation and of it5 mernbers of a whole by hawne Tegard to the likety consequences of any decision in the longterm. the interest5 of the Foundations employees. the need to foster the Foundations buyness relationships wth supplier5. Customers and others, the impatt of the F¢)undations operztions on the tt*mmunrty and the environmeni, the desirability of the foundation maintaining a reputatH)n for high 5tandard5 of business conduct. and the need to act faidy as between members of the foundation. Svpplier relationships We value all of our suppliers. fosterin8 long term. mutualfy beneficial relationships v•ith those critycal to the School's succe55. Suppliers are generally paid on 30 day terrns. Key procurement decisions a presented to the Governors by the Exewtive Tearn prior to final deosions being made. The Board reviews the procurement poli(v periodi(ally to ensure the School continues to receNe the best value for money. Antony Spencerjoined ihe foundation a5 Chief Executive Officer ICEOI in January 2020. Following his appointrnent he appointed Nicola Madow as Director of Finance and Resources IDFRI and Sean Rya as Director of Operation5 IDOI to his management tearn. The day-to-day rnanagement of the Foundation is dele8ated to the CEO and his senior leadership team, comprising of the four Heads of the Schools, the DFR and the DO. Sub-committees of the Court of Governors Standlng CoMn￿te Composition Voting Members Composilio Non-votlng - Members Number of Meeiini$ 1 Sep 2019- 31* August IQ20 In Attefvdan Finance Governors CEO DFR Finance Manager Executives Audit. Governors CEO OFR CEO DFA Audttors Finance Mona er Remuneration Governors Executive5 Academic Governors CEO Various academic stafff as required Deputy Heads Executtves Pastoral Governors CEO Executi¥es Estates Governor5 CEO Estate Manager DFR Executives. Nomination & Governance Strategy Governors CEO DFR CEO DFR "fe Guardian Govern¢xs Covid CEO Estates Manager Executives Enterprise Council" DFR "rector of MSHE D¢rector of DebEloprnent Finance Mana Finance Manaeef er 8ursary" Governors CEO DFR Executives Trustee5 Governor5 CEO DFR Finance Manager The Heads of Mill Hill School. Belmont Preparattyy Sthool. Grimsdell Pr&Preparatory School and the Mount Mill Hill International. In line with the AGBIS recomrnendations to reduce the number of sv&tommittees, these tommittee5 have been incorporated into the Finance Committee. Our Aims and Objectives The Foundalion aims to d￿lop thoughthJl. motivated arKt responsible young people wth a global outlook through the pro￿s1o￿ of a first-class educatiun to boys and girls from 3 years to 18 year5 and to support its pupils in the p3ssa8e from childhood to adulthty)d., we help them to thrr¥e and find their own path to happiness and success throu8h the ran8e ol curriculai and ccpcurricular opwjrtunities presented by each of our schcd5. Our principal actmty is the educatlon and pastoral care ol o¥r pupils. Aims To provide excellen¢e in education To bring the best in every individual child To develop moral integrity and the confidence in puptls to be themsefves To nurturÈ pupils from thildhood to adulthood To build a sense of comffwnity and environmental awareness Objt¢b¥es To pro¥fjde excellente In ethfat1￿ bv: Providing an optimum en￿rOnment in which outstanding learning take place o Designing a fowward lookin8 turriculum whith establishes strengths in the core subj'erts but is also broad and ffexiwe eni)ugh to adapttothe demands of the 21° Century Equipping pupits with the tools and habits of mind that enable them to navigate the lobal environment Creating a culture a(r055 the Fovndatlon that embraces ihe imk)Ortance of staff developmeni and wellbeing To bring the best in e¥eryindl¥ldu•l ¢hlld by. o Having high expectations of all puwls and a belief that everyone can achieve and succeed o Prornoting lrfe-long learning and well-being Entovraging corn￿5510n ahd social ￿spOnsibl1￿¥ in pupi15 through giwng time. talents and treasures Providing a breadth of eJ¢periences and opportunities to enable pupils to ffind their nithe To develop nKwal Intwlty and the confiderKe in pupikto be themsel¥es br. Pract15ing respect and tolerance in our mulb" faith ènd multi-tuliural environment. Ihrou8h an understanding of Christian values and tradition5 Enabling pupi15 to find the courage to Stand up for whèt they believe in o Providine opportunitiesto develop socially responsible pupils Encouraging pupils to be self-aware. resilient and to telebrate their indiwduality o Motivating pupils ro recognise the local. national and international context of their own educati To ffturture puplls frorn thildhogd towards adulthood bv: Providing a wide range of èctiwties that enable pupils to develop the skills and attributes of confidence. curi05rty. independent thinkine. treativity, leadership and team work, resilience. emoiional inielligence and adaptability o CultTrvatin£ interests. talents and discipline5 that wll enhante the pupils. experience of life. now and in the future o Prowding a continuity of ethos wrthin all four schools and effettive transition of pupils To build a 5en5e 0fwMrn￿ttya￿d en￿o￿￿tal awareness b¥: o Working in close partnership with parents. alumni and the local cornmunity Managing our or£anisation in a financially and enwron￿￿talJY responsible rnanner Engaging oui pupils in envifonmentalty-conscious attitudes and an appreciation of the natural wodd o Creatin8 a sense of family and belonging thr¢)u8h experiences and events a(r05S the Foundation Public Benefit and Access The Governors consider that the Foundation's purpose meets the Charity Commission guidance for the advancement of education and that the primary benefiuaries of the Charity are the pupils wh are educated ai its four schcds and who directly benefit from the Charit(5 work. The Governors regard the education of children as a benefit to society in 8Èneral, not onlythrough the experted role and contnbution that its pupils ¥MII make to the communitie5 in which theywill live and work. but al through the financial assistance given to the State Education System whith does not bear the cost of the education of the Foundation's pupils. During the year ended 31st August 2020. Mill Hill Schod Enterprises continued to make available io the wider public. local maintained sthools. local thurches and c¢xnmunitygroups and other thèritable organisations the use of the Foundati￿.$ buildings and faolilies in support of the FoundatlOn'5 objectives. It succe55fulty expanded the ranee ol opportUnFties for en8aRement with the local community, including providing residential facilitie5 to Teens Unite la local chartty for young people). football showcase event for talent scout5 to find promising players and MiddlÈsex Ladies Crickeys use of the FouTrdaiion's cricket facilities. The Foundation made awailable use of the fields and sporting facilities for Goodwyn School. St. Wincent's primary school. St. Paul's School and Church, The Nepali Language and Cultural centre. a pupil led tnitiatr¥e Rocket Planet Leadership Force and Help for Heroes. The Foundation enabled use of the meeting ¥enues and ha115 for local commuhity meetings. the Mill Hill PreseThation society anniversary tea. the 8SA18oarding Schools Association) and the SEA Ischools Enierprises Associaiionl. The swimming pool was used by 4e UK and a local tanoe dub. Camp Beaumont. our day camp prowders. offers 10 bursary places per week to local primary school children and full time Foundation staff working throughout the holiday periods. All staff and parents of the Found*ion ovalify for a discounted rate. During the lockdown due to COV1019 the schools pro¥ided on site education for children of kev workers. also prepared meals for the NHS and made ￿$0T$ using 3D kwintefs. Ouriybg the academK year many charitie5 are supported.acr05S the Foundation ihiough themed days and fundraisin8 initiati¥e> hool and other Partnership5 The Foundation khools are publicising their partnership5 and cornrnunity work on the Schools Together webstte and can be Justifiab￿1 proud of the number of excittng and meaningful initiatNes bein8 undertaken across the Foundation. Support for the London Academy of Excellence Tottenham continued in 2019no, although activities were somewhat curtailed by the coronavirus pandemic. We did. however. appoint a 8iology teacher who taught at LAET for the year. The Head of MHS sat on the LAET Board of Governors and is the lead Govemor for Safeguardiry8 and SEND. O¥erall, Mill Hill Foundatlgn supports this partnership with funding of £SO,¢X¢). The partnership ￿th Copthall khool continues to floufish with a Suc￿551￿1 bid for DfE funding being approved (Wellbeing ConfereT)cel and Stren￿he￿lng links between senior leaders focused on planning and delivering joint initiati¥es. Whilst the ¥obal pandemic has put conference planfiing on hold. we remain t(m￿MItted to working together for the benefit of our pupils, staff and the local community. A member of the Mill Hill School Senior Leadership Team sits on the Copthall 8oard of Go￿r￿c￿5. The CCF partnership wth Mill Hill Countysthool continued to develop. despite the challenges Pfesented by the global pandemic. The Foundation also continue5 to support the development of the Saracens Hieh School in Colindale, which opened in 2015. with the ppointment of the Oeputy Head. Pastoral to the Board of Governors. Community links at Mill Hill School continue to 8rowwilh pupil involvementwith ihe Saracens Rugby to 5UPPOrt pupils with Avtisrn and Year 10 sports Leaders. invol¥ement with the Panathlon Challenie movement. improving access to sport for disabled children. In additivn. we have developed increasingly strong links with sports orgènisaiions and clubs. including Middlesex tricket. Saratens and 5outhgate Hockeyclub. Along with the Sporting links Mill Hill School has Wlth Middlesex CCC and Saracens RFC. we have now fomalisedlinitiated official partnerships with Wampstead and Westminster (Hockey). Tottenharn Hotspurs IFootballl and London Irish RFC IRugbyl_ This just leave5 one of our Core SpDrts INetballl. wthout a high-profile partnership. It goes without sawn& that this will be a target for the Sports department over the next 12 months. The partnership with the Sunshine Coast Grammar Sthool is now established with pupilsfrom each School now travelling to and frorn AustralialLondon to experience life on the other side of the world. with a focus ol developing their Sporting experiences. Clearly. Covid-19 has had an impact with three MHS pvpils mis5in8 Out on their planned trip this Summer. Mill Hill scho￿ opened Its Peter Collinson Heritage Garden to members of the Mill Hill Preservation Souety. who also held one Df their regular meets.ngs in the School. A number of teachers from the Foundation are governor5 at IIKal state schools, including in Mill Hill. Haringey and Berkhèmsted. The Mill Hsll School Foundation also supports o¥erseas educational development in schools in lambia. ZimbabwÈ and India ITamil Nadul by prowding financial a$5iStance through fund- raising initiatives and voluntary outreach attivity by pupils and staff. The Mgunt, Mill Hill Internatbonal IMMHII provide5 use of its Brounds for 5t Vineent's Forest School. As part of Year 11 Cornmunity 5eMce. pupils frorn MMHI assist with paired reading at St Vinceni's on a weekly basis. MMHI pupils ¥i￿t a local Care Home. CarltoN Court, as part of the Wednesday Commvnitv Service. Once a week, there is a lunchtTrme Digital Learning club where. following lunch in the dinine room. the MMHI pupils teath a group of older people how to use ￿chnolOgy. This is in partnership with A8e UK. Last year Grimsdell developed an informal par(nershtP with St Vincenvs Primary School in Mill Hill. We have offered and shared a range o15ervices IDcluding trainingi facilities and experience5. We were in discussion with the Heatl and Chair of Govemors about creating z memorandum of understandin& howe￿￿ this was wt on hold when Covd-19 and loikdDwri hit. Grimsdell have always been invow in supporting the Good Neighbours Scheme by presenting thern with perforrnance5 from our thoir and have previously inwteé members ol Age Concern to spené lime ￿th our pupils. Unfortunately. these activities are all on hold due to the risks posed by Covtd-lg. 8elrnont have built on the partnership with Saracens High and Belmont teachers have run performance poetry and art workshop5 for Saracens Hieh Pupils. The Foundation's lacilities are let by Mill Hill Sthool Enterprises free of cha¥ge or at reduted ra￿5 fo local wmary schools. the local scouts. brownies and guides asso(i3tions. the MHPS. the local Church. Teen5 Unite Fighting Cancer. and other communityKroups_Atti¥it*ssupporred include ITtraining and Aqua Aerobics for the eléerty in conjunction wth &l£e UK. Mill Hill Sthod pupils are a¢tively involved in many of these public benefii activities including assisting in ITtraining for the elderly and prowdin8 an afternoon tea party for elder￿ residents in the Retail Trust Co¢tage Homes. Bursaries and Scholarships The Foundation actively promotes its public benefrtprofile localWand nationally. It 15 important to the Governors to support widened attess by weltorning pupils from diverse ethnic, Cult￿Tal. ieligiou5. socio-economic and non- tfaditional backgrovnds and to provide bursaries. up to and inclu¢Jin8 100% fee remission. to assisi those children who cannot be funded by their paren15. families. guardians or other charitsble source5. 8ursaries are subject to annual review and are rneans tested. During the 12-rnonth period to August 2020. rotal bursary assistance of £ 1.091k (Augusi 2019- £1.203k I wa5 awarded to 59 pupi15 IAugyst 2019 66 pupi151. ScholaI5hip awards prO￿￿e a remission on fees of up to IO% and may be supplemented by a means-te5ted bursary where further financial assistance is justified. During the year. Scholarships totalin8 £334k (August 2019 -£302kl were awarded to 213 pupi55 IAuEust 2019 -197 pupils). Fifteen pupils IALJgUSt 2019- 13 pupilsl were awarded a combination of scholarship and bursary assistance. During the period. the Foundation prowded I¢JN fee remission to 37 pupils (August 2019- 411. In addition to the above. the Foundation awarded special Cowd-19 Hardship Oursary to Sl pupils totalirbÈ £182K for the 2020 summer term. In the twelve-month period to August 2020. total fee a5SiStance from all Sour￿$. indudin8 external funding. was E3.553k (August 2019- £1.814kl. This represented 10.1% IAu8u5t 2019- 5.5%) of Gross Fee intome and intluded the COVID discount for ihe summer term 2020. covit>19 Impact The Global Covid 19 pandemic has impacted on the operatiolis of the Fovndation. The Government re4uired schools to close their physical siies from 23rd March 2020 except for the provision for the children of key workers. Durin8 the period ol c105ure the Foundation Schools provided remote learning for pupils throuzh various differeni channels. During these unprecedented times the Foundation has had to be more agile and enhance the use of tethnolo8y for all pupils and staff. The Schools remain flexible to respond w ihe need fOr￿MOte & blended teaching as required. The Foundation reco8nised the impatt of the Covid 19 on the parents of pupi15 and demonstrated its support by discounting the sumrner term fee5 and also establishih8 a hardship fund. In addition non-esseniial spending was restritted durine the summer term_ As part of the reopening programme detailed risk assessment have been undertaken and additional health and safety mea5ure5 implemented. Ongoing assessments are in place protocols for track and trate of cont¥rt when there is a positi¥e Covid 19 test result. io The table below shows the fi.nancial impact of cO￿d in 2019no £0005 co￿d-19 fee discouht- summer iemi 2020 Hardship bursa - summer term 2020 Examinatiorn fees waived Summer school- estimated1055 of revenue Additifmal expense5- housekeepin Itleanin l safety materials Additional expenses- Medical Centre and equipment Mill Hill School Enlerpri5es- estimated loss of revenue Totsl c05t 11,6541 11821 11361 12501 1251 11001 2,3901 Grant received ljob Reiention Scheme) 1.033 Net impact 11,3571 Our Achievements in 2019 12020 There is VEry siron8 demand for places in at 811 the Foundation sthools at all the key entry po￿ntS. In 2020. an average of 1.620 pupils attended our four schools12019.. 1.5651. Inspertion The Foundation recer￿￿ its routine inspection from the Ir￿ependent Schools Inspectorèie in January 2020. This was a full ¢nSpECtI￿ coverin8 both Cornpliance and Education Quality. The compliance inspections gives the school a grade of -met~ or -not met- for 8 complvance categories and the foundation was louTrJ to have met ihe required tornpliance standards in all eight categories. rhe educationol quality inspection locuses ￿ two keV*￿tC0meS- The achievefnents of the pupils intludine their atademit developmeni, and The personal development of pupil5. All four schools in the Foundation were found to be excellent in relatioTr to the PErsonal de¥elopment of pupils and Grim5dell. Belmoni and MMHI were foundto be excellent in relation totheachievement5 of the pupils induding their academic development wth MHS bein8 jud8ed as good. This is a very pleasing outcorne and MHS 15 now working on a plan to move frcrfn good to excellent. Mill Hlll School A Level and Univer%tySuc￿S Value-added analysis indicates that the A Level tohort of 2020 pertormed fully in line with independent5chool expectations. with no sub-groups of puplls demonstrating a 5tatisticallysignificant negative residual IA'/A_. 49%. A'I8.. 77% with a % pass rate of 99_8%1. We are. therefore, confident that pupils were well seryed by the School. despite the challenges presented by the coronaviru5 pandemic and the subsequent Centre Assessment Grade sysiem for generatin8 8rades. Resu￿$ li enabted a large proportion of this yearfs lea¥ers to secure places at their Higher Education institution of choice in their chosen field of study. Amon8st ihese were four pupils takin8 up places at Oxford. Overall, we Saw a very broad range of disciplines acro55 the Higher Education destinations. from the most traditional academic subject5 through to course5 such a5 Fashion or Robotics Engineering. This Year pupils took places in over 40 different UK instiiutions- a positi¥e outcome in a challenging environment. Several pupils seCu￿d pla￿$ in the USA. Europe and the Far East. GCSE 5u¢tess Wewere pleased tosee so rnanyindividualsuccess stories inthisyearfs GCSE results. not least because in addition io ihe excellent achievements al the top end of the Erade rnnge. there are many others which are about personal endeavour and determination. We continue lo be prtsud of our broad academic range in both the Sixth Form and the Lower School. and of our a￿'lIty to brin2 out the best in pupils across the ability spectrurn. With 63.3% of grades at A"/A. or their numerical equivalents of 9 - 7, and 99.3% at A. to C19 - 41. this yearfs cohort rose to the (hallen8e with great S￿￿sS. We were delighted that 11 pupils achieved 9 or more pa55es at 8r•les 918 IA'I. Other Aradernic S￿￿esses Once again, the De5i8n Technol¢)BY Department celebrated continued 5ucce55 in prestl8lQU5 exlernal competitions. with a member of the Fthh Forrn (Ylll beifte awarded an Arkwright Engineerin8 Scholarship. A lar8e number of &xth Form Scientists competed in national competitions for &"0108Y, Chemistry and Physits. and pupils from all year-grtMJps competed in natitinal toM￿tItIonS for MathematlC5 and Chernistry. A Level Art students also took part in the national ARTiculation tompetition. with one pupil winningthrough tothe regional finals in London. Upper Sixth Forrn Drama students entered the National Student Drama Festival, and pupils also took part in the Vll Hi5panit Theatre Festival. w¢th one pupil awarded the prize for best actre55. Pupils fromihe school again made Bood protress in the ESU Mace Challenge wth ourteam acqutttingthern5elve5 well against soryte very tough opposition. An Upper Sixth Music scholar progressed to the fi'nal of the Strings competition in the BBC Young Musician of the Year. Pupll Numbers Mill School Hill is a School in high demand and thi5 year we opened *ryth 854 pupils. Boarding recruitment at the School has been strong. despite concern5 thatthe pandemic might have a negative impact ijn numbers. Future recryitment Is equally encouraging with the prijjetted number of pupils coming from Belmont and local ￿￿p schools both increasing. Puttine this into context. in recent years, the Mill Hill School has growrn. on average. by 6% each year and 2019no and 2020 shows an even bigeer increase 1+18%1. Fears about the eid.- boy ratio being ex¥erbated by the increased intake have not materialised and we have. in fatt. seen an increase from 31% 8irls in the school last yearto 34% this year. marketi￿ Inltlail¥es- knme and Abr4Md A5 in previous years. we have enga8ed in a wide range of Marketing events and activities both in London and overseas ￿th the objective ol attracting pupils of a high calibre. iniernational diversity in boardiTrg and an increasing￿1 even gender balance. We continue to develop the transition pr¢xe￿eS between our own Prep schcd, 8elmont. and the Senior Schod and to promote aur Sixth Foim to Year 11 at the Mount Mill Hill Internaiional. th over 20 pupils fflaking that transition this Autumn Term. Destinations for overseas recwttment 12 trips undertaken by Mill Hill Sthool ha¥0 induded Kaiakhstan. KYr&￿sta￿, Turkey, Russia. Germany. Abania and the USA. Closer to home. we ran successful cros5-Foundaiion Open Mornings in October and Novernber. promoting predominantly 13+ and 16+entryfor London-based families. With the countryin lockdown in March. our April Open Morning was cancel￿d. with the websrce content being enrithEd to (ornpensate, a precursor to this Autumn Term's highly Succe￿f￿1 Virtual Open Morning. Stsffing In order to sirengthen key areas of Mill Hill Sthool's leadership and management structure and to place the School in the best possible position to deliver on the Foundation's strètept 3irn5, the Senior Leadership Team was resiructured ro include a Foundation Head of Boarding and 3n Assisiant Mead (Staff Development and WellbeinÉl. The role of Examinations Officer- previousty the substantive role of the A55islant Head (Academic AdministratioDI- in line with other. similar. schools. becomes a non- tezchiThg role from Sepiember 2021. Three lon8-5tandin8 members of staff left the School during the year- two retiring and c￿e rTmiin8 onto an ex(itinE new thallenge in a fledgling Khool. Three NQTS successfulty completed their induttion in 2020 and two eained thlwr PGCE qualification. Pdrtoral A¢hie¥•mertS We were very happy to recei¥e recognition of excellen￿ in the ISI report for our pastoral provision. Wetrained a memberolthe teaclHngstaff to ddiver Mental Health FirsrAid Courses whithwill ensu that the whole staff aware of Mental Health First and up to date with their trainin8. A new behaviour strategy was irnplernented to support teathers effertNely in maintaining standards of behav*ouf for learning in le550ns. The mode of delivery of the PSHE curriculum was reviewed re5uliing in a tloser alienment with the delivery of Physical Education. Pupils were supported through the challenges of the national lockdown wa House Staff. oftering the hi8he5t 5tandard5 of care. albeil remotefy. Co-¢ufticular A¢hievements: The Coluryitular offer has Int￿8$ed substantialty over the past academic year and has berbefrted from numerous developments. The redevelopment of the Mcclure Music 5chwl. which iniludes sound pr(x)fing ihe area. the addition of a stale of the art recording St￿J&0 and improvements to the aestheiics. is a notable irnprovemenl tts the existing facilitie5. Sport has also benefitted from a new Sports H311 floor. installation of an Electronic Basketball 5VStern. new indoor cricket nets, new oreboard on Top Field and are now enjownÈ the freshly re4aid Astroturf. There are many highlights over the Ctrcvrritular proBrarnme for 2019120, but the most r￿table have included Ellen BG'S perforrnance in the BBC Young Musician of the year. the Sports tours to Japan, Holland and Dubai and the keenly contested inter-house Dfama competition. The School continue5 to be very proud of its Co-curricular offer. which was certainly well received by the ISI inspectors at the start of the academic year. Estates Proje21 AdmisslvnSStatls￿tyaThd marketiy Inltl•ti¥es Cov1￿19 has had ygnificant impart on international pupil numbers across all sthools globally. However. followng 3 busy SL*mmer in the admissions department. the o¥erall number5 have held at over 82% of the 2019-20 roll with 75 pupi15 in the 202Lk21 cohort. There is an anticipated demantl for pu￿15 joining the Sch￿)1 in January 1021 from Hon8 Kong citizen5 who have 8N101 status. Comrnunitation durin£ the pandemic has been the key to ensuring that parents are tonfNlent in sending their children abroad. There have been two successful wrtual Open Mornings which were retorded and uploaded to the website. The admissions team have been in reeulay conversation with educational aEents and where they once attended fairs a￿ad are now attending thesÈ online. Due to the pandernic. Mill Hill Summer Scho(A unable to rnn in the &Jmmer 2020. In addition to the Mill Hill Summer School 2021. there will be Short Courses held for Easter 2022. There will be two type5 of course at Easter.. language coutses for e¥temal puptls wtth an academic English focvs and an Easter revision course for pup¢ls at MMHI. Development Activity In the last financial year Ulliil Augusi 2020. the Development Office has fvndraised a total of £60,095. The majoriiy of these funds came from regular payment5 from long-standinB supporters to the Foundation. There was one notable gift of £20,((K) from a new parent donor. The Development Office continue5 to cultNate relationships with our regular supporters and there will be a number of stewardship actiwties eoing forward in order to retain this supporr. In aildition to these fi8ures, the Development Office is awaiting £IS.S(Xl in funds from Old Millhillian5 who have sadly been deceased in the last year. who have kind￿ left a gift in their Will to the Foundalion. The focus ftx t8evelopment over the next year will be the launch of a new and exc￿ting campaign to support ihe latest capital campaign at Mill Hill Schwl and zdditionally srnaller projects at Grirn5dell. Belmont and MMHI alike. The OFfice Continues to develop the database to ensure best practice and to further develop the rdationship with the Old Millhillians Club ￿th the View of a shared website and comm5 calendzr. The Development team will Continue workin8 with teams across the Founéation in older to implernent fundraising proceduies, working wrth rhe charity representatives and Parent knsociations at each school too to raise awareness and 16 Plans for the future Initiatives for 202012021 include.. •Aer8er with Cobham Hall an independent girls boarding school in Kent A review and updzte to the Estates Master Plan in accordance with its Strategv Planning for replacement of the Science facilitie5 at Mill Hill Sihool Planning for an all-weather pitch for Belmoni Redevelopment of the Patrick Troughton Theatre and refurbishment of the Large Enhancement of the sixth form centre to intlude an inteerated pastoral. study and social space for the sixth form students E4uality Art The Foundation complies ihe Eouality Act 2010 and is committed to prowding equal opportunities in employment. The Foundation's policies seek to avoid unlawful discrimination in all aspettsof employment includin8 recruitment. promotion. opportunitiesfortfainin& payand benefits. discipline and selection for redund>nty_ The Governors have engaged with emF4oyee5 regarding emplr)yÈe interest and key decision through regular staff written comrnunications and annual empl¢)yee listeninB meetings. Enivronmental Impact The foundation retoenises the importance of en￿ronMental and climate risks and is cornmitted io reducing where possible the impact of our operation5 and minimi5in8 our Ènvironmenial impact. In ¢xder to support this the foundation has replaced outdated inefficient light fitting5 Wlth more efficient IED lighting. Outdated boiler plant ha5 been replaced with new more efficient boiler5, pipe lagging has been added along ￿th further insulation to building5. When reouiring replacementwindows have been replaced with double glaied unils and there is a pump replacement programme in place. The loundation will conlinue to suppurt the redurtion of our impact in future year5 along with other initiatives asthey are identified. Any further building and maintenènce work wll be undertaken to be as energy e￿l[lent as possible. For 2Q20121 a tree management programme has been undertakin8 which includes plantin8 atlditith)al appropriate trees During ihe year ending AuÉust 2020 the foundathjn used 2.161 Mwh of elertricity 6714 Mwh of Gas. This resvlted in associated Scope l and Scope 2 greenhouse 8as emissions of 1.782 tC02e and an intensity ratio of 22.2 m2 pertC02e. Thi5 inforrnation was extraued from our Current ESOS report prepared by an independent specialist who undertook a full site sury to identify energy usage and omissions. 17 Financ131 Review The financial health of the Charity remained strong Isee Reserves, Financial Resources and Liquidity). Total income for the Foundation for the 12-month period to 31 Aueyst 2020 amounted to £34.785k 12019- £3s,s[￿k). The Foundation recorded a net incorne of £1.219k for the period12019- E4,695kl. Capital expenditure during the year was £3,156k12019 - £3.543kl. As a result of the pandemic a discount was given on fees in the Summer term and a hardship find e5t3blished to support families impacted by Covid 19. In additional n￿l-eSsentIal expendilure was scaled back during thi5 uncertain period. Mill Hill School Enterprises made a loss of £46k for 12-rnonth period 10 31 Aueust 2020. 12019- £75k surplu51. this is due to Covid 19 resuictinK its acbvities during the surnmer and easler holidays and summer term. As outlined in notes 8 and 9. the totsl staff related cost of the Foundation for the 12-month period to 31 Augusl 2020 was £23.637K 12019 _ E19.910kl. The total staff cost include5 teaching salary costs of £17.590k 12019 - £14.529kl. The increase in staff c05t was as a result of increase in the ernployer contribution raie of the Teachers. Pension Scheme ITPSI from 16.4X lo 23.6% from September 2019. adoption ol London Living Wage. 3% pay incrÈment for all staff arising from the annual pay review. pay progression and the appointment of additional staff durin8 the period. A review of pay and benefit5 of all staff ai the Foundation is ongoinR. Remuneration Policy RemuneratiDn is covered by the Finance Committee and is delegated by the Court of Governors to determine on it5 behalf the pay and ￿MuneratIon of the Exetutives (including the CEO. Heads, DFR and DOI and their Senior Management Teams. The Committee considers a humber of additirjnal lactors intluding an individual's tontribution to the artivities of the Foundation as a whole, affordability and remuneration offered by charilies of a similar acti7dity, size and complexity- The aims of the Remuneration Policy are to ensure.. compliance with rhe Foundat40n's Chantable purposes and the requirements of FRS 102, all employees of the Foundation are treated faifly3nd pay decisions are free from discrimir¥ation. From September 2019 the London Liviry Wage is paid to all Foundation employees. at least the minimum wa£e is paid to casual workers under the age of 21 years. the rernuneration prO￿ded by the Foundation to its èmployees is balanced between paying its employees fairly and competitively in order to attract and retain the best people for the Foundation and the duty to ensure value for money through the tarÈful management of charity fund5, the Fovndation manage5 its budget to effectively deliver itsstrètewc de¥elopment plans. 18 Key Performance Indicarors The FDundation 355e5se5 its success in the implementation and pur5UIt of r(5 Charity Strategy by the following key ￿rforrnance indicators= pupil numbers in the Schcds the academic results the achievements of its pupils in all areas of edvcational development including sport. rnusi and drama The finanaal performance indicattws include.. pupil numbers net lees total income total expenditure and educ3tion and Foundathin surplvse5 Ouring the course of 202￿21 we propose to develop other. significant new KPIS and measurements of performaThce to help Governors understand how the Foundation and its schools as a whole are performin& the direttion of travel and if the objectives o￿lIned in the strat￿Y are being met. Reserves. Financial Resources and Liquidity As stated in Note 20 of the accounts, the fvnds of ihe Foundaiion are split between those available for day to day requirements ol the Foundation. namely the Unrestricied Fund £35.659k 12019 £32,921kl . those which are restricted of £449k12019 - £2,CQ2kl and the Peimanent Endowment Fund £1.568k12019- £1.534kl. Irjcluded in thi5 balance 1$ 3 Pension Provision for the year of £139K 12019- £139K. see Note 111. The Reserves Policy is io maintain financial ￿$0yr(e$ sufficient to meet rhe Foundation's normal working tapital requirements. a5 well as turrent and future capital expenditure obligations. These resources include a cornbination of.. The regular achievement on an annual basbs. of an acceptable level of positr¥e internal generation of net operational cash flow. after vpEratin8 expenses bjt toexclude a thafge lor deweciation,. the availability of b)rrowings under one or more rnedium to long-term unsecured committed loan credit faolities.. and to the extent feayble. the availability of hjrtherlunds resulting from lundrai5in8 artivities and initiattves which result in donèiions and contributions to the Foundation. in support of its educational objeciives 19 Invesiment Policy The Govemors. current poliey is to invest any surplus working capital funds in interest btarine deposits with a nurnbef of financial institutions. while maintaining suffi.cient financial resources to meet its normal operatine and capiial expendrture cornmitment5. The Foundation Trusts hold equity incorne shares in the Charities 0￿1(131 Investment Fund l-COIF-l. The Court of Governors consider COIF to be a most Sultable investrnent vehicle for Foundation betause of its investment philosophy and eihical investment policy. its broad range of funds prowding diversifKat+on of risk, and its extlusivity to Charity. faith and local authority clients. Risk Management The Governors regularty assess Oitical. finarrial and economit situations. the regulatory and leRal framework. changes in social attitudes. and pupil and employee welfare in undertaking an annual rewew of the systems and pr¢xedU￿s which a￿ in place to manage risks. These are incorporated in the Fovndation's 'Risk Map~ The man3gement of risk is a routine part of the day-tTrday operation and activtties of the Foundation. The Executr¥es regularly report to the Court of Governors b￿h directly and through the relevant svb-committee on all matters concerning risk management. in particvlar risks arising from health and safety. As an independent fee-chargin8 provider of education, whose pupil recruitment is both national and international. thE Ftsundation is mindlul of overall narional and intemaiional economic conditions and recogni5es their potential impact on the Charity. Accordinely. consideration is regularly etven to reviewin8 the overall national and global economic 51tuation. including such factors as inflation and inteiesi rates, foreign exthanEe rates and building industry costs. We assess. in particular. the financial and other risks as5¢Xiated with -8rexrt- and the potential loss of tharitable stalus **thich have been modelled as part of lon8-term financial planning. Appropviate procedures are in place to assess and address idenitfied risks. Health and Safety matters are co- ordiThated through the Foundation Health and Safety Cornmittee which reports fo the Estates Committee. In addition. risk management conirols relate to the areas of strategic plannin& bud8et and rnanagernent ccountin& formal written policies, financial authorisation and approval procedure5. and safeguarding procedure5 for the protection of children. The Foundation's policies in the academic. pastoral and e￿ra-Currl(u1ar areas for each of the 5choo15 are 5ubjetf to periodic review. Mill Hill School Enterprises operates in accordan￿ with the Foundatlgn's Risk Map and relevant policies. In addition. the Director5 of Mill Hill School Enterprises assess identthed tradihe risks to the Company. Enterpfises has been Severe￿ impacted by Covid 19 restricting its ability to trade during the Spring and Summer terms. 20 Trust Funds The following Trust Fund53re separately registered tharities= Mill Hill Sthool Scholarship and Bursaries Trust Charity number 1042028 Mill Hill School University Entrance Scholarship Trust Charity number 1042031 •Aill Hill School Prizes Trust Charity number 1042030 The Trust Funds promde bursaries. financial assistance and priies to the Foundation's pupils and former pupils. The total of such payments lor 12-month period to August 2020 was £44k12019 £102kl. The Accounts of the Trust Funds are consolidated into the financial statements of the Foundation. Auditors In accordance with Section 487121 of the Companies A(( a resolution proposing the èppoiniment of the Auditors will be put to the Annual General Meeting. Approved by the Covrt of Governor5 on ..23 March 2021 and ygrbed on its behalf by. Mr Elliot Lipion, (Hon51, MBA. FRSA. FRICS. Chair of the Court of Governors. Mr Elliot Lipton Chair of the Court of Governofs 23 Mafch 2021 Oate.................................... 21 Statement of Trustees. responsibilities The Trustees (who are also directors of The Mill Hill School Foundation for the purposes of companv law and are ￿ferred to as the Court of Govemorsl are responsible for Preparing the Trustees, Annual Report and the financial statements in accordance %wth applicable law and United Kingdom Accountin8 Standards Iunited Kin8dom General￿AcCepted Ac(ouniin8 Pratticel. Company Law requiiesiheTrustee5to pvepare ffinantial statements for eath ffinantial year which Blve true and fairview of the5tate of affairs of the charitable companyand the group and of the incorning resources and application of resources. includin8 the income and expenditure, of the charitable company and ihe gr￿p for ihat period. In preparinE these financial statements, Ihe trustees are required to.. selert suitable accounting polides and then applythem Cw$i￿tnd¥.' observe the methods and prinuple5 in the Charities SORP. make judgments and estsmates that are reasonable and prvdent- state whether applicable UK Accouniing Standards have been followed. subject to anv material departures disc105ed and explained in the financial statements,. and prepare the financièl statements on the going concern ba515 unless it i% inappropriate to presume that the charitable cornpany will continve in buslness. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accurary at any lime the financial posifion of the charit3blecompanyaAd enable them to ensure that the financial statemenis comply with the Companies Act 20(￿. They are also responsible for safeguarding the a55et5 of the tharitable company and the group and hence for taking Teasonable step5 for the prevention and detertion of fraud and other irregularities. In so far as the Trustee5 are aware.. there is no relevant audit information of which the tharitable cornpanvs auditor is unaware.. the trustees have taken all steps that theyought to have taken to make themsefves aware ol any relevant audit infoimation and to establish that the auditor is aware of that information. 22 Independent Auditor's Report INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ThE IIILL HILL SCHOOL FOUNDATION Opinion We have audited the fin3ncial statements of The Mill Hill School Foundatron lor the year Ended 31 August 1020 which cornprise of the Group Statement of Financial Aciiwties. the Group and Parent Charitable Company Balance Sheets. the Group Cash Flow Statement and notes to the financial statements. including a summary of signrficant accounting policies. The finanoal reporting framework thathas been applied in their preparation 15 applicable lawand United Kingdom Aicountin8Standards, including Financial ReP￿inE Standard 102 The Finartcial Reportint Standard apFlicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practicel. In our oplnlon the financlal statements: ve a and lairwew of the state of the 8roup'sandthe parefit tharitable tomp•nVs affairs zs èt 31 August 2020 and of the group'5 incoming resource5 and applitation of resources. including its inccmxe and expenditure. for the year then ended.. have been properly prepared in accordance with Untted Kingdom Generally Arcepted AcC￿￿tIng Practice." and have been p￿pared in accordance wth the ￿quIrernents of the Companies Act 2C4)6. Basis for opinion We conducted our audit in accordance vrrith Internarky￿I Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those standards are further described irk the Auditor's Re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan￿ with the ethi(al requirements that are relevant to our audit of thefinancial statements in the UK. includingthe FRUS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethat the audit evidence we have obtained is sufficient and appropriate to prO￿￿e a basis lor our opinion_ Con¢lugons relatknito 8oinK concern We ha¥enothin8 to￿￿Ort in ￿$pert011he follo￿0£ matters in relation to which the I￿$ IUKI require us to reportto you where.. the trvstees. use of the going concern basis of accounting in the preparation of the linancial stateme￿5 is not appropriate.. or the trustees have not disclosed in the financial staternents any identified material uncertaintie5 that may cast significant doubt al)out the group's and parent chariiable cornpan*5 abiliry to continue to adopt the Boing concern basis of accounting for a period of at least twelve months from the date when the financial state￿￿￿t$ are authorised for issue. 23 Other inforrnalion The other inforrnation compri5e5 the information indvded in the annual report. other than the financial statements and ¢)ur auditorfs report thereon. The trustee5 are responsible for the other inlormation. Our opinion on the finanoal5tatewr￿nts does notcoverthe other infomiationand.except to the extent otherwise explicitly stoted in our report, we do not express any form of assurance conclusion thereon. In connettion with our audti of the finanoal statements. our responsibility 15 to read the other information and. in doing so. consider whether the oiher information 15 malerially inconsistent with the financial statemenis or our knovledge obtained in the auditor otherwise appearsto be materially misstaied. If we identify such material inconsistencies or apparent ffjaterial misstatemenis. we 3Te reqvired to determine wh￿her there is a material misstatement in the financial staternents or a material rnisstaternent of ihe other inforrnation. If. based on the work we have performed. we tonclude that there is a material misstatement of this other inforniation. we are required to report that fact. We have nothing to report in this regard. Opinions on other m3ttews prescrlbed by the CompaniEs Art 21x16 In our opinion. based on the work Undertaken the c(yJTse of the audr¢'. the information given in the 5tratwc report and the trustee5' annual report for the financial year fof which the finanoal statements are prepared is con515tent with the financial statements." and the straie8i¢ ￿pOrt and the trustee< annual report ha¥e been prepared in èttordance with applicable legal requirernents. Matters on whith are required to re￿ by ucepilon In the light of the knowledge and understandinK of the gr￿P and pafent charitable company and it5 environment obtained in the course of the audit. we have not identified material misstatements in the strategic repwt orthe trustees. annual ￿pl￿￿_ We have nothingto report in respect ofthe followinR manerswhere the Companie5Act 2￿6 require5 us to report to you if. in our opinion-. the parent charitable company has not kept adequate and sufficient accountsn8 records, or returns adequate for our audit have not been received from bTrnthes not visited by us,. or the parent tharitable companrfs financial statements are not in agreement with the accounting records and returns: or certain disclosures of tTUStees' remuneration spectfied by laware not made- or we have nor received all the information and explanations we require for our audil 24 RespMslblftles of trusftes As eX￿ained more fully in the trustees. ￿$￿nSibIlitieS statemenL the trustees Iwho are also the diredors of the charita￿e company for the purposes of company lawl are responsible for the preparation of the financial Statements and lor being satisfied that they give a true and fairview, and for such internal con¢rol as the trustees determine is necessary ￿ enable the preparation of finanoal statements that ale free from material mi55tatement. whether due to fraud or error. In preparing the financial statement5. the trustees are responsible for355e55ing the grovp and parent charitable ¢ompanW5 abilrty to conts.nue as a goin& concem. disdosin& as applicable. matters relzted to going concern and using the going concern basis of accounting unless the trustees either intend to liouidate the group or parent charitable company or to cease operations. or have t)0 realistic alternative but to do so. A￿lit0￿$ respons•bilities f¢)rthe audit af the finan(ial 5oatements Our objertives are tts obtain reasonable a55urance about whether the financial staternents as a whole ale free Irom material misstatement, whether due to fraud or error. and to Isslle an auditor's report that includes out opinion. Reasonable assurènce 15 a high level of assurance, but is not a 8uarantee that an audit conducted in accordancewth Is￿ IUKI will always detect a rnaterial misstatement when it exists. Misstatements can arise from fraud or error and are Conside￿ material if. indiwdually or in ag8re8ate, they could reasonabty be expected to influentr the econofflic dea5ions of users taken on the basis of these financial ￿atemertts. As parr of an audit irb accoidance with ISAS IUKI we exercise profess¢onal judgement and mainta professional scepticism thfwglKMA the audit_ We a150'. Identify and as5e5S the risk5 of material mi5Statement of the financial staternents. whether due to fraud or Èrror. design and perform atsdit procedures responsive to those risks. and obtain audit evidencethat 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one svlting from error. as fraud may involve collusion. forgery. intentional omissions. mi5repre5entations. or the ovwride of intemal control. Obtain èn understanding of internal Cffitrol relevant to the audrt in order to design audit procedures that are appfopriate in the circumstances. but not for the purposes of expressing an opinion on the effectivene550f the grovpand parent tharitablecompanW5 Internal control. Evaluate the appropriateness of accounting polities used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trusiees, use of the going concem basis of accounting and, based on the audit evidence ijbtained. whether a material vneertainty exists related to events or conditions that may tast significarbi doLJbt on the group and parent charitable company's ability to continue as a gosng concern. li we conclude that a material uncertainty exists, we are required to draw attenlion in our auditor's report to ihe related disclosures in the financial statements or. if such disclosvres are inadequate. to Modify our opinion. Our conclusions are based on the audit ewdence obtained up to the date of our auditor'5 report. However. future events or conditions may ca￿e ihe group or parent charitable company to cease to continue zs a going concern. 25 Evaluatetheoverall presentation. structure and contentof thefinantol statements. including the disc105ures. and whether the finanoal statements ￿present the underlying transaction5 and events in a manner that athie¥es fair presentation. Obtain 5ufficientappropriate audiie¥idence regarding ihe financial information of the entitie5 or business actmties within the group to express zn opinion on the consolidared financial Statements. We are respoD5ible for the direclion. superwsion ar￿ performance of the group audit. We remain Sole￿ responsible for our audit report. We communicate with those charged wf(h govemance regardin& among other mattels, the planned scope and timing of the audit and significant audri findings. including any signif¢cant deflcienoes in internal control that we identrfy during our audit. Use of our report This report is madesolelyto thetharitablecompan￿s members. as abody. in accordance withchapter 3 of Part 16 01 the Companie5 Act 21x6. Our audit work ha5 been undErtaken $0 that we mi8ht state to the charitable company's membefs those maiters which we are required to state to them in an auditor's report and for no other purpose. To the lullest extent pefrn￿ed by law. we do not accept or assume ￿SpOnsIbl1￿V to any party ¢xher than the Charitsble company and charitable cornpany'5 members as a bc*Jy. for our audit work. for this rewt. or forthe opinions W￿ have formed. I LX>re LIb￿j51￿￿ L e Awl 2020 Shivani Kothari (Senior Statutory Auditorl for and on behalf of Moore Kingston Smtth LLP. StstutoryAuditor Devonshire House 60 Goswell Road London, ECIM 7A0 26 The Mill Hill School Foundation STATEMENT OF FINANCIAL ACTIWTIES Including the incorne and •xpqrMliiuTr 51at•mEntl rcrf Ihe ar ended 31 A u$1 2020 2019 £QOOs IWCOAIE FROM.. 31J95 L409 31.4 Oltrwlnmmo 47 Grnrts ar￿{￿7￿1 913 34.P45 12 34.705 3S.506 EXPENtyTuReoN.. 1fj7 234 In*rni andoth¥ 7Bg 22 92.116 50.510 9).4 CHEDrroRs.. th(Wts Falliw(fve •ftethN¥tthantY 114.351) 115.4661 3)) 1139) FUNDS 35. 32.921 32MZ5 ,457 unts Tr TL* ResA#¢tt *y Tl* the Je¥Wthd 31 W aJJJ wE34.595k (201*. £35.24*1 Nei￿(￿v*•jftr￿ty ￿￿￿5•y 31 W20J)**£lZ27k12019.' f4ffj95k The Mill Hill School Foundation CASHFLOW STATEMENT for th8 ¥ernted 31 Au ust 2020 CASH FLOAT￿Ale11EIjr 2120 2019 126 1457} 13.156) Fkonrif4' 6.478 15 The Mill Hill School Foundation ACCOUNTING POUCIES rerthe ded31A ust 20x1 1 ACCOUNfwGPOLtEs 1.1 BA515 OF PREPARAT of IrwarA1 IFRS 1021 The Ch*¥Jt4t i% • kr ot FRS 102 4rt Ctsfity SCWiPl. theC￿V￿lES ed F(thttAWJn ￿ assets. •Xl rexdts ￿r¢I$•YCCrnp￿y. ￿1 S1￿cl 11 G(YNGCr￿￿RN 1.3 CLWPANY LNtTED BY 1x14RAN￿E ofTr FtsJthJAOW. 1.4 FEÉS RÉCEWA&E ANDSWLAAIP*thT•5*￿£1.1ffj?k (X)19' £fl)ekltr 10 GOVER1￿5 REliuf￿￿0N ANDBEIIEFIT5 12019. 9)*vere#r**J[￿ E>¢W19 £>1 The Mill Hill School Foundation NOTES TO THE FINANCIAL STATEIIENTS fLYthè r tnaed 31 A $1203] 11 pEN￿liS 10 b)• TPS ol £2.5&* IXII* £I.SI>I >wr PU19." £1￿ iew cl 23￿. swor•J the c￿rtS r05 Trtyj￿￿ as •$ rnethr £JZlk 12019."t2%*1 ¥WV•J£rd m1*. ffleMb￿ af arE r￿A￿u￿ In in tho £19k12019' f19kl an¢ 4 12019."t13YLI. 13 ￿ INCOIIE FOR The YEAR 2019 1.007 The Mill Hill School Foundation NOTES TO THE FINANCIALSTATEMENT$ for end￿ 31 st 2020 Tot41 At 1 SepiwrO•TZ019 Iofym 797 319 $5 rxskwaLs pa J1 •jJgL*￿2D sJ.I IOMI 64P2J 1 Sfpknrt*2019 7926 *4B4 Z13 i)M23 l.N7 IJ) 121) JiAW20 6.129 237 At)Y &W20J) 4J52 12$ At I Ser¢￿*￿2019 41.131 ¥AtrhFixtyJQS IF￿15 we w5sa5XtsLrf£1C* rf£1ryL*tyJ HIIE*prisestrNity a rilN Tr* wer4£170Xth POI*. £140.344kl. 2019 14 Wff¥ESThEIIIS IL 2019 1.534 1.436 IS STOCK 2019 £OOQs 3T The Mill Hill School Foundation NOTES TO THE FINANCIAL STATEMENTS Ihe r ended 31 ust 2020 110É8TI)AS 19 )19 £or•)s 479 13661 12 479 13661 12 517 12 Le$5 17 CREWI)RS 2019 3019 Barth •17 •17 1.144 TrJd•ct•¢h 32 Fee Otherrnrfi as 7• 249 374 101 79J 11.068 2019 439 7.573 (7.5731 a439 I• ¢REffflJRS DUE￿EROIlETr￿•￿ 2019 5chpol •Gr￿P aG IOWZ 63 3J64 The Mill Hill School Foundation 140TES YO THE FIP4AN¢IAL STATEMENTS ar end80 31 U812030 ¥fy19 884 1.703 65TT lQ.911 202D 19 L411 gji L341 1247 1225 Tr19 IhLY*)*atOr*S$ 48 4n 61 5.524 al19 •)XWts*•JmiS¢ywwd ¥ a r¥erfLWR rthts2.25% ftYdrnkofLWA • 2.25%on thE 10&7 Is 5.73% 499%pEr4Mum. Tr t3m ￿￿1*•&*Ji%rWWOtye bwor￿ 1>n The Mill Hill School Foundation Noyes TO THE FINANCIAL STA7EMEIITS for the rended 31 A us12020 19 FIIIMeWL*•STAiJriÉins 1019 2019 1.5Y 17M• Ify STATEIAEIITOF FIJI At31 Ayjsi 1019 143Z 76) Jn*Sgf•Jl 921 31.757 rJ3,5ts) 01 *ItHIllA4ug¢ Sckn A8C Bur5¥*6 81 pin 214 l(*)2 JT.fjT6 Al31 Aww¥t ZP19 0￿5) UThEslndEd ￿rth.. 26.5 31934 IX6761 IU7J ioi 19.931 1176 De￿gry*d A l￿d￿￿rt9) RestrKied fund>" 1101 15? Mll ￿11 923 313 91T {w} L4 L534 3L762 35m4 131.187J 3(457 41 The Mill Hill School Foundation N07ES TO THE FINANCIAL STATEMENTS for the ar en¢y8d 21 Au USI 203] E2.Om 1r￿￿tr￿tr￿£1.51￿k Pall S¢Moi Wwr9tyEnb￿ s(Mar4￿Tlu￿ ThtTn*MvdUE*edtsyDEdarnW>)L¢TILSttsW 19Uwth 1991 th¢ $Jfftr￿C•d Fur E30.123k bYNJ•alAuyJ5tlOX. E30.C*9r￿attSttITr￿ F(￿s•￿0)l9. Mll H115¢hrxA Én￿￿e 12D19 t￿) 21 AIULY$ISOFIIET ASSETS BET￿Ell fUIIOS T•tsi £•006 Taigitlefixed as* iy.ni 49.731 9.145 es Long term l￿bIth ￿4.￿￿> 114.49fy) 35.6S9 37.618 2019 47.516 47. Inv¢Strr*rts Curtenl Cunwl Iiabl*ip5 1.5Y 12.072 iii.I 15.9) 14,014 111.13D) 115.flJ71 TrA* netass 32.921 1.534 3&457 The Mill Hill School Foundation NOTES TO THE FINANCIAL STATEMEWTS rly the r or#l8d 31 A st 2020 21 ¢WIAITME•JTgIJI￿EROPERAThIG LEASES 19 pwto 2Q19 ptsrt& 19 1) 23 RE￿TED PAtmES ofThe P¥AInEiofG￿th￿er&7￿￿￿bj LLP. p3wr¢nl ff•sWw£35kl2019."￿1. of*ith Ej￿ 12019 £6%(IrthlestQ H￿SC*￿01F￿rth 4 TRU8TFUIIOS 111 Hlll $¢hwl Truit ill Hlll S¢pwl VnhwstyEntr•V 11111 Itlll Scpwl Tw•i 2420 1018 l644 47 46 97 •Mèlk•l Jl •Jwi ¥J20 ofwxh SdYdwa5£4lk IX)1> £10Y41 The Mill Hill School Foundation NOTES TO THE FINANCIAL STATEMENTS lorthe r eThJ•J 31 Au st 20 CONTROLLEO e 2019 363 12381 170 "an ￿£3? > l¥J1* Ethl S•¥y¥•*pwrf•>i£JThlW1*. wi*.£14kl. hE•t•vJ Iv*1 (2019 £4*1 Ir¢wJnct(rxll¥J19 ty1.rer•i S nwtwwfrd11019 £ral. [dErA￿£1￿(2D19. £1k}vMspll￿j ioTr a7 NOTESTO TME ¢A8+FLaW¥TATWEMr 2019 1219 4M5 7) 45? PrnlWL055l￿5d￿ 01*￿￿￿$$ets (2.SJS1 31 2.442 31 1J. {42ai 9.03 1Jy6 Oebl 74J T4X 45