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2021-08-31-accounts

Registered number: 04855372 Charity number: 1099027

THE MAYNARD SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2
Independent auditors' report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 39

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

Trustees Lady Jan Stanhope, Chair
James Ronald Dart, Trustee
Sara Randall Johnson, Trustee
Councillor Peter Holland, Trustee (appointed 1 October 2021)
Wendy Manfield, Trustee
Lynn Turner, Trustee
Christopher Gatherer, Trustee
Henry Luce, Trustee
Lady Emma Birkin, Trustee
Nicholas Bruce-Jones, Trustee
David Kirk, Trustee (appointed 1 October 2021)
Jane Chanot, Trustee
Christina Walton-Pocock, Trustee
Sarah Witheridge, Trustee
Company registered
number
04855372
Charity registered
number
1099027
Registered office
The Maynard School
Denmark Road
Exeter
Devon
EX1 1SJ
Independent auditors
Bishop Fleming LLP
Chartered Accountants
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
Bankers
NatWest Bank
Vantage Point
Woodwater Park
Pynes Hill
Exeter
EX2 5FD
Solicitors
Foot Anstey
Senate Court
Southernhay Gardens
Exeter
EX1 1NT

Page 1

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees present their annual report together with the audited financial statements for the year 1 September 2020 to 31 August 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).

The Maynard School was incorporated as a charitable company limited by guarantee, with no share capital, under Section 30 of the Companies Act, on 4 August 2003 (Charity number: 1099027, Company number: 4855372). On 1 September 2003 all the assets and liabilities of the unincorporated charity were transferred to the newly created company.

In the event of the company being wound up, every member, while he or she is a member or within one year after ceasing to be a member, undertakes to contribute such an amount as may be required (not exceeding £10) to the Company's assets.

The Charity's principal address is The Maynard School, Denmark Road, Exeter, EX1 1SJ Email: office@maynard.co.uk and website: www.maynard.co.uk

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Principal Activity

The School's principal activity continues to be the provision of a Day School for 4-19 year old girls on an academically selective basis. The School is open to girls of all faiths and none and provides a broad range of subjects, as well as a rich extracurricular programme which includes sport, music, drama, voluntary work and charity fundraising activities and outdoor pursuits.

There are many opportunities for the older students to interact with the younger ones (for example Sixth Formers assist in the running of extra-curricular clubs for the junior girls and act as buddies or peer mentors for the Year 7 pupils). Each section of the School has its own premises and staff. There is, however, considerable overlap between the Junior School and Senior School and this contributes to the overall "feel" and ethos of the School, where the enjoyment of flexible teamwork is a key factor for both girls and staff. The Headmistress is supported by other members of the Senior Leadership Team in co ordinating in service training and staff appraisal for both teaching and non teaching staff.

The average number of pupils during the academic year 2020/2021 was 444.

OBJECTIVES AND ACTIVITIES

The Object of the Charity, in accordance with its Trust Deed, is the provision of a Girls' Independent Day School, in or near Exeter for girls aged between 4 and 19.

Aims and Intended Impact

The School's aim is to provide a first class independent education, through strong academic tuition, effective pastoral care, and the development of wider social, cultural, sporting and spiritual development of girls and aims to ensure that each student will:

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Girls are encouraged to develop as articulate, confident and responsible members of a community in which cheerful co operation and generous compassion are highly valued.

Objectives for the year

The School's key objectives for 2020/21 have been to:

Premises

All these objectives have been achieved despite the COVID-19 pandemic lockdown and its far reaching consequences.

Strategies for Achieving Objectives

The School's strategy is in the context of its medium to long term goals of:

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The School measures the success of its strategy by continuous monitoring and feedback to parents, staff, senior leadership and governors, against progress in the annual School Development Plan and ultimately, via examination results and the success rate for pupils moving on to their choice of higher education, degree apprenticeships other training/employment. The sense of enjoyment, satisfaction and achievement experienced by pupils in curricular and extra curricular activities is more difficult to measure, but is largely assessed through participation levels, two annual drama productions, termly music concerts, success in competitions, pastoral reviews, pupil and parental surveys and parental feedback.

Regular contact with former pupils enables an analysis of their professional achievements and their voluntary contributions to society to be recorded and promulgated. Use of the school's website, Alumni publications and social networking sites helps to publicize such achievements.

Principal Activity

The Governors have given careful consideration to the Charity Commission's general guidance on Public Benefit, including the guidance 'public benefit: running a charity (PB2)', and in particular to its supplementary Public Benefit guidance on advancing education and fee charging.

The Governors are proud of the School's record in providing a range of financial assistance to support girls from financially disadvantaged backgrounds and to recognise academic achievement.

In 2020/2021 the School supported 48.12% of its roll with a range of fees assistance. This financial support totalled £725,767.74 representing 12.2% of total tuition fee income.

The types of fees assistance available at the Maynard include Governors Bursaries, Maynard Awards, Exhibitions, Scholarships, sibling and staff discounts.

All bursaries are annually means tested, and in 2020/2021 accounted for 22.51% of total fee support, with 19.27% of the total number of pupils receiving means tested bursaries. The maximum discount available for girls in receipt of these bursaries is 45% of tuition fees, and 10 girls received this level of support in 2020/2021. The Maynard is also strongly proactive in helping low-income families to secure additional financial support, and external charitable trusts provided further fees assistance for 3 students receiving means tested bursaries from the School. Taking into account support from School funds and from these external organisations, 20 received means tested assistance between 50% and 90% of fees and 7 students have received 100% funding.

The value of Scholarships, and Exhibitions awarded for outstanding academic performance and excellence in Music, Art and Sport along with Maynard Awards totalled £450,058.12 (62.01% of total fee support), and staff and sibling discounts amounted to £112,314.78 (15.48% of total fees support).

Involvement in the Community 2020-2021

In fulfilling its Charitable Objects and furthering its Public Benefit obligations, the School has built, and is strengthening, its links with the wider community.

The Maynard continues to run a Maynard Award scheme and means tested bursaries to increase the access to the school for girls in the city and the surrounding area.

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The Maynard's facilities are hired by a range of sports and youth organisations. Those organisations that do pay to use these facilities are charged reasonable rates. Hire rates are negotiable depending upon what the size and financial resources of the group needing support. The School also loans equipment to local community and school groups.

The Maynard has links with state schools and provides many outreach and master class sessions in STEM and ICT subject areas free of charge, particularly to Year 5 and 10 age groups. The school also attends careers/options fairs, assemblies. It partners with one state school specifically to share teaching and coaching expertise, CPD and offers certain other resources such as minibuses and outdoor education expertise. Pupils from many other schools are invited to our annual drama productions and musical workshops.

The Maynard has a well-established induction programme for newly qualified teachers (NQT/ECT) and has one presently going through the system.

Individual members of the Maynard staff also contribute to wider curricular and subject development by, for example, acting as Governors for other state schools, running specialist seminars at conferences, writing material for national competitions, marking public examinations and contributing to the work of national curriculum and subject development groups. The School also provides facilities for external students educated at home or through correspondence courses to take their public examinations, a service offered by a very limited number of centres.

The School is usually very active in its support for wider community projects, and Maynard girls volunteer their time and skills for community projects. Sadly the usual volunteering level such singing at local care homes, Sports Leaders delivering multi-skills sessions to pupils from local primary schools and the Blue Bird scheme whereby elderly people come into schools and talk to and play with young children was curtailed due to the pandemic.

Charity Programme

Students and staff were once again very active in raising money and carrying out voluntary work during the course of the year although these activities were reduced very significantly due to COVID-19. For example, the usual large charity activities such as the Christmas Fair and Carol Service were not able to take place due to COVID-19

There is a successful charity programme supporting a range of school charity projects such as Children in Need, Comic Relief, MacMillan Cancer, Gill Hayes Memorial Trust, Much Loved etc. Most events are fully student led. In total the school raised approximately £906.

An exciting project spearheaded by the PE department continues with the school's involvement in the SOS Africa Children's Charity (UK Charity No. 1105747) which is a small UK based grassroots child sponsorship organisation which invests 100% of donations in the education and care of African children. This raised £861.27 in the year.

VOLUNTEERS

The School relies significantly on the voluntary contribution of help from parents and others in the community. Volunteers support a wide range of extra curricular activities and their significant contribution is warmly welcomed by the Governors. Events such as Ten Tors and Duke of Edinburgh are very well supported by parent volunteers.

ACHIEVEMENTS AND PERFORMANCE

a. REVIEW OF ACTIVITIES

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Operational performance of the School

A Level Results:

36.6%A 78.7% A/A 92.7%A*/B 100% Pass Rate

The Maynard is delighted that 70% of students are going on to study at Russell Group Universities with two obtaining places at Oxford. For the remaining 30% of students, 15% are studying specialist courses in art, fashion and theatre with the remainder opting for courses not offered by Russel Group Universities. 92% of students got their first choice or an upgraded choice of University.

GCSE Results: Grade 9 and above 29.8% Grade 8 and above 56.8% Grade 7 and above 80.2% Grade 6 and above 92.8% Grade 5 and above 99.5% Grade 4 and above 100%

Unfortunately due to COVID-19 lockdown the Ten Tors Challenge was cancelled for 2021.

Despite the COVID-19 lockdown, twenty one girls gained Bronze in the Duke of Edinburgh Awards, five ZHUH DZDUGHG 6LOYHU DQG WKUHH DFKLHYHG *ROG %HFDXVH WKHUH ZHUH VHYHUDO JLUO¶V ZKR FRXOG QRW FRPSOHWH WKHLU expedition due to Covid, the Duke of Edinburgh Scheme have issued certificates of achievements (anyone who has completed all but the expedition). The numbers for this are; 5 x Gold, 7 x Silver and 22 x Certificate of Achievement.

Most trips were curtailed due to COVID so Slovenia, Borneo, Germany, Iceland and the USA have all been postponed

PE Department

There were no National Competitions in the 2020/21 year due to Covid. In the terms that we could, we maintained the number of clubs before school, at lunchtime and afterschool, operating in age group bubbles and had strong numbers attending. A couple of our very top performers were able to see compete as Elite Athletes. One student gained selection for U16 GB Basketball and another highly ranked U18 player became Devon Tennis Champion and played successfully in the National LTA tennis tournaments. One student was selecWHG LQWR WKH 'HYRQ ZRPHQ¶V FULFNHW WHDP DQG WZR JLUOV WUDLQHG DQG SOD\HG DV SDUW RI 7HDP %DWKV 1HWEDOO regional academy.

Music Department

Covid 19 did not dampen the spirits of our musicians as they turned their talents to online recordings and performances. In particular, they took part in two world record attempts. In December, Year 9 joined a live stream of a music lesson with Jamie Cullum, the jazz-pop singer-songwriter and radio presenter in his attempt to host the largest music lesson in the world. Meanwhile, Y3 and 4 managed to contribute to a Guinness World Record. They joined the livestream from the O2 from Young Voices in the attempt to break the world record for the most people singing simultaneously. Over 350,000 tuned in from around the globe and sang Bill Withers' Lovely Day, specially arranged for the occasion.

With nearly all of our ensembles unable to run and live concerts also not possible under COVID-19 restrictions, everything moved online. Online class concerts, an online music celebration weekend with solos from our U6th musicians, an online Christmas celebration and an online House music competition were just some of the ways in which we had to adapt.

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

We were delighted to play a role within our local community and recorded music at Christmas for both the /RUG 0D\RU¶V PHVVDJH WR WKH FLW\ DQG IRU +RVSLVFDUH¶V )HVWLYDO RI /LJKW

There were many individual success as well:

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± 3 in the Devon Youth Symphony Orchestra Alice Player (violin), Thalia Gibbons (flute), Emily Hocking (harp)

1 in Devon Youth Jazz Orchestra ± Kristina Pavic (saxophone)

3 in the Devon Youth Concert Orchestra ± Annabel Turner (flute), Honey Hubble (saxophone), Millie Allott (violin)

3 in the Schola Exe (the County Senior Choir): Merrie Harrison, Amelie Hughes, Chloe Hughes

± 2 in the Benedetti Foundation online, international courses & recordings Zoe Cole (viola) ± Pipe Up (Devon organists) Alice Player

4 gaining Grade 8 ABRSM with 2 distinctions in violin, voice, merit piano, voice.

Key Achievements 2020-21

SDP Key Areas

Accommodation and resources

b. FUNDRAISING PERFORMANCE

A total of £18,076 was raised to support the Maynard's Bursary Fund. This included £2,916 by way of gift aid and a further £15,160 was pledged annually by on going standing orders.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

c. INVESTMENT POLICY AND PERFORMANCE

The Charity's powers of investment of its Trust Funds are governed by the Trustee Act 2000. Restricted funds for prizes and similar objects are represented by specific gilt edged and similar investments or cash on deposit. The School's working capital continues to be invested on the best possible terms both for working capital and the longer term needs.

FINANCIAL REVIEW

a. FINANCIAL REVIEW (2020/21)

The School's operating surplus on Unrestricted Funds was £512,923 as shown on the Statement of Financial Activities (2020 surplus was £180,610) . The average number of pupils was 444, compared with 449 in 2020. Resources expended increased by 1.4% and income increased by 6.9% due to increase in pupil numbers.

The increase in resources expended was contained and due to a significant rise in pupil numbers.

As with the previous financial year 2020-2021 has also had an effect due to the COVID-19 pandemic, which impacted on our cost base and revenue. For this reason, the school feels it is difficult to draw a direct comparison between this year and any other previous years.

b. RESERVES POLICY

The school continues to invest in a wide range of improvements and initiatives but does so within strict financial guidelines. The Free Reserves excluding designated funds currently stand at £894,771 (2020: £373,121) and are carefully maintained as a positive balance to meet the unforeseen needs of the school.

With strong pupil numbers going forward and a healthy future pipeline, the Governors believe that the school's cash balance provides an accurate measure of the financial stability of the school and its ability to fund future developments. The Trustees have agreed that a cash balance of at least £900,000 should be maintained at all times to provide the right level of reserves and liquidity. At year end the cash reserves stood at £2,097,593.

c. GOING CONCERN

The Governors have assessed the use of the going concern basis to consider possible events or conditions that might affect the ability of the School to continue as a going concern.

The Governors have considered the impact of COVID-19 on the income, expenditure and reserves over the last year. This information and experience has been used to inform the forecasts for the forthcoming year. As a result, the Governors are confident that the charity has adequate resources to continue in operational existence for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements.

However, at the time of approval of these accounts, the country is in lockdown again. Unlike last year, we have more pupils of key workers still in school. At this time, it is not clear how long lockdown will last and when we can fully re-open the school. Furthermore, future responses to and impacts of the continuing pandemic are not clear and it is difficult to forecast what the longer term consequences will be for the economy and hence what impact it may have regarding pupil numbers for the future, but current indications are that the School is well placed to remain a going concern through the pandemic and beyond.

d. REMUNERATION POLICY

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THE MAYNARD SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The Governing Body through the work of the Resources Committee sets salary scales. Recruitment of new staff is based on scales that reflect the local market. Existing staff pay reviews are considered by the Resources Committee in light of budgetary constraints.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

The Charity is governed by the provisions of the Trust Deed, dated 30 July 2003, which was amended to assist and complement the process of incorporation of the previous charity.

The Charity Commission has also approved a Uniting Declaration for the School's Prize Funds and the previous unincorporated charity.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

One Governor is appointed by Devon County Council and one by Exeter City Council and the Lord Mayor of Exeter is an exofficio member.

Four Governors are appointed by The St John's Hospital Education Foundation. The remaining Governors are appointed on the basis of their relevant skills and experience. Some Governors are parents of children attending the school.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

New Governors are inducted into the School by way of a briefing on the role of a Governor, with detailed Charity and School documentation. Safeguarding training for all Governors, is organised by the Designated Safeguarding Lead in the School and the designated two Safeguarding Governors are trained to level 3. All Governors are given the opportunity to attend specialist seminars and to engage with learning opportunities arranged by The Association of Governing Bodies of Independent Schools (AGBIS) and other relevant bodies and there is an annual School Development Plan session to which Governors are invited. Additionally, certain Governors' meetings include a presentation by a member of staff on their subject expertise, department or other area of School life. Governors are also regularly invited to attend School to monitor and expand their knowledge of its academic, pastoral, administrative and resource functions.

d. ORGANISATION MANAGEMENT

The full Governing Body meets three times a year to review the general strategy and policies of the charity and to monitor its overall management and control for which it is legally responsible. The Governing Body has standing Sub-Committees that meet termly for Resources , Employment, Education, Junior School, Strategy, Health and Safety, Staff Liaison and Regulatory Compliance. All sub-committees have terms of reference for their areas of responsibility and delegated powers of authority. Similarly, the Chairs of the SubCommittees meet termly as a formal constituted Sub-Committee with its own terms of reference. Minutes of the Sub-Committees including any recommendations beyond their remit are submitted to the Governing Body for approval.

The Resources Sub-Committee is responsible for the oversight of the management of resources including people, premises, ICT, commercial issues and all financial issues and makes recommendations to the Governing Body concerning the annual budget and outturn, and any changes to the level of tuition fees and salaries. The Employment Sub-Committee is responsible for monitoring new legislation and practice and for reviewing all employment policies and procedures and recommending and overseeing their implementation. The Finance manager also attends this committee meeting to report on financial matters. The Education SubCommittee also meets once per term and is responsible for reviewing all academic and curricular issues and making appropriate recommendations to the Governing Body. It is attended by members of the SLT who report on their areas of expertise. The Strategy Committee is responsible for reviewing the Governors' vision and strategy for the school, making recommendations to the Governing Body and overseeing its implementation going forward.

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The operation of the Regulatory Compliance Committee has an overview of all areas of school compliance checking and challenging compliance logs and further functionality is described in more detail in the Risk Management section of this report.

There are individual Governor Representatives for Safeguarding, Health & Safety, ICT, Learning Support. The School's Health and Safety Committee meets termly and the Health and Safety policy is reviewed and approved annually by the Governors. The Headmistress along with the Health and safety Officers for the school attends and reports to all Governor and Sub-Committee meetings.

Governors are invited to a variety of School events and are encouraged to participate in informal school occasions such as attending plays and concerts.

The day-to-day running of the School is delegated to the Headmistress, supported by the Senior Leadership Team.

e. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The School or members of the Senior Leadership Team, as appropriate, are members of significant national professional and educational bodies such as GSA, ISC, IAPS, AGBIS and

ISBA; two members of the Senior Leadership Team are trained inspectors with the Independent Schools Inspectorate.

The School is organised into a Pre Prep (Reception to Year 2), Junior School (Years 3-6) and a Senior School, including the Sixth Form. The Senior Leadership Team comprises of the Headmistress, , Director of Studies, Director of Sixth Form, Head of Junior School, Assistant Head Pastoral/Co-Curriculum, Assistant Head Pastoral/Safeguarding, Finance Manager and Head of Marketing and Communications, with the Headmistress in overall charge. The middle management of the school is comprised of the Heads of Department and Heads of KS3 and KS4. Heads of Department report to the Director of Studies and pastoral teams report to the Assistant Head Pastoral/Co- Curriculum.

The School co-operates with other local charities in on-going endeavours to widen public access to its educational provision, to optimise the use of cultural and sporting facilities and to awaken in the pupils an awareness of the social context of the education they receive at the School.

The School maintains close and effective relationships with other schools in the area (both state and independent). These relationships include voluntary work, shared CPD, shared expertise and work experience carried out by the School's students.

Through the structure of its Governing Body, the School has close links with the County of Devon, the City of Exeter and the University of Exeter. It seeks to promote these links through pupils' cultural, sporting, academic, dramatic and voluntary activities, as well as through work experience carried out in local firms and organisations by Maynard pupils.

The School is supported both financially and in its ethos by the Maynard Parents' Association ('MPA'). The MPA, which has its own charitable status, is run independently of, but has close links with, the School. The school is also supported by St John's Hospital Foundation which also appoints members of the Governing Body.

The Governors also welcome and value the contribution of the many parents and friends of the school who generously volunteer their time and support to the School in so many ways.

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

f. RISK MANAGEMENT

In light of the Independent School's Inspectorate (ISI) regime, the Governors have a Regulatory Compliance Committee. This Committee is responsible for, and reports to, the Governing Body on the various areas of risk around any non compliance. The Regulatory Compliance Committee reviews the School's compliance with the regulatory requirements of the ISI in the areas of leadership and management, welfare and safety of pupils, suitability of staffing, premises and health and safety. Each area is monitored and reviewed by the Headmistress and Senior Leadership Team and a nominated Governor who reports on a regular basis to the Governing Body. The Governors thus retain overall responsibility for risk management and control in addition to receiving regular updated logs, reports, inspection feedback and meetings with appropriate staff. Additionally, a range of statutorily approved organisations inspect and verify certain high areas of risk and the School's insurers carry out a regular liability review.

The Governing Body is responsible for the management of the risks faced by the School. Detailed considerations of risk are delegated to the relevant committee. The key risks are:

PLANS FOR FUTURE PERIODS

a. FUTURE DEVELOPMENTS

The School's Development Plan 2021/22 includes the following significant items;

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of The Maynard School 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).

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 charitable company and of the incoming resources and application of resources , including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

7KH 7UXVWHHV¶ 5HSRUW LQFRUSRUDWLQJ D VWUDWHJLF UHSRUW ZDV DSSURYHG E\ RUGHU RI WKH %RDUG RI 7UXVWHHV, as the company directors, on 17/03/2022 and signed on its behalf by:

Lady Jan Stanhope

Chair

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAYNARD SCHOOL

Opinion

We have audited the financial statements of The Maynard School (the 'charity') for the year ended 31 August 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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).

In our opinion the financial statements:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Annual report other than the financial statements and our Auditors' 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAYNARD SCHOOL (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 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.

Page 14

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAYNARD SCHOOL (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, procurement and payroll. We identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. These included safeguarding regulations, data protection regulations, occupational health and safety regulations, education and inspections legislation, building legislation and employment legislation.

Our procedures to respond to risks identified included the following:

Page 15

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAYNARD SCHOOL (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Charity's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Borton FCA (Senior statutory auditor)

for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS

17 June 2022

Page 16

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and
endowments
Expenditure on:
Charitable activities
7
Total expenditure
Net income before
net gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2021
£
35,114
5,383,285
1,190
5,391
5,424,980
4,915,162
4,915,162
509,818
2,996
512,814
4,350,381
512,814
4,863,195		 Restricted
funds
2021
£
-
83,050
-
-
83,050
82,941
82,941
109
-
109
129,974
109
130,083		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-
-
-
10,500
-
10,500		 Total
funds
2021
£
35,114
5,466,335
1,190
5,391
5,508,030
4,998,103
4,998,103
509,927
2,996
512,923
4,490,855
512,923
5,003,778		 Total
funds
2020
£
63,627
5,056,540
11,580
13,670
5,145,417
4,960,601
4,960,601
184,816
(3,690)
181,126
4,309,729
181,126
4,490,855

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 20 to 39 form part of these financial statements.

Page 17

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:04855372

BALANCE SHEET AS AT 31 AUGUST 2021

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
12
Debtors
13
Investments
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 10,730
290,863
12,578
2,527,389
2,841,560
(1,261,126)		 2021
£
3,587,657
3,587,657
1,580,434
5,168,091
(164,313)
5,003,778
10,500
130,083
4,863,195
5,003,778		 7,197
216,580
9,582
2,097,593
2,330,952
(1,274,020)		 2020
£
3,596,501
3,596,501
1,056,932
4,653,433
(162,578)
4,490,855
10,500
129,974
4,350,381
4,490,855

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 17 March 2022 and signed on their behalf by:

Lady Jan Stanhope

Chair

The notes on pages 20 to 39 form part of these financial statements.

Page 18

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest (paid)/received
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 20 to 39 form part of these financial statements		 2021
£
491,695
(67,290)
5,391
(61,899)
-
429,796
2,097,593
2,527,389		 2020
£
768,932
(68,502)
13,670
(54,832)
-
714,100
1,383,493
2,097,593

Page 19

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Maynard School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 GOING CONCERN

The Governors have assessed the use of the going concern basis to consider possible events or conditions that might affect the ability of the School to continue as a going concern.

The Governors have considered the impact of COVID-19 on the income, expenditure and reserves over the last year. This information and experience has been used to inform the forecasts for the forthcoming year. As a result, the Governors are confident that the charity has adequate resources to continue in operational existence for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 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 classified by activity. The costs of each activity are made up of the total of 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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 20

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (continued)

1.4 EXPENDITURE (CONTINUED)

All expenditure is inclusive of irrecoverable VAT.

1.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £5,000 or more 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 should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - Not depreciated
Motor vehicles - 25%
Fixtures and fittings - 10% - 25%
Premises improvements - 2%

1.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 21

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (continued)

1.11 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.12 FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

1.14 PENSIONS

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers' Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme is administered by Teachers' Pensions on behalf of the Department for Children, Schools and Families

. Costs include normal and supplementary contributions. The regular cost is the normal contribution, expressed as a percentage of salary of a teacher newly entering service, which would defray the cost of benefits payable in respect of that service. Variations from the regular pension cost are met by a supplementary contribution. This occurs if, as a result of the actuarial investigation, it is found that the accumulated liabilities for benefits to past and present teachers are not fully covered by normal contributions to be paid in the future and by the fund built up from past contributions. The normal and supplementary contributions are charged to the Statement of Financial Activities in the year.

The Charity also contributes to a defined contribution pension scheme for support staff.

Page 22

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (continued)

1.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Whilst there is a level of assumption in the judgements and estimates applied, management feel these are unlikely to have a significant effect on, or cause material error to the amounts recognised in the financial statements.

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2021
£
Donations
35,114
Legacies
-
TOTAL 2021
35,114
TOTAL 2020
51,251		 Restricted
funds
2021
£
-
-
-
12,376		 Total
funds
2021
£
35,114
-
35,114
63,627		 Total
funds
2020
£
54,071
9,556
63,627

Page 23

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2021
£
Tuition fees: Gross Fees
5,924,607
Less: grants, discounts, awards and prizes
(877,566)
Other educational income
38,176
Entrance exams
4,506
Schools fees protection scheme
1,021
Other income
103,831
Other ancillary income: School meals
188,710
Government grants
-
TOTAL 2021
5,383,285
TOTAL 2020
4,887,990		 Restricted
funds
2021
£
109
-
-
-
-
-
-
82,941
83,050
168,550		 Total
funds
2021
£
5,924,716
(877,566)
38,176
4,506
1,021
103,831
188,710
82,941
5,466,335
5,056,540		 Total
funds
2020
£
5,469,530
(799,195)
3,400
5,300
2,231
39,727
166,997
168,550
5,056,540

5. INCOME FROM OTHER TRADING ACTIVITIES

Income from fundraising events

Unrestricted
funds
2021
£
Lettings
1,190
TOTAL 2020
11,580		 Total
funds
2021
£
1,190
11,580		 Total
funds
2020
£
11,580

Page 24

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

6. INVESTMENT INCOME

Unrestricted
funds
2021
£
Bank interest
5,391
TOTAL 2020
13,670		 Total
funds
2021
£
5,391
13,670		 Total
funds
2020
£
13,670

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2021
£
Teaching
3,420,136
Premises
475,103
Welfare and catering
340,126
Finance costs
39,861
Support costs
639,936
TOTAL 2021
4,915,162
TOTAL 2020
4,783,636		 Restricted
funds
2021
£
82,941
-
-
-
-
82,941
176,965		 Total
funds
2021
£
3,503,077
475,103
340,126
39,861
639,936
4,998,103
4,960,601		 Total
funds
2020
£
3,510,952
478,877
279,934
55,493
635,345
4,960,601

Page 25

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Premises
Welfare and catering
Finance costs
Support costs
TOTAL 2021
TOTAL 2020		 Activities
undertaken
directly
2021
£
3,503,077
475,103
340,126
39,861
-
4,358,167
4,325,256		 Support
costs
2021
£
-
-
-
-
639,936
639,936
635,345		 Total
funds
2021
£
3,503,077
475,103
340,126
39,861
639,936
4,998,103
4,960,601		 Total
funds
2020
£
3,510,952
478,877
279,934
55,493
635,345
4,960,601

ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Insurance
Printing, postage and stationary
Marketing and development
Telephone
Computer costs
Legal and professional
Bad debts and stock write off
Non-teachers' CPD
Prize giving
General expenses
Subscriptions
TOTAL 2021
TOTAL 2020		 Support
costs
2021
£
363,717
76,134
18,702
3,734
84,562
3,603
23,276
4,043
-
3,199
3,343
47,397
8,226
639,936
635,345		 Total
funds
2021
£
363,717
76,134
18,702
3,734
84,562
3,603
23,276
4,043
-
3,199
3,343
47,397
8,226
639,936
635,345		 Total
funds
2020
£
331,469
75,200
17,283
5,688
85,376
7,529
26,034
20,099
2
2,817
4,279
47,480
12,089
635,345

Page 26

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

9. AUDITORS' REMUNERATION

2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 9,150 9,792
Fees payable to the Charity's auditor in respect of:
All assurance services not included above 650 630

10. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
3,204,533
239,575
504,673
3,948,781		 2020
£
3,077,057
284,885
479,185
3,841,127

The average number of persons employed by the Charity during the year was as follows:

Teaching Staff
Administration and maintenance		 2021
No.
69
47
116		 2020
No.
70
47
117

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £100,001 - £110,000 1 1

The charity considers that key management personnel comprises the Governors (who do not receive remuneration for their role as Governors) and the senior leadership team - which is the Headmistress, School Business Manager, Head of Junior School, Director of Studies, Director of Sixth Form, Assistant Head Pastoral/Co-Curriculum, Assistant Head Pastoral/Safeguarding and the Head of Marketing and Communications. The total employee benefits including employer's national insurance and pension costs of the key management personnel of the charity were £604,796 (2020: £579,518).

During the year Governors were re-imbursed £2,345 (2020: £1,533) for expenses.

Page 27

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

11. TANGIBLE FIXED ASSETS

Freehold
property
£
COST OR VALUATION
At 1 September 2020
2,382,862
Additions
-
At 31 August 2021
2,382,862
DEPRECIATION
At 1 September 2020
-
Charge for the year
-
At 31 August 2021
-
NET BOOK VALUE
At 31 August 2021
2,382,862
At 31 August 2020
2,382,862
12.
STOCKS
Finished goods and goods for resale
13.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Premises
improvements
£
1,210,074
14,260
1,224,334
209,834
24,188
234,022
990,312
1,000,240		 Motor
vehicles
£
14,394
-
14,394
5,248
3,598
8,846
5,548
9,146		 Fixtures and
fittings
£
1,151,880
53,030
1,204,910
947,627
48,348
995,975
208,935
204,253
2021
£
10,730
2021
£
65,970
46,790
178,103
290,863		 Total
£
4,759,210
67,290
4,826,500
1,162,709
76,134
1,238,843
3,587,657
3,596,501
2020
£
7,197
2020
£
123,389
61,860
31,331
216,580

Page 28

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

14. CURRENT ASSET INVESTMENTS

Listed investments
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Tuition fees in advance
Trade creditors
Other taxation and social security
Other creditors
Accruals
TUITION FEES IN ADVANCE
Deferred income at 1 September 2020
Resources deferred during the year
Amounts released from previous periods
Tuition fees in advance as at 31 August 2021		 2021
£
12,578
2021
£
938,472
17,451
71,900
126,590
106,713
1,261,126
2021
£
1,088,614
909,015
(1,006,036)
991,593		 2020
£
9,582
2020
£
1,006,036
14,682
68,221
76,595
108,486
1,274,020
2020
£
1,030,146
898,024
(839,556
1,088,614

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Tuition fees in advance
Fee deposits		 2021
£
87,263
77,050
164,313		 2020
£
82,578
80,000
162,578

Page 29

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

17. FINANCIAL INSTRUMENTS

FINANCIAL ASSETS
Financial assets measured at amortised cost
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost		 2021
£
2,697,458
2021
£
322,654		 2020
£
2,287,614
2020
£
267,984

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and cash and cash equivalents.

Financial liabilities measured at amortised cost comprise bank loans, trade creditor, other creditors and accruals.

Page 30

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

18. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

----- Start of picture text -----
Balance at 1 Balance at
September Transfers Gains/ 31 August
2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
- - - -
Legacy fund 380,759 380,759
Fixed asset fund 3,596,501 - (76,134) 67,290 - 3,587,657
- -
3,977,260 (76,134) 67,290 3,968,416
----- End of picture text -----

GENERAL
FUNDS
General funds
TOTAL
UNRESTRICT
ED FUNDS
ENDOWMENT
FUNDS
Endowment fund
RESTRICTED
FUNDS
Prize fund
Fees assistance
Headmistress'
fund
Pollard music
fund
Joan Bradely
memorial fund
Plumley house
Environmental
projects
Development
costs
Gym/PAC
appeal		 373,121
4,350,381
10,500
28,625
48,887
17,724
541
1,640
15,454
2,038
14,486
579		 5,424,980
5,424,980
-
-
109
-
-
-
-
-
-
-		 (4,839,028)
(4,915,162)
-
-
-
-
-
-
-
-
-
-		 (67,290)
-
-
-
-
-
-
-
-
-
-
-		 2,996
2,996
-
-
-
-
-
-
-
-
-
-		 894,779
4,863,195
10,500
28,625
48,996
17,724
541
1,640
15,454
2,038
14,486
579

Page 31

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

18.
STATEMENT OF
STATEMENT OF
Government
grant
TOTAL OF
FUNDS		 FUNDS (CONTINUED)
FUNDS - CURRENT YEAR (continued)
Balance at 1
September
2020
£
Income
£
Expenditure
£
-
82,941
(82,941)
129,974
83,050
(82,941)
4,490,855
5,508,030
(4,998,103)		 FUNDS (CONTINUED)
FUNDS - CURRENT YEAR (continued)
Balance at 1
September
2020
£
Income
£
Expenditure
£
-
82,941
(82,941)
129,974
83,050
(82,941)
4,490,855
5,508,030
(4,998,103)		 Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
-
-
2,996		 Balance at
31 August
2021
£
-
130,083
Balance at 1
September
2020
£
-
129,974
4,490,855		 Income
£
82,941
83,050
5,508,030
5,003,778

Page 32

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

18. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Legacy fund
Fixed asset fund
GENERAL
FUNDS
General funds
TOTAL
UNRESTRICT
ED FUNDS
ENDOWMENT
FUNDS
Endowment fund
RESTRICTED
FUNDS
Prize fund
Fees assistance
Headmistress'
fund
Pollard music
fund
Joan Bradely
memorial fund
Plumley house
Environmental
projects
Development
costs
Gym/PAC appeal		 Balance at
1 September
2019
£
371,203
-
371,203
3,798,568
4,169,771
10,500
28,031
49,762
17,202
541
1,640
15,479
2,038
14,486
279		 Income
£
9,556
-
9,556
4,954,935
4,964,491
-
594
1,692
9,790
-
-
-
-
-
300		 Expenditure
£
-
-
-
(4,780,191)
(4,780,191)
-
-
(2,567)
(9,268)
-
-
(25)
-
-
-		 Transfers
in/out
£
-
3,596,501
3,596,501
(3,596,501)
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
(3,690)
(3,690)
-
-
-
-
-
-
-
-
-
-		 Balance at
31 August
2020
£
380,759
3,596,501
3,977,260
373,121
4,350,381
10,500
28,625
48,887
17,724
541
1,640
15,454
2,038
14,486
579

Page 33

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

18. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

Balance at
1 September
2019
£
Government
grant
-
Revaluation
reserve
-
129,458
TOTAL OF
FUNDS
4,309,729		 Income
£
168,550
-
180,926
5,145,417		 Expenditure
£
(168,550)
-
(180,410)
(4,960,601)		 Transfers
in/out
£
-
-
-
-		 Gains/
(Losses)
£
-
-
-
(3,690)		 Balance at
31 August
2020
£
-
-
129,974
4,490,855

Page 34

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

18. STATEMENT OF FUNDS (CONTINUED)

Restricted Funds

Restricted funds are created when donations are made either for a particular area or purpose, the use of which is restricted. Expenditure is charged to the Statement of Financial Activities when incurred.

The Prize Fund provides annual awards for pupils. All investment income received is transferred to the restricted fund in accordance with the terms of the prize funds.

The Fees Assistance Fund is used for the support of tuition fees and is applied for the support of pupils whose families are unable to afford full fees.

The Headmistress' Fund provides annual awards for pupils and is used for ad-hoc specialised equipment, events or resources.

The Pollard Music Fund is used to purchase specialised music equipment.

The Joan Bradley memorial fund is used to provide pupil assistance.

The Plumley House Award and Humanities Prize is to be used at the discretion of the Headmistress for pupil fee assistance.

The Environmental Grant is to be used within the school towards the environment.

The Development Fund is to be used at the discretion of the Headmistress for specific scientific use.

The Gym/PAC Fund is to be used towards the school gym.

The Government grant is additional funding in the year from government support schemes in response to the coronavirus outbreak.

Designated funds

Legacy fund - In 2019, the School was fortunate enough to receive a legacy donation from Margaret Godsland, a former pupil of the school. In providing this donation, it was her wish that the funds would be used for the benefit of the students of the school. To honour this wish, the Trustees have separately designated these funds for projects that will enhance the quality of student education.

In order to more clearly reflect the position on free reserves, there has been a transfer of the net book value of fixed assets from general reserves into a designated fixed asset fund. This fund now represents the amount of general reserves invested in fixed assets and therefore not readily available to cover day to day expenditure.

Endowment funds

This relates to the School's original endowment from St John's Hospital Trust.

Page 35

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

19. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Balance at 1 Balance at
September Transfers Gains/ 31 August
2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
Designated
funds 3,977,260 - (76,134) 67,290 - 3,968,416
General funds 373,121 5,424,980 (4,839,028) (67,290) 2,996 894,779
Endowment
funds 10,500 - - - - 10,500
Restricted funds 129,974 83,050 (82,941) - - 130,083
4,490,855 5,508,030 (4,998,103) - 2,996 5,003,778
SUMMARY OF FUNDS - PRIOR YEAR
Balance at Balance at
1 September Transfers Gains/ 31 August
2019 Income Expenditure in/out (Losses) 2020
£ £ £ £ £ £
Designated
funds 371,203 9,556 - 3,596,501 - 3,977,260
General funds 3,798,568 4,954,935 (4,780,191) (3,596,501) (3,690) 373,121
Endowment
funds 10,500 - - - - 10,500
Restricted funds 129,458 180,926 (180,410) - - 129,974
4,309,729 5,145,417 (4,960,601) - (3,690) 4,490,855

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2021
£
Tangible fixed assets
3,587,657
Current assets
2,666,835
Creditors due within one year
(1,226,984)
Creditors due in more than one year
(164,313)
TOTAL
4,863,195		 Restricted
funds
2021
£
-
130,083
-
-
130,083		 Endowment
funds
2021
£
-
10,500
-
-
10,500		 Total
funds
2021
£
3,587,657
2,807,418
(1,226,984)
(164,313)
5,003,778

Page 36

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Unrestricted
funds
2020
Restricted
funds
2020
£
£
Tangible fixed assets
3,596,501
-
Current assets
2,190,478
129,974
Creditors due within one year
(1,274,020)
-
Creditors due in more than one year
(162,578)
-
TOTAL
4,350,381
129,974
21.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains/(losses) on investments
Interest paid/(received)
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES
22.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Endowment
funds
2020
Total
funds
2020
£
£
-
3,596,501
10,500
2,330,952
-
(1,274,020)
-
(162,578)
10,500
4,490,855
FROM OPERATING
2021
2020
£
£
512,923
181,126
76,134
75,201
(2,996)
3,690
(5,391)
(13,670)
(3,533)
1,845
(40,141)
449,348
(45,301)
71,392
491,695
768,932
2021
2020
£
£
2,527,389
2,097,593
2,527,389
2,097,593

Page 37

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

23. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Liquid investments		 At 1
September
2020
£
2,097,593
9,582
2,107,175		 Cash flows
£
429,796
-
429,796		 Changes in
market
value and
exchange
rate
movements
At 31
August 2021
£
£
-
2,527,389
2,996
12,578
2,996
2,539,967

24. PENSION COMMITMENTS

Teachers' Pension scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was prepared by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

The TPS valuation for 2012 determined an employer rate of 16.4%, which was payable from September 2015. The latest valuation of the Teachers’ Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2016. As a result of this valuation TPS

Page 38

THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

24. PENSION COMMITMENTS (CONTINUED)

employers will pay an increased contribution rate of 23.68% from 1 September 2019 (this includes the administration levy of 0.8%).

The employer's pension costs paid to TPS in the year amounted to £505,550 (2020: £381,633).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme.

Non teaching staff

All non teaching staff are invited to participate in a defined contribution scheme, and the assets of the scheme are held separately from those in the School in independently administered funds.

The contributions made by the School to these funds in the year totalled £200,268 (2020: £90,788).

25. OPERATING LEASE COMMITMENTS

At 31 August 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2021
£
54,825
77,812
132,637		 2020
£
54,030
88,997
143,027

26. RELATED PARTY TRANSACTIONS

During the year the charity purchased £1,635 (2020: £0) of goods from Darts Farm Limited, a company controlled by one of the Trustees. At the year end the balance owed to the company was £Nil (2020: £Nil).

During the year the charity purchased £532 (2020: £847) of goods from Stormpress Limited, a company controlled by one of the Trustees. At the year end the balance owed to the company was £Nil (2020: £Nil).

During the year the charity purchased £1,200 (2020: £300) of goods from CSW Group Limited, a company controlled by one of the Trustees. At the year end the balance owed to the company was £Nil (2020: £Nil).

During the year there were 2 Trustees who pay fees to the school. The fees are at the standard rate.

Page 39