**Draft version: 16/1/2026**
**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 2025**
**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**|12 - 15|
|**Statement of financial activities**|16|
|**Balance sheet**|17|
|DRAFT
**Statement of cash flows**
**Notes to the financial statements**|18
19 - 36|
**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 2025**
|**Trustees**|Henry Luce, Chair|
|---|---|
||Sarah Witheridge, Trustee|
||Nicholas Bruce-Jones, Trustee|
||Christopher Gatherer, Trustee|
||Sara Randall Johnson, Trustee|
||David Kirk, Trustee|
||Councillor Peter Holland, Trustee|
||Gareth Stansfield, Trustee|
||Frances Balcombe, Trustee|
||Tim Heal, Trustee|
||Meriel Ann Fishwick, Trustee|
||Helena Chivers, Trustee|
||Georgina Cummings, Trustee|
||Anna Bruce-Jones, Trustee|
|DRAFT
**Company registered**
**number**
04855372
**Charity registered**
**number**
1099027
**Registered office**
The Maynard School
Denmark Road
Exeter
Devon
EX1 1SJ
**Independent auditors**
Bishop Fleming Audit Limited
Chartered Accountants
Brook House
Winslade Park
Manor Drive
Clyst St Mary
Exeter
EX5 1GD
**Bankers**
NatWest Bank
Vantage Point
Woodwater Park
Pynes Hill
Exeter
EX2 5FD
**Solicitors**
VWV
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA||
Page 1
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025**
The Trustees present their annual report together with the audited financial statements for the year 1 September 2024 to 31 August 2025. 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
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
, the strategic report required of medium and large companies under The . There is, however, There is, however, , however, however, , considerable overlap between the Junior School and Senior School and ethos of the School, , where the enjoyment of flexible teamwork is a key factor for both girls
## **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, There is, however, , however, 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 Head is supported by other members of the Senior Leadership Team in co ordinating training and staff professional development for both teaching and support staff.
The average number of pupils during the academic year 2024/2025 was 424.
## **Key Achievements**
The Times and Sunday Times South – West Independent School of the Year 2025 Muddy Stilettos – finalist in Sports Provision and highly commended in STEM Independent School Awards – finalist for marketing initiatives
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.
Page 2
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITES**
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 up to 19.
## **Aims and Intended Impact**
## The School has four core values: **kindness, courage, community and integrity**
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:
- Develop their love of learning
- Demonstrate creativity and curiosity
- Be socially responsible and compassionate
- Become independent and reflective learners
- Be culturally aware
- . :
- Be confident with challenge and change
- 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.
The school has four core values: kindness, courage, community and integrity
## **Objectives for the year**
The School's key objectives for 2024/25 have been to:
- Maintain high academic standards and stretch and challenge across the school.
- Retain the school's reputation for exceptional pastoral care and support.
- Strengthen staff professional development programs and review career opportunities for teaching staff in both Junior and Senior School.
- Develop a cohesive curriculum between Junior and Senior School.
- Embed the academic enrichment programme throughout the Senior School.
- Continue to enhance pupil development and leadership programmes.
- Develop our digital learning strategy to roll out a roadmap for devices in classrooms – starting in the Sixth Form.
- Develop our partnership programme, working more collaboratively with Exeter state schools, primary and secondary and establish Exeter Schools Network.
- Develop our partnerships with international recruitment agencies in South-East Asia.
- Prepare for our expected ISI inspection to maintain our reputation for excellence.
- Revise and relaunch our leasing programme
## **Premises**
- Upgrade whole school alarm panels.
- Installation of Junior School Shelter.
- Installation of staff/student covered bike rack.
- Bradley Hall gym floor re-varnish.
- Onsite signage upgraded (branding and safeguarding requirements).
- Installation of lock down sounders, locks and blinds (to be compliant with Martyn’s Law).
- Junior school window replacements / upgrades.
-
- Site perimeter fencing around Leebourne replaced, ongoing works and gates to rest of site.
- Bradley Hall changing rooms painted and upgraded.
All these objectives have been achieved.
Page 3
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **Strategies for Achieving Objectives**
The School's strategy is in the context of its medium to long term goals of:
- Maintaining the School's position amongst the most successful education providers in the South West for girls aged up to 18 through expert teaching and smaller class sizes.
- Maintain pupil numbers through strong marketing and publicity of school achievement and retention.
- Increase access to the school for all girls in the city and surrounding area through partnership programs and awards.
- Adapting the curriculum and Mini-Baccalaureate to develop employability and leadership skills.
- Ensuring, through a commitment to Continuous Professional Development, that teaching and support staff standards are of the highest caliber.
- Ensure the highest standards of staff and pupil wellbeing and ensure there are frequent opportunities for staff and pupils to be consulted and participate in decision making.
- Developing the school's facilities and resources (including staffing) to support pupil’s learning experience to the highest standard.
- Improve connection with local Primary and Secondary Schools through partnership programmes such as academic mentoring and the Exeter Schools Network.
,
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 largely assessed through participation levels in annual drama productions, termly music concerts, sports matches and games, extra-curricular activities, 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, alumnae communications and social networking sites helps to publicise such achievements.
## **Public Benefit**
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 2024/2025 the School supported 61% of its roll with a range of fees assistance. This financial support totaled £1,257,014, including £243,309 relating to tuition fee rebates where the school took on some of the cost of VAT on tuition fees. This represents 14.39% of total tuition fee income, when excluding the one-off tuition fee rebates.
The types of fees assistance available at the Maynard include Governors Bursaries, Compassionate Bursaries for Ukrainian students, Maynard Awards, Exhibitions, Scholarships, sibling, and staff discounts.
All bursaries are annually means tested, and in 2024/2025 accounted for 13.95% of total fee support, with 8% 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 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 2 students receiving means tested bursaries from the School. Taking into account support from School funds and from these external organisations, 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 totaled £465,486 (45.92% of total fee support), and staff and sibling discounts amounted to £342,558 (33.79% of total fees support).
Page 4
## **THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **Involvement in the Community 2024-2025**
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.
The Maynard's facilities are hired by a range of sports and community organisations. 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 partnership. List of activities in which we partner with local schools in Exeter and the surrounding area:
- Academic mentoring of GCSE pupils by A level girls via Teams.
- Master class sessions in STEM and ICT subject areas free of charge, particularly to Year 5 and 10 age groups.
- • Workshops Food & Nutrition to Year 7 pupils.
- Drama production workshop for Year 5 to Year 8 pupils.
- Discovery Mornings for Reception to Year 6 pupils.
- Year 10 Sports Leaders.
- Year 6 and Year 5 singing at The Lodge, local care home.
- Aspire Conference in collaboration with Exeter Schools Network, including Ted Wragg Exeter Schools. Year 10 and 11 girls attend the local foodbank.
- Eco Warriors established food waste collection and raised beds for growing vegetables on site.
- The girls are also involved in volunteering and community work organized outside of school hours which contributes to their Maynard Mini-Baccalaureate.
## **Teacher Training**
The Maynard has a well-established induction programme for early career teachers (ECT) and has had one throughout the 2024/2025 academic year, all in the Senior School. We have also had six ITT teachers across PE, science and humanities subjects in the Senior School. The intention is to expand this to the Junior School and further subjects in the future. Teachers in relevant departments have been trained as ITT mentors and sit on PGCE selection panels for Exeter University.
Individual members of the Maynard staff also contribute to wider curricula and subject development by, for example, being members of the Chartered College of Teaching, acting as Governors for local state schools (five members of staff are governors), 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 centers.
## **Charity Programme**
Students and staff were once again very active in raising money and carrying out voluntary work during the course of the year. The usual large charity activities such as the Christmas Fair and Carol Service took place as did Children in Need and the School’s Crufts competition along with a sleep out event to raise awareness of homelessness and odd socks day in aid of Anti-Bullying week and various bake sales and non-uniform days to raise money for local and national charities.
There is a successful charity programme supporting a range of school charity projects such as Children in Need, Comic Relief, Save the Children, Hospiscare, WWF, Leukemia UK etc. Most events are fully student led by the Heads of the four Houses (Armourers, Haberdashers, Goldsmiths and Merchants). In total the school raised approximately £4,325.
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 approx. £3,500 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 Young Enterprise, Ten Tors and Duke of Edinburgh are very well supported by parent volunteers. The Maynard Parents Association (MPA) is also very active and we are grateful for the deep and wide support we have from our parent volunteers.
Page 5
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **ACHIEVEMENTS AND PERFORMANCE**
## **a. REVIEW OF ACTIVITIES**
## **Operational performance of the School**
A Level Results:
||The Maynard School|National Average|
|---|---|---|
|A*|32%|9.4%|
|A*/A|71%|28.3%|
|A*-B|86.1%|54%|
|Pass Rate|100%|97.5%|
The Maynard is delighted that 85% of students are going on to study at Russell Group Universities with 11% obtaining a place at Oxford and Cambridge to read a range of courses both in the Arts and STEM. For the remaining 20% of students, 15% are studying specialist courses in art, fashion and theatre with the remainder opting for courses not offered by Russell Group Universities. 95% of students got their first choice or an upgraded choice of university.
|T
ying specialist courses in art, fashion and theatre with the remainder opting for courses not
ersities. 95% of students got their first choice or an upgraded choice of university.
E Results:|T
ying specialist courses in art, fashion and theatre with the remainder opting for courses not
ersities. 95% of students got their first choice or an upgraded choice of university.
E Results:|T
ying specialist courses in art, fashion and theatre with the remainder opting for courses not
ersities. 95% of students got their first choice or an upgraded choice of university.
E Results:|
|---|---|---|
||The Maynard School|National Average|
|Grade 9|25%|5.1%|
|Grade 9 & 8|55%||
|Grade 7 and above|76%|21.8%|
|Grade 6 and above|92%||
|Grade 5 and above|97%||
|Grade 4 and above|99.6%|67.1%|
|DR
Tors: Maynard entered two teams in the 35 Mile Challenge and on
rticipants).
e of Edinburgh continues to thrive, participation numbers were:
ze: 38
r: 27
: 18
l: 83||e team in the 45 Mile Challeng|
GCSE Results:
Ten Tors: Maynard entered two teams in the 35 Mile Challenge and one team in the 45 Mile Challenge (each team has 6 participants).
Duke of Edinburgh continues to thrive, participation numbers were: Bronze: 38
Silver: 27 Gold: 18 Total: 83
A very successful Spanish trip to Madrid and Barcelona took place, organized by the MFL department, we reinstated the biannual ski trip, the History department took their biannual trip to New York and the Geography department spent part of the autumn half term break in Iceland. This, amongst a plethora of other subject related trips both in the UK and overseas, enhanced an already packed educational experience.
## **Key Achievements 2024-25**
## **School Development Plan (SDP) Key Areas**
- Maintain exemplary academic results at A level and GCSE.
- Embed QA programme in line with The Maynard Way.
- Develop greater cohesion between the Junior and Senior School curriculum.
- Effective roll out of digital literacy programme for pupils and staff.
- Audit and develop programme of employability skills for Senior School pupils through our careers provision.
- Strengthen ties with pupil and staff alumnae.
- Reinforce zero tolerance of smart phones in school and provide greater training for staff, parents and pupils on the risks of social media and smart phone usage.
- Ensure strong sense of staff and pupil wellbeing – maintaining Wellbeing Award.
Page 6
## **THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **Accommodation and resources**
- Upgrade whole school alarm panels.
- Installation of Junior School Shelter.
- Installation of staff/student covered bike rack.
- Bradley Hall gym floor re-varnish.
- Onsite signage upgraded (branding and safeguarding requirements).
- Installation of lock down sounders, locks and blinds (to be compliant with Martyn’s Law).
- Junior school window replacements / upgrades.
- Site perimeter fencing around Leebourne replaced, ongoing works and gates to rest of site.
- Bradley Hall changing rooms painted and upgraded.
## **b. FUNDRAISING PERFORMANCE**
A total of £44,332 was raised to support the Maynard’s Bursary Fund.
## **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**
The School's operating deficit on Unrestricted Funds was £107,722 as shown on the Statement of Financial Activities (2024 surplus was £176,202). The average number of pupils was 424, compared with 430 in 2024. Resources expended increased by 3.8% and income decreased by 0.5% due to a fall in pupil numbers.
The increase in resources expended was contained and due to a significant rise in costs.
## **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 £989,305 and are carefully maintained as a positive balance to meet the unforeseen needs of the school.
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 and current asset investment reserves stood at £3,166,263.
## **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 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.
## **d. REMUNERATION POLICY**
The Governing Body through the work of the Resources Committee, and with input from SLT, 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.
Page 7
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **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 ex-officio 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. 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, Employment, Education, Junior School, Regulatory Compliance, Resources, Risk Review, Staff Liaison and Strategy. All sub-committees have terms of reference for their areas of responsibility and delegated powers of authority. Similarly, the Chairs of the Sub-Committees meet termly as a formal constituted Sub-Committee with its own terms of reference. Minutes of the SubCommittees 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 Education Sub- Committee 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.
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. The Risk Review Committee has an overview of the School’s risk register and management.
There are individual Governor Representatives for Safeguarding, Health & Safety, ICT, PSHE, Marketing, Initial Teacher Training and Careers. The Health and Safety policy is reviewed and approved annually by the Governors. The Health and Safety Officer for the school reports to the Health and Safety Governor termly.
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 Head, supported by the Senior Leadership Team.
Page 8
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025**
## **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 HMC, GSA, ISC, AGBIS and ISBA.
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 the Head, Director of Studies, Head of Sixth Form, Head of Junior School, Assistant Head Pastoral/Co-Curriculum, Assistant Head Pastoral/Safeguarding (DSL), School Business Manager and Head of Marketing and Communications, with the Head 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 Senior Leadership Team (each SLT has an average of three departments that report to them) and pastoral teams report to the DSL.
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.
.
Through the structure of its Governing Body, the School has close links with the County of Devon, 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.
## **f. RISK MANAGEMENT**
Consistent with the Independent School Standards (2019), 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 Head 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:
Falling numbers which may have numerous causes but key government decisions on VAT on tuition fees (from January 2025), removal of business rates relief in April 2025 and rising National Living Wage present significant challenges to the independent sector and the school Governors actively focus on marketing the School to maintain recruitment and retain numbers.
Staff costs are the key cost to the School and are carefully monitored by the Governing Body. The cost of funding large historic rises in TPS contributions for teachers' pensions has been onerous. This task has now been made materially harder with the rise in employers' contributions from 23.68% to 28.64% with effect from 1 April 2024. Through staff consultation a hybrid pension scheme has been implemented, teaching staff have the option of remaining in the TPS or opting for the Direct Contribution Scheme. This afforded the School with the opportunity to consolidate pension providers and Support Staff have been transferred to the same pension provider. Further rises cannot be ruled out and as such the Board of Governors places great importance on the continual monitoring and review of the situation.
Risks of litigation are controlled through a rigorous approach to Health and Safety backed by appropriate insurances. Legal advice and guidance supports the School in Human Resource matters, again backed up with appropriate insurance.
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. The Exeter School’s Network (established by The Maynard School) is an effective platform for these relationships.
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**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025**
**PLANS FOR FUTURE PERIODS**
## **a. FUTURE DEVELOPMENTS**
The School's Development Plan 2025/26 includes the following significant items which are all taken from our five Year strategic development plan which contains six pillars:
## **Curriculum**
- Embed Sixth Form Pathways Programme.
- Audit and develop A level and GCSE curriculum options.
- Develop greater cohesion between Junior School and Senior School curriculum and assessment.
- Digital literacy – roll out devices in classrooms.
- Embed AI in teaching and learning.
- Prepare for RSE statutory framework in 2026.
- Embed Maynard Me in PE in Junior School Curriculum
## **Community**
- One school.
- Multifaceted approach for partnerships.
- Communication with stakeholders enhanced through MySchool Portal.
- Continued development of alumnae through InTouch database.
## **Wellbeing**
- Centre of excellence for wellbeing through Wellbeing Award for Schools (WAS).
- · Develop staffing in wellbeing hub.
- Pupils - teaching them how to be more inclusive.
## **Leadership**
- Pupil leadership programme – continue to audit and develop pupil voice and leadership opportunities.
- · Develop staff leadership programme.
- Enrich, SLT and middle leadership through coaching and CPD.
## **Estate**
- Review the estate so that it is fit for purpose and invest in infrastructure.
- Embed School Hire platform to develop leasing opportunities.
- Develop minibus fleet to reduce carbon emissions and reduce the need for D1 licence.
## **Finance**
- Widen revenue streams to reduce reliance on income from tuition fees.
- Honour our charitable status and public benefit offering.
- Strong retention and recruitment into the Sixth Form.
- Strong retention and recruitment into U3.
- Recruitment into U4.
- Fundraising opportunities to support capital expenditure.
Page 10
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
. , and signed on their behalf by:and signed on their behalf by::
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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: So far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
This report was approved by the Trustees, and signed on their behalf by:and signed on their behalf by::
Mr Henry Luce
Date:
Page 11
**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 2025 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
## **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 Trustees' report and financial statements other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Trustees' report and financial statements. 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.
have been prepared in accordance with the requirements of the Companies Act 2006.
Page 12
**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:
- the information given in the Trustees' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
## **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 13
**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
- the nature of the school sector, control environment and the charity's performance; its results of our enquiries of management and the Trustee board, including the committees charged with governance over the charity's finance and control, about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the charity's documentation of policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal school specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
- enquiring of Governors and management and those charged with governance concerning actual and potential litigation and claims;
noncompliance with laws and regulations, we considered the following:
Page 14
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAYNARD SCHOOL (CONTINUED)**
- performing procedures to confirm material compliance with the requirements of its regulators;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing internal control reports;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
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.
www.frc.org.uk/auditorsresponsibilities.. This description forms part of our
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.
**Mark Munro FCA (Senior statutory auditor)** for and on behalf of
**Bishop Fleming Audit Limited** Chartered Accountants Statutory Auditors Brook House Winslade Park Manor Drive Clyst St Mary Exeter EX5 1GD
Date:
Page 15
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Income and**
**endowments from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
**Total income and**
**endowments**
**Expenditure on:**
Charitable activities
8
**Total expenditure**
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|D
**Unrestricted**
**funds**
**2025**
**£**
**44,332**
**6,162,134**
**26,633**
**143,951**
**6,377,050**
**6,484,772**
**6,484,772**
**(107,722)**
**5,812,337**
**(107,722)**
**5,704,615**|RAF
**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**46,586**
**-**
**46,586**|T
**Endowment**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**10,500**
**-**
**10,500**|**Total**
**funds**
**2025**
**£**
**44,332**
**6,162,134**
**26,633**
**143,951**
**6,377,050**
**6,484,772**
**6,484,772**
**(107,722)**
**5,869,423**
**(107,722)**
**5,761,701**|Total
funds
2024
£
79,071
6,239,257
8,106
79,034|
|---|---|---|---|---|---|
||||||6,405,468|
||||||6,248,550|
||||||6,248,550|
||||||156,918|
||||||5,712,505
156,918|
||||||5,869,423|
|||||||
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 36 form part of these financial statements.
Page 16
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:04855372**
## **BALANCE SHEET AS AT 31 AUGUST 2025**
|DR
**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
17
**Total net assets**
**Charity funds**
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
**Total funds**|AFT
**6,579**
**605,187**
**257,170**
**2,909,093**
**3,778,029**
**(2,032,328)**|**2025**
**£**
**4,715,310**
**4,715,310**
**1,745,701**
**6,461,011**
**(699,310)**
**5,761,701**
**10,500**
**46,586**
**5,704,615**
**5,761,701**|6,968
238,974
340,748
4,123,803
4,710,493
(2,355,143)|2024
£
4,613,625
4,613,625
2,355,350
6,968,975
(1,099,552)
5,869,423
10,500
46,586
5,812,337
5,869,423|
|---|---|---|---|---|
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 and signed on their behalf by:
## **Henry Luce**
## Chair
## Date:
The notes on pages 19 to 36 form part of these financial statements.
Page 17
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025**
|DRAFT
**Note**
**Cash flows from operating activities**
Net cash used in operating activities
21
**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**
22
The notes on pages 19 to 36 form part of these financial statements|**2025**
**£**
**(1,163,412)**
**(195,249)**
**143,951**
**(51,298)**
**-**
**(1,214,710)**
**4,123,803**
**2,909,093**|2024
£
1,968,107
(1,018,754)
79,034
**(939,720)**
**-**
**1,028,387**
3,095,416
4,123,803|
|---|---|---|
Page 18
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. GENERAL INFORMATION**
The Maynard School, company number 04855372, is a company limited by guarantee and was constituted under a Memorandum of Association dated 30 July 2003. The company is also a registered charity. The principal office is The Maynard School, Denmark Road, Exeter, Devon, EX1 1SJ.
## **2. ACCOUNTING POLICIES**
## **2.1 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. **GOING CONCERN** The Governors have carefully considered the school’s plans for the coming years. Cash flow forecasts have been prepared which reflect our best estimate of: future pupil numbers funding per pupil other income staff costs operating costs capital expenditure any school expansion pension funding requirements
## **2.2 GOING CONCERN**
Within these areas, the key assumptions and our rationale are as follows:
- Pupil numbers have held steady this year despite the introduction of VAT on tuition fees and the cost of living crisis.
- Considerations regarding the current financial headwinds that face the independent schools sector; we anticipated the loss of Business Rates relief and we have managed our financial position accordingly. The changes to National Insurance will also be managed as we increase sources of income streams and make efficiency gains, this will ensure the business remains robust for the long term.
This along with analysis of our free reserves, indicate that the school will have sufficient cash to operate and will have free reserves.
Therefore, the going concern assumption has been adopted.
## **2.3 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 19
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.4 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.
## **2.5 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.
## **2.6 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%|
The Governors consider that a substantial element of the value of the freehold property is represented by the land value of the site, which would not be depreciated.
It is the Charity's policy to maintain the buildings included within the freehold property in a state of sound repair with such costs being written off to the P&L when incurred. Accordingly, governors believe that the useful economic life of the buildings is so long that the residual value, measured in prices prevailing at the time of acquisition, is so high that any depreciation is not material to the accounts. Any impairment in the value of the freehold property is recognised in the Statement of Financial Activities when incurred.
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 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.7 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.
## **2.8 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.
## **2.9 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.
## **2.10 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.
## **2.11 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.
## **2.12 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.
## **2.13 OPERATING LEASES**
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
Page 21
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.14 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.
## **2.15 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.
## **3. 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.
## **Critical accounting estimates and assumptions:**
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
## **Depreciation**
The annual depreciation charges for tangible fixed assets are sensitive to changes in the estimated useful economic life of the assets. The useful lives are amended when necessary to reflect current estimates.
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 2025**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|DRAFT
**Unrestricted**
**funds**
**2025**
**£**
Donations
44,332
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**funds**
**2025**
**£**
Tuition fees: Gross Fees
7,043,665
Less: grants, discounts, awards and prizes
(1,257,014)
School meals
258,897
Other educational income
57,620
Entrance exams
13,207
Schools fees protection scheme
316
Other income
45,443
**TOTAL 2025**
6,162,134
TOTAL 2024
6,239,257|**Total**
**funds**
**2025**
**£**
**44,332**
**Total**
**funds**
**2025**
**£**
**7,043,665**
**(1,257,014)**
**258,897**
**57,620**
**13,207**
**316**
**45,443**
**6,162,134**
6,239,257|Total
funds
2024
£
79,071|
|---|---|---|
|||Total
funds
2024
£
6,797,144
(926,978)
274,142
47,445
13,647
183
33,674|
|||6,239,257|
||||
**5. INCOME FROM CHARITABLE ACTIVITIES**
Included within the £1,257,014 for grants, discounts, awards and prizes is £243,309 which relates to tuition fee rebates where the School took on the cost for some of the VAT applicable on term 2 and 3 fees, thereby reducing the net fee paid for tuition.
## **6. INCOME FROM OTHER TRADING ACTIVITIES**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2025**|**2025**|2024|
||**£**|**£**|£|
|Lettings|26,633|**26,633**|8,106|
Page 23
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **7. INVESTMENT INCOME**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2025**|**2025**|2024|
||**£**|**£**|£|
|Bank interest|143,951|**143,951**|79,034|
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|DR
Teaching
Support costs
Premises
Welfare and catering
**TOTAL 2025**
TOTAL 2024|AFT
**Activities**
**undertaken**
**directly**
**2025**
**£**
4,222,678
434,898
247,763
57,573
4,962,912
4,885,563|**Support**
**costs**
**2025**
**£**
1,521,860
-
-
-
1,521,860
1,362,987|**Total**
**funds**
**2025**
**£**
**5,744,538**
**434,898**
**247,763**
**57,573**
**6,484,772**
6,248,550|Total
funds
2024
£
5,513,917
493,022
190,222
51,389|
|---|---|---|---|---|
|||||6,248,550|
||||||
Page 24
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF SUPPORT COSTS**
|DRAFT
**Support**
**costs**
**2025**
**£**
Staff costs
1,149,373
Depreciation
93,564
Insurance
21,739
Printing, postage and stationery
4,718
Marketing and development
103,867
Telephone
10,035
Computer costs
45,751
Legal and professional
6,635
Bad debts
13,881
Non-teachers' CPD
3,146
Prize giving
3,258
General expenses
32,616
Subscriptions
33,277
**TOTAL**
1,521,860
**9.**
**AUDITORS' REMUNERATION**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All assurance services not included above|**Total**
**funds**
**2025**
**£**
**1,149,373**
**93,564**
**21,739**
**4,718**
**103,867**
**10,035**
**45,751**
**6,635**
**13,881**
**3,146**
**3,258**
**32,616**
**33,277**
**1,521,860**
**2025**
**£**
**18,010**
**-**|Total
funds
2024
£
999,077
74,029
21,218
4,299
132,334
7,616
42,746
16,561
8,870
7,857
-
27,889
20,491|
|---|---|---|
|||1,362,987|
|||2024
£
16,000
670|
Page 25
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2025**
**£**
**3,939,333**
**351,915**
**755,122**
**5,046,370**|2024
£
3,762,219
362,043
699,927|
|---|---|---|
||||
|||4,824,189|
During the year, two employees received payments in respect of redundancies and settlements. These totalled £40,826, and were paid through payroll so are therefore included within administrative expenses. All amounts were fully paid by the reporting date.
|DRAFT
amouns were uy pa y e reporng ae.
The average number of persons employed by the Charity during the year was as follows:
**2025**
2024
**No.**
No.
Teaching Staff
**66**
66
Administration and maintenance
**59**
60
**125**
126
The number of employees whose employee benefits (excluding employer national insurance and pension
costs) exceeded £60,000 was:
**2025**
2024
**No.**
No.
In the band £60,001 - £70,000
**4**
3|
|---|
|In the band £110,001 - £120,000
**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 Head, 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 £694,395 (2024: £699,284).
## **11. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 August 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 26
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **12. TANGIBLE FIXED ASSETS**
|DR
**Freehold**
**property**
**£**
**COST**
At 1 September 2024
**2,382,862**
Additions
**-**
At 31 August 2025
**2,382,862**
**DEPRECIATION**
At 1 September 2024
**-**
Charge for the year
**-**
At 31 August 2025
**-**
**NET BOOK VALUE**
At 31 August 2025
**2,382,862**
At 31 August 2024
2,382,862
**13.**
**STOCKS**
Goods for resale
**14.**
**DEBTORS**
**DUE WITHIN ONE YEAR**
Trade debtors
Prepayments and accrued income
Other debtors|AFT
**Motor**
**vehicles**
**£**
**14,394**
**-**
**14,394**
**14,394**
**-**
**14,394**
**-**
-|**Fixtures and**
**fittings**
**£**
**347,715**
**32,563**
**380,278**
**142,527**
**44,493**
**187,020**
**193,258**
205,188||**Other fixed**
**assets**
**£**
**2,339,186**
**162,686**
**2,501,872**
**313,611**
**49,071**
**362,682**
**2,139,190**
2,025,575
**2025**
**£**
**6,579**
**2025**
**£**
**79,247**
**49,297**
**476,643**
**605,187**|**Total**
**£**
**5,084,157**
**195,249**|
|---|---|---|---|---|---|
||||||**5,279,406**|
||||||**470,532**
**93,564**|
||||||**564,096**|
|||||||
||||||**4,715,310**|
||||||4,613,625|
||||||2024
£
6,968
2024
£
67,430
60,820
110,724
238,974|
Page 27
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **15. CURRENT ASSET INVESTMENTS**
|Listed investments
Short Term Deposit Accounts|**2025**
**£**
**-**
**257,170**
**257,170**|2024
£
5,748
335,000|
|---|---|---|
||||
|||340,748|
Short term deposit accounts relate to bank accounts that have a 90-day or greater notice period.
|DRAFT
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tuition fees in advance
Trade creditors
Other taxation and social security
Other creditors
Accruals
**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|DRAFT
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tuition fees in advance
Trade creditors
Other taxation and social security
Other creditors
Accruals
**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|**2025**
**£**
**1,221,503**
**195,370**
**341,758**
**181,919**
**91,778**
**2,032,328**|2024
£
1,701,975
385,151
83,668
86,290
98,059|
|---|---|---|---|
|||||
||||2,355,143|
|||||
||Tuition fees in advance
Initial deposits|**2025**
**£**
**620,860**
**78,450**
**699,310**|2024
£
1,018,702
80,850|
|||||
||||1,099,552|
|DRAFT
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tuition fees in advance
Trade creditors
Other taxation and social security
Other creditors
Accruals
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|**2025**
**£**
**1,221,503**
**195,370**
**341,758**
**181,919**
**91,778**
**2,032,328**|2024
£
1,701,975
385,151
83,668
86,290
98,059
2,355,143|
|---|---|---|
||**2025**|2024|
||**£**|£|
|Tuition fees in advance|**620,860**|1,018,702|
|Initial deposits|**78,450**|80,850|
||**699,310**|1,099,552|
||||
Page 28
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **18. STATEMENT OF FUNDS**
|**STATEMENT OF FUNDS**|**STATEMENT OF FUNDS**|||||
|---|---|---|---|---|---|
|**STATEMENT OF FUNDS - CURRENT YEAR**||AF
**Income**
**£**
**-**
**6,377,050**
**6,377,050**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**6,377,050**|T
**Expenditure**
**£**
**(93,564)**
**(6,391,208)**
**(6,484,772)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(6,484,772)**|**Transfers**
**in/out**
**£**
**195,249**
**(195,249)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at 31**
**August 2025**
**£**
**4,715,310**|
|**UNRESTRICTED FUNDS**
**DESIGNATED FUNDS**
Designated Funds
**GENERAL FUNDS**
General Funds
**TOTAL UNRESTRICTED**
**FUNDS**
**ENDOWMENT FUNDS**
Endowment fund
**RESTRICTED FUNDS**
Prize fund
Pollard music fund
Environmental projects
Development costs
Emma Bullous Memorial
Fund
**TOTAL OF FUNDS**|DR
**Balance at 1**
**September**
**2024**
**£**
**4,613,625**
**1,198,712**
**5,812,337**
**10,500**
**27,121**
**541**
**2,038**
**14,486**
**2,400**
**46,586**
**5,869,423**|||||
||||||**989,305**|
||||||**5,704,615**|
||||||**10,500**|
||||||**27,121**
**541**
**2,038**
**14,486**
**2,400**|
||||||**46,586**|
||||||**5,761,701**|
Page 29
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **18. STATEMENT OF FUNDS (CONTINUED)**
|**STATEMENT OF FUNDS (CONTINUED)**|||||
|---|---|---|---|---|
|DRA
**STATEMENT OF FUNDS - PRIOR YEAR**
Balance at
1
September
2023
£
**UNRESTRICTED FUNDS**
**DESIGNATED FUNDS**
Legacy fund
380,759
Fixed asset fund
3,668,900
4,049,659
**GENERAL FUNDS**
General funds
1,586,476
**TOTAL UNRESTRICTED FUNDS**
5,636,135
**ENDOWMENT FUNDS**
Endowment fund
10,500
**RESTRICTED FUNDS**
Prize fund
28,681
Headmistress' fund
17,724
Pollard music fund
541
Environmental projects
2,038
Development costs
14,486
Emma Bullous Memorial Fund
2,400
65,870
**TOTAL OF FUNDS**
5,712,505|FT
Income
£
-
-
-
6,405,468
6,405,468
-
-
-
-
-
-
-
-
6,405,468|Expenditure
£
-
(74,029)
(74,029)
(6,155,237)
(6,229,266)
-
(1,560)
(17,724)
-
-
-
-
(19,284)
(6,248,550)|Transfers
in/out
£
(380,759)
1,018,754
637,995
(637,995)
-
-
-
-
-
-
-
-
-
-|Balance at
31 August
2024
£
-
4,613,625|
|D
**UNRESTRICTED FUNDS**
**DESIGNATED FUNDS**
Legacy fund
Fixed asset fund
**GENERAL FUNDS**
General funds
**TOTAL UNRESTRICTED FUNDS**
**ENDOWMENT FUNDS**
Endowment fund
**RESTRICTED FUNDS**
Prize fund
Headmistress' fund
Pollard music fund
Environmental projects
Development costs
Emma Bullous Memorial Fund
**TOTAL OF FUNDS**|||||
|||||4,613,625|
|||||1,198,712|
|||||5,812,337|
|||||10,500|
|||||27,121
-
541
2,038
14,486
2,400|
|||||46,586|
|||||5,869,423|
Page 30
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **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 Emma Boullous Fund is to be used for geography related rewards over 12 years from 2022.
The Government grant is residual 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. These funds were fully utilised in the year ended 31 August 2024 towards the completion of Sixth Form Centre upgrades.
In the prior year, in order to more clearly reflect the position on free reserves, there was 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 31
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **19. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
||**Balance at 1**|||||**Balance at**|
|---|---|---|---|---|---|---|
||**September**||||**Transfers**|**31 August**|
||**2024**|**Income**||**Expenditure**|**in/out**|**2025**|
||**£**|**£**||**£**|**£**|**£**|
|Designated funds|**4,613,625**|**-**||**(93,564)**|**195,249**|**4,715,310**|
|General funds|**1,198,712**|**6,377,050**||**(6,391,208)**|**(195,249)**|**989,305**|
|Endowment funds|**10,500**|**-**||**-**|**-**|**10,500**|
|Restricted funds|**46,586**|**-**||**-**|**-**|**46,586**|
|DRAFT
**5,869,423**
**6,377,050**
**(6,484,772)**
**SUMMARY OF FUNDS - PRIOR YEAR**
Balance at
1 September
2023
£
Income
£
Expenditure
£
Designated funds
4,049,659
-
(74,029)
General funds
1,586,476
6,405,468
(6,155,237)
Endowment funds
10,500
-
-
Restricted funds
65,870
-
(19,284)
5,712,505
6,405,468
(6,248,550)|||||**-**
Transfers
in/out
£
637,995
(637,995)
-
-
-|**5,761,701**
Balance at
31 August
2024
£
4,613,625
1,198,712
10,500
46,586
5,869,423|
Page 32
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Restricted**|**Restricted**|**Endowment**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|||**funds**|**funds**|**funds**|
||**2025**|||**2025**|**2025**|**2025**|
||**£**|||**£**|**£**|**£**|
|Tangible fixed assets|4,715,310|||-|-|**4,715,310**|
|Current assets|3,720,943|||46,586|10,500|**3,778,029**|
|Creditors due within one year|(2,032,328)|||-|-|**(2,032,328)**|
|Creditors due in more than one year|(699,310)|||-|-|**(699,310)**|
|DRAFT
**TOTAL**
5,704,615
46,586
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
Unrestricted
funds
2024
Restricted
funds
2024
£
£
Tangible fixed assets
4,613,625
-
Current assets
4,653,407
46,586
Creditors due within one year
(2,355,143)
-
Creditors due in more than one year
(1,099,552)
-|||||10,500
Endowment
funds
2024
£
-
10,500
-
-|**5,761,701**
Total
funds
2024
£
4,613,625
4,710,493
(2,355,143)
(1,099,552)|
|**TOTAL**|5,812,337|||46,586|10,500|5,869,423|
||||||||
Page 33
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
|DRAFT
**21.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income/expenditure for the year (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Interest received
Decrease in stocks
Increase in debtors
Increase/(Decrease) in creditors
(Increase)/Decrease in Investments
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**
**22.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**23.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 1**
**September**
**2024**
**£**
Cash at bank and in hand
**4,123,803**
Liquid investments
**340,748**
**4,464,551**|**FROM OPERATING**
**2025**
2024
**£**
£
**(107,722)**
156,918
**93,564**
74,029
**(143,951)**
(79,034)
**389**
2,769
**(366,213)**
(46,020)
**(723,057)**
2,194,445
**83,578**
(335,000)
**(1,163,412)**
1,968,107
**2025**
2024
**£**
£
**2,909,093**
4,123,803
**Cash flows**
**At 31**
**August 2025**
**£**
**£**
**(1,214,710)**
**2,909,093**
**(83,578)**
**257,170**
**(1,298,288)**
**3,166,263**|
|---|---|
Page 34
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **24. PENSION COMMITMENTS**
## **TEACHERS' PENSION SCHEME**
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 every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of the benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:
- Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.
- Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million giving a notional past service deficit of £39,800 million;
The employer's pension costs paid to TPS in the year amounted to £679,490 (2024: £642,381).
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 £75,632 (2024: £57,546).
Page 35
**THE MAYNARD SCHOOL (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **25. OPERATING LEASE COMMITMENTS**
At 31 August 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|**2025**
2024|
|---|
|**£**
£|
|Not later than 1 year
**59,334**
27,987|
|Later than 1 year and not later than 5 years
**173,762**
67,762|
|**233,096**
95,749|
|DRAFT
**MEMBERS' LIABILITY**
Each member of the charitable company undertakes to contribute to the assets of the company in th
event of it being wound up while they are a member, or within one year after they cease to be a membe
such amount as may be required, not exceeding £10 for the debts and liabilities contracted before the
cease to be a member.
**RELATED PARTY TRANSACTIONS**
No related party transactions took place in the year other than those already mentioned in note 10. There
were trustees who paid fees to the school during the year. The fees are at a standard rate.|
## **26. MEMBERS' LIABILITY**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before they cease to be a member.
## **27. RELATED PARTY TRANSACTIONS**
No related party transactions took place in the year other than those already mentioned in note 10. There were trustees who paid fees to the school during the year. The fees are at a standard rate.
Page 36