||Page|| |---|---|---| |Reference and Administrative
Details||| |Trustees' Report|2 to|8| |Report ofthe Independent
Auditors|9 to|10| |Statement ofFinancial Activities||| |Balance Sheet|12|| |Cash Flow Statement|13|| |Notes tothe Financial Statements|14 to 24|| ## |TRUSTEES|June Aubrook|(resigned 26/4/2021)|(resigned 26/4/2021)|(resigned 26/4/2021)| |---|---|---|---|---| ||Susan Blakemore|||| ||Vivian Fairbank|||| ||Rebecca Hearsay|||| ||John Punch|||| ||Philip Sturrock|MBE|(resigned 29/5/2022)|| ||John Valiance|||| ||Paul Lee|||| ||Katrina Healey-Davis|||| ||Daniel Hunt|||| ||Simon Thacker|(appointed||26/4/2021)| |PRINCIPAL ADDRESS|20 Birmingham|Road||| ||Walsall|||| ||West Midlands|||| ||WS1 2LT|||| |REGISTERED CHARITY|1175360|||| |NUMBER||||| |INDEPENDENT AUDITORS|DJH Mitten Clarke Audit Limited|||| ||3rd Floor International||House|| ||Hatherton
Street|||| ||Walsall|||| ||West Midlands|||| ||WS4 2LA|||| |BANKERS|Lloyds Bank pic|||| ||The Bridge|||| ||Walsall|||| ||West Midlands|||| ||WS1 1LU|||| |CLERKTO THE GOVERNORS|David Milne|||| ||20 Birmingham|Road||| ||Walsall|||| ||West Midlands|||| ||WS1 2LT|||| |INVESTMENT ADVISERS|I M Asset Management||Ltd|| ||Riverside East|||| ||2 Millsands|||| ||Shefgeld|||| ||S38DT|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||2022|2021| |---|---|---|---|---|---|---|---| |||Unrestricted|Resbicted|Endowment||Tolal|Total| ||Notes|fund
f:|fund
6|fund
5||funds
6|fundsf| |INCOME AND|||||||| |ENDOWMENTS
FROM|||||||| |Donations
and legacies|4|137|440|||577|117,036| |Charitable
activities|6||||||| |Charitable
activities||1,996,138||||1,996,138|1,714,562| |Investment
income|5|70,089|9,023|||79113|72485| |Total||2,066,364|9,463||1|2,075,828|1,904,083| |EXPENDITURE ON|||||||| |Charitable activities|||||||| |Charitable
activities
Support costs
Mayfmld staff costs
Mayfield other costs||70,834
89,286
1,441,102
314,609||39,339
68,700||70,834
128,625
1,441,102
383,309|93,449
1,373,076
353,233| |Total||1,915,831||108,039||2,023,870|1,883,802| |Net gains on inveslments||||53,231||53,231|142,629| |NET|||||||| |INCOMEJ(EXPENDITURE)
Transfers between funds|150,533
21 ~178858}||9,463
.~45)|(54,807)
178,903||105,189|162,910| |Net movement
in funds||(28,325)|9,418|124,096||105,189|162,910| |RECONCILIATION
OF|||||||| |FUNDS|||||||| |Total funds brought forward||662,074|70,088|4,212,402||4,944,564|4,781,654| |TOTAL FUNDS CARRIED|||||||| |FORWARD||633,749|79,506|4,336,498||5,049,753|4,944,564| ## ## ||BALANCE SHEET
31 INARCH 2022||| |---|---|---|---| ||Notes|2022
6|2021
f| |FIXEDASSETS|||| |Tangible assets|12|3,958,452|3,927,711| |Investments|13|1,141,091|1,076,806| |||5,099,543|5,004,517| |CURRENT ASSETS|||| |Debtors|14|13,513|58,691| |Cash at bank and in hand||905,760|816,810| |||919,273|875,50'I| |CREDITORS|||| |Amounts
falling due within one year|15|(236,184)|(172,408)| |NET CURRENT ASSETS||683,089|703,093| |TOTAL ASSETSLESSCURRENT|||| |LIABILITIES||5,782,632|5,707,610| |CREDITORS|||| |Amounts
falling due aRer more than one year 16||(732,879)|(763,046)| |NETASSETS||5,049,753|4,944,564| |FUNDS|21||| |Unrestricted
funds||633,749|662,074| |Restricted funds||79,506|70,088| |Endowment
funds||4,336,498|4,212,402| |TOTAL FUNDS||5,049,753|4,944,564| ## ## ## |for|
the Year Ended|31 MARCH 2022|| |---|---|---|---| |||2022|2021| ||Notes|6|| |Cash flows from operating activities|||| |Cash generated
from operations
Interest paid|24|270,084
~28,90)|30,941
~33.733| |Net cash provided
by/(used
in) operating|activities|241,103|~279,2)| |Cash flows from investing
activities|||| |Purchase ofiangible fixed assets
Purchase ofinvestments
Sale offixed asset investments
Interest received
Dividends
received
Rental income||(30,741)
(1,020,611)
957,193
98
18,872
60,143|(756,835)
715,501
105
20,103
52,277| |Net cash (used in)/provided
by investing|acbvities|~)5.046)|31,151| |Cash flows from financing
activities|||| |New loans in year
Loan repayments
in year
Income attributable
to endowment||(29,069)
1|104,000
19,321| |Expenditure
atbibutable
to endowment||~)08.030)|~46,)44)| |Net cash (used in)/provided
by financing|activities|~)37)67).|77,177| |Change in cash and cash equivalents|||| |in Ihe reporting
period
Cash and cash equivalents
atthe||88,950|105,536| |beginning
ofthe reporting
period||816,810|711,274| |Cash and cash equivalents
atthe end
ofthe reporting
period||985,760|816,810| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |INVESTMENT INCOME||||||| |---|---|---|---|---|---|---| ||||||2022|2021| ||Unrestricted||Resbtcted|Endowment|Total|Total| ||funds
f||funds|funds
5|funds
f|funds
f| |Rental income
Income from listed|60,143||||60,143|52,277| |investments
Interest receivable|9,851
95||9,021
2||18,872
98|20,103
105| ||70,089||9,023||79,113|72,485| |INCOME FROM CHARITABLE ACTIVITIES||||||| ||||||2022|2021| ||Acbvity|||||| |Fees receivable|Charitable|activities|||1,996,138|1,714,562| |CHARITABLE ACTIVITIES|COSTS|||||| |||||||Direct| |||||||Costs (see| |||||||note 8}| |||||||6| |Charitable
activities
Support costs
Maylield stalf costs
Maylield other costs||||||70,834
128,625
1,441,102
383,309| |||||||2.023.8TD| |DIRECT COSTSOF CHARITABLE ACTIVITIES||||||| ||||||2022|2021| |||||||6| |Statf costs
Rates, insurance
and utilities
Maintenance
ofpremises and equipment
Telephone,
postage and stationery
Audit fees
Professional fees
Entrance examinations
Clerk to the governors|||||1,441,102
72.409
159,643
17,459
4,200
17,825
70,834
60,483|1,373,076
77,349
91,737
17,425
4,350
50,652
62,936
58,013| |Learning
resources
Computer costs
Administrabon
and accountancy
Subscriptions
and courses
Other costs
Other grants
Interest payable and similar charges|||||12,902
25,904
50,880
15,617
45,631
28,981|6,547
20,321
61,538
13,157
11,968
1,000
33,733| ||||||2,023,870|1,883,802| ## ## ## ## ## |

31 March 2021.||p
p|yea|ene|arc|nor o|r te year ende| |---|---|---|---|---|---|---|---| |STAFF COSTS|||||||| |||||||2022
F|2021
f| |Wages and salaries
Social security costs
Other pension costs||||||1,140,254
105,470
195,378|1,088,007
98,805
186,264| |||||||1,441,102|1,373,076| |The average
monthly|number ofemployees||during the|year was|as follows:||| |||||||2022|2021| |Teaching and support||||||47|47| |The number
of employees
E60,000was:||whose employee|benefits|(excluding|employer|pension|costs) exceeded| |||||||2022|2021| |E60,001 - f70,000||||||1|1| |2022|2021| |---|---| |1|1| |COMPARATIVES FOR THE STATEMENT|COMPARATIVES FOR THE STATEMENT|COMPARATIVES FOR THE STATEMENT|OF FINANCIAL|ACTIVITIES||| |---|---|---|---|---|---|---| ||||Unrestricted|Restricted|Endowment|Total| ||||fund|fund
F|fund|fundsf| |INCOME|AND ENDOlyMENTS|FROM||||| |Donations|and legacies||116,331|705||117,036| |Charitable|activities|||||| |Charitable|activities||1,714,562|||1,714,562| |Investment|income||60,407|12,078||72,485| |Total|||1,891,300|12,783||1,904,083| |EXPENDITURE ON||||||| |Charitable|ac5vities|||||| |Charitable|acthrities||63,044|1,000||64,044| |Support costs
Mayfield staff costs
Maylield other costs|||80,079
1,373,076
320,459||13,370
32,774|93,449
1,373,076
353,233| |Total|||1,836,658|1,000|46,144|1,883,802| ## ## ## |COMPARATIVES|FOR THE STATEMENT|OF FINANCIAL|ACTIVITIES|-continued|| |---|---|---|---|---|---| |||Unrestricted|Resbicted|Endowment|Total| |||fund
f|fund
f|fund
f|fundsf| |Net gains on investments||||142,629|142,629| |NET INCOME
Transfers between|funds|54,642
36,722|11,783
1,000|96,485
~37.722|162,910| |Net movement
in funds||91,364|12,783|58,763|162,910| |RECONCIUATION|OF FUNDS||||| |Total funds brought|forward|570,710|57,305|4,153,639|4,781,654| |TOTAL FUNDS CARRIED FORWARD||662,074|70,088|4,212,402|4,944,564| |TANGIBLE FIXED|ASSETS||||| ||||||Freehold| ||||||property
f| |COST|||||| |At 1 Apnl 2021
Addibons|||||3,927,711
30,741| |At 31 March 2022|||||3,958,452| |NET BOOK VALUE|||||| |At 31 March 2022|||||3,958,452| |At 31 March 2021|||||3,927,711| ## ## |FIXEDASSET INVESTMENTS|| |---|---| ||Listed| ||investments| ||f| |MARKET VALUE|| |At 1 April 2021|1,076,806| |Additions|'I,020,611| |Disposals|(957,193)| |Revaluations|867| |At 31 March 2022|1,141,091| |NET BOOK VALUE|| |At 31 March 2022|1,141,091| |At 31 March 2021|1,076,806| ||||Listed| |---|---|---|---| ||||investments
f| |Valuation|in|2022|867| |Valuation|in|2021|111,421| |Valuation|in|2020|(82,700)| |Valuation|in|2019|59,486| |Valuation|in|2018|18,569| |Valuation|in|2017|172,321| |Cost|||861,127| ||||1,141,091| ## ## |DEBTORS:A|MOUNTS FALUNG DUE WITHIN ONE Y|EAR|| |---|---|---|---| |||2022|2021
f| |Trade debtors||7,029|51,053| |Prepayments|and accrued income|6,484|7,638| |||13,513|58,691| ## ## ## ||||||2022|2021| |---|---|---|---|---|---|---| |||||||f| ||Bank loans and overdralts|(see note 17)|||30,167|29,069| ||Taxation and social security||||29,474|27,420| ||Other creditors||||176,543|115,919| ||||||236,184|172,408| |16.|CREDITORS: AMOUNTS|FALUNG DUE AFTER MORE|||THAN ONE YEAR|| ||||||2022|2021| ||||||6|F| ||Bank loans (see note 17)||||732,879|763,046| |17.|LOANS|||||| ||An analysis ofthe maturity|of|loans is given below:|||| ||||||2022
f|2021
6| ||Amounts
falling due within|one year on demand:||||| ||Bank loans||||30,167|29,069| ||Amounts
falling between one||and two years:|||| ||Bank loans - 1-2years||||31,309|30,167| ||Amounts
falling due between||two and five years:|||| ||Bank loans - 2-5years||||101,083|97,389| ||Amounts
falling due in more than five years:|||||| ||Repayable
by instalments:|||||| ||Bank loans more 5yr by instal||||600,487|635,490| |18.|LEASING AGREEMENTS|||||| ||Minimum
lease payments|under non-cancellable||operating|leases fall due as follows:|| ||||||2022|2021| ||||||6|5| ||Within one year||||2,378|3,077| ||Between one and five years||||2,520|4898| ||||||4,898|7,975| ## ## ## ## ## |||||2022
8|2021
f| |---|---|---|---|---|---| |Bankloans||||763,046|792,115| |The bank loan is secured|by a charge on the property.||||| |ANALYSIS OF lsETASSETSBETWEEN FUNDS|||||| |||||2022|2021| ||Unrestricted|Restricted|Endowment|Total|Total| ||fund
E|fund
f|fund
f|funds
F|funds
8| |Fixed assets|||3,958,452|3,958,452|3,927,711| |Investments|||1,141,091|1,141,091|1,076,806| |Current assets|839,767|79,506||919,273|875,501| |Current
liabilities
Long term liabilities|(206,018)||(30,166)
~732879)|(236,184)
~7,32,879)|(172,408)
~63.886| ||633,749|79,506|4,336,498|5,049,753|4,944,564| ## ## |Endowment|funds|funds||||| |---|---|---|---|---|---|---| ||||||2022
5|2021
f| |Foundation|endowment||||3,693,176|3,750,308| |Prize funds|||||61,837|41,826| |Scholarship|funds||||581,485|420,268| ||||||4,336,498|4,212,402| ||||||2022|2021| |||||||6| |Income arising||on prize|funds||7,467|6,945| |Income arising||on scholarship||funds|49,020|40,709| |Queen Mary's||Grammar|School development|||| |campaign
and||parental|funding||14,969|14,384| |Mrs Richardson||legacy|for the|benefit ofQueen||| |Mary's
High|School||||8,050|8,050| ||||||79,506|70,088| ## ## ## ## ## ## ## ## |||At 1/4/21
f|Cash 8ow
f|At 31/3/22
F| |---|---|---|---|---| |Net cash||||| |Cash at bank and in hand||816,810|88,950|905,760| |||816,810|88,950|905,760| |Debt||||| |Debts falling due within|1 year|(29,069)|(1,098)|(30,167)| |Debts falling due after 1 year||~763,046|30,167|~732,879| |||~92,115|29,069|~63,046| |Total||24,695|118,019|142,714|