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2023-03-31-accounts

Page
Reference and Administrative
Details
Trustees' Report 2 to 8
Report ofthe Independent
Auditors		 9 to 12
Statement ofFinancial Activities 13
Statement ofFinancial Position 14
Statement ofCash Flows 15
Notes to the Financial Statements 16 to 28

TRUSTEES Susan Blakemore
Vivian Fairbank
Rebecca Hearsey
John Nicholas Punch Chartered Surveyor
Philip Sturrock MBE(resigned 29/5/2022)
John Valiance (resigned 6/11/2023)
Paul Lee
Katrina Healey-Davis
Daniel Hunt
Simon Thacker (resigned 27/5/2023)
John MacDonald Waters (appointed 21/11/2023)
PRINCIPAL ADDRESS 20 Birmingham Road
Walsall
West Midlands
WS1 2LT
REGISTERED CHARITY 1175360
NUMBER
INDEPENDENT AUDITORS Wallace Crooke
Chartered Accountants
8 Registered
Auditors
Wallace House
20 Birmingham Road
Waisall
West Midlands
WS1 2LT
BANKERS Lloyds Bank pic
The Bridge
Walsall
West Midlands
WS1 1LU
CLERKTOTHE GOVERNORS David Milne
20 Birmingham Road
Walsall
West Midlands
WS1 2LT
INVESTMENTADVISERS I M Asset Management
Ltd
Riverside East
2 Millsands
She%eld
S38DT

2023 2022
Unrestricted Restricted Endowment Total Total
INCOME AND Notes fund
K		 fund
E		 fund funds
f		 funds
E
ENDOWMENTS FROM
Donations
and legacies		 4 577
Charitable activities
Charitable
activities		 2,134,306 2,134,306 1,996,138
Investment
income		 75,966 9,764 85,73Q 79,113
Total 2,2'l0,272 9,764 2,220,036 2,075,828
EXPENDITURE ON
Charitable activities
Charitable
activities
Support costs
Mayfield staff ccets
Maylield other costs		 68,378
92,21'l
1,538,639
466,037		 4,603
3,995		 33,162 72,981
129,368
1,538,639
466,037		 70,834
128,625
1,441,102
383,309
Total 2,165,265 8,598 33,162 2,207,025 2,023,870
Net gains/(losses)
on
investments ~95,952) ~95,952) 53,231
NET
INCOME/(EXPENDITURE)
Transf)ers bebi)reen funds
Other recognised		 22 45,007
(?7,048)		 1,'l66 (129,114)
77,048		 (82,941) 105,189
gains/(losses)
Gains/(tosses)
on revaluation
offixed assets ~310,000) ~310,000)
Net movement
in funds		 (32,041) 1,166 (362,066) (392,941) 105,189
RECONCIUATION
OF
FUNDS
Total funds brought forward 633,749 79,506 4,336,498 5,Q49,753 4,944,564
TOTAL FUNDS CARRIED
FORWARD 601,708 80,672 3,974,432 4,656,812 5,049,753

STATE MENT OF FINANCIAL P
31 MARCH2'		 OSITION
2023 2022
Notes
FIXEDASSETS
Tangible assets
Investments		 12 2,623,452 2,623,452
Investments
Investment
property		 13
14		 1,058,858
1,025,000		 1,141,091
1,335,000
4,707,310 5,099,543
CURRENT ASSETS
Debtors
Cash at bank and in hand		 15 35,624
895,931		 13,513
905,760
931,555 919,273
CREDITORS
Amounts
falling due within one year		 16 (280,4&3) (236,1.84)
NET CURRENT ASSETS 651,072 683,089
TOTAL ASSETSLESSCURRENT
LIABILITIES 5,358,382 5,782,632
CREDITORS
Amounts
falling due after more than one year 17		 (701,570) (732,879)
NET ASSETS 4,656,812 5,049,753
FUNDS
Unrestricted
funds
Restricted funds
Endowmentfunds		 601,708
80,672
3,974,432		 633,749
79,506
4,336,498
TOTAL FUNDS 4,656,812 5,049,753

forthe Year Ended 31MARCH 2023
2023 2022
Notes
Cash flows from opemting
activities
Cash generated
from operations
25
Interest paid		 294,610
~27,883		 270,Q84
~28,981
Net cash provided
by operating
activities		 266,727 241,103
Cash flows from investing
activities
Purchase oftangible fixed assets
Purchase ofinvestments
Sale offixed asset investments
Interest received
Dividends
received
Rental income		 (1,505,579)
1,206,622
303
23,864
61,563		 (30,741)
(1,020,611)
957,193
98
18,872
60,143
Net cash used in investing a tivities ~213,227) ~15,046)
Cash flows fr)om Inancing activities
Loan repayments
in year
Income attributable
to endowment
Expenditure
attributabie
to endowment		 (30,167)
~33,162		 (29,069)
1
~108,039
Net cash used in financing
activities		 ~63.329) ~137,107
Change in cash and cash equhralents
in the reporhng
penod
Cash and cash equivalents
atthe		 (9,829) 88,950
beginning
ofthe reporting
period		 9Q5,760 816,810
Cash and cash equivalents
at the end
ofthe reporting
period		 895,931 905,760

DONATlANc
AND IcGA		 l IES
2023 2022
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Donations and gifts E
577
INVESTMENT INCOME
2023 2022
UnrestrfctdH Restncted Endowment Total Total
funds funds funds funds funds
Rental income
income from listed		 61,563 K
61,563		 60,143
investments
Interest receivable		 14,100
303		 9,764 23,864
303		 18,872
98
75,966 9,764 85,730 79,113
INCOINE FROlN CHARITABLE ACTIVITIES
2023 2022
Fees receivable Activity
Charitable
activities		 2,134,306 1,996,138

DIRECT COSTS OF CHARITABLE ACTIVITIES
2023 2022
Staffcosts
Rates, insurance
and utilities
Maintenance
ofpremises and equipment
Telephone,
postage and stationery
Audit fees
Professional fees
Entrance examinations
Clerk tothe governors
Learning resources
Computer costs
Administration
and accountancy
Subscriptions
and courses
Other costs
Donations and educational
enrichment
Interest payable and similar charges		 1,538,639
80,035
167,077
10,825
7,615
21,988
66,777
55,959
37,096
71,546
55,220
25,817
34,344
6,204
27,883		 1,441,'l02
72,409
159,643
17,459
4,200
17,825
70,834
60,483
12,902
25,904
50,880
15,617
45,631
28,981
2,207,025 2,023,870
Auditor's
Remuneration		 2023 2022
E
Audit fees 7,200 4,542
7,200 4,542

There were no
trus
31 March 2022.
STAFFCOSTS		 tees
expenses
paid f		 or the year ended 31 March 2 023 nor for t he year end
2023 2022
Wages and salaries
Social security costs
Other pension costs		 E
1,202,109
125,541
210,989		 E
1,140,254
105,470
195,378
1,538,639 1,441,102
The average monthly number ofemployees during the year was as follows:
Teaching and support 2023
45		 2022
47

160,001 - K70,000 2023
1		 2022
1
COMPARATIVES FORTHE STATEIIENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
fund fund fund funds
INCOME AND ENDOWMENTS FROM E E
Donations and legacies 137 440 577
Charitable activities
Charitable
aciivilies		 1,996,138 1,996,138
investment
income		 70,089 9,023 1 79,113
Total 2,066,364 9,463 1 2,075,828
EXPENDITURE ON
Charitable activibes
Charitable a tivities
Support costs
Mayfield staff costs
Mayfield other costs		 70,834
89,286
1,441,102
314,6Q9		 39,339
68,700		 70,834
128,625
1,441,102
383,309
Total 1,915,831 108,039 2,023,870
Net gains on investments 53,231 53,231
NET INCOMEI(EXPENDITURE)
Transfers between funds		 15Q,533
9,463
~178,858) ~45)		 (54,807)
178,903		 105,189
Net movement
in funds		 {28,325) 9,418 124,096 105,189
RECONCIUATION
OFFUNDS
Total funds brought forward 662,074 70,088 4,2'12,402 4,944,564
TOTAL FUNDS CARRIED FORWARD 633,749 79,506 4,336,498 5,049,753

forthe Year Ended 31MARCH
TANGIBLE FIXEDASSETS		 2623
Freehold
property
COST
At 1 April 2022 and 31 March 2023 2,623,452
NET BOOK VALUE
At 31 March 2023 2,623,452
At 31 March 2022 2,623,452

FIXEDASSETINVESTIIENTS
Listed
investments
f
IIARKET VALUE
At 1 April 2022 1,141,091
Additions 1,505,579
Disposals
Revaluations		 (1,206,622)
~381,190)
At31 March 2023 1,058,858
NET BOOKVALUE
At 31 March 2023 1,058,858
At 31 March 2022 1,141,091

Listed
investments
Valuation
Valuation
Valuation
Valuation
Valuation
Valuation
Valuation
Cost		 in
in
in
in
in
in
in		 2023
2022
2021
2020
2019
2018
2017		 (381,190)
867
111,421
(82,700)
59,486
18,569
266,197
1,066,208
1,058,858

INVESTIIENT PROPERTY
FAIR VALUE
At 'I April 2022
Revaluation		 1,335,000
~310,000)
At 31March 2023 1,025,000
NET BOOKVALUE
At 31 March 2023 1,025,000
At 31 March 2022 1,335,000
Fair value at31March 2023 is represented by:
Valuation
in 2023
Cost		 E
(310,000)
1,335,000
1,025,000
forthe Year Ended 31IIARCH 2623
15. DEBTORS:AIIOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Trade debtors
Prepayments
and accrued income		 17,909
17,715		 7,029
6,484
35,624 13,513
16. CREDITORS: AINOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Bank loans and overdrafts (see note 18)
Trade creditors
Taxation and social security
Other creditors		 F
31,309
4,430
29,962
214,782		 30,167
29,474
176,543
280,483 236,184
17. CREDITORS: AIIOUNTS FALLING DUE AFTER INORE THAN ONE YEAR
2023 2022
Bank loans (see note 18) K
701,570		 732,879
18. LOANS
An analysis ofthe matunty ofloans is given below:
2023 2Q22
Amounts
falling due within one year on demand.
Bank loans		 31,3Q9 30,167
Amounts
falling bebween one and two years:
Bank loans —1-2years		 32,285 31,309
Amounts
falling due between two and five years.
Bank loans -2-5years		 105,123 101,083
Amounts
faliing due in more than five years:
Repayable
by instalments
Bank loans more 5yr by instal 564,162 600,487

2023 2022
Unrestricted Restricted Endowment Total Total
fund fund fund funds funds
F
Fixed assets
Investments
Current assets
Current
liabilities
Long term liabilities		 850,883
(249,175)		 80,672 2,623,452
2,083,858
(31,308)
~70),570)		 2,623,452
2,083,858
931,555
(280,483)
~701,570)		 2,623,452
2,476,091
919,273
(236,184)
~732,6?9)
601,708 80,672 3,974,432 4,656,812 5,049,753

Opening
Balance		 incoming
Resources		 Resources
Expended		 Transfer Revaluation
gainl loss		 Closing Balance
Unrestricted
fund 633,749 2,210.275 2.165268 ~77,048) 601,708
633749 2,219275 ~2,1
268		 ~77,049 601,708
Endowment fund
Opening
Balance		 incoming
Resources		 Resources
Expended		 Transfer Revaluation
gainl loss		 Closing Balance
-Foundation
endowment		 3,693,176 33,162 77,048 (204,271) 3,532,791
-Prize funds
-Scholarship
funds		 61,837
581,485		 (24,838)
~176.843)		 36,999
404,642
4,336,498 33162 77,048 ~4$5952
Restricted fund
Opening
Balance		 Incoming
Resources		 Resources
Expended		 Transtier Revaluation
gain/ loss		 Ciosing Balance
-Prize funds
-Scholarship		 7,467 329 7,886
funds
-Grammar		 49,020 8,862 3,570 54,312
School
-l egacy
funds		 14,969
8,050		 4,699 10,424
8,050
79,506 9,764 8,598 80,672

(
ACTWTtES		 TO NET CAS H FLON FROM OPERATING
Net (expenditure)/income
for the reporting
Statement afFinancial Activities)
Adjustments
for:		 period (as per the 2023
f
(82,941)		 2022
F
105,189
Losses/(gain)
on investments
Interest received
Interest paid
Dividends
received
Income attributable
to endowment
Expenditure
atinbulable
to endowment
Rental income received
(Increase)/decrease
in debtors
Increase in creditors		 381,190
(303)
27,883
(23,864)
33,162
(61,563)
(22,1'l1)
43,157		 (868)
(98)
28,981
(18,872)
(1)
108,039
(60,143)
45,178
62,679
Net cash provided by operations 294,610 270,084
for the Year Ended 31 for the Year Ended 31
INARCH 2623
26. ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/22 Cash flow At 31/3/23
Net cash E
Cash at bank and in hand 905,760 ~9,829 895.93'1
905,760 ~9,829 895,931
Debt
Debts falling due within
1 year
Debts falling due after 1 year		 (30,167)
(732,8?9)		 (1,142)
31,309		 (31,309)
(7D1,57D)
763,046 30,187 (732,879)
TotaI 142,714 20,338 163,052