## ||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|