IIALL SCHOOL TRUST REPORT FLYANCIAL STATElENTs FOR THE YEAR ETr47>ED 31 AUGUST 2022 Company number 02036538 Cbarity nuJnbeT 2951J03
THE MALL SCHOOL TRUST REPORT AND FINLNCIAL STATEMEliTS FOR TKE YEAR ENDED 31 AUGUST 2022 CONTENrs Page Govemor8, OlcerS and Advi80rs GovenLors' lieport Inikpettdent Auditor's Report Statement of Finaticial Aotivities 10 Balance Shttt Statement of Cash Fitsws 12-13 Notes to the FiD2ucial Statements 14-26
THE MALL SCHOOL TRLST GOVEILNORS, OFFECEBS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2022 Governors Tbc school GoYemoJE who are the Chaity TnLSt¢es and also Ditectors of the Company who served during the yw aThl sinc¢ as indicated are.. Mr R J H Walker {Cknir) Dr D Clark {re8igned 31 AUg812021) Mrs M Gallagher Mrs J S Hawker Mr D E JLm)w (appointed 21 SeptenLbtt2021) Mrs Kmahajan Mr Y O MolS Mrs N Page MrP J PhillLP5 (appointed 21 Scptettthcr 2021) Mt5 E Gernghty (appointed 13 Mch 2022) Key Management Perso1e1 El¢8dwa$tsr MTD C Price Bunar Audltor Haysmaciniyre LLP 10 Queen Streth Place London EC4R IAG B8nkers Lloyds Bank, TwlckenhatnBrdb
THE MALL SCHOOL TRUST GOVERNORSI REPORT FOR THE ITAR ENDED 31 AUGUST 2022 The Goyernors of Tr Mall School Tntst present theirynnual rEPOrt for the year ended 31 August 2022 ullder thc Chariiies Act 2011, including the Dirwtor5' a1 Strakgic Rew)ns, under the Colljpanies A¢t 2006, tO8eth6r wi¢h thc auditcd finonciol st8t¢rnents forthe year. REFERETr4CE ADMtD•lSTRATIVE DTORMATION The Mall School TnLSt IS COll5timted a5 a compomy limited by gukralltee registerryj inEllg Comp8ny No. 02036538, aNI is registcrEdwith the chlty Cornmission uttdercharity lio. 295003. Details of themellth¢rs ofthe Goveming Body, together with the S¢hool's officets Audpriti¢ipMI advisors are given ou page l. STRUCTLQLE GOVERNANCE.4E4D MANAGEMENT Governillg Dowment Thc Company is governcd by its meMorandn aty1Articl, lastamendedon l Mareb 2¢X)6. Governing bdY The Govemors, who are a150 uld under thc .4rticles to serve as members of thE Company, arc elected at a Full Gov¢rnors' M¢etillg on the basis of the GoveTnor's specification conccrnillg eligibllity, pcrsonal cornpeten¢< spexialist skill5 and local availability, and on recot]Mnendauon from the Headmaster on the same basis. At each At)nual General Meeting the nearest number io gne fiftb of the total gotremoTS retire and art eltgibl¢ for re-electio The Governors to retire each yearare those wbo have longest in oifice since their lastele¢uon. Governor R¢¢rnitmettL tnduetioll alld Tr•lDing New Governors are inducted into the w01ng of th¢ School: and also of the Company &$ a ttgistetrd ¢harity, including Board Policy and Procedur¢s, and attend profe&8ional courscs on trusttt tsaining. Orgls*tioNl MADAgement The Governts meet as a Board at Itast three tiTnes a year, with additional stsjtegy meetings require¢ to detennille the genernl policy of the Company atkl rei'iew its ov¢rdU tDaDagelltffli and control, for they are legally tf5pottsible. Sub coll]mittees ott finance, educatio child ptote¢tioffj propety. m8knin8 alld risk Jneet regulady prior to Board tneetings to implemellt the B(th's PDli¢ies. The day-to-day rnnning of tbe Scbfftl is delegat¢d to the HLithaster and the Bursar, wbo in tum are supported by other mctnbers of the Senior leadership team. The Hvdd[E5te aibj Bursar atttnd all meetings of the Governing Body's Cornmittees. Rernunerationpolicy fork¢y mallagement petsonnel is set bytheBoaTd, withtbepoiicyobjective of providsng appropriate incentives to cncourdEe enhanced perfom)8nce and of reWlIng th¢m fairly alld responsibly for their individual contributioL¥ to the Ttust's suceess. The appropriatene&8 and rel¢vallce of the munCrabon polscy is ttviewed annually includin¥refcrenceto comparisons Otherindeent5¢hooI5 (o ensurethattt TnLr¢maIllsS¢nsitivt to tbe broader issu¢s of pay and empltsymeni conditioDS el%where. We aim io recTuiI sllbjt ts) experien¢c, ai the lowcr to medium point within a b&tMJ, providing scope to be ]rwarded for excellence. De]ivery of the Company's charitable vision and purpose is prinwily dqKndent on our key m8nagcrnent perso1 and stsff cost5 a the largest single elemEnt of ow cbaritablc expendiiure.
THE LIIALL SCHOOL TRUST GOVERNORS, REPORT (eontinued) YEAR ENDED 31 AUGUST 2022 Relationshlps The Mall S¢hDoI is att active llmber0f th¢ IAPS and tbe ISBA for the pronK>tiOn ottd maintellat of prq>mtory school stalldard8 gen¢rnlly. The Moll also benefits fro the gencr05ity of the thriving Mau Scl¥)ol Association and Current pnts. Investment Polley And Objectives All available rtained funds, other than those Ywuired for daY-ldaY mattagernenl are inv&sted in Fixed Tenn Deposits with our bankers. Ch8rlt4ble Obje¢tS The objects are sct out itt MeMordndU of Association &8 the prony)tion 8Dd ptovision for the advancement of Jucatson of children in the Lnited Kingdom auldsewh¢r¢. Alm And Intended Impact We bclAcv¢ all Ghiidrcn should be inspired with a lifelong love of leamimg. (hwmi&%ion is to crEate an environment that ignites the loveof ltrdming Childr throughpa5SiOll, joyi Goufidence a1 happiness. We will achieve this by providing a supportive eomtnunity and place grow, where everyone has a N'oirc. A place wheK tsue potelltial call be (kveloped, wheth6r it is acadetDiC, 5POrting, musical, dramatic orarttsti¢. We will guide all children to develop theirn&tural curiosity and independence leading to happy confident indivithia]s, Ivith a lifelong love of learning. Objectlves for the Year The Board's nmin objectii'e CODtinued to be to educate a]1 the S¢bwl's pupRis to at le&st the 8aD high 5t#ndard &chtev¢d by the School inprevious years, so thotthey will b¢ llY able to benefit theirclK>5en seDiorschool forthe completion of their education in duc ¢oursc. Our strategy for this is mailltsin the high stsndard of teaching. the high teacher-to- pupil ratio, tail¢)ring our services as appropriitc iti caGh case to Suit Indidual nceds. STRTEGIC REPORT Prin£ipg1 Activity The Mall s¢fr1 Trust'5 prinGipal actiTrity conlinue5 to to opual¢ as a prepa1 school with approximately 170 ehildren aged 6 nonths to I l years old. Publi¢ Bellefit and Grant-nuking The Gov¢rn¢)rs confAnn that they have eomplic41 with t duty of the Clwities A¢t 2011 to have due regard to the public ben¢fit guidattce pubIIsd by the Charity Con]mis8i¢)n ill detem)ining the activities IUtdeeTr by th¢ Gharitable
TRE LVIALL SCHOOL TRUST GOVERF*ORS' REPORT (tontlnued) YLAR ENDED 31 AUGUST 2022 The School supported 9 pupils through its Bw Sche£ and 4 pupils awarded staff and sibling discounts durtng the year. Th¢ Bursary scbeme supporL wEuch is available on a needs basis as detenDined by the Bursar in consultation with the Headmaster, atnounted to £26,525 (220-21.. 8 pupils £22,857), not including statT and silling dL5counts. The School 7-. and 8+ entry AS well as 4+ entries. Financiat a&sistsnce is available ai 7- 2nd 18ter enty through comprtitive assessment as publi¢ benefii to help familic5 h0 oll]d not othen¥ise be able to afford a Mall education al to broaden access to the SGhotsl. These award5 and the buTr8ries available to Cllt parents who experienee finm¢Lal hardship are means t&sked atLd revicwed annually. Use of the Scbool swin]millg pwl was provided free of or at a subsidiscd rate to St Jemeé's RC School, Trdfalgar Junior School, Ja¢k and Jill kbool alld Waidegrdve Gi]ti' Sch1 as part of our p&rtnership links and public benefit with loeai Dtsintained schools. The Mall proNided additioDa] publi¢ benefii by offering the theatre facilitLes to a umber of orgaDisations, including Building B1kS Nursery free of Charge atyj Richmond Brw Band at a subsidi8¢d rnt¢. During the coursc of the year, EK)ys bav¢ raised £2,847 iti clMTitable futKtrwsing and have partthn ill a number of evellts, including Christmas jumper for Save the Children" Harv&%t Festival food collection for Richmond Food BanL' Mufti days forAfghalliStan and Central Asian Associatioll and Lknian Hwnanirarian Appeal.. Il£d Cross charity appeal. ACHIEVEMEfiTS AND PERFORTrL&YCE OperatlonAI ptrformaDce of the School Lt year Saw the final removal of the Covid-19 restiicti08 and the rcturn to non[ rnutin&% thTrughout dLe school. In the spring, the sebool wa5 inspected by the Indq)elldellt sChIs tospeciotare And ceiVed the higbest grade of 'Excell¢nt' for the pupiIs' #ebtevement and tItr persona] dcveloptThellL The final rygr4 which can be found on the school website, acknowledged the pupils. excellent attittlde their leaming and their very high levels of ¢ngagement in lessons. It also recognised that ourpupils have very rI141¢ve1oPe soctal skills, are exttymely well- manner¢d and sEW a high degr¢¢ of respect fortheir School. In the summer terni, The Mall rtached the final of the Dationai intw-s¢bool gener31 knowledge quiz where we ce fSt. Forty-five boys received awards in the wionwide PriTnary Maths Cbauellge wtth 12 ryeiving gold certificates. Ail the boys tLK)k part iti perfo¢9 in our thtatsr over the year startiDg with ouryoullgest pupils itt the h&rv¢s¢ festiial,. CllllSW play aud nativity,. Musi¢al8 at The Mall forYeaT5 3 ro 5 and the leav¢rs' p¢rfom)8n¢e of Bugsy Mai(Trne. In music over three-quarters of our boys arc learning to play illstnullellts alld in Collcerts this y¢ar we have heard from ovEr 100 soloist& tbr¢e dtfferent ¢hoiTh two witKI bals, the slring Orch the Cello and brass ensembles and the Mall SGhool rock baDd. Overth¢ year. residential trips were able to resillne with Year 3 going to PGL,. Year 4 tt> Hooke Court in tknTsci' Year 5 tD Ic Touquet in FTanc¢,' and Year 6 to Nomwidy. Our Year 6 IEaYcts perfO¢d extremely well at Il+ wtth olTer5 from twenty<ight diffrrcnt 5Ghook Three-quart5 of th¢ boys receiving nyo or more off5 from academically selective senior schools. In additio boy$ wff¢ awarded two sports scbolarships, s¢ven music s¢holatskn"ps and nine acadcxllic awatth. The school's charity comrnitiee. whtch ts made up of pvpi18 from Year 3 and above, conliDues to do a fine job in fundraising alld co-ordinating collections for worthy causes including the Afohanistan and Central Asiarl A&w¢i10n,. the Ukratne HumlItarian Appeal.. the Rotary Chth skne PTOjttt for childrcn and fomili¢s in Ewstem EwoF¢,' and the Childr6n's book scbem¢.
THE LL SCHOOL TRUST GOVERNORS, REPORT (contiDued) YL4R ENDED 31 AUGUST 2022 In Sept¢nther2022. the school op¢JJed a nuw on the sitr previously occupied by Rweption alld Year l. The nursery s open 51 weeks a year for boy5 aud gills aged 6 months to 4 yea)5 ol¢L The Mall ill bew to a¢cepl girls into Reception frorn Sq)tetnber 2023, wtth all year groups bein8 Ced fiKpm September 2029. FJNANCIAL RKTrTKW Results for the year Net expenditure was £394,233 COmpad to net income of £87,689 in 20221. Pupil numbers reduced frorn 213 in 2020-2l ty 192, as tbe Seh(x)I c¢)lltinued its transition to I l- As a rEsuIt income reduced from £3,362,288 itt 2021 to £3,133,829 in 2022. Bursarifs and otherdisrounts increased f(oJn 10 to 13 pupiLs with a fin1claI value of £55,447 12021>21- £50,506). Loan payments durin8 the yearwere £T23.972 (2020-21: £121,790). Reserve5 level and Pollry and Fillanci Viability At 31 August ?022, Ibe totsl ndS of the twst were £6,583,017 (31 August 2021 £6,977.250). The Goverllors will use fvture sujpluses in order to contillue ethncing the education facilities aad services of th¢ school. Free reserveg of the school atr £496,640 (31 August 2021.. £1,106,88i) with the baIauGe of funds lled up in the schools fixed a&8ets. The governors, policy is to aim for free tE5erves to be appToximatcly fquiYa]ent to one terni's expenditl over tbe mediu t¢mi. The current frcc resery¢s level rcpresenLg approximatdy two tnonths of operating ¢xpenditur¢. The governors rc¢ognisc this is largely due to tbe SeJVes l)eing uiilised for the op¢ning of the nuw pwvision and expect the level to increase with the subsequent additiojjai pupil numbers g£tillg fee income. PRINCIPAL IUSKS AND ucERTAIr1s The Governors are responsible for the overseeing of the risks faced by the Scbool. D¢taiied CO51der*tiOnS of risk are delegated to the Senior Management of the Scbwl. Risks are id¢ntified, &&se55ed and cotstrols established tltroughout the year. A fonnal review of the charity's risk n]anageeÉ pnxe55e5 15 utKiertaken on an awiuat basi& Risk is monag&J under th¢ headings of strategic. opcrdtional, financi. complian¢4 Safeguding 8nd I l+. The main risks that the Governors bave identified and the plans to those risks ate: Reputatio The S¢hwl's succe&8 isbuilt oa its reputationfor the cducation andwdl-being ofourpupi]s. We managethis risk througb saf¢guarding w>lici¢5. 5tatY recrnitment policies, pastoral support for both pupils and staff and active identification and resolution of bealth and safety related issu£s. Money Ourability to continue is reliantoftpupit fees alld the abilitirto paybills as tho. fall due.Thi5 risk is managed by marketing activity, having a Teputation for acaden]ic excellEr aG11¢ CaStFflow management. Financial controls are ovdseen by the Finance c0Mitte& whi¢h mccts ternjly. Politicsl The independent school 5eGtor is fa¢ing a numb¢r of politic pressures that could challenge the c]]aritable status of independent schools and have a signifjcant effect on (Mjr finaes. The Finance Committee rneets tennly consider ttL¢ potential risks associaL¢d with the iuyosed VAT on sch1 kn aThJ thc removal of cxis¢ing relief on bwiness te5. The Comjnitke also explores new ways w dennStrate bliC benefiL
THE MALL SCHOOL TRUST GOTrTRNORS' REPORT (continued) YEAR ENDED 31 AUGLST 2022 Currlculum AcadtiniG excellence tEquires the rnost able teachers with strte of the art facilities delivering the curiculum to abl¢ students. We manage this risk by combining attra¢ts"ve 5a]aric5 with oTrgoillg illvcstsncnt in our premises. Acddemi¢ standards monitored by the Edatsort Conunittee aExI key senior sthff. Through the risk managerncnt procesqcs established foT thc School, the GoYeTh)rs arc satisfied that Éhe major risk5 id¢ntifi¢d have been adequately miiigated where necessary. It is recogtiised that systems cAn only provide re4sonable but not absolut6 unce that majorrisks bavc be¢tt adequately manage Flltur¢ PIsn8 The school will beg]n to accept girls frotn Septernber2023 and be fully c(Kd from Septenther 2029. The sc]Lool will 4)ntinue to prepare toth boys and girfs for & range of aCadeicallY selective senior sch(K)Is and continue to offtr an Excellent all-round education with a rich alld chall¢nging ¢urri¢ulum with stsorvg pastoral coff focused on each pupil's happiness and wellbeing. STATKTrtENT OF GOVERf40KS' RESPoI¥SIBILTs The members of the Governing Body (who are also the director8 of The Mall SclLooI Tntst for the purposes of compally lawl are spOlb1¢ for preparing the Governors, R¢wrt th¢ fin8n¢ial sratements with applic&ble law and Unit¢d Kingdom Generally Accepted Ace(punlittg Pratiic¢ (Lnifed Kiugdorn Accounting Stsda). Company law requiK8 the Jnembers of the Governing Bodv to pJEpare financial statements forea¢h financial y¢ar. Under collwany law th¢ Goyeming Body rnembers rnust not appmve the financial slatellients uDless they satisfied that they gtv¢ a true and fair view of the sta of affairs of the ¢harifable ¢ompaTry and of the incoming resour¢es and application of trsource4 iti¢ludÉng the illcorue and exptllditur¢, of the charitable Company for th8tp¢riod Ill preparing these fi¢1[ statements, the GoTr'emÈng Body mNnb¢rs are requijtd to.. • 8¢1¢¢t suitable a¢counting PKJli¢ies and tlwi apply th¢m coDsiStenUy • obs¢rye the meth(th aTLd principl in the Cljarities SORP; ' nMke judgallents alld accoutiling estimates thai are reawnable and pnLdfflL • 8tate whether applicable UK Accounting Standards have been followed subject to any material depthures disclosed and ¢xplailled in the fillallci sts¢em¢nts' ' prepare the financial teM¢llts Dll the goiDg co1 b&sis Unl it is itwppna*¢ to presume that the charitable company will continue in business. The GovBnJor5 dre responsible for keepiug proper ac¢ounting reco which disclose with reasoD8ble accurdey &t ally lime the financia] position of the charitsble cotnpally alld eDable thetD to eDSWE that the fJDaDcial SIRte¢ts comply with Cornpallies Acts 2006. ar¢ also responsible for safeouarding the assets of the charitable company and hence for taking reasonable steps for the prevention and dttectioo of fraud ajxl other irr¢gularilies. The Goi'ernors are SponSible for the maintenance and integrity of the eoryK)r8te and financial inforniF&tion included on the ¢haritable ¢ompany's website. Legislation in the United Kingdom governing the preparntioll and dissemination of financial st&tenKnts lljay difftr frotnth¢ l¢gislation ill othet jurisdi¢tions. The Governors at the date of approval of thi5 Goyernors. Rep)rt confirni thatso far as eacb of them is &w8re, there is no relevant audit infornmtion of which charitable company's audit(Trr is unaware. and the Governors bave taken all step. that they OUEht to have taken to Jnake th¢mseli'es aivare of auy relekani wdit infommiion and ¢0 establish that tbe auditor 18 aware of that infonnaiion.
THE MALL SCHOOL TRUST COVERTrIORS' REPORT (collthiued) YEAR RNDED 31 AUGUST 2022 Audltor4 In accordance with Section 485 of the Companies Act 21K)6, a resolution proptis] the reAppoinlnJent of h&ysmacintyr¢ as auditors to the school will be putlllto the annual generd meeting. Approved by the Govemors at the GovemoTh' mething on 30 November 2022. includin8 with thcir capacity 88 eompany directOTS, approving thr Governors, and Strategic Rwrt's contailled therein alld signed on its behalf by: RJ H Walker Chairnian of Govemors Date.. 30 November 2022
INDEPENDENT AUoR's REPORT TO MELBERs OF THE MALL SCHOOL TRUST Oplon W¢ have auditrd the fjnancial statements of The Mall Scknl TTUSt for the year ended 31 August 2022 whicb comprise the Statcment of FinatLcial Activities, the Balanc¢ Skel the Cash Flow Sratmeni notes to tbe financial statements, including a surnmary of significant accounting policies. The fin80cial ryrtiDg frarnewoTk that has been applied in their prepardtion is applicable law attd United Kingdom Aceounting Stsndard4 including Financial RePortg Standard 102 The Ftxancial Reportirtg Siortdrtrd applicable ipr ihe UK tmd ReplknI ofIreland (United Kingdom Genernjly Accepted Accounting Practirx). In OLtr opinion, the firlallcial ststeAnents.' give a true and fair view of the sts(¢ of charitsble company'5 &ffairs &$ at 31 August 2022 alld the chwitable company's net rnovellKllt ill funds, including th¢ incorne aTKI expeDditur4 for the year ended; have been pperlY prwared in ac¢ordance withutiited KJDgdom Generally Aecepted kn¢ountiDg Prd¢tscc' and have beell prepad iti a¢¢ordthce with the requir£ett of the ConyDie5 Act 21JJ6. BASIS for opinio We Colldueted our audit ill accordance witb Internatiot Stsndarth OEk AudAting ItfKI USA5 ILX)) and gpplicable law. Our tesponsibilitics under those standards ar¢ filrther describvj it) the Auditor's responsibilities for thc audit of the financial ststements se¢tioll of our rrport. We alt tndcpcndent of the clwitAble company in accordance with the ethical requirements that are relevant to our audii of the finaociai statements in the LX including the FRC'S Ethicai Standard, and we h&Yc fulfilled our othknf ethical respoL%ibiIities in aecordaDce with reqUir¢nllts. We believe that the audit rvid¢n¢c we have obthitted is sufficient and appropriate to pmvide ab8sis for our OPiDiOD. Conclusions relat5ng to golng concern In auditing the financiat slatenllts, we have GoncludeAI that the govemors. use of the gotng concern b8518 of ttccotmting in the pr¢paratioll of the fitwicial statements is appft)priate. Bascd on the work we have performeiL we have Dot identified any rnat¢rial uncertainlies lating to events or Conditions that, individually or collectively, may c&8t 8iunificani doubt on the gtoup's ability to contillue as a going wncem for a period of at least Iwclv¢ months from wthen the fiDall¢iat SmentS are 8u(ILorised for i8sue. Our respinsibih'tidg and the $)nsIbilItieS of the trustees with resm to 8OiDg Co¢M are described iti the rel¢vant seetion5 of this rqKFrt. Other Information The governors are sPOnSiblE for the other infomiation. The other inforrnation compris&8 the infOratiOn included in the Governor's R¢porL Our opinion onthe f]Dancial statements docs not cov¢r the other infornHtion atd exceptto the ext oth¢Twise explicitly stated in our repor¢ we th) not expre&s atry forni of eonclusion thereon. In coAme¢tion with our audit of the fttmicial Stat¢ty our rrspoTwTrJiltty is to rcad the other infornutioll an& in doing ¥0, consider wbether the other information is lllaterially Inconsient the fioancial ststeinents or our kwledge obtained An the audit or otheThwi8e appcays to be malerially misstatr& If we idelltify such material inconsisten¢ies or apparent 1114tdiai miaL¢m¢n, wt are reqUid to deternjine whether there 15 a material misststcnt in the financial statements or a Materi misgtatrrnent of the other Inforntio based on the work we hav¢ perfornie4L we conclude that ther¢ is a matcrial misstatement of dLiS other InforntI0 we rwuired to rtport that facL We have ttothing to report in this regard. Opknlon5 Oll other marters pr¢5cribed by the CompleS Ad 2006 In our opinion, kn¢d on the work undemkrn in the course of the audil.. the information giyen in the Governor sR¢pon (which illcorporatcs the strategic reFX)rt aThlthe directo, rq)ort) for thc filLCial year for which the finallci81 staents are preparEd is consiitcnt with the fitMtJ¢ial stst¢iyknts' and th£ strategie Trport and the directory. [qrt includcd within the Govemots. Report h&8 been prepared in accordance with applicable legal requirrwnts.
INDEPENDEfiT AII)ITOR'S RKPORT (Continued) TO THE MKMBERS OF THE IJALL SCHOOL TRUST Matters on wFdch we are requtred to report b> exception Ill the light of the knowledge and uNlerstanding of the chaTithble company and its envinment obtsincd in the course of the audi¢ we have not identified rnaterial misstatements in the Govemor'sReport (which irLorpordtes the strat¢gic report alld the dtrectors. rcport). We knv¢ nothing to repDrt in r¢spe¢t of the following Dtstters inlatiOn10 which tbc Cowanies Act 2006 qUIreS us to report to you if, in our opinion.. adequate aceounting COrdS have Dot been kq)t by thc chaTitrble ¢omp8lly; or thc charitable company finAIKial statem¢llts are Dot ill agteement with the accoutttitig records and retunts,. or certain disclosures of goV¢rno, reMUnall0rt specified by law are notmade. or we have not received all thc iOrntiOn and explatio[L$ we requi foroyr audiL Re%poDsibilitie$ of governors for th¢ statemeots As explained more fully in the governors, tYsponsibiiiti£s 5tateinent set out OD pag¢ 7, the gDvrmors are responsible for the preparation of the financial staternents and for bemg satisfid that they give a In and fair l¢w, for such internal cotstrvl 0$ ¢he govemot5 deterniine is necessary kn ajable the prepwatiollof financial st&ternents thata freefrornDtctlal mi&st&teen¢ whether due w fraud orem>r. In prq>aring financial stst¢en the governors are r¢snSible for assessing the charitsble cowany's ability to continue as a going dis¢losin& applicable. tnatte15 related to goingconcelll audusing the goit¥ ctsncern basis of accounting unless the goNernor5 either intelld to b"quidafr th¢ charitable cornpany or to cease operttions. or have no realistic aitemative butto do so. Auditor's r¢swbnsAbi]ities for the audit of the fu¢11 gtatements Ourobjectivrs are 10 obtain reasonable assurnice aixjut hetherthC finallcial staents as a whole are fire from material misstatemenl whether due to ftaud or error, alld to issue an auditor's rew>rt that includes our Opinio Reasonabl¢ a&suraTLce is a high lev¢1 of assurance, but is llot a guarantee that an audit tonducted in acCOrdae with Isks OJK) will ways detect a mat6rial misStament when it exisL%. Mi&statemen Can arise from frdud or ermr and art CDDsidtred RnalErial if, individually or ITh the aggregate: they could re&nablY be expected to iJfflu¢nce the economic d15]0 of users taken on th¢ basi5 of tbo*¢ fiTwILial swcments. Irr¢gularities, including fraud. are in8tanc&s of I-complinE¢ law's and reguLatitsns. We design procedures in line with ourrespoJ]sibilitAes, outlined above, kn deteGtmaorial misgtatements ÈtiIewtof irr¢gularities, including fraud. The extent to which our procedure5 arc Gapable of detecting iEsl#tIti4 ilUding fraud is detail&l below.. Bed on our underStadIng of the gr, the parent charitsble compajy and the ellvill>nllLtTht which it operates, we idetltified that the principal risks of non-compliance wlth laws and regulation5 rrlatrd to the illdependent School regulatiotJ$, Safeguardi regulations, healthAnd saftty requitcen(s.GDPILcMp1OYrneCEu a[ Ch&rity Conllllis510ll'S generdl guidance and we considered the to wbich DOrt-¢ompliance might haie a llterial ¢ffect oll t financial statements. We akn considered those laws and rwilations that have a dIt iinpa¢l on tk prepatio11 of the fitwieial statements such as thecompauics A¢t 21J)6, theCharitie5 Aci 2011. the StsÉem¢Di of RecommendedPra¢ti¢¢ for ChltieS (SORP 2015) (SecoThl Edition, cffeetiye l January ry019), al CODSidcrotherfa¢tOET such payroll taxes and VAT. We evaluated management's incentivcs and OPWTrrtUnits. for frauduleDt Dwiipulatioo of the financial statem¢nts (including the risk of oveIde of controls). and det¢miined that the principat risks were rdated to postitig in&ppropria journal entries al rnaTMgement bias in cer(ain accounting e5timales and judgements such as the valuation of investment propety. Auditproceduffjg perfored by the fwget ttam includL. tllSPECtillg iorrcspondence with regulators attd tax auth¢)ritics' Inspecting th¢ outromcs of any regulatory lA8ctIonS. Di5CU5sions with management including c4)nsideration of known orsuwted instanc¢s ofnon-compliance with laws and reguIation and fiaud: Eyaluating matsAgeEnent's controls dcsigned to preyellt aTJddewt I[anties.
INDEPENDENT AUDITOR'S REPORT (Continued) TO THE 1VIBER5 OF THE fvLILL SCHOOL TRUST Identifying and testing journals, in particular journal entries posted at the year-end or with unusual descriptions., and Challenging a%sumptions and judgements made by Tnanagement in their ¢riti¢al accounting estimates and challenge of the underlying assumptions. Because of the inherent limitation% of an audit, there is a risk that we will not delect all i¢gularitieS, including those leading to a material misstatenient in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events. and transactions reflected in the financial statement5, as we will be les5 likely to become aware of instances tsf non-compliance. The risk is a150 greater regarding xrregularities ocCU1ng due io fraud rather than error, as fraud involves intentional concealmeni, forgery, collusion, omission or mIspreSentation. A further des¢ription of our respon8ibiliiies for the audit of the financial statement5 is located on the Financial Reporting Coun¢il's website at.. www.frc.o .uklauditorsres onsibiliiies. This de5CTiPtion fornis part of our auditor's report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companie% Act 2006. Our audit work has been undertaken $0 that we might state to the charitable Company's membeTS those Tllatte we are required to to them in an Auditorfs report and for no other pllrpose. To the fullest extent pemiitted by law, wedo notacceptor a55ume responsibility to allyone other than the charitable company and Ehe chariiable cotnpany's members as a body, for our audit wod(, for this report, or for the opinions we have fonned. Vikram Sandliu (Senior Statutory Auditor) For and on behalf of Hay5macintyre LLP, StatOry Auditors 10 Queen Street Place London EC4R IAG 10 March 2023 10
THE MALL SCHOOL TRUST STATEMF,NT OF FINANCIAI,.4CTtvrrtFS ONCLUDING LNCONIE AND KXPENDITURE ACCOL Yf) FOR THE YEAR ENDED 31 AUGUST 2022 Unresiiided Re6trt¢ted Totsl Totsl 2022 2022 Total Ftsndy 2021 Funds 21122 Notes Income from". Charitable #ctivitAes S¢hool fec8 rcccii'able Anci]lary trading income Other tT8ding &¢dvltle5 Other activiti&s tnvestm¢llts Bank and other intelE5t Volllntory Source5 Grnnts and donatÉons Other income 2,731,499 ?89,260 2,731.499 289.260 2,980,468 211,712 100,798 100,798 46,838 259 259 817 10.7(X) 10,700 lJ13 81,651 40,802 ,313 Total Incom¢ 3.123,129 10.7 3.133,829 3,362,288 Eypendlture on: Raiging funds Financing costs 10,045 10,045 9,029 Charltable actitieS Education 3,517,317 700 3.518,017 3,265570 Total expendlture 3.5)7J62 7LX) 3,528,062 3,274,599 Net {Penditure) illeom¢ (404233) io.(M)o (394,233) 87,689 Transfers bett¥een fid& et movement Ill funds (404233) 10,(KKJ (394,233) 87,689 Fund baknces brought forn'ard at I SeptemFr 2021 977250 6.977.250 6,889561 Fund banCe8 earried fotYrd at 31 Augu$t 2022 6.573,017 iO.(MM) 6,583,017 6,977,250 The notes on pages 15 to 26 forni part of these fmanciAI statments. The Statement of FinancAAI Activities includes alE gains 8nd Ios8e8 re£ognised ill the year. All illcome expetbjittwe derAve from contAnuing activities. See notc 19 for strteDllt of Financial actiyities forthe year eTrded 31 August 2021.
MALL SCHOOL TRUST Company ttumber: OZO36538 BALANCX SHEET AS AT JI AI".GIJST 21122 2022 21121 Not¢1 FIXED LSSETS Tl81Th1¢ ats io 6,420.104 6,181,107 CURREf*T ASSETS D#biors Cash and deposits li 557,349 1,409,400 722,272 ,058,45B 1.966,749 2.780,730 CUBRETriT LLIBILfTIES Creditors payable within one year 12 (1,460,109) (1.522,779) r4ET CURRENT ASSETS 506,640 1,257.951 TOTAL ASSETS LESS CURRENT 6,926.744 Y,439,058 LONG.IEILII IJABILITIFS Creditors p&yabl¢ after one y 13 (343,727) (461,808) NET ASSETS 6,583,017 6,977250 BKPRESENTED BY: ITIRESrnCTED FUNDS G¢Dcral Re5eNe Designated Fixed A&setFuTMI 14 14 496,640 6.076,377 1257.951 5,719,299 14 iO.O(M) 6.583,017 6,977,250 These fanCIal statements wer¢ apprt>ved by the Gov¢ming lY o 30 Nove]nber 2022 and We signed ¢)n its behalf by.. MrR JH W&iker Cknirrnan oftbe Governing B The not¢s on pages 15 to 26 fornTr part of these fiw]cial statenmts. 12
THE L¥LILL SCHOOL TRLST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 21122 2022 2021 Notes Net ca$b inflow from operations (i) 6,402 249,125 Casb flows fro invesilng 4c¢lvitiu: tnvestmellt income re¢¢ipts Payments for tan8ible fixed aets 259 (531.747) 817 {108,979) Net cagh used in investing activiti (531,488) (108,162) Cash flows frolll fmanclng actlviti¢s: Net loan payrncnts Finan¢e costs paid (113,927) (10,(M5) (112.761) (9,029) Net ¢ash used in fina181 activities (123,972) (121,790) Change in c45h slld eAsh equlvakuts ill the reportiDg perlod (649,058) 19,173 Cash and cash equivalents at I Septemb¢r 2021 2.058.458 2.039,285 Cash alld equlvalent at 31 Allgust 21)22 1,409,400 2,QS8,458 The notes on pages 15 kn 26 form pari of these finan¢iai Stateents. l3
THCI MALL SCHOOL TRUST NOTES TO THE STATEMENf OF CASH FLOWS FOR THE IfAR ENDED 31 AUGUST 2022 2022 2021 (i) Net cash illoow from operAtions Net (expendlfvreVi]tcome Elimination of llOTJ-opernting tr¢floWS.. - Ini'estment in¢ome - Financing ci)8ts Dcpreciatson charge ncrea5elldeatAse in debtors (Decrease) in credÉtors {394.233) 87,689 (259} 10,04) 29*,750 164,923 (66,824) (817) 9,029 286,882 {41.851) (91,806) 400,635 161,436 Net eash provided from operAtIoDS 6,402 249,125 No Cash Anaiyslg of JDovemeDts In net ush 2021 Cs5h tIDv/s 2022 C&8h at bank and in hand 2.058.458 (649,058) 1,409,400 Total casb and cash cquivalents 2,058,458 (649.058) 1,409,4(M) Bank Loan (due within one ye8r) Bank Lrf)an (due after one year) (113.725) {461.808) (113,9271 108,518 118,081 {119,134) (343,727) Toigl (762,9851 226,599 946,539 14
TIIE MALL SCHOOL TRUST NOY£S TO THE FINANCIAL STATEL1(EIs FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUffIlNG POLICIES The accounts havtbc¢n prepared urththe Cojnpanies Act2006 and in acconIan with the cIltieS Statemen¢ of Rccornmended Practice (-SORP (FRS102)'J (Second Editio effxtiv¢ l January 20191 and Financial Reporting Stht)dard 102. The accounts are drawn up on the hislorie41 eom blS Of accountiDg. The SGhool is a Public Benefit Entity LSter&I as a charity in Ellglat and Wai¢s and a company litnited by guarantce. Critic418ccounting judgements and key SOIITce5 of estlm&don ullcert&inty the applicalion of the accounting policie& Govern¢)rs 8re requilrd to nTrke judguaeni tstirnates, and 8ssumptitsllS about the Carrying of &ssets and babiliiies that ar¢ ]t dilY apparent from other sources. The estimates andutMlerl>ing unptItsTLS are basedonhistoricalexpericllceand other factots thatare considered to be relevant. Aetuai results may differ from these estimas. The ¢siimate5 a1 undrAying a&gumptions are reviewed on on ongoing b&8is. Revi5iOllS to a¢counting estillLates aTC trrogniscd in the pai(xi in wbich the estimate is Tevised if the rni5ion affects only dt paiod or in thc period of the reyxsiott and fuwr¢ periods if the revision affectyl cunwt and futswt peri¢yl& In the view of the Govemors, no assumptions CODcerning fuiure or estitn8tion un¢ertainry affecting assets or liabdities at th¢ baiaftce slKet d&tE ]ikrly to rcsult in a [natl#l adjuslmettt to tbeir canying amounts in the next fin18[ yeat. The following accounting policies have been applied ¢orkSiStentty in deaiitig with Ilen which are considard material io relation to the Schwl's fitwjcial stst¢m¢nts. Fees and 5imii8r ¢8rmed 1come Fees w¢ivable and ch¢$ for serviccs and use of the PTemises. less any allowanc4 scholarships, bursarie8 g[t¢d by the Sch1 agaiLSt fhose fee& bui including contributions reccived frorn $trIcted funds: are accounted for iti the period tn whi¢b tbe setvicc is provided 12 Investjnent income IllY¢51mt Incon from bank balances is accounted foron an accruals basi& IJ Gokng colleerA The school pro(tuces regular financial iofomiation ilUding budgets, foreca8ts and 8 longer term sttegIC busin5 pla whtch are closely monitored by GoverTr)ts. ThrDugb appropriate coi]sidern(ion of Asks 8s part of Ats nonnal risk management process&s miiigating actions both already tsken and ai'ailabl¢ to be taken, the Governo coll5idcr it appropriatr for th¢ going concern basis to b¢ adopted for these accounts. 15
THE TrL4LL SCHOOL TRUST Tr40TES TO THE FLNANCIAL STATEfvfEhTS FOR TKE YE.4R ENDED 31 AUGUST 2022 ACCOUNTtNG POLICIES (¢ontiDued) DonatIons leg4cies gr8llts and other voluntary Incom¢ Voluntsry incom6 15 acGounted for as when ertlideot arisa% the anx)unt catt be reliably quan(ified and the onolljic bencfit to the Scb(K)l is ¢onsidered probable. Voluntaryincome for the SCh(x)I'Sgener purrwsisa¢cowJtcd foras Utlltstrict¢d aTlS cdIt¢d totheGenernl Fun(L Whur the dooor or an appeal b&$ inwsed trust law ttstri¢tions, voluutary income is credited to thc relevallt strICted fimd. xpellditure Expenditse is a¢end as soon as a liabi]ity is considered pyobable. Resourcts expelld are allocated to the charity's piincipal a¢tivity wbere the costs ¢an b¢ idetttified as being dirtlY related to that activity. All costs that cannot be identified as relating direet]y to ¢he ¢harity'5 pnncipal tivity are categoris6d as either support Costs or govenwice costs. Any Costs that cantK)t be SpecifiLY categorised are alloc&ted io pr0Em)rtio b&8ed upon a suitable ratio applA¢able to the nature of th¢ ¢ostinvolvc Gmts awarded are eKpensed as soon thcy become l¢ga] oroperatio]Jai cornnjitments. Govemance costs comprise the costs of wmplying with cortstttytional and statytory ro4uirernellts. Terniination benefits aTr acwmted foron an a¢¢nlS b&sL5 and in linc with Financial Reporttllg Standard 102. Tangtble r]xed assets All tangible assets purchas6d that have an expected ec4)Domic life that exceeds one year are pilISed and e1fiCd as fixed &ss¢ts. Tangibl¢ red assets are stated at hislorical cost less depreciation. Dep[JaUon is provided on All tsllgible fixed assets, oth¢r thats freelThold land, at rates ¢al¢ulated to writc ¢ach asset down to its estimated residual value evenly over its expected uf1 life. as follows: Freehold builth.ngs Th¢ Swin)l pool, over twenty years All other freehold buildings, ov¢r fify year5 over 10 yeaTS over 5 years over S ye5 FurnItLe, fittings and equipot Motor Trrhicles Electronic equipment Debtors Trade ajbl oth¢r debtor5 ttcognised at the ttleIeI amount aftw atw di5ctsunts offer¢d. PrepaJThents arr vaIued at the 0ullt prepaid net of any discowits due. Cash aDd b8nk Cash at bank and cash in hand illclud¢5 ¢ash a1 short terni highly tiquid tnvesknents with a short mati]Jity of three months or less from the dat¢ of acquisition oropet]ing of the deposit or simiLar a¢¢ounL Creditors And pro110% Creditor8 and provisions are T0g5¢d Whe the SCI1 ha8 a present ob]igation resulting fiDrn a past event that will probably result in the transfer of fi]nds to a third party aTKi the amount due to settle the obligation Can be tneasured or esLilltrd tEliably. Cr¢diwrs and pvIsiOnS att ttommlly re¢ognid at settlement amowit after all0ng for any discounts due. 16
TIIE LWL SCHOOL TRUST
NOIES TO THE FINANCIAL STATEMEL¥TS (w>ntillued)
FOR THE LNDED 31 AUGUST 2022
ACCOLTrrrC POLICIFS (Continued)
1.10 Financi81 Instrtullents
The School on]y has fit]anci assets and finla1 iiabi]itic% of a krThl th&lqify as basic fiuanciat instwments.
Basic finan¢ial ID8truenL9 a]t iniiialty recogni5ed at tIW¢tion value and 5ub5equently rneasured at their
s¢ttlement vatue.
Fund accountlng
The Charitsble trLL8tfund5 of School 8r¢accounted foras unrestrictedorre5trioted incoll inaceordarnce with
the of 1ftt imposed by the donors or Any appeal to wljich they may have responded,
UreStrIcted inc4)me ixlongs to the School's corporate reserves, 5PCt¥1able at the discretion of the GoVeOr5
either lo further the School's Objects or to benefit the Sch(M)l itself. Where GovemoTr decide to set aside
any part of these funds to b¢ th in futswe for somt speLific puTpos< this is ac¢ounted for by tran5f¢r to the
appwpriate de5igllated fLm(L
Deylgnated fiEnds are a particular fomi of uDrestricted funds ¢onsistin8 of amounts, which have been aUvAted
or designated for specific PLKP)ses by Governors. Th¢ of
THE MALL SCHOOL TRUST IYOTES TO THE FJTriATrICL4L STATEMETrrtS (eonthiued) FOR THE YEAR ENDED 31 AUGUST 2022 CHARfIABLE AcfiviTtES- FEES RECEIVABLE 2022 2021 Fets recelvable constst of: School f¢¢s LESS., total Scholarshi atyj bursarie5 2.786,946 (55.447) 3,030,974 (50,5061 2,731,499 2,980,468 SchgLar3hips, bursaries and other awards were paid to 13 pupi15 (2021.. 10). Within this rn¢ans-tested bursaries tctallillg £26.525 Wr paid lo 9 pupils (2021.. £28,410 to 8 pupiisl 2022 2021 232.891 8,737 26,405 14,075 7,152 146,128 5,865 12,906 37.713 9,100 Enttance aTKI regislI0n fees School bus incorne Educational grants Deposits forfeited 289,260 211,712 2022 2021 External lets I,798 46,838 BA1 AP41) OTHER IpffEREST 2022 2021 Bank interest 259 817 GRANfs, DONATiof4S & LEGACIES 2022 2021 Government's Corollp¢ViS Job Reknition Grant Donations 40.764 40,887 io,?00 10.700 81,651 18
THE 1%L SCHOOL TRUST NOTLS TO THE FINANCIAL STATKMKrfrs (COthi¢d) FOR THE YEAR EP4DED 31 AUGUST 2022 AEIALYSIS OF EXPENDTfLIiE Stsff Costs Depre¢lado (noie 8) (oote 9) Total 2022 Other (8) Total expendithre Cost of raisiug futMIJ Fin9CIti Gosts (rnotc 8) 10.045 10,045 TotAI c08ts of ratsIDg funds 10,045 10,045 Charftable expendlture Ediicotioii Teaching Welfarc Prejniseg Support costs ond ggvernance 1,445.363 129.464 103,599 381.783 370.266 83.733 441,573 269.486 1,815,629 213,197 837,922 651,269 292.750 Toiai charitable expenditure 2,0602( 292.750 1.165.058 3,518,017 Total exptndtture 2,OfA),209 292.750 1,175.103 3.528,062 COMPAIL4TIVE ANALYSLS OF EXPENDTfuRE Stsff costs Depretl*tlo (note 8) (note 9) Total 2021 Otber Total expen(Uthre Cost of rai$iti8 funds Financing Costs (note 7) 9.029 9,029 Total eo8t5 of ralslng funds 9.029 9,029 Charltable e4)eDdlture Education Teaching Welfare Ptrmiscs Support costs and governonce 1,594.467 316.055 74,433 217,980 221,132 1.910.522 203,729 611264 540,Oi5 106,402 318,923 286.882 TotaI chwitable expendilure 2,149.088 286.882 829,IA)O 3,265,570 Total expelldlture 2.149,088 286.882 838,629 3.274,599 19
THE IIL4LL SCHOOL TRUST NOTES TO THE F¥CIAL STATEL[L¥T6 (continued) FOR THE YEAR ENDED 31 ALGUST 2022 (b) GovernaDee in 51LPPOrt costs 2022 2021 Governance costs illclud¢'. Remuneration paid to auditor (inclusive of VAT) for. - Audit srnices - Otber services 19,020 17,280 500 None of the Governors ttrcivcd rEIbu¢rnellt for¢xp¢rL8<S in relation to the Schwl in the aurent or previous period. FINANcG COSTS 2022 2021 Loatt interest 10.(145 9,029 STAFF COSTS 2U22 2021 The aggregate payroll Costs for the yearwere a5 follows: Wages and salarie5 Social s¢writy Costs Other pen5iOll C05ts 1.649,015 164,089 247,105 1.726.851 163,646 258,591 2.060,209 2,149,088 None of tlAe Qovemors Jr¢eiYed any retnLTnerdtioll or other benefits from The Mall SchooL Ag8gate employcettbcnefits of key mageEnt per50nnd 466,376 459,710 2022 Number 2L121 Ntsmber Nunther of higherpaid ¢nwIoyS io bands of: £60,001 to £7Q,000 £70,000 10 £80,000 £ioo,ooi - £i10,o(x) Thr llUbrr wiill rEt]ent benefits wwtng . in Defined ContribuEion Schemes was of which the conÉnThutions amounted 4,476 4,176 - in Defined Benefit h¢DIeS was of which the contnl)ution5 anvjuntcd to 65.857 39.469 20
THE MALL SCHOOL TRLST NOTES TO THE FINANCIAL STATE.MENTS (continued) FOR THE YL4R ENDED 31 AUGUST 2022 STAFF COSTS (eolltitiued) The average nllmberof the SCI1.$ employees during the ye4r was 54 (2021.. 58). 2022 Number 30 24 2021 Number 33 25 TeaGhiDg W¢lfar¢, premi8e4 Supt 54 58 10. TANGIBLE FIXED ASSETS Freebold land alld bulldillgs Fnrnltsr fittings and Ekctrical equipment equlpment Motor Vehieles Total Cost At I Sept¢mb¢r 2021 Additio 8.818,454 513,364 1.195.890 15,410 493.929 2,973 132.954 10,641,227 531,747 At 31 August 2022 9,331.818 1.211.300 496,902 132,954 11,172,974 Depr¢clAtlon At I Sept¢mb¢r 2021 Charge for th¢ yc 3.073,065 924,886 77.345 365.334 57,835 96.835 11,(H5 4,460,120 292.750 At 31 August 2022 3.219,590 I,002.231 423,169 107,880 4,752,870 Net ljook value At 31 August 2022 6.111,228 209,069 73,733 25,074 6,420,104 At 31 Augt£st 2021 5,745,389 271,(MM 128,595 36,119 6,18E,107 11. DEBTORS 2022 202J Fees and extras Other debtors Pr¢p&ym¢nts artd accru iwome 469,501 593,825 9,101 119,346 87,848 557,349 722272 21
THE MALL SCttOOL TRUST NOIES TO TEtE TrINLNCIAL STATEMLNTS (continued) FOR THE YEAR ENDED 31.4LGL3T 2022 12. CREDITORS: amowits fajling due ithin olle ye*r 2022 2021 Bank loan (see note 13) Deposits from parcnts Fees received from parents in Advance of ternj Trdd¢ Crltr$ Taxation social security Oth¢r creditor8 A¢¢nlS and defened incojne 119,134 209,163 812,146 95,555 50.897 32,051 141,163 113,725 259,220 939,823 106,612 42,646 22,517 38,236 1,4fA),109 l.522,779 13. CREDITORS: amounts falling dlle after ore than one yefir 2022 2021 Bank loan trpayablc by i1]sthts Due two to 5 y¢ars 343,727 461,808 343,727 461.808 The bank loat) provided by Lloyds Bank pl¢ was used to help finan¢e th¢ ConStnon of the School's theatre facility. The loan ts swured by both fixed and floating ¢Trwrg¢s ofver a]1 Df the freehold land and buildings and certain otherSets of the School, bealterest at avariable rdtr of1.45Q/ooverthe bank's b&8e rate and is ttp&)'able in monthly instalments until July 2026. The risk expOW relating to the Noriable interest rate payable oll tbe loan has been hedged with an interest rdt¢ cap. The loan is with a cap of the rate at 4.33fj/0. 22
THI MALL SCHOOL IRUST NOTES TO THE FINANCIAL STATEMLNTS (tontKllued) FOR YEAR EiIDED 31 AUGUST 2022 14. Fuf4DS OF TItE SCIIOOL At I Sept 2021 At 31 August 2022 Income Expendlth Transfers Unrestiicted funds . Gelletal reserve 1257,951 3.123,129 (3234,612) 1649,828) 496,640 . DesignHtsd fixed assct 5.7192 (292,750) (7CQI 649,828 6,076,377 10,000 Restricted Fundg 10.7¢M) 6,977.250 3,133,829 {3,528,062) 6,583,017 COMPARATIVK At I Sept 2O20 At 31 August 2021 Income Expenditsre Trfer5 Unrestrieted funds General reserve Designated fixed 1.106,885 3,321.401 {2,996,3171 (174.018) 1,257,951 5,782,676 (268282) {io,000) 2(W,905 30.087 5,719,299 Restricted funds 40,887 6,889,561 3J62,?88 (3274.599) 6,977,?50 Unrestiicted funds represent accumulated inwme from the Sch1,$ activities and othrr soutrr5 that are availablc for the gen1 pur$¢9 of the S¢]KKJI. The designated fixed a&8cts fund was set up to cl identify th¢ attwutll of the chariry's futyjs that ar¢ invested inthe fLxed wets of th¢ school. At the balance sheet da. thc desigwted fid is maintsilled at all amount eqll to the Trct book value of the cljarity's fixed 8ss¢ts in the bolance sheet Ilate l¢k8 any bank nOwing8 falling due aft one yearthal have been used to finance those fJxed4sscts. A (raD5f¢r is lldeto orfrothe gene1 fid at the year end kn hre¥e thi's balallce sheet w)sitio The restricted fuud rePsentsfUlMlS received towar(L8 the liTrsrary. £7(K) was spent in the year with the £IO.000 grant to be spent in 2022123. 23
THE lLL SCHOOL TRUST r40TES TO TKE FINAPICLIL sTATLENTs (eolltInued) FOR THE TrTèlR ENDED 31 AUGL3T 2022 IS. ANALYSIS OF NET ASSETS FtryDS Unrf$¢ric¢ed DeylgDated Unrestricted Restricted Tot81 2022 Ta8ible fLxed assets Net current assets Long t¢nn liabiliti¢8 6,420,1( 6.420,104 So6,0 (343,7271 496,640 10,000 (343,727) 6,076,377 490.640 10,000 6,583,017 COMPARATIVE ANALYSIS OF LYKT A&SE]S BETTrEEN FUNDS Unre5tr1rted Lnrestrieted Re5trieted Total 2021 Table filed Net current sets Inng tem liabilities 6,181,107 6,181,107 1,257,951 (461.808) 1257.951 (461,808) 5,719 ?99 .257,951 6,977,250 16. PENSION SCHEMES Teacbers, Pension Scheme The School p4rticipates in the Teachas. Per10 Scheme ('tr TPS") for its. r¢a¢hing staff. The p¢J]sion charye for the year include5 coDtributioDs payable to the TPS of £?17,449 {2021'. £227.898) and at the year-end £26,924 (2021- £26,6i81 was accru¢d in rw*t of contributio5 to this s¢hem The JPS ts an u]thded tnu]ti-employer defined benefits pensiDn hrE governcd by Thc Tca¢ll¢' P¢nsiotL8 Regul&tioll5 2010 amended) and The TeacheJ5' Pension Schetne ReguIations 2014 (as amended). Members ¢ontribut¢ on a'bay as you go" basis with colltributions from metnbers and the employer being credited to the Ex¢hequer. R¢tir¢ment atxl other pet]sion benefits ayr paid by public furds pn)widd by Parliam¢nL The ejnployer ¢olltributioTJ Tale is Set by the Secretarv of State follo,in scheme valuations unde]ThkeD by the Govertllnent Actuary's Departmeot. The most recent aciuariaj ¥'aluation of the TPS was pwaThl as at 31 March 2016 at th- Valuation Report wbich was publithed in fv{ah 1019, coiffimied that the employer contribution rdte for the TPS would illcre&se from 16.4Q/o 10 23.6°h from I September2019. Employers are also required to pay a s¢hcmc administrauorh IrTry of 0.08/0 giving a total ernployer¢ontnbution rate of 23.68/0. 31 blarch 2016 Valuation Re)rt W&8 prepared in a¢conlaucc with th¢ iKnefits Set out in the 5cherlle regulations and under the approach s]fied itt the Directio as they applied ar 5 March 2019. However, the &&sumptions We conyideredand setbi the Depatthient forEdu¢ationprior lo the wlitig iAthe'MeCloudlSargeant case,. This ¢&se has required the courts to coThsider cases regarding the implementation of the 2015 r¢fomJs to Pubb'c Service Pe10$ including the Teachers, PetssioLs. 24
THE MALL SCHOOL TRLST NOIES TO TEIE FINANCIAL STATETrIKNTS (Continu1) FOR THE LNDED 31 AUGUST 21122 16. PENSION SCHEMES (conlinued) The TPS is subjectto acostcap mechan1sn]wbichs put Eplace ro ptect taxpayas againstunforesccn changes ill 5Gbeme costs. TtL¢ Chicf SEcrGtary to the TThury> haling In 2018 atmoun¢ed that ther£ would be a review of this cost cap mechani5tT4 in January'2019 anMunced & pause to the cost cap Mechanism following the Court of Appeal's nIllg intheM¢CloudlSargeanr¢ase and uniil there is ¢ertaillty about the valueof pensions tD employees from April 2015 onwardg. The pause w&s lified in Juty 2020, and a consultation was launched ott 24 June on pro]x)sed changes to the eosi ¢ontrol mechanism following a review by the Government Actuary. Follown8 a publi¢ consull&tiO the GoveEnmenthave acc¢pted threekeyprnposa]5 recommended by thc Gov¢mmentA¢tsiary, and arc aiming ¢0 inJplem¢nt these changes Att time for the 2020 vaiua(ions. The 2016 cost control valuatioJLg have since been cotw)leted in January 2022, and th¢ results iliCated th&t there would be no chattg¢s to benefits or tnejnber contribulions required. The results of the cost Gap valuation are llot Used to Kt the ejnployer contribution W and HM Treasury has conffimied that any changes to th¢ employ¢r contribution rdte rt5ultitLg from the 2020 Naiuations wiu tske effeet in April 2024. Until the 2020 valuation is conwleted it is not possible to conchule OTh any fiDanciAI impact or future change8 to the contiibution rntes of tbe TPS. Acco181y. no provision for any 8ddition81 pas¢ E¢nefit P¢n5iOll Costs is includ¢d in these financial ststements. The Schwl left tbe Schen on 31 August 2022 and teacbing staff from thatdate were enrolled into a new defined contiibuti(>n scheme. Defined Cotrtnlwtion Sc The sch)] contributes to a defined contribution scheme for some of its non- teaching %taff. The pension charge for the year includes contributiolls payable to the Scheme of £29,656 (?021.' £30,693) and ar the year ¢nd £4,879 1?021'. £nil) WAS accnwd in ffspecl of Contrib1008 to this Sche¢. 17. COMMrnNTS UE*l)ER OPKRATING LEASFS At 31 August 20?2, the charitable eompally w&8 eomtDitted to ttth payments under non4ancellable operating Icascs as follows: Plant and machlnery 2022 2021 Laud swd buildiDgfj 2022 2021 In l year Ill 2.5 years Over 5 years 9,740 25,078 52,920 52,920 50.400 24.146 18. RELATED PARTY TIL4NS.4crIoNs Ttr£re were no related party tratLsactioLs dwing the year (2021: Done). 25
TL SCHOOL TRUST NOTES TO THE FtNAP4CL4L STATEIWi13 {u)ntinued) FOR THE AR ENDED 31 AUGUST 2022 19. COLIIPARATIVE STATELIIENT OF FINATr4CtAL ACIIVITIFS Unrestricted Total 2021 RestrAcied T"otsi 2021 Tott Kd5 2021 lllcotThe from: CharitAble 8ctiiuties Schotsl fees reeeivabl¢ Ancillary trading income Other trading aetivltles Other actiNities LnvestrnetLts Bank and othcr interest Voluntary Sources Grdnts and donations Other income 2.980.468 211.712 2.980,468 211,712 46.838 46.838 817 817 40,764 40,802 40,887 81,651 40,802 Totsl bacome 3J21,401 40.887 3,362,288 Expenditure o Rai5illg funds Financing costs 9,029 9,029 Ch*rft4blt actli'ities Education 3,265,570 iO.O(K) 3,265,57 Total txpenditsre 3,264,599 10,0 3,274,599 Tr4et llleome 5A802 30,887 87,689 Transfer 30,887 {30,887) Net 1llovemet ill fud8 87,689 87.689 Fund balanc£s brought forward at I September 2020 6,889.561 6,889,561 Fund ba18nces caryi¢d forward at 31 August 2021 6.977,250 6,977,250 26