IIALL SCHOOL TRUST REPORT FLYANCIAL STATEl￿ENTs 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, O￿lcerS 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 AUg￿812021) Mrs M Gallagher Mrs J S Hawker Mr D E JLm)w (appointed 21 SeptenLbtt2021) Mrs Kmahajan Mr Y O Mo￿lS Mrs N Page MrP J PhillLP5 (appointed 21 Scptettthcr 2021) Mt5 E Gernghty (appointed 13 M￿ch 2022) Key Management Perso1￿e1 El¢8dwa$tsr MTD C Price Bunar Audltor Haysmaciniyre LLP 10 Queen Streth Place London EC4R IAG B8nkers Lloyds Bank, TwlckenhatnBrd￿b THE MALL SCHOOL TRUST GOVERNORSI REPORT FOR THE ITAR ENDED 31 AUGUST 2022 The Goyernors of Tr Mall School Tntst present theirynnual rEPOrt for the year ended 31 August 2022 ullder thc Chariiies Act 2011, including the Dirwtor5' a￿1 Strakgic Rew)ns, under the Colljpanies A¢t 2006, tO8eth6r wi¢h thc auditcd finonciol st8t¢rnents forthe year. REFERETr4CE ADMtD•lSTRATIVE DTORMATION The Mall School TnLSt IS COll5timted a5 a compomy limited by gukralltee registerryj inEllg￿￿ Comp8ny No. 02036538, aNI is registcrEdwith the ch￿lty Cornmission uttdercharity lio. 295003. Details of themellth¢rs ofthe Goveming Body, together with the S¢hool's officets Audpriti¢ipMI advisors are given ou page l. STRUCTLQLE GOVERNANCE.4E4D MANAGEMENT Governillg Dowment Thc Company is governcd by its meMorand￿n aty1Articl￿, lastamendedon l Mareb 2¢X)6. Governing ￿bdY The Govemors, who are a150 ￿ul￿d under thc .4rticles to serve as members of thE Company, arc elected at a Full Gov¢rnors' M¢etillg on the basis of the GoveTnor's specification conccrnillg eligibllity, pcrsonal cornpeten¢< spexialist skill5 and local availability, and on recot]Mnendauon from the Headmaster on the same basis. At each At)nual General Meeting the nearest number io gne fiftb of the total gotremoTS retire and art eltgibl¢ for re-electio￿ The Governors to retire each yearare those wbo have longest in oifice since their lastele¢uon. Governor R¢¢rnitmettL tnduetioll alld Tr•lDing New Governors are inducted into the w0￿1ng of th¢ School: and also of the Company &$ a ttgistetrd ¢harity, including Board Policy and Procedur¢s, and attend profe&8ional courscs on trusttt tsaining. Org￿ls*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[E￿5te￿ 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 reW￿lIng 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 Otherinde￿￿￿ent5¢hooI5 (o ensurethattt￿ TnL￿r¢maIllsS¢nsitivt to tbe broader issu¢s of pay and empltsymeni conditioDS el%where. We aim io recTuiI sllbj￿t 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 perso￿1 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 ll￿mber0f th¢ IAPS and tbe ISBA for the pronK>tiOn ottd maintella￿t of prq>mtory school stalldard8 gen¢rnlly. The Moll also benefits fro￿ the gencr05ity of the thriving Mau Scl¥)ol Association and Current p￿nts. Investment Polley And Objectives All available rtained funds, other than those Ywuired for daY-l￿daY 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 a￿1 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 Indi￿dual nceds. STR*TEGIC REPORT Prin£ipg1 Activity The Mall s¢fr￿1 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 pubIIs￿d by the Charity Con]mis8i¢)n ill detem)ining the activities IUtde￿eTr 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 (2￿20-21.. 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 Cll￿t 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' Sch￿1 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 B1￿kS 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 L￿t year Saw the final removal of the Covid-19 restiicti0￿8 and the rcturn to non[￿ rnutin&% thTrughout dLe school. In the spring, the sebool wa5 inspected by the Indq)elldellt sCh￿Is tospeciotare And ￿ceiVed the higbest grade of 'Excell¢nt' for the pupiIs' #ebtevement and tI￿tr 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 sE￿W 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 c￿e f￿St. 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 ba￿ls, 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 twenty21- £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 u￿cERTAIr1￿s The Governors are responsible for the overseeing of the risks faced by the Scbool. D¢taiied CO￿51der*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]anage￿e￿É pnxe55e5 15 utKiertaken on an awiuat basi& Risk is monag&J under th¢ headings of strategic. opcrdtional, financi￿. complian¢4 Safegu￿ding 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 excellE￿r aG11￿¢ CaStFflow management. Financial controls are ovdseen by the Finance c0￿Mitte& 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 fina￿es. The Finance Committee rneets tennly consider ttL¢ potential risks associaL¢d with the iuyosed VAT on sch￿1 kn aThJ thc removal of cxis¢ing relief on bwiness ￿te5. The Comjnitke also explores new ways w den￿nStrate ￿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 Ed￿atsort 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 ￿u￿nce 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 aCade￿icallY 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¥SIBILT￿s The members of the Governing Body (who are also the director8 of The Mall SclLooI Tntst for the purposes of compally lawl are ￿spO￿lb1¢ 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 Sts￿da￿). 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 itwp￿pna*¢ 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 AU￿￿oR's REPORT TO MEL￿BERs OF THE MALL SCHOOL TRUST Opl￿on 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 RePort￿g 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 p￿perlY prwared in ac¢ordance withutiited KJDgdom Generally Aecepted kn¢ountiDg Prd¢tscc' and have beell prepa￿d 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¢n￿llts. 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 slaten￿llts, 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 S￿￿mentS 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 infOr￿atiOn 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 Inconsi￿ent the fioancial ststeinents or our k￿wledge obtained An the audit or otheThwi8e appcays to be malerially misstatr& If we idelltify such material inconsisten¢ies or apparent 1114tdiai mi￿aL¢m¢n￿, wt are reqUi￿d to deternjine whether there 15 a material misststcn￿t in the financial statements or a Materi￿ misgtatrrnent of the other Inforn￿tio￿ ￿ based on the work we hav¢ perfornie4L we conclude that ther¢ is a matcrial misstatement of dLiS other Inforn￿tI0￿ we rwuired to rtport that facL We have ttothing to report in this regard. Opknlon5 Oll other marters pr¢5cribed by the Comp￿leS 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 filL￿Cial year for which the finallci81 sta￿ents are preparEd is consiitcnt with the fitMtJ¢ial stst¢iyknts' and th£ strategie Trport and the directory. [q￿rt 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 envi￿nment 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 in￿latiOn10 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￿, reMUn￿all0rt specified by law are notmade. or we have not received all thc i￿Orn￿tiOn and expla￿tio[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￿ freefrornD￿tctlal mi&st&te￿en¢ whether due w fraud orem>r. In prq>aring financial stst¢￿en￿ the governors are r¢s￿nSible 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￿￿¢1￿1 gtatements Ourobjectivrs are 10 obtain reasonable assurnice aixjut ￿hetherthC finallcial sta￿￿ents 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 acCOrda￿e with Isks OJK) will ways detect a mat6rial misSta￿ment 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 d￿15]0￿ of users taken on th¢ basi5 of tbo*¢ fiTwILial swcments. Irr¢gularities, including fraud. are in8tanc&s of I￿￿-compli￿nE¢ 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 i￿Es￿l#tIti4 i￿lUding fraud is detail&l below.. B￿ed on our underSta￿dIng 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 requitc￿en(s.GDPILcMp1OYrne￿CEu￿ a[￿ Ch&rity Conllllis510ll'S generdl guidance and we considered the to wbich DOrt-¢ompliance might haie a ll￿terial ¢ffect oll t￿ financial statements. We akn considered those laws and rwilations that have a dI￿t iinpa¢l on tk prepa￿tio11 of the fitwieial statements such as thecompauics A¢t 21J)6, theCharitie5 Aci 2011. the StsÉem¢Di of RecommendedPra¢ti¢¢ for Ch￿ltieS (SORP 2015) (SecoThl Edition, cffeetiye l January ry019), a￿l 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 ove￿Ide 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 perfor￿ed by the fwge￿t ttam includ￿L. tllSPECtillg iorrcspondence with regulators attd tax auth¢)ritics' Inspecting th¢ outromcs of any regulatory lA8￿ctIonS. 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 ocCU￿1ng due io fraud rather than error, as fraud involves intentional concealmeni, forgery, collusion, omission or mIs￿preSentation. 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 $0 that we might state to the charitable Company's membeTS those Tllatte￿ we are required to to them in an Auditorfs report and for no other pllrpose. To the fullest extent pemiitted by law, wedo notacceptor a55ume responsibility to allyone other than the charitable company and Ehe chariiable cotnpany's members as a body, for our audit wod(, for this report, or for the opinions we have fonned. Vikram Sandliu (Senior Statutory Auditor) For and on behalf of Hay5macintyre LLP, Sta￿tOry Auditors 10 Queen Street Place London EC4R IAG 10 March 2023 10 THE MALL SCHOOL TRUST STATEMF,NT OF FINANCIAI,.4CTtvrrtFS ONCLUDING LNCONIE AND KXPENDITURE ACCOL Yf) FOR THE YEAR ENDED 31 AUGUST 2022 Unresiiided Re6trt¢ted Totsl Totsl 2022 2022 Total Ftsndy 2021 Funds 21122 Notes Income from". Charitable #ctivitAes S¢hool fec8 rcccii'able Anci]lary trading income Other tT8ding &¢dvltle5 Other activiti&s tnvestm¢llts Bank and other intelE5t Volllntory Source5 Grnnts and donatÉons Other income 2,731,499 ?89,260 2,731.499 289.260 2,980,468 211,712 100,798 100,798 46,838 259 259 817 10.7(X) 10,700 lJ13 81,651 40,802 ,313 Total Incom¢ 3.123,129 10.7 3.133,829 3,362,288 Eypendlture on: Raiging funds Financing costs 10,045 10,045 9,029 Charltable acti￿tieS Education 3,517,317 700 3.518,017 3,265570 Total expendlture 3.5)7J62 7LX) 3,528,062 3,274,599 Net {￿Penditure) illeom¢ (404233) io.(M)o (394,233) 87,689 Transfers bett¥een fi￿d& et movement Ill funds (404233) 10,(KKJ (394,233) 87,689 Fund baknces brought forn'ard at I SeptemF*r 2021 977250 6.977.250 6,889561 Fund b￿anCe8 earried fotY*rd at 31 Augu$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 strteD￿llt 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 T￿l81Th1¢ a￿ts 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 f￿anCIal 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 a￿ets 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 fina￿181 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 State￿ents. 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(E￿Is FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUffIlNG POLICIES The accounts havtbc¢n prepared urththe Cojnpanies Act2006 and in acconIan￿ with the cI￿ltieS 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 b￿lS 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 estima￿s. The ¢siimate5 a￿1 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 d￿t 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 [nat￿l#l adjuslmettt to tbeir canying amounts in the next fin￿18[ 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 1￿come Fees w¢ivable and ch￿￿¢$ for serviccs and use of the PTemises. less any allowanc4 scholarships, bursarie8 g[￿t¢d by the Sch￿1 agaiLSt fhose fee& bui including contributions reccived frorn ￿$trIcted funds: are accounted for iti the period tn whi¢b tbe setvicc is provided 12 Investjnent income IllY¢51mt Incon￿ from bank balances is accounted foron an accruals basi& IJ Gokng colleerA The school pro(tuces regular financial iofomiation i￿lUding budgets, foreca8ts and 8 longer term st￿tegIC busin￿5 pla￿ whtch are closely monitored by GoverTr)ts. ThrDugb appropriate coi]sidern(ion of Asks 8s part of Ats nonnal risk management process&s miiigating actions both already tsken and ai'ailabl¢ to be taken, the Governo￿ coll5idcr it appropriatr for th¢ going concern basis to b¢ adopted for these accounts. 15 THE TrL4LL SCHOOL TRUST Tr40TES TO THE FLNANCIAL STATEfvfEhTS FOR TKE YE.4R ENDED 31 AUGUST 2022 ACCOUNTtNG POLICIES (¢ontiDued) DonatIons leg4cies gr8llts and other voluntary Incom¢ Voluntsry incom6 15 acGounted for as when ertlideo￿t arisa% the anx)unt catt be reliably quan(ified and the onolljic bencfit to the Scb(K)l is ¢onsidered probable. Voluntaryincome for the SCh(x)I'Sgener￿ purrwsisa¢cowJtcd foras Utlltstrict¢d aT￿lS c￿dIt¢d totheGenernl Fun(L Whur the dooor or an appeal b&$ inwsed trust law ttstri¢tions, voluutary income is credited to thc relevallt ￿strICted fimd. xpellditure Expendits￿e is a¢en￿d 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 dir￿tlY 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 SpecifiL￿Y 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¢¢n￿lS 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 ￿pi￿lISed and e1￿￿fiCd as fixed &ss¢ts. Tangibl¢ r￿ed 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 u￿f￿1 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 ye￿5 FurnItL￿e, fittings and equipo￿t Motor Trrhicles Electronic equipment Debtors Trade ajbl oth¢r debtor5 ttcognised at the ￿ttle￿Ie￿I 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 a￿1 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 pro￿110￿% Creditor8 and provisions are T￿0g￿5¢d Whe￿ the SCI￿1 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 esLill￿trd tEliably. Cr¢diwrs and p￿vIsiOnS att ttommlly re¢ogni￿d at settlement amowit after all0￿￿ng for any discounts due. 16 TIIE LWL SCHOOL TRUST NOIES TO THE FINANCIAL STATEMEL¥TS (w>ntillued) FOR THE LNDED 31 AUGUST 2022 ACCOLTrrr￿C POLICIFS (Continued) 1.10 Financi81 Instrtullents The School on]y has fit]anci￿ assets and fin￿la1 iiabi]itic% of a krThl th&lq￿ify as basic fiuanciat instwments. Basic finan¢ial ID8tru￿enL9 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 1ft￿t imposed by the donors or Any appeal to wljich they may have responded, U￿reStrIcted inc4)me ixlongs to the School's corporate reserves, 5PCt¥1able at the discretion of the GoVe￿Or5 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 a trust law restriction to some specific purpose Inte￿ed by the donor. 1.12 Operailng leaseg Rental charge5 are cbarged on a straight line basis over the term of the lease. 1.13 PensiOD tosts Retirement benefits to employees of the klwl areprovided thffhugh. la) The Teach￿3. P•￿IOn SchellK. adcfined benefitscheme-This scheme is rnulti-ertwloyerp¢nsionscheme. It 18 not possible to identify the SctM)01'5 shate of the underiysDg assets arkd liabilities of the Tra¢h¢rs' PeD5iott 8ehcmc QD a CODSiStellt and reasonable basi5 and therefore, as r4uired by FRS102: accounts for the schetne as if it vJer¢ a def1[￿ cotrtributiort Kheme. Th¢ kbool'5 Gon￿bUttOns, whieh ￿ Inac¢ord￿CC with the recommendations of the Govenllnent Actiwi, OJE chaJ¥¢d in tht period in wl)i¢h the sa[￿leS to which they relate are payable. The School left the schtme &s at 31 August 2022, and staff will move to a defined benefit scheme from ibat date. (b) For certain other cD]ployces, the School m8ke8 ¢olltrÉbuiioll8 illto defined ¢ontribution [￿1$10￿ sch¢me8, whose a55ets alz also held a 5q)atate indepelldtntly athninisteffd. The amount Charged to the ststemcnt of Fin&llcial Activiti&s in respect of pension ￿sL8 is the total eontiibutions payable for the year. 17 THE MALL SCHOOL TRUST IYOTES TO THE FJTriATrICL4L STATEMETrrtS (eonthiued) FOR THE YEAR ENDED 31 AUGUST 2022 CHARfIABLE AcfiviTtES- FEES RECEIVABLE 2022 2021 Fets recelvable constst of: School f¢¢s LESS., total Scholarshi￿ atyj bursarie5 2.786,946 (55.447) 3,030,974 (50,5061 2,731,499 2,980,468 SchgLar3hips, bursaries and other awards were paid to 13 pupi15 (2021.. 10). Within this rn¢ans-tested bursaries tctallillg £26.525 Wr￿ paid lo 9 pupils (2021.. £28,410 to 8 pupiisl 2022 2021 232.891 8,737 26,405 14,075 7,152 146,128 5,865 12,906 37.713 9,100 Enttance aTKI regis￿lI0n fees School bus incorne Educational grants Deposits forfeited 289,260 211,712 2022 2021 External lets I￿,798 46,838 BA1￿ AP41) OTHER IpffEREST 2022 2021 Bank interest 259 817 GRANfs, DONATiof4S & LEGACIES 2022 2021 Government's Corollp¢Vi￿S Job Reknition Grant Donations 40.764 40,887 io,?00 10.700 81,651 18 THE 1%￿L SCHOOL TRUST NOTLS TO THE FINANCIAL STATKMKrfrs (CO￿thi￿¢d) FOR THE YEAR EP4DED 31 AUGUST 2022 AEIALYSIS OF EXPENDTfLIiE Stsff Costs Depre¢lado (noie 8) (oote 9) Total 2022 Other (8) Total expendithre Cost of raisiug futMIJ Fin9￿CIti￿ Gosts (rnotc 8) 10.045 10,045 TotAI c08ts of ratsIDg funds 10,045 10,045 Charftable expendlture Ediicotioii Teaching Welfarc Prejniseg Support costs ond ggvernance 1,445.363 129.464 103,599 381.783 370.266 83.733 441,573 269.486 1,815,629 213,197 837,922 651,269 292.750 Toiai charitable expenditure 2,0602( 292.750 1.165.058 3,518,017 Total exptndtture 2,OfA),209 292.750 1,175.103 3.528,062 COMPAIL4TIVE ANALYSLS OF EXPENDTfuRE Stsff costs Depretl*tlo (note 8) (note 9) Total 2021 Otber Total expen(Uthre Cost of rai$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 rEI￿bu￿¢rnellt for¢xp¢rL8 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 n￿Illg 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 i￿liCated 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. Acco￿1￿81y. 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 Contrib￿1008 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 T￿L 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 1lloveme￿t ill fu￿d8 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