## **THE MALL SCHOOL TRUST**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
**Company number 02036538 Charity number 295003**
**THE MALL SCHOOL TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|**CONTENTS**|**Page**|
|---|---|
|Governors, Officers and Advisors|1|
|Governors’ Report|2-7|
|Independent Auditor’s Report|8-10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Statement of Cash Flows|13-14|
|Notes to the Financial Statements|15-26|
**THE MALL SCHOOL TRUST**
**GOVERNORS, OFFICERS AND ADVISORS**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **Governors**
The Mall School Trust (‘The Mall’) Governors who are the Charity Trustees and also Directors of the Company who served during the year and since as indicated are:
Mr R J H Walker (Resigned 31 August 2023) Ms M Gallagher Ms J S Hawker Mr D E Jurow Ms K Mahajan Mr J O Morris Ms N Page (Chair from 1 September 2023) Mr P J Phillips Ms E Geraghty (resigned 31 December 2023) Mr R Sharples (appointed 1 September 2023)
## **Key Management Personnel**
## **Headmaster**
Mr S Gosden (from 1 September 2024) Mr D C Price (until 31 August 2024)
**Bursar** Ms L Banks **Auditor** HaysMac LLP 10 Queen Street Place London EC4R 1AG **Bankers** Lloyds Bank, Twickenham Branch
1
**THE MALL SCHOOL TRUST**
**GOVERNORS' REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
The Governors of The Mall present their annual report for the year ended 31 August 2024 under the Charities Act 2011, including the Directors’ Report, under the Companies Act 2006, together with the audited financial statements for the year.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
The Mall is constituted as a company limited by guarantee registered in England, Company No. 02036538, and is registered with the Charity Commission under Charity No. 295003. Details of the members of the Board, together with The Mall’s officers and principal advisors are given on page 1.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Mall is governed by its Memorandum and Articles, last amended on 1 March 2006.
## **Board**
The Governors, who are also required under the Articles to serve as members of The Mall, are elected at a Full Governors’ Meeting on the basis of the Governor’s specification concerning eligibility, personal competence, specialist skills and local availability, and on recommendation from the Headmaster on the same basis. At each Annual General Meeting Governors who have been members of the Board for five years retire and are eligible for re-election. The Governors to retire each year are those who have been longest in office since their last election.
## **Governor Recruitment, Induction and Training**
New Governors are inducted into the working of The Mall, including Board Policy and Procedures, and attend professional courses on trustee training. On joining the Board, new Governors receive Charity Commission trustee guidelines.
## **Organisational Management**
The Governors meet as a Board at least three times a year, with additional strategy meetings as required, to determine the general policy of The Mall and review its overall management and control, for which they are legally responsible. Committees on finance, property, education, safeguarding, marketing and risk meet regularly and prior to Board meetings to implement the Board’s policies.
The day-to-day running of The Mall is delegated to the Headmaster and the Bursar, who in turn are supported by other members of the senior leadership team. The Headmaster and Bursar attend all meetings of the Board’s Committees.
Remuneration policy for key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to The Mall’s success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that The Mall remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at reasonable market rates within a band, providing scope to be rewarded for excellence. Delivery of The Mall’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.
2
## **THE MALL SCHOOL TRUST**
**GOVERNORS’ REPORT (continued)**
## **YEAR ENDED 31 AUGUST 2024**
## **Relationships**
The Mall is an active member of the IAPS and the ISBA for the promotion and maintenance of preparatory school standards generally. The Mall also benefits from the generosity of the thriving Mall School Association and current parents.
## **Investment Policy and Objectives**
All available retained funds, other than those required for day-to-day cash management are invested in Fixed Term Deposits with our bankers.
## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITES**
## **Charitable Objects**
The objects are set out in the Memorandum of Association as the promotion and provision for the advancement of education of children in the United Kingdom and elsewhere.
## **Aim and Intended Impact**
Our mission is to create an environment that ignites the love of learning in children, through passion, joy, confidence and happiness. We will achieve this by providing a supportive community and place to grow, where everyone has a voice. The Mall benefits from a strong and modern curriculum, commensurate with a modern independent prep and nursery school. The Mall is a place where children thrive, whether it is academic, sporting, musical, dramatic or artistic. We will guide all children to develop their natural curiosity and independence leading to happy confident individuals, with a lifelong love of learning through a individualised and bespoke curriculum.
## **Objectives for the Year**
The Board’s main objective continued to be to educate all the Mall’s pupils to at least the same high standard achieved by the Mall in previous years, so that they will be fully able to benefit from their chosen senior school for the completion of their education in due course. Our strategy for this is to maintain the high standard of teaching, the high teacher-topupil ratio, tailoring our services as appropriate in each case to suit individual needs.
## **STRATEGIC REPORT**
## **Principal Activity**
The Mall’s principal activity is to operate as a preparatory school with approximately 215 children aged 6 months to 11 years old.
## **Public Benefit and Grant-making**
The Governors confirm that they have complied with the duty of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charitable company.
3
**THE MALL SCHOOL TRUST**
**GOVERNORS’ REPORT (continued)**
## **YEAR ENDED 31 AUGUST 2024**
The Mall supported five pupils through its Bursary Scheme and two pupils were awarded staff and sibling discounts during the year. The Bursary scheme support, which is available on a needs basis as determined by the Bursar in consultation with the Headmaster, amounted to £83,960 (2022-23: eight pupils £17,360), not including staff and sibling discounts. The Mall offers 7+ and 8+ entry as well as 4+ entries. Financial assistance is available at 7+ and later entry through competitive assessment as public benefit to help families who would not otherwise be able to afford a Mall education and to broaden access to The Mall. These awards and the bursaries available to current parents who experience financial hardship are means tested and reviewed annually.
Use of The Mall’s swimming pool was provided free of charge or at a subsidised rate to St James’s RC Primary School, Trafalgar Junior School, Jack and Jill School and Waldegrave Girls’ School as part of our partnership links and public benefit with local maintained schools. The Mall provided additional public benefit, by offering the theatre facilities to a number of organisations, including Richmond Brass Band at a subsidised rate.
During the course of the year, pupils have raised £1,980 in charitable fundraising and have partaken in a number of events, including Christmas jumper for Save the Children; Harvest Festival food collection for Richmond Food Bank; Mufti days for Afghanistan and Central Asian Association, British Red Cross Turkey-Syria Earthquake Appeal and BBC Children in Need.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Operational Performance of The Mall**
The Mall was founded in 1872 and, in 2022/23, celebrated its 150[th] anniversary with a series of events for pupils, parents and Old Mallians, including invitations to school assemblies, visits to the school and a black-tie dinner and ball organised by the Mall School Association (our parent teacher body, registered charity No. 801084) in the summer 2023.. The Mall School Association also organises the annual Christmas and summer school fairs.
Following the opening of the nursery in September 2022, pre-school children have attended events at the main site, including a nativity performance, the school fairs as well as other key points in the year. Nursery staff enjoy shared benefits from the school, including lunches and training. Parents who have children in both sites are known to all staff. Swimming lessons continue to take place for nursery children and their parents in our school pool.
In the autumn term 2023, for our harvest festival, we collected food and toiletries for the Richmond foodbank; shoeboxes with gifts for children in eastern Europe and donated money from a mufti day for the Afghanistan and Central Asian Association. We had outings from the nursery around the local area and trips in other year groups to the Steam and Water museum in Kew, RAF museum in Hendon, the Winchester science centre and Hampton Court palace. During the year there were house competitions in rugby, football, cricket and swimming as well as art, spelling, general knowledge and science. From Year 3 all pupils have two afternoons of games a week and opportunities to play competitive matches against other schools. The religious education curriculum was revised to cover all the main world faiths and from Year 2 lessons include a visit to the relevant places of worship.
Each term there are music concerts with over 80% of our pupils learning a musical instrument. From Reception, in addition to the timetabled drama lessons, all pupils perform in at least one play or musical to their parents and the rest of The Mall. In the spring term we were visited by a speaker from African Vision the charity which works with The Mall in supporting Chitswime our partnership school in Malawi. Year 6 took part in the entrepreneurial activity: the Mallian’s Den project. The project was sponsored by BP Plc (BP) and the aim was for the pupils to present a business idea which was designed to improve our environment. The project started with a presentation from four Mall parents, who work with BP, and who then ran a series of weekly workshops to assist the teams with their ideas.
4
## **THE MALL SCHOOL TRUST**
## **GOVERNORS’ REPORT (continued)**
## **YEAR ENDED 31 AUGUST 2024**
Eight pupils reached the bonus round of the national Primary Maths Challenge where they were awarded bronze and silver medals. Pupils regularly take LAMDA and music exams hosted at the school, with external children also using our facilities for music exams. A number of exemplary grades were awarded to children across a wide range of grades and instruments.
From Year 3, pupils attend a residential trip to develop their independence, resilience and self-confidence. Our youngest pupils spend three days at the Marchant’s Hill PGL centre, Year 4 go to Hooke Court in Dorset, Year 5 to France and Year 6 to the Isle of Wight. We also operated a school ski trip to France in the Spring Term for children in year 4-6.
Following the development of the main playground, fundraising was completed to develop our smaller, Junior playground with a new surface and other remedial works. The climbing frame was serviced and other areas renovated. A donation was made by parents to renovate and refurbish the school clock.
Our Year 6 leavers performed extremely well at 11+ with offers from 20 different schools. Eighty percent of the pupils received two or more offers from academically selective senior schools. In addition, they were awarded academic, music and sport scholarships.
Following the Governors’ Strategy meetings and a thorough consultation process with parents and staff, The Mall began to accept girls into Reception from September 2023, and currently has two fully mixed year groups.
## **FINANCIAL REVIEW**
## **Results for the Year**
Income has increased to £4,346,883 from £3,640,945 in 2023 following the opening of the nursery, which resulted in the rise in pupil numbers to 215 from 193 in the previous year. Net income was £78,389 compared to net expenditure of £168,276 in 2022-23. Bursaries and other discounts increased to 13 from eight pupils, with a financial value of £83,960 (2022-23 - £37,133). The results benefited from higher nursery income owing to its increasing occupancy, and a rise in lettings income; however, ongoing inflationary pressures from energy, other operational, interest and staff costs remained key contributors to overall expenditure. The Mall will continue to focus on effective cost planning and management.
## **Reserves Level and Policy and Financial Viability**
At 31 August 2024, the total funds of The Mall were £6,493,125 (31 August 2023 £6,414,736). The Governors will use future surpluses in order to continue enhancing the educational facilities and services of The Mall. Free reserves of the school are £268,083 (31 August 2023: £135,619) with the balance of funds tied up in The Mall’s fixed assets.
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The Governors are responsible for the overseeing of the risks faced by The Mall. Detailed considerations of risk are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of education, health and safety, marketing, personnel, safeguarding and operational.
The main risks that the Governors have identified and the plans to manage those risks are:
5
**THE MALL SCHOOL TRUST**
**GOVERNORS’ REPORT (continued)**
## **YEAR ENDED 31 AUGUST 2024**
## **Reputation**
The Mall’s success is built on its reputation for the education and well-being of our pupils. We manage this risk through safeguarding policies, staff recruitment policies, pastoral support for both pupils and staff and active identification and resolution of health and safety related issues.
## **Money**
Our ability to continue is reliant on pupil fees and the ability to pay bills as they fall due. This risk is managed by active marketing, The Mall maintaining a strong reputation for academic and all-round excellence and robust cash-flow management. Financial controls are overseen by the Finance & Property Committee, which meets termly.
## **Political**
The independent school sector is facing a number of political pressures that could challenge the charitable status of independent schools and have a significant effect on our finances. The Finance & Property Committee has considered the potential risks associated with the imposed VAT on school fees and the removal of existing relief on business rates. The Committee also explores new ways to demonstrate public benefit.
## **Curriculum**
Academic excellence requires the most able teachers with state-of-the-art facilities delivering the curriculum to able students. We manage this risk by combining attractive salaries with on-going investment in our premises. Academic standards are monitored by the Education Committee and key senior staff.
Through the risk management processes established at The Mall, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks can be fully mitigated.
## **Future Plans**
The Mall has been accepting girls since September 2023. The Mall will continue to prepare both boys and girls for a range of academically selective senior schools and continue to offer an excellent all-round education with a rich and challenging curriculum with strong pastoral care focused on each pupil’s happiness and wellbeing.
## **STATEMENT OF GOVERNORS’ RESPONSIBILITIES**
The members of the Board (who are also the directors of The Mall for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
Company law requires the members of the Board to prepare financial statements for each financial year. Under company law the Board members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Board members are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements;
6
## **THE MALL SCHOOL TRUST**
**GOVERNORS’ REPORT (continued)**
## **YEAR ENDED 31 AUGUST 2024**
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with Companies Acts 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.
The Governors at the date of approval of this Governors’ Report confirm that so far as each of them is aware, there is no relevant audit information of which the charitable company’s auditor is unaware, and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Auditors**
In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of HaysMac LLP as auditors to the school will be put into the annual general meeting.
Approved by the Governors at the Governors’ meeting on 19 February 2025, including with their capacity as company directors, approving the Governors’ Report contained therein and signed on its behalf by:
………………………………..
Ms N Page Chair of Governors
7
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MALL SCHOOL TRUST**
## **Opinion**
We have audited the financial statements of The Mall School Trust for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Governors are responsible for the other information. The other information comprises the information included in the Governor’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Governor’s Report (which incorporates the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the Governors’ Report has been prepared in accordance with applicable legal requirements.
8
**INDEPENDENT AUDITOR’S REPORT (continued) TO THE MEMBERS OF THE MALL SCHOOL TRUST**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor’s Report (which incorporates the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable company; or
- the charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Governors for the financial statements**
As explained more fully in the Governors’ responsibilities statement set out on page 7, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group, the parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Commission’s general guidance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), and consider other factors such as payroll taxes and VAT.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the valuation of investment property. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Inspecting the outcomes of any regulatory inspections;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
9
**INDEPENDENT AUDITOR’S REPORT (continued) TO THE MEMBERS OF THE MALL SCHOOL TRUST**
- Identifying and testing journals, in particular journal entries posted at the year-end or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates and challenge of the underlying assumptions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Siobhan Holmes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG Date: 21 February 2025
10
## **THE MALL SCHOOL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024**
|||**Unrestricted**|**Restricted**|**_Total_**|_Total_|
|---|---|---|---|---|---|
|||**Total**|**Total**|**_Funds_**|_Funds_|
|||**2024**|**2024**|**_2024_**|_2023_|
||**Notes**|**£**|**£**|**_£_**|_£_|
|**Income from:**||||||
|**Charitable activities**||||||
|School fees receivable|2|3,737,129|-|3,737,129|3,024,796|
|Ancillary trading income|3|386,229|-|386,229|275,720|
|**Other trading activities**||||||
|Other activities|4|143,059|-|143,059|97,101|
|**Investments**||||||
|Bank and other interest|5|18,611|-|18,611|8,766|
|**Voluntary sources**||||||
|Grants and donations|6|-|61,855|61,855|224,330|
|**Other income**|||||10,232|
|||-------------------|-------------------|-------------------|-------------------|
|**Total income**||4,285,028|61,855|4,346,883|**3,640,945**|
|||-------------------|-------------------|-------------------|-------------------|
|**Expenditure on:**||||||
|**Raising funds**||||||
|Financing costs|8|20,284|-|20,284|20,104|
|**Charitable activities**||||||
|Education|7|4,247,515|695|4,248,210|3,789,122|
|||-------------------|-------------------|-------------------|-------------------|
|**Total expenditure**|7|4,267,799|695|4,268,494|**3,809,226**|
|||-------------------|-------------------|-------------------|-------------------|
|**Net income/ (expenditure)**||17,229|61,160|78,389|(168,281)|
|**Transfers between funds**||57,269|(57,269)|-|-|
|||-------------------|-------------------|_--------------------_|_--------------------_|
|**Net movement in funds**||74,498|3,891|78,389|(168,281)|
|Fund balances brought||||||
|forward||||||
|at 1 September 2023||6,414,736|_-_|6,414,736|6,583,017|
|||-------------------|-------------------|-------------------|-------------------|
|**Fund balances carried**||||||
|**forward at 31 August 2024**||6,489,234|3,891|6,493,125|6,414,736|
|||=========|=========|=========|=========|
The notes on pages 15 to 26 form part of these financial statements.
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
See note 19 for Statement of Financial activities for the year ended 31 August 2024.
11
**THE MALL SCHOOL TRUST**
**Company number: 02036538**
## **BALANCE SHEET**
## **AS AT 31 AUGUST 2024**
|||**2024**|**2023**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|**FIXED ASSETS**||||
|Tangible assets|10|6,341,135|6,501,669|
|||-----------------|-----------------|
|**CURRENT ASSETS**||||
|Debtors|11|596,324|655,559|
|Cash and deposits||1,555,094|1,015,320|
|||-----------------|-----------------|
|||2,151,418|1,670,879|
|**CURRENT LIABILITIES**||||
|Creditors payable within one year|12|(1,879,444)|(1,535,260)|
|||-----------------|-----------------|
|**NET CURRENT ASSETS**||271,974|135,619|
|||-----------------|-----------------|
|**TOTAL ASSETS LESS CURRENT**||||
|**LIABILITIES**||6,613,109|6,637,288|
|**LONG-TERM LIABILITIES**||||
|Creditors payable after one year|13|(119,984)|(222,552)|
|||------------------|------------------|
|**NET ASSETS**||6,493,125|6,414,736|
|||=========|=========|
|**REPRESENTED BY:**||||
|**UNRESTRICTED FUNDS**||||
|General Reserve|14|268,083|135,619|
|Designated Fixed Asset Fund|14|6,221,151|6,279,117|
|**RESTRICTED FUNDS**|14|3,891|-|
|||------------------|------------------|
|||6,493,125|6,414,736|
|||=========|=========|
These financial statements were approved by the Board on 19 February 2025 and were signed on its behalf by:
Ms N Page Chair of the Board
The notes on pages 15 to 26 form part of these financial statements.
12
**THE MALL SCHOOL TRUST**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
||||**2024**||_2023_|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|_£_|_£_|
|**Net cash inflow from operations**|(i)||183,401||197,062|
|**Cash flows from investing activities:**||||||
|Investment income receipts||18,612||8,766||
|Payments for tangible fixed assets||(102,831)||(469,813)||
|||-----------------||-----------------||
|Net cash used in investing activities|||(84,219)||(461,047)|
|**Cash flows from financing activities:**||||||
|Loan payments||(113,244)||(109,991)||
|Finance costs paid||(20,284)||(20,104)||
|Fees in advance scheme receipts||574,120||-||
|||-----------------||-----------------||
|Net cash used in financial activities|||440,592||(130,095)|
||||----------------||----------------|
|**Change in cash and cash equivalents in the**||||||
|**reporting period**|||539,774||(394,080)|
||||========||========|
|Cash and cash equivalents at 1 September 2023|||1,015,320||1,409,400|
||||-----------------||-----------------|
|**Cash and equivalent at 31 August 2024**|||1,555,094||1,015,320|
||||========||========|
The notes on pages 15 to 26 form part of these financial statements.
13
**THE MALL SCHOOL TRUST**
## **NOTES TO THE STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|||**2024**||_2023_||
|---|---|---|---|---|---|
|||**£**|**£**|_£_|_£_|
|**(i)**|**Net cash inflow from operations**|||||
||**Net income /(expenditure) per the SOFA**||78,389||(168,281)|
||Elimination of non-operating cashflows:|||||
||- Investment income|(18,612)||(8,766)||
||- Financing costs|20,284||20,104||
||Depreciation charge|263,365||293,237||
||Loss on disposal of fixed assets|-||95,011||
||Decrease/(increase) in debtors|59,235||(98,210)||
||(Decrease)/increase in creditors|(219,260)||63,967||
|||-----------------||-----------------||
||||105,012||365,343|
||||-----------------||-----------------|
||**Net cash provided from operations**||183,401||197,062|
||||========||========|
|||||**Non**||
|**Analysis of movements in net cash**||**2023**|**Cash flows**|**Cash flow**|**2024**|
|||**£**|**£**|**£**|**£**|
|Cash|at bank and in hand|1,015,320|539,775|-|1,555,095|
|||-----------------|------------------|------------------|-----------------|
|Total|cash and cash equivalents|1,015,320|539,775|-|1,555,095|
|Bank|Loan (due within one year)|(130,318)|10,676|-|(119,642)|
|Bank|Loan (due after one year)|(222,552)|102,568||(119,984)|
|||-----------------|------------------|------------------|-----------------|
|**Total**||662,450|653,019|-|1,315,469|
|||========|========|========|========|
14
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES**
The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (“SORP (FRS102)”) (Second Edition, effective 1 January 2019) and Financial Reporting Standard 102.
The accounts are drawn up on the historical cost basis of accounting.
The Mall is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to The Mall’s financial statements.
## **1.1 Fees and similar earned income**
Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by The Mall against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.
## **1.2 Investment income**
Investment income from bank balances is accounted for on an accruals basis.
## **1.3 Going concern**
The Mall produces regular financial information including budgets, forecasts and a longer-term strategic business plan, which are closely monitored by Governors. Current economic factors including VAT on school fees, employers NI changes and removal of business rates relief have been reflected in financial forecasts and are monitored by the Finance & Property Committee. Through appropriate consideration of risks as part of its normal risk management processes and mitigating actions both already taken and available to be taken, the Governors consider there is no material uncertainty relating to going concern and it is therefore appropriate for the going concern basis to be adopted for these accounts.
15
**THE MALL SCHOOL TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **1.4 Donations, legacies, grants and other voluntary income**
Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to The Mall is considered probable.
Voluntary income for The Mall’s general purposes is accounted for as unrestricted and is credited to the General Fund. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.
## **1.5 Expenditure**
Expenditure is accrued as soon as a liability is considered probable. Resources expended are allocated to the charity’s principal activity where the costs can be identified as being directly related to that activity. All costs that cannot be identified as relating directly to the charity’s principal activity are categorised as either support costs or governance costs. Any costs that cannot be specifically categorised are allocated in proportions based upon a suitable ratio applicable to the nature of the cost involved.
Grants awarded are expensed as soon as they become legal or operational commitments.
Governance costs comprise the costs of complying with constitutional and statutory requirements.
Termination benefits are accounted for on an accruals basis and in line with Financial Reporting Standard 102.
## **1.6**
## **Tangible fixed assets**
All tangible assets purchased that have an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:
|Freehold buildings|-|The swimming pool, over twenty years|
|---|---|---|
||-|All other freehold buildings, over fifty years|
|Playground equipment|-|Over 20 years|
|Furniture, fittings and equipment|-|over 10 years|
|Motor vehicles|-|over 5 years|
|Electronic equipment|-|over 5 years|
## **1.7 Debtors**
Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.
## **1.8 Cash and bank**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.9 Creditors and provisions**
Creditors and provisions are recognised where The Mall has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
16
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **1.10 Financial instruments**
The Mall only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.11 Fund accounting**
The charitable trust funds of The Mall are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.
**Unrestricted** income belongs to The Mall’s corporate reserves, spendable at the discretion of the Governors either to further The Mall’s Objects or to benefit The Mall itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.
**Designated** funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the Governors. The use of designated funds remains at the discretion of Governors.
**Restricted** income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.
## **1.12 Operating leases**
Rental charges are charged on a straight-line basis over the term of the lease.
## **1.13 Pension costs**
Retirement benefits to employees of The Mall are provided through defined benefit pension schemes.
For all employees, The Mall makes contributions into the APTIS defined contribution pension schemes, whose assets are also held in a separate fund independently administered. The amount charged to the Statement of Financial Activities in respect of pension costs is the total contributions payable for the year.
17
**THE MALL SCHOOL TRUST**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|**2.**|**CHARITABLE ACTIVITIES – FEES RECEIVABLE**|**2024**|_2023_|
|---|---|---|---|
|||**£**|_£_|
||**Fees receivable consist of:**|||
||School fees|3,821,089|3,061,929|
||Less: total scholarships and bursaries|(83,960)|(37,133)|
|||--------------------|--------------------|
|||3,737,129|3,024,796|
|||=========|==========|
Scholarships, bursaries and other awards were paid to 14 pupils (2023: eight). Within this means-tested bursaries totalling £17,360 were paid to five pupils (2023: £13,598 to 6 pupils).
|**3.**|**CHARITABLE ACTIVITIES – ANCILLARY TRADING INCOME**|**2024**|_2023_|
|---|---|---|---|
|||**£**|_£_|
||Extras|181,480|181,064|
||Entrance and registration fees|7,499|11,605|
||School bus income|33,445|29,444|
||Educational grants|163,805|45,807|
||Deposits forfeited|-|7,800|
|||----------------|----------------|
|||386,229|275,720|
|||========|========|
|**4.**|**OTHER TRADING ACTIVITIES**|**2024**|_2023_|
|||**£**|_£_|
||External lets|143,059|97,101|
|||=======|=======|
|**5.**|**BANK AND OTHER INTEREST**|||
|||**2024**|_2023_|
|||**£**|_£_|
||Bank interest|18,611|8,766|
|||======|========|
|**6.**|**GRANTS, DONATIONS & LEGACIES**|**2024**|_2023_|
|||**£**|_£_|
||Donations|61,855|224,330|
|||--------------------|--------------------|
|||61,855|224,330|
|||=========|==========|
18
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|**7.**|**ANALYSIS OF EXPENDITURE**|**Staff costs**|**Depreciation**||**Total**|
|---|---|---|---|---|---|
|||**(note 8)**|**(note 9)**|**Other**|**2024**|
|**(a)**|**Total expenditure**|**£**|**£**|**£**|**£**|
||**Cost of raising funds**|||||
||Financing costs (note 8)|-|-|20,284|20,284|
|||---------------|-------------------|------------------|------------------|
||**Total costs of raising funds**|-|-|20,284|20,284|
|||---------------|-------------------|------------------|------------------|
||**Charitable expenditure**|||||
||**_Education_**|||||
||Teaching|2,036,444|-|214,715|2,251,159|
||Welfare|153,228|-|125,306|278,534|
||Premises|114,890|263,365|587,849|966,104|
||Support costs and governance|359,312|-|393,101|752,413|
|||-------------------|-------------------|------------------|--------------------|
||**Total charitable expenditure**|**2,663,874**|**263,365**|**1,320,971**|**4,248,210**|
|||-------------------|-------------------|------------------|-------------------|
||**Total expenditure**|**2,663,874**|**263,365**|**1,341,255**|**4,268,494**|
|||==========|=========|=========|==========|
||**COMPARATIVE ANALYSIS OF**|||||
||**EXPENDITURE**|**Staff costs**|**Depreciation**||**Total**|
|||**(note 8)**|**(note 9)**|**Other**|**2023**|
|**(a)**|**Total expenditure**|**£**|**£**|**£**|**£**|
||**Cost of raising funds**|-|-|20,104|20,104|
||Financing costs (note 8)|---------------|-------------------|------------------|------------------|
|||-|-|20,104|20,104|
||**Total costs of raising funds**|---------------|-------------------|------------------|------------------|
|||-|-|20,104|20,104|
||**Charitable expenditure**|||||
||**_Education_**|||||
||Teaching|1,672,340|-|268,278|1,940,618|
||Welfare|150,280|-|124,675|274,955|
||Premises|106,401|293,362|507,301|907,064|
||Support costs and governance|363,430|-|303,055|666,485|
|||-------------------|-------------------|------------------|--------------------|
||**Total charitable expenditure**|**2,292,451**|**293,362**|**1,203,309**|**3,789,122**|
|||-------------------|-------------------|------------------|-------------------|
||**Total expenditure**|**2,292,451**|**293,362**|**1,223,413**|**3,809,226**|
|||==========|=========|=========|==========|
19
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|**(b)**|**Governance in support costs**|**2024**|2023|
|---|---|---|---|
|||**£**|£|
||Governance costs include:|||
||Remuneration paid to auditor (inclusive of VAT) for:|||
||- Audit services|24,120|21,620|
||- Other services|-|-|
|||======|=======|
|**8.**|**FINANCING COSTS**|**2024**|_2023_|
|||**£**|_£_|
||Loan interest|20,284|20,104|
|||=======|========|
|**9.**|**STAFF COSTS**|**2024**|_2023_|
|||**£**|_£_|
||The aggregate payroll costs for the year were as follows:|||
||Wages and salaries|2,301,961|1,966,780|
||Social security costs|177,706|156,925|
||Other pension costs|184,207|168,746|
|||--------------------|--------------------|
|||**2,663,874**|2,292,451|
|||==========|==========|
||None of the Governors received any remuneration or other benefits from The Mall.|||
||Aggregate employee-benefits of key management personnel|353,846|358,865|
|||=======|========|
|||**2024**|_2023_|
|||**Number**|_Number_|
||Number of higher paid employees in bands of:|||
||£60,001 to £70,000|1|1|
||£70,000 to £80,000|1|1|
||£100,001 - £110,000|1|1|
|||=======|=======|
||The number with retirement benefits accruing|||
||- in Defined Contribution schemes was|3|3|
||of which the contributions amounted to|38,846|34,531|
|||=======|=======|
||- in Defined Benefit schemes was|-|-|
||of which the contributions amounted to|-|-|
|||=======|========|
20
**THE MALL SCHOOL TRUST**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **9. STAFF COSTS (continued)**
The average number of the School’s employees during the year was 58 (2023: 56).
||||||**2024**|_2023_|
|---|---|---|---|---|---|---|
||||||**Number**|_Number_|
||Teaching||||41|34|
||Welfare, premises, support||||17|22|
||||||---------------|---------------|
||||||58|56|
||||||=======|========|
|**10.**|**TANGIBLE FIXED ASSETS**|**Freehold**|**Furniture,**||||
|||**land and**|**fittings and**|**Electrical**|
**Motor**||
|||**buildings**|**equipment**|**equipment**|
**Vehicles**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
||**Cost**||||||
||At 1 September 2023|9,679,986|1,213,260|497,933|132,954|11,524,133|
||Additions|81,043|17,804|3,485|499|102,831|
||Disposals|-|-|-|-|-|
|||-------------------|-------------------|------------------|-----------------|-------------------|
||**At 31 August 2024**|9,761,029|1,231,064|501,418|133,453|11,626,964|
|||-------------------|-------------------|------------------|---------------|-------------------|
||**Depreciation**||||||
||At 1 September 2023|3,362,855|1,069,275|471,406|118,928|5,022,464|
||Eliminated on disposal||||||
||Charge for the year|178,304|65,390|14,964|4,707|263,365|
|||-------------------|-------------------|------------------|----------------|--------------------|
||**At 31 August 2024**|3,541,159|1,134,665|486,370|123,635|5,285,829|
|||-------------------|-------------------|------------------|----------------|-------------------|
||**Net book value**||||||
||**At 31 August 2024**|6,219,870|96,399|15,048|9,818|6,341,135|
|||==========|=========|=========|=======|==========|
||_At 31 August 2023_|6,317,131|143,985|26,527|14,026|6,501,669|
|||==========|=========|=========|=======|==========|
|**11.**|**DEBTORS**||||**2024**|_2023_|
||||||**£**|_£_|
||Fees and extras||||523,899|541,645|
||Prepayments and accrued income||||72,425|113,914|
||||||----------------|----------------|
||||||596,324|655,559|
||||||========|==========|
21
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
|**12.**|**CREDITORS: amounts falling due**|**2024**|_2023_|
|---|---|---|---|
||**within one year**|**£**|_£_|
||Bank loan (see note 13)|119,642|130,318|
||Deposits from parents|207,800|225,463|
||Fees received from parents in advance of term|1,230,867|868,219|
||Trade creditors|116,584|147,329|
||Taxation and social security|44,490|67,317|
||Other creditors|34,105|5,760|
||Accruals and deferred income|125,956|90,854|
|||-------------------|-------------------|
|||1,879,444|1,535,260|
|||=========|==========|
|**13.**|**CREDITORS: amounts falling due after**|**2024**|_2023_|
||**more than one year**|**£**|_£_|
||Bank loan repayable by instalments|||
||Due two to 5 years|119,984|222,552|
|||-------------------|-------------------|
|||119,984|222,552|
|||=========|==========|
The bank loan provided by Lloyds Bank plc was used to help finance the construction of The Mall’s theatre facility. The loan is secured by both fixed and floating charges over all of the freehold land and buildings and certain other assets of The Mall, bears interest at a variable rate of 1.45% over the bank’s base rate and is repayable in monthly instalments until July 2026.
22
**THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **14. FUNDS OF THE SCHOOL**
||**At 1 Sept**||||**At 31 August**|
|---|---|---|---|---|---|
||**2023**|**Income**|**Expenditure**|**Transfers**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|- General reserve|135,619|4,285,028|(4,267,799)|115,235|268,083|
|- Designated fixed||||||
|asset|6,279,117|-|-|(57,966)|6,221,151|
|**Restricted Funds**|-|61,855|(695)|(57,269)|3,891|
||---------------------|--------------------|---------------------|-------------------|---------------------|
||**6,414,736**|**4,346,883**|**(4,268,494)**|**-**|**6,493,125**|
||==========|==========|==========|=========|==========|
|**COMPARATIVE**||||||
||**At 1 Sept**||||**At 31 August**|
||**2022**|**Income**|**Expenditure**|**Transfers**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General reserve|496,640|3,416,615|(3,281,659)|(495,977)|135,619|
|Designated fixed|||-|||
|asset|6,076,377|-|(293,237)|495,977|6,279,117|
|**Restricted funds**|10,000|224,330|(234,330)|-|-|
||---------------------|--------------------|---------------------|-------------------|---------------------|
||6,583,017|3,640,945|(3,809,226)|-|6,414,736|
||==========|==========|==========|=========|==========|
Unrestricted funds represent accumulated income from The Mall’s activities and other sources that are available for the general purposes of the School.
The designated fixed assets fund was set up to clearly identify the amount of the charity’s funds that are invested in the fixed assets of the school. At the balance sheet date, the designated fund is maintained at an amount equal to the net book value of the charity’s fixed assets in the balance sheet date less any bank borrowings falling due after one year that have been used to finance those fixed assets. A transfer is made to or from the general fund at the year end to achieve this balance sheet position.
The restricted fund represents funds received towards the redevelopment of the playground which took place mainly during the year. The balance represents remaining funds to be spent in 2024/25.
23
**THE MALL SCHOOL TRUST**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Unrestricted**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|
||**Designated**|**General**||**2024**|
||**£**|**£**|**£**|**£**|
|Tangible fixed assets|6,341,135|-|-|6,341,135|
|Net current assets|-|268,083|3,891|271,974|
|Long term liabilities|(119,984)||-|(119,984)|
||-------------------|-----------------|-----------------|--------------------|
||6,221,151|268,083|3,891|6,493,125|
||=========|========|========|==========|
## **COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Unrestricted**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|
||**Designated**|**General**||**2023**|
||**£**|**£**|**£**|**£**|
|Tangible fixed assets|6,501,544|-|-|6,501,544|
|Net current assets|-|135,744|-|135,744|
|Long term liabilities|(222,552)||-|(222,552)|
||-------------------|-----------------|-----------------|--------------------|
||6,278,992|135,744|-|6,414,736|
||=========|========|========|==========|
## **16. PENSION SCHEMES**
Defined Contribution Scheme
The Mall contributes to defined contribution scheme for its teaching and non- teaching staff. The pension charge for the year includes contributions payable to the scheme of £186,430 (2023: £168,746) and at the year end £28,711 (2023: £28,632) was accrued in respect of contributions to this scheme.
## **17. COMMITMENTS UNDER OPERATING LEASES**
At 31 August 2024, the charitable company was committed to make payments under non-cancellable operating leases as follows:
||**Plant and machinery**|**Plant and machinery**|**Land and**|**buildings**|
|---|---|---|---|---|
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|In 1 year|5,468|8,228|-|52,920|
|In 2-5 years|12,301|15,918|-|-|
|Over 5 years|-|-|-|-|
||======|======|======|======|
24
**THE MALL SCHOOL TRUST**
**NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 AUGUST 2024**
## **18. RELATED PARTY TRANSACTIONS**
There were no related party transactions during the year (2023: none).
25
## **THE MALL SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2024**
## **19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
||**Unrestricted**|**Restricted**|**_Total_**|
|---|---|---|---|
||**Total**|**Total**|**_Funds_**|
||**2023**|**2023**|**_2023_**|
||**£**|**£**|**_£_**|
|**Income from:**||||
|**Charitable activities**||||
|School fees receivable|3,024,796|-|3,024,796|
|Ancillary trading income|275,720|-|275,720|
|**Other trading activities**||||
|Other activities|97,101|-|97,101|
|**Investments**||||
|Bank and other interest|8,766|-|8,766|
|**Voluntary sources**||||
|Grants and donations|-|224,330|224,330|
|**Other**|10,232|-|10,232|
||-------------------|-------------------|-------------------|
|**Total income**|**3,416,615**|**224,330**|**3,640,945**|
||-------------------|-------------------|-------------------|
|**Expenditure on:**||||
|**Raising funds**||||
|Financing costs|20,104|-|20,104|
|**Charitable activities**||||
|Education|3,554,792|234,330|3,789,122|
||-------------------|-------------------|-------------------|
|**Total expenditure**|**3,574,896**|**234,330**|**3,809,226**|
||-------------------|-------------------|-------------------|
|**Net (expenditure) income**|(158,281)|(10,000)|(168,281)|
|**Transfers between funds**|-|-|-|
||-------------------|-------------------|_--------------------_|
|**Net movement in funds**|(158,281)|(10,000)|(168,281)|
|Fund balances brought||||
|forward||||
|at 1 September 2022|6,573,017|10,000|6,583,017|
||-------------------|-------------------|-------------------|
|**Fund balances carried**||||
|**forward at**||||
|**31 August 2023**|6,414,736|_-_|6,414,736|
||=========|=========|=========|
26