2023-08-31-accounts

Trustees and Governing Body	Martina Asmar (Chair) 1 3 David Armitage 1 (Vice Chair and Chair of Finance Committee) Caroline Bonnor-Moris 1	Martina Asmar (Chair) 1 3 David Armitage 1 (Vice Chair and Chair of Finance Committee) Caroline Bonnor-Moris 1
	3 Sarah Kerr-Dineen
	3 Charlotte Johnston
	1 Adam Perry
	Patrick Hinton
	2 John Marriot
	2 Dr Clare Ives
	1 Michael Crawford
	1 Member of Finance Committee
	2 Member of Marketing Sub-committee
	3 Member of Education Sub-Committee
Headmaster	Ben Evans BA (Hons).	PGCE.
Company secretary	Emma Harris BA (Hons) ACMA
School bursar	Emma Harris BA (Hons) ACMA
Website	www.windlesham.c0m
Auditor	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex RH12 2RG
Registered office	Windlesham House School
	Washington
	West Sussex
	RH2O 4AY

Bankers	Barclays Bank Pic
	Barclays Corporate Banking
	90/92 High Street
	Crawley
	RHIO IBP
Lawyers	Knights Solicitors LLP
	Midiand House, West Way
	Oxford
	OX2 OPH
Insurance brokers and actuaries	Marsh Brokers Limited
	Capital House
	1-5 Perrymount Road
	Haywards Heath
	RH16 3SY
Registered company number	00747222
Registered charity number	307046

	Page
Report of the Trustees	1 to 9
Independent Auditor's report	10 to 13
Statement of financial activities	14
Balance sheet	15
Cash flow statement	16
Notes to the financial statements	17 to 29

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

THE MALDEN TRUST LIMITED

Opinion

We have audited the financial statements of The Malden Trust Limited (the 'Charity') for the year ended 31 August 2023 which comprise the Statement of financial activities including a summary income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP 2019.

In our opinion, the financial statements:

• give a true and fair view of the state of the Charity’s affairs as at 31 August 2023 and of its incoming resources and application of resources, including its 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 and the Charities SORP 2019

Basis of 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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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 Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Governors’ report, other than the financial statements and our Auditor's report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the 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.

10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

THE MALDEN TRUST LIMITED

Opinion 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 Governors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Governors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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; or

• the trustees were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of governors

As explained more fully in the Statement of Governors' responsibilities, the Governors (who are also the directors of the Charity for the purposes of company law) 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 Charity’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 Charity 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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and sector, and through discussion with the Governors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to safeguarding, health and safety legislation and employment law. 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, Charities Act 2011, Charities Statement of Recommended Practice 2019, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent

11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

THE MALDEN TRUST LIMITED

manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including safeguarding, health and safety and employment law) and fraud, and review of the reports made by management; and

• Assessment of identified fraud risk factors; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and

• Review of significant and unusual transactions, using automated data analytics tools, and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but, except to the extent otherwise explicitly stated in our report, not for the purpose of expressing an opinion on the effectiveness of the Charity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board.

• Conclude on the appropriateness of the board’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

THE MALDEN TRUST LIMITED

Use of report

This report is made solely to the Charity’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 Charity’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 Charity and the Charity’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………

Lucy Hammond Bsc FCA (Senior Statutory Auditor) For and on behalf of Kreston Reeves LLP, Statutory Auditor Chartered Accountants Horsham Date:

6 February 2024

13

		Unrestricted	Restricted	Total	Tata/
	Notes	funds	funds	2023	2022
		£	£	£	f
INCOME FROM:
Donations and legacies	3	32,137	13,115	45,252	29,382
Charitabie activities:
School fees	4	7,537,210	-	7,537,210	6,845,415
Other educational income	4	12,632	-	12,632	15,288
Other ancillary activities	4	604,899	-	604,899	388,636
Other trading activities	5	44,529	-	44,529	49,350
Investment income:
Bank interest receivable		70,157	-	70,157	3,923
		8,301,564	13,115	8,314,679	7,331,994
EXPENDITURE 0N:
Raising funds:
Development and fundraising costs	6	1,686		1,686
Charitable activities:
School operating costs	7	8,694,634	-	8,694,634	7,563,781
Other					194
		8,696,320		8,696,320	7,563,975
Net income	2	(394,756)	13,115	(381,641)	(231,981)
Transfers between funds	19
Net movement in funds		(394,756)	13,115	(381,641)	(231,981)
Reconciliation of funds:
Total funds brought forward		7,305,955	20,486	7,326,441	7,558,422
Total funds carried forward	19	6,911,199	33,601	6,944,800	7,326,441

31 January 2024

	Notes	2023	2022
		£	2
Net cash infHow from operating activities		1,337,341	1,018,010
Cash fiows from investing activities	21	(174,251)	(225,384)
Cash flows fmm financing activities	21	(401,075)	(149,854)
Net (decrease) / increase in cash and cash equivaients		762,015	642,752
Cash and cash equivaients at 1 September		1,485,264	842,502
Cash and cash equivaients at 31 August		2,247,279	1,485,264
Reconciliation of net incoming resources to		2023	2022
net cash inflow from operating activities		£	£
Operating (deficit)/surplus Interest received Interest paid		(381,641) (70,157) 320,878	(231,981) (3/923) 144,690
Depreciation charges		775,687	800,193
Decrease/(Increase) in debtors Increase in creditors		155,653 536,921	(89,919) 398,950
Net cash infiow from operating activities		1,337,341	1,018,010

Freehold permanent buildings	3% by the straight line method
Freehold buildings of non permanent construction	5% by the straight line method
Motor vehicles and grounds equipment	20% by the straight line method
Furniture, fittings, equipment, computer & electrical equipment
which includes:
Furniture, httings & equipment	10% by the straight line method
Computer & electrical equipment	25% by the straight line method

Net income for the year			2023	2022
			£	£
This is stated after charging/(crediting):
Depreciation of owned fixed assets			775,687	800, 193
Auditor's remuneration			11,760	11,880
Donations and legacies	Unrestricted funds	Restricted funds	Total 2023	Tota/ 2022
	£	£	£	£
Donations	32,137	13,115	45,252	29,382
	32,137	13,115	45,252	29,382
Income from	Unrestricted	Restricted	Total	Tota/
charitable activities	funds	funds	2023	2022
	£	£	£	f
School fees
Standard fees	8,277,983		8,277,983	7,530,762
Extras and other tuition fees	370,222		370,222	340,476
Less: bursaries, grants and allowances	(1,110,995)		(1,110,995)	(1,025,823)
	7,537,210		7,537,210
Other educational income
Registration fees	12,632		12,632	13,788
Windlesham House Association				1,500
	12,632		12,632
Other ancillary activities
Pupil disbursements	365,607		365,607	326,898
Educational and charitable lettings	239,292		239,292	61,738
	604,899	-	604,899	388,636

5	Other trading activities			Unrestricted	Restricted	Total	Tora/
				funds	funds	2023
				£	£	£	£
	Utilities recharged Other income			29,678 14,851		29,678 14,851	22,846 26,504
				44,529		44,529	49,350
	All income from other trading activities in		the current and prior year		was attributable to	unrestricted funds.
	Development and fundraising costs			Unrestricted	Restricted	Total	Tofa/
				funds	funds	2023
				£	£	£
	Staff costs			1,686		1,686
				1,686		1,686
	All expenditure on development	and fundraising		costs in the current	and prior year was	attributable to unrestricted funds.
	School operating costs
	Unrestricted funds
			Staff	Other		2023	2022
			costs	costs	Depreciation	£	f
	Teaching Welfare	3,373,122 475,222		171,192 704,842	100,488 52,821	3,644,802 1,232,885	3,237,051 957,824
	Premises Pupil disbursement	504,846 ~ 4,353,190		751,278 351,657 1,978,969	581,142 - 734,451	1,837,266 351,657 7,066,610	1,713,925 297,532 6,206,332
	Support costs
	Other su pport costs for schooling	537,685		1,049,103	41,236	1,628,024	1,357,449
		4,890,875		3,028,072	775,687	8,694,634	7,563,781

	Unrestricted funds	Restricted funds	Total 2023	Tota/ 2022
	£	£	£
Staff costs	12,000		12,000	12,000
Other costs	12,885		12,885
Auditor's remuneration;
Audit fees	11,760		11,760	11/880
Non-audit fees				1,500
	36,645		36,645	37,679

	Unrestricted funds	Restricted funds	Total 2023	2022
	£	£	£
Bad debts Interest payable on bank loans and overdrafts Interest payable on all other loans	24,525 320,361 517	-	24,525 320,361 517	{974) 144,173 5J7

9	Staff costs	2023	2022
		£	£
	Wages and salaries	4,084,437	3,587,257
	Social security costs	353,797	315, 764
	Other pension costs	389,949	342,318
	Death in service insurance	14,649	12,912
		4,842,832	4,258,261
	Other staff costs	49,729	61, 945
		4,892,561	4,320,206
	Number of employees whose remuneration exceeded £70,000 for the year:	2023	2022
		No.	N0,
	£120,001 - £130,000
	£110,001 - £120,000
	£80,001 - £90,000
	£70,001-£80,000

		2023	2022
	Teaching	83	82
	Other	70	61
		153	143
10	Remuneration of key management personnel
		2023	2022
		£	£
	Wages and salaries	475,998	475,634
	Social security costs	57,726	58,077
	Other pension costs	106,064	100,699
		639,788	634,410

Tangible fixed assets
				Furniture,
		Freehold		fittings,
	Freehold	buildings of	Motor	equipment,
	land and	non	vehicles &	computer &
	permanent	permanent	grounds	electrical
	buildings	construction	equipment	equipment	Total
	£	£	£	£	£
Cost
At beginning of year	14,633,714	1,636,136	216,884	3,977,439	20,464,173
Additions				248,248	248,248
Disposals				(1 1,995)	(11,995)
At end of year	14,633,714	1,636,136	216,884	4,213,692	20,700,426
Depreciation
At beginning of year	3,806,783	787,769	161,323	2,767,771	7,523,646
Charge for the year	424,011	81,807	15,896	253,973	775,687
On disposals				(8,155)	(8,155)
At end of year	4,230,794	869,576	177,219	3,013,589	8,291,178
Net book value
At 31 August 2023	10,402,920	766,560	39,665	1,200,103	12,409,248
A t 3] August 2022	10,826,931	848,367	55,551	1,209,668	12,940,527

Fixed asset investments	Shares in
	subsidiaries
	£
As at 1 September 2022	1
As at 31 August 2023	1

Debtors	2023	2022
	£	£
School fees	84,680	233,736
Other debtors	18,955	81
Prepayments	180,737	206,208
	284,372	440,025
Creditors: amounts falling due within one year	2023	2022
	£	£
Pupil deposits	200,538	121,856
Bank loan	131,106	5,541,319
Fees in advance	1,014,161	831,960
Taxes and social security costs	92,463	85,366
Trade and other creditors	289,979	190,822
Accruals	104,931	143,930
Finance lease	5,174	12,072
	1,838,352	6,927,325
Included in fees in advance:
Deferred income:
Deferred income at 1 September 2022		831,960
Resources deferred during the year		1,014,161
Amounts released from previous year Deferred income at 31 August 2023		(831,960) 1,014,161

Creditors: amounts falling due after oneyear	2023
	£
Pupil deposits	820,834	612,051
Bank loan	5,335,190
Finance lease	1,724

Total future minimum finance lease payments are as follows:
	2023	2022
	£
Not later than one year	5,174
Later than one year and no later than hve years	1,724

19	Fund Reconciliation	As at				As
		1 September				31 August
		2022	Transfers	Income	Expenditure	2023
		£	£	£	£
	Unrestricted fu nds
	General Fund	7,305,955		8,301,564	(8,696,320)	6,911,199
	Restricted Funds
	Capital Fund			13,085		13,085
	Bursary Fund	19,009				19,009
	Hardship Fund	1,477		30		1,507
		20,486	<	13,115		33,601
	Total funds	7,326,441		8,314,679	(8,696,320)	6,944,800

20	Analysis of net assets between funds - current year	Unrestricted	Restricted
		funds	funds	2023
		£	£	£
	Fund balances at 31 August 2023 are represented by:
	Fixed assets	12,409,249	-	12,409,249
	Current assets	2,498,050	33,601	2,531,651
	Current liabilities Non-current liabilities	(1,838,352) (6,157,748)	- -	(1,838,352) (6,157,748)
		6,911,199	33,601	6,944,800
	Analysis of net assets between funds - prior year	Unrestricted	Restricted
		funds	funds	2022
		£	£	£
	Fund balances at 31 August 2022 are represented by:
	Fixed assets	12,940,528		12,940,528
	Current assets	1,904,803	20,486	1,925,289
	Current liabilities Non-current liabilities	(6,927,325) (612,051) 7,305,955	- 20,486	(6,927,325) (612,051) 7.326.441
21	Gross cash flows		2023	2022
			£	£
	Cash flows from financing activities
	Loan repayments		(75,023)
	Interest paid		(320,878)	(J44, 690)
	Finance lease repayments		(5,174)	(5,174)
			(401,075)	(149,864)
	Cash flows from investing activities
	Purchase of tangible fixed assets		(248,248)	(229,307)
	Disposals of nxed assets		3,840
	Interest received		70,157	3,923
			(174,251)	(225,384)

Analysis of changes in net debt
	At 1 Sept		Other non-	At 31 Aug
	2022	Cash flows	cash changes	2023
Cash and cash equivalents
Cash	1,485,264	762,015	-	2,247,279
	1,485,264	762,015	-	2,247,279
Borrowings
Loan due within one year Loan due after one year	(5,541,319)	75,023 -	5,335,190 (5,335,190)	(131,106) (5,335,190)
Finance Lease due within one year	(5,174)	5,174	(5,174)	(5,174)
Finance Lease due after one year	(6,898) (5,553,391)	80,197	5,174 v	(1,724) (5,473,194)
Total	(4,068,127)	842,212		(3,225,915)
Reconciliation of net cash flow to movement in net debt
				2023
Increase in cash in the period				762,015
Loan Repayment				75,023
Finance lease repayments				5,174
Change in net debt				842,212
Net debt at 1 Sept 2022 Net debt at 31 Aug 2023				(4,068,127) (3,225,915)

otal future minimum Iease payments under non-cancellable ope	rating leases are as follows:
	2023	2022
	£	£
Operating leases which expire:
within one year	61,462	114,971
within two to five years	98,983	100,370
	160,445	215,341