Reglstered number: 00587487
Charity number: 307793
MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
GOVERNORS, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
CONTENTS
Page
Reference and Admlnlstrative Details of the Company, ils Govemors and Advisers
Governors. Report
Independent Audllor's Report on the Financial Statements
Statement of Financlal Actlvltles
10-13
14
Balance Sheet
15
Statement of Cash Flows
16
Notes to the Financial Statements
17-32

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2023
Governors
Mr S J Hodson, Chairman
Mr S F Cloke
Mr T N M Lawson
Mrs A H Pelch
Mrs S R Reeves
Mr P W Smallwood
Mr H R F Somersel
Mrs C A Wilson
Company registered numbor
00587487
Charity reglstered number
307793
Reglstered office
Marlborough House School Trust Limited, High Street, Hawkhursl, Cranbrook, TN18 4PY
Head
Mr E Newton
Company Secretary
Mr E Newton
Independent audltor
Crowe U.K. LLP. Riverside House, 40 - 46 High Slreel. Maidstone, Kent, ME14 1JH
Page 1

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guaranlee)
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Governors present their Annual Report together with the audited financial slalements lor 1 st September
2022 10 31 st August 2023. The Governors confirm that the Annual Report and linaneial statements ol the School
comply with the Current slalulory requirements, the requirements ol the company's governing document and the
provisions ol the Slalemenl ol Recommended Practice ISORPI, applicable lo charities preparing their accounts
in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic ol Ireland IFRS 1021.
Marlborough House School Ilhe 'School"l is registered with the Department lor Children, Schools and Families
as School Number 88616005. 11 is registered as Charity Number 307793, and holds the Company Registration
nutnber 587487, with the liabilily ol ils members limited lo £1 each by guarantee. Within the insurance policies
that the School holds is an extension that indemnifies the Trustees againsl any acts that result in action against
them. None ol the Direclors ol the School (the "Directors.) has any beneficial interest in the Company. The
Registered Ollice and principal address ol the Company is at Marlborough House School, High Street,
Hawkhur51, Kent TN18 4PY.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status of the company
Marlborough House School was founded in 1874 and was incorporated on 18th July 1957 under the Companies
Acts 1948 as Marlborough House School Trust Limited, a Charilable Company limited by guarantee.
Governlng body
The School is governed by ils Memorandum and Articles of Association. The DSre¢lors, who are also the Charity
Trustees and the School Governors, who served during the year are shown below..
Mr S J H(xlson (Chairman)
Mr S F Cloke
Mr T N M Lawson
Mrs A Pelch
Dr R Ralnavel (Resigned, 28th June 20241
Mrs S R Reeves
Mr O A Reynolds (Resigned, 1 sl Decembar 20231
Mr P W Smallwood
Mr H R F Somersel
Mrs J M Webb (Resigned, 1st December 20231
Mrs C A Wilson
Board of Govemors
The Directors are required under the Articles lo serve as Governors ol the School. They are 81ecled al a lull
Governors, Meeting on the basis ol nominations received, aller an appropriate recruilmenl process is undertaken
from existing Governors and the Head taking independent advice as appropriate in order lo ensure a suilable
cross section ol expertise, personal competence, specialist skills and local availability. Governors Serve lor an
initial term of live years and are eligible to sland for re election lor luriher live year terms.
Page 2

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
GOVERNORS, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
Governor tralnlng
New Governors are inducted inlo the workings ol the School and th8 Company as a Regislered Charily,
including Board Policy and Procedures, through a program arranged by the Head. Training Days and
Extraordinary Meetings are scheduled periodically lo provide updates lor Ihe Directors and lo consider strategic
planning and governance issues. New Governors arg encouraged lo allend the Association ol Governing Bodies
in Independent Schools IAGBISI New Governors Course and all Governors have the optK)rtunily to allend
AGBIS briefing8 and specialist courses run by exlernal organisalions.
Organisational management
The Governors, acting as Directors, delerrnine the general policies ol the School and review ils overall
management and control. The day lo day management of the School is delegated lo the key management
personnel, comprising the Head and the other members of the School's Senior Leadership Team. The
Governors meet as a Board al least three limes a year. The work ol implerllenling m0510l the Board's policies is
carried out by Commillees ol the Board comprising 4-5 Board members: th8 Finance and Properly Committee
Ispecilically lo review the budgets, annual accounts and reports), the Education and Welfare Commillee and the
Health and Salely Committee. Each Committee meets ai least three limes a year prior to the Main Board
meetings. Each Committee operates under specific terms ol reference agreed by the Board ol Governors and
has its decisions reported lo and ralilied by the lull Board. The Head allends all meetings ol the lull Board and all
meetings ol the Board Commillees.
Group structure and relatlonships
The School is an active member ol the Independent Association ol Prep Schools I"IAPS"l and Ihe Boarding
School Agsocialion I'BSA'I lor the promotion and maintenance of preparatory school standards generally and
also lakes part in peer group studies lor the evaluation ol quality and performance irnprovemenl melhods. The
School actively seeks to engage with local Charities, community and voluntary groups in ¢onlinuing endeavours
lo widen public access lo ils lacililieg, lo oplimise the educational use ol ils cultural and sporting facilities and to
awaken in the pupils an awareness of the wider social context of the education they receive at the School.
OBJECTIVES AND ACTIVITIES
The principal object ol the Company, in accordance with ils Memorandum and Articles of Association, is the
education ol children at the Independent Preparatory School of Marlborough House, Hawkhursl, Kent. In the
furtherance ol this object, the Directors, as the Charity Trustees, have cornplied with the duly in section 4 of the
Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub seGlor
guidance concerning the operation of the public benefit requirement under that Act.
Principal Actlvlty
Marlborough House School Trugt's principal activity is the provision of a Preparatory School in Hawkhursl for
girls and boys aged from 2 to 13. In conducting its business, the School is one ol the biggest local employers
wilh many members ol ils stall resident within the immediate vicinity. The School uses the services ol local
businesses and suppliers wherever possible. Total pupil numbers stood al 202 with an additional 46 in Nursery
giving a lolal school role o124812022- 2351 in the Summer term 2023.
Strategic Aim and Effect
The Board's overall strategic aim is lo satisfy the requirements ol public benefit by operating Marlborough House
School as a charitable Independent Preparatory School. While the larnilies ol most ol the School's pupils pay lull
lees, the Board aims lo sel these lees at a level which enables the School lo provide bursaries on a means-
lesled basis to Ihe families ol a number of pupils who otherwise would not be 8ble to allend the School.
Page 3

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Limlted by Guarantee)
GOVERNORS, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
In addition, the Board's slralegi¢ aim lor the School is lor il to offer an oulward-looking, secure and inclusive
8nvironmenl lor the whole School cowmunily, using high quality resources and facilities and providing an
gXC8llenl all round education lor the School's pupils. To help achieve ils objectives, th8 Board aims to ensure
that the School is as close lo capacity as possible, maintains a high "teacher to pupil. ratio and tailors ils
leaching and pastoral care services lo suit pupils, individual needs.
Objectives for the Year
The Board's main objectives lor the School during the year under review were-
lo support the Head's drive and passion lo build on recent successes to develop the whole School
community le.g with events organised lor slafl, Pupils land Ihelr families) and alumni lo allendl;
lo continue to develop the School's strategy, focused on continued educational improvement and
modernisalion of the curriculum, as well as reviewing and agreeing new short and medium linancial and
slafling plans-
lo WO￿ with the Head, and the Senior Leadership Team, to continue lo improve the School's facilities.,
lo continue lo edu¢ale pupils at the School lo a very high standard, ensuring all pupils reach Ihelr full
potential in all aspects ol School life and are well prepared lor their move inlo senior school.,
lo continue lo provide bursaries and other financial support lo the families ol pupils who would Othe￿Se
not be able lo allend the School.,
lo continue lo work collaboratively with local charities. community and voluntary organisations and
educational bodies to provide access lo the School's lacililies.
Grant making policies
During the financial year under review, the School has maintained ils means lesled bursary support lor 7 pupils
12022.. 5 pupils) al a cost 01 £36,73812022.. £32,708) through ils own bursary scheme. This support is available
on a needs basis as determined by the members ol the Finance and Property Committee following discussion8
with th9 Head. The School's approach lo awarding bursaries is kept under regular review by the Board with a
locus on providing means-lesled support to families who need il most.
STAFF
Volunteers
The Friends of Marlborough House School continue lo help with the School's charitable fundraising and CLJltural
aclivilies, with members devoting considerable lime and resources on a voluntary basis. The Board is very
appreciative ol their work on behalf ol the School.
Page 4

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
GOVERNORS. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
Remunerallon of Employees
The remuneralion ol the Head is set by the Board. The remuneration ol other members of the Senior Leadership
Team and all other slafl is determined by the Head in accordance with the whole School remuneration policy and
budget, which is set annually by the Board following a recommendation by the Finance and Property Cotnmittee.
In selling this policy and budget, reference is made to comparisons with other schools lo ensure that the School
is sensitive lo the broader issues of pay and employment conditions elsewhere. Stall costs are, by a long way,
the largest single element of the School's regular charitable expenditure and the Board believes that successful
delivery ol the School's charitable vision and purpose is very signilicanily dependent on the skills, expertlsg and
pertormance of the key management personnel and all other members ol th8 School's slafl.
REVIEW OF ACTIVITIES
Achievernents and Performance
In January 2023 the School was delighted to have been able lo share the details of its lalesl lull insp8clion report
undertaken by the Independent Schools Inspectorate I'ISI"). The School was rated "Excellent" in all areas with
pupils ol all abilities said to be able lo "employ highly efleclive study skills which enable them lo make rapid
progrèss in all subjects. and which allow them to °develop oulslanding alliludes lo learning, demonslraling
inilialive, independence and a willingness to work collaboratively" The full report is available on the ISI websit8.
The slafl Academic Committee continues lo monitor leaching and learning and look at various topics, such as
ICT provision, dillerenlialion and assessment and reporting.
This year the School made a conscious decision lo support a number of local charities as well as some nalional
ones. Donations were made as follows.. Red Cross, Earthquake Appeal= £333.65. Children in Need.. £402.02,
Hands ol Hope.. £107.62, Nourish.. £107.61 KSS Air Ambulance £103.20, Comic Reliel.. £466.91, Red Cross.
Sudan Appeal= £133.81, Porchlighi.. £32.10 and various lood donations lo the Local Food Bank.
The development ol facilities continued. The extension to the Art and DT Centre of Excellence was completed
and became lully operational lor use in the Autumn term 2022 and has become a valuable new facility lor use by
the whole School community. During the 2023 Easter break, the School's all-weather sports pitch was
resurfaced, providing an excellent new facility lor sports lo be played throughout the year.
FUTURE DEVELOPMENTS
The implemenlalion ol the Head's initial school improvement strategy has given rise to posilwe educational
resulis lor pupils and increased confidence for slafl and parents, while recent physical irllprovements lo the
School's buildings and other facilities (including the completion of the relurbishmenl and expansion ol the Art and
DT buildings, the resurfacing and improvement ol the all-weather sports pitch and the painting ol the outside of
the Old Gym) are providing benefits lor pupils and stall. The ISI Inspection Report on the School published in
January 2023, which rated the School "Excellent. in all areas, was an outstanding reflection on the dedication of
OLJr stall.
The lolal number ol pupils enrolled in the 2023 Summer term increased by over 50/0 compared lo the Summer
term 012022, and there continues lo be a drive lo increase pupil numbers, while controlling the operating costs
of the School.
There are many challenges currently lacing the independent schools sector, however, most notably the slated
policies ol the new UK Governtnenl lo introduce VAT lor a similar levyl on school lees and lo remove the current
partial business rales relief applying lo independent schools. If implemented, these policies are likely lo add
further to the cost pressures al private schools and lo impact on the allordabilily of an independent school
education lor many children. Against this background, the Board has been giving, and is continuing to give,
active consideration lo the School's overall strategic position.
Page 5

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlled by Guarantee)
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
FINANCIAL REVIEW
The Directors report a deficit before depreciation, revaluation ol fixed assets and Ios8 on sale of fixed assets for
the year ended 31 st August 2023 01 £31,30812022 deficit.. £255,456). Total income Ibefore revaluation ol fixed
asselsl was £3,562,831 12022.. £3.175,8411, which was 12.2 1. higher than the previous year. Total expenditure
Ibefore depreciation and loss on Sale of fixed asselsl was £3,614,139 12022: £3,431,297), which was 5.3W.
higher than the pr8vious year.
During the year, the Governors decided that one of the School's properties was no longer required lor
educational purposes, and prepared il for potential sale. The properly has therefore been designated as an
Investment Properly al 31 sl August 2023, which has resulted in a gain on revaluation ol fixed assets during the
year ended 31 sl August 2023 01 £755,065.
A number of i18ms on the fixed assets register which related lo properties sold In prior years have been identified
during the year. In addition, the existing value ol the all weather sports pitch was written off upon its resurfacing
during the year. Together these items resulted in a loss on sale ol fixed assets recorded during the year ended
31 sl August 2023 01 £172,959.
Aller deducting depreciation of £190,705 12022'.£186,7851, and including the revaluation of fixed assets and
deducting the loss on sale ol fixed assets, a net increase in funds of £340,093 12022 delicit.. £434,078) was
recorded for Ihe year ended 31 sl August 2023.
Capital expenditure during the year lolalled E172.771 12022- £600,687). This was spent on lixlures and fillings,
which included resurfacing ol the all-wealher sports lacililies.
Inveslwenl powers are sel oul in tho Mèmorandum and Articles ol Association. These permit the Directors to
invest the monies of the Trusl not immediately required lor its purposes in such inveslmenls, securities or
property as may b8 thought lil, except lor monies subject lo lor representing property subject tol the jurisdiction
ol the Charity Commissioners lor England and Wales or the Secretary ol Slate for Children, Schools and
Farnilies, which may only be invested as may lor the lime being be prescribed by law.
During the year investment income lolalled £21912022.. £232).
RESERVES POLICY
Al 31 st Augusl 2023, unreslricled funds {aller excluding thos8 funds which have been designated lor specific
purposes) stood al £5,172,328 131 sl August 2022.. £4,829,923). The School aims lo increase ils unrestricted
funds each year by budgeling lor a modest post depreciation surplus lo be achieved and through careful
financial management. This objective was not achieved during the year under review iri terms ol underlying
financial performance.
Al 31 st August 2023, free reserves laller deducting the carrying value ol fixed assets which are all held lor the
School's usel. as defined by the Charity Commission, stood al a delicil of £847131 sl August 2022- surplus ol
£729,080).
Al 31 st August 2023, the School had total cash 01 £969 12022.. £167,6101. Aller deducting outstanding loans.
fees paid in advance, deposils and amounts received under the advance lee payment scheme, underlying nel
debt stood al £908,069 12022.. £740,884). Maintaining cash balances in addition lo the commilled debt and
overdrall bank facilities that the School has in place, providos the School with financial security, as, in the event
ol a sudden significant drop in lee income, which could be caused by a substantial reduction in pupil numbers. il
would enable the School's current activities lo be continued, while consideration was given to ways in which
operating costs could be reduced or additional funds raised lo ensure that the School's finances were
suslainabSe. The School's clear objective, which will only b8 likely lo be achieved il enrolled pupil numbers show
growth, is lo rebuild ils cash balances and unrestricted resgrves.
Page 6

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlled by Guarantee)
GOVERNORS. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
During the year ended 31 sl August 2023, the School did not lak8 part in or lead an active program ol fundraising.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board, through ils Committees and with assistance from the School's Senior Leadership Team, keeps th8
School's activities under regular review, with particular regard lo any risks which may arise. The Board discusses
such risks and lakes steps which aim lo minimise the probability ol occurrence and th8 8xl8nt ol the impact that
any ol them may have on the continued success ol the School.
The Board considers Ihal the principal risks which could impact the School include the following-
a substantial reduction in pupil numbers. This coukl be caused, inler alia, by:
a decline in the allordabilily of school fees generally across the independent schools sector. meaning
that fewer pupils allend independent preparatory schools. due, lor instance, lo a diffi¢ull economic
environment, or changes in legislation or charity regulations. and
specific laclors which could allecl the School, such a8 a failure lo recruit high quality staff, increased
competition from nearby schools and the unlikely event ol severe repulalional damage lo the
School
being caused by actions or events involving the School's staff andlor pupils.,
catastrophic events, which could cause significant damage to Ihe School's premises, including, for
instance, flood or lire.,
{iiil personal health and safely risks, including a major accident involving the School's pupils andlor stall,
either on the School's premises or when away from the School on trips organised by the School., and
significant financial fraud.
The School maintains a Risk Management Register, which identifies the major risks lo which the School is
subjecl and describes the Control Procedures, including internal controls and other viable means, such as
insurance cover, used lo reduce the likelihood ol each event occurring andlor to miligale ils ellecl. The School's
Senior Leadership Team is responsible lor ensuring that the risks identified are managed appropriately, with
reference lo the Control Procedures. The Risk Management Register is considered in detail by the Head and Iwo
Governors on al least an annual basis and then reviewed by the Board as appropriate.
In addition, the Board ovgrsees compliance with current legislation and the regulatory requirements ol the ISI, as
well as regularly reviewing and considering the ellectiveness ol the School's Policies, which cover a wide range
ol mallers which are important lor the succegslul management ol the School.
Tho School is confident that it can lake and maintain whatever steps are needed lo ensure a sale environment
lor pupils, stall and visitors lo tho School. At any lime, the School will always aim to be ready to adapt its
premises in order lo provide the best educational experience whilst being mindful ol complying with Government
rules and guidance.
The School considers that in the near term, the threat posed lo independent fee paying schools Ihal will be
posed by a new Government in the UK deciding lo require that VAT, or an equivalent levy, is charged on all lees
that are paid lor a child's education, is a very real concern. A paper, considering the likely irNpacl of this change
in the law being enacted as well as any other changes in laxalion that might have an impact on the School, has
been reviewed and discussed by the 8oard and the potential lo miligale any impacts has been discussed. This
maller is being kepl under close review.
Page 7

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee}
GOVERNORS, REPORT {CONTINUED}
FOR THE YEAR ENDED 31 AUGUST 2023
GOING CONCERN
Accounting standards require the Governors lo consider the appropriateness of the going concern basis when
preparing the financial slalemenls.
The Governors have arranged for the preparation of cashllow lorecasls lor the next 12 months and beyond
based on current expectations ol pupil numbers, lees and expectations ol pupil numbers, lees and expenditures.
Thesa lorecasls also include the partial repayment ol the GBILS and Societe Generale loan lacililies described in
note 16 01 the financial slalemenls and include assumptions about the availability and repayment ol an additional
£600,000 loan facility entered inlo during the year ended 31 st August 2023 and drawn down aller the end ol the
financial year, as well as the sale ol certain fixed assets. These loan facilities were pul in place lo finance the
relurbishmenl ol the all-wealher sport8 lacilllies and lo provide addilional working capital.
Taking into consideration all ol the alx)ve factors, the Governors have a reasonable expectation that the School
has adequate resources lo continue in operational existence lor the foreseeable future. The School therefore
conlinues lo adopt the going concern basls in preparing its financial stalemenls.
GOVERNORS, RESPONSIBILITIES STATEMENT
The Governors (who are also directors ol Marlborough House School Trust Limited lor the purposes ol company
lawl are responsible lor preparing the Governors, report and the financial slalemenls in accordan￿ with
applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting
Praclicel.
Company law requires the Governors lo prepare linan¢lal statements for each financial year. Under company
law the Governors musl not approve the financial statements unless they are satisfied that they give a Irue and
lair view ol the slate ol allairs ol the School and ol the incoming resources and application of resources,
including Ihe income and expenditure. of the School lor that period. In preparing these financial slalemenls, Ihe
Governors are required lo..
select suitable accounling policies and then apply them ¢onsislenlly',
observe the methods and principles in the Charities SORP-
make judgments and accounting eslimales that are reasonable and prudent.,
slate wheiher applicable UK Accounting Standards have been followed, subject lo any material
departures disclosed and explained in the financial slalemenls-
prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presum8 that the
School will conlinue in operation.
The Governors are responsible lor keeping adequate accounting records that are sullicienl lo show and explain
the School's transactions and disclose with reasonable ac¢uracy al any lime the financial posilion ol the School
and enable them lo ensure Ihal the financial slalemenls comply with the Companies Act 2006. They are also
responsible lor safeguarding the assets of the School and hence lor taking reasonable steps lor th8 prevention
and deleclion ol fraud and other irregularities.
Page 8

## **MARLBOROUGH HOUSE SCHOOL TRUST LIMITED (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **DISCLOSURE OF INFORMATION TO AUDITOR** 

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that: 

so tar as that Governor is aware, there is no relevant audit information of which the School's auditor is unaware, and 

that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the School's auditor is aware of that information 

**Approve e mem ard of Governors o[r:}_]** and signed on their behalf by: d by or th the bo Aho — **c Mr SJ (** (Chair of Trustees) **'1-----** 

Page 9 



MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlled by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE SCHOOL TRUST
LIMITED
Opinion
We have audited the financial slalements ol Marlborough House School Trusl Limited (the 'charilable companll
lor the Year ended 31 August 2023 which comprise the Slalemenl ol Financial Aclivilies, the Balance Sheet, the
Slalemenl ol 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 and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In oijr opinion the financial slalements=
give a true and lair view ol the slal@ ol the charitable companls affairs as al 31 August 2023 and ol its
incoming resources and application ol resources, including ils income and expenditure for the Year then
ended-
have been properly prepared in ac¢ordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements ol the Companies Act 2006.
Basls lor oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit
of the financial slalemenls section ol our report. We are independent ol the charitable company in accordance
with the ethical requirements that are relevant lo our audit ol the financial slalemenls 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
sullicienl and appropriate lo provide a basis lor our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have concluded that the Governors. use ol the going concern basis ol
accounting in the preparation ol the financial statèments is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
conditions that, individually or collectively, may cast significant doubl on the charitable company's ability lo
continue as a going Concern for a period ol al least twelve months from when the financial slalemenls are
aulhorised lor issue.
Our responsibilities and the reswnsibililies of the Governors with respect lo going concem are described in the
relevant sections of this report.
Page 10

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llrnlled by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE SCHOOL TRUST
LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial
statements and our Auditor's Report Ihereon. The Governors are responsible lor the other information contained
within the Annual Rgporl. Our opinion on the financial statements does not cover the other information and,
except lo the extent olherwise explicitly slated in our report. we do not express any form ol assurance conclusion
Ihereon. Our responsibility is lo read the othèr information and, in doing so, consider whether the other
information is materially inconsislenl with the financial slalements or our knowledge obtained in the course ol the
audit, or othenNise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent
material tnisslatements, we are required lo determine whether this gives rise to a material misslalemenl in the
financial slalemenls themselves. 11, based on the work we have performed, we conclude that there is a malerial
misstal8menl of this other information, we are required lo report that lacl.
We have nothing to report in this regard.
Oplnlon on other matt8rs pre$¢rlbed by the Companies Act 2006
In our opinion. based on the work undertaken in the ¢ourse ol the audit:
the information given in the Governors. Report including the Slralegic Report for the financial Year lor
which the financial statements are prepared is consislenl with the financial slatemenls.
the Governors, Report and the Strategic Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exceptlon
In the light ol our knowledge and understanding of the charitable company and ils environment obtained in the
course of the audit, we have not identified material misslalemenls in the Governors. Report including the
Strategic Report.
We have nothing to report in respect ol the following mallers in relation lo which Companies Act 2006 requires
us lo report to you il, in our opinion-
adequate accounting records have not be8n kept, or returns adequate for our audit have not been
received from branches not visited by us., or
the financial slalements are not in agreement with the accounting records and returns. or
certain disclosures ol Governors. remuneration specified by law are not made., or
we have not received all the information and explanations we require lor our audit.
Re$ponslbllltles of trustees
As explained more lully in the Governors, Responsibilities Statement, Ihe Governors Iwho are also the directors
of the charitable company lor Ihe purposes ol company lawl are responsible lor the preparation ol the financial
slalemenls and lor being satisfied Ihal they give a true and lair view. and for such internal control as the
Governors determine is necessary lo enable the preparation of financial statements that are free from material
misslalemenl, whether due lo fraud or error.
In preparing the financial slalements, the Governors are responsible for assessing the charilable company's
ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the
going concern basis ol accounting unless the Governors either intend to liquidate the charitable company or lo
ease operations, or have no realistic allernalive bul to do so.
Page11

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlted by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE SCHOOL TRUST
LIMITED ICONTINUEDI
Auditor's responsibilities for the audlt of the financial statements
Our objectives are lo obtain reasonable assurance about whether the linan¢ial statgmenls as a whole are free
from material misslalement, whether due lo fraud or error, and lo issue an Auditor's Report that includes our
opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audil conducted in
accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise
from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions ol users taken on the basis ol these financial slalemenls.
Irregularitieg, including fraud, are instances ol non-compliance with laws and regulations. We design proceduros
in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities,
including fraud. The exlenl to which our procedures are capable ol delecling irregularilies, including fraud is
detailed below-
We obtained an understanding of the legal and regulatory frameworks within which the charitable company
operates, foGusing on those laws and regulations that have a direct ellect on the determination of material
amounts and disclosures in the financial statements. The laws and regulations we considered in this context
were the Companies Act 2006 and SORP 2015.
We identified the greatest risk ol material impact on Ihe financial statements from irregularities, including fraud,
to be the override ol controls by management. Our audit procedures lo respond lo these risks included..
onquiry of management about the Group's policies, procedures and related controls regarding compliance
with laws and regulations and if there are any known instances ol non-compliance.,
examining supporting documents lor all material balances, transactions and disclosures-
enquiry ol management and review and inspection ol relevant correspondence.
ovalualion ol the selection and application ol accounting policies related lo subjective measurements and
complex transactions-
analytical procedures to identify any unusual or unexpected relationships.
lesling the appropriateness of journal entries recordèd in the general ledger and other adjuslmenls made
in the preparation ol the financial slalemenls., and
review ol accounting eslimales lor biases.
Owing lo the inherent limitations ol an audit, there is an Ljnavoidable risk that we may not have detecled some
material misslalemenls in the financial slalemenls. even though we have properly planned and performed our
audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot
be expected lo delecl non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case ol misslatemenl resulting from fraud as this may
invofve sophislicaled schemes designed lo avoid deleclion, including deliberate failure to record transactions,
collusion or the provision ol intentional misrepresenlalions.
A further description ol our responsibilities lor the audit ol the financial statements is localod on the Financial
Reporting Council's website al.. www.lrc.or
-uklaudilorsres
onsibilities. This description forms part of our
Audilorfs Heport.
Page 12

## **MARLBOROUGH HOUSE SCHOOL TRUST LIMITED** 

## **(A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE SCHOOL TRUST LIMITED (CONTINUED)** 

## **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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Ian Weekes (Senior Statutory Auditor)** 

for and on behalf of **Crowe U.K. LLP** 

Statutory Auditor 

Riverside House 

40 - 46 High Street 

Maidstone 

Kent 

ME141JH 

Date: 30 July 2024 

Page 13 



MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENOITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2023
Unrestrlcted
funds
2023
Restricted
lunds
2023
Tolal
fund8
2023
Total
lunds
2022
Note
Income from:
Donations and legacies
Charitable activities
Other Irading aclivili8S
Investments
1,686
3,548,255
12.671
219
1,686
3.548.255
12,671
219
830
3, 156,355
18.424
232
Totsl Income
3,562,831
3,562,831
3,175,841
Expendlture on:
Charitable activities
3,975.490
2,313
3,977,803
3,609,919
Total expendlture
3,975,490
2.313
3.977,803
3,609,919
Net movement In funds before other
recognised gainsl(losses)
{412,659)
(2,313)
{414,972)
(434,078)
Other recognlsed galnslllos$e$)".
Gains on revaluation ol fixed assets
755,065
755,065
Net movemenl in tunds
342,406
(2,3131
340,093
(434.078)
Reconclllatlon ol funds:
Total lunds brought forward
Net movement in funds
4,829,923
342,406
2,313
(2,313>
4,832,236
340.093
5,266,314
(434,078)
Total funds carrled forward
5,172,329
5,172,329
4,832,236
The Slalement of Financial Acliwties includes all gains and losses recognised in the Yoar.
The notes on pages 17 10 32 form part of these financial slalemenls.
Page 14

## **MARLBOROUGH HOUSE SCHOOL TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00587487** 

## **BALANCE SHEET AS AT 31 AUGUST 2023** 

||||**2023**||_2022_|
|---|---|---|---|---|---|
||**Note**||£||£|
|**Fixed assets**||||||
|Tangible assets|12||**5,173,175**||_5,559,003_|
|Investment property|13||**950,000**|||
||||**6,123,175**||_5,559,003_|
|**Current assets**||||||
|Stocks|14|**9,546**||_9,917_||
|Debtors|15|**59,855**||_83,941_||
|Cash at bank and in hand||**25,775**||_167,610_||
|||**95,176**||_261,468_||
|Creditors: amounts falling due within one||||||
|year|16|**(763,119)**||_(696,568)_||
|**Net current liabilities**|||**(667,943)**||_(435,100)_|
|**Total assets less current liabilities**|||**5,455,232**||_5,123,903_|
|Creditors: amounts falling due after more||||||
|than one year|17||**(282,904)**||_(291,667)_|
|**Total net assets**|||**5,172,328**||_4,832,236_|
|**Charity funds**||||||
|Restricted funds|18||||_2,313_|
|Unrestricted funds|18||**5,172,328**||_4,829,923_|
|**Total funds**|||**5,172,328**||_4,832,236_|



The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements were approved and authorised for issue by the Governors on 26 July 2024 and signed on their behalf by: 

## **Mr SJ Hodson** 

(Chair of Trustees) 

Page 15 



MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Cash flows from operatlng actlvltles
Nel cash provided byllused inl in operating activities
2,169
1310,089)
Cash flows from Investlng actlvltles
Dividends, interests and rents from investments
Purchase ol tangible fixed assets
Proceeds from sale ol investment propertles
Interest paid
New loans
219
232
{172,771 } (600.687)
565, 163
(15, 180)
113,5631
130,339
Net cash (used In)Iprovided by investlng acllvltles
(55,776)
(50,472)
Cash flows from flnanclng actlvltles
Repayments ol borrowing
1113.034)
(397,262)
Net cash used in financlng actlvltles
1113,034) {391,2621
Change In cash and cash equlvalenls In the Year
Cash and cash equivalents al the beginning ol the Year
{166,641) {751,823)
167.610
979.433
Cash and cash equivalents at the end of the Year
969
167,610
The notes on pages 17 10 32 form part ol thes8 financial slatemenls
Page 16

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
General Informatlon
Marlborough House School is a company limited by guarantee incorporated in England and Wales
{company registration number 00587487 and charity number 3077931. The principal activity is that ol an
independent school.
Ils registered address is al'.-
High Street
Hawkhurst
Cranbrook
TN18 4PY
Accounting poll¢les
2.1 Basis of preparation ot financial statements
The financial slalemenls have been prepared in a¢cordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Sialemenl ol Flecommended Practice applicable to charities
preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK
and Republic ol Ireland IFRS 1021 lelleclive 1 January 20191, Ihe Financial Reporting Standard
applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006.
Accounting slandards require the Governors lo consider the appropriateness ol the going concern
basis when preparing th8 financial statements.
The Governors have arranged lor the preparation ol cashllow lorecasls lor the next 12 months and
beyond based on current expectations ol pupil numbers, lees and expectations of pupil numbers.
lees and expenditures. These lorecasls also include the partial repayment ol the CBILS and Sociele
Generale loan facilities described in note 16 of the financial statements and include assumptions
about the availability and repayment ol an additional £600,000 loan lacilily entered into during the
year ended 31 sl August 2023 and drawn down aller the end ol the financial year, as well as the sale
ol certain fixed assets. These loan lacililies were pul in place to finance the relurbishmenl ol the all-
weather sports facilities and lo provide additional working capital.
Taking into consideration all ol the above laclors, Ihe Governors have a reasonable expectation that
the School has adequate resources to continue in operational existence lor the foreseeable future.
The School therefore continues to adopt the going conc8rn basis in preparing ils financial
slalemenls.
Marlborough House School Trust Limited meets the definition ol a public benefit enlily under FRS
102. Assets and liabilities are initially recognised al historical cost or transaction value unless
olhenNise slated in the relevant accounting policy.
Page 17

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Limited by Guaranlee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accountlng pollcies {continued)
2.2 Income
All income is recognis8d once the Company has entitlement to th8 income, il is probable that the
income will be received and the amounl ol income receivable can be measured reliabty-
School lees receivable, less any bursaries or scholarships are bi118d lermly in advance and the
income is recognised on the lirsl day ol the new term lo which they relate. Where fees are re￿iVed in
advance ol the relevant period, they are recognised as deferred income.
Income re¢eivabl8 lor extras lo the core school fees is billed in arrears on the following term's bill
when the amount ol income rgceivable can be tneasured r81iably. Amounts are recognised in the
period lo which Ih8y r8lale and held in trade debtors until payment is received.
Donations, legacies, grants and other voluntary income are accounted lor when the following Grileria
are satisfied,. enlillgmenl has arisen. the amount can be r81iably measured and Ihe economic benefit
is considered probable.
2.3 Expenditure
Expenditure is recognised once there is a legal or conslruclive obligation lo Iransler economic benelil
to a third party. il is probable that a Iransler ol economic benefits will be required in selllemenl and
the amount ol the obligation can be measured reliably. Expendiluro is classified by aclivily. The costs
ol each activity are made up ol the lolal of direct costs and shared costs, including support costs
involved in undertaking each aclivily. Direct costs allribulable lo a single aclivily are allocated directly
lo that activity. Shared costs which contribute to more than one aclivily and support costs which are
not allribulable to a single activity are apportioned between those activities on a basis consislenl with
the use of resources. Central stall costs are allocated on the basis of lime spent. and depreciation
charges allocated on the portion ol the asset's use.
Charitable activities and Governance cosls are costs incurred on the Charity's educational
operations, including support costs and cosls relating lo the governance ol th8 Charily apportioned lo
charitable aclivilies.
All expenditure is inclusive ol irrecoverable VAT.
2.4 Interest recelvable
Interest on funds held on deposit is included when receivable and th8 amount can be measured
reliably by the Company. this is normally upon nolilicalion ol the inl8resl paid or payable by the
inslilulion with whom the funds are deposited.
2.5 Tangible fixed assets and deprecialion
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value ol the asset can be measured reliably.
Tangible fixed assets are initially recognised al cost. Aller recognition, under the cost model, tangible
lixed assets are measured al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Page 18

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limlled by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accountlng policles (contlnued)
2.5 Tanglble tlxed assets and depreclatlon (contlnued)
Depreciation is charged so as lo allocate the cost ol tangible fixed assets less their residual value
over their estimated useful lives
Depreciation is provided on the following bases..
Freehold propety
Motor vehicles
Fixtures and fittings
Computer equipment
over 10 50 years
Slraighl line over 5 years
Reducing balance al 150/.
Slraighl line over 3 years
2.6 Investment properties
The Trustees. policy was lo revalue the company's investment properties al each reporting date.
Governors assessed the value ol the land and buildings based on and independent valuation Carried
out in 2023 and updated lor current market prices.
No depreciation is provided in respect ol investment properties in accordance with section 16 01 FRS
102 Investment Properly
There were no investment properties hekl in the current year.
2.7 Stocks
Stocks are vaSued al the lower of cost and nel realisable value aller making due allowance lor
obsolete and slow-moving stocks. Cosl includes all direct costs and an appropriate pyoportion ol fixed
and variable overheads.
2.8 Debtors
Tradè and other debtors are recognised al the settlement amount aller any trade discount ollered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurily
ol three months or less from the dale ol acquisition or opening ol the deposit or similar account.
Page 19

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Cornpany Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting pollcles (continued)
2.10 Liabllltles and provisions
Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result ol a past
event, it is probable that a Iransler ol economic benefit will be reqLJired in seiilemenl, and the amount
ol the selllemenl can be eslimaled reliably.
Liabilities are recognisgd al the amount that the Company anticipates it will pay lo sellle the debt or
the amount il has received as advanced payments for the goods or services il musl provide.
Provisions are measured al the best estimate ol th8 amounts required lo settle the obligation. Where
the ellecl ol the lim8 value ol money is material, the provision is based on the present value of those
amounts, discounted al the pre-tax discount rale that rellecls the risks specific lo the liability. The
unwinding ol the discount is recognised in the Sialemenl ol Financial Activities as a finance cost.
2.11 Financlal instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basie financial
inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently
measured al their seiilemenl value with Ihg 8xceplion ol bank loans which are subsequently
measured al amorlised cost using the effective inler8sI method.
2.12 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents
the amounts payabl8 by the Company to the fund in respect ol the Year.
2.13 Fund accounting
General funds are unroslricled funds which are availabl8 for use al the discretion ol the Governors in
furtherance of the general objeclives of the Charity and which have not been designated lor other
purposes.
Restricted funds are funds which are lo be used in accordance with specific reslriclions imposed by
donors or which have been raised by the Charity for particular purposes. The costs ol raising and
administering such funds are charged against the specific fund. The aiffl and use ol each reslricled
fund is set out in the notes to the financial stalemenls.
Investment income, gains and losses are allocated lo th8 appropriate fund.
Page 20

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Critical accountlng estimates and areas of judgment
Eslimales and judgments are continually evaluated and are based on historical experience and other
factors. including expectations of future events that are believed lo be re8sonable under Ihe
circumstances.
Critical accounting eslimates and assumptions:
The Company makes eslimales and assumptions Con￿rning the lulure. The resulting accounting
eslimales and assumptions will, by delinilion, seldom equal the related actual results. The Èstimates and
assumption5 that have a significant risk ol causing a material adjuslmenl lo the carrying amounts ol
assels and liabilities within the next financial year are discussed below.
il Tangible Iix8d assets.. the trustees annually assess both the residual value of these assets and the
expected useful lil8 ol such assets which is currently judged lo be up to 50 years, based on experience.
ill Recoverability ol trade debtors= the directors annually assess whether a bad debt provision is
required lor any bad or doubtful debtor balances.
Income from donatlons and lega¢les
Unrestricted
funds
2023
Total
funds
2023
Donations
1,686
1,686
Page 21

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Income from donatlons and legacies (contlnuedl
Unrestricted
lunds
2022
Total
funds
2022
Donations
830
830
Income from charltable activities
Unrestrlcted
funds
2023
Total
funds
2023
Gross fee income
Less.. bursaries, scholarships and allowances
Other charges to pupils
Registration lees
3,777,606
3,777.606
1356,8901 {356.890)
124,589
124,589
2,950
2,950
3,548,255
3,548,255
Unrestricted
funds
2022
Tot81
funds
2022
Gross fee income
Less.. bursaries, scholarships and allowances
Other charges lo pupils
Registration le8S
3,336,078
3,336,078
(278.679) (278,679)
96,906
96,906
2,050
2,050
3, 156,355
3,156,355
Page 22

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
{A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Income from other tradlng activities
Income from fundralslng events
Unrestrlcted
funds
2023
Total
funds
2023
Lellings
12,671
12,671
Unrestricle
funds
2022
Total
funds
2022
Lellings
18,424
18.424
Investment In¢ome
Unrestricted
funds
2023
Total
funds
2023
Bank interesl
219
219
Unrgstricted
funds
2022
Total
lunds
2022
Bank interest
232
232
Page 23

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Analysls of expenditure on charitable actlvltles
Summary byfund type
Unrestricted Restrlcted
funds
funds
2023
2023
Total
2023
Teaching costs
Welfare costs
Premises
Support for schooling
Bank interest and charges
2,246,925
471,928
547,496
691,360
17,781
2,313
2,249,238
471,928
547,496
691.360
17,781
3,975,490
2,313
3.977,803
Unreslricted
lunds
2022
Total
2022
Teaching costs
Welfare costs
Premises
2,076,551
434,500
577.587
499,514
21,767
2,076,557
434,500
577,587
499,514
21,767
Support lor schooling
Bank int8resl and charges
3,609,919
3,609,919
Audltor's remuneration
2023
2022
Fees payable lo the Company's auditor for the audit ol the Company's
annual accounts
16,675
Y4,245
Fees payable lo the Company's auditor in respect of..
All non-audit services not included above
1.000
3,400
Page 24

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
10. Staff cosls
2023
2022
Wages and salaries
S￿[al securily costs
Contribution lo defined contribution pension schemes
2,278.142
198,599
219,314
2, 191,452
193,431
234,290
2,696,055
2,619,173
Tho average number of persons employed by the company during the Year was as follows..
2023
No.
2022
Teaching
Domestic
Administration
58
59
22
20
90
The number ol employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2023
No.
2022
In the band £60,001 £70.000
In the band £70,001 £80,000
In the band £9Q,001 £100,000
In the band £1 00,001 £110,000
Th8 total r8mun8ralion and benefits received by key management personnel during the year was
£325,781 {2022'. £ 367,3351.
Page 25

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
11.
Governors. remuneration and expenses
During the Year, no Governors received any remuneration or other benefits (2022- £NIL).
During the Year ended 31st August 2023, expenses tolalling £NIL were reimbursed or paid directly to
Governors12022 - £NILI.
12. Tanglble flxed assels
Freehold
property
Motor Flxtures and
vehlcles
flttlngs
Computer
equlpment
Total
Cost or valualion
Ai 1 September 2022
Additions
Disposals
Transfers between classes
7,398.915
96,358
1,026,715
172,771
(6,037)
112,084)
688.043
9,210,031
172,771
1281.498)
1303.936)
(275,4611
1291,852)
Ai 31 August 2023
6,831,602
96,358
1,181,365
688.043
8,797,368
Depreciation
Ai 1 September 2022
Charge lor the Year
On disposals
Transfers between classes
2.034.189
146,706
1104,1591
{98,075)
96,142
216
844,203
35,669
14,3801
{10,9261
676,494
8,114
3,651,028
190,705
(108.5391
{109,0011
Ai 31 August 2023
1,978.661
96,358
864,566
684,608
3,624,193
Net book value
Al 31 August 2023
4,852,941
316,799
3.435
5.173,175
At 37 August2022
5,364, 726
216
182,512
17,549
5,559.003
Page 26

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
13. Inveslment property
Freehold
Investment
property
Valuatlon
Surplus on revaluation
Transfer between classes
755,065
194.935
At 31 Augusl 2023
950,000
Governors assessed the value ol the land and buildings based on an independent valuation carried out in
2023 and updated lor current market prices.
14. Stocks
2023
2022
Finished goods
9,546
9,917
15.
Debtors
2023
2022
Due wlthln one year
Trade debtors
Prepaym&nls and accrued income
50.052
9,803
60.204
23,737
59,855
83,941
Page 27

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
16. Credltors: Amounts falllng due wllhln one year
2023
2022
Bank overdralls
Bank loans
Trade creditors
Fees in advance and deposits
Other creditors
Accruals and deferred income
Advance payment scheme
24,806
126,068
83,046
475.779
9,634
19,499
24,287
loo,000
46,294
453,544
11.207
22,243
63,280
763.119
696,568
A CBILS bank loan of £500,000 was taken out in 2020.
Interest is being charged on the loan al 2.34 10 p.a over base ral8.
The CBILS loan is repayable in inslalments over 5 years.
A Soc￿ete Generale bank loan of £130,399 was taken out in 2023 and inl8resl is being charged on the
loan al 5.3°/o p.a.
The loan is repayable in instalmenls over 5 years.
17. Creditors- Amounts falllng due after more than one year
2023
2022
Bank loans
282,904
291,667
Page 28

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
18. Statement of fund$ lcontlnued)
Statement of fund$- prlor Year
Balance al
I September
2Q21
Balance al
31 August
2022
Income Expenditure
Unrestricted funds
General Funds - all lurKIs
5,264,001
3,175,841
(3,609,919) 4,829,923
Reslrlcted funds
Reslricled Funds
2,313
2,313
Total of funds
5,266,314
3,175,841
(3,609,919)
4,832,236
19. Reconcillailon of net movement In funds to net cash flow from operntlng actlvltles
2023
2022
Nel expendilLJre for the year las per Statement ol Financial Acliviliesl
1414,972) (434,078)
Adjustments for:
Deprecialion charges
Interest paid
Dimdends, interests and rents from investments
Lossllprolill on the sale ol investment properties
Lossllprolill on the disposal of fixed assets
Decrease/lincrease} in debtors
Increaselldecreasel in creditors
Decreasellincrease) in stock
190,705
13,563
(219)
186,785
15,180
(232)
(8, 763)
172,959
24,086
15,676
371
(9,047)
(60,534)
Net cash provlded byl{used In) operatlng actlvltles
2,169
(370,089)
Page 30

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAFI ENDED 31 AUGUST 2023
20. Analysls of cash and cash equivalents
2023
2022
Cash in hand
Overdraft facility repayable on demand
25.775
{24,806}
167,610
Total cash and cash equivalent5
969
167,610
21. Analysis of changes in net debt
A11
September
At31
2022 Cash flows August 2023
Cash at bank and in hand
Bank overdralis repayable on demand
Debt due within l year
Debt due aller 1 year
167,610
(141.835)
25,775
124,8061
124,806)
(26,0681 (126,068)
8,763
{282,904)
{100.000)
{291,667}
1224,057) 1183.946) (408,003)
22.
Pension commitments
The School previously participated in the Teachers, Pension Sch8me I'the TPS'I lor its teaching staff bul
exiled the scheme on 1 May 2021. The pension charge lor the year includes contributions payable lo the
TPS ol £nil {2022'. £nill and al the year-end £nil12022 - £nill was accrued in r8spgcI ol conlribulions lo this
SGheme.
The charity also makes contributions lo defined contribution pènsion schemes whose assets are held in
an independently administered fund. During the year, contributions 01 £218,538 12022 - £234,290) were
made lo the pension scheme with contributions ol £nil12022 - £1,599) outstanding al the balance sheet
dale.
Page 31

MARLBOROUGH HOUSE SCHOOL TRUST LIMITED
(A Company Limiled by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
23.
Operating lease commitments
Al 31 August 2023 the Company had commiltnenls lo make future minimum lease payments under non-
cancellable operating leases as follows=
2023
2022
Not later than l year
Later than 1 year and not later than 5 years
31,646
110.825
4,057
6,867
142,471
10,924
Page 32