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2020-08-31-accounts

CHARITY NUMBER: 310633 COMPANY NUMBER: 0897432

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Governors, Officers and Advisors 1
Reference and Administrative Information 2
Structure, Governance and Management 2
Objects, Aims, Objectives and Principle Activities 3
Provision of Information to Auditors 4
Auditors 4
Our Ethos, Strategy and Policies 5
Review of Achievements and Performance for the Year 6
Financial Review and Results for the Year 8
Future Plans 8
Statement of Governors’ Responsibilities 10
Independent Auditors’ Report 11-13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17-27

MALTMAN’S GREEN SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADVISORS

GOVERNORS, OFFICERS AND ADVISORS

Governors

Mrs C M Bradley, MA (Cantab) (Chairman) Mrs C Beckwith BSc (Hons) (appointed 3 December 2020) Mr V Batra BCom (Hons), ICAI, MBA Mrs L Bryant BSc (Hons), PGCE, Med (appointed 5 December 2019) Mrs J Bond BSc (Hons), MRICS Mr I Cooksey MA (Oxon) MA (Lond) FRGS Mrs C Gowers, BA (Hons) Oxon MA (Oxon) Ms K Paynter Bed (Hons), DipSpLD, MA(Ed) (appointed 3 December 2020) Mr D I Segall Esq, FCCA Mr R G Simmons Esq, BA (Hons), PGCE – History Ms K Simon BA Hons, PGCE (retired 10 February 2020) Mrs D M Starrs, MA (Hons) (Oxon)

The School Governors are also the Charity Trustees and the Company Directors.

They have all served in office throughout the year except where indicated.

Key management personnel

Headmistress Mrs J Walker BSc (Hons), MA Ed, PGCE (1 September 2020)
Mrs J R Pardon MA, BSc (Hons), PGCE (retired 30 August 2020)
Bursar Mrs K O’Shea BA (Hons), ACA
Company Secretary Mrs Debbie Michael
Registered Office Maltman’s Green School
Maltmans Lane
Gerrards Cross
Buckinghamshire
SL9 8RR
Auditors Crowe U.K. LLP
Aquis House
49-51 Blagrave Street
Reading
Berkshire
RG1 1PL
Bankers Barclays Bank Plc
16 High Street
High Wycombe
Buckinghamshire
HP11 2BG
Solicitors Veale Wasborough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

Page 1

MALTMAN’S GREEN SCHOOL TRUST LIMITED GOVERNORS’ REPORT

The Governors, who are also charity trustees for the purposes of the Charities Act 2011, present their annual report in compliance with both that Act and the Companies Act 2006, together with the financial statements prepared under the latter Act, for the year ending 31 August 2020. The format and content of the report and financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

Maltman’s Green School Trust Limited (the School) operates within the Memorandum and Articles of Association, which was incorporated on 3[rd] February 1967 under Company number 897432 and Charity registration number 310633. Under the constitution of the School, the guarantee of each member is limited to £1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The School is governed by the provisions of the Memorandum and Articles of Association, which were last amended in 2013.

Charity Governance Code

The Board fully adopts the principles of the Charity Governance Code. The Objects, Aims, Objectives and Principal Activities of the School are set out below, and these are made clear to Governors at induction and throughout their tenure. The Board has an effective leadership structure which regularly provides strategic direction via Board meetings and sub-committees. The Board is wholly dedicated to the School and acts in its interest accordingly. The standards expected from a Board member are set out at induction and prior to appointment Governors sign an annually reviewed Code of Conduct which has the Seven Principles of Public Life at its core.

Decision-making, risk and control are entirely functional and the Board strikes an excellent balance between ensuring it is aware of operational matters without constraining the Headmistress and Bursar from the ability to make dynamic, day-to-day decisions. Levels of delegation in financial matters are clear too, the School’s tendering policy ensuring that high-value financial commitments are not entered into without full Governor oversight and approval. Governors also regularly review the School’s risk register and are fully aware of the need to manage all risk in as balanced a fashion as possible to ensure future viability of the School in delivering its charitable purposes. The Board possesses an excellent balance of skills and experience, and always seeks to continue this through strong succession planning. Governors have backgrounds in corporate governance, business, finance, law, consultancy, property development, marketing, IT and of course education.

Governors commit tremendous amounts of time to the School and aside, from formal meeting requirements, they regularly attend essential meetings on safeguarding and health and safety, as well as supporting other School events such as the Christmas Fayre and Centenary celebrations. They also carry out regular management checks on supplier payments, payroll and policy documents. The Board communicates well with stakeholders whether that be staff via attendance at INSET days, pupils through involvement in regular learning walks, or parents, most notably in the very rare event of a complaint or concern requiring Governor support and/or intervention.

Governing Body

Governors are elected at a meeting of the Board of Governors on the basis of nominations received to the Board’s specifications regarding eligibility, personal competence, specialist skills and local availability. The Governors also consider recommendations from the Headmistress and other sources on the same basis. The Governors have no personal or financial interests in the School, nor do they receive any fees or other remuneration for their services.

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MALTMAN’S GREEN SCHOOL TRUST LIMITED GOVERNORS’ REPORT (CONTINUED)

Governors serve for a minimum of three years and a maximum of nine years. At the Annual General Meeting, held on 5 December 2019, Mrs Lyndsey Briant and Mr Vivek Batra were appointed to the Board. Mr David Segall did retire and, being eligible, offered himself for re-election and was duly re-elected. Mrs Debbie Starrs, having served for more than nine years, did retire but due to the exceptional circumstances resulting from Covid-19, did offer herself for re-election and was duly re-elected on an annual rotation.

Trustee Training

Governors attend local governor groups, school/charity conferences and governance training sessions, as appropriate to their individual needs.

Organisational Management

The Governors meet at least three times a year to determine the general policy of the School and review its overall management and control, for which they are legally responsible. The work of implementing most of the School’s policies is carried out by the Finance and Property Development Sub-committee which meets termly before each meeting of the Full Governors’ Board. The Public Benefit and Bursaries Subcommittee meets termly to consider the areas of public benefit offered by the School and to review requests for bursaries, to consider applications for support and financial assistance for existing and future pupils and to make recommendations to the Full Governors’ Board. The Curriculum Sub-Committee also meets termly to discuss the curriculum and educational developments across the School, to ensure that the School meets its purpose of providing a high quality of education for all of its pupils. The day-to-day running of the School is delegated to the Headmistress and the Bursar, supported by other teaching members of the Senior Management Team. Governors attend the Eco Council, Pastoral, IT Strategy and Health and Safety committee meetings, which meet termly or as required, with the latter reviewing the adherence of the School to relevant policies and considering any incidents arising. Governors are also involved in regular learning walks and assist in the appointment of senior staff. The remuneration of 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 School’s success.

Organisational Structure and Relationships

The Headmistress is an active member of the IAPS for the promotion and maintenance of preparatory school standards generally and also takes part in peer group studies at national, regional and local level for the evaluation of quality and performance improvement methods.

The School aims to foster links with the wider community, within planning constraints, through the sharing of its facilities and expertise. The School pool and sports facilities for example are used by many local clubs.

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The objects of the School, in accordance with the Memorandum and Articles of Association, are to acquire, carry on and develop Maltman’s Green School and the curtilage, within which it is situated, and to acquire and carry on in the United Kingdom any school for the education of children.

In setting the objectives and planning activities the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

Strategic Aim and Intended Effect

The School’s strategic aim is to benefit the public by the provision and advancement of preparatory education for girls independent of the State system. The School aims for high standards academically, culturally and in sport. Excellence is encouraged and celebrated. High standards are expected in the behaviour of pupils and promoted in their relationships with each other, with staff, and with the wider community.

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MALTMAN’S GREEN SCHOOL TRUST LIMITED GOVERNORS’ REPORT (CONTINUED)

Objectives for the Year

The Governors’ main objective continued to be to provide a broad and stimulating education within a secure and caring environment where each girl can discover and develop her own talents and strengths. As well as educating pupils to achieve the high academic standards as they move to a wide range of senior schools, the School continues to provide a wide range of extra-curricular activities which aim to foster personal qualities such as self-reliance, determination, confidence and respect for others. The Governors sought to promote the Bursary Scheme and widen access for those in the local community seeking admission who would not otherwise be able to send girls to the School. A good number of bursary applications were received with awards being made to deserving applications that met the means testing requirements.

In addition, the Governors continued to consider development plans as part of a review of the facilities needed to meet the growing needs of the School community in the foreseeable future. The main emphasis has been on ensuring that current facilities continue to be in good order and are maintained to a high standard. The majority of facilities spend was directed to addressing the findings of a school site conditioning survey.

The School again supported a number of charities throughout the year, encouraging pupils to participate in fund-raising activities whilst learning about different causes. Pupils remained active in the community, participating in local events as well as regular visits to local elderly care homes.

The Governors remain committed to sharing School facilities and expertise with other local state schools, particularly through the use of the swimming pool, and by hosting local educational events attended by pupils and staff from the maintained sector.

Principal Activity

The School’s principal activity continues to be the provision of a Day School for 2 – 11 year-old girls.

Volunteers

The FOMG (Friends of Maltman’s Green) helped with the School community’s social events, fundraising and cultural activities by providing many hours of voluntary service during the year, and the Governors would like to record their appreciation of the continued and valuable support of this work.

PROVISION OF INFORMATION TO AUDITORS

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

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of Crowe UK LLP as auditors of the School Trust will be put to the Annual General Meeting.

Page 4

MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT

OUR ETHOS, STRATEGY AND POLICIES

The Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of this strategy is on the development of our pupils, their continued high levels of academic and cocurricular achievement and to further widen access to the education the School provides.

Our Strategy

The Governors aim to widen pupil access to the School by ensuring, within financial constraints, that a proportion of the pupils who would not otherwise attend the School can benefit from the education it provides thereby continuing the School's tradition of providing public benefit and to meet the Charity Commission's requirements from time to time.

Our Ethos

The School welcomes pupils from all backgrounds and to deliver to them a broad and structured academic, physical, social and moral education. The School is committed to continuing the activities it currently carries out to benefit children other than pupils at the School.

Grant-Making and Access Policy

The School operates a Bursary scheme to support, on a means-tested basis, pupils that would not otherwise be able to attend the School with grants available for up to 100% of fees. The Governors continue to allocate monies to a designated fund to contribute towards the cost of future Bursaries. The balances retained for the cost of future Bursaries and financial support at 31 August 2020 were:

For the financial year 2019/20 the amount awarded in the form of Bursaries was £68,206.

Charitable Fundraising

The School ensures that its fundraising is compliant with the recognised standards of fundraising set out in the Charities (Protection and Social Investment) Act 2016. The School raises funds for additional equipment through the Friends of Maltman’s Green (FOMG) which is comprised purely of parent volunteers. FOMG run internal events to raise funds, in almost all circumstances via parents of the School. For example, the Christmas Fayre, Parents’ Quiz night and an annual camping event known as Maltfest. On occasion, external organisations pay for setting up a stall at the Christmas Fayre.

The School celebrated its Centenary year in 2018 and The 100 Club was set up to raise additional funds. The scheme is managed internally by the Bursar and Head of Marketing. Funds continue to be raised and in 2019/20, a total £8,000 was assigned to the designated fund for 2019/20 Bursary awards. The School did not use professional or commercial fund raising entities for any of these activities. The School was not subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising in 2019/20. As a consequence, there are no examples of failure to comply with a particular scheme or standard. The School monitors FOMG through its appointed liaison, and the Headmistress and Bursar meet periodically with the Chair of the FOMG to discuss fundraising activity and agree the best approach. The School received no complaints regarding its fundraising activities in 2019/20, and experience shows that using a parent body to fundraise almost predominantly from current and past parents limits any potential for intrusion or concern from the wider public.

Safeguarding Policy

The School is committed to safeguarding and promoting the welfare of the pupils and expects all staff and volunteers to share this commitment.

Page 5

MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

Academic Achievement. For the 2019/20 academic year, 36% of girls went on to join local, prestigious grammar schools, with 57% attending leading independent schools including Cheltenham Ladies College, Downe House, Berkhamsted School, Wycombe Abbey and the Royal Masonic. The remaining 7% continue their education abroad. Of the girls who have taken the Secondary Transfer Test (11+), 68% passed against a Buckinghamshire County average of 30%.

Sporting Success. As with previous years, there was a promising start to the school year. We had multiple ability groups for Y3-6 girls in Netball, Gymnastics and Swimming, with training and competitive opportunities available for the girls. Football club was introduced to Y3-6 and has proved very popular. Girls in Little Malties receive a 10-week block of one-to-one swimming lessons. Nursery begin their weekly swimming lessons after February Half Term, whilst Reception upwards, have 1 swimming each week throughout the year. At Y4-Y6 all girls continue to play Hockey and Lacrosse, Y5 and Y6 girls have a fitness unit, and for all Y3-Y6 classes there are more dance and choreography based lessons. The House sporting events held before Christmas were a roaring success giving all Maltman’s girls the opportunity to take part in competitive sporting opportunities. Sadly, by March, COVID-10 began to affect the curriculum and many planned fixtures and tournaments were cancelled.

Gymnastics. All our Y3-6 A and B Squad girls attended a friendly competition at Tormead School in Guildford in November. We took 39 girls and it was a fantastic opportunity for the girls to gain competition experience. The U9 A Squad entered the ISGA 2 piece competition at Royal Masonic School, and did fantastically well. The girls were placed individually in first, second, third and joint fourth, and therefore convincingly claimed the top spot in first position as a team. This qualified them for the 5 piece National Finals in March. At the IAPS National Finals at Kent College in Tunbridge Wells the U9’s won team first, individual first, second, third and fifth and Group Sequence first. The U10 team also finished in first place as a team, individual first place and picked up third place for their Group Sequence. The U11 team finished in seventh place as a team and won Group Sequence second. In December an U11 team entered the Milano Regionals, where they finished first and qualified for Nationals. Unfortunately, due to COVID our girls were not able to attend any further competitions this year.

Swimming. The School hosted a number of Division 10 League Galas for Y4-Y6 throughout the year, involving 5 visiting schools and around 150 swimmers each time. Unfortunately, the finals in the summer term were unable to take place. Prior to the Summer term, we hosted multiple friendly galas during the year for both club and squad level swimmers.

Tennis: We had a series of Internal Tennis Tournaments in October. Y2-Y3 girls had singles tournaments, and Y4-Y6 girls had doubles tournaments. Girls continued to train throughout the winter months and enjoyed the benefits of our new floodlights. Unfortunately, our Spring Term Tournaments and our Summer fixtures had to be cancelled due to COVID-19.

Netball. Throughout the year, we had a number of friendly netball fixtures and tournaments for both Club and Squad girls in Y4-6. The U11 A Squad had a great tournament at The Manor, finishing in fourth place overall. We also welcomed super league player and Wasps coach, Bianca Modeste to deliver a training session to the U11 Squad girls that was a lot of fun. Unfortunately, after the IAPS Netball was rained off on two separate occasions, we were unable to attend the tournament, which was rearranged at short notice. The Y6 club girls had a very wet but good tournament at Berkhamstead, where they finished third out of 18 teams. The U10’s attended a tournament at Berkhamstead where the A team finished second and the B team finished third. The U10 A Squad were undefeated in all their matches throughout the year. The Y4 Squad and club girls played very well in a number of matches including our first ever Bee Netball fixture. Unfortunately, tournaments planned for Y3-4 at the end of the term were cancelled due to Covid19.

Page 6

MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)

Music, Drama and Dance. Due to Covid-19 our extra-curricular programme was halted early in March. Music exams- ABRSM examinations were only held in the Autumn term with 30 girls entered. Instruments examined were singing, piano, violin, flute, harp and guitar, with grades covered from Prep to Grade 3. Many local festivals were also cancelled, however, the girls had the opportunity to sing at St Michael’s Church, Beaconsfield and Gold Hill Baptist Church. In addition the Year 6 girls sang at both of the local old people’s homes, singing a range of Carols and festive songs. Speech and Drama continues to be a very popular extra-curricular activity with over 51% of girls in years 3-6 participating. Unfortunately, no examinations were taken due to Covid-19. Ballet, Modern and Street Dance- these activities continue to appeal to the girls with 80 children from Little Malties upwards participating in Ballet and 121 participating in Modern or Street Dance. There were no examinations taken in this academic year nor was it possible to hold a dance show at the end of the academic year as has become the norm.

Finally, the School continues to provide an excellent outdoor curriculum. It holds the Eco-Schools green flag and recognises that sustainability is an essential part of all aspects of life within the School.

Public Benefit

The School positively encourages the girls to become involved in a wide range of charities. During the year, their collective efforts and those of their parents raised a fantastic £8,221 for a variety of causes, whilst at the same time building a strong understanding of the importance of charitable giving. This was despite the Covid-19 situation leading to lockdown and pupils distance learning for the summer term. Charities supported included:

Pre Covid-19 and the enforced summer term lockdown, the School continued to make its facilities available for wider use locally, including weekly use of the swimming pool by St Joseph's Primary School. In addition, swimming clubs (Swimwell, Amersham Swimming Club and Chalfont Otters) continued to use the facility.

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MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School had a loss of income over expenditure of £184,363 being -3.7% of total income. The School’s Balance Sheet shows net assets of £6,014,616. The School’s assets are sufficient to fulfil its obligations. It is not possible to estimate the financial effect that the COVID-19 virus has had upon the School this year. The School has continued to perform a detailed review of its cash flow forecasts and future budgets to ensure that it remains financially robust.

Reserves Policy

The School’s unrestricted funds stood at £6,014,616 at the year-end. After deducting the carrying value of tangible fixed assets held for the charity’s own use, adjusted for borrowings, the freely available reserves were £1,492,447 which is considered to be sufficient to meet operational needs. The Governors’ policy is to continue to maintain reserves to at least £450,000[1] by means of annual operating surpluses and to invest in developing the School’s facilities to meet the School’s charitable objects. The impact of COVID19 has reinforced the importance of holding adequate reserves to enable the School to sustain it’s offering on an ongoing basis.

FUTURE PLANS

The School continues to maintain good pupil numbers in a competitive market. The establishment of the pre-school in January 2017 has helped ensure sustainable numbers at the bottom end of the School too, and a healthy pull through to Year 6.

The Governors continue to promote the Bursary Scheme through local advertising and the School website. The School offers places across Nursery to Y6 and Governors have ensured that eligibility criteria have kept pace with fee rises by ensuring percentage awards give the best possible fit with parent average salaries. The School continues to look to widen the public benefit on offer to the local and wider community in a way that matches the School's aims and encourages support of local community initiatives. The Governors will continue to review the School's facilities to consider what further developments might bring benefits to the wider-community.

Risk Management

The Governors examine the major risks that the School faces each financial year when preparing and updating the future operating and development plans. They monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated. The Governors are responsible for risk management in terms of financial viability as well as the operational areas of Safeguarding (Children’s Act), Health and Safety, Food Hygiene, Employment Law and Human Rights.

Principal Risks and Uncertainties

The Governors continually monitor the financial viability of the School against the overall economic climate to identify any future potential financial risks. Both income and costs are closely analysed to ensure future performance is tracked according to plan and any changes implemented quickly and efficiently.

From 20 March 2020, the School was closed with immediate effect as part of the national response to the COVID-19 coronavirus pandemic. As a result, Governors decided to offer a reduction to the Summer Term 2020 school fees. In order to preserve the School’s strong financial position, operating expenses were reduced by furloughing 38 staff members (as part of the government’s Coronavirus Job Retention Scheme) and catering activities ceased. All but necessary capital expenditure was put on hold. The Governors consider it appropriate for the accounts to be prepared on the going concern basis.

1 Based upon one month’s OpEx rounded-up.

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MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)

The School’s approach to Safeguarding is another key area for Governors to monitor. The Governing body have appointed Mrs Lindsey Bryant, Deputy Head (Pastoral) at Queen Anne’s School, Caversham, to be its Safeguarding lead. Mrs Bryant will attend School regularly to discuss safeguarding matters with the Deputy Head and Designated Safeguarding Lead, Mrs Rachel Gaynor and will attend INSET. She is also kept sighted on the rare occasion that Safeguarding issues arise and is also fully involved in the appropriate Safeguarding training.

Health and Safety is an area that requires close attention. Such risks range from fire to infrastructure and School events. Whole school management, for example, the maintenance of policies and procedures, is regularly reviewed. Included is the regular risk assessment of activities and facilities including an annual review process. The Governing Body is satisfied that for all major risks identified, appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable, and not absolute, assurance that all major risks have been managed.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of the Maltman’s Green School Trust on 18 May 2021, including in their capacity as company Directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

C M Bradley Chairman of Governors

Page 9

MALTMAN’S GREEN SCHOOL TRUST LIMITED STATEMENT OF GOVERNORS’ RESPONSIBILITIES

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Maltman’s Green School Trust Limited for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees 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 Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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 the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALTMAN’S GREEN SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Maltman’s Green School Trust Limited for the year ended 31 August 2020 which comprise the statement of financial activities, the balance sheet 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:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require

us to report to you where:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALTMAN’S GREEN SCHOOL TRUST LIMITED (CONTINUED)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual 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:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10 the trustees 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 trustees 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 trustees 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALTMAN’S GREEN SCHOOL TRUST LIMITED (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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.

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, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Janette Joyce

Senior Statutory Auditor For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Aquis House

49-51 Blagrave Street

Reading

RG1 1PL

Date: 18 May 2021

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MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT )

FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Income from:
Voluntary income
Donations
Charitable activities
School fees receivable
4
Other ancillary income
5
Income from generated
funds
Other income
6
Investments
Total income
Expenditure on:
Charitable activities
School operating costs
Raising funds
Finance costs
Total expenditure
7
NET (EXPENDITURE)/
INCOME
9
Funds brought forward
at 1 September 2019
Funds carried forward
at 31 August 2020
15/16		 Unrestricted
Funds
2020
£
250
4,564,567
233,256
228,802
13,420
5,040,295
5,223,405
1,253
5,224,658
(184,363)
6,198,979
6,014,616		 Restricted
Funds
2020
£
21,758
-
-
-
-
21,758
21,758
-
21,758
-
-
-		 Total
2020
£
22,008
4,564,567
233,256
228,802
13,420
5,062,053
5,245,163
1,253
5,246,416
(184,363)
6,198,979
6,014,616		 Total
2019
£
18,101
5,243,468
323,659
88,744
19,106
5,693,078
5,297,069
701
5,297,770
395,308
5,803,671
6,198,979

The notes on pages 17 to 27 form part of these financial statements

Page 14

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

BALANCE SHEET

31 AUGUST 2020

COMPANY REGISTRATION NUMBER: 0897432

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Stocks
Debtors
12
Cash at bank and in hand
CREDITORS:Amounts falling due within
one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:Amounts falling due after
more than one year
NET ASSETS
FUNDS
Unrestricted funds
General funds
15
Designated funds
15
Restricted funds
16
TOTAL FUNDS
14		 2020
£
£
3,950,506
5,543
1,185,473
3,035,622
4,226,638
(2,162,528)
2,064,110
6,014,616
-
6,014,616
5,442,953
571,663
-
6,014,616		 2019
£
4,279,470
4,221
1,349,875
2,701,621
4,055,717
(2,136,208)
1,919,509
6,198,979
-
6,198,979
5,681,307
517,672
-
6,198,979

These financial statements were approved and authorised for issue by the Board of Governors and were signed on its behalf on 18 May 2021.

C M Bradley Chairman of Governors

The notes on pages 17 to 27 form part of these financial statements

Page 15

MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2020

Cash flows from operating activities:
Net (expenditure)/income
Interest receivable
Interest payable
Depreciation of tangible assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Loss on sale of fixed assets
Net cash provided by operating activities
Cash flows from investing activities:
Interest received
Payments to acquire tangible fixed assets
Net cash (used in) investing activities
Cash flows from financing activities:
Repayments of loans
Interest payable
Net cash (used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 1 September 2019
Cash and cash equivalents at 31 August 2020		 2020
£
(184,363)
(13,420)
-
334,255
(1,322)
164,402
26,321
19,960
345,833
13,420
(25,252)
(11,832)
-
-
-
334,001
2,701,621
3,035,622		 2019
£
395,308
(19,106)
-
394,562
1,112
115,855
(87,453)
-
800,278

19,106
(130,527)

(111,421)

(3,796)
-
(3,796)
685,061
2,016,560
2,701,621

The notes on pages 17 to 27 form part of these financial statements

Page 16

MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. CHARITY INFORMATION

Maltman’s Green School Trust Limited’s principal activity continues to be the provision of a day school for 2 – 11-year-old girls. The incorporated charity (charity number 310633, company number 0897432), is domiciled in the UK. The address of the registered office is Maltman’s Green School, Maltmans Lane, Gerrards Cross, Buckinghamshire, SL9 8RR.

2. STATEMENT OF ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charitable company.

a) Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Maltman’s Green School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The full impact of COVID-19 on the UK, the economy and the School is unknown. Despite the physical closure of the School, the School has been able to serve its pupils effectively throughout the period by offering a full and comprehensive distance learning programme. Management have reviewed and reduced costs for the period April to August 2020 and have produced financial models showing the revised cash flows and future budgets, which have subsequently been reviewed by the Board of Governors. As part of their normal risk management process, the Governors have examined the major risks to the School and the mitigating actions both taken and available to be taken. The Governors consider there are no material uncertainties relating to going concern and that the School has adequate resources to continue its activities for at least the twelve months to 31 August 2022. Accordingly, they continue to operate the going concern basis in preparing the financial statements.

b) Income

All incoming resources are included in the Statement of Financial Activities when the charitable company is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Grants are accounted for under the performance model as permitted by the Charity SORP. CJRS grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

c) School fees

School fees represent amounts receivable, less any discounts given, for tuition and extra-curricular activities, less any bursary awards and financial support given, for the year ended 31 August. Fees paid in advance of future education are carried forward as deferred income.

Page 17

MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

d) Resources expended

Resources expended are accounted for on an accruals basis as soon as a liability is considered probable, discounted to present value for longer term liabilities. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance support costs include an apportionment of the salaries of the Head Teacher and Bursar to reflect the time incurred on statutory governance issues.

e) Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-

Freehold land Nil
School buildings & swimming pool 2% and 5% straight line
Junior gymnasium and parents’ car park 10% straight line
Outbuildings, garages & fire alarms 20% straight line
Swimming pool hall fittings & roof 4% straight line
Computer equipment 33.3% straight line
Furniture, tools and equipment 20% straight line
Motor vehicles 25% straight line
Swimming pool plant & equipment 5% straight line

The Governors are satisfied that the market value of the fixed assets is in excess of their book value.

Tangible fixed assets are capitalised when the cost of each individual item exceeds £1,000 and the asset will have a life of more than twelve months. Items costing £1,000 or less are charged as expenditure in the year of acquisition. A full -year’s depreciation is charged in the year of purchase.

f)

Pensions

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the scheme, which are attributable to the school. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.

The School also contributes to group personal pension schemes for non-teaching staff that have more than three months service, at 10% of annual basic pay, and these contributions are accrued accordingly.

g)

Unrestricted general funds

These are funds which can be used in accordance with the charitable objects at the discretion of the directors.

h) Restricted funds

Income in restricted funds comprises donations received for the Bursary Fund which is used to support, on a means tested basis, pupils that would not otherwise be able to attend the School.

Page 18

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

i) Designated funds

The Governors make transfers to a designated fund that will be used to fund bursary awards in future years. The Governors review claims for bursaries in respect of pupils who would not otherwise be able to attend the School, funding the fees from the relevant designated fund and the cost of extra-curricular activities, residential trips and other extras from the restricted fund.

j) Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

l) Deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2020 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity’s accounting policies, which are described in note 2 trustees are required to make judgements, estimates and assumptions about the carrying values 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 Governors consider that there are no material judgements in applying accounting policies on key sources of estimation uncertainty.

4. SCHOOL FEES

CHOOL FEES
The School fee income comprises:
Gross fees
Less: Total bursaries and allowances
Add back: Bursaries paid for by restricted funds		 2020
£
4,688,861
(146,052)
4,542,809
21,758
4,564,567		 2019
£
5,359,981
(134,614)

5,225,367
18,101
5,243,468

Page 19

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

5. OTHER ANCILLARY INCOME

Exam fees
Registration fees/ fees in lieu of notice/ fee schemes
Clubs/ extra-curricular activities
Trips/ events
Sundry equipment sales/ commissions receivable
Other
Book fair
Income from FOMG		 2020
£
1,814
27,339
115,825
47,413
5,816
7,967
4,465
22,617
233,256		 2019
£
6,709
36,207
179,257
51,960
11,426
5,987
4,463
27,650
323,659

6. OTHER INCOME

Included within Other Income is £167,184 ( 2019: £nil ) in respect of the Coronavirus Job Retention Scheme.

7. TOTAL RESOURCES EXPENDED

Charitable activities
School operating costs:
Teaching costs
Welfare
Establishment expenses
Support costs of schooling
Grants, awards and prizes
FOMG expenditure
Generated funds
Finance costs
Total resources expended
Comparative 2019
Charitable activities
School operating costs:
Teaching costs
Welfare
Establishment expenses
Support costs of schooling
Grants, awards and prizes
FOMG expenditure
Generated funds
Finance costs
Total resources expended		 Staff costs
£
2,663,802
28,047
143,697
552,825
-
-
3,388,371
-
3,388,371
Staff costs
£
2,770,971
27,795
122,931
555,968
-
-
3,477,665
-
3,477,665		 Depreciation
£
10,595
3,784
271,152
48,724
-
-
334,255
-
334,255
Depreciation
£
12,507
4,466
320,074
57,515
-
-
394,562
-
394,562		 Other
£
98,789
375,009
663,522
351,771
11,688
21,758
1,522,537
1,253
1,523,790
Other
£
92,597
351,503
621,930
328,906
11,805
18,101
1,424,842
701
1,425,543
Total 2020
£
2,773,186
406,840
1,078,371
953,320
11,688
21,758
5,245,163
1,253
5,246,416
Total 2019
£
2,876,075
383,764
1,064,935
942,389
11,805
18,101
5,297,069
701
5,297,770

Page 20

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

8. STAFF COSTS

Wages and salaries
Pension contributions (employers)
Social security costs (employers)
Other costs
Average number of employees
Teaching
Non-teaching
Number of employees whose emoluments fall within the bands
£60,001 - £70,000
£70,001 - £80,000
£110,001 - £120,000
£120,001 - £130,000		 2020
£
2,617,349
470,216
290,672
10,134
3,388,371
70
25
95
1
-
-
1		 2019
£
2,803,401
383,885
278,190
12,189
3,477,665

76
23
99
1
1
1
-

In relation to the above higher paid employees, the total employer pension contributions during the year were £33,081 (2019: £35,766).

During the year, Governors received £0 in respect of reimbursed expenses in respect of attending conferences and training courses (2019: £0).

During the year, redundancy payments totalling £10,000 were made to one person ( 2019: one person received £30,675 )

No remuneration or other benefits were received by the Governors during the year (2019: None).

Key management personnel

The key management personnel of the School comprise the Governors, Head and Bursar as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer NI contributions) received by key management personnel for their services to the School was £247,549 ( 2019: £238,260 ).

9. NET INCOME

Net income is stated after charging:-
Depreciation
Loss in sale of fixed asset
Auditors’ remuneration
- audit
other services		 2020
£
334,255
19,960
11,885
-		 2019
£
394,561
-
11,540
-

10. TAXATION

Maltman’s Green School Trust Limited is a charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988.

Page 21

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

11. TANGIBLE FIXED ASSETS

Cost
At 1 September 2019
Additions
Disposals
Transfer
At 31 August 2020
Depreciation
At 1 September 2019
Charge for the year
On disposal
Transfer
At 31 August 2020
At 31 August 2020
At 31 August 2019		 Freehold
Land and
buildings
£
7,121,674
-
-
-
7,121,674
3,143,234
198,821
-
-
3,342,055
3,779,619
3,978,441		 Assets
under course
of
construction
£
19,960
-
(19,960)
-
-
-
-
-
-
-
-
19,960		 Computer
equipment
£
454,994
25,252
(13,447)
-
466,799
377,760
60,475
(13,447)
-
424,788
42,011
77,234		 Furniture,
tools, plant
&
equipment
£
1,262,020
-
(6,689)
-
1,255,331
1,058,185

74,959
(6,689)
-
1,126,455
128,876
203,835		 Motor
vehicles
£
51,720
-

-
-
51,720
51,720
-

-
-
51,720
-
-		 Total
£
8,910,368
25,252
(40,096)
-
8,895,524

4,630,898
334,255
(20,136)
-
4,945,018

3,950,506

4,279,470

The market value of the freehold property occupied by the School is thought to be considerably in excess of its carrying value in the balance sheet. An open market value for the property cannot be reliably ascertained without undue expense.

12. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
1,062,076
1,853
121,544
1,185,473		 2019
£
1,229,398
13,551
106,926
1,349,875

Page 22

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

13. CREDITORS: Amounts falling due within one year

Trade creditors
Taxes and social security
Other creditors
Accruals and deferred income		 2020
£
78,658
71,552
283,537
1,728,781
2,162,528		 2019
£
107,390
66,921
254,039
1,707,858
2,136,208

Deferred income relates to school fees invoiced pre year end for the new school year.

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible assets
Current assets
Current liabilities
Tangible assets
Current assets
Current liabilities		 Unrestricted
2020
£
3,950,506
4,226,638
(2,162,528)
6,014,616
Unrestricted
2019
£
4,279,470
4,055,717
(2,136,208)
6,198,979		 Restricted
2020
£
-
-
-
-
Restricted
2019
£
-
-
-
-		 Total funds
2020
£
3,950,506
4,226,638
(2,162,528)
6,014,616
Total funds
2019
£
4,279,470
4,055,717
(2,136,208)
6,198,979

Page 23

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

15. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Designated funds
Bursary fund
FOMG
General funds		 Balance at 1
September
2019
£
457,442
60,230
5,681,307
6,198,979		 Incoming
funds
£
91,620
22,617
4,926,058
5,040,295		 Amounts
expended
£
(48,558)
(11,688)
(5,164,412)
(5,224,658)		 Balance at
31 August
2020
£
500,504
71,159
5,442,953
6,014,616
Designated funds
Bursary fund
FOMG
General funds		 Balance at 1
September
2018
£
410,439
44,385
5,348,847
5,803,671		 Incoming
funds
£
122,161
27,650
5,525,166
5,674,977		 Amounts
expended
£
(75,158)
(11,805)
(5,192,706)
(5,279,669)		 Balance at
31 August
2019
£
457,442
60,230
5,681,307
6,198,979

16. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Bursary fund Balance at 1
September
2019
£
-
-		 Incoming
funds
£
21,758
21,758		 Amounts
expended
£
(21,758)
(21,758)		 Balance at
31 August
2020
£
-
-

Income in restricted funds comprises donations received for the Bursary Fund which is used to support, on a means tested basis, pupils that would not otherwise be able to attend the School.

17. CONTRACTS AND COMMITMENTS

Capital expenditure of £Nil (2019: £nil) was contracted for at 31 August 2020.

Page 24

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

18. PENSION COSTS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £377,924 ( 2019: £283,021 ) and at the year-end £Nil ( 2019 - £Nil ) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020. As a result of the consultation, the government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Page 25

MALTMAN’S GREEN SCHOOL TRUST LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

18. PENSION COSTS (CONTINUED)

The school contributes on a defined contribution basis to Standard Life. Contributions totalling £92,292 ( 2019: £100,864 ) were payable in the period. At the period-end £Nil ( 2019: £Nil ) was accrued in respect of contributions to this scheme.

19. RELATED PARTY TRANSACTIONS

The husband of the Headmistress in place until August 2020 was employed by the school as Network Manager until his retirement in April 2020. His total salary and employer’s pension contribution paid falls within the band £30,000 - £35,000 ( 2019: £45,000 - £50,000 ).

20. ANALYSIS OF MOVEMENT IN NET DEBT

Cash at bank and in hand Balance at
1 September
2019
£
2,701,621		 Cashflow
Balance at
31 August
2020
£
£
334,001
3,035,622

Page 26

MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

21. COMPARATIVE 2019 STATEMENT OF FINANCIAL ACTIVITIES

Income from:
Voluntary Income
Donations
Charitable Activities
School fees receivable
Other ancillary income
Income from generating
funds
Other income
Investment income
Total incoming resources
Expenditure on:
Charitable activities
School operating costs
Raising Funds
Finance costs
Total expenditure
NET INCOME
Funds brought forward
at 1 September 2018
Funds carried forward
at 31 August 2019		 Unrestricted
Funds
2019
£
-
5,243,468
323,659
88,744
19,106
5,674,977
5,278,968
701
5,279,669
395,308
5,803,671
6,198,979		 Restricted
Funds
2019
£
18,101
-
-
-
-
18,101
18,101
-
18,101
-
-
-		 Total
2019
£
18,101
5,243,468
323,659
88,744
19,106
5,693,078
5,297,069
701
5,297,770
395,308
5,803,671
6,198,979

Page 27