## **CHARITY NUMBER: 310633 COMPANY NUMBER: 00897432**
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
_**(LIMITED BY GUARANTEE)**_
**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2021**
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## _**(LIMITED BY GUARANTEE)**_
## **TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
|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|7|
|Future Plans|8|
|Statement of Governors’ Responsibilities|10|
|Independent Auditors’ Report|11-14|
|Statement of Financial Activities|15|
|Balance Sheet|16|
|Cash Flow Statement|17|
|Notes to the Financial Statements|18-28|
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADVISORS**
## **GOVERNORS, OFFICERS AND ADVISORS**
## **Governors**
Mrs C M Bradley, MA (Cantab) (Chairman) Mr V Batra BCom (Hons), ICAI, MBA Mrs C Beckwith BSc (Hons) (appointed 3 December 2020) Mrs L Bryant BSc (Hons), PGCE, Med (retired 16 July 2021) Mrs J Bond BSc (Hons), MRICS Mr K Carson BA, MPhil (Cantab) (appointed 26 May 2021) Mr I Cooksey MA (Oxon) MA (Lond) FRGS (retired 16 July 2021) Mrs C Gowers, BA (Hons) Oxon MA (Oxon) Mrs D Honey (appointed 18 March 2021) 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 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|
|---|---|
|**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 2021. 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.
Page 2
## **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 3 December 2020, Katie Paynter and Clare Beckwith were appointed to the Board. Ian Cooksey and Rob Simmons did both retire and, being eligible offered themselves for re-election and were both 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. Mr Kevin Carson was appointed to the Board effective 26 May 2021.
## **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.
Page 3
## **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. Despite the restrictions operating as a result of the COVID-19 pandemic, pupils remained active in the community, participating in local events and competitions where possible.
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:
- (a) so far as that Governor is aware, there is no relevant audit information of which the School’s auditors are unaware, and
- (b) that Governors have taken all the steps that they ought to have taken as a Governor in order to be aware of any relevant information needed by the School’s auditors in connection with preparing their report and to establish that the School’s auditors are aware of that information.
## **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 2021 were:
- Restricted fund £Nil - Funds received were transferred to fund the bursaries awarded
- Designated bursary fund £562,136
For the financial year 2020/21 the amount awarded in the form of Bursaries was £77,422.
## **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 2020/21, a total £700 was assigned to the designated fund for 2020/21 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 2020/21. 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 2020/21, 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 2020/21 academic year, our girls achieved a record 84% qualification rate in the Bucks Secondary Transfer Test (11+). These girls were eligible to join local grammar schools such as Beaconsfield High School and Dr Challoner’s High School. Our girls also received offers to excellent independent senior schools including The Royal Masonic, Wycombe Abbey, Cheltenham Ladies School, Berkhamsted School, St George’s School Ascot and Queen Anne’s School Caversham. Eleven scholarships were offered to leading independent schools, including five academic scholarships, an allrounder scholarship, four sport scholarships and an art scholarships, to schools such as Cheltenham Ladies College, Godstowe, King’s School Worcester and The Royal Masonic School.
## Sport.
Due to Covid we were unable to run any sports fixtures during this academic year although we did run as many sports activities as we were able during the year including Swimming and Multi-Sports in the Easter term and a much fuller programme of activities during the Summer including Gymnastics, Tennis and Athletics.
Music, Drama and Dance. Due to Covid-19 our extra-curricular programme was very limited during this academic year. The only outside provider on site was Speech and Drama all the other activities were provided by Maltman’s staff. It is also important to note that during the Autumn term there was considerable disruption to activities due to Year groups needing to isolate. The majority of the Spring term was spent with children at home in lockdown so no activities took place until 8 March with the end of term being 24 March.
Music activities were very limited due to Covid restrictions and Year groups were unable to mix so we could not run Maltman’s Belles (handbell group), Choirs due to restrictions on singing or orchestra. Associated Board of the Royal Schools of Music did not take place during this year and there were no Festivals or concerts to participate in due to restrictions.
Speech and Drama exams did go ahead through LAMDA with exceptional results. In Year 3 and 4, 34 students entered the Entry Level in Speaking, Verse and Prose examination with 15 merits and 19 Distinctions awarded. Level 1 Grade 1 Speaking, Verse and Prose, 23 entries all awarded Distinction. In Year 5 and 6, Acting Level 1 Grade 1 examination, 20 entries with 8 Merits and 12 Distinctions awarded. Acting Level 1 Grade 2 examination, 30 entries with 7 Merits and 23 Distinctions awarded.
During the Autumn and Spring terms we did not have dance on our programme however, they returned in the Summer term with Modern Dance, Street and Pom Dance being offered to girls from Reception upwards.
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.
Page 6
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)**
## **Public Benefit**
The School positively encourages the girls to become involved in a wide range of charities. Due to the ongoing Covid situation and pupils distance learning for part of the year, charitable efforts were curtailed with the following charities supported.
- BBC Children In Need raised £2,055
- Comic Relief raised £610
- Thames Valley Adventure Playground raised £439
- As well as a huge donation of harvest goods for the London & Slough Run which supports homeless people.
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.
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
The School had a surplus of income over expenditure of £252,568 being 5.0% of total income which was due to the fact that a significant amount of revenue spend had to be deferred as it proved difficult to get hold of firm quotes and supplies. The School’s Balance Sheet shows net assets of £6,267,184. 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 £6,267,184 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 £1,899,886 which is considered to be more than 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. In view of recent events, the Governors intend to revisit the reserves policy as the impact of COVID-19 has reinforced the importance of holding adequate reserves to enable the School to sustain it’s offering on an ongoing basis.
> 1 Based upon one month’s OpEx rounded-up.
Page 7
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED)**
## **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 Year 6 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.
In January 2021, 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 Spring Term 2021 school fees. In order to preserve the School’s strong financial position, operating expenses were reduced by furloughing 10 staff members (as part of the government’s Coronavirus Job Retention Scheme) and catering activities were reduced. 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.
Page 8
## **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 appointed Mrs Lindsey Bryant, Deputy Head (Pastoral) at Queen Anne’s School, Caversham, as its Safeguarding lead until her retirement as a Governor on 16 July 2021. Mrs Deborah Starrs has subsequently taken on the role of Safeguarding Governor. The Safeguarding Governor attends 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. The Safeguarding Governor undertakes an annual audit of safeguarding policy and practice across the School, with findings fed back to the Head and Board of Governors.
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 20 January 2022, 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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 2021 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Governors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
Page 11
## **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.
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
- the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **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.
Page 12
## **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**
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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect 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, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
Page 13
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALTMAN’S GREEN SCHOOL TRUST LIMITED (CONTINUED)**
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
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: 27 January 2022
Page 14
## **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 2021**
|**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**
**INCOME/(EXPENDITURE)**
9
_Funds brought forward_
_at 1 September 2020_
**Funds carried forward**
**at 31 August 2021**15**/**16|**Unrestricted**
**Funds**
**2021**
**£**
**807**
**4,784,709**
**149,440**
**90,471**
**3,523**
**5,028,950**
**4,774,915**
**1,467**
**4,776,382**
**252,568**
_6,014,616_
**6,267,184**|**Restricted**
**Funds**
**2021**
**£**
**12,454**
**-**
**-**
**-**
**-**
**12,454**
**12,454**
**-**
**12,454**
**-**
_-_
**-**|**Total**
**2021**
**£**
**13,261**
**4,784,709**
**149,440**
**90,471**
**3,523**
**5,041,404**
**4,787,369**
**1,467**
**4,788,836**
**252,568**
_6,014,616_
**6,267,184**|_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_|
|---|---|---|---|---|
The notes on pages 18 to 28 form part of these financial statements
Page 15
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) BALANCE SHEET**
## **31 AUGUST 2021**
## **COMPANY REGISTRATION NUMBER: 00897432**
|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**
16|**2021**
**£**
**£**
**3,726,188**
**5,785**
**1,202,390**
**3,222,516**
**4,430,691**
**(1,889,695)**
**2,540,996**
**6,267,184**
**-**
**6,267,184**
**5,626,074**
**641,110**
**-**
**6,267,184**|_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_|
|---|---|---|
These financial statements were approved and authorised for issue by the Board of Governors and were signed on its behalf on 20 January 2022.
## C M Bradley **Chairman of Governors**
The notes on pages 18 to 28 form part of these financial statements
Page 16
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021**
|**Cash flows from operating activities:**
Net (expenditure)/income
Interest receivable
Interest payable
Depreciation of tangible assets
(Increase) in stocks
(Increase)/decrease 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 2020
**Cash and cash equivalents at 31 August 2021**||**2021**
**£**
**252,568**
**(3,523)**
**-**
**307,168**
**(242)**
**(16,917)**
**(272,833)**
**-**
**266,221**
**3,523**
**(82,850)**
**(79,327)**
**-**
**-**
**-**
**186,894**
**3,035,622**
**3,222,516**||_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_|
The notes on pages 18 to 28 form part of these financial statements
Page 17
**MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **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 00897432), 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 remains unknown. Despite the physical closure of the School in the Spring term, 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 where possible 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 2023. 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 18
**MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **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 19
**MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **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 2021 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 and the remaining useful life 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||**2021**
**£**
**4,903,796**
**(131,540)**
**4,772,256**
**12,453**
**4,784,709**|_2020_
_£_
_4,688,861_
_(146,052)_|
||||
_4,542,809_
_21,758_|
||||_4,564,567_|
Page 20
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **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|**2021**
**£**
**-**
**47,594**
**67,914**
**1,193**
**9,108**
**2,618**
**4,256**
**16,757**
**149,440**|_2020_
_£_
_1,814_
_27,339_
_115,825_
_47,413_
_5,816_
_7,967_
_4,465_
_22,617_
_233,256_|
|---|---|---|
## **6. OTHER INCOME**
Included within Other Income is £36,369 ( _2020: £167,184_ ) 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 2020**
**_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**
**£**
2,380,895
28,150
157,526
498,988
-
-
3,065,559
-
3,065,559
**Staff costs**
**£**
2,663,802
28,047
143,697
552,825
-
-
3,388,371
-
3,388,371|**Depreciation**
**£**
9,736
3,477
249,179
44,776
-
-
307,168
-
307,168
**Depreciation**
**£**
10,595
3,784
271,152
48,724
-
-
334,255
-
334,255|**Other**
**£**
92,427
350,857
620,789
329,173
8,942
12,454
1,414,642
1,467
1,416,109
**Other**
**£**
98,789
375,009
663,522
351,771
11,688
21,758
1,522,537
1,253
1,523,790|
|**Total 2021**
**£**
**2,483,058**
**382,484**
**1,027,494**
**872,937**
**8,942**
**12,454**
**4,787,369**
**1,467**
**4,788,836**
**Total 2020**
**£**
**2,773,186**
**406,840**
**1,078,371**
**953,320**
**11,688**
**21,758**
**5,245,163**
**1,253**
**5,246,416**|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
Page 21
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **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
£100,001 - £110,000
£120,001 - £130,000|**2021**
**£**
**2,363,932**
**423,721**
**272,055**
**5,851**
**3,065,559**
**62**
**23**
**85**
**2**
**-**
**1**
**-**|_2020_
_£_
_2,617,349_
_470,216_
_290,672_
_10,134_
_3,388,371_
_70_
_25_
_95_
_1_
_-_
_-_
_1_|
|---|---|---|
In relation to the above higher paid employees, the total employer pension contributions during the year were £28,986 _(2020: £33,081)._
During the year, Governors received £0 in respect of reimbursed expenses in respect of attending conferences and training courses _(2020: £0)._
During the year, redundancy payments totalling £2,862 were made to one person ( _2020: one person received £10,000_ )
No remuneration or other benefits were received by the Governors during the year _(2020: 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 £227,909 ( _2020: £247,549_ ).
## **9. NET INCOME**
|Net income is stated after charging:-
Depreciation
Loss in sale of fixed asset
Auditors’ remuneration
- audit
other services|**2021**
**£**
**307,168**
**-**
**13,110**
_-_|_2020_
_£_
_334,255_
_19,960_
_11,885_
_-_|
|---|---|---|
## **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 22
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 September 2020
Additions
Disposals
Transfer
At 31 August 2021
**Depreciation**
At 1 September 2020
Charge for the year
On disposal
Transfer
At 31 August 2021
**At 31 August 2021**
_At 31 August 2020_|**Freehold**
**Land and**
**buildings**
**£**
7,121,674
8,749
-
-
7,130,423
3,342,055
193,617
-
-
3,535,672
**3,594,752**
_3,779,619_|**Computer**
**equipment**
**£**
466,799
61,593
(23,070)
-
505,322
424,788
54,119
(23,070)
-
455,837
**49,485**
_42,011_|**Furniture,**
**tools, plant**
**&**
**equipment**
**£**
1,255,331
12,508
(3,125)
-
1,264,714
1,126,455
59,432
(3,125)
-
1,182,762
**81,951**
_128,876_|**Motor**
**vehicles**
**£**
51,720
-
-
-
51,720
51,720
-
-
-
51,720
**-**
_-_|**Total**
**£**
**8,895,524**
**82,850**
**(26,195)**
**-**
**8,952,179**
**4,945,018**
**307,168**
**(26,195)**
**-**
**5,225,991**
**3,726,188**
_3,950,506_|
|---|---|---|---|---|---|
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|**2021**
**£**
**1,084,997**
**45,108**
**72,285**
**1,202,390**|_2020_
_£_
_1,062,076_
_1,853_
_121,544_
_1,185,473_|
|---|---|---|
Page 23
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **13. CREDITORS:** Amounts falling due within one year
|Trade creditors
Taxes and social security
Other creditors
Accruals and deferred income|**2021**
**£**
**48,961**
**59,273**
**250,408**
**1,531,053**
**1,889,695**|_2020_
_£_
_78,658_
_71,552_
_283,537_
_1,728,781_
_2,162,528_|
|---|---|---|
Deferred income total £1,464,054 _(2020: £1,567,351)_ and relates to school fees invoiced pre year end for the new school year.
## **14. COMMITMENTS UNDER OPERATING LEASES**
At 31 August 2021 the School had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|Within one year
Between one and five years|**2021**
**£**
**11,702**
**46,808**
**58,510**|_2020_
_£_
_-_
_-_
_-_|
|---|---|---|
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible assets
Current assets
Current liabilities
Tangible assets
Current assets
Current liabilities|**Unrestricted**
**2021**
**£**
3,726,188
4,430,691
(1,889,695)
6,267,184
**_Unrestricted_**
**_2020_**
**_£_**
_3,950,506_
_4,226,638_
_(2,162,528)_
_6,014,616_|**Restricted**
**2021**
**£**
-
-
-
-
**_Restricted_**
**_2020_**
**_£_**
_-_
_-_
_-_
_-_|**Total funds**
**2021**
**£**
**3,726,188**
**4,430,691**
**(1,889,695)**
**6,267,184**
**_Total funds_**
**_2020_**
**_£_**
**_3,950,506_**
**_4,226,638_**
**_(2,162,528)_**
**_6,014,616_**|
|---|---|---|---|
Page 24
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR**
|**Designated funds**
Bursary fund
FOMG
**General funds**|_Balance at 1_
_September_
_2020_
_£_
_500,504_
_71,159_
_5,442,953_
_6,014,616_|**Incoming**
**funds**
**£**
126,600
16,757
4,885,593
5,028,950|**Amounts**
**expended**
**£**
(64,968)
(8,942)
(4,702,472)
(4,776,382)|**Balance at**
**31 August**
**2021**
**£**
**562,136**
**78,974**
**5,626,074**
**6,267,184**|
|---|---|---|---|---|
|**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**|
|---|---|---|---|---|
## **17. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR**
|Bursary fund|_Balance at 1_
_September_
_2020_
_£_
_-_
_-_|**Incoming**
**funds**
**£**
12,454
12,454|**Amounts**
**expended**
**£**
(12,454)
(12,454)|**Balance at**
**31 August**
**2021**
**£**
**-**
**-**|
|---|---|---|---|---|
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.
## **18. CONTRACTS AND COMMITMENTS**
Capital expenditure of £Nil _(2020: £nil)_ was contracted for at 31 August 2021.
Page 25
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. 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 £330,620 ( _2020: £377,924_ ) and at the year-end £Nil ( _2020 - £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. 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 a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.
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 revision 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 26
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED**
## **(LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. PENSION COSTS (CONTINUED)**
The school contributes on a defined contribution basis to Standard Life. Contributions totalling £93,102 ( _2020: £92,292_ ) were payable in the period. At the period-end £Nil ( _2020: £Nil_ ) was accrued in respect of contributions to this scheme.
## **20. RELATED PARTY TRANSACTIONS**
There are no related party transactions this year. 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 in the year was £nil _(2020: within the band £30,000 - £35,000)._
## **21. ANALYSIS OF MOVEMENT IN NET DEBT**
|Cash at bank and in hand|_Balance at_
_1 September_
_2020_
Cashflow
**Balance at**
**31 August**
**2021**
_£_
£
**£**
_3,035,622_
186,894
**3,222,516**|
|---|---|
Page 27
## **MALTMAN’S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
## **22. COMPARATIVE 2020 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 EXPENDITURE**
_Funds brought forward_
_at 1 September 2019_
**Funds carried forward**
**at 31 August 2020**|**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**|
|---|---|---|---|
Page 28