CHARITY NUMBER: 310633 COMPANY NUMBER: 00897432 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED B YGUARANTEE) TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Governors. Officers and Advisors Reference and Adminislralive Information Structure, Govemance and Management Objects, Aims. Objectives and Principle Aclniilies Provision of Information to Auditors Auditors Our Ethos, Strategy and Policie5 Review of Achievements and Performance for the Year Financial Review and Results for the Year Future Plans statement of Govemors, Responsibilib'es 10 Independent ALJditors' Report 11-14 Statement of Financial Activities 15 Balan Sheet 16 Cash Flow Statement 17 Notes lo 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 Icantabl (retired as Chairman 1 December 20221 Mrs D Honey BA (Honsl (appointed as Chaiman 1 December 20221 Mr J Auslin, Msc {appoinled 1 December 20221 Mrs R Ahluwalia BA {Honsl, MA, MCIPD lappoinled 1 December 20221 Mr S Ahluwalia LLB (Honsl, LLM (Employment Lawl lappointed 1 December 20221 Mrv Balra Bcom (Hons), ICAI, MBA Mrs C Beckwilh Bsc (Hons) Mrs J Bond Bsc IHonsl. MRICS Mr K Carson BA, MPhil IC8nlabl Mrs C Gowers, BA (Honsl Oxon MA {Oxonl Iresigned 2 December 20221 Ms K Paynter Bed IHonsl, DipSpLD, MAIEdl Mr D I Segall Esq, FCCA Mr R G Simmons Esq, BA (Honsl, PGCE- History Mrs D M Slarrs, MA (Honsl (Oxonl 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 Hoadmlstress Mrs J Walker Bsc (Hons). MA Ed. PGCE Bursar Mrs K O'shea BA (Hons), ACA Company Secrgtary Mrs Debbie Michael Irelired 31 January 20221. Mrs Sarah Beckwith lappoinled 1 February 20221 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 8ardays Bank PIC 16 High Street High Wycombe Buckinghamshire HP11 2BG Solicttors Veale Wasborough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Page 1
MALTMAN'S GREEN SCHOOL TRUST LIMITED GOVERNORS, REPORT The Governors, who are also charity Iruslees 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 laller Act, for the year ending 31 August 2022. The format and content of the report and financial slalements comply with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice." 'Accounling and Reporting by Charities, SORP IFRS 1021. REFERENCE AND ADMINISTRATIVE INFORMATION Mallman's Green School Trust Limited Ilhe School) operates within the Memorandum and Articles of Association, which was incorporated on 3rd 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 Governlng Document The School is governed by the provision5 of the Memorandum and Articles of Association, which were last amended in 2013. Charity Govemance 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 lo Governors at induction and throughout their tenure. The Board has an effective leadership slruclure which regularly provides strategic direction via Board meetings and sub-commillees. The Board is wholly dedicated lo the School and acts in ils interest accordingly. The standards expected from a Board member are sel out al induction and prior lo appointment Governors sign an annually reviewed Code of Conduct which has the Seven Principles of Public Life al ils core. Decision-making, risk and control are entirely functional and the Board strikes an exlIent balance between ensuring il 18 aware of operational matters without constraining the Headmistress and Bursar from the ability lo make dynamic, day-lo-day decisions. Levels of delegation in financial mallers are clear too, the School's tendering policy ensuring that high-value financial commitments are not entered into wilhoLJI full Governor oversight and approval. Governors also regulady review the School's risk register and are fully aware of the need lo manage all risk in as balanced a fashion as possible lo ensure future viability of the School in delivering ils charitable purposes. The Board possesses an excellent balance of skills and experience, and always seeks lo continue this through strong succession planning. Govornors have backgrounds in corporate governan. business, finance, law, consultancy, property development, marketing, IT and of course education. Governors commit tremendous amounts of lime lo the School and aside, from formal meeting reqLJirements, they regularly attend essential meetings on safeguarding and health and safety, as well as SUPF)Orting 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 allendance al 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 andlor inlervenlion. Governlng Body Govemors are elected al a meeting of the Board of Governors on the basis of nominations received lo 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, noi do they receive any fees or other remunaration 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. Al the Annual General Meeting. held on 29 November 2021, Mrs Debbie Slarrs and Mrs Joanna Bond having both served for more than nine years, did retire bul did offer themselves for re-election and were duly re-elected on an annual rotation. Twstee Training Governors attend local governor groups. schoollcharity conferences and governance training sessions. as appropriate lo their individual needs. Organisational Managèment The Govemors meet al least three limes a year to determine the general policy of the School and review ils 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 lemily before each meeting of the Full Govemors, Board. The Public Benefit and Bursaries Sub- committee meets termly lo consider the areas of public benefit offered by the School and to review requests for bursaries, lo consider applications for support and financial assistance for existing and future pupils and lo make recommendations to the Full Governors, Board. The Curriculum Sub-committee also meets lermly lo discuss the curriculum and educational developments across the School, lo ensure that the School meets its purpose of providing a high quality of education for 811 of ils PLJpils. The day-lo-day running of the School is delegated lo the Headmislress and the Bursar, supported by other teaching members of the Senior Management Team. Governors allend the Eco Council, and Health and Safety committee meetings, which meet lermly or as required, with the laller 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 sel by the Board. with the policy objective of providing appropriate incentives lo encourage enhand 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 lakes part in peer group studies at national, regional and local level for the evaluation of quality and performance improvement methods. The School aims lo foster links with the wider community, within planning conslrainls, through the sharing of Ils 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 wllh the Memorandum and Articles of Associalioll. are to acquire, carry on and develop Maltman's Green School and the curtilage, within which il 15 Sltuated. and to acquire and carry on in the United Kingdom any school for the education of children. In selling the objectives and planning activities the Govemors 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 Stale 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 PLJpils 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) Objectivos for the Year The Governors, main objective continued to be to provide a broad and stimulating education within secure and caring environment where each girl can discover and develop her own talents and slrenglhs. As well as educating pupils lo achieve the high academic standards as they move lo a wide range of senior schools, the School continues lo provide a wide range of extra-curricular activities which aim to foster personal qualities such as self-reliance, delem)ination, confidence and respect for others. The Governors sought lo promote the Bursary Scheme and widen access for those in the local community seeking admission who would not otherwise be able lo send girls lo the School. A good number of bursary applications were received with awards being made lo deserving applications that met the means testing requirements. In addition, the Governors continued lo 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 lo be in good order and are maintained lo a high standard. The majority of facilities spend contiriues lo be direGled lo 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. The Governors remain committed to sharing School facilities and expertise with other local slate schools, particularly through the use of the swimming pool, and by hosting local educational events attended by pupils and staff from the maintained sector. Prlnclpal Activty The School's principal activity continues lo be the provision of a Day School for 2 - 11 year-old girls. Volunteers The FOMG (Friends of Mallman's Greenl 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 lo record their appreciation of the Continued and valuable support of this work. PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Govemors al the time when this Governors, report is approved has confirmed Ihal.. la) so far as that Governor is aware, there is no relevanl audit information of which the School's auditors are unaware. and (bl that Governors have taken all the steps that they ought to have taken as a Governor in order lo 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 infomialion. AUDITORS In accordance with Section 485 of the Companies Act 2006, a resolulion proposing the reappolnlment of Crowe UK LLP as auditors of the School Trust will be put lo the Annual General Meeting. Page 4
MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT OUR ETHOS, STRATEGY AND POLICIES The Governors are resFx)nsible for setting a strategy for achieving the objectives they have sel. The focus of this strategy is on the development of our pupils, their continued high levels of academic and co- curricular achievement and lo further widen access lo the education the School provides. Our Stratègy The Governors aim lo widen pupil access lo the School by ensuring, within financial constraints, that a proportion of the pupils who would not otherwise attend the School can benefit frorn the education il provides thereby continuing the School's tradition of providing public benefit and lo meet the Charity Commission's requirements from lime to lime. Our Ethgs The School welcomes pupils from all backgrounds and lo deliver lo them a broad and slruclureLI academic, physical. social and moral education. The School is committed lo continuing the activities it currently carries out lo benefit children other than pupils al the School. Grant-making and Access Pollcy The School operates a Bursary scheme lo support, on a means-lested basis. pupils that would not otherwise be able lo attend the School with grants available for up to loo0 of fees. The Governors continue lo allocate monies lo a designated fund lo contribute towards the cost of future Bursaries. The balances retained for the cost of future Bursaries and financial support al 31 August 2022 were.. Restricted fund £Nil - Funds reiVed were transferred lo fund the bursaries awarded Designated bursary fund £590,707 For the financial year 2021122 the amount awarded in the form of Bursaries was £96,160. Charitable Fundraising The School ensures that ils fundraising is compliant with the recognised standards of fvndraising sel out in the Charities (Proleclion and Social Inveslmenl} Act 2016. The School raises funds for additional equipment through the Friends of Maltman's Green IFOMG} which is comprised purely of parent volunteers. FOMG run internal events lo 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 Mallfesl. On occasion. external organlsalions pay for setting up a stall al the Christmas Fayre. The School lebrated ils 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 lo be raised and in 2021122, a total £1.600 was assigned to the designated fund for 2021122 Bursary awards. The School did not use professional or commercial fund raising entities for any of these activities. The School was not subject lo an undertaking to be bound by any voluntary scheme for regulating fund-raising in 2021122. As a consequence, there are no examples of failure lo comply with a particular scheme or standard. The School monitors FOMG through its appointed liaison, and the Headmistress and Bursar meet periodi¢ally with the Chair of the FOMG lo discuss fundraising activity and agree the best approach. The School received no complaints regarding ils fundraising activities in 2021122, and experience shows that using a parent body lo fundraise almost predominantly from current and past parents limits any potential for intrusion or concern from the wider public. Safeguarding Pollcy The School is committed lo safeguarding and promoting the welfare of the pupils and expects all staff and volunteers to share this commitment. Paoe 5
MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED) REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational Performance of thg School Academic Achievement. For the 2021122 academic year, our giA8 achieved a record 81Vo qualification rale in the Bucks Secondary Transfer Tesl111 +1. These girls were eligible lo join local grammar schools such as Beaconsfield High School and Dr Challoner's High School. Our gids also received offers lo excellent independent senior schools including The Royal Masonic, Wycombe Abbey, Berkhamsled School, Sl George's School Ascot and Queen Anne's School Caversh8m. Twenty scholarships were offered lo leading independent schools, including nine academic scholarships, all-rounder scholarships, seven sport scholarships, one drama scholarship and one music scholarship. ort. With life starting to gel b2¢k lo normal in school, il was lovely lo start the year with an extremely busy extra-curricular schedule. We were still able to run inler-house events and organised House football and cross country in the Autumn term, house games and house netball in the Spring term and the Summer is always finished by our annual Sports Day. Although we had a few fixtures cancelled due lo COVID outbreaks in different year groups, we had the opportunity lo compete in matches in football, netball and alhlelics during the these afternoons. We were lucky enough to welcome some visitors on-site this year, Tracey Neville IEx-England Netball coach) came and gave maslerclasse5 for our Prep girls, and Charlie Fogarty IMBEI came and gave the girls an assembly about overcoming his brain injury lo be a professional footballer, before giving the girls a coaching session. We saw the addition of Dance and Lacrosse lo our curriculum, allowing the girls to experience even more sports. The Year 6 girls have been given the opportunity to become 'Sport Captains, and to take responsibility in their sport for the younger year groups. All of Year 6 were trained lo be Sport Leaders, an accredited award, allowing them to learn the selup, coaching and evaluation skills you need to teach sport sessions. Towards the end of the Summer term. we allended some cricket and tennis fixtures against other schools. We held our annual Gymnastics Show, with over 100 girls performing lo their parents. We even managed lo get Wimbledon tickets again, and look the U11 tennis squad lo watch some amazing tennis. mnaslics. As in swimming, we have created our own Maltman's Gym Award Scheme which is based on the British Gytnnaslics award. 11 has 16 levels, allowing the girls from Reception to Year 6 to work towards a certrficale. Annual trials for squads were held in July, allowing and all squad girls competed in a variety of competitions held by ISGA and BSGA. In the Autumn, we attended the IAPS and ISGA championships. The teams did extremely well, U9- Gold, U10- Bronze and U11- Silver on the Saturday and U9- Bronze and U11- Gold on the Sunday! In March, our squad girls went to Tormead lo compete at the ISGA Championships, another SUC$sful weekend after all their hard work, ug- Bronze, U10- Silver and U11- Gold. Later in the Spring, the U11 girls went lo the BSGA Finals and BSGA Acrobatics Finals, with the girls taking Gold making them National Championsl Finishing off the year, the U11 girls went to the BSGA Championships and came 2nd in floor and vault, 1 Et in tumbling, 4th in acro and 2nd in the acro group. Another amazing year for gym at MGS. Swimmin We are still holding Nursery and Little Mallies swimming each week, allowing the girls lo build their confidence in the pool and learn the basics of kicking and moving through the water. The girls are awarded Iheir'Duckling Award, throughout their swimming lessons, lo show their progress in the water. After 18 months with no swimming galas, il was great to be able to have the girls back in the pool and parents being able lo speclale. The school hosted three separate Division 10 League Galas. Each gala had 5 visiting schools and over 150 participants. We have also started lo organise more friendly galas with local schools, to allow our Club and Training level girls lo experience a competitive swimming gala. In the Spring, we hosted the IAPS Swimming Qualifiers for children aged U10-U13. 5 Schools came lo the event with their lop swimmers, allowing the finalists to compete al the London Aquatics Centre. 5 girls qualified for the ESSA Swimming Southeast Division and swam at Woodside Stadium. Tennis. We are lucky enough lo be able lo offer tennis throughout the year, allowing girls to progress well in their tennis skills. The girls are offered tennis matches in the summer against other schools and the U11 squad girls even get a th'p lo Wimbledonl Page 6
MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED) Netball. All the girls from Year 3-6 experien netball in their oames afternoons and we offered extra- curricular clubs for performan and training levels. We were fortunate enough lo welcome ex-England Coach Tracey Neville in the September and January, allowing our Year 3-6 girls lo experience coaching from a professional. In the Spring, the U11 A squad went to the IAPS tournament held al St Georges, the girls played so many m8lches and came 41h overall. Musi Drama and Dance. 11 was wonderful lo have all of the girls singing and making music together again this school year. Members of the Upper Choir had the opportunity lo perform at the annual Christmas Fun Night in Chalfont St Peter. ABRSM examinations were only held across the school year th over 50 girls entered. Instruments examined were singing, piano, violin, flLJle, harp and guitar, with grades covered from Prep to Grade 4. Speech and Drama exams through LAMDA were undertaken in the Spring term Mth exceptional results. In Year 3 and 4, 22 students entered the Entry Level in Speaking, Verse and Prose examination with 15 Distinctions and 7 Merits awarded. Level 1 Grade 1 Speaking, Verse and Prose, 35 students were entered with 14 Distinctions and 19 Merits awarded. In Year 5 and 6, Acting Level 1 Grade 1 examination, 12 entries with 8 Dislinclions, 3 Merits and 1 Pass awarded. Acting Level 1 Grade 2 examination, 16 entries with 4 Merits and 12 Distinctions awarded. Also in the Spring term, the Year 4 girls performed an amazing production of Roald Dahl's Revolting Rhymes. After several years of reslriclions, il was truly a pleasure lo see the girls on stage singing again. In the Summer term, Year 6 absolutely mesmerised the school with their energetic performance of Matilda The Musical. Ballet, Modern and Street Darn- these activities continue lo appeal lo the girls with 100 children from Little Mallies upwards participating in Ballet, Modern or Street Dance. Finally, the School continues lo provide an excellent outdoor curriculum. 11 holds the Eco-schools green flag and recognises that sustainability is an essential parl of all aspects of life within Ihe School. Public Bengfit The School positively encourages the girls lo become involved in a wide range of charrf(ies. During the year, their collective efforts and those of their parents raised a fantastic £6,111 for a variety of causes, whilst al the same lime building a strong understanding of the importance of charitable giving. Charities supporteé included.. BBC Children In Need raised £1,549 Comic Relief raised £700 Thames Valley Adventure Playground raised £728 Jeans for Genes Day raised £800 Over £750 raised for Roald Dahl's Marvellous Children's Charity As well as a huge donation of harvest goods for the London & Slough Run which suppoils homeless people. The School continued lo make ils facilities available for wider use locally, including weekly use of the swimming pool by Sl Joseph's Primary School. In addition. swimming clubs {Swimwell, Beaconsfield Swimming, Amersham Swimming Club and Chalfonl Otters) continued lo use the facility. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School had a loss of income over expenditure of £92,401 being -1.9. of total income which was due lo the fact that a significant amount of revenue spend. which had been deferred from the previous year due lo COVID-19, was undertaken. Page 7
MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED) The School's Balance Sheet shows net assets of £6,174,783. The School's assets are sufficient lo fulfil its obligations. The School has Continued lo perform a detailed review of its cash flow forecasts and future budgets to ensure that il remains financially robust. Reseryes Policy The School's unrestricted funds stood at £6,174,783 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 £1,784,385 which is considered lo be more than sufficient to meet operational needs. The Governors, policy is lo continue lo maintain reserves lo al least £450,0001 by means of annual operating surpluses and lo invest in developing the School's facilities lo meet the School's ch2ri1able objects. Whilst the Governors are aware that reserves are currently well alK)ve this level they feel that this is fully justified as a prudent approach given the present financial threats facing the sector and the constant need lo build funds for future capital projects. FUTURE PLANS The School wntinues to maintain good pupil numbers in a competitive market. The eslablishmenl of the pre-school in January 2017 has helped ensure sustainable numbers al the bottom end of the School too, and a healthy pull through lo Year 6. The Governors continue lo promote the Bursary Scheme through local advertising and the School website. The School offers places across Reception lo Yoar 6 and Governors have ensured that eligibility crileri8 have kept pace with fee rises by ensuring perntage awards give the bast F)ossible fil with parent average salaries. The School continues lo look lo widen the public benefit on offor lo 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 lo review the School's facilities lo consider what further developments might bring benefits lo the wlder-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 miligaled. 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. Prlncipal Risks and Uncertainties The Governors continually monitor Ihe financial viability of the School against the overall economic climate to identify any future potential financial risks. Both income and costs are closely analysed lo ensure future Performan is tracked according lo plan and any changes implemented quickly and efficiently. The School's approach lo Safeguarding is another key area for Governors lo monitor. The Governing body appointed Mrs Deborah Slarrs as ils Safeguarding Governor. The Safeguarding Governor allends School regularly to discuss safeguarding mallers 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 th8 School, with findings fed back to the Head and Board of Governors Based upon one month's OpEx rOundep. Page 8
MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED) Health and Safety is an area that requires close attention. Such risks range from fire lo infrastructure and School events. Whole school management, for example, the maintenance of policies and procedures, is regulady 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 pul in place and maintained lo miligale 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 Goveining Body of the Mallman's Green School Trust on 16 March 2023, including in their capacity as company Directors approving the Strategic Report containe& therein, and is signed as aulhorised on its behalf by: D Honey Chaiman of Govornors Page 9
MALTMAN'S GREEN SCHOOL TRUST LIMITED STATEMENT OF GOVERNORS, RESPONSIBILITIES STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors Iwho are also directors of Mallman's Green School Trust Limited for the purposes of company lawl are responsible for preparing the Governors, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally ACpIed Accounting Practice Iunited Kingdom Accounting Slandards}- Company law requires the Trustees lo preparefinancial slalemenls for each financial year. Under company law the Trustees musl not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate 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 slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., slate whether applicable UK accounting standards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls,. and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explaSn the charitable company's Irans2¢1ions, disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial slalemenls 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
A Crowe Crowe U.K. LLP Gh8rter8dA¢¢ouniants Member ofcrowe Glob Aquis House 49-51 Blagrave Street Reading Bert¢shirg RG11PL. UK Tel +44101118 959 7222 F8x +44101118 958 4640 ¥v¥vw.uow$.fy).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 2022 which comprise slaternenl of financial activities, the balance sheet and notes to the financial stslemenls, including 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 2022 and of ils incoming resources and application of resources, including ils 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 {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo 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 rolating to going Concèrn In auditing the financial statements, we have concluded that the Iruslees, 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 idenlrfied any material un¢ertainties re121ing lo 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 aulhorised for issue. Our responsibilrties and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. Page 11
•, Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALTMAN'S GREEN SCHOOL TRUST LIMITED (CONTINUED) Other informatlon The trustees are responsible for the other information Gonlained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such materi81 inconsistencles or apparent material misslalements, we are required lo determine whether this gives rise lo a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misslalemenl of this other information, we are requlred to report that fact. We have nothing lo report in this regard. Oplnlon on other matter prescribed by the Companies Act 2006 In our oplnion based on the work Ljndertaken in the course of our audit the infomialion given in the Trustees, Annual Report for the financial year for which the finanaal statements are prepared is consistent with the financial slalemenls,. and The Trustee's 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 charitable company and its environment obtained in the course of the audit, we have not identified material misslalemenls in the trustee5' annual report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report lo you rf. in our opinion.. adequate accountlng records have not been kept., or the financial statements are not in agreement with the accounting records and returns-, or certain disclosures of Iruslees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Page 12
Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALTMAN'S GREEN SCHOOL TRUST LIMITED (CONTINUED) Responsibilitles of Trustees As exp18ined more fully in the trustees, responsibilib'e5 Statement sel out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Iruslees determine is necessary lo enable the preparation of financial slalements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or lo ce8se operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Extent to which tha audlt was considered capable of detectlng irregularitles, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misslalemenl of the financial statements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo 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 slalements. The laws and regulations we considered in this context were the Companies Act 2006. Charities together with the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the lated financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls but compliance with which might be fundamental lo the charitable company's ability lo 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 We The Education Ilndependent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to idenlrfy non-compliance with these laws and regulations lo enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. Page 13
Crowe A
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAL TMAN'S GREEN SCHOOL TRUST LIMITED (CONTINUED)
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of nursery 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 nursery 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 non compliance 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 non compliance with all laws and regulations.
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
20 March 2023
Page 14
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 AUGUST 2022 Notes Unrestrlct¢d Funds 2022 Restricted Funds 2022 Total 2022 Total 2021 Inwme from.. Voluntary income Donations 2,200 11,960 14,160 13,261 Charitable activities School fees receivable Other ancillary income Income from generated funds Other income Investments 4.500.813 275,954 4,500,813 275.954 4, 784,709 149.440 104,848 104,848 90.471 Total Incomg 4 897 439 5041404 Expenditure on: Charitable activitles School operating costs Raising funds Finance costs 4,988,123 11.960 5,000.083 4, 787.369 Total oxpenditurg 4 989 840 5 001 800 4 788 836 NET INCOMEI{EXPENDITUREI {92,401} {92,401} 252,568 Funds brought fornard at I Sgptember 2021 184 Fund$ carrled forward at 31 August 2022 15116 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 2022 COMPANY REGISTRATION NUMBER: 00897432 2022 2021 Notes FIXED ASSETS Tangible assets 3.702,261 3.726, 188 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 7.242 1,353,790 3200111 5, 785 7.202,390 3222516 4,561,143 4.430,691 CREDrroRS: Amounts falling due within one year 13 2 088 621 7 889 695 NET CURRENT ASSETS 2 472 522 2 540 996 TOTAL ASSETS LESS TOTAL LIABILITIES 6 174783 6 267 184 NET ASSETS FUNDS Unrestricted funds General funds Designated funds Restricted funds 16 16 17 5.486,646 688,137 5,626,074 641,110 TOTAL FUNDS These financial statements were approved and aulhorised for issue by the Board of Govemors and were signed on ils behalf on 16 March 2023. D Honey Chalmian of Governors The notes on pages 18 10 28 form part of these financial slalements Page 16
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatlng activities: Nel (expenditure)fincome Interest receivable Interest payable Depreciation of tangible assets Ilncrease} in stocks Ilncrease}Idecrease in debtors Increaselldecreasel in creditors Profil on disposal of fixed assets 192,401) 113,624) 252,568 (3,523) 296,504 11,457) 1151,4001 198.926 307,168 (242) (16,917) (272,833) Net cash provided by operating activities Cash flows from investing activtties: Interest recelved Payments 10 acquire 18nglble fixed assets Receipts from sale of fixed assets 13,624 {272,577) 3,523 (82.850) Net cash (used In) Investlng actlvltles Cash flows from financing activities: Repayments of loans Interest payable Net cash (used Sn> flnanc5ng actlvltles Change in cash and Gash equivalents in the reporting period 122,405) 186,894 Cash and cash equivalents at 1 September 2021 3 222 516 3 035 622 Cash and cash oqulvalent$ at 31 August 2022 The notes on pages 18 to 28 form part of these financial statements Pago 17
MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CHARITY INFORMATION Maltman's Green School Trust Limiled's principal acts'vity continues lo be the provision of a day school for 2 - 11-year-old girls. The incorporated charity (charity number 310633, company number 008974321, is domiciled in the UK. The address of the registered office is MaSlman's Green School. Maltmans Lane, Gerrards Cmss, Buckinghamshire, SL9 8RR. STATEMENT OF ACCOUNTING POLICIES The following accounting policies have been used consislenlly in dealing with items which are considered material in relation lo the charitable company. Accounting convontion The financial slalemenls have been prepared in accordance with Accounting and Rerx)rling by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wSlh the Financial Reporting Standard Spplicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191- Charities SORP IFRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 inltially recognised al historical cost or transaction value unless OtheISe slated in the relevant accounting pollcy nolelsl. Management have produced financial models showing 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 lo the School and the miligaling actions both taken and available lo be taken. The Governors consider there are no material uncertainties relating lo going concern and that the School has adequate resources lo continue its activities for al least the twelve months lo 31 August 2024. Accordingly, they continue lo operate the going concern basis in preparing the financial statements. bl Income l incoming resources are included in the Statement of Financial Activities when the charitable company is legally enlilled lo the income. receipt Is probable and the amount can be quanlrfied with reasonable accuracy. Grants are accounted for under the performance model as permilled by the Charity SORP. CJRS grant income is therefore recognised on a slraighl line basis over the furlough period for each relevant employee. School fees School fees represent amounts receivable, less any discounts given, for luilion and extra-curricular acllvilles. less any bursary awards and financial support given. for the year ended 31 August. Fees paid in advance of future education are carried fonNard as defeed income. Page 18
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 d) Resources expended Resources expended are accounted for on an accru5 basis as soon as a liability is considered probable, discounted lo present value for longer term liabilities. Certain expenditure is apportioned to cost categories based on the estimated amount attributable lo that activity in the year. The irrecoverable element of VAT is included with the item of expense lo which il relates. Governan¢e support costs inctude an apportionment of the salaries of the Head Teacher and Bursar lo reflect the time incurred on slatulory governance issues. Tangible fixed assets and deprgciation Tangible fixed assets other than freehold land are staled al cost less depreciation. Depreciation is provided at rates calculated lo write off the cost less eslimaled residual value of each asset over its expected useful life. as follows'.- Freehold land School buildings & swimming pool Junior gymnasium and parents, car park Otjlbuildings, garages & fire alarms Swimming pool hall fittings & roof Computer equipment Furniture, tools and equipment Motor vehi¢les Swimming pool plant & equipment and 50/0 slraighl line 1 00/0 slraighl Ilne 200/y slraighl line 40/0 straight line 33.3Yo straight line 20019 straight line 250/0 straight line 50/0 straight line The Governors are satisfied that the market value of the fixed assets is in excess ol Ihelr book value. Tangible fixed assets are capilalised 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 -ye8r's depreciation is charged in the year of purchase. Pensions The School contributes lo the Teachers, Pension Defined Benefits Scheme al rates sel by the Scheme Actuary and advised lo the Board by the Scheme Administrator. The scheme is a mulli- employer pension scheme and il is not possible lo identrfy the assets and liabilities of the scheme, which are allribulable to the school. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. Effective 1 September 2022, the School exited Teachers, Pension Scheme and since that dale have been participating in a defined contribution pension scheme with employer contributions dependent on the contribution made by teachers. The School also conlribules lo a group personal pension scheme for non-leaching staff at 100/ty of annual basic pay, and these contributions are accrued accordingly. Unrestricted general funds g) These are funds which can be used in accordance with the charitable objects at the discrellon of the directors. h) Restrleted funds Income in restricted funds comprises donations received for the Bursary Fund which is used to support, on a means lesled basis. pupils that would not olhetwise be able lo 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 2022 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 lo allend the School, funding the fees from the relevant designated fund and the cost of extra-curricular aclivilies, residential trips and other extras from the reslricled fund. J) Financial instrumonts Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised al transaction value and subsequently measured al amortised cost. k) Cash and cash equivalgnts Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on noli¢e of not more than 24 hours. Cash equiv8lenls are highly liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts of cash with insignificant risk of change in value. 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 al earlier dales. The school does not therefore have an unconditional right lo relain the individual deposits for al least 12 months after the balance sheet dale and, in line with the requiremen15 in FRS 102, the balance of the deposits held at 31 August 2022 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented. 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, eslimales and assumptions about the carying 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 lo 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 eslimalion uncertainly. SCHOOL FEES 2022 2021 The School fee income comprises.. Gross fees Less.. Total bursaries and allowance5 4.603,802 114949 4.903. 796 f31540 4.488.853 4,772,256 Add back.- Bursaries paid for by restricted funds Page 20
MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 OTHER ANCILLARY INCOME 2022 2021 Exam fees Registration fees/ fees in lieu of noticel fee schemes Clubsl extra-curricular activities Tripsl events Sundry equipment salesl commissions receivable Other Book fair Income from FOMG 2.101 46,397 119,039 53.676 11.308 7,032 4,208 47.594 67,914 1, 193 9,t98 2.618 4.256 OTHER INCOME Included within Other Income is £nil12021.' £36,369) in respect of the Coronavirus Job Retention Scheme. TOTAL RESOURCES EXPENDED Staff costs Deprgciatlon Other Total 2022 Charltable activities School operating costs.. Teaching costs Welfare 2,459,102 35,313 179,585 482,222 9,398 3.356 240,528 43,222 100,952 383,216 678,041 359.451 11,960 2,569,452 421.885 1,098,154 884,895 11,960 Eslablishmenl expenses Support costs of schooling Grants. awards and prizes FOMG expenditure 3.156,222 296,504 1.547,357 5.000.083 Generated funds Finance costs Total resources expondod Comparative 2021 Staff costs Dgpreciation Other Total 2021 Charitablo a¢tivitles School operating costs.. Teaching costs Welfare Establishment expenses Support costs of schooling Grants, awards and prizes FOMG expenditure 2,380.895 28,150 157,526 498.988 9. 736 3,477 249, 179 44,776 92,427 350,857 620, 789 329, 173 8,942 2.483,058 382,484 1,027,494 872.937 8,942 3,065.559 307, 168 1.414,642 4,787.369 Generated fund5 Finance costs Page 21
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS 2022 2021 Wages and salaries Pension contributions lemployers) Social security costs lemployers} Other costs 2,453,046 425.904 268.595 2,363,932 423, 721 272,055 Average number of employees Teaching Non-leaching 61 20 62 23 85 Number of employees whose emolument$ fall within the bands £60.001- £70,000 £70,001- £80,000 £100.001- £110,000 In relation to the above higher paid employees. the total employer pension contributions during the year were £45,396 (2021.. £44,607). During the year, Govemors received £0 in respect of reimbursed expenses in respect of attending conferences and training courses (202f.' £0). During the year, setllement payments lolalling £15,000 were made to one person 12021.- one person received £2.8621. No remuneration or other benefits were received by the Governors during the year (2021.- None). Key managament 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 Nl conlribulions) received by key management personnel for their services to the School was £231.79312021.. £227,909}. NET INCOME 2022 2021 Net income is Stated after ¢harging'.- Depreciation Profit on disposal of fixed assets Auditors, remuneration audit other services 296.504 (4,7501 14.460 307, 168 f3,fl0 10. TAXATION M8ltrnan's Green School Trust Limited is a charity and is entitled for the current year lo the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. Pagg 22
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 11. TANGIBLE FIXED ASSETS Furnituro, t¢)ols, plant A888ts undvr course of COllStruction Fre8hold Land and building5 Ctsmpuler equipment Motr>r vehicles equlF¥nent Total Cost Al 1 September 2021 Additions Disposals 7.130,423 81,091 505,322 1,264,714 8,687 116,925 103236 51.720 8,952,179 272,577 149 960 65,874 Al 31 August 2022 7211514 410 773 1 334 915 9 074 796 Depreciation Al 1 September 2021 Charge for the year On disposal 3,535,672 201,728 455,837 1,182,762 31,844 62,932 46 724 51,720 5.225.991 296.504 149 960 At 31 August 2022 3 737 400 384 445 1 198 970 5 372 535 At 31 August 2022 At31 August 2021 The market value of the freehold property occupled by the School is thought to be considerably in excess of ils carrying value in the balance sheet. An open market value for the property cannot be reliably ascertained wilhoul undue expense. 12. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments and accrued income 1.249,259 28,203 1,084,997 45,108 1202 390 Page 23
MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 13. CREDITORS- Amounts falling due within one year 2022 2021 Trade creditors Taxes and social security Other creditors Ac¢ruals and deferred income 164.389 63.000 214,492 1646 740 48,961 59,273 250,408 1531 053 Deferred income total £1,542.901 (2021.. £1,464,054) and relates to school fees invoiced pre year end for the new school year. 14. COMMrrMENTS UNDER OPERATING LEASES Al 31 Augus12022 the School had future minimum lease payments due under non-cancellable operating leases for each of the following periods.. 2022 2027 Within one year Between one and five years 12,316 11,702 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted 2022 Restricted 2022 Total funds 2022 Tangible assets Current assets Current liabilities 3,702,261 4,561,143 2 088 621 3,702,261 4,561,143 2 088 621 Unrestricted 2021 Restrlcted 2021 Total funds 2021 Tangible assets Current assets Current liabilities 3,726,188 4,430,691 188969 3,726.188 4,430.691 1889 695 Page 24
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 16. UNRESTRICTED FUNDS.. MOVEMENTS IN THE YEAR Balance at I September 2021 Balance at 31 August 2022 Incoming funds Amounts expended Deslgnated funds Bursary fund FOMG General funds 562, 136 78,974 5 626 074 112,770 32,193 4 752 476 184,199} 113,737} 4 891904 590,707 97,430 5 486 646 Balance at f September 2020 Balance at 31 August 2021 Incoming funds Amounts expended Deslgnated funds Bursary fund FOMG General funds 500.504 71, 159 5 442 953 126,600 16,757 4 885 593 (64,968) (8,942) 4 702 472 562,136 78.974 5 626 074 17. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance al I September 2021 BalanGg at 31 August 2022 Incoming funds Amounts expended Bursary fun Income in reslricled funds comprises donations received for the Bursary Fund which is used lo support, on a means lesled basis, pupils that would not olheNise be abse to attend the School. Page 25
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 18. PENSION COSTS The School participates in the Teachers, Pension Scheme I the TPS'} for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £332,17212027.' £330,620) and al the year-end £Nil {2021- £NiO was accrued in respect of contributions lo this scheme. The TPS is an unfunded multi-employer defir¥ed benefits penslon scheme governed by The Teachers. Pensions Regulations 2010 {as amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go. basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parllamenl. The employer contribution rate is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rale for the TPS would increase from 16.40/0 to 23.60/0 from 1 September 2019. Employers are also required lo pay a scheme administration levy of 0.08% giving a lolal employer conlribullon rale of 23.680/0. 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 a15 March 2019. However, the assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission lo appeal tho 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 il will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remeéied. The government announced on 4 February 2021 that it Intends lo 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 belween 1 April 2015 and 31 March 2022 al the point they become payable. The TPS is subject to a cost cap mechanism which was put in place lo 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 Mccloudlsargeant case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consullalion was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public Consultation. the Government have accepted three key proposals recommended by the Government Actuary. and are aiming lo implement these changes in lime for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would he no changes lo benefits or member contributions required. The results of the cost cap valuation are not used lo sel the employer contribution rate, and HM Treasury has confirmed that any changes lo the employer contribution rale resulting from the 2020 valuations will lake effect in April 2024. Page 26
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 18. PENSION COSTS (CONTINUED) Until the 2020 valuation is completed it is not possible lo conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial slalemenls. Effective 1 September 2022, the School exited Teachers, Pension Scheme and since that date have been participating in a defined contribution pension scheme with employer contributions dependent on the contribution made by teachers. For non-leachers, the school contributes on a defined contribution basis to Standard Lrfe. Contributions tolalling £93,73212027.' £93, 1021 were payable in the period. At the period-end £Nil {2027.. £Nifj was accrued In respect of contributions to this scheme. 19. RELATED PARTY TRANSACTIONS There are no related party transactions this year {2021.' £Nil) 20. ANALYSIS OF MOVEMENT IN NET DEBT Balance at I Septemb&r 2021 Cashflow Balance at 31 August 2022 Cash al bank and in hand Page 27
MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 21. COMPARATIVE 2021 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2021 Restrlcted Funds 2021 Total 2021 Income from: Voluntary Inme Donations Charitable Activities School fees receivable Other ancillary income Income from generating funds Other income Investment income 807 12.454 13,261 4,784,709 149,440 4.784,709 149,440 90,471 90,471 Total Incomlng re$our¢es 5 028 950 Expenditure on.. Charitable activities School operating costs Raising Funds Finan Costs 4.774,915 12,454 4,787,369 Total expenditurè 4 776 382 4 788 836 NET EXPENDITURE 252.568 252,568 Funds brought forward at I Seplemb&r 2020 6014616 6014616 Funds carried forward at 31 August 2021 Page 28
MALTMAN'S GREEN SCHOOL TRUST LIMITED GOVERNORS, REPORT (CONTINUED Govemors serve for a minimum irf three years and a maximum of nine years. Ai the Annual General Meeting, held on 29 November 2021, Mrs Debbie Slarrs and Mrs Joanna Bond having both served for more than nine years, did retire bul did offer themselves for reeleclion and were duly re-elected on an annual rotation. Trustee Training Governors stlend local governor groups, schoollcharity conferences and governance training sessions, as appropriate to their individual needs. Organisational Management The Governors meet al least three times a year lo detemine 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 Propety Development Sub-commillee which meets termly before each meeting of the Full Governors, Board. The Public Benefit and Bursaries Sub- committee meets termly lo 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 Tecommendations to the Full Governors, Board. The Curriculum Sub-committee also meets termly to discuss the Curriculum and educational developments across the School, lo ensure that the Sch¢)ol meets ils purpose of providing a high quality of education for all of ils pupils. The day-to-day running of the School is delegated lo the Headmistress and the Bursar, supported by other leaching members of the Senior Management Team. Governors attend the Eco Council, and Health and Safely committee meetings, which meet lermly or as required, with the laller reviewing the adherence of the School lo 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 sel by the Board, with the policy objective of providing appropriate incentives lo encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's success. Organlsatlonal Structure and Relationships The Headmistress is an active member of the IAPS for the promotion and maintenance of preparatory school standards generally and also lakes 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 conslrainls, through the sharing of ils facilities and expertlS8. The School pool and sports facilities for example are used by many local ciubs. 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 lo the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on feehcharging. Strategic Aim and Intended Effect The School's strategic aim is lo benefit the public by the provision and advancement of preparatory education for girls independent of the Slate 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