CHARITY NUMBER: 310633 COMPANY NUMBER: 00897432 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED B Y GUARANTEE) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Governors, Officers and Advisors Reference and Administrative Infomialion Slruclure, Governance and Management Objects, Aims, Objectives and Principal Activities Provision of Infomialion to Auditors Auditors Our Ethos, Strategy and Policies Review of Achievements and Performance for the Year Financial Review and Results for the Year Future Plans Statement of Governors. Responsibilities 10 Independent Auditors, Report 11-14 Slalemenl of Financial Activities 15 Balance Sheet Cash Flow Stslemenl 17 Notes lo the Financial Statements 18-27 MALTMAN'S GREEN SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADVISORS GOVERNORS, OFFICERS AND ADVISORS Governors Mrs D Honey BA (Honsl lappoinled as Chairman 1 December 20221 Mrs C M Bradley, MA (Cantabl Irelired as Chairman 1 December 2022, resigned 23 November 20231 Mr J Auslin, Msc {appoinled 1 December 20221 Mrs R Ahluwalia BA (Honsl, MA, MCIPD lappoinled 1 December 2022, resigned 31 December 20231 Mr S Ahluwalia LLB (Honsl, LLM {Employmenl Lawl {appoinled 1 December 2022. resigned 31 December 20231 Mr V Batra Bcom (Honsl, ICAI, MBA Mrs C Beckwith Bsc IHonsl Mrs J Bond Bsc (Honsl, MRICS Mr K Carson BA. MPhil {Cantabl Mrs C Gowers, BA IHons) Oxon MA (Oxonl (resigned 1 December 20221 Ms K Paynler Bed (Honsl, DipSpLD, MAIEd) Mr D I Segall Esq, FCCA Mr R G Simmons Esq, BA {Honsl, PGCE- History Mrs D M Slarrs, MA (Honsl Ioxonl Miss Elodie Pierre BA (Honsl, PGCE (appointed 16 March 20231 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 {Honsl, MA Ed, PGCE Bursar Mrs K O'shea BA (Hons). ACA Company Secretary Mrs Sarah Beckwilh Registered Office Mallman's Green School Mallmans Lane Gerrards Cross Buckinghamshire SL9 8RR Auditors Crowe U.K. LLP Aquis House 49-51 Blagrave Street Readino Berkshire RG1 1PL Bankers Barclays Bank PIC 16 High Street High Wycombe Buckinghamshire HP11 2BG Solicitors Veale Wasborough Vizards LLP Narrow Quay House Narrow Quay Bristol 8S1 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 laller Act, for the year ending 31 August 2023. The formal and conlenl 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 IFRS 1021. REFERENCE AND ADMINISTRATIVE INFORMATION Maltman's Green School Trust Limited {Ihe 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 10£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 Govemance Code The Board fully adopts the principles of the Charity Governance Code. The Objects, Aims, Oblecllves and Principal Activities of the School are sel out below, and these are made clear lo Governors al induction and throughout their tenure. The Board has an effective leadership structure which regularly provides strategic direction via Board meetings and sub-commillees. The Board is wholly dedicated to the School and acts in its interest accordingly. The standards expected from a Board member are set out al induction and prior lo appointment Governors sign an annually reviewed Code of Conduct which has the Seven Principles of Public Life al its core. Decision-making, risk and control are entirely functional and the Board strikes an ex￿lIent balance between ensuring it is aware of operational matters without constraining the Headmistress and Bursar from the ability lo make dynamic, day-to-day de¢isions_ 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 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 aSways seeks lo 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 comm(t tremendous amounts of time to the School and aside, from formal meeting requirements, they regularly allend essential meetings on safeguarding and health and safety, as well as supporting other School events such as the Christmas Fayre and MallFesl celebrations. They also Carry out regular management checks on supplier payments, payroll and policy documents. The Boar communicates well with stakeholders, for example, staff via allendance al INSET days and pupils through involvement in regular learning walks. Governing Body Governors 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 recommenéations 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 remunerab'on 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 23 November 2023, Mr Rob Simmons and Mr Davld Segall having both served for more than nine years, did retire bul did offer themselves for re-oleclion and were duly ra*lecled as Public Benefit and Bursary Sub-committee Chairman and Finance Sub-commillee Chairman respectively on an annual rotation. Mr Kevin Carson did offer himself for re-election and was duly r8-elecled as Curriculum Sub- Committee Chairman by annual rolalion. Trustee Tralnlng Governors allend local governor groups, schoollcharity conferences and governance training sessions, as appropriate lo their individual needs. Organisational Managgrnent The Governors meet al least three limes 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 lermly before each meeting of the Full Governors, Board. The Public Benefit and Bursaries Sub-commillee meets lermly lo Consider the areas of public benefit offered by the School and lo review requests for bursaries, lo consider applications for support and financial assistance for existing and future pupils and lo make recommendations lo 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 ils purpose of providing a high qualty of education for all of ils pupils. The Marketing Sub-commillee meets On￿ a term lo ¢ondu¢l a wmprehensive analysis of the School's marketing slralegies. The committee takes a multi-year perspective on the marketing plan, continuously monitoring the trajectory of pupil numbers. The day-to-day running of the School is delegated lo the Headmistress and the Bursar, supported by other teaching members of the Senior Leadership Team. Governors allend the Eco Council, and Health and Safety committee meetings, which meet termly or as required, with the latter 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 Structurg 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 al 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 constraints, through the sharing of ils facilities and expertise. The School FK)ol and sports facilities for example are used by many local dubs. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES The objects of the School, in accordance with the Memorandum and Articles of Association, are lo acquire, carry on and develop Mallman's G￿en School and the curtilage, within which it is silualed, and lo acquire and carry on in the United Kingdom any school for the education of children. In selling the objecllves and planning activities the Governors have given careful consideration to the Charity Commission's general guidan￿ on public benefit and in particular to ils supplementary public benefit guidance on advancing education and on fee-charging. Page 3 MALTMAN'S GREEN SCHOOL TRUST LIMITED GOVERNORS, REPORT {CONTINUED) 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 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. 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 slrenglhs. As well as educating pupils lo achieve the high academic standards as they move to a wide range of senior schools, the School continues lo provide a wide range of extra-curricular activities which aim lo foster personal qualities such as self-reliance, delerminalion, confidence and respect for others. The Governors sought to promote the 8ursary 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 mel 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 continues lo be directed to addressing the findings of a school site conditioning survey. The School again supported a nLJmber of charities throughout the year, encouraging pupils lo participate in frjnd-raising activities whilst learning 8bout different causes. The Governors remain committed lo sharing School facilities and expertise with other local stale schools. particularly through the use of the swimming pool, and by hosting local educational events attended by pupils and staff from the maintained sector. Prlncipal 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 Mallman's Greenl helped with the School community'5 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 Govemors al the lime when this Governors, report is approved has confirmed that.. (al so far as that Governor is aware, there is no relevant audit information of which the School's auditors are unaware, and {bl that Governors have taken all the steps that they ought lo have taken as a Governor in order to be aware of any relevant Infomiation needed by the School'5 auditors in connection with preparing their report and lo 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 reappoinlmenl of Crowe UK LLP as auditors of the School Trust will be pul lo the Annual General Meeting. Page 4 MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT OUR ￿H05. STRATEGY AND POLICIES The Governors are responsible 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 c( curricular achievement and lo further widen access lo the education the School provides. Our Strategy The Governors aim lo widen pupil access lo the School by ensuring, within financial constraints, that a proportion of the pupils who would not olhenmise allend the School can benefit from the education il provides thereby continuing the School's tradition of providing public benefit and to meet the Charity Commission's requirements from tlme to lime. Our Ethos The School welcomes pupils from all backgrounds and to dellver to them a broad and structured academic. physical, social and moral education. The School is committed lo continuing the activities il currently carries out lo benefit children other than pupils at the School. Grant-maklng and Access Policy The School operates a Bursary scheme lo support, on a means-lesled basis, pupils that would not otherwise be able to allend the School with grants available for up to 100'k 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 as al 31 August 2023 were.. Reslricled fund £Nil - Funds received were transferred lo fund the bursaries awarded Designated bursary ftjnd £735,225. For the financial year 2022123 the amount awarded in the form of Bursaries was £121,478 Charitable Fundralslng The School ensures that ils fundraising is compllanl with the recognised standards of fundraising sel out in the Ch8rilies (Proleclion and Social Inveslmenll Act 2016. The School raises funds for additional equipment through the Friends of Mallman's Green IFOMGI which is comprised purely of parent volunteers. FOMG run internal events to fftise 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 Mallfest. On occasion, external organisalions pay for selling up a stall al the Christmas Fayre. The School celebrated ils Centenary year in 2018 and The 100 Club was sel up lo raise additional funds. The scheme is managed internally by the Bursar and Head of Marketing. Funds continue to be raised and in 2022123. a lolal £500 was assigned lo the designated fund for 2022123 Bursary awards. The School did not use professional or commercial fund-raising enlilies for any of these aclivilie5. The School was not subject lo an undertaking lo be bound by any voluntary scheme for regulating fund-raising in 2022123. As a consequence, there are no examples of failure to comply with a particular scheme or standard. The School monitors FQMG through its appointed liaison, and Ihe 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 ils fundraising activities in 2022123, and experience shows that using a parent body lo fundraise almost predominantly from current and past parents limits any potential for intrusion OT concern from the wider public. Safeguarding Policy The School is committed lo safeguarding and promoting the welfare of the pupils and expects all staff and volunteers lo 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 the School Academic Achievement. For the 2022123 academic year, our girls achieved a record 85 % qualrfi¢alion rate in the Bucks Secondary Transfer Test {11+1. These girls were eligible to join local grammar schools such as Beaconsfield High School and Dr Challoner's High School. OLJr girls also received offers lo excellent independent senior schools including The Royal Masonic, Wycombe Abbey, Berkhamsled School, Chellenham Ladies College and Downe House. Eleven scholarships were offered lo leading independent schools. including eight academic scholarships, one sport scholarships and one drama exhibition. orl. As is the norm al Mallman's September brought with il an extensive extracurricular programme that gave all girls the opportunity lo participale in sport. We sprinkled interhouse competitions throughout the year which included inlerhouse cross-counlry, football, netball, endurance swimming and the newly added inlerhouse dance which was a huge hil with our Prep community. As always, the year was finished with the highlight of Sports Day which saw our parents enjoying canapes in the sun whilst watching their daughters having fun and representing their house. At the start of the year the department arranged for former England Netball Players lo give a masterclass lo the girls which helped the girls improve their passing, shc)oling and footwork skills. We had a large number of fixtures last year in netball. football, tennis, athletics and cricket. Year 5 were also able lo experience a whole day of Lacrosse practice offsite. Our Year 6 girls had great success al IAPS this year and played extremely well. The Year 6 girls continue lo have the opportunity lo be 'Sport Captains, and lo take responsibility in their sport for the younger year groups. All of Year 6 were trained to be Sport Leaders, an accredited award, allowing them lo learn the setup, coaching and evaluation skills you need to leach sport sessions. Towards the end of the year we held our annual Gym Show which was a huge success. Both parents and the girls had a fantastic evening and il was the perfect opportunity lo showcase the skills they had learned throughout the year. mnaslics. As with swimming, we have created our own Maltman's Gym Award Scheme which is based on the British Gymnastics award. 11 has 16 levels, allowing the gids from Reception lo Year 6 to work towards a certificate. 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 March, our squad girls travelled lo Stoke on Trent lo compete at the U10 ISGA Nationals and won Silver for their Team. The U10 and U11 souad girls also travelled lo Soulhamplon to compete in the BSGA Acro and TLJmbling Regionals where the U10 team won gold and the U11 team won silver. At the BSGA Milano Nationals the U11 team won Bronze which is 8 huge achievement as schools across Brltain attend this competition. The U11 team also won bronze al the BSGA U11 Acro Nationals. 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 their 'Duckling Award, throughout their swimming lessons, to show their progress in the water. The school hosted Division 10 League Galas again this year, all of which were a huge success. Each gala had 5 visiting schools and over 150 parlicipanls. We have also started lo organise more friendly galas with loca5 schools, lo allow our Club and Training level gids to experience a competitive swimming gala. 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 our U11 tennis performance girls attended a prestigious tennis competition at Queenswood. Netball. All the girls from Year 3-6 experience netball in their games afternoons and we offered extra- urricular clubs for performance and training levels. We were very lucky lo welcome former England Netball players at the start of the year lo take a maslerclass for the girls, allowing our Year 3-6 girls lo experience coaching from a professional. In the Spring, the U11 A squad went lo the IAPS tournament held al Kent College, reaching the semi-finals. Page 6 MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT {CONTINUED) Football. We have Started lo increase our football provision this year. induding more football fixtures in our Autumn Term. In the Summer Term our U11 A team look a long trip lo Portsmouth lo lake part in the IAPS football competition. The girls did amazingly well and wont the final match of the plate competition. Music Drama and Dance. It was wonderful lo have all of the gids singing and making music logelh8r again this sch￿1 year. Members of the Upper Choir had the opportunity to perform al the annual Christmas Fun Night in Chaifonl Sl Peter. ABRSM examinations were only held across the school year wtth over 50 girls entered. Instruments examined were singing. piano. violin, flute, harp, cello, cornel and guitar. with grades covered from P￿p lo Grade 4. Speech and Drama exams through LAMDA were unéertaken in the Spring term with exceptional results. In year 2. 20 students entered Solo Inlroduclory Stage 3 with 18 distinctions and 2 merits awarded. In Years 3 and 4, 11 students entered the Entry Level in Speaking, Verse and Prose examination wllh 8 Distinctions and 3 Merits awarded. Grade 1 Speaking, Verse and Prose, 21 studen15 were entered wlth 17 Distinctions and 4 Merits awarded. In Year 5 and 6, Acting Level 1 Grade 1 examlnallon, 30 enlrles wllh 21 Distinctions and g merits awarded. Acting Level 1 Grade 2 examinatlon. 10 entrles wlth 1 Mertls and 9 Distinctions awarded. Also in the Spring term, the Year 4 girls performed an amazing production of The Lion King. In the Summer term, Year 6 absolutely mesmerised the school with their energetic performance Annie. Ballet, Modern and Street Dance- these activities continue lo appeal lo the girls with 100 children from Little Mallies upwards participating in Ballet, Modern or Street Dar￿e. Finally, the School continues to provide an excellent outdcrf)r ￿rriCulUM. It holds the EC(￿SchOOls greon flag and recognises that sustainability is an essenlial part of all asp￿ of lrfe wlhin the Schod. Publle Benefrt The Schwl positively encourages the girls lo become involved in a wde range of charities. During the year. their collective efforts and those of their parents raised a fantastic £8,796 for a variety of ￿use$, whilst al the same time building a strong understanding of the Importan￿ of charitable giving. Charilieg suppcffled induded". £1269 raised for Roald Dahl's Marvellous Children's Charity BBC Children In Need raised £97S Thames Hospice raised £803 Comic Relief raised £591 British Legion Poppies £543 Dogs Trust Harefield £535 As well as a huge donation of harvest goods for the London & Slough Run which suppryts homeless people. Th8 School continued lo make ils facilities availatAe for wider use l¢)cally. including weekly use of the swimming pool by Si Joseph's Primary School. In addition, swimming clubs Iswirnwell. Beaconsfield Swimming, Amersham Swimming Club and Chalfonl Otlersl continued lo use the facilty. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School had a loss of income over expenditure of £1￿,379 being-3.7% of total income whKh was due to the fact that the School continued lo undertake a signrficant amount of planned revenue spend. which had baen deferr￿1 from previou5 years due to COVID-19. Page 7 MALTMAN'S GREEN SCHOOL TRUST LIMITED STRATEGIC REPORT (CONTINUED) The School's Balance Sheet shows nel assets of £5,978,404. The School's assets are sufficient to fvjlfil its obligations. The School has continued lo perfomi a d8lailed review of its cash flow forecasts and future budgets lo ensure that it remains financially robust. Reserves Pollcy The School's unrestricted funds stood al £5,978,404 al 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 £1,503,124 which is considered lo be more than sufficient lo meet operational needs. The Governors, policy is lo continue lo maintain reserves lo al least £450,0001 by means of annual operating surpluses and to invest in developing the School's facilities to meet the School's charitable objects. Whilst the Governors are aware that reserves are currently well above this level they feel that this is fully justrfied as a prudent approach given the present financial threats facing the seclor and the constant need lo build funds for future capital projects. FUTURE PLANS The School continues to maintain g(x)d pupil numbers in a competitive market. The establishment of the pre-school in January 2017 has helped ensure sustainable numbers al the bollom end of the School loo, 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 Year 6 and Govemors have ensured that eligibility criteria have kept pace with fee rises by ensuring percentage awards give the best possible fil with parent average salaries. The School continues lo look lo widen the public benefit on offer lo the local and wider community in a way that matches the School's aims and encourages support of local community initl81ives. The Governors will continue to review the School's facilities to conslder what further developments might bring benefits to the wider community. Rlsk Management The Govemors 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 conlrols 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 Safely, Food Hygiene, Employment Law and Human Rights. PrinGipal Rlsks and UnGertainties The Governors continually monitor the financial viability of the School against the overall economic climate lo identify any future potential financial risks. Both income and costs are closely analysed lo ensure future performance is tracked according lo plan and any changes implemented quickly and efficiently. The School's approach to Safeguarding is another key area for Governors lo monitor. The Governing body appointed Mrs Deborah Slarrs as ils 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 Based upon one rnonlh's OpEx rounded-up. 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 infraslruclure 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 idenlrfied, appropriate Controls have been put in place and mainlalned 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 Mallman's Green School Twst on 6 fvAarch 2024. including in their capacity as company Directors approving the Strategic Report oontained therein, and is signed as authorised on ils behalf by.. D Honey 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 lawl 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 lo prepare fin8ncial slalemenls 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 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 stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistenuy., 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 mater181 departures disdosed and explained in the financial slalemenls,. and prepare the financial slalements on the going concern basis unless il is inappropriate lo 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 al any lime 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 conslitulion. 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** _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 MAL TMAN'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 2023 which comprise statement of financial activities, the balance sheet and notes to the financial statements, 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 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 trustees' 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 trustees 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 information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial staleThents and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl othe￿1$e expllcitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in (Joing so, consider whether the other information is materially inconsislent with the financial slalements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled_ If we identify such material inconsistencies or apparent maleriol misstalemenls. we are required lo delemine whether this gives rise lo a material misslalement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo reporl that fact. We have nothing lo 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 slalemenls 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 y￿ 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 idenlrfied material misstatements in the trustees, annual report. We have nothing to report in respect of the followlng mallers in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept., or the financial stslemenls 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 re￿iVed all the information and explanations we require for our audit. Page12 Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALTMAN'S GREEN SCHOOL TRUST LIMITED (CONTINUED} Responsibilities of Trustees As explained more fully in the trustees, responsibilities 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 slalemenls and for being satisfied that they give a true and fair view, and for su¢h internal control as the Iruslees determine is necessary lo enable the preparation of financial stslemenls that are free from material misslalement, whether due to fraud or error. In preparing the flnancial slalemenls, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease 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 slalements as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always delecl a material misslalemenl when il exisls. Misstslemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalements in respect of irreoularilies, including fraud. The exlenl lo which our procedures are ¢apable of delecling irregularities, inclLJding fraud is detailed below- Extent to which the audit was consldered capable of deteding irregularities. including fraud Irregularities, including fraud. are inslan¢&s of non-compliance with laws and regulations. We identified and assessed the risks of material misstalemenl of the financial slalemenls from irregularities, whether due lo fraud or error, and discussed these belween our audit team members. We then designed and performed audit prO￿dureS responsive lo 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 wllhin which the charitable company operates, focusing on those laws and regulations th21 have a direct effect on the delerminalion of material amounts and disclosures in the financial slstemenls. The laws and regulations we considered in this context were the Companies Act 2006. Charities Act together with the Charities SORP IFRS 1021. We assessed the required compliance with these Saws and regulations as parl of our audit procedures on the related financial slalemenl 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 to the charitable company's ability to opemte or lo avoid a material penalty. We also Consider￿ the opporlunilies and incentives that may exist wlhin the charitable company for fraud. The laws and regulations we considered in this context were The Education {Independenl School Standards} Regulations 2014, Health and Safely, General Data Protection Regulations. Safeguarding and Food Standards. Auditing standards limit the required 2udil procedures to identify non-compliance with these laws and regulations lo enquiry of the Governors and other management and inspection of regulatory and legal corresponden￿, if any. Page 13 ## > **Crowe** ## **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. Alastair Lyon Senior Statutory Auditor For and on behalf of ## **Crowe U.K. LLP** Statutory Auditor ## **Aquis House** ## **49-51 Blagrave Street** ## **Reading** RG1 1PL 11 March 2024 Page 14 MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITUREACCOUND FOR THE YEAR ENDED 31 AUGUST 2023 Notes Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Income from: Voluntary income Donations 425 6,683 7,108 14, 160 Charitable activities School fees receivable Other ancillary income Income from generated funds Other income Investments 4,819,686 263.786 4.819,686 263,786 4,50Q,813 275.954 90,029 90,029 104,848 Total income 5 261664 5 268 347 4 909 399 Expenditure on: Charitable 8Ctlvltles School operating costs Raising funds Finance costs 5,456.395 6,683 5,463,078 5,000,083 Total expenditure 5 458 043 S 464 726 5001800 NET INCOMEI(EXPENDITURE) 1196,3791 {196.379) (92,401) Funds brought fO￿ard at I Seplemb&r 2022 174 3 6267184 Funds carried forward at 31 August 2023 14115 The notes on pages 18 10 27 form part of these financial statements Page 15 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET 31 AUGUST 2023 COMPANY REGISTRATION NUMBER: 00897432 2023 2022 Notes FIXED ASSETS Tangible assets 10 3,630,998 3,702,261 CURRENT ASSETS Stocks Deblors Cash at bank and in hand 4.720 1,507,228 2 935 124 7,242 1,353, 790 3200 111 4,447.072 4,561. 143 CREDITORS: Amounts falllng due wllhln one year 2 099 666 21 NEf CURRENT ASSETS 47 TOTAL ASSETS LESS TOTAL LIABILITIES NEf ASSETS FUNDS Unrestricted funds General funds Designated funds Restrlcted funds S,134,121 844,283 5.486.646 688,137 15 18 TOTAL FUNDS 14 These financial slalemenls were approved and authorised for issue by the Board of Governors and were signed on its behalf on 6 March 2024. D Honey Chalm)an of Govomors The notes on pag8s 18 to 27 fonn part of these fina￿la1 statements Page 16 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operating activities: Nel expenditure Interest receivable Interest payable Depreciation of tsngible assets Decreaselllncreasel in stocks Increase in debtors Increase in creditors Profil on disposal of fixed assets {196,379) 187.738) (92,401) (13,624) 286,828 2,522 1153,4381 11,04S 296,504 (1,457) (151.400) 198,926 Net cash provided by operating activities Cash flows from investing actlvltles: Interest received Payments to acquire tangible fixed assets Receipts from sale of fixed assets 87.738 {215,5651 13,624 (272,577) Net cash (used inl investing activities Cash flov￿ from financing activities: Repayments of loans Interesl payable Net cash (used inl financing activities Change in cash and cash equivalents in the reporting period 1264,987) (22.405) Cash and cash equivalents al 1 September 2022 3200111 3222 516 Cash and cash equivalents at 31 August 2023 The notes on pages 18 10 27 form part of these finar>cial statements Page 17 MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITY INFORMATION Mallman'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 Icharily number 310633, company number 008974321, is domiciled in the UK. The address ofthe ￿gIStered office is Mallman's Green School, Mallmans Lane, Gerrards Cross, Buckinghamshire, SL9 8RR. 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. 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 IFRS 1021 (effective 1 JanLJary 20191- Charities SORP {FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Mallman's Green School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy nolelsl. Management have produced financial models showing cash flows and future budgets, which have subsequently been reviewed by the Board of Governors. As parl 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 ijncerlainties relating lo going concern and that the School has adequate resources to conlinue ils activities for al least the twelve months lo 31 August 2025. Accordingly, they continue to operate the going concern basis in preparing the financial stalemenls. b} Income All incoming resources are included in the Slaternent of Financial Aclniities when the charitable company is legally enlilled 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 slraighl line basis over the furlough period for each relevant employee. 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 Garried 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 2023 d) Resources expended Resources expended are accounted for on an accruals 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 atlribulable lo that activity in the year. The irrecoverable element of VAT is included with the item of expense lo which il relates. Governan￿ support costs include an apporbonment of the salaries of the Head Teacher and Bursar to reflect the time incurred on statutory governance issues. Tangible fixed assets and depreciation Tangible fixed assets other than freehold land are staled al cost less depreciation. Depreciation is provided al r8tes calculated to write off the cost less estimated residual value of each asset over its expected useful lrfe, as follows".- Freehold land School buildings & swimming pool Junior gymnasium and parents, car park Outbuildings, garages & fire alarms Swimming pool hall fittings & roof Computer equipment Furniture, tools and equipment Motor vehicles Swimming pool plant & equipment 2Yo and 50A straight line 100/0 Str8ight line 200k straight line 40h slraighl line 33.30/0 slraighl line 20Q/o straight line 25,/¢ slraighl line 50A straight line The Governors are satisfied that the market value of the fixed assets is in excess of their b(K)k value. Tangible fixed as5els 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 -year's depreciation is charged in the year of purchase. Penslons Effective 1 September 2022, the School exited Teacher5, Pension Scheme and since that dale have been participating in a defined ¢onlribulion pension scheme with employer contributions dependent on the contribution made by teachers. The scheme is a mulli-employer pension scheme and il is not possible lo identfy 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 conlribules to a group personal pension scheme for non-leaching staff at 10.kn of annual basic pay, and these contributions are accrued accordingly. g) Unrestrlcted general funds These are funds which can be used in accordance with the charitable objects al the discrellon of the directors. h) Restrlcted funds Income in reslricled fund5 comprises donations received for the Bursary Fund which is used lo support, on a means tested basis, pupils that would not otherwise be able lo allend 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 2023 Designated funds The Govemors make transfers lo 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 attend 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. i) Financial instruments Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised al transaction value and subsequently measured at amortised cost. k) Cash and ￿$h 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 dale of acquisition and that are readily convertible to 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 Ihese 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 lo relain the individual deposits for al least 12 months after the balance sheet date and, in line with Ihe requirements in FRS 102, the balan￿ of the deposits held al 31 August 2023 have been included within current liabilities. The prior year Pupil fee deposits balance has been similady 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, 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 eslimales and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The Governors consider that there are no material judgements in applying accounting policies on key sources of estimation uncertainty. SCHOOL FEES 2023 2Q22 The School fee income comprises.. Gross fees Less.. Total bursaries and alloWan￿S 4,948,741 135738 4.603,802 114 949 4.813,003 4,488,853 Add back.. Bursaries paid for by restricted funds Pa9e 20 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 OTHER ANCILLARY INCOME 2023 2022 Exam fees Registration feesl fees in lieu of noticel fee schemes Clubsl extra-curricular activities Tripsl events Sundry equipment salesl commissions receivable Other Book fair Income from FOMG 3,408 16.823 131,666 61,611 8,817 5,392 4,274 2,101 46.397 119,039 53,676 11,308 7,032 4,208 TOTAL RESOURCES EXPENDED Staff ¢osts Depreciation Other Total 2023 Charitsble aGtivities School operating costs.. Teaching costs Welfare 2,600,127 37,408 193,828 496,622 9,092 3,246 232,679 41,811 120,851 458,750 811,686 430,128 20,167 2.730,070 499,404 1,238,193 968,561 20,167 Eslablishmenl expenses Support costs of schooling Grants, awards and prizes FOMG expenditure 3,327,985 286,828 1,848,265 5,463,078 Generated fiinds Finance costs Total resources expended Comparatlve 2022 Staff costs Depreclatlon Other Total 2022 Charltable actlvldes School operating Gosl$= Teaching costs Welfare Establishment expenses Support costs of schooling Grants. awards and prizes FOMG expenditur8 2.459, 102 35,313 179,585 482,222 9.398 3.356 240.528 43,222 100,952 383,216 678,049 359,451 11,960 2,569,452 421,885 1,098,154 884.895 11.960 3. 156.222 296,504 1,547,357 5,000,083 Generated funds Finance costs Total resourcas expended 29 Page 21 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STAFF COSTS 2023 2022 Wages and salaries Pension contributions {employers} Social security costs lemployersl Other costs 2,652,609 389,219 280,730 2,453,046 425,g04 268,595 Average number of employees Teaching Non-leaching 63 21 61 20 Number of employees whose emoluments fall within the bands £60,001 - £70,000 £70,001- £80,000 £100,001 - £110,000 £110,001 - £120,000 In relation lo the above higher paid employees. the total employer pension contributions during the year were £53,196 {2022_' £45,396J. During the year, Governors received £30 in respect of reimbursed expenses in respe¢l of allending conferences and training courses (2022.. £Nil). During the year, settlement payments lolalling £34,065 were made lo one person 12022.. one person received £75,000). No remuneration or other benefits were received by the Governors during the year (2022.. Nil). Key management personnel The key management personnel of the School comprise the Govemors, Head and Bursar as listed on page 1. The total amount of employee benefits lincluding employer pension contributions and employer Nl conlribulionsl received by key management personnel for their services lo the School was £236,572 {2Q22.' £231,7931. NET INCOME 2023 2022 Net income is slated after charging-_ Depreciation Profil on disposal of fixed assets Auditors, remuneration audit other services 286,828 296.504 (4,750) 14,460 19.920 TAXATION Mallman'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 2023 10. TANGIBLE FIXED ASSETS Furniture, too18, plant Assèts und course of ttOllStruction Freohold Land and bulldlng8 Comput8r 89ulpm8nt Motor vehicles qulpmant Totsl Cost At 1 September 2022 Additions Disposals Transfers 7,211,514 131,304 410,773 1,334,915 7,581 76,680 {50,6711 150,900) 65,874 51,720 9,074,796 215.565 {101.5711 At 31 August 2023 7 408 692 367 683 1 360 695 51 720 9 188 790 Depreclatlon At 1 September 2022 Charge for the year On disposal 3.737,400 221,445 384,445 1,198,970 25,953 39,430 51,720 5,372,535 286,828 101 571 At 31 August 2023 3 958 845 359 727 1 187 500 51 720 5 557 792 At 31 August 2023 At 31 August 2022 The market value of the freehold property occupied by the School is thought to be considerably in excess of ils carying value in the balance sheet. An open market value for the property cannot be reliably asc8rtain8d wilhoul undue expense. 11. DEBTORS 2023 2022 Trade debtors Other debtors Prepayments and accrued income 1,338,737 69,449 1,249,259 28,203 Page 23 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 12. CREDITORS: Amounts falling due within one year 2023 2022 Trade Creditors Taxes and social security Other creditors Accruals and deferred income 119.938 72,377 186,568 1720 783 164.389 63,000 214.492 1646 740 Deferred income total £1,691,411 (2022.- £1,542,901) and relates lo school fees invoiced pre year end for the new school year. 13. COMMITMENTS UNDER OPERATING LEASES At 31 August 2023 the School had future minimum lease payments due under non-cancellable operating leases for each of the following periods.. 2023 2022 Within one year Between one and five years 35,351 12,316 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted 2023 Restricted 2023 Total funds 2023 Tangible assets Curr8nl assets Current liabilities 3,630,998 4,447,072 2 099 666 3.630,998 4.447,072 2 099 666 97 Unrestrlctsd 2022 Restricted 2022 Total funds 2022 Tangible assets Current assets Cijrrenl liabilities 3, 702.261 4.561. f 43 2088 621 3,702,261 4,561,143 2 088 621 Page 24 MALTMAN'S GREEN SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance al i September 2022 Balance at 31 August 2023 Incoming funds Amounts expended Designated funds Bursary fund FOMG General funds 590, 707 97,430 5 486 646 259,313 31,795 4 970 556 1114.795) {20,1671 5 323 081 735,225 109,058 5 134 121 174 783 Balance at 1 September 2021 Balance at 31 August 2022 Incoming funds Amounts expended Designated funds Bursary fund FOMG General funds 562, 736 78,974 5 626 074 112. 770 32.193 4 752 476 (84. 199) (13,737) 4 891904 590,707 97,430 5 486 646 16. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance al I September 2022 Balance at 31 August 2023 Incoming funds Amounts expended Bursary fund 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 olhwise be able lo 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 2023 17. PENSION COSTS The School participated in the Teachers, Pension Scheme I'the TPS I for ils teaching staff until 31 August 2022 after which the School chose lo participate in a Royal London defined contribution pension scheme. TPS The pension charge for the year includes contributions payable lo the TPS of £Nil12022.' £332, 1721 and al the year-end £Nil {2022.- £Ni4 was accrued in respect of contributions to this scheme. The School left the TPS on 31 August 2022. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las 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 to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Govemmenl Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloué judgement, the remedy proposed that when benefits become payable. eligible members can select lo receive them from either the reformed or legacy schemes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valualion have valued the 'greater value, benefits for groups of relevant members. Royal London Effective 1 September 2022, the School has been participating in a Royal London defined contribution pension scheme with employer contributions dependent on the contribution made by teachers. Contributions totalling £272,64112022.' £Nil) were payable in the period. Al the period-end £Nil12022.' £Nil) was accrued in respect of contributions lo this scheme. Standard Life For non-teachers, the school conlribules on a defined contribution basis to Standard Lrfe. Contributions tolalling £116,579 (2022.- £93, 7321 were payable in the period. At the period-end £Nil (2022.. £Nifj was accrued in respect of contributions lo this scheme. Page 26 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 18. RELATED PARTY TRANSACTIONS There are no related paty transacb'ons this year12022.' £Nil) 19. ANALYSIS OF MOVEMENT IN NET DEBT 8alanGe at I September 2022 Cashflow Balance at 31 August 2023 Cash al bank and in hand 3200 111 20. COMPARATIVE 2022 STATEMENT OF FINANCIAL ACTIVITIES Unrestrictgd Funds 2022 Rgstrictod Funds 2022 Total 2022 Income from: Voluntary Income Donations haritable Activities School fees receivable Other ancillary income Income from generatlng funds Other income Investment income 2,200 11,960 14,160 4.500,813 275,954 4.500,813 275,954 104.848 104.848 Total Incoming resources 4 897 439 909 399 Expenditure on: Charitable activities School operating costs Ralslng Funds Finance costs 4,988,123 11,960 5,000,083 Total expenditure 4 989 840 5 001800 NET EXPENDITURE (92,401} 192,401) Ftsnds brought forward at 1 September 2021 6267 184 6267 184 Funds carried forward at 31 August 2022 Page 27