CHARITY NUMBER: 310633 COMPANY NUMBER: 00897432 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED B Y GUARANTEE) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Governors. Officers and Advisors Reference and Administrative Information Structure, Govemance and Management Objects. Aims, Objectives and Principal Activities Provision of Infonnation to Auditors Auditors Our Ethos, Strategy and Policies Review of Achievements and Performance for the Year Financial Review and Resutts for the Year Future Plans Slatement of Governors, Responsibilities 10 Independent Auditors, Report 11-14 Statement of Financial Activities 15 Balance Sheet 16 Cash Flow Statement 17 Noles to the Financial Statements 18-28 MALTMAN'S GREEN SCHOOL TRUST LIMITED GOVERNORS. OFFICERS AND ADVISORS GOVERNORS. OFFICERS AND ADVISORS Governors Mrs D Honey BA {Hons) (Chaim)an) Mrs R Ahluwalia BA (Hons), MA. MCIPD (resigned 31 December 2023) Mr S Ahluwalia LL8 (Hons), LLM (Employment Law) (resigned 31 December 2023) Mr J Austin, Msc Mr V Balra Bcom (Hons), ICAI, MBA (resigned 26 June 2024) Mrs C BeGkwith Bsc (Hons} (resigned 26 June 2024) Mrs J Bond Bsc (Hons), MRICS Mrs C M Bradley MA ICantab} (resigned 23 November 2023) Mrs J Burton BSC. ACMA. AMCT (appointed 6 March 2024) Mr K Carson BA, MPhil (Cantab). PGCE Mr S Easterbrook Bsc {Hons) (appointed 28 November 2024) Ms K Paynter BEd (Hons), DipSpLD. MA{Ed) Miss E Pierre BA {Hons}, PGCE {resigned 28 November 2024) Mr D I Segall Esq, FCCA Mr R G Simmons Esq, BA (Hons), PGCE- History. MEd Mr N Singla K.C., BA (Hons) {Oxon), BCL (appointed 28 November 2024) Mrs D M Starrs, MA (Hons) (Oxon) (resigned 6 March 2024) The School Govemors are also the Charity Trustees and the Company Directors. They have all served in office throughout the year except where indicated. Key management personnel Headmistress Mrs J Walker Bsc (Hons). MA Ed, PGCE Bursar Mrs Jackie Slevens Bsc (Hons} (from 7 April 2025) Mrs K O'shea BA (Hons). FCA (until 30 April 2025) Company Secretary Mrs Sarah Beckwith Registered Office Mattman's Green School Mattmans Lane Gerrards Cross Buckinghamshire SL9 8RR Auditors Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers Barclays Bank PIC 16 High Street High Wycombe Buckinghamshire HP1128G Solicitors Veale Wasborough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Page 1 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, 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, togelher with the financial statements prepared under the latter Act, for the year ending 31 August 2024. The format and content of the report and financial statements comply wrth the Companies Act 2006, the Charities Act 2011 and the statement of Recommended Practice: 'Accounting and Reporting by Charities. SORP (FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION Maltman's Green School Trust Limited (the School) operates wthin the Memorandum and Articles of Association. which was incorporated on 3rd February 1967 under Company number 897432 and Charity registration number 310633. Underthe constitution ofthe School. the guarantee of each member is limited to£1. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The School is govemed by the provisions of the Memorandum and Articles of Association. which were last amended in 2013. Charity Governance Code The Board fully adopts the principles of the Charity Govemance Code. The Objects, Aims, Objectives and Principal Activities of the School are set out below, and these are made clear to Governors at induclion and throughout their tenure. The Board has an effective leadership struciure which regularly provides strategic direction via Board meetings and sub-committees. The Board is wholly dedicated to Ihe School and acts in its interest accordingly. The standards expected from a Board member are set out at induction and prior to appointment Govemors sign an annually reviewed Code of Conduct which has the Seven Principles of Public Life at its core. Decision-making. risk and control are entirely functional and the Board strikes an excellent balance between ensuring it is aware of operational matters without constraining the Headmistress and Bursar from the ability to make dynamic, day-to-day decisions. Levels of delegation in financial matters are clear too, Ihe School's tendering policy ensuring that high-value financial commitments are not entered into without full Govemor oversight and approval. Govemors also regularly review the School's risk regisler and are fully aware of the need to manage all risk in as balanced a fashion as possible to ensure future viability of the School in delivering its charitable purposes. The Board possesses an excellent balance of skills and experience. and always seeks to continue this through strong succession planning. Governors have backgrounds in corporate govemance. business, finance, law. consultancy, property development, marketing, IT and of course education. Govemors commit tremendous amounts of time to Ihe School and aside, from formal meeting requirements, they regularly attend essential meetings on safeguarding and heallh and safety. as well as supporting other School events such as the Christmas Fayre and MaltFest celebrations. They also carry out regular management checks on supplier payments. payroll and policy documenls. The Board communicates well with stakeholders. for example, staff via attendance at INSET days and pupils through involvement in regular leaming walks. Governing Body Govemors are elected at a meeting of the Board of Govemors on the basis of nominations received to the Board's specifications regarding eligibility. personal competence. specialist skills and local availability. The Governors also consider recommendations from the Headmistress and other sources on the same basis. The Governors have no personal or financial interests in the School, nor do they receive any fees or other remuneration for their services. Page 2 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT {CONTINUED) Governors serve for a minimum of three years and a maximum of nine years. At the Annual General Meeting, held on 28 November 2024, Mr Rob Simmons and Mr David Segall having both served for more than nine years, did retire but did offer themselves for re-election and were duly re-elected as Public Benefit and Bursary Sub-committee Chaimian and Finance Sub-committee Chairman respectively on an annual rotation. Mrs Diana Honey and Mr Kevin Carson did offer themselves for re-election and were duly re- elected as Chair of Governors and Curriculum Sub-committee Chaimian by annual rotation. Trustee Training Govemors attend local governor groups, schoovcharity conferences and govemance training sessions, as appropriate to their individual needs. Organisational Management The Govemors meet at least three times a year to determine the general policy of the School and review its overall management and control, for which they are legally responsible. The work of implementing most of the School's policies is carried out by the Finance and Property Development Sub-committee which meets termly before each meeting of the Full Govemors, Board. The Public Benefit and Bursaries Sub-committee meets tennly to consider Ihe areas of public benefit offered by the School and to review requests for bursaries, to consider applications for support and financial assistance for existing and future pupils and to make recommendations to the Full Governors. Board. The Currtculum Sub- Committee also meets lermly to discuss the curriculum and educational developments across the School. to ensure that the School meets its purpose of providing a high quality of education for all of its pupils. The Marketing Sub-committee meets once a temi to conduct a comprehensive analysis of the SGhool's marketing strategies. 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 to the Headmistress and the Bursar, supported by other teaching members of the Senior Leadership Team. Govemors attend the Eco Council. and Health and Safety Gommittee meetings, which meet termly or as required. with the latter reviewing the adherence of the School to relevant policies and considering any incidents arising. Governors are also involved in regular leaming walks and assist in the appointment of senior staff. The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's success. Organlsatlonal Structure and Relatlonships The Headmistress is an active member of the IAPS for the promotion and maintenance of preparatory school standards generally and also takes part in peer group studies at national. regional and local level for the evaluation of quality and perfomiance improvement methods. The School aims to foster links with the wider community. within planning constraints, through the sharing of its facilities and expertise. The School pool and sports facilities for example are used by many local clubs. OBJECTS, AIMS. OBJECTIVES AND PRINCIPAL ACTIVITIES The objects of the School, in accordance with the Memorandum and Articles of Association, are to acquire, cary on and develop Maltman's Green School and the curtilage. within which it is situated, and to acquire and cary on in the United Kingdom any school for the education of children. In setting 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. Page 3 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT (CONTINUED) StrategTC 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 pupils and promoted in their relationships wlh each other. with staff, and with the wider community. Objectives for the Year The Governors. primary objective was the provision of a broad and stimulating education within a secure and caring environment. where each girl could discover and develop her own talents and strengths. While ensuring that pupils achieved high academic standards and were well-prepared for entry into a wide range of senior schools, the School also prioritised offering a variety of extracurricular activities that fostered personal qualities such as seif-reliance. determination. confidence, and respect for others. The Governors worked to promote the Bursary Scheme, increasing access to the School for those in the local community who might not otherwise have been able to send their daughters here. A number of bursary applications were received, and awards were made to deserving candidates who met the means-testing requirements. In addition to our educational goals, the Govemors continued lo review the development plans needed to meet the growing demands of the School Gommunity in the future. A particular focus was plaGed on ensurtng that the current facilities remained in excellent condition and were maintained to a high standard, with a significant portion of the facilities budget directed towards addressing the recommendations of a recent site Gonditioning survey. Throughout the year, the School supported a number of chartiable causes, encouraging pupils to take part in fundraising activities while also providing opportunities to learn about various global and local issues. The Govemors were also deeply committed to contributing to the wider community, reflecting our ongoing dedication to public benefit. Key initiatives included the development of the Maltman's Baby Hub, a project aimed at supporting local families. This initiative offered a local space where parents could attend free events and gain support and resources on various aspects of family life and childcare. Events included a 'Bump and Baby Conference., visiting midwife sessions, 'Baby Sensory, classes and a 'Baby Fayre,. The School also organised a community sports exhibition that provided opportunities for local children of all ages to explore a variety of sports and clubs and connect with community groups and organisations. These initiatives strenglhened the bond bet￿een the School and the wider community, ensuring that we actively contributed lo the well-being of those around us. The Governors remained dedicated to sharing the School's resources and expertise with local stste schools, particularly through the use of our swimming pool and by hosting educational events attended by pupils and staff from the maintained sector. These efforts underscored our commitment to enhancing the educational opportunities available within our community. Principal Activity The School's principal activity continues to be the provision of a Day School for 2 - 11-year-old girls. Volunteers The FOMG (Friends of Maltman's Green) helped with the School community's social events, fundraising and cultural activities by providing many hours of volunlary seTvice during the year, and the Governors would like to record their appreciation of the continued and valuable support of this work. Page 4 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT (CONTINUED) PROVISION OF INFORMATION TO AUDrroRS Each of the persons who are Govemors at the time vthen this Govemors, report is approved has confirmed that: {a) so far as that Govemor is aware. there is no relevant audit information of which the School's auditors are unaware, and (b) that Governors have taken all the steps that they ought to have taken as a Governor in order to be aware of any relevant information needed by the School's auditors in connection with preparing their report and to establish that the School's audilors are aware of that information. AUDITORS In accordance with Section 485 of the Companies Act 2006. a resolution proposing the reappointment of Crowe UK LLP as auditors of the School Trust will be put to the Annual General Meeting. OUR ETHOS, STRATEGY AND POLICIES The Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of this strategy is on the development of our pupils. their continued high levels of academic and co- curricular achievement and to further widen access to the education the School provides. Our Strategy The Govemors aim to widen pupil access to the School by ensuring, within financial constraints. that a proportion of the pupils who would not otherwise attend the School can benefit from the education it provides thereby continuing the School's tradition of providing public benefit and to meet the Charity Commission's requirements from time to time. Our Ethos The School welcomes pupils from all backgrounds and to deliverto them a broad and structured academic, physical, social and moral education. The School is committed to continuing the activities it currently carries out to benefit children other than pupils at the School. Grant-making and Access Policy The School operates a Bursary scheme to support, on a means-tesled basis, pupils that would not othe￿iSe be able to attend the School with grants available for up to 100 % of fees. The Govemors continue to allocate monies to a designated fund to contribute towards the cost of future Bursaries. The balances retained for the cost of future Bursaries and financial support as at 31 August 2024 were.. Restricted fund £Nil - Funds received were transferred to fund the bursaries awarded Designated bursary fund £631.913 For the financial year 2023124 the amount awarded in the form of Bursaries was £110.160. Charitable Fundraising The School ensures that its fundraising is compliant with the recognised standards of fundraising set out in the Charities {Prolection and Social Investment) 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 to raise funds, in almost all circumstances via parents of the School. For example, the Christmas Fayre, Parents. Quiz night and an annual camping event known as Maltfest. On occasion. extemal organisations pay for setting up a stall at the Christmas Fayre. Page 5 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT (CONTINUED) The School did not use professional or commercial fund-raising entities for any of these activities. The School was not subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising in 2023124. As a consequence. there are no examples of failure to comply with a particular scheme or standard. The School monitors FOMG through its appointed liaison, and the Headmistress and Bursar meet periodically with the Chair of the FOMG to discuss fundraising activity and agree the best approach. The School received no complaints regarding its fundraising activities in 2023124, and experience shows that using a parent body to fundraise almost predominantly from current and past parents limits any potential for intrusion or concem from the wider public. Safeguarding Policy The School is committed to safeguarding and promoting the welfare of the pupils and expeds all staff and volunteers to share this commitment. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational Performan¢e of the School Academic Achievement. For the 2023124 academic year, our girls achieved an impressive 81 /0 qualification rate in the Bucks Secondary Transfer Test (11+). These girls were eligible to join local grammar schools such as Beaconsfield High School and Dr Challoner's High School. Our girls also received offers to excellent independent senior schools including The Royal Masonic, Wycombe Abbey, Berkhamsted School, Cheltenham Ladies College and Downe House. Eighteen scholarships were offered to leading independent schools, including seven academic scholarships. three sport scholarships, Ihree art scholarships and drama and music exhibitions. S ort. The past year has been packed with sporting events which has given all the gids the opportunity to participate in a variety of different activities. Not only have girls been able to represent their school Ihrough netball, football, gymnastics. cricket. athletics and swimming fixlures. they have also been involved in inter- house events: cross-country. netball. football, enduran￿ swimming. dance and the less conventional inter- house pancake relay race. The sporting calendar culminaled in Sports Day whiGh saw all our girls having fun and representing their house in the summer sun. and our annual Gym Shows, all ofwhich were a huge success. These events were well supported by parents and were a wonderfijl chance for the girls to showcase their talents and the results of the hard work and dedication that they have shown throughout the year. As well as school sport, the girls have been able to participate in a huge range of extra-curricular activities. Some of our Year 5 girls also travelled to Downe House for a SF)Orts Masterclass Day, which included netball, fitness. and lacrosse. This year, we welcomed new 'Sports Ambassadors. in Year 6, who have been inspirational role models to our younger girls whom they have guided and supported Ihrough inter-house events. As part of their enrichment programme, Year 6 girls were trained to be Sport Leaders, an accrediled award, allowing them to learn the setup. coaching and evaluation skills needed to teach successful sport sessions. mnastics. All girls from Nursery to Year 6 have the opportunity to do gymnastics.. for the younger girls, gym is part of the curricular P.E. provision, whilst the older girls who wish to continue with gymnastics do so through the extra-curricular provision. Whilst annual trtals for invitational squads were held in July. Gym Clubs are open to all girls from Reception to Year 6. Girls in all Gym Squads have a chance to compete: the Gym Club Championships and the Gym Training Squad Championships were both held in March and girls from the Gym Training Squads were invited to Haberdasherfs for a friendly, mixed team competition at the end of the Spring Term. Page 6 MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT (CONTINUED) Our Performance Squads compete regularly and saw much success this year: our U9 squad girls travelled to Haberdasherfs to compete in the ISGA 2-Piece competition, winning team bronze. They returned the following day to join the U10s and U11s for the IAPS competition. The U9 squad won silver for their collaboralive team efforts., the U10 team won gold for their group floor routine and, with their combined scores, won bronze overall. In the U11 competition. the team performed their best floor routine yet and won silver. The U11s also competed in the BSGA Milano Teams competition. Having shone in the regional round, which they won gold in. they qualified for Nalionals where their hard work was further rewarded,. they were placed 2nd nationally! The team went on to achieve gold in the BSGA Floor and Vault regional round, demonstrating prodigious skill in both and, again. were placed 2nd in the National finals. Towards the end of the year. our U9 Performance Squad and our U11 Training Squad attended the English School's Novice competttion= the Ugs held their nerve and were placed second, whilst the U11s were crowned English School's Novice National Champions. Swimmin All the girls. including those in Nursery and Little Malties swim each week as part of their curriculum timetable. This allows them all to build their confidence in the pool and improve their technique. Girls in Ihe Pre-Prep are awarded their 'Duckling Award. throughout their swimming lessons. to show their progress in the water. As in previous years. Maltman's hosted a number of Division 10 Swimming Galas again this year, all of which were a huge success. Each gala had 5 visiting schools and over 150 swimmers from across the region. Girls from our Training and Performance Squads also competed in galas with other schools and our Club swimmers participated in closed, internal galas which allowed them the opportunity to swim in a more competitive environment. Tennis. Tennis has been offered throughout the year to girls from Reception to Year 6, allowing girls of all ages and abilities to play. To enable us to expand the tennis programme. we welcomed James Martin to the school. who is now responsible for coaching our Tennis Perfonnance girls. Netball. All the gifls from Year 3-6 experience netball in their games aftemoons and we offered extra- curricular clubs for girls of all levels. Throughout the year, girls from Years 3 to 6 competed against local schools in a number of successful nelball fixtures. In the Spring Term, the U11A squad went to the IAPS tournament at Charterhouse School. where they came 2nd in the Bowl competition. Football. Football has continued to feature as part of both the P.E. provision and the extra-curricular programme. Girls from Years 3 to Year 6 participated in successful fixtures against local schools and an increasing number of girls are also now playing for local clubs. Music Drama and Dance. A51 the girls across the school have sung and made music together during their weekly lessons. In addition. girls from the Prep School Choirs have performed at the Carol Service. the Spring and Summer Concerts and made public appearances at the annual Christmas Fun Night in Chalfont St Peter and Chalfont St Peter Feast Day in June. Maltman's Belles also made public appearance at the Gerrards Cross Christmas Extravaganza. ABRSM examinations were held across the school year wilh over 50 girls entered. Instruments examined were singing, piano. violin. flute. harp. cello. comet and guitar. with grades covered from Prep to Grade 4. Speech and Drama continues to thrive: of the 186 girls in Years 2 to 6, 125 registered for Speech & Drama and 121 of these girls took their LAMDA exams in the Spring Term. Across the school, 95 /0 of girls who took the exam gained a distinction! Girls in Year 2 achieved 21 distinctions and 1 merit. girls in Year 3 achieved 24 distinctions and 1 merit. all girls in Years 4 and 5 who were entered for LAMDA exams achieved a distinction and. in Year 6, 25 girls achieved a distinction and 4 girls were awarded merit. MALTMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES, REPORT (CONTINUED) The two school productions raised the bar even higher this year-. in the Spring term, the Year 4 girls performed an amazing production of Madagascar whilst, in the Summer term, Year 6's raised Ihe roof of the Lapraik with their production of We Will Rock You! We are delighted to be working in collaboration with Pip's Dance Academy who have helped us to add Ballet, Contemporary Dance and Street Dance back into the co-curricular programme by popular demand. Girls from Reception to Year 6 have shown a keen interest in the range of genres on offer. Finally, the School continues to provide an excellent outdoor curriculum. 11 holds the Eco-schools green flag and recognises that sustainability is an essential part of all aspects of life within the school. Public Benefit The School positively encourages the girls to become involved in a wide range of charities. During the year, their collective efforts and those of Iheir parents raised a fantastic £6,480 for a variety of causes, whilst al the same time building a strong understanding of the importanGe of charitable giving. Charrties supported included- BBC Children In Need raised £1.914 Kidscape raised £1.322 British Legion Poppy Appeal raised £858 As well as a huge donation of harvest gix)ds for the London & Slough Run whiGh supports homeless people. The School continued to make its 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 Chalfont Otters) continued lo use the facility. The School also hosts the popular Ultimate Activity holiday camps for 9 weeks a year. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School had a loss of income over expenditure of £153,547 being-2.60/0 oflotal income which was due to the fact that the School continued to undertake a significant amount of planned properly refurbishment spend, in order to maintain the high quality of the School site. The School's Balance Sheel shows net assets of £5,824,857. The School's assets are sufficient to fulfil its obligations. The School has continued to perform a detailed review of its future budgets to ensure that it remains financially robust. Reserves Policy The School's unrestricted funds stood at £5.824.857 at the year-end. After deducting the carying value of tangible fixed assets held for the charity's own use. adjusted for borrowings. the freely available reserves were £1,547,112 which is considered to be more than sufficient to meet operational needs. The Governors. policy is to continue to maintain reserves to at least £450,0001 by means of annual operating surpluses and to invest in developing the School's facilities to meet the School's Charitable objects. Whilst the Govemors are aware that reseryes are currently well above 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 to build fijnds for future capital projects. Based upon one month's OpEx rounded-up. Page 8 ## **MAL TMAN'S GREEN SCHOOL TRUST LIMITED TRUSTEES' REPORT (CONTINUED)** ## **FUTURE PLANS** The School continues to maintain stable pupil numbers in a competitive market. The establishment of the pre-school in January 2017 has continued to help ensure sustainable numbers at the bottom end of the School too, and a healthy pull through to Year 6. The Governors continue to promote the Bursary Scheme through local advertising and the School website. The School offers places across Reception to Year 6 and Governors have ensured that eligibility criteria have kept pace with fee rises by ensuring percentage awards give the best possible fit with parent average salaries. The School continues to look to widen the public benefit on offer to the local and wider community in a way that matches the School's aims and encourages support of local community initiatives. The Governors will continue to review the School's facilities to consider what further developments might bring benefits to the wider community. ## _**Risk Management**_ The Governors examine the major risks that the School faces each financial year when preparing and updating the future operating and development plans. They monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated. The Governors are responsible for risk management inJerms of financial viability as well as the operational areas of Safeguarding (Children's Act), Health and Safety, Food Hygiene, Employment Law and Human Rights. ## _**Principal Risks and Uncertainties**_ The Governors continually monitor the financial viability of the School against the overall economic climate to identify any future potential financial risks. Both income and costs are closely analysed to ensure future performance is tracked according to plan and any changes implemented quickly and efficiently. The School's approach to Safeguarding is another key area for Governors to monitor. The Governing body appointed Ms Katie Paynter as its Safeguarding Governor. The Safeguarding Governor attends School regularly to discuss safeguarding matters with the Deputy Head and Designated Safeguarding Lead, Mrs Rachel Gaynor and will attend INSET. She is also kept sighted on the rare occasion that Safeguarding issues arise and is also fully involved in the appropriate Safeguarding training. The Safeguarding Governor undertakes an annual audit of safeguarding policy and practice across the School, with findings fed back to the Head and Board of Governors Health and Safety is an area that requires close attention. Such risks range from fire to infrastructure and School events. Whole school management, for example, the maintenance of policies and procedures, is regularly reviewed. Included is the regular risk assessment of activities and facilities including an annual review process. The Governing Body is satisfied that for all major risks identified, appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable, and not absolute, assurance that all major risks have been managed. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of the Maltman's Green School Trust on 20 May 2025, including in their capacity as company Directors approving the Strategic Report contained therein, and is signed as authorised on its 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 law) are responsible for preparing the Govemors. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generalty Accepted Accounting Practice (United Kingdom Accounting Standards). Compar)y law requires the Tnjstees to prepare financial statements foreach financial year. Undercompany law the Trustees must not approve the financial statements unless they are satisfied that they give a Irue and fairview of the state ofaffairs ofthe charitable company and ofthe incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consistentty., observe the methods and principles in the Charities SORP: make judgments and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Truslees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. disclose with reasonable accuracy at any 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 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 Ghartered Accountants Member ol Crowe Global R+ Building 2 Blagrave Street Iqeading Berkshire RG1 IAZ. UK Tel +44 {01118 959 7222 Fax +44101118 958 4640 www.crowe.co.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALTMAN'S GREEN SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Maltman's Green School Trust Limited for the year ended 31 August 2024 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 ofthe state of the charitable company's affairs as at 31 August 2024 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 Intemational 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 ￿e1ve monlhs from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described i the relevant sections of this report. Page11 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALTMAN'S GREEN SCHOOL TRUST LIMITED (CONTINUED) Other infomiation 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 statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, excepl to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Trustees. Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and The Truslee's Annual Report have been prepared in accordance with applicable legal requiremerits. Matters on which we are requlred to report by exception In light ofthe knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept. or the financial statements are not in agreement wtth the accounting records and returns- or certain disclosures of trustees. remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. Page 12 A 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 set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view. and for such internal control as Ihe trustees determine is necessary to enable the preparation of financial slatements that are free from material misstalemenl, whelher due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate Ihe charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the finanelal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement. whetherdueto 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements 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 the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these bet￿een our audit team members. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Chartties Act together with the Chartties SORP {FRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty- We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education {Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. Page 13 ## **A 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 G eneral 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 ## **R+ Building** ## **2 Blagrave Street** ## **Reading** RG11AZ 20 May 2025 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 2024 Notes Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Income from: Voluntary income Donations 598 6.848 7,446 7.108 Charitable activities School fees receivable Other ancillary income Income from generated Funds other income Investments 5,264,665 304,411 5,264.665 304.411 4.819,686 263, 786 101,617 156824 101.617 156 824 90,029 Total Income 5828 115 5 834 963 5 268 347 Expenditure on: Charitable activities School operating costs Raising funds Finance costs 5,979,692 5,986,540 5,463,078 Total expenditure 5 981 662 5988 510 5 464 726 Net (expenditure) {153,547) <153,547) (196,379) Funds bmught fO￿ard at 1 September 2023 Funds carried forward at 31 August 2024 15116 5 978 404 The notes on pages 18 to 28 forrn part of these financial statements Page 15 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET 31 AUGUST 2024 COMPANY REGISTRATION NUMBER: 00897432 2024 2023 Notes FIXED ASSETS Tangible assets 10 3,514,578 3, 630,998 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 9,140 1.334.195 4 147 990 4.720 1.507,228 2 935 124 5,491,325 4,447,072 CREDITORS: amounts falling due within one year 12 2 639 605 2 099 666 NET CURRENT ASSETS 2 851720 2 347 406 TOTAL ASSETS LESS CURRENT LIABILrriES 6 366 298 5 978 404 CREDITORS: amounts due after more than one year 13 NET ASSETS 5 978 404 FUNDS Unrestricted funds General funds Designated funds Restricted funds 16 16 17 5,061.690 763,167 5. 134. 121 844. 283 TOTAL FUNDS 15 5 978 404 These financial statements were approved and authorised for issue by the Board of Govemors and were signed on its behalf on 20 May 2025. D Honey Chairman of Governors The notes on pages 18 to 28 fomi part of these financial statements Page 16 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities: Net expenditure Interest receivable Interest payable Depreciation of tangible assets {Increasey{Decrease in stocks (Increase)IDecrease in debtors Increase in creditors Profit on disposal of fixed assets (153,547) (156.824) (196.379) (87. 738) 268,077 {4,420) 173,033 110,735 286, 828 2,522 (153,438) 11,045 Net cash provided by operatlng actlvltles Cash flows from investing activities: Inlerest received Payments to acquire tangible fixed assets Receipts from sale of fixed assets 156,824 (151,657) 87, 738 (215,565) Net cash (used in) investing activitlOS Cash flows from financing activities: Repayments of loans Interest payable Fees in advance scheme - new contracts Fees in advance scheme- amounts utilised 1,176,362 205717 Net cash (used in) financing activities Change in cash and cash equivalents in the reporting period 1.212,866 (264,987) Cash and cash equivalents at 1 September 2023 2935 124 3200 111 Cash and cash equivalents at 31 August 2024 2 935 124 The notes on pages 18 to 28 form part of these financial statements Page 17 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY INFORMATION Maltman's Green School Trust Limited's prinGipal activty continues to be the provision of a day school for 2 - 11-year-old girls. The incorporated charity (charity number 310633, company number 00897432), is domiciled in the UK. The address ofthe registered office is Maltman's Green School, Maltmans 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 Reporling Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019) - Charities SORP (FRS 1021, the Financial Reporting standard applicable in Ihe UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Maltman's Green School Trust Limtted meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Management have produced financial models showing future budgets, which have subsequently been reviewed by the Board of Govemors. As part of their normal risk management process, the Governors have examined the major risks to the School and the mitigating actions both taken and available to be taken. The Govemors considerthere are no material uncertainties relating to going concern and that the School has adequate resources to continue its activities for at least the twelve months to 31 August 2026. Accordingly, they continue to operate the going concem basis in preparing the financial statements. b) Income All incoming resources are included in the Statement of Financial Activities when the charitable company is legally entitled to Ihe income. receipt is probable and the amount can be quantified with reasonable accuracy. Grants are accounted for under the performance model as pennitted by the Charity SORP. School fees School fees represent amounts receivable. less any discounts given, for tuition and extra-curricular activities, less any bursary awards and financial support given, for the year ended 31 August. Fees paid in advance of future education are carried forward as deferred income. Page 18 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 d) Resources expended Resources expended are accounted for on an accruals basis as soon as a liability is considered probable. discounted to present value for longer temi liabilities. Certain expenditure is apportioned to cost categories based on the eslimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates. Govemance support costs include an apportionment of the salaries of the Head Teacher and Bursar to reflect the time incurred on statutory governance issues. Tangible fixed assets and depreclatlon Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. as follows.'_ Freehold land School buildings & swimming pool Junior gymnasium and parents, car park Outbuildings, garages & fire alamis Swimming pool hall fittings & roof Computer equipment Furniture, tools and equipment Motor vehicles Swimming pool plant & equipment 20/0 and 50/0 Straight line 100/0 Straight line 200/0 Straight line 4 /0 Straight line 33.3 /0 straight line 20 /0 Straight line 25 /0 Straight line 5 /0 Straight line The Governors are satisfied that the market value of the fixed assets is in excess of their book value. Tangible fixed assets are capitalised when the cost of each individual item exceeds £1,000 and the asset will have a life of more than twelve months. Items costing £1.000 or less are charged as expenditure in the year of acquisition. A full -year's depreciation is charged in the year of purchase. Pensions The School contributes to a defined contribution pension scheme on behalf of the teachers, with employer contributions dependent on the contribution made by teachers. The School also contributes to a group personal pension scheme for non-teaching staff at 10 /0 of annual basic pay. and these contributions are accrued accordingly. g) Unrestricted general ￿ndS These are funds which can be used in accordance with the charitable objects at the discretion of the directors. Restrictod funds Income in restricted funds comprises donations received for the Bursary Fund which is used to support, on a means tested basis, pupils Ihat would not otherwise be able to attend the School. Page 19 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Deslgnated funds The Governors make transfers to a designated fund that will be used to fund bursary awards in future years. The Govemors review claims for bursaries in respect of pupils who would not othe￿iSe be able to attend the School, funding the fees from the relevant designated fund and the cost of extra-curricular activities. residential trips and other exlras from the restricted fund. Ji Financial instruments Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. k) Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more Ihan three months from the date of acquisition and that are readily convertible to known amounts of cash with insigntficant risk of change in value. Deposits The Governors have reviewed the contract temis under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet dale and. in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2024 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. estimates and assumptions about the carrying values and the remaining useful life of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dtffer from these estimates. The Governors consider that there are no material judgements in applying accounting poliGies on key sources of estimation uncertainty. SCHOOL FEES 2024 2023 The School fee income comprises: Gross fees Less.. Total bursaries and alloWan￿S 5,393,692 135875 4.948.741 135 738 5,257,817 4.813,003 Add back.. Bursarres 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 2024 OTHER ANCILLARY INCOME 2024 2023 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 4,843 40,365 148,319 61,705 4,020 3,348 4,110 3,408 16,823 131,666 61.611 8,817 5,392 4,274 263 786 TOTAL RESOURCES EXPENDED Staff costs Depreciation Other Total 2024 Charitable activities School operating costs: Teaching costs Welfare 2,840,494 38,749 193.615 538.082 8,497 3.034 217.468 39.078 138,417 525.432 929.671 491,650 6,848 2,987,408 567,215 1,340,754 1.068,810 6,848 Establishment expenses Support Costs of schooling Grants, awards and prizes FOMG expenditure 3,610.940 268.077 2.107,523 5,986,540 Generated funds Finance costs Total resources expended I&IQ94Q ￿77 2109493 Comparative 2023 Staff costs Depreciation Other Total 2023 Charitable activities School operating costs: Teaching costs Welfare Establishment expenses Support costs of schooling Grants, awards and prizes FOMG expenditure 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 6,683 2,730,070 499,404 1,238, 193 968,561 6,683 3.327.985 286,828 1,848, 265 5,463.078 Generated funds FinanGe costs Total resources expended 3 327 985 286 828 1 849 913 Page 21 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages and salaries Pension contributions (employer) Social security costs {employer) Other costs 2,902.016 416,050 285,903 2,652,609 389,279 280, 730 3 327 985 Average number of employees Teaching Non-teaching 67 20 63 21 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 to the above higher paid employees. the total employer pension contributions during the year were £73.804 (2023.. £53, 196). No reimbursed expenses were received by the Govemors during the year (2023." £30). During the year, settlement payments totalling £31,859 were made to two people {2023." one person received £34, 065). No remuneration or other benefits were received by the Govemors during the year (2023.. Nil). Key management personnel The key management personnel ofthe School comprise the Govemors. Head and Bursar as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer Nl contributions) received by key management personnel fortheir seNices to the School was £248,973 (2023.. £236, 572). NET INCOME 2024 2023 Net income is stated after charging=_ Depreciation Profit on disposal of fixed assets Auditors, remuneration - audil other services 268,077 (6,750) 18.500 286, 828 19.920 TAXATION Maltman's Green School Trust Limited is a charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. Page 22 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Fumiiure. tools, plant F￿hts1d Land and buildings Computer equlpment Motor vehicles •quipm•nt Total Cost At 1 September 2023 Additions Disposals 7.408,692 64,417 367,683 1,360,695 3.352 83.888 51,720 9,188,790 151,657 At 31 August 2024 7 473 109 371035 1444 583 51720 9 340 447 Depreciation At 1 September 2023 Charge for the year On disposal 3,958,845 227,119 359,727 1.187,500 6.540 34.418 51,720 5.557.792 268,077 At 31 August 2024 4 185964 366 267 1221918 51720 5 825 869 At 31 August 2024 At 31 August 2023 3 449 847 17 The market value of the freehold property occupied by the School is thought to be considerably in excess of its carrying value in the balance sheet. An open markel value for the property cannot be reliably ascertained without undue expense. 11. DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 1,174,909 35,869 123 417 1,338, 737 69.449 Page 23 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Taxes and social security Other creditors Accruals and deferred income Fees in advance scheme 95,778 70,282 211,438 1,832,903 429 204 119,938 72.377 186. 568 1, 720, 783 Deferred income total £1,741,207 (2023.- £1, 691.411) and relates to school fees invoiced pre year end for the new school year. 13. CREDITORS: Amounts falling due after more than one year 2024 2023 Fees iti advance scheme Fees In advance scheme Parents may enter into a contract to pay up to the equivalent of 7 years, tuition fees in advance. Assuming pupils will remain in Ihe SGhool, fees wll be applied as follows- 2024 2023 Within one year Between one and five years Between six and ten years 429,204 523,751 The movements during the year were as follows: 2024 2023 Brought fO￿ard Additions in year Amounts utilised in the year 1.176,362 205 717 Page 24 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14. COMMITMENTS UNDER OPERATING LEASES At 31 August 2024 the School had fijture minimum lease payments due under non-cancellable operating leases for each of the following periods= 2024 2023 Within one year Be￿een one and five years 59,734 35,351 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted 2024 Restricted 2024 Totsl funds 2024 Tangible assets Current assets Creditors 3,514,578 5.491,325 3 181 046 3,514,578 5,491,325 3 181 046 Unrestricted 2023 Restricted 2023 Total funds 2023 Tangible assets Current assets Creditors 3,630.998 4.447,072 2 099 666 3,630,998 4,447,072 2 099 666 Page 25 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at 1 September 2023 Balance at 31 August 2024 Incoming funds Amounts expended Designated funds Bursary fund FOMG General funds 735,225 109.058 5 134 121 (103.3121 (15,505) 5 862 845 631,913 131,254 5 061 690 37,701 5790414 5 978 404 Balance at 1 September 2022 Balance at 31 August 2023 Incoming fund5 Amounts expended Designated funds Bursary fund FOMG General funds 590, 707 97,430 5 486 646 259,313 31.795 4 970 556 (114,795) (20, 167) 5 323 081 735,225 109.058 5 134 121 04 17. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at I September 2023 Balance at 31 August 2024 Incoming funds Amounts expended Bursary fund 848 Income in restricted funds comprises donations received for the Bursary Fund, which is used to support, on a means tested basis, pupils that would not otherwise be able to attend the School. Page 26 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18. PENSION COSTS Royal London For teachers, the SGhool contributes on a defined contribution basis to Royal London with employer contributions dependent on the contribution made by teachers. Contributions totalling £297,170 {2023." £272,641) were payable in the period. Al the period-end £Nil (2023.. £Nil) was accrued in respect of contributions to this scheme. Standard Life For non-teachers, the School contributes on a defined contribution basis to Standard Life. Contributions totalling £118,880 {2023.- £116,579) were payable in the period. At the period-end £Nil (2023.. £Ni4 was accrued in respect of Gontributions to this scheme. 19. RELATED PARTY TRANSACTIONS In August 2024, the Headmistress, husband was paid £720 for four days, worth of decorating services supplied to the School. The services were charged at a normal market rate (2023." £Nil). 20. ANALYSIS OF MOVEMENT IN NET DEBT Balance at 1 September 2023 Cashflow Balance at 31 August 2024 Cash at bank and in hand 212 Page 27 MALTMAN'S GREEN SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 21. COMPARATIVE 2023 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Fund5 2023 Restricted Funds 2023 Total 2023 Income from: Voluntary Income Donations Charitable Actlvltles School fees receivable Other ancillary inGome Income from generating funds Other income Investment income 425 6,683 7.108 4,819.686 263.786 4,819.686 263.786 90.029 90,029 Total incoming resources 5 261 664 5 268 347 Expendilure on: Charltable activities School operating costs Ralslng Funds Finance costs 5,456.395 6,683 5,463,078 Total expenditure 5 458 043 5 464 726 NET EXPENDITURE (196,379) (196,379) Funds brought fO￿ard at 1 September 2022 6 174783 6 174 783 Funds carried forward at 31 August 2023 Page 28