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2021-07-31-accounts

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More House Trust Ltd Annual Report and Financial Statements for the year ended 31 July 2021

Paper AGM 22-4 9 June 2022

More House Trust Limited

Registered charity Company limited by guarantee Annual Report and Financial Statements Year Ended 31 July 2021

Charity number: 312737 Company number: 958054

MORE HOUSE SCHOOL

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021

Contents

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|||||| |---|---|---|---|---| |Page| |Reference and|Administrative|Information|4| |Report of the Governors|2-9| |Report of the|Independent Auditors|10-12| |Statement|of Financial|Activities|13| |Balance|Sheet|14| |Cash|Flow Statements|15| |Notes|to the|Financial|Statements|16 -27|

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 eree a a ee ee ee

Reference and Administrative Information

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||||| |---|---|---|---| |Governing document:|Memorandum and Articles|of|[Association]| |Charity number: number:|312737| |Company number:|958054| |Govemors:|James|Fyfe (Chairman)| |Sue|Shale|(Vice-Chairman)| |Kevin|Lake| |Lorenzo|Mayol-Navarette — resigned|3 October 2021| |Susan|Sturrock| |lan|Bogle| |Marian|Doyle — appointed 20|February 2022| |Company Secretary and Cierktothe Governors:|Clarissa|Ralston-Boyle|

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Charity number: number:

Key management:

Head:

Faith Hagerty — From March 2021

Director of Finance and Resources Suzana Coco-Bassey - From November 2021 Bobbie Elliott - From April 2021 until November 2021 Registered office: 22-24 Pont Street London SW1X OAA

Registered office:

Auditors:

Azets Audit Services Chartered Accountants 2"4 Floor, Regis House 45 King William Street London EC4R 9AN

Bankers:

Coutts & Co 440 Strand London WC2R 0QS

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 ee ee ee ee en

The Governors are pleased to present their annual report together with the financial statements of the charity for the year ending 31 July 2021 which also fulfil the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with current statutory requirements, the Company's Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objectives and Activities

The Company, which is limited by guarantee, is a registered charity and the proprietor of More House School, an independent Catholic day school for girls aged 11 to 18 with a roll of 162. The School was founded in 1953 when a group of parents asked the Canonesses of St Augustine to open a Day Schoo! for their children. More House Schoo! expanded steadily over the years and in 1971 moved to its present home in Knightsbridge, London. The School's aim is to provide an excellent education, independent of the State system, and this is the vision that shapes the annual activities of the Trust.

The Charity offers opportunities for a diverse range of girls to attend the School and the strategies employed to achieve its aims and objectives are to:

The School uses academic results to monitor its success and the academic performance of pupils in national examinations has remained a source of considerable satisfaction. In addition to academic success the charity values other areas such as individual and team sporting achievements and success in music, drama and art. The charity also monitors success through the extent to which parents are involved in school life, as the Governors see parent involvement as key.

The School brings substantial benefits not only to its pupils but also to the local community. School rooms are made available to local charities and church groups free of charge. The School runs a choral society to which members of the local community belong and choirs from the School have performed in local hospitals and churches. Unfortunately, fundraising and charitable activities were severely curtailed due to the pandemic but despite the restrictions imposed; the School's Peer Mentoring and Faith in Action programmes continued.

The charity continues to foster and encourage links with local Catholic churches and communities through Faith in Action. Recently formed partnerships with the Oratory Primary School and Cardinal Vaughan Memorial School have brought new opportunities for pupils to extend their charitable work further afield whilst working collaboratively with children from different communities.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 e e eee ee

Objectives and Activities (continued)

Faith Hagerty was appointed as the new Head in December 2020 and joined the School on 29th March 2021. Faith quickly identified a number of key priorities when shaping the Schoof's strategic vision, including:

A new three-year development plan for 2021-2024 has been drafted focusing on three key areas:

In shaping the School's objectives for the year and planning activities, the Governors have considered the Charity Commission's guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)'. The School is committed to ensuring that girls from the local community and beyond are able to participate in the educational experience offered at More House. The Governors also encourage the School to continue to improve wider public access through the provision of fee remission each year to girls of outstanding ability whose parents would not be able to afford the School's fees.

The Board of Governors provides financial support to pupils through a means-tested bursary scheme and a number of non-means-tested fee remissions.

Bursaries

Support in the form of bursaries is available to those wishing to attend the School but who are unable to pay the fees, and to those current pupils for whom a change in family circumstances would compromise their ability to remain at the School.

The availability of financial support is publicised by way of the School's website and in application packs for entry to the School. Those wishing to be considered for bursary support are required to complete a Bursary Application giving full details of their financial situation, supported by relevant documents. Bursary remission on fees is assessed according to need and the availability of bursary funds to the School.

Means-tested bursaries awarded in academic year 2020-21 amounted to £283,706 (2020: £251,176) which is 10% of the School's income (less any restricted funds which were not available for bursary provision).

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021

Bursaries (continued)

in total, there were 19 pupils in receipt of bursary provision, representing 12% of the School roll. The range of bursary awards was as follows:

40% - 60% 5 61% - 80% 6 81% - 100% 8

Five pupils received 100% fee remission through a combination of Bursary and Scholarship.

Non means-tested fee remissions

Academic, sport, art and music scholarships are awarded following a competitive assessment and are based on outstanding achievement and potential. Awards are set at 10 - 40% remission of the full fee and continue to the end of Year 11. The value of fee remission Scholarships in 2020-21 was £28,358, representing 1% of the School's income, and they were awarded to 6 pupils (4% of the School roll).

One family received sibling discount this year totalling £3,974.

Volunteers

The Schoo! currently has no volunteers, other than the Members of the Board of Governors, who act as trustees.

Achievements and performance

More House provided education for an average of 162 pupils over the three terms of the academic year 202021. The School's strategy is to achieve the highest academic performance whilst cultivating well rounded development of the personality of pupils, and to widen public access to the School's system of schooling as much as possible within the constraints of funding as an independent education provider.

Entry to the School is by way of a written test through the London 11+ Consortium and interview with the Head. The admissions procedure is inclusive, with all prospective pupils registered for a place invited to interview and to spend time in the School.

The academic curriculum remains a key priority and notwithstanding another year of disruption and teacher assessed grades for GCSE and A Level, 2021 was another year of excellent examination results. 93% of all GCSE results for Year 11 were grades 9-4, with 48% graded 7-9. The School's A level pass rate remained at 100% for another year with 92% achieving A*- C, up from 82% in 2020. 95% of leavers went to their first choice destinations, including a high percentage of Russell Group universities. The Governors recognise that exam passes are a useful indicator of success and one which is considered by parents as an important factor when considering a school and were pleased to see that the School's Value Added continues to be excellent over all subjects. Visitors to the School comment on the girls' enthusiasm for learning, that they are keen to get the most out of lessons and motivated to achieve their best.

The School is committed to maintaining a high level of expertise in its teaching staff with an emphasis on succession planning and staff development. A new Deputy Head Academic was appointed internally for a September 2021 start.

The School is currently embarking on a significant upgrade to wifi coverage and internet speed in the School, thereby facilitating the use of one to one devices for all pupils from September 2021. This year the ongoing impact of COVID-19 meant the need for further training in online teaching as the main part of the Spring term was spent in lockdown. The Board of Governors is grateful for the additional hard work and effort by all staff in this second year of disruption.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 e e ss ee eeeee Achievements and performance (continued)

The School, in line with its Objectives and Activities is firmly rooted in the Roman Catholic tradition, but it is an open and inclusive community, with a significant proportion of girls and staff from other denominations. The School continues to nurture its strong links with the Diocese of Westminster and takes part in Diocesan Days and Spiritual Retreats. The School has curriculum time allotted to Religious Studies of three periods per week for all pupils in Key Stages 3 and 4 and one period of General RS per week in Key Stage 5. All tutor groups attend Mass in rotation, as well as partaking in daily prayer and a weekly Spirit & Truth programme. More House will continue to maintain and promote its links with the Catholic faith and community but not to the exclusion of other faiths, nor will it sacrifice the diversity which is currently a characteristic of the School community.

The More House Parents' Association continued to support the School by funding vital PSHE talks for pupils and parents. They were sadly unable to run their usual annual Christmas Fayre and Quiz Night due to Covid19 restrictions. The Parents’ Association Upper 6 Leavers’ Drinks event took place in June and was enjoyed by all who attended.

Principal Activities for the Year

The School constantly adapts its teaching based on assessment of girls’ learning in order to maximise their progress and places emphasis on providing a bespoke education for each pupil's unique and diverse qualities. The Schoo''s ability to put this into effect continued to be tested during another year of disruption due to the pandemic.

The School has harnessed the staff and pupil progress made in digital skills during the period of remote teaching and is preparing to move over to Google as the main Teaching and Learning platform. From September 2021, pupils worked on their own devices, meaning that resources were created and tasks set through the Google suite. Departments will gradually move over to this new system over the 2021-22 academic year.

The School continues to work towards reducing its carbon footprint by being as paper-free as possible. New printers were installed in 2021-22 to eliminate waste printing and reduce costs. The School also plans to review its energy providers in terms of moving towards renewables.

A new Be More Programme has been devised, with two members of staff appointed to oversee the provision from both an academic and co-curricular perspective. Pupils are invited on to the programme by staff who have recognised their gift in an academic subject or co-curricular interest and they then attend talks, trips, discussion groups and Be More Breakfasts. Candidates with potential for medicine, veterinary science, dentistry or Oxbridge will also be identified and coached by the Be More team.

A new City Curriculum was developed ready to launch in September 2021, offering all pupils the opportunity to engage in exciting cross-curricular projects, whilst exploring various exciting London locations.

The School engaged the services of MCC Design to manage the rebrand and the new website. The rebrand was complete by the end of July 2021 and a ‘go live’ date for the new website was set for the 31* August 2021.

Scholarship and Enrichment Programme

Personal development is central to the School's concept of Scholarship and its approach to Scholarships aims to align beneficiaries more closely with the School's aim to "Engender a culture of intellectual curiosity both inside and outside the classroom and pride in individual and collective achievement’. The scheme, intended for pupils at 11+ entry and on joining the Sixth Form offers an additional annual one-off award which is open to all other pupils, and is designed to encourage Scholars’ appetite for research, enquiry and development. Scholarship holders have access to an annual research grant to support their individual scholarly projects. Scholarships are available for academic all rounders, as well as pupils with talents in Art, Music, Drama and Sport.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 2eeee ee Achievements and performance (continued)

Co-curriculum and Enrichment Programme

The School encourages personal & social development, intellectual curiosity and creativity through an extensive co-curricular and enrichment programme which it keeps under regular review in consultation with pupils and staff. With travel restrictions both locally and overseas in place for a significant part of 2020-21, many trips were cancelled. Lockdown prevented the normal extensive activities offered but the School adapted and these were replaced with online activities including an online interactive school production, Virtual Choir and online Art Exhibition.

A reduced version of the Co-curricular programme returned in the Summer Term, meaning that pupils were able to engage once more in various sporting activities, choirs and musical instruments, arts and crafts, language clubs, debating and other enriching opportunities. The School also ran a programme of year group Wellbeing Walks once a week.

The Enrichment Programme continued to flourish with all year groups engaging in exciting cross-curricular projects. Year 7 took part in a Sustainable Fashion piece, in which they designed items of clothing from recycled materials, built a website to market their products and then staged a fashion show.

Faith Life

Faith in Action is the umbrella group for the School's charitable activity and continues to strengthen its links with the community. It is pupil led under the guidance of the Religious Studies department and focuses on helping communities locally and around the world. Charitable activities in the year included Christmas boxes for the homeless people of London in conjunction with St Vincent De Paul charity and fundraising for Fairtrade Fortnight and the Cardinal Hulme Centre.

The Faith in Action group also led an initiative involving writing letters to residents of local care homes, who had been particularly isolated during the pandemic. Pupils ran an ice-cream sale during the summer term to raise funds for the Oxfam Covid-19 Appeal for those suffering in India. During lockdown, a Corona Quilt was created by different members of the community contributing their own designs to create one large piece.

50 years in Pont Street celebrations

To celebrate the 50" anniversary of the School's move to Pont Street, a number of events and projects took place involving the whole community. Artwork was produced by different year groups, celebrating the building and a special commemorative film was made during the Summer Term. The film consisted of musical performances from choirs and soloists, interviews with pupils past and present, as well as the Head, Head of RS and Sister Gabriel on behalf the Canonesses of St Augustine who founded the School in 1952.

Financial review

The main source of income for the charity is fee income received for the provision of education. In the 202021 school year, the fees charged were £6,950 per term.

The charity has no investment portfolio for the provision of bursaries. As a relatively small school there is only a small pool of alumnae and the School does not receive regular support from them. There is an optional £50 per term Bursary levy included on all students’ fee invoices, which is the main contributor to the Bursary fund.

The main expenditure of the School is that of staff salaries. As staff are key to the ongoing success of the School the Governors continue to invest in the highest standard of teaching staff and are committed to ensuring their continued professional development. Staff salaries accounted for 64% of expenditure.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 a ee a ee a ee ae ee ee ee een ee ance ee Financial review (continued)

The Governors recognise that to continue to attract pupils to the School they must ensure that the fabric of the buildings and its facilities remain of a high standard. Over the last five years the Charity has invested £673,483 and plans to continue its rolling programme of investment, improvement and redecoration.

The cash position at the year-end remains in surplus.

The Governors are committed to ensuring the future financial stability of the School and continually review the financial position and consider any changes required. The charity has considered the fee levels charged and the Governors have decided to raise these for the next school year. Additionally, the Governors continue to consider the bursary provision available and remain committed to ensuring a wider number of pupils gain facilitated access to education.

Results for the Year

The Financial Statements show a deficit in the year. The General Fund deficit for the year was £300,597 bringing the balance to £1,309,634. There was a deficit of £19,034 on restricted funds to bring the year end figure to £72,827. The overall total funds of £1,382,461 are expected to be adequate to meet the known obligations of the Charity.

In compliance with the Government's COVID-19 lockdown regulations the School was closed from late November 2020 until the end of the first half of the Spring term 2021. During that period, in common with other schools, More House provided remote teaching and learning for its pupils. Cost savings we were able to make in that period were passed on to parents through a credit against tuition fees.

As a registered charity the School assures the parents and guardians of pupils that the income of the School will be applied for educational purposes. As an educational charity the School enjoys tax exemptions on educational activities and on investment income and gains, provided these are applied for its charitable aims. The School benefits from a reduction of 80% on the business rates on its premises. The financial benefits received from these tax exemptions are all applied for educational purposes and indirectly help to maintain the School's bursary policies.

However, as an educational charity the School cannot reclaim VAT on costs as it is exempt for VAT purposes. As an employer the School pays tax through National Insurance contributions.

Reserves policy

The Governors endeavour to maintain sufficient reserves to minimise the impact of fluctuations in pupil numbers and the cost of major developments and repair works. They have set a target that at least one term's income should be kept as a general reserve. The School's free reserves as at the year-end were £776,826 (2020: £1,121,821).

Investment powers and policy

The School holds no investment portfolio.

Principal Risks and Uncertainties

The Governors have assessed the risks to which the charity is exposed, including operational and financial risks, and the Board undertakes annually a detailed review of the Charity's Risk Assessment Register. In the opinion of the Governors, the charity has established resources and review systems which, under normal conditions, should allow the risks to be managed to an acceptable level in its day-to-day operations.

In September 2021 the Governors reviewed in detail the Charity's Risk Assessment Register and were satisfied that no material amendments or additions were required.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 ee Plans for future periods

COVID-19 has acted as a stark reminder of how quickly an emerging risk can manifest itself and the pervasive impact these risks can have. Vitaly, the ‘knock-on’ impact of one risk on the Schoof's other principal risks — in this instance the impact of COVID-19 on the prolonged mental health of pupils and staff, the need for education to be far more flexible and responsive to change, and the robustness of our IT environment - are all important matters which the Governors have had to reassess over the past twelve months and will continue to reassess into the future.

‘Furthermore, both the pandemic and Brexit have had a significant impact on the socio-economic environment in London and the School needed to be ready to adapt to face the short-term challenge whilst protecting long-term value.

To strengthen its strategic focus the School returned to a “single” headship structure in March 2021, following the resignation of one of the Co-Heads. Froma starting point that is acknowledged as “ahead of the game’ in terms of pastoral care the School is now well equipped to deal with the inevitable uncertainties that everyone faces over the coming period.

The School remains committed to providinga first-rate education by developing a culture of excellence that permeates every classroom and department; a focus not simply on getting the best grade, but on getting the best education and creating a lifelong passion for learning. This will be delivered by the provision of high-quality, unique learning pathways that are relevant to each and every pupil and will drive their personal success and readiness for when they leave the Schoo!.

Structure and Governance

The Company is governed by its Memorandum and Articles of Association, which were last updated in June 2018. The Governors of the School constitute the Directors of the Company for the purposes of the Companies Act 2006 and also constitute the Trustees of the Charity.

Responsibility for the management of the Company as a Charity is vested in the Board of Governors shown on page 1. The Governors meet quarterly to consider and decide ways of furthering the aims of the Company, control finances, assess risks, and appoint appropriate senior staff. The Memorandum and Articles of Association stipulate that the number of Governors shall be no fewer than three individuals, a majority of whom shall be Roman Catholics. Governors are appointed at the Annual General Meeting for an initial term of office of three years and may subsequently stand for re-election by the Members of the More House Association.

Suitable individuals may be co-opted on to the Board of Governors at any time during the year to fill vacancies. In accordance with generally accepted good practice for corporate governance, the Board regularly reviews the provision of skills and expertise available through individual Governors to ensure that the membership of the Board encompasses the competence required to meet the aims of the Charity in terms of its academic, educational, spiritual, financial and operational objectives. Whenever appropriate, Governors attend nationally organised seminars on governance for schools.

There are two committees which meet in addition to full board meetings; these are the Bursary and Fundraising Committees. A further three sub-groups meet as required; these are the Safeguarding and Health & Safety, Teaching and Learning Development and the Compliance, Finance and Risk Management groups. Additionally, each Governor is copied into the notes from the weekly Safeguarding Meetings.

Related parties

None of the Governors receives remuneration or other benefit from their work with the charity.

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More House Trust Limited Annuai Report and Financial Statements For the Year Ended 31 July 2021 ee ee

Structure and Governance (continued)

Pay policy for senior staff

The charity operates banded pay scales for all staff including senior staff. These provide consistency, transparency and ease of comparison with maintained schools as well as other independent schools. Progression within the bands is based upon number of years’ service. This allows the School to remain an attractive empioyer in the independent school sector.

Statement of Governors’ Responsibilities

The Governors (who are also the directors of More House Trust Limited for the purposes of company law and the Trustees for the purposes of charity law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. There are no Governors’ interests requiring disclosure under the Companies Act 2006 and having taken reasonable steps to identify People with Significant Control and Relevant Legal Entity, the Govemors have identified none in relation to the charity.

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Governors should follow best practice and;

The Governors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Governors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection offraud and other irregularities.

The Governors believe that they have taken the necessary steps to ensure that they are aware of all information relevant to the audit, and that this information has been disclosed to the charitable company’s auditors. Report ofthe Governors, approved by order ofthe Board ofGovernors, as the company directors, on and signed on the board's behalf by:

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JJ Fyfe “Chairman of the Governors
Dae 22 APL 2022
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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 (ee ee ee ee Opinion We have audited the financial statements of More House Trust Limited (the ‘charitable company’) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concer 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.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 e e ee

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

in the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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More House Trust Limited Annual Report and Financial Statements For the Year Ended 31 July 2021 yaaa ac a i ee Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be Jess likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:/Awww.fre.org. uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. 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. 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.

Arey Ad Sercoss

John Howard (Senior Statutory Auditor)

For and on behalf of Azets Audit Services Statutory Auditor Chartered Accountants 2™ Floor, Regis House, 45 King William Street, London, EC4R SAN

Date: 22 Agr‘! 2022_

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More House Trust Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the Year Ended 31 July 2021

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||||||||| |---|---|---|---|---|---|---|---| |Note|Unrestricted|Restricted|Totalfunds|Total funds| |funds|funds|2021|2020| |£|£|£|£| |Incoming|resources| |Donations|2|695|26,959|27,654|41,864| |Charitable|activities|3| |Fees receivable|2,958,296|(45,993)|2,912,303|3,591,931| |Sundry other income|3,475|-|3,475|27,529| |Other trading|activities|4|249,953|=|249,953|308,480| |Investment|income|5|1,364|-|1,364|7,798| |Other income|6|.|23,419|-|23,419|101,485| |Total|Income|3,237,202|(19,034)|3,218,168|4,079,087| |Resources|expended| |Charitable|activities| |Raising funds|K|43,316|-|43,316|42,516| |Charitable|activities| |Tuition costs|&|2,361,087|-|2,361,087|2,665,072| |School|operating|costs|9|1,133,396|-|1,133,396|1,105,866| |Total|resources expended|3,537,799|-|3,537,799|3,873,454| |Net movement in funds|(300,597)|(19,034)|(319,631)|265,633| |Transfers|bs|=|s|=| |Total movement in funds|(300,597)|(19,034)|(319,631)|265,633| |Reconciliation|of funds| |Total funds brought forward|41,610,231|91,861|1,702,092|1,436,459| |Total funds carried forward|19|1,309,634|72,827|1,382,461|1,702,092|

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The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

The notes on pages 16 to 27 form part of these financial statements.

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More House Trust Limited Balance Sheet As at 31 July 2021

Company number: 958054

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Note 2021 2020
£ £ £ £
Fixed assets
Tangible assets 45 532,808 488,410
Current assets
Debtors 16 259,920 278,418
Cash at bank and in hand 1,614,788 2,084,155
1,874,708 2,362,573
Current liabilities
eo amounts falling due within one 17 (656,597) (688,459)
; :
Net Current assets 1,218,111 4,874,114
Total assets less current liabilities 1,750,919 2,162,524
Creditors: amounts falling due after more
than one year 16 (368,458) (460,432)
Net Assets 4,382,461 1,702,092
Funds and reserves
Unresiricted funds 19 1,222,926 1,508,286
Designated funds 19 86,708 101,945
Restricted funds 19 72,827 91,861
Total funds 1,382,461 1,702,092
----- End of picture text -----

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 2 APR 49? and were signed on its behalf by:

----- Start of picture text -----
; } HesKick ACLEa)
J J Fyfe M5 Shale
Governor Govemor
----- End of picture text -----

The notes on pages 16 to 27 form part of these financial statements.

+4

More House Trust Limited Cash Fiow Statement As at 31 July 2021

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Notes|2021|2020| |£|£| |Net cash|provided by operating|activities|24|(309,799)|432,197| |Cash|flows from|investing|activities|1,364|7,798| |Purchase|of tangible fixed|assets|(160,932)|(98,779)| |Net cash|provided|by|investing|activities|(159,568)|(90,981)| |Changes|in|cash and cash|equivalents|in the year|(469,367)|341,216| |Cash and cash|equivalents|brought forward|2,084,155|1,742,939| |Cash and cash|equivalents|carried forward|1,614,788|2,084,155|

----- End of picture text -----

The notes on pages 16 to 27 form part of these financial statements.

15

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

1 Accounting policies

a) General information and basis of preparation

More House Trust Limited is a Charitable company limited by guarantee (without share capital) in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities is to educate girls aged 11 to 18.

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound sterling.

b) Legal status

More House Trust Limited is a company limited by Guarantee and is a registered charity. Each member's liability is limited upon winding up, to an amount not exceeding £1.

The Governors of More House Trust Limited constitute the directors of the charitable company for the purposes of company law and constitute its trustees for the purposes of charity law.

c) Going Concern

The financial statements have been prepared on the going concern basis as the Governors believe that no material uncertainties exist. The Governors have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the School to be able to continue as a going concern.

d) Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Govemors in furtherance of the charitable objectives of the charitable company. An unrestricted Designated fund has been set up for future development and to provide resilience for unforeseen employment costs.

Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to conditions imposed by the donor or through the terms of an appeal.

6) Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income is deferred when the fees or donations are received in advance of the academic year or event to which they relate.

16

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

1. Accounting policies — continued

f) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, discounted to present value for longer-term liabilities. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT, which cannot be recovered, and is reported as part of the expenditure to which it relates

Governance costs include those costs primarily associated with meeting the constitutional and statutory requirements of the charitable company and include the auditors’ remuneration and legal fees and costs linked to the charitable company’s compliance with regulation and good practice.

g) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

Tangible fixed assets are depreciated at rates calculated to write off the cost of each asset over its estimated useful life as follows:

----- Start of picture text -----
Leasehoid improvements 10% per annum- Straight line basis
Fixtures, fittings and equipment 20% per annum- Straight line basis
Computer equipment 33% per annum- Straight line basis
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h) Debtors

Debtors include amounts owed to the charity for the provision of services or amounts the charity has paid in advance for the goods or services it will receive. Debtors are measured at their recoverable amount.

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received.

i) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments, with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Other creditors and accruals are recognised at their settlement amount due.

17

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

1. Accounting policies — continued

k) Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.

l} Pension costs

The School contributes to the Teachers’ Pension Defined Benefits Scheme (TPS) at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The Scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are applicable to the Charity. In accordance with FRS102 the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator.

The School also contributes to a defined contribution personal pension scheme for all non-teaching staff.

Contributions are charged to the Statement of Financial Activities in the year in which they are payable.

m) Employee benefits

Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

n) Taxation

More House Trust Limited is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

oe) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangibie assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the tangible assets and note ‘1g for the useful economic for each class of assets.

Bad debt provision

The value of trade debtors is sensitive to the recoverability in full of school fees. Once a debt becomes overdue it is chased and periodically reviewed to ensure it is recoverable in the full. If a provision is deemed necessary this is included on an annual basis.

18

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

y Donations and legacies

Donations andand legacies
Unrestricted
Funds		 Restricted
Funds		 Total
2021		 Total
2020
£ £ £ £
Various donations
LevyScheme		 695
-		 -
19,244		 695
19,244		 4,668
24,656
Various restricted donations - 7,715 T7715 12,540
695 26,959 27,654 41,864

In 2020, £37,196 of the income was attributable to the restricted fund and the remaining £4,668 was attributable to the unrestricted fund.

3. Income from charitable activities

Income fromfrom charitable activities
Unrestricted
Funds		 Restricted
Funds		 Total
2021		 Total
2020
£ £ £ £
Gross tuitionfees receivable
Less: Bursaries andscholarships		 3,224,367
(266,071)		 -
(45,993)		 3,224,367
(312,064)		 3,905,849
(313,918)
Depositsforfeited 3,475 - 3,475 27,529
2,961,771 (45,993) 2,915,778 3,619,460
In 2020, a debit of £45,993 was attributable to the restricted fund and the remaining £3,665,453 was
attributable tothe unrestricted fund.
incomefrom othertrading activities
Unrestricted
Funds		 Restricted
Funds		 Total
2021		 Total
2020
£ £ £ £
Saleofmeals 203,074 - 203,074 253,896
Sundryincome 46,879 - 46,879 54,584
249,953 . 249,953 308,480

4, income from other trading activities

In 2020, all of the income was attributable to the unrestricted fund.

5. Investment income

Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Bank interest 1,364 - 1,364 7,798
1,364 - 1,364 7,798

In 2020, all investment income was attributable to the unrestricted fund.

19

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021 en ee ee

a ae eT

  1. Other income

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Job|retention scheme|23,419|-|23,419|401,485| |23,419|-|23,419|101,485| |zs|Raising funds| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Advertising and|marketing|15,840|-|15,840|18,310| |School advertising and other costs|27,476|-|27,476|24,206| |43,316|-|43,316|42,516|

----- End of picture text -----

In 2020, all of the costs were attributable to the unrestricted fund.

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |8.|Tuition|costs| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Teaching|salaries|including|national|2,420,819|-|2,120,819|2,290,074| |insurance and superannuation| |Academic departmental expenditure|205,358|-|205,358|206,843| |Staff courses,|meetings and travelling|14,904|-|14,904|10,957| |Subscriptions and|publications|6,948|-|6,948|11,744| |Speech|day and|prize giving|27|-|27|4,084| |Educational!|visits|(44,420)|-|(44,420)|17,445| |Bad|debts|55,276|.|55,276|119,546| |Other costs|2,175|-|2,175|4,379| |2,361,087|-|2,361,087|2,665,072|

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In 2020, £12,600 of the costs were attributable to the restricted fund and the remaining £2,652,472 were attributable to the unrestricted fund.

20

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021 ce ee ee ee ee ee a

9. Schooloperating costs Unrestricted
Funds
£		 Restricted
Funds
£		 Restricted
Funds
£		 Total
2021
£		 Total
2020
£
Administrative salaries including national 159,781 “ 159,781 221,525
insurance and pensions
Cateringandcleaning
Rentand rates
Photocopying, postage, stationeryand		 239,480
222,125
59,421		 -
-
”		 239,480
222,125
59,421		 170,738
196,030
65,563
telephone
Depreciation
Maintenanceandrepairs		 116,534
189,240		 -
-		 116,534
189,240		 141,479
190,428
Insurance
Lightand heat
Sundryexpenses		 41,170
30,633
15,625		 -
-
-		 41,170
30,633
15,625		 37,003
26,359
35,984
Governance costs:
Legaland professionalfees
Auditandaccountancyfees
External courses forgovernors		 8,578
50,809
-		 -
-
.		 8,578
50,809
-		 2,780
17,833
144
4,133,396 - 1,133,396 1,105,866
In 2020, all ofthe operating costswereattributableto unresiricted funds.
10. Donations
Therewerenodonations paid duringtheyear(2020: Nil)
11. Netincome/(expenditure)fortheyear Total
2021		 Total
2020
£ £
Netmovement infunds Is stated aftercharging:
Depreciation
Auditor's remuneration		 116,534
50,809		 141,479
17,833
Operating lease rentals 184,521 159,762
12. Auditors remuneration
Total
2021		 Total
2020
: £ £
Auditfees 8,280 8,040
Otherservices 42,949 9,704
Over/underaccruals in prioryears (420) 89
50,809 17,833

10. Donations

12. Auditors remuneration

21

----- Start of picture text -----
More House Trust Limited
Notes to the Financial Statements
For the Year Ended 31 July 2021
ee ee ee ee
43. Analysis of staff costs, trustee remuneration and expenses and the cost of key management
personnel Total Total
2021 2020
£ £
Salaries and wages 1,642,766 1,785,460
Social security costs 172,670 198,388
Pension costs 337,237 358,626
2,152,673 2,342,474
Temporary and agency staff costs 427,927 169,125
2,280,600 2,511,599
The number of employees received emoluments of more than £60,000 in No. No,
the year was:
£60,001 to £70,000 2 2
£70,001 to £80,000 1 1
£80,001 to £90,000 - 1
The average number of employees calculated on a full-time equivalent
basis, analysed by function was:
Teaching 34 33
Administration 4 5
----- End of picture text -----

No Governors received or waived any remuneration for their services during the year (2020: £Nil) and no Governors were reimbursed any expenses during the year (2020: ENil).

The key management during the year comprised the Co-Heads, and Bursar. The total employee costs of the key management personnel were £243,721 (2020: £290,459).

14. Pension Costs

Teacheite’ Pension bet The School participates in the Teachers’ Pension Scheme (England and Wales) for its teaching staff, an unfunded multi-employer defined benefits pension scheme governed by the Teachers’ Pensions Regulations 2010 and the Teachers’ Pensions Scheme Regulations 2014. Members contribute on a ‘pay as you go' basis with contributions from members and employer being credited to the Exchequer.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department, From April 2015, the Teachers’ Pension Scheme changed the variable rate for employees to between 7.4% and 11.7% depending upon which salary bracket each employee falls into. The employer contribution rate increased from 16.48% to 23.68% in September 2019. Employer contributions payable to the scheme in the year amounted to £324,500 (2020: £351,985). All contributions due were paid in the year.

Defined Contribution Schemes The School operates a defined contribution pension scheme with NEST and also contributes to the personal pension schemes of certain members of the non-teaching staff. The employer's contribution rate was 5% from August 2018 to April 2019 when it increased to 8% and the employee's contribution rates vary between 0% and 5%. Net contributions payable by the School amounted to £12,737 (2020: £6,641).

22

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

More House TrustTrust Limited
Notes to the Financial Statements
For the Year Endedthe Year EndedYear EndedEnded 31 July 2021		 More House TrustTrust Limited
Notes to the Financial Statements
For the Year Endedthe Year EndedYear EndedEnded 31 July 2021		 More House TrustTrust Limited
Notes to the Financial Statements
For the Year Endedthe Year EndedYear EndedEnded 31 July 2021		 More House TrustTrust Limited
Notes to the Financial Statements
For the Year Endedthe Year EndedYear EndedEnded 31 July 2021		 More House TrustTrust Limited
Notes to the Financial Statements
For the Year Endedthe Year EndedYear EndedEnded 31 July 2021
ne
ee
ee
15. TangibleFixedAssets Leasehoid
Improvements
&		 Furniture&
Equipment
£		 Total
£
Cost
At 1 August2020
Additions		 818,265
121,364		 587,702
39,568		 1,405,967
160,932
At31 July2021 939,629 627,270 1,566,899
Depreciation
At 1 August2020
Chargefortheyear		 400,504
80,957		 517,053
35,577		 917,557
116,534
At31 July2021 481,461 552,630 1,034,091
NetBookValue
31 July2021 458,168 74,640 532,808
31 July2020 417,761 70,649 488,410
16. Debtors Total
2021		 Total
2020
£ £
Tuitionfees receivable (Lessprovision forbad
Prepaymentsandaccruedincome		 debts) 132,081
127,839		 147,106
431,312
259,920 278,418
17. Creditors:amountsfallingduewithinoneyear Total
2021		 Total
2020
£ £
Fees received from parents inadvanceofterm
Trade creditors.
Depositsheld in respectofpupils
Othertaxand social security
Accrualsand deferred income		 -
85,683
155,693
46,536
278,763		 4,345
78,555
484,129
4,160
363,142
Fees inadvancescheme (note 18.1)
Other Creditors		 -
89,922		 18,930
38,198
656,597 688,459

23

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021 a ee ee ee ee

18. Creditors: amounts falling due after more than one year

Deposits held in respect of pupils

----- Start of picture text -----
Total Total
2021 2020
£ £
368,458 460,432
368,458 460,432
----- End of picture text -----

Deposits held in respect of pupils include aggregate amounts of £140,500 (2020: £125,450) which fall due after five years and which are repayable otherwise than by instalments.

18.1 Fees in advance scheme

Parents may enter into a contract to pay the School in advance for fixed contributions toward the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:

Total
2021		 Total
2020
£ £
After fiveyears - -
Withintwotofiveyears - -
Within one totwo years - -
Withinoneyear - 18,930
- 18,930
Summary ofmovementin liability: £
Balance at 1 August2020 18,930
New contracts a
Amounts refunded upon pupil leaving (18,930)
Amounts used to payfees -
Balanceat31July2021 -

24

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

a a Te Se ee

----- Start of picture text -----
49. Movement in funds
----- End of picture text -----

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Ati|August|Incoming|Qutgoing|Transfers|At 31|July| |2020|resources|resources|2021| |£|£|£|£|£| |Unrestricted|funds| |General fund|- undesignated|1,508,286|3,237,202|(3,537,799)|15,237|=|1,222,926| |Designated|funds| |Future development and| |Employment costs|101,945|-|-|(15,237)|86,708| |1,610,231|3,237,202|(3,537,799)|-|1,309,634| |Restricted|funds| |Bursary Fund|66,081|(26,749)|-|-|39,332| |Germing|Prize Fund|2,677|-|“|-|2,677| |Ndoca Educational|Fund|23,063|-|-|-|23,063| |Other Educational|Funds|40|7,715|-|-|7,755| |91,861|(19,034)|-|-|72,827| |Total funds|1,702,092|3,218,168|(3,537,799)|-|1,382,461|

----- End of picture text -----

A designated fund has been set up for future IT development to accelerate digital pedagogy within the school, including within the music department. Further designated funds are intended to provide resilience for unforeseen employment costs.

Restricted funds

The Bursary Fund was set up in 2004 to provide assistance with tuition fees. It is funded by donations, principally from the parents via the Bursary Levy Scheme and investment income. In the year the payments exceeded receipts showing a net reduction in the Fund.

The Germing Prize Fund represents a donation from the parents of a former pupil and investment income to award a prize at annual prize giving.

The Ndoca Educational Fund represents a donation from the parents of a former pupil to assist with the provision of special educational needs.

25

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

a a a a a a a a
19.1 Movement in funds—Prioryear
Ati August
2019		 Incoming
resources		 Outgoing
resources		 Transfers At31 July
2020
£ £ £ £ £
Unrestrictedfunds
Generalfund -undesignated		 1,276,816 4,087,884 (3,800,854) (55,560) 1,508,286
Designatedfunds
Futuredevelopmentand
Employmentcosts		 46,385 - - 55,560 101,945
4,323,201 4,087,884 (3,800,854) - 1,610,231
Restricted funds
BursaryFund
Germing PrizeFund
Ndoca EducationalFund
OtherEducationalFunds		 87,418
Pw ef
23,063
-		 (21,337)
.
-
12,540		 -
(100)
-
(12,500)		 -
-
-
~		 66,081
2,677
23,063
40
113,258 (8,797) (12,600) - 91,861
Totalfunds 1,436,459 4,079,087 (3,813,454) - 1,702,092
Unrestricted funds
20. Analysisofnet assets betweenfunds funds
Unrestricted
Restricted
Revenue
Revenue
£
£		 Total
2021
£		 Total
2020
£
Fund balances at31 July2021 arepresented by:
Tangiblefixedassets
Netcurrentassets
Longterm liabilities		 532,808
1,145,284
(368,458)		 -
72,827
-		 532,808
1,218,111
(368,458)		 488,410
1,674,114
(460,432)
1,309,634 72,827 1,382,461 1,702,092
in 2020, £1,610,231 ofthe netassetswere attributable tothe Unrestricted Fund, withthe remaining
£91,861 being attributabletothe Restricted Fund.
21. Operatingleasecommitments Total
2021		 Total
2020
£ £
Total future minimum lease payments under non-cancellable operating
leases as follows:
Not laterthan oneyear
Later thanoneandnotlaterthanfiveyears
Laterthanfiveyears		 202,721
730,000
258,542		 202,721
518,841
441,042
1,191,263 1,393,984

26

More House Trust Limited Notes to the Financial Statements For the Year Ended 31 July 2021

eeae es ee ee ae

22. Capital commitments There are no capital commitments at the year end (2020: £Nil).

  1. Related party transactions During the year Ms S A Meadows, wife of the Chair of Governors, was engaged as the Bursar and received a salary under normal market conditions.

24. Reconciliation of net cash provided by operating activities

Net (expenditure)/income for the reporting period

Total Total 2021 2020 £ £ (319,631) 265,633

Adjustments for: - Depreciation 116,534 141,479 - Decrease/(Increase) in debtors 18,498 482,521 - (Decrease)/increase in creditors (123,836) (149,638) - Interest received (1,364) (7,798) (309,799) 432,197

Zr