2022-08-31-accounts - More House Trust Ltd

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

Morn House Trust Limitèd Annual Roport and Financlal Statements For the Thirteen Month8 Ended 31 August 2022 Auditofs responslbllltles for the audlt of tho Ilnan¢lal 6tstem•nts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 2re free from material misslatement, whether due to frau¢J or error, and to issue an audÉtorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guaranlee th* an audil conducted in acrdanCe wilh ISAS {UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, indNidually or in the aggre9ate, they could reasonabty be expected to influence the economlc de¢i$ion$ of users taken on the basts of these financial statements. Irul81(1es, including fraud, are instancès of nonU 12

		Unrestricted	Restricted	Total funds	Total funds
	Note	funds	funds	2022	2021
		6	6
Incoming resources
Donations			313,751	313,751	27,654
Chadtable activities
Fees receivable		2,669,267	(81,368)	2,587,899	2,912,303
Sundry other income					3,475
Other trading activities	4	260,807		260,807	249,953
Investment income	5	2,654		2,654	1,364
Other income	6				23,419
Total Income		2,932,728	232,383	3,165,111	3„218,168
Resources expended
Charitable activities
Raising funds	7	50,092		50,092	43,315
Charitable activities
Tuition costs	8	2,268,185		2,268,185	2,361,087
School operating costs	9	1,242,359		1,242,359	1,133,396
Total resources expended		3,560,636		3,560&636	3,537,799
Net movement in funds		(627,908)	232,383	(395,525)	(319,631)
Transfers		23,063	(23,063)
Total movement in funds		(604,845)	209,320	(395,525)	(319,631)
Reconciliation offunds
Total funds brought forward		1,309,634	72,827	1,382,461	1,702,092
Total funds carried forward	19	704,789	282,147	986,936	1,382~61

		Note	2022		2021
Fixed assets
Tangible assets		15		500,661		532,808
Current assets
Debtors		16	956,588		259,920
Cash at bank and in hand			1,366,716		1,614,788
			2,323,304		1,874,708
Current liabilities
Creditors: amounts year	falling due within one	17	(1449933)		(656,597)
Net Current assets				873,371		1,218,111
Total assets less current liabilities				1,374,032		1,750,919
Creditors: amounts than one year	falling due after more			(387,096)		(368,458)
Net Assets				986,936		1,382,481
Funds and reserves
Unrestricted funds		19		641,814		1,222,926
Designated funds		19		62,975		86,708
Restricted funds		19		282, 147		72,827
Total funds				986,936		1,382,461

		2022	2021
			F
Net cash	provided by operating activities	(162,896)	(309,799)
Cash flows from investing activities		2,654	1,364
Purchase	oftangible fixed assets	(87,830)	(160,932)
Net cash	provided by investing activities	(85,176)	(159,568)
Changes	in cash and cash equivalents in the year	(248,072)	(469,367)
Cash and	cash equivalents brought forward	1,614,788	2,084,155
Cash and	cash equivalents carried forward	1,366,716	1,614,788
The notes	on pages 16to 27form part ofthese financial statements.

Donations and legacies	Donations and legacies
		Unrestricted	Restricted	Total	Total
		Funds 8	Funds 5	2022 f	2021 8
Various donations					695
Levy Scheme			13,751	13,751	19,244
Various restricted	donations		300,000	300,000	7,715
			313,751	313,751	27,554

Income from charitable activities
	Unrestricted	Restricted	Total	Total
	Funds	Funds	2022	2021
		5
Gross tuition fees receivable	2,903,970		2,903,970	3,224,367
Less: Bursaries and scholarships	(234,703)	(81,368)	(316,071)	(312,064)
Deposits forfeited				3,475
	2,559,287	(81,388)	2,5&7,899	2,915,778

Income from other trading ac	tivities
	Unrestricted	Restricted	Total	Total
	Funds	Funds	2022	2021
	5	8		5
Sale ofmeals	186,105		186,105	203,074
Sundry income	74,702		74,702	46,879
	280,807		250,807	249,953

Inves	tment income
		Unrestricted	Restricted	Total	Total
		Funds	Funds	2022	2021
		&	6	5
Bank	interest	2,654		2,654	1,364
		2,654		2,854	1,354


6.	Other income
								Unrestricted Restricted	Total	Total
								Funds 6 Funds 6	2022f	2021 8
	Job retention	scheme								23,419
										23,419
7.	Raising funds
								Unrestricted Restricted	Total	Total
								Funds Funds	2022	2021
								6 6	6
	Advertising	and marketing						39,023	39,023	15,840
	School advertising			and	other costs			11,069	11,069	27,476
								50,092	50,092	43,316
	in 2021, all	the costs were attributable					to the unrestricted fund.
8.	Tuition costs
								Unrestricted Restricted	Total	Total
								Funds Funds	2022	2021
								6	6	6
	Teaching	salaries			including	national		1,968,892	1,968,892	2,120,819
	insurance and		superannuation
	Academic departmental				expenditure			311,202	311,202	205,358
	Staff courses,		meetings and travelling					28,229	28,229	14,904
	Subscriptions		and publications					14,315	14,315	6,948
	Speech day	and prize			giving			1,164	1,164	27
	Educational	visits						(60,655)	(60,655)	(44,420)
	Bad debts							984	984	55,276
	Other costs							4,054	4,054	2,175
								2,268,185	2,268,185	2,361,087

School operating cos	ts
					Unrestricted		Restricted		Total	Total
						Funds		Funds	2022	2021
						6		6	6	6
Administrative salaries	including			national		280,814			280,814	159,781
insurance and pensions
Catering and cleaning Rent and rates						220,090 244,267			220,090 244,267	239,480 222,125
Photocopying, postage,	stationery			and		58,106			58,106	59,421
telephone
Depreciation						119,980			119,980	116,534
Maintenance and repairs						168,822			168,822	189,240
Insurance						51,556			51,556	41,170
Light and heat Sundry expenses						34,690 19,610			34,690 19,610	30,633 15,625
Governance costs:
Legal and professional	fees					27,274			27,274	8,578
Audit and accountancy	fees					17,150			17,150	50,809
External courses for governors
						1,242,359			1,242,359	1,133,398
In 2021,all the operating		costs were attributable				to unrestricted		funds.
Donations
There were no donations		paid during the			year {2021:Nil)
Net income/(expenditure)			forthe year
									Total	Total
									2022	2021
										6
Net movement in funds	is	stated after charging:
Depreciation									119,980	116,534
Auditor remuneration									17,150	50,809
Operating lease rentals									196,614	184,521
Auditor remuneration
									Total	Total
									2022	2021
									6	6
Audit fees									9,000	8,280
Payroll services									6,010	8,140
Other accounting services										2,280
Bursar support										32,529
Over/under accruals in	prior		years						2,140	(420)
									17,150	50,809

15.	Tangible Fixed Assets	Leasehold	Furniture L	Total
		Improvements	Equipment
		6
	Cost
	At 1 August 2021	939,629	627,270	1,566,899
	Additions	22,915	64,915	87,830
	At 31August 2022	962,544	692,185	1,654,729
	Depreciation
	At 1 August 2021	481,461	552,630	1,034,091
	Charge for the 13months	82,455	37,522	119,977
	At 31 August 2022	563,916	590,152	1,154,068
	Net Book Value
	31August 2022	398,628	102,033	500,661
	31 July 2021	458,168	74,640	532,808
16.	Debtors		Total	Total
			2022	2021
	Tuition fees receivable (Less provision	for bad debts)	839,486	132,081
	Prepayments and accrued income		117,102	127,839
			ses,sss	259,920

Creditors: am	ounts	falling	due within one year
				Total	Total
				2022	2021f
Fees received	from parents		in advance of	15,650
term
Trade creditors				226,924	85,683
Deposits held in respect ofpupils Other tax and social security				79,367 39,204	155,693 46,536
Accruals and deferred		income		999,628	278,763
Other Creditors				89,160	89,922
				1~9,933	656,597

Creditors	: am	ou	nts falling due after more than one year
				Total	Total
				2022	2021
Deposits	held	in	respect of pupils	387,096	368,458
				387,096	368,458

Movement	in	funds	funds
					At 1August	Incoming	Outgoing	Transfers	At31
					2021	resources	resources		August
									2022
									6
Unrestricted		funds
General fund		- undesignated			1,222,926	2,932,728	(3,560,636)	46,796	641,814
Designated	funds
Future development				and
Employment		costs			86,708			(23,733)	62,975
					1,309,634	2,932,728	(3,560,636)	23,063	704,789
Restricted	funds
Bursary Fund					39,332	(17,617)			21,715
Germing Prize Fund					2,677				2,677
Ndoca Educational				Fund	23,063			(23,063)
Canonesses		of St		Augustine		250,000			250,000
Fund
Other Educational			Funds		7,755				7,755
					72,827	232,383		(23,063)	282, 147
Totalfunds					1,382,461	3,185,111	(3,550,636)		986,936

19.1	Movement in fund	s	—Prior y	ear
				At 1August	Incoming		Outgoing	Transfer	At 31July
				2020	resources		resources	s	2021
				8	6		8
	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
20.	Analysis ofnet assets between funds
				Unrestricted		Restricted		Total	Total
				Revenue			Revenue	2022	2021
									8
	Fund balances at 31		August 2022 are presented		by:
	Tangible fixed assets				500,661			500,661	532,808
	Net current assets				591,224		282,147	873,371	1,218,111
	Long term liabilities				(387,096)			(387,096)	(368,458)
					704,789		282,147	988,936	1,382,461

21.	Operating lease com	mitments
							Total	Total
							2022	2021
								(Restated)
							6
	Total future minimum	lease payments		under non-cancellable		operating
	leases as follows:
	Not later than one year						206,395	202,721
	Later than one and not	later than	five	years			805,666	730,000
	Later than five years						243,333	425,833
							1,255,394	1,358,554
22.	Capital commitments
	There are no capital commitments		at the year-end (2021:8NII).
23.	Related party transactions
	None during the period.
24.	Reconciliation ofnet	cash provided		by operating	activities

Reconciliation ofnet cas	h	provided by	operating activities
				Total	Total
				2022	2021
				5
Net (expenditure)/income	for	the reporting	period	(395,525)	(319,631)
Adjustments for:
-Depreciation				119,977	116,534
-(Increase)/Decrease		in debtors		(696,668)	18,498
-Increase/(Decrease)		in creditors		811,974	(123,836)
-Interest received				(2,654)	(1,364)
				(162,898)	(309,790)