## 



## 

||Page|
|---|---|
|Reference and Administrative<br>Information||
|Report ofthe Governors||
|Report ofthe Independent<br>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
ac￿rdanCe wilh ISAS {UK) will a￿ayS 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.
Ir￿ul8￿1(1es, including fraud, are instancès of non<ompliance with laws and regulatK•ns. We design procedures
in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities,
including fraud. The speafic procedures for this engagement and the extent to vthÉch these are capable of
detecting irregularltyes, in¢luding fraud is detailed bebw..
Enquiry of management and those charged with governance around actual and potentsl litigation and
laims as well as actual. suspected and alleged fraud"
Reviewing minutes of meetings of those charged with governance,.
Assessing the exlent of Complian￿ with the laws and regulats.ons conSide￿d to have a direct material
effect on the financial statements or the operations of the company through enquiry and insFeclion,'
Reviewing financial stat8ment disclosures and lesting to supporting documentation to assess
compliance with applicab￿ laws and ￿gUlatiOnS..
Perfoming audit woik over the risk of management bias and override of controls. including testing of
joumal entries and other adjustments for appropri*eness, evaluaiing the business rationale of
significant IransactK•ns outs*Je the nomial course of business and reviewng accounting e$timale$ for
ind￿atOrS of potential bias.
Because of the inherent limitathons of an audit. there is a risk that we wll not detect all Il￿guIanties, including
those leading to ¥ materi81 misstslèment in the financial statements or non-compliance with ￿gUlatIOn. This
risk increases the more that compliance with a law or regulation is removed from the events and transacb'ons
reflected in the financial statements, as we will be less Sikely to become aware of instsnces of non-complian¢e.
The nsk is also greater regarding irregularities occurring due to fraud rather than etTor. as fraud involves
intentional concealment, forgery, collusion, Omis$t￿ or msrepresentatKJn.
A further description of our responsibilities is available on the Financial Reporting Council's websrte al=
hty)s'.Ihvww.frc.org.uklOur-WorklAudillAudit-and-assurancelStandards-and-gurdanGeJStsndards-and-
guidance-for-auditorslAuditors-responsibilities-for-audiUDescriptson-of-auditors-responsibilrties-for-audil.aspx.
This description forn￿ part of our auditorfs report.
Use of our report
This report is made sglety to the Gharitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Cornpanies Act 2006. Our audit work has been undertaken so that wè might state to the charitsble
company's members those matters we are required to state to them in an auditor's report and for no other purpose.
To the fullestextent permitted by law, we do not accept or aSSUff￿ responsibility to anyone other than the charitable
company and the charitable ctjmpany's members as 8 body, for our audit work, for this report, or for the opinions
we have fomied.
A.L} kn_
John Howard {Senior Ststutory Audftor)
For and on behalf of Azets Audti Services
Statlrtory AudÈtor
Chartered Accountants
2nd Floor, Regis House,
45 King Wlliam Street,
London, EC4R 9AN
Date.. If zc>U
12

|||Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|
||Note|funds|funds|2022|2021|
|||6|6|||
|Incoming resources||||||
|Donations|||313,751|313,751|27,654|
|Chadtable<br>activities||||||
|Fees receivable||2,669,267|(81,368)|2,587,899|2,912,303|
|Sundry other income|||||3,475|
|Other trading<br>activities|4|260,807||260,807|249,953|
|Investment<br>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<br>activities||||||
|Raising funds|7|50,092||50,092|43,315|
|Charitable<br>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<br>in funds||(627,908)|232,383|(395,525)|(319,631)|
|Transfers||23,063|(23,063)|||
|Total movement<br>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<br>liabilities|||||||
|Creditors: amounts<br>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<br>than one year|falling due after more|||(387,096)||(368,458)|
|Net Assets||||986,936||1,382,481|
|Funds and reserves|||||||
|Unrestricted<br>funds||19||641,814||1,222,926|
|Designated<br>funds||19||62,975||86,708|
|Restricted funds||19||282, 147||72,827|
|Total funds||||986,936||1,382,461|





|||Notes|2022|2021|
|---|---|---|---|---|
|||||F|
|Net cash|provided<br>by operating<br>activities||(162,896)|(309,799)|
|Cash flows from investing<br>activities|||2,654|1,364|
|Purchase|oftangible<br>fixed assets||(87,830)|(160,932)|
|Net cash|provided<br>by investing<br>activities||(85,176)|(159,568)|
|Changes|in cash and cash equivalents<br>in the year||(248,072)|(469,367)|
|Cash and|cash equivalents<br>brought<br>forward||1,614,788|2,084,155|
|Cash and|cash equivalents<br>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<br>8|Funds<br>5|2022<br>f|2021<br>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<br>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<br>Restricted|Total|Total|
|||||||||Funds<br>6<br>Funds<br>6|2022f|2021<br>8|
||Job retention|scheme||||||||23,419|
|||||||||||23,419|
|7.|Raising funds||||||||||
|||||||||Unrestricted<br>Restricted|Total|Total|
|||||||||Funds<br>Funds|2022|2021|
|||||||||6<br>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<br>fund.||||
|8.|Tuition costs||||||||||
|||||||||Unrestricted<br>Restricted|Total|Total|
|||||||||Funds<br>Funds|2022|2021|
|||||||||6|6|6|
||Teaching|salaries|||including|national||1,968,892|1,968,892|2,120,819|
||insurance<br>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<br>salaries|including|||national||280,814|||280,814|159,781|
|insurance<br>and pensions|||||||||||
|Catering and cleaning<br>Rent and rates||||||220,090<br>244,267|||220,090<br>244,267|239,480<br>222,125|
|Photocopying,<br>postage,|stationery|||and||58,106|||58,106|59,421|
|telephone|||||||||||
|Depreciation||||||119,980|||119,980|116,534|
|Maintenance<br>and repairs||||||168,822|||168,822|189,240|
|Insurance||||||51,556|||51,556|41,170|
|Light and heat<br>Sundry expenses||||||34,690<br>19,610|||34,690<br>19,610|30,633<br>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<br>in funds|is|stated after charging:|||||||||
|Depreciation|||||||||119,980|116,534|
|Auditor remuneration|||||||||17,150|50,809|
|Operating<br>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<br>services||||||||||2,280|
|Bursar support||||||||||32,529|
|Over/under<br>accruals<br>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<br>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<br>in respect ofpupils<br>Other tax and social security||||79,367<br>39,204|155,693<br>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<br>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|





## 

|19.|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<br>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<br>in fund|s|—Prior y|ear||||||
|---|---|---|---|---|---|---|---|---|---|
|||||At 1August|Incoming||Outgoing|Transfer|At 31July|
|||||2020|resources||resources|s|2021|
|||||8|6||8|||
||Unrestricted<br>funds|||||||||
||General fund - undesignated|||1,508,286|3,237,202||(3,537,799)|15,237|1,222,926|
||Designated<br>funds|||||||||
||Future development||and|||||||
||Employment<br>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<br>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<br>lease com|mitments|||||||
|---|---|---|---|---|---|---|---|---|
||||||||Total|Total|
||||||||2022|2021|
|||||||||(Restated)|
||||||||6||
||Total future<br>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<br>ofnet|cash provided||by operating|activities||||



|Reconciliation<br>ofnet cas|h|provided<br>by|operating<br>activities|||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2022|2021|
|||||5||
|Net (expenditure)/income|for|the reporting|period|(395,525)|(319,631)|
|Adjustments<br>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)|