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2023-08-31-accounts

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

More House Trust Limited Annual Report and F7nancial Statements For the Year Ended 31 August 2023 Report of the Independent Auditors to the Governors of More House Trust Limited (contlnuedl Auditorfs responsibilities for the audit of the financial statements (continued Irregularitles. Includlno fraud, are Instances of non-compliance with laws and regulations. We deslgn procedures In line with our responsibllilies. outlined above, lo detect material misstatements in re5pe¢t of irregularities, including fraud. The specifi¢ procedures for this engagement and the extent to whiGh these a￿ capable of detecting irreoularilies, including fr8ud is delAiled below.. Enquiry of ma￿￿ernent and those chawJed with govemance around actual and polenlial litigation and claims as well as actual. suspected and alleged fraud., Reviewing minutes of meetings of those Gharged with govemance; Assesslng the e￿ent of compliance with the laws and ￿gUlationS consKJered to have a direct material effect on the financi81 stalemenls or the operations oflhe company through enquiry and inspection., Reviewing fln8nclal 5tatem8nt disdosures and testiro to supporting documentation lo ass8sS compliance with applicable laws and regulations., Perfomiing audit work over the risk of management bias and overrKle of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rallonale of signrficant Iransactlons outside the normal Gourse of i￿SInesS and remewlng accounting estimates for Indicalors of potentLql bias. Because of the inherent limiialions of an audit, there is a risk that we will not deled all irregu18rtties, including those leading lo 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 ￿MOVed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk B also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmen(, forgery, collusi)n, omissN)n or misrepresentation. A further description of our responsibilities is available on the Finan￿al ReportiTrJ Councll's website 81.. https.'Ilwww.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-an(kguidancelStandards-and- guK1an¢e-for-auditotslAuOitors-responsl)ilities-for-audiUDescripb'on-of-audiiors-responsibilities-for-8udit.8sPX. This description forms part of our auditor's report. Use of our report This report made solely to the charitable company's memb9rs, as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has t*en urKlertaken so that we might state to the charitable company's members those matters we are required to state to them in an audi(or's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibilrty lo anyone other than the charitable company and the charltable company's members as a body, for our audil Wofk, for this report. or for th8 opinions we have formed. John Howard {Senior Statutory Audilor) For and on behalf of Azets Audit Servi¢es Statutory Auditor Chartered Accountants 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN Dale.. 29 May 2024 12

Unrestricted Restricted Total funds Total funds
funds funds 2023 2022
Incoming
resources
Donations 3,857 25,102 28,959 313,751
Charitable
activities
Fees receivable 2,938,553 (296,817) 2,641,736 2,587,899
Sundry other income 34,093 34,093
Other trading
activities		 230,453 230,453 260,807
Investment
income		 19,099 19,099 2,654
Total Income 3,226,055 (271,715) 2,954,340 3,165,111
Resources expended
Charitable
activities
Raising funds 62,998 62,998 50,092
Charitable
activities
Tuition costs 2,156,685 2,156,685 2,268,185
School operating costs 1,222,293 1,222,293 1,242,359
Total resources expended 3,441,976 3,441,976 3,560,636
Net movement
in		 funds (215,921) (271,715) (487,636) (395,525)
Transfers
Total movement
in		 funds (215,921) (271,715) (487,636) (395,525)
Reconciliation
of		 funds
Total funds brought forward 704,789 282,147 986,936 1,382,461
Total funds carried forward 18 452,965 46,335 499,300 986,936
Note 2023 2022
Fixed assets
Tangible assets 14 480,509 500,661
Current assets
Debtors 15 926,583 956,588
Cash at bank and in hand 867,094 1,366,716
1,793,677 2,323,304
Current
liabilities
Creditors: amounts
year		 falling due within one 16 (1407237 (1,449,933)
Net Current assets 386,440 873,371
Total assets less current liabilities 866,949 1,374,032
Creditors: amounts
than one year		 falling due after more 17 (367,649) (387,096)
Net Assets 499,300 986,936
Funds and reserves
Unrestricted
funds		 18 389,990 641,814
Designated
funds		 18 62,975 62,975
Restricted
funds		 18 46,335 282,147
Total funds 499,300 986,936
Notes 2023 2022
Net cash provided
by operating
activities		 23 (412,054) (162,896)
Cash flows from investing activities 19,099 2,654
Purchase oftangible
fixed		 assets (106,667) (87,830)
Net cash provided
by investing
activities		 (87,568) (85,176)
Changes in cash and cash equivalents
in the year		 (499,622) (248,072)
Cash and cash equivalents brought
forward		 1,366,716 1,614,788
Cash and cash equivalents
carried forward		 867,094 1,366,716
The notes on pages 16to 27 form part ofthese financial statements.

Raising funds
Unrestricted Restricted Total Total
Funds Funds 2023 2022
f
Advertising
and marketing
School advertising
and other costs		 27,977
35,021		 27,977
35,021		 39,023
11,069
62,998 62,998 50,092

Tuition costs
Unrestricted Restricted Total Total
Funds Funds 2023 2022
Teaching
salaries
including		 national 1,900,064 1,900,064 1,968,892
insurance
and superannuation
Academic departmental
expenditure
Staff courses, meetings
and travelling
Subscriptions
and publications
Speech day and prize giving
Educational
visits		 207,928
24,536
18,999
1,899
1,729		 207,928
24,536
18,999
1,899
1,729		 311,202
28,229
14,315
1,164
(60,655)
Bad debts 984
Other costs 1,530 1,530 4,054
2,156,685 2,156,685 2,268,185

School operating cost s
Unrestricted Restricted Total Total
Funds Funds 2023 2022
Administrative
salaries		 including national 257,303 257,303 280,814
insurance
and pensions
Catering
and cleaning
Rent and rates		 222,024
224,098		 222,024
224,098		 220,090
244,267
Photocopying,
postage,		 stationery and 48,424 48,424 58,106
telephone
Depreciation
Maintenance
and repairs
Insurance		 126,822
145,980
55,232		 126,822
145,980
55,232		 119,980
168,822
51,556
Light and heat
Sundry expenses		 58,183
39,035		 58,183
39,035		 34,690
19,610
Governance costs:
Legal and professional
Audit and accountancy		 fees
fees		 9,678
35,514		 9,678
35,514		 27,274
17,150
External courses for governors
1,222,293 1„222,293 1,242,359
In 2022, all the operating costs were attributable to unrestricted funds.
In 2022, all the o perati ng costs were attributable
to unrestricted
fund		 s.
9. Donations
There were no donations paid during the year (2022: Nil)
10. Net income/(expenditure) for the year Total Total
2023 2022
Net movement
in funds
Depreciation
Auditor remuneration		 is stated after charging: 126,822
35,297		 119,980
17,150
Operating
lease		 rentals 183,717 196,614
11. Auditor
remuneration
Total Total
2023 2022
f.
Audit fees 14,400 9,000
Payroll services 5,897 6,010
Other accounting services
Bursar support
Over/under
accruals		 in prior years 15,000 2,140
35,297 17,150

12. Analysis ofstaff costs, trustee remuneration Analysis ofstaff costs, trustee remuneration Analysis ofstaff costs, trustee remuneration Analysis ofstaff costs, trustee remuneration and expenses and the and expenses and the cost of key management cost of key management
personnel Total Total
2023 2022
f.
Salaries and wages
Social security costs
Pension costs		 1,642,450
168,481
210,859		 1,588,075
171,231
280,011
2,021,790 2,039,317
Temporary
and		 agency staff costs 135,577 210,389
2,157,367 2,249,706
The number of employees
received		 emoluments ofmore than F60,000 in No. No.
the year was:
P6,000to 870,000
f100,001 to 8200,000
The average
number		 of employees calculated on a full-time equivalent
basis, analysed
Teaching		 by function was: 36 32
Administration 6 4

14. Tangible Fixed Assets Leasehold Furniture
8		 Total
Improvements Equipment
Cost
At 1 September 2022
Additions		 962,544
84,330		 692,185
22,337		 1,654,729
106,667
At 31 August 2023 1,046,874 714,522 1,761,396
Depreciation
At 1 September 2022
Charge for the year		 563,916
86,228		 590,152
40,591		 1,154,068
126,819
At 31 August 2023 650,144 630,743 1,280,887
Net BookValue
31 August 2023 396,730 83,779 480,509
31 August 2022 398,628 102,033 500,661
15. Debtors Total Total
2023 2022
Tuition fees receivable (Less provision for bad debts) 819,498 839,486
Prepayments
and accrued income		 107,094 117,102
926,583 956,5&8

16. Creditors: amounts Creditors: amounts Creditors: amounts falling due within one year
Total Total
2023 2022
Fees received from parents in advance of 31,611 15,650
term
Trade creditors 177,795 226,924
Deposits held in respect of pupils 100,564 79,367
Other tax and social security 42,435 39,204
Accruals and deferred income 1,017,208 999,628
Other Creditors 37,624 89,160
1,407,237 1,449,933
17. Creditors: amounts falling due after more than one year
Total Total
2023 2022
Deposits held in respect of pupils 367,649 387,096
367,649 368,458

At 1 Incoming Outgoing Transfers At 31
September resources resources August
2022 2023
Unrestricted funds
General
fund		 - undesignated 641,814 3,226,055 (3,441,976) 425,893
Designated
funds
Future development and
Employment costs 62,975 62,975
704,789 3,226,055 (3,441,976) 488,868
Restricted funds
Bursary Fund 21,715 (21,715)
Germing
Prize Fund		 2,677 2,677
Ndoca Educational Fund
Canonesses of St Augustine 250,000 (250,000)
Fund
Other Educational Funds 7,755 7,755
282,147 (271,715) 10,432
Total funds 986,936 2,964,340 (3,441,976) 499,300

Movement
in fund		 s —Prior year
At 1 July Incoming Outgoing Transfer At 31
2021 resources resources s August
2022
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
Total funds 1,382,461 3,165,111 (3,560,636) 986,936
Analysis ofnet assets between funds
Unrestricted Restricted Total Total
Revenue Revenue 2023 2022
f.
Fund balances
at 31		 August 2023 are presented by:
Tangible
fixed assets		 480,509 480,509 500,661
Net current assets 376,008 10,432 386,440 873,371
Long term liabilities (367,649) (367,649) (387,096)
488,868 10,432 499,300 986,936

20. Operating
lease comm		 itments
Total Total
2023 2022
Total future
minimum		 lease payments under non-cancellable operating
leases as follows:
Not later than one year 206,395 206,395
Later than one and not later than five years 781,772 805,666
Later than five years 60,833 243,333
1,049,000 1,255,394
21. Capital commitments
There are no capital commitments at the year-end (2022: RNil).
22. Related party transactions
None during the period.

Reconciliation
of net cas		 h provided
by		 operating
activities
Total Total
2023 2022
Net (expenditure)/income for the reporting period (487,636) (395,525)
Adjustments
for:
- Depreciation 126,819 119,977
- (Increase)/Decrease in debtors 30,005 (696,668)
- Increase/(Decrease) in creditors (62,143) 811,974
- Interest received (19,099) (2,654)
(412,054) (162,896)