## ## ||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)|