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More House Trust Limited
Registered charity
Company limited by guarantee
Annual Report and Financial Statements
for the Year Ended 31 August 2024
Charity number". 312737
Company number: 958054

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Contents
Page
Reference and Administrative Infomiation
Report of thg Governors
2-10
Report of the Independent Auditors
Statement of Financial Activities
14
Balance Sheet
15
Cash Flow Statements
16
Notes to the Financial Statements
17-29

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Reference and Administrative Information
Governing document:
Memorandum and Articles of Association
Charity number:
312737
Company number:
958054
Governors:
lan Bogle (Chair}
Sue Shale (Vice-chair)
James Fyfe (Vice-chair)
Kevin Lake
Marian Doyle
Susan Meadows (appointed 11 October 2023)
Company Secretary
Suzana CoGO-Bassey (resigned 26 February 2024)
Victoria Johnson (appointed 26 February 2024)
Clerk to the Governors:
Susan Meadows (appointed 21 September 2022.
resigned 11 October 2023)
Jim Winter (appointed 11 October 2023. resigned 1
September 2024)
Victoria Johnson (appointed 1 September 2024)
mana
Head:
Faith Hagerty (to 31 August 2024}
Claire Phelps (from 1 September 20241
Director of Finance and Resources
Suzana Coco-Bassey (resigned effective
15 December 2023)
Victoria Johnson (appointed 26 February 2024)
Registered office:
22-24 Pont Street
London
SW1X OAA
Auditors:
Azets Audit se￿ices
Chartered Accountsnts
2nd Floor, Regis House
45 King William Street
London
EC4R 9AN
Bankers:
Coutts & Co
440 Strand
London
WC2R OQS

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
The Govemors are pleased to present their annual report together with the financial statements of the charity for
the year ended 31 August 2024 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 R&Gommended Practico 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 Actlvities
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 until June 2024 when the School launched its Pre-
Senior School for giris aged 9 and 10. In the 2023 -24 academic year the School had an average roll of 130. The
School was founded in 1952 when a group of parents asked the Canonesses of St Augustine to open a Day
School for their children. More House School expanded steadily over the years and in 1971 moved to its present
home on Pont Street. Knightsbridge, London. The School aims to provide an excellent education, independent
of Ihe 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..
Cultivate inspiring and successful young women by fostering Commitment, Integrity and Compassion.
Promote an ethos of spiritual development, humility and self-awareness. founded on the Catholic Faith
but relevant to those who adhere to other faiths and beliefs.
Engender a culture of intellectual curiosity both inside and outside the classroom and pride in individual
and collective achievement.
Provide for the social and emotional wellbeing and development of pupils and staff through tolerance,
justice and openness in an environment where all are equally valued and where individual rights and
dignity are respected.
Embrace the philosophy of Global Cittzenship by developing an awareness and understanding of whole
world sensitivities and the importance of living sustainably.
The School's strategy is implemented by the Head. 31 teaching staff and 7 administrative and technical staff.
who will continue to provide a broad and balanced education appropriate to the needs of each pupil catering for
the tull development of their varied talents.
The School uses academic results to monitor its success and the academic perfonnance 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 Gontribution of the School and its pupils to the local community
and the extent to which parents are involved in school life, as the Governors see parent involvement as an
essential requirement.
The School brings substantial benefits to the local community. School rooms are made available lo local charities
and church groups free of charge. Choirs from the School have performed in local hospitals and churches.
The charity continues lo foster and encourage links with local Catholic churches and communities through Faith
in Action. The School has formed partnerships with the Oratory Primary School and Cardinal Vaughan Memorial
School that have brought opportunities for pupils lo extend their charitable work further afield whilst working
collaboratively with their peers from different communities.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Objectives and Activities (continued)
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 {PB21'. The
School is committed lo 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 non-means-tested fee remissions.
Bursaries
Support in the form of bursaries is available to those wishing to attend the School but whose parents are unable
to pay the School's 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 byway of the School's website and in application packs for enlry
to the School. Those wishing to be considered for bursary support are required to complete a Bursary Applicalion
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 the financial year 2024 amounted to £287,535 {2023: £349,262) which
equates to 90/0 of the School's fee income.
In total, there were 14 pupils in receipt of bursary provision, representing 110A of the School roll. The range of
bursary awards was as follows:
810A. 100%
Eight pupils received 1000/. fee remission.
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 - 400/0 remission of the full fee and continue to the
end ofyear 11. The value of fee remission Scholarships in the financial year 2024 was £20,858 (2023.. £15,367).
representing 10/0 of the School's fee income, and they were awarded to 3 pupils, 20/0 of the School roll.
One family received sibling discount in the financial year 2024 totslling £3.495 (2023.. £3,274).
Volunteers
In addition to the members of the Board of Governors, who act as trustees, the Clerk to the Govemors from 21
September 2022 to 11 October 2023 was also a volunteer.
Achievements and performance
More House provided education for an average of 130 pupils over the three terms of the academic year 2023-
24. The School's strategy is to achieve the highest academic performance whilst cultivating well rounded
personal development of pupils. and to widan public access to the School's system of schooling as much as
possible as an independent education provider, within the constraints of funding.
Entry to the School is through either the Pre-senior Department (Years 5 and 6) or by way of a written test
through the London 11+ Consortium and participation in the More House Selection Day. The admissions
procedure is inclusive. All prospective pupils registered are invited to a Year 7 Selection Day, to take part in
STEAM (science, technology, engineering, art and mathematics) and Creative Activities as well as being
interviewed. Pupils gain entry to the Pre-senior Department through an interview with the Head and a Maths
and English paper to evaluate their entry point.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Achievements and perfomiance (continued)
The GCSE results for 2024 were 870A Grade 94 and 220/0 Grade 9-7. The national 94 rate was 67.6 % and our
results continued to show that our performance is significantly above average. As a non-selective school,
pupils enter our school performing in line with the national average on baseline CAT4 assessments. Students
leave our school performing significantly above the national average which highlights the school's positive
value-added results and demonstrates our ability to cater for a range of students, allowing them to fulfil their
academic potential.
At A Level, 450/0 of pupils achieved A'.B, a 4 % increase on the 2023 A Level results, with 760/0 achieving A"_C.
730/0 of pupils achieved grades which have guaranteed them places at their first choice universities andlor
further education destination, with some heading all around the world. Destinations included Exeter, Bristol.
SOAS, Sussex, Oxford Brookes, Nottingham. Royal Holloway, Royal College of Music, Stellenbosch (South
Africa) and The Met Film School. This set of results is a testament to our approach at More House. It is central
to our ethos that we nurture each individual girl. enabling them to succeed on their own unique journey.
360/0 are pursuing vocational training in the Creative Arts
160/0 will be attending tertiary education overseas
21 /0 are pursuing a gap year
16 % are pursuing degrees in STEM
11°/o are pursuing apprenticeship training
260/0 are pursuing degrees in Bljsiness Industries
260/0 are pursuing degrees in the Humanities
26 % are pursuing degrees at Russell Group Universities
The School is committed to maintaining a high level of expertise in its teaching stsff with an emphasis on
succession planning and a staff development process that focuses on developing skills and engaging in
lrfelong learning. Staff are offered the opportunity to attend Continued Professional Development sessions via
the various associations the School is a member of. such as the Society of Heads, GSA and the Catholic
Independent SGhools Council (CISC). Opportunities for shared leaming are also promoted via the School's
partnerships with Cardinal Vaughan Memorial School and Oratory Primary School.
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 pupils and staff from other denominations. The
School continued to nurture its strong links with the DioGese of Westminster in the 2023-24 academic year and
took part in Diocesan training 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 participating in daily prayer and a weekly
Spirit & Truth programme. More House is an active member of CISC. who offer training and support to schools
in the sector.
The More House Parents Association supports the School in a number of ways such as funding two new
Dyson Air Conditioning untts which are mobile and can be used in the rooffls that need them the most. They
also purchased new chess sets for the Chess Club and a microphone for the music department. The Parents,
Association hosted the annual Upper 6 Form Leavers. Drinks event onsite, which was enjoyed by pupils.
parents and staff alike and they organised the annual Christmas Fayre and Parents Quiz Night.
Principal Activitles for the year ended 31 August 2024
The School Development Plan 2021-24 had a dear focus on Teaching and Leaming, paying particular attention
to stretch and challenge forall pupils. A sixth form Super Curriculum and development ofthe Even More extended
learning resources for KS3 and KS4 were notable 8Ctivities for the period. The development of the City
Curriculum which made the most of the School's central London location was another key focus and two new
Catholic school partnerships hav8 been formed with the Oratory Primary School and Cardinal Vaughan Memorial
School as More House worked to develop close relationships with numerous feeder prep and primary schools.
The School continued to work towards reducing its carbon footprint by being as paper-free as possible and
continue to develop plans to move its energy sources to renewables suppliers.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Achievements and perfomiance (continued)
Academic
The School is commilted to fostering a learning environment that empowers students to realise theirfull potential.
By providing a supportive and challenging framework, we equip students with the tools to become independent
learners. Through innovative initiatives, we have extended the boundaries of traditional education. culminating
in the development ofthe City Curriculum Days. These immersive experiences, now expanded to include diverse
locations across London, offer students opportunities to apply their knowledge in real-world contexts and develop
essential skills for the digitsl age.
The School's academic offerings have continued to evolve. with notable achievements such as the successful
completion of the inaugural GCSE Business Studies cohort and the introduction of the Cambridge Technical
Sport and Physical Activity course in the Sixth Form. These programs provide students with a broader range of
pathways to academic SUCGess beyond the traditional GCSE and A-Level routes. Additionally, the Even More
program has enriched the curriculum for Years 7-9, fostering research skills, creative expression, and a deeper
understanding of the natural world.
Our classrooms are designed to promote a culture of inquiry and experimenlation, where mistakes are viewed
as valuable learning opportunities. The strong rapport between teachers and students is a testament to the
supportive and nurturing environment we have cultivated. As highlighted in the recent ISI inspection, our
"teachers use a variety of appropriate teaching methods and resources to develop pupils, study skills. Pupils are
responsive and resilient, viewing mistakes as leaming opportunities."
The School is dedicated to providing personalised support to meet the unique needs of each pupil. Our team of
specialists, including occupational therapists, speech and language therapists. counsellors, and music
therapists, works collaboratively to ensure that all pupils have access to the resources they require to succeed.
We are proud to report that there is no achievement gap be￿een pupils wtth and without Special Educational
Needs and Disabilities (SENDI.
Our Be More programme leverages the expertise of our alumni to offer pupits invaluable insights into various
career paths through infortnal talks and discussions. A Be More Talks event, modelled after TED (technology,
education, design) Talks, provided pupils and teachers with a platfonn to share their passions and develop Iheir
public speaking skills. This initiative showcased the diversity of interests within our community and fostered a
culture of intellectual curiosity.
Scholarship Programme
Personal development is central to the School's concept of Scholarship and its approach to Scholarships aims
to align benefiGiaries more closely with the School's aim to "Engender a cuftU￿ of intellectual curiosity both inside
and outside the Glassroom and pride in individual and collective achievemenf. The scheme includes Academic
Scholarships, intended for pupils at Year 5 and Year 7 entry and on joining the Sixth Form and Annual One-off
Awards which are open to all other pupils. The Academic Scholarships are a 25 /0 school fee remission and
Award scholarships take the form of a research grant forArt, Music, Drama or Sport to support individual scholarly
projects. Both scholarships are designed to encourage Scholars, appetite for research, enquiry and development.
Co-curriculum
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.
The Music department continued to offer an arrdy of performances including that of the Christmas, Easter and
Summer Concerts and the annual music tour took choirs to Greece in October 2023. The Chamber Choir were
invited to provide carols for the Merry Little Christmas fundraising event for Childline at Cadogan Hall and the
Royal Marsden Celebrate a Life Christmas event. The Drama Department delivered a well received immersive
production of Murder at More Manor that took the audience around the school to play out different scenes.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Achievements and performance (continued)
Corfurriculum (continued)
The annual Art Exhibilion took place in June, attended by parents. govemors and staff. Sports offered at the
School included netball, rowing. running, dance, yoga, tennis, cricket, rounders, football and hockey. The Co-
curricular Programme continued to offer a wide variety of opportunities, including calligraphy, debating, STEM.
sign language and wellbeing walks.
For the second year the School took part in the Cadogan Estates Chelsea in Bloom festival where the School
was awarded a Runner Up prize in the innovation category.
Looking forward the School plans to further develop the Co-curricular program and unify the offering with the
Schools enrichment programme. In the Autumn of 2024, the School appointed a Director of Co-curricular and
Enrichment to lead the strategic vision of this important area of School lrfe.
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.
Charities that have been supported by FIA include: MIND. British Red Cross. Diversity UK, Race Equality
Matters, Catholic Children's Society and the Cardinal Hume Centre.
We welcomed Fr Martin Hayes. Vicar General in the Diocese of Westminster, to our community in September
2023. With Fr Martin's support we have been able to reestablish and strengthen our ties with St Mary's Church.
Cadogan Street. where he is incumbent.
Financial review
The main source of income for the charity is fee income received for the provision of education. In the 2023-24
academic year, the fees charged were £7.250 per temi.
The charity has no investment portfolio for the provision of bursaries. Instead, in addition to applying general
reserves to deliver the School's bursary policy, there is a Bursary Fund in place. The main regular contributor to
the Bursary fund is an optional £75 per tenn Bursary levy included on all students, fee invoices.
The Governors are most grateful to the Canonesses of StAugustine, who, alongside a group of parents, founded
More House School in 1952, and who made a generous donalion of £300,000 to the School in December 2021
creating a new fund in their name to help the School achieve its aim of providing bursaries to a level at or above
100/0 of fee income each academic year. Bursaries totalling the full £300,000 were awarded from this Fund in
the past two academic years.
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 63 % of expenditure.
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 £459.610
and plans to continue its programme of investment and improvement within its avsilable resources.
The cash position at 31 August 2024 remained in surplus.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Financial review (continued)
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 period
The Financial Statements show a deficit in the year ended 31 August 2024. The General Fund deficit for the
period was £204,233 and the deficit on the restricted funds was £264,510 which was applied to the General Fund
bringing the balan￿ to £20.125. The balance at 31 August 2024 on restricted funds was £10.432. The overall
total funds at 31 August 2024 were £30.557 (2023.. £499,300).
As a registered charity the School assures the parents and guardians of pupi15 that the income of the School will
be applied for educational purposes. As an educational charity the School enjoys tax exemptions on educational
activilies and on investment income and gains, provided these are applied for its charitable aims. The School
benefited from a reduction of 80 % on the bLJsiness rates on its premises during the year ended 31 August 2024.
The financial benefits received from these tax exemptions are all applied for educational purposes and indirectly
help to maintain the School's bursary policy.
However, as an educational charity the School could not reclaim VAT on costs during the year ended 31 August
2024 as it was exempt for VAT purposes. See "Plans forFuÈure Periods" below. As an employer the School pays
tax through National Insurance contributions.
Reserves policy
For many years the Govemors endeavoured to maintain sufficient reserves to minimise the impact of fluctuations
in pupil numbers, unexpected financial challenges and the cost of major developments and repair works to the
fabric of the School. The target set by the Governors that at least one term's income should be kept as a general
reserve has not been met at 31 August 2024 due to the impact of various challenges including lower pupil
numbers in recent years resulting in operating deficits. The School had no free reserves as at 31 August 2024
(2023: £27,544).
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 2023 the Govemors reviewed in detsil the Charity's Risk Register and made amendments as
required.
Plans for future perlods
The School remains committed to providing a 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 teaming. This will be deliver6d by the provision of high-quality,
unique leaming pathways that are relevant to each and every pupil and will drive their personal success and
readiness for when they leave the School.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Financial review (continued)
Plans for future periods (contlnued)
The School has successfully continued the objectives of its three-year development plan 2021-24, and
continues to focus on three key areas..
(i)
The setting and maintaining of high standards across all areas of Teaching and Learning. facilitating
excellent progress through individualised learning pathways for all pupils. Five focus areas have been
identified and form the basis of the School's strategy to set and sustain high academic standards la)
excellent subject knowledge-. (b} stretch and challenge for all- (c) responsible and innovative use of
lechnology- (d) high quality and effective feedback-, and (e) high expectations of behaviour for learning.
Actively preparing our pupils for the Fourth Industrial Revolution, promoting pupil ownership. resilience
2nd independent thought, to cultivate a socially conscious and digitslly literate community.
Development of the faith life of the School, focusing on community and global citizenship. through
partnerships. serving others and improving the School's sustainability. 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 underthe guidance ofthe Religious Studies department and focuses on helping communities
locally and around the world.
Building the pupil roll is a key challenge in future periods. Our Selection Days in our admissions process give
candidates the opportunity to enjoy a morning at the School together, taking part in an interview. creative task
and STEAM (science, technology, engineering. arts and mathematics) activity. Growing interest in the Pre-senior
years is an encouraging indicator of future expansion, with early trends suggesting promising medium-term
growth although our Pre-senior school remains in early stage development.
On 1 January 2025 the Government removed the educational VAT exemption status and introduced VAT on the
education sector, including independent school fees. at the current standard rate of 200/.. Accordingly, the chartty
registered for VAT effective 1 January 2025. charges VAT at 20 % on school fees from that date and can now
reclaim VAT charged on applicable costs from 1 January 2025. Additionally, the charity was able to reclaim a
portion of the VAT incurred on fixed assets purchased in the prior five years where such assets are still used by
the charity to deliver pupil education.
Like many independentschools More House faces a number ofsignificant challenges in future periods in addition
to rebuilding the pupil roll. The following important challenges which the Governors will conlinue to reassess into
the future..
The ongoing impact of the introduction of VAT on school fees, directly affecting affordability and potentially
reducing demand for private education.,
The removal of charitable tax reliefs. increasing operational costs and impacting financial sustainability.,
Other Govemment measures. including changes to national insurance and employment legislation,
increasing Gosts and potentially affecting staffing structures. and
Parental financial constrainls driven by inflation, rising living costs, and economic uncertainty, affecting
families, ability to meet school fee commitments.
Structure and Govemance
The Company is govern8d by its Memorandum and Articles of Association, which were last updated in June
2018. The Govemors 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 andArticles of Association
stipulate that the number of Governors shall be no fewer than three individuals, a majority of whom shall be
Roman Catholics. Govemors are appointed at the Annual General Meeting for an initial term of office of three
years and may subsequently stsnd for re-election by the Members of the More House Association

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Structure and Governance (continued)
In accordance with generally accepted good practice for corporate governance, the Board regularly reviews the
provision of skills and expertise available throLtgh individual Govemors to ensure that the membership of the
Board encompasses the competence required to meet the aims of the Charity in tems of its academic,
educational, spiritual, financial and operational objectives. Whenever appropriate, Governors attend nationally
organised seminars on governance for schools.
There is one committee of the Board of Governors which meets in addition to full board meetings being the
Bursary Committee to consider bursary applications and approve awards. During the academic year 2023-24
there were three sub-groups of the board which met as required. These are the Safeguarding and Health &
Safety, Teaching and Learning Development and the Compliance. Finance and Risk Management groups.
Related parties
None of the Govemors received remuneration or other benefit from their work with the charity for the period to 31
May 2024. On 1 June 2024 James J. Fyfe was appointed as Executive Govemor to assist the Headship of the
SGhool in its transition to a new Head and Deputy Head effective 1 September 2024 and thereafter to support the
newly appointed Head. During the year ended 31 August 2024 he was paid £16,000 (inclusive of expenses) for his
services in that capacity.
Emest Coco-Bassey. the husband of the Director of Finance and Resources (Suzana Coco-Bassey) was paid fees
for marketing seNices during the year ended 31 August 2024 of £1.500 (2023.. £4,000).
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 employer 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 chartty law) are responsible for preparing the Report of the Govemors 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 the Republicof 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 period 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 period. In preparing
those financial statements, the Govemors should follow best practlGe and
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and estimates that are reasonable and prudent. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business.
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 thal the financial
statements comply with the Companies Act 2006. The Governors are also responsible for safeguarding the
assets of the Gompany and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Statement of Governors, Responsibilities (continued)
In so far as the Governors are aware..
there is no relevant audit information of which the charitable company's auditors are unaware., and
the Govemors have taken all steps that they ought to have taken to make theMse￿eS aware of any relevant
audit information and to ensure that the auditors are aware of that information,
Report of the Govemors. approved by order of the Board of Governors. as the company directors, on and
signed on the board's behalf by..
ian Bogle . Chair of the Governors
Dateli Qctober 2025
10

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Report of the Independent Auditors to the Governors of More House Trust Limited
Opinion
We have audited the financial statements of More House Trust Limited (the 'charitable company or Company,)
for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the
Cash Flow Statement and notes to the financial ststements, 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 Stsndard 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-
give a true and fair view of the state of the charitable company's affairs as at 31 August 2024. and of its
incoming resources and application of resources. including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinton
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 Auditorfs 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 Ihe audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Material uncertainty related to going concern
We draw attention to Note 1.C in the financial statements conceming the Trustees assessment of the Company's
ability to continue as a going conGern.
The Company incurred a net loss of £468,743 during the year ended 31 August 2024 and, as of that date has
total funds carried forward of £30,557. Further losses are forecast for the years ended 31 August 2025 and 31
August 2026 Whilst the cash balance remains healthy as at 31 August 2024 cash projections indicate that
additional funding will be required within 12 months of the date of signing of Ihis report.
As stated in Note 1.C, these events or conditions, along with other matters as set out in Note 1.C. indicate that
a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going
concern. Our opinion is not modified in respect of this matter.
Key audit matters
Except for the matter described in the Material Uncertainty Relat6d to Going Concem section, we have
determined that there are no other key audit matters to be communicated in our report.
11

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Report of the Independent Auditors to the Governors of More House Trust Limited (continued)
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 coverthe other information and. except
to the extent othemise 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. Ifwe 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.
Opinions on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the trustees, report (incorporating the directors, report) for the financial year for
which the financial statements are prepared is consistent with the financial statements., and
the directors. report included within the trustees. report has been prepared in accordance with applicable
legal requirements.
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 respectofthe following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion=
adequate accounting records have not been kept, or retums adequate for our audit have not been received
from branches not visited by us- or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of directors, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit. or
the trustees were not entitled to prepare the financial statements in accordance with the small companies,
regime and take advantage of the small companies. exemptions in preparing the directors, report arid from
the requirement to prepare a strategic report.
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 charitsble company's ability
to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going
concern basis of accounting Ltnless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
12

More House Trust Limited
For the Year Ended 31 August 2024
Annual Report and Financial Statements
Report of the Independent Audftors to the Governors of More House Trust Limited (continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assuran￿ about whetherthe 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 misststement 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 misstalements 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=
Enquiry of management and those charged with governance around actual and potential litigation and
claims as well as actual. suspected and alleged fraud.,
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the company through enquiry and inspection.,
Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.,
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates for
indicators of potential bias.
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-complianGe 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 less 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'.Ilwww.frc.org.uklOur-WorkJAudiVAudit-and-assurancelStandards-and-guidancelStandards-and-
guidance-for-auditorslAuditors-responsibilities-for-audiUDescription-of-auditors-responsibilities-for-
audit.aspx. This description fonms part of our auditorfs 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 ofthe Companies Act 2006. Our audit work has been undertaken so thal we might state to the charitable
company's members those matlers 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 forrned.
John Howard (Senior Ststutory Auditor)
For and on behalf of Azets Audit Services
Statutory Auditor
Chartered Accountants
2nd Floor, Regis House.
45 King William Street.
London, EC4R 9AN
Date: <1 October 2025
13

More House Trust Limited
For the Year Ended 31 August 2024
Staternent of Financlal Activities (Incorporating an Income and Expenditure Account)
Note
Unrestricted Restrlcted Total funds Total funds
funds
funds
2024
2023
Incoming resources
Donations
Charitable activities
1.132
23.025
24,157
28.959
Fees receivable
3.014.674
{287,535)
2,727,139
2,641,738
34.093
Sundry other income
Other trading activities
Investment income
282,642
27.479
3,325,927
282.642
27,479
3,061,417
230,453
19,099
2,954.340
Total Income
{264,510)
Resources expended
Charitable activities
Raising funds
73.038
73,038
62,998
Charitable activities
Tuition costs
2,160.965
2,160,965
2,156,685
School operating costs
1,296.157
1,296,157
1,222.293
Total resources expended
3,530,160
3,530,160
3.441.976
Net movement in funds
(204.233} (264,510)
(468,743) (487.636)
Transfers
(264.510)
264,510
Total movement in funds
(468,743)
{468,743) {487,636)
Reconciliation of funds
Total funds brought forward
488,868
10.432
499.300
986,936
Total funds carried forward
18
20,125
10,432
30,557
499,300
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 17 to 29 fomi part of these financial ststements.
14

More House Trust Limited
Balance Sheet
As At 31 August 2024
Company number: 00958054
Note
2024
2023
Fixed assets
Tangible assets
14
359.759
480.509
Current assets
Debtors
15
841,406
758,315
1,599.721
926,583
867.094
1,793,677
Cash at bank and in hand
Current liabilities
Creditors- amounts falling due within one
year
16
(1,592,309)
(1,407.237)
Net Current assets
7.412
386,440
Total assets less current liabilities
367.171
866.949
Creditors.. amounts falling due after more
than one year
17
(336.614)
(367,649)
Net Assets
30,557
499,300
Funds and reserves
Unrestricted funds
Designated funds
Restricted funds
18
20,125
425.893
62,975
10.432
18
18
10.432
Total funds
30,557
499,300
These financial statements have been prepared in accofdance 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 l( October 2025 and were signed on
its behalf by..
l Bogle
Governor
S Meadows
Governor
The notes on pages 17 to 29 form part of these financial statements.
15

More House Trust Limited
As at 31 August 2024
Cash Flow Statement
Notes
2024
2023
Net cash provided by operating activities
23
{130,856)
(412,054)
Cash flows from investing activities
27.479
19.099
Purchase of tangible fixed assets
{5,402)
(106,667)
Net cash provided by investing activities
22,077
{87,568)
Changes in cash and cash equivalents in the year
(108,779)
(499,6221
Cash and cash equivalents brought forward
867,094
1,366,716
Cash and cash equivalents carried forward
758,315
867,094
The notes on pages 17 to 29 fomi part of these financial statements.
16

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financlal Statements
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 the
Annual Report and Financial Statements. The nature of the charity's operations and principal activities
was to educate girls aged 11 to 18 until 31 May 2024 when the Department for Education approved a
hange to the age range to 9 to 18 years.
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 Companie5 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 slatements are prepared in sterling which is the
functional currency of the charity and rounded lo 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.
¢) Going Concern
The School continues to navigate a challenging financial environment for Independent Schools, with
deficits forecast for the years ending 31 August 2025 and 31 August 2026. The Govemors remain alert
to the potential impact of external factors, including the introduction of VAT on school fees. increases in
employers, national insurance contributions, and the removal of business rates concessions for Charities.
In response, the School has launched a new three-year School Development Plan and is proactively
implementing a range of measures to strengthen its financial position and miligate these pressures. The
Govemors have undertaken detailed planning and forecasting forthe financial year FY 202512026 through
to FY 202612027 and continue to closely monitor Ihe School's financial performance and cash flow
headroom. These projections indicate that the School will be able to meet its obligations as they fall due.
supported by a bank overdraft or other funding as necessary.
On this basis, the Governors have prepared the financial sL9tements on a going concem basis and have
a reasonable expectation that the School has sufficient resources to continue operating for the
foreseeable future.
d) Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for
use at the discretion of the Governors in furtherance of the charitable objectives of the charilable
company.
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.
17

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financlal Statements
1 Accountlng policies - continu8d
e) Income
JI income is recognised irr 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.
Donations and other voluntary income are recognised in the Statement of Financial Activities
when entitlement arises. the amount can be reliably quantified and the economic benefit to the
School is considered probable.
Incoming resources from charitable activities are received by way of tuition fees and other related
income and are treated as incoming resources for the year to which they relate. Tuition fees
receivable are stated after deducting scholarships and other remissions granted from unrestricted
funds.
Investment income including bank interest, is accounted for on an accruals basis.
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 econotnic benefits will be requifed 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 ￿sOurces.
Expenditure includes any VAT, which cannot be recovered. and is reported as part of the expenditure to
which it relates
The cost of raising funds includes costs incurred in generating income such as marketing and
advertising costs.
Charitable expenditure comprises those Gosts incurred by the charitable company in the delivery
of its activities and services. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Govemance costs include those costs primarily associated with meeting the constitutional and statutory
requirements of the charitable company and include the auditors, remuneration, 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..
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment
10'A per annum - Straight line basis
20 /0 per annum - Straight line basis
330/0 per annum- Straight line basis
h) Debtors
Debtors include amounts owed to the charity forthe provision of seNices or amounts the charity has paid
in advance for the goods or services Ét will receive. Debtors are measured at their recoverable amount.
Other debtors are recognised at the settlement amount due. Prepaym8nts are valued at the amount
prepaid. Accrued income is measured at the amount due to be received.
18

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
1 Accounting policies - contlnued
l) Cash at bank and in hand
Cash at bank and in hand includes cash and short temi 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) Credltors
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.
k) Operating leases
Rentals payable under operating leases are charged to the Statement of Financial Activities as
incurred over the temi of the lease.
l) Pension costs
Until 30 April 2022. the School contrtbuted to the Teachers, Pension Defined Benefits Scheme ("TPS">
at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. On 1 May
2022, the School withdrew from the TPS and enrolled all teachers into the Aviva Pension Trust for
Independent Schools {"APTIS") which is a defined contribution pension scheme.
The School also contributes to a defined contribution personal pension scheme for all non-teaching
staff. Contributions are charged to the Ststement of Financial Activities in the year in which they are
payable.
rn) 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 Gorporalion
tax on income or gains derived from its charitable activities, as they fall within the various exemptions
available to registered charities.
19

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
1 Accountlng policies - continued
o) Judgements and key sources of estimation uncertalnty
The charitable company continually evaluates the accounting estimates and judgements it makes
based on historical experience and other factors, including expectations of future events that are
believed to be reasonable Ltnder the circumstances. The resulting accounting estimates and
assumptions will, by definition. seldom equal the related actual results. Those 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 tangible 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 lo reflect current estimates, based on
technological advancement. future investments, economic utilisation and the physical condition of the
assets. See note 14 for the carrying amount of the tangible assets and note lg for the useful economic
for each class of assets.
Bad debt provision
The value of trade debtors is sensitive to the recoverability of school fees. Once a debt becomes
overdue it is chased and periodically reviewed to ensure it is recoverable in full. If a provision is deemed
necessary, this is included on an annual basis.
20

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
Donations and legacies
UnrestrScted Restricted
Funds
Funds
Total
2024
Total
2023
Various donations
Levy Scheme
1.132
1,132
23.025
3,857
25,102
23.025
1,132
23,025
24.157
28,959
In 2023, £25,102 of the income was attributable to the restricted fund and the remaining £3,857 was
attributable to the unrestrlcted fund.
Income from charitable activities
Unrestricted Restricted
Funds
Funds
Total
2024
Total
2023
Gross tuition fees receivable
Less: Bursaries and scholarships
Deposits forfeited
3,035,532
3,035,532
3,006,366
(20,858) (287,535) {308,393) (364,630}
34.093
3,014.674
(287.535)
2,727,139
2,675,829
In 2023, a debit of £296.817 was attributable to the restricted fund and the remaining £2,972,646 was
attributable to the unrestricted fund.
Income from other trading activities
UnrestTiCted Restricted
Funds
Funds
Total
2024
Total
2023
Sale of meals
Sundry income
198,237
84,405
198,237
84.405
194,572
35,881
282,642
282,642
230,453
In 2023, all the income was attributable to the unrestricted fund.
Investment income
Unrestricted Restricted
Funds
Funds
Total
2024
Total
2023
Bank interest
27,479
27,479
19,099
In 2023, all investment income was attributable to the unrestricted fund.
21

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
Raising fvnds
Unrestricted Restricted
Funds
Funds
Total
2024
Total
2023
Advertising and marketing
School advertising and other costs
18,971
54,067
18,971
54,067
27,977
35,021
73,038
73.038
62,998
In 2023. all the costs were attributsble to the unrestricted fund.
Tuition costs
Unrestricted Restricted
Funds
Funds
Total
2024
Total
2023
Teaching salaries including national
insurance and superannuation
Academic departmental expenditure
Staff courses, meetings and travelling
Subscriptions and publications
Speech day and prize giving
Educational visits
Bad debts
Other costs
1.939,659
213,751
16,082
8,979
1,887
(18.975)
2,610
(3,028)
1,939.659
213.751
16.082
8.979
1,887
(18,975}
2,610
(3,028)
1.900,064
207,928
24,536
18,999
1.899
1.729
1.530
2,160,965
2.160,965
2,156,685
In 2023, all the costs were attributable to the unrestricted fund

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
School operating costs
Unrestrlcted Restricted
Funds
Funds
Total
2024
Total
2023
Administrative salaries including national
insurance and pensions
Catering and Gleaning
Rent and rates
Photocopying, postage, stationery
and telephone
Depreciation
Maintenance and repairs
Insurance
Light and heat
Sundry expenses
Governance costs:
Legal and professional fees
Audit and accountancy fees
External courses for governors
272.907
272.907
257,303
243,044
223.571
243,044
223,571
222.024
224.098
59,464
126.152
169.745
64,346
72,294
20.886
59,464
126,152
169,745
64,346
72,294
20,886
48,424
126,819
145,980
55,232
58,183
39.038
21.447
21.485
816
21,447
21,485
816
9.678
35.514
1,296,157
1,296.157
1.222,293
In 2023, all the operating costs were attributable to unrestricted funds.
Donations
There were no donations paid during the year (2023: Nil)
10.
Net in¢omel{expenditure) for the year
Total
2024
Total
2023
Net movement in funds is stated after charging:
Depreciation
Auditor remuneration
Operating lease rentals
126,152
21,485
184.325
126,819
35,297
183.717
11.
Auditor remuneration
Total
2024
Total
2023
Audit fees
Payroll services
Overlunder accruals in prior years
16,200
5.285
14,400
5,897
15,000
21,485
35,297
23

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
12. Analysis of staff costs, trustee remuneration and expenses and the cost of key management
personnel
Total
2024
Total
2023
Salaries and wages
Social security costs
Pension costs
1,739.495
176,321
224,235
1,642,450
168,481
210,859
2,140,051
72,515
2,021,790
135.577
Temporary and agency staff costs
2,212.566
2,157.367
The number of employees who received emoluments of more than
£60,000 in the year was:
£60,001 to £70.000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100.001 to £110,000
£120,000 to £130,000
£170.000 to £180,000
The average number of employees calculated on a full-time equivalent
basis, analysed by function was..
Teaching
Administration
32
36
In August 2024 the Head, Faith Hagerty, asked to be relieved of her contract for personal reasons
having been on extended sick leave since May 2024. By mutual agreement her employment contract
terminated on 31 August 2024 and a termination payment of £34.500 was agreed which was paid in
August 2024.
No Govemors received or waived any remuneration for their services as Govemors during the year
(2023.. £Nil} and no Governors were reimbursed any expenses during the year (2023: £Nil). One
Governor received £16.000 during the year for executive services to the charity (2023.. £Nil) {see note
22}.
The key managementduring the year comprised the Head and the Director of Finance and Resources.
The total employee costs of the key management personnel were £275,554 (2023: £213.503).
24

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
13.
Pension Costs
Teachers, Pension Scheme
Up to 30 April 2022, the School participated 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 contributed on a 'pay as you go, basis with contributions from members and employer being
credited to the Exchequer.
With effect from 1 May 2022. the school enrolled all teachers into the Aviva Pension Trust for
Independent Schools {"APTIS"). The minimum employee contribution to the APTIS scheme is 5ty/0 of
pensionable salary. The School doubles the employee contribution to a maximum of 16.50A of
pensionable salary. Any employee who receives an employer contribution below 16.5 % receives the
balance as a non-pensionable cash allowance.
Employer contributions payable to the scheme in 2024 were £211,849 (2023.. £204,750).
Defined Contribution Schemes
The School operates a defined contribution pension scheme with NEST and also contributes to the
personal pension schemes of certain members ofthe non-teaching staff. The employerfs contribution rate
was 5 % from August 2018 to April 2019 when it increased to 8 1 and the employee's contribution rates
vary between 00/0 and 50/. Net contributions payable by the School amounted to £12,385 {2023.' £6.108).
14. Tangible Fixed Assets
Leasehold
Improvements
Furniture &
Equipment
Total
Cost
At 1 September 2023
Additions
1.046,874
714.522
5,402
1,761,396
5.402
At 31 August 2024
1,046.874
719,924
1,766,798
Depreciation
At 1 September 2023
Charge for the year
650,144
88.789
630.743
37.363
1,280,887
126,152
At 31 August 2024
738.933
668,106
1,407,039
Net Book Value
31 August 2024
307,941
51,818
359,759
31 August 2023
396.730
83,779
480,509
15. Debtors
Total
2024
Total
2023
Tuition fees receivable (Less provision for bad debts)
Prepayments and accrued income
762,968
78,438
819,500
107,083
841,406
926,583
25

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
16.
Credltors: amounts falling due withln one year
Total
2024
Tolal
2023
Fees received in advan
Trade creditors
Deposits held in respect of pupils
Other tax and social security
Accruals
Other Creditors
1,080,140 1,008,004
234.598
177.795
143,954
100,564
60,589
42,435
53,124
40.815
19,904
37,624
1,592,309 1,407,237
17.
Creditors: amounts falling due after more than one year
Total
2024
Total
2023
Deposits held in respect of pupils
336.614
367.649
336,614
367,649
Deposits held in respect of pupils include aggregate amounts of £103,900 {2023: £127.163). which fall
due after five years and which are ￿paYable otherwise than by instalments.
26

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financlal Statements
18.
Movement in funds
At1
September
2023
Incoming
resources
Outgoing
resources
Transfers
At31
August
2024
Unrestricted funds
General fund - undesignated
Designated funds
Future development and
Employmenl costs
425.893
3,325,927
(3,530.160) (201,535)
20.125
62,975
(62,975)
488.868
3,325,927
(3,530,160) (264,510)
20,125
Restricted funds
Bursary Fund
Germing Prize Fund
Other Educational Funds
(264,510)
264.510
2,677
7,755
2,677
7.755
10,432
(264,510)
264.510
10.432
Total funds
499.300
3.061,417
(3.530,160)
30,557
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 period payments
exceeded receipts showing a net reduction in the Fund.
The Gemiing Prize Fund represents a donation from the parents of a former pupil and investment inGome
to award a prize at annual prize giving.
27

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
18.1 Movement in funds- Prior year
At1
September
2022
Incoming
resources
Outgoing
resources
Transfer
At31
August
2023
Unrestrlcted funds
General fund - undesignated
Designated funds
Future development and
Employment costs
641,814
3,226.055
{3.441.976)
425.893
62,975
62.975
704,789
3,226,055
(3.441,976)
488.868
Restricted funds
Bursary Fund
Germing Prize Fund
Canonesses of St Augustine
Fund
Other Educational Funds
21,715
2,677
250,000
(21.715)
2,677
(250.000)
7.755
7.755
282.147
(271.715)
10.432
Total funds
986,936
2,954,340
{3.441.976)
499,300
19.
Analysis of net assets between funds
Unrestricted Restricted
Revenue
Revenue
Total
2024
Total
2023
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
Net current assets
Long term liabilities
356.266
3,020
7,412
359,286
480,509
7.412
386,440
(336,614) (367.649}
(336.614)
19,652
10,432
30,084
499,300
In 2023, £488,868 of the net assets were attributable to the Unrestricted Fund, with the remaining
£10,432 being attributable to the Restricted Fund.
28

More House Trust Limited
For the Year Ended 31 August 2024
Notes to the Financial Statements
20.
Operating lease commitmonts
Total
2024
Total
2023
Total future minimum lease payments under non-cancellable
operating leases as follows:
Not later than one year
Later than one and not later than five years
Later than five years
206,395
636,210
206,395
781,772
60,833
842,605
1.049,000
21.
Capital commitments
There are no capital commitments at the year-end (2022: £Nil).
22.
Related party transactions
James J. FyFe, a Govemor was appointed as an Executive Governor effective 1 June 2024 to assist
and support the Headship of the School in its transition to a newly appointed Head and Deputy
Head effective I September 2024 and thereafter to support the newly appointed Head. During the
year ended 31 August 2024 he was paid £16,000 for his servi￿9 in that capacity.
Ernest Coco-Bassey, the husband of the Director of Finance and Resources (Suzana Coco-
Bassey) was paid fees for marketing services during the year ended 31 August 2024 of £1.500
(2023.. £4,000).
23.
Reconciliation of net cash provided by operating activities
Total
2024
Total
2023
Net (expenditure)lincome for the reporting period
(468,743)
(487.636)
Adjustments for:
Depreciation
(Increase)IDecrease in debtors
Increasel(Decrease) in creditors
Interest received
126,152
85,177
154,037
(27,479)
126.819
30,005
(62,143)
(19.099)
(130,856)
(412,054)
29