The Maria Montessori Training Organisation Financial Statelllents 31 August 2020 THE MARIA MONTESSORI TRAINING ORGANISATION Company No. 697468 Charity No. 313087 Financial Statements For The Year Ended 3 1st August 2020
The Maria Montessori Traioirg Organisation Financtal Statements 31 August 2020 Contents Executives and Advisors Trustees, Report 2llcluding Strategic Report Statement of Directors, Responsibilities Report of the Auditors Ststernent of financial activities 3-15 16 17-19 20 Balance sheet 21 Ststement of C&sh Flows 22 Notes to the financial Statements 23-33
The Monte550ri Traillg Organisation Finallcial Statetnellts 3 1 August 2020 - Directors and Executive Committee Registered Office Mr. R.A. Partridge (Chairman) Mrs. L.Webster Icotnpany Secretary) Mr. D. MLw>hy (HoDorary Treasurer) Mr B. FaG¢irL Mrs. N. Forsyth Ms Sara Giwa-McNeil (appointcd 13, N0vEber 20191 Mrs. W.H. Inn¢s Mrs. A. Lake Mrs. C. Laubin Mrs. C Middlem&5 lappDlllted 13 November 20191 Mr D. Mukarji {resigned I l fvIaKh 20201 s. F. Scott Devonshire Hollse 60 Gosw¢II Road London ECIM 7AD Principal Office 26 Lyndhurst Gardens Hampstead l.ondon NW3 5NW Auditors Moore Kingston Smith LLP Devonshirt House 60 Gogwell Road London ECIM 7AD Principal Solicitors Lee Bolton Monier Williams l The Sanctuy, Westtninster London SWIP ?JT Bankers Lloy& Bank 39 Threadneedle StrEeL Londoll EC2R 8AU
The Maria Montessori Training Organisatitsn Financial Statem¢nts 3 1 August 2020 Trustees, Report The Trustees have pleasre in presenting their report and financial statements forthe year ended 31" August 2020 whA¢h have been prepared under the histDrical cost convention 2nd in aecoidatxee with applicable accounting standards and A¢¢ounting and Reporting by Charities.. Siatement of RecOmtded PrtIce 4)plicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland pub]ished on 16 July2014. Principal Activity The piincIpaJ aEtivity of the tompany continu2s to be to P[nOte the application of the authentic educational principle5 on which the rnethod of teaching children gener&]ly AS the MotLtessor% Method is based and in particular to train t¢2chers in that method. In addition, the company runs exemplar schools (IS Monts- 12 years), in which students are able to observe AMJ Montessori principles and Standards in practice. The MMTO is one of the few AMI tr&ining ¢entres in the world that offer AM[ training and a model school wh¢r¢ the pbi1050phy, COllGEPts and techniques can be SEED ill practice and wbich provide5 access to archive for FeseaTcheTS. Strategic Report The over211 vision of the Org2nisalion is that it will be a focal point and resourte centre for Montessori education In the UK through schools, training, and parthial and othEr fomi$ of outreach and will have * sigtlifirant IpaCt on the lives of childrell. Aims and Objectives The key objectives of the Organisation are., To train adults to teaGh GhfjldT¢n using the Montessori approach to Eduration. Lll &WOTdanGe with th¢ Standards of To providc an authentic model of Montessori educational phi1050phy in practice illustrnting 2n alt¢rnative approach to educating children. To develop adults and tea¢hers who are better ptepared to help ¢hiidren fuLfLI theirpotential. a¢TOSS all cultures and socio-econotnic group5. To help to develop adults whose knowledge of the natsral laws of growth and development enable children to develop spontaneously and natuially within the family. s¢hool and so¢iety. To provide opportunitie5 wh¢r¢ver p05sibl¢ for adults to understand how Ghilditn con5trud thcTll5tlv¢s spontsneously. so that adults live tog¢th¢r in hannony aDd co-operation with children young people.. thus creating thc possibility of a more peacefvl world. To GollaboratE With Amt in the development and delivery of innovative tourse offerings beyond teacher training. Key Performance Indicators The Organi$ati02J Considers the Key Perfom12nce Indicators to be.. MaintainEng the number of studellts ota courses and the number of children in the school- see Financial Review page 13 of this Teport. We ar6 pleasEd with th¢ continuinu popularity of the courses and school. maintainng the qiiality of the courses to ensure that authentic Montessori is applied consistently and adheres to Amt standard, The Rnstitute aims for the pass rate in the AMI Diploma Course examinations to be at le&8t 85010. 2020. students did so with a 96/0 pass Tate (2019.. 97/0). Maintaining the qudity of the Montessori educatEon offered llLth¢ sch1. This is difficult to measure quaTLtitattvely but car* be evidenccd by tht numbers of children transferring to the Elemcntary school and the succtss of the children's school choices at the age of I l.
The Nlaria Montessori Training Organisation Finanriktl Statements 31 August 2020 Trustees, Report {Continued) COVID-19 The COVID-19 pandemic had an impact on th¢ operations of th¢ Organisation with the closure of the physical buEldings of both the School and the Training C¢ntre. However. Ét also provided 20 OPPOrtuniry to review the delivery method of the Tralrng Courses and, with the endorsement of the Association Montessori llltemational¢. Assistants Certificate Coursts have been delivered online which has resulted in much larger numbers of Students attending than has previcTru51y been the case. The live-streamed lectures have been attended by students from around the world and have enabled our Training to reach aT¢a5 of the UK such as Birmingbam. Nlanchester and Bristol, where tht Illstitute h previously not had a major presellce. Jn addÈtion to these courses. the Instite has held online workshops for t]Je Montessori in the Hoe Series and hosted th¢ pilot of the first online Amt Montessori for Dem¢nti& and Aging workshop with 47 participants. Tht ANfi academic year (3-61 Diploma COU¢8 continued ollline, and Mudents were able to graduate in June 2020 as planned. Summer courses have been delivered remotely whtre f£ible although graduation dates hav¢ been d¢ferr¢d foT the 3-6 sutntner course and for some students on th¢ 0-3 Diplorna course. The School buildinus closed in March and th¢ Children's Houses and the Elementary classes for the peritted Year Groups reopened on 3 June 2020. The School was open to all chIldren by etrly Jllly with thc majority of children retUTtiing in Person. During the period of cthforced school closures, the lOntessor] curriculutn was ¢reatively delivered via remote l¢arnillg sessions alld support on htsw to support children at home was provided to parents. Parents expressed their thallks and satisf&ctiotL With iht5e remote learning s¢ssions and for the smooth transition back to In-peO schooling. In trtal, 22 staff w¢r¢ fiwloughed under tbe Coronavirus job retention schen]e during the"lockdowtE" peTiod with most TetUTTring to work once the %chtsal buildings were pemlitted to reopen. Other staff continued to work from home. £8L,000 of funding was received. The financial rep¢r¢ussions have been felt mainly by the School, with a discount on su]nrn¢r teun fees given to all fatThJlies Jn ihe Children's Houseg and a sEgttificant amount of additional financEaJ 5UPPOrt offered to families whose own fEnancia] ¢i¥¢umstan¢es had be¢n adversely affected in order to achieve the School's aim of retaining and strengthening the school Gonunutkity. FB¢5 for the 2020-2021 s¢hool ycar will bc hcld at thc 2019-2020 levels. The additional revettue gained from the introduction of tlie onlint Cou5 and workshops has h¢lped to mitigate the lowtr than budgeted school f¢¢ incorne and, together with reduced staffing costs and careful cost Tnandgement throughout the year, this has tneant that the olgls8tion has not had to use its reseryes. The Trustees have set aside £30,000 for the School Bursary Fund for use in future years as they Y¢c(>gnise that there may be fvrther r¢qu¢5ts for rjllancial assistance in the forthcoming year. The Trustees Temain p()sitive that the measures put in place in 2020 call be refintd alld re-introduced in future in th¢ event of tre"l0¢kdOWns" and the Training Institute will continue to deliver 5horteT Gourses and work5hop5 via live online 8es510115 thus expanding the potential iiuu]beT of particjpants.
The Mariamontessori Training Organisation Financial Statements 31 Au8USt 2020 Objectives and achievements in the year and Future Plans To eoAtirtts¢ lo offér ÉhÉ 3- 6 Diplom& eourse irt bothfvll-timg ondpart-timeformats und io incrense acce55 10 Ihe range ofAMI courses offered in the UK. A¢hievements: Future Plans: The fErst students graduated wsth the Foundatioll Degree in Montes50ri Pedagogy IAMI 3-61. Stt]dents have access to loan funding and succtssful studtnts trt able to gain automatic enty onto a top up year leading to a BA (Honsl in Early Childhood atld Montessori. We will continue to offer the 3-6 courses in the existing forniats. We will run Diploma ¢ours¢s at 0-3 alld 6-12 IEv¢15 in modular format, A new 0-3 Diploma course will commence in July 2021 which will take pla¢e over 2 summers The Maria Mont¢ssori Insiitut¢ ran I full time and 4 part-time Ilwo-year) 3-6 academic year courses during the 2Q19120 acadetnic yEar for 5tudentS 1ITr5hing to obtain th¢ Association Montessori IntematlODalc Diploma. Students graduating in 2020 did so with a 96010 Pass rate. The 2" summer of the 3-6 modular ¢ourse which comTnenced in July 2019 was deferred due to the Covid-19 pande]nic and this Gours¢ will now complete in 2022. We will offer As515tants Certifjcate courses at the 0-3, 3-6 and 6-12 levels. We will offer ASsstaES CertifiGat¢ Lourses, Montessori for Dementia and Ageing workshops, Montessori in the Home and the Post Diploma Obscrvation course onlin¢ well as in person. Th6 s¢Gond module of th¢ 0-3 Diplotna course whi¢h ¢om]nen¢ed in July 2019 took place online. Students w%ll choose between completing their oral exalninations alld graduating in autumll 2020 or doing so in spring 2021 We will install higb-quality Audio-visual facilities to ellable courses to be delivered whilst [nainlnIng 5UCldl dislancjng requirements and tor use in the event of other pot¢titial"lockdown5" We will offer financial assistsnce to those students who would otherwise be unable to afford to atttnd th6 course5. The 5th Elementary (6-121 course coritutd online and thc graduation date in summer 2021 remains unchanged. We will actively promote the Foundation Deee In Mvnte550ri PBdago¥y {AMI 3-61 and work Ivith the UnEversity of knt IA)ndon to ensure students are from & range of SOGIO- economic backwunds. Four A5SiStallts Courses at tht 3-6 Itvel and one each at the 0-3 level and 6-12 levels were run during the ytaT aimtA al pateTJts, classroom assistants and those seeking ¢ore knowledge of Montt5sori. On613-6) took place in p¢rsDn in CaFdiff and one in London with other courses taking place online. In total, 238 people attended Assistants cours¢s during the academic year188 i]1 2019). We will continue to offer Montessori for Ageing and Dementia workshops The first online pilot of the Montessori for AgeiDg and Dementia workshops took place durillg the year with 47 people attending. The aim of these courses is to demonstyate bow Montessori principles ¢an be applied by thos¢ caring for elderly people with devLBntL
The Marta Montessori Training Organisation Finan¢ial Stat¢tnents 31 August 2020 Trustees, Report (Continued) Objectives and achievements in the year and Future Plans (Colltinued) Develop the capacity of our Monlessori schools acroNs Ihe 0-18 age levels ofmonlessori Educolion Achievements: Future Plans: The nutnber of children attending the Elementary GISeS at Hampstead and Bayswater has continued to increase. WE hope to expalld the kitchen facilities at our Hampstead site and create a large lunchroDin which may dso be used as a meeting space. The MMI School continued to successfully 8UPPOrt Special Needs children across all sites. We wllll continue to IFiGrease the numbers of children in our Elementary classes and will search for larger premises to accommodate this in¢r¢ase. The su¢tess of our series of talks aimed at parents in pr¢viou5 ycaTS identified the requir¢mcllt to provide increased Infoation to parents of children in our school and also the wtder community,. Regular etnail Communication, * paTht newsletter ad the expansion of infortnation available Oll the web51te has enhanced the dissemination of Enformatloll. A Process has been put in place for the development of pental infon)Jatton courses to cc>ver all age gioups. We will l(x)k for premises to establish a Montessori adolescent school. Our bursary and assisted places policy for the School will continue to tnable financial &ssistancc to bc givcn to a grc&ter number of families who D)ight otherwtse not be able to benefit from a Montessori ¢duGation A review of cornmullications stratE8ies and the aPPOintsnent of our Lommuiiications speci1$t will assist in ensuring that we are communicatÈng clearly alld well to parents. The COMD-19 pandemic meant that online IraTning provision had tts be rapidly designed and implemented for all children in the School. Parental feedback on the qUlty of the sessions was positive and support was given to parents on how to implement the Montessori approach at home_ In the ¢vent of a local or natsonai COVtD-19 lockd0th, th¢ School will resume the remote learning pr0Tr75ion Childrell in the eligible'year groups" returned i early Junc with other childrctt rcturning latcr in June. Children were aSSgi)ed to groups'bubbles" and adapted viell to the new qUirE[ets. By the end of ter most childn able to retumto school had done so. We will develop a knowledge base ill relaiion to the MontrssorT approach lo schwling for thc 12-18 age range.
The MaTia Monte5SOTi Training Organi5ation Financial Statements 31 August 2020 Trustees, Report (Continued) Objectives and achievements'in the year and Future Plans {continued) Promote AVIs(andards byprovldingprofessional development opports4llEtiesfor tgttehers?p4rentsupport iniliatives undspeakers at international conferences Achievements: The Institute held infortDatiQD 5£5SIOEiS throughout the yearthat were open to prospective students and the geller public. More than 200 people attended th¢s¢ sessions which look place both in petson 2nd online_ The Schoo15 hcld inftstmation sessions opcn to prospective parents, attended by more thall 200 people itt total. These Opcn Forllms expl the basic aspects of the Montessori approach to education. Future Plans: Cantinue to hold infomatitrn s¢ssions for prospective students Reintroduce the Intruction to Montessori sesgions ftsr students undertaking Early Childhood studies at Urniversitieg Hold parent evenings on relevant topics Invitt parent5 to rther Montessori Journey and DÉscovery days The series of Professional Development workshops continued, with works'hops on Montessori Sports and Moving to Learn, Learning to Move. Hold Refresher GQUT5¢5 and Professional Developtnent Days Support staff in theEr professional development Throughout thc year Parcnt cducation eVenll8s were held at each School slte which were open to all pArenl5 tsf ¢hildr¢n in th¢ S¢hool. Fre¢ weekly online support ¥¢5S1O5 wer¢ held durillg the COVID 19 school closure period. Roll out a parent 5UPPOrt programmc foi pats of all ages of children. Implement a professional development traintng for those p60ple interested in working in some capacity on the training cour5e5. Roles will includc album rcadcrs, lecrerS 8nd supervisors of the practical sessions. MMI joinily hosted The Montessori Conf¢renee 2019 in collaboration with other IfK Mnntesso training provide which c¢lebrat¢d 100 years of Montessori training in the LW and w&s attended by more than 700 people. Identify mEmb¢rs of staff and others who may be eligible to apply for the AN([ Training of Traintrs Programtnc. A Refresher Course"Th¢ Art and SGience of Observation" was attendtd by staff from our own school and other Montessori schools in tbe Three staff members continued with the 3- trn11)g of trainers programme- I member of staff has been a¢¢¢pted onto the 0-3 Traxning of TTainer5 and l onlo the 6-12 programme- 3 st2ff ember5 are studying on the 6-12 Diploma course ' one staff ]nemb¢r i5 bting 5UPPOrtcd by the organisation in undertaking a PhD it] Educational Neuroscience.
The N(aria Montes50ri TTaiJ]ing OTganisat%o Financial Statements 31 August 2020 Trustees, Report (Continued) Objectives and achievements in the year and Future Plans (contillued) To eslubliJh ftndstspport additional Iraining courses in places other ihan London. Achievements: Future Plans: TkS were given in ChiDa, Itdy. the USA alld the Netherlands. Louise Livingston will continue to work on the training courses in Chilla and will be the faculty ordinator Louise Livingston is one of a cohort of AN trainers taking part in a-"faculty' approach in, ChEna. Staff will continue to work as examiners in Amt centres around the world. Cheryl Ferreira is providing pedagogical SUPPOrt to thc Amt Ctsurs¢ in Sri L8nka. ASsiStS Courses, MonteS50ri for Dementia and Ageing courses and Professiona DevelnpFtient workshttps will ¢ontiJ]u¢ to be offered online as well as in-person. Staff acted as AMI exaTniners in London and ChiDa. Cheryl Fe1rd will continue to PD)vide p¢dagogi¢al support to the AMI Course in Sri Lank& Vikki Taylor and Philippa RO1g wntinued with all Amt international Diplorna course in Tan7ania Vikki Taylor will deliver the remaining examination module in TanEla (delayed due to COVID 191. An AssEstaMs Course took pla¢¢ in Wales. The introduction of online training has meant that studBnt4 fTotn all tsvei the world hav¢ participated in the Assistants Courses and Montessori for Deinentia workshops. The online Observation COue will be offered in translation to Chinese students An Online observation ¢ourse was offer¢d to students based ill China Provide 5UPPOrt to and iufluence in AMI. Aehievements,. Future Plans: Lynn6 LawTtnce is the ExtGutive Director of Amt and Cherry Wortbingttsn 15 the Chief Finan¢i81 Offi¢er of AMJ. Th¢y hold these positiotjs in addition to their work at the MMTO. To continue to supwrt the work of AMI through the provision of key personnel. To be the inEtial pilot scbool for tht AMI Obs¢ryation sotlwore. Louise Livingston is the China Faculty Coordinator and 15 & FnembeT Df the AMI GIDbal ResearGh Group and the tntemationAI Training Group. To further pilot the Mont¢5sori Ageing and Dementia Educator programme. Staff a¢ted as ¢xamin¢rs in l other training centre wtsrlowide as w¢ll as providing training in China alld Tallzani Poinsy Pino has contirtued to mentor the newly tst&blished Elementary classes in Kenya and Tanxani*
The Maria Montrssori Training Organisation Financial Statements 31 August 7020 Trustees, Report (Continued) Objeetives and aehievements in the year and Future Plans (eontinued) Support ihe 'Help the Children, Projects andothÉr o&tTeoch work Achllevements: Future Plans: Staff from the MMTO have been instrument ill the establishment of the Montessori School in the IDP mp in Kenya and in the establishment of a second school 25kin away from the cOtr of Hope. The Elementary traEning progranme which commenced ill August ?013 with 30 participants completed successfully. Poitisy Pino, Elementary Teacher frotn the MMTO volunteered to a8SISt on the course when school schedules pennit. In addition the first Elementary Cl¢5 wcrc cstablishcd in Kcnya and Tanzaoia and a new project was initiated wEth the nomadic Samburu trib¢s and is curr¢ntly in Northem Keny& Continue to support the work at the Corner of Hope schools in Kenya. Mmt staff tts contU¢ to participate the Montessori for Kenya Board to develop excellent Montessori schools and pra¢ti¢¢ i Kenya as a model for other countries in Africa. Continue working with babies and mothers En Bronzefield prison. off to provide Montessori infonnation br prison offi¢ers. Work with the Arthur W&ser Foundation on the international Amt Diplotna Course iji Tanzania and on building i1)Irtcre to support national Gouf5es in East AfriG Two staff members jointd the Board of the not-for-pwfit NGO Mont¢ssori for Kenya To dcvclop a parcnt information programnje ainied at parents both within and outside of our schools. Tl¢S from the N(M'IO are providing an AMI intcmation&J Diploma course in Tanzattia Closerto home, our projecL 'Born Inside. in Bronzefield PrEson has continued to be successful. Iti conjuiiction with Panitla Windham Stewart MA, Psychotherapist. w¢ have designed a sUPrt and eduGation programme tts offer pregmant mothers and mothers with young children born or living inside the prison. This hands-on project fDcuses on the developm¥nial needs of young children and how mothers can supportthellL for rninimaj expendittjre. Donatiolls from ittdividuals havc been received during the year but investigatioll colltinues into potential sour¢¢s of fimding to enable the Continuation of thi5 project.
The N&ria Montessori Training Organisation Financial Statements 31 August 2020 Trustees, Report (Continued) Objectives and achievements in the year and Future Plans (continued) DéfinÉ und effect struclurul chttAge wilhin MMI Io sUPPOrt ihe scope of its activity Aehievements.. Future Plans: Disous5ions Gontinutd with the Ulliversity of East London on the p05sibility of existing Diploma graduates joining the top up year which leads to & BA (Hons) in Barly Childhood and MontCS50ri. We will support trainers in training a5 new cot]rses c2n only be run by those holding the AMI Trainers Certificat¢14 years Study), under the pres¢ni AMI regulations. We will continue to identify potential trainers at both o- 3 and 6 12 levels for the UK as well as additional lecturers at the 3- 6 IBvel. Made best Use of the tLew Tralg Centre premises by Trning course5 and workshops concurrently and by hDlding online couJ3es. We will continue to evolve the Tnanagernent structllre to support the expanding activities of the OrgallisatLOll. We will also contillue to develop uur pldn to publi¢ise the work of the Training Centre to potential studellts in the Lry( a])d bu and will seek ways to Share our knowlcdgc with thB UK Montes50ri community. The Early Years EducatOT Qua]ifJcation awarded by Jnnov&te Awarding has been successfully incorporated into the Amt 3-6 Diplom& to allow Montessori Diplom&holders to be countcd in clas% ratio.E. Tecent inspection by Innovate Award resulted in a glowing report. We will smplement technological solutions to enable courses to be offei¢d a varicty of fomats. The Organisation has identified 2 ncw ti7iner5 in training al the 3-6 IEvel. l at the 0-3 and I at the 6-12 levcl. All have been accepted tsnto the AMI'I'raining of Irainers programme. We will investigate the possibtlity of the AM] Diploma contributing Master's qualifjcation. The C.ommunitation4 and MaTketing fi]nction was expanded iti order to improye ¢OIIITllunLC&tion with existing and prospective parents alld to market our school and cou15eS. To conlinue l(fft develop the MonteJsori archive so as to make it avdilttble Éo sl&dents, researchers interestedpllrties Achievements: Future Plans: During the year, fvrther doGuments related to the histtsry of the s¢hool and the Training Ctntre have been cleaned and catsjogued. Continu¢ to provid¢ snfollnataon to and to researchers. Continue tht work on the visua] aTrd audio aTchives. Relevant texts w¢re sent to for publication. Many individua]s are Trow using the archive to search for illformatÉon and primary sourG¢ matsrial. io
The Maria Montessori Training Organisation Financial Statements 31 Augllst 2020 Trustees, Report (Continued) Structure, Governance & Ivlanagement The charity is constituted as a ¢ompany limitsd by guarante¢ registered in Bng12nd alld Wales. The charity's g0venng document is its MemoTandum and Articles of Association which were last revised in October 2007. The charity consists of an organisation which tr&ins Individuals in the MoDt¢$sori Method of education based in Riding House Street, Central London and Hampstead and ail exetnplar school situated 051te Hamp5tead and off-site in Notting Hill, Bayswater, Hornsey Rise and West Harnpstead. The training orsanisation operates as the 'MaTia Montessori In5tilu(e' and the school as tlie 'Maria Nlonf¢ssorJ School., No fundraising activities were undertaken by the ch8rity during the y6ar, and no complaints were reported to the charity commissioll for the ¢urr¢nt financial year. RecruitmeRt dpTdAppoEnlmeNI Dfihe Board Directors who served during the year are listed on the previous page of thi5 report. Director5 are appointed, when a va¢an¢y arises. in accordance with our by-laws. Directors will either have experienc¢ of Montessori education or will provide expertise that will contribute to the governan¢¢ of the charity. Recrnitment may be made thwugh organisations specializing in the se8rch for tN5tees or through dI¢t tnad¢ through and by the organisation. EaGh Tru5t6E IDir6ctOTI is app)inted for a t¢rni of three years and may be reappointed for an indef1t¢ DumbeT of temis, therefore each year a third of the Trubte¢s are up for reappUttent. The induction process for new director5 enables then] to bOrne faTDiliar with the hiEtory and ongolng actiyities of the orgaThisation through asenes of Tneetings, viqit% to thc orgallis8tion to obscrvc Ets activities atld publicity alld infortnational materia]. Directors receive relevant training such as Safeguarding, Safer Recruitment. Health & Safcty as r¢quirEd, and also attend Montt5sori Cours¢s held at the Institut¢ tILroughout their pertod of service. The Board meets a rninimuTn of three tirnes pcr yeps and decides upott broad PCTrli¢y based on the strdtegic directioll proposed by the Steering connittee. Steering Committeg The charity is Strat¢gically and financially dEre¢t¢d by the steering ¢ommittee. The steerin8 cornmittee meets approximately three times per tsrni to tllsure thc smooth rullning of thE Org3nisatiuA. Cortllnittte members are currently drawn fwtn the Board and include the Director of Trainin8 8nd Schools and the Bursar".. Ms. S Giwa- McNcÈl Mrs. W Innes Mrs. L Lawence Mrs. C Middlemas fr. R Partridge Mrs. C Worthillgton Dire¢t(>r (Health & Safety. Safegu2rdingl Executive Dir¢Gtor Director ChaiT of the Board Bursar The Executive Director ha5 overall responsibiliry and power of decision making for tht day to day nning of the Organisation (administrative, pedagogical and financial} and reports to the Ste¢ring Committee. Managemeni Committee The various branches of the Charity are run on a day to day bLsis by the Senior Matiageinent Team and T¢l¢vant 8takehold¢rs in the Organisation. Mt¢tings take plac¢ as necessary to ensure the smooth running of all aspeds tsf the Organisation. The participants are drdMT from the senior Tratning, School and Adtninjstratve Staff. Heulih JndS¢rfety Committée Thi5 comrnittee rnEels three times peryear. Membership is taken from the Directors, teachin& administfdtive and allxiliary staff. The Hcalth and Safety Consultant to the MMTO or a relevant expert is consulted a5 neGessary. RiskAssessmEltt The Board of Directors of the Organi5ation und¢rt&kcs an annual risk ass¢ssm¢nt where major risks to the Organi5atio Ar¢ identified 8nd systems alld procedures to allEviate them are r¢vi¢wed.
The Maria Montessori Training Organisation Financial Statements 31 August 2020 Trustees) Report (Continued) Impairm¢ni Review The Board of Directors of the Organisation undertake5 dDnual impairynellt review olits building at Lyndhurst Gardens. A valuation w&8 carried out by Jones Lang Lasalle in accordallce with the revised acctsunting standards and has been adopted in these fjnancial statements. PublicBenefit En the furtherance ofthe Objects. the Dir¢Gtors. the charEtytrustces. have complied with the duty 5.17 ofthe ChitIES Act 2011 to have due regard to the Charity Cotninission's published general and relevant sub-sector guidance wnccrning th¢ operation of the public b¢nefJt requirejnent under that Act. Bursaries Support in the forrn of bursaries is available for those wishing to attend the s¢hool or Eraining ¢ourse but who otherwise are lltxable to pay the fees or for those current pupils and children where a change in fanCIal circumstances would compromise their ability to remain at the s¢hool or eontittue with their $tud%es. Those wishing to be considered for fsnall¢Eal supportare required to submittheEr &ppli¢ation. ¢0MpanIed by the relevant financial inforniation for consideration by the Steering Comtnittee. The amount assistallce granted is subject to the ability to pay 11 fees and the amount of bursary funds av&ilable. Bursary award5 for school fees are revEewed annua]ly. Key Manogfweni Per$okTel Yemuneyoiton The Lloard of Director5 GollsideT the Lxecutive Director and the Bursar as Go¥nprising the key anage[nellt P¢T50nnel of thc Organisation in charge of dLTecting and controlling the cbarity and running aTLd operating the Org?1$&t10n tsn a day to day b2SiS. RepnueQ110 Poli The OrgaTLisation operates banded salary rang¢s for all staff including senior stsff. The bands are reviewed annually and Gompared with other similar orgallisation5 alld generally an inflationary inGr¢a5¢ is &ppli¢d. depcRding upon th¢ financial r¢sourtes of the chatity. Co-operation with other organisatxons A530Ciation nlontessori IntgrnationLTle The OrganisatlOTi Colltinues to co-operate with the Association Montes50ri Internationa]¢ Ivhose Cours they run. This Associatioij. founded by Dr. Maria Montessori in 1929. wa5 created to uphold, propagate and further the pedagogical prinLiplts and practiBe fomulated by Dr. Maria Montesstsri for the full development of the human b¢in8. Additional supptsrt for AMI was given io AMI in the form of personnel. Mrs. Lawrence is Executive Director of Amt and Mrs Worthington is Chief I'inatLc%al 01Ccr of Amt and they hold thes¢ positlDllS itl addition to theiT notrnal r&ng¢ tsf duties carricd OLtt for thc MMTO. Th¢ Maria Montessori Training Organisation rLmS courses that lead to an Association Montessori Internationale Diploma and tnUSt adhere to Lhe StanddS foi quality laid down by the Amt. ontusopi SociEyAMI UK The Society is an open membership autonomous body working in adherence to AMI'5 aims and objectives. 11 is staffed essentially by volunteers. It provides its membership with publications, semiiiars and conferencts dissttllinating and furthering knowledg¢ of Montessori education and principles and the MMTO supports tbi8 society in its work. MontSori Educorion UK This organis&tion was created to provide a unified voice for Montessori within the UK and has also established a quality assurance scheme f¢Jr Montessori schools acro$s the couijtry wluch provsdes mentorship for schools and helps parents identify schools with good Monte$sori prattice. The MMTO is a founding member of this Orgallisation. BropL-efieldPriyon The Institute is seekin8 futtdino to continue a project to support ehEldren WILO are'Born tnsid¢' and to Provide then) with a developmentally sound start inside prison. The aim 15 to stage interventiou that ]nay break the GyGle of offEnding and give both mothers and children a better start in life. 12
The Maria Montessori Training Orgalllsation Financial Statements 31 August 2020 Trustees, Report (Continued) Risk assessment The key nsk5 to the Organisation have been identified &Trd appropriate colltrols and proctsscs have bettt put in place to address these. The key risks. in no parti¢ular order, ¢urrenily fa¢ing the Org8nisation are considered to be.. Key Risk Govctnance and manageEncnt Structu and skills insufficient to meet the Organ&satiort's objectives. fillan¢ial r¢sour¢es insuffi¢iellt tts meet the Orgalli5ation's needs Potential JmpaEt on Objectivès Lack of Clear plBmS and ptiorities,. poor value for rnoney; poor service delivery., UnCertty on staff and board roles and responsibilities,. loss of key stsff,. ci>rnp¢tition from other Montessori training centres and schoo15 RÉsk Response Strategic plans reviewed annuallyj monitoring of budg¢ts and fjnancid results.. regular Steering G)mmittee meetings., clear understanding of roles and respvH&ibilities,- robust T¢C[ULttnt prtsGess" docurneDtation of sy5t¢m5 procedure5', tnarketing plan place and mollitoring of ¢ompetitLOn. Key Icgal and re8ul&tory reqiiirements identified and proposed chang¢s monitored; membtrship ufumbrella budies Rcgulatory and Icgal changc5, including UK withdrawal from Europe IBr¢xitl. ¢otnpulsory Closure of school andlor college Lack of compliancc with govemmenl regulations and authorities. in¢luding Ofst¢d,. S¢hool InspeGtion S¢rvi¢e,' withdrawa] of college status,. withdrdW21 of highly ttsted sponsor status by thc UKVI. Ioss of StLentS from Europe, risk to service delivery* loss of students andlor School GhildT¢Ti. eg MEIUK). ISBA: Health & Safety reviews. fire safety rcvicws; dclcgatcd staff responsible for regulatory 8re&8' monitoiing of ¢hanges to visa require]n¢nts other intcrnational Student jS5ues, introduction of University sponsorcd Foundation Degree, renjote leamin 12ns re ared. Contingency p18ns for delivery of education Icmotcly," data backup procedure5 and precautions. disaster £0Very plan. recn2itment of suitably qualifRed staff. DBS ¢1¢2ran¢e for all students and staff.. appropriate policies and staff trasning. insurance illcludEng cyber insurance, financia] controls in place,. monitoring of budgets and fir¢1al r¢sults. Optfdtional risk Pande]nic leg COVID-19). enforced school closure- computer failure,. destruction of property., fraud resulting in financial loss,. data loss; damage to reputation. 13
The Maria Montessori Training Organisation Fillancial Statem¢rnts 31 August 2020 Trustees, Report (Continued) Fillancial Review Performance in the Period Resultsfor ike year Incomt increased by £125,000 to £2,965,000 prirnarily as a result of in¢reas¢d 5tud¢llts on training CQUT5CS. The Institute held AAa Diploma and Assistants courses at all levels aDd also held anumbErofworkshops and professional dev¢lopment days during the year. The School awarded additional flnancial assistsnce during the summer terni to help families whi¢h had been adversely afftcted financially by the Pandemic to remain at the School. £81.000 of furlough fundin8 was received. Expellditure ittcreased by £63,000 to £2,875.000 r¢fle¢ting th¢ reduction Premises costs following the disposal of the Baker Street lease. partially offset by the annual salary illcrease, external trainer costs associated with courses ai the 0-3 and 6-12 levEls and provisions for doubtful debts. The result tsf the above is a surplus of £90.000 wtnpared wstb the previous year'5 surplus of £29,000 and is lin¢ with the budgeted surplus. Overall net assets ofthe ¢haritablE CoMpaY as at 31° Au8USt 2020 are £7,756,000 {2019.' £7,666,000). The Gompany's assets we adequate to fulfil the immediate obligations of the charity. Flve year summary for the year ended 31st August Income Ex £ thtsusgd ernditure Aceount 2020 2019 2018 2017 2016 Incomin Resources Resources Ex ended 2,965 2.875 2,840 2,811) 2,661 2.822 2.520 Net Incom enditure 90 29 161 146 131 Balance Sheet Extraet £ thousand 2020 2019 2018 2017 2016 Fixed Assets Currei)t Assets less Liabilitles Funds- Restricted Funds- UlestriCted 7,851 95 7.907 241 7.947 1310 7,316 482 359 7.754 7.796 7,649 Numbers ofstudents and children 2020 2019 2018 2017 2016 Stuiffflts 3-6 Course Sludfflits 0-3 Course Siudeiits 6-12 Course Other Course5 School children 63 72 60 49 12 22 114 204 49 12 ?2 92 218 20 94 20 119 179 265 187 14
The Maria Montessori Training Organisa(ion Financial Stat¢ments 31 August 2020 Trustees, Report (Continued) Burssries to support tbildren 2nd te&¢h¢r triiD¢¢s Over the cours¢ of th¢ year 68 childr¢n beJ)efitted from assist¢d f¢es and 5 children ben¢fitt¢d frc)m full fee r¢lief- in total £3 10,608 12019= £208,491) of assistance was given. A totai of 39°/o {2019.. 12.7/¢) of th6 children reG¢ived help. In addition, a discount on fees of 150/D wa5 given to all children En the Children's Houses durlng the summer term in reCogtIon that these children were least able to benefit from the provision of remote leaming. A 11 bursary was awarded to I stsdent on the Diploma Course and 4 stsdents on th¢ Post Diploma Course. Fourteen sdentS on Diploma courses 2nd 30 on Assistants courses benefjtted from assisted fees. A totsl of l8_5 /o12019.' 10.6/0) of students wer¢ given help. A nunJb¢r of free and as51Sted places were giv¢tL to staff and other attetldtcs of workshops aTrd events. Fixed Assets The movements in fed as$etS 4re shown in the notes to th¢ finan¢i8i statem¢tits. Freehold Land and BuildiRgs The cotnpally owns the freehold premises known as 26 Lyndhurst Gardens. The transitional arrangements within section 35 of FRS 102 have been applied and the property has been revalued at £6,700,000 as per the report by Jojjes Lang Lasalle. Re$erYes Policy The total level of funds a8 at 31° August 2020 were £7,756,448 {2019.. £7.666,3031 of which £2,17812019.' £2,178) related t(> restricted funds, £7,165,155 (2019.. £7,166,155} was it)vested in Freehold propety. The Directors also approved a transftr of £30,000 to a designated reserve for future School bursaries. The lollg-terni aim of the Organisation is to build up its free reserves tts & level which equates to 3 months of unrestricted ¢xpcnditur¢ 1£600,000). Thc Organisation also nccds to a¢cumulat¢ further fun&% to Tneet its building commitmettts relating to the everyday repairs, r¢newa]s and refurbishment ¢osts. The Organisaiion plalls tts build up reserves by attracting tnor6 5tudcllts and childrEn to thE Institute aa School. The rts¢rvu policy will bE reVied by the direGtors on pllj annual baslS. 15
The Maria Montessori Training Organisa(ion Finartcial Statements 3 l August 2020 Statement of Directors Responsibilities Thc Directors {who are also trustees of The M2ria Montessori Training Organisation for the purposes of ¢harity law) are responsible for preparing the Trustees, report and the financial statemcnt5 in aGcordallce with applicable law and United Kingdorn Accounting Standan15 IUTrit¢d Kingdom Generally AGc¢pt¢d AccountEng Practice.) Cotnpany law requires the Directors to prepare financial ststements lor tach fjnancial year which give a te 2nd fairview of the state ofthe affairs of the charitable company and of the in¢oming $0[¢¢$ and application of re50UTC¢S. including the iiic4)me 2nd expenditure. of the charity for that period. In preparing these fmancial staternellts, the tnembers are requir¢d to.. Select suitable accounting policies and then apply them consistently Observ¢ the methods atld prill¢ip1¢5 111 th6 Charities SORP., Make judgilltnts and estiinat¢s that are reasonable and prudent. State whether appliLable UK A¢counting Stsndards have beell followed, subject to any rnaterial departLJres disclosed #nd expl&iD6d in the financi 5taternents,' PreparÈ the financial statements on the going concern b2sis unless it is inappropriaie to presume that the charitable company will continue in business; The dir¢¢tors are responsible for keeping proper accounting record5 that disclose with reasonable accuracy at tthy time the financial position of the charitabI¢ compally enable them to ensure that the financial statements comply with the Companies Act 2006. They are also resnsIble for safeguarding lh¢ ass¢ts of the charitable ¢oJnpany atld hcn¢¢ for taking reasonable steps for the prevention dBteLliLTrn orrrdud aDd uther irr¢gulitTities. In so far as the directQT5 3Fe aware.. There is no relevarit audit infonnation of which the charitable company's &uditor is unaware,. and The directors have takej all steps that they ought to have taken to ake themsElv£s aware of any relevant audit infortnation and to establish that the auditor is aware of that inforEnation. This report been prepared aGcordance with the provisiolls applicable to companies entitled to the small companies, exemption. Auditors Moore Kingston Smith LLP have indicated their williti£ness to continue iti office and in aceordanee with the ptovisions of the Comp2llits Act it Es pmw>sed that they be re-appointed auditors for the ensuing },¢. By Order of the Board 13 November 2020 Mrs L Webster sectary 16
The Mlaria Montessori Training Organisaiion Finan¢ia] Statem¢nts 31 August 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MARIA MONTESSORI TRAINING ORGAN15ATION Opinion We have audEtEd the financial 5tatetnents of the fvtaria MonteS50ri Training Organisation I'the company'l for the year ellded 31 August 2020 which comprise [sptcify the titles of the primary staletnents such as the Statetlltnt of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financi statements, includEng a sutnmary of signifi¢ani ac¢ounting poli¢i¢s. Th¢ fintial reporting fram¢work that h8s been applied in th¢ir pr¢paration is applicable law and United Kingdom Accounting Standards, iocluding FRS 102 'The Financiaj Reporting StandardApplJtable the UK and RepublEG of Irelaod, (UnEtcd Kingdo]n Generally Accepted AcGOUtLtlllg Practice). In our opinion the financial statemcnts.. give a true alld fairview ofthe state ofthe charitable company's affairs as at 31 August2020 and of its in¢0illg resource5 and application of resources, illcluding its inGome and exptnditure, for the year then ¢nded. have been properly prepared in accordance with United Kingdom Generally Accepted Aceounting Practkce. and have been prepared in accordance with the requirements of the Cotnpanies Act 2006. BASIS for opinion We conducted our audit in a¢¢ordan¢e with Iniem&tiona] Standards on Auditing {UK} {ISAs(EtKI) and appli¢abl¢ law. Our responsibilities under those 5taRdard5 are fi]rth¢r describd ill the Auditor's Respoosibilitie5 for the audit of the fiD8ncial 5tatemellts sectioll of tsur rq)ort. We are independent of the charitable ¢OTnpany in a¢¢ordan¢e with tbe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these reqiliretnents. We believe that the audit evidence we have obt%Eined is sUjc1tThl attd appropriate lo provide a basis foT our op&niDn. Conclusions relating to going concern W¢ have ll0thg to report in respect of the following matters irL relation to which the ISAS {UKI require us to report to you where.. the trustees, use of the going concern basis of accountillg in the preparatioD of the fillancial statements is not appropriate; or the trustees have not disclosed in Iht finatscial Sttttt$ any idtntiFied material unccrtaintlCS that may cast significant doubt about the company's ability to continue to adopt the going c(In¢em basis of ac¢ounting for a period of at least twelve Tnonths fro]n the date whell thE finaT]Gial stateTnents are authori5¢d for iS51LE. Other information The other infornlation coPrISeS the infomlation iacluded in the )nUal rq)orL other th$ the fingncial llatements and our auditor's reportthereon. The trustees are responsiblt forthe other Ènforniation. OuropiTLion the finallcial statBm¢nts does not cover the other inforniation and. except to the extent otherwise explicitly st8ted in our report. we do not express form of assllranee conclusion thereon. In connection with our audit of the finanGia] stat¢ents. our responsibility is ¢0 read th¢ other infortnation and, In doing so, considtr whether th¢ other inforniation is ]nat¢rially inconsistent with the financi 5t&tements or c)ur knowledg¢ obtained the audit tsr otherwise appears to be materially misstated. If we identsfy such material inconsist¢ncit5 or apparent material missiatements, we are required to determine whether there is a material rni5Statement in the fan¢a] st2tements or a material misstatement of the other inforn)atioll. If, based on the work we have perfonned, we conclude that ther¢ is a material misstatement of this other information, we aTe required to report that fact. We have nothitlg to rEport in this regard. Opinion$ on other matters pr¢s¢rib¢d by the Comp&nies Act 2006 In our opinion, based on the work undertaken in the course of the 8udit'. 17
The Mari& Montessori Training Organisation Financial Statenietpts 3l August 2020 the infomatioll givejj in the irustees, aunual report for the financial year for which thc fthancial st2ttments aTe prepared is ¢onsist¢ni with th¢ fjnancial ststetllents,. alld the trust¢e5' annual repolt have been prepared in accordance with appli¢able legal requirthneDts. Matters on which we Are requÉred to report by ÈxcÈption In the light of the knowledge and understanding of the cotnpany and its environment Obted in the ¢ours¢ of the audit. we have ni>t identifEed material misstatetllents in the trustees. annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to yo if. En our opinion.. adequate afjcounting records have not been kept, or rettllns adequate for our audit have not been received from branches not visEted by us; or the finan¢ial $t¢ellts ar¢ not in aement with the accounting re£ords and rewnJ$; or certaitl disclosures of trllstees. remuneration specifjed by law w'e not made.. we have no( received all the infomiaiion Ind explanatlOll5 we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set on page 16, the tn]stees (who ar¢ also thc directors of tb¢ charitable company for thE purp05ts of company lawl are responsible for the preparation of the financial Ststet9 and fur b¢iTrg s&ti5fitd that they givt atrue and fairview. and for such ini¢mal ¢ontrol as the trustces detennine is necessary to enable the preparation of finGla] statements that art free ftom material misststemertL whether due to fraud or erroT. In preparingthe fjllanciai statemernis, thetrustees are responsiblc loi. assessingthe chai'itablc ¢1)mpany'% ability t(> ContiU¢ as a going ¢on¢¢rn, disGlosing, as applicable, matters related to going Concern aod using the goittg ¢on¢ern basis of accuunling unless the trusteE5 either illtend to liquidate the charitable company orto c¢a5¢ opeTations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial 5tatemellts Our objeGtives arcto obtaill reasonable assurance about whether the finan¢iaJ siatements as a whole are free from rnatcrial Misstste¢ut whether diie to fraud or eriDr, and to issue an aiiditor's report that inGludes our opinion. Reasonable assurance is a high level of assurance, but 15 a guaTdTriee that ¥J] audit conducted in accordance with ISAS {UKI will always detect a material misstaternent when it exists. Misstatements can arise frojn fraud or erroT and are Eonsidered material if, individually OT in aggregate, they could reasonably be expected to influence the ¢cornomi¢ d¢¢isions of us¢r5 taken on the basis of these financial statements. As part of an audit accordance with ISAS IUKI w¢ exercise pfeSsIOnal judgement and maintain professional scepticism throughout the audit. We a150'. Identify and assess the risks of material misstatetnenl of the financial Statements, whether dut to fraud or error, desigjj and perfonn audit procedures responsive to those risks, and obtain auéit evidencc that Is sufficient aT]d appropriate to provide a basis for our opinion. The risk of not detectiog a material misstatement i¢sulting fro fraud is higher tkn for one resultin8 from error. as fr&ud may involv¢ ¢ollusion, forg¢ry, intentional otnissions, misiepTesentations. or the override of Intern control. Obtain an understarnding of int¢rnal conltDI relcvallt to the audit in order to design audit procedures that are appropriate in thB circumstance5, but not for the purposes of expressing an opinion on the effe¢tiven¢ss of the charitable company's internal Gontrol. Evaluate the &ppropriateness of ac¢ountiAg poli¢i¢s used and the reasonabl6ness of accounting estimates and relat¢d disc105urc5 made by the tstee5. Collclude on the appropri&ten¢ss of the trustees. use of the going GonceTn b8515 of accountitig and, based on the audit evidtnce obtAined, whether a material uncertainty exists reled to events or conditions that may cJst significant doubt on the ¢haritable Gompany's ability to continue as a going concern. If we concliide that matenal LCertainty exists, we required to draw attentii)n ill our auditor's report to the related disclosur¢s in 18
The Maria Montessori Training Organisatio Financial Statements 31 August 2020 the financial 5tat¢ment5 or, if such disclosures are inadequate, to modEfy our opittiojj. Our conclusions are based OD the &udit evidence obtained up to the date of our auditor's report. Howev¢i, future ev¢nts or ¢ondi¢ion$ may cause the charitable company to cease to continue as a going concem. Evaluate thE ovcrall presentation, stCtUre and content of the fanCIal statelnents. including the disclosures, ad whether the fjnallcial statements represent the underlying transactions and events in a majner that a¢hiev¢s fair presentation. We eommunicate with those charged with governan¢e r¢garding, among other matt¢rs, the plannd sGopt and tiIllg of the audit and signiFi¢ant audit findings, including any significant d¢fici¢ncies in internal control that we idenllfy durEng our audit. Use of our report This report is made sol¢ly to the Charitabl¢ Gotnpany's Tll¢tnbeTS, a5 a body. accordancc with ChapteT 3 of Part 16 of the Companies Act 2006. Our audit work has been ulldertaken so that we tnigbt state to the coinpany's Jnembers those matters we are required to state to them in an auditor's report and for nD Other piiiyose. To the fullest extent pernitted by law, we do J)ot accept or assume responsibility to any paty other than th¢ ¢harithbl¢ ¢ompany at)d charitable company's members as a body, for our audit work, for this report or for the opinions w¢ have fortn¢d. k i551¢ L D&te i& 2(&co&r zozo Sbivalli Kothari {Senior Statutory Auditor) for and on behalf of Motsre King.%ton Smith LLP, Statutory Auditor Devonshire House 60 G05well Road London ECIM 7AD 19
The Maria Montessori Training Organisation Financial Statements 31 August 2020 Statement of Financial Activities For the year ended 31st August 2020 Unrestricted Restritted Funds Funds Total Funds 2020 Total Funds 2019 In¢ome and Expenditure note Ineome In¢om¢ from chatitsble a¢tivitie8: Course and other fees receivable Income from generated funds.. Donations and legaci¢s Jnterest Teceivable Other Income 2,945.809 2,945,809 2.811.933 13 712 1,056 2.664 14,679 15,391 1,056 2,664 25,649 1,132 1,831 Totfll Income 2,950,241 14,679 2,964,920 2,840,545 Expenditure Charitable Activiti¢s 2,866.347 8.428 2,874,775 2,811,287 Total ExpendRture 2,866,347 8,428 2,874,775 2.811,287 P4¢t (Eypenditurell JneoJ]]e btfore tra115fer5 83.894 6,251 90,145 29,258 Transfers Behween FuDds 14 6,251 16,251) Net Movemet Fuuds 90.145 90,145 29,258 B#lnce5 brought forward at I" Septejnber 2019 7,664,125 2,178 7,666,303 7,637,045 Balancts errl¢d fonvard at 31" August 21J2Q 14 7.754.270 2,178 7,756,448 7,666,303 All aTnounts derive from continuing activitses. Ail gains and losses recognised in the year are included in the Statement of Finatt¢iai Activities. The notes on pages 23 to 33 fom part of these financial statements. 20
The Maria Montessori Training Organisation Finan¢ial Statem¢nts 31 Allgu5t 2020 Balance Sheet At 31st Augusl 2020 2020 2020 2019 2019 iyoie Fixed Assets Intangible Assets Tangible as5¢ts 1,830 7.849J19 4.270 7.902.570 7,851,149 7,906,840 Current Assets Debtors Cash at bank alld in hall 204,611 1,017,894 135,470 631.342 1,222.505 766,812 Creditthrs- aThounts f811ing due within one year 10 11,094,299) 1805,941) Net Current A5$ets l(Li*bilitiesl 128,206 (39.129) Total Assets Ltss Current LiabÉ]ities 7,979,355 7,867,712 Creditor5: amounts fxlling due &fter More thAn One year (222,9071 1201,409) Total Iyet Assets 7,756.448 7.666,303 Funds Restrioted fuJ]ds Unrestricted funds.. General Revaluation Reserve Designated 13 2.178 2,178 J3 559,116 6,508.892 686.262 498,971 6,508.892 656,962 14 7,756,448 7,666,303 Approved by the boat 13 November 2020 Mr RParttidge ..... - Director Mr D Murphy,... . Director Th¢ notrs oIi pag¢5 23 to 33 form part of these r Company Registration No.. 697468 nciaj statements. 21
The Maria Montessori Training Organisalion Financtal Statements 31 August 2020 Statement of Cash Flows For th¢ Year ending 31st August 2020 Tot•1 funds 2020 Tot&1 fund8 2019 ote Casb Flows frorn Opernting #etivities: 406,223 327.860 Net tash provided by (used in) operating activitie5 17 406,223 327,860 Cash Flows from Investing &ctiYiti¢s: Interut 1,056 120,7271 1,132 {33,2091 Purebase of Fixed Assets Net Cash provided by Iu5ed ill) investÈng actiwities 119,671) (32,0781 Chgttge in cash and cash equivalent5 in the year 386552 295,782 Co5h and cash equivalents at 1st Septeber 2019 631,342 335,560 Cash and cash equivalents at 31st August 2020 IB 1017894 631342 Th6 notcs on pagc5 23 to 33 ftsmi part of these fthan¢ial stst¢m¢nts. Colnpany Regi8trdtion No.. 697468 22
The Maria Montessori TraEniDg Orgallisation Financial Statements i l August 2020 NOTES TO THE FINANCL4L STATEMENTS I Principal Accounting Policies The accounting policies ren]3ill UTLchanged fTofft last yeaT. AcCoUting Ba515 and Standards The fjnancial statements have been prepared under the historica] cost convelltion and in accordance with applicable accoynting standards and the Statement of Recommended Prn¢tice 2015.. Accounting Reporting by Charities preparing th¢ir aGcounts In accordance with the Financial Reporting Standard applicable In the Uuited Kingdo]n and RepubliG of JllElad (FRS102) and the Charities Act 2011. The financial statements have been prepared in sterling which is the functional currency ofthe choriry, roundedto the n¢arest£. Ineome Ail income is recognised once the Organisation has entitlt2llent to the income, it is probable tbat the income will be received, and the amount of income catt bc measured reliably. lrtcomc COllSiSts of school fees, ttursery education grattts foT 3 and 4 year olds and course fees_ Tncome is deferred Only when the charity has received income in advance of ¢onditions to be fulfilled in the future. Expenditure ExpeThdilw¢ is rebognibed once there 15 a legal or con51Fuctive obligation ¢ornmitting the orgaT]isation to that expEnditLLre. it i$ probable that settlement will be required, and the amoullt of tli¢ obligation &2n be llieasured reliably. All expendithre is awunt¢d for on an a¢cn]ais basis and hJs been listed und¢r headings that aggr¢gate all the costs related to that activity. Support costs- wheTe Costs tannot be directly attributed they have been allocated to 8Ctivities OD the basss of the alnount of staff tsme spent on each activity. Governance ¢osts- hav¢ be¢H allo¢gted to a¢tiviti¢s OR the bas%s of the amount Of 5t3ff tim¢ Spto[l EaGh activity. Th¢SE Gosts ¢ompris¢ all Costs in¢urted in ¢onne¢tion witb the public a¢¢tsuntability of the charity gAd its ¢omp]iance with regulation alld good practice and includc costs related to statutory audit and legal fees. Depreeiation A8set8 at a value of 8re&ter than £SOO are capitalised and deprecialed over their usethl economic life. DepGL&tIon on fLKed Sets is provided at rate5 eStllI to write off the cost or revalued amoullts. less eStiat residual value, of each asset. over its expected usefiEI life as follows.. Improvements to 0ed buildit tmprovements to buildings under li¢¢n¢e Office and kitchen equipment Computer equipment depreciated depCiated over the period of the li¢ence 5 years between 3 and 5 years The company owns the freehold premises known as 26 Lyndhurst Gardens. The transitional arrdngements within section 35 of FRS 102 have betn applied and the prop¢rty has bcen r¢v&lued a5 per the rEport by Jonc5 Lang Lalle. An annual impairrnent revicw is undertak¢ll by the Trustees. It is the company's practice to maintain the property in a continual state of sound repair and io m2ke improvements ther6to from time to timt. The directors ctsnsider the useful economic life of the property to be in excess of 50 years, and that it did not diminish during th¢ period under review. Consequ¢ntly, no charg¢ for d¢pr¢¢iation is mad¢. 23
The Maria Montessori Training Organisation FinanGial Statements 31 August 2020 NOTES TO TItE FINANCIAL STATEMENTS (CONTINUED) I Principal Accounting Foli£ies (Continued} Intangible A55etS Jntallgible assets presellt the costs of the development of the Organisation's website and Are amortis¢d ov¢r a period of thre¢ years. Financial In5trnJnents The charity otily holds basic financial instrutnellts alld h&8 applied the provtsions of Section I I 'Basic Pinancial tnstrtttnents, of FRS102 to all of its fjnancial instnaments. Finallcial Instn21nents artrecoO ised in the charity's balatt¢e sheet wh¢n the charity becotnes party lo the Gontractual PTOVjSioll5 of the instrutnent. Basic financiai instrthments measured at amorti5ed c05t. Operating Lease5 Kentals paid under operating IteS 2re charged to the SOFA on a straight lin¢ basis overthe terms of the lease. Taxation The company hzs no liability to toryoration t&x due lo its charitable status. Employee Benefits The costs of short terni employte benefits are recognised 8s a liability and an expense. Temiination benefit5 are rewgnised a5 all expense when the charity is demonstrably committed to terminate the employment of an employee orto provide terniEnation benefits. PeD$ion A defjned Gollti7bution schen]e wa5 t5tablished in March2015. ContributiODS arechargedtothe Stat¢m¢ntofFinAn¢iglActiviti¢s a5 they becorne payable in accordan¢e with the s¢h¢me rules. Funds UF7reslricted-These are funds that can be used in accordance with the charitsble obj¢¢ts at the dis¢ietion of the truste¢5. Dlnated- These are UJestriCttd futids eamarked by th¥ tr1 fur putiLular puJp)5¢5. (estrwled- These are funds that can ollly be used t<)r patti¢ular purposes within th¢ objects of the charity and are r¢strict¢d by Ihc donor. Critical accounting estimate5 aDd areas of jlldgement tll preparing financial statements it 1$ necessary to make ¢¢rtain judgements, estimat¢5 and a5sumptio]]s that affect the amoullts recognised in the fjnancial slalemenls. The followin¥ judgements and ¢5timates are considered bythe Trustees to have the most signiticant effect on amounts recogrnised in the fmm¢ia] stat¢mEnts. The amiual dq)re¢iation charge forpropety. plant and equipment is Sensitive to changes in the estim&ted usefvl e¢onoTni¢ lives and residual valuts of the assets. The use1 economic lives and residual values are re-assessed annua]ly. They gre amended when necessary to redect ¢utrent estimates, based tsn technologic advanGemCRt, firtUTC iRve5tEnEnts, 6cono]nic utilisation and the physical condition of the assets. See note S for th¢ caTrying aQuat of the property, plant and equipment and note l above for the useful econornic lives for each class of asset. Provisions for doubtthl debts are detemiined by individual 8ss¢ssm¢nt of thr atnounts rec¢[b]e. Going con¢ern Alier reviewing the org3nisation'5 foreGa5ts aDd projections, the directors have a reasonable expectation that the organisation ha5 adequate re50urces to continue in operational existence for thc forestcable future. Ertrolment on Diploma courses reMaS buoY1tlthan increased numberof studentshavingcommenced their Studies in autumn 20. Assistantscourses gndprofessional d'elOpment workshops will ¢ontinue to be held online and Cour5 which hw¢ tak¢H plaGe itl the autumn terTn have a strong uptske. Numbers its the school are broadly in line witkn previous years and recruitment of pupils will continue throughout the year. On this basi5 the Dirrctor5 have collcluded thatthere no material uncertaintits that impact tht use of the going concern bas15 and that the rgalsation will be able to settle its debts as they fall due for a ptriod of at le&8t 12 months from the date of approval of these financial Statements. Accordingly, the 80sng eoncem basis has continued to bc adoptcd in the preparatlDll of the fclaI statements 24
The Maria M(IntE$50ri Training OrganisAtion Financial Statements 31 August 1020 NOTES TO THE FINANCIAL ST ATEMENfs (CONTINUED) 2 Course and other fees Course and other fees ieccivable are attributable to thc pNncipal aGtivity of the company whiGh arose wholly in the United Kingdom gJ]d withill the charitable objects of the cotnpany. 2020 Unrestricted Total Funds Total Funds Funds 2020 2019 Sch] Ftes.. Gro85 Fees BursarieslDiscounts Govemmeryt Grants Furlough Funding Other School Incorne 2,267,639 130L,588} 102.359 60,160 2267,639 2,074,697 {310,6081 (208.4911 102,359 101,163 60,160 2,140,120 2,131,100 1,979,844 Course Fee$.. Gross Fees Furlough Funding BuTsarie51Discoullts 848,135 20,847 848,135 20.847 882.194 814,709 814,709 832.S89 2,954,829 2,945.809 2,811.933 The Organlsation received Early Years Funding of £102,35912019.. £101,163) from lo¢al auth()riti¢s in resp¢¢t of the 15 hours per week'tree entitlement" for 3 2nd 4 year olds attending the school. Tt also received £81.007 of"Furlough" funding. In¢luded in unr¢stri¢ted TrdS were dtsnations of £9,020 during the year12019." £5,000) a5 a contrkbution to the school bursary fund which weTe sp¢nt the year. All other school fee5 received in 2020 WBre uT]restricttd. 25
The Maria Montessori Training Organisation Financial Statetntnts 3 E August 2020 P40TES TO THE FINANCIAL STATEMENTS (CONTIMIED) 3 Direct Charitable Eipeuditure 2020 Direct Staff Costs Costs Allocation of Total FUd3 Administrytion 2020 Costs Salaries and social Security Course Salaries School salaries Catering Teaching aids, materials and other dir¢¢t exptnses Examination Costs Amt fces Property costs Advertising Governance Costs 498,052 951.893 43.541 139.327 266.287 21.282 6?7.i79 E,218,180 151,250 86,427 49.880 5,253 55,133 41,036 624,995 38.688 17.960 4,321 65.814 4,074 45.357 690,809 42,762 33.905 15,945 858,986 1.509.431 506.358 2,874,775 (not¢ 4) 2019 Direet Stsfl Costs Costs Allucatloll of Total Funds Administration 2019 Costs Salaries and social security Course SaIaries School salaries Cateriiig Teaching aids, materials and other direct expenses Examination Costs AMI f¢¢5 Property costs Advertising Govemance Costs 430,554 891,277 42.274 134.619 278,671 27.487 565,173 1.169,948 190,971 121,211 38,624 4.547 139 5.014 77,275 3,149 43,170 1,320 47.611 733,704 29,894 29.496 42,596 656,429 26,746 14.112 15,384 900,899 1,379.489 530,901 2.811,287 Direct Gov¢rn8nc¢ Costs comprise audit f¢¢s in both 2020 and 2019. 26
The Maria Montessori Training OrganisatÉon Financial Statetnents 31 August 2020 NOTES TO THE FIIYANCIAL STATEMENfs (COIYTIIYUED) 4 Administration Costs 2020 URrestrided Restri£ted Tot&1 Funds Total FIdS Fulld5 Funds 2020 2019 Salaries Accountsncy and Payroll Lega] alld Profession IR5peGtOll and accreditatio Montes50ri Education (UK) Limited Staff Life Assur2nee Trav¢1 and subsisten¢¢ Printing, postagq stationery Telephone Sundry Archiving and SdY centre costs Ballk charges Sub5rription to examining body Bad debt expense Recruitment Licenses Dtpreciaiion Amtsrtisation 292,213 7.998 20.930 14,217 8,428 300,641 7,998 20,930 14,217 318,494 5.922 21.758 9.439 963 7,960 71.857 22,794 10,293 8,955 4,500 14.867 12.177 2,615 364 711 14.790 2.440 8,342 32,302 15.810 13,810 7,951 3,375 17,470 2,577 31,649 6,343 4,627 15,876 2.440 8,342 32,302 15,810 13,810 7,951 3,375 17.470 2.577 31.649 6,343 4,627 15,876 2.440 497,930 8.428 506.358 530.901 (Note 13) Administration costs of £8,428 {2019-. £32,738) w¢re allo¢ated against r¢stri¢t¢d hnds in 2020, constitui¢d of salaries o>f £8,428. 2019 Unrutricted Restricted Tot21 Funds Totsl Funds Funds Funds 2019 2018 Salaries Accountancy and Payroll Legal and Profes8&onal Inspection and accreditation MontessoT] EducatlDn (UK) Limited Staff Life Assurance Travtl and subsistence Printin& postsge, station¢ry Telephorte Sundry Archiving and study Gentre Costs Bank charges Subscription to examinillg body Bad debt ¢xpen$e Recruitmettt Licenses Deprtciatio Amortisation 285.832 5.922 21,758 9,439 963 7.960 71,857 22,794 10.293 8,880 4.500 14.867 12,177 2,615 364 711 14,790 2.440 32.662 318.494 5.922 21,758 9,439 963 7,960 71,857 22,794 10293 8,955 4,500 14,867 12,177 2,615 364 711 14,790 2,440 322,838 5,868 26.845 10,611 ,140 6.433 56,636 23,054 10.399 6,431 4.725 10,328 9,531 5,580 15.560 4,155 14.860 610 75 498.163 32.737 530.901 535.602 27
The Marsa Mtsntessori Training Organisatioll Financial Statements 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED) Net Movements i)A Funds 2020 2019 The nel movemenl Infld is siared(tsér ¢horging.' Auditors, rtmuntration.. current year IOveTItUnderyrovision in pi7or year In re5Ptct of other services Directo, remllneration Depre¢iation-tangible fixed assets AEnortlsation- IntangiblE a55ets LOS (Surplus) on Di5P05al of Fixed Assets OpeTating Leases 16.000 1,960 8,118 13,800 1312) 5,405 1.437 70,461 2,440 778 i16.275 73,778 2,440 201 304.275 6 Directors and Employees 2020 2019 Staff c05t5 durll8 the year were as follow$'. Wages and salarie5 Social security costs Penbion costs (defined contribution s¢heme) Pensitsn Costs (other) Redundancy and R¢organisation Costs 1.526.655 152.397 43.029 12,456 3,954 I.450,676 143,646 31,665 13,211 1.738.491 1,639.198 The number of employees whos¢ b¢n¢fits w¢r¢ over £OO,OOQ during the y¢ar (0uding employer pension contiibutionsl were.. 2020 2019 uber umber £60.000- 70,000 PensioJ costs of £3.825 were paid in re5PeCt ofthtse two employees. The average weekly number of employees at thc company during the year was 53.8 (2019 - 50.8). This is the 11 time equivalent of 46 {2019- 43). There was no fomial ¢lassifi¢ation of duties. The OrganisatlDll Goll5iders its key management personnel comprise the Tru5tEes, the Executive Directorandthe Bursar. Tht total employn)ent benefsts including elnployer pension contributions ofthe key malla8eJnettt personnel were £146.352 (2019.. £141,319) No director received any reAnuneration12019- £Nil) from the ¢otnpany in r¢spe¢t of their servi¢es trusteC5. A5 p¢rmittBd by rnle 51{il of the ArtIGles of Association I12019- 11 director was paid £0 {2019.. £1,350) for l¢ctL5ring during the year. One fornier Dire¢tor re¢eived a pension contribution of £12.000 {2019.. £12,000). No truste¢s in BithEr year had any ¢xp6u5e5 rEEmbuT5ed. Ttte5 indetnnity InsranCe of £2,48412019 ~ £2,077) was paid during the year. 28
The N(aria Montessori Training Organisation Financial Ststements 31 Au8USt 2020 NOTES TO THE FINANCIAL STATEIVLENTS (CONTINUED} 7 Intangible Assets IT Dtveloprnent Cost At September 2019 Additions in the Year 65.240 At 31. August 2020 65,240 Amortisatio At 1st September 2019 Charge for the Y¢ar 60.970 2,440 Ai 31° All8t 2020 63,410 Net BoDk VAllle At 31. August 2020 1,830 At 31° August 2019 4,270 8 Tangible Fixed Assets Freehold Land and Buildifjgs Building Improvenj Office and Kitehen EquipJn¢ut Assets Uoder CoBstructiDtL Cfjmpllttr &IT Totlll Co$t At 1st September 2019 Additions Transfers 6.700.000 1.283.656 159.961 15,777 45.066 4,950 8,188,684 20,727 Disposals (1,649} {1,6491 At 3 1st August 2020 6.700.000 1,283.656 175.738 48,367 8 207 762 DeprecÉatÉOD At 1st September 2019 Charge forth¢ y¢Ar On Disposa]s 122,662 57,902 141,481 8,959 21,970 6,917 (1.448) 286.113 73,778 {1.448) At 3 1st August 2020 180564 Net Book Value At 3 Lst August 2020 6 700,000 1 103 092 20,929 7.849.319 At 3 Lst August 2019 6 700,000 1 160,994 7 902 570 All fixed &%set5 are held for direct charitable use. The transitional arrallgements within section 35 of FRS 102 have been applied and the property at 26 Lyndhur5t Gardens (exclud8 the Coach House) has been revalued by JDn¢s Lan8 Lasalle on the basis of Existing Use Value as at 31" August 2014 &8 a DI property, as per IUCS valuation st2ndards in & report dated 15th February 2015. 29
The Maria Molltessori Tr&ining Organisation Finan¢ial Strdtements 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Debtor5 2020 2019 Trade DebtoTs Provision for bait and doubt1 debts Prq)ayments and aGcrutd it)comt Other debtors 118,127 (30,424} 55,203 61.705 27,695 (18.239) 56,020 69,994 204,611 135,470 io Creditors: amounts falling due within one year 2020 2019 Tradc ci¢ditors Social se¢urity and otber t&xes Accruals Deferred in¢ome SEhool dBP051t5 Other Greditor5 30,401 45,713 119.727 736,858 111,535 50,065 19,366 40,513 124.797 459,392 105,935 1,094.299 805.941 Inrluded in Othcr credÈtOTS 15 an atnount of £13,16812019.. £9,123} which the Institute holds as custodian on behalf of school parent bodies. Defeed income relates to course fees and school fees received in respe¢t of the following year. BanCe at I September 2019 Fe¢s received in advance Released to statement of financial activiti¢s 459,392 665,860 (338,3941 Bal&n¢e at 31 Augu 2020 736,858 I I Creditors: amounts falling due after more than one year 2020 2019 Lease In¢¢ntive Provision Defetred Income 128,325 94.582 140,051 61,358 222.907 201,409 30
The Maria Montessori Training Organisation Financial Ststements 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 12 Anatysis of Net knsets bebveen Funds Unrestricted Restricted Funds Designated Funds General Funds Total Funds Fund balances as at 31° August 2020 a5 T¢pi£selltcd by.. Tallgiblt and intangible fixed &%sets Net Current assets Credltors falling due after more ihan one year 7,165,154 30,000 685,995 96,028 (222.907) 7,851,149 128,206 {222,907) 2,178 Totsl Net A5set5 2,178 7,195,154 559.116 7,756,448 13 Funds Balance Incorniug Blfwd Re50urce5 OutgoiThg Resources Transfers Totgl Urestricted Funds Genera] Revaluation Reserve Designated- assets Desilated- Bursaries 498.971 6,508,892 656,262 2.950,241 12,866,347) (23.7491 559.116 6,508,892 656,262 30.000 30.OIK> 7,664,125 2,950,241 12,866,347) (6,251) 7.754,270 Restricted Funds Htlp The Children Prtsjtct Born Inside Proj¢¢t Bursary Fund 2,178 2,178 5.659 9.020 18.4281 2,769 {9,020) 2.178 14,679 (8,4281 6,251 2.178 7,666.303 2,964.920 12,874,775) 7.756,448 Unre8tricted Futlds The unrestricted fvnds are represented by the balance of fL¥ed assets and current assets less total liabilities. The designated fund represents the net book vallle tsf the rartgible fixed assets, excluding the net book value of the capitalised refiirbishment works to the leased traing centre premises and a transfer to general fllllds has been made accordingly. The Dir¢¢tors have also approved a transfer of £30,000 to a designaied filnd for future School bursarie$. The revaluation reserve refle¢ts th¢ transitional arrangements thin section 35 of FRS 102 which have been applied to the property at 26 LYndt Gardens as per the report by lolles Lang Lasaile. The charity's assets are available ad adequate to fulfil the obligation5 ofthe charity. 31
The Maria Montessori Training OTganisatio Financial Statements 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Restricted Funds R¢stri¢ted in¢oTh¢ of £14.769 wa5 received in 2020, of which £5,660 related io the Born Inside Project £9,020 was received for the school bursary fund. Restii¢ted income of £25,209 was received in 20 19, of which £17,375 related to the Help the Children fund, £2,834 to th¢ Born Inside Project and £5,000 was received f(Fr the school buary fund. The Help the Children Ptoject fund is Included within Gash at bank and in hand in the balance sh¢et. Th¢ fund is used to help chtldren in Africa. During lh¢ year don8tiORS reGeived of £012019.. £751 were paid to AMI for the Corner of Hop¢ project in Kenya. The Born Inside Fund aim5 to provide a support and eduution prtsgratntne for pregnant mothers and mothers with young childrell born or living inside prison. Donations from individuals totalling £5.66012019.. £2,8.341 wer¢ re¢eiv6d dUng the year. The MMTO continues to suppx)rt this proj6ct traRsferred £2,768 (2019.. £12,528} out of Genera] Funds. 14 Cotnrnitmets Ullder Operating Leases At 31 August 2020 the charity had total commitsnenis under non- Cancellable operating leases as set out below.'- 2020 2019 Land and Building5 Buildings Operating Lcases which expirn.. Within l Year Withio 2- 5 yeats
5 Years 310,916 829.042 345.000 294.500 775,917 525,000 1.484,958 1,595,417 A 15-y¢aT Icas¢ for new Training Ceotre preiseS was signed on I l August 2017. 15 Related Party Transactions I.ynne LawrenGe is the Executive Director of the Asso¢iatioA Montessori tnternationaie {AMII whose courses are by MMTO and Cherry Worthington is the Chief Financial Officer of Aha. They hold these wsitions in addition to their work at the MMTO and are remunerated directly by each organisation. Amt is a separate tsrgani5alion iTIGOIPDrated in The Netherlands. During the year the finallcial interactions between AM] and the MNffO amounted to a net payment of £41,03612019..£20.547). presEnted by payments for COr5e fee accreditation and student memberships of £41,036 {2019.. £42,596} offset by reimbursement of staff and adrninistrativ¢ expen5¢5 for Project Administration costs associat¢d with the Corner ofHope project and AMI'S Bold Goal Project of £012019.. £22,049). The son of a [neber of the Sa)iQT M8nag¢mettt Team works as a Teaching Assistant ill tht SGhool and is p0 & salary in a¢¢ordaD¢e with the Or(pgnisation's salary scale for Teaching Assistallts. 32
The Mari2 Montessori Training Organisation Fin2ncÉal Statements 3 1 August 2020 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 16 Reconciliation of casb l]oivs from operating activities 2020 2019 N¢t in¢ome(expenditure} for the reporting period Adju5tsn¢nts for-. Depreciation and amortisation charges Proceeds fron disposal of Fixed Assets Dividends, interest and rents from investments IIncre&geydetrtasc itt dtbtors Increaselde¢reasel in ¢reditors 90,145 29,258 76,218 201 {1,056) (69.141) 309,856 72,901 778 11,1321 (33.973) 260,029 Net cash provided by (used inl, opejxting aetivitie$ 406.223 327,860 17 Allatysis of ea$h and cash equivalents 2020 2019 Cash Èu hand Notice depo8its le5S thaD 3 months 1,017,894 631,342 Total Cash and cash equivalents 1,017.894 631.342