**Registered number: 01686186 Charity number: 513646** 

## **THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 AUGUST 2022** 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **CONTENTS** 

||Page|
|---|---|
|**Introduction from the clerk to the committee**||
|**Members of the committee's report**|1 - 2|
|**Trustees' report**|3 - 14|
|**Independent auditor's report on the financial statements**|15 - 20|
|**Consolidated statement of financial activities**|21|
|**Consolidated balance sheet**|22 - 23|
|**Charity balance sheet**|24 - 25|
|**Consolidated statement of cash flows**|26|
|**Notes to the financial statements**|27 - 57|





**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **INTRODUCTION FROM THE CLERK TO THE COMMITTEE FOR THE YEAR ENDED 31 AUGUST 2022** 

The chair presents their statement for the year. 

I am delighted to present the Mount School’s Annual Report which details the school’s many achievements from September 2021 to August 2022. 

Throughout the year The Mount has continued to focus on developing, enriching and enhancing the education it offers whilst at the same time maintaining the unique environment for bespoke pastoral and personal development based on our Quaker values. 

The 2021/22 year saw major change in the leadership of the school, as our Principal Adrienne Richmond retired after 6 years at the helm. In January 2022 we welcomed the incoming Principal, David Griffiths, and the School has already made significant strides against its new Strategic Plan 2022 - 2027. The pace of change has been swift, and it is thanks to our dedicated staff team that so much has been successfully implemented so quickly. Working with the support of a committed parent body, always ready to help with their children's learning at home when necessary, it continues to be possible to provide a distinctive and truly outstanding education for all age groups. Everyone at The Mount works hard to create a stable and supportive atmosphere with the pupils' well-being at its heart, tailoring interventions to individual need, and we are proud of pupils' excellent progress and high levels of academic achievement throughout the year. 

This year saw a welcome return to ‘in person’ events in school and in the local community. Our commitment to building substantive collaborative relationships with local and international groups is a valuable enhancement to the education we offer our pupils. At the time of writing we are forging close ties Ackworth Quaker School, Pontefract, for pupil and business functions, and The Lincoln School, New York, USA for pen pals, pupil exchanges and international educational trips. The successful Borealis Expedition to Iceland in July 2022, the first such event for three years, will be followed by trips to Namibia and East Greenland in 2023 and 2024 respectively. 

We are continuing to develop and monitor our strategy of rationalising and streamlining the effectiveness of the school's estate, and in July 2022 we completed the disposal of the house in Love Lane. The resulting income has enabled investment in the refurbishment of the boiler room, Fitness Centre, and the creation of a Dance Studio. These facilities are of benefit to both our pupils and the local community groups who access them. 

The School site is now a hive of activity each evening. York City Football Club, the Patricia Veale School of Dance, an Asian Language School, the York Community Choir, a range of Swimming Clubs and various other external groups are hiring the facilities and we are pleased to have reconnected with our local community in such a positive way. 

Each year I note that political and economic uncertainties provide a threat to the independent school sector, and this year is no different. Despite a rise in pupil numbers and the growth of supplementary revenue streams, the war in Ukraine and increases in fuel and other costs, coupled with a regrettable overspend on two school improvement projects, have provided challenges to our finances. However, our trajectory is now positive. 

.The activities of the Marketing and Admissions team are crucial, and at the time of writing the Principal and Director of Studies have visited Europe, Mexico, the Middle East and Asia. Interest in the school is strong. 

Page 1 



## **THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **INTRODUCTION FROM THE CLERK TO THE COMMITTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

Whatever the future holds we remain passionate believers in the power of a Quaker education. With their customary dedication, adaptability and professionalism our excellent teaching and support staff have enthusiastically embraced new initiatives and provided such positive outcomes for pupils. 

## _Margaret Bryan_ 

Margaret Bryan (May 23, 2023 10:26 GMT+1) 

Margaret Bryan Clerk to The Mount School Committee 

Date: 22 May 2023 

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**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. INTRODUCTION** 

The Mount School was founded by Quakers in 1785. The School is a Company Limited by Guarantee (Number 01686186) governed by its Memorandum and Articles of Association, and a Registered Charity (Number 513646). 

The Company has a wholly owned non-charitable subsidiary, Mount School Estates (York) Ltd. 

The Committee members (governors) of the school are its directors and its trustees for the purposes of charity law. As Company Directors and Charity Trustees, they present their annual report and audited accounts for the year ended 31 August 2022. They have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity 

They confirm the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, and 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 published in October 2019. 

## **2. REFERENCE AND ADMINISTRATIVE DETAILS** 

All those listed below served as governors during the year, or on the date of approval of the report and accounts. 

## **Members of the committee** 

- Margaret Bryan, Clerk (Chair) 

- Joan Concannon 

- Kathy Clark* (appointed 15 January 2022) 

- Ursula Fuller 

- Stephanie Hogg (resigned 17 June 2022) 

- Shoana Mackay 

- Alice Unwin (resigned 28 January 2022) 

- Julian Pattison 

- Nicola Spence 

- John Sweetman* 

- Greg Willmott (co-opted April 2021) 

- Gillian Enevoldsen (appointed 23 April 2022) 

- Holly Gardiner (appointed 25 November 2022) 

- Sally Mounsey (appointed 25 November 2022) 

*safeguarding governors 

Company registered number 01686186 Charity registered number 513646 Registered office Dalton Terrace, York, YO24 4DD 

## **SENIOR LEADERSHIP TEAM** 

Principal: Adrienne Richmond (retired December 2021) Succeeded by: David Griffiths (appointed January 2022) Deputy Principal: Bridget Perks Head of Junior School: Rachel Capper Director of Business Operations (Bursar) Nicholas Higgins (retired July 2022) Director of External Relations: Kate Linfoot 

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**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **PROFESSIONAL ADVISERS** 

Auditor: BHP LLP, Rievaulx House, 1 St Mary’s Court, Blossom Street, York, Y024 1AH Bankers: HSBC Bank plc, 13 Parliament Street, York, YO1 8XS Solicitors: Crombie Wilkinson, Clifford House, 19 Clifford Street, York, YO1 9RU Insurance brokers: Arthur J Gallagher Insurance Brokers, Aspire, 2nd Floor, 2 Infirmary Street, Leeds Investment advisers: Brewin Dolphin Limited, 34 Lisbon Street, Leeds 

## **3. STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Mount School’s charitable objects are to advance the education of children and to carry on and conduct a school known as The Mount School York in accordance with the principles of the Religious Society of Friends (Quakers). 

The School's governing body is The Mount School Committee. All members of the School Committee - the governors - are appointed by Quakers in Yorkshire (QiY), and members of the Religious Society of Friends (Quakers) should be well represented amongst their number. Two parent members are nominated by current parents, two Old Scholars by the Mount Old Scholars Association (MOSA), and the School Committee itself may co-opt up to four additional members. 

All governors are appointed to serve for terms of up to four years. Terms may be set to minimise membership turnover in any one year. The Clerk and a Deputy are appointed by School Committee to serve for four years, which may be renewed once. Within the overall limit of a maximum of eight years service, all those retiring may be re-appointed. After an initial induction meeting when their service begins, Governors have regular training sessions on safeguarding, governance and other matters. 

The Members of The Mount School Committee, as the Trustees of the Charity, are legally responsible for the overall direction and control of the School. All Trustees give their time freely and no remuneration was paid to Trustees as Trustees in the year. Expenses paid to School Committee members were limited to travel and accommodation costs where necessary, plus reimbursement of fees for attending training events and conferences. 

The Mount School Committee meets at least once each school term, and subcommittees use a mixture of online and in person meetings. We have embraced this use of technology for the flexibility it offers; it enables governors, not all of whom live locally, to keep up-to-date with the rapid pace of development in the school. The School’s principal subcommittees, which are advisory to the main committee, also meet at least once a term. 

## They are: 

- Education, which considers educational, pastoral and Quaker matters; 

- Estates, Finance and Marketing, which has responsibility for the School’s finances, oversight of pupil recruitment activity and external relations more generally, and which considers the maintenance and further development of the School's property in all its aspects. From September 2022 this committee has split into two – Estates and Finance, and Reputation, Admissions and Marketing. 

Two other committees meet as required: 

- The Nominations sub-Committee makes recommendations on the appointment of new board members, having regard to the balance of skills required at any given time. 

- A Staffing & Remuneration sub-Committee reviews remuneration and staffing for senior executive roles where the School Committee has appointment responsibilities. This sub-Committee meets annually. Teaching and Senior Staff are paid on the Mount School pay scale for teachers, with reference to the national School Teachers’ Pay & Conditions Document for the maintained education sector. Support Staff are paid on the Mount School pay scale for support staff, with reference to the JNC national pay spine for public sector workers. 

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**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

In addition to serving on sub-committees, individual governors are appointed to serve as: 

- a link with the School Health & Safety Committee. 

- a link with Boarding 

- a link with the senior staff responsible for all aspects of Safeguarding Children. 

- a link with EYFS and Junior School 

- a link with SEND and the SENCO 

All governors may, with notice, attend meetings of the sub-committees of which they are not members. 

The day-to-day running of the School is delegated to the Principal, the Deputy Principal and the Head of the Junior School, together with the Estates and Finance Managers and the Director of External Relations, who form the Senior Leadership Team (SLT). The Principal attends meetings of The School Committee and the sub-committees as of right. The Deputy Principal and the Head of the Junior School, Estates and Finance Managers and the Director of External Relations attend meetings of committees as appropriate. Other members of staff attend meetings of the committees by invitation as necessary. 

Directors and governors are required to prepare accounts for the financial year which give a true and fair view of the state of affairs of the Company, its subsidiary and its Trusts. In preparing those accounts the Directors and governors should: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. 

The governors are responsible for keeping adequate accounting records sufficient to disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors and governors confirm that they have no relevant information of which they know the auditors are unaware. 

## **4. OBJECTIVES AND ACTIVITIES** 

## **4.1. Charitable Objectives** 

As stated above, The Mount School's charitable objectives are to advance the education of children and to carry on and conduct a school known as The Mount School York in accordance with the principles of the Religious Society of Friends (Quakers). 

In pursuit of these objects the School Committee must manage and maintain the property of the School, including its buildings, land, artefacts, works of art, books, historical documents, furniture, equipment and other effects owned by or held in trust by the School. The School also provides scholarships, bursaries, prizes and other financial support for pupils. In addition, The Mount School York Foundation (charity number 1171116) has been established, the principal purposes of which are to underpin the School's goal of widening access to a Quaker education and “……in particular to advance the education of past, present and future pupils of The Mount School York” . The Foundation works to boost funding for facilities improvements large and small, and also provides for bursaries, prizes and other awards for pupils and old scholars. 

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**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **4.2. Aims and Values** 

The Mount School is a Quaker school, guided day-to-day by Quaker values and testimonies to simplicity, truth and integrity, equality, peace and sustainability. The creation of an environment where every pupil is valued, enabled to flourish and given the confidence to achieve, is at the heart of The Mount School’s ethos. 

The School aims to: 

- ensure that every individual is respected and valued 

- give all the freedom to flourish in a calm and caring community 

- inspire pupils to strive for personal excellence 

- challenge all pupils to think creatively and live adventurously, and to empower them to make a positive contribution to our changing world 

## **4.3. Objectives** 

The objectives of our 3-year strategic plan fall into four key areas: 

## 1. **Teaching and Learning, Pupil Progress and Personal Development** 

We aim: 

- To continue to provide consistently excellent teaching across all subjects in the best possible teaching and learning environment; 

- To make pupil progress, including that of EAL pupils and those pupils with SEND, a top priority for teachers, sharing good practice between departments and ensuring that there are the facilities required to support individuals to develop all their skills and talents; 

- To keep under review the system for targeting pupil intervention to address learning needs, evaluating current practice and developing accordingly; 

- To continue to keep abreast of developments in the e-learning programme and the use of iPads; 

- To further develop our culture of independent learning and adventurous living. 

## **Achievements this year** 

- Detailed analysis of exam results, monitoring of value-added scores and the sharing of good practice are all part of the assessment of teaching quality which have continued throughout the year. 

- Pupil progress is the top priority for all staff, with emphasis placed on finding ways to stretch and challenge all pupils. 

- Systems are in place to identify every individual pupil’s potential needs right from the start, so that these can be addressed effectively. EAL support and intervention is closely monitored. 

- Independent School of the Year Awards: The Mount was a finalist in the category for our student careers programme. 

Once again, performance at A Level was good. Girls were all able to progress to their chosen field of higher education, and the value-added score was in line with expectations. At GCSE pupils’ performance was above average, with a very pleasing value-added score of almost 1.0 which continues the upward trend of recent years. 

## **Taking advantage of technology:** 

Everyone is now very much at ease with the technologies that have made continuing education possible throughout the pandemic years, and pupils and staff are delighted have resumed working together with real people in a classroom again. School life has been enriched. During this year, while a possibility of a resurgence of infection remained, pupils absent from school for COVID reasons who were feeling well enough to do so have been permitted to join in with classes remotely using a live TEAMS link. 

The weekly newsletter for parents - ‘Live adventurously, learn digitally’- which was introduced in March 2020 has continued to be a vital way of sharing news about the education, events and activities throughout the year. 

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**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **Culture of learning:** 

The Junior School’s theme-based Explore, Discover, Create curriculum is now well established. Teaching throughout the school is geared towards stretching and challenging pupils to achieve at the highest level, and there is emphasis on relevant feedback to pupils as well as careful monitoring of progress. Vertical grouping in some classes, and all-age cooperation - for example in the school charities’ committee and house competitions – are hugely beneficial for pupils and teachers alike. 

In the Senior School huge emphasis was placed on tracking progress. Detailed analysis enabled targeted support to be provided for Y11 and Y13 exam classes, and this analysis was linked with Departmental Development Plans. Extra morning form time was allocated take account of the increased demands of the new PHSE syllabus. 

Families of SEND pupils were invited into the school to hear about specific SEND matters; these events were well received and families were able to share experiences and offer each other advice. 

## **Adventurous living:** 

Although the School was re-opened to pupils, all activities, concerts and shows continued to be recorded and shared remotely. Invitations to in-person events were initially restricted to two people per family. Nevertheless a wide range of co-curricular activities is offered across the whole school to stretch and challenge pupils of all ages and abilities. For example: 

- Choirs (Junior, Senior and Chamber Choir), Orchestra (Junior and Senior), Wind Band, Baroque Ensemble, Folk Group and a percussion group. 

- Creative Textiles, Jewellery Making, Pottery, Photography, Life Drawing, Robotics & Coding, Engineering, Junior School Science Investigators, Junior Gardening Club, Baking. 

- LAMDA, Drama and Performing Arts Clubs, Ballet. 

- Chess, Debating, Creative Writing, Book Group, Junior Film Club, Duke of Edinburgh Award, Princes’ Trust, Model United Nations and PeaceJam, Eco committee. 

- Sporting activities such as Netball, Swimming, Hockey, Rounders, Athletics, Cross Country, Orienteering, Tennis, Badminton, Volleyball, Basketball, Trampolining, HIIT sessions and Yoga. 

- Lifeguard Training for both Junior and Senior girls, and Netball Coaching qualifications. 

- The Borealis Society – a new venture involving culminating in a field trip to Iceland in July 

At the end of the Summer Term we ran a whole school Eco Festival, with the title “Small is Beautiful”. Linking with the Quaker commitment to Sustainability, pupils from reception to Year 13 were able to learn from experts about the local endangered Tansy Beetle, lichen and other wildlife. There was also an emphasis on relaxation, and being present ‘in the moment’; this led to the creation of posters, poems and music to illustrate and reflect on what had been learnt during the course of the two days. 

Pupils were able to participate in important events and competitions. 

- A group from The Mount goes every year to the residential Model United Nations student event. 

- We took part in the ‘Top of the Bench’ Chemistry Competition and 54th International Chemistry Olympiad. 

- Girls attended the Royal Institute Maths Master Classes 

- We had winners in the York Literature Festival’s Creative Writing Competition. 

- A year 8 girl won a York Community Pride ‘Child of the Year’ award for her fundraising success during the pandemic. 

- The Mount’s team came second in the York Civic Trust’s Public Speaking Competition. 

- One of the senior girls qualified as a powerboat instructor. 

- Sporting success came for one of our netball teams, who were crowned York Schools U13 Netball Champions. A College girl achieved a Gold medal in U20 pole vault both the Northern Indoor Athletics and the City of York Athletics Championships. 

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## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **2. Buildings and Facilities** 

We aim: 

- To continue our programme of maintenance, upgrading and investment in our historic site, rationalising where necessary and improving the facilities we offer in support of our educational aims. 

Ongoing maintenance has included internal redecoration, refurbishment of the Art department, boarding house bedrooms and bathrooms, and the College common room. The netball courts were resurfaced and the house in Love Lane was sold. 

## **3. Financial Sustainability** 

Key to our financial sustainability is, as always, the number of pupils we can attract and retain throughout the school. We aim: 

- **To maintain as our top priority** the recruitment of pupils particularly in Years 7, 9 and 12 as well as into Reception and the wider Junior School. 

- **To continue** to develop already established links with feeder schools. 

- **To build** boarding numbers by keeping our profile high in the international boarding market, attending recruitment events in Hong Kong and Thailand as well as upgrading our membership of and engaging more fully with the British Boarding Schools Network. At the time of writing there have been trips to Europe, Mexico, Nigeria and the Middle East. 

- **To do** all we can to release funds for targeted site development projects. The successful disposal of the property in Love Lane supports this strategy. 

We have invested further in our marketing and admissions team, with developments planned in the 2020/21 year coming to fruition at the time of writing. Our CRM system will allow staff to make more sophisticated use of the information they hold to target advertising and recruitment drives more effectively. The Marketing Team, supported when required by the Principal, participates in online national and international boarding events and manages our regular timetable of Open Days and visits. 

## **4. Quaker Values** 

We aim to improve understanding of Quakerism within the whole school community. This is achieved in a number of ways: 

- Senior School Meetings for worship take place twice a week, with form meetings on the other days. Year 6 pupils lead the weekly Junior School meeting. 

- Local Quakers are welcomed as speakers in our morning meetings. 

- The School reports on its activities annually to Quakers in Yorkshire. 

- The annual national Quaker Week provides a focus for Quaker themed activities, and in October 2021 we held our whole-school walk visiting famous Quaker sites in York 

- Our PeaceJam and Global Thinking curriculum is underpinned by Quaker values, and in addition this year we were able to show the Peace Jam Nobel Legacy films. 

- In June 2022 all pupils in years 7 & 8 visited the Quaker Tapestry Museum at Kendal, Briggflatts Meeting House and Pendle Hill,– where George Fox, the founder of Quakerism, preached – to learn about the past that shapes our Quaker present. 

- The Quaker commitment to sustainability is manifest in the activities of our student eco club, and the Eco Committee 

- College girls in the pupil senior leadership team were able, with participants from Bootham and Ackworth, to take part in a two-day workshop facilitated by the Yorkshire-based Quaker Youth Development Worker Jo Baynham. This was an opportunity to explore the ways in which Quakerism underpins our school lives today, and was much enjoyed. 

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**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **5. Public Benefit** 

The Mount School Committee, in keeping with the Charity Commission’s guidance, keeps its public benefit requirements under regular review. Three aspects are detailed below: 

## **Bursary support** 

Means-tested bursaries amounting to £425,308 were paid during the year, representing 13% of gross fee income. In addition, scholarships, discounts and other fee remissions brought the total financial support to pupils to £546,511, or 17% of gross fee income. We welcomed three Ukranian girls during the summer term and are committed to supporting them in the years ahead. 

## **York Independent-State Schools Partnership (ISSP)** 

The Mount School is very proud to be part of this successful and worthwhile enterprise, which was recognised in 2017 in a government white paper as being a flagship project. We have continued to play an important part in ISSP, which comprises 13 independent and state secondary schools within York City Education Authority. During this year The Mount’s Head of Classics has been responsible for running a Latin group for Year 9 pupils across the partnership and we have welcomed some 20+ pupils from other schools to The Mount. Our Heads of Physics and Art and one of our Maths Teachers have also taught in the ISSP master class programme. There are many other opportunities for able and interested students across the city, Mount students included, to participate in: 

- a Maths Excellence Club 

- Year 7, 8, 9 &10 Saturday morning master classes 

- Summer schools for Years 7-11 

- York Human Rights City Projects 

- a Year 7 and 8 lecture programme 

- Year 9 residential during October half-term 

## **Contribution to the wider community** 

The Mount School makes its facilities, particularly the swimming pool and sports facilities, available to local schools. Over 250 pupils from different state schools - one secondary and several primaries - come during the school day to use our swimming pool as part of their sports’ curricula. 

Our facilities are regularly used by The London College of Music and the Associated Board of the Royal Schools of Music, (music exams) and LAMDA (speech and drama exams). 

We also provide exhibition space annually for the York Open Studios Art Exhibition, and regularly host speaker events for the York Literature Festival and the York Festival of Ideas. 

Our Bonfire Evening and renowned Fireworks Display are open to parents, families and all local residents. Senior and Chamber choirs perform in the city when opportunities arise – for example at Harewood House at Christmas and the Living North Fair later in the year. 

There is an extensive charities programme in both Junior and Senior Schools, and in 2020/21 they supported, amongst others, Jeans for Genes, Macmillan Cancer Support, UNICEF, Children in Need & Red Nose Day and Sports 4 Champions. 

The Junior School has a link with the Ebor Care Home, sending cards and homemade decorations at Christmas when their usual carol singing visit could not take place. Mount Senior girls continue to volunteer for a number of different organisations including the Great British Spring Clean (litter picking in the community), SNAPPY, Friends of York Hospitals, at the Amnesty Bookshop and in The Mount Junior School. They also participate in Rotary youth programmes. 

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**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **6. Financial Review** 

The School made an operating deficit in the year of £175,711 including depreciation and an exceptional capital receipt from property disposal of £785,713. 

Total operating income in the year was £3,110,508, an increase of £385,462 on 2020/21. 

Total expenditure in the year was £4,089,264, an increase of £344,261 compared to 2020/21. There was also an increase of £399,396 in the cost of charitable activities, due to payroll and maintenance costs. The costs of raising funds have increased by £39,153, reflecting the increased activity in the trading subsidiary. 

At the year-end total funds carried forward were £2,276,698 (£2,452,409 in 2020/21) of which £237,600 (£236,789 in 2020/21) were restricted funds and £2,039,098 (£2,215,260 in 2020/21) were unrestricted general funds. 

It should be noted that the financial performance detailed above is a direct reflection of the still cautious trading recovery following the pandemic period, and incorporates the following effects which we do not expect to see replicated fully in future years: 

- Cost overrun on the boiler replacement project 

- The unbudgeted outlay on asbestos remediation works 

- Lost income from ancillary activities 

- The inevitably slow returning to trading activity of the School’s letting subsidiary for much of the period, with subsequent loss of its usual income. 

## **6.1. Reserves Policy** 

Our aim is to build up a cash reserve to provide a prudent cashflow buffer. The cautiously estimated level required is £1,000,000, achieved via securing a cash surplus in each year’s income and expenditure. We aim to raise the size of this surplus by increasing pupil numbers and carefully managing costs, and to augment it by fundraising and full use of our assets. 

The level of total net assets (including the written down value of the estate and buildings) at 31 August 2022 is £2,276,698 (2021: £2,452,409). The level of Charitable Free Reserves at 31 August 2022 is a deficit of £455,011 (2021: £181,750). 

Note 25 in the financial statements shows assets and liabilities attributable to the School's various reserve funds. As further funds become available, they will be added to the cash reserve. 

## **6.2 Going Concern** 

Governors continue to actively explore different avenues to improve the financial position of the school. The pillars of their financial strategy are as follows: 

**(i) Investment in pupil recruitment capability and capacity** Increasing pupil numbers is our highest priority, and we made the decision to boost marketing capacity in pursuit of this aim. We have invested in geo-targeting data and software to enable more precise application of our recruitment resource and have developed our social media profile and digital marketing effort more generally. Our Director of External Relations is now supported by a team of two and we will be looking to increase this capacity further. Open Days are well attended and the numbers in year 7 for 2019 /20 marked the beginning of an upward trend. 

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**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **(ii) Imaginative use of our assets to restore our balance sheet and create investment headroom** 

- There has been considerable progress in on-site development in 2021/22: 

- Disposal of the property in Love Lane, earmarked for sale in the 2021/22 year, was concluded in July. 

- Capital receipts for the School have enabled us to support the revenue budget as pupil numbers recover, while maintaining investment in marketing and pupil recruitment 

- We have no outstanding loans 

- Our collaboration with Leeds Rhinos Netball is well established and we are now the base for York City Football Club’s Female Pathway Programme. 

- Following adaptation of unused classroom space in the winter of 2022 we have welcomed the Patricia Veale School of Dance. 

We continue to keep under review the buildings on the whole site, which stretches from Holgate Road to Driffield Terrace. Currently, several opportunities are under consideration which will provide the School with further reserves to finance its growth and to provide funds for investment. 

**(iii) Reduction in our cost base to bring the break-even point down** 

Cost control is always an important ingredient in our operations, and this has been challenging in the 2021/22 year, with fuel costs causing particular concern. Staff costs have remained steady thanks to the natural movement of staff and some restructuring in non-teaching departments has offset increased investment in academic and music department staffing. These costs are kept under continuous review. 

## **(iv) Re-investment in financial capability** 

Mount School Estates York Limited (our trading subsidiary) having experienced considerable financial stress over the course of the pandemic, is continuing to recover well. Our review of the Premises and Commercial departments has resulted in redevelopment of the Fitness Suite with other projects planned for the 2022/23 year (see ‘Plans for Future Periods’ below). 

## **(v) Investment in fund raising capability** 

The CRM system adopted during the year has proved valuable in enhancing the school’s ability to manage this aspect of our business. Thanks to funding from the Mount School Foundation we have been able to increase engagement with our alumnae base. We expect to commit further investment in this area in the coming year 

## **6.3. Investment Policy, Objectives and Performance** 

The School’s investment powers are governed by the Memorandum and Articles of Association, together with the Trustee Act 2000. They adhere to an ethical investment policy, in line with the policies of Quakers. Brewin Dolphin continue to manage the School’s investment portfolio and the Committee is happy that the range of investments held is in accordance with their ethical policy and is likely to produce acceptable returns and capital growth over the medium to long term. 

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## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

## **7. Plans for future periods** 

Initiatives currently underway include: 

- During 2022 we opened our playing fields to York City Football Club for youth training 

- In the autumn term 2022 we completed the adaptation of the upper floor of the church hall building – formerly used by the Junior School – into a specialised Dance Studio space and, as noted above, from January 2023 the Patricia Veale Dance School began operating from the Mount premises. 

- Over the Summer vacation, we completed the fit-out of our new Fitness Centre including a full range of cardio and weight training equipment 

- We have entered a partnership with Adams Aquatics to build and deliver a new Mount Swimming School. This will be an enterprise that offers, year-round, a full range of swimming and aquatics tuition, training and experience to pupils and the wider community 

- The overdue Boarding refurbishment began with a rolling programme of improvements to bathroom facilities and bedrooms 

- We look forward to capitalising on our investment in our All-Steinway School status 

- All improvements to our facilities enable us to develop our commercial activity, widen our community outreach and increase our public benefit to other local schools, adult and youth groups 

- Finally, 2023 will see the launch of the Mount Summer School – our residential ‘Fourth Term’ proposition, offering initially intensive English tuition to international students alongside a programme of cultural, sporting and arts activities 

## **8. Principal risks and uncertainties** 

## **Risk Management:** 

The Finance sub-Committee keeps under review arrangements for assessing and controlling a wide range of risks: 

- There is a comprehensive Financial Risk Register reviewed at every Finance subcommittee meeting and a Risk Register covering whole-school risks which is reviewed annually by the full Committee. 

- Management accounts and cash flow are monitored regularly against budgets and adjustments are made where necessary. 

- The School's Finance Manual has been updated, and all School policies are subject to planned periodic review by named officers. 

- Health and Safety issues are considered at meetings of the School Health & Safety Committee, attended by a School Committee member who reports to the full Committee. 

- Safeguarding issues are closely monitored and recorded. Staff Safer Recruitment processes are continually reviewed and monitored by the Principal and by the School’s Safeguarding Leadership, in close contact with the designated Safeguarding Member of School Committee. 

Page 12 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

The School Committee keeps all The Mount’s activities under review, and key controls include: 

- Formal agendas for all Committee activity 

- Detailed terms of reference 

- Comprehensive strategic planning, budgeting and management accounting 

- Established organisational structure and lines of reporting 

- Formal written policies 

- Clear authorisation and approval levels 

- Vetting procedures as required by law for the safeguarding of students 

## **Members of the committee’s responsibilities statement** 

The members of the committee (who are also directors of The Mount School (York) for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company’s auditor is unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

Page 13 



## **THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **MEMBERS OF THE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

_Margaret Bryan_ Margaret Bryan (May 23, 2023 10:26 GMT+1) 

## **Margaret Bryan** 

Clerk to The Mount School Committee Date: 22 May 2023 

Page 14 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK)** 

## **Opinion** 

We have audited the financial statements of The Mount School (York) (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Standard 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 group's and of the parent charitable company's affairs as at 31 August 2022 and of the group's 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 and the Charities Act 2011. 

## **Basis for opinion** 

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 Auditor's responsibilities for the audit of the section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

Page 15 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK) (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the trustees' report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 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. If we 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 Companies 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. 

- the directors' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the group and parent 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 respect of the following matters in relation to which Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: 

- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company's 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 and from the requirement to prepare a strategic report. 

Page 16 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK) (CONTINUED)** 

## **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 that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 17 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK) (CONTINUED)** 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed auditor under the Companies Act 2006 and Section 151 of the Charities Act 2011 and report in accordance with those Acts. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 misstatement 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the group and parent charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the independent schools sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent charitable company, including the Charities Act 2011, Companies Act 2006, taxation legislation, data protection, Independent Schools Inspectorate, child protection, employment and health and safety legislation; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit 

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

Page 18 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK) (CONTINUED)** 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; and 

- enquiring of management as to actual and potential litigation and claims 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters 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 and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Page 19 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE MOUNT SCHOOL (YORK) (CONTINUED)** 

Jane Marshall (May 25, 2023 09:43 GMT+1) 

**Jane Marshall (Senior statutory auditor)** for and on behalf of **BHP LLP** Chartered Accountants Statutory Auditor 1 St Mary's Court Blossom Street York YO24 1AH 

Date: May 25, 2023 

Page 20 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Other income<br>6<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>7<br>Charitable activities<br>9<br>Other expenditure<br>10<br>**Total expenditure**<br>**Net (expenditure)/income and movement**<br>**in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**110,903**<br>**2,790,384**<br>**182,575**<br>**803,045**<br>**3,886,907**<br>**113,930**<br>**4,032,647**<br>**(83,148)**<br>**4,063,429**<br>**(176,522)**<br>**2,215,620**<br>**(176,522)**<br>**2,039,098**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**26,646**<br>**-**<br>**-**<br>**-**<br>**26,646**<br>**-**<br>**25,835**<br>**-**<br>**25,835**<br>**811**<br>**236,789**<br>**811**<br>**237,600**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**137,549**<br>**2,790,384**<br>**182,575**<br>**803,045**<br>**3,913,553**<br>**113,930**<br>**4,058,482**<br>**(83,148)**<br>**4,089,264**<br>**(175,711)**<br>**2,452,409**<br>**(175,711)**<br>**2,276,698**|Total<br>funds<br>2021<br>£<br>152,355<br>2,499,590<br>73,101<br>1,332,698|
|---|---|---|---|---|
|||||4,057,744|
|||||74,777<br>3,659,086<br>11,140|
|||||3,745,003|
|||||312,741|
|||||2,139,668<br>312,741|
|||||2,452,409|



The Consolidated statement of financial activities complies with the requirements for an income and expenditure account under Companies Act 2006 and includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

The notes on pages 27 to 57 form part of these financial statements. 

Page 21 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee) REGISTERED NUMBER: 01686186** 

## **CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>**Current assets**<br>Stocks<br>18<br>Debtors<br>19<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>20<br>**Net current liabilities / assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more than<br>one year<br>21<br>**Total net assets**|**8,238**<br>**218,554**<br>**1,019,923**<br>**1,246,715**<br>**(1,294,964)**|**2022**<br>**£**<br>**2,862,307**<br>**2,862,307**<br>**(48,249)**<br>**2,814,058**<br>**(537,360)**<br>**2,276,698**|6,830<br>183,637<br>1,612,259<br>1,802,726<br>(1,405,409)|2021<br>£<br>2,770,319<br>2,770,319<br>397,317<br>3,167,636<br>(715,227)<br>2,452,409|
|---|---|---|---|---|



Page 22 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee) REGISTERED NUMBER: 01686186** 

## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022** 

|**Note**<br>**Charity funds**<br>Restricted funds<br>23<br>Unrestricted funds<br>23<br>**Total funds**|**2022**<br>**£**<br>**237,600**<br>**2,039,098**<br>**2,276,698**|2021<br>£<br>236,789<br>2,215,620|
|---|---|---|
|||2,452,409|



The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

## _Margaret Bryan_ 

Margaret Bryan (May 23, 2023 10:26 GMT+1) 

## **Margaret Bryan** 

Clerk to The Mount School Committee Date: 22 May 2023 

The notes on pages 27 to 57 form part of these financial statements. 

Page 23 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee) REGISTERED NUMBER: 01686186** 

## **CHARITY BALANCE SHEET AS AT 31 AUGUST 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>Investments<br>17<br>**Current assets**<br>Stocks<br>18<br>Debtors<br>19<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>20<br>**Net current liabilities / assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more than<br>one year<br>21<br>**Net assets excluding pension asset**<br>**Total net assets**|**6,738**<br>**263,613**<br>**881,250**<br>**1,151,601**<br>**(1,273,202)**|**2022**<br>**£**<br>**2,852,254**<br>**10**<br>**2,852,264**<br>**(121,601)**<br>**2,730,663**<br>**(537,360)**<br>**2,193,303**<br>**2,193,303**|6,041<br>209,975<br>1,566,596<br>1,782,612<br>(1,402,810)|2021<br>£<br>2,767,074<br>10<br>2,767,084<br>379,802<br>3,146,886<br>(715,227)<br>2,431,659<br>2,431,659|
|---|---|---|---|---|



Page 24 



## **THE MOUNT SCHOOL (YORK) (A company limited by guarantee) REGISTERED NUMBER: 01686186** 

## **CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022** 

|**Note**<br>**Charity funds**<br>Restricted funds<br>23<br>Unrestricted funds<br>23<br>**Total funds**|**2022**<br>**£**<br>**237,600**<br>**1,955,703**<br>**2,193,303**|2021<br>£<br>236,789<br>2,194,870|
|---|---|---|
|||2,431,659|



The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 

and has not presented its own statement of financial activities in the financial statements. The deficit of the charity is £238,356 (2021: surplus £321,746). 

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

## _Margaret Bryan_ 

## Margaret Bryan (May 23, 2023 10:26 GMT+1) 

## **Margaret Bryan** 

Clerk to The Mount School Committee Date: 22 May 2023 

The notes on pages 27 to 57 form part of these financial statements. 

Page 25 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>26<br>**Cash flows from investing activities**<br>Proceeds from the sale of tangible fixed assets<br>Purchase of tangible fixed assets<br>**Net cash provided by investing activities**<br>**Cash flows from financing activities**<br>Pension deficit payments<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>27<br>The notes on pages 27 to 57 form part of these financial statements|**2022**<br>**£**<br>**(1,101,300)**<br>**799,790**<br>**(226,293)**<br>**573,497**<br>**(64,533)**<br>**(64,533)**<br>**(592,336)**<br>**1,612,259**<br>**1,019,923**|2021<br>£<br>(919,396)<br>1,280,000<br>(33,091)<br>**1,246,909**<br>(78,921)<br>**(78,921)**<br>**248,592**<br>1,363,667<br>1,612,259|
|---|---|---|



Page 26 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. Accounting policies** 

## _**1.1 Basis of preparation of financial statements**_ 

The financial statements 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) issued on October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Mount School (York) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

## _**1.2 Going concern**_ 

The school made an operating deficit in the year of £175,711 and has net current liabilities at 31 August 2022 of £48,249 and negative free reserves of £455,011. 

It is anticipated that deficits will result in the years ended 31 August 2023 and 2024. The governors’ income and expenditure forecast supported by a cashflow forecast through to 31 August 2024 shows the cash requirements for that period. As detailed in the Members of the Committee's Report, the governors are actively exploring different avenues to improve the financial position of the school. The five pillars of the strategy are laid out in their report. 

The key elements of the strategy are increasing pupil numbers, achieving a reduction in the cost base and, developing the commercial potential of under-used parts of the school estate to support capital expenditure and educational activities. 

The governors will continue to keep under review the buildings on the whole site, which stretches from Holgate Road to Driffield Terrace. Currently, several opportunities are under consideration which will provide the School with further reserves to finance its growth and to provide funds for investment. The Trustees do recognise that some uncertainty exists regarding the success and sustainability of these plans. However they have concluded that the charitable group remains a going concern whilst such viable options are available to it and therefore continue to adopt the going concern basis of preparation for these financial statements. 

## _**1.3 Company status**_ 

The charity is a company limited by guarantee registered in England and Wales. The members of the company are the members of the committee named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 

Page 27 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. Accounting policies (continued)** 

## _**1.4 Income**_ 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured. 

## _**1.5 Expenditure**_ 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## _**1.6 Government grants**_ 

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. 

Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other operating income. The grant accounted for on the accruals basis once the related payroll return has been submitted. 

## _**1.7 Basis of consolidation**_ 

The financial statements consolidate the accounts of The Mount School (York) and all of its subsidiary undertakings ('subsidiaries'). 

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account. 

Page 28 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. Accounting policies (continued)** 

## _**1.8 Taxation**_ 

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meetes the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, or to the extent that such income or gains are applied exclusively to the charitable purposes. 

## _**1.9 Tangible fixed assets and depreciation**_ 

## **Land and buildings held on trust** 

Additions and improvements to the school estate since the formation of the company in 1983 costing more than £1,000 are capitalised and included in fixed assets. 

## **Furniture and equipment** 

Items of furniture and equipment costing more than £1,000 are capitalised and included in fixed assets. 

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. 

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. 

Depreciation is provided on the following bases: 

Freehold property held on trust - 2% straight line - Office equipment and other fixed Furniture and fittings, playing field machinery and assets kitchen equipment are all depreciated at 10% straight line. The telephone system, teaching equipment and vehicles are depreciated at 20% straight line. - Freehold property improvements 5% straight line and refurbishment 

## _**1.10 Investments**_ 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities. 

Investments in subsidiaries are valued at cost less provision for impairment. 

Page 29 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. Accounting policies (continued)** 

## _**1.11 Stocks**_ 

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 

## _**1.12 Debtors**_ 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## _**1.13 Cash at bank and in hand**_ 

Cash at bank and in hand includes cash and short-term 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. 

## _**1.14 Liabilities and provisions**_ 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 

## _**1.15 Financial instruments**_ 

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## _**1.16 Operating leases**_ 

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. 

Page 30 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **1. Accounting policies (continued)** 

## _**1.17 Pensions**_ 

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 

The charity operates two defined benefits pension schemes. 

The school participates in the Teachers' Pensions Scheme in respect of the teaching staff and in The Independent Schools' Pension Scheme (ISPEN) in respect of administrative staff. 

The ISPEN is a defined benefit scheme, which is externally funded and contracted out of the State Second Pension (S2P). The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the school. Under the terms of FRS102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the school's deficit contribution is recognised as a liability in accordance with SORP (FRS102). 

## _**1.18 Fund accounting**_ 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

## _**1.19 Composition fee scheme**_ 

Parents are encouraged to pay for school fees by lump sum in advance. The amount received is invested and interest is accrued. This is treated as deferred income until the pupil joins the school whereupon the fees for each school term are charged against the remaining balance and taken to income. 

## _**1.20 Employee benefits**_ 

The costs of short term employee benefits are recognised as a liability and expenses. 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

Page 31 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## _**2.**_ **Critical accounting estimates and areas of judgment** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## Critical accounting estimates and assumptions: 

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions 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. 

## (i) Pension deficit contribution 

The charity has entered into a commitment to provide deficit funding to The Independent Schools' Pension Scheme, of which it is a contributing employer. Under FRS 102, the fair value of the commitment is recognised. The calculation of fair value of the commitment is subject to an assumption of the discount rate. The rate is determined by reference to market yields at the reporting date on high quality corporate bonds. 

## **3. Income from donations and legacies** 

|Donations<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>110,903<br>45,599|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>26,646<br>106,756|**Total**<br>**funds**<br>**2022**<br>**£**<br>**137,549**<br>152,355|Total<br>funds<br>2021<br>£<br>152,355|
|---|---|---|---|---|
||||||



Page 32 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

|**4.**<br>**Income from charitable activities**<br>Gross fees receivable<br>Total scholarships, bursaries, discounts and allowances<br>Add back bursaries paid for by restricted funds (Note 8)<br>Net fees<br>Total 2021<br>**5.**<br>**Income from other trading activities**<br>**Income from fundraising events**<br>Rental income<br>Total 2021<br>**Income from non charitable trading activities**<br>The Mount School Estates (York) Limited trading income<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**3,311,895**<br>**(546,511)**<br>**2,765,384**|**Total funds**<br>**2022**<br>**£**<br>**3,311,895**<br>**(546,511)**<br>**2,765,384**<br>**25,000**<br>**2,790,384**<br>2,499,590<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>16,343<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**182,575**<br>56,758|Total funds<br>2021<br>**£**<br>3,024,346<br>(559,988|
|---|---|---|---|
||||2,464,358<br>35,232|
||||2,499,590|
||||Total<br>funds<br>2021<br>£<br>16,343|
||2,464,358<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>16,343<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>182,575<br>56,758|||
||||Total<br>funds<br>2021<br>£<br>56,758|
|||||



Page 33 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **6. Other incoming resources** 

|CJRS grant income<br>Staff meals<br>After school care<br>Other income<br>Profit on sale of tangible fixed assets<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>1,214<br>2,300<br>8,087<br>5,731<br>785,713<br>803,045<br>1,332,698|**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,214**<br>**2,300**<br>**8,087**<br>**5,731**<br>**785,713**<br>**803,045**<br>1,332,698|Total<br>funds<br>2021<br>£<br>51,831<br>1,396<br>3,915<br>3,478<br>1,272,078|
|---|---|---|---|
||||1,332,698|
|||||



Page 34 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **7. Expenditure on raising funds** 

## _**Other trading expenses**_ 

|Premise expenses and consumables<br>Staff costs<br>Depreciation<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>53,213<br>60,360<br>357<br>113,930<br>74,777|**Total**<br>**funds**<br>**2022**<br>**£**<br>**53,213**<br>**60,360**<br>**357**<br>**113,930**<br>74,777|Total<br>funds<br>2021<br>£<br>22,767<br>50,938<br>1,072|
|---|---|---|---|
||||74,777|
|||||



Page 35 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **8. Analysis of grants** 

|Grants for bursaries<br>Total 2021|**Grants to**<br>**Individuals**<br>**2022**<br>**£**<br>25,000<br>35,232|**Total**<br>**funds**<br>**2022**<br>**£**<br>**25,000**<br>35,232|Total<br>funds<br>2021<br>£<br>35,232|
|---|---|---|---|
|||||



## **9. Analysis of expenditure on charitable activities** 

## _**Summary by fund type**_ 

|Teaching<br>Welfare<br>Premises<br>Overheads<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>1,989,265<br>544,981<br>738,449<br>759,952<br>4,032,647<br>3,623,854|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>25,000<br>-<br>-<br>835<br>25,835<br>35,232|**Total**<br>**2022**<br>**£**<br>**2,014,265**<br>**544,981**<br>**738,449**<br>**760,787**<br>**4,058,482**<br>3,659,086|Total<br>2021<br>£<br>1,822,467<br>451,236<br>706,506<br>678,877|
|---|---|---|---|---|
|||||3,659,086|
||||||



Page 36 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **10. Other expenditure** 

|Change in pension discount rate<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>(83,148)<br>11,140|**Total**<br>**funds**<br>**2022**<br>**£**<br>Total<br>funds<br>2021<br>£<br>**(83,148)**<br>11,140<br>11,140|
|---|---|---|



## **11. Analysis of expenditure by activities** 

|Teaching<br>Welfare<br>Premises<br>Overheads<br>Total 2021|**Activities**<br>**undertaken**<br>**directly**<br>**2022**<br>**£**<br>1,836,166<br>389,024<br>179,959<br>-<br>2,405,149<br>2,278,441|**Bursaries paid**<br>**for by**<br>**restricted**<br>**funds **<br>**2022**<br>**£**<br>25,000<br>-<br>-<br>-<br>25,000<br>35,232|**Support costs**<br>**2022**<br>**£**<br>153,099<br>155,957<br>558,490<br>760,787<br>1,628,333<br>1,345,413|**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,014,265**<br>**544,981**<br>**738,449**<br>**760,787**<br>**4,058,482**<br>3,659,086|Total<br>funds<br>2021<br>£<br>1,822,467<br>451,236<br>706,506<br>678,877|
|---|---|---|---|---|---|
||||||3,659,086|
|||||||



Page 37 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **11. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Wages & salaries<br>Depreciation<br>Catering staff costs<br>Staff training<br>Office expenses<br>Miscellaneous<br>Supply teachers<br>Total 2021|**Teaching**<br>**2022**<br>**£**<br>1,781,345<br>552<br>-<br>3,275<br>11,300<br>25,028<br>14,666<br>1,836,166<br>1,725,493|**Welfare**<br>**2022**<br>**£**<br>219,380<br>918<br>168,726<br>-<br>-<br>-<br>-<br>389,024<br>349,034|**Premises**<br>**2022**<br>**£**<br>73,798<br>106,161<br>-<br>-<br>-<br>-<br>-<br>179,959<br>203,914|**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,074,523**<br>**107,631**<br>**168,726**<br>**3,275**<br>**11,300**<br>**25,028**<br>**14,666**<br>**2,405,149**<br>2,278,441|Total<br>funds<br>2021<br>£<br>1,959,449<br>114,297<br>138,508<br>1,277<br>31,838<br>27,752<br>5,320|
|---|---|---|---|---|---|
||||||2,278,441|
|||||||



Page 38 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **11. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Wages & salaries<br>Depreciation<br>Repairs &<br>maintenance<br>Departmental<br>costs<br>Provisions<br>Rates & water<br>Light & heat<br>Insurance<br>Travel<br>Legal fees<br>Telephone<br>Office expenses<br>Marketing<br>Interest & charges<br>Miscellaneous<br>Bad debt write offs<br>Auditor's<br>remuneration<br>Cost of trustees'<br>meetings<br>Total 2021|**Teaching**<br>**2022**<br>**£**<br>-<br>-<br>85,975<br>67,124<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>153,099<br>61,742|**Welfare**<br>**2022**<br>**£**<br>-<br>-<br>26,423<br>-<br>112,302<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>17,232<br>-<br>-<br>-<br>155,957<br>102,202|**Premises**<br>**2022**<br>**£**<br>-<br>-<br>242,173<br>-<br>-<br>63,603<br>203,560<br>45,564<br>-<br>-<br>-<br>-<br>-<br>-<br>3,590<br>-<br>-<br>-<br>558,490<br>502,592|**Overheads**<br>**2022**<br>**£**<br>431,508<br>12,239<br>-<br>-<br>-<br>-<br>-<br>-<br>504<br>66,092<br>15,004<br>41,331<br>99,158<br>23,924<br>30,123<br>11,672<br>26,962<br>2,270<br>760,787<br>678,877|**Total**<br>**funds**<br>**2022**<br>**£**<br>**431,508**<br>**12,239**<br>**354,571**<br>**67,124**<br>**112,302**<br>**63,603**<br>**203,560**<br>**45,564**<br>**504**<br>**66,092**<br>**15,004**<br>**41,331**<br>**99,158**<br>**23,924**<br>**50,945**<br>**11,672**<br>**26,962**<br>**2,270**<br>**1,628,333**<br>1,345,413|Total<br>funds<br>2021<br>£<br>362,852<br>10,673<br>304,949<br>43,459<br>65,310<br>54,302<br>163,032<br>35,386<br>-<br>128,020<br>12,596<br>19,650<br>66,628<br>20,941<br>40,251<br>(4,764)<br>21,992<br>136<br>1,345,413|
|---|---|---|---|---|---|---|



Page 39 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **12. Turnover** 

All turnover arose within the United Kingdom. 

## **13. Auditor's remuneration** 

|**Auditor's remuneration**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Fees payable to the charity's auditor for the audit of the charity's annual accounts|**25,122**|20,005|
|Fees payable to the charity's auditor in respect of:|||
|All non-audit services not included above|**2,478**|540|



## **14. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension<br>schemes|**Group**<br>**2022**<br>**£**<br>**2,030,215**<br>**184,493**<br>**351,683**<br>**2,566,391**|Group<br>2021<br>£<br>1,883,237<br>162,019<br>327,983<br>2,373,239|**Charity**<br>**2022**<br>**£**<br>**1,969,855**<br>**184,493**<br>**351,683**<br>**2,506,031**|Charity<br>2021<br>£<br>1,832,299<br>162,019<br>327,983|
|---|---|---|---|---|
|||||2,322,301|



The charity incurred supply teachers costs of £14,666 (2021: £5,320) and catering staff costs of £168,727 (2021; £138,508) during the year which are not included in the figure above. 

The average number of persons employed by the charity during the year was as follows: 

|Teaching staff<br>Non-teaching staff<br>Non-executive directors|**Group**<br>**2022**<br>**No.**<br>**53**<br>**44**<br>**10**<br>**107**|Group<br>2021<br>No.<br>52<br>42<br>10|
|---|---|---|
|||104|



Page 40 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **14. Staff costs (continued)** 

The average headcount expressed as full-time equivalents was: 

||**Group**|Group|
|---|---|---|
||**2022**|2021|
||**No.**|No.|
|Full time equivalents (excluding Non-executive directors)|**61**|55|



The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 

|||**Group**|Group|
|---|---|---|---|
|||**2022**|2021|
|||**No.**|No.|
|In the band £70,001|- £80,000|**-**|1|



The School considers its key management personnel to comprise the Principal and the Senior Management team listed on page 2 of these account. The total employment benefits including Employer's national insurance and pension contributions, of the key management personnel were £393,550 (2021: £372,281). 

## **15. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). 

During the year ended 31 August 2022, expenses for travel and subsistence totalling £1,402 were reimbursed or paid directly to 6 Trustees (2021: £nil to Trustees). 

Page 41 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **16. Tangible fixed assets** 

## **Group** 

|**_Cost or valuation_**<br>At 1 September 2021<br>Additions<br>Disposals<br>At 31 August 2022<br>**_Depreciation_**<br>At 1 September 2021<br>Charge for the year<br>On disposals<br>At 31 August 2022<br>**_Net book value_**<br>At 31 August 2022<br>At 31 August 2021|**Freehold**<br>**property**<br>**£**<br>**4,313,626**<br>**-**<br>**-**<br>**4,313,626**<br>**1,674,488**<br>**86,271**<br>**-**<br>**1,760,759**<br>**2,552,867**<br>2,639,138|**Office**<br>**equipment**<br>**£**<br>**622,347**<br>**214,908**<br>**-**<br>**837,255**<br>**564,089**<br>**14,068**<br>**-**<br>**578,157**<br>**259,098**<br>58,258|**Other fixed**<br>**assets**<br>**£**<br>**840,339**<br>**11,385**<br>**(39,659)**<br>**812,065**<br>**767,416**<br>**19,889**<br>**(25,582)**<br>**761,723**<br>**50,342**<br>72,923|**Total**<br>**£**<br>**5,776,312**<br>**226,293**<br>**(39,659)**<br>**5,962,946**<br>**3,005,993**<br>**120,228**<br>**(25,582)**<br>**3,100,639**<br>**2,862,307**<br>2,770,319|
|---|---|---|---|---|



Page 42 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **16. Tangible fixed assets (continued)** 

## **Charity** 

|**_Cost or valuation_**<br>At 1 September 2021<br>Additions<br>Disposals<br>At 31 August 2022<br>**_Depreciation_**<br>At 1 September 2021<br>Charge for the year<br>On disposals<br>At 31 August 2022<br>**_Net book value_**<br>At 31 August 2022<br>At 31 August 2021|**Freehold**<br>**property**<br>**£**<br>**4,313,626**<br>**-**<br>**-**<br>**4,313,626**<br>**1,674,488**<br>**86,271**<br>**-**<br>**1,760,759**<br>**2,552,867**<br>2,639,138|**Office**<br>**equipment**<br>**£**<br>**591,038**<br>**207,743**<br>**-**<br>**798,781**<br>**536,025**<br>**13,711**<br>**-**<br>**549,736**<br>**249,045**<br>55,013|**Other fixed**<br>**assets**<br>**£**<br>**840,339**<br>**11,385**<br>**(39,659)**<br>**812,065**<br>**767,416**<br>**19,889**<br>**(25,582)**<br>**761,723**<br>**50,342**<br>72,923|**Total**<br>**£**<br>**5,745,003**<br>**219,128**<br>**(39,659)**<br>**5,924,472**<br>**2,977,929**<br>**119,871**<br>**(25,582)**<br>**3,072,218**<br>**2,852,254**<br>2,767,074|
|---|---|---|---|---|



The land and buildings occupied by the School are held on trust for Quakers in Yorkshire which has given permission for the properties to be used for the purposes of the school. 

## **17. Fixed asset investments** 

|**_charity_**<br>**_Cost or valuation_**<br>At 1 September 2021<br>At 31 August 2022|**Investments in**<br>**subsidiary**<br>**companies**<br>**£**<br>**10**<br>**10**|
|---|---|



Page 43 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **17. Fixed asset investments (continued)** 

## _**Net book value**_ 

At 31 August 2022 **10** At 31 August 2021 10 

## **Principal subsidiaries** 

The following was a subsidiary undertaking of the charity: 

|**Name**|||**Company**|<br>**Registered**|||**Principal**||
|---|---|---|---|---|---|---|---|---|
||||**number**|**office or**|||**activity**||
|||||**principal place**|||||
|||||**of business**|||||
|The Mount School Estates (York)|||02456402|The Mount|School, Dalton|Terrace,|<br>Letting of premises||
|Limited||||York, YO24|4DD||held under licence||
||||||||from The Mount||
||||||||School (York) for||
||||||||educational purposes||
|**Class**|**Holding**|**Included**|||||||
|**of shares**||**in consolidation**|||||||
|Ordinary|100%|Yes|||||||
|The financial results of the subsidiary for the year||||were:|||||
|**Name**||||**Income**|**Expenditure**|**Profit/(Loss)/**||**Net assets**|
|||||**£**|**£**|**Surplus/**||**£**|
|||||||**(Deficit)**|**for the**||
||||||||**year**||
||||||||**£**||
|The Mount School Estates (York) Limited||||**182,575**|**(119,930)**|**62,645**||**83,405**|



The financial results of the subsidiary for the year were: 

Page 44 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **18. Stocks** 

||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|Finished goods and goods for resale|**8,238**|6,830|**6,738**|6,041|



## **19. Debtors** 

|**_Due within one year_**<br>Trade debtors<br>Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income|**Group**<br>**2022**<br>**£**<br>**59,494**<br>**-**<br>**64,701**<br>**94,359**<br>**218,554**|Group<br>2021<br>£<br>51,116<br>-<br>45,458<br>87,063<br>183,637|**Charity**<br>**2022**<br>**£**<br>**127**<br>**107,538**<br>**64,701**<br>**91,247**<br>**263,613**|Charity<br>2021<br>£<br>35,024<br>51,310<br>45,458<br>78,183|
|---|---|---|---|---|
|||||209,975|



Page 45 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **20. Creditors: Amounts falling due within one year** 

|Payments received on account<br>Trade creditors<br>Pension scheme funding deficit liability<br>Other taxation and social security<br>Composition scheme<br>Other creditors<br>Accruals and deferred income|**Group**<br>**2022**<br>**£**<br>**298,220**<br>**341,757**<br>**31,695**<br>**44,351**<br>**48,153**<br>**292,654**<br>**238,134**<br>**1,294,964**|Group<br>2021<br>£<br>413,227<br>269,720<br>77,351<br>40,159<br>147,015<br>325,105<br>132,832<br>1,405,409|**Charity**<br>**2022**<br>**£**<br>**298,220**<br>**328,091**<br>**31,695**<br>**45,070**<br>**48,153**<br>**292,654**<br>**229,319**<br>**1,273,202**|Charity<br>2021<br>£<br>413,227<br>269,239<br>77,351<br>40,041<br>147,015<br>325,105<br>130,832|
|---|---|---|---|---|
|||||1,402,810|



## **21. Creditors: Amounts falling due after more than one year** 

|Pension scheme funding deficit liability<br>Other creditors<br>Composition fee scheme|**Group**<br>**2022**<br>**£**<br>**267,150**<br>**180,734**<br>**89,476**<br>**537,360**|Group<br>2021<br>£<br>363,418<br>187,937<br>163,872<br>715,227|**Charity**<br>**2022**<br>**£**<br>**267,150**<br>**180,734**<br>**89,476**<br>**537,360**|Charity<br>2021<br>£<br>363,418<br>187,937<br>163,872|
|---|---|---|---|---|
|||||715,227|



Page 46 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **22. Pensions** 

The company participates in the TPT Retirement Solutions - Independent Schools' Pensions Scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## Deficit contributions 

From 1 September 2019 to 30 April 2030: £2,387,357 per annum (payable monthly and increasing by 3% on each 1st September) 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. 

Page 47 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **Pensions (continued)** 

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value. is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 

The company participates in the TPT Retirement Solutions - The Growth Plan scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## Deficit contributions 

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April) 

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. 

Page 48 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **Pensions (continued)** 

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 

## **Reconciliation of present value plan liabilities** 

||**2022**||2021|
|---|---|---|---|
|||**£**|£|
|Opening liabilities||**(440,769)**|(501,776)|
|Remeasurements||**83,148**|(11,140)|
|Contributions||**64,533**|78,921|
|Interest cost||**(5,757)**|(6,774)|
|Actuarial gain/(losses)||**-**|-|
|Closing liability||**(298,845)**|(440,769)|



As disclosed in notes 20 and 21, the pension liability includes amounts due in less than one year of £31,695 (2021: £77,351) and amounts due in more than one year of £267,150 (2021: £363,418). 

Page 49 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

|**23.**<br>**Statement of funds**<br>**Statement of funds - current year**<br>**_Unrestricted funds_**<br>**_Designated funds_**<br>Tangible fixed assets<br>PAC project<br>MOSA fund<br>**_General funds_**<br>School general fund<br>Pension deficit<br>Mount School Estates<br>**_Total Unrestricted funds_**|**Balance at 1**<br>**September**<br>**2021**<br>**£**<br>**2,770,319**<br>**37,896**<br>**29,924**<br>**2,838,139**<br>**(202,500)**<br>**(440,769)**<br>**20,750**<br>**(622,519)**<br>**2,215,620**|**Income**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**3,562,408**<br>**141,924**<br>**182,575**<br>**3,886,907**<br>**3,886,907**|**Expenditure**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(3,943,499)**<br>**-**<br>**(119,930)**<br>**(4,063,429)**<br>**(4,063,429)**|**Transfers**<br>**in/out**<br>**£**<br>**(45,185)**<br>**-**<br>**-**<br>**(45,185)**<br>**45,185**<br>**-**<br>**-**<br>**45,185**<br>**-**|**Balance at 31**<br>**August 2022**<br>**£**<br>**2,725,134**<br>**37,896**<br>**29,924**<br>**2,792,954**<br>**(538,406)**<br>**(298,845)**<br>**83,395**<br>**(753,856)**<br>**2,039,098**|
|---|---|---|---|---|---|



Page 50 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **23. Statement of funds (continued)** 

|**_Restricted funds_**<br>Scholarships, bursaries and prizes<br>PAC project<br>Academic Development Fund<br>Legal fees<br>Sports for Champions<br>**_Total of funds_**<br>**Statement of funds - prior year**<br>**_Unrestricted funds_**<br>**_Designated funds_**<br>Tangible fixed assets<br>PAC project<br>MOSA fund|**161,716**<br>**1,000**<br>**71,556**<br>**1,844**<br>**673**<br>**236,789**<br>**2,452,409**<br>Balance at<br>1 September<br>2020<br>£<br>2,871,192<br>36,896<br>-<br>2,908,088|**-**<br>**-**<br>**25,000**<br>**-**<br>**1,646**<br>**26,646**<br>**3,913,553**<br>Income<br>£<br>-<br>-<br>-<br>-|**-**<br>**-**<br>**(25,000)**<br>**-**<br>**(835)**<br>**(25,835)**<br>**(4,089,264)**<br>Expenditure<br>£<br>-<br>-<br>-<br>-|**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>Transfers<br>in/out<br>£<br>(100,873)<br>1,000<br>29,924<br>(69,949)|**161,716**<br>**1,000**<br>**71,556**<br>**1,844**<br>**1,484**|
|---|---|---|---|---|---|
||||||**237,600**|
||||||**2,276,698**|
||||||Balance at<br>31 August<br>2021<br>£<br>2,770,319<br>37,896<br>29,924|
||||||2,838,139|



Page 51 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **23. Statement of funds (continued)** 

|**_General funds_**<br>School general fund<br>Pension deficit<br>Mount School Estates<br>**_Total Unrestricted funds_**<br>**_Restricted funds_**<br>Scholarships, bursaries and prizes<br>PAC project<br>Academic Development Fund<br>Legal fees<br>Sports for Champions<br>**_Total of funds_**|(482,775)<br>(501,776)<br>50,866<br>(933,685)<br>1,974,403<br>161,716<br>1,000<br>-<br>1,844<br>705<br>165,265<br>2,139,668|3,881,215<br>-<br>69,773<br>3,950,988<br>3,950,988<br>-<br>-<br>106,788<br>-<br>(32)<br>106,756<br>4,057,744|(3,692,000)<br>61,007<br>(78,778)<br>(3,709,771)<br>(3,709,771)<br>-<br>-<br>(35,232)<br>-<br>-<br>(35,232)<br>(3,745,003)|91,060<br>-<br>(21,111)<br>69,949<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|(202,500)<br>(440,769)<br>20,750<br>(622,519)<br>2,215,620<br>161,716<br>1,000<br>71,556<br>1,844<br>673|
|---|---|---|---|---|---|
||||||236,789<br>2,452,409|



Page 52 



## **THE MOUNT SCHOOL (YORK)** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **24. Summary of funds** 

## **Summary of funds - current year** 

|Designated funds<br>General funds<br>Restricted funds|**Balance at 1**<br>**September**<br>**2021**<br>**£**<br>**2,838,139**<br>**(622,519)**<br>**236,789**<br>**2,452,409**|**Income**<br>**£**<br>**-**<br>**3,886,907**<br>**26,646**<br>**3,913,553**|**Expenditure**<br>**£**<br>**-**<br>**(4,063,429)**<br>**(25,835)**<br>**(4,089,264)**|**Transfers**<br>**in/out**<br>**£**<br>**(45,185)**<br>**45,185**<br>**-**<br>**-**|**Balance at 31**<br>**August 2022**<br>**£**<br>**2,792,954**<br>**(753,856)**<br>**237,600**<br>**2,276,698**|
|---|---|---|---|---|---|



Page 53 



**(A company limited by guarantee)** 

## **THE MOUNT SCHOOL (YORK)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **24. Summary of funds (continued)** 

## **Summary of funds - prior year** 

|Designated funds<br>General funds<br>Restricted funds|Balance at<br>1 September<br>2020<br>£<br>Income<br>£<br>2,908,088<br>-<br>(933,685)<br>3,950,988<br>165,265<br>106,756<br>2,139,668<br>4,057,744|Expenditure<br>£<br>-<br>(3,709,771)<br>(35,232)<br>(3,745,003)|Transfers<br>in/out<br>£<br>(69,949)<br>69,949<br>-<br>-|Balance at<br>31 August<br>2021<br>£<br>2,838,139<br>(622,519)<br>236,789<br>2,452,409|
|---|---|---|---|---|



## Scholarships, bursaries and prizes 

This fund represents monies given to the school for the provision of scholarships, bursaries and prizes to students. Included within this fund is £8,134 from the Women Teachers Fund and £35,226 from MSSTET. 

## PAC Project 

Funds have been designated in relation to the Performing Arts Centre project, which is currently in planning stages. 

## Academic Development Funds 

Monies for the provision of scholarships and bursaries. 

## Legal Fees 

This fund represents the amounts given to the school in order to cover the costs of future legal fees incurred. 

## Sport for Champions 

This fund representsthe income and expenditure associated with a Sports for Champions event which was held during the year. The surplus of this event will be allocated to the refurbishment of the netball courts. 

## MOSA Fund 

This fund represents money received from Mount Old Scholars Association. 

## Transfers 

Transfers out of the fixed asset fund relate to additions, net disposals and depreciation in the year. 

The transfer from Mount School Estates in the prior year represents the gift aid payment. 

Page 54 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **25. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Tangible fixed assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**_Total_**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>2,862,307<br>1,009,115<br>(1,294,964)<br>(537,360)<br>2,039,098|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>237,600<br>-<br>-<br>237,600|**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,862,307**<br>**1,246,715**<br>**(1,294,964)**<br>**(537,360)**<br>**2,276,698**|
|---|---|---|---|



## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**_Total_**|Unrestricted<br>funds<br>2021<br>£<br>2,770,319<br>1,565,937<br>(1,405,409)<br>(715,227)<br>2,215,620|Restricted<br>funds<br>2021<br>£<br>-<br>236,789<br>-<br>-<br>236,789|Total<br>funds<br>2021<br>£<br>2,770,319<br>1,802,726<br>(1,405,409)<br>(715,227)<br>2,452,409|
|---|---|---|---|



Page 55 



**THE MOUNT SCHOOL (YORK) (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **26. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the year (as per Statement of Financial Activities)<br>**_Adjustments for:_**<br>Depreciation charges<br>Profit on the sale of fixed assets<br>Decrease/(increase) in stocks<br>Decrease/(increase) in debtors<br>Decrease in creditors<br>Pension finance costs<br>Actuarial movement on pension<br>**_Net cash used in operating activities_**<br>**27.**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**_Total cash and cash equivalents_**|**Group**<br>**2022**<br>**£**<br>**(175,711)**<br>**120,228**<br>**(785,713)**<br> **(1,408)**<br>**(34,917)**<br>**(146,388)**<br>**5,757**<br>**(83,148)**<br>**(1,101,300)**<br>**Group**<br>**2022**<br>**£**<br>**1,019,923**<br>**1,019,923**|Group<br>2021<br>£<br>312,741<br>126,042<br>(1,272,078)<br>1,119<br>6,322<br>(111,456)<br>6,774<br>11,140<br>(919,396)<br>Group<br>2021<br>£<br>1,612,259<br>1,612,259|
|---|---|---|



Page 56 



**THE MOUNT SCHOOL (YORK)** 

**(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** 

## **28. Analysis of changes in net debt** 

|Cash at bank and in hand<br>Debt due within 1 year<br>Debt due after 1 year|**At 1**<br>**September**<br>**2021**<br>**£**<br>**1,612,259**<br>**(77,351)**<br>**(363,418)**<br>**1,171,490**|**Cash flows**<br>**£**<br>**(592,336)**<br>**45,656**<br>**96,268**<br>**(450,412)**|**At 31 August**<br>**2022**<br>**£**<br>**1,019,923**<br>**(31,695)**<br>**(267,150)**<br>**721,078**|
|---|---|---|---|



## **29. Operating lease commitments** 

At 31 August 2022 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: 

|Not later than 1 year<br>Later than 1 year and not later than 5 years|**Group**<br>**2022**<br>**£**<br>**9,793**<br>**1,014**<br>**10,807**|Group<br>2021<br>£<br>12,085<br>10,807<br>22,892|**Charity**<br>**2022**<br>**£**<br>**9,793**<br>**1,014**<br>**10,807**|Charity<br>2021<br>£<br>12,085<br>10,807<br>22,892|
|---|---|---|---|---|



## **30. Related party transactions** 

The following trustees had children at The Mount School (York) on a fee paying basis during 2021/22: G Willmott and J Concannon. 

The land and buildings are held in trust for Quakers in Yorkshire. 

A loan from G. Willmott of £200,000 was repaid during the prior year. 

Amounts totalling £8,000 (2021: £nil) were donated to the School by the trustees. 

During the year, D Griffiths, the Head, purchased 1 Love Lane from the School for £800,000. 

Page 57