MILL HILL SCHOOL 'tnt, sr REPORT OF THE GOVERNORS

THE MILL HILL SCHOOL FOUNDATION

MILL HILL SCHOOL

BELMONT, MILL HILL PREPARATORY SCHOOL

GRIMSDELL, MILL HILL PRE-PREPARATORY SCHOOL

THE MOUNT, MILL HILL INTERNATIONAL

'tnt, sr

REPORT OF THE GOVERNORS

For the year ended 31 December 2016

The Mill Hill School Foundation: a Company Limited by GuaranteeRegistered in England: number 3404450

Registered Charity number: 1054758Registered Office: Walker House, Millers Close, The Ridgeway, Mill Hill NW7 1AQ

Annual Report of The Mill Hill School Foundation -2016

COURT OF GOVERNORS

EXECUTIVES AND ADVISORS

REPORT OF THE GOVERNORS

INDEPENDENT AUDITORS' REPORT

Page

4-19

19-20

FINANCIAL STATEMENTS FOR THE YEAR1 JANUARY 2016 TO 31 DECEMBER 2016

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIESFOR THE YEARS ENDED 31 DECEMBER 2016 AND 31 DECEMBER 2015

THE BALANCE SHEETSAS AT 31 DECEMBER 2016 AND 31 DECEMBER 2015

CASH FLOW STATEMENTFOR THE YEARS ENDED 31 DECEMBER 2016 AND 31 DECEMBER 2015

NOTES TO THE ACCOUNTSFOR THE YEAR ENDED 31 DECEMBER 2016

21

22

23

24-36

Annual Report of The Mill Hill School Foundation - 2016

Court of Governors Committee Membership and Chair (C)

Dr R G Chapman BSc MB BS FRCGP (Chairman)

Professor E W F W Alton MA MB BS MD FRCP FHEA

FERS FMedSci

Mr A L Brooke BA MBA

Dr A Craig MBBS DRCOG

Mr D J Dickinson DipQS MRICS

Mr R Eliott Lockhart MA(Cantab) MPhil

Mrs S E Freestone MEd GRSM LRAM ARCM

Mr D Harris BSc FCA

Mr J M W Hornshaw BEd(Hons) MED NP&H

(elected 24 September 2016)

Mr E S Lipton MBA BSc(Hons) FRICS FRSA

Mrs S J Miller BA(Hons)

Mrs S K Law BA(Hons) CPE (Law) BPTC

Mr G Nosworthy (resigned 24 September 2016)

Mrs M Patel MBA BCS BFSS

Mrs S Stoneham LLB(Hons) (eiected 24 September2016)Mr R Tray BA MA MBA (resigned 25 June 2016)

Mr A W Welch BA MA

Mrs P H Wilkes BEd FRSA

1(C), 2(C), 3(C)

4

5(C), 6, 1, 2

7 (C), 3, 1, 2

8(C), 5

4

2

6(C), 5, 2

4

5, 8, 2

9(C), 4

7

7, 3

4, 8

3, 7

5, 1

7, 9, 8

4 (C), 6, 9

Governing Body Committees

(1) Remuneration

(4) Academic

(7) Pastoral

(2) Selection

(5) Finance

(8) Estates

(3) Nomination and Governance

(6) Audit

(9) Marketing and Fundraising

EXECUTIVES AND ADVISORSAnnual Report of The Mill Hill School Foundation - 2016

Chief Executive of the Mill Hill School Foundation and Head of Mill Hill SchoolMrs F MR King MA(Oxon) MA(Lond) PGCE MBA(appointed1 January2016)

Company Secretary and BursarMr B D Fraser BSc MBA (retired 1 September 2016)

Interim BursarMr Arnold Flanagan (appointed 8 August until 4 December 2016:appointed until 10'" Feb 17)

Company Secretary and Director of Finance and OperationsMrs R L Starling BA (Hons) FCIPD (appointed 5 December 2016)

Head of Belmont Mill Hill Preparatory School

Mr L Roberts, BA(Hons), MA(Open)

Head of Grimsdell Mill Hill Pre-Preparatory School

Mrs K Simon, BA, PGCE

Head of the Mount Mill Hill International

Mrs S Bellotti, BEd

Clerk to the Court of Governors

Dr R L Axworthy JP PhD BA(Hons) PGCE CertAcc (Open) (until 30 April 2017)

Registered in England Number: 3404450 Registered Charity Number: 1064758

Registered Office: Walker House, Millers Close, The Ridgeway, Mill Hill, London NW7 1AQ

Auditors

Kingston Smith LLP

BankersAllied Irish Bank (GB)

National Westminster Bank

SolicitorsReynolds Porter Chamberlain

Veale Wasbrough Vizards

Farrer & Co LLP


Annual Report of the Governors for the year ended 31 December 2016 including StrategicReport

The Governors present their Annual Report and audited consolidated financial statements prepared in

accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic ofIreland' (FRS 102) and the requirements of the Companies Act 2006 for the year ended 31 December2016. All matters that are included in the Strategic Report are included in the Report of theGovernors.

Charitable Object

The Foundation's purpose, as set out in the Memorandum and Articles, and its charitable object is topromote and provide for the advancement of education of pupils of any age. The Memorandum andArticles were amended to comply with the Companies Act 2006 on 15 July 2008. They were furtheramended in April 2011 and November 2016. Further details can be obtained from The Clerk to theCourt of Governors, Walker House, The Ridgeway, Mill Hill, London NW7 1AQ.

The Foundation's aims and objectives are set by the Court of Governors to reflect the charitableobject and aims of the Foundation. The annual key strategic objectives for the Foundation are derivedfrom the Charity's longer term strategy which is set out in the Mill Hill School Foundation DevelopmentPlan. This Plan is reviewed annually and regularly updated by the Governors in consultation with theExecutives. In setting the objectives and planning the activities, the Governors give carefulconsideration to the Charity Commission's public benefit guidance. In shaping the Foundation'sobjectives for the year and planning its activities, the Governors as Trustees have considered theCharity Commission's guidance on public benefit, including the guidance 'Public benefit: running acharity (PB2)'.

Structure, Governance and Management of the Foundation

The Foundation is a company limited by guarantee, number 3404450, and a registered Charity,number 1064758. The Foundation's governing document is its Memorandum and Articles. It

comprises four co-educational schools:

~ Mill Hill School, founded in 1807 for pupils aged 13-18, day and boarding;~ Belmont School, founded in 1912, for pupils aged 7-13, day only;~ Grimsdell School, founded in 1995, for pupils aged 3-7, day only; and~ The Mount Mill Hill International, founded in 2015, for pupils aged 13-17, day and boarding

The Governors of the Foundation, as Directors of the Company, are also the Charity's Trustees.Governors who served during the period 1 January 2016 to the date when the Accounts were signedare shown on page 2.

In support of its charitable objectives, the Foundation operates Mill Hill School Enterprises as awholly-owned subsidiary with its own separate Council of Management. Mill Hill School Enterpriseswas incorporated on 11 January 1983, number 1690525 and is a company limited by guarantee under


the Companies Act 1948, now replaced by Companies Act 2006. Its accounts are consolidated intothe financial statements of the Foundation.

Governance and Management of the Foundation

Governors (other than Governors appointed to fill casual vacancies) are elected at the AnnualMeeting of Life Guardians. Life Guardians' duties are set out in the Foundation's Articles ofAssociation. Membership of the Life Guardians is open to all former pupils of Mill Hill School.

The Court of Governors meets at least four times a year and determines the general policies of theFoundation. They are responsible for the management of risks faced by the Foundation. Theydelegate the implementation of policy and overall management of the Foundation to the nine standingSub-committees of the Court of Governors, all of which are chaired by a Governor, or to theExecutives as appropriate who report regularly to the Governors.

The Remuneration Committee is delegated by the Court of Governors to determine on its behalf thepay and remuneration of the Executives, the Deputy Heads of the Schools and the Deputy Bursar,and which are approved by the Court of Governors as Trustees and Directors. The Mill Hill SchoolFoundation does not remunerate its Governors either as Trustees or Directors. Remuneration is set in

the context of the Foundation's purposes, aims and values and to reflect the skills, experiences andcompetencies required for the particular roles of the Executives or their Deputies. In settingremuneration, the Remuneration Committee consider a number of additional factors including anindividual's contribution, affordability and remuneration offered by charities of a similar activity, sizeand complexity.

The day-to-day management of the Foundation is delegated to the Executives. The ExecutiveManagement Team, chaired by the Chief Executive and comprising the Executives, the Deputy Bursar(who is also Clerk to the Court) and the Principal Deputy Head of Mill Hill School, coordinates the day-to-day management of the Foundation. The operation of each of the Foundation's schools is managedby a Senior Management Team led by the respective school's Head.

Ail Governors give of their time on a pro bono basis and received no remuneration. Related partytransactions are shown in note 28 to the Accounts. Any expenses reclaimed by Governors from thecharity are shown in note 10 d to the Accounts. As defined by Section 234 of the Companies Act2006, a qualifying third party indemnity was in force throughout the last financial year and is currentlyin force. The Foundation also purchased and maintained throughout the financial year Directors' andOfficers' liability insurance in respect of itself and its Directors.

Each Governor is elected for a term of three years. They can be re-elected and can serve up to amaximum of four consecutive terms. The Chairman and Deputy Chairman may serve for additionallimited terms. At least five members of the Court of Governors must be Old Millhillians. All

nominations and elections of Governors are in accordance with the Articles of Association and toensure a representation of men and women with a broad range of experience and qualifications. Thebreadth of experience and expertise of the governing body, which currently includes Head Teachers,University Professors, Doctors, Financiers, Company Directors, Chartered Accountants, IT

Annual Report of The Mill Hill School Foundation —2016

specialists, Solicitors and the Police, benefits the Foundation greatly in delivering effectivegovernance.

The Foundation provides an induction process for a new Governor which includes the governancestructure, their role as a trustee and other issues which affect the Foundation. Governors areencouraged to attend external seminars for Governor and Trustee development and for which funding

provision is made available.

The 9 Standing Sub-Committees of the Court of Governors

StandingCommittee

Composition

VotingMembers

Composition

Non-Voting Members

InAttendance

Numberof

Meetingsin 2016

Finance

Audit

Academic

Pastoral

Estates

Nominations 8Governance

Chairman's

Committee

Remuneration

Marketing 8Fundraising

Governors

Governors

Governors

Governors

Governors

Governors

Governors

Governors

Governors

Executives, Clerk to the Court

Chief Executive, Bursar,Finance Bursar, Deputy Bursar

and Clerk to the Court

Executives, Clerk to the Court,Academic Staff

Executives, Clerk to the Court,Academic Staff

Executives, Clerk to the Court,

Deputy Bursar 8 EstatesBursar,

Chief Executive, Bursar, Clerk

to the Court

Executives, Clerk to the Court

Chief Executive, Bursar

Executives, Principal DeputyHead, Director of Development,

Deputy Head (ExternalRelations), Events and

Communications Manager

FinanceBursar

Auditors

Advisors

Clerk to theCourt

Clerk to theCourt

Governor membership of these Committees is noted on page 2 of the Report.


In December 2016 an Estates Development Group was established as new Sub-committee of theEstates Committee to oversee current and future capital development programmes and thedevelopment strategy determined by the Court of Governors.

The Court of Governors also established in 2016 a Selection Committee, composed of Governors andthe Chief Executive to manage the recruitment and selection of the new Director of Finance and

Operations of the Foundation following the retirement of Mr B D Fraser, Bursar, on 1 September2016.

The Foundation's Aims and Objectives

The Foundation aims to provide a first-class education to boys and girls from 3 years to 18 years andto support its pupils in the passage from childhood to adulthood. Its principal activity is the educationand pastoral care of its pupils.

Aims

to develop in every pupil self-discipline, responsibility, spiritual and moral values, leading tothe highest possible standards of behaviour, consideration for others and a pride in oneselfand one's achievements;

to provide an academic education accessible to pupils of a broad range of ability and from awide range of ethnic, cultural, religious and socio-economic backgrounds;

to provide an education of genuine breadth and opportunity, including the furtherdevelopment of sport, music, art, drama and other extra-curricular activities;

~ to take all reasonable measures to safeguard and promote the welfare of each pupil in itscare to ensure that every pupil should feel safe and protected from any form of abusewhether it is neglect, non-accidental physical injury, sexual exploitation or emotional ill

treatment;

to identify, investigate and, as appropriate, exploit additional domestic and overseasopportunities that may arise.

Objectives

~ to maintain and, where possible, improve the academic performance of every pupil at all fourFoundation schools to ensure that each pupil obtains the best possible public examinationresults and academic achievements to allow them to progress through the Foundation andsecure places at leading higher education institutions;

e to provide a broad, challenging and stimulating range of academic and extra-curricularopportunities designed to equip pupils with the skills, values and confidence needed to think

for themselves and to meet life head-on;

~ to provide a broad, attractive and dynamic programme of sporting, creative and otheractivities and to support pupils and groups of pupils in developing their interests andunlocking their potential;


~ to maintain the outstanding standards of pastoral care which already exist throughout theFoundation schools and supporting pupils in their transition to adulthood and in thedevelopment of strong values, confidence and mutual respect;

~ to maintain and strengthen the diversity of its pupils, recruiting able and talented boys andgirls from a wide variety of cultural, religious, social and economic backgrounds;

~ to continue to seek to employ academic and support staff of the very highest calibre and

support them in developing and maximising their professional competencies in order tofurther develop the standards of teaching and learning across all three Foundation schools;

~ to seek to extend the ways in which the Foundation serves the local, national andinternational communities and to engender an outward looking approach among pupils and

staff by fostering meaningful links, and expanding the range of opportunities for engagement,with the local community and the wider world;

~ to ensure that the Foundation's buildings and estate continue to be properly cared for andthat they are developed in a way that maximises the opportunities open to each pupil;

~ to sustain the recruitment and retention of pupils who ref(ect the identity and ethos of theFoundation and, through the continued provision of bursary support, to offer places to pupilsfrom families of modest financial means;

a to develop the more effective use of data management and continue to enhance theFoundation's IT infrastructure and security;

~ to be an equal opportunities education provider and to ensure equality of opportunity for all

members of the Foundation Community;

~ to maintain the controls, systems and procedures to identify, assess and manage risk;

~ to achieve full regulatory and statutory compliance in all areas of its activity and provision.

Specific areas of focus in 2016 have included:

~ to maximise the academic performance of every pupil;

~ to employ teaching and support staff of the highest calibre;

~ to develop the Foundation's facilities to allow the provision of an education of real breadthand opportunity;

~ to further develop the Management Information System introduced in 2015;

~ to develop an effective Estates Strategy designed to support the Foundation's educationalaims, preserve its unique architectural heritage, promote good environmental stewardshipand ensure value for money;

~ to maintain and, where possible, extend the provision of other publicly beneficial activitiesthrough service to, and engagement with, the local community and overseas partnershipprojects.


Academic Achievements

There is very strong demand for places in at all the Foundation schools at all the key entry points. In

2016, an average of 1,366 pupils attended our four schools (2015: 1,295).

At Mill Hill School the academic results at A Level, AS level and at GCSE were very good. At GCSEthe A"/A pass-rate of 59.6% was the best since 2012 with 80 of our pupils achieving six or more A* orA grades. At A level the A'/A pass-rate was over 41% and our AS candidates achieved 67% at A/B

grade equivalents.

At Belmont demand for places at both 7+ and 11+ has never been greater. We are on an exciting

journey to enhance Belmont's teaching and learning and pastoral care as we endeavour to bring thebest out of every single child. The House Carousel has been a huge success and the strands ofForest Schools. Wellbeing, Life Skills and Intellectual and Cultural Enrichment are all equippingchildren with the essential skills to succeed in education and in life.

Demand for places is echoed at key entry points for Grimsdell and exciting curriculum developments

support the growth of vital 21st century skills for life alongside a love of learning. The introduction ofForest School in Year 1 and 2 has been a huge success and the children now also have continuity ofthis experience at Belmont. Transfer from Grimsdell to Belmont has never been smoother, with

Belmont teachers working closely with the team at Grimsdell. This provides pupils with numerousopportunities to familiarise themselves with their new school and be ready for their next step in theFoundation.

The Mount Mill Hill International, our fourth School, is in its second year and increased its pupil

numbers to 67. In 2016, Mount Mill Hill International pupils achieved an A* - C pass rate of 87%. This

was a notable achievement considering that not only were the students new to British education, but

they also completed their GCSE courses in less than a year.

Other Achievements

During the year there have been many high quality pupil performances in music, drama and sport:

~ At Belmont, the Year 8 production of 'David' was judged to be exceptional. In sport Belmont

has had great success in rugby, football (semi-finalists in the national Under-13 6-a-sidecontest) and Fives (national Under 11 semi-finalists). Belmont's Under 11 and Under 12Netball teams also participated in the IAPS Nationals. We also developed a strongpartnership with Middlesex Cricket and introduced cricket as a major sport for Belmont girls.

Pupils have also had considerable success in national competitions in general knowledge,maths, chess and history.

~ At Grimsdell, the opportunities for each year group to perform have been extensive and theToffee Bear choir gave an outstanding performance at the Royal Festival Hall as part of thenational festival for Music For Youth. As the youngest choir to participate the positive

feedback was particularly impressive. Our sports festival and the introduction of Belmont

games for our Year 2 pupils reflect developments in our sporting provision and our ongoingcommitment to both excellence and inclusivity within sport.


~ At Mill Hill School, individual academic achievements have included the award of anArkwright Engineering Scholarship; Silver and Bronze Awards in the Royal Society ofChemistry Olympiad; a Silver and Bronze Award in the Biology Olympiad; and Silver and

Bronze Awards in the Physics Olympiad: Merit Awards in the UK Mathematics Trust Seniorand Intermediate Kangaroo and an individual Merit Award gained in the Olympiad pape.

~ The School was delighted to welcome Dr James Watson to Mill Hill to help us honour thebirth of one of its most famous alumni, Francis Crick, on June 8th. Dr Watson unveiled aplaque in the newly renamed Crick Science Building, gave a lecture to the students and

joined selected Sixth Formers for lunch.

~ The Mill Hill School Modern Languages department has continued to be involved in local

debates and drama competitions as well as running trips to Rouen, San Sebastian and

Leipzig. The Geography department took students to Iceland for the first time in October and

the History department continued with their annual trip to the battlefields.

a In sport, 13 MHS pupils gained County recognition or above. Included within the 13 wereSam Sherwood, selected as Middlesex U18 Golf captain, Sophia Dunkley who was called up

to the England Academy for Cricket and Nathan Whaley won the Junior British Bouldering

Championship.

In music, the Mill Hill School Farrow Singing Competition was of a very high standard, aswas the House Music Competition and there was a regular programme of concerts and

recitals. The Foundation Chapel Choir continued to achieve high standards. A new addition

in 2016 was the introduction of the MHF Choral Society which performed The Messiah in

March, drawing on pupils, staff, parents and Old Millhillians to participate in performances.

~ In September 2016, the provision for the Sixth Form was enhanced with the appointment of anew Director of Sixth Form, Mr Barron, and a full time University Guidance Counsellor, Ms

Sharpies. Psychology was introduced into the curriculum and the Sixth Form had theopportunity to enjoy its own Common Room space in the temporary Sixth Form Centre.

Development Activity

To ensure that the Foundation continues to provide pupils with the opportunity for educationalexcellence, academic learning, cultural, sporting and personal development, the Governors arecommitted to the continued improvement and modernisation of buildings and facilities. We have anextensive capital development programme underway and this year our pupils have enjoyed a new IT

suite at Grimsdell, new facilities in Ridgeway Boarding House, new Day Houses at Mill Hill School and

the refurbishment refurbished of Science facilities at Mill Hill School. The new facilities at The Mount

Mill Hill International are working well and are being put to great use by the school's growing

international pupil body.

In 2016 a major programme of building work has commenced. The two major projects are:

r a new Sixth Form Centre at Mill Hill School,

~ a new classroom, DT and IT building at Belmont. This will create space to enable themodernisation of the existing library and the provision of enhanced music facilities.

The Governors established a Development Office in 2006 to fundraise in support of the Foundation's

objectives. By the end of 2016, this has resulted in f8,670K in pledged donations (including legacy

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pledges where amounts have been confirmed), of which E4,567K of this has been received. This is

almost exactly equally divided between donations for bursaries and donations for capital projects.

In 2016, Mill Hill School Enterprises continued to make available to the wider public, local maintained

schools, local churches and community groups and other charitable organisations the use of theFoundation's buildings and facilities in support of the Foundation's objectives. It successfullyexpanded the range of opportunities for engagement with the local community, including providing

residential facilities to Teens Unite (a local charity for young people) and Middlesex Cricket's use ofthe Foundation's cricket facilities. Mill Hill School Enterprises contributed f144K to support thecharitable work of the Foundation in 2016.

Plans for the future

New initiatives for 2017 include:

~ the development of boarding facilities at Mill Hill School and The Mount Mill Hill International

through the opening of a refurbished 26 bed boarding house for girls;

~ the construction of a new classroom and Design Technology building at Belmont;

~ the refurbishment of washroom facilities at Grimsdell;

~ the creation of a new Sixth Form Centre at Mill Hill School.

In 2017, the Foundation also plans to review and update its aims and objectives in accordance with

the Charity's longer term strategy as identified in the Mill Hill School Foundation Development Plan.The overarching aims of the Plan are to foster a culture of continuous improvement across theFoundation, based upon clear but achievable educational ambitions, institutional agility, financial

prudence, and the effective utilisation of our resources. Mill Hill School Enterprises will continue tosupport the charitable objectives of the Foundation through its trading activities.

Public Benefit and access

The Governors consider that the Foundation's purpose meets the Charity Commission guidance forthe advancement of education and that the primary beneficiaries of the Charity are the children who

are educated at its four schools and who directly benefit from the Charity's work. The Governorsregard the education of children as a benefit to society in general, not only through the expected role

and contribution that its pupils will make to the communities in which they will live and work, but alsothrough the financial assistance given to the State Education System which does not bear the cost ofthe education of the Foundation's pupils.

The Foundation actively promotes its public benefit profile locally and nationally. It is important to theGovernors to support widened access by welcoming pupils from diverse ethnic, cultural, religious,socio-economic and non-traditional backgrounds and to provide bursaries, up to and including 100%fee remission, to assist those children who cannot be funded by their parents, families, guardians orother charitable sources.


From 2007 to 2015 the majority of fundraising for the A Better Chance bursary campaign wastargeted towards Old Millhillians and Old Belmontians. Following consultation with representatives ofparents from ail three schools it was decided early in 2016 to extend the approach to parents. Toraise awareness of bursaries and the campaign in October 2016, the first ABC fundraising ball washeld. This was an innovation in that it was organised by a committee of representatives of theparents' associations at Belmont, Grimsdell and Mill Hill. Almost F50K was raised on the night and

has been used to support bursary students at Belmont and Mill Hill Schools.

The Foundation provides public benefit through its educational and charitable activities, local

community support and initiatives to facilitate wider public involvement. The Foundation actively

promotes widened access by welcoming pupils from diverse ethnic, cultural, religious, socio-economicand non-traditional backgrounds.

The Foundation has been supporting the establishment of the Tottenham Academy of Excellencewhich is due to open in September 2017. The Foundation has also committed to support theestablishment of the Saracens High School in Colindale due to open in 2016. In addition, it is activein academic partnering with the following local State schools:

~ Mill Hill School is a CCF partner school with Mill Hill County Hill School and also assists Mill

Hill County High School to provide applicants to Oxbridge and in Medicine with practiceinterviews.

~ The Mill Hill School Mathematics Department provides master classes for primary schoolchildren for local schools.

~ Mill Hill School teachers provide sessions for Mathematics teachers from local schools in theuse of graphical calculators (sponsored by Casio) and also host French and Spanish Sixth

Form debating competitions in which a variety of independent and state schools participate.

~ Mill Hill School hosts the Independent Schools' Modern Languages Association Committee's

(ISMLA) meetings and ISMLA's new teachers' training day for 50-60 teachers from a variety ofnot-for-profit schools.

~ At Mill Hill School the pupils are involved in local State schools' activities such as organising

sporting events for local primary school children and assisting in the local Primary School asClassroom Assistants.

~ A number of teachers from the Foundation are governors at local state schools, including in

Mill Hill, Haringey and Berkhampstead

The Foundation's facilities are let by Mill Hill School Enterprises free of charge or at a very reducedrates to local primary schools, the local scouts, brownies and guides associations, Oak Lodge School

(a local School for pupils with learning and physical disabilities), the local Church and othercommunity groups. Activities supported include IT training and Aqua Aerobics for the elderly in

conjunction with Age UK. Mill Hill School pupils are actively involved in many of these public benefitactivities including assisting in IT training for the elderly and providing an afternoon tea party forelderly residents in the Retail Trust Cottage Homes.

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Mill Hill School Foundation also supports overseas educational development in schools in Zambia,Nicaragua and Tamil Nadu by providing financial assistance through fund-raising initiatives andvoluntary outreach activity by pupils and staff.

Scholarships and Bursaries

The Foundation provides financial assistance to pupils, principally in Years 7 through 13, in the form

of scholarships and bursaries. In the case of bursaries, assistance is subject to annual review and is

means tested. During 2016 bursary assistance totalling 61,071k was awarded to 103 pupils. Through

the award of Scholarships, the Foundation also provides financial assistance to children of the highest

educational calibre or of special talent to assist the Schools' achievement of excellence In 2016Scholarships totalling F208k were awarded to 176 pupils. Scholarship awards provide a remission on

fees of up to 10% and may be supplemented by a means-tested bursary where further financial

assistance is justified. In 2016 44 pupils were awarded a combination of Scholarship and bursary

assistance. During the year, the Foundation provided 100% fee remission (through a combination ofScholarships and/or bursaries) to 50 pupils (2015: 42). In 2016, total fee assistance from all sources,including external funding, was E1,886k (2015: f1,861k). This represented 7.3% (2015: 7.9%) ofGross Fee income.

As part of the delivery of public benefit to the local community the Foundation, in partnership with

Camp Beaumont Summer Camp, made 9 (2015: 12) bursary awards to children from the local

community whose home situation, as a result of financial or other family circumstances, would not

otherwise have enabled them to attend a week's activities at the Camp Beaumont Summer Camp atthe Foundation.

Employee involvement

The Foundation systematically provides employees with information on matters of concern to them,

consulting them or their representatives regularly, so that their views can be taken into account when

making decisions that are likely to affect their interests. Employee involvement in the Foundation is

encouraged, as achieving a common awareness on the part of all employees of the financial andeconomic factors affecting the Foundation plays a major role in maintaining its performance. TheFoundation encourages the involvement of employees through regular Teacher Common Roommeetings or similar and the appraisal process. In June 2016 a whole staff survey was conducted via

the firm HaysGroup to assess staff engagement and enablement. Following the publication of thereport, working groups were set up with a range of staff members in order to develop the key action

points to take forward from this survey. In addition the Foundation made clear its intention to set up aConsultation Committee from 2017.

Parental involvement

The Foundation commissioned a Parent Survey in October 2015 through the firm Mungo Dunnett

Associates. Points which emerged from this have been taken forward as action points. In addition,

Grimsdell, Belmont and MHS have parent associations which work closely with the schools'management teams.

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Equality Act

The Foundation complies with the Equality Act 2010 and is committed to providing equal opportunities

in employment. The Foundation's policies seek to avoid unlawful discrimination in all aspects ofemployment including recruitment, promotion, opportunities for training, pay and benefits, discipline

and selection for redundancy.

Financial Review

Total fee income for the Foundation amounted to 625,836k (2015: F23,298k) which includes the effectof the fees for day and boarding at The Mount Mill Hill International which opened in September 2015.The Foundation recorded net movement in funds of 6381k for the period ended 31 December 2016(2015: (f724k)). Capital expenditure in 2016 totalled F3,861k (2015: F4,607k)

The Governors recognise the significant financial commitment of families who determine that

independent private education is the best choice for their children. Since 2008 the Governors have

assisted Foundation parents by keeping the annual increase in fees to the minimum necessary to

cover the Foundation's operational costs, its investment obligations and the continuing elements ofthe capital programme.

The total teaching salary costs in 2016 of f12,657k (2015: F11,417k see Note 7) include the effect of

the 1'lo increase in the Foundation's teaching salary and pension costs arising from the annual payreview, salary scale progression and the appointment of teachers and teaching support staff in the

Autumn Term 2016. A review of pay and benefits of all staff at the Foundation is planned for June2017. The financial health of the Charity remained strong (see Reserves, Financial Resources and

Liquidity). Mill Hill School Enterprises covenanted 2114k in 2016 (2015: F120k) to the Foundation, in

addition to the f50k rent paid annually.

Remuneration Policy

The Foundation has a remuneration policy which is governed by the Remuneration Committee and

implemented by the Executives. The aims of the policy are to ensure:

~ compliance with the Foundation's charitable purposes and the requirements of FRS 102,

~ all employees of the Foundation are treated fairly and pay decisions are free from

discrimination,

~ as a minimum, the minimum wage will be paid to Foundation employees,

~ the remuneration provided by the Foundation to its employees is balanced between paying its

employees fairly and competitively in order to attract and retain the best people for theFoundation and the duty to ensure value for money through the careful management of charity

funds,

~ the Foundation manages its budget to effectively deliver its strategic development plans.

Key Performance Indicators

The Foundation assesses its success in the implementation and pursuit of its Charity strategy by thefollowing key performance indicators:

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~ pupil numbers in the Schools,

~ the academic results, and

the achievements of its pupils in all areas of educational development including sport, music

and drama.

The financial performance indicators include:

~ pupil numbers,

~ net fees,

~ total income,

~ total expenditure, and

~ education and Foundation surpluses.

Reserves, Financial Resources and Liquidity

As stated in Note 17 to the accounts, the funds of the Foundation are split between those available for

day to day requirements of the Foundation, namely the Unrestricted Fund F24,979 (2015: 224, 648),those which are restricted 6498k (2015: L'505k) and the Permanent Endowment Fund K1,242k (2015:F1,118k). Pension Reserve 8202k in 2016 (2015: L'269k see Note 9). Free Reserves, which is theUnrestricted Fund less the Land and Freehold Property Net Book Value, is (L'8, 112k).

The Reserves Policy is to maintain financial resources sufficient to meet the Foundation's normal

working capital requirements as well as current and future capital expenditure obligations. Theseresources include a combination of:

~ the regular achievement, on an annual basis, of an acceptable level of positive internal

generation of net operational cash flow, after operating expenses but to exclude the accounting

charge for depreciation;

~ the availability of borrowings under one or more medium to long-term unsecured committed

loan credit facilities; and

~ to the extent feasible, the availability of further funds as a result of on-going fundraising

activities and initiatives which result in donations and contributions to the Foundation in support

of its educational objectives (to include providing further means-tested financial assistance to

prospective pupil candidates) as well as its long-term facilities development programme.

Between 2001 and 2016, the Foundation undertook extensive new building initiatives, with capital

expenditure aggregating some F47 million over the period. This substantial investment in long term

fixed assets has been funded from previously available cash balances, operating cash flow surpluses

generated during the period, fund raising and borrowings under the long-term unsecured committed

credit facilities available from the Foundation's banks.

15


These investment programmes and the utilisation of such financial resources have resulted in theFoundation having, at certain points of time during the year, balance sheet figures which shownegative net working capital (current liabilities exceeding current assets). As stated above, it is theGovernors' policy to maintain appropriate and available financial resources to meet its on-going

normal working capital requirements as well as its obligations under current and future capital

spending programmes. It is the intention of the Governors to maintain at all times sufficient cashand/or availability of funds through committed borrowing facilities to meet its current and future

requirements.

The merger with the Mount School Ltd on 30 April 2014 increased the Foundation's fixed assets offreehold land and property with a book transfer value of f1,588k. The estimated market value of theseassets is considered to be greater than Net Book Value.

Investment Policy

The Governors' current policy is to invest any surplus working capital funds in interest bearing

deposits with a number of financial institutions, while maintaining sufficient financial resources to meetits normal operating and capital expenditure commitments. The Foundation Trusts hold equity incomeshares in the Charities Official Investment Fund ("COIF"). The Court of Governors consider COIF tobe a most suitable investment vehicle for Foundation because of its investment philosophy and ethical

investment policy, its broad range of funds providing diversification of risk, and its exclusivity toCharity, faith and local authority clients.

Risk Management

The Governors regularly assess political, financial and market situations, legal developments,

changes in social attitudes and pupil and employee welfare and undertake an annual review of the

systems and procedures which are in place to manage risks. These are incorporated in theFoundation "Risk Map". The management of risk is a routine part of the day-to-day operation and

activities of the Foundation. The Executives regularly report to the Court of Governors both direct and

through the appropriate Governors' Committees on all matters concerning risk management. As an

independent fee-charging provider of education, whose pupil recruitment is both national and

international, the Foundation is mindful of overall national and international economic conditions and

recognises their potential impact on its stakeholders and as a result on the Charity. Accordingly,

consideration is regularly given to reviewing the overall national and global economic situation,

including such factors as inflation and interest rates, foreign exchange rates and building industry

costs.

Appropriate procedures are in place to assess and address identified risks. Health and Safety matters

are co-ordinated through the Executive Health and Safety Committee. Risk management controls

employed include, inter alia, strategic planning, budget and management accounting, formal written

policies, financial authorisation and approval procedures, and safeguarding procedures for the

protection of children. The Foundation's policies in the academic, pastoral and extra-curricular areasfor each of the schools are subject to periodic review.


Mill Hill School Enterprises operates in accordance with the Foundation's Risk Map and relevant

policies. In addition the Directors of Mill Hill School Enterprises assess identified trading risks to theCompany such as the financial implications should a major Enterprises contract be withdrawn.

Trust Funds

The following Trust Funds are separately registered charities:

~ Mill Hill School Scholarship and Bursaries Trust Charity number 1042028

~ Mill Hill School University Entrance Scholarship Trust Charity number 1042031

~ Mill Hill School Prizes Trust Charity number 1042030

The Trust Funds provide financial assistance to certain of the Foundation's pupils and former pupils

during their period at university. The total of such payments in 2016 was 264k (2015: F76k). TheAccounts of the Trust Funds are consolidated into the financial statements of the Foundation.

Auditors

In accordance with Section 487(2) of the Companies Act, a resolution proposing the appointment ofthe Auditors will be put to the Annual General Meeting.

Approved by the Court of Governors on 17 June 2017 and signed on its behalf by, A L Brooke BA

MBA, Acting Chair of the Court of Governors.

Acting Chair of the Court of Governors

17


Statement of Trustees' responsibilities

The Trustees (who are also directors of Mill Hill School Foundation for the purposes of company law

and are referred to as the Court of Governors) 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 which give

a true and fair view of the state of affairs of the charitable company and the group and of the incoming

resources and application of resources, including the income and expenditure, of the charitable

company and the group for that period. In preparing these financial statements, the trustees arerequired to:

~ select suitable accounting policies and then apply them consistently;

~ observe the methods and principles in the Charities SORP;

~ make judgments 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; and

~ prepare the financial statements on the going concern basis unless it is inappropriate topresume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonableaccuracy 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 the group and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees areaware:

~ 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.

18


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILL HILL SCHOOLFOUNDATION

We have audited the financial statements of The Mill Hill School Foundation for the year ended 31December 2016 which comprise of the Group Statement of Financial Activities, the Group and

Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and the related

notes. The financial reporting framework that has been applied in their preparation is applicablelaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting

Practice) including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland'.

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. Our audit work has been undertaken so that we

might state to the charitable company's members those matters which 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 any party other than the charitable company and charitable

company's members as a body, for our audit work, for this report, or for the opinions we have

formed.

Respective responsibilities of Trustees and Auditor

As explained more fully in the Trustees' Responsibilities Statement the trustees (who are also thedirectors of the charitable company for the purposes of company law) are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with

applicable law and International Standards on Auditing (UK and Ireland). Those standards require

us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statementssufficient to give reasonable assurance that the financial statements are free from material

misstatement, whether caused by fraud or error. This includes an assessment of: whether the

accounting policies are appropriate to the company's circumstances and have been consistently

applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition we read all thefinancial and non-financial information in the governors' report to identify material inconsistencieswith the audited financial statements and to identify any information that is apparently materially

incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course ofperforming the audit. If we become aware of any apparent material misstatements or

inconsistencies we consider the implications for our report.

19


Opinion on financial statements

In our opinion the financial statements:

~ give a true and fair view of the state of the group's and the parent charitable company'saffairs as at 31 December 2016 and of the group's incoming resources and application ofresources, including its income and expenditure, for the year then ended;

~ have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice; and

~ have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter 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 strategic report and the trustees' annual report for the financial

year for which the financial statements are prepared is consistent with the financial

statements; and

s the strategic report and the trustees' annual report have been prepared in accordance with

applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006requires us to report to you if, in our opinion:

~ the parent charitable company has not kept adequate accounting records, or returns

adequate for our audit have not been received from branches not visited by us; or

~ the parent charitable company's financial statements are not in agreement with theaccounting records and returns; or

~ certain disclosures of trustees' remuneration specified by law are not made; or

~ we have not received all the information and explanations we require for our audit.

Shivani Kothari (Senior Statutory Auditor)

for and on behalf of Kingston Smith LLP, Statutory Auditor

Devonshire House, 60 Goswell Road, London, EC1M 7AD

)3Q ENE ob3tl

20


The Mill Hill School FoundationConsolidated statement of Financial Activities (Including income and expenditure account)For the year ended 31 December 2016

INCOME AND ENDOWMENTS FROM:Donafions and legaciesCharilable acfivifies

School feesOther educational income

Other trading adiviliesTrading income

InvssaiientsInvestment income

UnrestrictedFunds

Notes C000

3 114

24,393635

5414

6 35

RestrictedFunds6'000

(443)

41

EndowedFundsC000

10

2016Total6'000

617

23,950635

414

76

2015Total61I00

380

21,437826

85

Total Income 25,408 194 10 25,692 23,153

EXPENDITURE ON:Generating funds:Fundraising

Applicafion of DonadonslLegaciesTrading expenditure

Charitable activities:Teaching, Welfare and PremisesOfter support and governance

Total Expenditure

Net (Expenditure)llncome before gains

Nel gains/(knees) on imrwnments

Net (Expenditure)llncome

Transfers between funds

188 180 202168 160 92

261 261 241

12

231 267 ~737114 114 13

231 26 ~~~417 33 (33)

21,209 21,209 202018 3,599 3,599 3,154

25,251 168 25,425 23.890

Net movement in funds for the yearFund balances brought forward

Funds carried forward st 31 December

26417 24,917

(7) 124 381 (724)505 1.118 26,540 27264

498 1,242 ~1Them Moo mahnhd rfigerarnxr betwmm Ihs pmfit or loss an ordinary achvfiies befom hcmfion and ihe retained profit or loas krgm ymu slated above and their hisksictd cost equivatenhr.

21


The Mill Hill School FoundationConsolidated and School Balance SheetsAs at 31 December 2016

FIXED ASSETSTangible assetsInvestments

2016Group

Notes 6'000

11 38,90412 1,242

2015Group2'000

35,7331,118

2016 2015School School

6'000 E'000

38,904 35,733

Total Fixed Assets

CURRENT ASSETSSocksDebtorsCash at bank and in hand

Total Cttnent Assels

8915 819

6,969

6,677

36,651 38,904 35,733

60 89 60507 748 553

7,506 6,636 7,226

8,093 6,471 7,659

UABILITIESCredilors Amounts falling due within one year 10(a& (6,627& &4,960) &6,801) &4,950)

NET CURRENT ASSETS/(LIABILITIES)

TOTAL ASSETS LESS CURRENT UABII.ITIES

160

40,296

3,113 (30) 2,909

30,964 38,874 36,642

CREDITORS: falling due after more than one yea 16&b) (13,173) (13,155) (13,173) (13,155)

Provisions for gabifities and charges 15 (202) (269) (202) (269)

TOTAL NET ASSETS

FUNDS OF THE SCHOOL

Endowment funds

Restricted funds

Pension reserve

17

1,242 1,118

498 505 348 331

202 269 202 269

Unrestricted fundsDesignated fundsGeneral funds

8924,890

7624,570

89 7624,860 24,540

I ~E3ID comm I@118

The Frnancial Sbrlements were approved and authorised for issue by the Court of~of The Mill Hill

School Foundabon on

The notes on pages 24 to 36 form part of the financiel statements

22


The Mill Hill School FoundationConsolidated Cash Flow StatementFor the year ended 31 December 2016

Net cash inflow)(outflow) from operationsCash flows from investing activities

Dividends and intersslPurchase of properly, plant snd equipmentPurchase of investments

Notes20

2016 20158'000 E'000

3 119 1 023

76 85(3,861) (4,607)

Net cash provided by (used in) investing activitiesCash flows from financing activities

Repayments of bonowingCash ln8ows fmm new borrowing

Net cash provided by (used in) financing activities

Change in cash and cash equivalents in the reporting period

Cash and cash equivalents at the beginning ofthe reporting period

Cash and cash equivalents at the end of thereporting period

(861) (699)7,434~SKj~

11,5377 ~4, 7

7,506 3,373

6969 7 506

Cash and cash equivalents consists of:Cash at bank and in hand 5,060 7506,

23


The Mill HiN School FoundsdonNoloc to the Imsnclsl ctsterrlouloFor Ihe year ended 31 Oecember 2816

a)

b)

AccouhnNG FGUcIES

Compsny informationIke kgl Hg Sctmal Foundsgm Cthe ctmN)') k Nmlkxl by gumantee ond~m England and Wehw. The roghtsrad adhe ls Waker Hmse,bittern Close, The Ridgeway, hgll till, NWT IAQ.

Geste of Propsrellorl

ttwae Nnenelei ~hove bean prameed in accardenca mlh FRB 109 fhs Rnandal Rcpcreng shndwd appgcsbh in Iha uK snd Repubic dIIS68ld' (FRS 102) Imd Ihe eqummenh d the~AN 20tgi. 1)te Chngy ia a Fuhk SNWR Eutfbmr tfeSrmd lry FRS 102

Tha Ch¹NSCN Ccmpany mxf ih Cubskgnq me a pubh bench group for tha purpcces of FRS 102and Ihwahm tbo Chergy dso pramssd Ns Nimncfd~rn~wch Ihe sidmrwni of~placcco nppicacm lo chunhw fuufxuhg Iturw nccmnls br~UNh Nut

Rnmidel RePtulhg Shndsld 59heble h Ihe INC end RSPUI¹cof kehmd fflw FRS 102 Chergev SORPL he Companies Act2000. tha Chadoee At!20 )1 snd Cheriyee Accounts )SU¹and) Reguhgcne 2M6 as mnended by Tha Ctm¹58Amxmnls (Sem and)~imo. 2)~2014.

The Nscnctm elelemanis are prepwod in ctmling. whkh le Ihe bcrcgond cunency ol Iho campeny. Moocha amounts h lhasa Nnsneial shtcuumh areroUnded lo liur rrrereBI IhoUcend prxsuh.

Tbwu: frnandel vhtcnvum cnr pmpcmd an Nm going concern basis, umler ms Ncxdcd coal coruenkm se mmiged by Ihe~cf nveshwnhend In ecccmlcnce wth ms~Act 2006 ena appacsuh aCmmmng suuxlwds In tha unied Mngdcm The pdndpl» ~pcickxh whchhrwc bawl spplkd ~Nuoughsd hc tvmr, Iuo sct oul below.

Tlm Govarncm tuwe sssessed whdhar ihs uaa cf Ihe going mmcmn baste ls~snd neve~poaabh evonlo or BSVNNotw Nial ncghcast slgnttcanl do Ar! on the ablhy ef the cherhsble 9mup to eergnue ss s going concern Tho~hmrs me da gh~hr 8 pwhd of stImst orle ysm Nlml Iho data of Imixov4I of Nlo Ilnsnclet clsimlcnls. In pa¹oulw thc guwrlonl hBlio~Ihcr crrlsble gxs5fs rxscesls eed~end have token account af pnmsunm on ha incwne. Ager rneklng enqukfm Ihe guvcruom have cendudad Itml Ihera h a memne!Ne~Ihot Ihe chsiNabh gnmp hes sdequeh rmaunes lo ccn6rme h~exlslenca for ihe csvstuth tvbss. Tho chadlablo tprumNiwefore eoncnuee lo adoPt Iha gcing cotwmn hwo In Praantug ca Nnetrmal ~Group foancisf Sarlements

'Bw GnmP ocmPrke Ihe MS HS Schaol Faundakm. )09 Hill Scheat Euhturtom LM end time cotuushh sgi4arcd ~tnmh Nnked ln Mi ~ Hit

Scbool.

'itm cvseh, Nsbgtgm end rmx¹8 of Ihe wholy owned SUOCMSm emweny, Mil Hil school~Umllea, ms mmsaidehd in!o Ihass Nnencidmnnuullm dstehr Ot Ihs~conlp !my sro ssl UUt Ie Nebr 20.

AN sdMM ec par Canecgdakxl Stslcmom d Rnendd Acevqov ROFA) SMe lo conhxmg CPcmaorm tlm~lws hkm Sm mrmmocm

under Compwdm AN 2IXM e400 lo cm Nile pnril tmd loss eccmuC Num the slstdmy gnaw accmsds.

c)

The Tdsl kmcsing Rovcwmo hr ma shercy In 2010 vnm 52522th pgth 622,339k) end Nm ~ lor Nm chmgy In 20t6 mw A113f2015: i61,392k)).

Income and Expendihue

AN hcomhg I!Ilrt~ !Btxsolm stir~NB orl Ihs sccnlele bmm, except wh5fc cthcrutm trhbut LO9edur Bro oocgxfud ie Nlct SOFA,nh&c Iftcr Chmgy bclrlg nolylcd trl 4ri rxpendkw dlskkugcn end Ibo wllctsd Slant xl Bwecnebir ootatnty Ul Iho hprcy b&ln9 rsmivsd. Rnunclm

hlllams snl mcognlmm wltm Nre Fowvkuim klcml e ieger Ix~obggslim lo dl¹vm cosh m mN¹ld glrerrckll mmcl lo l5wNlw psrty. cocleaf genending kimfs Biales lo Ms I st school Erdrxpdam ~ambhes~reicch Nmmmn chantabla prupave at Ihe~.

4)

No Slag cock are alfocahd lo Iho~mmh of Ihe Foundslkn bemscmmich en amrche would rml mmg h mxrledsl~School FmmSchtml hme Ihr crwhsd Io Ihe soFA when osu!8d orl srr scwueh beslo arid cosefut of chelgcc kl' Nlo Nnsnctrd pue cnrcng 3f~, Imra

hssemm end ~.school fess received irr amxmce me lecorduf ee liahilkm in Ihs ceemce shoal oodles n!!cooed Io Ihe shkmssd dkmncWocgvgtou h the yesr lo whkh Nmy mhle.

Expenditure~ie~to mrpcaso hcscbTN shtd Ori 8 rktrm clSt bags IX PtxxgosW sccoldhg lo Itrnc spud by sllrfL Tho IBUCOVWSI¹l Ihwmd ofVAT fs inchded with Ihs ibm sfexpanse lo which il mhhs.

School Matenal Costs

Suppeas cr gsrnm aqvtcmmlL bccke, ehgcnery smt eunmy sudsdals we UGNOU olf when ihe xpendlkm is Inmmmk

24

Annual Report of The Mill Hill School Foundation —2016

The mid HIS School FoundationNotes to the financia statementsFor the year ended 31 Dcecmbm 2616

Hefcement benefitsThe Fowldahon conlribulw! to:

s dcimed lmnedl peregm ccfleme for lescsmg sbdf M dm basis of cnkgnrgM mice ~ed by gm Taashms perwlanc Agency. As daccrmml

m HaN 10 0th dclrwM IC accounfM for 8!8 deb!art cenlrlblrgor! !chaste, Ilelrlg Iho eimeplfml parmgkrd br IAQ I9 hl' el selnplmm e nlrnwL

' e dab!mt~9feup pmwuwl petwka echefM su ncncMC«fr!9 slag apfxovM lry the Golmrncm, lrrrd

~ a number of lonnm stat! mM an unfunded scheme et rehw cpproved annually by Ihe Governors. Ties scheme is accounted fw in occommce with

Fits 102 lnl s dolfmrd benels schcnie, whereby ~I~ QabNY I~ rswxmhod an Iho belence Irtrecl end chengm! CI me scbsrg Itonl ptef lo ycef Iuerecognwed m Ihe SOFA.

h) Tangible Fhed AscelcAy langibhr fined accefe fwld by Ihe Foundaiim mo mr chwfkdm purpaesa and ars shown In Ihe Manm sheol al cast less NccmufsbN d~end sccumwued impairment losses, with Ihs execpgcn rd buMings, see nota 2. As acsele Nsfrng more Ihan 91,000 we cspilscsed, those oossng less

are wmhm cg in gm year of crxp&iigen unkwc they form perl cf a brier fxcpwx D~ is mamknl M ec long itm lixed scuds on a ehslgM IhsbaNs calculetad Io wrlh! Olf Ole cocl over e!M 8xpoded ONSII I!vile M f09owu

IMO WKf FIMhohl plpertiItfohr vshidssBxhxea and smng, Fumsum arm eqdpment

rwl deme datecl20% Ix!rsngcc Som 3.3% lo 20% pe

Lrmd WN Ixmdously dcpmc«SM WSMn Ass«md prcpwty ss may ma nm separable fmm beehold pmperty due lo Ihe hhksfe mdme of gm CTe and lem

of specisc vatua6on to enable a epic to be etennined between land and fmehold pmpwly elements.

The Mmml School fnwhmd land, hcmdcd in Ihe Accmmls at a cost ef E33200 is rut depedsled

Dudnp lhe year Ihc Inmdcgcn has chanpsd Qh ascouugM esgmafe end txuwkfM gial bogdnN cbmcd rm kmger bsd~. Dn51 Ihe year emfed31 Dccambm 2015 Ihe bdkfngswme ~m a rsN ranghg liam 2% lo 5% per mmurn.

ms pagcy ws be rrrv«INN each pmr Md Irlhms ms indus!Cna thol~ws no huger ba~or Qfima we mry kxycrdkMofhrprlcras th8 poScir ws be chrmgM,

The ccet of freehold pxrpody refxsMM Ihe hlstonwo value recorded in cw books of me Foundacon consisting of 915410, the vakw placed in 1672 on

Ihe Iced Old alkytlge et QIO 1669 Liow F~arid gro Ml cml rdm«NoM fir!re fiwt rkm! TN« nrinol eewepmme, Ihe wfrole oil«a owule5onic

peperfi! h Nncd ror~uce end 5 w ncc~~m asesos fo casa ke wmers value whkh mmt naccNMIY «ge account ef eNrcobfdkm pswlx cll ~ rcfiaM e 9mwrld bmh ofvlfiwficrl 0!act arulahk!. The Innaenco velux cf Ihe~Is Egs IeIk.

The cost of yrs sabha«i propmty dose mrt lnc«Km My ceplfeeM kismet orl mrlMeng cosh Nfawqf lo cpccdh plcfach M Tiw FowrdNel CIWMerr

nol lo caplhSN Ihlc.

'fhe~hw!~8 !off!9pokey rd SKM amah vemlceaorL ffccawuM ~lo sxt fixed eeMt vchms Nd~WNQM

have Mmn cwded out when mg Swd cecal «M beer! Qapeeed ok ekhsr defog IW emected umfol MS srsmr 5 has been hdy~kf

AC assam of Iha~ms be«i tm henlahle usa wfdt ma~af lese kaid by WI HQ School eforcdmh

lrrve8lrrrcrlte

Invsehnnla ms staled al mar«el Miso sl year an!I. The GDFA fndudM nmgvmf and unmsgwnl gains end losses Sddng horn lho rmslusgon ol Ihe'ewsmnentc m ew ywu.

StackSock cowdaW ol~end 9 valued et fim lcwm ol coat ar Mt Mmsshle vmxe. schoai lxxAO mul ma!wish ms nol accmmhd for as skwk for

Itm purposes of mete accmmts.

Csch 8nd cash 8qtrlv8lcrrtecash and cash equivalents indude cash m hand, dcpocfic held al cas ufih banks, other shat-term lmuld wveehnents with mim'nsl mslurifies of Ihree

nwdhc or less, Md hank~Sank orerdfcfis we!Assn Vrmirr xxrcefsN h! CWIent thbfigm.

Financiel A!setsThe cmnpasf trna elected Io awly Qia~of sarsen 11 'sade Finendel lursumorm' on!I sac5en I2 vfoer ykwnaal l~ issues' offftS 102toalf sf98 Qnandsl Ins«WMnta.

FIMndat aecele ws~In Ihe ccmpsctm CbrfcnKM af Snandel poawrm when ma compraw aawxmls pwty m Ihe~~of the

nmfrdel euu!Sr em clcNIfied kdo eplrcgcd ndoporfM The~depends ca wc! I!stole and purpose!i sto srwrclel iwsem a!Id II!~at Ihe line of reeognibon.

smdc IfmaKCW acwdh which hdude trmfe arN dher esalvabfea and cook and Ixmk bsmncM, ere iniyeQY mmwwed al IremmuiM In!ca InchdingIMW aNM coals mm are~corned a!amonicad ccel twtn2 Ihe efrecfivs irccrod megmd, dnlesc tha snngwerc conc5«AN a burningIrwwsdiM, vdwm fke eMMCNO ia msacurwl st Ihe presacl value al Ihe fldwa rscdfN Gwxxtnlml al a nmkel rale ol frderecl. alter fmendal ac!ehdeca!Sad ac fair value fiuouph profi or loss ate mascunxl sl frm value.

Los!re cr!d !Seervrrhroc

Trade dsbtanx loons wlc alber sea!vs«M Rslhsve Swd ar~papnems Ihal me nol qfohd m an actus nvuket we~as teane andremdvehlee'. LOane and aceiwdum ma maeaunm st~Wml ueing ma OIIOCSVe inmrestmapmCI, kme My Imyafrmmt

bdmesl le nuwgrdmd by oppkcng gw elmcths Interest nmr excmt lcr elwrctenn ~wlwn Iho iccrmrcscn ofhderasl wmwl be cams«KN The

elfcelhe interact nwpwd h s method of calculadng Ihe ammficed eccl af e debt Inctncnenl mm of a6oceaN Ihe Internal fnoeme over the rekwenl

period. 1«salfadha krbmnd arh is Iha mle that ucacfiy cgcccwnh OtckMSN fldrM cash recckxh guough SN mgedod Sa ofthe debt irwtsnmN lo Ihe

IWI rmryhg enloufrtol! CINof N~

25


lhe Mill ¹IISchool FolmdstlonNotes to Sle Irluelcmf ctstenlcrdeFor the yesr ended 31 Dewmbar 2616

I onlftrlw1 Uf fkrsnclcf eseelsFelwldS) noselc, Echcf thee thnctt hekl et felt VBIEEO Suougi ptnll Slid lom, eflt WINMwed Ol' irldlCISUIS Cf Itltpeltntcrd Etl retch eporlbl tnt tl UWCL

Fewldef emote me Inftcked shwxt Ihwe- U cbimgvs evidence Ihel, ns Et Iawtl cf erw cr MoRI oveltsr Ihsl occwtrtd clef Ihtr (AGCI rsrxqprgnll UI IheSands! asset Sm eel meted futum cssh luwe have been agbdnd. The Impskmwu loss ie~in pmw w' into.

m)

i)srecoqnsion ofgrnancfsl oscarsBnwcisl cccels are ~md only when tho conlractuel righls lo Ihe cash lowe from Ihe wwat expire, cr when il transfers Ihe Smmdel asset and~BI 'Sm Ifsk0 eIMI AINwdc of~lo onnlhw wl ay.

Financial lsbilliesgecm snancw tutbgsss are mosey measured m esncsdkm pdce, wdeee sw~ecnotsutw e owndng tnmcac6on, where the debt

0kumwlt 10 Iseeweed et Ihct proem s ltektc of sle slkmr Iseel pie Egccmwled el & Iwlk et Isle ot irdclceL oltlcr cnnsdw sshgaw msletlkm es fsl' vsl tie

Sttough proll or loss are measured at fair value.

OIIUU fkmscfaf Pshffllfee

olher linancial rtsbsdes, ste inmely meacered sl fair value, net of trsnsscaon coals. They are subccquenlly rneeeured at amortieed cost uclng IheCIOdlVe inluutt mogmd, With Inlmeet Wwence~On Sn eileslve vicki basic.

ltm olMfw Inhxlxlt Itlwlod Is 0 tscslod of celctmmlg stc emwllccd cocl of 0 lAUtdcl itehlmy end af~IAICAIRI expcflse ovcf ste Ielwenlpwlod. The egsdhe inlmest last la lha nde lhst wwuty ESRCUMls cnemsted lsure Umh psfmsrle Ifeough Iha cxpechm we ot the snancbl lleblily lo

lho net canywg emwwt on ingot mcogvgw.

n)

o)

Dsrscoguipon of gncncsf lfolglgesRnancial liabililes me derecogniced when, snd only when, Ihe compeny'0 o¹galons sre dschorgcd, canceled, cr Ihey expire.

Advonced Fee Payment Scheme

Tlw pxhtanred Foo Feyrnent scheme ~m me Auhtmn Tenn 2IRBL unaw me scheme parerna enter into 8 eonkact lo pay 6» Foundostm andnflrwe of 3 Toelw (olut ywr) sed o RSAUIA of 42 Ttxnls (f4 yrnw) hcsoll fowt IEI wivarlwx Ths tsvcoutw giwtft UMI lut advene¹ F8Rt Fo)nwuschema we~on me gnmnce ghost end BM be mshm alf over Ihe we ef lm mfwenl admncs ps)mom 9 per(km ef the tvrsntced Faopo)lnwx smy ho mbtlwd Ietdm' cpocilc mnl¹UAc (mct nofe 'l6 (d) of doing).

EUUltv in EoxtseleGqssy nvsumeno iscued by 0m compeny Exe reccvdsd at me pmcseds received, nst sf direw bsue cash. Iivdends peycbla os equsy wtrcmctw ero

~s ls¹lfessnwr Swy ms no fongeratihe dicuefon ol the company.

P) FUndeTlw Trust sufntairs Our lypaa ct fumk

0)

reckkfsw sowe Ihe pmpeee CA whish Iha fends may he used have been malrlded by mxlore.Illemlddsrk INhme IUndc ele fm Iho Illa Ol Ihc GwwnoAI SU llo gcnetw pUIPCIOC Of Sto~sndowcw wl~fUnd lo gclcrols Itluxno fÃ slo sires Trltct Fltndtk Slo Inoeatlng IwoUtces loin~tUCEBIOIB wlltcbUL

ectgrud¹I timde whkh have been olomwd kx a Npeule purpow by Oe Cmat of Governors.

900 AMOR 18. 'I 9 eltd 29 ful dskdb Ol kttAW Irtsvomertlo Of rtxlds

(mmesitcntsb poysme lixrtt opsms¹ lasses lc cosmead on a sualght linn tmcts over Iha lmm of Ihe relevant lasso. intlal Esretd axds Incuned In

nesngowg Cnd onsngfw on opcmlng leece are added Io gm eanikm wwmnl of ths iwwd asvM end~on e wmlsrd ibe ixmo aver Iheloses farm.gse nota 26 for delslL

T~ honeae era Arctnytbsd inmsrlalely ac an oxponw wbm me company is demcrwknbly commkkm lo bxmkx¹ tha Ompm)AUW of sncr4iciee Or IO WOvNIO~tmnegtk

2 Cnhcal accounting eslimeles and judgcmentco ms eptdctdem cr me ~s acenunrtng POCISMX me councl requked m moke ~,esgmww and~clmut gm canyirwmnounl ol scsetc and Iwdgse lml wo rml rewlly nppontm lom olher mwnxm, Ths Otsssdw end osxowdw ~wo based an hhmlcwOrlmrfwlm and mher fecwm thai om cwcfdmed to be mlevenL selusl resole nmy dpsc licxn lhasa Osscxdw

The Rtftnntw and~vdlcn here 0 wgndlcent Ssk Ur ooucktg a mslmisl or((twbnonl lo gm cenyktg amount at eaRew end lls¹wec meoulfncd bekm.

26


The Mill Hill School FomdslionNotes to Ihe fmanclcl stalemenlsFor Ihe year ended 31 December 2018

CIIIICSI fildgslllentc

Useful economic lives

The amuw~icm9a hr prcptuG, planl sml eqdpnwm te amwwvs to changes in dw es5numd usalui aecnomlc Ives and resIdual values cfgls aseeh. The uaehd eccnmnle Ihos oad nNMual values No~ennualy, They Nn nmemfed vilwn nacssswy lc railed cwnmt osgawwnkneed crl~~I,lii&lla ~,ocsnontN ISSCSSCA inai Ihs ptvpncsl coaN wt ofole atwms H 0 depth nslkw is charged cnptc Itvggngh wtlch conciliihw s ch8llglt in cccUidlllg pcltg ssdescdbodiil ilclo Ui, lira blwkies nincakv ai8t Imectmimt ki Sui plcpvuam isNiblckus lo cgluit my wast slid low Ihst iwwld !Icrcscs die vekla cl gis bogdbcN Thl!I policy wg bc tutfantm each vow and if Swot aie~Ihal~wgl no tongar be nnwlorwl or il Ihwe srs any inbca@m of~Ne pohcy ssl he chsngacL ses nets 12 for Ihe conjnpamount td the moperly, plmt md equipmenl and nde I thi for the usahl eccnondc lives for each class of wwec

RUCOVCIUMe VeiueOffea dabtOra

TIN cclpeltf iAekeo sti cegiimle cf lhe~ vekie cl !retie end odist' dstdoie. Sawn ~Cupdmwhl Id tAsdlt Nid Ugiw dcblntu,~consMNC Mdera ttcasgng Ihs cnnsnl GNN nNng ol gw dewar, gw agekg prcae cf dehbss eruf DNNNal erpcdence. Gae rwla 10 for

ths lief cslvfh 0 aalwmt UI tfut dsblms slid INsodohld lrnpwnmht provhftm.

Pfoirlelollc

Pnwkims have fieen made fcr prcpwty cenbncw, ~,nwtruslwmg. FcrOCIAICOFAml benegw snd~mdreln Thl"-W~nm

osdltwim ond itis imbed ccski slid Ikhlng ct 0IIUIO msh IkilN we~wt ftwsct ditctds. Tint INcANco lwkmell oitpeale6oiis efid Sut iwbiel

futum lisbigy wg bs accounted fcr N Ihe period when such detennhaSon is made.

3 GNOME FROM DDNATION8 AND LEGACIES2016TotalWcco

2015

5000Donagons snd LcgaeissIkinwldd8d fUhdcResaicled fundsEiidoned fUhdcTotal Donsfians and Legacies

4 INCOME FROMCHARITABLEACTIVRSSchool Fess~FuhdsGnws lessLmw bumades, schowrships snd discountsSubtcml

fl 16MN 36110 3

~RtiidsL8$$ biaceil8C, schclsialilps CAd dl$ctueilo

Total School Fees

Other Educadonel Income~FmdsReglsk80on feesSbtth FotmmlrySiiltdfit ImxmisPupl Oub Fund receiptsLate RoomSchool TnpsTotal Giber Educsgonal Income

Total income fram tmanvoblc scuviTws

17019611941

325

13419

1621936

456

5 INCOME FROSI OTHER TRADING ACTIVITIESTradwg I meLhreslridad fundsMill Hill Sdwd Enlerpdeee LmiledFcm - isle pwwgy chargeTotal Tmdlng Activm!ts

41114

2016Total5'000

2015Total5000~Funds

Interest receivable

Resurge FundsDividends on inwwlmanls 41 43

35 42

41 43

Tolal Invostment Income

27


me add Hdl School FoundadonRoles to Ins geenclel otelornerdsFor Ino posr ended 31 Docondau 2818

7 ARALYstgoFRESODRCESEXFENDED~on rohhg gauge~readsghat slag cents Igocoud uc

Tradrag~2818

Totalgeee

14$18$

2015TOWEdm

151158

5185

512

Total~on raising gnde

12,857I/27IP43

11,4171,2301,180

Support end~nnh egocaed IorTeactaegWelsuoprnolees

Total cluuhddo spcodgnh

Total oasotucos oupcudod

Idsd$21

3,585

2,$1232$287

1,547

4,018

26


The Mill Hia School FoundsdonNouw toom Nnanckd sudeswsneFor use year ended 31 Oecember 2816

0 ANALYSLC OF SUPPORT ANO GOVERNANCE COSTS

Genera0ngFunds Teaching5GOO COOO

Wepanr PrsnlhesCOOO CM0

2016TotalCOCO

rnpkrplcre cocleTelephone, postage snd ogice expensesMarke0ngGcncslll oxpomcnparietes lcr daub!hi debts (Ww Nree 18b)Irderest and bark charges ps)ah%Penslml Valseewl cherlgeGommwme casts

32110

10

11(2)I

1,294433

(5)

(54)

146493T46

52(0)5

127433340

45(5)4

IA90536411502

(5)sea(67)55

GonwsOOO 2815Ftsnm Tending Welwre Pnmlaes TotalE'000 COOO 6'000 0000 Caco

Empkhment costsTahphane. stwhge end naca oxpctxsmMsrke6ngGensml experwes0Nnisien fof deubtfd delis (Oee Nota tax)Interest snd bank chwgss psfsbhPwleion v8lsiabon chango

31117

10

1,176

(37)

(20)51

128442042(4)35(2)5

123422741(4)34(3)4

1s450501322476(45)405(25)02

Govsnwnm costs colnpwmlAuditor'8 nunatak - auditAudeor'8 nwscmam - oalof

xp8rleceLiabgily Wwsmme

2616OOOO

321013I

2015

3510e1

Audyony ~- 80ICf, ltl 2010 slid 2015 sllmgy Iekslas lo ah~ tovlwV. This tntw Audhcnf ~far Ihtr~~wluahe at vA7 smn 546k (2015:650k) af whhh Glk mlews In hM Htl gchool ~,es nhcwn in nwo T.

Iso cevrssnc lease csst mevnssd m the sccovms a Ellsk (Eosswsstk)

9 PENSION COSTS

Taechlsrg 0lstf Pcnslotl Schetrsc

lhe Schoal pmlfclludss In Ihe Tsechms' pcmhm Scheme (Enghnd end Wake) (lka Tp5') far se taacwng abdf The pensbn dmga for the yearbniadae mahcwlkm paydws lo pie TpG ol ct 423k (2015. 61 100k) and at Iho yeercmd c205k (2015- c1040) waa «nnwd in lespect af~to this cchemo

The TPO le. Im nfundad ~delinad benswa pmsion scheme pavematl by Ihe Teachers' Ptnuhm Schema ~20(4. Msmtwrs

mnksule ann 'pay ss yau MF beslswSh canblbu6ans horn members and the ampkoar being dosed lo the~. Roamaum and alber pendon

twnews weppl Iry puWc kwds pmvtded by Pwyamcnt

llw srnphyw nlrlbu5m rale ls aai fnpowlng scheme vakwymm ~by Se ovwnmant Aduwy DcplmenL Tlw label valuadcn repmt In

respect af lhe TP5 was papered al 31 March 2012 and wsv published in tune 2014. lisle mporl mnwmad Ihet lhe atnpkbm ~rale lor Ihelps aig inwmw» from 141% lo 164% ashon0% mcagniting Ihsl umchlng estet0shmsnls wmk on wl acsdcnm and ntf lnlmdtd year. Ihe~dammed the~ot luis Inorwsm lo I Sepwmber 2015. Empklyem ln sdd5an Smn I~2015 pay a schenm

Imysf 0 00%cf Ihe amplostm' eahsy costs wtrich ws incraemme tats amp!oint pepmml rais kmn 164% lo (640%.

lno nod midas m ths empwyer ~mte h nat expected ks bws egect uns 1 April 20 10.me wg Sdlow on Oom firn nnst sdswstd vawegm

which hr dne nl 31 Msnfl 2016.This vshndcn OS Nso del!nlsirse Ihe opnwl9 babssw of Iftc cost cop hsnd slsld prtrvlde IIII Imslysfs ofme ccot clip astetymad hy Ihe PukfiC Gsrvlce~Ast 2013.

29


The Mill Hill Schoel FoundationHone to Na Snancim sod emumsFor the yesr ended 31 acefnhar 2O16

Dthar Pension Anangcmenls

In Jenaahf 'f893, s Money purcham, Gmup pwmmal pcnskm Scheme for non. taschhg slag was eshblhhwf. Mgmy, Swee svw'lehe lo Snxm ehowitted lo iohr orlon s we ycw Nlugfhg plulod hed pmeed. SI Ape 2002, Ifnf wm Iuduoud lo e Ihlco rlNnlh Uwsttofg psdod. Ihh railfn6on In

fvotfyke perM sgnaed Ihe Foundcfkm lo be mnmrcwl acm ea mcfdmmenl to pmvtde a smkehalder perwfm Scheme au acquired by ae~The lais) cast lo Ihe Foundagan br the Gmup Personal Penehn Scheme h 2010 was 519% (20th U02kk eufendtng sl Sfe yowuufd

625k (201St 526k).

h sddfkux dw Foundshm hm unhndsd Uenehn nsnpsrneflla, uhdt nave bean clcesd to naw nmnbera mma Decemler 1878. In 2007, byaxcardan s su~ penahn payment wae alaWehcd by ON Gaud of Govsrnum for cme ra!Idng member or skm. me untbnded psmhn~begsdwm el lhasa~csI for makhg snnuef pepncnh lo seven mtked mamlws of slag (2015: nhe mhad mcmbsm ot ekdg which aredmgcd agahsl nwenue In ilm year. psymerds h~h Ow year wne EOI}k ggt 5. EON) snd a nxlucarm in Ihe vahe cf Ne (if@thy of %3M

(ISIS:hcmasa cd Ihk) have bean mcognlsed hen year. In Ihe she nce of s formal scharlal mhwgen of Ibis scheme. a fabhy ovtvcfom to the lehstsvsfehe slnuNf ONChsss vsIUO Iles bmtf ecoomscd fff SN belelec ahmt ol $ 'veIUc OI 52(ES (2015-026$I).

10 EMPLOYEES AHD TRUSTEES

s) AINIvcfs of lolsi rnptovm coats

Selwlss slid wsgmRedundancy and sealemenl agream enhSocial secwh/ cockrPcnskm costs:

Mtnsd nenes cchemesGabled contnbfdon schemes

Gnrlfp20(6F:Ma

13,49833

1,349

1,423190

GreUp2015VXl0

12,629

1,115

1,196202

Scbool2616

6'oeo13353

33I344

1,423195

School2015Et)00

12,513

1,1(N

1,196199~d and agency slalf

Omar forms of employm Senses

601 15 142 'I I OIT

Gnnfp Group2616 2015

27 2211 7I 26 42

II

I

EM,MI-ETO.MOETO,MI-E00,000BIO,M IAS0,000E90,001&100,MO5I0000 Id t I0000EI 10,001&I20,000EI80,00IZIM, OM0 ISO,00 I-a%0,000

nploise cmNI erc nppoecved INIod elr shs selodos anom ~Acdvtthm coxh of g el me 0rig ltfflde sed hsdhg cwNI OUN! 8f.

b) Employee coals

The rmmber of employees whose emoluments excccdad Blgk mne:

Ite Panshn wmktbfdcaw ror hexa mnphyaes uufar mOney Purdeea wm Eym Pats: Efao) ard dahwd hensgt sdwmos vme 64stk(2015:9353k).

c) naemtp amndcv mmbar ot emplumm (fuecima aauualun)

Teaching ctaffUanuaadum xnn

Group2016166176

GfoUp2015151164

d) Truchwy fuftencm arid Kuy rlunnlOcfflmt pcmomel

4 Goveuum (2015:4~)ware nmburead hnral expanses lnhgng Egk 12015:Sck) ond no Govvxnom nwekfed any~kl Ihe yfm2015or 2014 Tnwlaes' frfdwnmty Incurmna COcC 6798 (2015 9783).

Ibv/~pmuuwm Slcknkf ttfe Govwnolo sffd Ihs mwctkn!s. The tohl nfmfbcr of 1m/ fnerumcfrNrlt pwtonnd emfvlffg pey arfd bcfuihe lu 6(2015: CL Tlm inlet pay snd benshs feaelved by key menegsmmt Ionwlmal Ivere c72ek (20tsf Eftdk). pcnskm ~ fahltng In Ihe aeynnnagcment psmcsnm om E117k (2014:6115k)

30


The Mill Hill School FolmdsdonNotes to dfe linsncisl statementsForum year ended 31 December 2016

TANG)BIE FIXED ASSETS —CHARNY AND GROUP

CastAt 01.012016AddITIone

conshUceoh UrlpfslsOlspwelle

At 31.122616

Land andFoldPrcpcdy

6000

40,0151,2I)1

24019

(65)

Fefkccs,Fellngs,

Funriture. ~Equlpmsnt fn Program

5000 ADDD

87)371242 1,399

(208)

TotalCDOD

47,6923,061

(273)

Depmcisdon and impakmantAt 01.01.2016DepmdaOon chafile forms ywaDepreciagon on dispoealsI palrmsnt

At 31.122C16

Nct boo)I vsIUCAt 31.122016

At 31.12.2015

0,125

~et25

31 890

172 ~3479 11 T76

22 4,392 1,399 3IL004

54 37eg

186 3,040 I I '19 630 65T

(33i i207) (240)

Induded nkhin Hdwaa, FDOnga, Flmfgure, ~am gnnn assets ot 524k ami~ol 524k rebDI» lo MP HP School~ljvfhg anl Net Boalf Value an 0face~cmwls. Sas Nom I (h) fw rehserwe lo Iha msrhlt value ef Iha freelwld properly.

12

13

14

s)

INVESIMBIITS

EII!hWeelnt FieldChaflb8s OMclal hwccbllcm Fwld lhconw IevlsIfwionc Cwn st Oecemtwr 2016was 5706k (20156776k).

Opewng be)enseUnrssesed gslnf(kne)Pulchesc of Irl fhncnfsClosing bsfwwa

OAP)TAL coMMHMENTD

Capital mpendiiurs aulhoriced and conlraded st 31 December 2DID: 5 nil (2015I 5 niD.

Fmancisl fnsuumcnm

Cenying amount of financial sscete08ta~Ihe8UI led et whwfww cast (hebr I0)

Canvinn amount of financial liabrTdiesMsscunM at amolDsed awt

DEBTORS

Fee dawns Fwl ofdoUhtha dslwl plwlswn)MN HN Schaol lerpd!esOmar debtorsPICP fiendsACCnrad ihuahe

2616GIONI5'960

2010Ghlnp

DVIOO

165

1737463

2D15GIUUp

6DDD

2015GreUPCD30212

Market value2016L'660

I,IID11419

1,242

2016School

5'ODS

2016School

5 Nnl105132

10374

Fr

M8rkel vslus20155000

1,102133

1,118

2015School

GOOD

2015School

5'000212

5138

22426

b) Phwlclon for Deabfiul Debts

Opemng OskvweVfhhoofh Io plovnlonAddgcn M provfmmCioslhg Balance

NH0ETPM754(115)

Scnew 8Grtw p201500(D014(115)

31


The Mill Hill School FoundationHINse to lite ftrtrtrtcfsl stetcrnatleFor the year ended 31 December 2016

16e)

CREDITORS

Amounts falling due within one year

Bank loanTrade creditorsCNher auditasTaxe5an snd social securityFoes neeived a alvence and depccNSAcauals

2616 2015 2016 2015Gnnm Gmup School Schod6%M COM BOOS ROOO

692 ffi2 QI2 462Sffl 235 548 235354 352 350 342ffNI 373 397 350

4070 3,133 4,976 3,133454 425 444 420

S,S27 ~SM 4,950

Amounts falling due aller more than one year School 8Gleet

20165%08

Schod 6Gmup2015

ROOD

ct

LoansBank loan(Nher creditorsFees rftcrdvW In advanceDcpocNs

Matey of financial liabiMse

In ane yrmr or less, or an demand (2016)In ttlree !hatt Ons ytW, Ieli not arse then twn 'foresIrf lfttsu Ihsrt Iefo yaws, but fet lnraa Swl Nre yawIn more Ihan live years

b,aso 10,53S

1,0931,430

1,3031,317

~13173 ~552018 2015

Rkke 60006,527 4,9801,961 1,6753786 33247426 8156

f(77(gf~Tlw Faetdeaort itsb beo loon fscgaee nsh Netwast Bonk ot R2,5M,SM sml Rs,ae,DDD. Tha loans es mpeysble h quarlely Ifahbnaw cf 560,539atd 6101575 pef ebum nutpocfwly Ths eelutay dolce td ee tacNNae om 16odchsr 2020 and 2s Acgwt 2034. Inhcest on Iha anwvnle dawn ledmged al a nNa Ol LMOR Pke 225% On Ne fea IOen and a Bed mte cr 225% en Ne aoaana,

Iteasel chsfgsd h Ibc ysw oft enouah drawl totldftld 572k s ltd E3OI (201ih 6'18k nrtd fd) ertd bc leltaocs ~9 Ol Nrc ltrasncs sivtst df4awere I2,367,399 snd 65,937,870 neoecsvtvy.

The Founrkem haa a ken tSCBiy Wh A fled Irhh Bnm Of RC,OM,MO. Tte ken la tuooyrdW a atnrfedy i~ ldld'atS 1200,51SPar aaean. 'fhe

mehlrily dale ef Se fscgly is 31 Oemmbcr 2I)23. br least on Ne omounle drawn h derged sl a rale ol 420% per abetsetlafast chsfgal h the year an amount dfawn ltNaged 6120k (2015; Et32k) and Iha balance~et se balance elteel dde wes 62236252

bt Awud 2Df 6 Ne Foundosw ~a bank Icon redNlr lor RTS meson, vsh 2 years iraaect onbr charged athena piss 2B% liam hNlol

dnmecrm. Wnveeng h a aesal and INmeat IOon 10an edgy OOmnmed keats neeWng T yeee Wbh Iraaeat Cheged el lees phe 2 4%

At lho end ol ihe tenn ee amhmfsng amount due unde be hsn wg te tapoytsw fn nd ue e ahga payment (64.0 neon) Any enount net meanwhth Ost 2 yeas fnm Iho cwe ot ht5al dnwdonn ches be deemed lo be cauwsed and uwvoosbe hr dnnrdnw At 31 cocanba 20f6 ThaFoondaSW ha not dnssn agdneL Ws bonk loan fed ey. but p Iwe lo~ln 20(7 as Set fawrdng of btddfe ptu(sch lasfbtc

s)

Aller 5 yswe (2022 on)Wtbh 2 ln 5vsse M010.2021)Vdlhh I to 2 pere (2010)

yirNn I year (2017)

2015EDM1,809I 296

2016GOOO

1,826

~2119

1hs balance meesanh Ihe acaued IlahlNy under Ihe contrada. Tha~durln9 Iffe yau san!

Babece at I JamttuyNew eonbac h

3 'ID5

(1479)Arrteunls frbllsed lrt petlrttcftt of foesRclteylrtwtSohrwe at 31 Decender

Induded withinthe mslurliyofNnaefallisbihes are amountsrelalingto depceNC.

AdVenOSO Fae Scheme (Oee note 'I h))Advance Fes arrsenh are induded ughln fees mcdvsd In «!vance,~ae nacaeary bdwwn due wahh cne year and mae Ihan one year.Assurang puplh mmetn in the schod, advance fees will be appNed as ioNows:

2816 20151 000 ROOD

186 130ae 633718 539

1993 ~t773 624

4(BB t"(2(f

32


The Mill Hig School FoundationNoun lo Ne Bnanckd slsuumndsFor the year ended 31 December 2016

17 FUNDS IooyEMENTSAt I Jsnuay

2016I'000

Incoming Resasceslesoaces cxnehdal

0'000 5'000TfehcNls

0000

Go)hergossesl

6000

At 31 December26160'669

ndowmeld Fends - PcnhcscM~,Rlzes 0~Tnnl Fund (note 13)Total Endowmmt Funds

Reatrbtad FundsTrust HadeTamani FundGemini Art PrizePremiaa FundBlemry FusdABC BumaimIMI HSI ScienceABC USAABC IMdicalAnnual Fmd Wl HDAnnual Fund BelmontAnnual Fund GrinsdagHong Kong FundRugby coachfzgl assayWMlehhsd BaearyOumy BroomyIndia dcnelhnsNicaragua dcnaamsMeokss RasayBskhdntMngeyGrirhsdeg SdenceZernbu donagomEsentaTotal IMsbfmed Funds

Umesbicted FundsDaegn sadOtherTotal 1NstflcM Funds

Total Farub

1,118 1010

1741115

1I

151I

335D24

1

15

54 (70)1 (6)

117152

2125

173

25

(127)(94)

&23)(10)(20)

(21)

(3)

4111282

(15)24

615

1D3633

(31)(6)

(Zi)(46)

(11)(36)(15)

(30)

10 (13)56 ~50

642 ~610 ~3378 11

~25 540 ~25 692 ~5425

114 1442

1596

151

(I)209

22452144

15

3(12)

001

496

At I Jaraay2015SQ00

slmlnlhgresmhcee aspen dad

0000 5000

Gainer At 31 Dsoembagosses) 2815

CXO C960Ehdowmsm Fmds -Permanent~,Prizes 0 IJnlwaslly TmaTotal Endowment Funds

Reeuimed FundsTnlst yardsTsullsne FaldGaninl An RlmPlelacss FundBumay RnaABC BunarleoMill Hig SdenceABC USAABC hkd'mslBcknont Science BrikgngAnnual Fund Mgl HBAnnual Fund 6elmontHoflg Kalg FundRugby coocanMbursayWisahaad BunnyGussy Dummysidle dora!tonsNlcemgus dlnulgohsMccture BuleayBakluintNinICTGrimsdeg ScienceZembb donagolwTotal Restricted Funds

Fund &lxae 13)

186141522(4)

161703245

14

15

68 (69)3 (6)

I62452

1154

161

(57)(55)

(10)

(1)&6)

8111645I

(13)2

3648

3322

(70)(9)

(40)

(11)&34)(24)

7 ~3

1,102 3

&22)

(71)

13 1,118

1741115

1151

3350

241

15

41112a2

(1gi24

DesignatedONerTotal Unlaetnclcd Funds

Teal Flags

173 18 (111)25 305 ?3 181~558 23 197 ~3934

23,603 &24,340)

24 917

13 26,549

78

33


Ths blig Nig School FmmdsdonHearn to ms bnesmsl ~For ths year ended 31 Dscsmbw 2616

ta Fuffos DETruks

The fdloning is a sumimsy of Ihe cdffns and purposes of each ofgm Funds

Endowment Frmds - Pslmsrwnt:Thr~.Frltes atld Unlvmsgy Tnnd Funda cwnmiee these sepalch 7rusbl ebhgrtum by way cr dsnmons lo pmvme gnsnnsl eesbtenca ln

Ihe Rmndegun'8 Pupga rmd bmler puPgsHcmrfcssd FUlldsrThe tbusdctm Fimps em~by cash at 2400k wm bwsmmwm of 612424 wihn Ihe Ehdcwunh Fund b 2016 P615: cash Eff¹kand

hvestmtsts Fl, l tak).The Tsunami Appeal Fund was esbmshsd In 2005 es s result of me Bwdng Day 2004 lmsmml by way ef donaaorn lo fund Ihe educsfion st the Sridsyermre Echaol h India, unct 2015. of 11 clffdrsn wbo hml bean mphanad by Ihe lswunnl. The 5d dayeruM 5chom Is one af Ihe FormdngmfsOlfsnmss ~Bchruhl sruf ws plsrl lu rdflrUO rsd slippufL

)lie ofnlcss FENd sod ANIUCI FUlld wamestsbhbM bl 200T flour~Amwb Sl BUfpud ol dls Sdecsdcmff dewiloplnl!Cl ofblc Fmeidldhcr.

DmgurureypundwmeshbcshMh2Mrbom nddaidiff AI5vgyhp khbrwhddwmprmhpzhmmepowmm . mafrsmbb dcgfffa b

psimlcllt flmihg dgtrerlcmIhe Gemird An Pnte b a fund~h Sfffr bam a ekffle donagon liam an Qd Mffhggen fnmtyio prudde an nrsued mice in AL

Tlm lfang Kung Fund wes ctcbgsbM In 2M9 hr the support of Hong Kong ibbad Iou)ucb.Tba Ovoey bmd is b debdl due lo tmtmord gmlng~Tfmisfws filMC lo s iipsukUm Ifpeh! Oil Reel! Arrests BIKI Issclshg Cmbi plum duUmoetdmed Funds

The nssipc sled Fund wss sslsblubcd in sM7 fmm andrsidns scmmas lo mpport Mie Hill school Fsun dstbu's sdumtloun suds mn ore domlop must pine The

Other wumuhfsd 425sfbtk «isn at 33December Mtdr 525AICSS robfm mtbs Chemo Galh 53LMN) end Sbbb rolslmlo SNI Iff I Sdwol nlsmrhsi @me' SI48)

19 AliALYgm OF NET ASSETS BEIWEEN FUNDS

Rmsl assetsImnstmenlsNst cUfsmlt nmcbLong bmn Ihbigffm

UnresbiuledFundsRD00

(bfg)~I3 375

2 608(13,424)

2016Telal6600

SgrMCI)N2 1242

4$l 150

2015

ECM

35,7331,110 1,118

505 3,113

20 ~of nm Inccmm(~j lonbcash hlhw from opsregng ecfivities

Nel (wumndihre)fincome fur Ibe year

Affusbnsnt for.knnsbnent knomeLoin Irdesmt

msi(Guin) an Iha dbpassl ot hsd ssseb~n chmaesbereave I (dewease) m pensml pruvishn

Movements In workinn csplbd:fmcmsm)focnusm Ih stuckDecieasru (increase) m debtorslnnmsmI (dsbuaee) irl Cnuffors (~bask Iosrl)

Net cash provided by epersting ac6vities

(76) (05)

11 285T 1413(07) (25)

(9)(112)

2,022

I19

903

24H6 2016cuutg ry00828T (737)


The MNI HNI School FoundathnHoles lo lhe financial statementsFor the year ended 31 Dacembw 2616

21 STATUS

Ths Founda6m is s rag»tered CharNF end, therefore ia not Name fw Intone bur or~lsx on incmne derlvacl fram th chwhehe acgvMae ae 0fawr wwwl alc vwlom a culpNma Ierallehs m Ia9falsmd dlsddm.

22 INCORPORATtON

che ccmpsnyfs 0nged hype»swam NsNhar pspnenh nar dMderch ma psyche la!ho msmbcm twho ws Grnamole) Im gmeonhm on windcw up. g.an tha windln0 up or~af Ihe Fwmmgcn, Nme nunokw any pmperly whmww, mh w01 be given or Iranslenad to the ccunell for world

Mhckm. me Brwsh end Forckyr Bh\e Sccialy wd the Bapmd.~Society.

CONIIUBUIION TO ASSETS GF THE FOUNDATION

Evwy Govwrw undmlekee to cccmibuh lo 6» aecats ol 0» Fmmdagon, »ha overs al ms sama l»ing waund up whh a mmnlmr, or udmn ons yoer

cdlw Imlxwl9 br Inl a mcmbw. This Is 8Ã palnwlt ol Ihe datds spd 0 lblmaa ol Ihs~cwltubxt bolonr cooing lo bc a ncwlbcr snd of Ihc

~ocbr, dlslgcs Ielrf su»esse ww ndklg up, ww fcr uls wguctmcm oftha rlghh of Ihs I Nndom anlmlg hwncotn», aucn amount as mey bc nlouimd

nol excewfwg one pcm» shrling.

24 TRUST FUNDS

Mill Hill School Scholarships snd Bwesries TrustMill Hig School Univemity Entrance Scholarship TrustMill Hi ~ School Prizes Trust

Tba~iowch forms above Tnwt Funds mr1hs yasr arried 3 I Demmber 2010 ww

Net assets at I JsnuwyblccxnoEqwmgureExch» expimdihae aver hearne

2016 2015C:Oob «000f492 1,287

44 60(68) P9)

Purchase of inveclnwnlaUnreaNeed gains on inl»ebnonlsNatsacahst31 sccrnbw

16114

1,392

313

1,292

Blc Ttuel Fwrdo prorc dc Nnendel assist»Ice lo mo Fcundclhlvs pupu s sud lo Ibnmr pe pNa doing Ihm' plefod ul univcmW Tile Iolct ofsinn pa twmmh 20f6 ter pupgs In 0» school wee«54l (2015:ETBIL

Fmlhsr~nmy be oblahcd fmm the okerier cf Fksmca wld cpwofmw at Ns mgkmued eddnxnc which h The Nw Ml Schori Faundehm.walker Nouse, hglws close, ule Iadgcwsy, Cwl HR, La»km Nwl 1AQ.

25 C~ENTITF

bM IM school Enoupnem h a company NrnNad by gun»elm sns h conaeNed by The MN HB Scbool~which Is s compsny Icghtuud In

Englw» mxl wahs, number 1600525. Nc nwuNC, wguckm far~wNhh ew Fmmdaaon's awouws. for Ihe yaws ending 31 December 20 I6and 2015 and Ns mxiaon as st 31 December 2016 and 2015 we detailed as follows:

hcomeExpendhmReel paid lo Mal HB Schccc FoundsborlExcess of inmme owu expenditure

'CoastsusbfigesNet as»de at year end

2016EW00

405(211)

2015«000

411(191)

~150 ~at' an anneal nmhl of«Mh (20 I5:«50k) wss pakl lo Ihe~and Ihe remaining ercess Of Inoame ww ~m of «144k 1201M y 170k) haabeerl covtealM log» hM HNI School Ouedctkm

26 RELATED PARTY TRANSACTIONS

The UM Hll school~eppahM Gengnar snd Thaabaw Ltp as ouenwy msvayor for The Mount Mlg Hg~davelapmenl ws)eri in

2014. In 20't5 Ihey wwe ppeirded for Ihe fhdm oct pbme I (pmclor Bubgng) arri lrl 2010 0»y were appoodld hr Bet»am phase 2 (3~plus

a DT rieswcnm scd IT suks). U thckinsm E»L e Gavccncr and Innhe cfIhs Fmwds5an, ia a partner ol Gant»sr 6ThacsM LLF. During Ihe year makmd peymwd made wm «47k Ctp ISI «32k). Them sere rw amw. rccatod periy uence caene.

35


The Mill Ita Sch col FoundsdonNates tolhe thmfnCN ~For Ihe ye sr ended 31~2018

2T FINANCIAL Cnnaanhllyctg

At 31~20 I0.the Gmup had~comm!menu ler future annhnufn lease pspnanlh undcr ~epmegng lmmas. Ivhich liN

due os resown Tlm Mmmt school Ud~sml In mcctance and ifsl fcg Schacl Enlefpdcasopmeglo Geom Iff fespedca Mcn mtufpsumt

have lmmf indmfed hehw, tame avPendfhse far 2816mm 8170h tygta St82hl.

Gmup Group2018 20156'000 8500

Plant snd macfdfmfyExphlog wghh ene yearFxphfng In sne to two fsmmExphlng In em le Sve yarns

173163115

145130150

@herExfdflflg wllhh ofuf yamEfsnnfe in one lo two teamExpfdng In bxo lo gvs yama

10 1119 7Gl ty

36

MILL HILL SCHOOL 'tnt, sr REPORT OF THE GOVERNORS

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Transcript of MILL HILL SCHOOL 'tnt, sr REPORT OF THE GOVERNORS