As reported in the Walden Local on 7th August 2019, the period of administration concluded on 16th July and the Friends' School Saffron Walden (Walden School) officially went into liquidation 2 weeks later. The attached letter from Grant Thornton to the creditors dated 10 July 2019 reveals that £507,211.94 remain as surplus.
It would be interesting to know what will what will happen to these surplus funds?
We understand from a letter to creditors that “the company is converting to creditors' voluntary liquidation purely to allow funds to be paid to the Quakers Foundation, the ultimate sponsor of the school”. We may assume this means that the funds will be given to Britain Yearly Meeting, but to what extent will Governors in their role as Trustees be involved in decisions?
Presumably some funds will need to be retained for the safekeeping of the various confidential files belonging to the school, but there will be remaining funds after this. Though there is some precedence for the surplus funds being split between the other Quaker Schools, as this is what happened when Friends’ School Great Ayton closed in 1997, the question still remains: what will happen to the remaining money?
Attached letter to creditors 10 July 2019.