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2020-08-31-accounts

REGISTERED CHARITY NUMBER: 1042857

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

FOR

THE FILMER TRUST

Cox & Co. (Accountancy) Limited Chartered Accountants The Granary High Street Turvey Bedford Bedfordshire MK43 8DB

THE FILMER TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14 to 15

THE FILMER TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Charity, as stated in its memorandum of association, are to:

  1. Advance the education of girls and boys between the ages of 2 and 11 at King's House School in Bedfordshire by provision of facilities at the school.

  2. Provide scholarships for children resident in Bedfordshire to enable them to study at King's House School.

  3. Provide bursaries to assist parents of pupils currently studying at King's House School who are in financial difficulty.

The organisation has produced a mission statement to share its current aims:

"To work, either alone or in partnership with others to support education, training, accommodation and assistance with school fees at King's House School in Luton, Bedfordshire".

Strategies for achieving the principal aims and objectives:

  1. by seeking grants and donations from third parties.

  2. by seeking to raise funds through organised events and initiatives.

  3. by investments in short and long term portfolios.

Objectives for the year 2019-2020

  1. Advice and information Provision of a new nursery website

  2. Support Provision of safeguarding support programme for staff

  3. Learning Provision of new KS3 curriculum programme

  4. ICT Equipment Provision of new management software

  5. Marketing and PR Provision of radio, mailshot & virtual tour video

  6. Leadership and Management Seeking further trustees for 2020/21

Volunteers

The Trust continues to be grateful for the support of a small group of volunteers who help with the finance tasks and others who have made small contributions to reception and admin work during the year.

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

Funding was obtained from Luton Borough Council and donations received. The income is shown in the financial pages which follow.

Main Achievements for the Year:

  1. Re-decoration of dining hall

  2. Provision of new school catering service

  3. Provision of additional system-built classroom

FINANCIAL REVIEW

Principal funding sources

The Trust derives most of its funding from Luton Borough Council and from donations.

Page 1

THE FILMER TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

FINANCIAL REVIEW

Reserves policy

It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level that equates to approximately six months unrestricted expenditure. In addition, funds are held to cover the payment of the capital element on the loan taken out to purchase the property.

Overview for the Year:

The Trust has undertaken no long term projects to affect its balance sheet. It has assets available to fulfil its obligations. It has no commitment or guarantees which it is required to disclose. Nothing has occurred to affect the Trust between the closing date of accounts and the date of their signature. The Trust has no subsidiary or associated undertakings and had no relations with any other charity or other organisation requiring disclosure during the financial year.

FUTURE PLANS

The Trust plans to continue with the on-going expansion of the new King's House site at 35 High Street, Leagrave, Luton, LU4 9JY. The Trust has been granted planning permission for further development at the sports centre in Ely Way, Luton, LU4 9QN.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

Suitable nominees, according to the regulations covered by the Trust Deed, are introduced to the work of the Trust and meet with staff and a board member prior to submission for consideration by the board. The Trust aims, as far as possible, to include a wide range of skills and representation from the local community which it serves.

Organisational structure

The Charity is wholly UK based with its head office and projects in Luton, Bedfordshire. The Trustees meet three times a year to determine the policy and strategy of the Charity. The day-to-day management of the Charity is delegated the secretarial service.

Induction and training of new trustees

New board members, when possible, take part in the daily work of the Trust in order to understand the range and nature of its activities. All receive Charity Commission guidelines on their legal role and copies of the Trust's policies.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1042857

Principal address

33 High Street Luton Bedfordshire LU4 9JY

Trustees

Ms A Clark Dr A J Cook M Hussain Ms A Bashir Miss J Pawaar Ms C Beach (appointed 1.9.20) D Chauhan (appointed 1.9.20) J Egan (appointed 1.9.20) D Flere (appointed 1.9.20) Ms B Rook (appointed 1.9.20)

Page 2

THE FILMER TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2020

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Cox & Co. (Accountancy) Limited Chartered Accountants The Granary High Street Turvey Bedford Bedfordshire MK43 8DB

Solicitors

Taylor Walton 28 Alma Street Luton Bedfordshire LU1 2PL

Bankers

National Westminster Bank 81 High Street Bedford Bedfordshire MK40 1YN

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Dr A J Cook - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FILMER TRUST

Independent examiner's report to the trustees of The Filmer Trust

I report to the charity trustees on my examination of the accounts of The Filmer Trust (the Trust) for the year ended 31 August 2020.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of _ which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

David A Cox BA FCCA FCA Cox & Co. (Accountancy) Limited Chartered Accountants The Granary High Street Turvey Bedford Bedfordshire MK43 8DB

Date: .............................................

Page 4

THE FILMER TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Nursery grants
Total
EXPENDITURE ON
Charitable activities
Nursery grants
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
141,978
-
141,978
(1,350)
99,285
97,935
44,043
10,000
54,043
737,596
791,639		 Restricted
fund
£
-
170,176
170,176
208,212
-
208,212
(38,036)
-
(38,036)
435,163
397,127		 2020
Total
funds
£
141,978
170,176
312,154
206,862
99,285
306,147
6,007
10,000
16,007
1,172,759
1,188,766		 2019
Total
funds
£
204,497
165,286
369,783
175,164
161,682
336,846
32,937
40,000
72,937
1,099,822
1,172,759

The notes form part of these financial statements

Page 5

THE FILMER TRUST

BALANCE SHEET 31 AUGUST 2020

Notes
FIXED ASSETS
Intangible assets
4
Tangible assets
5
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
9
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
50,002
1,003,864
128,427
1,182,293
4,025
-
4,025
(388,399)
(384,374)
797,919
(6,280)
791,639		 Restricted
fund
£
-
-
-
-
-
397,127
397,127
-
397,127
397,127
-
397,127		 2020
Total
funds
£
50,002
1,003,864
128,427
1,182,293
4,025
397,127
401,152
(388,399)
12,753
1,195,046
(6,280)
1,188,766
791,639
397,127
1,188,766		 2019
Total
funds
£
40,002
1,020,830
129,648
1,190,480
27,048
435,163
462,211
(468,394)
(6,183)
1,184,297
(11,538)
1,172,759
737,596
435,163
1,172,759

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. A J Cook - Trustee

The notes form part of these financial statements

Page 6

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1995, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 2% on cost Fixtures and fittings - 15% on reducing balance

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Improvements to property

The revaluation on the improvements to property have been taken to the statement of financial activities in 2016. The revaluation was based on a valuation for insurance purposes provided to the Trustees.

continued...

Page 7

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

2. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.

3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Nursery grants
Total
EXPENDITURE ON
Charitable activities
Nursery grants
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
204,497
23,023
227,520
85
161,682
161,767
65,753
40,000
105,753
631,843
737,596		 Restricted
fund
£
-
142,263
142,263
175,079
-
175,079
(32,816)
-
(32,816)
467,979
435,163		 Total
funds
£
204,497
165,286
369,783
175,164
161,682
336,846
32,937
40,000
72,937
1,099,822
1,172,759

continued...

Page 8

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

4. INTANGIBLE FIXED ASSETS

COST
At 1 September 2019
Additions
At 31 August 2020
AMORTISATION
At 1 September 2019 and 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019
5.
TANGIBLE FIXED ASSETS
COST
At 1 September 2019 and 31 August 2020
DEPRECIATION
At 1 September 2019
Charge for year
At 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019
6.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 September 2019
Impairments
At 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019		 Goodwill
£
180,000
-
180,000
180,000
-
-
Improvements
to
property
£
1,103,963
88,784
16,118
104,902
999,061
1,015,179		 Patents
and
licences
£
40,002
10,000
50,002
-
50,002
40,002
Fixtures
and
fittings
£
40,016
34,365
848
35,213
4,803
5,651		 Totals
£
220,002
10,000
230,002
180,000
50,002
40,002
Totals
£
1,143,979
123,149
16,966
140,115
1,003,864
1,020,830
Shares in
group
undertakings
£
129,648
(1,221)
128,427
128,427
129,648

There were no investment assets outside the UK.

continued...

Page 9

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

6. FIXED ASSET INVESTMENTS - continued

The Filmer Trust holds 100% of the shares in KHM Education Ltd (formerly Filmer Holdings Ltd). The net assets of KHM Education Ltd at 31 August 2020 were £128,427 (2019: £129,648). The Director's consider this to be fair valuation for 2020.

KHM Education Ltd in turn holds the following investments:-

KHM Management Ltd - 57.14% shares - provision of nursery education

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020
£
Other debtors
4,025
Prepayments and accrued income
-
4,025
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Bank loans and overdrafts (see note 10)
349,066
Other creditors
39,333
388,399
9.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Bank loans (see note 10)
6,280
10.
LOANS
An analysis of the maturity of loans is given below:
2020
£
Amounts falling due within one year on demand:
Bank overdraft
343,385
Bank loans
5,681
Other loans
19,303
368,369
Amounts falling between one and two years:
Bank loans - 1-2 years
6,280		 2019
£
4,025
23,023
27,048
2019
£
419,931
48,463		 2019
£
4,025
23,023
27,048
468,394
2019
£
11,538
2019
£
414,250
5,681
28,433		 2019
£
11,538
448,364
11,538

continued...

Page 10

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

11. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS		 follows:
Incoming
resources
£
141,978
170,176
312,154		 At 1.9.19
£
737,596
435,163
1,172,759
Resources
expended
£
(97,935)
(208,212)
(306,147)
At 1.9.18
£
631,843
467,979
1,099,822		 Net
movement
in funds
£
54,043
(38,036)
16,007
Gains and
losses
£
10,000
-
10,000
Net
movement
in funds
£
105,753
(32,816)
72,937		 At
31.8.20
£
791,639
397,127
1,188,766
Movement
in funds
£
54,043
(38,036)
16,007
At
31.8.19
£
737,596
435,163
1,172,759

continued...

Page 11

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS		 Incoming
resources
£
227,520
142,263
369,783		 Resources
expended
£
(161,767)
(175,079)
(336,846)		 Gains and
Movement
losses
in funds
£
£
40,000
105,753
-
(32,816)
40,000
72,937		 Gains and
Movement
losses
in funds
£
£
40,000
105,753
-
(32,816)
40,000
72,937
72,937

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS		 At 1.9.18
£
631,843
467,979
1,099,822		 Net
movement
in funds
£
159,796
(70,852)
88,944		 At
31.8.20
£
791,639
397,127
1,188,766

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Nursery Education
TOTAL FUNDS		 Incoming
resources
£
369,498
312,439
681,937		 Resources
expended
£
(259,702)
(383,291)
(642,993)		 Gains and
Movement
losses
in funds
£
£
50,000
159,796
-
(70,852)
50,000
88,944		 Gains and
Movement
losses
in funds
£
£
50,000
159,796
-
(70,852)
50,000
88,944
88,944

continued...

Page 12

THE FILMER TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

12. RELATED PARTY DISCLOSURES

The Filmer Trust owes £11,670 (2019: £11,670) to Trustee Dr A J Cook which is included in other creditors.

The Filmer Trust has paid £65,100 (2019: £56,700) to KHM Education Ltd (formerly Filmer Holdings Ltd) a company wholly owned by The Filmer Trust, in respect of grants.

The Filmer Trust has paid £135,000 (2019: £108,500) in grants to KHM Management Ltd, a company in which The Filmer Trust owns a majority shareholding by way of its 100% interest in KHM Education Ltd.

E9 Investments Ltd, a company of whom Dr A J Cook is Director, has loaned The Filmer Trust a sum of £65,603 on 28th July 2018. The loan duration is 5 years. The agreed rate of interest is 1.75%pa repayable after 5 years.The Filmer Trust made repayments of £9,130 during this financial year leaving a balance of £26,773 outstanding at 31st August 2020 (2019: £35,903). There was a further balance owing to E9 Investments Ltd from 2017 of £62,530, but this was repaid via the transfer of land to the value of £70,000 from The Filmer Trust to E9 Investments Ltd. The overall balance owing from The Filmer Trust to E9 Investments Ltd at 31 August 2020 was £19,303 (2019: £28,433).

Page 13

THE FILMER TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Charitable activities
Grants
Franchise fees
Total incoming resources
EXPENDITURE
Charitable activities
Secretarial services
Grants paid out
Other
Other operating leases
Provision of school meals
Rent payable
Loss/(Profit) on sale of tangible fixed assets
Support costs
Management
Rates, water & power
Insurance
Telephone
Advertising
Sundries
Repairs & renewals
Professional fees
Bank charges
Improvements to property
Fixtures and fittings
Finance
Bank interest
Bank loan interest		 2020
£
141,978
170,176
-
170,176
312,154
-
208,212
208,212
30,602
-
10,114
-
40,716
3,048
7,886
3,308
2,115
-
5,709
12,403
399
16,119
848
51,835
166
397
563		 2019
£
204,497
142,263
23,023
165,286
369,783
85
175,079
175,164
25,356
24,261
8,388
3,041
61,046
5,272
7,810
8,362
2,669
986
33,426
8,720
1,512
16,119
997
85,873
404
967
1,371

This page does not form part of the statutory financial statements

Page 14

THE FILMER TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2020
Finance
Other
Impairment losses for tangible fixed assets
Governance costs
Accountancy
Total resources expended
Net income		 2020
£
1,221
3,600
306,147
6,007		 2019
£
9,792
3,600
336,846
32,937

This page does not form part of the statutory financial statements

Page 15