REGISTERED CHARITY NUMBER: 1042857
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
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 2021
| 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 |
THE FILMER TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. 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:
-
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.
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Provide scholarships for children resident in Bedfordshire to enable them to study at King's House School.
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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:
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by seeking grants and donations from third parties.
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by seeking to raise funds through organised events and initiatives.
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by investments in short and long term portfolios.
Objectives for the year 2020-2021
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Advice and information Provision of Moorlands website
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Support Provision of safeguarding support
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Learning Implementing a curriculum for Years 7 & 8
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ICT Equipment Provision of new laptops and tablets for Year 7
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Marketing and PR Provision of KS3 marketing campaign
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Leadership and Management Seeking additional 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:
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Extension of age range to 13
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Achieving DfEapproval for extension of the school
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Provision of new 'Formula for Success' programme
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 2021
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 Mrs C Sillars (appointed 28.4.21) Dr A J Cook M Hussain Ms A Bashir Miss J Pawaar Ms C Beach (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 2021
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 28 January 2022 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 2021.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
28 January 2022
Page 4
THE FILMER TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| 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 £ 128,699 - 128,699 56,413 35,785 92,198 36,501 - 36,501 791,639 828,140 |
Restricted fund £ - 175,778 175,778 191,123 - 191,123 (15,345) - (15,345) 397,127 381,782 |
2021 Total funds £ 128,699 175,778 304,477 247,536 35,785 283,321 21,156 - 21,156 1,188,766 1,209,922 |
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 |
The notes form part of these financial statements
Page 5
THE FILMER TRUST
BALANCE SHEET 31 AUGUST 2021
| 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 £ 50,002 987,025 128,427 1,165,454 64,025 - 64,025 (400,292) (336,267) 829,187 (1,047) 828,140 |
Restricted fund £ - - - - 45,826 335,956 381,782 - 381,782 381,782 - 381,782 |
2021 Total funds £ 50,002 987,025 128,427 1,165,454 109,851 335,956 445,807 (400,292) 45,515 1,210,969 (1,047) 1,209,922 828,140 381,782 1,209,922 |
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 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 January 2022 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 2021
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 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
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 £ 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 |
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 |
continued...
Page 8
THE FILMER TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
4. INTANGIBLE FIXED ASSETS
| COST At 1 September 2020 and 31 August 2021 AMORTISATION At 1 September 2020 and 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 5. TANGIBLE FIXED ASSETS COST At 1 September 2020 and 31 August 2021 DEPRECIATION At 1 September 2020 Charge for year At 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 6. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2020 and 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 |
Goodwill £ 180,000 180,000 - - Improvements to property £ 1,103,963 104,902 16,119 121,021 982,942 999,061 |
Patents and licences £ 50,002 - 50,002 50,002 Fixtures and fittings £ 40,016 35,213 720 35,933 4,083 4,803 |
Totals £ 230,002 180,000 50,002 50,002 Totals £ 1,143,979 140,115 16,839 156,954 987,025 1,003,864 Shares in group undertakings £ 128,427 128,427 128,427 |
|
|---|---|---|---|---|
There were no investment assets outside the UK.
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 2021.
KHM Education Ltd in turn holds the following investments:-
continued...
Page 9
THE FILMER TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
6. FIXED ASSET INVESTMENTS - continued
KHM Management Ltd - 57.14% shares - provision of nursery education
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 £ Trade debtors 45,826 Other debtors 4,025 Prepayments and accrued income 60,000 109,851 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Bank loans and overdrafts (see note 10) 360,958 Other creditors 39,334 400,292 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 10) 1,047 10. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank overdrafts 355,277 Bank loans 5,681 Other loans 19,303 380,261 Amounts falling between one and two years: Bank loans - 1-2 years 1,047 |
2020 £ - 4,025 - |
2020 £ - 4,025 - |
|---|---|---|
| 4,025 | ||
| 2020 £ 349,066 39,333 |
||
| 388,399 | ||
| 2020 £ 6,280 2020 £ 343,385 5,681 19,303 |
2020 £ 6,280 |
|
| 368,369 | ||
| 6,280 |
continued...
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THE FILMER TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Nursery Education TOTAL FUNDS Net movement in funds, included in the above are as follows: 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 |
At 1.9.20 £ 791,639 397,127 1,188,766 Incoming resources £ 128,699 175,778 304,477 At 1.9.19 £ 737,596 435,163 1,172,759 |
Net movement in funds £ 36,501 (15,345) 21,156 Resources expended £ (92,198) (191,123) (283,321) Net movement in funds £ 54,043 (38,036) 16,007 |
At 31.8.21 £ 828,140 381,782 1,209,922 Movement in funds £ 36,501 (15,345) 21,156 At 31.8.20 £ 791,639 397,127 1,188,766 |
|
|---|---|---|---|---|
continued...
Page 11
THE FILMER TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
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 £ 141,978 170,176 312,154 |
Resources expended £ (97,935) (208,212) (306,147) |
Gains and Movement losses in funds £ £ 10,000 54,043 - (38,036) 10,000 16,007 |
Gains and Movement losses in funds £ £ 10,000 54,043 - (38,036) 10,000 16,007 |
|---|---|---|---|---|
| 16,007 |
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 1.9.19 £ 737,596 435,163 1,172,759 |
Net movement in funds £ 90,544 (53,381) 37,163 |
At 31.8.21 £ 828,140 381,782 |
|---|---|---|---|
| 1,209,922 |
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 £ 270,677 345,954 616,631 |
Resources expended £ (190,133) (399,335) (589,468) |
Gains and Movement losses in funds £ £ 10,000 90,544 - (53,381) 10,000 37,163 |
Gains and Movement losses in funds £ £ 10,000 90,544 - (53,381) 10,000 37,163 |
|---|---|---|---|---|
| 37,163 |
continued...
Page 12
THE FILMER TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
12. RELATED PARTY DISCLOSURES
The Filmer Trust owes £11,670 (2020: £11,670) to Trustee Dr A J Cook which is included in other creditors.
The Filmer Trust has paid £76,540 (2020: £65,100) 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 £106,000 (2020: £135,000) in grants to KHM Preparatory Schools Management Ltd (formerly 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, is owed £19,303 by The Filmer Trust st 31 August 2021 (2020: £19,303). The loan matures on 28th July 2023. The agreed rate of interest is 1.75%pa.
Page 13
THE FILMER TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Grants Total incoming resources EXPENDITURE Charitable activities Grants paid out Other Other operating leases Rent payable 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 Other Impairment losses for tangible fixed assets Governance costs Accountancy Total resources expended Net income |
2021 £ 128,699 175,778 304,477 191,123 25,252 10,533 35,785 3,840 8,271 - 5,387 1,250 3,922 13,131 357 16,119 720 52,997 19 397 416 - 3,000 283,321 21,156 |
2020 £ 141,978 170,176 |
|---|---|---|
| 312,154 208,212 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 1,221 3,600 |
||
| 306,147 | ||
| 6,007 |
This page does not form part of the statutory financial statements
Page 14