**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:
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 2020-2021
1. Advice and information Provision of Moorlands website
2. Support Provision of safeguarding support
3. Learning Implementing a curriculum for Years 7 & 8
4. ICT Equipment Provision of new laptops and tablets for Year 7
5. Marketing and PR Provision of KS3 marketing campaign
6. 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:
1. Extension of age range to 13
2. Achieving DfEapproval for extension of the school
3. 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:
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
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...
Page 10
**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