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2020-08-31-accounts

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REGISTERED COMPANY NUMBER: 04595454 (England and Wales) REGISTERED CHARITY NUMBER: 1098940

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Audited Financial Statements for the year ended 31 August 2020 for

Heathfield Educational Trust (formerly Heathfield Knoll School)

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Heathfield Educational Trust (formerly Heathfield Knoll School)

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Contents of the Financial Statements for the year ended 31 August 2020

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Page
Report ofthe Trustees 1 to 3
Report ofthe Independent Auditors 4 to 5
StatementofFinancial Activities 6
BalanceSheet 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
NotestotheFinancialStatements 10 to 15

Heathfield Educational Trust

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(formerly Heathfield Knol! School) (Registered number: 04595454)

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Report of the Trustees

for the year ended 31 August 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, 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 charity's primary object is the advancement of Education. All its charitable activities focus on this object and are | undertaken for the public benefit. The trustees have had due regard to guidance published by the Charity Commission | on public benefit.

Significant activities The charity managed Heathfield School, Wolverley, Kidderminster, until February 2020, after which point it transferred the school assets and undertaking to an independent limited company, KSI HKS Limited, which took over the operation of the school thenceforwards.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Subsequent to the transfer of the operation of Heathfield School to an external entity, the charity will continue to support the school and promote educational! advancement in the future by making grants as considered appropriate by the trustees.

Fundraising activities

The charity does not carry out significant fundraising activities addressed to the general public.

FINANCIAL REVIEW

Reserves policy

The reserve fund represents the unrestricted funds arising from past operating results. The unrestricted funds at the end of the year amounted to £1,269,546. The Board of Trustees prepares an annual budget identifying the operating cash flow requirements of the charity, ensuring that anticipated income will meet these. Performance is monitored on a regular basis to ensure any departure from budget can be addressed with appropriate remedial action.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, its Memorandum and Articles, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees The trustees have considered the skills needed with regards to the governance of Heathfield Educational Trust and regularly review this in relation to directors in post. Heathfield Educational Trust actively seeks new trustees where they would bring additional expertise that would be of benefit.

Organisational structure

A Board of trustees who meet regularly, is in overall charge of the charity. The trustees who served during the year are shown below.

Induction and training of new trustees

All new trustees are provided with literature outlining their responsibilities and are briefed through introductory meetings about the organisation and their role before they become trustees.

Key management remuneration

The remuneration of the Headmaster was determined by the trustees after due consideration of comparable salary levels.

Risk management The trustees confirm that the major risks to which the charity is exposed have been reviewed and that systems have been established to manage those risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 04595454 (England and Wales)

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Heathfield Educational Trust

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(formerly Heathfield Knoll School) (Registered number: 04595454)

: Report of the Trustees : for the year ended 31 August 2020 | Registered Charity number | 1098940 Heathfield School | Registered office office i Wolverley Near Kidderminster | Worcestershire

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Heathfield School Registered office office Wolverley Near Kidderminster Worcestershire DY10 3QE

Trustees AH Higgs (appointed 9.1.20) D Jackson A Barker (appointed 9.1.20) Mrs S Burns (resigned 9.1.20) M Barnett (resigned 9.1.20) L Nicholas (resigned 9.1.20) J Hine (resigned 9.1.20)

Auditors

Nicklin Audit Limited Chartered Accountants Statutory Auditors Church Court Stourbridge Road Halesowen West Midlands B63 3TT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Heathfield Educational Trust (formerly Heathfield Knoll School) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland” 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safequarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Nicklin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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Report of the Independent Auditors to the Members of Heathfield Educational Trust

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(formerly Heathfield Knoll School) (Registered number: 04595454)

Opinion

We have audited the financial statements of Heathfield Educational Trust (formerly Heathfield Knoll School) (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’,

In our opinion the financial statements:

! Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 2 responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial | statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, ? and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our apinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Report of the Independent Auditors to the Members of a Heathfield Educational Trust (formerly Heathfield Knoll School) (Registered number: 04595454)

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Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

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 we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. iN p ly. gut

David Wright FCA (Senior Statutory Auditor)

for and on behalf of Nicklin Audit Limited Chartered Accountants Statutory Auditors Church Court Stourbridge Road Halesowen West Midlands B63 3TT y Date: 2... ecciscteeeeseeeeeeeeeereeeesenTPS Uy. tonnes

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| Heathfield Educational Trust , (formerly Heathfield Knol! School) Statement of Financial Activities : (Incorporating an Income and Expenditure Account) | for the year ended 31 August 2020

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for the year ended 31 August 2020
2020
Unrestricted
fund		 2019
Total
funds
INCOMEAND ENDOWMENTS FROM Notes £ £
Donations and legacies 3 126 979
Charitable activities
Provision of education		 4 1,047,134 1,971,210
a
Total 1,047,260 1,972,189
EXPENDITURE ON
Charitable activities 5
Provision of education 947,306 2,067,624
NET INCOME/(EXPENDITURE) 99,954 (95,435)
RECONCILIATION OF FUNDS
Total funds brought forward 1,169,592 1,265,027
TOTALFUNDSCARRIEDFORWARD 1,269,546 1,169,592

The notes form part of these financial statements

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FIXED ASSETS
CURRENTASSETS .
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Caso bank and is Band 1.765,323 1DoF
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Arties fafieigce osithiin tiresyer 76 12,001 Ch75,075 3
NETCURRENT ASSETS Lats iG OFS FOF 7
TOTAL ASSETS LESSCURRENT LIABILITIES 4,200, 640 1, St su)
NET ASSETS bathe tlt 1, Loa sue
FUNDS iF
Jricetncted funds 1,208, 94 1,284,902
TOTALFUNDBS 9,209)Std Loe

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The notes form part of these francis! statencnts

Heathfield Educational Trust

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(formerly Heathfield Knoll School)

Cash Flow Statement

for the year ended 31 August 2020

2020 2019
Notes £ £
Cashflowsfrom operating activities
Cash generated from operations 1 12,031 (8,633)
Interest paid (6,970) (7,734)
Netcash provided by/(used in) operating activities 5,061 (16,367)
Cashflowsfrom investing activities
Purchase of tangible fixed assets (22,484) (49,360)
Sale of tangible fixed assets 1,620,603 -
Netcash provided by/(used in) investing activities 1,598,119 (49,360)
Change in cash and cash equivalents in
the reporting period 1,603,180 (65,727)
Cash and cash equivalents at the
beginning ofthe reporting period 2 (337,857) (272,130)
Cash and cash equivalents atthe end of
thereportingperiod 2 1,265,323 (337,857)

The notes form part of these financial statements

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Heathfield Educational Trust ‘ (formerly Heathfield Knoll School)

Notes to the Cash Flow Statement for the year ended 31 August 2020

|||1.|RECONCILIATION OF NET INCOME/ (EXPENDITURE)TO NETCASH FLOWFROM|RECONCILIATION OF NET INCOME/ (EXPENDITURE)TO NETCASH FLOWFROM|RECONCILIATION OF NET INCOME/ (EXPENDITURE)TO NETCASH FLOWFROM|FROM OPERATING|FROM OPERATING| |---|---|---|---|---|---|---| ||
|||ACTIVITIES|||2020|2019| ||
£
£||||||| ||
Net income/(expenditure) for the reporting period (as perthe
:
Statement of Financial Activities)
99,954
(95,435)||||||| |||Adjustments for:||||| ||||Depreciation charges|||20,825|43,183| |||Interest paid|||6,970|7,734| ||||Decrease in stocks|||2,138|822| ||||Decrease in debtors|||114,295|12,210| |||(Decrease)/increase in creditors|||(232,151)|22,853| |||Net cash provided by/(used in) operations|||12,031|(8,633)| ||2.|ANALYSIS OF CASH AND CASH EQUIVALENTS||||| ||||||2020|2019| ||||||£|£| |||Cash in hand|||229|965| |||Notice deposits (less than 3 months)|||1,265,094|102| |||Overdrafts included in bank loans and overdrafts falling due within one||year|-|(338,924)| |||Total cash and cash equivalents|||1,265,323|(337,857)| ||3.|ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS||||| ||||At 1.9.19||Cash flow|At 31.8.20| |||||£|£|£| |||Net cash||||| |||Cash at bank and in hand||1,067|1,264,256|1,265,323| |||Bank overdraft|(338,924)||338,924|-| ||||(337,857)||1,603,180|1,265,323| |||Total|(337,857)||1,603,180|1,265,323|

The notes form part of these financial statements Page 9

Heathfield Educational Trust (formerly Heathfield Knoll School)

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Notes to the Financial Statements for the year ended 31 August 2020

  1. STATUTORY INFORMATION

Heathfield Knoll School is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Reference and Administrative Details section of the Report of the Trustees.

| : 2. ACCOUNTING POLICIES 7 Basis of preparing the financial statements : The financial statements of the charitable company, 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 Companies | Act 2006. The financial statements have been prepared under the historical cost convention. | 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. Income represents donations received, fees for charitable activities and licences fees received. 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.

Tangible fixed assets

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

Freehold buildings - 2% on reducing balance - buildings only School equipment, fixtures and fittings - 10% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

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

Debtors and creditors

Debtors and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Redundancy payments

Redundancy payments are recognised as expenditure as soon as they are paid or there is a legal or constructive obligation committing the charity to the expenditure.

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Heathfield Educational Trust (formerly Heathfield Knoll School)

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Notes to the Financial Statements - continued for the year ended 31 August 2020

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3. DONATIONS AND LEGACIES
2020 2019
£ £
Donations 126 979
4, INCOME FROM CHARITABLE ACTIVITIES
2020 2019
Provision
of Total
education activities
£ £
Nursery fees 158,886 342,683
Tuition fees
Meals
Clothing
Examination fees		 768,666
79,321
(52)
704		 1,426,775
103,426
350
7,651
Entertainment and excursions
Music lessons and sheet music		 (1,891)
13,043		 155
40,188
After school activities 12,719 30,404
Other income 15,738 19,578
1,047,134 1,971,210
5. CHARITABLE ACTIVITIES COSTS
Support
Direct
Costs		 costs (see
note 6)		 Totais
£ £ £
Provision of education 560,822 386,484 947,306
6. SUPPORT COSTS
Establishment Administration Governance
costs costs costs Totals
£ £ £ £
Provision ofeducation 105,461 240,797 40,226 386,484
7. NET INCOME/(EXPENDITURE)
Net incorne/(expenditure) is stated after charging/(crediting):
2020 2019
£ £
Auditors' remuneration 11,887 7,725
Depreciation-ownedassets 20,825 43,183

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Heathfield Educational Trust (formerly Heathfield Knoll School)

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Notes to the Financial Statements - continued

for the year ended 31 August 2020

8. 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.

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Trustees’ expenses

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

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9. STAFF COSTS

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|||||| |---|---|---|---|---| |2020|2019| |Wages|and|salaries|561,616|1,239,152| |Social|security|costs|44,537|98,746| |Pension|contributions|13,923|119,532| |620,076|1,457,430|

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There were no employees who received total employee benefits exceeding £60,000 (2019: one),

The remuneration of key management personnel amounted in total to £35,376 (2019: £70,705).

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |The|average|monthly|number|of|employees|during|the|year|was|as|follows:| |2020|2019| |Charitable|activities|29|65| |Management|and|administration|1|2| |30|67|

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The average number of full-time equivalent employees was 30 (2019: 47).

  1. EXCEPTIONAL ITEMS

Within charitable activities is an exceptional surplus of £45,285 (2019: £nil) representing the surplus on the transfer of the charity's tangible assets to KSI HKS Limited in March 2020.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

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||||| |---|---|---|---| |Unrestricted| |fund| |£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|979| |Charitable|activities| |Provision|of education|1,971,210| |Total|1,972,189| |EXPENDITURE|ON| |Charitable|activities| |Provision|of education|2,067,624| |NET INCOME/(EXPENDITURE)|(95,435)|

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Heathfield Educational Trust (formerly Heathfield Knoll School)

Notes to the Financial Statements - continued for the year ended 31 August 2020

Unrestricted fund

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11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

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RECONCILIATION OF FUNDS
Total fundsbrought forward 1,265,027
TOTAL FUNDS CARRIED FORWARD 1,169,592
12. TANGIBLE FIXEDASSETS
School
equipment,
fixtures
Freehold
buildings		 and
fittings		 Motor
vehicles		 Computer
equipment		 Totals
£ £ £ £ £
COST
At 1 September 2019 1,809,413 425,054 53,209 17,103 2,304,779
Additions
Disposals		 -
(1,809,413)		 -
(425,054)		 22,484
(75,693)		 -
(17,103)		 22,484
(2,327,263)
At 31 August 2020 - - - - -
DEPRECIATION
At 1 September 2019 305,707 314,246 49,123 16,759 685,835
Charge for year 13,962 5,540 979 344 20,825
Eliminated on disposal (319,669) (319,786) (50,102) (17,103) (706,660)
At 31 August 2020 - - - - -
NET BOOK VALUE
At 31 August 2020 - - - - -
At 31 August 2019 1,503,706 110,808 4,086 344 1,618,944
13. STOCKS
2020 2019
£ £
Stocks - 2,138
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Trade debtors 8,223 107,183
Prepayments and accrued income - 15,335
8,223 122,518

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Heathfield Educational Trust (formerly Heathfield Knol! School)

Notes to the Financial Statements - continued for the year ended 31 August 2020

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15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR :
2020 2019
£ £
Bank loans and overdrafts (see note 16)
Trade creditors		 -
-		 338,924
9,641
Other creditors - 211,632
Accrued expenses 4,000 14,878
ee Oe
4,000 575,075
———_ =—_—
16. LOANS
An analysis of the maturity of loans is given below:
2020 2019
£ £
Amounts falling due within one year on demand:
Bank overdrafts - 338,924
17. MOVEMENT IN FUNDS
Net
movement At
At 1.9.19 in funds 31.8.20
£ £ £
Unrestricted funds
General fund 1,169,592 99,954 1,269,546
TOTAL FUNDS 1,169,592 99,954 1,269,546
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,047,260 (947,306) 99,954
TOTALFUNDS 1,047,260 (947,306) 99,954
Comparatives for movement in funds
Net
movement At
At 1.9.18 in funds 31.8.19
£ £ £
Unrestricted funds
General fund 1,265,027 (95,435) 1,169,592
TOTALFUNDS 1,265,027 (95,435) 1,169,592

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Heathfield Educational Trust (formerly Heathfield Knoll School)

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Notes to the Financial Statements - continued for the year ended 31 August 2020

17. MOVEMENT IN FUNDS - continued

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

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|||||| |---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|E|£| |Unrestricted|funds| |General|fund|1,972,189|(2,067,624)|(95,435)| |TOTAL FUNDS|1,972,189|(2,067,624)|(95,435)|

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18. EMPLOYEE BENEFIT OBLIGATIONS

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The Charity ceased as a contributor to the Teachers Pension Scheme during the year. It subsequently contributed to a defined contribution pension scheme held in a separately administered pension trust at an employer contribution rate of 3% of relevant earnings.

19. RELATED PARTY DISCLOSURES

Key management personnel remuneration amounted in total to £35,376 (2019: £70,705).

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