REGISTERED COMPANY NUMBER: 04595454 (Enyland and Wales) REGISTERED CHARITY NUMBER,. 1098940 Financial Statements for the year ended 31 August 2024 for Heathfleld Educational Trust Heathfidd Educational Trust Contents of the Financial Ststements for the year ended 31 August 2024 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Ba￿n￿ Sheet Notes to the Financlal Statements 6 to 9 Detalled Statement of Flnancial Actiiqlie5 io Heathfield Educational Trust (Registered numter.. 045954541 Rewrt of the Trustees for the year ended 31 August 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present thelr report with the financial statements of the cha￿ty for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Rerxirting by Charities.. Statement of Recommended Practice applicable to charities pteparlng their accounts in accor(Sance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS t021 (effective t January 2019). OBJEcfIvES AND ACTIVITIES Objectives and alms The charlty's primary oblett15 the advancement of Educabon. All ts charitable activitles focus on this object and are undertaken for the public benefit. The trustees have had due regard to guidance publlshed by the Charity Commission on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities The charity provides support to Heatlifield School, Wo1vedey, and wtsrks to prornote educational advancement in the future by making grants as considered appropriate by the trustee5. Fundralsing activities The charity does not carry out Slgnlficant fundraising activitie5 addressed to the general public. FINANCIAL REVIEW Reserves pollcy The reserve fund represents the unrestricted funds arising from past operating results. The uniestricted funds at the end of the year amounted to £1,251,864. The Board of Trustees prepares an annual budget identifying the operallng cèsh flow requirements of the charity, ensuring that anticipated income will meet these. Performance Is monitored on a ular basis to ensure any departure from budget can be addressed with appropriate remedial action. STRUCTiJRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, its Memorandum and Articles, and constitutes a limited company litnited by guarantee, as defined by the Companles Act 2006. Recruitment and appointment of new trustees The trustces have considered the skills needed with regards to the g(Ivernance 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 addilional expertlse that would be of benef¢t. Organisatlonal struciure A Board of trusiees who meet iegularfy, Is overall charge of the Charity. The trustees who served during the year are shown below. Induction and trainln9 of nèw trustees All new trustees are provided wtth literature outlining their responsibilitie5 and 8re briefed through Introductory meetings about the organisalion and their role before they become trustees. Risk management The trustees confirm th8t the major risks to which the charity is ex￿Sed have been reviewed and that systems have been estab115hed tts manage those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04595454 (England and Wales) Registered Charity number 1098940 Registered office Healhfield School Wolverley Near Kldderminster Worcestershlre DYIO 3QE Page I Healhfield Educallonal Twst (Registered lium￿r. 04595454) Report of Ihe Twstees for the year endet reqUI￿d to be audited under Part 16 of the 2006 Act and are eligible for independent examination, l ieport in respect of my examination of your charlty's accounts as carrled out under Section 145 of the Charities Act 2011 I'lhe 2011 Act,). Iii carrying out my examination I have follo¥Yed the Directions given by the Charity Commission under Section 145151 {b) of the 2011 Act. Independent examiner's statement I have cotmpleted My examination. I confirm that no matters have come to my attentitsn In connection with the examination giving me Cau￿ to belleve.. accounhng records were not kept in respect of the Company as requlred by Secbon 386 of the 2006 Att. or the accounts do not accord with those r￿ordS,. or the accounts dD not comply with the accountlng requirements of Section 396 of the 2006 Act 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; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Chariti￿ (applicable to charities preparing their accounts in 2ccord8nce with the Flnancial ReFK)thng Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concerns and have come across no other matters iri connection with the examination to which attention should be drawn In this report in order to enable a proper understaiiding of the accounts to be reached. JeL(, , LJ D P Wright FCA Nlcklin Accountancy Serylces Llmlled Chartered Accountants Church Court Stourbridge Road Halesowen West Midlands B63 3Tt Date.. Page 3 Heathfield Educational Trust Statement of Financial Activities Ilncorporating an Income ?nd Exper)diture Account) for the year ended 31 August 2Q24 2024 Unrestricted fund 2023 Totsl funds Notes INCOME AND ENDOWMENTS FROM Investrnent income othei income 34,152 720 31,302 400 Totsl 34,872 31,702 EXPENDITLIRE ON Charitable ?¢tlvitie5 ProvIs￿n of education 44,496 39,259 Net gain5lllossesl on investments 84,149 {19,835) NET INCOMEI(EXPENDITtIRE) 74,525 (27,3921 RECONCILIAThON OF FUNt>s Total funds brought forward 1,177,339 1,204,731 TOTAL FVNDS CARRIED FORWARD 1,251,864 1,177,339 The notes form part of these financial statements Page 4 Healhfield Educatlonal Trust (Reglstered numbe¥.' 04595454} Balan￿ Sheet 31 August 2024 2024 U￿rest￿ted fund 2023 Total fviids Ntste CURRENT ASSETS Oeblors fnyestments Cash at bank 2,405 1,165,778 90,578 2,571 1,078,964 98,174 1,258,761 1,179,709 CREDITORS Amounts falllng dve wThin one year (6,897) {2.370) NET CURRENT ASSETS 1,251,864 1,177,339 TOTAL ASSETS LES5 CURRENT LIABILITIES 1,251,864 1,177,339 NET ASSETS 1,251,864 1,177,339 FUNDS Unrestrtrted funds io 1,251,864 1,177,339 TOTAL FUNDS 1,251,864 1,177,339 The charitable company Is entllled to exempuon froni audll under Sectlon 477 of the Comp¥nles Act 2006 for the year ended 31 August 2024. The members have not required the company to oblaln an al￿Et of Ils financlal statements for the year ended 31 Augu5E 2024 In accordance vilth 5ecUon 476 ofthe Companics Act 2006, The trustee5 acknowledge tlielr reswnslb(Illieg for (8} ensurtng that the char>table company keEPS accountlng recor(Js that coniply wlth Secuons 386 and 387 of the Companles Act 2006 and preparlng flnanclal statements whlcli glve a true arKI farr vlew of the thle of affalrs of the charllable company as at the end of eBch fillancl81 year and ol fts sijrplus or deficit for eacli flnanclal year In accordan￿ wlih the requlremenls ol Seclions 394 and 395 and whlch othe￿Ise compiy with ihe requlrements of the Companlas Att 2006 Yelaling to finaiiclal statements, so far as to the charllable company. These flnanclal statements havÈ been prepared In ac(ordano wltl) the prtsvlslons appllcable b) chanlable C¢)mpanlos sublett to the small companles regime. Ib) The financlall lalements were approved by the Eé>ard of Trustee5 Bnd authorFsed for Issue o and were sloned LY) Ils behalf by.. D Jackson- Trustee The notes form part of these financlal 5tJlcments Page 5 Heathfield Educational Trust Notes to the Financial Statements for the year ended 31 August 2024 STATUTORY INFORMATION Heatlifield Educational Trust is a private companyi lirnited by guarantee, regiSte￿d In England and Wales. The company's reglstered number and registered office address can be found on the Reference and Admlni5trative Delails sectior) of the Report of the Trustee5. ACCOUNTING POLICIES Basls of preparing the financlal statements The financial statements of the charitable company, whlch Is a public benefit entity Ltrnder FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Rew)rting by Charities.. Statement of Recommended Practice applicable to Char￿tieS p￿paring their accounts in accordance with the Financial Reporting Slandèrd èpplicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20191,, Financlal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Att 2006. The financial statements have been prepared under the hlstorical cost convention. Income All income is rec￿nIsed in the Statement of Flnancial Activities once the charity has entitlement to the funds, it Is probable that the income will be received and the amoullt can be measured reliably. Income represents donations received, fees for charitable activities and licences fees received. Expendlture liabilities are re(ognSsed as expenditure as swn as the￿ is a legal or consliuclive obligallon Comni￿tIng the charity to that expenditure, it is probable t17at 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 ba515 and ha5 been classified under heading5 that aggregate all cost related to the cat￿Ory. Where costs cannot be directly attributed to particular headings they have been allocated to aclivitles on a basls con5151ent with the use of resources. Grants offered subjett to conditions which have not been met al the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from corporation tax on its charitable ectivides. Fund accountlng Unrestricted funds can be used In accordance with the charitable Objectiv￿ at the discretion of the trustees. Debtors and credltors Debtors and other debtors are recognised at the Settlement amount due. Prepaymerlts are valued at the amount prepaid. Credltors and prov15ions are reco9nised where the trust has a present obligation resulting from a post event that will probably result in the transfer of funds to a third party and the amount due to settle the oh11ga￿On can be Meosltred or egtimated reliably. Investments Jnvestments are stated at fair value, being market value at the balance sheet date. Page 6 conbnued... Heathfield Edijcational Trust Notes to the Financial Statements- condnued for the year ended 31 Auyust 2024 INVESTMENT INCOME 2024 2023 Deposlt account intere5tr Current asset investment income 96 34,056 151 31,151 34,152 31,302 NET INCOME/[EXPENDITURE) Nel incomellexpenditurel is stated after charging/lcrediling).' 2024 2023 Independent Examlnation 2,370 2,370 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' retlluneration or other benefits for the year ended 31 August 2024 ntsr for the year ended 31 August 2023. Tru5tees' expenses Therc wore no 31 August 2023. trustees, expense5 paid for the year ended 31 August 2024 nor for the year ended COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investrnent Income Other income 31,302 40 Total 31,702 EXPENDITURE ON Charitable activities Prowsion of education 39,259 Net galnslllosses) on investments 119,8351 NET INCOMEI(EXPENDITURE) {27,392) RECONCILIATION OF FUNDS Total funds brought fonvard 1,204,731 TOTAL FUNDS CARRIED FORWARD 1,177,339 Page 7 continued. Heathfield Educational Trust Notes lo the Financial Statements - continued for the year ended 31 August 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtDrs 2,405 2,571 CURRENT ASSET XNVESTMENTS 2024 2023 Unllsled Investments 1,165,778 1,078,964 The investments are stated at their fair value at the balance sheet date. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other credttors Accrued expenses 4,527 2,370 2,370 6,897 2,370 io. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted fund$ General fund 1,177,339 74,525 1,251,864 TOTAL FUNDS ,177,339 74,525 1,251,864 Net movement in funds, included in the above are as follows., Incomlng resources Resources expended Gain5 and losses Movement in funds Unrestrlcted funds General fund 34,872 (44,4961 84,149 74,525 TOTAI FUNDS 34,872 144,496) 84,149 74,525 CompaYatl¥es for movement funds Net movement in funds At 31.8.23 At 1.9.22 Unrestrlcted funds General fund 1,204,731 127,3921 1,177,339 TOTAL FUNDS 1,2(N,731 (27,392) 1,177,339 Page 8 conbnued... Heathfield Edkjcational Trust Note5 to the Financial Statements- contlnued for the year ended 31 August 2024 10. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as folbws.. Incoming resources Resour￿5 expended Gains and losses Movement in funds Unrestricted funds General fund 31,702 139,259) (19,835) 127,392) TOTAL FUNDS 31,702 (39,259) (19,8351 {27,392} 11. RELATED PARTY DJSCLOSURES There wert no related party tran￿ctiOnS for the year ended 31 August 2024. Page 9 Heathfidd Educational Trust Detailed Statement of Finaiicial Activities for the year ended 31 August 2024 2024 2023 INCOME AND ENDOWMENTS Investment Income Deposit account interest Current asset investment income 96 34,056 151 31,151 34,152 3L,302 Other income other income 720 400 Total Sncoming resource5 34,872 31,702 EXPENDZTURE Charitable activities Bursary payments to KSI 36,298 36,866 Support costs Admlnlstration costs Insurance Sundrtes Bad debts Bank charges 826 4,664 1600) 705 826 12,730) 713 5,595 {3071 Governance costs Accountancy fees 2,603 2,700 Total resources expended 44,496 39,259 Net expenditure before gains and losses (9,624) (7,557) Recognlzed galns and losses Fair value movement on Investment 84,149 (19,835) Net incomel(expendlture) 74,525 127,3921 This page doe5 not form Fkrt of the statutory financial statements Page 10