REGISTERED COMPANY NUMBER: 05212585 (England and Wales) REGISTERED CHARITY NUMBER: 1106136 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2024 FOR HAMPSHIRE CHRISTIAN EDUCATION TRUST
HAMPSHIRE CHRI8T14N EDUCATION TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Report ol Ihe Trustees I to 7 Report of the Independent Auditorn 8 to 11 stat•ment of Flnancial Activitles 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Cash Flow Statement 15 Notss to the Financial Statements 16 to 27
HAMPSHIRE CHRISTIAN EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2Q24 The trLJStees who are also (fire¢toYs 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 2024. The trustees have adopted the provision5 of Accounting and Reporting by Char'Ès: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Repo.n9 Siandard applicalAe in the UK and Republic of Ireland IFRS 102) (effectsve 1 January 2019). OBJECTIVES AND ACTIVITIES Ob"ectivas and alms The advancement sjf education on the basis of Christian principles in the county of Hampshire and elsewher including (but not by way of limitation) the provision of such education in any educaUonal establishment for the general education of children or adults on the basis of such Chran principles as the trustees may from time t tlme think fit. he advancement of the Christian faith in accordance with the doctrines set out in the schedule to the articles nd the worship of God in the county of Hampshire and dsevthere as Ihe trustees may from time lo time think fft ncluding (but not by way of limitation) the preaching and proclamation of the Christian gospel and the teaching f Christian doctrine and principles and other such purposes which are exclusively charitable according to the awofEn land and Wales and are Gonnected with the charitable work of the chan The relief of persons who are in corKlitions of hardship or distress or who are aged or sick in the county of Ham Shire and elsewhere as the trustees ma from time to time think fiL Significant actlvlties The Tmst runs The King's School which has a primary deparEment and senior department located on one site. The school currentty has 230 pupils, 72 at primary and 158 at senior. Public benerrt The King's School provides beneffl to the public Nmthin Hampshi by providing an excetlent education based on Christian principles for children aged 4 to 16. Fees are intended to be affordable for families on average incomes and are deliberately kept below the normal rates for similar independent schools. In addition. thé school offers bursary assistance to families on low income (to the value of£125k in the year ending 31 August 2024). Children are drawn from families across the full range of Christian denominations as well as a proportton from families th no church connections. There are no academic selection criteria and whenever possible the school will accommodate pupils with leaming dfficulb'es and physical disabilities. There has been an increase in educational support for children with additb)nal needs and improvements to the site for disabled acces& Volunteers The school has voluntary help from parents and others in a wide range of activities. including govemorship, 8UPPOrt with events and the general maintenance of facilities. Public benefit The trustees confiTh that they have referred to the guidan contsined in the Charty Commi55ion's general guidance on public benefit when revieY4ing the Charity's aims and objectNes and in planning firture activities, The ITUStees refer to public benefft throughoul this repo Page 1
HAMPSHIRE CHRISTIAN EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENT AND PERFORMANCE haritable actlvltlos In February 2023. King's School underwent its first full inspection by the Independent Schools Inspectorate {ISI), comprising both a Focused Compliance and Educational Quality Inspection. The school met all regulalory requirements, wrth ISI awarding a judgement of Good for pupils. achievement. including academic development. and Excellent for pupils, personal devdopment. Academic outcomes continue to be strong. For the year ended 31 August 2024. 97% of pupils achieved five or more standard pass grades al GCSE, induding English and Mathematics. Addibonally, 37trA of all grades awarded were at Grades 7-9. a paitcularty impressive outcome given the national decline in top grades and the school's non-selective admissions pdicy. These resutts reflecl the school's commbtment to adeMiC excellence and inclusive support across a broad ability range. Charftable Engagement King'5 School is acbvely involved in charitable giving at both local and intemational levels. The school community supports several charities through regular fundraising inittatives. Pupi15 play a traI role in these efforts, participating in events and campaigns to raise funds and awareness-fostering values of compassion, seNice, and global crtizenship. Page 2
HAMPSHIRE CHRISTIAN EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Financial Review The trust's income in the year ending 31 August 2024 was £1.76 million in comparison to £1.60 million the previous year. The majority of the income was from school fees and extracurricular &livities, and the remainder was from fundraising activities, donalions and the gift aid claimed on these. Total expenditure for the year ending 31 August 2024 was £1.77 million, mpared the £1.62 million the previous year. This resufted in a shortfall of £33k. The majortty of expenditure was on the $ts of charitable activtties which e divided beveen.. A) The direct costs of education (e.g. staffing, resources, acbvilies) vthich amounted to £1,023k a £151k reduction from the previous year. The largest component was staff costs of £931 k which was £4k les than the previous year. The overall decline was due to less bursaries not being paid in 2024 a decline of £125k ort costs su ort staff wa es eneral overheads increased to £745k from £440k . A number of Key Perfomiance Indicator5 are being used to plan and improve financial performance. One of these is the ratio of staff costs to net fee income for which the target is 6045%. The ratio in the year ending August 2024 was 75%. During the year the advance fees b*ance increased to £1,622k and the dep051ts balance decreased to £170k. Advance fees are not p05il.vety sought from parents as the school does not wish to be reliant on them, however. sorne parents who have the money to pay in advance are then able to have peace of mind that their child's fees are paid for a defined period. Res6rves poll¢y The Trust has most of its reseeS in the twildings (Lakesmere House and the Homelodge building) which were valued at £2.1 m in February 2020. It is the aim of the Trustees to build up reseries to a level equal to three month's regular expendtture (monthly expenditure is currentw around £125k). Thls aim has been met this year as Trent assets plus bank loan payments due wlthin one year and deposits stand at £506k (August 2024). Th6 school plan5 to replace the existing temporary buildings with a pernianerrt structure wtlhin the next iwo years. The school has planning permission and a preferred builder, is kndraising and is in discussions regarding finance. The Trustees will review the policy li light of project need5. Prlnclpal funding sources Operational costs are mat primarity from school lees which are set at an affordable rate for the target market. AddifTonal funding comes from donations. The capttal piojects are now funded from cash reserves vthich are backed by a bank nrtgage and advance fee payments. Page 3
HAMPSHIRE CHRISTIAN EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Future Plans The focus for the future wll be to continue to strive for excellence in e0CatIonal provision and to market the school effectively so Ihat all 305 places are taken. Maxirnum pupil numbers are 15 per year in Reception, Years 1, 2 and 3,. and 20 each in Years 44 (tolal primary 120 pupils - currendy 76). In senior we can have 35 per year in Years 7-9 and 40 per year in Years 10 & 11 {total senior 185 - currenty 157). Longer term aims include a purpose-built primary unit to replace some temporary buildings on the school site which is expected to increase primary capacity to 140. STRUCTUR GOVERNANCE AND MANAGEAIENT Governing document The articles of association allows for the members of the charity to app)int new trustees and to vary the number of trustees (minimum of Ihree). Any person appointed as a trustee must fijlly accept the doctrines sel out in the articles of aSSlation. Recruitment and appointsnent of naw trustees The articles of association allows for the mernbers of the charity to appoint new Irustees and to vary the number af trustees (minimum of three). Any person appointed as a trustee musl fully accept the doctrines set out in the articles of association. Organisatior1 structur8 Governance and management of The lQng's School is undertaken by the Senior Leadership Team and the Govemance Board. The Leadership Team is responsible day lo day operations. Their job is to deliver quality Christian educabon within the necessary legal and regulatory requirements. The Leadership Team is account2bie to Ihe Governance Board. The Govemance Board Comprises both Trustees and Governors and their responsibility is SUPFJOrting and empowering the Leadership Team to carry our ts responsibilities effectively. Induction and training of new trustees Induction and training of new trustees is Carried oul by meetings with other trustees and key people, review of key documents and involvement in the life of the school. Pay and Romuneratlon Salary levels are set annualty. Key management personnel are paid less than would be expected within the State Sector at rates of between 7D -75% of salaries based on DfE rUres. The school has a desire to increase salaries where possible such that all staff a paid fflore in line ryth Ihose in the state system. However, this will be a gradual process and not something fhat can be achieved cUendY. Wid8r notwork The school is a member of the Independent Schools Association (ISA). It is also a member of the Christian Schools Trust (CST). Page S
HAMPSHIRE CHRISTIAN EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 8TRUCTUR4 GOVERNANCE AND MANAGEMENT Risk management The trustees have a duty to identfy and review the risks to bvhich the charity 1$ exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The main risks identified by the Trustees are set out below. These are not all new risks to the trust and have been successfully managed in previous years by exercising care in budgeting and decision-making. The main risks al presenl are connectsd with the external economy. 1) Pupil numbérs have remained relatively static wth the year ending wth 229 pupils on role (Septembe 023). Current pupil numbers are 230 (March 2024). Improving marketing continues lo be a priority to dra ew pu Jls to the school. The majority of new pupils come from VthIn the larger church community and b rd of mouth. he proportion of pupils requiring bursarfes has reduced th improved preSseS for awarding and revlewin bursaries. However this still re resents a risk to the school'5 income. External factors have increased the risk of exrsting parents defaulting on fee payments. This risk has been anaged well by continuing to ensure that a member of staff is given time to keep abreast wth cred. onlrol. he deterioration of Ihe primary a(rModatIon is a serious cause of concern. The school is activel ursuin re lacement accommodation to resolve this. Future rises in interest ments on the trust's borrown are a150 a otential risk. of the above give rise to a risk ot cash flow problems. Alongside prudent trdgeting and regula onitorin we have the abilii to im rove cash flow thro h collectin advance fee ments. REFERENCE AND ADMINISTRATIVE DETAILS RegiSter8d C(xnpany number 05212585 (England and Wales) R8glstered Charlty number 1106136 Registered office The lQng's Sch¢XJl Senior Lakesmere House Allington Lane, Fair Oak Eastleigh Hampshire S050 7DB Trustees S F KinchiTr Chair C Caws A Johnston C Dendy S Froud Auditors MC Audit Limrted Statutory Auditors Station House North Street Havant Hampshire P09 1QU Page 5
HAMPSHIRE CHR18TIAN EDUCATION TRU8T REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGUST 2024 Bankors Barclays Bank Portsmouth City 8ranth Portsdown Group POBox6 Portsmouth Hampshire P06 7DB COMMENCEMENT OF ACTMTIES The charity which has been trading since 1995. was incorporated as a Company limiled by guarantee, in August 2004. Dormant company accounts were prepared for Ihe year to 31 August 2005 and the running of the school transferred to the new charitable company C 1 September 2005. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Hampshire Christian Education Trust for the purposes of company law) are responsible for prepanng Ihe Report of the Trustees and the financial statements in accordance with applicable law and Untled Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). STATEMENT OF TRUSTEES. RE5PONSIBILmES - continued Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charttable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable cLxYJpany for that period. In preparing those financial ststements, the trustee5 are required to elect suitable accountin olicies and then a I them consistenu bserve the methods and rinci les in the Cha SORP.. ake ud ements and estimates that are reasonable and rudent.. repaie the financial Statements on the going concem basis unless it is inappropriate to presume that the charrtabl om an will continue in business. The trustses arè responsible for keeping proper accounting records vthich disdose reasonable accuracy at any time the financial position of the charitable company and to enable Ihem to ensur8 that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking asonable Steps for the prevention and detection of fraud and other irregularè$. In so far as the trustees are aware: here is no relevant audit infomation of which the charitable an 's audttors are unaware" and he trustees have taken all steps that they ought to have laken to rnake themselves aware of any relevant audit information and lo estsblish that the auditors are aware of that informakn"on. Pagè 6
HAIThIRE CHRISTIAN FDUCATION TAusr AEPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGusf 2024 AUDrfoRS The auditors, M(yris Crocker Limited. Vll be propc6wJ for re-appolrtment at tr* forlhcoming Annual Genwal Meeting. Approved by ordèr of the board ol trustees on .......... .. . and sigwj on Its behaw by: in - Trustee Page 7
REPORT OF THE INDEPENDENT jDITORS TO ThE MEMBERS OF HAklPSHIRE CHRISTIAN EDUCATION TRU8T Opinion Wa have audited th8 finalar StMts of Hamp5tire Chrislian Education Trust (the 'Gharitthe compan} the year 31 Augth8t 2024 which compw the Statefflent ot Fin8n(yat Adfvitles, thÈ Balance ShL the Cash Flow Ststwnent and nDtes lo Ihe financial statemerts, IncJudlng a swnmary of signrfwt auxuniing p¢1)es. The tFnani?al reporbNJ frame that has been applied in thdr preparation Is applle4ble law and UnIted Ktngdom Accounting Stsndarts (United Ktngdom GeneralArtepted AcccLfftling Practice). In our opinp)n the financial statemts.. . gSve a true and fair vlew of the state of the Gharlable compty affairs as at 31 P4Jgust 2024 arKJ of its incomiro resources and appIon of resou. IndthfirKJ its and eendIture, for Ihe yesr th . have been propety pparj in wilh United l(mgdtrTr Generally Acccmjnng Pra(ce: . have been prewdred in vith th8 rewirernents of Ihe Companies Ad 2CKI6. Basis foroplnlon We o)nducted audit in sedance Mith Int1 Slandarts on Auditing (UK) (ISA8 (UK)) and appllcabl8 law. ir respons1tle5 under tlme slandards are further descrittd in the Audttors, r&Spo[bIntteS for the audit of the finanGial stalemetts 5tiOn of our rewt. W8 are Independent of (he ritable ¢>3rnpany In a)rtranGe tho ethlc21 requir8Nlts Ihat are refevanl to wr audit of the finan(aal 51al8ments In the UK Indu¢fmg the FRCS Elhi(¥l Standwd. 8nd we have fvlfilled our oiher ethical spJn5ibililies In accordance wth tsse requlrennts. We befEve Ihat the audFt eviderKe we have obtalned ts sufficierrt and appropriate to wovmle a basi5 for our oplnlrjn. Condusions relating lo going ¢oncem In aLJ¢ftbng the financtal slaterrknts. we ha coluded that the use of the going conom basts of CntIng in the prepwr8tion of the financFal statements is appropfith. Based on the we have l0&Y. we have not idenlified any rnalerial untrt2inttés rdating to events or (xmditlon5 that. in(fNTdualty c(Alethvdy, may cast nificant doubt on the thalitabk compan$ ability to conttnue as a goiro concem for a pefh)d of at least t4lYe rn(th fnyn when the fjrrancial statemenls are authorised for issue. ijw responsibilities and the resFA)TksliMlrii6s of the wilh respeGt to gotng are described in the rvani sections of this re[. 01pr InforMlOn The trustees are respsELe for the othef informth. The other infomiation o)mprises Ihe infor[Tli£ T]duded in the Annual Re 0rItn fhe ntal 51atements aThl Rewrt ofthe Independent AudEtor5 Our opinKm on the finan(aal statements does not o)ver the other InfOallOn and, exLwt to the extent oth8rMs& explicrlly staled tn (yjr we do not express any f(ffii of assuran conclusion thereon. In vthh our dft of1he ffflanctal statements, our resixytsibility is io re&a the Olher infomialion and. In dowwJ so. Gonstder whelher the other Infomiation 15 malerialty in¢(Ntsint th the financial statements or knovAedge obtgined in the audit or othen4lse appears trj be matertally misstated. If we identify such Matla1 ino)nsistenGies or apparent matertal misstatements. V*e are rgwired lo detemilne Wheth this gNes rfse to a material misstatematt in the financial statements them5kn. If, b85ed on Ihe work we have perform8d, we wrKlude that there is a material mi&slatement of this otsr MkntM)n, we are reqred to report that We have rthing to ret in this regard. Opinions on other mattors ptribed by lh• Companies Act 211D6 In w opinic, based on the YA)rk uThJertaken in th6 course ofthe aLKrL" the infornwtlon given in the Re[rt of the TnJst6es the fin8nfial fLY %thkh ts financial statements 8re prewared is consistent wtlh th8 fftn[ad statements: and . thè R8pJrt of the Trttstees has been wepgred In appfuble legal reqiirements. Page 8
REPORT OF THE INDEPENDEKf AUDITORS TO THE MEMBERS OF HAMPSHIR£ CHRISTIAN EDUCATION TRUST Matters on whith we are required to report by exceplion In the light of the arvj understrdncfiEVJ oftt thaiifthe (panY and ils en¥Mrt obtained in th course ofthe autht, have n¢X identifth material rni55tatem wi the Repjrt oflha Trustees. We have nolhI to rwl in of Ihe fdkming mios ¥hrE Ihe Companies AGt 2Th)6 requires us to rewrt to you rf, in our Opinic." . lequate attixjntlng rncord5 hwle rK)t kept (Y wefrm ade9 for our atdit not bEen red from thanches n(Jl visited by ". or . the flnanclal stal8ments are not in reement ith the acuJunting re(yxds and retwns" or . certain d&scb)5ure5 of trnstees. remuneratil5peQ[rd by law are rth)t made: . have not recerved all the tnfomatirx) and expJanaliorn% ruIre kn oUral¢ or thé tWStees we not entiued to take advantage oflhe gnatl c1PanIeS exemption from the rewlrement to prepare a Strategic Report In ppa[1rvj Ihe ReF ofthe Tnts. Respons)[111]eS of trustees As eWain&Y mor6 futty in the Stalementof Tnjstees. Rn5ft)it1"e5. Ihe Itustees (Wt are 8150 the rfirectors of the charitatrfe ujtnpany ftjr the wrpose5 of company taw) are res1b for the preparafion of the fana81 statements aThY for bebng satisfied that they gr¥e a true and fair view, atyl for such intemal ¢))ntrol 85 the trustees détermine is necessary to enaNe Ihe weatr)n of fvarKial statements that are fr from aterral misslatemenL whethw due to frdud orerror. In preparirwJ the financial slatement& the trlee5 e res7)Ie for awssing the charit8ble companls abiTity to continue as a going COem. disd&8ir¥J. as lble, matters rekted to going (X)nrn and using the golng rCeM basls of wx(wrrting unless the Iru5tees eilhw intend to liquidate the Ltharilabl8 eomp8ny or cease operations. or hava rn realislic altentive bt0 do so.
REPORT OF THE INDEPENDEKf AUDrroRS TO THE MEMBERS OF AMP3HIRE CHR EDUCATION TRUST ¢)Jr reSpOnbilitieS for the audit Of the financlal statements our objeGtives atB to obtain reasonab assuran atr1 whethw fi1 slatemerts as a ale are free from material mk%Stalemenl. whether due lo fra1 or erFor. and to issue a Report of Independent Aud]tors Ihat Tridudes our ¢)plnh)n. Reasonable assur a hTah level of assuran, bul Is Th)t 8 guarantee that an 8LxI(t rA)nducted in 8c£Ordan with ISAS (UK) wll deteGt a material misstatement tten tt extsts. Mi5ststemwts arise frtsn fr2uO error and are considered material rf. ifkfimdualty or in th8 aggregate, they could re8sonabty tE e>¥e(tsl to ufflue[e the ecmlmic deL¥s1 of user5 taken Lm the basÈs of these financial stelpments. The oxtent to lch our EedureS are CApth of detecting wrgJularlli8s. IndudirwJ fraud is detailed below.. From d[scuSsn wth managemerrt and Ilv)se cth8rged governance irrforniab'C ab)ut the enw is doryjmenbj to assess the athlty Mthin fhe organisation. We diqJJ&s managemenvs assessment of risk in respect of Itrew18rknes. fraud and cor Based on th&5e di5cussons and (¥Jr (wm asse55merts we detemird thal the key rfsk eaS were inrne rTritIon in reSpt tjrt off issues and Managnrt o¥errlde 0JnMirV th SI ofthe organisatlon. We sel thancral stalemerrt malerialty level based Ihe le of income. As a rKJI profft organlsation raising income ts its primary fots whlth is why income w85 used to determine revel of materi81ty. Our over811 sssessment of risk w8S Used b) detemine fOnnar matslallty at an 8PPtoprf8te level. Substsntlv8 audil tests e (1espJned 8fter assgThJ aThl Kthmiig vralkthrThJgh tesis. The walkthrough te5tsrvJ nrMed documented bBen deslgned to act as a preventatEve measure against fraLKI and errtt whith appear to be opetaling a5 d]Mented. bslan1[ve tesling tested a sample of the Fryuialn, repsents11ve of the population, tr) eTrors. The tesling dld not Njentify any mat&ial m1551atements in areas tested. Audit subslantive t6 ttrK4uded rK> Mat1 trrots over tr key risk areas of income rnitIOn and management override. The audit considers the organisali(Jn 15 IMX exFK>sed to material risk of etror a5 a sUIt crf assessing Iw and u18tions that ate approFHiate to the gari1?n. Management assessed there is fK> goir¥J o)ncem risk. The audit undert(x* a revlew of budgets, management ac£outts and the revi of toard minutes rAme to Ine same a5 maTwement. Afurther des&fjpikJn ofour responsli Jrnies for the autht of the ancial statements located on the Finan(ial ReP)rtI Councll's wet6ite at ww.ftuorg.uklauOitorsrespM&knlities. This deption forms part of our Report offhe IndePAU(filO Page 10
REPORT OF THE INDEPENDENT AUDifoR8 TO THE MEMBERS OF HAAIPSHIRE CHRISTIAN EDUCATI1 TRusr Use ol our pOrt TrLs rewrt is made PtelY to the ch8ritgL* C4JmpanS as a t4xty. in ac0Xdan wilh Chapter 3 of Part 16 of fhe cCpanIeS Act 2(K6. Our audit work has been undertaken so thal we might 51ate to Ihe tharltable CCpanYS members those matters are rewired tr) state to Ihem in an auditors. report and for no other purpw. To the fultest extent pemiitted ty law. Y+e do not accept or assume p)nsl111ty to anyone othw than the charttable company and Ihe rtsritsble c4)MPs•S mlS as a bcty. tr our audit wnt, for thls rewt. or k)r the opinions we have fonTred. Marin Southem BA(Hons) FCA (ser StaiubxyAu(rkn) and on behalf of MC AJJ¢Jit knmtted statutw Audtiors station House Hampshire Pog 1QU Dale: ........ Pa 11
HAMPSHIRE CHRisnAN EDUCATION TRUST STATEMENT OF HNANCIAL ACTivmES ONCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total hjnds 2023 Total funds fvnds fuThJs INCOME MID ENDOWMENTS FROla Ocfiations and legactes 51A62 51,562 18.5BO AdVanfftent of education 1.613? 1.613,306 1.571.436 1.111 12.313 Invnent income 100.256 100.256 1.765.932 1.765.932 1,803.440 EXPENDuRE ON Raithg ftjnds 24.582 11.914 Charitable activitses Advancement of educatk)n 1,n4.335 1.774.335 1.620.790 1.798,917 1.798.917 1.631704 NET INCOMEI(EXPENDmiRE) (tt985) (32.985) {29.264) RECONCIUATION OF FUNDS Total funds brought foward 1466.699 Z486.699 2,495,963 TOTAL FUNDS CARRIED FQRWARD 2,433.714 1433,714 2.466,699 The n(es form wt of these financi statements Page 12
HAMPSHIRE CHRISTIAN EDUCATION TRUST IREGISTERED NUMBER: 05212585) 31 PIIGLN3T 2ff24 2024 2023 FIXED ASSErs Tangib assets 15 2.409,793 2508.555 CURREiif ASSETS 16 1,190,474 974224 150.736 634.611 Cash al bank 2.164.698 785.347 cREDORs Amounts faring due wilhln ypar 17 (1.632.660) (507.940) NEf CURRENT ASSErs 531.838 2TI,407 TOTAL A8SETS LESS CURRENr LIABIUTIES 2.941.631 I785.2 CREDrroRS Amounts falling due after rrKYe tFMn one year 18 {5)7.917) (319,263) NET ASss 2,433,714 2.466.699 FUNDS Unrethcied funds 2.433,714 1466.699 TOTAL FUNDS 2.433.714 2.486.699 These financlal ststements have ten wepar&J in with the P¥DviswJn5 ar¥Jlicabk to cfrdrilable companies subjed to Ihe small CompleS regwn8. The fin ents V+EfE approved by the Board of Tntstees and authorid for issue on . and wetB sifft on its behaw ty. chin- Trustee The note5 fom trt of these ffinan(#al staternts Page13
HAMPSHIRE CHRISTIAN EDUCATION TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from opeyallng activities Cash generated from operations Interest paid Finance costs paid 265,962 {2,582) (12,135} (201,388) (18,282) 111,914) Net cash provided byl{used in) operating aGlivities 251.245 1231,584) Cash flows from Investing actlvllles Purchase of tangibte fixed assets Interest r8¢elved Finance interest Incoff (11.888) 6,059 94.197 (172,899) 3.682 8.631 Net cash prowded byl(used in) investing aclivtttes 88.368 {160,586) Change In Gash and cash equivalents in the reporting period Cash and cash equivalents al tho boginnlng of thé reporting perfod 339,613 {392.170) 634.611 1,026,781 Cash and cash oquivalents at the end of Ihe reporting perfod 974224 634,611 The notes form pwt of these fnancial ststsments Page 14
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCIUATION OF NET EXPENDMJRE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel expenditure for the reporting period (as per the Statoment ¢)f Financial Acttvities) Adjustments ft>r: Depreciatson charges Interest received Interest paid Finance costs Finance interest inc Increase in debtors Increasellde¢rease} in Gre410[$ (32,985) (29.264) 110.650 <6.059) 2.582 12.135 (94,1971 (1,039,738) 1,313,574 73,4ea (3,682} 18,282 11,914 (8.S31) (100.877) (162.598) Net cash provided byl(used in) oporatlons 265,962 (201,388) ANALYSIS OF CHANGES IN NET FUNDS At 1.9.23 Cash fiow At 31,8.24 Not cash Cash at bank 634.611 339,613 974,224 634.611 339.613 974.224 Debt Debts falling due within 1 y Debts falling due after 1 year (50.703) {297.978) 14.327 36,550 (36,376) 1261,428) {348.681) 50,877 (297,804) Total 285,930 390,490 676,420 The notss fonn part of these finala1 statements Page 15
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES Basis of preparing the financial statemènts The financtal slatements of the charilable company, lch is a public benefit entity under FRS 102, have been prepared in accordan with the Charilies SORP (FRS 102) 'Acts)unltng and Reporting by CharitÈes: Statement of Recommended Practice applicable to chanties preparing their aetounts in accordance Vth the Financial Reporting Standard applicable in the UK and Republic of Ireknd IFRS 102> (effective 1 January 2019).. Financial Reporting Stsndard 102 'The Financial Repottng Standard applicable In the UK and Republic of Ireland, and the Companies Act 2006. The financial ststements have been prepared under the hislorical cost convention. as modified by the revaluation of certain assets. Going concern The trustee directors consider that Ihere are no maten'al uncertainties regarding the chafitable company's ability to continue as a going concern. Income All income is recognised in the Slatement of FinancBI Aclivities once Ihe charity has entrtlement to the funds, it is ptobable that the Income wll be received and the amount can be measured reliabty. Expenditure Liabilities are recognised as expenditu as soon as the is a legal or constructive obligab'on committsng the charity to that expenditure, ti is probable that a transfer of economic benefits wtll be required in setdement and the amount of the obligation can be measured reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs ¢annol be direcify thbuted to particular headings they have been allo&ed to aclivrties on a basis consistent the use of resources. Tanglble fixed assets Depreciation is provided at the folowing annual rates in order to WTite off each asset over tts estimated useful lrfe. Frhold property Plant and machinery Fixtures and fith'ngs Computer equipment 10% on cost and 2% on cost 200% on cost 20% on cost 33% on $t Individual fixed assets costing £500 or rmre a capilalised at cost wth the exception of computer equipment which is capitalised if the individual cost is £250 or more. Taxatlon The chartty Is exempl from corp)ration tax on its charitatle acfivrties. Furnl a¢counb"ng UnStriCted fijnds can be used in xcordance wth Ihe charitable otyectives at the discretion of the Irustees, ReStrted funds can onty be used for particular restri(ed purposes wthin the objects of the tharity. Restrictions arise when spectfied by the donor or when funds are raised for particular restricted purposes. FLther explanation ofthe nre and wrpose ol each fund is induded the notss to thè finanlaal statements. Leaslng MmItMents Fientals paid under operating leases are charged to the Statement of Financial Aclivities on a straight line basis over the period of the lease. Page 16 conbnued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE HNANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES - ¢ontiNed Pension costs and olher post-retiremènt beneffts The charitable company operates a defined contributFon pension scheme. Contrrbutions payable lo the charitable company's pension scheme are diarged to the Statement of Financial Adivrties in the period to whidi they relate. The charitable corny contributed £18,032 (2023: £16.387) Flnancial instrumènts The charity only enters into bas finalla1 instrfftnts transaciions that result in the regnitiOn of fnanctal assets and liabilttses like trade and other accounts receivable and payable invesiments in stocks and shares. The measurement bS used for these financial instruments is delailed bel¥. Debtors Trade and olher debtors are re¢ogni5ed * the setdement anv)unt due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dIOUntS due. Cash at bank& in hand Cash at bank and in harKI includes Gash held on deposit 01 in a Current account. cr8d1t0 and provislons Creditors and pro)risions are recognised where the charitable company has a present obligation resulting from a past event that will probaLAy result in the transfer of fun(ts to a third paty and the amount due to settle Ihe obligatton can be measured or estimated reliably. Credilors and provisions are nomialty recognised at their settlement amount after allowTng for any trade discounts due. DONATIONS AND LEGACIES 2024 2023 Donations 51,562 18.580 OTHER TRADING ACTnirriES 2024 2023 Fundraising events 808 1,111 INVESTMENT INCOME 2024 2023 Deposit a¢Unt interest Finance interest income 6,558 93,698 3,682 8.631 100,256 12.313 All invesknent incorne is derived assets held in the United lfjngdom. Page 17 continued,..
HAMPSHIRE CHRISTIAN EDUCA TION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM CHARITABLE ACTivrriES 2024 2023 Activity Advancement of edLtion Advancement of education Advancement of educabon Advancement of education Sthoot fees and bursarie5 School trips and sales Rental income Sundry income 1,386,431 70,704 3,808 152,363 1.492,539 76,679 1,288 950 1,613,306 1,571,436 RAISING FUNDS Ralslng donations and lega¢ies 2024 2023 Finance cost 24,582 11,914 CHARifABLE ACTIVITIES COSTS Direct Costs (see note 81 Support costs {see note 9) Totals Advancemenl of education 1,023.876 750,459 1,774,335 DIRECT COSTS OF CPIARITABLE ACTivmES 2024 2023 staff costs Educational resources Trips, camps ar events Training DBS and liCenS Fundraising costs Bursaries 931,464 33,341 24,999 8,945 6,802 18,325 934.579 32,131 55,577 2,977 12,231 13,064 124.774 1,023,876 1,175.333 Page 18 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - Continuod FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS Govemance cosls Management Totals Advancement of education 745.043 5,416 750,459 Support costs, included in the above, are as folows: Managgmont 2024 Advancement 2023 Totsl activities education Wages Hire of pLqnt and madNnery Rates and water Insurance Light and heat Minibus and car park expen Legal and professional fees Repairs and maintenance Stshonery, postage &)d phone SuThJry expenses Donations Depreciation of tangible assets Bank interest Mortgage InteSt 173,958 36,150 4.395 23.154 57.958 10.384 20,934 198.944 34.152 71,751 30 110.651 2,582 95,640 17,674 17,727 22,153 2,870 10.522 9,366 106,173 29,278 36.616 582 73,468 1.561 16,721 745,043 440,361 Governance costs 2024 Advancement 2023 Total activities education Auditors, remuneration 5.416 5,106 10. INCOMEI(EXPENDITURE Net ineomel(expendrture) is stated after Clrgin{Credib'ng): 2024 2023 Aurfitors, remuneration Deprecialion - owned assets Hire of plant and machinery 5.416 110.650 36.150 5,106 73,469 17,674 Page 19 continuèd...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 11. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for Ihe year 8nded 31 August 2024 nor for th& year ended 31 August 2023. Trustees. expenses During the year no Irustees (2023." none) were reimbursed for of pocket expenses. Iz 8TAFF COSTS 2024 2023 Wages and salaries SocAal security costs Olher pen%on costs 1,022,592 64.807 18.023 951,841 61,991 16,387 1,105,422 1,030,219 The average monthly number of employees during the yearwas as follows: 2024 53 2023 Advancement of Education Support staff 62 63 No employees received emoluments in excess of £60.000. Key managèmont personnel The key management personnel of the thartsble company comprise, the Head Teacher, the Deputy Head Teacher, the Business Development Manager, Ihe Head of Options and the Head of English. The totsl employee benefits of the key management personnel of the charitable company were £195.953 (2023.. £95,640). This does not indude remuneration for trustees, all of whh is reported as per note 11. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestnded nds Restricted funds Total lunds INCOME AND ENDOWMENTS FROM Donations and legacies 18.580 18,580 Charitable activities Advancement of edLKation 1,571.436 1,571.436 Other trading activtties Invesknent 1me 1,111 12.313 1,111 12,313 Totsl 1.603,440 1,603.440 EXPENDITURE ON RSing knnds 11.914 11,914 Page 20 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS . continuad FOR THE YEAR ENDED 31 AUGUST 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES - continued Unrestricted nds Restricted funds Total fijnds Charttable activities Advanment of education 1.588.052 32,738 1.620,790 Total 1.599.%6 32.738 1,632,704 INCOMEI{EXPENDrfuRE) Transfers b8twwn funds 3.474 112.172 (32,738) (112,172) (29,264} Not movoment in funds 115.646 {144.910) (29,264) RECONCIUATION OF FUNDS Total funds brought for4Ydrd 2.351.053 144,910 2.495,963 TOTAL FUNDS CARRIED FORWARD 2,466.699 2,466,699 14. INTANGIBLE FIXED ASSETS Website COST At 1 Seernber 2023 and 31 August 2024 4.500 AMORTISATION At 1 September 2023 and 31 August 2024 4,500 NEf B¢)OK VALUE Al 31 August 2024 At 31 August 2023 Paje 21 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 15. TANGIBLE FLXED ASSErs Improvements to property Freehold property Plant and machinery COST At 1 September 2023 Additions 2.142,333 449.500 982 24,195 At 31 August 2024 2.142,333 450,482 24,195 DEPRECIATION At 1 September 2023 Charge for year 89,084 42,846 32.738 45,048 20,219 1.547 At 31 August 2024 131,930 77,786 21.766 NET BOOK VALUE At 31 August 2024 2.010.403 372,696 2,429 At 31 August 2023 2.053.249 416.762 3,976 Fixtures and fittings Motor vehides Computer equipment Totals COST At 1 September 2023 Additions 107,284 1,876 14.700 82,208 9.030 2,820,220 11,888 At 31 August 2024 109.160 14.700 91,238 2,832,108 DEPRECIATION At 1 Septernber 2023 Charge for year 82.970 11.267 14.700 71,954 9.942 311.665 110.650 At 31 August 2024 94.237 14.700 81,896 422.315 NET BOOKVALUE At 31 August 2024 14.923 9,342 2,409,793 At 31 August 2023 24,314 10,254 2,508.555 Cost or valuation of freehold property at 31 August 2024 is represented by: Valuation in 2010 Valuation in 2015 Valuation in 2020 Additions 1.627.715 272,285 200,000 42,333 2.142,333 Page 22 continu8d...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 15. TANGIBLE FIXED ASSEfs - continued The Trust's other tangible fixed assets are induded at o)sL If fr88hold propety had not been revalued it would have been induded at the following historical cost.. 2024 2023 C05t 2,049,402 2,049,402 Aggregate deprecaation 908,985 867,997 Fre&hold propety was revalued on an open market basis on 31 August 2021 by Vail Williams LLP. 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors other deblors Prepaymenls 1,143,605 21.176 25.693 127,748 750 22,238 1.190.474 150.736 Trade debtors are high8r because tt)e sckts)I raised involS in June 2024. 17. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 19) Fees in advance Trade creditors Social security and other tsxes Other creditors Deposts Acuuals and deferred income 36,376 1,375,800 24,105 13,516 4,643 170,769 7.651 50,703 188,402 69,692 13,069 1,087 178,220 6,767 1,632.860 507,940 Fees in advance represents s(*]ool fees received in advance for future academic years. 2024 2023 Brought forward Amount released to inCong resour Amount defeed in year 209,687 (43,699) 1,456,303 292,116 (161,651) 79,222 Canied fotward 1,622.289 209,687 F88s r8CeiV8d in advance are higher because the shool raised invol5 in June 2024. Page 23 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 18. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 19) Fees in advance 261,428 246.489 297,978 21,285 507,917 319.263 19. LOANS An anatysis of the matuiity of loans is given below: 2024 2023 Amounls falling due within one yearon dernand: Bank loans 36.376 50,703 Amounts falling due beiween two a1 five years: Bank k)at7S 113,962 121.319 Amounts falling due in more than fve years". Repayable by instalments: Bank loans 147,466 176,659 LEASING AGREEMENTS Minimum lease payments under non-(2ncellable operatiryJ leases fall due as follows: 2024 2023 Within one year BetWn one and ffive years 9,414 7.656 1,914 9,414 9,570 21. SECURED DEBTS The followng secured debts are induded wtthin credith: 2024 2023 Bank loans 297,804 348,681 The bank loan was secured by a legal cFRrge over the freehold property at Lakesmere House. Allington Lane. Fair Oak, Easueigh. Page 24 continu&l...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Totsl funds 2023 Total funds Unrestricted funds Restricted funds Fixed assets CUnI assets Curr8nt lialiliti8S Long tenrj liabilities 2.409.793 2.164,698 (1.632.860) (507,917) 2,409.793 2.164,698 (1,632,860) (507,917) 2,508,555 785,347 (507,940) (319,263) 2,433,714 2,433,714 2.466.699 23. MOVEMENT IN FUNDS Net movement in fvnds Transfers between funds At 31.8.24 At 1.9.23 Unrestricted funds General fund Revaluation reserve Enrichment fund 2.316.580 50.598 99.521 (32.985) 99.521 2.383.116 50.598 (99.521) 2,466,699 (32,985) 2,433,714 TOTAL FUNDS 2.466.699 (32,985) 2,433,714 Net movement in funds, included in the above are as follows- InmIng resour Resources expended Movemenl in funds Unrestricted funds General fund 1.785.932 (1,798,917) {32.985) TOTAL FUNDS 1.765,932 (1,798,917) (32,985) Pag8 25 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 23. MOVEMENT IN FUNDS - Continued Comparatives for movement in funds Net movement in funds Transfers between funds At 31.8.23 At 1.9.22 Unrestrlcted funds General fund Revaluation reserve Enrichment fund 2.244,038 (39,630) 112,172 2,316.580 50,598 99,521 56.417 43,104 2.351,053 3.474 112.172 2,466,699 Restrlcted funds Muga fund 144.910 {32,738) (112.172> TOTAL FUNDS 2,495,963 (29.264) 2,466.699 Comparative net movement in funds, induded in the above ate as folk)ws: Incoming resources Resources expended Movernent in funds Unrestrlcted funds General fund Enrichment fund 1.547,271 56,169 (1,586,901) (13.065) (39,630) 43.104 1.603,440 Restricled funds Muga fund (1.599.966) 3,474 (32.738} (32.738) TOTAL FUNDS 1,603.440 {1,632,704) (29,264) Enrfchm8nt fund This fund is a fund designated by the trustee directors to be a physical ac£ount where fundraising events and school Irips could be accounted for to ensure that all monies raised in this way cx)uld be spent on enhancements to the school ralher then k)st in the day to day njnning of the sclK)ol. Transf8r batween funds The transfers from restricted to unrestricted funds relate to funds on which restrrctions have b88n satisfied and therefore are no longer considered to be restricted nds. PaJ8 26 continued...
HAMPSHIRE CHRISTIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 24. RELATED PARTY DISCLOSURES Purchases of £22,092 (2023: £nil) have been paid to a (x)rnpany vtho has a common director to Hampshire Christian Education Trust. The aged creditor balan at the year end wilh this company is £nil {2023- £nil). During the year 3 (2023.. 3) trustees had a total of 5(2023: 3) children attending the school. The total f88s paid relating to these sthool places was £16,202 (2023: £22,737). All transactions are at arms length. 25. ULTIMATE CONTROLLING PARTY The charitable company is not under the contrcA of another entity or any one individual. 26. LEGAL STATUS The charitable company is a company limited by guararrtee and has no share capital. The liability of each member in the event of winding up is limited to £10. Pag8 27