**REGISTERED COMPANY NUMBER: 06848528 (England and Wales) REGISTERED CHARITY NUMBER: 1135865** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **FOR** ## **THE HEATHFIELD FELLOWSHIP** DSK Partners LLP 75 Park Lane Croydon Surrey CR9 1XS **THE HEATHFIELD FELLOWSHIP** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** **----- Start of picture text -----**
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Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6 to 7
Notes to the Financial Statements 8 to 13
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**THE HEATHFIELD FELLOWSHIP (REGISTERED NUMBER: 06848528)** ## **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 principal object of the Fellowship is to promote education and participation of girls, regardless of race, creed, financial means or social and economic circumstances by the provision of bursaries to attend Heathfield School. ## **Activities and Financial Results** The Fellowship had a successful year providing educational opportunities for young people. The Fellowship was able to offer grants totalling £49,181 (2019: £66,120). This year donations were significantly lower with £32,292 (2019: £43,257) being received. This year a successful carol service meant that income of £4,806 was received. At the year end the Charity had reserves of £41,931 (2019: £65,232), which leaves the Fellowship in a strong position to offer further grants, bursaries and prizes in the future. During the year the Fellowship's income was generated mainly from donations. The full activities and financial results for the year are as shown in the financial statements. ## **Public benefit** In shaping our objectives for the year and planning our activities, the trustees have considered the Charities Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. ## **Future Plans** The Fellowship aims to continue to support the students of Heathfield School by provision of bursaries, grants and prizes. The success of the carol service will be considered when planning activities to raise future funds. ## **Grants** Any students of Heathfield School may apply to the Trust. Grants are awarded at the discretion of the trustees. This policy ensures that the Trust achieves its objects for the public benefit. ## **Remuneration Policy** Trustees receive no remuneration. Only expenses suffered on behalf of the Fellowship are reimbursed to the trustees. ## **FINANCIAL REVIEW** ## **Reserves policy** It is the target of the Fellowship to maintain unrestricted funds at a sufficient level to cover administration costs and bursaries for at least one year which is estimated to be £15,000. As at 31st August 2020, the Fellowship had reserves of £41,931 (2019: £65,232), all of which were unrestricted. The Trustees note that the reserves are above target and will plan bursaries and grants over the next few years to align the reserves to target. Page 1 **THE HEATHFIELD FELLOWSHIP (REGISTERED NUMBER: 06848528)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Appointment of new trustees** Potential Trustees are proposed to or approached by The Fellowship's board of Trustees and are voted on. The executive officers are responsible for training Trustees and making them aware of their responsibilities. The Board of Trustees maintains a skills matrix of current members. When recruiting new Trustees, the Board aims to maintain a balance of skills and backgrounds to ensure a diverse mix of people. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 06848528 (England and Wales) **Registered Charity number** 1135865 ## **Registered office** Heathfield School London Road Ascot Berkshire SL5 8BQ ## **Trustees** C E Deeds H D C Egerton-Smith C S Fallah (resigned 25.2.20) J M Hicks K J Hurt Chair J R J Lambert (resigned 10.2.21) H Lourie (resigned 8.2.21) A Marx (resigned 25.1.21) F C H Stanley S Stewart (resigned 25.1.21) S V Tulk-Hart Treasurer ## **Company Secretary** Tricor Secretaries Limited ## **Independent Examiner** DSK Partners LLP 75 Park Lane Croydon Surrey CR9 1XS Page 2 **THE HEATHFIELD FELLOWSHIP (REGISTERED NUMBER: 06848528)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020** This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 18 May 2021 and signed on its behalf by: K J Hurt - Trustee Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HEATHFIELD FELLOWSHIP** ## **Independent examiner's report to the trustees of The Heathfield Fellowship ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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. Romit Basu FCA DSK Partners LLP 75 Park Lane Croydon Surrey CR9 1XS 18 May 2021 Page 4 **THE HEATHFIELD FELLOWSHIP** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020** |2020
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
32,292
**Charitable activities**
Carol service
4,806
Investment income
2
94
**Total**
37,192
**EXPENDITURE ON**
Raising funds
7,294
**Charitable activities**
Bursaries
49,395
Other
3,804
**Total**
60,493
**NET INCOME/(EXPENDITURE)**
(23,301)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
65,232
**TOTAL FUNDS CARRIED FORWARD**
41,931|2019
Total
funds
£
43,257
9,608
122
52,987
5,425
66,626
3,048
75,099
(22,112)
87,344
65,232| |---|---| The notes form part of these financial statements Page 5 **THE HEATHFIELD FELLOWSHIP (REGISTERED NUMBER: 06848528)** ## **STATEMENT OF FINANCIAL POSITION 31 AUGUST 2020** |2020
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Intangible assets
6
2,828
**CURRENT ASSETS**
Debtors
7
-
Cash at bank
53,738
53,738
**CREDITORS**
Amounts falling due within one year
8
(14,635)
**NET CURRENT ASSETS**
39,103
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
41,931
**NET ASSETS**
41,931
**FUNDS**
9
Unrestricted funds
41,931
**TOTAL FUNDS**
41,931|2019
Total
funds
£
4,221
3,540
61,815
65,355
(4,344)
61,011
65,232
65,232
65,232
65,232| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued... ## **THE HEATHFIELD FELLOWSHIP (REGISTERED NUMBER: 06848528)** ## **STATEMENT OF FINANCIAL POSITION - continued 31 AUGUST 2020** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18 May 2021 and were signed on its behalf by: K J Hurt - Trustee The notes form part of these financial statements Page 7 **THE HEATHFIELD FELLOWSHIP** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. ACCOUNTING POLICIES** ## **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. ## **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. ## **INTANGIBLE ASSETS** Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. ## **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. 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. ## **GOING CONCERN** Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. In the UK this began on 23rd March 2020. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic condition. The charity is likely to be affected in the form of loss of income, however it will benefit from savings in costs and therefore this will not significantly impact the entity's financial position. continued... Page 8 **THE HEATHFIELD FELLOWSHIP** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. ACCOUNTING POLICIES - continued** ## **GOING CONCERN** The charity has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 August 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods. These accounts have been prepared on the going concern basis, on the understanding that the trustees will continue to financially support the charity. However due to the nature of the charity and its activities, along with schools being closed due to the UK lockdown, we do not anticipate any material impact on the charity and its finances. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||2020|2019| ||£|£| |Interest received|94|122| |**NET INCOME/(EXPENDITURE)**||| |Net income/(expenditure) is stated after charging/(crediting):||| ||2020|2019| ||£|£| |Independent examination fees|1,200|1,200| |Computer software amortisation|1,393|1,227| ## **3. NET INCOME/(EXPENDITURE)** ## **4. 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. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019. During the year one trustee was reimbursed £584 (2019: £566) for expenses suffered on behalf of the Charity. continued... Page 9 **THE HEATHFIELD FELLOWSHIP** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020** |**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|| |---|---|---| |||Unrestricted| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Donations and legacies|43,257| ||**Charitable activities**|| ||Carol service|9,608| ||Investment income|122| ||**Total**|52,987| ||**EXPENDITURE ON**|| ||Raising funds|5,425| ||**Charitable activities**|| ||Bursaries|66,626| ||Other|3,048| ||**Total**|75,099| ||**NET INCOME/(EXPENDITURE)**|(22,112)| ||**RECONCILIATION OF FUNDS**|| ||**Total funds brought forward**|87,344| ||**TOTAL FUNDS CARRIED FORWARD**|65,232| continued... Page 10 **THE HEATHFIELD FELLOWSHIP** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020** |**6.**
**INTANGIBLE FIXED ASSETS**
**COST**
At 1 September 2019 and 31 August 2020
**AMORTISATION**
At 1 September 2019
Charge for year
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2020
At 31 August 2019
**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Accrued expenses|Computer
software
£
5,778
1,557
1,393
2,950
2,828
4,221
2020
2019
£
£
-
2,090
-
1,450
-
3,540
2020
2019
£
£
13,365
3,074
1,270
1,270
14,635
4,344| |---|---| continued... Page 11 **THE HEATHFIELD FELLOWSHIP** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020** ## **9. MOVEMENT IN FUNDS** |||Net|| |---|---|---|---| |||movement|At| ||At 1.9.19|in funds|31.8.20| ||£|£|£| |**Unrestricted funds**|||| |General fund|65,232|(23,301)|41,931| |**TOTAL FUNDS**|65,232|(23,301)|41,931| |Net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|37,192|(60,493)|(23,301)| |**TOTAL FUNDS**|37,192|(60,493)|(23,301)| |**Comparatives for movement in funds**|||| |||Net|| |||movement|At| ||At 1.9.18|in funds|31.8.19| ||£|£|£| |**Unrestricted funds**|||| |General fund|87,344|(22,112)|65,232| |**TOTAL FUNDS**|87,344|(22,112)|65,232| |Comparative net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|52,987|(75,099)|(22,112)| |**TOTAL FUNDS**|52,987|(75,099)|(22,112)| continued... Page 12 **THE HEATHFIELD FELLOWSHIP** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020** ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.9.18|in funds|31.8.20| ||£|£|£| |**Unrestricted funds**|||| |General fund|87,344|(45,413)|41,931| |**TOTAL FUNDS**|87,344|(45,413)|41,931| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|90,179|(135,592)|(45,413)| |**TOTAL FUNDS**|90,179|(135,592)|(45,413)| ## **10. RELATED PARTY DISCLOSURES** During the year the Fellowship received a total of £32,292 (2019: £41,167) from Heathfield School, a connected party by virtue of a common Trustee. This comprises donations to the Fellowship. As at 31 August 2020, an amount of £Nil (2019: £2,090) was owing from Heathfield School to the Fellowship. Page 13