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← Knowledge Schools Foundation Trust

2023-08-31-accounts

REGISTERED COMPANY NUMBER: 07292254 (England and Wales) REGISTERED CHARITY NUMBER: 1138194

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

KNOWLEDGE SCHOOLS FOUNDATION TRUST (A COMPANY LIMITED BY GUARANTEE)

Haines Watts Chartered Accountants Old Station House Station Approach Swindon Wiltshire SN1 3DU

KNOWLEDGE SCHOOLS FOUNDATION TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Statement of Financial Position 8
Notes to the Financial Statements 9 to 14

KNOWLEDGE SCHOOLS FOUNDATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

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 2023. 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 Foundation Trust's purpose, as set out in the objects contained in the company's Memorandum of Association are to:

The Foundation Trust supports the schools and enriches the education of pupils in Knowledge Schools Trust.

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Page 1

KNOWLEDGE SCHOOLS FOUNDATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Foundation Trust’s mission is to increase opportunities for all pupils by supporting sport, music, art, drama, trips, library resources, career advice, other educational support and activities beyond the classroom, via funds raised for KST schools.

Funding

The Foundation Trust funded itself through standing order donations from parents/carers, one-off donations from parents/carers and other interested parties, related Gift Aid payments, corporate gifts and grants from foundations. Total revenue increased by £18,317 to £160,732. The majority of unrestricted funds come from monthly standing orders amounting to just over £87,000, a slight increase over 2022. The Foundation Trust continues to work on increasing all donations, particularly recurring monthly donations which are still below pre-pandemic levels.

During the year, the Foundation Trust received two significant donations from key benefactors.

The Foundation Trust was also pleased to arrange grants from John Lyons Charity of £8,200 direct to the three London primary schools and direct to the secondary school of £5,000 for a Y8 trip to the Old Vic theatre to see A Christmas Carol and subsequent in-school workshops.

Gift Aid amounted to £21,274 which included collection of £16,347 for West London Free School for FY2021 and £4,927 for the primaries for FY2022.

The Foundation Trust listens closely to the needs of each of the KST schools and steps in to meet costs which are not covered by their DfE grants. Each school has a designated “pot” of donations made for the benefit of that school: the standing orders and other donations by parents/carers are channelled towards opportunities for that school. In addition, the Foundation Trust supports the schools by making fund-raising applications where appropriate. In FY2023 restricted and unrestricted funding for the WLFS Secondary and Sixth Form school amounted to £133,455 and for the primaries £27,277.

How the Foundation Trust supports the schools

During FY2023 the Foundation Trust provided grants totalling £137,346 across the schools. The distribution of the grants is shown in a chart below, with headings for Sport (42%), Arts (14%), Life skills/Careers (23%), Library books/equipment (19%) and Educational Assistance (2%).

Within Sport and Arts (56%) the co-curricular programme of clubs and activities offered by WLFS Secondary and Sixth form relies heavily on Foundation Trust support. This programme enables students to participate in a wide range of sports – including football, hockey, rounders, netball and cricket – by offering coaching, fixtures, venue hire and transport. As WLFS has no sports fields of its own, these last are significant budget items. Clubs and activities are immensely popular among WLFS students: this year, the Foundation Trust enabled them to cultivate their talents and enthusiasm in scores of different ways, including setting up rock bands, putting on shows, publishing zines, creating ceramics and digital art.

At Primary School level, the Foundation Trust ensured that pupils from Kensington Primary Academy (KPA), West London Free School Primary (WLFSP), and Earl’s Court Free School Primary (ECFSP) attended Shakespeare workshops at the Globe theatre, with the support of the John Lyons Charity.

In allocating over £72,000, or more than half, of the Foundation Trust’s spending to Sport and Arts – including two Art Scholarships - we recognise the importance of ensuring that all can join in, particularly students on Pupil Premium support. Young musicians in this demographic deserve help and we tailor our support accordingly: for example, this year we funded PPI students to join a choral trip to Germany and to receive rare instrument tuition.

Page 2

KNOWLEDGE SCHOOLS FOUNDATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Life Skills/Careers (23%)

Students leaving secondary school need more than exam results alone: they need knowledge of their aptitudes, work experience and awareness of the best pathways to employment and training. The WLFS World of Work programme supplies all three, with a close focus on improving outcomes for disadvantaged students. The programme, now in its fifth year, includes psychometric testing, one-to-one career guidance interviews and work experience placements.

To take Year 10 of WLFS as an example: 114 students out of 128 did in-person work experience placements in FY23, while 9 stayed at school to work on a school production, as part of which they did online work experience tasks, including the creation of social media marketing assets for the show. The programme lead, Alexis Allen, reports that “a meeting with career leads from other schools in the West London Partnership (Cardinal Vaughan, Putney High, Latymer and St Pauls) suggest that this record of near 100% work experience at Year 10, is exceptional”.

The Foundation Trust was able to fund the 2023 World of Work programme (£31,370) thanks to the ongoing generosity of Johnnie Boden and Julian Granville.

Library books/equipment (19%)

The Foundation Trust spent £5,000 on books for the new library at Kensington Primary Academy (KPA) and provided a grant for leaving gifts of notebooks and pens to those pupils graduating from year 6 at KPA, West London Free School Primary and Earl's Court Free School Primary. Another £18,000 went on the installation of computers and screens to enable WLFS students to access information resources.

Educational Assistance (2%)

The Foundation Trust also supported educational assistance programmes including STEM trips and training for other areas not supported by DfE grants.

----- Start of picture text -----
FOUNDATION TRUST SPENDING FYE2023
£137,346
2%
19%
Sport
42% Arts
Life skills/careers
Equipment & Library books
23% Educational assistance
14%
----- End of picture text -----

Expenses

Expenses remained under £3,000 as a policy to keep expenses low with the Trust having no employees.

Page 3

KNOWLEDGE SCHOOLS FOUNDATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Reserves policy

Total reserves held by the Foundation Trust at the year-end were £317,901 (2022 £298,252). £15,383 (2022 £21,760) were held in restricted funds and £302,518 (2022 £276,492) in unrestricted funds. The trustees have examined the Foundation Trust's requirements for reserves in light of the main risks to the organisation. At this time the trustees consider the reserves to be more than adequate. Free reserves at year end amounted to £302,518 (2022 £276,492).

The results for the period are set out on page 7 and disclose that the trust's income was £160,732 (2022 £142,415) and expenditure was £141,083 (2022 £147,265). The charity made a surplus for the year of £19,649 (2022 deficit £4,850).

FUTURE PLANS

During 2023-2024 the Foundation Trust plans to continue to raise funds for enhancing the educational experience of the pupils attending the schools of Knowledge Schools Trust primarily through the collection of voluntary donations from parents and supporters of the school. The trust also plans to raise funds from outside donors and foundations. Funds raised will be utilised in making grants in line with its mission and in support of the total educational experience of the pupils in the participating schools within the Knowledge Schools Trust as decided by the Foundation Trust's board of directors.

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.

Knowledge Schools Foundation Trust is a registered charity No 1138194 and registered company No 07292254. The governing document of the charity is its Memorandum and Articles of Association dated 20 May 2010. The charity was incorporated on 22 June 2010 as a company limited by guarantee and with no share capital. It was registered with the Charity Commission of England and Wales on 28 September 2010. The company changed its name from the West London Free School Foundation Trust to Knowledge Schools Foundation Trust on the 24th of July 2017 which was registered with the Charities Commission on the 27th of July 2017. The members of the company are the trustees and the Chair of KST. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per subscriber of the company.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purpose of charity law. New trustees may be appointed by the trust by ordinary resolution. The trustees of the trust are elected to serve for a period of four years. Trustees retire by rotation and, being eligible, may offer themselves for re-election and may be reappointed at their rotation date at the AGM. All trustees are Members. All trustees give their time voluntarily and receive no benefits from the Foundation Trust.

Induction and training of new trustees

Five of the seven current trustees are familiar with the Foundation Trust having been involved for at least four years, one Trustee joined in 2022 and one Trustee joined in September 2023. New trustees are provided with all the relevant documents and policies which are available on the KSFT website. They are also provided with an induction session with the Chair to learn about all the activities of the Foundation Trust and their role and responsibilities as a KSFT Trustee. If new to the charitable sector new trustees will be provided with on materials on being a trustee.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07292254 (England and Wales)

Registered Charity number

1138194

Page 4

KNOWLEDGE SCHOOLS FOUNDATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Registered office

8 Finstock Road London W10 6LT

Trustees

Ms K A Cooper Mr J P Granville Mr T S Newman (Chair) Ms D Purdy Mr T D M Young Ms S M Ford Ms S P Robinson (appointed 1.9.23)

Independent Examiner

Haines Watts Chartered Accountants Old Station House Station Approach Swindon Wiltshire SN1 3DU and signed on its behalf by:

Approved by order of the board of trustees on 1[st] May 2024.

................................................................. Mr T S Newman – Chair

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KNOWLEDGE SCHOOLS FOUNDATION TRUST

Independent examiner's report to the trustees of Knowledge Schools Foundation Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

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.

Susan Plumb Haines Watts Chartered Accountants Old Station House Station Approach Swindon Wiltshire SN1 3DU

Date: 2 May 2024

Page 6

KNOWLEDGE SCHOOLS FOUNDATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
114,557
Investment income
3
1,362
Total
115,919
EXPENDITURE ON
Raising funds
1,283
Charitable activities
4
School and educational enrichment activities
86,153
Admin costs
2,457
Total
89,893
NET INCOME/(EXPENDITURE)
26,026
RECONCILIATION OF FUNDS
Total funds brought forward
276,492
TOTAL FUNDS CARRIED FORWARD
302,518		 Restricted
funds
£
44,813
-
44,813
-
51,190
-
51,190
(6,377)
21,760
15,383		 2023
Total
funds
£
159,370
1,362
160,732
1,283
137,343
2,457
141,083
19,649
298,252
317,901		 2022
Total
funds
£
141,973
442
142,415
1,245
137,012
9,008
147,265
(4,850)
303,102
298,252

The notes form part of these financial statements

Page 7

KNOWLEDGE SCHOOLS FOUNDATION TRUST

STATEMENT OF FINANCIAL POSITION 31 AUGUST 2023

Unrestricted
fund
Notes
£
CURRENT ASSETS
Cash at bank
310,399
CREDITORS
Amounts falling due within one year
9
(7,881)
NET CURRENT ASSETS
302,518
TOTAL ASSETS LESS CURRENT
LIABILITIES
302,518
NET ASSETS
302,518
FUNDS
10
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
15,383
-
15,383
15,383
15,383		 2023
Total
funds
£
325,782
(7,881)
317,901
317,901
317,901
302,518
15,383
317,901		 2022
Total
funds
£
332,095
(33,843)
298,252
298,252
298,252
276,492
21,760
298,252

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 1[st] May 2024 and were signed on its behalf by:

............................................. Mr T S Newman - Chair

The notes form part of these financial statements

Page 8

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

The financial statements are prepared in sterling, which is the functional currency of the entity and is rounded to the nearest £.

Going concern

There are no significant concerns about the charity's ability to continue as a going concern.

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.

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.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors

Creditors are recognised where the charity 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. Creditors are recognised at their settlement amount.

Limited by guarantee

The charity is a company limited by guarantee. In the event of the company being wound up the liability of the members is limited to £10.

Page 9

continued...

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

2. DONATIONS AND LEGACIES

Donations - Individuals
Donations - Corporate
Gift aid
Grants
Grants received, included in the above, are as follows:
Art Scholarship
The Daisy Trust
Boden Granville
ICT Equipment
3.
INVESTMENT INCOME
Interest
4.
CHARITABLE ACTIVITIES COSTS
School and educational enrichment
activities
Admin costs		 2023
£
93,263
20
21,274
44,813
159,370
2023
£
-
-
23,333
21,480
44,813
2023
£
1,362		 2023
£
93,263
20
21,274
44,813
159,370
2023
£
-
-
23,333
21,480
44,813
2023
£
1,362		 2022
£
95,550
6,000
35,363
5,060
141,973
2022
£
3,000
2,060
-
-
5,060
2022
£
442
Direct
Costs
£
137,343
2,457
139,800

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Page 10

continued...

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
136,913
Investment income
442
Total
137,355
EXPENDITURE ON
Raising funds
1,245
Charitable activities
School and educational enrichment
activities
101,007
Admin costs
9,008
Total
111,260
NET INCOME/(EXPENDITURE)
26,095
RECONCILIATION OF FUNDS
Total funds brought forward
250,397
TOTAL FUNDS CARRIED FORWARD
276,492
7.
INDEPENDENT EXAMINER’S FEES
Fees payable to Independent Examiner
8.
STAFF COSTS		 Restricted
funds
£
5,060
-
5,060
-
36,005
-
36,005
(30,945)
52,705
21,760
2023
£
2,000		 Total
funds
£
141,973
442
142,415
1,245
137,012
9,008
147,265
(4,850)
303,102
298,252
2022
£
1,900,

No staff were employed by the Trust during the year (2022 same).

Page 11

continued...

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accruals and deferred income
10.
MOVEMENT IN FUNDS
At 1/9/22
£
Unrestricted funds
General fund
276,492
Restricted funds
6th Form
1,270
Boden Granville
18,257
Gowing Music
83
Art Scholarship
2,150
ICT Equipment Fund
-
21,760
TOTAL FUNDS
298,252
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
115,919
Restricted funds
6th Form
-
Boden Granville
23,333
Gowing Music
-
Art Scholarship
-
ICT Equipment Fund
21,480
44,813
TOTAL FUNDS
160,732		 2023
2022
£
£
7,881
33,843
Net
movement
At
in funds
31/8/23
£
£
26,026
302,518
(313)
957
(8,037)
10,220
(83)
-
(1,272)
878
3,328
3,328
(6,377)
15,383
19,649
317,901
Resources
Movement
expended
in funds
£
£
(89,893)
26,026
(313)
(313)
(31,370)
(8,037)
(83)
(83)
(1,272)
(1,272)
(18,152)
3,328
(51,190)
(6,377)
(141,083)
19,649

Page 12

continued...

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
6th Form
Boden Granville
Gowing Music
Art Scholarship
TOTAL FUNDS		 At 1/9/21
£
250,397
1,270
49,435
2,000
-
52,705
303,102		 Net
movement
in funds
£
26,095
-
(31,178)
(1,917)
2,150
(30,945)
(4,850)		 At
31/8/22
£
276,492
1,270
18,257
83
2,150
21,760
298,252

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

Unrestricted funds
General fund
Restricted funds
Boden Granville
Gowing Music
Daisy Trust
Art Scholarship
TOTAL FUNDS		 Incoming
resources
£
137,355
-
-
2,060
3,000
5,060
142,415		 Resources
Movement
expended
in funds
£
£
(111,260)
26,095
(31,178)
(31,178)
(1,917)
(1,917)
(2,060)
-
(850)
2,150
(36,005)
(30,945)
(147,265)
(4,850)

6th Form - funds received for the 6th form and its Library.

Boden - Granville – funds were initially received to deliver programmes in

The programme preparing young people for the World of Work continued for 4 years with the funding provided and additional funding was committed to support the programme for an additional 3 years of which 2023 is the first year.

Gowing Music - Funds received to further the music program at West London Free School.

Jazz Foundation - Funds received to help purchase an outside ping pong table.

South Square Trust Art Scholarship - Funds received from the South Square Trust to support the 6th form Art Scholarship Programme.

The Daisy Trust - funds received to support the purchase of playground equipment for the Cambridge Grove schools site.

Page 13

KNOWLEDGE SCHOOLS FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

ICT Equipment Fund. A generous parent provided funds to be used to make a material difference for West London Free School pupils’ access to high quality ICT equipment, with a particular emphasis on pupils with additional needs or barriers to learning.

11. RELATED PARTY DISCLOSURES

During the year ended 31 August 2023 a total of £137,343 (2022: £137,012) was donated to the Knowledge Schools Trust, and the schools within, a company of which 1 of the Foundation Trust trustees also serves as trustee. 1 Trustee is a governor of West London Free School, 1 trustee is a governor of West London Free School Primary/Earl's Court Free School Primary and 2 trustees are Members of Knowledge Schools Trust. The Chair of the Knowledge Schools Trust is a Member of Knowledge Schools Foundation Trust.

Page 14