OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-08-31-accounts

COMPANY NUMBER 1507581

CHARITY REGISTRATION NUMBER 280626

KINGSHOTT SCHOOL TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 AUGUST 2024

Kingshott School Trust Limited

Year ended 31 August 2024

CONTENTS
Pages
Governors' annual report 1
Independent auditor's report to the members 10
Statement of Financial Activities (incorporating income and expenditure account) 13
Statement of Financial Position 14
Statement of Cash Flows 15
Notes to the financial statements 16

Kingshott School Trust Limited

Year ended 31 August 2024

GOVERNORS' ANNUAL REPORT

The Governors are pleased to present their annual report together with the financial statements of the charity for the year ending 31 August 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and 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) - Second Edition.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name: Kingshott School Trust Limited Charity number: 280626 Company registration number: 1507581 Website: www.kingshottschool.com Registered office: Kingshott School, St Ippolyts, Hitchin, Herts, SG4 7JX

Our professional advisors Our professional advisors
Auditor HaysMac LLP 10 Queen Street Place, London, EC4R 1AG
Bankers Barclays Bank Plc PO Box No. 1, 5/6 High Street, Hitchin, Herts, SG5 1BJ
Solicitors Foreman Laws 25 Bancroft, Hitchin, Herts, SG5 1JW

The Governors

The Governors of the charitable company (the charity) are its trustees for the purpose of charity law and directors for the purposes of company law. The Governors serving during the year and since the year end were as follows:

Dr J Bentall (Chair) Mr Ian Chambers (Treasurer) (resigned 17 May 2024) Mr R Midgley (resigned 17 May 2024) Mrs S Selkirk (resigned 17 May 2024) Ms L Pechard Ms C Waller (resigned 17 May 2024) Mr S Nathan (resigned 17 May 2024) Ms H Marsh (resigned 17 May 2024)

Key Executives

Head Mr D Weston Deputy Head Mrs Clare Garofalo Bursar Mrs J llott

1

Kingshott School Trust Limited

Year ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum and Articles of Association dating from 14th July 1980, as amended in October 2016 and November 2023.

Recruitment and Training of Governors

The Charity's elected Governors are appointed at a meeting of the existing Governors on the basis of nominations received. A Nominations Committee (The Governance Committee) considers applicants to identify and recruit suitable individuals to provide strength and balance to the Board. Areas of expertise considered include education, finance, child welfare, legal, marketing, property development and human resources. Consideration is given to the eligibility, personal competence, specialist skills and local availability of any nominee. As part of succession planning, the committee is charged with taking soundings and making recommendations for the future Chairmanship of the Board.

On appointment, new Governors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Board Structure, committees and decision-making processes, the business plan, key policies and recent financial and academic performance of the School. They also visit the School for more detail orientation and to meet key employees. Governors are encouraged to attend appropriate training opportunities such as events run by the AGBIS (Association of Governing Bodies of Independent Schools) and to attend School functions and sports events.

Organisational Management

The Governors, as the trustees of the Charity, are legally responsible for the oversight of the management and control of the School. All of the Governors meet as a Board at least three times a year. The Head and Bursar attend all Governors meetings. The Bursar is responsible for coordinating the meetings, preparation of papers and the management accounts.

There are several sub-committees: Education, Finance and General Purposes, Marketing, Governance, and Compliance including Safeguarding and Health and Safety. The Chair of each committee reports to the Board of Governors. The Finance and General Purposes Committee oversees the School's financial strategy, which is implemented by the Bursar, as well as the approval of budgets and forecasts and remuneration recommendations. This Committee meets every term and more often if necessary.

The day to day running of the Charity is delegated to the Head, supported by his Senior Leadership Team together with the Bursar. The Head undertakes the key leadership role, overseeing educational and pastoral functions whilst the Bursar oversees the finance, buildings maintenance, development and administrative functions. The Head has responsibility for the recruitment of educational staff and the Bursar for recruitment of non-teaching staff. The day to day running of the School is undertaken within the policies and procedures approved by the Governors. The day to day responsibility for Safeguarding is assumed by the School's DSP and overseen by the Safeguarding Governor.

Other relationships

The Head is a member of both IAPS and ISa which is an opportunity to share expertise, knowledge and experience across the Independent Schools sector.

2

Kingshott School Trust Limited Year ended 31 August 2024

Risk Management

The Governors are responsible for ensuring that the procedure for identifying the risks faced by the School is in place and properly managed. Detailed consideration of risk is delegated to the Senior Leadership Team of the School and the sub-committees. Risks are identified, assessed and controls established throughout the year and during the termly review of risk management processes by Governors.

The Governors have a risk management strategy which comprises:

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. The main risks that the Governors have identified are:

3

Kingshott School Trust Limited

Year ended 31 August 2024

Related parties

None of the governors receive remuneration, means tested bursaries or other benefit from their work with the charity. Any contractual relationship must be disclosed and notes of interest are retained in written form. During this financial year there have been no related party transactions between the school and any of the governors.

Pay policy for senior staff

The remuneration of the Head and Bursar is set by the Board after it has received a recommendation from the Finance Committee and is kept under annual review. A number of criteria are used in setting pay that include: appraised performance, the role and responsibilities, competitor salaries, sector average salaries for comparable positions and trends in pay.

The charity operates banded salary ranges for all other staff including senior staff. These bands are competitive with benefits also included. The Governors have given delegated authority to the Head to pay higher salaries for exceptional candidates where this is in the interest of the School. This allows the School to remain an attractive employer in the independent school sector and to ensure appropriate incentives to encourage enhanced performance and rewarding individual contributions to the School's success.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The Charity's Objects as set out in its Memorandum and Articles of Association are to promote and provide for the advancement of education of children in the United Kingdom and elsewhere.

The charity's main aim is to provide a first-class education to boys and girls between three and 13 years of age. In doing so the School aims to provide an intellectual environment, to stimulate curiosity, to promote achievement, to provide opportunities for development and to nurture each individual. We combine tradition and innovation in teaching and learning, enabling pupils to be 'the best they can be' in all aspects of School life. In addition, the charity also has the general aim of contributing to the wider community of Hitchin and surrounding areas by enabling them to participate in a range of sporting, recreational and educational activities.

Our Objectives

The main strategy for meeting the aim is to continue to provide a high-quality education, which will allow pupils the opportunity to attain the highest academic levels, and also to provide pupils with an all-round education benefitting from the School's varied extra-curricular programme.

This is intended to provide an environment where pupils can develop their full potential, thus to help build selfconfidence and inculcate a desire to contribute to a wider community.

The School uses academic results to monitor its success and the academic performance of pupils in education entrance examinations to senior Schools has remained a source of considerable satisfaction. In addition to academic success the charity considers other areas such as individual and team sporting achievements and successes in performing arts and music. The charity also monitors success through the extent to which parents are involved in School life, as the Governors see parent involvement as key to the continued success of the School.

4

Kingshott School Trust Limited

Year ended 31 August 2024

Public benefit

The charity will also continue to foster links with the local community, both by providing educational links with other Schools in the area and also by providing the opportunity for members of the community to access the excellent sporting facilities of the School.

In addition to the main School objective the School has continued to foster relationships with the community. The School makes available its facilities to a number of community groups including Hitchin Symphony Orchestra, local scouting groups, Pregnancy groups, various football and cricket clubs and other sporting and dance groups. The community engagement has increased significantly in recent years with the opening of our sports hall. The School monitors the success of these activities by monitoring the number of community groups who use the School's facilities. The school is an active member of the Hitchin Business Improvement District.

In setting our objectives the Governors have given due consideration to the Charity Commission's general guidance on public benefit.

Access Policy

We welcome pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the standards achieved by their peers. Entrance assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status, gender, ethnicity, race religion or disability does not form part of our assessment process.

The Governors have taken note of the Charity Governor's code issued in 2020 and will continue to evolve these policies.

Kingshott School Trust Limited is a fee charging School. We recognise however that it is important to make education available to all and as such provide facilitated access to the School. The Board of Governors provides financial support to pupils through a means-tested bursary scheme and a number of hardship bursaries when required. The availability of financial support is publicised by way of the charity's website and in our application packs for entry to the School.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Bursaries

Assisted places in the form of bursaries are available for those wishing to attend the School in years 7 and 8 but who would otherwise be unable to pay the fees, or Emergency Bursaries for those current pupils where a change in family circumstances would compromise their ability to remain at the School. This is particularly relevant in the current climate and we are pleased to have been able to assist a number of families this year. We also assist with temporary payment arrangements.

Those wishing to be considered for bursary support are required to complete a Bursary Application giving full details of their financial situation, supported by original documents. Bursary remission on fees is assessed according to the guardians' ability to pay full fees and the availability of bursary funds to the School. Bursary awards are subject to the annual testing of the guardians' means and range from 10% to 100%.

5

Kingshott School Trust Limited Year ended 31 August 2024

The value of means-tested bursaries awarded in the academic year 2023-24 amounted to £37,007 (22- 23 £37,619) which is 1% of the School's gross income (less any restricted funds which were not available for bursary provision). In total, there were 7 (7 22-23) pupils in receipt of means tested bursary provision, representing 1.7% of the School roll.

Non means-tested fee remissions

Other forms of non means-tested assistance were also awarded during the academic year, including staff and sibling discounts. In total these awards were made to 145 pupils (120 22-23) and amounted to £116,129 (£127,003 - 22-23). Other assistance was given by the 'pay fees monthly' scheme and by our acceptance of childcare vouchers.

Our School does not have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom are making considerable personal sacrifice to fund their children's education, and those benefitting from the awards.

STRATEGIC REPORT

Achievements and performance

Kingshott School provided education for an average of 401 (385 - 2023) pupils over the three terms of the academic session 2023-24.

Although economic conditions remain uncertain the School has continued to maintain a very healthy pupil roll. The success of our online learning provision contributed to a considerable admissions interest to Kingshott. This will have a very positive impact on the school finances for the future.

The focus of the School remains the all-round education and development of the whole child. Entry to the School is by way of assessment. We reopened the pool this year with a brand new cover and year round air and water heating. We are delighted to be able to accommodate year round timetabled swimming lessons to all children in the school.

The academic curriculum remains a priority and 2023/24 was another year of excellent results and academic progress across the school. All pupils obtained their first choice of senior School.

The pupils wellbeing continues to have a high priority in the school with a dedicated team of staff. Training continues amongst all staff to ensure that concerns are identified at the earliest opportunity.

On 17 May 2024, the activities, assets and liabilities of the school transferred to Mill Hill School Foundation Limited and the School became dormant.

Extracurricular Activities

The School runs a significant number of major trips, extracurricular activities and outings which were greatly enjoyed by the children. These include numerous theatre, museum and activity centre outings across the School, an outward bound to the Peak District and Cornwall and a cultural trip to Seville. Improvement of our clubs continues as we strive to offer a broad range of options. The school production of a Midsummers Night's Dream during the year was exceptionally well received by the children, parents and staff.

6

Kingshott School Trust Limited

Year ended 31 August 2024

Other Charitable Activities

The School has completed a series of charitable activities during the year. A number of school run initiatives including Harvest Festival collection, Poppy Appeal, Staff Pantomime, own clothes day resulted in supporting local charities including Letchworth Food Bank, St Marys Church, Lister Hospital Bluebell Ward and Feed Up Warm Up. Our Year 8 children as part of their community responsibilities ran a series of charity fund raisers donating to Isabel Hospice, BHF, WWF, RNIB, Scope, Gosh and Young Minds.

Financial review

The main source of income for the charity is through the fee income charged for the provision of education. Income for the year was ahead of expectations.

Kingshott School recorded a surplus for the financial year of £276,298 (surplus £1,791 - 22-23).

The main expenditure of the School is that of staff salaries. Our staff are key to the ongoing success of the School and therefore we continue to invest in the highest standard of teaching staff and are also committed to ensuring their continued professional development. We also pay close attention to other costs in the School, in particular: catering, site (including utilities which was unusually high this year) and administration costs. Cash flow remains strong with an increase of cash and cash equivalents of £1,427,693 (£437,877- 2023). £1,895,552 of debt was repaid during the year. A healthy cash fund remains of £2,084,616 (£656,922 - 2023). An amount of £2,084,616 is due to Mill Hill School Foundation Limited at the year end.

Reserves

The reserves policy reflects the following considerations: the objectives of the School, an annual assessment of risk, the level of current income and expenditure and the need to maintain capital expenditure at an appropriate level. The policy is to maintain working capital at a level that adequately supports forecast operational expenditure. Free reserves are those unrestricted funds that have not been reinvested, together with bank borrowings, in the School's fixed assets, as represented by their balance sheet value, nor any earmarked for future capital projects. Following the transfer of activities, assets and liabilities to Mill Hill School Foundation Limited there were no reserves at the year end.

Investment Powers, Policy and Performance

With advice from an investment manager, the Charity's investment powers are governed by its Memorandum and Articles of Association, which give Governors the power to invest monies, not immediately required for the Charity's purposes, in or upon such investments, securities or property as may be thought fit.

The Governors' policy is to maximise income on all invested funds whilst preserving their capital value and having appropriate access to those funds when required.

Volunteers

The Parents Association continued to be busy and tremendously useful to the School Community. We have enjoyed returning to a full and active program of events now restrictions around the pandemic have been lifted.

7

Kingshott School Trust Limited

Year ended 31 August 2024

PLANS FOR FUTURE

On 17 May 2024, the activities, assets and liabilities of the school transferred to Mill Hill School Foundation and the School became dormant. The School's financial statements are therefore prepared on a basis other than the going concern basis. There have been no adjustments to the carrying value of assets or liabilities as a result of this.

GOVERNORS' RESPONSIBILITIES STATEMENT

The Governors are responsible for preparing the Governors' Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity Governors to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Governors are required to:

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

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE TO OUR AUDITORS

In so far as the Governors are aware at the time of approving our Governors' annual report:

8

Kingshott School Trust Limited

Year ended 31 August 2024

The Governors’ Report which includes the strategic report was approved by the Governors on [ ] 27 June 2025 and signed on their behalf by:

James Bentall

Mr J Bentall Chair of Governors

9

Kingshott School Trust Limited

Year ended 31 August 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGSHOTT SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Kingshott School Trust Limited for the year ended 31 August 2024 which comprise of the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Emphasis of matter – non-going concern basis of accounting

We draw attention to accounting policy 3.4 on page 16 of the financial statements which states that the financial statements have not been prepared on the going concern basis. Our opinion is not modified in this regard.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governors’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

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

10

Kingshott School Trust Limited Year ended 31 August 2024

directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Governors (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Education (Independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Law and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll taxes and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to

11

Kingshott School Trust Limited

Year ended 31 August 2024

posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors

Date: 30 June 2025

10 Queen Street Place London EC4R 1AG

12

Kingshott School Trust Limited

Year ended 31 August 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

Note
Income
Charitable activities
4
Other trading income
5
Donations and legacies (including furlough income)
6
Investment income
7
Total income
Expenditure
Expenditure on charitable activities
8
Expenditure on raising funds
9
Total expenditure
Net income before transfers
Transfer of assets to Mill Hill School Foundation
20
Net income and net movement in funds
10
Reconciliation of funds
Total funds brought forward
Total funds caried forward		 2024
Total funds
£
2023
Total funds
£
4,823,471
5,520,439
63,470
123,789
850
12,500
14,243
10,205
4,902,034
5,666,933
(4,564,637)
(5,561,787)
(61,099)
(103,355)
(4,625,736)
(5,665,142)
276,298
1,791
(10,502,168)
-
(10,225,870)
1,791
10,225,870
10,224,079
-
10,225,870

The notes on pages 16 to 23 form part of these financial statements.

The statement of financial activities includes all gains and losses recognized in the year.

13

Kingshott School Trust Limited

Year ended 31 August 2024

STATEMENT OF FINANCIAL POSITION

Note
Fixed assets
Tangible fixed assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
16
Net assets
Funds of the charity
Unrestricted funds
Total charity funds		 2024
Total funds
£
2023
Total funds
£
-
12,229,543
-
90,250
2,084,616
656,923
2,084,616
747,173
(2,084,616)
(892,671)
-
(145,497)
-
12,084,046
-
(1,858,176)
-
10,225,870
-
10,225,870
-
10,225,870

The notes on pages 16 to 23 form part of these financial statements.

These financial statements were approved by the Board of Governors on [ ] and are signed 27 June 2025 on its behalf by:

James Bentall

Mr J Bentall Chair of Governors

Company number: 1507581 Charity registration number: 280626

14

Kingshott School Trust Limited

Year ended 31 August 2024

STATEMENT OF CASH FLOWS

Cash flows from operating activities
Net income for the year
Adjustments_for:
Depreciation of tangible fixed assets
Interest payable
_Changes in:
Decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations
Interest received
Net cash from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Loans repaid
Interest paid
Interest received
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
2023
£
276,298
1,791
308,339
426,516
61,099
103,355
90,250
4,507
2,699,598
(117,994)
3,435,584
418,175
(14,243)
(10,205)
3,421,341
407,970
(51,240)
(47,425)
(51,240)
(47,425)
(1,895,552)
(705,270)
(61,099)
(103,355)
14,243
10,205
(1,942,408)
(798,420)
1,427,693
(437,876)
656,923
1,094,799
2,084,616
656,923

Analysis of changes in net debt

Cash
Bank loan falling due within one year
Bank loan falling due after one year		 At start of
year
£
Cash flows
£
At end of
year
£
656,923
1,427,693
2,084,616
(176,876)
176,876
-
(1,718,676)
1,718,676
-
(1,238,629)
3,323,245
2,084,616

The notes on pages 16 to 23 form part of these financial statements.

15

Kingshott School Trust Limited Year ended 31 August 2024

NOTES TO THE FINANCIAL STATEMENTS

1. General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Kingshott School, St. lppolyts, Hitchin, Herts, SG4 7JX. The company is limited by guarantee and with no share capital.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice (second edition - October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The charity is a public benefit entity for the purposes of FRS 102 The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

3. Accounting policies

3.1. Corporation Tax

No provision has been made for corporation tax or deferred tax as the charity is a registered charity and therefore exempt.

3.2. Basis of preparation

The financial statements have been prepared on the historical cost basis.

3.3. VAT

As the charity's activities are classified as exempt activities for the purposes of value added tax, the charity is unable to reclaim the value added tax which it suffers on purchases. Expenditure in these financial statements is therefore shown as inclusive of value added tax.

3.4. Going concern

On 17 May 2024 the operations, assets and liabilities of Kingshott School Trust Limited were transferred to The Mill Hill School Foundation. The charity’s financial statements are therefore prepared on a basis other than the going concern basis. There have been no adjustments to the carrying value of assets or liabilities as a result of this.

3.5. Income

All income is included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

16

Kingshott School Trust Limited

Year ended 31 August 2024

3.6. Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity.

3.7. Tangible assets

All fixed assets are initially recorded at cost. Items costing less than £5,000 are written off as an expense as acquired.

3.8. Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

3.9. Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

3.10. Debtors

Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.

3.11. Cash and bank

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3.12. Creditors and Provisions

Creditors and provisions are recognised where the School 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 and provisions are normally recognised at their settlement amount after allowing for any discounts due.

17

Kingshott School Trust Limited Year ended 31 August 2024

3.13. Financial Instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.14. Funds

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Governors in furtherance of the general charitable objectives. Any funds earmarked for a particular purpose are included in designated funds.

3.15. Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Other than those noted below, the Governors consider there to be no material areas subject to estimation and judgement.

Useful economic lives. The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Recoverable value of debtors. The school makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.

4. Income from charitable activities

School and registration fees
Bursaries and discounts
Other educational income		 2024
£
2023
£
4,624,401
5,226,949
(153,136)
(163,866)
352,206
457,356
4,823,471
5,520,439

5. Other trading income

Lettings
. Income from donations and legacies
Donations receivable		 2024
£
2023
£
63,470
123,789
2024
£
2023
£
850
12,500

6. Income from donations and legacies

18

Kingshott School Trust Limited

Year ended 31 August 2024

7. Investment income

2024 2023
£ £
Bank interest 14,243 10,205

8. Expenditure on charitable activities

Teaching costs
Welfare costs
Premises costs
Support costs
Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
£
Other
£
Depreciation
£
2024
£
2023
£
2,417,156
408,887
91,615
2,917,658
3,660,387
-
221,115
-
221,115
299,904
175,307
403,278
216,724
795,309
948,976
241,731
388,824
-
630,555
652,520
2,834,194
1,422,104
308,339
4,564,637
5,561,787
Staff costs
£
Other
£
Depreciation
£
2023
£
2022
£
2,858,593
669,442
132,352
3,660,387
3,628,819
-
299,904
-
299,904
293,759
215,982
438,830
294,164
948,976
807,425
328,884
323,636
-
652,520
620,217
3,403,459
1,731,812
426,516
5,561,787
5,350,220

Support costs include governance costs of £22,800 (£17,133 – 2023).

9. Expenditure on raising funds

Bank interest payable

2024 2023
£ £
61,099 103,355

10. Net income

Net income is stated after charging:

2024 2023
£ £
Remuneration to the auditors for audit services 22,800 17,133
Depreciation of tangible fixed assets 308,339 426,516
Operating lease costs 24,442 21,342

19

Kingshott School Trust Limited

Year ended 31 August 2024

11. Staff costs

The total staff costs and employee benefits for the year are analysed as follows:

Wages and salaries
Supply teachers
Social security costs
Employer contributions to pension plans		 2024
£
2023
£
2,192,243
2,681,147
27,482
25,690
220,888
271,245
393,581
425,377
2,834,194
3,403,459

During the year no termination payments including notice, were payable. (2023: Nil).

The average head count of employees during the year was 53 (2023: 72)

Teaching
Other		 2024
No.
2023
N0.
40
55
13
17
53
72

The number of employees whose remuneration for the year fell within the following bands, were:

£60,000 to £69,999
£70,000 to £79,999
£80,000 to £89,999
£90,000 to £99,999
£100,000 to £110,000		 2024
No.
2023
Np.
-
1
1
-
-
1
-
-
-
1
1
3

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the school. These were the trustees, Head, Bursar and Deputy Head. The total compensation paid to key management personnel for services provided to the school was £214,536 (2023: £321,205).

12. Trustee remuneration and expenses

The charity paid the cost of courses and travel costs for the Governors totalling nil (2023: Nil). All Governors are covered by the School's public liability insurance which limits their liability as Governors.

20

Kingshott School Trust Limited Year ended 31 August 2024

13. Tangible fixed assets

Cost
At 31 August 2023
Additions
Transfer to Mill Hill School Foundation
At 31 August 2024
Depreciation
At 31 August 2023
Charge for the year
Transfer to Mill Hill School Foundation
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023		 Land and
buildings
£
Furniture
and
equipment
£
Swimming
pool
£
14,660,768
1,070,916
452,291
41,520
-
9,720
(14,702,288)
(1,070,916)
(462,011)		 Vehicles
£
Total
£
55,023
16,238,998
-
51,240
(55,023)
(16,290,238)
-
-
-		 -
-
3,098,658
786,387
89,360
211,503
77,457
14,158
(3,310,161)
(863,844)
(103,518)		 35,050
4,009,455
5,221
308,339
(40,271)
(4,317,794)
-
-
-		 -
-
-
-
-		 -
-
11,562,110
284,529
362,931		 19,973
12,229,543

14. Debtors

Trade debtors
Provision
Prepayments
Other debtors		 2024
£
2023
£
-
54,729
-
(28,343)
-
10,103
-
53,761
-
90,250

15. Creditors: amounts falling due within one year

Bank loans
Trade creditors
Accruals
Fees received in advance
Deposits
Social security and other taxes
Other creditors
Amounts due to Mill Hill School Foundation		 2024
£
2023
£
-
176,873
-
52,331
-
30,978
-
486,185
-
27,300
-
66,086
-
52,918
2,084,616
-
2,084,616
892,671

21

Kingshott School Trust Limited

Year ended 31 August 2024

Fees in advance relate to fees paid ahead of the school year:

Balance at 1 September 2023
Redeemed against current fees
Received in advance
Balance at 31 August 2024		 2024
£
2023
£
486,185
537,790
(486,185)
(537,790)
-
486,185
-
486,185

16. Creditors: amounts falling due after more than one year

Bank loans between 2-5 years
Bank loans and overdrafts over 5 years
Other long-term creditors – deposits		 2024
£
2023
£
-
772,141
-
946,535
-
139,500
-
1,858,176

As at 31 August 2023 there were 4 loans secured by a charge and a debenture on the School's property. 2 loans have a fixed interest rate and 2 have a variable interest rate. The terms of the loan vary between 2025 and 2030 with rates between 2.75% and 8.2% and are repayable monthly. On 17 May 2024 2 of the loans were repaid as part of the transfer to the Mill Hill School Foundation Limited.

17. Pensions and other post-retirement benefits

The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £290,659 (2023 - £379,474) and at the year- end £Nil (2023 - £46,864) was accrued in respect of contributions to this scheme.

In April 2022, the Board of Governors decided to close participation in the TPS to new joiners from 1 September 2022 and offer a defined contribution pension scheme with APTIS (Aviva Pension Trust for Independent Schools) instead, which is designed to offer equivalent benefits to TPS as at that date. Existing staff of the School have the option to join the new pension scheme or remain in the TPS.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

22

Kingshott School Trust Limited

Year ended 31 August 2024

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The School also operates defined contributions scheme with Scottish Widows and Aviva for non teaching staff. The contribution rate is a minimum 4% for employees and 4% employers. The total employer cost for the year was £34,030 (£46,031 - 2023).

18. Operating Leases

As at 31 August 2024, the School had three operating leases for photocopiers. The amounts owed within one year were £911. In addition, there was a lease of the field and driveway. The annual lease cost of this is £20,800 with appropriate rent reviews every five years. The length of the lease is for an indeterminate period of time.

19. Related Parties

There are no related party transactions in the school.

20. Transfer of assets to Mill Hill School Foundation

On 17 May 2024 the trade, assets and liabilities of the charity were transferred to The Mill Hill School Foundation. The following table shows the assets transferred to The Mill Hill School Foundation on 17 May 2024:

Fixed assets
Other net liabilities
Total net assets		 £
11,972,444
(1,470,276)
10,502,168

23