**Registered number: 01901401 Charity number: 291913**
## **KINGDOM EDUCATION LIMITED**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2022**
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 8|
|**Trustees' Responsibilities Statement**|9|
|**Independent Auditors' Report on the Financial Statements**|10 - 13|
|**Statement of Financial Activities**|14|
|**Balance Sheet**|15 - 16|
|**Statement of Cash Flows**|17|
|**Notes to the Financial Statements**|18 - 35|
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022**
|**Trustees**|A Farahat, Chair of Trustees|
|---|---|
||C Hammond|
||C Ottaway, Deputy Chair|
||M Skipper|
||A Fetuga, Finance Trustee|
||C Chalkley|
||T Johnson|
|**Key Management**A Reeves, Headteacher
**Personnel**E Taylor, Bursar
S Case, Highfield Preschool Manager
J Sawin, Head of Primary
S Hart, Head of Secindary
**Company registered**
**number**
01901401
**Charity registered**
**number**
291913
**Registered office**
Elmfield
Ambrose Lane
Harpenden
Hertfordshire
AL5 4DU
**Company secretary**
M Skipper
**Independent auditors**
Haslers
Chartered Accountants
Old Station Road
Loughton
Essex
IG10 4PL
**Bankers**
National Westminister Bank
72/74 High Street
Watford
Hertfordshire
WD1 2BQ
**Solicitors**
Anthony Collins Solicitors LLP
134 Edmund Street
Birmingham
B3 2ES||
Page 1
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2022**
The Directors and Charity Trustees (the “Trustees”) of Kingdom Education Limited are pleased to present their report together with the audited financial statements of the charity for the year to 31st August 2022.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) effective 1 January 2015, second edition issued October 2019.
The accounts comply with the charity’s trust deed and applicable law.
## **STRUCTURE, GOVERNANCE & MANAGEMENT**
The Company operates The King’s School, an independent Christian co-educational day school, which effectively commenced on 1st September 1982, is approved to accommodate 225 pupils and educates boys and girls ages 4 to GCSE (16 years).
It is complemented by an Early Years Foundation Stage (EYFS) unit, Highfield Preschool accommodating an average of 40 children from age 2 years nine months to 4 years old. The Preschool operates a short distance away from the Youth with a Mission (YWAM) premises on The Oval, Ambrose Lane, Harpenden, AL5 4BX.
Trustees are appointed by the Board of Trustees by election and their service may terminate by resignation or with due process by the Board of Trustees. The Trustees administer Kingdom Education Limited and all its statutory commitments to ensure the statutory Independent School Standards Regulations are met and, oversee the direction of The King’s School and Highfield Preschool with active responsibility for the management of teaching and learning with particular emphasis on the progress pupils make.
Trustees meet regularly, with seven formally scheduled meetings per year, each covering general topics but also having a specific focus on an area of the Trust’s work. Additional meetings are organised as needed, with several meetings during 2021-22 arranged to discuss and establish ‘Vision 2022’, which sets out our aims and objectives for the next 20 years.
The Trustees oversee the financial responsibilities of the Company and ensure it maintains financial viability. Under the Trust Deed the School has the power to make any investments which the Trustees see fit. At no time during the year did any Trustee have a beneficial interest in the charity.
## Organisational Management
The Trustees determine the general policy of the School. The day-to-day running of The King’s School and Highfield Preschool is delegated to the Headteacher with the support of the Bursar. The Headteacher undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration of the Preschool, Primary and Secondary Schools is undertaken within the policies and procedures approved by the Trustees. Significant expenditure decisions and major capital projects are referred to the Trustees for prior approval.
The Headteacher oversees the recruitment of all educational staff, administrative and non-teaching support staff with the support of the Bursar. The Headteacher and Bursar are invited to attend Trustees’ meetings.
The Trustees consider that they, together with the Headteacher, the Bursar and the Senior Management Team, comprise the Key Management Personnel. The Trustees give of their time freely while the pay and remuneration of the Headteacher and staff is kept under annual review. A number of criteria are used in setting pay:
- nature of the role and responsibilities
- the sector average salary for comparable positions
- trends in pay
- competitor salaries in the region
- school resources
Page 2
## **KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The Trustees and Management are supported by the remaining members of the Senior Leadership Team; Mrs Heather Lees and Mrs Colleen Edmonds.
Safeguarding and Health and Safety continue to be very important parts of the School’s responsibility and underpin all areas of activity in the School. Regular Safeguarding reports were made to the Board by Mr Ashraf Farahat, Safeguarding Trustee, who has been in regular contact with Mrs Heather Lees, the Designated Safeguarding Lead and Mrs Colleen Edmonds, the Deputy DSL (eSafety, EYFS), who both sit on the Senior Leadership Team (SLT) regarding safeguarding.
The annual Health and Safety Management Audit was conducted by the Mrs Christine Ottaway with Mr Matthew Chandler, Site Manager and Mr Andy Reeves, Headteacher.
Information is available to Trustees via the Trustees Hub in Microsoft SharePoint.
The Trustees are responsible for the management of Risk faced by the Charity with particular reference to internal controls and the mitigation of risk. The Trustees actively review the risks faced by the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks so far as is possible.
## The controls are:
- Formal agendas and minutes for meetings of the Trustees
- A formal Risk Register, reviewed on a regular basis
- Established organisational governance structures and reporting lines
The School’s Risk Register is submitted annually to auditors Haslers Accountants.
## **OBJECTIVES & ACTIVITIES**
Kingdom Education Limited is committed to the advancement of education of children in England. The charitable objects of the school as stated in the Articles of Association are to “The advancement of the education of children in the UK and elsewhere, such education designed to give a sound Christian and moral basis to all pupils”. The school motto is “To provide quality academic preparation in an environment committed to the Christian ethos and lifestyle already started at home”.
To meet these objectives the academic policy of the school is to provide a broad curriculum with an emphasis on “The King’s School Way”:
## Kindness
Helping and respecting others, whoever they are
## Integrity
Doing the right thing, even when it’s hard
## Commitment
Giving our best in every situation
## Togetherness
Playing our part in the school family
## Growth
Becoming the best we can be
## Thankfulness
Being grateful for all that we are given
Page 3
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## Faith
Honouring Jesus Christ in all we do; The foundation of The King’s School Way
These are values which we encourage in our pupil’s work and relationships at Kings.
The Trustees and Management Team of Kingdom Education Limited maintain that The King’s School and Highfield Preschool provides quality academic preparation in an environment which continues the Christian upbringing which has begun at home as a service to the Christian community.
It is the Trustees' policy for The King’s School and Highfield Preschool to attain the highest academic levels, allowing each pupil to reach their full potential, as well as providing programmes which aim to develop godly character, self-confidence and a desire to contribute towards the community.
The King’s School, as an independent day school, is not subject to any governance from any other school or group of schools. As a Christian school, while it is a member of an association of Christian schools (Christian Schools Trust) it is not affiliated with any particular church or organisation of churches. The school’s mission statement is ‘Young people devoted to Christ, equipped for life and prepared to reach the world.’ This is in line with the evangelical Christian nature of the school.
The King’s School is non-selective and aims to maintain high academic achievement with pupils maximising their potential through small class sizes (maximum 22), offering an academic (subject-based) curriculum structured across the Primary School and the Secondary School and, by attracting teachers who are passionate educators, demonstrate outstanding pastoral care and knowledgeable in their particular fields.
Highfield Preschool is designated by the local area authority as a Private, Voluntary and Independent Early Years setting with an authorised capacity of 40 pupils. It is very well subscribed and renowned within the wider Harpenden community. The Preschool, which utilises a building on the Youth with a Mission (YWAM) site along Ambrose Lane, is staffed by a competent Manager with very able Group Leaders and support staff.
The Highfield Preschool continues to deliver a high standard of service to the community and an ‘Outstanding’ rating for its Ofsted inspection. Places are in high demand at the Preschool which has remained near capacity enrolment in recent years. The sterling work of the staff has seen a continued development of the product offered; PE classes in the curriculum are a unique feature for our Preschool and benefits all our preschool pupils.
It is Management’s policy to assist children in developing their personal spiritual walk with the Lord. This expresses itself in class and School assemblies, Bible study and pastoral care, in addition to opportunities to travel locally and abroad to witness in Schools and churches.
The Company objectives for the coming year are as follows:
1. To maintain the high curriculum standards that have been set in academic and spiritual terms in recent years by maintaining staff levels in numeric and quality terms.
2. To secure, equip and develop excellent professional teachers while promoting inspirational teaching with the assistance of competent support staff.
3. To pursue a high level of enrolment by means of personal recommendations and by effective word of mouth advertising and internet marketing.
4. To improve facilities on the school site.
Page 4
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
Our objectives are addressed on INSET Days and through enrolling teachers for professional development courses, and by effective tracking of the academic progress of our pupils. We endeavour to promote pupil enrolment through Open Days, our School website, advertising in local Media and by encouraging our parents to promote the School by word of mouth. The Headteacher meets with local pastors to build links with local churches and their congregations, who form the bulk of our potential intake. We also maintain and develop good relationships with local ministry groups. The Highfield Preschool actively promotes enrolment at The King’s School.
In developing the site and facilities, we work in close cooperation with our landlords, Action for Children) . In addition, the School funds development projects through fundraising.
It is a primary aim of our School that every member of the school community feels valued and respected, and that each person is treated fairly and well. We are a caring community, whose Christian values are based on mutual trust, consideration and respect for all.
The School has a Code of Conduct, but the primary aim is not to enforce a system of rules but rather to promote good relationships, by encouraging positive attitudes, so that everyone can work and learn together in an effective and considerate way.
The King’s School was subject to a Compliance inspection by the Independent Schools Inspectorate (ISI) in September 2019. The school was found to be compliant in all areas. The next inspection which will be an education quality inspection (EQI), likely to be in the school year beginning September 2022.
Highfield Preschool was inspected in November 2013 and more recently on 28 January 2020 by OFSTED, retaining an overall rating of ‘Outstanding’ in all areas. We commend the Manager, Mrs Sandra Case and her Team for their excellent work.
## **ACHIEVEMENTS & PERFORMANCE**
## Academic Achievements
The School’s academic achievements continue to reach a high standard. A full attainment and progress report is published each September on the school website. The headlines for the 2021/22 cohort are:
- 66% of entries passed at Grade 7 or above – our best ever!
- Able pupils stretched to achieve top grades
- 21% grade 9 and a further 25% grade 8 = 46% equivalent to old A*!
- 100% pass rate in English and Maths (grade 4)
- 100% of pupils achieve five or more passes, including English & Maths
- 95% of grades achieve a good pass (grade 5) or better
- Outstanding value-added of +1.6 per grade
- 79% of CAT predictions exceeded
- 59% exceeded by two or more grades
## Special Educational Needs
The King’s School continues to develop the provision within the School’s SEN Department. Jane Judson, our SENCo, liaises effectively with teaching staff and parents to bring about the best outcomes for pupils. We have recently taken on our first pupil with an EHCP at the start of the 2021/22 academic year.
## **PUBLIC BENEFIT**
The Trustees have respected the Charity status which Kingdom Education Limited enjoys and taken due regard to guidance published by the Charity Commission on public benefit.
Page 5
## **KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The School offers a fee schedule which, in combination with financial support, provides access to education to children whose families would otherwise have been unable to afford independent school fees, or whose financial circumstances have suffered deterioration.
The King’s School operates financial assistance through its self-styled Bursary Fund (formerly, Education Development Fund), by foregoing school fee income. The School currently offers this support to a number of families who have suffered short to medium term economic setbacks and to a lesser extent to new pupils. The Bursary Fund target fluctuates annually but is set around 10% of the Charity’s gross fee income. Of course, parent’s needs for these self-funded Bursaries, do fluctuate annually, thereby affecting the level of fee income. This strategy runs concurrently with the School’s policy of keeping fees affordable in order to remain accessible to as broad a section of the Christian community as possible. The School provides this financial assistance with fees, individually tailored to parental needs, usually ranging from 0% to 100% remission of fees. In 2021/22, we made a ‘Bursary Fund appeal’, with a video from the Trustees appealing for support from parents who could afford to top up their fees with extra donations.
## Details of bursary and scholarship awards
In the financial year 2021/22, the School offered support through the School’s Bursary Fund, in the amount of 150,849 or 10.8% of the gross income. Bursaries were awarded for 19 families to benefit 30 pupils, as against 21 families and 30 pupils in the previous year; bursary support has remained high in the economic hardship exacerbated by the COVID-19 pandemic and rising inflation. Bursaries are normally means tested and reviewed at least annually.
## **FINANCIAL REVIEW**
Incoming resources for the year ended 31 August 2022 increased by 5.95% (3.06% in 2021). The School has a maximum authorised capacity of 225 pupils, we started the year at 155 pupils and ended the year with 163 pupils.
Resources expended has increased by 6.09% (1.8% in 2021). Increases in staff costs have contributed to this increase.
The charitable company reported a deficit of £18,830 (£15,997 in 2021) and had net assets of 153,339 (£172,169 in 2021) at the balance sheet date.
The balance sheet shows that the Charity’s financial position at the end of the year remains strong with current and net assets significant to its operation.
||2022|2021|2020|
|---|---|---|---|
||£|£|£|
|Incoming Resources|1,399,226|1,320,591|1,281,369|
|Resources Expended
|1,418,056|1,336,588|1,312,905|
|Net (Expenditure) / Income
|-18,830|-15,997|-31,536|
|Net Assets
|153,339|172,169|188,166|
During the reporting period, the Charity company has:
- Carefully monitored 2021/22 income and expenditure, in a tight financial environment, and ensured that financial targets were hit as far as possible and that the School’s initial response to financial issues caused by the coronavirus and inflation were timely and appropriate.
- Continued to review and update the School’s Risk Register, through a rolling review programme.
Page 6
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
- Set a balanced consolidated budget for 2022/23 notwithstanding a challenging financial environment, at the same time acknowledging the need to continually revisit the budget during the forthcoming year, in terms of likely changes to costs and income as a result of the impact of inflation.
- Monitored the financial performance of the Kingdom Education Ltd, and ensuring that the Charity company’s resources were used appropriately to support the School.
- Ensured the School remains fully compliant in all areas, including with the UK General Data Protection Regulations (UK GDPR).
- Ensured that the favourable outcome in all areas of the ISI Compliance Inspection achieved in September 2019 is maintained, evidencing that our resource utilisation is accomplishing its purpose.
## **GOING CONCERN**
During the year the charitable company reported a deficit of £ 18,830 (2021: £15,997) and had net assets of £153,340 (2021: £172,169) at the balance sheet date. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern.
The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Increasing class sizes in the early years, which will flow through future years, have seen our Primary School grow by 30%, putting our pupil numbers on a more solid footing. Growth in pupil numbers is currently well ahead of the School Development Growth Plan. Whilst there can be no certainty in relation to these matters, the School expects to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts.
On this basis the Trustees have concluded that the School is a going concern and continues to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from the School not being able to meet its liabilities as they fall due.
## **RISK MANAGEMENT**
The Trustees have oversight of the risks faced by the Charity. Detailed considerations of risk are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events, and community access.
The main risks that the Trustees have identified and the plans to manage those risks are:
- Reputation. The School’s success is built on its reputation for the education and well-being of our pupils. We manage this risk through safeguarding policies, staff recruitment policies, pastoral support for both pupils and staff, and active identification and resolution of health and safety related issues.
- Money. Our ability to continue is reliant on pupil fees and the ability to pay bills as they fall due. This risk is managing by marketing activity, having a reputation for academic excellence and active cash-flow management, including access to an adequate short-term credit facility for both the School and Preschool.
- • Curriculum. Academic excellence requires that the most able teachers will deliver the curriculum to pupils with a wide range of abilities. We manage this risk by combining trained and committed staff, on-going investment in our site, supportive parents whose children have an appetite for learning, and a bursary scheme to maintain the education of those in temporary need.
Through the risk management processes established for the School, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Page 7
## **KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **FUTURE PLANS**
We continue to take advantage of our uniqueness and plan to maximise our impact in the wider community.
Our changes to our fee structure, implemented from the new academic year in September 2021, aim to make our school more accessible to families. We aim to bring families in at a young age and offer them an excellent school experience, such that they stay with us throughout their child’s schooling. We continue to grow in numbers, with new pupils joining regularly. Our Headteacher, Andy Reeves, has first interviews/tours booked every week, with interest healthy across the full age range. There is also a healthy crop of applications for September 2023. We still have interest from Hong Kong, with Christians there looking to take advantage of the BNO visa rules that changed in January 2021, meaning they can easily access work in the UK.
The Trustees seek to continually develop the service offered to the school community in terms of the quality of teaching, the welfare and safety of pupils, further improved pupil progress and the pupil experience as they move through the school in addition to the quality of the site provision.
We continue to strengthen our links with the community.
## Developments and Maintenance
The Trustees and Management are considering a number of capital developments of the school, both in terms of priorities and funding feasibility.
## Reserves Policy and Continuity
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The Trustees consider that unrestricted funds (including cash with no specifically designated use) should be maintained at a minimum level equivalent to £50,000. That value at year end was £153,339, unrestricted.
The Trustees consider that reserves should be at a level which ensures that in the event of any significant eventuality which may potentially impede regular School business, allows the School's current activities to continue while consideration is given to ways in which additional funds may be raised.
The Trustees are satisfied that the amount is sufficient to cover immediate procurement of supplies or other costs which any unforeseen event or disaster may present, before insurance claims proceed.
Improving cash-flow from operating activities remains the current year focus.
## **CLOSING COMMENT**
The Trustees are pleased that Kingdom Education has enjoyed another effective and successful year. They remain grateful for the commitment of the Headteacher, senior leaders, staff, parents and pupils to the vision and activities of the Charity.
Approved by order of the members of the board of Trustees on 17 January 2023 and signed on their behalf by:
## **A Farahat**
(Chair of Trustees)
Page 8
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 17 January 2023 and signed on its behalf by:
**A Farahat** (Chair of Trustees)
Page 9
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED**
## **Opinion**
We have audited the financial statements of Kingdom Education Limited (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 10
**KINGDOM EDUCATION LIMITED**
**(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, 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.
Page 11
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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 legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Charities Act 2011, GDPR, and Employment and Health & Safety legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users; and
- Ensuring that funds have been stated correctly and no misappropriation has occurred.
Page 12
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED (CONTINUED)**
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 Auditors' Report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Haslers**
Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL 17 January 2023
Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 13
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
5
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net expenditure**
Transfers between funds
15
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2022**
**£**
**149,590**
**-**
**-**
**-**
**149,590**
**-**
**162,249**
**162,249**
**(12,659)**
**9,972**
**(2,687)**
**10,187**
**(2,687)**
**7,500**|**Unrestricted**
**funds**
**2022**
**£**
**27,853**
**1,196,849**
**11,017**
**13,917**
**1,249,636**
**7,644**
**1,248,163**
**1,255,807**
**(6,171)**
**(9,972)**
**(16,143)**
**161,982**
**(16,143)**
**145,839**|**Total**
**funds**
**2022**
**£**
**177,443**
**1,196,849**
**11,017**
**13,917**
**1,399,226**
**7,644**
**1,410,412**
**1,418,056**
**(18,830)**
**-**
**(18,830)**
**172,169**
**(18,830)**
**153,339**|_Total_
_funds_
_2021_
_£_
_176,876_
_1,123,090_
_6,992_
_13,633_
_1,320,591_
_2,869_
_1,333,719_
_1,336,588_
_(15,997)_
_-_
_(15,997)_
_188,166_
_(15,997)_
_172,169_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 35 form part of these financial statements.
Page 14
## **KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01901401**
## **BALANCE SHEET AS AT 31 AUGUST 2022**
|**Note**
**Fixed assets**
Tangible assets
10
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
13
**Net assets excluding pension asset**
**Total net assets**|**363,687**
**140,352**
**504,039**
**(458,543)**|**2022**
**£**
**204,700**
**204,700**
**45,496**
**250,196**
**(96,856)**
**153,340**
**153,340**|_356,682_
_100,199_
_456,881_
_(424,516)_|_As restated_
_2021_
_£_
_218,128_
_218,128_
_32,365_
_250,493_
_(78,324)_
_172,169_
_172,169_|
|---|---|---|---|---|
Page 15
## **KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01901401**
## **BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022**
|**Note**
**Charity funds**
Restricted funds
15
Unrestricted funds
Designated funds
15
General funds
15
Total unrestricted funds
15
**Total funds**|**10,304**
**135,536**|**2022**
**£**
**7,500**
**145,840**
**153,340**|_2,266_
_159,716_|_As restated_
_2021_
_£_
_10,187_
_161,982_|
|---|---|---|---|---|
||||||
|||||_172,169_|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 17 January 2023 and signed on their behalf by:
## **A Farahat**
(Chair of Trustees)
The notes on pages 18 to 35 form part of these financial statements.
Page 16
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Interest receivable
Interest payable
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2022**
**£**
**66,591**
**47**
**(1,110)**
**(25,375)**
**(26,438)**
**-**
**-**
**40,153**
**100,199**
**140,352**|_2021_
_£_
_52,398_
_8_
_(309)_
_(28,907)_
**(29,208)**
_(2,079)_
**(2,079)**
**21,111**
_79,088_
_100,199_|
|---|---|---|
The notes on pages 18 to 35 form part of these financial statements
Page 17
**KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. General information**
Kingdom Education Limited is a charitable company, limited by guarantee, registered in England and Wales. The registered charity number if 291913 and the registered company number is 01901401. The registered address is Elmfield, Ambrose Lane, Harpenden, Herts, AL5 4DU. The principal activity of the charity is pre-primary, primary and secondary education.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Kingdom Education Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Pound Sterling, the functional currency of the charity, rounded to the nearest £.
## **2.2 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Page 18
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. Accounting policies (continued)**
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful life.
Depreciation is provided on the following basis:
Long-term leasehold property - 5% straight line School equipment - 33% reducing balance Motor vehicles - 33% reducing balance Fixtures and fittings - 33% reducing balance
Page 19
**KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. Accounting policies (continued)**
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and 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.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.9 Financial instruments**
The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Pensions**
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
Page 20
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. Accounting policies (continued)**
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and grants**
|**Donations**
Donations
**Grants**
Kings School
Highfield Preschool
**Government grants**
CJRS Funding
_Total 2021 as restated_|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
13,962
15,243
-
12,610
135,628
-
-
-
149,590
27,853
_133,176_
_43,700_|**Total**
**funds**
**2022**
**£**
**29,205**
**12,610**
**135,628**
**-**
**177,443**
_176,876_|_As restated_
_Total_
_funds_
_2021_
_£_
_33,592_
_11,688_
_127,218_
_4,378_|
|---|---|---|---|
||||_176,876_|
|||||
Page 21
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2022**
**£**
School fees
1,243,503
Bursaries
(157,629)
Pre school fees
50,570
Special support fees
6,392
Registration fees
6,285
School activities
15,936
School trips
18,103
Minibus hire
13,689
1,196,849
_Total 2021 as restated_
_1,123,090_
**5.**
**Investment income**
**Unrestricted**
**funds**
**2022**
**£**
Rental income
13,870
Interest receivable
47
13,917
_Total 2021_
_13,633_|**Total**
**funds**
**2022**
**£**
**1,243,503**
**(157,629)**
**50,570**
**6,392**
**6,285**
**15,936**
**18,103**
**13,689**
**1,196,849**
_1,123,090_
**Total**
**funds**
**2022**
**£**
**13,870**
**47**
**13,917**
_13,633_|_As restated_
_Total_
_funds_
_2021_
_£_
_1,205,798_
_(154,737)_
_32,158_
_516_
_5,600_
_15,538_
_11,019_
_7,198_
_1,123,090_
_Total_
_funds_
_2021_
_£_
_13,625_
_8_
_13,633_|
|---|---|---|
Page 22
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **6. Analysis of expenditure by activities**
|School fees
_Total 2021_
**Analysis of direct costs**
Staff costs
School activities, events and supplies
School trips
Training|**Activities**
**undertaken**
**directly**
**2022**
**£**
1,055,492
_982,827_|**Support**
**costs**
**2022**
**£**
354,920
_350,892_|**Total**
**funds**
**2022**
**£**
**1,410,412**
_1,333,719_
**Total**
**funds**
**2022**
**£**
**990,990**
**39,095**
**18,585**
**6,822**
**1,055,492**|_Total_
_funds_
_2021_
_£_
_1,333,719_|
|---|---|---|---|---|
|||||_Total_
_funds_
_2021_
_£_
_939,840_
_32,070_
_8,541_
_2,376_|
|||||_982,827_|
Page 23
**KINGDOM EDUCATION LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
In the prior year, the below expenses were split between premises, school running costs and governance costs. In accordance with the Charities SORP these expenses have been reclassified as support costs.
|Depreciation
Light, heat and water
Rent
Rates
Cleaning
Repairs and maintenance
Insurance
Telephone
Printing, postage and stationery
Minibus expenses
Marketing
Vehicle leasing
Equipment leasing
Bad debts
Licences and subscriptions
Computer costs
Bank charges
Interest
Staff refreshments and events
Debt collection costs
Grant funding of activities
Professional fees|**Total**
**funds**
**2022**
**£**
**38,804**
**42,848**
**90,863**
**12,795**
**435**
**54,125**
**13,533**
**6,991**
**13,389**
**8,812**
**2,865**
**5,046**
**11,393**
**9,691**
**8,594**
**11,862**
**5,699**
**1,110**
**730**
**-**
**2,047**
**13,288**
**354,920**|_Total_
_funds_
_2021_
_£_
_33,746_
_39,161_
_90,395_
_11,539_
_879_
_61,118_
_14,925_
_6,269_
_9,444_
_3,047_
_4,248_
_9,540_
_16,449_
_3,120_
_7,587_
_11,805_
_2,079_
_309_
_2,400_
_1,056_
_2,788_
_18,988_|
|---|---|---|
|||_350,892_|
Page 24
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **7. Auditors' remuneration**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Company's auditor for the audit of the Company's|||
|annual accounts|**6,950**|_8,950_|
## **8. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2022**
**£**
**881,723**
**64,033**
**45,234**
**990,990**|_2021_
_£_
_837,423_
_58,524_
_43,893_|
|---|---|---|
||||
|||_939,840_|
The average number of persons employed by the Company during the year was as follows:
|Teaching and teaching support staff
Administrative staff
Premises staff|**2022**
**No.**
**32**
**16**
**5**
**53**|_As restated_
_2021_
_No._
_30_
_15_
_5_|
|---|---|---|
||||
|||_50_|
No employee received remuneration amounting to more than £60,000 in either year.
The school considers it key management personnel as the Principal, the Bursar, the Head of Secondary, the Head of Primary and the Preschool manager. The total employment benefits including employer pension contributions of the key management personnel were £267,417 (2021: £233,420 (restated)).
Page 25
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ .
Relatives of trustees have been paid remuneration during the year which have been disclosed on note 25.
During the year ended 31 August 2022, no Trustee expenses have been incurred _(2021 - £NIL)_ .
## **10. Tangible fixed assets**
|**Cost or valuation**
At 1 September 2021
Additions
At 31 August 2022
**Depreciation**
At 1 September 2021
Charge for the year
At 31 August 2022
**Net book value**
At 31 August 2022
_At 31 August 2021_|**Long-term**
**leasehold**
**property**
**£**
**429,254**
**6,489**
**435,743**
**253,191**
**21,560**
**274,751**
**160,992**
_176,063_|**School**
**equipment**
**£**
**163,506**
**8,086**
**171,592**
**134,768**
**10,540**
**145,308**
**26,284**
_28,738_|**Motor**
**vehicles**
**£**
**99,426**
**10,800**
**110,226**
**91,357**
**5,090**
**96,447**
**13,779**
_8,069_|**Fixtures and**
**fittings**
**£**
**75,063**
**-**
**75,063**
**69,805**
**1,613**
**71,418**
**3,645**
_5,258_|**Total**
**£**
**767,249**
**25,375**|
|---|---|---|---|---|---|
||||||**792,624**|
||||||**549,121**
**38,803**|
||||||**587,924**|
||||||**204,700**|
||||||_218,128_|
Page 26
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **11. Debtors**
|**Due within one year**
Trade debtors
Other debtors|**2022**
**£**
**363,583**
**104**
**363,687**|_As restated_
_2021_
_£_
_352,598_
_4,084_|
|---|---|---|
||||
|||_356,682_|
## **12. Creditors: Amounts falling due within one year**
**.**
|Bank overdrafts
Trade creditors
Other creditors
Accruals and deferred income
**Deferred income**
Deferred income at 1 September 2021
Resources deferred in the year
Amounts released from previous years
**Deferred income at 31 August 2022**|**2022**
**£**
**-**
**7,550**
**10,576**
**440,417**
**458,543**
**2022**
**£**
**339,357**
**428,597**
**(339,357)**
**428,597**|_As restated_
_2021_
_£_
_186_
_7,113_
_6,857_
_410,360_|
|---|---|---|
||||
|||_424,516_|
|||_As restated_
_2021_
_£_
_66,250_
_339,357_
_(66,250)_|
|||_339,357_|
As at the year end date, the school were holding fees received in advance from parents for the 2022/23 academic year.
Page 27
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **13. Creditors: Amounts falling due after more than one year**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Deposits|**96,856**|_78,324_|
## **14. Prior year adjustments**
The balance sheet as at 31 August 2021 has been restated to correct trade debtors and deferred income. Both balances were netted off in the prior year and an adjustment of £311,231 has been made to restate the figures. There was no impact on the deficit for the year.
Page 28
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Preschool funds
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
Preschool grants
SEN funding
Bursuary fund
Project development
Special projects
Sports equipment fund
**Total of funds**|**Balance at 1**
**September**
**2021**
**£**
**2,266**
**159,716**
**161,982**
**10,187**
**-**
**-**
**-**
**-**
**-**
**10,187**
**172,169**|**Income**
**£**
**21,128**
**1,228,509**
**1,249,637**
**135,628**
**7,500**
**6,167**
**275**
**10**
**10**
**149,590**
**1,399,227**|**Expenditure**
**£**
**(13,090)**
**(1,242,717)**
**(1,255,807)**
**(155,787)**
**-**
**(6,167)**
**(275)**
**(10)**
**(10)**
**(162,249)**
**(1,418,056)**|**Transfers**
**in/out**
**£**
**-**
**(9,972)**
**(9,972)**
**9,972**
**-**
**-**
**-**
**-**
**-**
**9,972**
**-**|**Balance at**
**31 August**
**2022**
**£**
**10,304**|
|---|---|---|---|---|---|
||||||**135,536**|
||||||**145,840**|
||||||**-**
**7,500**
**-**
**-**
**-**
**-**|
||||||**7,500**|
||||||**153,340**|
The specific purposes for which the funds are to be applied are as follows:
Page 29
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Preschool funds
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
Preschool grants
**Total of funds**|_Balance at_
_1 September_
_2020_
_£_
_-_
_148,802_
_148,802_
_39,364_
_188,166_|_Income_
_£_
_7,450_
_1,181,685_
_1,189,135_
_131,456_
_1,320,591_|_Expenditure_
_£_
_(5,184)_
_(1,170,771)_
_(1,175,955)_
_(160,633)_
_(1,336,588)_|_Balance at_
_31 August_
_2021_
_£_
_2,266_|
|---|---|---|---|---|
|||||_159,716_|
|||||_161,982_|
|||||_10,187_|
|||||_172,169_|
Page 30
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **16. Summary of funds**
## **Summary of funds - current year**
|Designated funds
General funds
Restricted funds|**Balance at 1**
**September**
**2021**
**£**
**2,266**
**159,716**
**10,187**
**172,169**|**Income**
**£**
**21,128**
**1,228,509**
**149,590**
**1,399,227**
_Balance at_
_1 September_
_2020_
_£_
_-_
_148,802_
_39,364_
_188,166_|**Expenditure**
**£**
**(13,090)**
**(1,242,717)**
**(162,249)**
**(1,418,056)**
_Income_
_£_
_7,450_
_1,181,685_
_131,456_
_1,320,591_|**Transfers**
**in/out**
**£**
**-**
**(9,972)**
**9,972**
**-**
_Expenditure_
_£_
_(5,184)_
_(1,170,771)_
_(160,633)_
_(1,336,588)_|**Balance at**
**31 August**
**2022**
**£**
**10,304**
**135,536**
**7,500**|
|---|---|---|---|---|---|
||||||**153,340**|
||||||_Balance at_
_31 August_
_2021_
_£_
_2,266_
_159,716_
_10,187_|
|**Summary of funds - prior year**||||||
|Designated funds
General funds
Restricted funds||||||
||||||_172,169_|
Page 31
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
204,700
7,500
496,539
-
(458,543)
-
(96,856)
7,500
145,840|**Total**
**funds**
**2022**
**£**
**204,700**
**504,039**
**(458,543)**
**(96,856)**
**153,340**|
|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Restricted_
_funds_
_2021_
_£_
_-_
_10,187_
_-_
_-_
_10,187_|_Unrestricted_
_funds_
_2021_
_£_
_218,128_
_446,694_
_(424,516)_
_(78,324)_
_161,982_|_Total_
_funds_
_2021_
_£_
_218,128_
_456,881_
_(424,516)_
_(78,324)_
_172,169_|
|---|---|---|---|
Page 32
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **18. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Interest receivable
Interest payable
Increase in debtors
Increase in creditors
**Net cash provided by operating activities**
**19.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**20.**
**Analysis of changes in net debt**
**At 1**
**September**
**2021**
**£**
Cash at bank and in hand
**100,199**
Bank overdrafts repayable on demand
**(186)**
**100,013**|_As restated_
**2022**
_2021_
**£**
_£_
**(18,830)**
_(15,997)_
**38,803**
_33,746_
**(47)**
_(8)_
**1,110**
_309_
**(7,004)**
_(272,544)_
**52,559**
_306,892_
**66,591**
_52,398_
**2022**
_2021_
**£**
_£_
**140,352**
_100,199_
**140,352**
_100,199_
**Cash flows**
**At 31**
**August 2022**
**£**
**£**
**40,153**
**140,352**
**186**
**-**
**40,339**
**140,352**|
|---|---|
Page 33
**(A Company Limited by Guarantee)**
## **KINGDOM EDUCATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **21. Capital commitments**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|**Contracted for but not provided in these financial statements**|||
|Purchase, construction or development of property|**15,530**|_-_|
## **22. Pension commitments**
Contributions payable by the company during the year amounted to £45,234 (2021: £43,893).
## **23. Operating lease commitments**
At 31 August 2022 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2022**
**£**
**90,863**
**78,000**
**168,863**|_As restated_
_2021_
_£_
_90,863_
_156,000_|
|---|---|---|
||||
|||_246,863_|
## **24. Members' liability**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
Page 34
## **KINGDOM EDUCATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **25. Related party transactions**
The following relative of trustees were paid remuneration during the year:
|Jaqueline Faharat
Angela Crook|**2022**
**£**
**13,466**
**-**
**13,466**|_2021_
_£_
_13,179_
_15,383_|
|---|---|---|
||||
|||_28,562_|
Page 35