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 2023 KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) CONTENTS Page Reference and Administratrve Details of the Company. Its Trustees and Advlsers Trusloes. Report 2-10 Trustees. Responsibilltles Statement 11 Independent Auditors. Report on the Financial Statements 12-15 Statèment of Financial Activities 16 Balance Sheet 17-18 Stat&mant of Cash Flows 19 Notes to the Financlal Statsments 20-37 KINGDOM EDUCATION LIMITED {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees A Farahal. Chair of Truslees C 0tt2way, Deptrty Chair C Hammond M Skipper A Feluga C Chalkley T Johnson Key Management Personnel A Reeves, Headleacher E Ta￿Or, Bursar S Case. HIghr￿d PreschcK)l Manager C Edmonds, Head of Primary S Hart. Head of Secondary J Townsend. Deputy Head Company reglstered number 01901401 Charity registered number 291913 Registered officè Elmfield Ambrose Lane Harpenden Hertfordshire AL5 4DU Company secretary M Skipper Independent auditors Haslers Chartered Accountants Old Stalli￿ Road Lowhton Essex IGIO 4PL Bankers National Westminister Bank 72174 High Street Watford Hertfordshira WD128Q Sollcltors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Page 1 KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Directors and Charity Trustees Ithe Yruslees-l of Kingdom Education Limiled are pleased to present Ihelr report together with the audited financial statements of the charity for the year lo 31st August 2023. The financial slalemenls comply wth the Charities Act 2022, the Companies Act 2006. the Memorandum and Articles of Ass(￿lation, and Accounting and Reporting by Charities- Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK {FRS 102) effective 31 January 2022. The accounts comply with the diaiitys thusl deed and applicable law. TRUSTEES. REPORT Kingdom Education Limited is established primarily lo promote, prowde for and assist in the advancement of edL¢calion of children in the United Kingdom and elsewhere. At The King's School. we see the development of the whole child, physical, spiritual an¢J emotional as being important. We seek lo develop ability and character. BRIEF HISTORY The King's School was eslablished in Hemel Hempstead with 75 pupils in 1982 and moved to Harpenden dLrring 1987. The current premises, leased from Action foi Children. are situated in beautiful grounds on the oulskirts of Harpenden. The Trustees and Senior Leadership Team of lfjngdom Education Limited maintain that Th6 King's School and Highfield Preschool offer a service lo the Christian community,. we seek lo give our children an excellent education. enabling them lo develop academicalty. grow in characjer, discover their worth and achieve their potential. This is made possible by small class sizes, dedicated teaching staff and outstanding pastoral car8, underpinned by our school values, The King's School Way. The King's School provides a Christian leaching environment. Our vision is lo partner with parents in supporting parents in helping their children know G¢Jd and be well prepared for His future for them. In doing so, we share with them in the privilege of helping pupils discover God's plan for their lives. We arè vary proud lo offer this unique service to the Christian Communty. STRUCTURE GOVERNANCE & MANAGEMENT The Trustees forrn the Board of Truslees for Kingdom Education Ltd, the registered company, and are the Trustees of Kingdom Education Ltd Ihtr registered Chairty. Trustees are appointed by the Board of Trustees by election and their service may lemiinate by resignation or with du8 process by the Board of Trustees. The Trustees administer ￿ngdorn Education Limtled and all its statutory commitments lo ensure the statutory Independent School Standards Regulations are mel and, overseè Ihe direction of The King's School and Highfield Preschool wlh a￿1ve oversight reswnsibility for the manag8ment of leaching and leaming with particular emphasis on the progress pupils make. Trustees meet regularly, wtth seven fom)ally scheduled meetings per yaar. each covering general topics but also having a specific focus on an area of the Trust's work. Additional m8etings are organised 28 needed, with several meetings dLEring 2022-23 arranged to discuss the imtyemenlation of Vision 2022,. whlch sets out our aims and objectives for the n&xl two decades. The King's School, with an approved complement of 225 pupils, educates boys and glds ages 4 to GCSE116 years). Page 2 KINGDOM EDUCATION LIMITED (A Company Llmtted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Highfield Preschool, an Early Years Foundation Stage IEYFS) unit accommodating an average of 40 children from age 2 years nine months lo 4 years old ￿Mplete5 the provision. The Preschool operates a short distance away from the Youth with a Mission (YWAM) premises on The Oval. Ambrose Lane, Harpenden, AL5 4BX. 11 is registered with the DfE as a PVI. Private. Voluntary and Independent (seclorl nursery. The Trustees determine values and general w)licy of the School while the day-104ay culture and running of The King's School and Highfield Preschool is delegated to the HeadleaeJ)er wtlh the support of the Bursar. The Truslees oversee the financial responsibilities of the Company arkd 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 Ihe year did any Trustee have a beneficial interest in the charity- The Headleacher undertakes the key leadership role overseeing educattollal, pastoral and administr8tive functions in consullalion with the senior stsff. The day to day administration of the Preschool. Primary and Secondary Schools is undertaken within the policres and procedures. key policies approved by the Trustees. Significant expenditure decisions and major capital projects are referred to the Tnjstees for prior approv81. The Headteacher oversees the reuuilment of all educational staff. administrattve and norFteaching support staff with the SUPF)Ort of the 8ursar. The Headteacher and Bursar are invrled to allend Trustees, meetings. The Trustees and Management are supported by the remaining member of the Senior Leadership Team, Mrs Heather Lees. Safeguarding. Health and Safety and mutual respecl continue to be very important parts of the School's responsibility and underpin all areas of activity in the Stht)ol. Regular SafeguardirÈg reports were made lo the Board by Mr Ashraf Farahal. Safeguarding Trustee. who has been in regular contact with Mrs Heather Lees. the Designated Safeguatding Lead and Mrs Colleen Edmonds. the Deputy DSL {eSaf8ty, EYFSI- Annual Health and Safely Management Audits. Audits of the Single Central Register and review of a Risk Register is conducted by Trustees during each sch¢J)l year. Information is availab]e lo Trijstees wa the Trustees Hub and P￿1¢Y Portal in Miuosoft Sh8rgPoinl. The TrLEStees are responsible for the managemenl of Risk faced by Ihe Charity with particular reference lo internal controls and the mitigation of risk and review the risks faced by Ihe charity and are satisfied that systems and procedures are in place lo mitigate exposure lo the major risks so far as is possible. The SchcM)I's Risk Register is submttted annually lo auditors Haslers Accountants. OBJECTIVES & ACnVITIES The Klng's School provides a broad curriculum with an emFthasis on Yhe King's School W8W to meet the Charity objeclives: Klndness Helping and respecting others. whoever they are Integrity Doing th8 right thing, even when it's hard Commltment Glving our best in every situation Togethemess Playing our part in the school family Page 3 KINGDOM EDUCATION LIMITED {A Company Llmlted by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Growth Becoming the best we can be Thankfulness Being grateful for all that we are given Faith Honouring Jesus Christ in all we do-, The foundation ofThe King's School Way These are values which we enrA)urage in our pupil's work and relationships al The King's School. The Trustees and Management Team of Kingdom Education Limited maintain that The King's School and Highfield Preschool prowdes quality academic preparation in an environment which ¢onlinues the Christian upbringiw which has begijn at home as a service lo the Christian community. The King's School is non*eleGtive and aims to maintain high academic achievement wilh 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 altractsng teathers who are passionate educators, demonslrale oulslanding pastoral care and are knowledgeable in their partI￿lIar fields. Highfield Preschool is very well subscribed and renowned within the wider Harpenden community and is staffed by a competent Manager wlh very capable group leaders and suprmyt staff. The Highfield PreschiK)I Continu￿ to deliv8r a high standard of servteA to fhe community and an 'Outslanding' rating for ils Ofsted inspection in January 2020. Pupil places are in high demand al the Preschool which has remained near capacity enrolmenl in recent years. The sleding work of the staff has seèn a continued development of the product offered. PE classes in the curriculum are a unique feature for OLtr Preschool and benefits all our preschool pupils. It is Management's policy to assist children in developing their personal spir(lual walk with the Lord. This expresses ilself in class and School assembli85. Bible study and pastoral care, in addition to opportunities lo travel locally and abroad lo wtness in Schools and thurches. The Company objectives for the coming year are as foltows: To maintain the high curriculum standards that have been sèt in academic and spiritual terms in recent years by maintaining staff levels in numeri¢ and qualty terms. To secure, equip and develop excellent professional teachers whil@ promoting inspirational teaching with the asslslance of competent support staff. To pursue a high level of enrolment by means of personal re￿mmendationS and by effective word of mouth advertising and internet marketing. To improve fa￿litIeS on the schcKJI sile. Our objectives are addressed on INSET and through enrolling teachers for professional development courses, and by effective tracking of the academic progress of our pupils. The theme in this academic year was 'Beiter logetherf. Page 4 KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 We endeavour lo promote pupil enrolment through Open Days. our School website. advertising in local Media and by encouragirbg our parents to promote the S¢hool by word of mouth. The Headteacher rneets with local pastors lo build links with local churthes and their congregations. v4ho fom the bulk of our potential intake. We also maintairk and develop good relationships wlh local ministy groups. The Highfield Preschool actively PTomoles erFrolment at The King's School. In developing the site and faalilies, we work in close cooperation vthh our landlords, Action for Children. In acldilion, the Sthool funds development projecis through fundraÉsing. It is a primary aim of our Sthool that every member of the sthool community feels valued and respected, and that each person is Irealed fairly and well. We are 8 carÉng community, whose Chrsstian values are based on mutual Irusl, considerab'on and ￿SpeCt for 811. The School has a Code of Conduct. but the primary aim is not to enforce a system of rules bul rather to promot6 good relalionships, by encouraging wsitive 8ttitu(Jes, so fhat evewne can work and leam together in an effective and constderate way. The King's School was subject to 8 Compliance inspection by the Independent Sc*ools Inspeclorale IISII in September 2019. The sch(K)I was fourKJ to be compliant in all areas. The next inspection was due to be an education quality illspection {EQll during the school year beginning September 2022. However. inspections have been delayed post-cowd and we did not get inspected during 2022123. ISI have now moved on lo a new inspection fratnewoTk and we are likely to have an inspection dumng the school year beginning Sept 2023. Highfield Presch(x)I was inspected in November 2013 and more re￿ntlY on 28 January 2020 by OFSTED. retaining an overall taling of 'Outstanding' in all areas. We commend the Manager. Mrs Sandra Case and her Team for their excellent work. ACHIEVEMENTS & PERFORMANCE il Numbers and Fees Our educational activities are carried out Ihmugh our SecDndary School and our Primary School. By the end of the academic year 2022-23, we had 186 pupils on roll. an increase of 23 from the same stage in 2021-22. Numbers have dropped slightly for Ihe n&w academic year, wth 176 pupils on roll at 1 st September 2023. This often happens due lo a large Y11 cEass 18aving and a smaller YO dass joining. Numbers often then build during the year as gaps in classes are filled. Despite the drop over summer. numbers are still ahead of growth tsrgels set in October 2020 as part of our Project 212, which aims to see the school 'full' at 212 pupils by 2028. The school fee structure was reviewed in 2021 as part of Project 212. Fees for the 2022 123 academic year were.. Year Group Annual Temily 1st Child Monthly 787.50 732.50 £ 670.00 595.00 2ThJ Child Monlhly £ 630.00 £ 586.00 £ 536.(Kl £ 476. 3rd Child hAonthly £ 472.50 439.50 402.(KI 357.00 4th Child ￿￿thlY £ 393.75 366.25 335.00 297.5D Y10&11 Y7,Y8&Y9 Y3-6 Y1&Y2 £ 9,450.00 £8,790.00 £ 8,040.00 £ 7,140.00 £ 3,150.(10 £ 2,930.00 £ 1680.00 £ 2.380.00 For 2022123. this amounled to a £20 per monlh increase. across all groups, wlh the exception belng Y10111. who already had a planned increase to a £9,450 annual fee as part of the restructu￿. P8ge 5 KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Academic Achievements The School's academic achievements continue to reach a high standard. A full altainmenl and progress report Is pubiished each September on the school website. The summary statistsGS for the 2022123 cohort are.. 819 7￿> 31 71 114 162 187 195 197 100% 16% 36% 58% Good pass 5 or > Pass4or> 3or> 1or> 95° Speclal Educatlonal Needs The King's School continues to develop the provision within the School's SEN Departmenl. Jane Judson, our SENCO, liaises effectively wth teaching staff and parents lo bring aLK)ul the best outcomes for pupils across the Primary and Secondary Schools. including a se(x)nd pupil an EHCP briefly at the end of the 2022123 academic year. Remote Learning Remote leaming was ulilised in case of need during this finan(xal year. PUBLIC BENEFIT The TrLtstees have respected the Charity status which Kingdom Education Limiled 6njoys and tsken due regard to guidance published by the Charity Commissron on public benefjl. The School offers a fee schedule which. in combination with financial support. providos access lo education lo children whose famili6s would olhersmse have unable to afford independenl school fees. or whose financial circumstances have suffered deterioration. The King's School provides financial assistance through ils self-stoed The King's School Bursary Fund,, by foregoing School fee income. The ChariWs target lo demonstrate its public benefit is by wal of bursary support al 10.fi of gross fee income. Presently. the School extends bursary support to existing families facing short to medium-18rm economic difficulties and. to a lesser extent. to new families. Il's important to note that the demand for these internally funded bursaries varies each year. directly impacting the school's income from fees. This slralegy of public benelit funding aligns with the School's overarching policy of maintaining affordable fees lo cater lo a broad section of the Christian community- The Sthool cuslomizes finanual assistsnce. ranging from Oofi lo a 100Q/o reductio￿ in sch¢)ol fees charged. based on indiwdual parenlal needs. Bursaries are normally reviewed al least annually. In 2021122 academic year. we initiated a 'Bursary Fund appeal., which was reiterated in 2022123, seeking support from parents able lo contribute by donations towards Ihe Fund. The School successfully raised £16,029 in 2022123 [compared wilh £6.1671 for the Bursary Fund. Page 6 KINGDOM EDUCATION LIMITED (A Company Limitad by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Details of bursa and scholarshi awards During the financial year 2022123, the Sthool offere(I support through The King's Schi)ol Burs2ry Fund in the amount of £119.451 or 9.6•A 1202112022- £150,849 or 12.1%) of gross sehool fee income. Bursaries were awarded lo 12 fan7ilies and benefited 21 pupils 1202112022.. 21 families and 30 pupils). School bursary support reduced by 20.80k ye2r (w> year, falling within the Chartiy's 10% of gross fee income cornmilment to Pubtic Benefit. In the aftemialh of the COVID-19 par¢demic and the UK'S exil from the European Union, the economy has faced challenges such as elevated interest rates, reduced pr(xluctiwty in both indLFStry and the private ssctor. and a surge in inflation, parti￿larlY in energy costs. This has resulted in increased pressure on wages and. consequently, hardships for consumers. D65Pite these erA)nomic difficulties and acknowledging certain losses. it is lloteworthy that our parents have consislendy drsplayed unwavering dedication to Christian education. OTHER POLICIES OF ASSISTANCE Fee Policy The School endeavours to keep our fee strutaure as affordable as possible in order to remain accessible to as broad an economic spectrum of the Christian community as Fx)ssible. This does then necessilale very careful budgeting and spending control. Fees are invoiced termly. Parents are required to setue fees in advance on the first day of lemi. Alternatively. fees may be paid in advance by payment of 12 equal monlhly inslalmenls by direct debil (introduced 1st April 20211, not exceeding 4 payments per term. The introduction of direct debits has been a resounding success with as many as 700A of parents using thls payment melh(Kl for tomily and monthly paw)ents. Bad Debts collection is managed to mitigate ils effect on cash flow. Famlly Discourtts Policy The school offers a discount to parents having more than one child al the school. which serves to underfine the value the school places on its commitment to families; a 20% discount is afforded to the second child {al the school) in a family, 40°h lo the third child and 50% to the fourth child. A 100k discount is also afforded lo members of the clergy land aryned forces). Staff School Fee Remlssion As part of our emphasis on attracting and retsining high calibre staff. we offer a school fe$ remission scheme where staff mernbers choose to educate their children at our School. Private Healthcare Staff Scheme Staff have benefited from the second year of 8 heath scheme prO￿S1o￿, free of tharge through Benenden Health. The scheme provides 2411 GP Helpline. 2417 Mental HeaFth Helpline. Physiolher8py and Cancer Support. In the Community We are Involv￿ in. or host. many events that bless our local community, induding a Christmas pariy that we host for local senior citizens. We continually look for way3 in which we can serve our local communty. Page 7 KINGDOM EDUCATION LIMITED (A Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW. 3108 2023 Incoming resources for the year ended 31 August 2023 increased by 21 % {2021122= 3.07%)- The School gnded the previous year al 163 pupils and ended 2022123 vAlh 186 pupils. Donations also contributed to the increased revenue figures. Resources expended has increased by 6.12% {2021122= 3.6%). The Chairty profil and loss and balance sheets reports reflect a strong financial position al the year end. wth a net profit of £188,83512021122.' £18.830 lossl and had net assets of £342.176 {2021122'. £153.340). Summary Data Incoming Resources Resources Expended Nel (Expendilurel I Incorne Nel Assets 2022123 2021122 2020121 £ 1,693.661 £ 1,399.226 £1.281.369 £ 1.504.826 £ 1.418.056 £ 1.312.905 £ 188.835 Q 18.830 4 31.536 £ 342,176 £ 153.340 £ 172,410 During the reporting period, the Chartty company has= Carefully monitored 2022r23 in(%)me arml expenditure, in a tight financial environment, and ensured that financial targets were met. Thre&-year energy contr8Cts sheilded the Chanty 2gainsl energy inflation and food price rises. Continued to review and update the Sch(K)I's Risk Register, thrimjgh a rolling review pr￿r￿mMe. Sel a balanced. consolidated budget for 2023124 nolwtlhstanding a challenging financial and policÉlal environment. carefully controlling performance against budget to mitigate the impact of inflation. Monitored the finan￿81 performance of the Kingdom Educab"on Ltd, and ensured that the Charity company's resources were used appropriately to support the School. IMPACT ANALYSIS The Trustees and school management spent 2021122 wnsidering Vision 2022,, involvÉng staff in Ihe process. part of which is a focus on enabling a stronger financial position to be maintained. With Ihe final vision summary shared with Ihe school community al our 40th anniversary celebrations in Seplember 2022, Trusleo and staff explored how lo implement the Vision and this discussion was continued throughout 2022123 and now forms the core of our school development plan. We are excited at the potential for increasirkg the impacl on the wider community, which the School's improvement and continued positive developmenL will faulitale. RISK MANAGEMENT Detailed considerations of risk are delegated to Ihe Senior Management of the School. Risks are identified, assessed and controls established throughotrt the year. A fomial review of the charity's risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial suslainabilily, school safely. student welfare. employTnent. sclK)ol thps and events, and communily access. The main rlsks that the Trustees have identified and the plans to manage those risks are- Reputation. The sCh￿￿'s Suc￿sS is built on its reputation for the education and well-being of our pupils. We manage this risk through safeguarding policAes. staff recruitrnent policies. pastoral support for both pupils and staff, and active identification and resolution of health and safety related issues. Page 8 KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Resources. Goillg Con￿rn prospects continue lo be reliant on pupil fees and the ability to setue bills as they fall due. Thi5 risk is managing by markeb.ng activity. having a reputation for academic excellence and active cash-flow management. including access to an adequate short-lerm credit facility for ljoth the School and Preschool. Currrculum. Academic excellen￿ requires that the most able teachers Mll dellver the curriculum lo 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 reaming. and a bursary scheme to maintain the educ2tion 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. 11 is recognised that systems can only provide reasonable bul not absolule assurance that major risks have been adequalely n7anaged. FUTURE PLANS We continue lo take advantage of our uniqueness and plan to maximise our impact in the wider community and lo make our school more accessible to families. We aim to bring families in at a young age and olfer them an excellent school experience. such Ih8t they slay with us throughout their child's schooling. We still have interest from Hong Kong, with Christians there k)oking to take advantage of the BNO wsa wles that changed in January 2021, meaning they can easily access work in the UK. The Trustees seek lo continually develop the seTW(B offered to the sth¢)ol community in tem)s of the quality of leaching, the welfare and safely of pupils. further improved pupil progress and the pupil experience as they move through Ihe school in addition to the quality of the sile provision. We ¢onlinu8 to strengthen our links wtth the Ix)mmunity. Develo ments and Maintenance The Trustees and Management are considering a number of capital developments of the school. both in terms of priorities and funding feasibility. We irblend to move Cautiously in the ￿rrent political environment- holding cash remaining a priority- Reserves Polic and Continui Reserves are needed lo bridge the gap batween the spending and recemng of income and to cover unplanned emergency repairs and other expenditure. Th8 Trustees consider that unrestricted funds (Incl￿dIng cash with no specifically designated use) should b8 maintained at a miNmum level equivalenl to £85,000. That value al year end was £248,22612022 - £45.081), Unreslri￿ed. The Trustees consider that reseNes should be at a level which ensures fhat in the event of any significant eventuality ￿lch may potentially impedè regular School business. allows the School's current activities lo ontinue while consideration is given lo ways in which additional funds may be raised. The Trustees are satisfied Ihal the amount ts SLrfficient to cover immedi2te procurement of supplies or other costs which any unforeseen evenl or disaster may present. before insurance claims proceed. Improving cash-flow from operating activities remains the current year focus. Page 9 KINGDOM EDUCATION LIMITED (A Cornpany Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 CLOSING COMMENT The Trustees are pleased that Kingdom Education Ltd. has enioyed a productive. effective and successful year. We remain grateful for the commitment of the Headte8cher. Bursar. Leadership Team. Staff, Parents and Pupils of The King's School and Highfield PresL*K)ol to the vision and acliwties of the Charity. Approved by order of the members of the board of Trustees on 19 March 2024 and signed on thelr behalf by.. A Farahat (Chair of Trustees) P8ge 10 KINGDOM EDUCATION LIMITED (A Company Limlted by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees {who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial slalemenls in accA)rdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PractI￿}- Company law requires the Trustees lo prepare financial statements for each financial . Under ¢ompany law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of ils incoming resources and application of resour¢es, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo- select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP {FRS 102)- make judgements and accounting estimates that are reasonable and pnJdenl- slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disdosed and explained in the financial statements- prepare the financial ststements on the going concem basis unless il is inappropriate to presume that the Company wll fAJntinue in business. The Trustees are responsible for keeping adequate S￿OUnting records that are sufficient to show and explain the Companys 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 19 March 2024 and signed on its behalf by.. A Farahat (Chair of Twstees) Page11 KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED Oplnlon We have audited the financial slalemenls of Kingdom Education Limited (the 'ch8ri18ble compan￿) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheèt, the S181emenl of Cash Flows and the Telated notes, induding 8 summary of significant accounting policies. The financial reporting fr8mework that has been applied in their preparation is appliGable law and United Kingdom Accounting Standards, including Finanaal ReF)Orting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, (United Kingdom Generally A￿epted AccA)unting Pr8Gticel. In our opinion the financial ststements= give a true and fair view of the state of the charilable companys affairs as at 31 AugLrsl 2023 and of ils incoming resources and application of resources. induding ils income and expenditure for the year then ended.. have been properiy prepared in accordan¢% Uniled Kingdom Generally Accepted Accounting Practice-. and have been prepared in accordance with the ￿qUIrementS of the Charities Act 2011. Basss for oplnion We conducted our audit in accord8nce with Intemational Standards on Auditing (UK) (ISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial ststemenls section of our report. We are independent of the charitable company in accordance th the 8lhical requirements that are relevant to our audit of the financial 5t8lemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical iesponsibililies in accordance with these tequirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the finanaal slaternenls. we have (x)ncluded that the Trustees. use of the going corkcern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfoTmed, we have not identtfied any malerFal uncertainties relating lo events or conditions that. individually or collectively. may cast significant doubt on the charitable compan¥s ability lo contrnue as a going concem for a perii)d of at least twelve months from when the financial stalemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going rA)ncem are described in the relevant sections of this report. Page 12 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 infomiation induded in the Annual Report other than tho firbancAal statements and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomi81ion and, exc£pl lo the extent othenNise expliully slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the finanual ststements or our knowtedge obtained in the course of the audit, or olheNri.se appears to b8 materially misststed. If we identify such materÉal inconsistencies or apparent materi81 misstatements. w8 are required to delem)ine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the wort( we have perfomieLI, we condude that there is a material misstatement of this other infomi8tion, we a￿ required to report Ihat fact. We have nothlng lo report in th¢s regard. Matters on which we are required to report by exception We have nothing lo report in respect of the followtng rnatters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opiniork: the information gwen in the Trustees. ReFM)rt is inconsistent in any material respect wth the financial statements,. or suffictenl accounting recards have not been kepl- or the financial statements ate not Sn agreement wlh the ac£ounling records and returns,. or we have not re￿iVed all the information and explanabons we requir8 for our audil. R8sponsibilities of truste8s As explained more fully in the Trustees, ResFK)nsibilities Statement. the TTUStees (who are also th8 direclors of th8 charitable company for the purposes of company law) are responsible for the preparation of the financial slalem8nts and lor being satisf￿d that they give a true and fair view. and for such inlemal control as th8 Trusl8es d81emine is necessary lo enable the preparation of finanaal statements that are free from material misstal8menl, whelh$r du8 to fraud or arror. In prepartng the financial stat8m&nts, the Trusteas are responsible for assessing the charitable company's ability lo Continue as a going cOn￿rn, disdosing, as appli(xble, matters Telated to going con￿rn and using the going concern basis of accounting LFnless the Trustees either intend to IKiuidate the charktable company or lo cease operations, or have no raalislic altèrnalive but lo do so. Page 13 KINGDOM EDUCATION LIMITED (A Company Llmited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED {CONTINUED) Audttors. responslbllitles for the audit of the financial statements We have been apwnted 8s audTrtor under section 144 of the Charities Act 2011 and report in accordance with the AGI and relevant regulations made or having effect there¥Jnder. Our objectives are lo obtain reasonable assurance abcmjl whethei the financial statements as a whole are free from material misslalement, whether due lo fraud or error. and to issue an Auditors. Report that incfudes our opinion. Reasonable assurance is a high level of assurance. but is not a guaranlee Ihat an aLsdil conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economtc decisions of users taken on the basis of Ihese financi81 statements. Irregularilies, induding fraud. are instances of non-compliance ￿￿th laws ané regulations. We design pr(Kedures in line with our resFK)nsibilities, outlined above, lo delect material misslatemenls in r85pecl of inEgularilies, including fraud. The extent to which our procedures are capable of detecling irregular(li8s. 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 Employrrkenl and Health & Safety legislation. We obtained an understanding of how the company are complyTng wlh Ihose legal and regulatory frameworks by making inquiries lo the managemen*. We coNoboraled our inquirfres through our review of documentation generated and assessing the extent of Compliance wth the relevant laws and regulations. We discussed among the audit engagement team reg2rding the opwrtunilies and incentives, induding management override of controls, Ihal may exist wthin the organisation for Iraud and how and where fraud mighl occur in the financial slatemenls. As a result of perfomiing the above. we idonlrfied the greatest potential for material misstatements due lo fraud are in the following areas, and our speafic procedures perfomied to address these are described below.. The risk of management override of controls is the area where the financial stslements were most susGeptible to material misstalemenl due to fraud. In addition, the key wincipal risks related lo the existence of inappropriate journal enlries lo impact the profil for the year and management bias in accounting estimates. Procedures performed to address these wero as follows: Idenlifwng and assessing the design effectiveness of controls management has in place lo prevent and delect fraud, including known or suspected instances of non-CA)mpliance with laws and regulations. and fraud., Understanding how those charged wlh govemance considered and addressed the potential for override ol controls or other inappropriate influence over the financial reporting process- Challenging assumptions and Judgements made by management in ils significanl accounting estimates., Identifying and lesling joumal entrtes, 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 classified ￿1rre￿ty. Page 14 KINGDOM EDUCATION LIMITED (A Cornpany Limited by GuaTanteel INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF KINGDOM EDUCATION LIMITED (CONTINUED) Because of the inherent limitations of all audtt. there is a risk that we will not detect all irregularities, including those leading to a malertal misslalemenl in the financial statements or non