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 2024
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee} CONTENTS Page Reforence and Administrativa Details of the Companyp its Trusteos and Advisors Trustees, Report 2-11 Trustees, Responsibilities Statement 12 Independent Auditors. Report on the Flnanclal Statements 13-16 ststement of Flnanclal Activltles 17 Balance Sheet 18-19 Statement of Cash Flows 20 Notos to the Financial Statements
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees A Farahal, Chair of Trustees C Ottaway, D8puly Chair C Hammond M Skipper A Feluga {resigned 31 July 20241 C Chalkley T Johnson Kay Management Personnèl A Reeves, Headleacher E Taylor, Bursar S Case. Highfield Preschool Manager C Edmonds, Head of Primary S Hart, Hoad of Secondary J Townsend. Deputy Head Company registered number 01901401 Charlly ragistored numbor 291913 Reglstered offlce Elmfield Ambrose Lane Harpenden H?rtfordshire AL54DU ompany secretsry M Skipper Independent auditors Haslers Chartered Accounlanls Old Station Road Loughlon Essex IG10 4PL Bankers National Weslministèr Bank 72174 High Street W8lford Hertfordshire WD12BQ Solicltors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Page 1
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantèe} TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors and Charity Trustees (th8 Trustees l of Kingdom Education Limited are pleased lo present their report together with the audited financial statements of the ¢harity for the yeaT lo 31st August 2024. The financi81 statements cornpty wlh the Charities Act 2022. the Companies Act 2006, the Mem(Kandum and Articles of Association, and Accounting and Reporting by Charities.. Slalement of Recommended Practi {SORPI applicable lo ¢hari11os preparing their accounts in 0rdance with the Financial Reporting Standard applicable in the LIK IFRS 1021 effective 31 January 2022. Th6 accounts comply wth the charitls trust deed and applicable18W. EP Kingdom Education Limited is eslablish8d primarily to promote. provide for and assist in the advancement of education of children in the United Kingdom and elsewhere. At The King's School, we see the development of the whole child. physical, Spiritual and emotional as being important. We seek to devdop abilily and character. BRIEF HISTORY The King's School was estsblished in Hemel Hempst with 75 pupils in 1982 and moved lo Harpenden during 1987. The current prèmisès, leased from Action for Chiklr6n, are situated in beautiful grounds on the oulskirts of Harpenden. The Trustees and Senior Leadership Team of Kingdom Education Limited mainlain that The King's School and Highfield Preschool offer a seroice lo tha Christian community,. we seek to glve our chiklren an excellent oducation, enabling them lo develop academically, grow in character, discover their worth and achieve their potential. This is made possible by small class sizes. deéicated 16aching staff and outstsnding pastoral care.. undeipinned by our school values, The King's School Way. The King's School provide8 a Christian lea¢hing environment. Our vision is to partner with parents in supporting them in helping their children know God and be well prepared for His future for them. In doing so, we share with parents in the privilege of helping pupils discover God's plan for their Ikves. We are very proud lo offer this unique service to the Christian Community. STRUCTURE GOVERNANCE & MANAGEMENT The Trustees form the Board of Trusleos for Kingdom Education Ltd, the registered company. and are the Trustees of Kingdom Education Ltd the registered Charity. Trustees are appointed by the Board of Trustees by election and their service may terrninate by resignation or with due process by the Board of TNslee8. The Trusleos administer Kingdom Education Limited and all ils ststulory commitments lo onsure the statutory Independent School Standards Regulations are mel and, oversee the direction of The King's School and Highfield Preschool with active oversight rasponsibilily for the management of teaching and learning wilh particular emphasis on the progress pupils make. Trustees meet regularly, with six formally s¢heduled meetings per year, each covering general topics but also having a specific focus on an area of the Trust's wort(. Additional meeting8 are OTganised a5 needed. The King's School, with an approved complemonl of 225 pupils, educates boys and girls ages 4 to GCSE116 years). Highfield Preschool. an Early Years Foundation Stagè (EYFSI unlt a¢commodaling an average of 40 chiklren from age 2 years 6 months lo 4 years old. The Preschool operates a short distance away al the Youth with Mission IYWAMI premises on The Oval, Ambros& Lane, Harpenden, AL5 4BX. 11 is registered th the DfE as a PVI, Private, Voluntary and Independent {seclorl nursery. Page 2
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees detemiine values and general policy of the School while the day-tovday cutture and running of The King's School and Highfield Preschool is delegated lo the Headleacher with the support of the Bursar. The Trustees oversee the financial responsibilities of the Company and ensure il maintains financial viability. Under the Trust Deed the School has the power lo make any investments which the Trustees see fil. Al no lime during the year did any Trustee hav8 a beneficial interest in the charity. The Headleacher undertakes the key leadership role overseeing educational, pastoral and adminislralive functions in consuftalion with the senior staff. The day to day adminislralion of the Preschool, Primary and Secondary Schools is undertaken within the policies and procedures, key policies approved by the Trustees. Significant expenditure decisions and major capital projects are referred lo the Trustees for prior approval. The Headleaeher oversees the recruilmenl of all educational staff, administrative and non-teaching support staff with the support of the Bursar. The Headleacher. Deputy Head and Bursar are inmled 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 Safely and mutual respect continue lo be very important parts of the School, responsibility and underpin all areas of activity in the School. Regular Safeguarding reports were made lo the Board by Mr Ashraf Farahat, Safeguarding Trustee, who has been in regular contact with Mrs Heather Lees, the Designated SafegLJarding Lead and Mrs Colleen Edmonds, the Deputy DSL {eSafely, EYFSI. Annual Health and Safely Management Audits, Audits of the Single Central Register and review of a Risk Register 18 conducted by trustees during each school year. Information is available lo Trustees Ma the Trustees Hub and Policy Portal in Microsoft SharePoinl. The Trustees are responsible for the Management of Risk fa by the Charity with particular reference to internal controls and the mitigation of risk and review the risks faced by the charity and are satisfied that systems and procedures are in place lo mitigate exposure lo the major risks so far as is possible. The School's Risk Register is submilled annually lo auditors Haslers AOUntants. OBJECTIVES & ACTIVITIES The King's School provides a broad curriculum wlh an emphasis on"The King's School Wal, lo meet the Charity objectives.. Klndness Helping and respecting others, whoever they are Integrity Doing the right thing. even when il's hard Commitment Giving our best in every situation Togetherness Playing our part in the school family Page 3
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Growth Becoming the best we can be Thankfulness Being grateful for all that we are given Falth Honouring Jesus ChTI81 in all we do; The foundation of The King's School Way These are values which we encourage in our pupil's work and relaltonships at The King's School. 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 al home as a service lo the Christian community. The King's School is non-seleclive and aims lo maintain high academi¢ achievement, with pupils maximising their potential through small class sizes (maximum 221. We offer an academic Isubject-basedl curriculum slruclured across the Primary School and the Secondary School and, by attracting teachers who are passionate educators. we demonstrate outstanding pastoral care, complemented by knowledgeable staff in their particular fields. Highfield Preschool is very well subscribed and renowned within the wider Harpenden ¢ommunily.11 Is staffed by a compelenl Manager with very capable group leaders and support ¥taff. The Highfield Preschool continues lo deliver a high standard of seDJice lo the community and had an 'OLJlslanding' rating for ils Ofsled inspection in January 2020. We commend the Manager, Mrs Sandra Case and her Team for their exlIent work. Pupil places are in high demand al the Preschool which has remained near capacity enrolmenl in recent years. The sterling work of the staff has seen a continued development of the produd offered., PE classes in the curriculum are a unique feature for our Preschool and benefits all our preschool pupils. Additionally, the Early Years Quality Standards {EYQS) offered by HFL Education IformeTly Herts for Learning), has awarded the Gold standard to our Preschool - the highest level of the EYQS. It recognizes schools that have demonslraled a commitment lo excellence and qualily in early years education. 11 is Management's policy lo assist children in developing their personal spiritual walk wlh the Lord. This expresses itself in class and School assemblies, Bible study and pastoral care, in addition to opportunities lo travel locally and abroad lo witness in Schools and churches. The Company objectives for the coming year are as follows.. To maintain the high curriculum standards that have been sel in academic and spirf(ual tems in recent years by maintaining staff levels in numeric and quality terms. To secure. equip and develop excellent professional teachers while promoting inspirational leaching with the assistance of compelenl support staff. To pursue a high level of enrolment by means of personal recommendations and by effective word of mouth advertising and internet marketing. To improve facilities on the school sile. Page 4
KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Our objectives are addressed on INSET Days and through enrolling teachers for professional development course8, and by effective tracking of the academic progress of our pupils. We endeavour to promote pupil enrolmenl through Open Days, our School website, advertising in local Media and by encouraging our parents to promote the School by word of mouth. The Headleacher meets with local pastors lo 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 enrolmenl al The King's School. In developing the sile and facilities, we work in close cooperation with our landlord8. Action for Children. In addition, the School funds development projects through fundraising. 11 is a primary aim of our School that every member of the school community feols valued and respected, and that each person is treated fairly and well. We are a caring community, whose Christian values are based on mutual Irusl, consideration and respect for all. The School has a Code of Conduct. bul the piimary aim is not to enforce a system of rules bul rather lo 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 subje¢l to a full Educational Quality and Cornpliance inspection by the Independent Schools Inspeclorale IISII in February 2024. The school was found lo be compliant in all areas. with a long list of positive findings by the inspection team. There were three areas for development identified, as detailed in the published report, which is linked on our website. ACHIEVEMENTS & PERFORMANCE Pu il Numbers and Fegs Our edu¢alional activities are carried out through our Secondary School and our Primary School. By the end of the academic year 2023-24, we had 175 pupils on roll, a decrease of 11 from the same stage in 2022-23. This is the first dip in numbers since we sel growth targets in October 2020 as part of our Project 212, which aims lo see the school'full, al 212 pupils by 2Q28. The longer term trend remains positive though, and we have recruited well in the summer and first part of the autumn term. meaning that the year to come is likely to see growth overall, rather than further decline in numbers. The school fee structure was reviewed in 2021 as part of Project 212. For 2022123. a £20 per month increase was applied. across all groups. with the exception being Y10111. who already had a planned increase to a £9,450 annual fee as part of the restructure. Similarfy. in 2023124, a flal-rale school fee increase was applied across all year groups, rather than a percentage increase. The simpler and more transparent increase meant Parents could more easily predict and plan for the increase. The fee increases were. £27.50 per month for Years O-g and a lower £12.50 for Years 10 and 11. School Fees for the academic year 2023124 were.. Page 5
KINGDOM EDUCATION LIMITED {A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Year Gi'ou Annual 1st Child Month 2nd Child Mont 31'd Child Monthl 4th Child Mont Tennly Yio&ii £9,6(Kb.QO £3300.00 £.00 £640. £480.00 £343.50 Y7,Y8& Y9 Y3-Y6 YI&Y2 Foundatio £9,120.00 £3.040.00 £700.00 £608.IKI £456.(K> £306.IKI £8J70.00 £7.470.00 £2,7911.Olb £2A90.00 £697.50 £558.110 £418.50 £267.50 £622.50 £498.(K) £373.50 £311.25 £&570.IXJ £2,190.00 £547.50 £438. £328.50 £273.75 Academic Achievements The School's academic achievements continue to reach a high standard. A full attainment and progres8 report is published each September on the school website. The summary for the 2023124 cohort is.. 37Q/o grade 7-9 9SO/o pass rale (grade 4 or above) 95010 of pupils achieved 5 or more passes. including English & Maths Value added score of +0.86 of CAT target grades mel or exceeded S eclal Educatlonal Needs The King's School continues lo develop the provision within the School's SEN Department. Jane Judson, our SENCO, liaises effectively with leaching staff and parents lo bring about the best outcomes for pupils across the Primary and Secondary Schools, including one pupil with an EHCP. Remote Learnln Remote learning was ulilised in case of need durlng this financial year. Extracurrlcular actlvltles The school has an extensive sports and music programme, plus a range of clubs available al both lunchtime and after school. Highlights of the 2023124 year included.. two of our Table Tennis teams reaching the semi-finals of the National championships, an oulstsnding achievement for a school of our size. a full musical theatre production in March 2024, involwng pupils from Years 5 through to 11. a selection of our Year 10111 pupils attending a leadership conference in Budapest, Hungary in October 2023, with the group organising some brilliant follow-up events al school during the year. our annual Christmas party for local senior citizens, which was well allended On again. PUBLIC BENEFIT The Trustees have respected the Charity slalus which Kingdom Education Limited enjoys and have taken due regard lo guidance published by the Charity Commission on public benefit. The School offers a School Fee Schedule which, in combination with financial support, provides access to education to children whose families would othenlSe have been unable lo afford independent school fees, or whose financial circumslonces have suffered delerioralion. The King's School operates financial assistance through ils self-slyled Bursary Fund, by foregoing school fee income. The School currently offers this support lo a number of families who have suffered short lo medium term economic setbacks and lo a lesser extent lo new pupils. The Chafily remains commilled to ils public benefit Page 6
KINGDOM EDUCATION LIMITED {A Company Limbted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 responsibility by selling a bursary funding largel al 10Vh of 118 gloss income. However, this figure naluially fluctuates each year in response lo varwng demand- that is. gs parents, needs for these sell-funded bursaries change annually. This strategy runs concurrently with the School's policy of keeping fees affordable lo remain accessible lo as broad 8 section of the Christian community as possible. The School provides thi8 financial assistance with fees, individually tailored lo parental needs. usually ranging from lo 1000A remission of fe8s. In 2022123, we rmade a 'Bursary Fund appeal,, with a video from the Trustees seeking support from parents who could afford lo lop up their fees with extra donations. This plea was repealed in 2023124. Delalls of Bursa Awards In the financial year 2023124, the School provided bursary support, in the amount of £161,523 or 11.7% of tha gross school fee in¢ome19.1 % in 20221231. Bursaries were awarded for 16 families lo benefit 32 pupils. as against 12 famIlS and 21 pupils in the previous year. Bursaries are typIlIY means-lesled and reviewed annually. The demand for bursary support has remained high dLJ6 to ongoing economic challenges, including high interest rates, low produclivily. a light labour markeL slow privale sector growth, and inflalionary pressures. the legacies of COVtD-19, Brexit, with global conflict and rk8ing energy costs mor8 recently. Other Policies of Asslslance Foe Pollcy The School aims lo keep fees as affordable a8 possible to a¢commodale a wlde economlc range within Ihe Christian community. This requires careful budgeting and expenditure control. Fees are invoiced lermly and musl be paid in advance on the first day of term. Allernalively, parents may opt for a direct debil payment plan, allowing fees to be paid in 12 equal monthly instalmenls. patd in advance fram August to July annually. The inlroductvjn ol direct debit has been highly suc¢essful. The School manages debt colleCt)n car8fully lo minimize cash flow disruptions. Family Discounts Pollcy To support familias, the Sch( offers sibling diSunIS to parents,. a 20% discount is afforded the 2nd child, 40° to the 3rd and further children SOOA. A 10% discount is also gwen to members of the Clergy and am)ed for¢8S. Staff School Fee Remlsslon To allract and relain high-calibre staff, the School offers 8 fee remlssion scheme for employees educating Ih&ir Children al the School. Private Healthcara Staff Scheme Staff have continued lo benefit from free private healthcare through Benenden Health, which provides a 2417 GP helpline, mental health support and physiolherapy among other services. In the Communlty As highlighted in the Extra-curricular section, the School actively engages with and supports local schools and Ihe broader communty through various events and initiatives. FINANCIAL REVIEW- 3108 2024 In the financial year 2023r24. the Charity generated £1,628.590 in incoming r8source8, 8 slight decrease of 3.570A from £1,688,786 in 2022123. The Sehool ended the year with 175 pupils (reduced from 186 in summer 20231. The shortfall in SchoDI fee income and in Donations and Grants contributed lo thé reduced revenue figures. Page 7
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guaranteal TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Resources expended has increa8ed by 15.160h12022123- 12.590AI. These rising operational costs were primaTi due lo inflation. The Charity sp&nl significantly more than il earned in 2023124, eroding previous financial gains.. the surplus in 20221231£183,9621 turned into a deficit in 20231241-£104,3661, the rise in expenditure outweighed incoming resources. Looking al historical trends, 2021122 and 202Q121 also showed deficits of -£15,997 and-£31,536, respectively, though al a much smaller scale than in 2023124,. indicating that financial suslainabilily has been a recurring challenge, with only 2022123 achieving a surplus. The Charf(y's Nel Assets Position showed a 30.920A decrease. a subslanlial reduction in reseNes, which threatens long-temi financial resilience. Summary Data 2023124 2022123 2021122 2020lll Incoming Resoui'ces Resoui'ces Expended Net (Expenditui'e) / Incotne Net Assets £1,628,590.00 £1,688,786.00 £1,320,591.00 £1,281,369.00 £1,731956.00 £1,504,824.00 £1,336,588.00 £1,312,905.00 -£104,366.00 £183,962.00 -£15,997.00 -£31,536.00 £232 936.OJ £337 302.00 £146 576.54 £172,409.84 During the reporting period, the Charity company has.. Carefully monitored 2023124 income and expenditure, in a liohl financial environment, towards ensuring that financial tsrgels were mel. Three-year energy contracts shielded the Charity against energy inflation and food price iises. Continued to review and update tho School's Risk Register, through a rolling review programme. Set a balanced consolidated budget for 2023124 nolwilhslanding the challenging financial and political environrnenl, carefully controlling perfoimance against budget lo reduce the impact of inflation. Monitored the financial performance of the Kingdom Education Ltd, and ensuring that the Charitls resources were used appropriately lo support the activities and mission of the School. IMPACT ANALYSIS The Trustees and School management have spent tho last three years considering Wision 2022,, involwng staff in the process, part of which is a fo¢us on enabling a stronger financial position lo be maintained. With the final vision summary shared with the school community al our 40th anniversary celebrations in September 2022, trustees and stsff ¢onlinue to explore how lo implement the Vision. part of which also includes our impact on the local, and wider, community. Continued improvement of the s¢hool will positively affect ils ability lo sustain ils impact on the community and lo relain current pupils and allract new ones. The main priorities for the school's improvement and development are the continued professional development of our staff, maintaining the continued improvement of the physical facilities, technology and sport provision, along with ensuring that all our pupils make the best progress possible. These priorities need lo remain in place, even in the context of potentially necessary cost-culling measures. We are excited at the potential for increasino the charity's impact on the wider community, which the School's improvement and Continued positive development, will facililale. Page 8
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 GOING CONCERN During the year the charitable company reported a defi¢il of -£104.36S la decrease of 156.730A from a surplus of £183.962 in 20221231 and had nel assets of £232,936 (a decrease of 30.920h from £337,302 in 20221231 at the balance sheet dale. The Iruslees have prepared plans and budgets, which consider all available information, including the impact of the introduction of VAT on fees from 1 January 2025 and the Government's Autumn 2024 Budget changes for April 2025 (loss of 800/0 of the Charity's business rates relief, the national minimum wage increases and adjuslmenls lo the Employers, NICs}. These plans and budgets cover a period of at least 12 months following the aulhorising of the financial statements presented. Based on these budgets, together with consideration of the level of cash and assets held al the year end, the trustees have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and therefore consider il appropriate to adopt the going concem basis of preparation for the financial stalemenls. A further objective in the next 12 months is lo meet the challenges presented in the new financial year, which threaten the affordability and accessibility of education for many families, with resilience and good management. The long-lerm picture is a encouraging one, despite the current financial challenges that the Government's Autumn 2024 Budget imposes. The School's finances are strongly linked lo pupil numbers, as the major portion of Charity income is through school fees. Due lo our changes lo marketing and fee structure in recent years. we have reciuiled a healthy foundation class (Reception l Year 01 for the last 4 years. This has meant strong classes moving up through the school for years lo come. The intake for September 2025 looks healthy again, with another solid intake from our preschool. not to mention any who come from elsewhere. The families in these younger classes are active in School life, keen lo 'maikel' the school to their friends and are very happy with the service we are providing. In 2020 we launched Project 212, wlh the aim lo move from 148 pupils al that point to 212 pupils by the end of the 2027128 school year. This project was well ahead of schedule in the first 3 years, reaching 186 pupils in summer 2023, 19 ahead of the plan. In 2023124 we look a hit of an unusual number of pupils leaving during the year across two secondary year groups (now years g & 101 leaving us with smaller than desired classes in these two cohorts. We finished the year al 175 pupils. bNo short of the 177 target. We are due lo be at 187 by the end of this academic year. We are currently al 175, with the deficit almost entirely down lo these two smaller groups al the lop end of the Secondary school. This target of 187 is achievable {in 2022123 we gTew by 23 pupils (net) across the yearl. However, this growth cannot be guaranteed. Wf(h a small Year 6 class leaving Primary this summer, there is the opportunity lo grow by starting September 2025 with a larger Year 7 class. This will be dependent on good recruilmenl from outside of the school {we usually bring in about 10 pupils}- Interest has remained steady bul again there are no guarantees of a large class when il comes lo it. We'll need to work hard 81 il in the coming months. We are working, with skilled volunteers from our PTC (parent group), on a re-vamp of our website, which we hope will bring in further interest. We continue to work on raising our profile in the local Christian community, through links with churches and targeted advertising. Our main marketing driver remains word of mouth recommendation, which is why any decisions we make regarding cuts lo our spending (and some will no doubl be necessary) musl be taken wth a view lo not diminishing our product, or elso we may lose the benefit of these word of mouth recommendations. Cost savln There are some services that we have benefilled from in recent years that we will cul ifthe need to save money arises. These will tske effect during the next academic year120251261 so will not impact the current school years spend {20241251. We are working with our senior management team wlh regard lo various areas of the expense budget and considering any savings that can be made. These are likely to be small amounts here and there, although lots of these can amount lo a larger lolal saving. By far our largest expense is our staffing costs and we Page 9
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 may need lo cul these in the year lo Come. Decisions in this area are hard lo forecast, as it will be dependent on class sizes I pupil numbers in various sections of the school. Our initial eslimale of potential total savings forthe next academrc year is just under £100,000, the equivalent of about 14 pupils, fees. Rlsk Mana ement Detailed considerations of risk are delegated lo the Senior Management of the Sch¢X)l. 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.. Reputstion. The School's success is built on ils reputslion for the education and well-being of our pupils. We manage this risk through safeguarding policies. staff recruilmenl policies. pastoral support for both pupils and staff, and active idenlificalion and resolution of health and safety related issues. Resources. Going Concern prospects continue lo be reliant on pupil fees and the ability to settle bills as they fall due. This risk is managed by marketing aclivily, having a reputation for academic excellence and active cash-flow management, including access to an adequate short-lemi credit facility for both the School and Preschool. Curriculum. Academic excellence requires that the most able teachers will deliver the curriculum lo pupils with a wide range of abilities. We manage this risk by recruiting trained and committed staff, on- going investment in our sile, supportive parents whose children have an appetf(e for learning, and a bursary scheme lo 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 miligaled where ne$sary.11 is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. FUTURE PLANS We Continue lo tske advantage of our uniqueness and plan lo maximise our impact in the wider community and lo make our school more accessible lo families. We aim lo bring families in al a young age and offer them an excellent school experience, such that they slay with us throughout their child's schooling. Wa still have interest from Hong Kong, with Christians there looking lo lake advantage of the BNO visa rules that changed in January 2021. meaning they can easily access work in the UK. The School's Management and Trustees seek lo Continual develop the service offered to the school community in terms of the quality of leaching. the welfare and safely of pupils, further improved pupil progress and the pupil experience as they move through the school in addition lo the quality of the site provision. We continue to strengthen our links with the community. 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 intend lo move cautiously in the current political environment- holding cash remaining a priority. ReseNes Polic and Continui Reserves play a crucial role in bridging the gap between income and expenditure while ensuring financial stability in the face of unforeseen events, such as emergency repairs or operational disruptions. The Trustees consider that unrestricted funds (including cash with no specifically designated usel should be maintained al a minimum level equivalent lo £85,000 {increased from £50,000). Th8 value of vnreslricled al year end was £100,15212023 Page 10
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantèe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 - £135,015). The Trustees aim lo conlinLte building reseNes to a level that ensures the School's activities can continue in the event of any significant disruption while additional funding Is secured. The Charity focus for 2024-26 is on r$venue diversification, cost control measures, and financial planning lo strengthen reserves. Improving cash flow from operating actlvilies remains a koy foGL for the year ahead. CLOSING COMMENTS Despite the flnancial challeng68 fad in 2023124. including rising opor8tional costs and a deficit of £104,, the Charity remains commilled lo ils mission and long-lerm suslainabilily. While the decrease in nel assets by 30.92% is a concern. the School Continues to make strategic adjuslmenls to ensure financial resilience, including cost control measures, exploring revenue diversification, and improved financial planning. Encouragingly, pupil numbers remain stable, with 175 pupils enrollad 81 year-end, and fulure projections indicate continued growth, particulady in the Primary School. The Trustoes acknowledge the uncertainties ahead, particularly wilh the Government's Autumn 2024 Budget and th8 introduction of VAT on school fees from January 2025 but remain confident the Charity's ability to n8vigale thes8 changes. Th8 focus remains on preserving the School's reputation, enhancing its flnancial sustainability, and ensuring the best possible educational outcomes for pupils. Through sensible finala1 management. proaclrve risk mitigation, and strong community engagement, th8 Charity is well-posilioned lo overcome these challenges and continue delivering a high-qualily education that positively impacts pupils. families, and the wider Community. The Trusteès aTe oplimislic aboul the School's future and committed lo ensuring ils long-lerm success. The King's School remains a place where children can grow in integrity. with thankfulness and kindness al the heart of our community. The King's School began as a faith venture over 40 years ago and our trust in God is still al our core now, as it was back then. ISCLOSURE OF NFORMATION TO AUDITORS Each of the Trustees has confinned that there is no lrtformation of which Ih&y are aware whi¢h is relevant lo the audit, bul of which the auditor is unaware. They hove further confirmed that they have taken appropriate steps to identify such relevant information and 10 8Stablish that the auditors are aware of such information. Approved by order of thè members of th8 board of on 29 April 2025 and signed on their behalf by.. 4fv.ul, A Farahat Chair of Trustees Pago11
KINGDOM EDUCATION LIMITED {A Company Limited by Guaranteel STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Tru8te&s (who are also the dir@clors of the Company for the purpose8 of company law) are responsible for preparing the TTuslees' Report and the financial slalemenls in xcordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Praclicel. Company law requires the lo prepare financial statements for each financial year which give a true and fair view of th8 stala of affairs of the School and of the ineomin9 resources and application of resou¥ces, including the incom8 2nd expenditure, of the chari18b18 company for that year. In Preparing these accounts. the Trustees are Tequired lo.. select suitable accounting policies and then apply Ihgm COIISlslenlly', observè the methods and principles of the Charities SORP (FRS 102)., make judgements and accounling estimates that are reasonable and prudent., stale whether appli¢able UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalgments., prepare the financial stslemen18 on the going concern basis unless il is inappropriate to presume that the Company will continue in business. Theare r88ponsible for keeping adequate accounting records that are sufficient lo show and explain the CoMpanS transactions and disclose with reasonable accuracy at any lime the financial position of the Company and enable them lo en8ure that the financial statements comply with the Companies AGt 2006. They are also responsible for safeguarding the asséts of the Cunpany and hence for taking reasonable steps for the prevention and detection ol fraud and other IegUlarl11eS. Approved by order of the members of the board of Trustees on 29 April 2025 and Signetl on 118 behalf by.. A Farahat Chair of Trustees Page 12
KINGDOM EDUCATION LIMITED {A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED Opinion We have auditsd the financial slalemenls of Kingdom Education Limited (Ihe'charitable ¢ompany'l for the year ended 31 August 2024 which comprise the Slalemenl of Financial Aclivilies, 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 Practi¢el. In our opinion the financial stalemenls.. give a true and fair view of the slate of the Gharilable companls affairs as al 31 August 2024 and of its incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalements se¢lion of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial slalemenls 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. Concluslons relating lo golng 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 lo 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 aulhorised for issue. Our responsibilities and the responsibilitie8 of the Trustees with respect lo going COnM are described in the relevant sections of this report. Page 13
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED (CONTINUED} Othèr informatlon The othgr infomiation 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 slalemenls does not cover the other infomialion and, except to the extent othewise explicitly slated in our report. we do not express any fomi of a3surance concluslon Ihereon. Okjr responsibility is to read the other information and, in doing so, ¢onsiderwhether the other information is materially inconsistent with the financial slalemenls or our knowledge oblainad in the course of the audit, or otherwise appears to b8 materially misstated. If we identify such materi81 inconsislenci&s or apparent material misstatements, we are required to determine whether this gives rise lo a material misslalemenl in the rinancial slalemenls themselves. If, b888d on the work we have performed, we conclude that there is a material misslalemenl of this other information. we are required lo report that fact. We have nothing to report in this regard. Matters on wh5ch we are requlred to report by excgption We have nothing lo réport in respect ofthe folbw¢ng mallers wh$r8 th6 Chari118s (Accounts and Reports) Regulations 2008 requires us lo report to you rf, in our opinion.. the information given in the Tnjstees, Report is inconsistent in any m8lerk?I rgsp8Ct with the financial slat8menls', or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records and returns- or we hav6 not reiVed all the information and explanations we require for our audit. Rèsponslbllltles of tyustees As explained more fully Ihe Trustees, Responsibilities Slalement, the Trustees (who are also the directors of the charf(able company for the purposes of company law) 8re responsible for the preparation of the financial staleménls and for being satisfied that they 9ive a true and fair vtsw, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from malerial misslalemenl, vthelher due lo fraud or error. In preparing the financÉal statements, the Trusloes ara responsible for assessing the charitable company's ability lo ¢onlinue as a goino concern, disclosing, as applicable, matters related to going concern and using the going Concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo ceas8 operations, or have no realistic allernaliv8 but lo do so. Page 14
KINGDOM EDUCATION LIMITED {A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED ICONTINUEDI Audltors. respon51bllltles for th8 audlt of the flnanGial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regulations made or having effect Iher6under. Our objectives are to obtain reasonablo assurance about whether the financial statements as a whole are freè from material misstatement, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Rèasonable assurance is a high level of assurance, bul is not a guaran168 that an audit conducted in accordance with ISAS (UK) will 21w8ys detect a material misstatement when il exists. Misstalemenls can 8rise from fiaud or error and are ¢onsidared m8leri81 if. indlvidually or in the aggregate, they could rea80nably be expected to influence the @conomic decisions of users taken on the basls of these financial statements. ITregularili8s, Including fraud. are instances of non-complian with laws and regulations. We design procedure8 In line with our responsibilities, outlined above, to delect material misstslemenls in respect of irregularili69, including fraud. The extent to which our procedures are capable of delecling irrégularities, including fraud is detailed below. Based on our underslanding of the legal and r8gulalory framewotrks that are appIale to the 8nlitywe have onsidered those that have a direct and indirect material impact on the financial statements and oparalions of the company. These include bul ar6 not limited to the Charities Act 2011. GDPR, and Employment and Health & Safety legislation. We obtaine(l an undèrstanding of how the company are complying with those legal and regulatory frameworks by making inquiries lo the managemenl. We coKretrJoraled 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 organisalion for fraud and how and where fraud might occur in thè fi'n2ftcial slalements. As a resutt of performing the above, we idenlifwd the greatest potential for material misslatemenls due to fraud are in the followng areas, and our specific procedurEs perfomied to address these are described below.. The risk of management override of eontrols is the area where the financial slalemenls were most susceptible to alerial misslalement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries lo impact the profit for the year and managemenl bias in accounting estimates. Procedures perf(ed to address these were as foltows.. Identifying and assessing the design effectiveness of controls management has place lo prevent arTd detect fraud, including known or suspected instances of non-compliance wlh laws and regulations. and fraud., Understanding how those charged with governance considered and addressed the potenllal for overrida of controls or other inappropriate influence over the financial reporting prows.. Challenging assumptions an4J judgments made by management In ils Signifint accounting estimates., Identifying at)d 16s15ng journal entries, in p8rticular any unusual journal entries p951ed around the year-end and journal entries posted by infrequenl system us6rs,' and Ensuring that funds have been classified correctly. Page 15
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KINGDOM EDUCATION LIMITED ICONTINUEDI Because of the inherent limitations of an audit, there is a risk that we will not dete¢t all irregularities, including those leading to a material misslatemenl in the financial stslemenls 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 slalemenls, as we IMII be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentslion. A further description of our responsibilities for the audit of the financial statements is located on the Finaneial Reporting Council's website at.. vJww.frc.or .uklauditorsres onsibililies. This description fomis part of our Auditors. Report. Use of our report This report 18 made solely lo the charitable compan18 Iruslees. 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 stale lo the charitable companls Iruslees those matters we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fullest extent permitted by law, we do not a¢cepl or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work. for this report. or for the opinions we have formed. Haslers Chartered Accounlanls Slalijlory Auditor Old Slalion Road Loughlon Essex IG10 4PL 29 April 2025 Haslers are eligibl& lo act as auditors in temis of section 1212 of the Companies Act 20. Page 16
KINGDOM EDUCATION LIMITED {A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Note Incomè from: Donations and legacies Charitable activities Other trading actiwties Investments 194rt18 15,281 1,380.052 6,106 32,733 209.699 1.380,052 6,106 32,733 239,890 1,423.379 6,995 18,523 Total Income 194,418 1.434.172 1,628,590 1.688, 787 Expendlture on: Raising funds Charitable activfiies 4.164 1,511,671 4,164 1,728,792 10,217 1,494,608 217.121 Total expenditure 217,121 1,515,635 1.732.956 1,504,825 N9t movement In funds 122,7031 181,6631 1104.3661 183,962 Re¢onclllatlon of fund8: Total funds brought forward Net movement in fun¢Js 56.377 (22.7031 280,925 (81,663) 337,302 1104,3661 153,340 183,962 Totsl funds carrled lomard 33,674 199,262 232.936 337.302 The Statement of Financial Actwilies includes all gains ahd los$es recognised in the year. The notes on pages 21 to 37 form part of these financial Slalemenls. Page 17
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee} REGISTERED NUMBER: 01901401 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets 10 191,030 223,843 191,030 223.843 Current assets Debtors Cash al bank and in hand 11 369,368 303,655 434,695 245,031 673,023 679, 726 C¥edilors'. amoun18 falling due wilhin one year 12 1544,453) 1455,908) Net curront assets 128,570 223,818 Total assetslègs current Ilabllltles 319,600 447,661 Credilors.- amounts falling due after more than one year 14 186,664) (ItO.359) Total net assets 232,936 337,302 Charity funds Restricted funds Unrestricted funds 15 33,674 56,377 Designated funds General funds 15 15 100,152 99,110 135,015 f 45.910 Total unrestricted funds 15 199,262 280.925 Total funds 232,936 337,302 Page 18
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee) REGISTERED NUMBER.. 01901401 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2024 The entity was enlilled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 744 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the reqU1ments of the Act with respect to accounting records and preparation of financial stslemenls. The financial slalemenls have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial slalemenls were approved and aulhorised for issue by the Trustees on 29 April 2025 and signed on their behalf by.. A Farahat (Chair of Trustees) The notes on page8 2110 37 form part of these financial slalemenls. Page19
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operatlng activitlos Net cash used in operating activities 63,557 157. 113 Cash flows from Investing activities Diwdends. interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 4.675 1,648 5.300 (59.382J (9,6081 Net cash used In Investlng activities 4.9331 152.4341 Cash flows from flnanclng actlvltles Net cash provlded by flnancing activities Change in cash and cash equivalents In the year Cash and cash equivalents al the beginning of the year 58,624 104,679 140,352 245,031 Cash and cash equlvalents at the end of Ihg yoar 303.655 245,031 The notes on pages 2110 37 form part of these financial slalemenls Page 20
KINGDOM EDUCATION LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General inforniatlon Kingdom Education Limited is a charitable company, limi18d by guarantee. registered in England and Wales. The registered charity number rf 291913 and the registered company numb6r is 01901401. The registered addre88 is Elmfield, Ambrose Lane, Harpenden, Herts, AL5 4DU. The princip81 activity of the charity is pre-prlmary, prlm2ry and secondary education. Accounting pollcl88 2.1 Basls of preparation of flnancial statements The financial slalements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Cha¥ilies= Slalemenl of Recommended Practi applicable to charities preparing their accounts in accordance thith the Financial Reporting Standard aPpIable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Repukn1 of Ireland IFRS 1021 and the Companies Act 2006. King(lom Education Limited meets the definition of a publrc benefit 8ntily under FRS 102. Assets and liabilities ar& initially recognised al hisloTical 0051 or transaction value unless olhenNise slated in the levant accounting policy. The financial statements are prèsented in Pound Sterling, the functional currency of the charity, rounded lo the nearest £. 2.2 Golng concern These financial slalemenls have been prepared on the going concern basis. The Iruslees have prepared plans and budgets, whrch take into account all available information, including the impact of the intfoduclion of VAT on fees from 1 January 2025. These plans and budgets covar a period of al least 12 months following the aulhorising of these financial statements. Based on these budgets. t(yJelher with consrderalion of th8 l&vel of cash and assets held at the year 8nd, the Iruslees h8ve a reasonable expectation that th6 Company will continu@ in OpetIonal existence for th6 foreseeable fulLFre and therefore consider it appropriate lo adopt the going ¢oncem basi8 of preparation for th8se financial stat)entS. 2.3 InGorne All income is recognised once the Company has enlillemenl lo th8 income, It is probabl8 that the income will be received and th6 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 bul not expended during ths period is shown in the relevant funds on the Balance Sheol. Where income is received in advance of enlilFement of receipt, ils recognition is d8ferred and included in creditors as deferred income. Wher8 enlillement occurs before incom6 is received, the income is aacrued. Page21
KINGDOM EDUCATION LIMITED IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Aceountlnll pollcles Icontlnuedl 2.4 Expenditurn Expenditure is recognised once thera is 2 legal or conslruclive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made vp of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs allributable lo a single aclifflly are allocated directly to that aclEvily. Shared costs which Contribute lo more than one activity and Support costs which are not attributsblé lo a single activlly are apportioned between those aclivilies on a basis conslstenl wlh the uso of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges 8llocaled on the portion of th8 ass81's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its chari18bl6 PLJrpos6s and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on direclty undertaking the activities which further the Companls objectives, as well a8 any associated support costs. Grants payable are charged in thè year when the offer is made except in those cases where the offer Is conditional, such grants being recognised as expenditure when the condition8 attaching are fulfilled. Grants offered subject to conditions which hav8 not been mel al the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irreGoverable VAT. 2.$ Government grdnts Govarnmenl grants relating lo tangible fixed assets sre treated as deferred income and released lo the Slalemenl of Financial Activities ovèr the expèctèd useful lives of the assets concerned. Other gran18 are Creded lo the Slalemenl of Financial Activities as the related expenditure is it)curred. 2.6 Tanglble fixed assats and deprecSatlon Tangible fixed assets costing £500 or more are capilalised and Tecognlsed when future economic benefits are probable and the cost or value of the asset ¢8n b& measured reliably. Tangible fixed assets are initially recogni$8d al Cost. After recognition, under tha cost model, tangible fixed assets are measured 81 cost less accumulated depreciation and any accumulated impainrent losses. All costs incurred lo bring a tangible fixed asset into ils intended working condlllon Should be included in the measurement of cost. Depreciation is charg8d so as to allocate the c05t of tangible fixed assets less their residual value over their eslimaled useful life. Depreciation is provided on th& following basis.. Long-term leasehold prijperty Plant and machinery Motor vehicles Fixtures and fillings S°A straight lin6 33Q/o reducing balance 330% reducing balancg 230% reducing balance Page 22
KINGDOM EDUCATION LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles {continuedl 2.7 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash al bank and in hand includes cash and short-lemi highly liquid investments with a short maturity of three months or less from the date of a¢qui811ion or opening of the deposit or similar account. 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be e81imated reliably. Liabilities are recognised al the amount that the Company anticipates il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or sejvices it musl provide. Provisions are measuied al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finan cost. 2.10 Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial inslyumenls are initially recognised at transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Penslons The charity operates a defined wnlribulion pension scheme and the pension charge represent8 the amounts payable by the charity to the fund in respect of the year. Page 23
KINGDOM EDUCATION LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles Icontlnuedl 2.12 Fund accounting General funds are unreslri¢led funds which are available for use al 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 unreslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial slalemenls. Restricted funds are funds which are to be used in accordance wlh specific reslriclions imposed by donors or which have boen 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 reslricled fund is sel out in the notes lo the financial slalemenls. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacle8 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Donatlons Donations 8,699 15,281 23,980 52.832 Grants The King's School Highfield Preschool Inclusion Funding EYPP 8,808 171,161 5,255 495 8,808 171.161 5.255 495 15,013 172,045 184,418 15,281 209.699 239,890 Total 2023 208,206 31.684 239.890 Page 24
KINGDOM EDUCATION LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charllable acllvStles Unréstricted funds 2024 Total funds 2024 Tolal funds 2023 School fees Bursaries Pre school fee8 Special support fees Registration fees School activities School trips Minibus hire 1.398,993 1,398,993 1,419,651 {161.5231 {161,523} (t30,926) 74,667 74.667 53,874 Y,274 6,613 19,494 25,811 21,588 5,770 31,527 19,206 11,412 5,770 31,527 19.206 11.412 1.380,052 1.380.052 1,423,379 Tolal 2023 1,423,379 1,423,379 Investment Income Unrestricted funds 2024 Total funds 2024 Tof81 funds 2023 Rental income Interest receivable 28.058 4,67S 28,068 4.67S 16,875 1,648 32,733 32.733 14523 Total 2023 18,523 18,523 Page 25
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expenditure by activities Activitie$ undertaken directly 2024 Support costs 2024 Total funds 2024 Tot61 funds 2023 School fees 1,278,386 450,406 1.728,792 1,494,607 Total 2023 1, 144,840 349, 767 1.494,607 Analysis of direct costs Total funds 2024 Total funds 2023 Staff costs School activities, events and supplies School trips Training 1,192.911 54,958 18,054 12.463 1.065,909 47,380 26.002 5,549 1,278,386 1, 144,840 Page 26
KINGDOM EDUCATION LIMITED A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expondlture by activities (continuadl Analysls of support costs Total funds 2024 Tolal funds 2023 Depreciation Lighl, heal ?nd water Rent Rates Cleaning Repairs and maintsnance Insurance Telephone 42.421 68.435 92.824 10,714 1,793 63,980 16,744 14,830 40, 188 31.242 91,562 17.640 3,040 68,876 12, 156 16,641 E li Printing. postage and stationery Minibus expenses Marketing Vehicle leasing Equipment leasing Bad debts Lic8nses and 8ubscriplion8 Computer costs Bank charges Staff refreshments and events Grant funding of 8cliMlie8 Professional fees 14.975 9.079 2.866 15,494 19,656 13,067 15,511 17,631 6.846 1.597 3,416 18,527 13,611 9,866 1,926 7.691 20.936 {32,424J 11,539 9,487 6.643 1,283 1,669 22, 195 450.406 349, 767 Audltor8' remuneration 2024 2023 Fees payable lo the C(*hpanVs auditor for the audit of the Companls annual accounts 10,752 10,242 Page 27
KINGDOM EDUCATION LIMITEO (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,068,455 72.372 52,084 954,361 61.853 49,694 1,192,911 1,065,908 The average numb8T of persons employeLI by the Company during the year was as follows.. 2024 No. 2023 No. Tea¢hing and leaching support staff Administrative staff Premises staff 42 60 No employee received remuneration amounting to more than £60.000 in either year. The key management personnel of the Academy comprise the Trustees and the senior rnanagement te8m as lisl8d on pag6 1. The lotsl employment benefits including employer pension contributions of the key management personnel were £283,71612023.. £272.4791. Trustees. remuneration and @xpenses During the year, no Trustees received any remuneratKJn or other benefits (2023- £NILJ. A r61ative of a trustee has been paid remuneration during the yearwhi¢h have been disclosed on note 23. Duling the year ended 31 August 2024, no Trustee expenses have been incurred {2023- £NILJ- Page 28
KINGDOM EDUCATION LIMITED IA Company Limited by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tanglble flxed assets Long-temi leasehold property Plant and machinery Motor Flxtures and vehlcles fittings Total Cost or valuatlon Al 1 September 2023 Additions 467.555 4,242 183,011 5.366 109,219 77,391 837.176 9,608 Al 31 August 2024 471,797 188,377 109.219 77,391 846.784 Depreciation Al I September 2023 Charge for the year 297,364 23,341 155.485 10,459 87,351 7.216 73.133 1,405 613,333 42.421 Al 31 August 2024 320,705 165.944 94,567 74.538 655,754 Net book value At 31 August 2024 151,092 22,433 14,652 2,853 191.030 At 31 August 2023 170.191 27,526 21.868 4,258 223,843 11. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 356.348 10,267 2,753 394, 705 28,82t 11,169 369.368 434,695 Page 29
KINGDOM EDUCATION LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Creditors.. Amounts falllng due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 9,393 56,139 478,921 6. 102 8.992 440,814 544.453 455,908 13. Deferred Income 2024 2023 Deferred income at 1 September 2023 Resources deferred in the year Amounts released from previous years 430.572 339.357 466,455 430.572 1430,5721 (339,357) 466.455 430,572 As al the year end date, the school were holding fees received in advance from parents for the 2024125 academic year. 14. Credltors: Amount$ falllng due after more than one year 2024 2023 other creditors 86.664 110,359 Page 30
KINGDOM EDUCATION LIMITED (A Company Llmlted by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds statement of fund5- current yaar Balance at I September 2023 Balanc8 at 31 August 2024 Transfers Inlout Income Expenditure Unv8strict8d funds Deslgnated funds Highfield Pre8chLK)I Minibus fund Dawn Kids 34,863 14,000 457 5.992 {52,453) 11,698 14,000 457 560 135 85,000 Sports Hall Fund Sir Halley Stewart Trust Cash Reserves 560 135 85,000 125 {1251 136.015 6.117 (52,5781 11,598 100.152 Genaral funds General Funds 145,910 1,428,055 11.463.257) {11,5981 99,110 Total Unrestricted fijnds 280,925 1.434,172 11,515,835) 199,262 Restricted funds Highfield Preschool SEN funding Bursary Fund Project Development Special Projects The King's School 7,730 7.500 19.172 20,445 1,530 171.161 178,891} 7.500 4,500 3,375 824 123,6721 23,820 2.354 14,$58 (14,558) 56.377 194,418 1217.1211 33,674 Total of funds 337,302 1,628.590 11,732,956) 232.936 Page 31
KINGDOM EDUCATION LIMITED {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Icontlnuedl The specifi¢ puiposes for which the funds are lo be applied are as foltows.. Dawn Kids Dawn Kids is a School pupil missionloulreach group which vi81ts churches lo reach the less fortunate in various European countries. Minibus Fund Monies gen&raled from Parent use of the minibuse8 Sel asid6 lor purchaselr8placemenl minibus in 2025126 or 2026127. SEN Funding Started with a donation from appreciative parents. The school is to finaFise ils use. Initially il will be used for funding Spacial Educational Needsl Education Psychologist assessments for SEN pupils whose parents cannot afford the cost. Slr Halley Stewart Trust The School received funds from th8 Sir Halley Stewart Trust which are awarded to a music pupil as prize. Hlghfleld Preschool Grantg and donations received in order to continue fvnding the Highfield preschool. The Klng's School Grants received from the councA in order to fund early yearfs education. Project Development Fundlsports Hall FundlSpe¢ial Prolects The School has iniliale(J plans, and funds, lo facilitate capital d&velopment on sile. This includes several projects including, 8 new Sport8 Hall, conVerSn of the currènt GymlHall to facilitate the semng of school dinners Complete with kitchen. and a block of Secondary School classrooms lo supp18menl th& provision In the eurrenl SenKir Block. Bursary Fund The King's School Bursary Fund is self-funded, 8UPPOrting pupils in keeping with the Ch8rily's charitable purpose and Publtc Benefit obligation. Hisltrrically, the School annually foregoes 100/0 of gross income to fund Bursaries, normalty means lesled. Launched in 2022 the Bursary fund replaced the Educational D8velopmenl Fund. Cash Reserves The Charity sets aside a cash reserve, below which ils cash reseNe should not fall. This is eqnrent lo month's fixed expenses obligations, including payroll. rent, et¢. During the year, there was a transfer between general and designated funds. This transfer represents gtsneral funds used lo cover the deficit on the Highfield PT&School fund. Page 32
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Icontinuedl statement of funds- prlor year Balance al I S8plember 2022 B818nce al 31 August 2023 TnSferS in/oul Income Expendilure Unrestricted funds Designated funds Highfield Preschool Minibus fund 10,304 7,298 (12, 739) 30,000 9,000 34,863 14,000 457 560 135 85.000 Dawn Kids 457 560 Sports Hall Fund Sir Halley Stewart Trust Cash Reserves 135 85.000 10,304 13.450 (12, T39? 124,000 135,015 General funds General Funds 135,536 1,467. 131 {1,312. 757) 1144,000) 145,910 Total Unrestrlcted funds 145,840 1,480,581 (1,325,496) (20,000) 280,925 Restricted funds Highfield Preschool SEN funding Bursary Fund Project Development Special Projects The King's School 172.046 (164.316) 7, 730 7,500 t9.172 20,445 1,530 7,500 19,172 445 1.530 15.013 20.000 (15,013) 7,500 208,206 (179.329J 20.000 56,377 Total of funds 153,340 1.688. 787 (t,504,825) 337,302 Page 33
KINGDOM EDUCATION LIMITED {A Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Summary of funds Summary offunds- current year Balance at q Septembèr 2023 Balance at 31 August 2024 Transfers Inlout Income Expenditure Designated funds General funds Restricted funds 135.015 146.910 56.377 6.117 152.5781 IN28.05S {1.483.2571 194A18 12q7,121} 11.598 111.5981 IIM),152 99.110 33.674 337,302 1,628,590 11,732,956) 232,936 Summary ot funds- prior year Balance al I Sept8mber 2022 Balance 81 31 Augusl 2023 TTrnsfers in/out Income Exp8ndilure Designated funds General ftjnds Reslrtcted funds 10,304 13,450 (12, 739) 124,000 135,536 1.467, 131 {t,3q2, 757) (144,000) 7,500 208,206 (IT9,329J 20.000 135,015 145,910 56,377 159,340 1,688, 787 (1,504,825) 337,302 Page $4
KINGDOM EDUCATION LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Analysls of net assets beeen funds Analysls of net assèts bètweèn funds- current perlod Restrlcted Unrestrlcted funds funds 2024 2024 Total fund$ 2024 Tangible fixed asset8 Current assets Creditors due within one year crlI10r8 due in more Ihan one year 191,030 639,349 1558,7871 {72,3301 191,030 673.023 1658.7871 {72,3301 33.674 Total 33,674 199,262 232.936 Analysis of net assets between funds - prlor perlod Res(rict8d UnrestriGted funds lunds 2023 2023 Tot31 funds 2023 Tangible fixed assets Current 8SS8Is Creditors due within ona year Creditors due in more than one year 223,843 223,843 623,349 679, 726 (455.908) (454908) (110,359) (110,359J 56,377 Total 56,377 280,925 337.302 Page 35
KINGDOM EDUCATION LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Reconclllatlon of net movement in funds to net cash flow from operatlng actlvltles 2024 2023 Net incomelexpendilure for the period las per Statement of Financial Aclivitiesl {104,3661 183,962 Adjustments for: Depreciation charges Amortisalion charges Lossl{profill on the sale of fixed assets Decreasellincrease} in debtors Increase in creditors 42A21 14,6751 40. 181 11,648) (5,072) (75,881) 17,018 65,327 64,850 Net cash provlded by operatlng actlvltles 63,557 158,560 19. Analysls of cash and cash equivalents 2024 2023 Cash in hand 303.655 245,031 Total cash and cash equivalents 303.655 245.031 20. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand 245,031 58.624 303.6SS 245,031 58,624 303,655 21. Ponslon commltments Contributions payable by the company during the year amounted lo £52,084 (2023.. £49.6941. Page 36
KINGDOM EDUCATION LIMITED IA Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Operatlng lease commltments At 31 August 2024 the Company had commilmenls to make future minimum18ase payments under non- cancellable operating leases as follows.. 2024 2023 Not later Ihan 1 year Later than 1 year ané not later than 5 yoars 14,951 15,699 92,239 30,651 30.650 122,890 23. Members. liablllty Each member of the charitable company undertakes lo contribute to the a88et8 of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases lo be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe ceases lo be a member. 24. Related party Iransactions The follow¢ng relative of Iruslees were pald remuneration during the year.. 2024 2023 Jacqueline Faharal Sabrina Johnson 14,796 8,059 13,943 8,059 22.855 22,002 25. Post balanc& sheet evonts In the October 2024 Budget, the Government introduced VAT on School fe&s, whtch will be impl8m8nted from l January 2025. Page 37
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 2024
KINGDOM EDUCATION LIMITED IA Company Limited by Guarantee) CONTENTS Page Referonce and Admlnlstratlve Detalls of the Company, Its Trustees and Advlsers Trustees. Report 2-11 Trusteès. Responsibilities Statement 12 Independent Auditors. Report on the Financial Statements 13-16 Statement of Flnanclal Actlvltles 17 Balance Sheet 18-19 Statement of Cash Flows 20 Notes to the Financial Statgmonts 21-37