REGISTERED COMPANY NUMBER: 02138295 (England and Wales) REGISTERED CHARITY NUlBER. 297106 REPORT OF THE TRUSTEES AJYD FINAIICIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2024 FOR THE HOWE GREEN EDUCATIONAL TRUST LIMITED Brindley Millen Limited Sthtutory Auditors 167 Turners Hill Cheshunt Hertfordshirc EN8 9BH
THE HOTh GREEN EDUCATIONAL TRUST LIMITED CONTENTS OF THE FIYAINCIAL STATEIENTs for the Year Ended 31 AUGUST 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 9 Statement of Financial Activitie5 10 Balance Sbeet 11 to 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Lyotes to the Financial Statements 15 to 25 Detailed Statement of Financial Activities 26 to 27
THE HOTh GREEN EDUCATIONAL TRUST LIItTED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 The Trustees who are also directors of ihe chariry for ihe purposes of the Companies Act 2(K)6, present their rew)rt with the fjnancial statemenls of the charity for the year ended 31 August 2024. The Truste¢s haN'e adopted the provisions of Accounting and Reporting by Clwiiics". Statement of Recommcnded Prncticc applicablc to charitics preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVtTIES Object The object of the company in accordance with its Memorandum and Articles of Association is the educauon of children. Strategic Aim The School's strategic aim 15 to provide a broad and balanced education which enables the children to develop and extend areas of strengths and interest. Extrn curricular actii'ilies are offered to draw out abilities and academic potential and to develop wider interests in h"fe, thus prepanng the children for a successful Iransition lo their chosen senior school. Objeetives for the Year The Board's main objective continued lo be to educate all Ihe Schwl's pupils to al least the saine high Stsdrd aL'hieved by Ihe School in previous years, so that they will be able to fully Inefit from iheir chosen senior school. Our strategy for achieving this is to maintain a high teacher-to-pupil ratio, tailoring our seThrices as appropriate in each case to suil individual needs. Page I
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 ACHIEVEMENT PERFORMANCE Achievements & Performance The past year at Howe Green House School has been one of continued progress, achievernenL and development across all ar&95 of school life. Our facilities have seen improvements, with the exlension and resurfacing of our si)orts court providing an enhanced space for physical activity and sports fixtures. Additionally, we hai'e continued our rolling plan of nintenanCe to ensure that our school environment remains in excellent condition. A variety of inspections, including PAT testing of electrical items, an independent fire safety audit and Legionella testing, have been caTried out to maintain the highest standards of health and safety and ensure compliance with regulatory requirements. Our Little Oaks Nursery expanded its hour5 to now include a 48-week provision alongside the tern] time offering. This has been well received by many of our busy working families. We have continued to tnvest in our IT provision, further enhancing the learning experience for our pupils. A special thank you gocs to thc Parents & Friends Committcc for their generous donation of 10 iPads, which will bc a valuable Tesourcc for our pupils. Academically, our Year 6 pupils have excelled, achieving olltstanding exam success. Every child who sat for independent school entranLe cknun5 was offcrcd a plaLe at their Lhoscn schools, inLluding Felsted, Bishop's Stortford College, St Edmunds, St Nicholas and Gosfield. In addition. cbildren secured places ai leading state scllools sucb as Hockerill Anglo-European College, Herts & Essex High School and The Bishop's Stortford High School. Creativity continues to thrii'e at Howe Green House School. We were proud to celebrate our pupils, achievements in the ISA Art Compelillon, where we had winning entries. as well as an impressive perfonnance at the Haileybury Choral Competition. These successes highlight the breadth of talent within our school community. In sport, we adapted our fixtures this year to compete against similar local independent schools. broadening opportunities for our pupils. They have participaled in a variety of matche& including tag rugby, netball, football and hockey. A particular highlit was our victory in the ISA North London Tag Rugby Tournament. showcasing the dedication and teamwork of our young athletes. This year, we were honoured io welcome Thomas Fleming as our guest Saker ai Speech Day. It was particularly special as hc is an cx-pupil of Howc Grccn Housc. Thotnas is a FIA Gradc Silvcr Drivcr with a promising portfolio of LMP3, GT3, and GTC racing. During his speech, Thomas inspired our pupils by sharing kn's joumey in motorsport, emphasising the importance of finding your passion and persei'ering to reach your goals. He spoke about the dedication, resilience and hard work required to achieve success, leaving the children motivated to pursue their oNvn aspirations with detemiination. As always, Howe Green House School remains committed to investing in our facilities, creating opportunities, and helping every child realise their potential and to live life to the thllest. We look forward to another year of growth, achievement, and success. Page 2
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 FINANCIAL REVIEW Financial Position The balance sheet shows total funds of £2,049,326. Also includcd in total funds is an avnount of £79,909 which is rcstrictcd. Thcsc monics havc cithcr bccn raiscd for, and thciT use resiricled lo speciflc purposes, or they comprise donaiions subject donor imposed condilions. Full details of these restricted funds can be found in nots to ihe accounts together wilh an analysis of movements in the year. Funds totalling £129,347 have been designated, or set aside. by the GovernoTS for spe¢ific puOseS. These purposes and an analysis of the movements on the fidS are set out in the notes to the accounts. Unrestricted fimds of the charity at 31 August 2024 total £1.840.070. These funds are represented by tangible fixed assets Th'iih a net book value of £2,861,971, which leaves the net current assets of the General fund in deficit by £49,376 with long tern] liabilities of £763,269. Investment Policy The Govemors may act as Tttts of any propety. endowment legacy. bequest or gift given. held or acquired for educational purposes. The Governors may invest the monies of the Company not immediately Tequired for its purposes in or upon such investn]ents, securities or property as may be thought fit. but so that monies representing property subject to the justification of the Charity Commissioners of England and Wales shall only be invested in such securities and with sanction as may for the time being be prescribed by law. The Charity's Assets Acquisitions and disposals of Iixcd asscls during thc ycaT arc iecoTdcd in thc notes to thc accounts. Company law requires the Governors to prepare accounts for each financial year which give a tTue and fair view of the on]panVs financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the governors, should follow best praciice and: Select suitable accounting policies and then apply them consistently- Makc judgcn]cnts and cstin]atcs that are reasonable and prudent. Stale wheiher applicable accounting standards have been followed. subject to any material departures disclosed in the accounts- Prepare the accounts on the going conceTn b&5is unless it is inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable theTn to ensure that the accounts comply wilh the Charities Act 2011. They are also responsible for safeguarding the assets of the chariiy and hence for kIng reasonable steps for the prevention and detection of fraud and other irregularities. Each of thc sub-committees list objeclivcs for ihe year against which they ieport on the achicvemcnts and perfonnance of those objectives. ReserTre5 Policy The Board has examined the requ1ment for free reserves i.e. those fund5 not invested in tangible fixed assets, designated for specific purposes, restricted nor othenvise commitied. The Board considers that the level of free reserves should be increased as circumstances pennit so as lo provide the flexibility needed to cover lemporary shortfalls in incoming resources due to the timing differences in income flows. and adequate 'orkIng capital to cover core costs to allow the School to cope and rcspond to unforcsccn cmcrgcncics, whilst spccific action plans ate implcmcnlcd. Building of such rescnwcs can only realistically be viewed over the medium lenn and the Board is satisfied that the school remains in a financially sound position and that the present level of free reserves is satisfactory. Page 3
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 FINIINCIAL REVtEW Finance & Premises Committee To revieTh' the budget for the following year and to set fees accordingly To continuc to rcvicw how thc scssional facility within Littlc Oaks IS OPCTating To monitor public benefii and potential changes lo the slaius of VAT To review policies in line witb the School Development Plan Education Committee To review the apprnisal process thtoughout the Sch1 To scmtinise the roles of subject cOrdInatorS To review the Bursary AThard To review policies in line with the School Developtnent Plan Marketing Committee To rei'ieTh' marketing for the school To monitor effectiveness of Open Momings To consider options for a past pupils associaiion To review policies in line with the School Development Plan FUTURE PLANS Our key objective for thc future rctnains the samc as rcported akM)ve for this ycar. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The charity is controlled by its governing documen( a deed of trust, and constitutes a limited company, limited by guaranfre, as dcfincd by the Companies Act 2006. The Company is governed by ils Memorandum and Articles of Association, which were amended in 1996. December 2006 and February 2009. Governing Body The Trustees, who are also required under the Articles to sm'e as Direclors of ihe company, are elected at the AGM on the basis of noininations received from members of the company who are parents of the School. The Directors try to ensure that at all limes thcrc are four parent Govcrnots. Dircetors also nominatc pcoplc to serve on the Board from outsidc tlic School who have the necessary skills required to contribuie 1]Y to the charity's development. The Board consists of not less than Ihree nor more than eleven people. Each Director is elecied for a teTm of between 1- 3 years and shall not exceed nine years in ofyice. Organisational Management The Governors of Ihe School act in the capacity of Company's Direcwrs for the purposes of the Companies Act and in the capacity of Trustees in respect of its charitable objectives under the Charities Act. The Governors meet as a Board on a termly basis, or more frequently when required. to review and direct the general educational charitable objectives of the Company. Sub-cornmittees consisting of Govemors, Head, and orher members of the Scnior Managcrnent Team, meel once or twice per terni and covcr Finance & Prcmises, Education and Markcting. The day lo day tunning OF tbe SLhool is delegated to the Head, who is supportcd by the Butsai and oiber tcaching members of the Senior Management Team. Trustee Induction & Training Ncw Directors arc providcd with an illduction pack giving full dctails of thc workings of the SchiM)l. Trustcc training workshops are offered throughout the year with ihe focus on responsibilities and key issues for school governors. risk management, SORP and the role of the Charity Commission in school regulation. Page 4
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 STRUCTURE, GOVERISANCE AND MANAGEMEYr Key Illanagement Remuneration The trustees cary out and annual pay review to ensure that the chariws pay levels are fair, competitive and an effective use of charitablc funds. REFEREYCE AND ADMINISTIL4TIVE DETAILS Regislered Companv number 02138295 (England and Wales) Registered Charity number 297106 Registered office Howe CJreen House Great Hallingbury Bishops Stortford Hertfordshire CM22 7UF Trustees Mrs A J Cutlan-smjih Mrs A B White (resigned 25.2.25) W Wells Mrs S F Brislo Mrs G C W Roger5 Mrs M E Sanders Dr G B Ambepiliya Mrs E G Lester E C J Fieldin- Ms M Calnan (appointed 27.3.24) R J F Dalton (appoinied 27.3.24) Company Secretary Miss S M Parlanc Auditors Brindley Millen Limited Statutory Auditors 167 Tumers Hill Cheshunl Hertfordshire EN8 9BH The Howe Green Educational Trust Limited, trading as Howe Green House School and Little Oaks Nursery. is a Cornpany limited by guarantee (No. 2138295) having been in¢ortK)fdted under the Companies Act on 8th June 1987. The Company does not have a share capital, bul its members in the event of winding up, have guaranteed to contribute to the assets of the Company a sum not exceeding £ I member. Any surplus on a winding up, after the provision of any pension or allowances to retired etnployees, shall be £ii'en or transferred to another charitable institution with objects similar to that of the Company. The Howe Green Educational Trust Limited is a registered clmrily (No. 297106) with the Clwity Commission for England and Wales. Page 5
THE HOTh GREEN EDUCATIONAL TRUST LIItTED REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trnstees and the fjnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial ReFQrting Standard applicable in the UK and Republic of Ireland" Company laTh' requires the trnstees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable eon]pany and of the incoming resourees and application of resources, iT]cluding tlie income and expenditure, of the charitable company for that period. In preparing those financial statements. the tNstees are required to select suitable acLounling policies and thell apply them CODSiStently' observe Ihe methods and principles in the Charity SORP; make judgements and estimates thal are reasonable and prudent- state whether applicable accounting standards have been followeiL subject to any tnaterial departures that must be disclosed and explained in the funCIal sialements. prepare the financial stalements on ihe going concern basis unless it is inappropriate to presume that ihe charitable company will continue in business. The ttustees are responsible for kttping proper accounting records which disclose with reasonable accuracy at any time the rinancial position of the charitable company and to enable them to ensure ihai the financial stalements comply with the Coinpanies Act 2006. are also responsible for safeguarding the assets of the charitable company and hence for taking rcasonablc stcps for the prcv"cntion and de¢110 of ftaud and oihcr itregulatitics. In so far as the trnstees are aware.. thcrc is no rclcvant audit inforniation of which thc charitablc company's auditors arc unawarc. and the trustees have taken all steps that they oughi 10 have iaken to make themselves a,are of any relevant audit infonnation and to establish that the auditors are aware of Ihai inforniation. AUDITORS The auditors: Brindley Millen Limited, will be proposed for re-apIntMent at the forthcoming Annual General Meeting. Brindley Millen Limited acquired Hewitt Warin Limited. the preNious auditor who had been approved for re-appointment at Ihe AGM. 03125DQ25 Approved by orderof the board of ttustees on............................................. and signed on its behalf by: Sama ntha Bristow (Mar 25, 2025 14.'38 GNITI Mrs S F Bristow- Trustee Page 6
REPORT OF THE INDEPENDET AUDfroRS TO THE MEMBERS OF THE HOW'E GREEN EDUCATIONAL TRUST LIMITED Opinion Wc have audited the financial statements of The Howe Green Educational Trust Limited (the 'charitable eompany,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Siatement and notes lo the financial statemenls, including a sumrnary of significant accounling w)licies. The financial porting fratn¢work ihai has been applied in their preparation is applicable law and United Kingdom Accounting Standards (Unitcd Kingdom Gcnerally Acecpled Accounting Ptaclice), including Financial Rcwrting Standard 102 'TI)c Financial Reponing Standard applicable in the UK and Republic of Ireland.. In our opinion thc financial statctncnts-. give a ITue and fait view ol the state ol the charilable company's alfal as at 31 Augusi 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Cienerdlly Accepted Accounting Practice. including Financial ReportingJ Sianddrd 102 The Financial ReFrf)rting Standard applicable in the UK and Republic of IreldT]d and have been prepared in accordance H'ith the requirements of the Companies Aci 21KI6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those slandards are furthei described in the Audiiots, responsibilities for the audil of ibe fmanLial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our otheT ethicdl re5ponsibilitie5 in dceordance Th'ith these requircment5. We believe that the dudit evidence we have obtained is sufficient and appropriate to prowide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, 'e have concluded that the ttee5, use of the going concern basis of accounting in the preparation of the financial statements is approptiate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may east significant doubl on the eharitable company's ability to continue as a going Concern for a period of at least twelve months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the leVallt seciions of this rcport. Other information The trustees are responsible for the other inforniation. The other infonnation comprises the inforniation included in the Annual Rcwrt, other than thc financial statements our Report of the Independent Auditors thcrcon. Our opinion on ihe financial statements does not cover the other inforniation an(L except to the extent otherwise explicitly stated in our Port, we do not express any fonn of &ssurdnce conclusion thereon. In connection with our audit of the financial sta*menty our responsibility is to read the other infonnation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our kno,[edge obtained in thc audit or othcrwisc appcar5 to tnatcrially tnisstatcd. If wc idcntify such tnatcrial inconsistcncics or apparcnt matcrial missiaiements, we are required to deierniine whether Ihis gives rise io a malerial inisstatemenl in ibe finanLial sialeinents Ihemselves. If, based on the work we have perfonnel we conclude that there is a material misststement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed bv the Companies Act 2006 In our opinion, based on the work undertaken in ihe course of the audit: the infonnation given in the Report of the Trustees for the financial year for which the financial slatements are prepared is consistent w'ith the financial statements: and the Report of the Trustees has been prepared in accordance with applicable legal requiremenis. Page 7
REPORT OF THE INDEPENDET AUDfroRS TO THE MEMBERS OF THE HOW'E GREEN EDUCATIONAL TRUST LIMITED Matters on Trvhich Ive are required to report by exeeption In the light of the knoTh'ledge and understhnding ol the charithle company and its environment obtained in the course of the audit, we have not identified material misstalements in the Report of the Tntees. We have nothing rcport in reset of thc following mattcts whcte thc Companics Act 2006 rcquircs us to rq)ort to you if, in our opinion: adequate accowiting records have not been kept or returns adequate for our audit have not been received from branches not visitcd by us- or the [ancial statements are not in agrttment with Ihe accounting recoids and reiums; or certain disclosures of trustees, remuneration specified by law are noi made. or we have not received all the infomMtion and explanations we require for our audit. or the trustees weTe not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trusiees. Rcsponsibilitics of trustces A8 explained more fully in the Statement of Trustees, ResEKTrnsibilities. the trustee5 (who are also the directors of the chariL4ble uompany foi the purposes of company la.) are responsible foi the preparaiion of the fmancial stamentS and for being satisfied that they ve a te and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements. the tnlstees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concem and using the going concem basis of accounling unless the trustees either intend to liquidate the charitable wmpany or to cease operdtions, or hai'e no realistic alternative but to do so. Our responsibilities for the audit of the fan(la1 statements ir objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material missLltement, whether due to fraud or error. and to issue a ReEM)rt of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. bui is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indii'idually or in the aggregate, they could reasonably b¢ expected to influence the economic decisions of users taken on Ihc basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and detem]ined that Ihe most significant are those covered by ihe Statemenl of Recommended Practice for Charities ISORP 2019) and the Charities Act 201 l. We assessed the risk of material misstatement in respect of fraud by making enquiries of managernent ld trustees and by testing the implementation of aLLuunting Luntrols in placc. Based on the results of our risk assessment we designed our audit pr(Kedures to identify non-compliance with such laws and regulalions identified above by n]aking enquiries with key personnel and rei'iewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory l)odies. Ive considered the risk of fraud through management oN'erride by incorporation lesling of Journal entries and reviewing any requirements to meet perfonnance largets. We also considered, and tesled for, the possibility of unauthorised payments to related parties. A further description of our responsibilities for the audit of the ftnancial statements is located on the Financial Reporting Council's website at Ww,.frC.Org.uklalldlt0rsresnSlb1lI1les. This description forms part of our Rew)rt of the Jndependent Auditors. Page 8
REPORT OF THE INDEPENDET AUDfroRS TO THE MEMBERS OF THE HOW'E GREEN EDUCATIONAL TRUST LIMITED Use of our report This report is made solely to the charitable company's members. as a Ix)dy. in accordance with Chapter 3 of Part 16 of the Companies Aci 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To ih¢ fullest extent perniitted by law, wc do not acccpt or assumc rcsponsibility io anyone othcr than the charitable company and the cbaritablc company's members as a boKly, for our audit ork. for this reporL or for ihe opinions we have fonned. Maurice Brindley FCA Bsc (Senior Statutory Auditor) for and on behalf uf Brindley Millen Limited Statutory Auditors 167 Tumers Hill Che5hiint Ilertfordshire EN8 9BH Date.. 0312512025 Page 9
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED STATEMENT OF FINANCIAL ACTIVITIES (INcORPORATIG AN INCOME AND EXPENDITURE ACCOUNJ) for the Year Ended 31 AUGUST 2024 31.8.24 Total funds 31.8.23 Total fld5 Unrestricted funds Restricted funds Notes INCOME AND ENDOIIMENTS FROM Donations and legacies 46,726 46,726 21,848 Charitable #ctivities TuloTial Losts Management and administration Fees receiTrable (48) 17,720 2,097,444 (48) 17,720 2,097,444 25,352 2,023,854 Investment income 1240 1,240 431 Total 2,163.082 2.163,082 2,071,485 EXPENDITURE ON Charitable actiiities Tutorial costs Property Welfare Management and administration Finance costs 1299.945 289,601 81,177 281.814 56.315 1,299,945 289,601 81,177 281,814 56,315 1,344,702 269,153 90,093 321,977 46,991 Other 60,281 Total 2,(M)8,852 2,008,852 2,133,197 NET INCOMElffXPENDITURE) 154230 154,230 (61,712} RECONCILIATION OF FUNDS Total funds brought fonvard 1,815,187 79,909 1,895.096 1,956,808 TOTAL FUNDS CARRIED FORII'ARD 1,969.417 79,909 2.049,326 1.895,096 The notes forni part of these financial statements Page 10
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED (REGISTERED NUMBER: 02138295) BALANCE SHEET 31 AUGUST 2024 31.8.24 Total funds 31.8.23 Total funds Unrestricied funds Restricted fwids Notes FIXED ASSETS Tangible assets 2.782.062 79.909 2,861,971 2,868,259 CURRENT ASSETS Debtors Cash al bank 12 315,758 660,475 315,758 660.475 10,605 135,160 976233 976,233 145,765 CREDrfoRS Amounts falling due within one year 13 (1,025,609) (1,025,609) (298,068 } NET CURRENT ASSETS (49,376) (49,376) (152,303 } TOTAL ASSETS LESS CURRENT LIABILITIES 2,732,686 79,909 2,812,595 2,715,956 CREDITORS Amounts falling due after more than one year 14 (763,269) (763,269) (820,860 } NET ASSETS 1,969.417 79,909 2,049.326 1,895,096 FUNDS Unrestricted fimds.. General fund Bursaries Fund Repairs and maintenance fund DeN'elopment resen'e 18 1,840,070 39,952 45,OtM) 44,395 1.685,792 40,000 45,000 44,395 1,969,417 1,815,187 Restricted funds". Restricted capital fund 79.909 79,909 TOTAL FUNDS 2,049,326 1,895,096 The notes forni part of these financial statements Pagell continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED (REGISTERED NUMBER: 02138295) BALANCE SHEET- continued 31 AUGUST 2024 These financial staMentS have been prepared in accordance with the provisions applicable to charitable companies subject lo the small companies regime. Thc financial statcmcnts wcrc approved by thc Board of Trustecs and authoriscd for issuc on and were signed on ils behalf by: 0312512025 5.7elAikl 15..01 GMT) E C J Fielding - Trustee Samantha Bristow Imar 25, 2025 14.'38 GMT) S F Bristow - Trustee The notes forni part of these financial statements Page 12
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED CASH FLOW STATEMENT for the Year Ended 31 AUGUST 2024 31.8.24 31.8.23 Notes Cash flows frnm operating actiTrities Cash generated from operations Finance costs paid 619,146 (56.289) (126.083) (46,991) Nei cash provided by/(us¢d in) operating activities 592,857 {173,074) Cash flows from investing actiTrities Purchase of tangible fixed assets Interest received (25,390) 1,240 (15.300) 431 Net cash used in investing activities (24,150) (14.869) Cash flows from financing aetiiities Loan repayments in year (43,392) (50,526) Nel cash used in financing activities (43,392) (50,526) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 525,315 (238,469) 135,160 373,629 Cash and cash equivalenls at the end of the reporting period 6(rf),475 135,160 The notes fonn part of these fulancial stalements Page 13
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE CASH FLOM, STATEMENT for the Year Ended 31 AUGUST 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTMTIES 31.8.24 31.8.23 Net income/(expenditure) for the reporting period (as per the Ststement of Financial AetiTrities) Adju5tmenty for: DepieLialion chaTges Interest received Finance costs Increase iT] debtors Increase/(decrease} in creditors 154,230 (61,712) 31,679 (1,240) 56.289 (305,153) 713,341 39,837 (431) 46,991 (1,700) {149,068) Net cash provided b)l{used in) operations 649,146 {126,083) ANALYSIS OF CHANGES IN NET DEBT At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank 135.160 525,315 660,475 135.160 525,315 660,475 Debt Debts falling due within l year Debts falling due after l year (41.962) (761,660) {41,962) (718,269) 43,391 (803,622) 43,391 (760,231) Totrdl (668,462) 568.706 {99,756) The notes fonn part of these financial stalements Page 14
THE HOTh GREEN EDUCATIONAL TRUST LINltrED NOTES TO THE FINANCIAL sTATEIENTs for the Year Ended 31 AUGUST 2024 ACCOUNTING POLICIES Basis of preparing the financial statements and assessment of going eoncern The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prcpaTcd in accordancc with thc Charitics SORP (FRS 102) 'Accounting and Rcporting by Charitics.. Statcmcnt of Recommended Practice applicable io chatilies preparing their accounis in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eftective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost cOnentIOn. These accounls have been prepared on the basis of a Going Concern. The Trustees have continued ts) take reasonable measures to mitigate the risks to the School with monthly accounts prepared by an external organisation. Trustees have 'eeklY communications, regular meetings and review of policies, together with periodic inspections of safeguarding measures when in school. The financial statements are presented in sterling (£). Critical accounting judgements and kev sources of estimation uncertainty In preparing financial staleinenls it is necessary to niake certain judgements, ¢stin]ated and assumptions that affect the amounts recognised in the financial statements. The lollowing judgements and estimates are considered by the tNstees lo have most sigmificant effect on amounts reCOlSed in the financial statements. Uscful cconomic lifc of tangiblc fixcd a5SCts.' The annual depreciation charge for tangible asseis is sensitive to changes in the eslima*d useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect Cllent estimates. based on technological adN'ancement, tUre inTrestments, economiL utilisation and thc physiLal Londition of tbe assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and thc avnount can be tncasured reliably. School fees relating to the curreni financial vear are included in income, Fees paid in advance are carried fonvard to be credited to income in the financial year to which they relate. CJrants receiiTable are included in income when any conditions relating to them hai'e been fulfilled. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditUTe, it is probable that a transfet of cconomic bcnefits will be Tcquircd in settlctnent and the aOunt of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relatd to the category. Ivhere costs cannot be directly attributed io particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible red assets All assets with a cost grealer than £l,(KM) and with an expected useful life exceeding one year are capitalised. DepTeciation is provided at the following aT]nual rates in OTdeT to write off each asset oveT its estimated useful life.. - Compuler equipment 33 % straight line - Fixtures and fittings 10 % straight line - Portakabin & Driveway I/0 straight line Page 15 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEiIIENTS- continued for the Year Ended 31 AUGUST 2024 ACCOUNTING POLICIES- continued Tangible fixed assets No dcprcciation is providcd on frcchold PTOPCrty and classriK)rnS &5 thc propcrty is to bc maintained rcgularly so that its residual value will not be less than the cosl of the property. Any depreciation cbarge arising would not be material. Taxation The clthrity is exempl from cotpornlion tax on ils clwitable activities. Fund accounting General fidS are available for use at the diretion of the Governors in furtherance of the general objectives of the con]pally. Designated funds cornprise general funds which have been set aside at the discretion of the Governors for specific pU0$e5. The purt)oses and use of the designated funds is set out in the notes to the accounts. Restricted funds comprise gifts of cash for the restricted purpose of providing red assets for charity use, or for purchasing other identified specific items for charity wse. All income and expenditure is shown in the statement of financiaI activities. Net current assets Debtors Tradc and othcr dcbtors arc rccogniscd at thc scttlctncnt aniouDt. Prcpaymcnts arc valucd at thc amount prcpaid. Cash at bank and in hand Cash ai bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitalions. Creditors Credilors are reCOlSed where the charity has a present obligalion resulting from a past event that will result in the transfer of funds 10 a third paty and the amount due to settle the obligation can be measured or estimated reliably. Crcditors aTe recogniscd at their scttlcn]cnt amount. Funds received to acquire tangible red assets Where funds are receii'ed to enable the Charity to acquire fixed assets for use in the delivery of ils services, the funds are held as restricted income until the assets are acquired. When assets are purchased from such funds the restiiction is regarded as discharged and the funds are transferred representing ng1b]e fixed assets. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially sertled at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 16 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 DONATIONS AND LEGACIES 31.8.24 31.8.23 Donations and sundry income 46,726 21,848 INVESTMENT tNCOME 31.8.24 31.8.23 Deposit account interest 1.240 431 INCOME FROM CHARITABLE ACTIVITIES 31.8.24 31.8.23 A1Vity Tutorial costs Management and administrdtion Ftts receivable Fees receivable Bursaries awarded Grnnts School Fees charged Little Oaks Fees Essex County Council Free Early Educaiion Entitlemeni Grant Lunches Rcgistration fccs Supervision fees (48) 17,720 1.659.683 298,267 25,352 1.625.396 275,729 Fees receivable Fees receivable Fccs Tcccivablc Fees receivable 51.983 83.649 4,230 (368) 35,156 82,500 4,690 383 2,115,116 2,049,206 Grants received. included in the above, are as follows: 31.8.24 31.8.23 Herts CC 17,720 25,352 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Tutorial costs Property Wclfarc Management and administration Finance costs 1,299,945 289,601 81.177 308 1,299,945 289,601 81,177 281,814 56,315 281,506 56,315 1.671.031 337,821 2,IK)8,852 Page 17 continued...
THE Ho GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 SUPPORT COSTS Governance costs Finance Totals Management and administration Finance costs 281,506 26 281,506 56,315 56.289 56,289 281,532 337,821 NET INCOMEI(EXPENDITURE) Net income/(expendiDJre) is stated after chargingl(crediting)'. 31.8.24 31.8.23 Auditors remuneration Depreciation- owned assets 8,106 31,678 5.940 39,8.35 TRUSTEES, REMUNEIL4TION AND BENEFITS No Governors received remuneration in their Capacity as trustees during the year (2023.. none). Trustees, eTpenses No Govemors received reimbursement in their capacity as trustees during the year. (2023.. none) STAFF COSTS 2024 2023 Staff costs during the year were as follows.. Wagcs and salarics Social securiiy costs Other pension costs 1,171,841 100,934 100,858 1,186,454 109,703 94,849 1,373,633 1,391,006 One employee earned between £60,(KK) and £70,(MX) per annum (including benefits) during the year (2023.. one). The number of employees, analysed by fimction was: 2024 37 15 2023 37 16 Teaching staff Office management / Ancillary 52 53 The Governors consider that ihe Key Management Personnel of the organisation comprise the Board of Governors, Co-Heads, Head of Pastoral and Bursar. Total Key Management Personnel remuneration in the year was £294.223 (2023.. £374,432) Page 18 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 io. COMPAIL4TIVES FOR THE STATEhlENT OF FINANCIAL ACTIVITIES Unreslricted funds Restsicted nds Total funds INCOLIIE AND ENDOWMENTS FROM Donations and legacies 21,848 21,848 Charitable actiryties Management and a(Iministration Fees receivable 25.352 2,023.854 25,352 2.023,854 Investment income 431 431 Total 2,071.485 2,071,485 EXPENDITURE O Charitable activities Tutorial costs Property Welfare Management and administration Financc costs 1,344.702 269.153 90,093 321,977 46,991 1,344,702 269,153 90,093 321,977 46,991 Other 60,281 60,281 Total 2,133,197 2,133,197 NET INCOMEI(EXPENDtruRE) (61,712) (61.712) RECONCILL4TION OF FUNDS Total tunds brought tonvard 1,876,899 79,909 ,956,808 TOTAL FUNDS CARRIED FORWARD 1,815,187 79,909 1.895,096 Page 19 continued...
THE Ho GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 ii. TANGIBLE FIXED ASSETS Fixtures Freehold property Plant and machinery fittings COST At I September 2023 Additions 2,831,689 197,204 10,290 At 31 August 2024 2,831,689 10.290 197,204 DEPRECIATION At I September 2023 Charge for year 67277 106,735 14,578 414 At 31 August 2024 67,277 414 121,313 NET BOOK VALUE At 31 Augusl 2024 2,764,412 9,876 75,891 At 31 August 2023 2,764,412 90,469 Motor vchicles Computer equipmcnt Totals COST At I September 2023 Additions 118,511 850 3,147,404 25,390 14250 At 31 Augusl 2024 14,250 119,361 3,172,794 DEPRECIATION At I September 2023 Charge for year 105,133 13,420 279,145 31,678 3,266 At 31 August 2024 3,266 118,553 310,823 NET BOOK VALUE At 31 August 2024 10,984 808 2,861,971 At 31 August 2023 13,378 2.868,259 Thc tangible fixed assets aTC used cxelusively for the cducational purposes of the charitable company. Page 20 continued...
THE Ho GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Other debtors Prepayments and accrued income 298,464 17,294 4,248 6,357 315,758 10,605 13. CREDITORS: AMOUNTS FALLLNG DUE WITHIN ONE YEAR 31.8.24 31.8.23 Bank loans and overdrafts (see note 15) Trade creditors Social security and other t&xes Other crcdilors Fees in Advance Acceptance Fees Accruals and deferred in¢ome 41,962 47.216 23.747 25,640 842,633 31,500 12.911 41,962 22,057 17,896 173,723 10,000 32,430 1,025,609 298,068 14. CREDITORS: AMOUNTS FALLLNG DUE AFTER MORE THAN ONE YEAR 31.8.24 31.8.23 Bank loans (see note 15) ALLCPtanee fees 718,269 45,000 761,660 59,200 763,269 820,860 15. LOANS An analysis of the maturity of loans is given beloM': 31.8.24 31.8.23 Amounts falling due within one year on demand= Bank loans and overdrafts 41,962 41,962 Amounts falling between one and two years: Bank loans - 1-2 years 57,700 57,700 Amounts falling due between two and five years: Bank loans - 2-5 years 173,IIMI 173.100 Amounts falling due in more than five years: Repayable by instalments= Bank loans more 5 yi by instal 487,469 530,860 Page21 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 AUGUST 2024 16. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 31.8.24 31.8.23 Within one year Bctw¢¢n one and five years 13.864 41,593 55.457 17. SECURED DEBTS The following secured debts are included within creditors: 31.8.24 31.8.23 Bank loans 760,231 803,622 There are three commercial mortgages in operation The first is repayable by monthly instslments oN'er 30 years with interest at 1.60/0 over base. The second is repayable by Tnonthly instaln]eT]ts oNer 20 years with interest at 2.7 % over base. The third is repayable by monthly instalments over 30 years with intetest al 1.97 % over base. They are secured by legal charges over the freehold land and buildings. The bank has a re and floating charge over all other assets. 18. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund Bursaries Fund Repairs and maintenance fimd Development reseTve 1.685.792 40,IKM) 45,IKK) 154,278 (48) 1,840,070 39,952 45,000 44,395 1,815,187 154,230 1,969,417 Restricted funds RestriLted Lapital fund 79,909 79,909 TOTAL FUNDS 1,895.096 154,230 2,049,326 Page 22 continued...
THE Ho GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 18. MOVEMENT IN FUNDS- continued Net movement in fimds, included in the above are as follows: Incoming Resources expended Movement in ndS Unreytricted funds GeneTal fund Bursaries Fund 2.163,130 (48) (2,008,852) 154,278 (48) 2,163,082 (2,008,852) 154,230 TOTAL FUNDS 2,163.082 (2,008.852) 154,230 Comparatives for movement in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted fund5 CJeneTal fund Bursaries Fund Repairs and maintenance fund Development reserve 1,747,504 40.(KK) 45.(KK) 44,395 (61,712) 1,685,792 40,000 45,000 44.395 1.876.899 (61,712) 1,815,187 Restricted funds Restricted capital nd 79,9 79,909 TOTAL FUNDS 1,956.808 (61,712) 1,895,096 Comparative net movemeni in fimd%, included in the above aTe as follows". Incoming Resources expended Movement in funds Unrestricted funds General tund 2,071,485 (2,133,197) (61,712) TOTAL FUNDS 2.071.485 (2,133,197) {61,712) Page 23 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEIENTs- continued for the Year Ended 31 AUGUST 2024 18. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 montbs combined position is as follows: Net moi'ement in funds At 31.8.24 At 1.9.22 Unrestricted funds General fund Bursaries Fund Repairs and maintenance fimd Development reserve 1,747.504 40,fKA) 45,(KM) 44,395 92.566 (48) 1.840,070 39,952 45,000 44,395 1.876,899 92,518 1,969.417 Restricted funds Restricted capital fund 79,909 79,909 TOTAL FUNDS 1,956,808 92,518 2,049.326 A current 12 months and prior year 12 montbs combined net movement in nds, included in the above are as follows.. Incoming Resources expended Movement in funds Unrestricted funds General fund Bursaries Fund 4.234.615 (48) (4,142.049) 92,566 (48) 4.234,567 (4,142,IH9) 92,518 TOTAL Ful5 4,234.567 (4,142,049) 92,518 The bursary fund M'as established lo provide short temi hardship grants and long terni bursary aThards for pupils at the discrelion of the Governors. During the year no Iransfers were made to or from this fund (2023:none } The repairs and maintenance fund was esthblished to provide for ihe cost of maintaining tbe property of the company al the discretion of the Goi'ernors. Thc Rcstiictcd capital fund consists of tnonics which wcrc donatcd undcr Projcct 2012 for thc rcstrictcd PUryK)sc of construction ol the Cedar Wall building and asSociad deifelopmenl woiks and represents part of the capiial cost or the building. Page 24 continued...
THE HOTh GREEN EDUCATIONAL TRUST LIMtrED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 AUGUST 2024 19. RELATED PARTY DISCLOSURES At the end of the year ihree Governors were parents of children at the sch(K>l (2023 4 Govemors). School fee charges are on nornial con]niercial tern]s and Governors derii'e no financial benefit. There are no ftllther related paty tran&ictions 20. ULTIMATE CONTROLLING PARTY In the opinion of the Governors, there is no ultimate controlling party. 21. LIMITED LIABILITY The company is limited by guarantee and hence bas no share capital. The amount guaranteed is £1 per inember. There were 57 members of the company at 31 August 2024 {2023 - 72). 22. CHARITABLE STATUS The company is a restered chanty (Charity ResIratIOn Number 297106). 23. PENSION COMMITMENTS Pension costs include payments by the company to APTIS (Aviva Pension Tt for Independent Schools) a Defined Contribution Scheme for teaching staff ivith employer contributions ar 16_40/0 and under auto-enrolrnent to NEST Workplace Pension Scheme. Following Consultation the School exited Ihe Teachers. Pension Scheme as at 31 st August 2020 due to the signiflcant increase in the level of employer contributions. Employer contributions lo APTIS and the NEST workplace pension scheme are recognised as an expense in the SLqiement of Financial Activities when they fall due. Page 25