Company Règlstration No. 00556463 Regi$tsred Cholity No. 309086 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 FOR HEATHFIELD SCHOOL ILIMITED BY GUARANTEEI
HEATHFIELD SCHOOL (LIMITED BYGUARANTEEI REGISTERED NUMBER: OOSS6463 KEY EXECUTIVES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 AUGUST 2022 Keyexecutlves and Profosslonal Advlsors HEADMISTRESS: Ms S lSOn BURSAR: Mrs R Frier SENIOR L&4DERSHIPTEAM: Mrs R Whitton Deputy Head IPastornl and Boarding) Mr D Mitchell Deputy Head (Academics) MrJHart Assistant Head ISi*th Forml Miss W Reynolds Assistant Head {Co-curricular} Ms A Morgan Director of Marketing and Admissions Mr A Valner Assistant Head IPastOTal ar B08rdingl Miss C Wells Assistant Head (Operationsl Mrs Z Benjamin Assistant Head eaching and Leamingl BANKERS: Barclays Bank PIC SOUCITORS: Orchard Court Orchard Lane 8iislol BS15WS AUDITORS: MO0 Kingston Smith LLP 9 Appold Street London EC2A 2AP COMPANYSECRETARY: Mrs R Frier REGISTERED OFFICE: Heathfield School London Road Ascot Bèrkshire SL5 8BQ
HEATHFIELD SCHOOL (LIMITED BY GUARANTEEI REGISTERED NUMBER: 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report for the year ended 31 AguSt 2022 undèr the Companies Act 26, together wrth the audited accounts for the year, and confims that the latter comply wf(h the requirements ofthe Act, the rnemorandum and artides of assoaalion and the Charities SORP 2015. REFERENCE AND ADMINISTRATIVE 14FORMATION The School was founded in 1899 and became a Charity in 1955 and is registèred with the Charty Commission under Charity number 309086. The School is also a company limited by guaianlee reglstered number 556463 {England and Wales). The Trustees of the charty are also Directors of the company and are referred to as Governors in this Report. The Governors are listed bebw and the gxecutive officers, prolessional advisors and principal addresses of the Charty are listed on page 1. PriTrcipal activities of the year The School provides education in Ascot for girls frorn the ages of 11 to 18, and also runs a surnmer school and camp for local and overseas studerts. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The Company was established under a Memorandum of Assoaalion, which established the objects and p¢)wers Of the charitable company and is governed under ts Articles ofAssociation. Gov•mor8 The mernber5 of the Governing Body are detailed below. Thè Governing Body is setf-appoinling. Eac Governor is elected for three years and retiring Governors are able to stand for re-eieclion. The number of serving Governors shall not be fewer than len or exceed fv48nty. Oryanl$•tlon•l M•nag•mont The School's Govemors, who are also the Charity Trustees and the Company Diie¢lors, a legally responsible for the overall management and ¢onlrol of the School and meet al least three times a year. The work of implementing rnosl of their ptsliaes is carried out by the members of the f8 following subcommittees.. Finan¢e. Buildings & Development, Educational, Pastor81 and Compliance, Mateling, Admissions & Communications and Nominations which meet at regular intervals during the year. The day-to-day running of the school is dèlègated to the Headrnistress, supported by the senior management tgam, together wrth the Bursar. The Hèadmistress and the Bursar attend meetings ol the above committè8S. At the dat8 of approval of Ihe financial statements the School Governors are as follows.. Nam• Mr Tom Cross Brown Bishop Jonathan Baker (resigned 22 June 20221 Mrs Sally-Annè Barrett IJnd 12 Novèmbw 2021) The Revd Canon Dr Philip Ursell IsIgned 1 December 20221 Mr Guy Egerton-smrth Mr Robert Gregory Hon Mrs Fran¢es Stsnl8y Mrs Salty Tulk-H8rt Miss Chadotte Fabef Mr Steve Mekher Position Chair of the Coun(il, Chair N EPC Chair BD, F Chair MAC MAC, EPC Chair of EPC, N Chair of F
HEATHFIELD SCHOOL (LIMITED BY GUARANTEEI REGISTERED NUMBER: 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Nam• Mrs Karen Hurt Mrs Anne Lynch (appointed 12 November 20211 Mrs Suzie Cullen (appointed 12 November 20211 Mrs Annabelle More O'Ferr811 lappoinled 22 March 20221 PosStlon EPC MAC EPC Buildings & Developm8nt Sub)mMrttee= BD Marketing, Admissions & Corntnunicalions Sub-comrnittee= MAC Norninalions sUCOMmitte&= Educion, Pastoral & Compliance Sub-¢ommittee= EPC Finance Sub-committee= F Re¢Nitment and TraSnlng ofGovomorn Potential Governors are idèntified by members of the Goveming Body whKh Seeks lo achieve a balance of experience and ba(ground in secondary education. finance, bu5ine5s. law. facilities & property management, human resources management, marketing & PR and health & safety complianTr. New candidates tour the School and meet the Headmislre5s and other existing Govemors. They are proposed by the Nominations Committee. Once appointed, new Governors are inducted into the working5 of the School including Board Policy and Pro¢edures. Training is regul8rfy offered lo all Govemors on various topics including child protection and safeguarding training. Govgrnors are encouraged lo attend external seminars and COUTse to keep them informed and updated on curienl issued in the Sector and regulatory requirements. This includes events run by AGBIS, ISC, ISBA and professional fimis. K•y managoment personnel rnmun•ratlon The remuneration of key managèmènt pèrsonnèl (being the Headmistress and Bijrsarl is sol by the Govemors. with the objective of providing appropriate incèntives to èncourage enhanced p8rfom)ance and of rewarding thèm fairly for their individual contribub'ons to the success of tha &thool. Thg appropri8n&ss and relevance of the remuneration policy is reviad annualty including reference lo benchmarking infomiation lo ensure that the S¢hool rernains sensitive to the broader issues of pay and employment conditions elsewhere. Delwery of the School's tharitable vision and purpose is primarily dependent on our key management personnel and staff ¢x)sls are the largest single element of our expenditure. The School is comrnitted to ensuring equality of opportunity through the creation of an environment in which individuals are treated on the basis of their relevant merits and abilities. The School rèspects all its members and value5 the harmonious relationships beeen them. As a comrnunty we are committed to the active promotion of equality between all who live, study or work in the School. Provision is made for individuals with a particular disability and religious. dietary, language or cultural needs, as approprie. Consultation with employees al all levels ensures that the views of employees are taken into account when decisions ale made that are likely to affect their interests. All staff are briefed at the beginning of each term with shorter briefing session5 held once a week. The Senior Leadership Team meet once week to discuss strategic plans.. there a regular Heads of Department and Heads of Year meetings where lea(*ing and learning strategies are discuss. as well as weekty meetings wth Boarding staff. Cha1 Acknowledging that our students are more than minds that need nurturing or bodies that need training, as they grow, we recognise Iheii need lo come lo term5 with their 5pirrtualty. The Chapel provides a place of peace and quiet iefle¢lion. where that spiritual development can begin. Our Chapel is the spiritual centre of the school and is often at the core of people's memories of the school
HEATHFIELD SCHOOL ILIMITED BY GUARANTEEI REGISTERED NUMBER: OOSS6463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 when they leave, and the place they come back to first when they retum to wsit. Dedicated in 1904, the Chapel was buitt in the Victorian Gothic style with collegiate se81ing. Chapel follows current Anglican practice, yel rt IS 8 place for 811 the school community regardless of faith or belièf. The Chaplain is a central figijre in school lif8 who leads Chapel services during the week, on Sundays and on speryal oc¢asions. The Chaplain is available to all members of thè school communty and the school's extended community for pastoral care. R•lat•d pafd¢s and othor ¢onn•ct8d charities and oryanisation$ The Heathfield Fellowship 15 a separate enlty which continues to raise money lo enable pupilsto attend the school by way of bursarial support. St. Mary's Wantage Bursary Fund was a separate charrtable entity that dosed during the year which was created from the merger of Heathfield School and Sl Mary's School Wantage. The object of the charity was for the advancement of education by providin9 bursaries for pupils to attend Heathfield School. 0gJECTS. AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The objects for which the Association is established are lo advan¢è education and training by.. The provision and conduct, in the UK or abroad, of a school or schools foi girls und8r the name of Healhfield School lo be conducted in a¢cordatKE with the traditions of thg Church of England including the Anglo-calholic IraditKJn', and Insofar as 11 is in¢Klenlal or ancillary to the advancernenl of education, such other means for the benefrt of the local communty as shall be exclusively charitablg. Thèsè are sel otrt in Ihg School's 9oveming document - the Memorandum and ArtleS of Association of Heathffield Schwl datèd 18 October 1955 as amended March 2009. The Governors confirni that they have referred lo the guidan¢è contained in the Gharity Commission's general gumlance on public benefrt when reviewing the School's aims and objectives and in planning future activrties. Public Benefit Activities The Govemors hav8 compligd with the duty in Section 17 of the Charities Act 2011 to have due regard lo the Charty Commission's general guidance on public beneff(. The School is committed to ensuring that it is meèting its main aim and ils charrtablè objective. The School's aims for the public benefit are.. To recognise the need to respond lo the challenge tsf change by gwing all members of ils communty the opportunty lo develop. by ¢ontinual improvement of its facil(tie5 and by fostèring links with the wider communty. To oplimise its resources and recognise rts responsibilities for administering its charitable fund5 effi¢iently and for the b8nefrt ofthe School and the wider community. The Govemors are commrtted lo widening access to the School and wèlcomes pupils from all backgrounds. Each pupil lo whom support is offer8d must, in the opinion of the Headmistress, be likety to make sound academic progress following admiSSn. possess the potential lo develop the quality of her work and benefit from participation in the wider, extra-curricular aCtivitS on offer at the Schi)ol. The availability of bursaries is publicised on the School's wèbsite. The Govemors, policy is 10 award bursaries on a means tested basis onty. The bursaries are available lo provide financial support for up lo 1(XJOA of the annual fees. During
HEATHFIELD SCHOOL (LIMITED BYGUARANTEEI REGISTERED NUMBER.. 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 2022 a totsl of £441,808 {2021.' £399,263) was awarded in bursaries to 2412021.. 241 pupils. Many more applications are received than the Sch1 can reasonably support. Thè School works closety with a numbef of other partner chaTitie5 that help identify pupils who could benefft subslanlively frorn the education and pastoral support that the School can provide. 9 pupils 12021.. 71 recewe signrfunt contributions towards their fees from these extemal gr8nl-making bodies which reSUed in full rwnission of their tuition fees. The School actively SUPKK)rts the k)¢al Communty, thar&$ and asso¢ialions by making its facAlities available at less than cost price or free lo a variety of different clubs and oryanisations. The School has started to develop links with local maittsined schools. Sorne speafic trxamples of the School's outreach programme are.. Two members ofthe Senior Leadership Team volunteere(18s Govemors at lo¢al maintained schools. The school ran several Prep Schools Swimming Galas, Prep Schools Choir competition and a Prep Schools La(yossè ¢oa¢hing session event. Free places were offered lo pupils from Iwl maintsined Schools to attènd Heathfield's Summer Camp Sixth Form students visited a lo¢al maintained primary school on a regular basis to help with their reading1essons. A local Gid Guide Brownig unit used the h0o1 minibuses free of charge to enable them to go to Brownie camp for a week. A local Alzheimer's fundraiser is given a table at our Christmas bazaar free of charge to raise funds for treii chosen charity. Local rnainlained schools attended a number of guest speaker events. The Sthool also raised over £16,OCQ for local, national and inlemalional charities Ihroughout thè year. The swimming pool is host lo many lo¢al communitiès and organisations. Schools induding Kennel Lane, Meadowbrook Montessori and Natures Nursery use the facility at various times throughout the year. In addrtion to thesè schools. tt)trre a a numbtsi of ¢lubs that use thè pool on a regular basis. These include, Scuba Trust, 8rad(nell and Wokn'ngham Swimming Club and Wndsor Swimming Club. Frogs and Friends Swimming School regulady run lèssons al the pool as part of their 'leam to swim, programrne which is offered to chihlren in and around thè local area. The swimming pool is also used for training as well as tuibon. NPLQ (National Pool Lrfeguard Qualfficationl and Swimming Teacher Courses are hgld at th8 pool and are open to members of the local community. Fundraising perfomianc• The School views fundraising as a very important source of additional income to enable fees lo be kept as low as possible and to reduce reliance on single income streams. The trustees are fully aware of their indiwdual responsibility and accountabilty to ensure that the School lundraises legally, responsibly and effe¢tively. They are aware of the Charity Commission CC20 guidance and use this and the accompanying ¢he¢klisl lo help Ihern evaluate the School's fundraising perfomiance. The Development Office continued to run an active c4)mrnunicalion and engagement programme through the year, raising funds for the Sixth Form Centre capital project. The total amount raised foi 2022 was £365.927 12021.. £1.174.8811. The School dN1 not engage with a professional fundraisef in the year and is not a membgr of the ftjndraising body.
HEATHFIELD %HOOL (LIMITED BYGUARANTEEI REGISTERED NUMBER.. 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST2022 The School has a published complaints Produre. available on 11$ website. The number of complaints raeaiv8d during the year in respeci of fvndraising nonè. Aims and Intrnd Impa¢t Healhfield School aims lo discover and develop every pupil's unique talents to ènable them lo excel. H•athfi¢ld aim8 to fo•t•r. Thè confiden¢e and self-belief to go beyond one's preconceNed abilitS academically, physi¢ally and spirrtually.. Aulhenlicty, self-awareness and a desire to embrace each olherfs uniqueness and spirbt.. Compassion, ernpathy, understanding and lrfelon9 fn'endship building respect for onesèwand others., Good h8bts for lrfe.. work elhi¢, self-discApline, resilience, independence, integrty and courage based on moral values and having a go.. Commrtmenl lo the ¢ommunity'. selflessness, o)mpassion and service to others. Th9$8 valugs arg eng&ndergd through four central pillars.. Communlty A community where everyone drives and benefits from a culture of hoh expectations", A communty whèrè every girl is valued and known.. A'can do. cotnrnunrty where all words and actions are kind, respectful and positive,. A community which hires, retains and trains the bèst staff., A MMUnty which commits to physical and financAal service to thosè less fortunate., Beautrful. well maintained surroundings encouraging wellbeing., Proactive and caring support for all., A close cornrvunty where positive relationships with girls, The Fellowship {Old girfsl, parents past and present, staff, Governors and friends flourish. Pastornl Care and Boarding Each pupil benerrting from excellent pastoral care that provides indiwdual support and care. Teaching T&a¢hing of the highest standard which rnotivales. inspires and challenges every pupil., Every pupil benefiting frorn career and higher education guidance enabling her to meet her ambitious personal goals. Co£urrlcular Each pupil beneffting from a variety of cultural. physical, social, intellectual and creative activities and opportunities developing resilience, self-conffidence and belief ensuring readiness for a place within 8 modem glob81 society. Objectives forth• yèar To maintain and develop the School'5 a¢ademi¢ perfomiance To maintain and provide a first class boarding experiènce To continue to grow and boost admi55ion numbers To improv8 and increase awareness of the School and what it stands for at local, reglonal and national level
HEATHFIELD SCHOOL (LIMITED BY GUARANTEEI REGISTERED NUM8ER: 00556463 GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Strntegie5 to aChVe th• obl8ctlv The strategies to achievè the year's objectives have included.. Admissions Day girls, first admitted in 2015-16. are growing in number each year and are leading a full part in the lrfe of the school alongside the School's boarders and have every opportunty tr) take part in all the activities on offer at Heathfield. WeeY boarders We admitted for the first time in September 2022 in iesponse to parentsl dgmands. The Headmistress continues to host prep head visits, and the School hosts prep school curriculum and non- curriculum events al Healhfield, airned al inc¥easing prep schools, awareness of what we offer and of our growing a¢ademic reputation. AcadèmSc Strdt•gy During the year. we have o)nlinued lo push fOard with an over-arching strategy lo improve our growing academi¢ success al Heathfield, including more intensive individual monitoring of staff and pupils, performances in the classroom as well as monitoring girls, study lime and their use of it more closely whilè provKling complementary activities to enhanee their learning. in the form of conferences and workshops at the school through to a greater variety of ¢o- ¢urri¢ul8r activities. Our Leaming Supwrt Dèpartment continues lo providg expert help for girls who require additional support in one or several areas, ensuring that Heathfield's outstanding rèputation for helping to fvlfil the potential of each individual gill through ourvalue addèd results is supported and enhanced at every level. Monitoring currentpuplls Our individual monitoring of pupils to highligm their academic strengths and weaknesses. and to give them extra guidance where appropriate, is paying divKlends in enabling staff lo identty earfy the areas where girls need extra help. Staff can input such vital details about a child's perforrnance into our monitoring and tracking system wrthin the school's intranet so that they share their observations with their )lleagUeS and areas of ¢on¢em guickly become spotted and therefore acted on. Monitoring 8150 means that our grfted and talented programme for the brightest pupils has become tnore defin8d within the school and has encouraged and nurtured ac8Llemi¢ development in the brightèst girls. Scholarshlp proyramme Our scholarship pro9ramme has o)ntinued lo grow in profile inside and outsid& th9 school. The scholarships attract Ihe brightest pupils lo Healhfield. thus helping to improve our academic reputation. Regular monitoring to ensure each girl's rh)lenlial is fuffilled 81s0 hdps u$ to idantfy potential scholarship candidates from within the school who are able to Compete for a scholarship at appropriate times. The scholarship awards contain a small finanaal incenlThie lo make them more attra¢tNe to potential parents who may be considering a number of schools. Co£urricular Similarly, our co-curriujlar programme was developed to encourage and re)lect an emphasis on academics. Making the prograrnme increasingly Sixlh Form-led has succeeded in its aim of giving the girls a greater sense of responsibility and helping them to develop leadership and team building qualities. The initiatives held to highlight and praise the girls, academic aChVeMents such as special assernblies and the
HEATHFIELD SCHOOL ILIMITED BYGUARANTEEI REGISTERED NUMBER: 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Hh Ftyer awards are popular wrth the girfs and havè a posthve effect on the girls, confidence as they lake pride in their achievements. STRATEGIC REPORT The following section5 of this report constitute the Strategic Report. RErfIEW OF ACHIEVEMENTS AND PEFORMANCE FOR THE YEAR A¢adoml¢ A¢hl•v•m•nts He8lhfield celebrated another year of exceptional A-18val rèsutts with 51 % of its students, resutts securing A'IA, 710A A" lo B and 90Vo A" lo C. Other resutts of note included Mathematics in whi¢h 750h of stud8nts secured an A" or A, Photography, English Lileialure, Latin, Furthèr Mathematics and Physics in whh 100Vo attained an A'orA. 2022 leavers staying in the UK are deslingd forlgading Russell Group universities such as New¢astle, Shaffield, VVarwi¢k, Sl Andrews and Durham lo study a broad range of subjects including Polit$, Sociology. Pur9 Malhemalics, Computer System5 Engineering and English Literature. AI GCSE, across the board, of grades received by Healhfield students were in the top 9-71A'.A category. Core subjects continued lo impress, with a lo00 pass in Mathematics and English Language and 57tsA of girfs securing a 9-71A'_A in Malhemalics, 810A gaining a 94IA"A8 in English Language and 76% 6/A..B in English Lrteralure. Students also performed well in othèr subjecis with 100% &7 in Art & Design, Ching$8, Classical Grèèk, History. Latin. Musi¢. Phy$i¢%, Biology, Chemistry. Sport Pupi15 were finalists in the U13 Indoor Cricket Competitions. In Lacrosse, both the U14 and U12 teams were runners up in the South Wesl School's Tournament and the Seniors and U14 teams were semi finalists in division 2 01 the National Schools, Lauosse competition. FNe students were selèctèd for the Lacrosse Regional Academy. In Swimming, al thè Independent Boarding Schools Swimming Relays competition the school were placed in the 4 x 50m medley and 3 in the 4 x 50m freestyle Telay. Extra curriculum Activities: MusSc 23 girls passed ABRSM instrLtmental and singing examinations during the year, with a range of inslrumenls. LVI pupil receivèd a distinction in their Grade Vlll exams, flute and singing pectIvelY. whilst a pupil in Fll pupil also received a distinction in her Grade Vlll piano exam. LAMDA and Dance Students look 75 LAMDA examinations been December 2021 and June 2022- an increase of 50% on the same period 2020-2021. Twelve of these exarninalions were at the Higher Level- Grades &8- for which the students also re¢enie UCAS points. Al 75 LAMDA exam students achieved a DislinctK)n or Merit. In Dance, students have achieved success in RAD Vocational and Graded Ballet Exarninalions and GCSE Dan this year, with exceptional resuhs induding a Grade 9 for GCSE Dance. Girls also participated in Ballet, Street Dance, Dance GCSE, Tap Dance, Pointe-work, Acro, Pilales and Yoga da$sès duriThJ the year. Equestrian Events at Heathfield Heathfield remains very active, encouraging riders and polo players with lessons and coaching available three days a weak.
HEATHFIELD SCHOOL (LIMITED BY GUARANTEE} REGISTERED NUMBER.. 00SS6463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Healhfield polo players took part with great enthusiasm at the SUPA schools, national tournaments at all agè and bilrties. There are three polo coaching sèssions each week, with levels for the complètè beginnar, improvers and advanced . Riders attend the Berkshire riding centre on Wednosday and due lo popularty. we now have an advanced group riding on Tuesdays at the Light Cavalry, Honorable Artillery Company, basèd in Windsor Great Park. Heathfield has an average of 38 pupi15 attending polo andlor riding ssOnS. Classes available are for beginners l¢omplelely new lo the activity) to advantsd jumping classes. Heathfield continuès to attract ¢ompelenl show jumping. dressage and event riders with sevèral pupils, h015es at local livery yaids lo continue their training whilst boarding at school. Many pupils continue with their equestrian disciplines al high levels after their start al Healhfield. Staff The Governors wish to èxpr8SS their gratitude lo the Headmistress. the Bursaf and all other members of the Staff for their continued dedication to thfy inler&sts of th& pupils of Healhfield School. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Th& Govemis consider that the School is on a sound financAal footing, given the increasing pupil numbers year on year since 2018, and wews the future with optimism, despite the challenges of the year due to Ihe economic erisis. At the year end, the school hekj cash balances of £1,251.223 12021.. £2,168,265} and investments of £593.260 {2021.. £350.5401. Al 31 August 2022 the School had net assets of £13,0(K,73812021'. £12,009,2071, of which freehold propetty accounts for £13,852,775 {2021.' £11,115,547). This is a Mtal area of focus for the School as the htqh qLJality fat)le$ and ITwng quarters are signfficant contributing factors in attractiThJ new pupils. During the year a nel cash outftow of £917,402 {2021'. inflow £1,026,196) 0urred. Cash from operating activities Was a net inflow of £2,575,25312021.' £526,150) in the year. The School made an operational surplus of £1.392,621 12021.. £1,(9,883} in the year. which after depreciation and gains on inveslmenls. iesutted in a surplus of income over expenditure of £997,53112021.. £825.510}. The School managed to recoup some of the k)sl in¢ome due lo the coronavirus p8ndemi¢ from 2020-21 via ils Business Interruption insurance cove(. As a registered Charty all surpluses are applied foi the benefit of the School. Res¥rves Policy The Governors, policy is to build up free reserves to meet demands for further expenditure out of annu31 operating surpluses to equip thè School with thè upto-date faciliti8s needed to improve and maintait) th8 standard of educational services and sporting facilities. The Governors of the opinion that the lolal ieserves on the Income and Expenditure account of £13,0(K,738 {2021.' £12,009,207) are suffiaent to meet the schotsl's obligats'ons for the foreseeable luture Isee note 15for note on reserves). The Governors recognise the need to review the reserve levels of the school annually al the year-end as part of its m8dium-tefrn budget planning. The Govemors. policy is lo generate reserves lo provide fvnds to conts'nue lo enhance the educational facilities and services of the School and to fijnd future projects, whilst maintaining a ¢onlingency in the region of £1,IJOO,OOQ. The Govemors intend to review the Reserves Polw annually to gnsufe that this aim can be achieved.
HEATHFIELD SCHOOL ILIMITED BYGUARANTEEI REGISTERED NUMBER: OOSS6463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Invostmant Poll¢y The Governors, policy is Its invest in secure foms of investment that provide a reasonable level ol income. The Finance suC0mMee keeps under review the investment risks and rewards. Golng eone¢m •¢¢ounting Poli¢y The Governors have assessed whether the use of the going concern basis is appropriate and have c£Jnsidered possible events or conditions that Might cast signrficant doubl on the ability ol the School to continue as a going ctsncem. The Governors have made thi5 assessment foi a period of at18ast one year from the dale of approv81 of the financAal statements. In particular the Governors have considered the )St of INing pressures on parents and Ihe recession on the School's forecasts and projections. After making ènquiries the Govemors have conduded that there is a reasonable expectation that the School has adequate resources to c4Jnlinue in operational existence for the foreseeable future. As such the Sthool can expectto be able lo meet ils l+abiltties as they fall due in the period of al least 12 rnonlhs from the dale of approval of these accounts. On this basis the Governors have concluded that the School is a going concern. The financial slalemenls do not indude any adjustmen15 that would iesuY¢ from Ihg School not being able to meet its liabil(fies as they f811 due. Futuyg Plan$ The STEM building was completed for the slart ol the 2015-16 academic year and a further fNe building projects have been granted planning pemission_ The constnjction of a Sixth Form Study and Wellbeing Centre was completed by Septembei 2022. The S¢hool is continually improving its facAlitie5 with smalltsr refurbishment projects as well as considering options fr)r future capital plans which rnay include an ad(Jilional dassr(x)m block, new sports hall and fitness suite andlor staff accomrnodation. The School is continuing to raise academ Standards and to attract adeMIcal able pupils lo the School. PRINCIPAL RISKS AND UNCERTAINTIES The Governing Body is responsible for the management of the risks faced by Heathfield. Detailed considerations of risk are assessed by senior staff for review by the relevant sUcOmmIttees and then centrally by tho Governing Body. Risk is assessed in three categories., Strategic. Financial and Operational risk. Risks are identified, assessed and ¢ontrols or mitigations established throughout the year. A fomial reviow of the ri$k management process is undertaken on a rolling basis throughout each year. The most significant risk lo the tharity, and indeed most independent schools, is a significant drop in pupil numbers, which would affect intr)me. This is a matter that receNes continuous attention. The Tisk is Compounded by the possibilty of future 9ovemment legislative changes to business rates ielief or the addition of VAT to fees. Identified as Signrfant risks with some mitigations awailable. this wwld incrèase opèrating costs and almost certainly lead to increased fees, raising the risk of reduced pupil numbers even higher. The highest costs to Heathfield are staff and pastoral costs which are paid in aears. Conversely, school fees are recewed lermly in advance resulting in a surplus of working capital. Any cash flow risk which will afise from the c4)mmission of any building projects will be reduced by èxtenswe forward planning by the Governors, coupled wrth signrficant cash balances held by Healhfield whith Can be utilised as required. Credft risk is the risk of financial bss lo Healhfield if a fee payer fails lo meet their obligab"ons. He*hfield minimisès this risk by tsking deposits from èach student and monitoring arnounls not received on a regular basis. io
HEATHFIELD SCHOOL (LIMITED BY GUARANTEE} REGISTERED NUMBER: 00556463 GOVERNORS, REPORT FOR THEYEAR ENDED 31 AUGUST 2022 Health and Salety is ahyays a signfficant area for risk managernent. The risks range from fire lo pèrsonal risks Imosl notably when away from the School on trips and expeditions). The Tisks assoaated with all activities are minimised by thorough planning and risk assessment. Thg COVID-19 risk has reduced lo a more manageable level but il is the global economic situation, which is now the most signifi(3nl risk and a Cause for¢oncem. Increases in inflation. particularty energy and food, will increase the School's opèrating cost over the near-term and this was already notable in the current period. The budget for the next finan¢ial period has identified these areas where possible. It is not yet dear whether, or to what degree pupils, paien15 will be affected bul il should be noted that thè pupil numbers for 2022-23 show a notable increasè. RardleSs. controls have been put in placg lo mitigate this risk and its posSie enduring nature. Govemors have concluded that thè Going Concern basis remains applicable. Through the risk management PresseS estsblished for the School, tho Governors are satisfied that the major risks identified havè been adequatèly mitigatèd whère necessary. It is recognised that systerns can only provide reasonable but not absolutè assurance that major risks have been adequatety managed. The ¢hariW$ exposu to risk is reviewed consislenlly throughout th& yèar. The key controls used by the Charity indude.. Fomial agenda for all Committee and Board activty Comprehensive strategic planning, budgeting and management accounting Established organisatnal structure and lines of reporting Clear aulhorisation and approval levels Vetting prOdureS as required by law for the protection of the vulnerable Formal Written policies STATEMENT OF GOVERNORS. RESPONSBILITIES The Governors, who are also the Twstees, are responsible for preparing a Governors. Report and financial statements in accordan¢e with applicabl8 law and United lfjngdom Accounts'ng Standards (United Kingdom Generally Accepted A)UntIng Practice). Company law requires the Trustees to prepare financial ststements for each yeai whi¢h givè a true and fair view of the state of affairs ol the charitable company and ol the incorning iesour¢es and application of resources, including the income and expenditufe, of the charitable company for that period. In preparing the financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly". observe the methods and principle5 in the Charities SORP", makejudgements and estimates that are reasonabltr and prudent.. slate whether applicable UK accounting sland8ids have been followgd, subject to any material departures disclosed and explained in the financial slalem&nts', prepare the financial stalernents on the going ¢on¢ern basis unless it is inappropriate to presume that the charrty will continue in business. Th& Govemors are responsible for keeping proper auntIng rècords that disdose wrth reasonable accuracy at any lim& the finan¢ial p(>silion of the ¢harty and to enab them to ensure that the financial slalemen15 comply with the Companies Act 2(X)6. They are also responsible lor safeguarding the assets of the Chaity and the group and hence taking reasonable steps for the prevent¢on and detection of fraud and other irregulariligs. So far as each of the Govemors are aware at the time the report is approved.. li
HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 there is no relevant information ofwhich the company's audf(ors are unaware, and the Governors have each taken all steps that they ought to have taken lo make themsèlvès aware of any rglevant audit information and to 8stablish that the auditor is aware of that information. 8Y ORDER OFTHE BOARD MrT rn Cross Brown Chair ol the Govemors Oate.. 14 March 2023 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELO SCHOOL FOR THE YEAR ENDED 31 AUGUST 2022 Opinion We have audited the financial statsmenls of Healhffield School Ilhe company'l for the year ènded 31 August 2022 which comprise the Statement of Financial Activities. the B8lan¢e Sheet. the Cash Flow Statement and notes to the finanaal statements, including significant accounting policies. The financial reporting framework that has been applied In their PTeparalion is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Stsndaid Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion th8 financial $tst8mgnts". give a true and fair vi8w of the state of th8 charrtable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its incorne and expendilLtre, for the year then ended., have been properfy prepared in aCrdance with Unrted Kingdom Generally Accepted Accounting Practice,. and have bean prgpared in accordance with the requifements of the Companies Act 2(X)6. Ba$1$ for opinion We conducted our audit in accordance with Intemational Stsndards on Auditing IUW {ISAs IUKII and applicable law. Our responsibilrties under those stsndaids are further dèscribed in the Auditor's R&sponsibililies for the audit of the financial slalement5 section of our report. We are indepèndent of the charilabk company in accordance with the ethical requirements that are relevant lo our audit of the finan&al statements in the UK, induding the FRC'S Ethical Standard, and we have fUKild our other ethical responsibilities in accordancè with these requirèments. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Co¥nclusions relatlng to golng concarn In auditing thè finanryal slalemenls, wg have concluded that thg trust88s' use of the golng concern basis of accounting in the preparation of the finanrAal slalemenls 15 appropriate. Based on the workwe have performed, we have not identrfied any material uncertainties relating to events or conditions that, individually or ¢olle¢tively. m8y cast signtficanl doubl on the charitable company's ability to continue as a going ¢on¢em for a period of al lèast tWee months from when the financial statements are athhorised for issue. Our responsibilities and the responsibilitias of the trusteas with respect to going concem are described in the relevant se¢tions of this ieport. Othèr Infomiatlon The other information comprises thè infomiation included in the annual report. olher than the financial statements and our audrtor's report Ihereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the financial 5talernenls does not eovèr the olhei information and, except to the exlent OtheIse explic4dy stated in our report, we do not express any foim of assurance conclusion thereon. Our responsibilty is to lead the olhef infotmalion and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audf( or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemènts. we are required lo determine whether there is a material misstatement in the financial slalemenls Iherllselves. If. based on the work we have perf(>imed, wè conclude that therè is a material misslatemenl of this other information, we are required lo report that f8¢t. We have nothing to report in Ihis regard. 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2022 Opinions on other matters prescribed by the Compani•s A¢t 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomalion gNen in the Strateg report and th8 trustees, annual report for the financial year for which the financial slalemenls are prepared is consistent with the financial statements., and the strategic report and the trustees, annual report have been prepared in accordance with applicable legal requirements. Mattern on which we are required to report by •x¢eption In the light of the knowlèdgè and undeistanding ofthe c4)mpany and ils environrnenl oblaingd in Ihe course of the audit, we have not idenlffied material misstatements in the strategic report or the trustees, annual report. We have nothing lo rèport in respgct of the following matters where the CompanEs Act 2006 requires us lo rewrt lo you rf, in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit hav& not been received from branches not visited by us,. or the finanaal statements are not in agreement with the auntIng rgcords and returns.. or certain disclosures of trustees, remuneration specified by law are not made". or we have not received 811 the infom)alion and èxplanations we require for our audit. Responsibilities of trustees As explained more fvlly in the Iruste&s' responsibilrties statement set out on page 2, the trustees (who are also the direcltsrs of the chairtable ¢ompany for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as thè trustees detemiine is necessary to enable the preparation ol finanaal statemènts that are free from material misstatement, whether due to fraud or error. In ppalIng the financial slalemenls, the tiuslees are responsible for assessing the charitable oJmpany'8 ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going Concern basis of a¢¢ounting unless the trustees erther intend lo liquidate the ¢harilable company or to ¢ease operations. or have no realistic alt8rnative but to do so. Auditorfs Responsibilitres for the audit of the finan¢i41 $tstsm•nts Our objectives are lo obtain reasonable assurance atKJut whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or grror, and to issue an auditorfs report that includes our opinKin. Reasonable assurance is a hvJh level of assurance. bul 1$ not a guarantee that an audrt conducted in accordance with ISAS IUKI will always delect a material misslat8ment when it exists. Misslalemenls ¢an aii$e from fiaud or error and are considered rnaterial if, individually or in aggregate, they could reasonably be expected to influence the economi¢ derysions of users taken on the basis of these finanoal statements. As part of an audrt in accordance with ISAS IUKI w8 exerase professional judgement and maintain professional sceplicism throughout the audit. We also.. Identfy and assess the risks of material misstatem&nt of the financial statements, whether due to fraud or error, design and perform audit pro¢edures responsive to those risks, and obtain audf( eviderice that is suffiaenl and appropriate lo provide a basis lor o(tr opinion. The Tisk of not dètecting a matèrial misstatèment resulting from fraud is higher than for one resulting from èrror, as fraud May invtslve llUsIon, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understsnding of internal control relevant to the audit in order lo desi9n audit procedures that are appropriate in the circumstances, but nol for the purpose5 of expfessing an opinion on the effectivenes5 of the charitable company's int8mal control. 14
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THEYEAR ENDED31 AUGUST 2022 Evaluate the appropriateness of accounting policies used and the reasonableness of accounlirrfJ estimates and related disclosures made by the irustees. Conclude on the appropiialenes5 of the tiuslees. use of the going concern basis ol accounting and. based on the audit evidence obtained, whether a materi81 uncertainty èxists related to events or conditions Ihat may cast significant doubt on the charitable company s abilfty to continue as a going concem. If we o)n¢ludg that a matèrial uncertainty exists. we are required lo draw attention in our audilorfs report lo the related di5closuies in the finan¢ial statements or, rf such disclosures ale inadequate, to modfy our opinion. Our condusions are based on the audrt ewdence obtained up to the date of our auditor's report. However, future events or condition5 may cause the ¢h8rilable company lo cease to continue as 8 going concern. Evaluate the overall presentation, structure and content of the financial slalemenls, including the disclosures, and whèther the financial statements represent the undertying Irans8¢tiofts and events in a manner th* achr&ves fair presentation. We communicate with those charged with governance regarding, arnong other mattèrs, the planned scopg and timing of the audit and significant auditfindings. including any signrficant deficiencie5 in intemal control that we identify during oijr audit. Explanation as to what extent the audit wa$ considertd capab of d•ts¢tlng Irr•gularltlos. including frnud INegularities, induding fraud. a instances of non-¢omplian¢e with laws and regulations. We design piocedures in line wrth our responsibilitie5. Outlintrd above. lo delect material misstatements in respect of irregularities, induding fraud. The extent to which our procedures are capable ot detecting Irregular85. including fraud is detailed below. The objectives of our audf( in respect olfraud. are,. to identify and assess the risks of matèrial misstatement of the financial staternents due lo fraud,. lo ol)tain suffiaenl appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appfopriate responsès to those assessed risks. and lo rèspond appropriately to instances of fraud or suspected fraud identified during the audit. Howevei, the primary responsibility for the prevention and detection of fraud rests with both managemenl and those charged wf(h govemance of the charilablg company. Our approach was as follows.. We obtained an undefstanding of the legal and regulatory requirements applicable to th8 char((able company and considered th81 the most signifieant are the Companies Act 2006, Ihe Charities Act 2011, the Charity SORP, and UK financAal reporting sl8ndards as issued by the Financial Rèporting Council. Wtr obtained an understanding of how Ihtr charitable company complies wrth these requirements by discussions with management and those chaiged with governance. We assessed the risk of material misstatement of the financial statements. in¢luding the risk of material misslalemenl due to fraud and how it might occur, by holding discussions with management and those charged wi(h govèrnance. We inquired of management and those charged with governan¢e as to any known instances of non-compliance or suspected non-complian with laws and regulations. Based on thi5 understanding, we designed $pe¢ific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There a inherent limitations in the audit procedures des¢ribed above. We are less likelylo become aware of instanS of n0n-cornplian with laws and regulatnS that are not ¢losèly related to events and transactions reflected in the financial statements. Also. the risk of not detecting a matèrial misstatement due to fraud is higher than the risk of not detecting one reSung from error, as fraud rnay involve deliberate concealment by, for example, forgery or intentional misreprestrnlab"ons, or through collusion. Uso of our rgport This report is rnade solety lo the tharitable company's members. as a Ixjdy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audf( work has been undertaken so that we might slata to Is
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THEYEAR ENDED 31 AUGUST 2022 the ¢ompany's member5 those matters we are reqLJired to state to them in an audrtor's report and for no other purpose. To the fullest extent permitted by law. we do not accèpt or assume reswjnsibility to any party other than the charitable company and Charitab company's members as a body, for ouraudit work, for this report, or lor the opinions we have formed. L[55}1 LLF Shivani Kothari (Senior Statutory Auditor) for and on behalf of Mooie Kingston Smi(h LLP, Ststutory Auditor 9 Appold Street London EC2A 2AP Oate.. 10 May 2023 16
HEATHFIELD SCHOOL ILIMSTED BY GUARANTEEI REGISTERED NUMBER.. 00556463 STATEMENT OF FINANCIAL ACnVITIES AND INCOME AD EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2022 Restrictsd Fund• 2022 Total Fund8 2021 Total Fund8 Unr88trictsd Funds Nots8 INCOME FROM: Charllable a¢lJvfjtle• School fees 10 8,057,290 8,057.290 6.053,040 Donation$ and grani¥ 1b 365,927 256.370 622,297 1,441.186 Other trading activiti08 Rental income 97,190 97,190 97,917 Inve8kn•nts 1d 44.378 10,722 55,100 39,305 Totsl In¢om• 8,564.784 267.092 8,831,876 7,631,448 EXPENDITURE ON- Raising and managlng fvnd$ 72,710 72.710 9,145 Char5tabl• aetiviti#i 7,737,263 14.572 7,751,835 6.8e6.728 Total expendituro 7,809,974 14,572 7,824,546 6,875,873 Net110$8esygains on investments 19,8001 19,8001 69,935 NET INCOME 745,011 252,520 997.531 825.510 Re¢on¢lll•tlon of lund• Fund balan05 brought forward at 1 September 16 12.009.207 12.009.207 11,183,697 Fund balan¢¢8 carrfod forward at 31 August 16 12,754,218 26220 13,1]06,738 12,1)09,207 l amounts derive from continuin9 a¢tivrties. All gains and kJsse5 rtcognised in the year are includod in the Statement of Financial ActNthes. 17
HEATHFIELD S¢HOOL ILIMITED BY GUARANTEEI REGISTERED NUMBER.. 00556463 BAL4NCE SHEET FOR ThE YEAR ENDED 31 AUGUST 2022 Notes 2022 2022 2021 2021 FIXED ASSETS Tangible assets 13.852.715 11,115,547 CURRENT ASSETS Investrnents Sto¢k$ Debtors Cash at bank and in hand 593.260 23.186 534.912 1.251.223 350.540 24.343 1.821.659 2.168.265 10 11 2.402,580 4.164.807 cREDORs- Arnounts falling due within one year 12 12,037,8671 12.001.578) NET ¢VRRENT ASSETS 364,713 2.163.229 TOTAL ASSETS LESS URRENT LIABILITIES 14,217,488 13,278,776 Credltors Amtsunts falling du8 aft8r mor8 U)an one year 13 11.205,3271 11,241,102) Provl$lon$ for Ilabllltlos and charyes 14 15.4231 128.4671 N•t a88•ts 13,006,738 12.009.207 FUNDS Restrlctsd fund¥ 15 252,520 Unrnth¢tod funds Incorne and eypendilure accounl 16 12.754.218 12.Crt)9.207 School Funds 13,006,738 12.009.207 Approved by the Board of Governors of Heathfiald School on 14 March 2023 and $vJned on its behaw by Mr Tom Cross Brown- Governor Mr Steve Melther- Govemor 18
HEATHFIELD SCHOOL (LIMITED BY GUARANTEEI REGISTERED NUMBER.. 00556463 STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Not• Ngt Cash Inflow from operatlng actlvStSes (al 2,575,253 526,510 Ca*hflow¥ from Invesllng actFvltles Investmènt income and interest receNed Interest paid Investments receNed Proceed5 frorn disposal of investments Payments to acquire inv85trnents Payments to acquire tangible fixed assets N•t eash outnow from investing activltie8 27.581 172.7101 1252,5201 15,557 12,5031 312.606 1312,0351 1263,939 3.132.505 13.430,1541 1250.3141 Cashflow from finonclng actlvhles Loan received Loan repaymants 750,000 162,5001 IDecrease)Ancreasè In eash and eash •qulvalèrts In th• yéar 1917,4021 1,026,196 Cash and cash equlval•nts at ginn1rtg of th• yèar cash and cash equlvalents at end of the year 2,168,625 1,142,429 1,251,223 2,168,625 Reconclllatlon ot nèt •XPondlturo to not ¢a$h flow from oporating o¢tlvs1i•i 2022 2021 lal Nèt èxpandlturg Includlng endowments 997.531 825,510 AdJustm•nts lor.. Net lossesllgainsl on investments IProiftllLoss on disposal of tangible frxed assets Investment income Interest paid Doprèci8tion ¢harges Decreasellincreasel in stock Decreasellincrèasel in debtors Increase in creditors Decrease in provisions 9,8CX) 12671 127.5811 72,710 395.090 1,157 1.086.747 63,109 123.0441 169.935} 1,978 {15,5571 2,S03 314,308 13,4581 11,098,278) 576,831 17,7521 Net cash Inflow from op•ratlng acttvlti•8 2,575,253 526,150 Balaneè at31 August 2021 Cash Movèm•nts Balance at 31 August 2022 Net ca¥h'. Cash 81 b8nk and in hand Bank loan Net cash 2,168,265 750,000 1,418.265 1917,4021 62,500 854,902 1,250,863 687,500 563,363 19
HEATHHELD SCHOOL ILIMITED BY GUARlTEEl REGISTERED NUMÈeR.. 00556463 NOTES TO ThE FINANCIAL STATEMENTS FOR THE YER ENDED 31 AUGUST 2022 ACCOUNMNG POLICIES Healhfield School Limited is a charitatAe company. lrtorporated in EThJIa and Wales and limited by guaonteè. The address of 115 princSpal 8¢0 of bjs185 glven on page 1 and nature of its operation$ ore $et out in the Govemots. Rewt. A $ummÈry of the prirpaI accounting pdicie$ adopted (lth have been 8pplled eonsistenlly. except re noledl, lud9emenis and key sourts of eslmalicé) urLertainty. is sel r¥Jt bel. lal Basls of pr•paratlo These financial 51ateTnents are prepar&Y on a gryrg concern ba$ts. urKlerlhè hL%torical cost nven. as rnod1fi by the revaluallon of Investments being measwed at falryakje IhroLuh incom8 and eyndtture wthin IIE Slalemwtt of Finanal The finarrtial statements have been prepared In accordance with the Financ441 Reportill9 SlarKlard applicab in the UK 8 Rewblic of Ireland IFRS 1021 The chatab Company is a publlc berf5t entity the wse5 of FRS 102 and Iheteftre the Charity also prepared ils finanaal slalements in accordance vAlh Staternent of Recommerthd Practice applicable to charities preparing their accounts in accordantÉ wth the Finandal Repormng Standard ap1¢ab in the UK arKI Republ of Ireland (The FRS 102 Charities SORPI. the Compan3 Act 2006 and ItE Charitie5 Act 2011. fi1)an81 8taiemenls a prepared in sterling. ythith 1$ Ihe fun¢tional currency of Ihe chadty. Monetary amount% in these finanual statements are rounded to trE nearest pound. Ibl Goln9 concern The Govemors have assessed whetsr use of the golTrJ conwn basis Is apyopriate and have considered Fx)sslb events or corKlition5 that might cast sunificant doubt on ability of the School to cmlnue as a goiTrJ concern. The Govemrs Ma¥e made this assessment for a period of at least one year from the dale of approval of the financial $iaiements In particularthe Ggvemors have considered thè Schod's forec&sts and prqections and have taken accoutrt of pressures on fee income. particulaty In the light of IfE impact of IIE COVID.19 pandemic which (CUrred before trse financial statements tre approved and is explained in more detail in the Prlnclpal Risks section of the Governorsffteport in these financial stalemenls. After makirvJ errfjuiries the Govern(Ys have conduded that there 1$ a reasonab expectation thai Schcol has pAJequate resources to Contin in oparalional existence for the foreseeable future. A¢cordingly, Ihe go¥etnor5 Contin to adopt the 90iry concem basi5 forthe pparatIOn of the finanrAal slalements. Icl Incomo l income is recognised when the SclK)ol ha5 entitntIO funds, the recelpl Is probabk aThJ the amount can be meaSUj rel18y. Fa88 r•cal¥ab These represent fees charged lo pu18 with Incidental fee5 and disbursemeni$ tli$closed separaldy and are accounted for in the perij in vthich the Se 15 provided. Fees e1Ved in advance of education to be p[tided in future years are held as liabilitw until eithertakèn 10 irthme In the term wfien used or dse funded. Dgrt•tlo I morElary donations are indth1ed In full in the statement of financial activitie5 recei. provK1ed that there are don-1MpoSed re8trtctions as lo the liming of the related experxlilure, in thtth t*se recoynilion 15 deferred until Ihe pre-condilion ha5 been met. Donation$ receivable for th& general purpose of the Charity are cre(liled to unrestrict Funds Donations for purposes restricted by Ihe hshe8 of the donor are tsken 10 Reslricled FurKls [e Ihese she$ a legally birKJiNJ on Heathfidd School's Go¥ernor5. The valu8 of donated seNbces and gffls In to Sch)d are recognised al thr open market val In In bthich IW ar8 recei¥8tA8 as IrKomiTrJ resources. %there Il% benefft to the S¢lM)d Can 20
HEATHFIELD SCHOOL ILIMITEP BY GUAIIANTE REGISTERED NUMBER.. 00666463 NOTES TO THE FIN¢IAL STATEMENTS FOR THE YER ENDED 31 AUGUST 2022 be reliably measured. An equivalent amounl 15 induded 8$ expenditure under the relevant heading in the Statsment of FinancHI AcbvIts. eptWhere Ihe gfft In kind was a fixed asset in whith case Ihe amount is induded in the approprfat8 fixed asset ¢ab)ory and depreuated Over the useful eeonomlc Ilfe in aco)rdance th the Sthool's pthiues. Revenue giants. induding govemrnenl grants, are c4edited 85 incryning resources when they are receivable provided conditions for retsipt ha% bèen a)mpld wth. unless they relate lo a spetAfied fulurt period. in whid) case Ihay are deferrad. Grants for the purchase offixed assets are uedited to festriGted incoming resour¢ts whèn r1Vats and transferred to unrestrKted lunds up to the level of8xpendfture Inwrrad. Deprec4ats"on on ihe ft¥ed assets purchased with 5uth grants Is Ihen charged against unrestricled fvnds Idl EXp•dIr• Expenditur& 18 recognised On there is a legal or Mn5tsudwe obligation lo transfer economic benefitto a ihird party. It Ss wobable that a transf&rof economic benefits will ba wulred In s8tUem8nl, and the amount of the oblvjation can be measureil reliably. Expenditure Is accounted for on an accrvals basi5 and is da5sified under the follvIng htadingt.. Costs of rÈising funds Comprise Ihe finance cosls Inrred by the Sthool. Expenditure on d)aritab achtieS indudes the sts ofthe aG4demiG and pa$ioral tAre proded 10 the puplK8. Govemants costs. whKh comprise regulatr>ry c05t5 of wnniro Ihe charity, have been alloGated Whol to ihe tharitable a¥8¥ of the School. All èxptrndlbjre is indusi%e of irrecoverable VAT. lel GrnTht mllklng I11¢Y Bursaries trom reslrfcted fvnds are induded as eNpanditur& in th? pedod forwhSL the award Ss glwen. Bursaries and stholarships from urireslricled funds towards school fees al school are treated a5 a redudion in those fees. In Tanglblo Ilxod •88•ts Thè School prepares a budgetfor Gapitsl expendityre al Ihe start of eath aGademic yearwhith 46 appn)ved by the Flnance Committee. Depredation is prtimded rA>sI less resKlual wdlue atlhe following rates in (xderto write off as881s over iheir estimated useful lives Freahok1 bulhJin9s- St Marfs Theaire and STEM bulldlng Freehold buibJings- ArL8ss road Frèehokl buitdin95- Other Freehold buihJings- Swimmiffj pcN)I Equipment Motor 2% 10% Not depreoaled 3/J% 10%-20% 20% Thè Charity hok15 no in81ien8bb or hislwc assets. The policyfor depreckqling freehohj bulhjirvjs Is to provk1e a charge of 2% on cost less resu•l value. However. no depreGialion has been charged on the main school buiklirvJs 05 an annual impairemenl review is undertaken. Thls conslders the maintenan(* proyramme 10 keep builditys in good walr. and an annual Insur9n re¥W lo idenlfy any gnIficant Sssuas. Assets cosllng more ihan £1,000 artr capitalised and tAtded in the balan sheal 81 hlslodcal cost. Ats under the course of Gon51wGtion ore not depreuated until they are cornplete ond brought Into use. 21
HEATHFIELD S¢HOQL ILIMITEO BY GUARANTEEI
REGISTERED NUMBER.. 00556463
NOTES TO TME FINANcL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
191 Invèstsnents
Investments rtugnised inthally at fairvaluevA)Ich Is Tr)m)81ty the transaction wir£ 19 transOn c¢sis.
SUbseqUy, Ihey are measured al fairvalue wilh chawes recogni in.nel gain(lO$seSI on inve5tmerrtg' in the
SOFA.
Ihl Stock
St
HEATHFIELD SCHOOL ILIMITED BY GUARANTEEI REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR YHE YEAR ENDED 31 AUGUST 2022 (pl Oporating lea888 Rentals payable under operating lease$ are charged against incom8 on a stravJht line b8S15 over the period of the base. Iql Fund accounting Unr85tricted funds are donations and olher incoming resources Tecewed or gerratsd for exp8nditur8 on th8 general objectives of the charity. Restricted funds are created when donations are made either for a particular area or purp058, the use of which is restricted. Eypenditure is charged to the Statement of Finan¢ial A¢twities when incurred. Irl Gritical accounting estimates and aroa8 of judgom8nt In preparing finan1 51aterfient5 It necessary to make c8rt8in judgern8nt5, estirrTrate5 and assumptions that affect the arnounts r8cognis8d in th8 financial statements. The e5tirnate5 and undedying assumptions are based on historical exp8ri8nce and other factors that are considered to b8 r81e¥ant. Actual re5uM5 may dittei from the56 estimate5. The 88tim21e$ arKI underlying assumptions are reviewed on a regular basis In the vwl of the Govemors. no a5sumption$ ¢on¢eming the estimation uncertainty affecting assests and liabilitEs at the balance sheet date are lik8ly lo re$utt in a material adiustrnent to their carrying values. 1 ANALYSIS OF INCOME 2022 2021 lal Charitabl• acllvhl Fees receivable L8S5'. bursari8s, scholarships discounts L88s.' COWD discount 7.514.399 1578,7951 6.588.240 1531,7401 266,763 5,789.737 6.935.604 Summer school 8usiness Inteffuption insurance daim Registration fees Retained deposit Extra5 and disburs8rnents 396.481 550.000 31,600 1.000 142,604 26,9 236,307 8,057,290 6,053,040 All bur8arie$. $¢holarships and diqcounts We made to individual$ in accordance with the School'5 grant- making policy. Ibl Donatton$ and grants 2022 2022 Restrictod Funds 2022 Total Fund8 2021 Total Funds Unrestricted Fund$ Coronoviru5 Job Retention sche grant Donaty'ons received 266,305 1,174,881 1,441,186 385.927 365,927 256.370 256.370 622.297 622.297 All donations and grants income in 2021 kted to Unstned funds. 23
HEATHFIELD SGHOOL ILIMITED BY GUAPANTEEI REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMÉNTS FOR ThE YEAR ENDED 31 AUGUST 2022 Icl Oth•rtrading activiti08 2022 2022 2022 Total Funds 2021 Total Funds Unre8trictsd Restricted Fund8 Fund8 Rental income 97.190 97,190 97,917 All income from other trading activib'es 2021 related to unrestricted funds. Idl ImTOStmBnt incomo 2022 Unr88trictsd Funds 2022 Restricted Funds 2022 Total Funds 2021 Total Fund8 Interest receivab18 44.378 10.722 55.100 39.305 All investmen¢ income in 2021 related to n$tActed funds. 21al Ana1¥ of expondltur• 2022 ¢haritablo activiti08 Teaching Premises Support costs (note 2bl Raising and Managing Fund8 Inote 2cl Slaff costs Other Depreciation Total 3,122,263 963,991 942,612 318.111 1.519,655 474,585 72,710 2.385.061 3.440.374 2,879,692 1,417,197 72,710 7,809,974 396,046 5,028,866 396,046 2021 Staff c08ts Other Doprociation Total Charitablo actlvlll¢s Teaching Premises Support costs (note 2bl Raising and Managing Funds Inote 2¢) 3,011,934 92e,561 832,125 340.476 1.034,294 407.030 9,145 1,790,945 3.352.410 2,275.163 1,239.155 9.145 6.875,873 314,308 4.770,620 314,308 21bl Sypport ¢osts 2022 2021 Salaries and National Insuranc8 Printing, Postsge and stslionery Marketing and devolopmenl Computer costs Bad debts & stod( write off Legal & Professional fees Non-teachers, CPD General expense$ Gcvernanca Costs (note 31 942.612 14.071 105.378 114.028 11.253 84,283 4,887 119,989 20,715 832.125 17,549 79,024 90,094 42.072 88.538 5,986 64.747 19.020 1,417,197 1.239.155 21el Raiaing and Mana9lng Fund$ Fundraising Interest and Charges 54,849 17.861 6,642 2,502 72.710 9,145 24
HEATHFIELD SCHOOL ILIMITED BY GUARANTEei REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Govemance C08ts 2022 2021 Legal & Professional fees Audit fees 20,715 20,715 19.020 19,020 Opèrating Surplus Fund$ 2022 Fund$ 2021 The oper2ting surplus 1$ stated after charging". Depreoation and other arnounts wrrtten off tangible assets Operating lease charg8S Auditorfs rernuneration- audit fee 395,0 24,994 20,715 314.308 24.237 19.020 Employe•8 The average monthly nurnter of 8rnployees (including staff who are also trustees) during the year was.. 2022 No. 2021 No. Teaching staff AdrnInistratn and support 52 53 78 131 129 Employment ¢o•ts Totsl 2022 Total 2021 Wages and salarie5 Social security costs EmployeVs pension contributions Temporary staff c08ts Other 4,128.615 414,815 451,474 2.239 33.961 5,031,105 3,963.853 373,121 423.854 9.792 4,770,620 Induded in the above a temination payrrents of £33.961 for Ihree indivKlual$12021.. £9,792 one indivKluall. Employees earning £60,000 per annum or more received remurratiOn in th8 following bands.. 2022 No. 2021 No. £60.000- £69.999 £70.000- £79,999 £80.000- £89.999 The employers pension conknbution$ for the above employees was £41,06912021.. £22.8441. 25
HEATHFIELD SCHOOL IUMITED BY GUARANTEEI REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 6 Kay Mana9omènt P¢r$onl The charity considers that th• kèy managam•nt personnel comprise the govemors and the senr leadership team- who are the Headmislrtrss, Deputy Head IPastoral & Boarding), Assistant Head ICo- curricularl, Dèputy Head IA¢adÈmi¢l, A55lSt8nt Hèad Assistant Head (teaching and Learning). Assistant He8d Ioperalionsl, Bursar & Clerk lo th8 GovÈinors, Director of Development and the Dlrector of Mafktsting & Adrnissions. The total employee benefits induding penslon costs of the key management personnel of the school were £824.48912021'. £614,0511- 7 Taxation The charit8ble company is exempl from corporatK)n tsx on ts 8¢tivili8s. 8 Tangfib Flxod A¥sets Investment propgrti0$ Freehold prop•rtl•s Equlpment Total Cost Al 1 September 2021 Additions Disposal 12,696.615 2,361,976 3,533,354 20,529 237,833 16,229,969 3,132,505 237,833 750,)0 At 31 August 2022 750,000 15,058,591 3,316,050 19,124,641 D•pr•elatlon Al 1 September 2021 Charge for the year Eliminated on disposals 2,002.067 163,784 3,112.355 231,3(k8 237,646 5.114.422 395,090 237,646 Al 31 August 2022 2.165.851 3,106,015 5,271,866 N•t Book Value At 31 August 2022 750.000 12,892,740 210,034 13,852.775 At 31 August 2021 10,694,548 420,999 11,115,547 The insured value ofthe Main School. Sports Hall, Swmming Pool, St Mary's Theatre and other buildings is £43,230,895 All 18Trgible fixed assets are used for direct charitable purposes. The school does not own or have the us8 of any inalienable or historic assets. No impairment of the freehold piop8tty was èvident, which has bèen confimied by the insurance valuation. Thé school had capital cornmitmenls of £nil12021.. £1,984,908) at 31 August 2022. 26
HEATHFIELD SCHOOL (LIMITED BY GLIARANTEEI REGISTERED NUMBER: 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Inv•stm•nts 2022 2021 At 1 September Additions 0i5posa15 Net gainsll1058esl At 31 August 350,540 252,520 281.176 312.035 1312,6061 89.935 9.800 593,260 0.540 Hlstorl¢al cost 564,555 312,035 Of the investments he £340.74012021.. £350.5401 relates to FelIty Investrnents whi¢h is listed on the London Stoth Exchange. Th8 baL9nce reLqtes to M&G CharibDnd and Charrfund acquired in 2022. 10 Stock 2022 2021 House) and ¢on%umable materials 23.186 24.343 11 Debtors 2022 2021 Tuition fee5 r8C8ivab Bad debt provision Other debtors Prepayment$ and arxrued income 226,397 170,1151 5,987 372,643 576,565 198.3221 .699 1,120.717 534.912 1,621.659 12 Cr•diiors.' Amounts falling duo wlthln one year 2022 20 Trade Creditors Loan Tuition f888 in advance Isee b&lwl Other taxe$ and socKg15ecurty c0518 other creditor5 Accruals and deferr&l inc(xne 259.631 150.CMYJ 1,311.827 102.576 141.511 72.321 168.171 112,500 1,291,158 95,036 287,178 47,535 2,037,887 2,001,578 2022 2021 rolal tuition fees in adwdnce brcught foTward5 Released in year Receiv•J in year 1,291.158 11.291,1581 1.311.827 878,388 1878.3881 1,291.158 Total tuition fees in advanc8 carried forwards 1.311,827 1.291.158 Repayab in one yaar or less. or on dernand Repayable in one year or more Isee note 131 1.311.827 1.291.158 1,311,827 1.291,158 27
HEATHFIELD SCHOOL (LIMITED BY GUARANTEEI REGISTERED NUMBER: 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13 Cr•dltors= Amounts falllng due after more than one year 2022 2021 Loan Fee deposrts 537,500 667,827 637.500 603,602 1,205,327 1.241,102 In 2021, the school obtained a loan from Bardays Bank plc under the Govemment's Coronavirus Business Interruption Loan scheme. Interest is payable at Bank of England base rate plus 3.35°/D from DeMtser 2021 and the loan 5$ repayable by November 2026. The amount due in rnore than five year5 is £nil12021.' £37,500). There Is a charge outstanding over properties owned by the School in relation to these loans. Fee deposlts Repayable in one year or less, or on dernand 75,070 84.5fKJ Rèpayable beIRen one and years Repayable betren fvvo and five years Rèpayablo in re years or more 53,539 536,488 77,800 109,620 423.482 70,500 Total 667,827 603.602 Fees pald In advane• Rèpayable in one year or less, or on demand 1,311.827 1,291,158 Rtpayablè btheen one and tsvo ye8rs Repayable been tsvo and five years Total 14 Provision for Ilabllltleg 2022 2021 Balance at ? Septembèr Relèased in year Isee note 171 28,467 123,0441 36,219 {7,752 5,423 28.467 28
HEATHFIELD SCHOOL ILIMITED BY GUARANTEEI REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15 Funds Balance at 31 AugU8t 2021 Balane8 at 31 August 2022 Galns & Tran$fgr¥ Income Expendlture Unrestricted Funds- General 12,(X)9,207 Reslricled Fund 8,564,784 267,092 8,831,876 17.809.974) 114,5721 7,824,546 19,8001 12,754,218 252,520 13,006,738 12,QK)9,207 9,800 Restricted funds relate lo Sl Mary's Wantsge Bursary Fund whi¢h supports bursaries gen to pupils at the Sthool. Balance at 31 August 2020 8alane& at 31 August 2021 Galns & Transfers Ineome Expendlture Unrestricted Funds- General 11,183,697 7,631.448 6.875.873 69,935 12,009,207 16 Analysls of net assets befvn lunds Unrestrlcted Restricted Funds Funds Total Funds Tangible fixed assets Current assets Current liabilities Creditors falling due after 1 year Provish)ns lor liabilitlès and chargas 13,852,775 2,150,060 12.037.867) 11,205,327) 5,423 12,754,218 13,852,775 2,402,580 {2,037,86 11,205,3271 5,423 13,OCQ,738 252,520 252,520 All net assets in 2021 were represented by unrestricted fvnds. 29
HEATHFIELD SCHOOL ILIMrrED BY GUARANTEEI REG5STERED NUMBER: 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17 Penslon obllgatlon8 The School employees belong to principal pension schemes.. Royal London Schem8 for teaching staff.. and TPT Retirement Solutions Independent Schools, Pension Scheme IISPSI for non-teaching staff. Both are defined Contribuon schemes. In addition, a small number of employees belong to TPT Retirement Solutions Growth Plan ITPTGPI defined benefrt scherne however this is dosed to new members. TPT Retlrement Solutlon8 The scheme is sublad to the fundlng leglslation ouuines in the Pensions Act 2004 which came Into force on 30 De¢embei 2005. This. logelhei with documents Issued by ffte Pensions Regulator and Techni¢al Actuari81 Stsndard5 1S5ued by the Fin8n¢ial Reporting Council, set out the tramework for funding definéd bénefit occupational pension sth8me in thè UK. The scheme is classified as a'last-man stsnding 8rrangèm8nt'. Therefore Ihe company 15 Potentially li8ble for other participating employers, obligations if those employeis are unable to meet their Share of the Scheme deficit following wthdrawal from the scherne. Participating employers are legally required to meet their share of the scheme defictt on an annuty purchase basi5 on wlhdrawal from the scheme. A full actuarial valuation lor the sd)ème was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilth'ès of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay addrtional contributions to the scherne of £3,312,000 per annum. This 18 payable monlhty from 1 April 2022 to 31 January 2025 and increases by 3Vo tra¢h on 1 $1 April. The recovery plan contributions are allocated to each participating employer in Ilne with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the cornpany has agreed lo a dèfidt lunding arrangement the company recognises a liability for this obligabon. The arnount recogni5&d is the net present value of the deficit duCtIon contributions payable under the agreement that relates lo the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding ol the discount rate is recognised as a financ& cost. Reconclllatlon of op•nlng and closlng provlslon: 2022 2021 Provision al slart of period Recognised in year Unwinding of discount factor (interest expense) Deficit contribution paid Reme8surernents- imp8d of ¢hange in assumpts.ons Remeasurements- amendments to the contribution schedule 28,467 36.219 162 15,6651 1239) 117.3021 175 17.8891 1381 Ineom& and •xp•ndltur• Impa¢t'. Intefest expense Recognised in year Rerneasurement5- impact of change in assurnplions Rgrne3surement5- amendment5 to the contribution schedule 162 175 12391 117,3021 138} I movgm8nl$ on tho pension provision ara recognised in the Statement ol Financial Activitias as staff costs. 30
EATPIFIELD SCHOOL ILIMITED BY GUARANTEE REGISTERED NUMBER.. 00556463 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17 Penslon obllgatlons contlnugd Th8 a55Urn8d discount rate applied is 4.46% par annum12021.. 0.63%). Thi5 rate is the equivalent sing di$¢ount rate which, when used to di5¢0unt the future recovery plan Contributions due. would give the Sa resutts as using a full AA corporate bond yield curve to discount the Same recovery plan contribution5. Royal London SchBme The pension charge for the year include5 contribution5 payable to Royal London of £291,30912021 £338,747) and at the year*ThJ £42.19312021. £45.4811 wa$ accrued in Spect of contributs.ons lo thi8 5th8me. 18 Indemnlty Inguronc$ Duri the year the company purchased insurance for the diT8Ctor5 of the school against liabilthes adsiryJ from negligence in relation to the MpanY as pemiitted under Section 233 of the Companies Act 2(MJ6 wilh the approval of the CharitEs Commi$$ion. £36,9{2021. £37.0171 was paid for an all risks combined liability insurance policy. Indud8d in this wa5 public liability insurance and professional indemnity insurance relatin9 to tr)e tnjstees. 19 Company limited by guarantea A8 the ¢L¥npany 1$ limited by guarantee. in the event of winding up the Memr8 will required to pay £1. 20 Related party transactlons None of the tru51e85 receNed any rernuneration or reimbursed e¥w)ses for tslr role as trustee during the current or prevlous year. Thè Chairman wa5 also a trustee of St Mary'5 Schcol Wanlage Bursary Fund. The d)arty. which dose during 2022. raised fuThJs lo support bursaries prov by the School. During the year an amount of £267.09212021.. £10,199) was donated to the School and at the year and £nil12021." £nill was owed lo the S¢. 21 Controlling Inter05t The Company is controlled by rts Board of Govem¢xs. 22 Op8ratlng leaBe commltments At 31 AaUSt 2022 th& school had total commitments under non-cancellable operating18as•s falling due as set out below.. 2022 2021 Du¢ wlthln.. Less than year Bea&n Or and five years 26.249 27,389 20.473 19.167 53,638 39,640 23 ContlrwJ8nt Llabllltss Durir¥J the year er a kgal case has arisen that coukj in a futu liability for Ihe school. No financkql liability can be quants.fied at this $tage_ 31