2024-08-31-accounts

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

HEATHFIELD SCHOOL (LIMITED BY GUARANTEE)

Company Registration No. 00556463 Registered Charity No. 309086

HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 KEY EXECUTIVES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 AUGUST 2024

Key executives and Professional Advisors

HEAD: Mrs S Rollings BURSAR: Mrs R Frier SENIOR LEADERSHIP TEAM: Ms L Scott Deputy Head (Pastoral and Boarding) Mr J Williams Deputy Head (Academic) Miss W Reynolds Assistant Head (Co-curricular) Ms A Morgan Director of Marketing and Admissions Mr A Valner Assistant Head (Pastoral and Boarding) Miss C Wells Assistant Head (Operations) BANKERS: Barclays Bank Plc SOLICITORS: VWV Orchard Court Orchard Lane Bristol BS1 5WS AUDITORS: Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP COMPANY SECRETARY: Mrs R Frier REGISTERED OFFICE: Heathfield School London Road Ascot Berkshire SL5 8BQ

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Governors present their annual report for the year ended 31 August 2024 under the Companies Act 2006, together with the audited accounts for the year, and confirms that the latter comply with the requirements of the Act, the memorandum and articles of association and the Charities SORP 2015.

REFERENCE AND ADMINISTRATIVE INFORMATION

The School was founded in 1899 and became a Charity in 1955 and is registered with the Charity Commission under Charity number 309086. The School is also a company limited by guarantee registered number 556463 (England and Wales). The Trustees of the charity are also Directors of the company and are referred to as Governors in this Report. The Governors are listed below and the executive officers, professional advisors and principal addresses of the Charity are listed on page 1.

Principal activities of the year

The School provides education in Ascot for girls from the ages of 11 to 18, and also runs a summer school and camp for local and overseas students.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

Governors

The members of the Governing Body are detailed below. The Governing Body is self-appointing. Each Governor is elected for three years and retiring Governors are able to stand for re-election. The number of serving Governors shall not be fewer than ten or exceed twenty.

Organisational Management

The School's Governors, who are also the Charity Trustees and the Company Directors, are legally responsible for the overall management and control of the School and meet at least three times a year. The work of implementing most of their policies is carried out by the members of the five following subcommittees: Finance, Buildings & Development, Educational, Pastoral and Compliance, Marketing, Admissions & Communications, Development and Nominations which meet at regular intervals during the year.

The day-to-day running of the school is delegated to the Headmistress, supported by the senior management team, together with the Bursar. The Headmistress and the Bursar attend meetings of the above committees.

At the date of approval of the financial statements the School Governors are as follows:

Name	Position
Mr Alex Popplewell	Chair of the Council,Chair N,F,Chair D
Mr Steve Melcher	Chair of F,D
Miss Charlotte Faber	Chair of MAC,N
Mrs SallyTulk-Hart	MAC,EPC
Mrs Sarah Collister	EPC
Mr GuyEgerton-Smith	Chair BD,F
Hon Mrs Frances Stanley (resigned 6 July2024)	D
Mr Robert Gregory	N
Mrs Annabelle More O’Ferrall(resigned 18 March 2025)	EPC
Mrs Suzie Cullen(resigned 5 December 2024)	MAC
Mrs Anne Lynch	Chair EPC
Mrs PoppyHughes(appointed 12 March 2024)	F

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Name	Position
Mr TonyLeggett(appointed 12 March 2024)	F
Mrs Karen Hurt(resigned1 November 2023)
LadyKatharine Colquhoun(appointed 26 June 2024)	EPC

Key:

Buildings & Development Sub-committee = BD

Marketing, Admissions & Communications Sub-committee = MAC Nominations Sub-committee = N

Education, Pastoral & Compliance Sub-committee = EPC Finance Sub-committee = F Development Sub-committee = D

Recruitment and Training of Governors

Potential Governors are identified by members of the Governing Body which seeks to achieve a balance of experience and background in secondary education, finance, business, law, facilities & property management, human resources management, marketing & PR and health & safety compliance. New candidates tour the School and meet the Head and other existing Governors. They are proposed by the Nominations Committee. Once appointed, new Governors are inducted into the workings of the School including Board Policy and Procedures. Training is regularly offered to all Governors on various topics including child protection and safeguarding training. Governors are encouraged to attend external seminars and course to keep them informed and updated on current issued in the sector and regulatory requirements. This includes events run by AGBIS, ISC, ISBA and professional firms.

Key management personnel remuneration

The remuneration of key management personnel (being the Head and Bursar) is set by the Governors, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly for their individual contributions to the success of the School. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to benchmarking information to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our expenditure.

The School is committed 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 respects all its members and values the harmonious relationships between them. As a community 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 appropriate.

Consultation with employees at all levels ensures that the views of employees are taken into account when decisions are made that are likely to affect their interests. All staff are briefed at the beginning of each term with shorter briefing sessions held once a week. The Senior Leadership Team meet once a week to discuss strategic plans; there are regular Heads of Department and Heads of Year meetings where teaching and learning strategies are discussed, as well as weekly meetings with Boarding staff.

Chapel

The Chapel provides a place of peace and quiet reflection, where pupils’ 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 when they leave, and the place they come back to first when they return to visit. Dedicated in 1904, the Chapel was built in the Victorian Gothic style with collegiate seating. Chapel follows current Anglican practice, yet it is a place for all the school community regardless of faith or belief.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Chaplain is a central figure in school life who leads Chapel services during the week, on Sundays and on special occasions. The Chaplain is available to all members of the school community and the school's extended community for pastoral care.

Related parties and other connected charities and organisations

The Heathfield Fellowship is a separate entity which continues to raise money to enable pupils to attend the school by way of bursarial support.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects for which the Association is established are to advance education and training by:

• The provision and conduct, in the UK or abroad, of a school or schools for girls under the name of Heathfield School to be conducted in accordance with the traditions of the Church of England including the Anglo-Catholic tradition; and

• Insofar as it is incidental or ancillary to the advancement of education, such other means for the benefit of the local community as shall be exclusively charitable.

These are set out in the School’s governing document – the Memorandum and Articles of Association of Heathfield School dated 18 October 1955 as amended March 2009 and November 2024.

The Governors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the School’s aims and objectives and in planning future activities.

Public Benefit Activities

The Governors have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The School is committed to ensuring that it is meeting its main aim and its charitable objective. The School’s aims for the public benefit are:

• To recognise the need to respond to the challenge of change by giving all members of its community the opportunity to develop, by continual improvement of its facilities and by fostering links with the wider community.

• To optimise its resources and recognise its responsibilities for administering its charitable funds efficiently and for the benefit of the School and the wider community.

The Governors are committed to widening access to the School and welcomes pupils from all backgrounds. Each pupil to whom support is offered must, in the opinion of the Headmistress, be likely to make sound academic progress following admission, possess the potential to develop the quality of her work and benefit from participation in the wider, extra-curricular activities on offer at the School. The availability of bursaries is publicised on the School's website. The Governors' policy is to award bursaries on a means tested basis only. The bursaries are available to provide financial support for up to 100% of the annual fees. During 2024 a total of £626,078 (2023: £464,294) was awarded in bursaries to 37 (2023: 29) pupils. Many more applications are received than the School can reasonably support.

The School works closely with a number of other partner charities that help identify pupils who could benefit substantively from the education and pastoral support that the School can provide. 8 pupils (2023: 6) receive significant contributions towards their fees from these external grant-making bodies which resulted in full remission of their tuition fees.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The School actively supports the local community, charities and associations by making its facilities available at less than cost price or free to a variety of different clubs and organisations. This provision is inevitably limited by boarders use and the safeguarding restrictions of operating a small boarding school. The School has started to develop links with local maintained schools. Some specific examples of the School’s outreach programme are:

• Two members of the Senior Leadership Team volunteered as Governors at local maintained schools.

• The school ran several Prep Schools Swimming Galas, Prep Schools Choir competition and a Prep Schools Lacrosse coaching session event.

• Free places were offered to pupils receiving free school meals from local maintained schools to attend Heathfield’s Summer Camp.

• Sixth Form students visited a local maintained primary school on a regular basis to help with their reading lessons.

• Text books were donated to a maintained secondary school in Surrey as well as reading books and resources to a local maintained primary school.

• Pupils, staff and parents donated time and resources to transform the playground of Harmans Water primary school.

• Local maintained senior schools attended a number of guest speaker events.

• Members of staff are qualified school inspectors and are permitted time off from their Heathfield role to regularly carry out inspections of other schools.

Heathfield pupils also participate in the Duke of Edinburgh’s Award scheme at Bronze, Silver and Gold level. Our pupils have contributed over 200 hours of volunteering during the year.

Our pupils also raised over £11,000 for local, national and international charities throughout the year through a variety of fundraising activities including charity concerts, a Christmas fair, cake sales, poppy sales for the British Legion and non-uniform days.

The swimming pool is host to many local communities and organisations. Schools including Kennel Lane, and Natures Nursery used the facility at various times throughout the year. In addition to these schools, there are a number of clubs that use the pool on a regular basis. These include, Scuba Trust, Bracknell and Wokingham Swimming Club and Windsor Swimming Club. Frogs and Friends Swimming School regularly run lessons at the pool as part of their ‘learn to swim’ programme which is offered to children in and around the local area.

Fundraising performance

The School views fundraising as a very important source of additional income to enable fees to be kept as low as possible and to reduce reliance on single income streams. The trustees are fully aware of their individual responsibility and accountability to ensure that the School fundraises legally, responsibly and effectively. They are aware of the Charity Commission CC20 guidance and use this and the accompanying checklist to help them evaluate the School’s fundraising performance.

The Development Office continued to raise funds for the Sixth Form Centre capital project and other development projects. The total amount raised for 2024 was £184,873 (2023: £290,948).

The School did not engage with a professional fundraiser in the year and is not a member of the fundraising body.

The School has a published complaints procedure, available on its website. The number of complaints received during the year in respect of fundraising was none.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Aims and Intended Impact

Heathfield School aims to discover and develop every pupil’s unique talents to enable them to excel.

Heathfield aims to foster:

• The confidence and self-belief to go beyond one’s preconceived abilities academically, physically and spiritually;

• Authenticity, self-awareness and a desire to embrace each other’s uniqueness and spirit; Compassion, empathy, understanding and lifelong friendship building respect for oneself and others; Good habits for life: work ethic, self-discipline, resilience, independence, integrity and courage based on strong moral values and having a go;

Commitment to the community: selflessness, compassion and service to others.

These values are engendered through four central pillars of Community, Pastoral Care and Boarding, Teaching and Co-Curricular.

Objectives for the year

• To maintain and develop the School’s academic performance

• To maintain and provide a first class boarding experience

• To continue to grow and boost admission numbers

• To continue to improve and increase awareness of the School and what it stands for at local, regional and national level

Strategies to achieve the year’s objectives

The strategies to achieve the year’s objectives have included:

Admissions

Day girls, first admitted in 2015-16, are now an established and vital part of the School population with numbers increasing steadily in line with our planned growth of the student roll. They are leading a full part in the life of the school alongside the School’s boarders and have every opportunity to take part in all the activities on offer at Heathfield.

Weekly boarders were admitted for the first time in September 2022 in response to parental demands and Part time boarding, which allows pupils to board for the same 1, 2 or 3 nights per week per term was introduced in every year group in September 2024.

The Head continues to host prep head visits, and the School hosts prep school curriculum and non-curriculum events at Heathfield, aimed at increasing prep schools’ awareness of what we offer and of our growing academic reputation.

Academic Strategy

During the year, we have continued to push forward with an over-arching strategy to improve our growing academic success at Heathfield, including more intensive individual monitoring of staff and pupils' performances in the classroom as well as monitoring girls' study time and their use of it more closely while providing complementary activities to enhance their learning, in the form of conferences and workshops at the school through to a greater variety of co- curricular activities.

Our Learning Support Department continues to provide expert help for girls who require additional support in one or several areas, ensuring that Heathfield's outstanding reputation for helping to fulfil the potential of each individual girl through our value added results is supported and enhanced at every level.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Monitoring current pupils

Our individual monitoring of pupils to highlight their academic strengths and weaknesses, and to give them extra guidance where appropriate, is paying dividends in enabling staff to identify early the areas where girls need extra help. Staff can input such vital details about a child’s performance into our monitoring and tracking system within the school’s intranet so that they share their observations with their colleagues and areas of concern quickly become spotted and therefore acted on.

Monitoring also means that our gifted and talented programme for the brightest pupils has become more defined within the school and has encouraged and nurtured academic development in the brightest girls.

Scholarship programme

Our scholarship programme has continued to grow in profile inside and outside the school. The scholarships attract the brightest pupils to Heathfield, thus helping to improve our academic reputation. Regular monitoring to ensure each girl’s potential is fulfilled also helps us to identify potential scholarship candidates from within the school who are able to compete for a scholarship at appropriate times.

Co-Curricular

Similarly, our co-curricular programme was developed to encourage and reflect an emphasis on academics. Making the programme increasingly Sixth 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 achievements such as special assemblies and the

High Flyer awards are popular with the girls and have a positive effect on the girls’ confidence as they take pride in their achievements.

STRATEGIC REPORT

Merger with The Mill Hill School Foundation

During the spring and summer of 2024, the Governors, Head and Bursar carried out a strategic review in light of the immediate and future impact of rising fuel costs, increases in National Minimum Wage and National Insurance rate and the introduction of VAT on fees accompanied with the loss of Business Rate Relief. Having carefully considered a range of options, the Board took the strategic decision to look for a suitable merger partner. Over the summer the Board initiated discussions with the Mill Hill Foundation, formally entering into Due Diligence in October 2024. Following detailed Due Diligence, the merger agreement was formally signed and contracts exchanged in February 2025. On completion on 1 September 2025, all assets and liabilities of Heathfield School will be transferred to the Mill Hill School Foundation. The future planning for Heathfield School will also pass to the Foundation. The Governors unanimously agreed that the merger, with a Foundation that has the same ethos, allows the school to better meet its objectives by providing greater financial stability, the opportunity for investment and collaboration and, as a consequence, the potential to improve outcomes for students.

REVIEW OF ACHIEVEMENTS AND PEFORMANCE FOR THE YEAR

Academic Achievements

The size of Heathfield ensures every pupil is known individually and enables our dedicated and talented teaching team to engage and motive every pupil. Small class sizes and individual teaching boosts achievement, and our pupils benefit from a 4:1 teacher / pupil ratio. Personalised learning plans and performance monitoring help both staff and pupils to analyse progress.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Academic life of a school is not just the learning that takes place in a classroom but the breadth and depth of activities both in and out of the classroom. Heathfield is renowned for its strong and vibrant creative and dramatic tradition. We are an academically ambitious and rigorous school where we prepare our pupils for careers which have not yet been discovered. Therefore, it is vital that our curriculum is skill based as well as ensuring that every pupil has the relevant academic qualifications to progress onwards to their future goals.

Our 2024 GCSE examinations resulted in successes across a broad range of subjects, with over 30% of all grades awarded at 9-8 with over 50% of grades 9-7. On average, students scored well over 1.32 grades higher in every subject when compared to their standardised Value Added Scores.

Our A Level students for their fantastic achievements. The results, spanning 17 diverse subjects, have students heading to top UK and international destinations of their choice including Bristol, Durham, Exeter, King’s College London, Newcastle, the Royal Veterinary College London and the prestigious Glasgow School of Art. Students will be studying subjects from Biomedical Sciences, Economics, Law, Medicine and Politics to Anthropology, Art, Computer Science and Music, to name but a few. Others have chosen international destinations in the US, Greece and France.

Staff

The Governors wish to express their gratitude to the Head, the Bursar and all other members of the Staff for their continued dedication to the interests of the pupils of Heathfield School.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Governors consider that the School is on a sound financial footing, given the increasing pupil numbers year on year since 2018, and views the future with optimism, despite the challenges of the year due to the economic crisis. At the year end, the school held cash balances of £2,786,323 (2023: £686,088) and investments of £150,410 (2023: £1,501,463).

At 31 August 2024 the School had net assets of £12,217,682 (2023: £12,536,847), of which freehold property accounts for £12,591,374 (2023: £12,741,210). This is a vital area of focus for the School as the high quality facilities and living quarters are significant contributing factors in attracting new pupils.

During the year a net cash inflow of £2,100,235 (2023: outflow £565,134) occurred. Cash from operating activities was a net inflow of £1,538,087 (2023: inflow £94,360) in the year.

After depreciation and gains on investments, the School made a deficit of £319,165 (2023: deficit £469,891).

As a registered Charity any surpluses are applied for the benefit of the School.

Reserves Policy

The Governors’ policy is to build up free reserves to meet demands for further expenditure out of annual operating surpluses to equip the School with the up-to-date facilities needed to improve and maintain the standard of educational services and sporting facilities. The Governors are of the opinion that the total reserves on the Income and Expenditure account of £12,217,682 (2023: £12,536,847 ) are sufficient to meet the school's obligations for the foreseeable future (see note 15 for note on reserves).

The Governors recognise the need to review the reserve levels of the school annually at the year-end as part of

its medium-term budget planning. The Governors' policy is to generate reserves to provide funds to continue to enhance the educational facilities and services of the School and to fund future projects, whilst maintaining

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

a contingency in the region of £1,000,000. The Governors intend to review the Reserves Policy annually to ensure that this aim can be achieved.

Investment Policy

The Governors' policy is to invest in secure forms of investment that provide a reasonable level of income. The Finance Sub-committee keeps under review the investment risks and rewards.

Going concern accounting Policy

The Governors have assessed whether the use of the going concern basis is appropriate as post year end the governors resolved to enter into a Merger Deed with the Mill Hill School Foundation, MHSF, and therefore from 1 September 2025 all assets and liabilities will transfer to MHSF.

On this basis the Governors have prepared the financial statements on a basis other than that of a going concern. No adjustments to the recognition or measurement of assets, liabilities or other transactions have been made as a result of the financial statements being prepared on a basis other than that of a going concern. No additional provisions have been recognised as a consequence of adopting a basis of preparation other than going concern.

Future Plans

The construction of a Sixth Form Study and Wellbeing Centre was completed in September 2022. The School is continually improving its facilities with smaller refurbishment projects as well as considering options for future capital plans which may include an additional classroom block, new sports hall and fitness suite and/or staff accommodation.

The School is continuing to raise academic standards and to attract academically able pupils to the School.

Post balance sheet events

On February 2025, following extensive discussion and Due Diligence, supported by the School's legal advisers, the Board of Governors resolved that it was in the best interests of Heathfield School to enter into a Merger Deed with the Mill Hill School Foundation (MHSF). The merger will complete on 1 September 2025. Under the terms of the merger, all assets and liabilities of Heathfield School will be transferred to MHSF.

The merger deed protects the individual character of the school whilst providing financial security and the opportunity for joint promotion and collaboration.

Following completion of the merger and full transfer of leases and other liabilities, Heathfield School will be struck off.

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 Sub-Committees and then centrally by the Governing Body. Risk is assessed in three categories; Strategic, Financial and Operational risk. Risks are identified, assessed and controls or mitigations established throughout the year. A formal review of the risk management process is undertaken on a rolling basis throughout each year.

The most significant risk to the charity, and indeed most independent schools, is a significant drop in pupil numbers, which would affect income. This is a matter that receives continuous attention. The risk is compounded by the government legislative changes to business rates relief and the addition of VAT to fees. Identified as significant risks with some mitigations available, this would increase operating costs and almost certainly lead to

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

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 arrears. Conversely, school fees are received termly in advance resulting in a surplus of working capital. Any cash flow risk which will arise from the commission of any building projects will be reduced by extensive forward planning by the Governors, coupled with significant cash balances held by Heathfield which can be utilised as required.

Credit risk is the risk of financial loss to Heathfield if a fee payer fails to meet their obligations. Heathfield minimises this risk by taking deposits from each student and monitoring amounts not received on a regular basis.

Health and Safety is always a significant area for risk management. The risks range from fire to personal risks (most notably when away from the School on trips and expeditions). The risks associated with all activities are minimised by thorough planning and risk assessment.

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The charity's exposure to risk is reviewed consistently throughout the year.

The key controls used by the Charity include:

• Formal agenda for all Committee and Board activity

• Comprehensive strategic planning, budgeting and management accounting Established organisational structure and lines of reporting

• Clear authorisation and approval levels

• Vetting procedures as required by law for the protection of the vulnerable Formal written policies

STATEMENT OF GOVERNORS' RESPONSBILITIES

The Governors, who are also the Trustees, are responsible for preparing a Governors' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, 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 consistently; observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

So far as each of the Governors are aware at the time the report is approved:

there is no relevant information of which the company's auditors are unaware, and the Governors have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

BY ORDER OF THE BOARD

Mr Alex Popplewell Chair of the Governors

Date: 15 May 2025

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for the year ended 31 August 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HEATHFIELD SCHOOL

Opinion

We have audited the financial statements of Heathfield School (‘the company’) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

· give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

· have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

· have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1 in the financial statements which explains that on 1 September 2025 the operations of the school will be merged with the Mill Hill Foundation. Consequently all of the assets and liabilities of the Charitable Company will be transferred to the foundation and the Charitable Company will cease its operations. The Governors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the trustees’ annual report has been prepared in accordance with applicable legal requirements.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HEATHFIELD SCHOOL

for the year ended 31 August 2024

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

· adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

· the financial statements are not in agreement with the accounting records and returns; or

· certain disclosures of trustees’ remuneration specified by law are not made; or

· we have not received all the information and explanations we require for our audit; or

· the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ annual report and from preparing a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HEATHFIELD SCHOOL

for the year ended 31 August 2024

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

· Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

14

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HEATHFIELD SCHOOL

for the year ended 31 August 2024

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

· We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

· We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

· We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

· We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

· Based on this understanding, we designed specific 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 are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date 22 May 2025

Shivani Kothari (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6th Floor 9 Appold Street London EC2A 2AP

15

Heathfield School

STATEMENT OF FINANCIAL ACTIVITIES

(including the income and expenditure statement) for the year ended 31 August 2024

Unrestricted / Designated Notes funds £ INCOME FROM: Charitable Activities School fees 3 7,239,272 Other educational income 4 1,350,445 Other income 5 Other trading income 159,258 Investments Investment Income 6 96,864 Voluntary sources Grants and donations 7 184,873 Total income and endowments 9,030,712 EXPENDITURE ON: Costs of raising funds Fundraising and development 8 415 Other trading costs - Interest and other costs 35,010 Charitable activities Education 8 8,933,731 Total expenditure 8 8,969,156 Net operating income/(expenditure) 61,556 Pension Provision change (2,241) Other Profit or Loss on sale of assets/property (131,800) Net gains on investments 5,426 (128,615) Net income/(expenditure) 19 (67,059) Transfer between funds - Net movement in funds (67,059) Fund balances brought forward 12,284,741 Fund balances carried forward 19 12,217,682	Restricted funds £ (253,329) - - 4,024 - (249,305) - - - - - (249,305) - - (2,801) (2,801) (252,106) - (252,106) 252,106 -	Total 2024 £ 6,985,943 1,350,445 159,258 100,888 184,873 8,781,407 415 - 35,010 8,933,731 8,969,156 (187,749) (2,241) (131,800) 2,625 (131,416) (319,165) - (319,165) 12,536,847 12,217,682	Total 2023 £ 7,356,266 1,160,224 126,330 75,672 291,312
			9,009,804
			65,085 - 46,636 9,271,844
			9,383,565
			(373,761) (2,207) 500 (94,423)
			(96,130)
			(469,891) -
			(469,891) 13,006,738
			12,536,847

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to activities that will be transferred to The Mill Hill School foundation on 1 September 2025, where they will continue.

The accompanying notes form part of these financial statements.

16

Heathfield School

BALANCE SHEET as at 31 August 2024

	Notes	2024	2023
		£	£
FIXED ASSETS
Tangible assets	12	13,125,812	13,170,121
CURRENT ASSETS
Investments	13	150,410	1,501,463
Stocks	14	32,194	34,645
Debtors	15	427,695	432,396 <
Cash at bank and in hand		2,786,323	686,088
		3,396,622	2,654,592
CREDITORS: Amounts falling due within one year	16	(3,065,847)	(2,167,688)
NET CURRENT LIABILITIES		330,775	486,904
TOTAL ASSETS LESS CURRENT LIABILITIES		13,456,587	13,657,025
CREDITORS:Amounts falling due after more than one year	17	(1,237,930)	(1,116,962)
PROVISIONS FOR LIABILITIES AND CHARGES		(975)	(3,216)
NET ASSETS		12,217,682	12,536,847
FUNDS
Restricted funds	19	-	252,106
Unrestricted funds – general	19	12,217,682	12,284,741
		12,217,682	12,536,847

Approved and authorised for issue by the Board of Trustees on 15 May 2025 nd signed on their behalf by:

Mr Alex Popplewell Governor

Mr Steve Melcher

The accompanying notes form part of these financial statements. Company Number: 00556463

17

Heathfield School

CASHFLOW STATEMENT

for the year ended 31 August 2024

CASH FLOW STATEMENT Notes Net cash inflow from operating activities 26 Cash flows from investing activities: Bank interest received Interest paid Proceeds from sale of investments Proceeds from sale of fixed assets Payments to acquire fixed assets Payments to acquire investments Net cash outflow from investing activities Financing: Loans repaid Net cash outflow from financing activities Increase/(decrease) in cash beginning of the reporting period end of the reporting period Cash and cash equivalents at the Cash and cash equivalents at the	2024 £ 1,546,829 100,888 (35,010) 1,370,504 - (328,266) (17,210) 1,090,906 (537,500) (537,500) 2,100,235 686,088 2,786,323	2023 £ 94,360 75,672 (46,636) - - (435,904) (102,626)
		(509,494)
		(150,000)
		(150,000)
		(565,134) 1,251,222
		686,088

18

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

1 ACCOUNTING POLICIES

Heathfield School is a company limited by guarantee with registered number 00556463, incorporated and domiciled in England and Wales. Its registered office is Heathfield School, London Road, Ascot, Berkshire, SL5 8BQ.

1.1 BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

Post year end the governors resolved to enter into a Merger Deed with the Mill Hill School Foundation, MHSF, and therefore from 1 September 2025 all assets and liabilities will transfer to MHSF and the school will cease its operations.

As a result the financial statements have been prepared on a basis other than that of a going concern. No adjustments to the recognition or measurement of assets, liabilities or other transactions have been made as a result of the financial statements being prepared on a basis other than that of a going concern. No additional provisions have been recognised as a consequence of adopting a basis of preparation other than going concern.

1.3 INCOME

All income is recognised when the School has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

1.4 FEES RECEIVABLE AND SIMILAR INCOM

These represent fees charged to pupils with incidental fees and disbursements disclosed separately and are accounted for in the period in which the service is provided. Fees received in advance of education to be provided in future years are held as liabilities until either taken to income in the term when used or else refunded.

1.5 DONATIONS

All monetary donations are included in full in the statement of financial activities when received, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Donations receivable for the general purpose of the Charity are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on Heathfield School’s

Governors.

The value of donated services and gifts in kind provided to the School are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the School can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities, except where the gift in kind was a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the School's policies.

• 1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and is classified under the following activity headings:

· Costs of raising funds comprise the finance costs incurred by the School.

· Expenditure on charitable activities includes the costs of the academic and pastoral care provided to the pupils.

Governance costs, which comprise the regulatory costs of running the charity, have been allocated wholly to the charitable activities of the School. All expenditure is inclusive of irrecoverable VAT.

1.7 GRANT MAKING POLICY

Bursaries from restricted funds are included as expenditure in the period for which the award is given. Bursaries and scholarships from unrestricted funds towards school fees at school are treated as a reduction in those fees.

19

Heathfield School NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

1.8 FIXED ASSETS AND DEPRECIATION

The School prepares a budget for capital expenditure at the start of each academic year which is approved by the Finance Committee.

Assets that cost less than £2,500 are not capitalised and are written off in the year of purchase.

Depreciation is provided on cost less residual value at the following rates in order to write off assets over their estimated useful lives, which are

Freehold buildings - St Mary's Theatre and STEM building - 50 years Freehold buildings - Access road - 10 years Freehold buildings - Other - Not depreciated Freehold buildings - Swimming pool - 30 years Equipment - 5 to 10 years Motor vehicles - 5 years

The charity holds no inalienable or historic assets.

The policy for depreciating freehold buildings is to provide a charge of 2% on cost less residual value. However, no depreciation has been charged on the main school buildings as an annual impairment review is undertaken. This considers the maintenance programme to keep buildings in good repair, and an annual insurance review to identify any significant issues.

Assets costing more than £1,000 are capitalised and carried in the balance sheet at historical cost. Assets under the course of construction are not depreciated until they are complete and brought into use.

1.9 STOCKS

Stocks are stated at the lower of cost or net realisable value.

1.10 INVESTMENTS

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in "net gains/ (losses) on investments in the SOFA.

1.11 DEBTORS

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months of less from the date of acquisition or opening of the deposit or similar account.

1.13 CREDITORS AND PROVISIONS Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised

1.14 FINANCIAL INSTRUMENTS

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the School's balance sheet when the School becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 12 and 13 for the debtor and creditor notes.

1.15 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.16 EMPLOYEE BENEFITS

The cost of short-term employee benefits are recognised as a liability and an expense.

1.17 PENSION COSTS

Retirement benefits to employees of the School are provided by Royal London for teachers and the TPT Retirement Solutions Independent Schools’ Pension Scheme ('ISPS’) for non-teaching staff. Both schemes are a defined contribution.

Contributions to the ISPS are expensed in the Statement of Financial Activities. See note 21 for details.

1.18 BENEFITS IN KIND AND GIFTS

Gifts donated to the school and any services provided by the Governors have been included in the financial statements.

1.19 OPERATING LEASES

Rentals paid under operating leases are charged against income on a straight line basis over the period of the lease.

1.20 FUND ACCOUNTING

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Restricted funds are created when donations are made either for a particular area or purpose, the use of which is restricted. Expenditure is charged to the Statement of Financial Activities when incurred.

20

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

• 2 KEY ESTIMATES & JUDGEMENTS

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Change in market value is an

estimate. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a regular basis. In the view of the Governors, no assumptions concerning the estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying values.

3 FEE INCOME The School’s activities are carried out within the UK. The school's fee income comprised: Gross fees Less: bursaries, scholarships and discounts 4 OTHER EDUCATIONAL INCOME Extras and disbursements Registration fees Fees in lieu of notice Summer school income 5 OTHER INCOME Rent and lettings Included within the above is an amount of £nil (2023: £nil) which relates to restricted income.	2024 £ 7,749,067 (763,124) 6,985,943 2024 £ 632,053 21,779 54,013 642,600 1,350,445 2024 £ 159,258 27,458	2023 £ 7,960,445 (604,168)
		7,356,277
		2023 £ 625,813 23,000 109,005 405,946
		1,163,764
		2023 £ 126,330
		126,330

Included within the above is an amount of £nil (2023: £nil) which relates to restricted income.

21

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

6 INVESTMENT INCOME

Interest received 7 DONATIONS AND GRANTS Donations and gifts Included within the above is an amount of £nil (2023: £nil) which relates to restricted income. Included within the above is an amount of £4,024 (2023: £12,683) which relates to restricted income.	2024 £ 100,888 100,888 2024 £ 184,873	2023 £ 75,672
		75,672
		2023 £ 291,312

8 EXPENDITURE (a) Costs of Raising Funds Trading costs Finance costs Total Costs of Raising Funds Charitable expenditure Teaching Premises Administration Governance Total Charitable Expenditure Total Expended Costs of Raising Funds Trading costs Finance costs Total Costs of Raising Funds Charitable expenditure Teaching Premises Administration Governance Total Charitable Expenditure Total Expended (b) Other Governance Costs include: Auditors' remuneration - Audit Fees Legal and Professional Fees Included within Staff Costs and Other Charitable Expendiure is an a	£ - - - £ 3,390,413 1,068,266 947,655 - 5,406,334 5,406,334 £ - - - £ 3,218,957 1,082,956 1,124,345 - 5,426,258 5,426,258 Staff costs (note 9) Staff costs (note 9) mount of £nil (2023: £nil) Staff costs (note 9) Staff costs (note 9)	Other £ 415 35,010 35,425 Other £ 1,641,523 748,083 744,174 21,042 3,154,822 3,190,247 Other £ 65,085 40,458 105,543 Other £ 1,579,879 799,798 902,767 593,874 3,876,318 3,981,861 relating to restricted	Depreciation £ - - - Depreciation £ - 372,575 - - 372,575 372,575 Depreciation £ - - - Depreciation £ - 369,048 - - 369,048 369,048 2024 £ 37,027 (18,716) expenditure.	Total 2024 £ 415 35,010
				35,425
				Total 2024 £ 5,031,936 2,188,924 1,691,829 21,042
				8,933,731
				8,969,156
				Total 2023 £ 65,085 40,458
				105,543
				Total 2023 £ 4,798,836 2,251,802 2,027,112 593,874
				9,671,624
				9,777,167
				2023 £ 24,567 569,307

22

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

(c) Administration Costs Salaries National Insurance Pension Costs Redundancy Costs Other Staff Costs Other Staff Related Costs Subscriptions Staff travel Operating Leases IT support Postage and stationery Telephones Marketing and advertising Bad debts Recruitment Costs Other Administration Costs Bank charges and interest 9 STAFF COSTS Wages and salaries Redundancy and settlement costs Social security costs Other pension costs Other staff costs Temporary and agency staff costs The average monthly number of employees during the year was as follows: Teaching Welfare The number of employees whose emoluments amounted to over £60,000 in the year was as follows: £60,000 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £100,001 - £110,00	2024 £ 712,633 68,830 47,909 - 192 118,091 20,225 3,600 121,770 86,295 13,727 17,603 172,990 123,829 2,889 168,171 7,307 1,691,829 2024 £ 4,301,270 - 425,650 502,342 177,072 5,406,334 2024 No. 63 77 140 2024 No. 2 1 1 1 5	2023 £ 698,807 71,563 50,678 23,882 3,750 275,665 19,079 4,823 77,330 81,611 17,544 20,963 194,040 27,742 - 454,670 4,965
		2,027,112
		2023 £ 4,331,300 23,882 430,261 475,635 62,873 102,307
		5,426,258
		2023 No. 55 81
		136
		2023 No. 2 - 1 1
		4

Pension contributions for the year amounted to £60,113 (2023: £40,102) for these employees.

10 TRUSTEES AND GOVERNORS REMUNERATION AND BENEFITS

There were no Trustees' or Governors' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Expenses totalling £11 (2023: £nil) for trustees and governors were paid by the charity during the year.

The charity considers that the key management personnel comprise the governors and the senior leadership team - who are the Headmistress, Deputy Head (Pastoral & Boarding), Assistant Head (Co-curricular), Deputy Head (Academic), Assistant Head (Pastoral and Boarding), Assistant Head (Operations), Bursar & Clerk to the Governors, and the Director of Marketing & Admissions. The total employee benefits including pension costs of the key management personnel of the school were £738,486 (2023: £827,562).

23

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

11 NET INCOME FOR THE YEAR

Net income is stated after charging: Depreciation of tangible fixed assets Operating lease rentals – other Auditor’s remuneration Audit services for the school- current year Audit services for the school- prior year underprovision TANGIBLE FIXED ASSETS Freehold Property £ Cost: At 1 September 2023 Additions Disposals At 31 August 2024 - Depreciation: At 1 September 2023 Charge for year Disposals At 31 August 2024 - Net book value: At 31 August 2024 - At 1 September 2023 -	Freehold Property £ 15,173,505 69,011 - 15,242,516 2,432,295 218,847 - 2,651,142 12,591,374 12,741,210	Equipment £ 3,637,040 242,505 (208,601) 3,670,944 3,208,129 153,449 (208,601) 3,152,977 517,967 428,911	2024 £ 372,575 121,770 27,000 10,027 Motor Vehicles £ - 16,750 - 16,750 - 279 - 279 16,471 -	2023 £ 369,048 77,330 24,567 - Total £ 18,810,545 328,266 (208,601)
				18,930,210
				5,640,424 372,575 (208,601)
				5,804,398
				13,125,812
				13,170,121

12 TANGIBLE FIXED ASSETS

The insured value of the Main School (including the Sixth Form Centre and STEM block), Sports Hall, Swimming Pool, St Mary’s Theatre and other buildings is £58,320,000.

All tangible fixed assets are used for direct charitable purposes. The school does not own or have the use of any inalienable or historic assets. No impairment of the freehold property was evident, which has been confirmed by the insurance valuation. The School has an outstanding Coronovirus Business Interruption Loan with Barclays. Security of the loan is held on three seperate residential properties held off the School site.

13 INVESTMENTS

INVESTMENTS
Cost/valuation At 1 September 2023 Additions Disposals Gains/(Losses) arising from movements in valuations Cost/valuation At 31 August 2024 Historical cost	Investment properties £ 900,000 17,210 (635,000) (131,800) 150,410 150,000	Other investments £ 601,463 - (604,088) 2,625 -	2024 £ 1,501,463 17,210 (1,239,088) (129,175) 150,410 150,000	2023 £ 593,260 1,002,626 - (94,423)
				1,501,463
				1,464,555

Of the other investments held £nil (2023: £344,056) relates to Fidelity Investments which is listed on the London Stock Exchange. The balance related to M&G Charibond and Charifund acquired in 2022.

14 STOCK

Household and consumable materials

2024 £ 32,194 32,194	2023 £ 34,645
	34,645

24

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

15 DEBTORS Fees and extras Less provision for doubtful debts Other debtors Prepayments and accrued income 16 CREDITORS Amounts falling due within one year: Loans Trade creditors Taxation and social security costs Fee Deposits Fees in advance Other creditors Accruals Amounts payable under finance leases Deferred income: Brought forwards Released in year Received in year Carried forwards Deferred income relates to schools fees received in advance. 17 CREDITORS DUE AFTER ONE YEAR Amounts falling due after more than one year: Bank loan School fee deposits Fees in advance Loans repayable: In one year or less Between one and two years	2024 £ 249,039 (116,544) 7,520 287,680 427,695 2024 £ - 526,311 211,610 109,369 2,030,358 107,089 81,110 - 3,065,847 2024 £ 991,590 (991,590) 2,030,358 2,030,358 2024 £ - 508,750 729,180 1,237,930 2024 £ - - -	2023 £ 196,253 (128,931) 2,057 363,017
		432,396
		2023 £ 150,000 366,938 168,500 73,138 991,590 51,521 366,001 -
		2,167,688
		2023 £ 1,311,827 (1,311,827) 991,590
		991,590
		2023 £ 387,500 658,394 71,068
		1,116,962
		2023 £ 150,000 387,500
		537,500

25

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

Heathfield School OTES TO THE FINANCIAL STATEMENTS r the year ended 31 August 2024
17 CREDITORS DUE AFTER ONE YEAR (continued) Fee deposits repayable: In one year or less Between one and two years Between two and five years In five years or more Fee paid in advance repayable: In one year or less Between one and two years Between two and five years In five years or more	2024 £ 109,369 141,614 251,732 115,404 618,119 2024 £ 2,030,358 729,180 - - 2,759,538	2023 £ 75,239 71,139 510,965 76,290
		733,633
		2023 £ 991,590 71,068 - -
		1,062,658

In 2021, the school obtained a loan from Barclays Bank plc under the Government's Coronavirus Business Interruption Loan scheme. Interest is payable at Bank of England base rate plus 3.35% from December 2021 and the loan is repayable by November 2026. The amount due in more than five years is £nil (2023: £nil). There is a charge outstanding over properties owned by the School in relation to these loans.

18 PROVISION FOR LIABILITIES

Balance at 1 September Released in year (see note 21) STATEMENT OF FUNDS Unrestricted funds: General reserve Restricted funds: St Mary's Wantage Bursary Fund Total restricted Total funds	£ 12,284,741 252,106 252,106 12,536,847 At 1 September 2023	Income £ 9,030,712 4,024 4,024 9,034,736	Expenditure £ (8,969,156) (253,329) (253,329) (9,222,485)	2024 £ 3,216 (2,241) 975 Gains/ (losses) £ (128,615) (2,801) (2,801) (131,416)	2023 £ 5,423 (2,207)
					3,216
					£ 12,217,682 At 31 August 2024
					-
					-
					12,217,682

19 STATEMENT OF FUNDS

26

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

19 STATEMENT OF FUNDS (continued)

STATEMENT OF FUNDS (continued)
Unrestricted funds: General reserve Restricted funds: St Mary's Wantage Bursary Fund Total restricted Total funds	£ 12,754,218 252,520 252,520 13,006,738 At 1 September 2022	Income £ 8,997,121 12,683 12,683 9,009,804	Expenditure £ (9,385,272) - - (9,385,272)	Gains/ (losses) £ (81,326) (13,097) (13,097) (94,423)	£ 12,284,741 252,106 At 31 August 2023
					252,106
					12,536,847

Restricted funds

Restricted funds relate to St Mary's Wantage Bursary Fund which supports bursaries given to pupils at the School. This fund was fully divested in the year and expended against bursaries.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment fund £ Tangible fixed assets - Current assets - Current liabilities - Long term liabilities - Provisions Total net assets - Endowment fund £ Tangible fixed assets - Current assets - Current liabilities - Long term liabilities - Provisions Total net assets -	Unrestricted funds £ 13,125,812 3,396,622 (3,065,847) (1,237,930) (975) 12,217,682 Unrestricted funds £ 13,170,121 2,402,486 (2,167,688) (1,116,962) (3,216) 12,284,741	Restricted funds £ - - - - - - Restricted funds £ - 252,106 - - - 252,106	2024 Total £ 13,125,812 3,396,622 (3,065,847) (1,237,930) (975)
			12,217,682
			2023 Total £ 13,170,121 2,654,592 (2,167,688) (1,116,962) (3,216)
			12,536,847

27

Heathfield School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

21 PENSION OBLIGATIONS

The School employees belong to two principal pension schemes: Royal London Scheme for teaching staff; and TPT Retirement Solutions Independent Schools’ Pension Scheme (ISPS) for non-teaching staff. Both are defined contribution schemes. In addition, a small number of employees belong to TPT Retirement Solutions Growth Plan (TPTGP) defined benefit scheme however this is closed to new members.

TPT Retirement Solutions

The School participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the SChool to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme of £3,312,000 per annum. This is payable monthly from 1 April 2022 to 31 January 2025.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Reconciliation of opening and closing provision:

2024 2023 Provision at start of period - - Unwinding of discount factor (interest expense) - - Deficit contribution paid Remeasurements - impact of change in assumptions Income and expenditure impact: 2024 2023 Interest expense - - Remeasurements - impact of change in assumptions - -	2024 3,216 118 (2,360) 1 975 2024 118 1 119	2023 5,423 185 (2,360) (32)
		3,216
		2023 185 (32)
		153

All movements on the pension provision are recognised in the Statement of Financial Activities as staff costs.

22 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024 2023 Due within one year - - Due between two and five years - - - -	2024 60,838 196,926 257,764	2023 24,097 64,879
		88,976

23 INDEMNITY INSURANCE

During the year the company purchased insurance for the directors of the school against liabilities arising from negligence in relation to the company as permitted under section 233 of the Companies Act 2006 with the approval of the Charities Commission. £45,607 (2023: £36,996) was paid for an all risks combined liability insurance policy. Included in this was public liability insurance and professional indemnity insurance relating to the trustees.

28

Heathfield School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

24 CAPITAL COMMITMENTS

The School had capital commitments of £nil (2023: £nil) at 31 August 2024.

25 CONTROL

The company is controlled by its Board of Governors.

As the company is limited by guarantee, in the event of winding up the members will be required to pay £1.

26 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from operating activities Net movement in funds (Gains)/ Losses on investments Depreciation Amortisation Bank interest received Dividends received Interest payable Profit/(Loss) on sale of Fixed Assets Increase/(Decrease) in creditors (Increase)/Decrease in debtors (Increase)/Decrease in stocks Increase/(Decrease) in provision	2024 £ (319,165) (2,241) 372,575 - (100,888) - 35,010 - 1,556,627 4,701 2,451 (2,241) 1,546,829	2023 £ (469,891) 94,423 368,558 - (75,672) - 46,636 - 41,455 102,517 (11,459) (2,207)
		94,360

29

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

NOT TO BE FILED - DETAILED INCOME BREAKDOWN

£ Income Standard fees Bursaries Staff Discounts 626,078 Sibling Discounts 137,046 Early Payment Discount Scholarship Discount Resales and Disbursements Extras and Disbursements Other Operating Income Registration Fees Fees in Lieu of Notice Sundry / other Incoming resources from generated funds: Donations and Grants Investment income Other :- Trading income - Profit / (Loss) on sale of fixed assets (131,800) Other trading rental income 159,258 Total Incoming Resources 2024	£ £ £ 7,749,067 7,973,645 464,294 139,874 (763,124) (604,168) 6,985,943 7,369,477 632,053 625,813 7,617,996 7,995,290 21,779 23,000 54,013 109,005 642,600 405,946 718,392 537,951 184,873 188,686 96,864 75,672 - - 126,330 27,458 126,330 8,645,583 8,923,929 2023	£ £ £ 7,749,067 7,973,645 464,294 139,874 (763,124) (604,168) 6,985,943 7,369,477 632,053 625,813 7,617,996 7,995,290 21,779 23,000 54,013 109,005 642,600 405,946 718,392 537,951 184,873 188,686 96,864 75,672 - - 126,330 27,458 126,330 8,645,583 8,923,929 2023
		7,369,477 625,813
		7,995,290 23,000 109,005 405,946 537,951 188,686 75,672 126,330
		8,923,929

30

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

NOT TO BE FILLED - DETAILED EXPENDITURE BREAKDOWN

Teaching Costs Salaries National Insurance Pension Costs Depreciation Redundancy Costs Other Staff Costs Catering Costs School transport IT expenditure Trip expenditure Classroom expenditure Swimming Sport facilities hire Trips out Activities Insurance Uniform Miscellaneous Recruitment Costs Other Teaching Donations and grants Welfare Costs Salaries National Insurance Pension Costs Redundancy Costs Other Staff Costs Catering Contracts Catering Govs/Head/Staff Catering Equipment Laundry and Cleaning Costs First Aid Staff wellbeing Recruitment Costs Other Welfare Premises and Estates Costs Salaries National Insurance Pension Costs Redundancy Costs Other Staff Costs Repairs and renewals Grounds Rent Maintenance Rates Utilities Insurance Health and Safety Motor expenses Depreciation Recruitment Costs Other Premises	2024 £ 2,701,618 283,408 405,387 - - - 678,640 - - 140,751 187,526 - - - 4,137 3,936 - 38,876 - 587,657 - 5,031,936 2024 £ 115,965 52,228 36,364 - - - - - 1,510 17,154 - - 82,036 305,257 2024 £ 771,054 21,184 12,682 - 40,770 20,040 11,705 - 161,085 - 353,642 66,158 9,731 - 372,575 18,019 25,022 1,883,667	2023 £ 2,575,370 268,851 374,735 - - - 629,128 - - 159,770 181,663 - - - 3,687 6,021 - 62,294 - 537,316 -
		4,798,835
		2023 £ 671,357 55,408 34,963 - - - - - 1,208 33,912 - - 91,552
		888,400
		2023 £ 192,497 18,826 11,098 - 36,216 19,376 21,447 - 167,478 - 374,281 52,403 13,141 - 369,048 10,920 25,000
		1,311,731

31

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024 NOT TO BE FILLED - DETAILED EXPENDITURE BREAKDOWN

Finance and Administration Costs Salaries National Insurance Pension Costs Redundancy Costs Other Staff Costs Staff Training Other Staff Related Costs Subscriptions Staff travel Staff Uniform Operating Leases IT support Postage and stationery Telephones Marketing and advertising Website Memberships Inspection costs Miscellaneous - Administration Bad debts Depreciation Recruitment Costs Legal and Professional Fees Other Administration Costs Bank charges and interest Loan Interest Other Finance Trading Costs Trading Costs Fund Raising Costs Marketing Costs Investment Management Costs Other Trading Costs Governance Costs Salaries National Insurance Pension Costs Redundancy Costs Other Staff Costs Audit Accountancy Professional fees Recruitment Costs Other Governance Auditors Renumeration Total Costs of Charitable Activities	2024 £ 712,633 68,830 47,909 - 192 - 118,091 20,225 3,600 - 121,770 86,295 13,727 17,603 172,990 - - - 5,768 123,829 - 2,889 - 168,171 42,317 - - 1,726,839 2024 £ - 415 - - -	2023 £ 681,804 69,635 49,998 23,882 3,750 - 148,098 19,079 4,823 - 77,330 81,611 17,544 20,963 194,040 - - - - 27,742 - - - 454,670 45,423 - -
		1,920,392
		2023 £ - 65,085 19,611 - -
	415 -	84,696
	2024 £ - - - - - 37,027 - (18,716) - 2,731 - 21,042	2023 £ - - - - - 24,567 - 71,422 - 23,084 -
		119,073
	8,969,156 -	9,123,127

32