HEATH MOUNT SCHOOL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE AND iYOT HAVING A SHARE CAPITAL) ANPIUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDEID 31 AUGUST 2023 Company Registration No. 983758 Charity Registration No. 311069 HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS PAGE Organisation Sti'uclure, Governance and Management Objects, Aims and Objectives Public Beiicfit Sti'ategic Report 10 Financial Review 16 Future Plans 17 Stateinent of Responsibilities 18 Audit Report 19 Sialem¢nl of Financial Activities 22 Balance Sheet 23 Cash Flow 24 Accounting Policies & Notes 25 HF.ATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 GOVERNORS, DIREI CTORS AND CHARITY TRUSTEES Heath Mount School {the"School") is owned by l-lcail) Mount S¢l)ool Ti'ust Liinited (the'charitable Company" or the "Charity"), a rcgislered charity. The Govei'nors of the School serve as Directors of Il)e Chai'ilable Company and as'l'rustccs of the Cl)arity. All ai'c non-cxccutive. Details of the Governors who served dui'ing the year ended 31 August 2023 and lip to tlie date of tl)is report are set out below: Mi's Juliette Hodso Cl)air Mr James Stccl Scerclar Mr Ldward Cam bell-Gra Di. Ricliard Dent Helen Ra field Mrs Icaren Sall banks Mr Mat1in Collier Mi. Al¢x Milchell Mi'5 Sarah Ca ewell Mi. Christo liei. Scro Mi. lan Hod es-Jackson ointed 3 Octobei. 2022 Mr Richai'd Fiddes oinled 30 Janiiai. 2023 ( l ) Meinber of Education Coinmittee (2) Meinber of Finance Committee (3) Member of Buildings Committee (4) Meinbei. of Strategy Coinmillee (5) Membei. of Governance Coinmitt¢¢ KEY MANAGEMENT PERSONNEL Headmaster Bursar Mr C Gillain BEd Miss S A E Owen Bsc ADMINISTRATIVE INFORMATION Address.. Heatli Mount School, Woodhall Park Watton-at-stone, Hei%s. SG14 3NG Website.. www.lieatlitnounl.org ADVISERS Auditors Haysmacintyre LLP, I O Queen Street Place. London, EC4R I AG Solicitors Hewitsons LLP, Shakcspeare House, 42 Newmarket Rd, CB5 8EP Banke15 Lloyds Bank plc. Insurance Brokcrs I lettle Andrews & Associates Limited, Elev¢n Brindley Place, 2 Brunswick Square, Birmingham. Bl 2LP HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 GOVEI RNORS, RFPORT The Governors of Heath Mouni School present the annual report and finan¢ial stalements incorporating the Strategic Repoii forthe year ended 31 August 2023. The Govei'nors confirm that the financial statements comply with the Charity's gov¥rning documents, tlic Siateinent of Recotnmended Ptmetiee (SORP 2U19) "A¢counling and Reporting by Charities" and the Companics Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Hiskory aiidslriie114re Heath Mount School was founded in 1817 ai)d Inoved to its currcnt location in 1934. The house and gi'oLlI)ds, comprising Woodhall Park, al'e leased fi'oin tl)e Abel Smith Trust along will) Il)e girls, boarding house and the lieadmaster's liouse. In 1970 the School incorpoi'ated as Heath MoLint S¢hool Tn]st Limited, a company limited by guai'antee regisler¢d in Ei)gland and Wales willi company i)umber 9837S8. 11 is also Tcgislered as a charity with registi'ation number 311069. Governing Dociinieiil The Cl)ai'ity is govcrned by ihe Memorandum of Association and Articles of Association of the Chai'itable Company. Goveriiiiig Body The Govci'nillg Body is self-appointing. The Govei'nors aim to ensure a¢cess within the Governing Body both to educational experience and a I'aiig¢ of other skills. New members of the Governing Body are selected based on their professional qualities, expei'ience, pe130nal competen¢¢ and local availability. The Governors who served dui'ing tl)e year are listed on page 3. New Goveri)ors are indu¢ted into the workings of the School thi'oLig]) allendance at Ineetings with the Chair aiid executive officci's. Governors also attend specialist external courscs and have specific in-house training sessions througl)out the ycar whei'e appropi'iate. Orgaiiisalioiial Maiiagemeiil The Govci'nors, as Trustees of thc Charity (and also as dii'ectoi's of Heath Mount Sehool Liinited for the pui'poses of cotnpany law), are legally I'¢sponsible for rlinning and developing the School as a Pi'e-Pi'ep and Preparatory School for boys and girls. A full mccting of ihe Goveri)oi's lakes place once a tertn and the three main coininittees Ineet at least once a term. Further ad ho¢ meetings are held as required. The Govei'noi's have established five sub-¢ommittees'. The Education Committee considers educational and pastoral policy including all safeguarding. Th¢ cotntnittcc is ¢haii'ed by Dr Ricliard Dent. The Finance Committee scrutinises the revenue, budget and ¢apital expenditure. This Committee also supei'vises ilie preparatioi) of tlic ai)nual report and financial statements for approval by the Governing Body. The cotnmittee is chaiiEd by James Steel. HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 The Buildings & Infrastructure Committee supei'vises and Inonitors capital building projccts and Inaintci)ancc, and IT infrastructui'e. It also ovei'sees all Healil) and Safety matters. The Committee is cl)aii'ed by Edward Cdtnpbcll-Gray. Tlie Strategy Committee meets a minitniim of once a year to consider proposals for the development of the School. Tl)e cominitlLC is cliaired by Juliette Hodson. The Governance Cotnmittee meets a miniinuin of onc¢ a year lo sci'iitinise and review all aspects ofthe I'iinning of the school underpinncd by legislation oi. statutory regulation. The committee is cl)aii'cd by Karen Sallybanks. The Governors delegate the day-to-day rui)ning of the School to the Headmaslei. assi5tcd by liis Senior Manageinent Teain (SMT). Thc headmaster and appiopriate meinbei's of the Senior Management Team attend meetings of the Governors. Reinuneration for the Headmaster ai)d Bursar is set by the Finance Committee and approved by thc Full Board. Rcmlincration for the remainder of the SMT is set by the Headtnastei. and Bui'sai. aiid appi'oved by thc b inaii¢e Cotntnittce. Ileiniinei'ation is set at Icvc15 to rewai'd staff fairly and responsib5y and is IEviewed pei'iodically with reference to comparison with other iiidcpendent schools. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Clioriluhle Objecls The Obj¢¢ls of the Charity al'e set out in the Memorandutn of Association of the Charitable Company and are to promote and piovide foi. tl)e advanccinent of education ai)d in conncction Ihei'ewith to conduct, cai'ry on, acquire aiid develop in the United Kingdom any boai'ding oi. day school or schools for the education of either 5¢x oi. both sexes. Within tl)ese Objects, the Governors aim to provide a first-class independent ediication for boys and girls aged 3 to 13 yeats in a commiinity wliere all Incmbers are valued and to providc ai) excellent, well-rcsourced environincnt for teaching and learning in ol'der to enable thein to tnove on confidently to the sei)ior 5cliool of their clioicc. Pupils fi'om a wide ability l'ange siieceed in at least some area of the ¢un'iculum wl)eil)er it is acadetnic, ai'l, music, design technology. sport, drama or oiitdoor pu15Uits. Missioii Sifilenieiil The S¢liool aims to provide the bcst possible ediication witl)in a friendly and nurturing enviroiiment whioh promotes well-being. It seeks to uiicovei. and develop potential wl)ilsl Inaintaining a balance with traditional childl)ood expei'ienc¢s. The Scl)ool wishes ils piipils to develop self-confidence, self_discipline, and a strong valu¢s system. Priniary objeelives In fulfilling ils objectives, the School aim5: Educalional To provide the best possible education for every child ensuring that valu¢ is added across the entii'e curi'i¢ulum. To ensLire that sli'ong pastoral care is at the heart of the Scliool and ils values and that every child can develop as a l)appy, confidei)t iiidividual ready to realise their full potential. To ensiire that cvery child is prepared for enhy lo an appropriate senioi. School; HEI ATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVEI RNORS FOR THE YEAR ENDED 31 AUGUST 2023 In To employ and develop high quality teacliing and support staff to ensure the best possible education for evel'y child. Financial To ensui'e tl)at the Sehool creates a healthy surplus to reinvest in the fabric of the site and maintain high t¢acl)ing slandai'ds; To ensure that the School meels its charitable status targets. Govei'nance To a¢l)ieve the highest slandai'd of goveman¢e ¢nsuring that the School fulfils its duty of care towards pupils and staff, mcctiiig all regulatory i'equireinenls. eiiienl To ensure effective levels of communication between Govei'not3, School staff, pupils, parents and prospective pai'ents. Buildipi .1 o ii)vest in ncw and existing facilities to ¢nhan¢¢ the Scliool's educational offei'ing and. To maintain and develop the School's relatioiiship with the Woodliall Estate. PUBLIC BENEFIT The Governors give careful consideration to tlie Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on advancing education and on fee-charging. The School I'emains committed to providing public benefit in accoi'dance witli its founding principles. Charity legislation incliides a requirement to demonstrate that Pliblic benefit for any charitable piii'pose wherc it had hitherto been pi'esuined in the absence ofevidence lo the coiitrary. Thi5 calls in turn for comtnensurate di5closui'e of our publie benefit aims. The Govei'noi's are committed to bi'oadening access to the School by offering to eligible parents oi. guardians means-tesled financial suppoit witli Il)e payinent of scliool fees. Suck bui'saries may be awai'ded in the form of a discount of up to l 00/0 of tuition fees payable, dependiiig on tlie financial, compassionate or otliei. pertinent circiimgtances of appli¢ants. During th¢ year ended 31 August 2023, the School awarded bursaries worth £204,604 to 18 pupils. Iii addition to bui'sai'ics, the School l)as engaged in other activities Iliat provid¢ benefit to the piiblic. These include sliaring our cultural and sporting facililies with local ¢ommunity groups. sharing id¢as witl) local priinary scl)ools ai)d staff involvement in suppotling local commiinity groiips siich as the Brownies and as govei'nor of a local prc-school. Teaching links Specific projects with local schools include.. Free provision of oiir fa¢iliti¢s, I'¢sources and transport for local schools, including use of our swiinming pool by pupils of a local school. Free teachiiig provision ii)cluding access for pupils frotn a local priinary school to food tcclinology lessons and our food technology woi'kshop; Free provision of Inset training for local scliools aiid collaboi'atioi) on knowledge shai'ing* Rccipi'ocal agi'eement for training of NQT'S witli a local primary school. and Provision of work experience for teachers undei'going theii. training. HEIATH MOUNT SCHOOL TRUST LIMITED ANNUAL Rl4 PORT OF THE GOVERNORS r4OR THE YEIAR EINDED 31 AUGUST 2023 Community engagement and charitable aetivities Yel again, our Hcath Mount family piiSled togciher to support a range of brilliant causes this year. We kicked off our fundraising caleiidar by hosting a mufti day for 'Jeans for Genes, to raise awareness and funds for children with genetio eondilions Iliroughout the UK. In October 2022, families and staff genei'ously donated a bumper load of food and other essential items to Knebworth Food Bank and other local charities as we c¢l¢brated Harvest Festival We fitted in another mufti day in tl)e Micliaclmas Term to suppoit Children in Need and children's cancer charity It's never You, i'aising a total of £761. Oui. poppy collection boxes raised liundreds of pounds for the Royal Britl5h Legion and a staff membei. raised a further £218 by selling liei. beautiful homemade poppic5. Odd Socks Day markcd the slail of Anti-Bullying Week (14th 18, Novembei.) and was a ¢hance to celebJ7te wl)at Inake5 us all uiiiqu¢ ai)d promote kindnc5S to all. This year's Anti-Bullying Il)eme was Reach Oul, with fo¢us on coming togeil)er to slop bullying. Across tl)e Sch(iol, teacliers held special a55Ctnbli¢s, foi'm times and workshops to exploi'c ways in which the children could identify signs tliat soineone might be ¢xpei'iencing bullying and how to reacli out to soineone tliey trust. In November oiir Heath Mount 'Bros' I'aised a 'Motastic' £1,410 for men's health chai'ity Movember. At Christmas, we were deligFlited to scnd ovei. 70 sl)oeboxcs of gifts to Ukraine as well as a buinpei. dcjnation of food and gifts from tl)e Lower School?s Revcrse Advent C#lendai' for Haven FiJBt Homeless Chai'ity ii) Stev¢nage. Tlie year ended with our traditional 'ChristmAs Jllmper Day, whicl) i'aised £562 for Save The Children. In February 2023 we launched our new School cliarity partnei'ship with Zambian NGO Twende Edueation for All. Twende was founded by Andrea Mwaliila, an expericneed teacher for over 25 years, wlio has set up two learning cenlres in ihe cancel. and sicklc cell anaemia cliildi'en's wards of the largest hospital in Lusaka. Around 70 children a week coine to tl)e Twende leai'ning centi'cs between treatments to coiitinuc their ediication and to enjoy play therapy wilh theii. pcers. There is no govei'nmenl provision for tliese children's education and without Andi'ea and her team they would miss OLIt on leariiingj playii)g and the opportunity to escape the wards to be in a homely and caring environment. The work that Andrea does also extends to the widei. fainilyy hosling worksliops for the patients, mothers to liclp Ihein gain employmcnt skills and providing basic amenities lo help the families dui'ing Iheii. childi'en's often leiigthy liospilal stays. The School launched its chai'ity partnership with a fantastic concert held at All Saints, Church iii Hcrifoi'd where Bax Choir Sang alongside The City of Cambridge Bi'ass Band and our cliarismatio compère foi. Il)e evening, Anthony Hai'ris. We were thi'illed to i'aise ovei. £2,200 to liclp provide i'esoui'ces for tlie leai'nii)g eentres iricluding i)ew tables and chairs. We look forward to taking our first gi'oup of Yeai. 8's out to Zainbia in March 2024 to see some olihe amazing work king done by Twende. In the summer term Heatl) Mount's young triathletes caine out ii) foi'ce al the Knight Frank Schoo15' Triathlon in OLindle to raise money for Restle55 Development and It's Never You. Children from Years 3 to 8 worked tirelcssly in the pool, on the track and 011 Ili¢ir bikes and earncd p5enty of sponsorship money in the process. Hcaih Moiint families raised an astonishing £9,175 (with £2,531 going to It's nevei. You ai)d Ili¢ reinaindei. to Restless Dcvelopment)- HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED31 AUGUST 202J li) June 2023 we held oiii. first ever Heath Mount Colour Riin in aid of Twende Ediication for All. Over 500 childi'eii, pai'enls, grandpaiEnts aiid staff eiijoyed a brilliani day out iii tlie blaziilg sunshine. The Woodliall Estate generously provided the 5km course which took participants through scenic fields and across the river. Our keen teams of colour maishals did a fantastic job of coating everyone in brigF]t paint powder, providing them witl) some Ineinorable post-run shots. Aftei. completiiig tlie coui'se, participaiits l)eaded to our event village for ice creams, pizza, BBQ, sweets, cakes and lots of ice-cold drinksl We raised jiist over £5,000 for Twende wliich the charity will use to fund another full_time teachei.. The School does not currently subscribe lo any spe¢ific fundraising standards or sch¢m¢s for fundraising regulation but Considers Ilial il has set appi'opriale stand21.ds for the opei'ation and manageinenl of ils fundraising activities. Jn pailicular, Il)e Scl)ool considers that its processes and controls should ensure that viilneJ'abl¢ people and oil)ei' meinbeis of thc public are prol¢cl¢d from any unreasonable inli'usion on a person's privacy and tliat no fundraising activities sl)ould be unreasonably persistent or place undue pressure on a person to give Inoney or other property. The school has not received any complaints aboLIt its fundraising practic¢5 in the yeai.. Du Maurier Soeiety Oui. pai'enls, asso¢ialion, tl)e du Maurier Society, had a siiccessful y¢ai' of fundraising and bringing togeil)er oui. coinmunity thi'ough a vai'iety uf fun social events. The fii'st big social event of Ilie academic year was oui. annual Fvn Day. The sun slione as our pupils, staff and th¢ir families enjoyed tl)e giant inflatables, ¢raft activilics and delicious refi'eshmenls. This year our Upper Scliool pupils werc givcn the chance to run their own sta115 foi. thc first timc and thcy showcd rcal cntreprcncurial spirit. Ncxt up on the du Mauriei. calendai. was Fireworks Night. Ai'ound 1,000 spectators filled the grounds at the froiit of Scliool for tlie pyro-InLisical show whicl) fcatui'cd iiicirdiblc vollcys of fii'ewoi'ks to a soiiiidii'ack of Iiils by the likes of Queei), Harry Styles and Kate Bushl Tl)e TilaniLim crew, who are beliii)d the fireworks at tlie Lord Mayoi. of London's New Year's Eve Show, piilled oiit all the stops to ensiii'e this year's extravaganza was evei) Inoi'c astounding Ilian ever. Tlie special eveiiiiig also ii)cluded a BBQ, Inulled wiiie, Sweet stall, ai)d light- lip toy stall. To celebrate the end of Michaelmas temi, the du Mauriei. team created an atmospheric Santa's Giotto for our Pi'e-Pi'ep cliildi'en. Each child was deligl)ted to receive an eai'ly pi'esent fiDin Father Clii'istmas for being so good! The older children, meanwhile, were treated to an end of term disco in the Performing aits Centre where the newly purchased dll MaLlI'iei' disco ball certainly caine into its own. Piipils also i'eceived a goody bag with light up disco glasses and sweets. In the Lent term we were thrilled to resiirrect our Quiz Nigbt which we had been Iinable to host since 2019 due to Covid. Tables of 8 pai'ticipants pitted their wits, balloon modelling skills, and singing voices against one another lo win spot priz¢s as w¢ll the ¢han¢¢ lo take liome the Quiz Trophy. Just before the Easter liolidays, the whole scliool gathered for the annual Cr035-Country event and the du Maui'ier team Iiappily provided an ice ci'eam van to treat all tlie riinners. Tl)ey also pi'ovided a flin Easter Egg Hiint for our Pre-Prep ¢hildren. The final big event of the academic year was the du Maurier Summer Party- After welcome di'inks on the Fountain Lawn eveiyone tiicked into a delicioiis meal (incliiding a fiill hog roast) before hitting the dance floor where the live band turned up the party spirit. It was another busy aiid profitable year in the second-hand uniform shop I'un by du Maurier volunteers. The sliop also provides a more sustainable approacl) to iinifoi'in and is seei) as an important service foi. our parents. HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL RKPORT OF THE GOVERNORS VOR THE YEAR ENDEI D 31 AUGUST 2023 Thei'e al'e a i)uinbcr of shoit, In¢dium and long-tei'm pi'ojects which tl)e du Maui'ier haq supported this year. These includcd furnishing the I'enovated Beaton Libt71'y in the Inaii) Inaiision lioiise aiid finisliiiig Hiigl)'5 Garden in the Pre-Pi'ep. Ti)e du Maui'ici. also piirehased a weather station to enhance Prep School geogj'aphy lessons. as well as 24 Micr050ft Pro'5 for the Middle School and a new disco ball for the Perfom)ing Arts Centre. EMPLOYMEI TrIT POLICIES AND SAFEGUARDING The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled pei'sons ai)d due considcration is given to theii. training and employincnl needs. Consultation with employees, or their representatives, lias continued at all levels witli Ilie aitn of taking the views of einployees into aceoiint when decisions ai'c Inadc tliat are likely lo affect their interests. F.mployees are made aware of the financial and economi¢ performance of the School. Communication with employees ¢onlinues tl)i'ougli iioi'inal Inanagetncnt channels in a variety of forins. '1lic Govei'nors are committed to safeguarding and pi'oinoting the welfai'e of the piipils and expect the staff and voluntevi's to shal'e this cominitment. All those who work or assist in the Scliool undergo the iiecessary regiilatoiy checks, and the panel that interviews thetn will contain at least one membei. who has successfully undertaken an appropriate course of Safei. Reci'uitment. HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNOIIS FOR THE YEAR ENDEID 31 AUGUST 2023 STRATII GIC REPORT ACHIEI VKMENTS AND PERFORIVIANCF At thc end of August 2023, we had 500 PLipils on roll. ALademie Oiir Class of 23 headed to 17 different schools across th¢ couiitry after every ¢hild gained places at their first- choice senior School. This yeai. 500/0 of our Year 8 cohort were awai'ded scholarships by I I senior schools across the counti'y. Five pupils wei'e awarded acadeinic scholarsl)ips. our high¢5t figure yet. and therc were impressive results from our dedi¢ated art, drama, sport and music s¢holarship progi'ammes: 7 oul of 8 ail scholars wlio applied foi. sci)ior school ait scholarships were successful. 100 /0 success for OLII. music scliolats. 6 out of 9 sports scholars who appli¢d for senior school scholarships were successful. and 5 out of 7 drama scholars were successful. Awarding schools included.. Oundle, Millfield, Haileyburyy Rugby School, Uppinghatn, Felsted, Ampleforth, 'I'lie Leys. Bisl)op's Stortfoi'd Lollege, Framlingham Collcgc and St Francis College Sport Frf)0ih￿Il.. Playing with your feet is one thing, but playing with youi. heart is anoth¢r. Tliat ceitainly rings true for our U13A football team this year who led thc way in all their fixtures with pride and passion. Tliey had a fantaslic season, witli Inany notable wiiis against local senioi. schools. T]Ic clitllax of the season was seeiiig the boys make it all the way to the ISFA Shield Quartei. Finals in a thi'illing cup run. It was great to see the development in our football throughout the Prep Scliool witli both our Ul l A and Ul 3A teams making the plate and cup knockoiit stages of their respective competitioiis at Il)e IAPS regional finals. It was also a fii'st of many S￿sonS lo ¢ome for the girl's football team, who IEprcscntcd the School at both the IsrA and the Presdales, Barclays Girls Football Toui'nainent whei'e they wei'e crowncd champions of the district. The developmei)t of gil'l's football is firmly on the Heath Mount agenda, and we look forward to the introduction of more fixtures next year. Hockey.. The children have enjoyed thcir various playing opportui)ilies on the hockey fields tliis year. From indoor to outdoor .qtyles, the pupils have I'clished the cl)aiice to play Inatches and take pait in both lunch lime and aftcr sehool eliibs. Botl) tlic boys, ai)d girls, teams, proudSy represented the school at IAPS finals, with the U12A gil'ls, team finishing riinnei's up in the National Bowl coinpctilion. The U I IA girls, team also came runnci's up al the county finals. tliercfore making il to the regional finals where they lost on vei'y close penalty flicks in tl)e semi-finals. As well as Ilic outdooi. success, we have sccn in¢i'easing momentum for indooi. hockey. where new ¢ompelitions are on the eai'ds foi. both boys and girls next year. Oui. U I OA girls, tcain have already enjoyed a laste of competitive aiid fasl-paced indoor hockey, winning the Ul O Haileybury indoor shield. A goi)d stick seasoii all I'ound for our pupils. 10 HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OFTHE GOVEIRNORS FOR THE YEAR ENDEID 31 AUCUST 2023 Rugby It l)as certainly been onc of our bcst seasoi)s on recoi'd for Fleatl) Mount rugby. Oiir IJ I OA-UI 3A teams wei'e all undefeated against fellow co-ed prep scliools 01) Ilie ¢irciiil, a fine acl)ieveinent for Hcail) Mount. The boys thoroughly enjoyed getting sttick into 7s toui'nainenls across the county wl)icli pi'ovided some invaluable experience and special meinoi'ies to boot, Cspecially at Richard Halo, Vci'ulam and 14aberdasliers 7s compctitions. The performance of the year had to be our U13A side's victory against ai) itnpi'essive Lochinv¢r lousc l¢ain; it marked the first time that Hcath Mount has won against this all-boys pi'cp school in over 15 years. Crickel All oiir pupils had the opportunity to reprcscnt the School in cricket this year in vaiying foiThats wliile constantly developing and refining tlieir skills in gaincs Icssons. For tlie fii'sl time iii tlic school's history, Heath Molint put out an U I OA girls, hardball team which I'epresenled the school at Ilie Bancroft's Hardball Toui'namenl. The girls played lip a yeai. alongside the Yeai. 5 boy5, hardball team and both teams camc a commendable 3 and 5 respectively. ¢ompeting against twelve oiliei. schools. Otlier highligl)ts include Inany of our boys and gil'ls being sclcctcd for county squads and our impi'essive U12A boys, team finishing as rlinners up in the St Albans cricket touriiameiit. lil the boys, County Cup, Heath Moiint enjoyed tncmoi'able victories against St. Coliiinba's College and Aldenhain School. Our Colts A cri¢kel side enjoyed a fai)taslic 5casoii, winning every game wlien playing as a Yeai. 5 and Year 6 combined I l-a-side team. There was mol'e toui'nament siiecess when our U I l A girls finisl)ed at Ilie IAPS I'cgional crickel finals and i'unners up at the Haileybury iiidoor tournament. Our U I OA girls also achieved bronze medals at the Haileybury Super Sixes. It w8s oiiI' UI 3A gir15' indoor side, however, that had our Inost meilloi'able crick¢l journey this yeai.. They won the Hertfoi'dsl)irc County Indoor I leats and Finals before ti'avelling to thc liome of Surrey Cricket to represent Heriloi'dsliii'e at tlie Regioi)als wh¢re ihey made it all tl)e way to Ihc 5cini-final. Th¢i'e have been vai'ious ei)i'ichincnt opportunities dliring the yeai. with visiting pi'ofe%sional cricketers and oiir scnior boys and gil'ls wei'e lucky enough to enjoy masterclasses at Hailcybuiy and Wellington College i'cspectively, completing dri115 and gaining valuable insights. Neibull Heatl) Mount darcd lo dream tli¢ impossible dream on the netball coiiils this year. For a small prep school from I lertfordshii'e to be one of only two schools in the countiy to make it to 3 nalional finals, then for all tl)ree of oiir U I IA, U12A and U13A tcams to finisli iii the top 10. was quite siinply a dream Come true. Congratulations to our U13A gil'ls wlio were also crowned National Plate Chatnpions. The U I l A gil'ls, wl)o arc Ihc IAPS regional champions, also bi'ought liome the trophies from toiirnainents held by Beechwood Park and Millfield in what was an outstanding season for them. Further down the scliool our U I OA gil'ls seemingly had the Midas touch. winning the trcblc of the F3elmont, Haileybiiiy clnd Clielteiiham College Tournaments. Many of oui. netballci's now play at County level and this year two of our Y¢ar 8 piipils were selected for U15 Sara¢¢ns Mavericks Futures pathway. At ihe Netball East ONE award5, we were proud Ihat our Head of Gir15' Gaines was awarded Teacher of the Year. HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDEI D 31 AUGUST 2023 A(lilelie.f Oncc again we were proud to hav¢ piipils qualify for the National Athletics Finals. One Year 8 piipil, returiied onc¢ agdin in the 1500m and fini5hcd in silver medal p05ition whilsl a Year 7 pupil, qualified foi. the liigl) jump. At thc Easlcrn Area Cl)ainpioiisliips for pupils in Ycars 4 and 5, the school teains performed brilliaiitly. It tui'ned out to be a Pdrticulai'ly superb afternoon for one pupil wlio won the 200m, finished 2, in the l OOM and was part of the Ycar 5 boys, Icain to win gold in the 4 x loom rclay. Two Year 5 piipils, also won gold in tl)cir 800m ai)d loom events. All thi'ee show l)Iige potential to go to national level next year. Our Year 4 boys also came away with silver mcdals in their relay race. Athletics has become increasingly POPLilar at Heath Mount and we wei'e delighted to see so many piipi15 turn lip to Athletics Club Iliioughout the summer terin. all looking to run fastei., jump highei. and throw fuither! Cross Coiiiilry Early iiilo thc Lent t¢rm our i'uiiners produced Inany fine pcrfoi'maiices at local inlei'_schools' events. Hcath Molint's U9 girls, team won the Beechwood Park anniial event, witli onc pupil finishing in I, placc. A Ycai. 8 pupil also stoi'tned to victory in tl)e U13 l'ace. We enjoyed fuiilici. succcsscs at W¢sibrook l.lay for tlic Herts Prep Scliools, Championships with impressive individual winneis both U9 boys and U I I gil'ls winning in their age section and bringing home the shields. At the Hei1s Schools, Championships at St Albans, oiir Year 5 boys finished 3 in the team event with one pupil finishing 5, and tlius qualifyii)g foi. tlie Hertfoi'dshire Cross Couiitry team. He went 011 to finish a brilliaiit 15 out of150 riinners at the Nationals and took home a gold medal as part of the Coiinty teain. Another pupil again ran well at St Albans to also run at National level in his age group. A fantastic cross-country season ended with Heath Mount's House Cross Counliy event on the specla¢ular Woodl)all Estate just befoiE Easter. Sivittiniiiig It was another busy and successful year in the pool. Pupils competed in various galas against other local independent scliools ai)d took part in HoLise Swiminiiig Galas tl)rouglioLlt th¢ ycar. 'I'his ycar a total of12 pupils qualified for the IAPS Swimming Finals (one of our best years ever). The childi'en eiijoyed the oppoitunity to compete at tlie icoi)ic London Aquatic Centrel Three pupils finishcd in tlic top l O.. with a 2iid in thc 50m mixcd fiEestyle para event, a 5th in 25m U10 bi'easlstroke, and an 8tli iii the 50in U I I buttci'fly. SportAliiiiiiii Neivs We were tlirilled lo hear that foi'mer Heath Mount pupil Emilio Ballard-mattliews had signed a 4-year deal with Wolves (Wolvei'hamplon Wandci'crs FC), including a onc-year scholai'ship aiid tsvo-yeai. professioi)al conli'act. Einilio lias ali'eady Inadtr il onto the b¢iiLli foi. the fiist leain having just tiiri)ed 15 and was also selected to repi'esent England at U16 level playing agaii)st Italy tliis suininer. We wei'e also proud lo hear that foi'mei. Heath Mount pupil and I'ugby slai. Sam Harris had won Ilie Bath Rugby Brcakout playei. of the season and was sclccled for the U20 England t¢am for the World U20 championsliips in South Africa. Sporls SlllffHii ilie liileriialioiiulstage It's not jiist our Plipils wlio made their mark in the sporting arerka this year. A member of staff was selected to be pait of the England team at the Hockey Masters Woi'ld Cup in Tokyo, playing at tlie Olympic venue and returning lo Heath Mount with a silver med81. 12 HEATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OFTHE COVEI RNORS FOR THE YEAR ENDED 31 AUGUST 2023 In addition, shortly aft¢r joining us, a Year 3 forin teachei. was off to New Z,ealand as parl of team USA in the Woinen's Riigby Woi'ld Cup. Sl)e also captains the Wotllcn's Saracens team and 7.oomed in with her ¢lass fi'om the other side of thc world to let Iliem know how slie wa5 getting on. Music This year the musi¢ department at Heath Mount has continued io go from strength to strength. Pupils have been offered an extensive range of pei'foi'mance oppoi'liinities incliidiiig class concerts, scholar I'ecites, ensemble concerts, charity performances and of course oiir epic Suinmer Concert whi¢li con¢lud¢d the a¢ademi¢ yeai.. We continue to be proud of tlie l)uge numbers of childi'eii makii)g pi'ogress on their instruments and it is a privilege to encoui'age and inspire a new generation of outstanding musicians. Over 80 /0 of our pupils cutyenily Icarn a Inusical insli'umcnt in school. Ncw this ycar is thc opportunity to Icarn tlie oboe. Key statistics in¢lLide'. 450 insli'uinenlal lessons take place eacli week; 80,/0 of piipils Icarn at Icast oiie insli'Liinei)t' 16 visiting miisic teachers. 15 orchesli'as. clioirs and ensembles lo join in Years 3 - 18 inslrumei)ts available to leai'n., 9 ¢1)ildren aecepted into the National Yoiiih Choir. and 4 pupils cui'renily part of tlie National Children's Oi'chestra or Concert Band. Oiir newest ei)setnble is the fun and eneigetic Percussion Ensemble. This gioup encapsulates tlie energy and excitemeiit of making music at Heath Mount. Additionally, we have been excited to introduce the Heath Mount Sympliony Orehcstra. Tl)is gioup has becoine our flagship enseinble and has perfoi'med larger woi'ks such as tlie fainoiis foui'_Inovemei)t Peer Gynl,gziile. Every Deceinbei. we liave the opportunity to hold oiir Christmas Carol Sei'vice in the Inajestic sui'i'ounds of l.laileybiiiy Chapel. As ever, this year's service provided a reflective and joyfiil end to the Michaelinas tenn, with ti'aditional readiiigs. congregational cai'ols as well as stunning clioral pieces from the clioirs. The sei'vice ended with a rousing Cl)rislmas arrangement froin tlie Concert Band. Orchestras and Ensembles Concert- The first ¢onceit opportunity for tlie Orchestras and Ensembles lakes place every Januai'y. Heath Moiint has I I different instrumental groiips ranging from our Intermediate Orchestra to the Inost advaii¢ed Cl)amber Siriiigs, Concci'l Band and Ili¢ Syiiiphony Oi'¢liesli'a. T])¢i'e was a great sense of both collaboi'alion and community Ihi'ougl)oul the evening. Playing iii an ensemble helps miisicians to further their progi'css and encoui'ages all oui. childrcii to grow iiito wcll i'oiinded musicians. Tl)e diverse programme included a l'egal perfomianee of ' The Hallelujah Clini'ii,s', the technically challenging Palladio by Kai'l Jcnkins aiid the Siai. Waps Theiiie. Our new Syinphony Oi'cl)¢stra concliid¢d tlic ¢v¢ning with an oulslaiiding pei'formance of Tchaikovsky's RoiiiEv cinclJz{ljei OvL)p'liire. Tliis technically dI￿leU11 work was played witli incredible Inalurity and sliowcd just liow fai. Ilicse iiistrumenlalisls have come in tlieir Iniisical jouriiey at Heail) Moiinl. Bax Choir wci'¢ honoiircd to host a charity concert at All Saints Church in Hertford to launch the School's new cl)arily paitnei'sliip with Thyende Edueation For All. It was a privilege to sing alongside the City ofcambridge Brass Band and professional singer Anthony Hai'i'is. Pupils sang popiilar classics will) Anthony such as You Raisg Me Up, Go ihe dislance from Hercules and were parl of the outstanding finale of There Cali Be Miracle from TITe Pp'ipyce of Egypl. 13 HEIATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDE4 D 31 AUGUST 2023 As pai1 of tlie Year 7 and 8 mLlSiC scholarship prograinme, oiir music scholars lieaded to one of Loiidon'5 Inost fainoiis landmai'ks to attend Ilie final conccit for tl)e Music foi. Yoistli Proin8. The thi'illing coi)cert included performances on slcel pans and hai'ps and soiigs from some outstanding pop and rock choirs. 29 eagei. Heath Moiiiil Inusicians Inade Ilieir way to Uppingliam foi- tlie 2023 Prep Schools Oi'cliestral Day. This year's theme was 'Lighis, Camera, Actionll The day stai'lcd witl) sectional I'el)eai'sals befoi'e the wliole orchestra (made up of 215 cliildren) came togethei. to pei'form classic film soiindtiacks ii)cluding 'My Heari Will Go 017, (fiom Tilonic) 8nd ' The Greal Escape,. At oui. Pi'e-Prep Suininer Celebi'ation, parents wei'e treated to an uplifting programme of music in the Perfoi'ming Arts Cenli'e which reminded us of the amazing musical talent being niirtiired wit])in the Pre-Prep. In the final week of the school year, parents were treated to a patriotic pi'ogramme of tnusic in the Performing Aits Ccntre. The Music Dcpartinent Summer Concert, held over two evenings, showcased the lalenl and divei'se repei'loire of our Inusicians in Years 3-8. Tlie i)Iiinbei' of children playiiig brass, wind and percussion insti'iiineiits has gi'own considerably in Jtcenl years and tliis was evidenl in perfoi'inances fi'oin Wiiid Bai)d, Jazz Baiid and oui. Conceit Band. During the cvci)ii)g we were also entertained by our talented string eiisembles. Junioi. Strings performed Aei'oplap7e.¥ complete witli 'flying' choi'eogiapliy) Senior Strings gave tlie audience an iinpressive reiidition of Holst's The Planels while Chamber Strings provided an inspiring and challenging p¢rformai)ce of Vivaldi's Spi'ing. 'rii¢i'e was also bcauliful singing fi'om Heath Mount's foul. Choirs. Tl)is ycai. has seen the inclusion of lower male voi¢es in oui. Bax Consort and Bax Cl)oii' wliicli ha5 added to the slui)niiig Tange of liai'monies on display. Oui. New Choral Dii'cctoi. ensur¢d a varied repertOllE foi. oui. Cliamber Choir, Bax and Bax Consoil singei's that encompassed iinpiEssivc a capella singing, soaring anthcms and satii'ical pieces, too. Bax Choir's Science Song fcatui'ed the mind-bogglingly long word.. paradicliorodiplienyltrichloroethane. Oui. award-winning singers also pei'formed il)e joyous Hine Ma Tov in Hebrew and the soaring anthem, Wipigs, by Carl Strommen. The wl)ole evening was I'ounded off with all 250 instriimental players and singers coming together to perform Long Li)ye Heaih M011171 (ba￿d oli the lune of Riile Bi'ila17nia) and a 'Last Night of thc Prom8, favoiirite, L7nd ofHope ai7dGloYy. The finale was full of pomp and circumstance and goes down as one of our most spectacular finales ¢verl Art We had a supei'lative Year 8 scholarship group tliis year resulting in 50mc stiinning portfolios and eight scholaiship awai'ds to different senior schools. Their artworks have been displayed and enjoyed by so maiiy ai'ound the school includiiig their wonderful anthropotnorphi¢ paintings. Pupils across tl)e school enjoyed the opportunity to work in a huge 17nge of media from clay and Inodroc to animation and aci'ylics. Tli¢y liave studied a dive￿¢ 5cl¢clion of artists iiicludiiig Clementine Hunter, Kandinsky and Monet and oiii. Yeai. 7 arl scho18rs even discovered the Japanese ait of stoiie-wi'apping. Oui. hugely populai. range of aftei'_scliool art clubs provided plenty of opportunity for the children lo extend themselves and grow their passion for art. T]ie art dep8rtinenl lias enjoyed more competition succcss this yeai.. We wei'e thi'illed that our Yeai. 6 collaborative artwork 'Nice Weather for Ducks, was chosen to be displayed boili online and at the Royal Acad¢iny of Arts Young Ai'tists, Summei. Show iii Mayfaii.. Chosen from ovcr 21,000 siibinissions, ilie ducks are one of just 250 artworks on display aiid one of 478 cl)oseii for the oiiliiie cxliibition. It is the third time ceramic work from tlie School's classes has been chosen lo featiire at The Royal Academy. 14 HCIATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR EINDED 31 AUGUST 2023 Tliis yeai 5 coinpelition tl)eine froin I Icitfoi'd.qliii'e's coiintiysidc cl)arity (CPRE) was 'hcdgerows up close, encoiiraging priinaiy sclioDI age childi'en lo thii)k about a51 Ilie things tlial live ii) tlie hedgerow and tlie beiiefits of beiiig outsidc. One of our talented Yeai. 5 artists won in her age group category. Hertfoi'dshire County Council ran an art cotnpetition for schoolchildi'en to create an artwoi'k celebrating the completion of a iiew off-load cycle track as pait of impiovements to thc A602 Wal'e Road. A Yeai. 4 pupil won li) hei. age category willi l)er pop-up aitwoi'k, while anoil)ei' Year 4 piipil woii second prize and a Year 3 pupil was l)ighly coinineiided. We were deli81)ted to welcomc Councillor Bibby to Heath Moiint ii) the sutnmer term to pi'esent them with Il)eir priies. Pupils in IAPS member schools were asked to drdw, paint, make or ereate art that related to the tlieme of 'The Environmcnt. and demonstrated their feelings about tlie natui'al world and sustaiiiabilily. A Year 6 pupil was h]￿lY commended in the Years 5-6 category for her jigsaw-style piece 'Saving Wildlife- The Puzzle,. DrAma As ever, our Pre-Prep Christmas shows spread plenty of festive cheer. Weekly di'ama lessons are now provided for Children in Year l upwards and it was clear to see the Children's growing confiden¢e on stage. Prep School productions this year included Year 4's Dragon Days, Year S's Shakcspeare Showcase, Year 6's musical Th¢ Wind In the Willows, Year 7's The Lion the Witch And Tl)e Wai'di'obe. and the poignant Yeai. 8 dTrma scholars, prodiiclion of DNA. These cl)allcnging and bealltifiilly imagined ensemble piodiictions allowed every child to gain a moment in the spotliglit. In eacli of these pei'forinances. the childi'en Iiot only brouglit Ih¢ii' cl)ai'acters to lifc but also played key IDles in stage management a responsibility that they relished. This year was a very successful onc foi. our Draina Scliolarship Programme, with draina scholarships awarded by Rligby, Oundle, Haileybllry and Millfield. Development T]i¢i'¢ have been sevei'al inajoi. building pi'oject5 completed by oiii. in-house teain this year to enl)ai)ce our school envii'onmer)t. We are grateful for their supei'b aiid Iiiglily skilled craftsmanship, and to our dedicated grounds staff for bi'inging so many ambitioiis projects to life. Class 4K were exoited to slart tl)e year in a brand-new classroom. Perfectly iii sync with tl)e natui'al sui'roLlI)dings and existii)g Lowei. School sitc, the classi'oom is a fantastic addition to oiir Inodern, bi'iglil facilities. New pathways linking tl)e Lower School area lo the Prep Scliool aiid extra cai. pai'k liglitii)g have also been added. Aftei. maiiy moiiilis of planning and d¢tailed carpentry work, our I'eiiovated Beatoii Library was completed to ¢oincide witli World Book Day. Tl)e focal point is a beaiitiful ceiili'al table for i'eadingy Sul'rouiided by ciirved bookcascs. What a tranqiiil and inspiring space to disappeai. into a good book. The Perforining Arts Centre received a refresh in the fortn of a stunning 08k_topped bar aira whicli has beei) in regiilai. use Ilianks to our bLlSy programme of shows aiid conccits. A sinall office was also created for Olir Head of Drama. A ¢ontetnplative Reflection Area with water fealui'e was built opposite the Perforining Arts Centre to provide dedicated space to sit and remember fomier pupils. staff and governors wl)o have sadly passed away. With a triple tower walkway? slide, tunnels, climbing wall, club house and mol'e, HLigh's Garden is a fun-filled ddition to our Pi'e-Prep play facilities and a wonderful Ii'ibut¢ to foi'mei. PLipiI Hugh-menai Davis. 15 HEATH MOUNT SCHOOL TRUST LIMITEID ANNUAL Rfi PORT ofi THE GOVERNORS FOR THf YEAR ENDED 31 AUGUST 2023 In Forest Scl)ool, a new sensoiy Corner is in development. So far this includes a rusti¢ walei. tabl¢ whicli the cliildi'en love to splash aiouiid in; Creating dams and experimenting with different matei'ials to see what Can float and what sinks. Tlie barefoot trail was a big hil from day one. Children can feel sand, stones, soil and more between their toes. We also now have a bird hide for our budding oi'niihologyisls lo spot native species, aiid a fabulou5 bcspoke shelter whei'e lessons can continue wliatevei. thc great British wcather may bl'ing. Marketing In September 2023 tlic School publisl)ed ils fifth annual School Magazine looking back at the achievements of the academic year. The inagazine is Shar￿ with als prospective parents as well as cui'rcnl fainilies. The School's interiial newslettei., 'fiie Griffin, is published weekly and avei'ages ai'ound 1,000 vicws and is poqitively received by thc pai'ent body. The Scl)ool has signifi¢antly increased the use of video footage to help cngage with the pai'ent body aiid increase their awai'cncss of all that is being achieved both inside and outsid¢ of the classroom. Ti)e School also has successful X {fonnei'ly known a5 Twitter}, Facebook and LinkedIii pages. We arc pi'oud to be included in the annual Tatler Scliools Guidc whicl) only f¢alures the top prep and public schools in Ihe UK. We also featiire very favoui'ably in Il)e Good Scliool's Guide. FINANCIAL REVIEW Total incomc foi. thc year totalled £8,749,911 (2022.. £8,234,415) and total expenditure amounted 10 £8,511,796 (2022.. £7,907,322), resulting in a surpliis of £238.115 (2022.. £327,093). The Scl)ool eiidcavouis to a¢l)ieve best valiie for moi)ey tliroligli effective procurcincnt aiid better use of school resoiirces. Year on ycar we have seen a gjowih in income tl)I'ough increased pupil numbers. fees and hii'e of facilities. As at 31 August 2023, the School had cash at bank and short tem] deposits of £2,777,918 (2022.. £2,279,174). The Governors continue to I'einvest any surplus in facilities across ihe School and repaying the bank loans. REsfi RVES POLICY AND FINANCIAL VIABILITY The Governors carefully tnonitor the School's cash flow to ensure that it maiiilains sufficient working capital for its flltiire opei'ations. Their policy is nortnally to Inaintain minimum liquidity (defined as liquid assets plus undrawn credit facilities) equivalent to eight weeks, exp¢ndilur¢. As at 31 August 2023 the Cliaritable Coinpany had total reserves of £6,930,119 (2022=6,692,004). 16 HEATH MOUNT SCHOOL TRUST LIMITED ANINUAL REI PORT OFTI41 GOVE4 RNORS FOR THE YEAR EINDID 31 AUGUST 2023 The Governors, policy is that Genei'al funds should ideally represei)t bctwcen four- and twelve-weeks. expenditiire (£0.6m £1.8m) bul may vary outside this range dependii)g oli Il)¢ status of Iiew biiilding development plans. As at 31 August 2023 the Chai'ilable Company had General funds of £354,396 (2022: £1,987,391) whicli the Gov¢rnors bclieve is siifficient lo cover tlie purposes for which Iliey are intended. The designated fund of £6,575,723 represents the reserves for Buildings and Capital expenditure. At 31 August 2023 tlie School's fi'cc resetves, being total unrestrieled undesigned funds less Il)ose held in fixed assets, were £354.396 (2022.. £110,297) PRINCIPAL RISKS Af+4D uNCERTAir￿[￿s The Govcrnors consider economic and political unceitainties and the affordability of fees by parents, which affect pupil numbers aci'oss the independent sectoi., to be Ilie priiicipal I'isks fa¢ed by tlie Scliool. The Govcrnoi's believe thc Scl)ool rem8in.q in a strong position to withstand any sl)ort-term issues. The Scli(x)I focuses closely on delivei'ii)g value foi. money to ensure that any fee rises can be kept to a minimum while continuing to deliver higli educational Standards. Inereasing financial pi'essures include tliose from tli¢ poleiilial Teacheis Pension Scheme coi)tributioii rises, rising costs l inflation and the potential extension of Valiic Addcd Tax lo school fees and create challeiiging tiines for tli¢ Independeiit sectoi.. The School recognises thc nccd to I'educe costs where possible. Risk Maiidgenienl The Gov¢rnors are satisfied tliat the major risks have been identified and Initigaled through the established risk Inanagement processes. It is I'ecognised tliat systems can only provide rcasonable bul not absolute assurance that the major risks have been adeqiiately managed. The Board of Governors has overall responsibility for the identification ai)d management of risks. J1)e School Inaintains a detailcd risk Irgisler of the pi'incipal risks and iincertainties facing tl)e Charity and this is regulai'ly I'eviewed by the Governoi's. The key conti'ols used by the Cl)ai'ity include.. Tlie Sii'ategy cominittee's responsibility for i'eviewing the Scliool's overall strategic direction and plan, and delegating to tl)e Sei)ioi' Manageinent leain for delivei'y. The Gov¢riianc¢ ¢ommittee's ovei'sight of the Schools's policies. Allocation of risks to individual siib cominittees foi. review. Use of agendas and minutes for all meetings of the Governing bodies and ils sub-committees. CompiEhei)sive sti'alegic planiiing lo infom) the budget and development processes. Foi'mal written policies. aiid A safer recruitment process which includes a Disclosure and Barring service cl)eck and references for all those who coinc into regular contact with oiir piipils. GOING CONCCRN The financial statements of the S¢hool have been prepai'ed on the basis tliat the School is a going ¢on¢ern 8nd will continue operations for the for¢seeable future. FUTURE PLANS The School coi)tinu¢s to invest in its staff and infi'astriictlire as well as working closely with the Woodhall Estate on our Laiidscapc Masterplan wliich forms the basis of our long terin Strategic D¢velopment Plan. Tlie primary focus for next yeai. involves the redevelopment of the l $1 floor of tl)e sports hall, chai)ging the layout and creating 17 Hfi ATH MOUNT SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YE4 AR ENDED 31 AUGUST 2023 a few self-contained changiiig facilities on the bn'ound floor as well as new bag stoi'agc fa¢ililies behind the spoi'ls Iidll. We al'e also plai)i)ing to redevelop thc swimining pool complex, coinciding with the IEdevelopinent of the loft space in tlie Pavilion. We are also planning to continue oui. rolling Inainteiiancdiipgrading prograin on tlie Main House, includiiig tl)e repair and reinstatement of the ground floor and first floor sash windows, and eontinued upgi'ades to the roads and pathways. This is in addition to other smaller projects to support the overall developineiit of the School site. The fociis I'emains firmly on maiiitaining our acadetnic expcLlations acioss tl)c b￿rd to ensure tliat cvery pupil reaches hisl])ei' full poteiitial. Wc will also be investing in upgrades to existiiig infrastiucture and placing even more emphasis on laigeting pastoi'al well-being. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBLILTIES The Governoi's (who are also the dii'cctors of I leath Moiint Scliool Trust Limited for the purposes of cotnpany law) are responsible foi. pi'eparii)g the Aiinual Repoit and tlie fiiiaiicial statements in accordance with applicable law ai)d United Kiiigdoin Genei'ally Accepted Accounting Practice (United Kingdom Accounting Slai)dards). The Governing Body Ineinbers must not appi'ovc Il)e financial slatemcnts unless they arc satisfied that they give a tl'LlC and fair view of thc slate of affaiis of the Chai'ilable Coinpany and of tlie incoinii)g resources and application of resources, iiicluding the income and expenditiire. of tl)e Charitable Coinpany for that pei'iod. In preparing these finaiicial statements, the Govei'ning Body members are I'equired to: select the most appropriate accounting policies aiid then apply them consistcntly; observe the Inethods ai)d principles in the Chai'ities SORP. make judgtllenls and accounting estimates that are reasonable and prudent. stale whether applicable Accounting Standards have been followed. subject to any material departutES disclosed and explaii)ed in the financial slaleinents. and prepare thc financial stateinents on the going concern basis unless it is inappropriate to prcsuine that the Charitablc Company will continue in biisiness. The member5 ofthe Governing Body are responsible for keeping adequate accounting records that ar¢ Su￿1clent to show and explain the Cliaritablc Coinpany's ti'ansactions, disclose witl) rcasonable acciiracy at any time the financial position of the Chai'ilable Company and enable them lo ensure that Il)c financial statcincnls ¢omply with ilie Coinpanics A¢t 2006 and the provisions of the Cliai'ity's constitution. They are also responsible for safeguarding the assets of the Chai'ity and hen¢e for taking rcasonabl¢ steps foi. the prevention and detection of fraud and other irregulai'iti¢s. Relevaiil aiidil inJorniolioii Jnsofar a5 eacl) of the Governor5, as dii'ectors of the Charitable Company, at the date of appi'oval of this report is aware thcre is no relevant audit information (inforinalion needed by the Cliaritable Coinpany's auditor in connection with preparing tli¢ audit report) of wliich Ilie Cliaritable Company's auditor is unaware. Each member of the Governing Body has taken all the stCP5 that he or she sliould have Éaken as a member of the Governing Body in order to make himself or hetself aware of the relevant audit inforination and to establish that the Charilable Coinpany auditor is aware of that infoi'mation. This repoil, wliich incoi'porates the Str'ategic Report, was approved by the Governors on 6 December 2023 and signed on its b¢half by Mrs Juliette Hodson Chair of Governors 18 HEATH MOUNT SCHOOL TRUST LIMITEID INDEIPENDENT AUDITORS REPORT FOR THE YEAR ENDEI D 31 AUGUST 2023 Opinion We l)ave audited the financial slalements of Heath Mount School Triist Limited for the year ended 31 August 2023 which comprise the Sialement of Financial Activities, Balance Sheet. Stateinent of Casl) flows and notes to th¢ finaiicial statemcnt5, ii)¢luding a summary of significant accounting policies. The financial IEporting framework Ihat has been applied in Ilieir preparation is applicablc law and United Kingdom Accoiinting Standards, including Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (Unitcd Kingdom Generally Acceptcd Accounting Practice). In our opinion, the financial ststcinenls: give a true and fail. view of tlie state of the Chai'ilable Company's afyaii's as at 31 Augiist 2023 and of the Charitable Compaiiy's nel movement in funds, including the income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accoi'danee with the requirements of the Companies Act 2006. Basis for opinion We conducted oiir audit in accordai)ce with Inlei'national Standards on Auditing (UK) (ISAS (UK)) and applicable law. Oui. I'esporisibilities undci. Il)os¢ slandai'ds al'e furtlici. dcsci'ibed in the Auditor's responsibilities for the audit of thc financial statements section of our report. We are indepcndent of the Chai'itablc Coinpany in accordance witli the ethical I'equii'etn¢i)ts that air relevant to our audit of Ilie financial statemci)ts in the lJK, including the FRC'S Ethi¢al Siandai'd, and we have fulfilled our othei. eiliical r¢5ponsibilities in accoi'daiice with these requireinents. We believe that the audit evidence we have obtained is sufficient and appropriate lo piovide a basis for our opinion. Conclusions relating to gosng coneern In aiiditing tlie financial statetnents, we have concluded that the Govei'nors, use of the going concern basis of accounting in the prepai'ation of tlic financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or eonditioi)5 that, individually or collcctively, may ¢ast sigi)ificant doubt on the Charitable Company's ability to ¢ontinue as a going ¢oncem for a pei'iod of at least Iwelve months from wlien the financial statcmenls ar¢ auil)oi'ised for i55UC. Our responsibilities aiid th¢ responsibilities of the Governors with respect to going cono¢rn al'e desci'ibed in the relevant sectioi)s of this report. Other information The Governoi's al'e responsible for the other infoi'mation. The oihei. information compris¢5 the infom)ation included in the Ai)nual Report of the Govemors. OLir opiiiion on the financial statements does not cover the oiher information and, except lo tl)e extent otheiwise explicitly stated in our report, w¢ do not express any form of assurance ¢onclusion thei'eon. In connection with our aiidit of tl)e financial statements, our responsibility is to read the other infoi'mation and. in doing so, considei. wheiliei. the oiher ii)foi'mation is matcrially inconsistent with the financial statements or our knowledge obtained in the audit or oihei'wise appears to be matei'ially misstated. If we idci)tify siicl) material incon5iStenci¢s oi. appaiEnt Inatcrial misstateinents, we air I'cquil'ed to determine whether there is a material misstatement in the financial statements or a material misstatetnent of the otl)er infortnation. If, based on the 19 HEtATH MOUNT SCHOOL TRUST LIMITED INDEIPENDEINT AUDITORS REPORT FOR THE YEAR ENDEID 31 AUGUST 202J work we have perfortned, we con¢lude ihat there is a material misstatement of this oihei. information, wc air I'equii'ed to I'eport tl)at fact. We have nothing to Irport li) this regard. Opinions on other matters pres¢i'ibe(I by the Companies Act 2006 In our opinion. based on the work undertaken in the Coui'se of tl)e audit.. tlie information giveii in thc Annual Report of tlie Govci'nors (which includes tl)e strategic report and the Dii'ectoi's, Report prepared for the purposes of company law) foi. tlie financial ycar foi. which tl)e financial statements are prepai'cd is consistent with tlie financial slalements. and the Sti'ategic Report and the Dii'ectors, Report included witliin the Aniiual Repoit of Ilie Govcn)ois lias been prepared in ac¢ordance with applicable 5egal requirements. Matters on which we are required to report by exception In the ligl)l of the knowledge aiid understanding of the Cliaritablc Company and its enviioninent obtained in the course of thc audit, we have not identified material misstatements in the Annual Report of the Govei'noi's (which incorporates the strategic report and Ihc diir¢tors' report). We have nothing to i'epoit in I'espect of the following matters in I'elation to which ihe Companies Act 2006 requires us to report lo you if, iii our opiiiion: adeqiiate accounting re¢ords have not been kept by the Charitable Company; or tl)e Charitable Coinpany financial statements are not in agreemcnt with the accountiiig records and relurns- oi. ¢eitain disclosurcs of trustees. remuneration specified by law are not made; or wc have not received all the infoi'malion and explanations we require for oui. audit Responsibilities of Governors for the financial statements A5 explained more fully in tlie Govei'nors, rcsponsibililies statement set oiit on page 13, the Governoi's (who are also the directors of tl)e Charitable Company for Ili¢ purposes of compai)y law) ai'¢ responsiblc for the prcparation of the financial statements and for being satisfied that they give a true and fail. view, and for such internal control as tl)e Govcrnoi's deterinine is iieccssary to enable the prepai'atioll of financial statements that ai'c free fi'om material misstatcmenl. whether due to fi'aud or ei'ror. In preparing the financial statements. the Gover11015 al'e i'esponsibl¢ foi. assessing the Cliai'itable Company's ability to continue as a going concern, disclosing, as applivdble, mattel's related to going ¢oi)cei'ii and using tlie going concern basis of accouiiting unless the Governoi's eithcr intend to liqiiidate the Chai'ilable Company or to cease operations, or have no I'ealistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuraiice about whether the financial statements as a whole al'e free fi'om material Inisstatemei)I, wl)ethei' due to fraud or error, and to issue an aiiditor's report tl)at ii)cliides our opinion. Reasonable assurance is a higli level of assurance but is not a guarante¢ Ihal ali audit conducted in accordance willi LSA5 (UK) will always detect a material misstatement whcn it exists. Misstateinents Can arise from fraiid or errol. and are considered Inatei'ial if, individiially oi. ii) the aggrcgate, they could reasonably be cxpecled to influence the economic decisions of usei's taken on the basis of these finan¢ial statements. Iri'egularities, including fraud, are instances of non-compliance with laws and regulations. We desigii proc¢dur¢s in lili¢ with our responsibilities, oiitlined abovc, to detect material misstatcmcnts in respect of iri'egularilies. incliiding fraud. The extent lo whi¢h our pi'ocedures ai'¢ capable of detecting iri'cgularities, incliidiiig fraiid is detailed below.. 20 HEATH MOUNT SCHOOL TRUST LIMITED INDF.PCI NDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Based on oui. understanding of Il)e charity and the environment in which it operates, we identified that the principal risks of non-coinpliancc with laws and regLilations related to The Education (Independent School Siandai'ds) Regulations 2014. safcgyLiai'diiig regulations, healtli and safety I'equii'etncnts, GDPR, employmcnt law and cliarity law and we considered the extent lo whicli noi)-¢ompliance migylit have a material effect oli tl)e financial slateinents. We also coiisidci'cd those laws and regulations that liave a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Coinpanies Act 2006 and considei. other factor5 such as payi'oll taxes. We evalliated tnanagement's incentivcs and opportlinities for fraudulent manipulation of the finai)cial slalements (includiiig the risk of override of contiols) and deterinined that the principal I'isks wci'e related to improper recognition of income and mandgeinent bias in accoui)tiiig estiinates. Audit procedui'c5 pei'foi'med by tl)e eiigagement team incliided.. Inspecting cori'eqpondence with regulators and tax authoi'ities; Discussions witli management incliiding consideration of Iinown oi. suspected instances of non-compliance with laws and regulation and fi'aud- Evaluating manageinent'5 controls designed to prcvcnt and detect ii'reguldritics. Identifying and testing journals, in particulai. journal enti'ies posted at the year end. and Cliallci)ging assumptioiis ai)d judgements made by Inanagement in their accounting estimates. Because of the inherent limitations of an audit, thcre is a risk that we will not delect all irregularities, including those leading to a material misstatement in tlic fii)ancial statements or noii-coinpliance with rcgulation. This risk increases the morc that compliance witli a law or regu5ation is retnoved from the eveiit5 aiid ti'ansactions reflected in the financial stat¢ments, as we will bc Icss likely lo become awarc of instances of non-compliance. Tlic risk 18 also greater rcgarding irregularities occuri'ing due to fraud i'atlier Il)aii ei'ror, as fi'aud involves intentional concealment, forgery? ¢olliision, omission or misrepresentation. A furthci. des¢ription of our responsibilities for the audit of the financial stateinents is located on the Financial Reporting Council's website at: www.fi'c.or .uklaudilorsi'¢s oiisibilities. This description forms part of our auditor's report. Use of our report 1.his report is Inade 501ely lo the Charitable Company's members, as a body, in accordance witli Chapter 3 of Pait16 of the Companie5 Act 2006. Our audit woi'k has been iindei'taken so that we Iniglit state to tli¢ Chai'ilable Coinpany's membei's tliose matters we are required to slate to them in an Auditor's report and foi. no other purpose. To the fiillest extcnt permitted by law, we do i)ot a¢c¢pl or assume I'esponsibility to anyone oihei. than thc Charitable Company and the Charitable Coinpany's members as a body> for oui. audit work, foi. this report, or for tli¢ opinions we havc form¢d. Jane Askeiv (Senior Statutory Auditor) foi. and on behalf of Haystnacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG Date: 12 December 2023 HEATH MOUNT SCHOOL TRUST LIMITCI D STATEMENT or FINANCIAL ACTIVITIES FOR THE YEAR F.NDCI D 31 AUCUST2023 {Incorporating Ineome & Expenditure Aceollljt) Unrestricted Funds Restricted Fund5 Total 2023 Total 2022 r4otes INCOME FROM Charitable Activities School fecs Ancillary trading income 8,532.689 152,133 8,532,689 152,133 8,074,904 142,628 Other Trading Activities Othei. incoine 16,174 16,174 16,539 Investment Income Bank and othei. interest 23,785 23,785 338 lThcome fi'om Donations and Cil'ants Goveinineiit Grdnls and Donations 25,130 25,130 TOTAL INCOME 8,749,911 8,749,911 8.234,415 EXPENDITURE Raising Fuiid5 iiiancing Costs 65,864 65,864 44,530 Charitable Activitie5 Educatioli and gi'ant making 8.445,932 8,445.932 7,862,792 TOTAL EXPENDITURE 8,511,796 8,511,796 7,907.322 NCIT INCOME BKFORE TRANSFERS 238,115 238,115 327,093 Transfer between fund5 NET MOVE4 MENT IN FUNDS AFTEIR TRANSFERS 238,115 238,115 327,093 RECONCILIATION OF FUNDS Fuiid5 as at I Septeinbei. 2022 6,692,004 6,692.004 6,364,911 FUNDS CARRIED FORWARD AT 31 AUGUST 2023 16 6,930,119 6,930,119 6,692,004 The notes on pages 25 to 37 form part of these financial statements. 22 HEATH MOUNT SCHOOL TRUST LIMITED BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Notes FIXF.D A.88ETS Tangiblo asscts 6,575,723 6.581,709 CURRF.IYT ASSETS Stock Debtors Cash at bank and short-term deposits 535 358.891 2,777,9 5 8 1,342 560,413 2,279,174 12 3,137.344 2,840,929 CRCI DITORS.. amounts falling due Wlthin one year 13 (1,863,570) {1,643,611) NET CURRENT ASSETS 1,273.774 1,197.318 TOTAL ASSETS LEISS CURRENT LIABILITIES 7,849,497 7,779,027 CREDITORS: arnounts falling due aft¢r more than one year 14 1919.378} (1,087,023) NET ASSETS 6,930.119 6,692,004 Unr¢sti'iot¢d fvnds.. General fund Designated funds 16 16 354.396 6,575,723 1,987.391 4.704.613 Restricted funds 16 TOTAL FUNDS 6,930,119 6.692,004 The financial statements were approved and authorised for issue by the Board of Governors on 6 Deceinber 2023 and were signed below on its behalf by.. Juliette Hodson Chair of Governors Jaines Steel Chair of Finance Committee The notes on pages 26 to 39 form part of these financial statements. 23 Hf4 ATH MOUNT SCHOOL TRUST LIMITED STATEI MC4 NT OF CASH FLOWS FOR THF YEAR KNDED 31 AUGUST 2023 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Nel cash inflow frofft operations Net cash provided by opeTating7 aclivities 1.128,362 749,559 Cash flows from investing activities Payinents to acquire tangible fixed assets Investsnent incoine (419,894) 23,785 (391,9251 338 Net eash used In investing activitie5 (396,109) (391.586) Cash illfloiy before finaneing 732,253 357,972 Cash flows from finaneiiig aclivilie5 Repayinents and bank boi'rowing Finance Costs paid (167,645) (65,864) {503.783) (44,530) Net cash outflow fToin financing (233,509) (548,313) Chaiige in cash and eash equivalents in the reporting period 498,744 (190,340) Cash and cash equivalent5 at the beginniijg of the reporting period 2,279,174 2,469,515 C8sh artd eash cquivalenls at the end of the r¢porting period 2.777,918 2,279,174 RECONCILIATION OF NET DEBT C8sh-flow5 Oth¢r Non-Ca$h ch#nges 31 AIKgust 2023 September 2022 Cash Loans falling due within one year Loans falling due after more ihan one year 2,279,174 498.744 2,777,918 (1,087,023) 167,645 1919,378) Total 1,001,040 666.389 1.667,429 The notes on pages 25 to 37 form pait of these fu)ancial statement5. 24 HEATH MOUNT SCHOOL TRUST LIMITIID NOTES TO THE FINANCIAL STATEMENTS {eontinued) FOR THI YCIAR CINDKD 31 AUGUST 2023 ACCOUNTING POLICIES Basis of accounting The financial stat¢in¢nts hav¢ been pi'epaitd in aecordance with the Financial Repoiting 8tandard applicable in the UK and Republic of Iieland (F RSI 02), the Companies Act 2006 and the Stateinent of Re¢ominended Practice for Charities (SORPI (Second Fdition, cffcctive l Janiiary 2019) applicable to charities prepai'ing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. The ftinctional currency of the school is considered to be GBP because that is the currency of the primary econoinic envii'oninent in which the School opei?t¢S. The School is a Piiblic Benefit Entity registercd as a charity in England and Wales and a company limited by guarantee. It was incorpoi'k)ted on 3 July 1970 (company nuTnber.. 983758) and is also registered as a charity number 311069. Critical accounting judgements and key sourc¢5 of estimation uncertainty In the application of the accounting policies. Governors are rcquirod to inake judgcincnts, estimates, and assumptions about the carrying valiie of assets k)nd liabilities that are not readily apparent froin othei. sources. The estimates and undei'Sying assuinptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from thesc estimates. The estimates and undci'lying assiiinptions are reviewed on an ongoing basis. Revisions to accounting estimates are re¢ognised in thc period in which the estiinate is revised if the revision affects only that peTiod, or in the period of the revision and future periods if thc revision affected current and future periods. The Govemors consider th¢ following items to be areas subject to estiination and judgement- Deprecialioii.. The usefiil econoinic lives of tangible fixed assets are based on management's judgement and experience. When Imanageit)ent identifies that acttial. uscful economic lives differ matei'ially froin the estimates used to calculate depi'eciatioii, that chaige is adjusted pi'05PCCtively. Althoiigh tangible fixed assets are significant, variances bctwcen actual and estiinated useful economic live5 will not have a Inaterial iinpact on the operating results. Histoi'ically, no changes have been I'equired. Ilad debiprovisloii.. The i'ecoverability of debtors is assessed and a provision against doubtful debts is included based on management's judgeinent and experience. In the view of the Governors, no assuinptions conccming the future or estimation uncert1( inty affecting assets or liabilities at the balance 51ieet date are likely to result in a inat¢rial adjustsnent to their carrying amounts in the next financial year. 1.2 Going concern At the tijne of approving the financial stateinents the Gov¢iMors hav¢ ass¢5sed the Chai'ity's foi'ecasls and plans for the coining twelve inontlis. They l)ave concluded that the Charitablo Company has adequate resoiirces to Continue in opeiational existence for the foieseeable future. Thus the Gov¢rnors ¢ontinu¢ to adopt the going concern basis of accounting in preparing the financial statements and have ¢on¢luded that there aTe no material uncertainiies at this time. The following pi'incipal accounting policies have been applied.. 1.3 In¢om¢ All incom¢ is recognised when the criteria of entitleinent, measuTement and probability of receipt have been satisfied. Interest is included on an accnials basis. 25 HEATH MOUNT SCHOOL TRUST LIMITEI D NOTES TO THE FINANCIALSTATEMEINTS (continued) FOR THE YEAR EINDED 31 AUGUST 2023 Donat10115 and legacies and olhei. voluntary income Voluiitary incoiiie i5 accounted for as and when entitleiment arises. the amount can be reliably quantified and th¢ ecoiioinic benefjt to the School is ¢onsid¢ird PTobable. Donations Irceived foi. the general purpos¢s of the School are credited to Unrestri¢t¢d Fund5. Donations subject to the specific wislies of the donoJB al'e ciedited to the i'elevant Reslricted Funds. Legacies al'e recognised wlieii the School has cntitleinent to the funds, the amount can be reliably quantified and the econoinic benefit to the Scliool 15 considered pi'obable. Entitlement is the earlier of the School bcing notified of an impending disti'ibution or the legacy being ￿ceiV¢d. Government revenue grants are Tecognised on a systematic basi5 over the periods in which the School reeognises the related costs for which the gJ7nt is intended to coinpensat¢. Fee5 and similar earned iiicoine Fees receivable and chaiges foi. sei'vices and use of th¢ prcinises are accoiiiited for in the year in which the services air provided. Fees receivable al'e slated after deducting bursaries, scholarships aiid other reinissions allowed by the School. Regi5tTation fee5 are non-refundable and are credited to incoine when r￿e1ved. Deposits are included as a liability until refunded or, on ceasing to be ￿ru￿dabI¢, are credited to income. Advance fees are ci'edited to income as and when the fees fall due. 1.4 Expenditure Expenditure is accouiited for on an acLruals basis wliere tliere 15 a legal and constructive obligation to mllke a payinent to a third party and the Lsinoiint of the obligation can be Ineasured I'eliably. Expendituie is allocated to the appropriate headings relevant to the chai'itable activities on a direct basi5. SILPPOrt costs Inainly represent office administration. Irrecoverable V AT is charged to the Staleinent of financial Activities as incuriEd. Governance costs coinprise the costs of running the School, including strategic plgiining foi. its fuhire developinent, external audst, legal advice and all the costs of coinplyijig with consti(ulional and statutoiy requireinent5. Charitable expenditure rcpiEsent5 the costs of I'unning the School including salaries, catering, pietnises aiid welfair costs. Costs of raising funds include non- ancillaiy trading, financiiig, inve5111)enl Inanageinent and fuiidraising and development costs. l.S Tan¥lble fixed assets All fixed assets are initially J'ecorded at C05t. Expenditure on the acquisition, coi)struction or enhancemcnt of land and buildings costing Inore thali £5,000 togeihei. with expendituj'e oji vehicles, fiirniture, rnachinciy, Icr infixstruclure and other equipinent COSting more than £500 is capitalised and cai'j'ied in the balance sheet at historic eosi. 1.6 Depreciation DepiEciation 15 provided on fixed assets to write off the cost or valuation over their estimated useful econoinic lives at the followinb7 rates.. Buildings Leasehold iinpiDveineiits Fixtures, fittings and eqllipinent 4-50 years 4-50 years 2-10 years 1.7 Operating le#5e agreements Rejitals under operatiiig leases are ¢hai'ged on a sh2ight-line basis ovei. the lease terin, even if the payinents are not Inad¢ on such a basis. Benefits received aiid receivable as an incentive to sign an operating lease are similarly ainortised on a stixight-line basis over the lease teTm. 26 HEIATH MOUNT SCHOOL TRUST LIMITED NOTEIS TO THE f4lNANCIAL STATEMENTS (conlinuedl FOR THE YEAR ENDED 31 AUGUST 2023 1.8 Fund Aecourttlng The School has different types of funds., R¢%tricted- where the purpose for which the funds may be used has been restricted by donoi's; and Unrestricted where thc ￿nd is not restricted as to use other than in furthering the objects of the School. These include Designated I".unds, wheir the funds are unrestricted but the Govemors have designatcd thcin for a specific purpose. 1.9 Financial instruments Basic financial inylrLiiiienls are initially recognised at transaction value and subsequently measured at ainortised cost. Financial assets held at amortised cost cojnprise cash at bank and cash equivalents, together with trade and other debtois. A specific provision is Inade for debts foi. which recoverability is in doubt. Cash at bank and cash equivalents is defjned a5 all Cash held in instant access bank accounts and used a5 working capital. financial liabilities held at amortised cost coinpi'ise all ¢Teditors except social security and other taxes and provisson5. Cash aiid cash equivaleiits Cash ajid cash equivalents incliides cash in hand, derA)sits held at banks, other shoil-term highly liquid investments with original Inaturitie5 of three tnonlhs or less and bank ovei'drafts. Bank ovcrdrafts, when applicable, are shown within current liabilities. Debtors and eredilors Debtors and creditors are measuTed at the ti'ansaction price less any provision for impairment. Any10sse5 aT15ing fr(>in iinpairment al'e Ircogniscd as expendituiE. Bank borrowing Liabilities foi. borrowings which are subject to a market late of interest are Ineasured at the value of the amount advanced, less capilal repayinents. 1.10 Advaneed lee lunds The Charity has an advance fees sclieme whereby pai'ent5 and others Inake advance payments, which together with the discount accruing thei'eon. provide for a set coiitribiition each terin towai'd5 the pupils. fees. The capital portion outstanding i5 1'e¢ogni5ed as a liability and the ainount of discount crystallised in the yeai. is included in the Statement of Financial Activities. 1.1 I Provi5ion5 foi. liabilities Provisions are inade where an event has taken place that gives the School a legal or constructive obligation that PTobably IEqUITes settleinent by a transfei. of econoinic benefits, aiid a reliable estimate can be Inade of the amount of th¢ obligation. 1.12 Staff benefit5 iiicluding pension costs Th¢ School conti'ibutes to tlie following schemes.. The Teachers, Pension Scheine. Tl)is is a inulti-employei. pension scheine and it is not possible to idetltify the School's share of tlie undei'lying asset5 and liabilities on a consistent and reasonable basis. A5 iequiiEd by fRS 102, the Scliool thei'efore accounts for the scheine as if it were a defined contribiition scheine. The School's ¢onti'ibutions, which are iii accoi'dance with tl)e I'ecoininendations of the Government A¢ttiary, are charged in the period in which the salaries to which they relate are payable. ii. A contributory Group Per59nal Pension Plan. This is a defined conti'ibution scheme, contributions to the plan are Inade in accordance with the rules of the plan and are charged to expenditure when they are payable. Pension costs aT¢ ¢haiEcd as a p¢irentage of 5alai.ies and paid over to the Pensions Trust on a Inonthly basi5. Short term b¢iiefils Short tern) benefits, including holiday pay, are recognised as an expense in the period in which the service is received. Employee teriniiialion benefit5 T¢i'inination benefit5 ale accouiited for on an accruals basis and in accordan¢e with FRS 102. 27 HCIATH MOUNT SCHOOL TRUST LIMITEID NOTFS TO THE FINANCIAL STATEMENTS {contiNuedl FOR THE YCIAR E4NDEI D 31 AUGUST 2023 CHARITABLE ACTIVITIES- SCHOOL fiEES 2023 2022 Fees Boarding fees ,930,606 107,823 8,405,984 Cros5 fee5 9,038,429 8,517,321 Bui'sari¢s Scholarships Other fee discounts {204,6041 (176,062) {3,883} (262,473) {301,1361 8,532,689 8,074,904 Bursaries totalling £204,604 were paid to 18 pupils (2022.. £176,062 to 20 pupils). Scholaiship payinents totalling £Nil weir paid to Nil s¢holars (2021.. £3,883 to 5 scholars). ANCILLARY TRADING INCOME 2023 2022 Registration fee5 School trips and a¢tivities Other income 5,600 106,367 40,166 6,300 102,534 33,793 152,133 142,628 OTHER INCOME 2023 2022 Lettings Transport (losses)Irecoveries Catering i'ecoveries 13,440 2.050 684 14.466 1,424 649 16,174 16.539 BANK AND OTHER INTEREST 2023 2022 Bank interest irceivable 23.785 338 28 HF.ATH MOUNT SCHOOL TRVST LIMITED NOTF.S TO THF. FINANCIAL STATEMENTS (continued) FOR THC YEAR ENDf4 D 31 AUGUST 2023 GRANTS AND DOIYATIONS 2023 2022 Donations 25,130 FINANCE AND OTHER COSTS 2023 2022 Bank ¢harge5 and interest 65,864 44,530 ANALYSIS OF EXPF.NDITURE Staff c05t5 Other Depreciation 2023 2022 Charitable expenditure: School activities T¢aching Welfare Premises Support and govemance costs 4,696,839 267,780 217,631 694,536 223,683 563,649 839,513 516,421 34,572 4,955,094 831,429 1,399,647 1.259.762 4,836,094 926,910 1,027.385 1,072,403 342,503 48.805 Total 5,876,786 2,143.266 425,880 8,445,932 7,862,792 Suppoit costs include governance costs related to the ofte activity of Nnning the School. Governance costs totsl £17,735 (2022.. £18,343} aiid incliide the audit fee. Other support costs comprise.. 2023 2022 Legal and professional fee5 Telephon¢s, postage, stationory and other costs Advertising, marketing & PR expenditure Transpoit, trips including related eosts Other costs 113,213 264,557 54,149 79,907 4,595 79,755 235,175 47.519 62,368 11,359 Total 516,421 436,176 29 HEATH MOUNT SCHOOL TRUST LIMITEID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 COMPARATIVE FIGURES., ANALYSIS OF EXPENDITURE Charitabl¢ expenditure: School Activities Teaching Welfare Pi'einises Support and governanc¢ Staff costs Other Depreciation 2022 4,597.532 166,698 ISS,553 584,121 205,000 760,212 535.626 436,176 33.561 4,836,094 926,910 1,027,385 1,072.403 306,206 52,106 5,533,905 1,937,014 391,873 7,862.792 STAFF COSTS 2023 2022 Total staff eosts comprised: Wages dnd salaries Social security costs Pcnsion conti'ibutions 4.691,548 464,685 720,553 4.396,883 450.518 686,504 5,876,786 5,533.905 Total staff costs include £56,833 of redundancy and termination payments {2022.' £nil). One of the Governors irceived £78 Ireinuneration in respect of teaching from the School or from any connected body. Total reiinbursements of £Nil were made to Gove1￿OrS during thc ycar (2022.. £90). See note 17 for further details. 2023 P40. 108 40 2022 No. 105 42 Average number of employees in the year: Teaching staff Support staff Number of staff 148 147 Numbtr of employees with emoluments in the following bands: £60,000- £69,999 £70,000- £79.999 £120,000 £129.999 Einployer pension contributions for the higher earners total £98,615 (2022.. £81,718}. 2023 2022 Aggirgate employee benefits of Key Management Personnel 681,748 750,229 30 HEATH MOUNT SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATCMENTS (£onliiiued) FOR THE YEAR ENDED 31 AUGUST 2023 10. NET INCOME FOR THE YEAR 2023 2022 This is ststed after charging: Staff peJ)sion contributions Depreciation AudilOlS' remuneration.. audit of finan¢ial stateinents (excluding VAT) -for other services (excluding VA T) 720.553 425,880 686,504 391,873 16,675 14,500 1.000 TANGIBLE FIXED ASSETS Building5 Short Llhold D]prov¢ments Motor Vehicles riurnitvre All Equipment IT Tolal Cost At I S¢plerniKr 2022 Additions Written off Disposals 8.417,548 1.938.005 328.528 199,291 419,375 9.129 {113,4261 (235,1041 686,574 80,306 1556,7951 1,660,793 419,894 12,375,637) 1278.8581 Al 31 Augu512023 8,138,690 1.074,879 87,996 193,400 210,085 9,705,050 DtpreeiAtion Al I Scpttinbtr 2022 Chargc for Ihc ycar Wriiicn otr Disposals 2,503.569 223.563 1278,858} 1,484,138 105,758 153.185 13.182 1113.4261 348,826 54,572 1235,1041 589,366 41¢.805 1556.7951 5,079,084 425,880 12,375,637) Ai 31 August 2023 2,448,274 398,442 52.941 148.294 81,376 3.129.327 Ntt Book VAIU At J l Augu8t 2023 5,690,416 676,437 35.055 45.106 128,709 6.575,723 Ai 31 August 2022 5,913,979 453,867 46,106 70.549 97,208 6.581,7Q9 12. DEBTORS 2023 2022 School fees Prepayments Other debtors 138,809 120.455 99,627 433,938 101,541 24,934 358,891 560,413 13. CREDITORS: grnouiits f811iiig due witliin one year 2023 2022 Bank loans Ti'ade creditors Michaelinas fees received in advan¢e Advance fee payinent scheines Pupil deposits Other cieditors Accruals 124,122 846,788 36,093 115.939 880.930 33,014 373.005 33,112 16.500 67,891 186,450 1,863,570 1,643.611 HEATH MOUNT SCHOOL TRUST LIMITED NOTES TO THE FINANCIALSTATEMEI NTS (contiiiued) FOR THE YEAR ENDED 31 AUGUST 2023 14. CREDITORS: amouiils falling due after more th2n oiie year 2023 2022 Bank loans 919,378 1,087.023 919,378 1,087.023 Advanced fee payments: Parent5 inay enter into a conti.act to pay to the School up to the equivalent of five years, Mition fee5 in advance and tlie ainoiint received forms part of the School's working capital. It is treated as defei'ird incoine, until thc pupil's fees b¢coJne due where upon the fees foi. each school terjn are charged against the remaining balan¢e 8nd taken to iJi¢oine. A discouiit rat¢ is agreed at the contract's inception and this is treated as a deduction from the school fee incoine in the ielevant period. The Jnoney Inay be Teturned subject to specific Conditions on the ieceipt of one terin's notice. Assuining pupils will remain in the School, advan¢e fees will be applied as follows.. 2023 2022 Aftei. 5 years Within 2 to 5 years Within I to 2 years Within one ye￿. 36,093 33,014 36,093 33,014 The balance Tepresent5 the accrued liability under the Contracts, and the moveinents during the year were.. 2023 2022 Balance at I Septeinber 2022 New contracts 33,014 60,235 36,444 Amounts utilised in payinent of fees Amounts released in respe¢t of prioi. yeais (24.970) 28.049 (63,665) Balance at J l August 2023 36.093 33,014 32 HEATH MOUNT SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMEIYTS (continued) FOR THE YEIAR ENDED 31 AUGUST 2023 14. CREI DITORS: amounts falling due after moir than one ye2r (continued) Baiik loans: The bank loan creditor falling due within one year and after more than one year 15 secured by the company and is disclosed as follows.. 2023 2022 After 5 year5 Within 2 to 5 years Within I to 2 yeaj's 506,785 240,000 163,333 563,319 352,593 919,378 1,087,023 Within one year 1,110,489 1,278,134 The bank loans, are secured by a first legal charge over the leasehold of Heath Mount School Trust Limited as follows.. A 1st legal charge over Cominercial Leasehold Property known as Lan(In)uildings at Woodhall Pa￿, Watton-3t-Stone, H¢rtfordshiiE SG14 3NG I'elating to an unliinited debentuir dated 27 January 2017. An unlimited debenture incorporating a fixed and floating charge over all propety and undeilaking of the Charitable Company. During the financial year 2019120, the School took out a Coronavirus Business Interrllption Loan (CBILS) to mitigate any potential downside scenario as a result of the COVID-19 pandeinic. The loan was for £500,000 over a 6 ycaT pcriod, with a 6 month capital repayment holiday and the inteirst Costs covei'ed by a Business Inleri'upiion Paymcnt (BIP} froin the Government for a period of 12 Inonths. The interest late is now fixed at 2.32Q/o for the Temainder of the tenn. As at 31 August 2023 the balance ouislanding on the CBIL loan was £203,704 {2022..£314,815) and the balance outstanding gn the bank loans were £906,785 (2022.'£963,319). 15. COMMITMENTS UNDER OPERATING LEASES At 31 August 2023, the Charitable Company had annual commitments under non-cancellable operating leases as set out below. As5et5 Other tha land and buildings 2023 2022 Operating leases which expire: Within l yegr Within 2 to 5 year In inore than 5 yeai's 150,560 602,240 1,957,280 186,180 612,620 2,107,840 2,709,780 2,906,640 33 HEATH MOUNT SCHOOL TRUST LIMITED NOTESTO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 31 AUGUST 2023 16. STATEMENT OF FUIYDS BBl8ii¢e al J September 2022 Balance at 31 August 2023 Unrestrleted lunds Transfers betiyeert fuiid5 Income xpendilure General funds Designated funds Building and Capital improvement fuiid 1.987,391 (1,871,110) 8,749,911 {8,511,796) 354,396 4,704,613 1.871.110 6,575.723 Total Unrestricted funds 6,692,004 8,749,911 {8.511,7961 6,930,119 Total Restricted funds Total Unrestrlcted funds 6,692,004 8.749.911 (8,511,796} 6,930,119 COMPARATIVE STATCI MENT OF FUNDS Balanee at Balance at I September 2021 Tr8n5fers between funds 31 August 2022 Unrestricted funds Income Expenditure Gencral funds Designated funds Biiilding and Capital impTtsvement fund Total Unrestricted funds 1,660,298 8,234,409 (7,907,316) 1,987.391 4,704,613 4.704.613 6,364,911 8,234,409 (7,907,316) 6,692,004 Total Restricted funds (6} Total Unrestrieted funds 6.364,911 8,234,415 (7,907.322) 6,692,004 The Buildings and Capital iit)provement fund reflects the Charitable Company's investment in existing buildings. 17. RELATED PARTY TRANSACTIONS For the year ending 31 Aug115t 2023, no Governor had children who were pupi15 at the School during the year (2022: l}. School fees paid and discounts received were at the same rate and on the saine tenns a5 for all other parents of piipils at the school and amountcd to £Nil 12022.. £19,185). The Governor is not involved in decision making processes relating to their own childTen. No Governors. children received a scholarship thi5 yeai. {2022.' Nil). The School Inadc one payment to a Governor amounting to £781 for teaching diities (2022.. £Nil}. Goveniois are not remunerated for thcii. duties; however, they Inay be reiinbursed travelling costs to attend meetings from tiine to time. No Governor was Irimburs¢d £Nil for travel costs in the year (2022.. £90). There were no Governor costs paid to third parties. 34 HCIATH MOUNT SCHOOL TRUST LIMITED NOTES TO TIIE fi INANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 18. RECONCILIATION or NCIT INCOMF. TO NET CASH INFLOW FROM opfi RATING ACTIVITIEIS 2023 2022 Net incoine before transfer5 Elimination of non-operating cash flows.. Add.. interest payable Less.. interest receivable Depreciation Decrease (increase)in debtoiB Inci'ease in creditors {In¢rease)Idecrease in stock 238.115 327,093 65,864 {23,785} 425,880 201,522 219,959 807 44,530 (338) 391,873 (41,401) 29.145 (1,343) Net cash inflow from operating activities 1,128,362 749,559 19. PF.NSION COMMITMENTS The School participates in the Teachers, Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includcs conts'ibutions payable to the TPS of £641,645 {2022'. £611,255) and at the year-end £Nil (2022.. £Nil) was accrued in respect of contributions to this ￿heille. The TPS is an unfunded mults-einployei. defined benefits pension scheme govemed by The Teachers. Pensions Regulations 2010 (as ainended) and The Teachers, Pension Scheine Rcgulations 2014 las ainendedl. Meinbers Contribute on a'pay as you go" basss with contributions froin moinbei's and the employei. being credited to the Exchequer. Retirement and other pension benefits are paid by public fvnds provided by Parliament. The employer contribution rate is set by the Secretary of State following sch¢me valuations undertaken by the Gove1￿ment Actuaiy's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 ai)d the Valuation Report, which was publsshed in October 2023. Following the Mccloud judgement, the roinedy pi'opose that when benefits become payable, eligible members can select to receive thein fi'om either the reformed or Icgacy scheines for the period l April 2015 to 31 March 2022. The actuai'ies have assiimed that members are likely to choose the option that provides them with the gntatest benefits, and in preparing the 2020 valuation havo valued ihe'greater value" benefits for gTOUPS of rcl¢vant meinber5. The valuation confirined that the employer contribution rate for the TPS would increase from 23.6Yo to 28.6Q/o from l April 2024. EmployeTS aie also I'eqiiired to pay a scheme adininistration levy of 0.085 giving a total employer contribution rate of 28.680/0. Support Staff Pension Fund The School operates the following schemes foi. non-teaching staff: The Pensions Trust Pension Scheme which is a defined contribution scheine. The School contributes up to IO% of salary and the employees contribute no less than 2*/0 of salary. Total employer ctsntribiitions foi. the y¢ai' weTe £78,908 (2022.. £75,249). Total contributions outstanding at 31 August 2023 amounted to £Nil (2022.. £Nil). 35 HEATH MOVNT SCHOOL TRUST LIMITED NOTCS TO THE filNANCIAL STATEMENTS (continued) FOR THE YEAR ENDF.D 31 AUGUST 2023 20. ANALYSIS OF NET ASSET MOVEMENTS BETWCI EN FUNDS General De5ignxted Restricted 2023 Fixed Assets Current Assets Cr¢ditors- Less than l year Creditors.. Over l yeai. 6.575,723 6,575,723 3,137,344 (1,863,570) (919,378) 3. 137.344 (1,863,570} 1919,378} 354,396 6,575,723 6,930,119 2022 Fixed Assets Current Assets Creditor5'. Less than l year Creditors- Ovei. l year 1,877,096 2,870,929 (1,643,611) (1,087,023) 4,704,613 6,581.709 2,840.929 (1,643.611) (1,087,023) 1,987,391 4.704,613 6,692,004 36 HEI ATH MOUNT SCHOOL TRUST LIMITEI D NOTEIS TO THE FINANCIAL STATEMCINTS (continued) FOR THE YEIAR ENDED 31 AUGUST 2023 21. COMPARATIVE STATEMENT or ri INANCIAL AcfivITIES (2022) Unrestricted funds General Dc5ignated Fuiid5 Funds Restrieted Fund5 Total 2022 INCOME FROM Charitablc Activities SLhuul fees Ancillary trading incoine 8,074,904 142,628 8,074,904 142,628 Other Trading Activitie5 Other income 16,539 16,539 Inveslmeiit Income Bank and othei. interest 338 338 Iiieoine from Dona110115 and Legaeies Grants and donatlOllS TOTAL INCOME 8,234,409 8,234,415 EXPENDITURE Ralslng Funds Financing Costs 44.530 44,530 Charitable Aetlvltles Education and grant making 7.862.786 7,862,792 TOTAL EXPENDITURE 7,907,316 7,907,322 NET INCOME 327.093 327,093 RECONCILIATION OF FUNDS Funds as at I Sept¢inbei' 2021 6,364,911 6,364,911 FUNDS CARRIED FORW ARD AT 31 AUGUST 2022 6,692,004 6,692,004 37