THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMrrED IA Gompany Ilmltsd by guarants¢l DIRECTORS, AND TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 Company No: 00977615 Charity No.. 312872
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company Ilmltgd by guaTrnteel REPORT AND ACCOUNTS CONTENTS Pago Dlrectors, and Trusteos, Report 3-14 Independent Auditor's Report 15-17 Statsment of Flnanclal Activities 18 Balance Shoot 19 statement of cash flov 20 Nots8 to the Accounts 21-33
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMrrED (A Company I1ted by guarnntee) DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 The trustees are pleased lo wesent thèir annual directors, repxjrt together with th8 financA81 glalements of the charity for Ihe y&8r ended 3181 August 2023, which are 9180 prepared lo meel the requirements for a directors, report and Companies Act purposes. The finanaal stslements o)mply wf(h the Charities Act 2011, the Companies Act 20, the Memorandum and Articles of Assoaation, and Accounting and RÈporting by Charities.. Statoments of Recommended Practice appIlb]e lo ch8ri*eg preparing their ac¢oLFnls in atxordance with the Finanual Reporting Standard applkxble in the UK and Republic of Ireland IFRS 1021 (effèctive 1 January 2019). OUR PURPOSE AND ACTMTIES The enduring obj8ctive of the Charity is to offer a public benefit through the provIsk of education in the visu4 arts at th• Heatherf8y School of Fine Art. The Charity was foun¢Jed in 1969 and inrrated in 1970. It has had control of The Healherfey School of Fine Art since 1974, which is one of tho oldost, and now one oftho f8w remaining ful independent S¢hools in England. Its prwnary objective. to paraphrase ils Memorandum of Association {22.2.7n, 1$ to advan education in th8 visual arts, by the taaching of drawing, painting. SlptUre, doslgn. print-making and associ81ed arts and crats. From the earfiest days of the founding of thè school in 1845, our teathing has bepn cenlred on a strong beli8f in the value to the artist of teaming how lo see. We provide a thorough grounding in methods of working from direcl observation basing earw study on the primary soujre of the human figure. portrait and natural objects. Students of Painting. Drawing. SwI)lu. GeramS and Printmaking Èxplore the contexi of ideas within which they will build a personal language and d8v8Jop thè le¢hN¢al S.11$ they req(Mre. The pattem of study t)ffergd by Heatherley has all but disappeared from mainstream coll8ges in the Stale Sector. Wo offer a porttolio of full and part lirlle courses in diréct rosponse lo the clear public dgmand for constructive and supportive teaching in the ¥kill$ and disciplines of Finè Art. Full lime Diploma Courses are offerecl for those who wlsh to develop a career or to enrich thèir praetir£. Part lime courses arg slrudured to introduce and develop the skills and interests of students who may construot thèir own menu from over 30 cOue5. Experienced tutors are all artist pracblioners and many are graduates of the Royal College of Art or The Slade. Wg offer a ¢alIVe leaming enwronment to our student wmmunty whatever their ag8. background or rarse of ability. The school has expandèd considerabty in rn1 years, but its operating surplus 1$ not substantial. It looks. therefore, to interest on Ils capital reserves to subsidise bursaries and free places as particular need5 arise. Funds have been set asKl¢ for this purpose. The Charity is looking 8¢tivety towards raislng fvrther fvnds specrfically to exterKI this programme. Achhvement and activities The mlsslon of the school Is to promotè academlo ¢x¢g11on¢e and an •ducation In thg FI Arts for all. W? are ¢ommltted to making our Dlploma and Part tlme ¢ours•s acces8lble to a divgws• sdent populatlon. A¢ees$ibh Leamlng We arè ¢ommltted to maklng aur Diploma and Part twne couyw a¢¢•Bslble to a dlversg studont demogrnphl¢. Healherfey offers fvll and part time courses in Fine Art lo sludents with a variety of needs. Our sludenl demographic represents a wide range of ages, soeial and cu5tural background and ethnic diversty. Wa are noted for the strong sénse of friendly community which is fostsred within th8 school. promotss a constructwe approach lo leaming aThJ is an Importanl support to students when trey leave.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMrrED IA Gompany Ilmlted by guarnntèg) DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 We encourage and respect the partiapation in our courses of all adutt age groups from any background. wholher fhey are preparing for professional pract as artists or explorin9 and dèvèloping their Creativity on a part time basis. We do this by providing a range of part time day and evening courses, offering beginners flexible and accessible choices for enty Iwèl tuition. Day, evening and w88kand courses provide an aCssIble introduction lo the Fine Arts for adutt students of all ages and levgls of ability. They may thoose to use this programme as a pathway lo furth8r leaming or simply enjoy and benefft from the range of possibilitiès available lo the amateur enlhuslast. Struciured Diploma courses in Portraiture and Sculpture, daetèd by Tony Moll and Minna Stevens rospectivety. offer o years of intensiv8 study to those who Msh lo develop a career in art. SrJJlpture Diploma Graijuales may chooso to continue their studies in an elective Post Diploma year. The Post Diploma in Figurative Painting, coordinated by Fred Crayk. is a one year programme offèred lo students who have completed Heatherley's Diploma in PortraitLwe or an equlvalenl degree course in painting. Students are provided with opportuntti¢s for fvrther personal development as they make the transith'on lo indepenuent studio ptICe. students Every year students are supported so that they may ba qualified for 8 career in the arts or lo appty for courses in rther and hMJher edu(ion for which they might not otherwse have ben eligible. In an era of fluctuating and unsettled employment prospects, Heatherfeys attracts a number of mature students who are drawn to our vocational courses as a means of developing or changing careèr pathways. The tharity has helped a number of sluderts to radiscor an e8dier unfuffilled vocation in art and dgsign, or to take inrtral steps into a new fiek after another career. On leaving Younger students may seek furthèr qualifications on completion of a Diploma course at Heatherleys, for instance by continuing their slu¢Jio$ elsewhere on 8A degree courses in Fine Art. Their high calibre has baan marked by the règular acceptsnc of our giaduates C Ma¥tgr of Arts degree courses at uNvÉrsitiès as al the Royal College of Art and UnNersity of the Arts London. Diploma Courses are structured so that thèy equip students with the practical sklls and understanding nèw$ary for professional practi¢e. This lo an extent that is not normally found in mainstream art schools thèse days. Gr8duaies of the school are enabled lo establish themselves as 8xhilx.ting artists in painting, sculplure and prinlrnaking. Many graduates of the Diploma in Portraiture choose lo become professional portrait painters wothng lo public or prvat& commissions. On leaving the scool, Diploma graduates may gain professronal ernploymenl in a variety of arts related 8re8S indu(ling exhibrtion preparation and curation. oducalional programrnes. arts promotion an¢J technical production su¢h as making scenery and props for film pruduction and theatrical companies St as at the Royal Opera House, London. Accredlted Education Hoa1hèrYS ha5 accredited status awarded by the Brrtish Accreditation Council. Accredilalion underfines acadgmic 8xc8llèneè Its internaiionalty accepted stsndard5 and promotes stud8nt eonfidence n our indepondent instilulJn. The Countil demands that our building and facilitses meet the highest standards ¢f Health and Safety, and that we subject our courses to continuous r8w8w. By means of a system of skff appraisals and class observations we ensure our leaching staff and course programmès are Of the highest quality so lh we are able to fuhlll Sdent 8xpectstions. First 8warded in 2017, the school Unde¢$ rggular interim inspect*Jns and a fijll inspethn every four years before our 8c¢rÉdiled ststu$ is fomially renewed.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company liwited by guaranbel DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 FlnanGial Support Each year we offer financAal support lo a numbeT of students who a talented but financially disadvantaged (often yuunger ones) so that th8y may benefit from the figurative art education which is provi¢Jèd by Heatherteys. have sel aside school lunds to provide bursary ossislance which is award8d 8ach ye8r for this purpose. The John WaVLon Sbjdent Supprjrt Fund 15 available to hplp Diploma stud8nts already in receipt of a Bursary but who find themselves in unforeseen difficulties. They may apply for help with travel, with Iwing expenses or buying Course materials so that they are able to continue with their studies. Wo have the enthu$ia$lic Suppl of Patron8 and our 8oard of Trustees who are working to incrga5e the 18v81 of support we can offer financially disadvantaged students so that they may benefrt from a place on one of our Diploma courses. With their help in approaching donors, charitable trusts and foundations, we have been abl$ to attract sponsorship for students who could nol otherwise 8fft>rd our fees. W8 grateful lo sponsors, induding the Worshipfvl Company of Paintsr Stainers. thè De Lazlo Foundation and Golden B¢)Itle Trust, who have donated fijnds lo b8 used to support our de5eThing students In thelr studiÈs. studentlf#re The school ha5 an important thÈrapeuli¢ function for somg of our students. Although highly creative. they may be ¢h8llenged by difficulties which aré temporary or pemianent and range from depression or bereavement to autisffl or indu¢e physical probleThs such as mobility or hearing los¥. Our building is purpose designed and equipped so that stLKJios and facilf(ies are fulty accessibl8 for thosè with physical disabilltitss. Unsupported, ihese issues m8y interfere with tho dèmands of an education in art and could lead to the abandonment of a cour8e. As a smaller scale academic community, we are able to help those who might ethenmise struggle to learn in a larger. more impersonal univer51ty selling. Théy have been able to achieve thelr polerrtial al Heatherleys, enhance the qualrty of their lives and develop careers in a broad range of arts relate¢Y activities. Healherfeys has developed and a¢fvertis¥s our fimi policy of inclusion for disadvantaged stud¢nls and underrepresented mNiority groups. We welcome a diverse range of students who, atthough faced wilh physical or merrtal heah difficulties or challenged by issues conceming identity. can enjoy and benefit from our teaching. In 2022r23 we continued our support for sludenls whose leaming wa3 disadvantaged dua to physical disability or issues of mental health or idenlty. Our Student Support Offi¢tsr, Diana Horton, workad with dass lulors in order lo idgnlrfy and include students who required indiwdual support. Shè was able to guide tutors lo UlerstandIng of the partilIar challeng9$ an individual student might face so thai they would be better equipped to help them with their leaming. Sh8 was a personal nnGlon for students, offering direct practical assistsnce and emotional support on a range of levels so that they achieve their potential by completing COUTses which they might not olhetwise have been able lo sustain. We organised a stimulating programme of open dlscusslon and awareness for Diploma students thÈmed around que51ioNs of diversity and kjenfjly. School policies C4)mmunicate our ¢omrnitmenl lo support thosè who need li (for instan¢e, Equal Opportunitias, Safeguarding and Learning Support). Polioès a regularfy reviewed, published on our w8bsti8 and available in hard copy at arLassible information points within tho school. Outrgach and 5UPPOrt We aotively seèk opportunities to benefft the public and have developed a series of rewarding partnarships beiween Heatherley and OLJr 10¢81 tr)rnrnunity. including nearby schools and hospitals. These partnerships are a powerfLFI way lo promot$ 1MUnity spirit and social cohesiveness. Our links with local schools enable us lo encourage thè ealivity and confidonca of young people in a vanety of initi'atives.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A company limited by guarantee) DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Wa crèated opportunities to invite and involve members of thè public in a range of events at Heatherfeys, for example W8 invit8d our Iot>l community lo view exhlb11knns organised by the school in our Conservatory Gallery. These induded Ihg work of part lime and Diplom8 and Post Diploma students. staff exhib(tions and the work of siting professional arb5ts. In tha context of Intsrnational Women's Day, wg drew on rftal&rial from our archwe lo examine and exhlbit images and infomation conceming th8 kèy role Healherfey's played in educalSng women aits18 and promoting their Careers in the Victorian eia and early 20th Genlury. We maintain close conne¢tlon8 with the young people of loeal Chelsea Academy School. Pupils altend8d print workshops held for Ihem al Heatherles and were invited lo take part in our summer Printrnaknng exhibition, contributing a Iwely wall of their own prints. Our annual Diploma Stud8nls' Exhibition attracts much outside interest and we w8r8 d8lighled to be able to share and elebrate the achievements of Dur graduating students with the general publK. We adively support some of Britain's major arts sweties who share our charitablé aims, including the Royal Walercolour Society, the Society of Portrait Sculptors and Soctelies. the Chelsea Arts Society and SocAelie$ associated with the National Federation of British Artists, the Royal Inslrtute of Painters in Watercolour, the Pastels Society and the New English Art Club. Heatherley Sponsors prizes in or(ler lo acknowledge a¢higvemenl and to encourage aspiring and emerging artists attempting lo develop a caraer in the Fine Arts. W8 off•rnd thè Nèw Engliqh Art Club use of studio Spa al weekends to hold thèir 8perAalist programme$ of instruction for the PLEbli¢ in painlillg and drawing. Thg Pastels So(¥ety organi5ed Eastèr vacation workshop sessions at H&8lherfey We offerèd studi¢ use lo the Chelsoa Arts Club lo hold weekty life drawing classes lor their local artist members. We hosted a MastercL4ss long weekend for the Soaety of Portrait Sculptors. We offed a prize for Portrait ScLilpture. awarded for work exhibited by the Society of Portrait Sculptors during their annual exhibition. We supported the Society of Painter Printmakers by awarding a prize at their annual exhibition. We offered prrzes for Sculptuie and Drawing to be aw8rdÈd al the Annual exhibttion of the Chelsea Arts SrKiety. We supported the &aety of Painter Ptilltmakers by awarding a prize al thèir annual exhibition. We enwuraged the crealivily of young pèoplè by sponsoring local photography e¢mpelition 'A day hi the Lrfe.. donating the educational opportunity of sessions In our Printmaking studio. Future Activitie$ We a determined to respoThJ lo th& requ1mentS of the publK seeking an education in the Fine Arts based on fundamental skills and t¢¢hnical disciplines. W8 continuousty enhance the quality of our rx)urse$ in order to do this. In 2023124 we will cpnlinue to Tllonitor developments in e(lucational, SOGHI and financial Spheres in order lo supply programme responsbve lo the needs of the publ1¢. Forward Planning: we will fomally review and update strategic planning targets in th¢ light of the cJJrrent downturn in the economic climate which affects the ¢ir¢umslances of our students and may limit their oppDrtLJnity to aer£$s our courses. Quallty control: we will consoh'dale and expand our prc*Jramme of staff appraisals, class obseNations and sludenl feedback so that we maintain our pUtatIOn for academi¢ excellence. suppong our $tsff: we will continue to support our teaching staff in their professional development, offering them opportunities lo exhib(t their work to the public and to their students in our Conservatory Gallery and promoting their achievements by means of So¢ial Media Supportlng our styd•nts: we will promote the help our Sludenl Support Offic8r is able to offer so that students may access the support 8v8ilable.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Outrga¢h: we will look for new opportunf(ies lo share our skills and fadlllies with local communty groups who may not be able to aCsS regular oourses, CommunS¢atlon: wè will further devolop our use of Social Media lo promote courses aTrJ educational opportuntties and to communicate our èthos to the public. Financlal Se¢urity.' responding to the financial demands brought about by the worfd engrgy crlsls, we will fvrther research and IMpment appropriatè sustainable opts'ons, such as green energy. which will protect the future financial security of th& school. Sele¢tsd Studerrt and Alumnl A¢hi•vements In 2022123 Post Diploma graduates, Sally Minns and Stephen Jones were made Honor8ry Mernbors of the Worship1 Company of Painter Stainers at a fomial cerémony held in Painters Hall in Novembar 2022. Sally wag invited lo speak at a formal dinner held for Members of the Company in February. Portrait Diploma graduate, Aliguel Sopena pres¢nted hi8 solo exhibition of monochrome works'starry NSght' at The Stone Space, Leytonstone, East London in January. Alumna Sarah Jane Moon was sèlected to show her self portralt as 4 nali%t in Tho Molty Mw)eth Canaday Art Award Exhibrtion, The Bay of Pl¢nty, New Zealand in March. Portrait Diploma Graduate KayrKJn Anderson wa8 chosen to become a member of the Contemporary British Portrait Painters ICBPPI in March. Abjmna Natslia Glinoer won the Michaél Harding Award at The Royal SOtY of British Artists at Ihelr centenary exhibfLion at thè Mall Galleries in Mar¢h. Sculpture Diploma alumna Dana Coleridge showed h8r Cèramlc at'Floradise' an ExhSbitlon hehj al the Marie Jose Gallery in April Portrait Diploma Alumnus, Nicholas Baldion was awarded a scholarship by the New English Art Club Post Diploma in Fi9uralwe Painting Alumna Eileen Chamberfain held an gxhibition of her paintings 'Memry and Heritag¢' al Gallery 54 Sheperds Market. London in April. Alumna of the Post Diploma in Fiouralive Paintin9, Salty Minns held a solo exhIbOn of her painting5'Now my Eyes can see, at Rupturèxlbil Gallery at Hampton Wck, Kingston in April. Alumni Bernadet Timko, Jane Clafv40rthy, Mike Watl&s and Portrait Oiploma student Rhian Llewelyn were selected lo show their paintings at the Annual Exhibition of the Royal soety of Portrait Painters held at the Mall G8llerie5. London in May. Alumna Sarah Jano Moo)n's pwnling of Gèorgina Breyer, politician and Campalgner for reform on behalf of LGBTQ people. was displayed at the New Zealand Portrait Gallery until June. Sarah Jane was also selected to show a portralt in the So¢tety of Women Artists Exhibrtion al the Mall Gallerias in June and shortlisted for thg Queer Britain Art Awards 2023. Sculpture Diploma alumna Ania Sabett èxhibited sculpture with graduate student5 of the Royal College Qf Art al RuptureXIBIT, Hampton Wck kn"ngSton in May Post Diploma Graduale Sara Mally was awarded a pla on tho two year Masters Crse in Fe Art al the City & Guilds of London Art School. Portrait Dipkma students Natasha Lum18y. Vanèssa Wilkey, Lity Monl¢riof and Jeannie Gibbs were chosen to show their paintings at th8 Young People's Art Initiative Evening given by the &)ciety of Vvornen Artists at th8 Mall Galleries in June. Sculpture Dipl¢)ma alumna, Marguerile Van Boetz, showed hor work at the Royal College of Art in Kensington in June. He8lherley's Portrail Dlploma alumnus, Adebanji ALqde was appointed President of the Roy81 Institute of Oil Painters at the Mall Galleries in May.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A Company Ilnlted by guarantee) DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Overliew Continued economic downlum in the country and Inlgmationalty had an effect on some course enrolm8nts whid) were k)wer than pr8dicted during the past year. In response we examine(I ways to cut unnecessary costs, looking at the efficiency of our use of ènergy, investigating green energy alt8rnaives suth as solar and implementing the transfer lo LED lighting. We focused on creating effectwe markgting strategies which woukl raise our profile to polgntk41 students by means of tradittonal advérbsing also devek)ping our of digital and soci81 media. As a small s¢hool we are able lo wmmunicate easi with our students and respond quickty to their changing needs. We incraased our provision for Ceramics a5 these classes have grown in popularity with the public and devised short Taster 8nd Weekend urses whid) would Introdu exciting but perhaps unfamiliar processes in Printmaking. Despite economic con¢ern$, assessment odvisors report that our graduating Diploffla and Post Olploma students continue to achiev& consistently high academic standard5 in the work exhibited for final assessment. We are delighted to hew from alumni who are succ8ssfully dèveloping their creauw ¢areers, many ol whom were selscted to Show thair work in pr6sligious exhibitions nationally and in London during 2022123. GDPR W8 implement the requirements of the Data Prtslection Act (May 20181 ensuring that th8 confidÉntial data we collect 15 safaguarded 2nd secure. We communicate the ways we usa. prote¢t and store data. publi¢ising our legalty approved Oata Protection Policy by mèans of Healherley8' website. Publlc ben•fit statement In shaping our obpdives for the year and planni)g our activities, the trustees have considered the Charty Commission's guidanee on public benefit, induding the guidanc8 'public benefit.. running a diarity IPD21. The achievements and actiwties abov6 demonstr8te the public benefit arising through th8 Charity's a¢twitigs. FINANCIAL REVIEW The Accounts show a d8ficit f¢r the year ended 31st August 2023 of £208.641 12022- £118,793). this is after induding a depreciation ¢harge on the school building at 75 Lots Road of £99,141. The finanual position al the year and reveale(I by the Balance Sheet on page 19 $h¢)ws net current assets or working capiial of £875,581 (£366,634). This increas8 in working caprtal is as a result of liquidating part of our investments portfolio. The nat book value of tangiblg fL%èd 8S8els held all of whith are used direclty for charitable purposes. amounted lo £3,6,47612o22 - £3,558,314). The market value of investments were £787,48712022- £1403.237). We are an independent collagè, Sole reliant upon student fe&s lo finance our operations and any surplus in¢ome is inv8st8d to provide a retum that will 1opleni5h our bursary fund whith enable5 students lo bgn8fi1 from recewing a Fine Art education they otherwise may not have had an opportunity to study Prlnclpal Fundlng Source$ Prin¢ipal fundlng sources ar8 donatM)ns and income from sbjdent f88S. Fundral8lng standards The charity is not registered with the Fundraising Rggulalor and has not Caled ¢)ul any 8ignificant fundraising actwities.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limiiod by guoranteel DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Invegbnent powern and policy UThYer the Memorandum and Articles of Asswation. the charrty has the power lo make any investmènt which the trust888 see fil. The Iruslees have consId8r the most appropriate policy for investing funds and hav8 detemiined that a mix of investmènts to generate in¢orne combined with rash (leposits to ensure thal we ¢an meet our reqU1mentS. The trusl8&s have detemined to maintain the most appropriate policy for investtng funds is to= a) invest with Ruffer LLP antl maintaSn somè funds on d8PO$ft wth Charities Aid Fc4Jndalion ICAF) in conjundion with Scottish OwS Plc. bl ¢nsure sufficient funds ar8 held in deposrt and (urrent ac£ounts trj provide forworking capital rerwiremerts. Reser policy The Trustees have established 2 policy whereby the reseN8s of the charity are maintained al a levtsl to enable tho Continu operation of ts activthes. It is the policy of the Trustees to malntsin free reserves at a level ¢quivalenl to at least six month5 wnning c051s to enable the Charity to meet ils obligations u) the short temi tO9elher wtth funds to )ver any unforeseen deficits or r8venuè shortfalls. In setting this policy the Counc41 of Trustées takes account of the following factors.. 1 Staff contrads.. maxlmum period of noti for stalfconlracts is three months. The sd)ool has long-serwng stsff and Ihis affeds tho maximum amount of statutory redundancy payable. 2 Commilmenls.- The school has Cntracts wrth mainlgn8nce mpanIeS to 8nsurÉ the Safe use and maintenance of lffts. equipment and the upkeep ofthe sch11. Six monlhs runnlng costs are calculated on tho basis of projected axp8nditurÈ, with no allowan made for projected income. The wrrent Te5erves amount fixed by The Thomas Heatherley Educafjonal Trust Ltd is £611.159. ThÈ unreslrictsd funds not deslgnated or invested in tangible fjxed as8els held by the ¢harity are £790,364 12022 - £660,458). As at the year end alxwnls showed reservès of £5,119,544 (2022 - £5,328,185) tsf which £52,855 {2022 - £40,5 was r•stri¢ted. In addbtion, the Trusteas have sel aside designated funds lolalling £819,849 (2022 £1,068,508) for four specific purposes.. a designated Bursary Fund. a dasignated Building Fund and a deslgnated Schts)l Development Fund and a Building Development Fund. Bursary Fund This fund was initialty set up lo assist with the provision of at least fvio bursaries per year to gifted students who would otherwise be unablè to afford lo allend the Diploma Course,. due lo an increas8 in demand for bursary assistance and lo enable us lo fulfil our charitable role as a prowder of art education thè Trustees hav6 Signifrantty increased the level ol DeswJnaled Bursary Funds with a view to offering al least six bursaries a year for the next fiv8 years. Eleven bursaries were awarded in the academ ye8r 2022r23 and the balance of the unreslricied Bursary Fund is £89.849 12022 £70,392) and the restricted 8ur5ary Fund is £43.057 12022 ~ £32,75n. If there is any surplu8 funds, The TnJstÈès decided in 2016 to replenish the Bursary Fund annually by transferring 6% of surplus incomè over expenditure b8for8 deducting building depreciation to the Bursary Fund with a view lo sustaining a healthy and vital fvnd. It was agra8d th8t £50,000 was lo be transferrod lo the 8un8ary Fund at the year ended 31 August 2023. Bulldlng Fund This fund is use(1 to 0VIde for major upkeep and repairs lo the SCI01. and a of £345,(KJO has been transfèrred to tt)i$ fund al 31 August 2023.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMrrED IA company Ilmlted by guarantee) DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 School Devglopment Fund This fund has been created lo en8ble the development of new courses, fund a new website and dalabase and an initi31 sum of £50,000 has been transferred lo this fund. Building Improvement Fund This nd has b8en created lo prowde improvements of energy effidencies within the school and an inilral sum of £80.000 has been transferred to Ihis fund. Restrlct•d Prizg Fund There is also a restricted fund, The PrrLe Fund, from which prizès are awarded annually to tsknted students, the current valL4e of the PrFze Fund 15 £9,798 {2022- £8.148) The Charity has ad8qUat8 cash rèserve8 and the trustee$ boh'8ve th the school can fu1 its day-l18Y obligations. STRUCTURE, GOVERNANCE AND MANAGEMENT Govamlng Do¢umont I ConstIon The Thornas Heatherley Educational Tmst Limited is a company limrted by guarantee and a registered tharty govemed by tts memorandum and artlcles of association. The Ch8rty number is 312872 and the Company number is 977615. Re¢rultment and appointment of Tru$te¢$ As set OLJI Én the Arti¢les of Association the ¢hair of the Council of Truste•s is nominated by the other trustees. The Directors of the organisation are also the charity trustees for the purposes ol charity law. The Council of Trustees have pow¢1 to appoint additional Trust•es 8s it ¢SlerS fft lo do so. The Trustees have no benefiaal inlerest in the ¢x)mpany other than as members. Thè TiuslÈes are also the diredo of the company. All of the Trustees are members of the company and guarantee to contribute £1 in gv?nt of winding up. The CounGII has the power lo appoint additional DireGlors. Trusts• Inductlon and training The Tfu$lees rnaintain a good working knowledge of (arily and company law and best practise by regular reading of charity press articles and scrutiny of Companies House, Charity Commission. other Govemmenl and voluntary organisation advisory websit8s. New Trustees are given copies of the MwnoiarFdum and Artides of Association and pies of previous year's minutes and attènd an induction session given by an experielld Trustee. 10
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limlted by guarant••) DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Structurn and Manag•m•nt The object of the Charity 18 to advance vSsual art education primarity in the figurative tradition through The H8atherl&y School of Fine Art_ The Company 15 organi5ed as follows.. al The Company Is govemed by the Council of Trust88s, who are elected annually from the membership of Ihe Company. Trustees are elected, re-elected or retire at the Annual General Meetin9 of the Company. The Council elects a Chair-person from its number. The Council currently has len members. All new Trustees ar8 provided with rel¢vanl docurnenlation on their responsibilities as Trustees. b) All members of the Council give their setvices free of charge. c) Persons int8restèd in the promotn of education in the visual arts, wilh appropriat8 backgrounds and qualtficalions, are invited by the Trustees to join the Charity as Company Membérs. dl The CDunol meets at least three times a year. Financral and management r9POrts are provided at each meeting. l The Charity appoints fv40 executive offi¢er8, the Prinopal of the School and the Bursar who manages the finanaal affairs ofthe Charity. The &hool is 1Cted by the Principal and an Academic Board. Organlsatlon Th8 trustee5 of the company meet temily as a 8tsard, but have als0 Sel up a range of sutFgroups i.e. th8 Dèvelopment subcommkttee, the Site subcommittee and the Articles of Association subcommittee. where the Tru51ees meet between Board meetings. The Chair and Finanaal & InvestTllenls subcommittee also meet with the Trustees on a regular basis. It is govemed by the Councl of Trustees, which sets the overall framework. The Princ4pal is the Chief Executiv& Officer and the members of the staff team are then delegat full r8sponsibility for impl?mgnlalion within this framework. Tho role and contributlon of volunteers During the year no volunteer5 wwe used to support the work of thè paid staff. staff He8lherley's prides itself on 115 dedicated and experienr£d lecturers and tutors, all of whom ar8 actively pra¢lising artists, and many of whoTll have been with the School sin¢0 the 1970s. In any academic year the number of Ihosg teaching will be in the high entle$. The School thus offers them the OprtUnitY lo pas$ on theii particular èxpertise while continuing their own professional practice on a p8rt-time basis. The Academ Board, responsible for the direction ofthe Sthool.. Principal.. Veronica Rrcks MA {RCAI Diredor of Studies & Course Director, Diploma in Figurative Sculpture: Tony Mott HDFAILondl Course Director, Diploma in Portraiture.. Minna Stevens MA (RCA Co-ordinator, Prirrtmaking.. Hilary Dattry MA (Rome Scholar) Co-ordinator, Post Diploma in Figurative P8inling'. Fred Crayk 11
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A company limited by guaTrnteel DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2022 Relatsd Parties None ol our Trustees recelves any remuneration or other benef&t from work on behalf of the charity, Any contra¢Xual arr8ngemenl wilh a related party needs to be dI10$ed. In this financlal year there was none lo disclose. Pay pollcy forsenior staff Senior rnanagemont staff pay 1$ set with reference to markat rates for similar roles wilhln slmilar sizèd charities in the sector. The pay of the senior staff members a reviewgd and approved by the Boar(l. Rbk Polley The trustees have a risk management stralggy which comprisas". An annual review of th& risks the charity may face.. The establishment of Systsms and procedures lo mitigate Ih08e ri3k8 idenltffed in the plan-, and The implernentation of procedures designed to mlnimise any potential impact on the charty should those risks materialise. This work has identifd that ffinancial 5UStainability is the major financial risk for the charity, rt is imperative that we sustsin our Bursary Fund through fundraising to enable the school to offer bursary assistanr lo students. Attention has also been focussed on non-financial iisks arising from fi, heath and safety of students and staff. A key èlement in the managemenl of financial risk is via a reviewed reserves policy and the retention of suffi(¥enl woiking capital. REFERENCE AND ADMINISTRATIVE DETAILS Company Number.. 0977615 Charfty Numbèr. 312872 Directors l Tru$tsvs: C Penn IChaim8n) P E Driscoll J Eagle N Gage R Leighlon {Appoinled 22 March 2023} J Murray W Packer {Resigned 22 Mard) 20231 F Christie (Appointed 11 October 2023 M Shanks IAppou)led 22 March 20231 R Sharp Seeretary: Vislra Trust Company knmited Sènlor StsfP. Principal.. veroni Rick5 MAIRCA) Director of Studies.. Tony Mott HDFA Coursè Director. Diploma in Portraf(ure'. Minna Stevens Co-ordinator, Printmaking". Hilary Dallry MA Co-ordinator. Post Diploma in Figurative Painting.. Fred Crayk A Bursar is appointsd and reports to the Truslees. 12
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A company Ilmlted by guaranto91 DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 Reglstered Offico: 75 Lots Road. London SW10 ORN Wob$ite.' https..IAw.heafherJeYs.0r Independent Auditor. SCB (Accountants) Ltd, 31 Sac*ville Street. Manchester. M13LZ Banker&: Lloyd5 TSB Plc., 417 North End Road, Fulham. London INS Investment manag•rn: Ruffer LLP. 80 Victoria Street. London SW1E SJL Flagstone Group Ltd, Clareville House, 2&27 Oxendon St. London SW1Y 4EL Trustoes, responsibilitlos In rdation to the finan¢lal statsmonts The Trustees (who at¢ also directors of The Thomas Heathertey Educal¢onal Trust Limtted for the purposgs of company Lgw) are r8sponsible for preparing th& Annual Report and fhe financial statements in accordan with applicable law and rogulalion. C¢)mpany law requires the Directors to prepare finanal slalements for each financial y&ar. Under that law the Directors have elected to ppare the financial statements in accordance wf(h United lfjngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Directors must not approve the financial statements unless they are salisfi$d that they give a truè AnL1 fair view of the statè ol affairs of the Company and of its incomg and èxpenditure for that period. In prpparfng these finanGial statemen15. the Directors are required to.. select suitable 8c¢ounling policies and then apply them consistenly., observe the mothods and principles in the Charities SORP.. make judgemènts and estimate$ that ale reasonabl8 and prudent". state whether applicable UK Accounting Standards have been followed, subject to any material departu$ disclos8d and explained in the finanryal staleTnenls'. prepare tho financial statemènts on the going cOnM ba&s unless it is inappropriate lo presurne that the charitable company will continue in business. The Directors aro rgsponsible for keeping a(Jequale accounting records that are suffic4enl to show and explain the company's transactions and disclose wtth re950nable accuracy al any limè the financial position of the comp8ny and enable them to ensuie that the financial statèments C4Jmply with the Companies AGt 2006. They are also responsible for s8fÉgu8rding the assels of the (x)rnpany and hence for tsking reasonabl& steps for the prevention and detection of fraud and other irregulariti¢s. The trus18e5 are re5ponsibl8 for maintenance and Inlegrfty ol the corporate and finanal information Induded on the charrtable ¢ompany's website. LÈgisl8tion in the United Kingdom governing thè pieparalion and dissemination of financial statenIS may differ from legislation olherjuri8dictions. STATEMENT OF DISCLOSURE TO AUDITOR In accordance wrth company law, the company's Direct¢)rs certrfy Ihal.. so far as they are aware, there is no relevant audft information of whi¢h the company'$ auditors are unawarÉ', and as the Directors of the company they have taken all lh8 steps that they ought lo have taken in order to make themsolves aware of any relev8nl audit information and to Èstablish that the Charity'5 auditors are aware of that inform81ion. 13
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED (A company Ilmited by guarantee) DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 AUDITORS A resolution will be proposed and agreed 81 the Annual GÈneral Meetsng that SCB IA¢¢tsunlanls) Ltd be re-8ppoinled as audrtors of thè Charity forthe ensuing yè8r. APPROVAL This report Was 8ppro)ved by thè Board and signed on its beha by.. ChrFstopher Penn Ichairman of Truste•81 20th March 2024 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE THOMAS HEATHERLEY EDUCATIONAL TRUST UMITED (A company limlted by guarnntsel Opinion We have audited the financial 8tal&ments of The Thomas Heatherlay Educallonal Tnjst Llmiled forlhe year ended 31s1 August 2023. which c4)mprise the Statement of Financial Activit$ (Summary Income and Expenditure ACunt). balance 8heel, stslemenl of cash flows and notes to the financial slalemenls, induding a Summary of significant accounting polic$. The financial reporting framework that has been applied in Ihoir preparation 18 appli¢able18w and United Kingdom A¢nting Standards, induding Finanaal Reporting Stsndard 102. The FinanrAal Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Geneially ApIed Accounting PractKe). In our opinion the financial ststsmenls: gnie a true and fair wew of the stste of the tharilable compan8 affairs as al 31 August 2023 and of rts ino)mlng resources and application of resources. induding 115 income and expenditure, forthe year then ended., have been praperty prepared in accordancè with Unrfced Kin9dorn Generally Aepted A¢Unting P¢,. and have been prepared in accordanc8 vith the requirements ofthe Companies Act 2006. Basis foropinion We ¢¢dUcted our audll In accordance wrth InlernatFon81 Standards on Audthng {UKJ IISAS IUK)18nd applicabl8 Lgw. Our respon8ibilitie8 under those standards are furth8r described in the Auditorf8 responsibilit$ for the audit of the rinancial slaternents section of our report. We are ind8pend8nt of the company in a¢¢ordance with the ethical requirements that are relevant lo our audit of the finan¢rdl slalemenls in the UK, induding the FRC'S Ethul Stsndard, and we have fulfilled our other ethical responsibilf(ies in accordance with these requiremenis. We b811e that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu8lons r•lafjng to going concèrn In audrting the financial statements, we have conduded that the directors. use of the gOg concem basis of accounting in the preparation of the financial statements Is 8ppropriate. Based on the work we have perform8d, we hav8 not idèntffied any material uncertainties relating lo ev¢nts or conditions that. individualty or collects'v. may cast significant doubt on the lenlityl's ability to o)ntinue as a goin Jn¢ern for a per)d of at least eEve nJJnths from when the finanoal slalemtrnts are authori5ed for Issue. Our responsibilit$ and the re¥ponsibilitie5 cf the deCtorS with respect lo going cKJnc8m are described In tho relevant se¢bons of this report. Other Inforniatlon Thè other information comprises the inf(MOt)n included in the annual report. other than the financAal statoments and our auditorfs r8port Ihèreon. The directors are responsib for the other information. Our opinion on the financial statements doas not cover tha othar infomation and, except to Ihe extént otherwise explicf(ly stated In our report, we do not exprsss any fom of assurance conclusion thereon. In connectB)n with our audit of the financi81 statsmenls, our responsibiltty is lo read th6 other infoTmalion and, in doing 50, consider whether th• other information is materially inconsistent wllh the financial statements or our knowledge obtained in the audit or otherwise appèars lo be materially misstated. If we idenlrfy Such material inconsistenues or apparent mal¢rial missl*ernents, we are required to delemiine whether there is a material misstatement in the finanual ststemenls or a mateiial Tlli5slatemenl of th8 other inforrnalion. If, basad on th8 work we have pertomied, we ¢on¢lude that there is a rnalerial rnisslaternenl ol this other information wè are r4uirÉd to report th81 f8¢t. We have nothing to rop)rt in this regard. 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF (Contld} THE THOMAS HEATHERLEY EDUCATIONAL TRUST UMITED IA Company limited by guarantsel Oplnlons on othèr mattéys Pscribed by th• Companiès A¢t 2006 In our opinion, b8$ed on the work undertaken in the course of the audit.. The infomiation given in the directors, report for the financial year for which the finanoal stslemenls are prepared is consislenl with the financial slalements.. and The directors, report has be8n pr8par8d in aOrdance with applicable legal requirement Mattgrn on whlch are requlred lo report by oxctption In the lighl of the knowledge and understanding of the company and its environment obtained in the cnurs8 of the audit. we have not identrfied merial misslalemenls in the directors. reporL We have nothing to report In respect of the following matters in relation to which th8 Compantes Act 20( requires us to report lo you if. in our opinion.. adequate accounting reo)rds have not begn kept or relums adequate for our audit have not be8n received from branches not visited by us., the financ481 statements are not in agreément with the aCcnth)9 reo)rds and retum8- certain disdosures of Iruslees. remuneration speafied by law a not made,. we h8ve not received 811 the inforniatn and explanations we require for our audlt.. RespoMlblllUe¥ of directorn As èxplain8d more lulty in the dSrectors' SPonSIbl11Lles statements set out on page 11. the dir8¢tors arg responsible for the preparation of the finanal statements and for being satisfied that they give a Ime and fair view, and for such internal control as the direclors detemiin8 is nècessary to enablè ttie prepar8tion of financial statements that ar¢ freo from material misslalem¢nt. whothgr due to fraud or error. In preparing the financial statements. the director8 are rtssponsible for assessing the company's ability to continue as a going concem, disdosing, as applicable, matters late(l to going concm and using the going COnM basis 01 accounting unless the directors ekther intsnd to liquidatè thè company or to cease operalions. or have no realisli atternative bul to do so. Auditorf$ résponsibilities forth• audlt of the financlal Ststemonts Our objectives are lo obtain reasonable assurance about whelhgr the financial statements as a whole ar8 free from material rnisstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Rèasonable assurancè is a high level of assurance, but is not a guarantee that an audit ¢ondu¢ted in ACWrdan with ISAS {UK) will always dètect a material misstatement when il exists. Misstatements Can arise Irom fraud OT error and are considered material if, indiwdually 01 in tha aggregate, thèy could reasonably be expected lo influen¢e the OnOmiC (lecisK)n8 01 u8er8 taken on the basis of these ffinancAal stateménts. Irregu18ri(ies, induding fr8ud, are instanS of non-complian with laws and regulations. We design procedures in lin8 whh our responsibilities, outlined above. to detect material misst8lements in respect of irregularities. including fraud. The extent to which our procedures are capabl8 of d8tecting irregularilles, including fraud. is detailed bdow.. We gained an understanding of the legal and regulatory frarnework applicable to th8 company and the industry in which il operates, and considered the risk of acts by the company that were CA)ntrary to applicable laws *)d regulations, including fraud. We discussed with the Directors Iho polldes and pr¢cedures in place regarding complian with laws and regulations. We discussed amongst audtt t¥am the identified laws and regulations, and remained alert to any indications of non-complianee. Duiing the audit we focussed on laws and regulatiE)ns which Could 8nablY be expected to give rise lo a material misslatemenl in the finanoal slalgrnents, including. bul not limrf(ed lo. the Companies Act 2006, UK 18x legislation Charity Act 2011 and SORP 2019. Our tests Induded agreeing the financial statement di5closur8s to undértying 5UPPOrting documentation and enquiries wth management. Our procedures in relation to fraud indudgd bul wgre not limhed lo.. inquires of managem&rt whether they have any knowledge of any a¢tual. suspected or aled fraud, and discussions amongst th8 audrt t8am regarding risk of fraud such as opportunrties for fraudulent manipulation Df fInarla1 slalemenls. We det8rminad that the prin¢ip81 risks related to posting manual uma1 entries lo manipulate financial perfomiance and management bias through judgements in 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF (Contld) THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limited by guarnntsè) accounting o$limates. We also addressed the risk of managernenl override of int8rn81 ntrol8, induding testing journals and appropriateness of other entries in the nnina1 ledger,. reviewing transactions around the end of the relling period., and evaluating whath8r there v48s evidence of bias by the directors that represenl8d a risk of material rnisstslemenl due to fraud. Becausè of the inherent limitalons of an audit, there is a risk that we wll not deted all irregularleS, Induding those leading to a m81eri81 misstatement in the finanaal statemertls or non-compliance with regulation. This risk inGr8asès the more that compliance with a law or r¢9ulation 15 Temoved from the events and transactions reflect8d in the In8nci81 stalemenls. as we will be less lik8ty to become awar8 of instsn¢es of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invofves intentional (x)ncealmenl. forgery. collusion, omission or misrepresentation. A ftJrth8r description of our rgsponslblllies ftjr the audit of the finanual 81ateTnenls is located on thè Finane4al Reporting Counul's website at www.frc.org.uklauditorsresponsibilities. This description fornis part of our auditor's r8port. Usè of our roport This rèport is ma¢Je solely to the company's rnembers, as a body, in accordance wrth Chapter 3 ot Part 16 of the Cotnpanies Act 2006. Our audit work has been undertaken so that we might stale lo the company's members Ih¢)se mattels we are required lo state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by18w. we do not accept or assum8 responsibility lo anyone other than the CDmpany and the ccpanY'S members as a body, for our audit work, foi this report, or for the opinions we have formed. Joffr¢y Bor FCA ISenlr>r statOry Audltorl For and OTr behalf of SCB IAc¢ountantsl Ltd CHARTERED ACCOUNTANTS STATUTORY AUDITOR 31 Sackville Street Manch8stor PJJ13LZ 20 March 2024 17
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED (A company limited by guarant•al STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31ST AUGUST 2023 SUMMARY INCOME AND EXPENDITURE ACCOUNT Unrestrfctgd RostrlGt Funds Funds Nots$ 2023 2022 Income Donations aThJ legaoes 22.400 22.400 21.600 Income from charitable activilres 1,036,531 1.036.531 1.031,464 Income from other trading a¢tlvi11os 41.S43 41.943 44,843 Investmenl income 58.581 58,581 34,376 Total income 1.137.055 22.400 1.159,455 1,132283 Expenditure Cost of raising ftjnds 26,888 26,888 21.186 Expenditure on charitabl8 actiwli&s Total expendltur• 1,247.707 10,450 1,258.157 1.203,755 1,274.595 10,450 1,285,045 1 224 941 N•t income I lexpendlturel & net mov•m•nts In fund$ bgfore gains & losses on inv•stm•nts {137,5401 11,950 1125.5901 192,658) Net10s5e5 on VeS1rnentS 12 (83,0511 183,0511 126,1351 Net movèment in funds 1220,5911 11,950 1208,6411 (118,7931 Reconu"lièbon of lunds Totsl funds. brought forward 5.287.280 40,905 5,328,185 5,446.978 Total funds, carrièd fonAfard 5,066,689 52,855 5.119,544 5.328,185 CONTINUING OPERATIONS None of the TrpanY'S actiwlies wwe acqulred or discontinued duting the above two financial years. TOTAL RECOGNISED GAINS AND LOSSES No other gains and losses were recognised in thé year Dther Ihan those shown above. The not¢s on pages 21 to 33 fomi part of these accounts. 18
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limite(I by guardntsol BALANCE SHEET AS AT 31ST AUGUST 2023 Notes 2D23 2022 Flxed assets Tangible fLX8d assets Investm8nts 3.456,476 787,487 3,558,314 1,403,237 12 4.243,963 4,961,551 Current assets Stocks Debtors Cash at bank and in hand 13 44 12.042 31,479 1,201,633 13.341 23,054 672,671 1,245,154 709.068 LIabilleS CredilNs falllng due wllhln one year 15 1369,573) 1342.4321 Net current a8sets 875.581 366,634 Net assets 5,119,544 5,328.185 Th• funds olth? charfty Unwslricted funds.. General Designated Restricted funds 16 16 16 4,246,840 819,849 52,855 5,119,544 4,218,772 1,068.508 40,905 Totsl ¢h)rlty funds 5,328 185 These accounts were approved Énd authorised fEX issue by the Bo8id of Dwectots and Tru8lees on 20th March 2023 and we signed on Vts bèh8lf by.. Christopher Penn (Chairman) Company Number 00977615 The rKtes on pages 2110 33 fomi part ofthese accounts. 19
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A company Imnited by guaronteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2023 2023 2022 Net Gash gonérated from l used In ¢pèrating activltles 61,353 63,213 Cash flow¥ from invo¥ting acllvttles Dividend and interest income Purchase of tangible fixed assets Purchasè of investments Additions to I withdrawals frorn cash held Mthin investments Sale ProcAed of Investment 58.581 (9641 123,6301 2.191 554.136 34.376 (6081 (376,6071 615 Cash provided by Investing activiti•s $9).315 342,224 InGrease in & c8sh equivalents in thè year 528.962 279,011 Cash & cash equivalents al the b8ginning ofthè year 672.671 951.682 Total cash & cash equivalents atthe ènd of the year 672,671 R•conciliation of net movem•nt in funds to net cashflow from 0ratIftg aetivltles: 2023 2022 Net movement in funds Add bad( depreciation Deduct dividend and interest incorne frorn Investments Deducl gains / add back losses on invÉslmenl Decrease J lincreasel in stk (Inc3$Èl I decrease in debtors Increase I Idecreasel in creditors 1208.6411 102,803 158.5811 83,051 1,299 {8.4251 27,141 1118.793) 103,701 134,3761 26.135 12,989) 108,033 118,498) Net cash 9¢n•rated from l ujed in op•rating activitlés 61,353 63,213 20
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA Gompany Ilmlted by guarantsel NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 ACCOUNTING POLICIES Bas1$ of preparntlon 4¢COUnts The financial statements have beèn prepared in a¢cordance with Accourrting and Reporbng by Charities.. Slalemont of Rewmmended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), The Finanual Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2Cffi. The Thimas Heatherley Educallonal Trust Limiied meets the definition of 8 puL4ic benerrt entity under FRS 102. The finan081 statements are prepared in sterfing, whth is the functional ttjrrèncy of the Charity- Monetary amounts in these finanaal statements are rounded lo IhB nearest £. Tha accounts lfinatKial $18ternenlsl have been prepared under the hSstorical cost eonvenlion wilh items recognised at cost or transaction value unless otherwise slated in the relevant nolels) to th8s8 accounts. Preparation of accounts on a golng can¢ern b4818 The charity's Financial Statements show a net defficil of £206.641 12D22 £118.7931 fr)r the year, total reserv8s of £5,119,54412022- £5,328,185) and free reserves of£S.W.689 (2022- £5,287,280). Thg Trustees have asSed whetrer the usa of the going ¢on¢ern basis is appropriate and ha¥¢ considered PO$8ible events or conditions that might cast signrfieant doubl On the ability of the charty lo ntinUe a5 going concèm. Twslees woll continue lo monrior and ensure sp9ndlng lo be done In line with income in order to maintsin target levèl tsf reserves. The revw of cashflow for 12 fflunths frorn the date of approv81 of the ffinanual statements, the associated assumptions that underpin it. secured new incorne and the steps that ould be taken to reduce expenditure should this be necèssary. Based on the infomiation above, the Trustees have a reasonable expectation that the charfty has 8dequat& resources to continuè in oper81ion for the foreseeable future and will rernain surplus in fvlure periods. Therefore, the Iruslees. have adopted Ihe going concem ba8is in preparing these accounts. Income Income is recognised whén the Charty has èntiuemenl lo the funds, any performance ¢OVKlitiDn$ attached lo the item{sl of income have been met, h is piobable that the income will be received and amount can be measured reliably. (al Income received by way of donations and le9ades aro induded in fvll in the Statement of Finanttial Actiwties when received, unless they r8lat8 to a speufied future period. in which case they are defgrred. (bl Legacies enlement is tak&n as th8 earfiÈr of the date on whh either.. the charty is aware that the probat¢ has been granted, the eslale has been finalised and notification has been made by the execulor(s} lo the Charty that the distribution is made, or whèn a distributi¢n 1$ received from the estalp. No leg8ues were received during the year. (cl Income from charikble aclivates in the form of school fees are recogni5ed as 8arn8d las the related go8 and 3ervices are provided) under contract. Ftses received in advance of th& subsaquenl edu¢alion year are recognised as deferred income until the following year. (dl Shop income and r parking income is regnised as eamed {that is. as related gc¥Jds or services are proed). le) Investment inwme 1$ included when receivable. 21
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limited by guardnt••} NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 1A Voluntews and donat•d seNicos and facilitigs Donated professional seNices and donated facilities are recognised as income when the chaity has control over the item, any conditions associated with the donated item have teen rnet, the receipt of economic benefft from the use by the charity ol ihe item is probable and that economic benefft can be measured reliably. In ardance with th8 Charilies SORP IFRS 1021, the general volunteer lime 18 not regniSed and refers lo the trustees, artnual report for more information ab¢ut their contsibuiion. No such contributions were received during the year. On receipt, donated professional SeNiS and donated facilities are recognised on th8 basis of th8 value of the gift 10 the charity which is thè amount the charity would have been willing lo pay to obtain Services or facilities of equivalent economic benefit on the open rnarket,. a corresw)nding amount is then r8cognis8d in expenditure in the period of receipt. No such donations were receThied during the year. Exp•nditurn r•cOgnIOn and Irr•covernble VAT Expendf(ure is recognised once there is a legal or constructive obligation lo make a payment to ¥ thir(I party. il is probable that settlement will be required and the amount of the obligation can be measured reliably. Expendrture is classffied under the foll¢wing activty headings., (al Cost of raising funds ¢omprises tsf the ¢osls ol running the shop and other fundraising activities and their associated support costs. (bl Expenditure on charitable activities incbjdes the costs diredy associated with njnning an arts school, to rtherthe purposes ofthe Charity and IheiT associated support costs. Irrecoverable VAT is charged as a cost against the activity forwhich the expendituie was incurred. Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not directly undertake ¢haritable activities. Support costs indude back-office costs. finance and administration personnel, payroll and governance SIS which support the charity's programmes and activities. These costs have been allocated between cost of iai8ing funds and expendtkure on chalitable aCtive5. The basis on which support costs have been allocated we set out in note 7. Funds structure Unrestri¢ted funds are available to spend on actiwilies that furlh¢r any of the purposes of charity. Designated lunds are unrestricted funds of the Charity which the Injstees have decided at their discretion to set aside to Use for a 5pecrfic purpose. Restricted funds are donations which the donor has spectfied are lo be 801ety used for parlicular areas of the chari$ work or for specifi¢ projects being undertaken by the Charity. Tangible fixed assets and d•pr•ciation Tangible fixed assets lexduding investments) are stated at cost less depreaation. The cost of minor additsons or those ¢o$ling less than £500 8re not ¢apit81i$ed. In accordan with SORP, the chaiity does not adopt a policy of revaluation of frèèhold land 8nd buildings. Depreciation is prowded al rates calculated lo write of the ry)sl Dt valuat of fixed a$8ets, less their eslirnaled residual value, over their expected usehl lives on the following bases.. Freehold buiPJings Straight line overfifty ye8rs Fixtures, fittings and equipment 25% redurAng balance 22
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA Company Ilmlted by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 Invèstments Inve51menls are a fomi of basic financial inslrurnenl and are initialty recognised at their transaction valuè and subsequentty measured al their fair value as at the balance sheet date using the dosing quoted Maet price. The statement of financAal activities indudes the net gains and losses arising on rÈv8luation and disposals throughout the year. The Charity do8S t acquire put options, 1valeS or other complex financial instruments. The main form of financial risk faced by the Ghartty 1$ that of volalilty in equity markets and InStent markets due lo wider economic conditions, the attilwje of investors lo investment risk. and Changes i sentiment conceming equ]eS and thin particular Sectors or sub sector8. The Counal has agre8d an Investment Pc4y. 1.10 Rèalisèd l unrnalised galn8 and loss All gains and losses arè takèn to th8 Statement of Financial Activities as they arise. Reali3ed gains and losses on itwestments arÈ calculated as the difference bettyeen sales proceeds and their opening caryng value or their purchase value rf acquired subsequenl lo the first day of the finana81 year. Unrèalised gains and lossas are calculated as the diffeience between the fair value at the year end and thèir carryin9 value. R8alisad and unrealised investment gains and losses are combined in the Slalement of Finanrial A¢livitie$. 1.11 stock Stock is induded at the lower of cost ¢y net realisable value. 1.12 Cash at bank and In hand Cash al bank and in hand includes sh and short temi cash deposits. 1,13 Credltors and provisions Creditors prowsions ar8 racognised where the charity has g present obligation resutting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation be measured or estimated reliably. Credrtors and provisions 8re normally recognised at their settlement amount after allowing for any trade discounts due. 1.14 Flnanclal Instrum•nts The Charity only has financial g$sets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanal instruments are initialty r8cognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequerfy measured 81 amortised cost usiny the effectiv8 interest method. 1.15 Taxatlon The Charity is 8 registered charity and, theTefore, 18 not liable for Income Tax 0¢ C¢rpor8ti¢n Tax on In¢orn derived from its ¢h8rilabl& acuvilies, as il falls within the various exemptions available to registered charities. P•nslon Th8 charity operate6 a defined cyJnlribution pension scheme on beh8K of its employ88s. Contributions are chargéd to thè Statement of Financial Activrties in the period in which they are payablg. Tho a5s0ts of the sch¢tne are held separately from those of the charity in an independenlty adminislerpd fund. 1.17 Opèrntlng leases The Charity classifies the lease of copier as an operating lease. The rtrnlals are charged to the Statement of Financial Activitiès on a straighl-line basis over Ihelgase dvralion. No assets are hekl under hire purth8s8 agreements. 23
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED {A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 1.18 Judgement and kay sources of esfjmation uncertainty In the application of the company's acLounling poh'cies, the charity is required lo make judgments, estimates and assumptions about the carrying 8m¢unt of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered lo be relevant. Actual results may differ from ttiese trstim8tes. The eslimales and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised whera the revision affect5 only that period, or in the period of the revision and fulure periods where the revision affects both cuThellt and future peiiods. DONATIONS AND LEGACIES Unrostri¢ted Funds Rostricted Fund$ 2023 2022 Golden 80tt18 Trust Other donations < £1.C(O Painters Sainers 10.IXJO 2.400 10.000 22,4DO 10,000 2,4CQ 10,000 22.400 10,000 1,600 10,000 21,600 The donations and legaues incomè in 2022 totalling £21.800 was attributgd lo reStrted funds. INCOME FROM CHARITABLE ACTIMnES Unrestrlcted Funds 2023 2022 SclNJol fegs 1,036,531 1.036.531 1,036,531 1,036,531 1,031,484 1,031,464 Income frcrfn charitabl8 aclivities in 2022 lotalling £1,031,464 was attributed to unrestricted funds. INCOME FROM OTHER TRADING ACTIWTIES Unrn$tricted Funds 2023 2022 Shop InMe Car parking fees Other incoma Insurance Claim reCet Kiln FIn9 Income 34.112 34,112 7.040 2C6 25,329 6,825 781 11.373 535 206 585 585 41.943 The other trading income in 2022 totalling £44.843 was attributed to unTP8tricted lunds. 24
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limitod by guarnntee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 INVESTMENT INCOME Unrestrictsd Funds 2023 2022 Interest on eAsh dèposits Diwd8nds 17,639 40,942 17.639 40.942 27,284 58,581 58.581 34.376 The investment income in 2022 101811ing £34,376 was attributed to unrestricted lund8. ANALYSIS OF EXPENDITURE R¥i$ing Funds School Outreach 2023 2022 Staff costs Subcontract Mod81s cost Bursaries and prpzes Other direct costs Premises and equlpment costs D8preciats'on A(fvertising, promotion and prospectus Sp purchases Fundraising costs Investment managemènt costs Support costs (Note 71 Gov8mance costs (Note 7) 477.938 89.715 40,993 64,810 169,770 92,888 19.739 477,938 89,715 40,993 64,810 169,770 92,888 19.739 25,597 584,$04 33.194 66.720 156.486 93,782 26,666 19,891 25,597 1,291 1.291 281.335 20.%9 1,29S 248,253 14,150 281,335 20,969 Of the £1,285,045 expenditure in 2023 {2022 - £1,224,941). £1,274,595 wa5 charged to unrestricted fund5 12022- £1,208.6411 and £10,450 to restricted ftJnds12022- £16,3001-
THE THOMAS HEATHERLEY EDUCATIONAL TRUST UMrrED IA Company limited by guardntsel NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The Charfty Sniti8lly Idente$ the costs of its support functions. 11 then idenltfies those costs which relate lo the govemance function. Govemanc8 costs 8nd other support cxjsts are apportioned separalety beeen than$ key activities undertaken (sèè note 61 in the year. All the general support an(J governance (x)sls have been apportroned to the various charitable activities on the basis olslaff lime allocated to each actwity. Genèral support Governance functlon 2023 2022 Finance and adminislration staff costs Mana9emenl staff Premises $ts Depreciation Commun¢alion costs Information technology Insurance Bank charges Legal and professional costs 8ad débts Sundry cosls Audit fèès 170,573 170.573 8.692 18.863 9,914 11.9Q3 14.998 14.148 15.784 25.877 138,950 5,198 17,387 9,914 11,074 16.975 11,221 12,931 21,648 5,370 5.135 6.600 8,692 18,863 9,914 11.903 14,998 14,148 15,784 20,5Th) 5,377 4.652 6,9 6.900 26
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company Ilmltgd by guarJrrte•l NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 NET INCOMEIIEXPENDITUREI FOR THE YEAR Thi5 15 slated after charging.. 2023 2022 Deprectation of t3n9lble fixed 8ssels Operating 8$e- rPier Audltors, remuner811¢n- audit of finanaal ststemenls 1 D2.803 3,934 103,701 7.214 ANALYSIS OF STAFF COSTS. TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL STAFF COSTS 2023 2022 Salart&s National Insuran Pension 666.895 706,328 37,997 9,240 11,076 718037 No employee rèceived remuneration in excess of£60.CrfJO during the year. No Trustee received any remuneration during the year 12022 - £nill. No TW$t¢ re¢gived ielmbursed expenses during the year12022- £nif). The key management personnel of the charfty comprlse the Prlnupal. Dlrector of Studles, Course Director (Diploma in Portrailurel and Co-ordinatQT (Piinlrnakingl. The lolal employee benefrts of the key managemènt personnel of the charity were £87,316 {2022- £82,640). 10. STAFF NUMBERS The average monlhty number of staff employed, calculated as full lime equivalgnt, during the year was as follows= 2023 2022 Management Direct staff Administrative and sUPrt 19 19 26 The average number monthly employees during the year was 46 (2022- 751. 27
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company lited by guaranteel NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 11. TANGIBLE FIXED ASSETS Freehold Flxtures. Intsr8St in land rrttings and and buildlngs
quipment
Total Cost: As al 1 September 2022 Addilior Disposals 4,956.822 102,466 5,059,288 As 8131 August 2023 4.956,822 103,430 5,060,252 Depreciation: As al 1 September 2022 Disposals Charge for the year As at 31 August 2023 1.412.190 88,784 1,500.974 99.141 3,861 102.803 1,511,331 92,445 1.603,Tn N•t book valuè: As at 1 September 2022 3,544,632 13,882 3,558,314 As at 31 August 2023 3,445.491 10,984 3.456.47S In addttion to the freehold interest in building included above, the Charity als¢ owns land at Christiania Vvharf was grfted from The Royal Borough of Kensington and ChÈl$e# and has been valued at £nil in the Financial statements. due to a pemanent restrictive enant against anything other than art eduLzkn'onal Lssg. whlch was imposed upon the transfer of the land.
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limtted by guarantsel NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 12. INVESTMENTS 2023 2022 Quot•d Invèstsnents Market value. brought forward A(Jdrtions Disposals Unwllsed gain l {los$) Market value, carried forward 1,401,046 23,629 1554,136) 183,051) I,0,574 376,607 126,135) 1,401.046 787,488 Cash held as part of portfolio 2,191 TL)lal investments 787,488 1.4D3,237 Historic cost 681.932 1.243,298 M8r*et value analysed by type of investments.. 2023 2022 UK Equites UK bonds Foreign equrties Foreign bonds Multi-assels fund Commtsyities Gold and gol(r aquths Illiquid slialggigs and options Hedge funds PrortY Olhers Cash held within the investrnenl portro]io Market valuè as at 31 August 62.212 165,373 58,274 165.373 151.985 22,050 44.0 103,161 134,812 187,275 508,147 232,884 10,070 36,221 73.602 80,144 9,286 46.567 21.603 62,626 14,9S2 787,488 1,403,237 13. STOCK 2023 2022 Shop stock 12,fM2 13,341 12,042 13,341
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMThED IA company lim5ted by guarant•81 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 14. DEBTORS 2023 2022 Trade Debtors Other Debtors PTepaym?nl accrued Income 10,066 793 20.620 1,491 14,076 7,487 31,479 23,054 15. CREDITORS: amounts falling due withln one yoar 2023 15.714 7,153 323,768 2,417 20.521 369,573 2022 22,841 9,395 288,486 2.650 19,060 342,432 Tr3d8 Credit(xs TaxatiDn and sorial security Deferred Income {nole 181 Other creditors Accruals 16. MOVEMENT IN FUNDS Balance at 01.09.22 Galnsl Balanca {1¢8*5) Transfgr8 at 31.08.23 Income Expendltur• Restrtctod funds.. Prizas Fund Bursary Fund 8.148 32.757 2,100 20,300 450 10,0 9,798 43,057 40,905 22,400 10,450 52,855 Unrestrfcted funds- De$lgnatod fund8 Bursary Fund Building mairttenan Fund School Development Fund Building Improvem8nt Fund New Building Fund 70,392 255,0(X) 30,543 50,000 345,(h 50,OC 80,000 1743,1181 89,849 Goo,ooo so,000 80,000 743,116 1,(68,508 4,218,772 1,137,055 30.543 1,244,052 1218,1161 218,116 819,849 4.246,840 General fund8 183,OS11 Totsl Unrgstri¢tsd Fun(ts 5,287.280 1,137,055 5,328,185 1.158.455 1274,5g5 83 051 S. 689 Totsl lunds 83,051 30
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company limilad by guarantea) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 Movomont In lund¥- provlous ygar Balan¢0 at 01.09.21 Gain BaJan¢• {lo$$esl Transfèrs at 31.08.22 Ineomè ExpendIre Resld¢tod funds: PrEe5 Fund Bursary Fund 1,500 14.800 16.300 8.148 32,757 40,905 27,557 35,605 20.000 21.600 UnrnStrlCt funds: Designated funds Bursary Fund Building Maintènanr* Fuj New Building Fund 87,286 255,000 743,11fj 16,894 70,392 255,0( 743,116 1,085,402 16.894 1,068,508 Goneral fund$ 4,325,971 1,110.883 1.191.747 126,1351 4,218,772 Total Unrestrfcteil Funds 5,411,373 1.110.683 1.208,641 26,135 5,287,280 Tota] fimds 5,446 978 1.132.283 1.224.941 26,135 5,328 185 16. MOVEMENT IN FUNDS Icontlnuedl Descrlptlon. nature and purpose of restrfcted funds: Prlze Fund: FuThJs received to prowde prizes. Burn•ry Fund: Funds recehved lo provide prixes. Dos¢rlptlon. naturg and purpo$g of unrw&trktsd fund$: General funds: General fund repsents funds available to spend al thè discretion of the Trustees after allowing for all the designated funds. Purposes of Deslgnatsd Funds: Bursary Fund This fvnd was initially set up to assist wlh the prowsion of al least bursaries per year to talented students who would otherwise be unable to aflord to attend the Diploma Courses.. due to an iThxeas¢ in demand for bursary assistanc6 and lo enable us to fuhll our charitable role as a provider of art education il IS appropriate to significantly increasé the levèl of Désignatèd 8ursary Funds with a wèw to offering * le8s1 six bursaries a year lor thè nèxt fiva years. Trustaes and staff are curr8ntty saeking major funding from potential ponsors to enable su¥h in¢reas¢s lo bo maintsin¢d. 31
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA company Ilmlled by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 Building Malntenanc¢ Fund: The School mov8d into a new purpose built building al 75 Lots Road in 21M8 and the Trustees have decided to create a dgslgnated School Maintenance Fund lo provide for major upkèep and repairs to the buildin9. Th& School 8uilding Manager h8s prepared an estimate of costs ftsr essential major future building costs lo plant and equipment and upkeep such as repL7cing plant and equipment as it becomes obsolete. New Bullding Fund: In order to fu11 the S¢hoofs Charitable aims and better to rneel increasing démands on art educatK)n, the Trustees have considered the scope lo extend the capac4ty of its fauliti&s. Extant plans prepared in 2008 for the building of a third floor sludio woul(1 provide for additional classes. The CDSI of such ext8nsion is considerable and the Trustees would sÈÈk sponsors to match funding Ixjnlributed by the Schthjl on an as yet to bè defined basis. The e$tsmaled total costs of proposed new studios are £3,000,000. The Iwslees have proposed Ihe r8allocalitsn of the New Building Fund, as this fund k8 redundanl, given that the school no longer wishes to extend its studio space. The cuent balance in this fund is £743,116, and it Is proposed that £50,000 be transferred to the Bursary Fund, £345.CiIO to the Building Fund. Additionally, th¥ Finance Committee suggests the crèation of new fijnds." a SchoDI Developrnent Fund of £50,000 and a Building Impiovemenl Fund of £80,000. The remaining balanTr of £218,116 is proposed lo transferred lo the Genèral Funds. School Development Fund .' The Iruslees have propose(J the ereaiion of Ihe 'School Developrnent Fund. from the Nèw Building Fund. aimed al developing new courses, funding a nèw website, and databas9, wKh a sum gf £50,000 transferred from the lalter. Building Improvement Fund . The Iruslees have propttsed the creation of the 'Building Improvement Fund, from th8 Naw Building Fund. This fund is desi9ned to provide improvements in enorgy effic4ency wilhin the s(*ool. such as solar p8nel installations. 17. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS Gongral ignatsd RestrlGt Total Tangible fixe(l assets Inve51menls Net ¢urrenl assets 3,4S6.476 132,362} 822.726 3.456.476 787.487 875.581 819.849 S2,85S 5,119,544 Analys1$ of fund balances betsv8on net assets- previous year General Deslgnated R¢Btricted Totsl Tangible fLxed assets Investmènts Net current assets 3,558.314 334,729 325,7 3,558.314 1,403.237 3e6.634 1.th56,508 40,905 4218 772 40,905 5,328.185 32
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED IA eompany Ilmltsd by guarnntsel NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2023 18. DEFERRED INCOME 2023 2022 Balance as at 1st septr Amount released lo incomé in the yÈÈr Amount deferred in the year 268,486 1268,4861 323,768 268,fj86 1268,686) 268,486 Balance as al 31st August 323,7e8 268.486 Deferred income represents f88 income for 2023124 received in advance. 19. OPERATING LEASE COfvIMITMENTS The charity has operatinglgase commitments as shown below. Equipment 2023 2022 Under ¢ne year Two lo five years 3.934 3.934 3,934 3.934 7,869 20. PENSION The pÈnsion ts)sl charge represents wntribulions payabl8 by th8 charity 1¢ the fund and amounlgd lo £11.076 12022 £9,240). Contributions ttsl811ing £1,551 12022 - £1,955) wère payable io the fvnd at the year end and are in¢luded in creditcKs. 21. SHARE CAPITAL Thg comparry is limited by guarantee and does not have a share capltsl divided by shares. 22. MEM8ERS' UABIL The company is limited by guarantee and th& members each undertake lo o)ntribute an amolml not exdIng £1. 2& RELATED PARTY TRANSACTIONS Delai15 of transactions with trustees and 5eniDr managernenl are In note 9. 2& ULTIMATE CONTROLLING PARTY The charity was under the control of the Board of Trustees throughout the year.