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 I1￿￿ted 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 appIl￿b]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 in￿r￿rated 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. S￿lptUre, 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￿. Geram￿S 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 cOu￿e5. 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 r￿n1 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• s￿dent 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 aC￿ssIble 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, d*aetèd 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 p￿tICe.
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 radisco￿r 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$ary for
professional practi¢e. This lo an extent that is not normally found in mainstream art schools thèse days. Gr8duaies of
the school are enabled lo establish themselves as 8xhilx.ting artists in painting, sculplure and prinlrnaking. Many
graduates of the Diploma in Portraiture choose lo become professional portrait painters wothng lo public or pr￿vat&
commissions.
On leaving the sc*ool, Diploma graduates may gain professronal ernploymenl in a variety of arts related 8re8S
indu(ling exhibrtion preparation and curation. oducalional programrnes. arts promotion an¢J technical production su¢h
as making scenery and props for film pruduction and theatrical companies St￿ as at the Royal Opera House,
London.
Accredlted Education
Hoa1hèr￿YS ha5 accredited status awarded by the Brrtish Accreditation Council.
Accredilalion underfines acadgmic 8xc8llèneè Its internaiionalty accepted stsndard5 and promotes stud8nt eonfidence
n our indepondent instilul*Jn.
The Countil demands that our building and facilitses meet the highest standards ¢f Health and Safety, and that we
subject our courses to continuous r8w8w. By means of a system of skff appraisals and class observations we ensure
our leaching staff and course programmès are Of the highest quality so lh* we are able to fuhlll S￿dent 8xpectstions.
First 8warded in 2017, the school Unde￿¢$ 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.
student￿lf#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 hea￿h 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 Ul￿erstandIng of the parti￿lIar challeng9$
an individual student might face so thai they would be better equipped to help them with their leaming. Sh8
was a personal ￿nn￿G￿lon 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$ ￿1￿MUnity 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 Heatherle*s 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 e*lebrate 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 offe￿d 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& requ1￿mentS 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.
suppo￿ng 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 aC￿sS 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 IMp￿ment 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 Worship￿1
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 SO￿￿tY 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 exhIb￿On 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 so￿ety 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 C￿rse in F￿e 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 Ca￿led ¢)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
reqU1￿mentS.
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 C￿ntracts wrth mainlgn8nce ￿mpanIeS to 8nsurÉ the Safe use and
maintenance of lffts. equipment and the upkeep ofthe sch￿11.
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 SCI￿01. 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 fu￿1 its day-l￿18Y obligations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govamlng Do¢umont I ConstI￿￿on
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 ¢￿S￿lerS 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 experiell￿d 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 promot￿n 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 ￿1￿Cted 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$. The School thus offers them the Op￿rtUnitY lo pas$ 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 dI￿10$ed. In this financlal year there was none lo disclose.
Pay pollcy forsenior staff
Senior rnanagemont staff pay 1$ 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 identif*d 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$ite.' https..IAw￿.heafherJeYs.0r
Independent Auditor. SCB (Accountants) Ltd, 31 Sac*ville Street. Manchester. M13LZ
Banker&: Lloyd5 TSB Plc., 417 North End Road, Fulham. London INS
Investment manag•rn: Ruffer LLP. 80 Victoria Street. London SW1E SJL
Flagstone Group Ltd, Clareville House, 2&27 Oxendon St. London SW1Y 4EL
Trustoes, responsibilitlos In rdation to the finan¢lal statsmonts
The Trustees (who at¢ also directors of The Thomas Heathertey Educal¢onal Trust Limtted for the purposgs of
company Lgw) are r8sponsible for preparing th& Annual Report and fhe financial statements in accordan￿ with
applicable law and rogulalion.
C¢)mpany law requires the Directors to prepare finan￿al slalements for each financial y&ar. Under that law the
Directors have elected to p￿pare the financial statements in accordance wf(h United lfjngdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Directors
must not approve the financial statements unless they are salisfi$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 cOn￿M 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 finan￿al information Induded on the
charrtable ¢ompany's website. LÈgisl8tion in the United Kingdom governing thè pieparalion and dissemination of
financial state￿￿nIS 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 AC￿unt).
balance 8heel, stslemenl of cash flows and notes to the financial slalemenls, induding a Summary of significant
accounting polic￿$. The financial reporting framework that has been applied in Ihoir preparation 18 appli¢able18w and
United Kingdom A¢￿￿nting Standards, induding Finanaal Reporting Stsndard 102. The FinanrAal Reporting Standard
applicable in Ihe UK and Republic of Ireland (United Kingdom Geneially A￿pIed Accounting PractKe).
In our opinion the financial ststsmenls:
gnie a true and fair wew of the stste of the tharilable compan*8 affairs as al 31* August 2023 and of rts ino)mlng
resources and application of resources. induding 115 income and expenditure, forthe year then ended.,
have been praperty prepared in accordancè with Unrfced Kin9dorn Generally A￿epted A¢￿Unting P￿¢￿￿,. and
have been prepared in accordanc8 vith the requirements ofthe Companies Act 2006.
Basis foropinion
We ¢¢￿dUcted our audll In accordance wrth InlernatFon81 Standards on Audthng {UKJ IISAS IUK)18nd applicabl8 Lgw.
Our respon8ibilitie8 under those standards are furth8r described in the Auditorf8 responsibilit￿$ 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 b811￿e 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 gO￿g 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 d￿eCtorS 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 P￿scribed by th• Companiès A¢t 2006
In our opinion, b8$ed on the work undertaken in the course of the audit..
The infomiation given in the directors, report for the financial year for which the finanoal stslemenls are prepared
is consislenl with the financial slalements.. and
The directors, report has be8n pr8par8d in a￿Ordance with applicable legal requirement
Mattgrn on whlch ￿ are requlred lo report by oxctption
In the lighl of the knowledge and understanding of the company and its environment obtained in the cnurs8 of the
audit. we have not identrfied m*erial misslalemenls in the directors. reporL
We have nothing to report In respect of the following matters in relation to which th8 Compantes Act 20(￿ requires us
to report lo you if. in our opinion..
adequate accounting reo)rds have not begn kept or relums adequate for our audit have not be8n received from
branches not visited by us.,
the financ481 statements are not in agreément with the aCc￿nth)9 reo)rds and retum8-
certain disdosures of Iruslees. remuneration speafied by law a￿ not made,.
we h8ve not received 811 the inforniat￿n and explanations we require for our audlt..
RespoMlblllUe¥ of directorn
As èxplain8d more lulty in the dSrectors' ￿SPonSIbl11Lles statements set out on page 11. the dir8¢tors arg responsible
for the preparation of the finan￿al statements and for being satisfied that they give a Ime and fair view, and for such
internal control as the direclors detemiin8 is nècessary to enablè ttie prepar8tion of financial statements that ar¢ freo
from material misslalem¢nt. whothgr due to fraud or error.
In preparing the financial statements. the director8 are rtssponsible for assessing the company's ability to continue as a
going concem, disdosing, as applicable, matters ￿late(l to going conc*m and using the going COn￿M basis 01
accounting unless the directors ekther intsnd to liquidatè thè company or to cease operalions. or have no realisli
atternative bul to do so.
Auditorf$ 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
O￿nOmiC (lecisK)n8 01 u8er8 taken on the basis of these ffinancAal stateménts.
Irregu18ri(ies, induding fr8ud, are instan￿S 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 ￿8￿nablY 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 al￿ed fraud, and discussions amongst th8 audrt t8am regarding risk of fraud
such as opportunrties for fraudulent manipulation Df fInar￿la1 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 n￿nina1 ledger,. reviewing transactions around the end of the
re￿lling 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 irregularl￿eS, 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 cc￿panY'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 sta￿tOry 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
LIabill￿eS
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
$9).315
342,224
InGrease in & c8sh equivalents in thè year
528.962
279,011
Cash & cash equivalents al the b8ginning ofthè year
672.671
951.682
Total cash & cash equivalents atthe ènd of the year
672,671
R•conciliation of net movem•nt in funds to net cashflow from 0￿ratIftg aetivltles:
2023
2022
Net movement in funds
Add bad( depreciation
Deduct dividend and interest incorne frorn Investments
Deducl gains / add back losses on invÉslmenl
Decrease J lincreasel in st￿k
(Inc￿3$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 as￿Sed 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 en￿lement is tak&n as th8 earfiÈr of the date on wh￿h 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
go￿8 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 re￿gnised as eamed {that is. as related gc¥Jds or services
are pro￿￿ed).
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
a￿rdance with th8 Charilies SORP IFRS 1021, the general volunteer lime 18 not re￿gniSed 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 SeNi￿S 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•cOgnI￿On 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 aCtiv￿e5. 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 Ma￿et 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, ￿￿1val￿eS or other complex financial instruments.
The main form of financial risk faced by the Ghartty 1$ that of volalilty in equity markets and In￿St￿ent
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 finan￿al 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 reStr￿ted 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 In￿Me
Car parking fees
Other incoma
Insurance Claim reCe￿t
Kiln FI￿n9 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
S￿p 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 Ident￿e$ 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 be￿een 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$e- r￿Pier
Audltors, remuner811¢n- audit of finanaal ststemenls
1 D2.803
3,934
103,701
7.214
ANALYSIS OF STAFF COSTS. TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY
MANAGEMENT PERSONNEL
STAFF COSTS
2023
2022
Salart&s
National Insuran
Pension
666.895
706,328
37,997
9,240
11,076
718037
No employee rèceived remuneration in excess of£60.CrfJO during the year.
No Trustee received any remuneration during the year 12022 - £nill. No TW$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 sUP￿rt
19
19
26
The average number monthly employees during the year was 46 (2022- 751.
27

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
IA company li￿ted 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
Pro￿rtY
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
ExpendI￿re
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* Fu￿j
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 rep￿sents 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 fu￿11 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$tsmaled total costs of proposed new studios are £3,000,000.
The Iwslees have proposed Ihe r8allocalitsn of the New Building Fund, as this fund k8 redundanl, given that
the school no longer wishes to extend its studio space. The cu￿ent balance in this fund is £743,116, and it Is
proposed that £50,000 be transferred to the Bursary Fund, £345.CiIO to the Building Fund. Additionally, th¥
Finance Committee suggests the crèation of new fijnds." a SchoDI Developrnent Fund of £50,000 and a
Building Impiovemenl Fund of £80,000. The remaining balanTr of £218,116 is proposed lo ￿ transferred lo
the Genèral Funds.
School Development Fund .' The Iruslees have propose(J the ereaiion of Ihe 'School Developrnent Fund.
from the Nèw Building Fund. aimed al developing new courses, funding a nèw website, and databas9, wKh a
sum gf £50,000 transferred from the lalter.
Building Improvement Fund . The Iruslees have propttsed the creation of the 'Building Improvement Fund,
from th8 Naw Building Fund. This fund is desi9ned to provide improvements in enorgy effic4ency wilhin the
s(*ool. such as solar p8nel installations.
17.
ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
Gongral
ignatsd
RestrlGt
Total
Tangible fixe(l assets
Inve51menls
Net ¢urrenl assets
3,4S6.476
132,362}
822.726
3.456.476
787.487
875.581
819.849
S2,85S
5,119,544
Analys1$ 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 sept￿￿r
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 ex￿dIng
£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.