THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guardntee)
DIRECTORS, AND TRUSTEES, REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
Company No: 00977615
Charity No: 312872

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
REPORT AND ACCOUNTS
CONTEKrs
Page
Directors, and Trustees, Report
3-13
IndependentAuditorfs Report
14-16
statsment of Financial Activities
17
Balance Sheet
18
Statement of cash flows
19
Notes to the Accounts
20-32

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
DIRECTORS, AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
The trustees are pleased to present their annual directors. report together with the financial statements of the charity
for the year ended 31 st August 2024, which are also prepared to meet the requirements for a directors, report and
Companies Act purposes.
The financial statements compty with the Charities Act 2011. the Companies Act 20J6, the Memorandum and Articles
of Assocsation, and Accounting and Reporting by Charities.. Statements of Recommended Practice applicable to
charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and
Republic of Ireland (FRS 102) (effectiV8 1 January 2019).
OUR PURPOSE AND ACTIVITIES
The enduring objective of the Charity is to offer a public benefrt through the promsion of education in the visual arts at
the Heathedey School of Fine Art.
The Charity was founded in 1969 and incorpor*d in 1970. It has had control of The Heatherfey School of Fine Art
since 1974, which is one of the oldest, and now one of the few ￿mainIng ful￿ independent Art Schools in England.
Its primary objective, to paraphrase its Memorandum of Association (22.2.77), is to advance education in the visual
arts, by the teaching of drawing, painting. sculpture, design. print-making and associated visual arts and crafts.
From the earliest days of the founding of the school in 1845. our teaching has been centred on a strong belief in the
value to the artist of learning how to see. We provide a thorough grounding in methods of working from direct
observation basing early study on the primary Sour￿ of the human figure. portrart and natural objects. Students of
Painting, Drawing, Sculpture. Ceramics and Printmaking explore the context of ideas within which they will build a
personal language and develop the technical skills they require.
The pattem of study offered by Heatherleys has all but dis4peared from mainstream colleges in the State Sector. We
offer a portfolio of full and part time courses in direct response to the clear public demand for constructtve and
supportNe teaching in the skills and disciplines of Fine ArL Full lime Diploma Courses are offered for those who wish
to develop a career or to enrich their practice. Part time courses are structured to inlrcduce and develop the skills and
interests of students who may construct their own menu from over 30 courses. Experienced tutors ar8 all artist
practitioners and many are graduates of the Royal College of Art or The Slade. We offer a creative learning
8nvironment lo our student communty whatever their age, background or range of abilty.
Vlthilst thé School is mindful of its responsibility to mainlain adequate Building Mainlenance Funds, the core activty of
the school is to provide an education in the visual arts to students. and in so far that this is possible, by means of
additional fee-paying students and a Bursary Fund to make this education accessible to talented but disadvantaged
students. Funds are set aside for this purpose and Ihe charity is looking actively towards raising further funds
specffically to exiend this Bursary programme.
Achievement and actlvltles
The mission of the school is to promote academic excellence and an education in the Fine Arts for all.
We are commltted to making our Diploma and Part tlme courses accessible to a diverse student population.
Accessible Learning
We are commltted to making our Diploma and Part time courses accessible to a diverse student demogrnphic.
Heatherleys offers full and part time courses in Fine Art to students with a variety of needs. Our stud8nt demographic
represents a wide range of ages. social and cullurdl background and ethnic diverstty. We are noted for the strong
sense of friendty communty which is fostered within the school, promotes a constructive approach to leaming and is
an important support to students wh8n they lewrfe.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
We enGourage and respect the participation in our courses of all adutt age groups from any background, whether they
are preparing for professional practice as artists or exploring and developing their crealivty on a part time basis. We
do this by providing a range of part time day and evening courses. offering beginners flexible and accessible choic8S
for entry level tuilion.
Day, evening and weekend courses provide an accessible introduction to the Fine Arfs for adum students of all ages
and levels of ability. They may choose to use this programme as a pathway to further leaming or simply enjoy and
benefit from the range of possibilrties available to the amateur enthusiasL
Structured Diploma courses in Portraiture and Sculpture, directed by Minna Stevens and Tony Mott respectively, offer
two years of intensive study to those who wish to develop a career in art. Sculpture Diploma Graduates may choose
to continue their studies in an electrve Post Diploma year. The Post Diploma in Figurative Painting, coordinated by
Fred Crayk. is a one year programme offered to students who have completed H8ath8rl&y's Diploma in Portraiture or
an equivalent degrée course in painting. Students are provided with Op￿rtUnItieS for further personal development as
they make the transition to independent studio practice.
Students
Each year students are supported so that Ihey may be qualified for a career in the arts or to appty for courses in
further and higher education for which they might not otheTwise have been 81igible.
In an era of fluctuating and unsettled employment prospects, Heatherleys attraGt5 8 number of mature students who
are drawn to our vocational courses as a means of developing or changing career pathways. The charity has helped a
number of students to rediscover an earlier unfulfilled vocation in art and design. or to t&e initial steps inlo a new field
after another career.
On leaving
Younger students may seek further qualifications on conpletion of a Diploma course at Heatherfeys, for instance by
continuing their studies elsewhere on BA degree courses in Fine Art. Altemativety diploma graduates may choose to
complete a further year of Post graduate study in erther sculpture or painting at Heatherleys. Their high calibre has
been marked by the regular acceptance of our graduates ￿ Master of Arts degree courses at universities such as at
the Royal Co15e9e of Art and Universty of the Arts London.
Diploma Courses are structured so that they equip students with the practical skills and understanding ne￿ssary for
professional practice. This to an extent that is not nomialty found in mainstream art schools these days. Graduates of
the school are enabled to eslablish thernse￿es as exhibiting artists in painting. sculpture and printmaking. Many
graduates of the Diploma in Portraiture choose to bec(yne professional portrait painters working to public or private
commissions.
On leaving the school, Diploma graduates may gain professional employment in a variety of arts relata areas
including exhibf(icn preparation and curation, educational programmes. arts promotion and technical production such
as making scenery and props for film production and theatrical companies such as at the Royal Opera House, London.
Accredited Education
Heatherleys has accredited status awarded by the British Accreditation Council.
Accreditation undedines academic eX￿lLenCe to intemationally accepted stsndards and promotes student confiden
in our independent instftution.
The Council demands that our building and facilities meet the highest standards of H8alth and Safety, and that we
subject our courses to ￿ntinuOuS review. By means of a system of staff appraisals and class observations, we
ensure our teaching staff and course programmes are of the highest quality so that we are able to fulfil student
expectations. First awarded in 2017. the schcM)l Underg￿ regular interim inspections and a fvll inspecticn every four
years before our accredited status is formally ￿newed. Our accredrted status was fomially renewed after full
inspection in January 2024.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
IA company Ilmlted by guarantee)
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Flnanclal Support
Each year we offer financial support to a number of students who are talented but financially disadvantaged (often
younger ones) so that they may benefrt from the figurative art education which is provided by Heatherleys. The school
has created a Bursary Fund, setting aside sch(x)I funds lo provide financial assistsnce For Diploma course sludents
who would othemise be unable to afford fees for this ￿-year course. Bursaries are awarded each year for this
purpose.
The John Walton Student Support Fund is available to help Diploma studenls already in receipt of a Bursary but who
find themselves in unforeseen drfficulties. They may apply for help with travel. living expenses or buying course
materials so that they are able to continue with their studies.
We have Ihe enthusiastic supp)rt of Patrons and our Board of Trustees who are working to increase the level of
support we can offer financially disadvantaged students. Wth their help in approaching donors. charitable trusts and
foundations. we have been able to attract spons¢xship for students who r￿t otkEry4ise afford our fees.
We are grateful to a number of sponsors, including the IPlor5hipful Company of Painler Stainers, the De Laszlo
Foundation and Worlds End StudK)s, have donated funds to be used to support our deseTving students in their
studies or upon graduation.
Stud8nt Welfare
The school has an important therapeutic function for some of our students. Although highw creatrve, they may be
challenged by dTfficuliies which are temporary or permanent and rang8 from depression or bereavement to autism or
include physical problems such as mobilty or hearing loss. Our modem building is purpose designed and equipped so
that studios and facilf(ies are fully accessible for those with physical disabilities. Unsupported, these issues may
interfere with the demands of an education in art and could lead to the abandonment of a course.
As a smaller scale academic communty. are able to help those who mwJht otherlvtse struggle to learn in a larger,
more impersonal university setting. They have been able to achieve their potential at Heather18ys, enhance the quality
of their lives and develop careers in a broad range of arts related activities. Heatherleys has develcp8d and advertises
our firm policy of inclusion for disadvantaged students and under-represenled minority groups. We welcome a diverse
range of studenls who, although faced with physical or mental health difficulties or challenged by issues contsming
identty, can fulty enjoy and benefit from our teaching.
In 2023124 we continued our support for students whose leaming was disadvantaged due to physical disability or
issues of mental health or identity.
Our Student Support Off￿er. Diana Horton, worked with dass tutors in order to identify and include students who
required individual support. She was able to guide tutors to an understanding of the particular challenges an
indiwdual student might face so that they would be better equipped to help Ihem with their leaming.
Diana is a personal connectton for students. offering direct practical assistance and emotional support on a range
of levels. Wrth this help they are able to achieve their potential by completing courses which they might not
otheThvise have been able to sustain. For instance. sh8 enabled a student with impaired colour vision to use digital
support that could help with observational painting.
We organised a stimulating programme of open discussion and awareness for Diploma students studying
Portraiture which was themed around questions of diversty and identity.
School policies communicate our commitrnent to support those who need tt (for instance, Equal Opportunities,
Safeguarding and Leaming Support). Policies are regularty rewewed, published on our website and available in
hard copy at accessible information points within the school.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantse)
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Outreach and support
We activew seek opportunities to benefft the public and have developed a series of rewarding partnerships btheen
Heatherley and our local communty, including nearby schcKsls and hospitals. These partnerships are a powerful way
to promote communty spirit and social cohesiveness. Our links with local schools enable us to encourage the
creativity and confidence of young people in a variety of inrtiats"ves.
We created opportunities to invite and involve members of the public in a range of erfents at Heatherleys, for example
We invfted our k)cal communty to view exhibitions organised by the school in our Conservatory Gallery.
These includ8d the work of part time and Diploma and Post Diploma students, staff exhibitions and the work of
visiting professional artists. Our annual Diploma st￿lents, Exhibition has become a popular annual event and
we were delighted to be able to share and celebrate the achievements of our graduating studenls with th8
general public.
We invited the general public to attend art history ledures alongside our own students. Talks gtven by experts
in our school library are free of charge and attract interest from all over London..
We maintain close connections w"r(h the young people of Ical Chelsea Academy School who are invited to
participate in Printmaking sessions held for them in our specialised studios. A group of sixth Fomi Academy
students and their teacher were invited to view and discuss the works in our annual Staff exhibition.
Healherleys sponsored a range of public prizes and avRrds in order to acknowledge achievement and to encourage
aspiring and emerging artists attempting to develop a care8r in the Fine Arts.
Societies supported by the schwl during 202Y24 included the Royal Watercolour Society, the Society of Portrait
Sculptors and the Chelsea Art Society. Our support for societies ass¢xiated with the National Federation of British
Artists also included the Royal Institute of Painters in Ivatercolour. the Pastel Society and the New English Art Club.
We enwuraged Ihe creativty of young people by sponsoring local photography competition 'A Day in the
Lrfe',dDnating thr educational opportunty of 'hands on, sessions in our Printmaking studi¢. We actively support somé
of Britain's major arts societies who share our charitable aims by offering the use of our specialised studio facilities.
The Pastels Society organised vacation workshop sessions at Heatherleys
We offered studio use to the Chelsea Arts Club to hoid weekly life drawing classes for their local artist
members.
We hosted a Masterclass long weekend for the S￿[ety of Portrait Sculptors.
Future Activities
We are determined to respond to the requirements of the those seeking an education in the Fine Arts based on
fundamental skills and technical disciplines. We continuously enhance the quality of our courses in order to do this. In
2024r25 we will continue to monitor developments in educational. social and financial spheres in order to supply a
programme of opportunities r8levant and responsive to the needs of th8 public.
Forward Plannlng: we will review and update strategic planning targets in the light of tha changing economic
climat8 which affects the circumstances of our students and may limit their opportunty to aC￿sS our courses.
Qualty control: we will consolidate and expand our programme of staff appraisals, class observations and
student feedback so that we mairrtain our reputation for academic excellence.
Supportlng our staff: we will continue to support our teaching staff in their professional development, offering
them opportunities to exhibit their work to the public and to their students in our Conservatory Gallery and
promoting their achievements by means of Social Média.
Support5ng our students.. VR will promote the help our Student Support Officer is ab18 to offer so that
students may access the support available.
Outr8ach: we will look for new opportunities to share our skills and facilities wÈth local communty groups who
may not be able to access regular courses.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Communlcation: our marketing team will seek to create a strong Social Media profile in order to share the
lively creativity and ethos of our school community with the public. We will also focus on the d8sign and
development of an engaging new website wh￿h will present the opportunities for full or part time education
offered by our courses lo intending students.
Selected Student and Alumni Achievements
We are a￿yS delighted to hear from alumni who are successfulty developing their creative careers. many of whom
were selected to show their work in prestigious exhibitions nationally and in London during 2023124.
Exhibitors at the Ruth Borchard Self Portrait Prize Exhibition included Heatherley's alumni Martin Burroughs,
David Weekes, Eve Petttt. Steven Colover. The Exhbition was held at The Atkinson Museum in SoLrthport,
SeptemberlDecember
Sculpture Diploma Graduate Annie Trevorah exhibited in New Wave.The exhibition is part of Vvhitechapel
Gallery first Thursdays. Julylseptember
Alumna Sarah Jane Mcon took part in Artwave. a ￿lebratiOn of the arts over three weekends at Lewes in
East Sussex. September.
18 Sculpture Diploma alumni and current students presented a tsvo day ethibition of their work in the Chapel
at Brcmpton Cemetery in Fulham. The show was held as part of the annual Open Weekend celebrations.
October.
Alumna Sarah Jane Moon showed her paintings as part of an ASC Open Studio event at her studio in Brixton.
November.
Alumna Christina NiederbeTger showed her painting in 'Small is Beautrful, an exhbrtion at the Flowers Gallery
London. November.
Sculpture Diploma alumna Jeanie Gibbs exhibited in the group show, 'If You're Lost, This Is Vvhere You Can
Be Found,. This exhibition presented painling and sculpture by invited emerging artists 8Songside students
from the Royal College of Art. November.
The Helen Wilson Prize for a painting by an Open Studio student was awarded to Patrick Waldron in
December.
Sarah Jane Moon showed her paintings in the Interrupt Art Exhibition at the Undercroft Gallery in Ncrwich.
February.
Portrait Diploma student Jose Moura exhibiied paintings at the Bulmar Gallery, London. February 2024.
Anthony Connolly, President of the Royal Society of Portrait Painters, also invrted Jose to show his work at the
Society's annual exhibrtion. March.
First year Portrart Diploma students, Tiffany Mak and Isabella Murphy. y￿re invited to show their work as part
of the Young Peoples. I nitiative at the Society of Women Artists.
Portrait Diploma alumna. Rachel Parker, has been appointed VI￿ president of the Society of Women Artists.
Kaycon Anderson, Portrait Diploma alumna, has been made a member of The Contemporary Bntish Portrait
Paint8rs' CollectiV8.
A number of Haathedey's students and alumni. including David N8wens, Hero Johnson and Bemadette Timko
were chosen to exhibit their paintings in this years, Royal Society of British Artists Annual Exhibition at the Mall
Galleries. Portrait Diploma alumnae Natalia Glinoer and Evelyn Hong were both award winners. Februaryl
March.
Portrait Diploma student Jose Moura was awarded a place on the Masters of Art course in painting at City and
Guilds School of Art, London. May.
Annis Booker and Gina Kutyla were each selected by the Worshipful Company of Paint8r Stain8rs, to r8ceive
bursaries awards enabling them to complete a year of Post Diploma Study at Heatherley's in 2024125 July.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guardntee)
DIRECTORS, AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Overview
As a small school we are able to communicate easily with our students and respond quickty to their changing needs.
Aware that the economic climate has continued to challenge our students we intrc4Juced a choice of some shorter,
affordable part time and taster Courses so that students who were unable to commit to our regular pattem of ￿e1Ve-
week temis could continue their studies. We were able to support S¢Nne financk911y disadvantaged Post Diploma
students with Bursary assistance. Flexible study options for post graduate sculpture students meant that we were
better able to support these students in making the transition from full time study to independent careers.
Despite economic concerns, assessment advisors report that our graduating Diploma and Post Diploma students
continue to achieve consistently high academic standards in the work exhibited for final assessment. We were
delighted to hear that. after a full and rigorous inspection by the British Accredttation Council, Heatherley's has once
again been awarded full Accreditation. recc•Jnised nationally arKI International￿ as an acknowledgement of academic
excéllénce.
GDPR
We implement the requirements of the Data Protection Act (May 2018) ensuring that the confidential data we collect is
safeguarded and secure. We communicate the ways we use, protect and store data. publicising our legally approved
Data Protection Policy by means of Heathetleys. website.
Public benefit statement
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity
Commission's guidance on public benefrt, including the guidan￿ 'public benefit: running a charity (PD2). The
achievements and activities above demonstrate the public benefft arising through the Charity's activities.
FINANCIAL REVIEW
The Acxounts show a deficit fcr the year ended 31st August 2024 of £131,586 (2023 - £208,841 deficit), this is after
including a depreciation charge on the school building at 75 Lots Road of £99,141. The financial position at the year-
end revealed by the Balance Sheet on page 18 shows net current assets or working capital of £811,120 (2023-
£875,581). The net book value of tangible fixed assets held all of which are used directly for charitable purposes,
amounled to £3,357,761 {2023 - £3,456,476). The market value of investments were £810,377 (2023 - £787,487).
We are an independent college, solety reliant upon student fees to finance our operations and any surplus income is
invested tc provide a return that will replenish our bursary fund which enables students to benefrt from re￿Iving 8 Fine
Art education they otheNise may not have had an opportunity to sludy.
Principal Funding Sources
Principal funding sources are donations and income from student fees.
Fundralslng standards
The charity is not registered with the Fundraising Regulatcf and has not carried out any significant fundraising
activities.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
DIRECTORS, AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Investment powers and policy
Under the Memorandum and Articles of Association, the charty has the power to make any investment which
the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have detennined
that a mix of investments to generate income combined with cash deposits to ensure Ihat we can meet our
requirements.
The trustees have determined to maintain the most appropriate policy for investing fiJnds is to:
a) invest with Ruffer LLP and maintsin some funds on deposit with Charities AKI Foundation (CAF) in conjunction
wtth Scottish Widows Plc.
b) ensure sufficient funds are held in deposit and current accounts to provide for working capital requirements.
Roserves policy
The Trustees have established a policy whereby the reserves of Ihe charity are maintained at a level to enable the
continued operation of its actNtties. It is the policy of the Trustees to maintain free reserves at a level equtvalent to at
least six months running costs to enable the Charity to meet its obligations in the short tem together with funds to
cover any unforeseen deficits or revenue shortfalls. In setting th￿ policy the Council of Trustees takes account of the
following factors..
1 Staff contr8Cts: maximum peric(l of notice for staff contracts is three months. The schcM)I has long-serving staff
and this affeds the maximum amount of sLitutory redundancy payable.
2 Commitments" The school has contracts with maintenance companies to ensure the safe use and
maintenance of lrfts, equipment and the upkeep of the sctK)oI.
Six months running Costs are calculated on the basis of projected expenditure. wrth no allowance made for projected
income. The tsr9et reserves amount fixed by The Thomas Heatharley Educational Trust Ltd is £823,382.
The unrestricted funds not deS￿nated or invested in tangible fixed assets held by the charity are £767,847 (2023 -
£790,364).
As at the year*nd accounts showed reserves of £4,987.58 (2023 - £5,119,544) of vthich £55,305 {2023 - £52,855)
was restricted. In addition. the Trustees have set aside designated funds totalling £798.345 (2023 - £819,849) for four
specific purposes.. a designated Bursary Fund. a designated Building Fund and a designated School Development
Fund and a Building Development Fund.
Bursary Fund
This fund was initially set up to assist with the provision of at least bursartes per year to grfted students who would
otherwise be unable to afford to attend the Diploma Course; due to an increase in demand for bursary assistance and
to enable us to fulfil our charttable role as a provider of art education the Trustees hav8 significantly increased the
level of Designated Bursary Funds with a view to offering at least six bursaries a year for the next five years. Eight
bursaries were awarded in the academic year 2023r24 and the balance of the Unrestr￿¢1ed Bursary Fund is £77,045
(2023 £89.849) and the restricted Bursary Fund is £43,057 (2023 £43,057). If there is any surplus funds. the
Trustees decided in 2016 to replenish the Bursary Fund annually by transferring 60A of surplus income over
expendrture before deducting building depreciation to the Bursary Fund wtth a view to sustaining a healthy and vital
fund.
Building Fund
This fund is used to provide for major upkeep and repairs trj Ihe school. there was no movement in this fund for the
year to 31 August 2024.
School Development Fund
This fund has been created to enabl8 the dev81opm8nt of new courses. fund a new website and database. A sum of
£8,700 was expended from this fund to create a new website.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
IA company limited by guarantee)
DIRECTORS. AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Building Improvement Fund
This fund has been created to provide improvements of energy efficiencies within the school. there has been no
movement on this fund for the year to 31 August 2024.
Restricted Prize Fund
There is also a restricted fund. The Prize Fund, from which prizes are avlarded annually to talented students, the
current value of the Prize Fund is £12,248 (2023 - £9,798)
The Charity has adequate cash reserves and the trustees believe that the scho)I can fvlfil its day-t￿aY obligations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document I Constitutlon
The Thomas Heatherley Educational Trust Limited is a company limited by guarantee and a registered charity
governed by rts memorandum and articles of association. The Charity numbér is 312872 and the Company number is
977615.
Recruitment and appointment of Trustees
As set out in the Articles of Association the chair of the Council of Trustees is nominated by the other trustees. The
Directors of the organisation are also the charity trustees for the purposes of chartty law.
The Council of Trustees have power to appoint additional Trustees as it considers fit to do so.
Th8 Trusl8es have no beneficial interest in the company other than as members. The Trustees are also the directors
of the company. All of the Trustees are members of the company and guarantee to contribute £1 in event of winding
up. The Council has the power to appoint addrtional Directors.
Trustee induction and training
The Trustees maintain a good working knowledge of charity and company law and best practise by regukr reading of
chartty press articles and scrutiny of Companies House. Charty Commission, other Government and voluntary
organisation advisory websites. New Trustees are given copies of the Memorandum and Articles of Association and
copies of previous year's minut8s and attend an induction session given by an experienced Trustee.
structuro and Management
The object of Ihe Charty is to advance visual art education primarily in the figuratNe tradits'on through The Heatherley
School of Fin8 Art. The Company is organised as follows:
a) The Company is govemed by the Council of Trustees, who are elected annually from the membership of the
Company. Trustees are elected. re-elected or retire at the Annual General Meeting of the Company. The
Council elects a Chair-person from its number. The Council currently has ten members. All new Trustees are
provided with relevant documentation on their ￿ponsIbIlitieS as Trustees.
b) All members of the Council give their setvices free of charge.
c) Persons interested in the promotion of education in the visual arts, with appropriate backgrounds and
qualifications, are inmled by the Trusiees to join the Charity as Company Members.
d) The Council meets at least three times a year. Financial and management r8POrts are provided at each
meeting.
e) The Charity appoints executive ofFicers, the Principal of the School and the Bursar who manages the
financial affairs of the Charity.
fj The School is directed by the Principal and an Academic Board.
10

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantse)
DIRECTORS. AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Organisation
The trustees of the company meet temly as a Board. but have alx) set up a range of su￿groupS i.e. the Development
subcommittee, the Site subcommitte8 and the Articles of Association subcommittee, where the Trustees meet
be￿een Board meetings. The Chair and Financial & Inveslments subcommittee also meet with the Trustees on a
regular basis.
It is govemed by the Council of Trustees, which sets the overall fram8work. The principal is the Chief Executive
Officer and the members of the-slaff team are then delegated full responsibilty for implementation within this
framework.
The role and contribution of volunteers
During the year no volunteers wére used to support thè work of the paid staff.
Staff
Hèatherley's prides itself on its dedicated and experienced lecturers and tutors. all of whom are activety practising
artists, and many of whom have been with the school Sin￿ the 1970s. In any academic year the number of those
teaching will be in the high twenties. The school thus offers them the opportunity to pass on their particular expertise
while continuing their own professional practice on a part-time basis.
The Academic Board, responsible for the direction of Ihe scht)ol'.
Principal: Veronica Ricks MA {RCA)
Director of Studies & Course Director, Diploma in Figurative Sculpture: Tony Mott HDFA(Lond)
Course Director, Diploma in Portraiture.. Minna Stevens MA {RCA)
Cowordinator, Printmaking: Hilary Daltry MA (Rome Scholar)
Cwr(finator, Post Diploma in Figurative Painting: Fred Crayk
Related Partles
None of cur Trustees receives any remuneration or other benefit from work on behalf of the charity. Any ccntractual
arrdngement with a related party needs to be dI￿10$ed. In this financial year there was none to disclose.
Pay policy for senlor staff
Senior management stsff pay is set with reference to market rates for similar roles within similar sized charities in the
sector. The pay of the senior staff members are reviewed and approved by the Board.
Risk PolFCy
The trustees have a risk management strategy wh￿h comprises:
An annual review of the risks the charity may face:
The establishment of systems and procedures to mitigate those risks Mlentified in the plan., and
The implementation of procedures designed to minimise any wtential impact on the charity should those risks
materialise.
This work has identified that financial sustainabilty is the major financial risk for the charity, it is imperattve that we
sustain our Bursary Fund through fundraising to enable the school to offer bursary assistance to students. Attenlion
has also been focussed on non-financial risks arising from fire, health and safety of students and staff. A key element
in the management of financiai risk is via a reviewed re*rves policy and the retention of sufficient working capital.
11

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company Ilmited by guarantee)
DIRECTORS. AND TRUSTEES. REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Company Numb8r: 0977615
Charlty Number: 312872
Directors l Trustees:
C Penn (Chairman)
P E Driscoll (Resigned 8 May 2024)
J Eagle
N Gage
R Leighton
J Murray
R Parker (Appointed 9 October 2024)
F Christie
M Shanks
R Sharp
Secretsry: Vistra Trust Corrpany Limited
Senlor Stsff: Principal: Veronica R￿kS MAIRCA)
Director of Studies.. Tony Mott HDFA
Course Director. Diploma in Portraiture: Minna Stevens
Co-ordinator. Printmaking.. Hilary Daw MA
Co-ordinator, Post Diploma in Figurative Paintbng: Fred Crayk
A Bursar is appointed and reports to the Trustees.
Registered Office: 75 Lots Road, London SW10 ORN
Websit8 . htt s:1fv4ww.heatherle
Independent Auditor: SCB (Accountsnts) Ltd, 31 Sackville Street. Manchesler, M13LZ
Bankers: Lbyds TSB Plc.. 417 North End Road. Fulharn. London SV46 1 NS
Investment managers: Ruffer LLP. 80 Ifictoria Stre8t. London SW1 E 5JL
Flagstone Group Lld, Clareville House, 26-27 Oxendon St, London SW1Y 4EL
12

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company Ilmitsd by guarantee)
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST AUGUST 2024
Trustees, responsibilities in relation to the fjnancial statements
The Trustees (who are also directors of The Thomas Heatherley Educational Trust Limited for the purposes of
company lawl are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the
Directors have elected to prepare the financial stat8ments in accordance with Unrted Kingdom Generally Accepted
Accounting Practice (United lfjngdom Accounting Standards and applicable law). Under company law the Directors
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of
affairs of the company and of tts income and expenditure for that period.
In preparing these financial statements, the Directors are required to..
select suitable accounting policies and then apply them consistentty;
observe the melhods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudenc
state whether applicable UK Accounts'ng Standards have been followed, subject to any material departures
disclosed and explained in the financial statements"
prepare the financial ststements on the going con￿rn basis unless it is inappropriate to presume that the
charrf(able company will continue in business.
The Directors a￿ responsible for keeping adequate accounting records that are sufficient to show and explain th8
company's transactions and disclose with reasonable accuracy at any time the finan￿al position of the company and
enable them to ensure that the financial statements ￿rnpty with the Companies Act 2006. They are also responsible
for safeguarding the assets of the company and hen￿ for laking reasonable steps for the prevenlion and d8tection of
fraud and other irregularities.
The trustees are responsible for maintenants and integrity of the corporate and financial information included on the
charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
STATEMENT OF DISCLOSURE TO AUDITOR
In accordance with company law. the company's Directors certify that:
so far as they are aware. there is no relevant audit infomption of which the company's auditors are unaware.
and
as the Directors of the company they have tsken all the steps that they ought to have taken in order to make
themselves aware of any relevant audit infomiation and to estsblish that the Charity's auditors are aware of
that information.
AUDITORS
A resolution will be proposed and agreed at the Annual General Meeting that SCB (Accountants) Ltd be re-appointed
as auditors of the Charty for the ensuing year.
The report of the directors has been prepared taking advanlage of the small companies, exemption of section 415A of
the Companies Act 2006.
APPROVAL
This report was appmed by the Board and srgned on ts behalf by:
Christopher Penn
(Chalrman of Trustees)
26th March 2025
13

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
{A company limited by guarantee)
Op5nion
We have audited the financial statements of The Thomas Heathedey Educational Trust Limited for the year ended
318t August 2024, which comprise the Statement of Financial Activrties (Summary Income and Expenditure Account),
balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant
accounting policies. The financial reporting framework tha has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitabl8 companWs affairs as at 31st August 2024 and of its incoming
resources and application of resources, including its income and expenditure, for the year then ended.,
have been properly prepared in accordance with Untied Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance wrth the requirements of the Companies Act 20C6.
8asis for opinion
We conducted our audit in accordance with Internalional Standards on Audrti'ng (UK) IISAS (UK)) and applicable law.
Our responsibilities under those standards are further described in the Audtiorfs responsibilities for the audit of the
financial statements section of our report. We are iTKlependent of the company in accordance with the ethical
requirem8nts that are relevant to our audit of the financial slatements in the UK, including the FRC'S Ethical Standard.
and we have fulfilled our other ethical responsibilities in ¥cordance with these requirements. We believe that the
audit evidence we hav8 obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concem
In auditing the financial statements. VR have concluded that the directors, use of th8 going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, V￿ have not identified any material uncertainties relating to events or
conditions that, individually or co118CtNety, may cast significant doubt on the [enttyl's ability to continue as a going
concem for a period of at least hyelve months from when the financial statements are authorised for issue.
Our responsibilities and the résponsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
Other infomiatlon
The Other information comprises Ihe inforMat￿n included in the annual report, other than the financial statements and
our auditorfs report thereon. The directors are responsible for the other information.
Our opinion on the financial statements does not cover the other infomiation and, except to the extent othe￿iSe
explicrtly ststed in our report. we do nol express any form of assuran￿ conclusion ther￿n.
In connection with our audit of the financHI statements, our responsibility is to read the other infomiation and, in doing
so. consider whether the other infornation is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materialty misstated. If we identfy such material inconsislencies or
apparent material misstat8ments, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on th8 work we have performed. w8
conclude that there is a material misstatement of Ihis other infomiation we are required to report that fact.
We have nothing to report in this regard.
14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF (Conud)
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
Op5nions on other mattèrs prescribed by the Companles Act 2006
In our opinion. based on the work undertaken in the course of the audit
The information given in Ihe directors, report for the financial year f￿ the financial statements are prepared
is consistent with the financial statements= and
The directors, report has been prepared in accordance wilh applicable legal requirement
Matters on which we a￿ required to report by exception
In the light of the kno￿edge and understanding of the company and its environment obtained in the course of the
audit, we have not identrfied material mbsstatements in the directors, repo
We have nothing to report in respect of the following ff￿llerS in relation to which the Companies Act 2006 requires us
to report to you rf. in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from
branches not visited by us;
the financial ststements are not in agreement ￿1th the accounting records and retums;
Gertain disclosures of trustees, remuneration specified by law are not made;
wè have not received all the infomiation and explanations we require for our audit",
Responslbllltles of directors
As explained more fvlly in the directors. rèswnsibll￿les statements set out on page 11, the directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
intemal control as the directors detemine is necessary to enable the preparation of financial statements that are free
from material misstatem8nt, whether due lo fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to conlinue as a
going concern, disclosing, as applicable. matters related to going (#?￿ern and using the going Concern basis of
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic
altemative but to do so.
Audltor's responsibilities for the audit of the financlal statements
Our objectives are to obtain reasonable assurance abcxrt whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with
ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if. individualty or in the aggregate, they coukl reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Irregularilies, including fraud, are instances of nonwcomplk3nce with laws and regUlat￿)n$. We design pr(￿edureS in line
with our responsibilities, outlined above, to detect materHI misstatements in respect of iThegularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We gained an understanding of the legal and regulatory framework applieAble to the company and the industry in
which it operates. and considered the risk of acts by the company that were conlrary to applicable laws and
regulations, including fraud. We discussed with the Directors the policies and prC￿edureS in place regarding
compliance wtth laws and regulations. We discussed amongst the audti team the identrfied laws and regulations. and
remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonabty be expected to gN8 rise to a material
misstatement in the financial statements, including. but nol limited to, the Companies Act 2006, UK tax legislation
Charity Act 2011 and SORP 2019. Our tests included agreeing the financial statement disclosures to underlying
supporting documenLqtion and enquiries with management.
Our pro￿du￿$ in relation to fraLKI included but were not limited to: Inqui￿ of management whether they have any
knowledge of any actual, suspected or al*ed fraud, and discussions amongst the audit team regarding risk of fraud
such as opportunities for fraudulent manipulation of financFal statements. We detemiined that the principal risks relat8d
to posting manual journal entries to manipuSate financial performance and management bias through judgements in
Is

INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF (Conud)
THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
accounling estimates. We also addressed the risk of management override of inlèrnal controls. including testing
journals and appropriateness of other entries in the nominal ledger. revi8wing Iransactions around the end of the
reporting period,. and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
Because of the inherent limitations of an audit. there is a risk that we will not deted all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases
the more that Complian￿ wth a law or regulation is removed from the events and transactions reflected in the
financial statements, as we will be less likely to become aware of instances of non-complianc8. The risk is also greater
regarding irregularities occurring due to fraud rather than error. as fraud involves intentlonal concealment, forgery,
collusion, omission or misrepresenL2tion.
A further description of our responsibilities for the audit of the financial statemenls is IcKaled on the Financial
Reporting Council's website at www.fr¢.org.uldauditorsresponsibilitie& This description forms part of our auditorfs
report.
Use of our reF)Ort
This report is made solely to the companws members, as a body, in accordance with Chaptar 3 of Part 16 of the
Companies Act 2006. Our audri work has been undertaken so that we might state to the company's members those
matters we are required to stai8 to them in an auditorfs report and for no I￿her purpose. To the fullest e*cent pennitted
by law, we do not acc&pl or assume responsibilty to anyone other than the company and the company's members as
a body, for our audtt work. for this report. or for the opinions we have formed.
Jeffrey Bor FCA (Senlor Statutory Audltor)
For and on behalf of SCB (Accountsnts) Ltd
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
31 Sackvllle Street
Manchester M1312
Date: 0210412025
16

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST AUGUST 2024
SUMMARY INCOME AND EXPENDITURE ACCOUNT
Unrestricted Restricted
Funds
Funds
Notes
2024
2023
Income
Donations and legacies
11.354
14,600
25.954
22.400
Income from charitable actNfties
1.032,495
1,032.495
1,036,531
Income from other trading activities
41,252
41.252
41.943
Investm6nt income
60,965
60.965
58.581
Total income
1.146,066
14,600
1,160,666
1,159,455
Expendlture
Cost of raising funds
25,863
25.863
26.888
Expenditure on charitable activities
1.261.287
12,150
1,273,437
1,258,157
Total expenditure
1.287.150
12,150
1,299,300
1,285 045
Net Income l {exp8nditure) & net movements in
funds before gains &10sse5 on investments
(141.084)
2.450
(138,634)
(125,590)
Net gainsl (losses) on investmerrts
12
7.048
7,048
(83.051)
Net movement in funds
(134.036)
2,450
(131.586)
(208,641)
Reconciliation of funds
Total funds, brought foward
5,066.689
52,855
5,119,544
5,328,185
Total funds, carried forward
4,932,653
55,305
4.987.958
5,119,544
CONTINUING OPERATIONS
None of the compary's activities were acquired or discontinued during the above two financial years.
TOTAL RECOGNISED GAINS AND LOSSES
No other gains and lossas were recognised in the year other than those shown above.
The notes on pages 20 to 32 fonn part of these accounls.
17

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company Ilmlted by guarantee)
BALANCE SHEET AS AT 31ST AUGUST 2024
Notes
2024
2023
Fixed assets
Intangib18 assets
Tangible fixed assets
Investrnents
11
8,700
12 3,357.761
13
810.377
3.456.476
787.487
4.176,838
4.243,963
Current assets
stocks
Debtors
Cash at bank and in hand
14
15
13,491
26,075
1.092.547
12,042
31,479
1,201,633
1.132.113
1,245.154
Llabilities
Creditors falling due within one year
16
{320.993)
{369,573)
Net current assets
811,120
875,581
Net assets
4,987.958
5,119,544
The funds of the charity
Unrestricted funds:
General
Designated
Restricted funds
17
17
17
4,134,308
798,345
55.305
4,246,840
819,849
52,855
Total Charity funds
4,987.958
5,119,544
These accounts were approved and authoris&J for issue by the Board of Directors and Trustees on 2￿ March 2025
and were signed on its behaw by:
i)
hrlstopher Penn (Chairnian)
Company Number 00977615
The notes on pages 20 to 32 fomi part of these accounts.
18

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
sTATEmE￿r OF CASH FLOWS
FOR THE YEAR ENDED 31ST AUGUST 2024
2023
Net cash oufflow in operating activities
{141.240
61,353
Cash flows from investlng activities
Dividend and interest income
Purchase of tsngible f￿ed assets
Addition of intsngible assets
Purchase of investments
Additions to I withdrawals from cash held wthin Investm￿ts
Sale Proceéd of Investrnent
60,%4
(4,269)
(8.700)
(15.841)
58,581
(964)
(23.630)
2,191
554,136
Cash provided by Investlng activities
32,154
590,315
(Decrease)Ilncrea5e in cash & cash equivalents in the year
109,086
528,962
Cash & cash equivalents at the treginning of the year
1,201,633
672,671
Total cash & cash equivalents at the end of the year
1,092.547
1,201.833
Reconciliation of net movement in funds to net Cashflow from operating activities:
2024
2023
Net movament in funds
Add back depreciation
Deduct dividend and interest income from investments
Deduct (gains) l add back losses on investment
(Increase)Idecrease in stock
Decreasel(Incre8se) in debtors
(Decrease)Ilncrease in creditors
(131.586)
102,983
(60,965)
(7,048)
(1.449)
5,405
(48.580)
(208,641)
102,803
(58,581}
83,051
1.299
(8.425)
27.141
Net cash ouffiow In operating activiti8S
141.240
61,353
19

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
ACCOUNTING F>OLICIES
Basis of prepardtion of accounts
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January
2019), The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the
Companies Act 2006.
The Thomas H8atherley Educational Twst Lirnited meets the definits.on of a public benefft entity under FRS
102.
The financial statements are prepared in sterling. which ts the functional currency of the Charity. Monetary
amounts in these financial statements are rounded to the nearesl £.
Tha accounts (financial statements) have been prepared under the historical cost convention wrth items
recognised at cost or transaction value unless othenNise stated in the relevant note(s) to these accounts.
Preparation of accounts on a going concern basis
The charity's Financial Statements show a net deficit of £131,586 (2023 - deficit £208.eA1) for the year, total
res8rves of £4,987,958 (2023- £5,119,544) and free reserves of £767.847 (2023 - £790,364).
The Trustees have assessed whether the use of th8 going concern basis is appropriate and have considered
possible events or condrlions that might cast signifunt doubt on the abilty of the charty to conlinue as a
going concem. Trustees will continue to monitor and ensure spending to be done in line with incorne in order
to maintain target level of reserves. The review of cashflow for 12 months from the date of approval of the
financial statements. the associated assumptions that underpin ti, secured new income and the steps that
Could be tsken to reduce expenditure should this be necessary.
Based on the 1nfomati￿t above, the Trust8es have a reasonable expectation that the charity has adequate
resources to continue in operation for the foreseeable future and will remain surplus in future periods.
Therefore, the trustees have adopted the going Concern basis in preparing these accounts.
Income
Income is recognised when the Charty has entitlement to the funds, any performanc8 condttions attached to
the item(s) of income have been met, rt is probable that the income will be re￿iVed and amount can be
measured reliabty.
(a) Income re￿iVed by way of donations and legacies are included in fijll in the Statement of Financial
Activities when re￿ived. unless they relate to a specified future period. in which case they are deferred.
{b) Legacies entrtlement is tsken as the earlier of the date on which etther.. the charity is awar8 that the
probate has been granted, the estste has been finalis8d and notification has been made by the
executor(s) to the Chanty that the distribution is made. or when a distribution is re￿IVed from the estste.
No legacies V￿re recewed during the year.
(c> Income from charitable actrvates in the fomi of school fees are recognised as earned (as the relaled
gcods and seNi¢es are provided) under contract. Fees received in advance of the subsequent education
year are recognised as deferred income until the following year.
(d) Shop in￿rne and car parking incom8 is recognised as eamed (that is, as the related goods or services
are provided).
(e) Investment income is included when receivable.
20

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
Volunteets and donated services and facilities
Donated professional services and donated facilrties are recognised as income when the charity has control
over the itern, any conditions ass(xiated wrth the donated rtem have been met, the receipt of economic benefit
from the use by the charity of the item is probable and that economic benefil can be measured reliabty. In
accordance with the Charities SORP (FRS 102). the general volunteer time is not recognised and refers to the
trustees, annual report for more informaticm about their contribution. No such ojntributions were received
during the year.
On re￿iPt, donated professional seniices and donated facililies are recognised on the basis of the value of
the gift to the charty which is the amount the charity would have been willing to pay to obtain services or
facilities of equivalent economic benefrt on the open market" a corresponding amount is then recognised in
expenditure in the period of recéipt. No such donations were received during the year.
Expenditure recognitlon and irrecoverable VAT
Expenditure is recognised once there is a legal or constrUctr￿e obligation to make a payment to a third party, it
is probable that settlement will be required and the amount of the Dbligation can be measured reliabty.
Expenditure is Classified under the following activty headings:
(a) Cost of raising funds comprEes of the costs of running the STr￿p and other fijndraising activities and their
assc¢iated support costs.
(b) Expenditure on charitable actwities includes the costs directty aSs￿lated vAth running an arts school, to
further the purposes of the Charity and their associated support costs.
Irrecoverabl8 VAT is charged as a cost against the activty for which the expenditure was incurred.
Allocation of support costs
Support costs are those functions that assist the of the charity but do not directly undertake charitable
activities. Support costs include back-office costs. finance and administration personnel, payroll and
governance costs which support the charity's programmes and activili8s. These costs have been allocated
be￿een cost of raising funds and expenditure on charitable activities. The basis on which support ci)sts have
been allocated are set (Xrt in note 7.
Funds structure
Unrestricted funds are available to spend on acttvities that further any of the purposes of charity.
Designated funds are unrestricted funds of the Charity which the tnEtses have decided at their discretion to
set aside to use for a specrfic purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the
Charity's work or for specific projects being undertaken by the Charity.
Tangible fixed assets and depreclatlon
Tangible ftxed assets (excluding investments) are slated at cost less depreciation. The cost of minor additions
or those costing less than £500 are not capitalised. In accordance with SORP, the charty does not adopt a
policy of revaluation of fre8hold land and buildings.
Depreciation is promded at rates calculated to write off the cost or valuation of fixed assets, less their
estimated residual value, over their expected useful lives on the following bases..
Freehold buildings
Straight line over fify years
Fixlures, frttings and equipment
25% reducing balance
21

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and
subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The statement of financial activities includes the net gains and losses arising on revaluation and disposals
throughout the year.
The Charity does acquire put options. denvatives or other complex financial instrum8nts through investment
manager.
The main fonn of financial risk faced by the charity is Ihat of volatility in equty markets and investrnent
markets due to wider economic conditions, the attitude of investors to investment risk, and changes in
sentiment Conceming equities and within particular sectors or sub sectors.
The Council has agreed an lrniestment Poliw.
1.10 Reallsed l unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activiti8s as they arise. Realised gains and
losses on investments are calculated as the difference beiween sales proceeds and their opening carrying
value or their purchase value rf acquired subsequent to the first day of the financial year. Unr8alised gains
and losses are calculated a5 the diff8rence between the fair value at the year end and their carrying value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.11
Stock
Stock is included at the lower of cost or net realisable value.
1.12 Cash at bank and In hand
Cash at bank and in hand includes cash and short temi cash deposits.
1.13 Creditors and provlslons
Creditors and provisions are reccMJnised where the charity has a present obligation resulting from a past event
that will Probab￿ result in the transfer of funds to a third paty and the amount due to S8tt18 the obligation can
be measured or estimated reliably. Creditors and provisions are normally ￿ognISed at their settlement
amount after allowing for any trade discounts due.
1.14
Financial instrurnents
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instrumenls are initialty recognised at transaction value and subsequenlly
measured at their settlement value wrth the exception of bank loans which are subsequentty measured at
amortised cost using the effective interest methryj.
1.15 Taxation
The Charity is a registered charity and. therefore. is not liable for Income Tax or Corporation Tax on income
derived from ts charitable activities, as it falls within the various exemptions available to r&gistered charities.
1.16
Pension
The charity operates a defined contribLrtion pension scheme on behalf of its employees. Contributions are
charged to the Statement of Financial Activities in the period in which they are payable. The assets of the
scheme are held separately from those of the chaiity in an independently administ8red fund.
1.17 Operatlng leases
The Charity classifies the lease of copier as an operating lease. The rentals are charged to the Statement of
Financial Activities on a straighl-line basis over the lease duration. No assets are held und@r hire purchase
agreements.
22

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
{A company Ilmlted by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
1.18 Critical accounting estimates and Judgements
In the application of the company's accounting policies. the charity is required to make judgments. estimates
and assumptions about the carrying amount of assets and liabilities that are nct readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and oth8r factors that
are considered to be relevant. Actual results may drffer from these estimates.
The charty makes estimates and assumptions concerning the future. The resU￿'ng accounting estimates will.
be definition, seldom equal the related actual results. The estimates and assumpt ions that have a significant
risk of causing a material adjustment to the carrying a mounts of assets and liabilities within the next financial
year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic
lives and residual values of th8 assets. The useful economic lives and residual valu8s are re-assessed
annually. They are amended when ne￿Ssary. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised
where the revision affects only that period, or in the period of the revision and future periods where the
rèvision affects both cu￿ent and future periods.
(iii) Allocation of shared cost betsveen muftiple activities
Support costs relate to those functions that assist the of the Gharity but do not directly relate to charitable
activities. Support costs include finance. payroll. premise and govemance costs which support the Charity's
programmes and actrvities. These costs have been all￿ated between cost of raising funds and expenditure
on charitsble adivities. All the general support and governan￿ costs are allocated to activities at different
percentages. on the basis of staff time relating to each activity-
DONATIONS AND LEGACIES
Unrestricted
Funds
Restricted
Funds
2024
2023
The Oswald Savage Memorial Fund
Ralph Cobham
The Linbury Trust
Paint8rs Sainers
Golden Bottle Trust
Other donations < £1.000
11,354
11.354
2,000
1,500
10,000
2,000
1,500
10.000
10,000
10,000
2,400
22,400
1.100
14,600
1,100
25,954
11,354
The donations and legacies income in 2023 tolalling £22.400 vtss attributed to restricted fijnds.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2024
2023
School f*s
1,032,495
1,032,495
1,032,495
1,036,531
1.036,531
1,032,495
Income from charitable aciivrties in 2023 totalling £1.036,531 was attributed to unrestricted funds.

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
INCOME FROM OTHER TRADING ACTIVITIES
Unrestrfcted
Funds
2024
2023
Shop income
Car parking fees
Other income
Kiln ￿rfng Income
32.094
5,942
32,094
5,942
34,112
7.040
206
585
870
870
41,252
41,252
41,943
The other trading incomè in 2023 totaifing £41.943 VRS attributed to unrestricted funds.
INVESTMENT INCOME
Unrestrtcted
Funds
2024
2023
Interest on cash deposits
Dividends
45.124
15.841
45,124
15,841
17,639
40,942
80.965
60,965
58,581
The investment income in 2023 totalling £58.581 was attributed to unrestricted funds.
ANALYSIS OF EXPENDITURE
Raising
Funds
School
Outreach
2024
2023
Staff costs
SubGontract Models cost
Bursaries and prizes
Other direct cost
Premises and equipment costs
Depreciation
Advertising, promotion and prosFECtus
Shop purchases
Investment management costs
Support costs (Note 7)
Governance costs (Note 7)
476,130
86,553
36,308
59.380
178,723
92.685
476,130
86,553
36,308
59,380
178,723
92,685
34,344
25,863
477,938
89.715
40.993
64,810
169,770
92,888
19.739
25.597
1,291
281,335
20,969
25,863
291.114
18.200
291,114
18.200
Of the £1,299.300 expenditure in 2024 (2023 - £1,285.045). £1.287,150 was charged lo unrestricted funds
(2023 - £1,274,595) and £12.150 to restricted funds (2023 - £10,450).

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
The Charty initially identifies the costs of its support functions. It then identiftes those costs which relate to the
governan￿ function. Governan￿ costs and other support Costs are apportioned separately between charity's
key activities undertaken (see note 6) in the year. All the general support and govemance costs have been
apportioned to the varbous charitable adivities on the basi5 of stsff time allocated to each activity.
General
support
Gov8mance
function
2024
2023
Finance and administratK)n stsff costs
Management staff
Premises costs
Depreciation
Communication costs
Infomiation technology
Insurance
Bank charges
Legal and professional costs
Bad debts
Sundry costs
Audit fees
189,390
189,390
8,766
19.858
10,298
10,062
19,947
15.493
17.654
5,455
913
4,278
7,200
170.573
8,692
18,863
9,914
11.903
14,998
14.148
15.784
25,877
8.766
19,858
10.298
10,062
19,947
15,493
17,654
3.221
913
4,278
2,234
4,652
6,900
7.200
25

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
NET INCOMEI(EXPENDITURE) FOR THE YEAR
This is stated after charging:
2024
2023
Depreciation of tangible fixed assets
Operating lease- copier
Auditors, remuneration- audrt of financial slatements
102.983
3.584
102,803
3,S34
ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY
MANAGEMENT PERSONNEL
STAFF COSTS
2024
2023
Salaries
National Insurance
Pension
671.287
45.066
11.383
666.895
40,066
11.076
718 037
No employee re￿iVed remuneration in excess of £60.000 during the year.
No Trustee received any remuneration durirKJ the year (2023 - £nil). No Trustees re￿iVed reimbursed
expenses during the year (2023- £nill.
The key managemeni personnel of the charity comprise the principal, director of studies, course director
{diploma in portrditure) and co-ordinator (printmaking). The total employee benefits of the key managèment
Personnel of the charity were £89,458 {2023 - £87,316).
10.
STAFF NUMBERS
The average monthty number of staff employed, calculated as full time equivalent, during the year was
as follows:
2024
2023
Management
Direct staff
Administrative and support
12
12
19
19
The average number monthly employees during the year was 42 {2023 - 45).
26

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
11.
INTANGIBLE ASSETS
Intanglble
Assets
Total
Cost:
As at 1 September 2023
Addytions
Disposals
8,700
8,700
As at 31 August 2024
8.700
8,700
Amortisation:
As at 1 September 2023
Disposals
Charge for the year
As at 31 August 2024
Net book value:
As at 1 September 2023
As at 31 August 2024
8.700
8,700
Nota . No amortisation is charged at year end as website is under development
12.
TANGIBLE FIXED ASSETS
Freehold
Fixtures,
interest in land r￿Ing$ and
and buildings
equipment
Total
Cost:
As at I September 2023
Additions
Disposals
4.956,822
103.430
4,269
5.C60,252
4,269
As at 31 August 2024
4.956,822
107,699
5,064,521
Depreciation:
As at 1 September 2023
Disposals
Charge for the year
As at 31 August 2024
1,511,331
92,445
1.603.776
99,141
3,842
102,983
1.610,472
96,287
1,7(A 759
Net book value:
As at 1 September 2023
3,445,491
10.985
3,456,476
As at 31 August 2024
3.346,350
11,412
3,357,761
In addition to the freehold interest in building included above, the Charity also owns land at Christiania Wharf
was gifted from The Royal Borough of Kensington and Chelsea and has been valued at £nil in the Financial
Statements. due to a permanent restrictive covenant against anything oth8r than art educational use, which
VRS imposed upon the transfar of the land.
27

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
13. INVESTMENTS
Fixed asset investments are Mana￿ on a discretionary basis as segregated portfolios by the charty's
investment managers.
The investment assets (including cash held for investment purposes) are held with the overall intentior) of
retaining them for the long4em (namely, as fixed assets) for the continuing benefit of the charity in the form of
income and capital appreciation.
Consequently. this note does not shcrn the movement of individual investment transactions executed by the
investment manager wÉthin their portfolio. Instead. the movement in the value of the portFolio is analysed to show
new funds introduced to or funds wthdrawn from the portfdio, together with revaluations reflecting changes in
market values.
2024
2023
Quoted investments
Market value, brought forward
Additions
Disposals
Unrealiséd gain l (loss)
Market value, carried forbvard
787,488
15,841
1,401,046
23,629
(554,136)
(83,051)
7,048
810.3TI
787,488
Total investments
810.377
787,488
Historic cost
697,773
681,932
Market value anatysed by type of investments:
2024
2023
UK Equttes
UK bonds
Foreign equities
Foreign bonds
Multi-assets fund
Commodities
Gold and gold equtties
Cr8dit and derivative strategies
Cash held within the investment portfol
Market value as 8t 31 August
78,606
40,519
173.421
79,417
250.406
16,208
66.451
103,728
1.621
62,212
165,373
58.274
165,373
151,985
22.050
44,099
103,161
14,962
787,488
810,3TT
14. STOCK
2024
2023
Shop stock
13,491
12,042
13,491
12,042

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company Ilmlted by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
15. DEBTORS
2024
2023
Trade Debtors
other Debtors
Prepayment
305
20.630
5,140
10,066
14,457
6,956
26,075
31,479
16. CREDITORS: amounts falllng due wlthln one year
2024
24,485
5,992
266,017
2,736
21,763
320,993
2023
15.714
7.153
323,768
2,417
20,521
369.573
Trade Creditors
Taxation and social security
Deferred Income (note 19)
Other cr8ditors
Accruals
17. MOVEMENT IN FUNDS
Balance
at 01.09.23
Gainsl
(losses) Transfer3
Balance
at 31.08.24
Income
Expenditure
Restricted funds:
Prizes Fund
Bursary Fund
9.798
43,057
4,600
10.000
2,150
10.000
12.248
43,057
52,855
14,600
12,150
55,305
Unrestricted funds:
D88ignated funds
Bursary Fund
Building maintenan￿ Fund
School Development Fund
Building Improvement Fund
89,849
600,000
50,000
80,000
819,849
11.354
4.246.840 1.134.712
11,354
24.158
77,045
6￿,000
41,300
80,000
798,345
4,134,308
8,7CM)
32,858
1.254.292
General funds
Total Unrestricted Funds
5,086.889 1.146.oe6
5,119.544 1.160.666
1.287,150
1.299,3
4,932,653
4.987,958
Total funds
29

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
IA company Ilmited by guarantso)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
17. Movement in funds- prevlous year Icontinuedl
Balance
at 01.09.22
Gainsl
(losses) Transfers
Balance
at 31.08.23
Income EXpendI￿re
Restslcted funds:
Prizes Fund
Bursary Fund
8,148
32,757
40,905
2.11YJ
20,3
22.4C(I
450
10,0
10,450
9,798
43,057
52,855
Unr8Stricted funds:
Designated fvnds
Bursary Fund
Building Maintenance Fund
School Development Fund
Building Improvement Fund
New Building Fund
70.392
255.000
30,543
50,000
345.000
50,000
80,000
(743.116)
(218,116)
89,849
600,000
50,000
80,000
743.116
1,068,508
30,543
819,849
General ftjnds
4,218.772 1.137,055
1,244.052
(83,051)
218,116
4,246,840
Total Unrestricted Funds
5,287.280 1,137,055
1.274.595
83.051
5,066,689
Tota] funds
5,328.185 1,159,455
1,285,045
83.051
5,119,544
Description. nature and purpose of restricted funds:
Prizè Fund: Funds received to provide prizes.
Burnary Fund: Funds received to provide prizes.
Description, nature and purpose of unrestrfcted funds:
General funds:
General fund represents funds available to spend at the discretion of the Trustees after allowing for all the
designated funds.
Purposes of Deslgnated Funds".
Bursary Fund This fund was initially set up to assist with the provision of at I￿1 ￿0 bursaries per year to
talented students who would otherwise be unable to afford to attend the Diploma Courses", due lo an increase
in demand for bursary assistance and to enable us lo fulfil our charitable role as a provider of art education it
is appropriate to significantly increase the level of Designated Bursary Funds with a view to offering at least six
bursaries a year for the next five years. Trustees and staff are currently seeking major funding from potential
sponsors to enable such increases to ￿ maintained.
Building Maintenance Fund: The School moved into a new purpose built building at 75 Lots Road in 2008
and the Trustees have decided lo create a designated School Maintenance Fund to provide for major upkeep
and repairs to the building. The School Building Manager has prepar8d an estimale of costs for essenlial
major future building costs to plant and equipment and upkeep such as replacing plant and equipment as it
becomes ob501ete.
30

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE Accouwrs
FOR THE YEAR ENDED 31ST AUGUST 2024
Descrlptlon, nature and purpose of restricted funds (continued):
School Development Fund . In previous year Irustees proposed the creation of Ihe 'Schcol Development
Fund. from Ihe New Building Fund. aimed at developing courses, funding a new website, and database.
with a sum of £50,000 transferred in previous year. In current year £8,700 was expensed.
8uilding Improvement Fund . In previous year trustees proposed Ihe creation of the 'Building Improvement
Fund, from the New Building Fund. This fund is designed to provide improvements in energy efficiency within
th8 school. such as solar panel installations.
New Building Fund.. In order to fulfil the School's charitable arms and better to meet increasing demands on
art education, the Trustees have considered the scope to extend the capacty of its facilities. Extant plans
prepared in 2008 for the building of a third floor studio would provide for additional classes. The cost of such
extension is considerable and the Trustees would seek sponsors to match funding contributed by the School
on an as yet to be defined basis. The estimated totsl costs of proposed new studios are £3.000.000.
In previous year trustees proposed the reallocation of the 'New Building Fund, as this fund is redundant. given
that the school no longer wishes to 8Xt8nd its studio space.
18. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
General
Designated
Restricted
Total
Intangible assets
Tangible fixed assets
Investments
Net current assets
8,700
3.357.761
12,032
755,815
8,700
3,357,761
810,377
811,120
798,345
55,305
4 134 308
4 987 958
Analysis of fund balances between net assets- previous year
General
Designated
Restricted
Totsl
Tangible fixed assets
Investments
Net current assets
3,456.476
(32,362)
822,726
3.456,476
787,487
875,581
819,849
52,855
819849
5,119,544
19. DEFERRED INCOME
2024
2023
Balance as at 1 st September
Amount released to income in the year
Amount deferred in the year
323,768
(323.7881
266.017
323.768
(323,768)
323,768
Balan￿ as at 31st August
266,017
323,768
Deferred income represents f88 income for 2024r25 received in advance.
31

THE THOMAS HEATHERLEY EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2024
20. OPERATING LEASE COMMITMENTS
The charity has operating lease commitments as shown below.
Equlpment
2024
2023
Under one year
to five years
8,317
29,801
3,934
38,118
3,934
21. PENSION
The pension cost charge represents contributions payable by the chanty to the fund and amounted to £11,383
<2023 - £11,076). Contributions totalling £1.352 (2023 - £1,551) were payable to the fund at the year end and
are included in creditors.
22. CAPITAL COMMITMENT
2024
2023
Contracted but not provided for in the financial statements
17,400
Capital commitment is f￿ Website development
23. SHARE CAPITAL
The company is limited by guarantee and d08s not have a share capitsl divided by shares.
24. MEMBERS, UABILITY
The company is limited by guarantee and tIE ￿EMberS each undertake to contribute an amount not eX￿eding
£1.
25. RELATED PARTY TRANSACTIONS
Detsils of transactions with trustees and senior management are in noté 9.
26. ULTIMATE CONTROLLING PARTY
The charity was under the control of the Board of Trustees throughout the year.
32