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REGISTERED COMPANY NUMBER: 02138295 (England and Wales)
REGISTERED CHARITY NUMBER: 297106














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

THE HOWE GREEN EDUCATIONAL TRUST LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2023




Page

Report of the Trustees 1 to 7

Report of the Independent Auditors 8 to 10

Statement of Financial Activities 11

Balance Sheet 12 to 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16 to 26

THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023


The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES
Object
The object of the company in accordance with its Memorandum and Articles of Association is the education of children.

Strategic Aim
The School's strategic aim is to provide a broad and balanced education which enables the children to develop and extend areas of strengths and interest. Extra curricular activities are offered to draw out abilities and academic potential and to develop wider interests in life, thus preparing the children for a successful transition to their chosen senior school.

Objectives for the Year
The Board's main objective continued to be to educate all the School's pupils to at least the same high standard achieved by the School in previous years, so that they will be able to fully benefit from their chosen senior school. Our strategy for achieving this is to maintain a high teacher-to-pupil ratio, tailoring our services as appropriate in each case to suit individual needs.


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023

ACHIEVEMENT AND PERFORMANCE
Achievements & Performance
Over the course of the year we have continued to make improvements to areas around the school. There continues to be a rolling plan of maintenance carried out throughout the school. A variety of inspections including PAT testing electrical items, fire safety, Legionella testing etc. is carried out to ensure high standards of health & safety and compliance with regulatory requirements, all of which were inspected during the year.

The new academic year started with Year 6 having a two day Staycation learning leadership skills to prepare them for the year ahead. This was followed by an Outward Bound course in Aberdovey held later in the year. Other year groups also enjoyed residential visits with Year 5 going to the Isle of Wight and Year 4 going to Bradwell. The children in Year 3 enjoyed a Staycation at Howe Green House, with many of them experiencing their first night away on their own.

In February places were offered at 12 different schools with children gaining a high level of success in entrance examinations at leading independent and state schools, including Haileybury, Felsted, The Perse, Hockerill, Herts & Essex High School, Bishop's Stortford Boys High School and Avanti. This achievement has been greatly helped by the high quality teaching staff which we have been able to both attract and retain.

The creative arts are both popular and well represented at Howe Green House. A Nativity involving all the children from Reception to Year 2 took place, in the Easter term, Years 3 and 4 performed in their own production and in the Summer term, Years 5 and 6 hosted a production.

Children often achieve a high level of success competing in a wide variety of sports including Tag rugby, swimming, triathlon, cricket and cross country, to name but a few of the many sporting opportunities on offer.

Our Parents & Friends Committee organised a Summer Ball, which was held at Down Hall. An auction which included naming rights to parking spaces and one of our fields was a great success.

As the year came to an end we held our very own Howe Green House Festival in the marquee complete with live band, face painting and street food before the more formal occasion of Speech Day on the Saturday to complete the year. We were delighted to welcome Darren Edwards as our guest speaker. Darren is a record-breaking disabled adventurer, and a leading authority on adaptability, resilience and teamwork. He spoke about how courage and determination overcame adversity, his inspiration redefined what is possible for a person with a spinal cord injury.

The school has continued to invest in improving the facilities, creating opportunities, helping the children to realise their potential and live life to the full.


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023

FINANCIAL REVIEW
Financial Position
The balance sheet shows total funds of £1,895,096.

Also included in total funds is an amount of £79,909 which is restricted. These monies have either been raised for, and their use restricted to specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in notes to the accounts together with an analysis of movements in the year.

Funds totalling £129,395 have been designated, or set aside, by the Governors for specific purposes. These purposes and an analysis of the movements on the funds are set out in the notes to the accounts.

Unrestricted funds of the charity at 31 August 2023 total £1,685,792.

These funds are represented by tangible fixed assets with a net book value of £2,868,259, which leaves the net current assets of the General fund in deficit by £152,203 with long term liabilities of £820,860.

A deficit was reported for the full year to account for unforeseen staff costs associated with the restructuring of the Senior Leadership Team and an employment tribunal claim relating to a member of staff. This deficit was reported to the Charities Commission together with the budget and action plan for the following year showing the school returning to modest profitability.

Investment Policy
The Governors may act as Trustees of any property, endowment legacy, bequest or gift given, held or acquired for educational purposes. The Governors may invest the monies of the Company not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, but so that monies representing property subject to the justification of the Charity Commissioners of England and Wales shall only be invested in such securities and with sanction as may for the time being be prescribed by law.

The Charity’s Assets
Acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.

Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the company's financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the governors' should follow best practice and:

-Select suitable accounting policies and then apply them consistently;
-Make judgements and estimates that are reasonable and prudent;
-State whether applicable accounting standards have been followed, subject to any material departures disclosed in
the accounts;
-Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in
operation.

The Governors are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the sub-committees list objectives for the year against which they report on the achievements and performance of those objectives.


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023


FINANCIAL REVIEW
Reserves Policy
The Board has examined the requirement for free reserves i.e. those funds not invested in tangible fixed assets, designated for specific purposes, restricted nor otherwise committed. The Board considers that the level of free reserves should be increased as circumstances permit so as to provide the flexibility needed to cover temporary shortfalls in incoming resources due to the timing differences in income flows; and adequate working capital to cover core costs to allow the School to cope and respond to unforeseen emergencies, whilst specific action plans are implemented. Building of such reserves can only realistically be viewed over the medium term and the Board is satisfied that the school remains in a financially sound position and that the present level of free reserves is satisfactory.

Finance & Premises Committee
- To review the budget for the following year and to set fees accordingly
- To continue to review how the sessional facility within Little Oaks is operating
- To monitor public benefit and potential changes to the status of VAT
- To review policies in line with the School Development Plan

Education Committee
- To review the appraisal process throughout the School
- To scrutinise the roles of subject co-ordinators
- To review the Bursary Award
- To review policies in line with the School Development Plan

Marketing Committee
- To review marketing for the school
- To monitor effectiveness of Open Mornings
- To consider options for a past pupils association
- To review policies in line with the School Development Plan

FUTURE PLANS
Our key objective for the future remains the same as reported above for this year.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Company is governed by its Memorandum and Articles of Association, which were amended in 1996, December 2006 and February 2009.

Governing Body
The Trustees, who are also required under the Articles to serve as Directors of the company, are elected at the AGM on the basis of nominations received from members of the company who are parents of the School. The Directors try to ensure that at all times there are four parent Governors. Directors also nominate people to serve on the Board from outside the School who have the necessary skills required to contribute fully to the charity's development. The Board consists of not less than three nor more than eleven people. Each Director is elected for a term of between 1 - 3 years and shall not exceed nine years in office.


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational Management
The Governors of the School act in the capacity of Company's Directors for the purposes of the Companies Act and in the capacity of Trustees in respect of its charitable objectives under the Charities Act.

The Governors meet as a Board on a termly basis, or more frequently when required, to review and direct the general educational charitable objectives of the Company. Sub-committees consisting of Governors, Head, and other members of the Senior Management Team, meet once or twice per term and cover Finance & Premises, Education and Marketing. The day to day running of the School is delegated to the Head, who is supported by the Bursar and other teaching members of the Senior Management Team.

Trustee Induction & Training
New Directors are provided with an induction pack giving full details of the workings of the School. Trustee training workshops are offered throughout the year with the focus on responsibilities and key issues for school governors, risk management, SORP and the role of the Charity Commission in school regulation.

Key Management Remuneration
The trustees carry out and annual pay review to ensure that the charity's pay levels are fair, competitive and an effective use of charitable funds.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02138295 (England and Wales)

Registered Charity number
297106

Registered office
Howe Green House
Great Hallingbury
Bishops Stortford
Hertfordshire
CM22 7UF

Trustees
Mrs A J Cutlan-Smyth Chair
Mrs A B White
C I McDonald (resigned 5.4.23)
C Dunne (resigned 31.8.23)
W Wells
Mrs S F Bristow
Mrs P S Moore (resigned 19.6.23)
Mrs G C W Rogers
Mrs M E Sanders
Dr G B Ambepitiya
Mrs E G Lester
E C J Fielding (appointed 29.3.23)

Company Secretary
Miss S M Parlane


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

The Howe Green Educational Trust Limited, trading as Howe Green House School and Little Oaks Nursery, is a Company limited by guarantee (No. 2138295) having been incorporated under the Companies Act on 8th June 1987.

The Company does not have a share capital, but its members, in the event of winding up, have guaranteed to contribute to the assets of the Company a sum not exceeding £1 per member. Any surplus on a winding up, after the provision of any pension or allowances to retired employees, shall be given or transferred to another charitable institution with objects similar to that of the Company. The Howe Green Educational Trust Limited is a registered charity (No. 297106) with the Charity Commission for England and Wales.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures that must be
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable
company will continue in business.

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

In so far as the trustees are aware:
-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Brindley Millen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Brindley Millen Limited acquired Hewitt Warin Limited, the previous auditor who had been approved for re-appointment at the AGM.

Approved by order of the board of trustees on 27 March 2024 and signed on its behalf by:

THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

REPORT OF THE TRUSTEES
for the Year Ended 31 AUGUST 2023






Mrs S F Bristow - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HOWE GREEN EDUCATIONAL TRUST LIMITED

Opinion
We have audited the financial statements of The Howe Green Educational Trust Limited (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HOWE GREEN EDUCATIONAL TRUST LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

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

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HOWE GREEN EDUCATIONAL TRUST LIMITED


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




Maurice Brindley FCA BSc (Senior Statutory Auditor)
for and on behalf of Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

4 April 2024

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the Year Ended 31 AUGUST 2023

31.8.23 31.8.22
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 21,848 - 21,848 13,295

Charitable activities 4
Management and administration 25,352 - 25,352 53,969
Fees receivable 2,023,854 - 2,023,854 1,873,053

Investment income 3 431 - 431 13
Total 2,071,485 - 2,071,485 1,940,330

EXPENDITURE ON
Charitable activities 5
Tutorial costs 1,344,702 - 1,344,702 1,290,423
Property 269,153 - 269,153 263,536
Welfare 90,093 - 90,093 67,832
Management and administration 321,977 - 321,977 288,053
Finance costs 46,991 - 46,991 22,873

Other 60,281 - 60,281 -
Total 2,133,197 - 2,133,197 1,932,717

NET INCOME/(EXPENDITURE) (61,712 ) - (61,712 ) 7,613


RECONCILIATION OF FUNDS
Total funds brought forward 1,876,899 79,909 1,956,808 1,949,195

TOTAL FUNDS CARRIED FORWARD 1,815,187 79,909 1,895,096 1,956,808

THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

BALANCE SHEET
31 AUGUST 2023

31.8.23 31.8.22
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,788,350 79,909 2,868,259 2,892,794

CURRENT ASSETS
Debtors 12 10,605 - 10,605 8,905
Cash at bank 135,160 - 135,160 373,629
145,765 - 145,765 382,534

CREDITORS
Amounts falling due within one year 13 (298,068 ) - (298,068 ) (444,965 )

NET CURRENT ASSETS (152,303 ) - (152,303 ) (62,431 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,636,047

79,909

2,715,956

2,830,363

CREDITORS
Amounts falling due after more than one year 14 (820,860 ) - (820,860 ) (873,555 )

NET ASSETS 1,815,187 79,909 1,895,096 1,956,808
FUNDS 17
Unrestricted funds:
General fund 1,685,792 1,747,504
Bursaries Fund 40,000 40,000
Repairs and maintenance fund 45,000 45,000
Development reserve 44,395 44,395
1,815,187 1,876,899
Restricted funds:
Restricted capital fund 79,909 79,909
TOTAL FUNDS 1,895,096 1,956,808


THE HOWE GREEN EDUCATIONAL TRUST LIMITED (REGISTERED NUMBER: 02138295)

BALANCE SHEET - continued
31 AUGUST 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 27 March 2024 and were signed on its behalf by:





A B White - Trustee





S F Bristow - Trustee

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

CASH FLOW STATEMENT
for the Year Ended 31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (126,083 ) 101,979
Finance costs paid (46,991 ) (22,873 )
Net cash (used in)/provided by operating activities (173,074 ) 79,106

Cash flows from investing activities
Purchase of tangible fixed assets (15,300 ) (63,195 )
Interest received 431 13
Net cash used in investing activities (14,869 ) (63,182 )

Cash flows from financing activities
Loan repayments in year (50,526 ) (57,012 )
Net cash used in financing activities (50,526 ) (57,012 )

Change in cash and cash equivalents in the
reporting period

(238,469

)

(41,088

)
Cash and cash equivalents at the beginning
of the reporting period

373,629

414,717
Cash and cash equivalents at the end of the
reporting period

135,160

373,629

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 AUGUST 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.8.23 31.8.22
£    £   
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)

(61,712

)

7,613
Adjustments for:
Depreciation charges 39,837 47,164
Interest received (431 ) (13 )
Finance costs 46,991 22,873
(Increase)/decrease in debtors (1,700 ) 5,120
(Decrease)/increase in creditors (149,068 ) 19,222
Net cash (used in)/provided by operations (126,083 ) 101,979


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.22 Cash flow At 31.8.23
£    £    £   
Net cash
Cash at bank 373,629 (238,469 ) 135,160
373,629 (238,469 ) 135,160

Debt
Debts falling due within 1 year (54,896 ) 12,934 (41,962 )
Debts falling due after 1 year (799,251 ) 37,591 (761,660 )
(854,147 ) 50,525 (803,622 )
Total (480,518 ) (187,944 ) (668,462 )

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and assessment of going concern
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts have been prepared on the basis of a Going Concern.

The Trustees have continued to take reasonable measures to mitigate the risks to the School with monthly accounts prepared by an external organisation. Trustees have weekly communications, regular meetings and review of policies, together with periodic inspections of safeguarding measures when in school.

The financial statements are presented in sterling (£).

Critical accounting judgements and key sources of estimation uncertainty
In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets:
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

School fees relating to the current financial year are included in income, Fees paid in advance are carried forward to be credited to income in the financial year to which they relate. Grants receivable are included in income when any conditions relating to them have been fulfilled.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
All assets with a cost greater than £1,000 and with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

- Computer equipment 33% straight line

- Fixtures and fittings 10% straight line

- Portakabin & Driveway 10% straight line

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

No depreciation is provided on freehold property and classrooms as the property is to be maintained regularly so that its residual value will not be less than the cost of the property. Any depreciation charge arising would not be material.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
General funds are available for use at the discretion of the Governors in furtherance of the general objectives of the company.

Designated funds comprise general funds which have been set aside at the discretion of the Governors for specific purposes. The purposes and use of the designated funds is set out in the notes to the accounts.

Restricted funds comprise gifts of cash for the restricted purpose of providing fixed assets for charity use, or for purchasing other identified specific items for charity use.

All income and expenditure is shown in the statement of financial activities.

Net current assets
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

Funds received to acquire tangible fixed assets
Where funds are received to enable the Charity to acquire fixed assets for use in the delivery of its services, the funds are held as restricted income until the assets are acquired. When assets are purchased from such funds the restriction is regarded as discharged and the funds are transferred representing tangible fixed assets.

Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

2. DONATIONS AND LEGACIES
31.8.23 31.8.22
£    £   
Donations and sundry income 21,848 13,295

3. INVESTMENT INCOME
31.8.23 31.8.22
£    £   
Deposit account interest 431 13

4. INCOME FROM CHARITABLE ACTIVITIES
31.8.23 31.8.22
Activity £    £   
Grants Management and administration 25,352 53,969
School Fees charged Fees receivable 1,625,396 1,517,599
Little Oaks Fees Fees receivable 275,729 234,039
Essex County Council Free
Early Education Entitlement
Grant




Fees receivable


35,156


47,883
Lunches Fees receivable 82,500 66,968
Registration fees Fees receivable 4,690 4,575
Supervision fees Fees receivable 383 1,989
2,049,206 1,927,022

Grants received, included in the above, are as follows:
31.8.23 31.8.22
£    £   
Herts CC 25,352 53,969

5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£    £    £   
Tutorial costs 1,344,702 - 1,344,702
Property 269,153 - 269,153
Welfare 90,093 - 90,093
Management and administration - 321,977 321,977
Finance costs - 46,991 46,991
1,703,948 368,968 2,072,916


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

6. SUPPORT COSTS
Governance
Finance costs Totals
£    £    £   
Management and administration - 321,977 321,977
Finance costs 46,991 - 46,991
46,991 321,977 368,968

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.23 31.8.22
£    £   
Auditors remuneration 5,940 5,784
Depreciation - owned assets 39,835 47,165

8. TRUSTEES' REMUNERATION AND BENEFITS

No Governors received remuneration in their capacity as trustees during the year (2022: none).

Trustees' expenses

No Governors received reimbursement in their capacity as trustees during the year. (2022: none)

9. STAFF COSTS

2023 2022
£    £   
Staff costs during the year were as follows:
Wages and salaries 1,186,454 1,135,589
Social security costs 109,703 100,127
Other pension costs 94,849 94,243
1,391,006 1,329,959

One employee earned between £60,000 and £70,000 per annum (including benefits) during the year (2022: two). No employee earned between £85,000 and £95,000 per annum (including benefits) during the year (2022:one). One employee earned between £120,000 and £130,000 per annum (including benefits) during the year (2022:none).

The number of employees, analysed by function was:
2023 2022
Teaching staff 37 37
Office management / Ancillary 16 12
53 49


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

9. STAFF COSTS - continued

The Governors consider that the Key Management Personnel of the organisation comprise the Board of Governors, Head, Deputy Head, Head of Pastoral and Bursar. Total Key Management Personnel remuneration in the year was £374,432 (2022: £271,742)

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 13,295 - 13,295

Charitable activities
Management and administration 53,969 - 53,969
Fees receivable 1,873,053 - 1,873,053

Investment income 13 - 13
Total 1,940,330 - 1,940,330

EXPENDITURE ON
Charitable activities
Tutorial costs 1,290,423 - 1,290,423
Property 263,536 - 263,536
Welfare 67,832 - 67,832
Management and administration 288,053 - 288,053
Finance costs 22,873 - 22,873
Total 1,932,717 - 1,932,717

NET INCOME 7,613 - 7,613


RECONCILIATION OF FUNDS
Total funds brought forward 1,869,286 79,909 1,949,195

TOTAL FUNDS CARRIED FORWARD 1,876,899 79,909 1,956,808


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022 2,831,689 181,904 130,161 3,143,754
Additions - 15,300 - 15,300
Disposals - - (11,650 ) (11,650 )
At 31 August 2023 2,831,689 197,204 118,511 3,147,404
DEPRECIATION
At 1 September 2022 67,277 90,891 92,792 250,960
Charge for year - 15,844 23,991 39,835
Eliminated on disposal - - (11,650 ) (11,650 )
At 31 August 2023 67,277 106,735 105,133 279,145
NET BOOK VALUE
At 31 August 2023 2,764,412 90,469 13,378 2,868,259
At 31 August 2022 2,764,412 91,013 37,369 2,892,794

The tangible fixed assets are used exclusively for the educational purposes of the charitable company.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 4,248 3,662
Prepayments and accrued income 6,357 5,243
10,605 8,905


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts (see note 15) 41,962 54,896
Social security and other taxes 22,057 26,303
Other creditors 17,896 16,814
Fees in Advance 173,723 281,008
Acceptance Fees 10,000 27,000
Accruals and deferred income 32,430 38,944
298,068 444,965

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans (see note 15) 761,660 799,251
Acceptance fees 59,200 74,304
820,860 873,555

15. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£    £   
Amounts falling due within one year on demand:
Bank loans and overdrafts 41,962 54,896
Amounts falling between one and two years:
Bank loans - 1-2 years 57,700 57,700
Amounts falling due between two and five years:
Bank loans - 2-5 years 173,100 173,100
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 530,860 568,451


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 803,622 854,147

There are three commercial mortgages in operation The first is repayable by monthly instalments over 30 years with interest at 1.6% over base. The second is repayable by monthly instalments over 20 years with interest at 2.7% over base. The third is repayable by monthly instalments over 30 years with interest at 1.97% over base. They are secured by legal charges over the freehold land and buildings. The bank has a fixed and floating charge over all other assets.

17. MOVEMENT IN FUNDS
Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 1,747,504 (61,712 ) 1,685,792
Bursaries Fund 40,000 - 40,000
Repairs and maintenance fund 45,000 - 45,000
Development reserve 44,395 - 44,395
1,876,899 (61,712 ) 1,815,187
Restricted funds
Restricted capital fund 79,909 - 79,909

TOTAL FUNDS 1,956,808 (61,712 ) 1,895,096

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,071,485 (2,133,197 ) (61,712 )

TOTAL FUNDS 2,071,485 (2,133,197 ) (61,712 )


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.9.21 in funds 31.8.22
£    £    £   
Unrestricted funds
General fund 1,739,891 7,613 1,747,504
Bursaries Fund 40,000 - 40,000
Repairs and maintenance fund 45,000 - 45,000
Development reserve 44,395 - 44,395
1,869,286 7,613 1,876,899
Restricted funds
Restricted capital fund 79,909 - 79,909

TOTAL FUNDS 1,949,195 7,613 1,956,808

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,940,330 (1,932,717 ) 7,613

TOTAL FUNDS 1,940,330 (1,932,717 ) 7,613

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.9.21 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 1,739,891 (54,099 ) 1,685,792
Bursaries Fund 40,000 - 40,000
Repairs and maintenance fund 45,000 - 45,000
Development reserve 44,395 - 44,395
1,869,286 (54,099 ) 1,815,187
Restricted funds
Restricted capital fund 79,909 - 79,909

TOTAL FUNDS 1,949,195 (54,099 ) 1,895,096

THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 4,011,815 (4,065,914 ) (54,099 )

TOTAL FUNDS 4,011,815 (4,065,914 ) (54,099 )

The bursary fund was established to provide short term hardship grants and long term bursary awards for pupils at the discretion of the Governors. During the year no transfers were made to or from this fund (2022:none )

The repairs and maintenance fund was established to provide for the cost of maintaining the property of the company at the discretion of the Governors.

The Restricted capital fund consists of monies which were donated under Project 2012 for the restricted purpose of construction of the Cedar Wall building and associated development works and represents part of the capital cost of the building.

18. RELATED PARTY DISCLOSURES

At the end of the year four Governors were parents of children at the school (2022 - 4 Governors). School fee charges are on normal commercial terms and Governors derive no financial benefit.

There are no further related party transactions

19. ULTIMATE CONTROLLING PARTY

In the opinion of the Governors, there is no ultimate controlling party.

20. LIMITED LIABILITY

The company is limited by guarantee and hence has no share capital. The amount guaranteed is £1 per member. There were 72 members of the company at 31 August 2023 (2022 - 71).


THE HOWE GREEN EDUCATIONAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2023

21. CHARITABLE STATUS

The company is a registered charity (Charity Registration Number 297106).

22. PENSION COMMITMENTS

Pension costs include payments by the company to APTIS (Aviva Pension Trust for Independent Schools) a Defined Contribution Scheme for teaching staff with employer contributions at 16.4% and under auto-enrolment to NEST Workplace Pension Scheme.

Following Consultation the School exited the Teachers' Pension Scheme as at 31st August 2020 due to the significant increase in the level of employer contributions.

Employer contributions to APTIS and the NEST workplace pension scheme are recognised as an expense in the Statement of Financial Activities when they fall due.