Company Registration Number 03166031 (England and Wales)
THE SOCIETY OF HEADS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2023
THE SOCIETY OF HEADS
COMPANY INFORMATION
Directors
C Cunniffe
GE Doodes
DJ Ettinger
SE Hannam
RT Jones
AD Meadows
J Noad
RW D Notman
SG Raffray
DR Gajadharsingh
DJ Tickner
J A A Ward
J Fremont-Barnes
(Appointed 31 August 2022)
J Davies
(Appointed 1 September 2022)
S Edmonds
(Appointed 1 July 2023)
Dr AD Kemp
(Appointed 1 July 2023)
Secretary
CJ Rickart
Company number
03166031
Registered office
101B Harborough Enterprise Centre
Compass Point Business Park
Market Harborough
Leicestershire
UK
LE16 9HW
Auditor
Edward Thomas Peirson & Sons
21, The Point
Rockingham Road
Market Harborough
Leicestershire
England
LE16 7NU
Bankers
National Westminster Bank
16 High Street
Kettering
Northamptonshire
NN16 8SZ
THE SOCIETY OF HEADS
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income and expenditure account
7
Balance sheet
8
Notes to the financial statements
9 - 11
THE SOCIETY OF HEADS
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 AUGUST 2023
- 1 -
The directors present their annual report and financial statements for the year ended 28 August 2023.
Principal activities
The principal activity of the company, operating as The Society of Heads, in the year under review were:
the promotion of independent education generally;
the discussion of matters concerning the policy and administration of independent secondary schools;
the establishment of guidelines for the provision of a high standard of educational facilities and amenities in members' schools;
provision (for the holding) of inspections to assess the eligibility of the Heads of such schools for membership of the society;
other pursuits in furtherance of the objects of the Society.
Directors
The directors who held office during the year were as follows:
G Ayling
(Resigned 30 August 2022)
C Cunniffe
GE Doodes
DJ Ettinger
SE Hannam
E Henry
(Resigned 1 July 2023)
DR Holland
(Resigned 30 August 2022)
RT Jones
AD Meadows
J Noad
RW D Notman
SG Raffray
DR Gajadharsingh
DJ Tickner
J A A Ward
J Fremont-Barnes
(Appointed 31 August 2022)
J Davies
(Appointed 1 September 2022)
S Edmonds
(Appointed 1 July 2023)
Dr AD Kemp
(Appointed 1 July 2023)
Auditor
The auditors, Edward Thomas Peirson & Sons, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
THE SOCIETY OF HEADS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2023
- 2 -
On behalf of the board
DR Gajadharsingh
Director
7 November 2023
THE SOCIETY OF HEADS
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 AUGUST 2023
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 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 the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE SOCIETY OF HEADS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SOCIETY OF HEADS
- 4 -
Opinion
We have audited the financial statements of The Society of Heads (the 'company') for the year ended 28 August 2023 which comprise the income and expenditure account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that 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 Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 28 August 2023 and of its surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
THE SOCIETY OF HEADS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SOCIETY OF HEADS
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 internal control as the directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's 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, 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.
the engagement partner ensured that the engagement team collectively had the appropriate experience, competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
through discussions with the senior management, and from our commercial knowledge of the sector in which the company operates, we identified the laws and regulations applicable to the company and focused on specific laws and regulations which we considered may have a direct material effect on the financial statements and operations of the company. These included company law, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; and
We assessed the susceptibility of the company's financial statements to material misstatement and obtained an understanding of how fraud might occur by:
THE SOCIETY OF HEADS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SOCIETY OF HEADS
- 6 -
To address the risk of fraud through management bias and override of controls, we:
assessed the extent to which accounting entries relied on a high degree of judgement and/or estimation and, when deemed necessary, such as for provision for bad debts, obtained evidence to support said judgement and/or estimation.
In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Adrian Bentley BSc ACA
Senior Statutory Auditor
For and on behalf of Edward Thomas Peirson & Sons
7 November 2023
Chartered Accountants
Statutory Auditor
21, The Point
Rockingham Road
Market Harborough
Leicestershire
England
LE16 7NU
THE SOCIETY OF HEADS
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 AUGUST 2023
- 7 -
2023
2022
£
£
Income
556,607
521,243
Administrative expenses
(565,564)
(501,480)
Operating (deficit)/surplus
(8,957)
19,763
Interest receivable and similar income
16,030
2,561
Surplus before taxation
7,073
22,324
Tax on surplus
(3,046)
(487)
Surplus for the financial year
4,027
21,837
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
THE SOCIETY OF HEADS
BALANCE SHEET
AS AT 28 AUGUST 2023
28 August 2023
- 8 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
81,998
51,541
Cash at bank and in hand
640,338
677,793
722,336
729,334
Creditors: amounts falling due within one year
5
(59,706)
(70,731)
Net current assets
662,630
658,603
Reserves
Income and expenditure account
7
662,630
658,603
Members' funds
662,630
658,603
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
DR Gajadharsingh
Director
Company Registration No. 03166031
THE SOCIETY OF HEADS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2023
- 9 -
1
Accounting policies
1.1
Company information
The Society of Heads is a private company limited by guarantee incorporated in England and Wales. The registered office is 101B Harborough Enterprise Centre, Compass Point Business Park, Market Harborough, Leicestershire, UK, LE16 9HW.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Income and expenditure
Income represents amounts receivable by the company during the year for subscriptions, conferences, courses and other services.
Income from subscriptions is recognised evenly over the period in which the subscription applies. Income from conferences, courses and other services is recognised at the time of delivery of these services.
Interest income is recognised on an accruals basis as it becomes receivable. Such income is received and reported gross and separate provision is made for the corporation tax payable thereon.
Expenses are recognised on an accruals basis and include VAT where applicable as the company cannot reclaim it.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
THE SOCIETY OF HEADS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2023
1
Accounting policies
(Continued)
- 10 -
1.5
Taxation
The company is exempt from corporation tax on its operating surpluses and deficits, it being a company not carrying on a business for the purposes of making a profit. The corporation tax charge relates to interest receivable.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
No directors received any remuneration during the year.
THE SOCIETY OF HEADS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2023
- 11 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors and amounts due from members
38,489
10,893
Prepayments and accrued income
32,718
38,898
Accrued interest
10,791
1,750
81,998
51,541
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,326
5,824
Corporation tax
3,046
487
Other taxation and social security
6,027
Other creditors
8,657
8,541
Accruals and deferred income
42,677
49,852
59,706
70,731
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Income and expenditure account
2023
2022
£
£
At the beginning of the year
658,603
636,766
Surplus for the year
4,027
21,837
At the end of the year
662,630
658,603
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
49,556
59,989
The company had no other financial commitments at either 28 August 2023 or 2022.
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