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← The Farnborough Hill Trust

2025-07-31-accounts

Registered number: 2941378 Charity number: 1039443

THE FARNBOROUGH HILL TRUST

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

THE FARNBOROUGH HILL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2025

CONTENTS

Page
Reference and Administrative Details of the Company, its Governors and Advisers 1
Governors' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 34

THE FARNBOROUGH HILL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Governors M R Bernard2
C Cox2
E M Cunningham1
C Fowler-Tutt1,3
H Griffiths2(DeputyChair until 23 June 2025,Chair from 23 June 2025)
N Hills1
G J McCormack1,2(Chair until 23 June 2025)
J L Micklethwaite2(Deputychair from 23 June 2025)
G D Selby1
A M K Berry (resigned 5 December 2024)2
Dr G Huxford (resigned 5 December 2024)2
S E Hayes (appointed 2 December 2025)
Z L A Hawken (appointed 2 December 2025)

Company registered

Company registered
number 2941378
Charity registered
number 1039443
Members of the Trust Mr M Maher Chair
Sr R O’Looney RCE
Sr E McCormack RCE
Sr C Nagle RCE
Mrs S Buckle
Mr T J Flesher
Mrs H Griffiths
Mr J B Hull
Mrs C E Hamilton
Mr GJ McCormack
The Headmistress Mrs M Young
Address Farnborough Hill
Farnborough Road
Farnborough
Hampshire
GU14 8AT
Independent auditors HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers NatWest Bank Plc
Farnborough & Basingstoke Commercial Centre
Ground Floor
200 Fowler Avenue, IQ Farnborough
Hampshire, GU14 7JP
Investment Advisers Coutts & Co
440 Strand
London
WC2R 0QS

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THE FARNBOROUGH HILL TRUST GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Farnborough Hill Trust (Farnborough Hill) was incorporated as a private company limited by guarantee on 22 June 1994. Farnborough Hill is a registered charity number 1039443. The Trust includes the Farnborough Hill Bursary, Scholarship and Prize Fund.

The governing documents are the Instrument of Government, approved by the Charity Commission and the Principal Superior of the Institute of Christian Education, and the Memorandum and Articles of Association. Where ambiguity arises, the Memorandum and Articles of Association prevail, as most recently approved.

The Objects of the Farnborough Hill Trust are to advance the Roman Catholic Faith by the education of children of all faiths and none in the Roman Catholic Tradition.

I NTRODUCTION

The Governors (or Directors) - who are charity Trustees for the purposes of the Charities Act 2011 - present their annual report in compliance with both that Act and the Companies Act 2006, together with the financial statements prepared under the latter Act, for the year ended 31 July 2025

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

With the election on 4th July 2024 of a Labour Government, it became clear that the Labour Party’s manifesto commitment to impose VAT on school fees would be implemented and implementation occurred earlier than expected and mid academic year in January 2025. Farnborough Hill has in consequence and like many other independent schools experienced significant pressure on pupil numbers; and Governors expect this pressure to continue. However, The Trust has now spent several years building a strong cash position and, having no borrowing on the balance sheet, Farnborough Hill has flexibility to respond to changing conditions. Governors are working with staff to ensure that the school’s offering is strengthened and enhanced so that it remains attractive in the new, more difficult, environment. Many parents have confirmed their confidence and commitment to supporting their children’s independent education, by using our fees in advance policy

A Level Headlines – for the academic year ending in July 2025

GCSE Headlines

Summer Works

During the main break the following major work was undertaken:

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THE FARNBOROUGH HILL TRUST

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL RESULTS FOR THE YEAR and RESERVES POLICY

This is the 32nd financial year for the Farnborough Hill Trust, the School having been transferred to the Trust by the Institute of Christian Education as a going concern on 1 August 1994. During this year Farnborough Hill has had a roll of 502 Pupils

As at 31 July 2025, the total funds of the school were £14,526,163 which included restricted funds of £716,438 and unrestricted funds of £8,419,725 - the bulk of which is represented by the School’s fixed assets i.e. its buildings. As with all schools, the School’s reserves policy is closely linked to its working capital needs through the year and to its development plan in the medium term. The Governors are aware that it is not always possible for a major new development project to be funded solely from current resources and alternative means of funding may be required. It is also the intention of Governors, successfully in the past, to steadily build up the School’s reserves over time from modest annual operating surpluses.

As at the end of the financial year, the level of freely available reserves, represented by net assets stood at £1,134,823 (2024: £2,239,738). Unrestricted fund operating costs for the year amounted to £9,928,687 (2024: £9,427,988).

The value of the restricted funds at the end of the year is £716,438 (2024: £621,702). In the accounts unrestricted funds relate to the general school funds and restricted funds comprise the Bursary, Scholarship and Prize Funds.

The year-end deficit of unrestricted funds over the cost of the year’s activities was £21,701 (2024: surplus £296,486).

SCHOOL LIFE AND CURRICULUM

Farnborough Hill is an Independent Roman Catholic day school for girls aged 11-18 years. The Headmistress is a member of the Girls’ School Association and of the Independent Schools Association. We welcome all (of any faith or none) into our community, where we aim to live Christ’s Gospel values joyfully and wholeheartedly and to form each individual to fulfill her potential and face the future with strength and dignity.

The Farnborough Hill curriculum is broad and balanced. Girls in Years 7 and 8 are exposed to up to 17 subjects before selecting a portfolio of 13 subjects in Year 9 and then working towards 8-10 GCSEs in Years 10 and 11. The majority of Year 9 girls will also attain the AQA Project Qualification, which provides an enlivening extension to their mainstream curriculum.

All girls benefit from a very wide range of enrichment activities through the Farnborough Hill Extra-Curricular programme. With an annual offering of approximately 90 clubs and activities, the programme encompasses sport, music, drama, art, dance, music theatre, MUN, many science groups - including the highly successful Greenpower engineering project, debating, LAMDA, Young Enterprise, beekeeping, and cookery. Additional enrichment comes with the half-termly Think Tank talks, introducing speakers from a very wide variety of backgrounds to address interested pupils, parents and staff.

Academic Scholars and other girls who are achieving particularly well join the Af’Hilliation group, which meets regularly to tackle and enjoy a variety of projects and activities that offer extra stretch and challenge. All scholars, in whatever discipline, follow a dedicated pathway to add value to their scholarship experience.

Our Sixth Formers follow a three A level linear model, with four A levels being studied for by the most able, when required. Many girls in the Lower Sixth will complete the EPQ and other qualifications, such as a TEFL certification, are available. Bi-weekly careers lessons have been embedded into all Lower Sixth students’ timetables. All pupils participate in weekly PE lessons and, as a Catholic school, we include in our sixth form offering the REACT programme, which includes a diversity of service projects, such as teaching English to newly arrived immigrant families or visiting the elderly in a care home.

There is a lively Chaplaincy programme, led by the school Chaplain, which encompasses a wide range of activities, from training our altar servers, running regular weekly prayer groups, maintaining a welcoming drop

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THE FARNBOROUGH HILL TRUST

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

in space for our youngest girls, training CAFOD Young Leaders in the Lower Sixth, running the SVP group, staff prayer sessions, organising regular Masses and other acts of worship and leading various charitable projects.

PUBLIC BENEFIT STATEMENT

In the year ending 31st July 2025, Farnborough Hill has made available bursaries as further described below.

Each year we raise funds to donate to charities that align with our values, for this year totalling £16,755. We also provided practical and material assistance to local charities, in part through our St Vincent de Paul Society. We train our CAFOD young leaders to raise charitable funds and to ensure that they are spent on sustainable and effective projects.

We have strong connections with our surrounding primary schools, involving their pupils in a variety of projects, such as “Empower”, an activity programme designed for them by our Year 9 girl, and have on occasion this year also made available our chapel and sports facilities.

Our biennial international expedition always includes a strong service element, and we have now implemented our first visit to Lourdes with HCPT, directly serving disabled and disadvantaged pilgrims from around the UK. As an important local history landmark, we have developed History Open Saturdays, to encourage the local people to discover the rich heritage of the school building and grounds

GOVERNANCE

Governing Body

The Governors who served during the year and to the date of this report are shown on page 1.

The governing documents require that the Board of Governors should comprise not fewer than five and not more than fifteen Governors and consist predominantly of Roman Catholics. The Members can appoint, by a simple majority in a general meeting, any suitable person who is willing to act as a Governor.

Governors regularly attend training seminars and courses organised by ISBA, AGBIS and other professional bodies with the aim of keeping up to date with governance, compliance and safeguarding issues. Attendance at relevant INSET training for academic staff is also encouraged and the interaction with academic staff, at such training, is deemed to be of a significant benefit as are the Governors’ regular “Learning Walks” to observe the school in action.

Prospective Governors are normally invited to visit the School and undertake an induction programme, attend AGBIS training for new Governors and attend school events and Governors’ meetings prior to being nominated for election by the Members of the Trust. On appointment each Governor is given a copy of the Memorandum and Articles of Association and the Instrument of Government, together with any other documentation appropriate at the time.

Organisation

The Board of Governors and its two committees, namely Finance & General Purposes and Education, set out the general policy of the school. The day-to-day affairs of the school are run by the School’s Senior Leadership Team. A Bursary sub-committee reviews & authorises applications for Bursaries.

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THE FARNBOROUGH HILL TRUST

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

OBJECTIVES

Objectives for the year ahead

In light of the more difficult environment in which independent schools now operate the Governors’ primary objectives for the next year are:

Strategies to achieve the year’s objectives

Strategies to achieve the above objectives will be elaborated by Governors and senior staff together in a new Development Plan for the School, to encompass the vision of the newly appointed Headmistress. This new Plan is expected to focus on the maintenance and continuous improvement of standards in teaching and learning and more generally, on the improvement and enhancement of the educational experience offered by Farnborough Hill. Emphasis will also be placed on our marketing and recruitment activities, on opportunities for greater commercial use of the school premises and on development activities involving the School’s alumnae.

GRANT MAKING POLICY AND GRANTS AWARDED

The Governors’ policy, in line with that of other independent schools, is to award bursaries on the basis of the individual’s assessed financial need and to award scholarships and prizes on the basis of educational ability (subject to any particular conditions imposed by the original donor where the award is made out of restricted funds). One of the major scholarships is available only to a Roman Catholic.

The Board of Governors wishes to acknowledge the continued generosity of the Sisters of the Institute of Christian Education in making very significant donations, which this year totalled £230,000 (2024 £181,000) to the Scholarship, and in particular the Bursary funds. These are of immense help in maintaining the Objects and Policy of the School and in assisting Catholic pupils to attend Farnborough Hill when parents could not otherwise afford the fees.

This year the total value of bursaries, scholarships and prizes amounted to £1,065,352 (2024: £805,233). This included a total of £230,000 (2024: £181,000) from restricted funds, comprising bursaries £215,000 (2024: £156,000) and scholarships £15,000 (2024: £15,000).

The value of the restricted funds at the end of the year is £621,702 (2024: £546,135). The actual surplus of unrestricted funds over the year’s activities was £296,486 (2024: £409,308).

KEY MANAGEMENT PAY

The Governors consider the Senior Leadership Team to comprise the key management personnel of the School and their remuneration (like that of all staff) is reviewed annually. The governing body uses anonymised sector data to benchmark against pay levels in other similar educational organisations.

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THE FARNBOROUGH HILL TRUST

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

All Governors give of their time freely and no Governor received remuneration in the year. The fact that there have been no related party transactions is disclosed in Note 23 to the financial statements.

I NVESTMENT POLICY AND OBJECTIVES

In accordance with the Charity Commission guidance and powers given in its governing documents, the School has delegated the management of its investment portfolio to a specialist adviser who has been instructed to balance capital growth and income in managing its portfolio. The investment manager has completed these aims within current market conditions. Income from listed investments was £10,803 (2024: £19,707) and the market value at the year-end is £2,057,178 (2024: £662,392), as shown in Note 11 to the financial statements.

Fundraising Practices

Farnborough Hill has not in the year ending 31st July 2025 made any fundraising appeals to the general public. Fundraising normally focusses on securing grants and donations from government bodies, registered charities, business links and parents. Our development manager will explore options with our alumnae. There has been no outsourced fundraising via professional fundraisers or other third parties. Consequently, the School is not registered with the fundraising regulator and received no fundraising complaints in the year. Parental donations are entirely voluntary.

RISK MANAGEMENT AND PRINCIPAL RISKS

The School has a formal risk management process through which Governors together with the Senior Leadership Team identify the major risks to which the organisation may be exposed and has ranked these by likelihood and impact, culminating in a risk control document which is updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed regularly throughout the year by the Governing Body. The Governors are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

The principal risks and uncertainties identified by the School are as follows:

Risk identified Action to mitigate the risk
Fall in pupil numbers Numbers throughout the recruiting process will be closely monitored
and marketing and admissions strategies will be adjusted as required.
The School will take steps to ensure that it remains an attractive option
for future parents both academically and in the provision of excellent
facilities. To the extent that falling numbers are an unavoidable
consequence of external factors, measures will be taken to ensure that
the operations and finances of the school are managed to reflect the
smallercohortofpupils.
Catastrophic business interruption Well trialled and tested Emergency Recovery plans are in place
supported by comprehensive insurance cover to ensure the continued
operationofthe school.
Externally imposed financial pressures The school continues to monitor the situation and react to advice and
guidance given by relevant bodies. Provision is then considered for
inclusion in forecasts andfollowing yearbudgets.
Reputational damage The School has a well trialled and tested Emergency Recovery plan. A
comprehensive suite of risk assessments and policies are in place
which mitigates against events that would potentially lead to
reputationaldamage
Decrease in academic achievement Ensure continued recruitment of high calibre teaching staff. Maintain
attractive pay scales. Continue to provide a welcoming stimulating,
vibrantandwellsupportedworkenvironment.

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THE FARNBOROUGH HILL TRUST

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

FUTURE PLANS

Future Plans are detailed within the Long-Term Strategic Plan, which is reviewed regularly by the Board of Governors. The main objectives for the next four years are to build upon and take forward those set for the next year, as outlined above.

STATEMENT OF GOVERNORS' RESPONSIBILITIES

The Governors (who are also the Directors of the charitable company for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors 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 Governors 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 profit or loss of the company for that year. In preparing these financial statements, the Governors are required to:

The Governors 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.

So far as each of the Governors is aware up to the time this report is approved:

AUDITORS

A resolution to re-appoint HaysMac LLP will be submitted to the Annual General Meeting.

Approved by order of the members of the board of Governors on 2 December 2025 and signed on their behalf ”Z HGriffiths (Chair, as from 23 June 2025)

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09:18

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FARNBOROUGH HILL TRUST

Opinion

We have audited the financial statements of The Farnborough Hill Trust for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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, 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:

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 United Kingdom, including the Financial Reporting Council'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 Governors' 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 Governors with respect to going concern are described in the relevant sections of this report.

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THE FARNBOROUGH HILL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FARNBOROUGH HILL TRUST (CONTINUED)

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors' 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.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

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 Governors' Report (which incorporates the directors' report).

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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THE FARNBOROUGH HILL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FARNBOROUGH HILL TRUST (CONTINUED)

Responsibilities of Governors for the financial statements

As explained more fully in the Governors' Responsibilities Statement, the Governors (who act as Trustees of Farnborough Hill Trust and 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 Governors 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 Governors 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 Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliances with laws and regulations related to the regulatory requirements of the Charity Commission, the Independent Schools Inspectorate (ISI) and the statutory safeguarding and child protection guidance issued by the Department for Education (DfE), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019), Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to the recognition of voluntary income. Audit procedures performed by the engagement team included:

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THE FARNBOROUGH HILL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FARNBOROUGH HILL TRUST (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with 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-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Weaver For and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 9 January 2026

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THE FARNBOROUGH HILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

Endowment
funds
2025
Note
£
Income and endowments from:
Voluntary Sources
3
-
School Fees
4
-
Ancillary trading
5
-
Investments
6
-
Total income and
endowments

-
Expenditure on:
Raising funds
7
-
Charitable activities
7
5,500
Total expenditure

5,500
Net
(expenditure)/income
before net gains on
investments
(5,500)
Net gains on
investments
-
Net
(expenditure)/income
after net gains on
investments

(5,500)
Reconciliation of funds:
Total funds brought
forward
5,395,500
Net movement in funds
(5,500)
Total funds carried
forward

5,390,000		 Endowment
funds
2025
Note
£
Income and endowments from:
Voluntary Sources
3
-
School Fees
4
-
Ancillary trading
5
-
Investments
6
-
Total income and
endowments

-
Expenditure on:
Raising funds
7
-
Charitable activities
7
5,500
Total expenditure

5,500
Net
(expenditure)/income
before net gains on
investments
(5,500)
Net gains on
investments
-
Net
(expenditure)/income
after net gains on
investments

(5,500)
Reconciliation of funds:
Total funds brought
forward
5,395,500
Net movement in funds
(5,500)
Total funds carried
forward

5,390,000		 Restricted
funds
2025
£

230,000

-

-

10,803

 Unrestricted
funds
2025
£

57,493

8,893,854

625,411

373,630
 Total
funds
2025
£

287,493

8,893,854

625,411

384,433
 Total
funds
2024
£

272,812

8,889,205

674,615

88,549

9,925,181

4,640

9,613,572

9,618,212

306,969

59,584


366,553

14,048,673

366,553


14,415,226
**- ** 240,803 9,950,388
10,191,191
-
5,500

3,896

230,000

4,787

9,923,900


8,683

10,159,400
5,500
233,896		 9,928,687
10,168,083

(5,500)
-


6,907

87,829

21,701

-


23,108

87,829
(5,500)
94,736		 21,701 110,937

5,395,500
(5,500)


621,702

94,736

8,398,024

21,701

14,415,226

110,937
5,390,000
716,438
8,419,725
14,526,163

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 34 form part of these financial statements.

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THE FARNBOROUGH HILL TRUST

REGISTERED NUMBER: 2941378

BALANCE SHEET AS AT 31 JULY 2025

==> picture [433 x 398] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Fixed|assets| |Tangible|assets|10|11,334,212|11,513,096| |Investments|11|2,057,128|662,392| |13,391,340|12,175,488| |Current|assets| |Debtors|12|653,659|726,111| |Cash|at|bank|and|in|hand|7,228,433|11,366,052| |7,882,092|12,092,163| |Creditors:|amounts|falling|due|within|one|year|13|(3,984,496)|(4,777,495)| |Net|current|assets|3,897,596|7,314,668| |Total|assets|less|current|liabilities|17,288,936|19,490,156| |Creditors:|amounts|falling|due|after|more|than| |one|year|14|(2,762,773)|(5,074,930)| |Net|assets|14,526,163|14,415,226| |Total|net assets|—|14,526,163.|—|[14,415,226.]| |Charity funds| |Endowment|funds|17|5,390,000|5,395,500| |Restricted|funds|17|716,438|621,702| |Unrestricted|funds|17|8,419,725|8,398,024| |Total funds|—|14,526,163.|—|[14,415,226]|

----- End of picture text -----

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors on 2 December 2025 and signed on their behalf by: H Griffiths | Chair ,WA

The notes on pages 15 to 34 form part of these financial statements.

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Investment income
Net movement in cash held not yet invested
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(2,610,332)
 2024
£

8,653,032


(307,179)

640,189

(656,171)

19,707

(3,869)



(307,323)


8,345,709

3,020,343


11,366,052
(231,183)
222,293
(1,529,200)
10,803
-
(1,527,287)
(4,137,619)
11,366,052
7,228,433

The notes on pages 15 to 34 form part of these financial statements

Page 14

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Charity information

The School is a Public Benefit Entity registered in England and Wales as a charity and a company limited by guarantee. It was incorporated on 22 June 1994 (company number: 2941378) and registered as a charity on 15 July 1994 (charity number: 1039443). Its registered office is Farnborough Road, Farnborough, Hampshire, GU14 8AT.

2. Accounting policies

2.1 Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice (second edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – second edition effective 1 January 2019.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments and leasehold land and buildings.

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, the Governors consider it appropriate to adopt the going concern basis in preparing the financial statements.

2.2 Critical accounting judgements and key sources of estimation or uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.3 Income

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

Investment income

Investment income from equities/shares, bank balances and fixed interest securities is accounted for on an accruals basis.

Donations, legacies, grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to unrestricted funds. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.

2.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable. Expenditure attributable to more than one cost category in the Statement of Financial Activities is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, external audit, any legal advice for the School’s Governors, and all the costs of complying with constitutional and statutory requirements, such as costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets inherited by the School at 1 August 1994 are included at cost being their net book value at that date.

Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £1,000 together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £1,000 is capitalised and carried in the balance sheet at historical cost.

Other expenditure on equipment incurred in the normal day-to-day running of the School is charged to the Statement of Financial Activities as incurred. Individual items costing less than £1,000 are normally written off as an expense on acquisition.

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments (using the straight-line method) over their expected useful economic lives as follows:

Leasehold buildings and - 10 - 50 years property investments Motor vehicles - 4 - 10 years Furniture, fittings and equipment - 4 - 10 years IT equipment - 2 - 4 years

The gift of the 999-year lease of the School building and grounds in 2003 has been capitalised to comply with the Charities SORP. The asset has been included in the balance sheet at valuation. The trust has adopted the provisions of FRS 15 in respect of this asset and will not revalue it in the future. The land element is depreciated over the life of the lease.

2.6 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

2.7 Fund accounting

Investment income, gains and losses are allocated to the appropriate fund.

The charitable trust funds of the School are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted income belongs to the School’s corporate reserves, to be spent at the discretion of the Governors either to further the School’s Objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Endowed funds represent the depreciated 999-year lease which was gifted to the School during the year ended 31 July 2003. The fund was valued at £5,500,000, less the Deed of Charge principal of £2,000,000. The net figure constituted an expendable endowment of £3,500,000 that was recognised as income in the Statement of Financial Activities under the heading ‘Donations’ in the year of receipt.

Restricted funds represent amounts donated to the School for specific purposes such as funding building developments, scholarships, seniors’ bursaries and prizes.

Page 17

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.8 Pensions

Retirement benefits to employees of the School are provided through two principal pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:

2.9 Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

2.10 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

2.11 Debtors

Fees receivable and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

2.12 Liabilities and provisions

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

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Employee benefits

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Page 18

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. Voluntary Sources

Donations
Similar incoming resources
Total 2024		 Restricted
funds
2025
£
230,000
-
 Unrestricted
funds
2025
£

-

57,493
 Total
funds
2025
£

230,000

57,493

 Total
funds
2024
£

181,000

91,812



272,812
230,000
57,493
287,493







181,000
91,812
272,812

4. School fees

a) School fees comprised:
School fees
Registration fees
Retained deposits
Less: Bursaries, grants and allowance
Scholarship and grants paid for by Restricted Funds
b) Grants, awards and prizes paid by restricted funds consisted of:
Scholarships
Bursaries
Scholarships and bursaries paid for by Restricted Funds		 2025
£
9,711,246
15,877
2,083		 2024
£

9,495,037

17,901

500

9,513,438
(805,233)

9,729,206
(1,065,352)

8,663,854

8,708,205
230,000
181,000
8,893,854
8,889,205


15,000

166,000


15,000
215,000
230,000
181,000

The above educational awards were made to 129 pupils (2024: 119).

Page 19

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. Ancillary trading income

Catering
Coaches
Trips
Other
All ancillary trading income is unrestricted in both years.
Investment income
School bank interest
Restricted fund investment income		 2025
£
264,801
206,100
72,148
82,362
 2024
£

283,558

240,176

70,307

80,576


674,617
2024
£

68,842

19,707


88,549
625,411

2025
£
373,630
10,803
384,433

6. Investment income

Page 20

THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. Analysis of expenditure

Cost of generating funds:
Financing costs
Investment management
Charitable activities:
School operating costs:
Teaching costs
Welfare
Premises
Support costs
Catering, travel and other recharges
Grants and prizes		 Staff
Other
Depreciation
2025
Total
£
£
£
£
-
4,787
-
4,787
-
3,896
-
3,896		 Staff
Other
Depreciation
2025
Total
£
£
£
£
-
4,787
-
4,787
-
3,896
-
3,896
-
8,683
-
8,683
4,920,810
723,832
110,900
5,755,542
39,335
3,746
-
43,081
561,901
1,328,599
195,179
2,085,679
792,883
511,275
-
1,304,158
198,376
542,564
-
740,940
-
230,000
-
230,000

6,513,305
3,340,016


306,079
10,159,400

Comparative information in respect of the preceding period is as follows:

Cost of generating funds:
Financing costs
Investment management
Charitable activities:
School operating costs:
Teaching costs
Welfare
Premises
Support costs
Catering, travel and other recharges
Grants and prizes		 Staff
£
-
_- _		 Other
£

916
3,724		 Depreciation
£

-

_- _		 2024
Total
£

916
3,724

4,640

5,453,803

31,621

1,942,126

1,163,304

841,718
181,000
-
4,748,464
29,735
473,594
721,655
189,886
-
4,640

617,432

1,886

1,275,761

441,649

651,832
181,000
-

87,907

-

192,771

-

-

-
6,163,334
3,174,200
280,678
9,618,212


Page 21

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Other support costs of schooling comprise
Stationery, equipment and computers
Postage and telephone
Advertising & marketing
Professional fees
Subscriptions
Governance
Other
Governance costs includes
Audit
Accounts preparation
8.
Staff costs
Remuneration
Social security costs
Pension contributions		 2025
£
45,054
16,163
106,344
22,775
17,894
24,300
17,409
 2024
£

36,195

19,168

116,371

213,687

18,170

24,800

13,258


441,649
2024
£

23,300

1,500

24,800
249,939

2025
£
22,225
2,075
24,300
2025
£
5,505,465
416,475
591,365
 2024
£

5,165,241

416,197

581,896

6,163,334
6,513,305

Included within the remuneration figure is £47,317 relating to termination payments (2024:Nil).

Page 22

09:18

THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

Full time
Part time		 2025
No.
80
61
 2024
No.

76

65


141
141

Included above, the average number of teaching staff for the year was 57 full time (2024: 57) and 27 part time (2024: 28).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 17 12
In the band £70,001 - £80,000 2 1
In the band £80,001 - £90,000 3 3
In the band £90,001 - £100,000 - 1
In the band £110,001 - £120,000 1 -
In the band £140,001 - £150,000 1 -

The total employee benefits of the key management personnel were £777,781 (2024: £690,921).

All of these higher paid employees (2024: all) are accruing retirement benefits under the defined contribution scheme.

No governors, or any person connected with them, received any remuneration during the year. Expenses for travel and training reimbursed to 1 governor (2024: 1) amounted to £24 (2024: £28).

General insurance expense includes professional indemnity and governors liability insurance for a premium of £411 (2024: £411).

Page 23

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Net movement in funds

Net movement in funds is stated after charging:

Auditors' remuneration - for audit
Auditors' remuneration - in relation to accounts preparation
Operating lease rental expenditure
Depreciation		 2025
£
21,100
2,075
303,464
306,078
 2024
£

19,500

1,500

178,286

280,678

479,964
329,253

Page 24

DRAFT

THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

10. Tangible fixed assets

Cost or valuation
At 1 August 2024
Additions
Adjustment for
pre-registration VAT
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Leasehold
land and
buildings
£
5,500,000
-
-
 Leasehold
Buildings and
property
improvements
Furniture
fittings and
motor
vehicles
equipment
£
£

8,801,954
1,136,170

-
196,955

(26,769)
(30,951)




8,775,185


1,302,174


3,284,616
817,376

175,504
49,232




3,460,120


866,608


5,315,065
435,566

5,517,338
318,795		 Leasehold
Buildings and
property
improvements
Furniture
fittings and
motor
vehicles
equipment
£
£

8,801,954
1,136,170

-
196,955

(26,769)
(30,951)




8,775,185


1,302,174


3,284,616
817,376

175,504
49,232




3,460,120


866,608


5,315,065
435,566

5,517,338
318,795		 IT
Equipment
£

857,156

34,228

(46,268)

 Total
£

16,295,280

231,183

(103,988)




16,422,475


4,782,185

306,078




5,088,263


11,334,212

11,513,096
5,500,000

8,775,185

1,302,174

845,116
104,500
5,500
3,284,616

175,504
817,376

49,232
575,693

75,842
110,000

3,460,120

866,608

651,535
5,390,000
5,315,065		 435,566
193,581

5,395,500


5,517,338
318,795


281,463

The leasehold land and buildings relates to the gift of a 999-year full repairing lease from the Religious of Christian Education (the freeholder/lessor). The asset has been capitalised in accordance with the requirements of the Charities SORP.

The valuation was carried out by external valuers Christie & Co. (surveyors, valuers and agents) who arrived at an existing use valuation of £5,500,000 based on the current condition as at 5 December 2002.

The Trust has adopted the provisions of FRS15 in respect of the lease and will not revalue it in the future.

Page 25

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Investments - restricted funds

Market value
Listed investments
Cash awaiting reinvestment
Historical Cost
Listed investments		 2025
£
2,046,146
10,982
 2024
£

653,689

8,703

662,392
2024
£

563,302

563,302
2,057,128

2025
£
1,838,445
1,838,445

Investments listed on a recognised stock exchange including investments and unit trusts:

UK
Overseas
Cash: UK
Market value at 1 August
Additions and movements in cash awaiting reinvestment
Disposals at opening market value
Gains on investments
Market value at 31 July		 2025
2024
£
£
140,236
5,369
1,905,910
648,320
10,982
8,703
2,057,128
2,057,128
662,392

Page 26

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. Debtors

Due within one year
Fees receivable
Prepayments and accrued income
Other debtors
13.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Pupil deposits
Fees in advance
Finance lease creditor
Pension creditor
 2025
£
177,139
354,693
121,827
 2024
£

69,026

571,573

85,512


726,111
2024
£

668,343

114,285

127,053

168,951

244,000

3,433,625

21,238

-

4,777,495
653,659

2025
£
518,141
142,019
124,024
286,535
237,992
2,502,009
21,238

152,538
3,984,496

Deferred income of £Nil relates to fees paid on account for future terms (2024: £33,868).

14. Creditors: Amounts falling due after more than one year

Finance lease
Fees in advance		 2025
£
61,943
2,700,830
 2024
£

83,181

4,991,749

5,074,930
2,762,773

Page 27

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Finance lease/ Fees in advance maturity

Finance lease

Due less than one year
Due more than one year


Fees in advance

Assuming the pupils remain in the School, advance fees will apply as follows:
Due less than one year
Due between two and five years
Due more than five years

 2025
2024
21,238
21,238
61,943
83,181
83,181
104,419
2025
2024

2,502,009_3,433,625_
2,700,830_4,972,219_
-
19,530
5,202,839
8,425,374

16. Allocation of Charity net assets

The School's assets are held for the various funds as follows:

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowed
funds
2025
£
5,390,000
-
-
-
-
 Restricted
funds
2025
£

-

2,057,128

-

(1,340,690)

-
 Unrestricted
funds
2025
£

5,944,212

-

7,882,092

(2,643,806)

(2,762,773)

 Total
funds
2025
£

11,334,212

2,057,128

7,882,092

(3,984,496)

(2,762,773)


14,526,163
5,390,000
716,438
8,419,725

Page 28

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Comparative allocation of Charity net assets (continued)

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowed
funds
2024
£
5,395,500
-
-
-
-
 Restricted
funds
2024
£

-

662,392

-

-

(40,690)
 Unrestricted
funds
2024
£

6,117,596

-

12,092,163

(4,777,495)

(5,034,240)

 Total
funds
2024
£

11,513,096

662,392

12,092,163

(4,777,495)

(5,074,930)


14,415,226
5,395,500
621,702
8,398,024

Page 29

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Endowment funds
Endowment Funds
Restricted funds
Bursary Funds
Scholarship Fund
Total of funds		 Balance at
1 August
2024
£
8,398,024
Income
£

9,950,388		 Expenditure
£

(9,928,687)		 Gains/
(Losses)
£

**- **		 Balance at
31 July 2025
£
8,419,725
5,390,000

488,320

228,118




716,438

14,526,163
5,395,500
**- **
(5,500)

**- **

457,904
163,798

7,665

233,138

(2,764)

(231,132)

25,515

62,314
621,702
240,803

(233,896)

87,829
14,415,226
10,191,191
(10,168,083)		 87,829

Page 30

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09:18

THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Statement of funds (continued

Prior year
Unrestricted funds
General Funds - all funds
Endowment funds
Endowed funds
Restricted funds
Bursary Fund
Scholarship Fund
Total of funds		 Balance at
1 August
2023
£
8,101,538		 Income
£

9,724,474		 Expenditure
£

(9,427,988)		 Gains/
(Losses)
£
_- _		 Balance at
31 July 2024
£
8,398,024
5,395,500

457,904

163,798




621,702


14,415,226

5,401,000


_- _

(5,500)		 _- _
389,290
156,845
194,982

5,725

(168,643)

(16,081)
42,275

17,309
546,135
200,707

(184,724)
59,584
14,048,673
9,925,181
(9,618,212)		 59,584

Restricted funds are employed as follows: -

Bursary Fund: Used for the provision of fee assistance.

Scholarship Fund: Used for scholarships awarded to students.

Unrestricted funds are used in the day to day running of the School.

Endowed funds constitute an expendable endowment for the 999-year lease of the School land and buildings.

Page 31

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09:18

THE FARNBOROUGH HILL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. Financial commitments

At 31 July 2025 the School had annual commitments under non-cancellable operating leases as follows:

Land and buildings
Within 1 year
Between 1 and 5 years
Greater than five years
Other
Within 1 year
Between 1 and 5 years		 2025
£
70,000
280,000
68,040,000
 2024
£

70,000

280,000
68,110,000


68,460,000
2024
£

80,605

78,078

158,683
68,390,000

2025
£
187,590
397,839
585,429

19. Capital commitments

At 31 July 2025 the School had outstanding contractual commitments for capital expenditure of £nil (2024: £nil).

20. Contingent liabilities

The Trustees of The Institute of Christian Education (“ICE/the Lessor/freeholder”) gifted the company a 999 year lease over the land and school buildings in 2003. The lease was professionally valued at its existing use value as a school. To protect its interests in ensuring the property continued as a school, the ICE and company also entered into a first legal charge in lieu in August 2003. While drawn up and initially accounted for as a loan with a principal of £2,000,000, it also included reference to an “Additional Sum” which would capture 20% of any market gain over existing use should the property ever be sold for development. This event would also trigger repayment of the “principal”. As the land and buildings continue to be used for their existing purpose as a school, the principal sum of £2,000,000 is not repayable and there is no additional sum. As a result, no amounts have been provided in these financial statements.

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THE FARNBOROUGH HILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Pension commitments

Defined Contribution Schemes

The School also runs a defined contribution scheme for its non-teaching staff. The School’s contributions to the scheme during the year ended 31 July 2025 were £Nil (2024: £83,235) and at the year-end £Nil (2024: £Nil) was accrued in respect of contributions to the scheme.

The School joined APTIS from 1 September 2020 for teaching staff and 1 June 2024 for support staff. The School’s contributions to the scheme during the year ended 31 July 2025 were £591,365 (2024: £574,899) and at the year-end £123,939 (2024: £Nil) was accrued in respect of contributions to the scheme.

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Investment income
Adjustment to Fixed assets – pre-registration adjustment
Net cash provided by/(used in) operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
110,937
306,078
(87,829)
72,452
(3,105,156)
(10,803)
103,989
 2024
£
366,553

280,678

(55,715)

(539,234)

8,620,457

(19,707)

-

8,653,032
2024
£
11,366,052


11,366,052
(2,610,332)

2025
£
7,228,433
7,228,433

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

24. Analysis of changes in net debt

Cash at bank and in hand
Finance leases		 At 1 August
2024
£
11,366,052
(104,419)
 Cash flows
£

(4,137,619)

21,238
 At 31 July
2025
£

7,228,433

(83,181)


7,145,252
11,261,633
(4,116,381)

25. Related party transactions

There were no related party transactions in the year (2024: none).

26. Taxation

The School is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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