2023-07-31-accounts - Friends Of Highgate School Society

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REGISTERED COMPANY NUMBER: 00400695 (England and Wales) REGISTERED CHARITY NUMBER: 1056624

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 FOR THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Report|of the|Trustees|1|to 4| |Report|of the|Independent|Auditors|5to7| |Statement|of Financial|Activities|8| |Balance|Sheet|9|to|10| |Notes|to|the|Financial|Statements|11|to|17| |Detailed|Statement|of Financial|Activities|2022|18|

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

The Governing Council (Trustees) present their annual report (which incorporates the directors’ report for the purposes of company law) and the audited financial statements for the year ended 31st July 2023.

Reference and administrative information set out on page 1 above forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice: Charities SORP (FRS 102).

The Council Members are Trustees for the purposes of Charity regulations and Directors for the purposes of Company Law regulations.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00400695 (England and Wales)

Registered Charity number 1056624

Registered office Highgate School North Road Highgate London N6 4AY

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||||||| |---|---|---|---|---|---| |Trustees| |S JH|Bovey|Secretary| |G|Campbell| |JS|Dodd KC|Chairman| |J|A|Henderson| |MABMMichon|(Appointed|14th June|2023)| |D|Miller|(Resigned|14" June|2023)| |J|Morelle| |A|S|Pettitt| |JM|Polledri| |P Rothenberg|(Resigned|14"|June|2023)| |M|J|Short|(Resigned|7" November|2022)| |C Van|Stroud|(Resigned|7" November 2022)| |N|Wong| |G L|Yates-Mercer FCA|(Resigned|14"|June|2023)| |J A Zani|(Resigned|7" November 2022)| |Company|Secretary| |S JH|Bovey|

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Senior Statutory Auditor

Susan Plumb ACA

Auditors Haines Watts Chartered Accountants and statutory auditor Old Station House Station Approach Newport Street Swindon Wiltshire SN1 3DU

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Bankers

National Westminster Bank Plc PO Box 192 116 Fenchurch Street London EC3M 5AN

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee as defined by the Companies Act 2006, incorporated on 17th November 1945 and registered as a charity on 24th August 1965. The Charitable Company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association. In the event of the Charitable Company being wound up members are required to contribute an amount not exceeding £1 each.

Recruitment and appointment of new trustees

New appointments are made by majority decisions of the Governing Council in accordance with company law having regard to the relevance of the applicant's experience and the needs of the Charitable Company. Appointments are for a term of three years.

Induction and training of new trustees

New members receive an induction pack which includes a copy of the Memorandum & Articles of Association, general information about the Charitable Company and its history, past minutes of the Governing Council meetings and the latest set of accounts. Members attend a meeting of the Governing Council as an observer before being formally invited to become a member. Council members are recruited for their relevant expertise and previous experience.

Organisational structure

The Governing Council meets six-monthly to administer the Charitable Company. Duties and functions are delegated to individual members of the Governing Council who undertake these on an unpaid voluntary basis in conjunction with the Head and other officials of Highgate School and where appropriate through free utilisation of the School's facilities. There are no paid employees of the Charitable Company.

Related parties

The Charitable Company works in conjunction with Highgate School, whose students are its principal beneficiaries. The Charitable Company has the benefit of the free use of administrative facilities at Highgate School to enable it to carry out its aims and objectives.

Risk management

Risk assessment is built into the Charitable Company's management system; current income and expenditure are budgeted annually and monitored at the six monthly Governing Council meetings. The Charitable Company has funds to cover unexpected expenditures in the short-term. The Governing Council has and seeks to maintain a membership of wide professional experience. The longer-term risk that investment income levels may fall is kept under review.

The Governing Council has reviewed the exposure of the Charitable Company to risk and believes that the only significant risk to which the Charitable Company is open relates to fluctuations in the market value of investments. In the event of loss of income from these investments the Governing Council would correspondingly be obliged to adjust the grants made or make such grants out of retained funds. The Charitable Company has the benefit of donated time from the Council members and as such has no employee cost commitments at the present time.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charitable Company's objectives and principal activities are to provide funds to support the continued education at Highgate School of any student whose parents had died, or whose family financial circumstances had, for any reason, unexpectedly deteriorated and to provide scholarships for students whose family could otherwise not afford the fees to send them to the School in the first place.

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2023

OBJECTIVES AND ACTIVITIES

A further aim of the Charitable Company is to finance each year a number of projects which add facilities or equipment to those provided by the Governors, so as to enrich the life of students at Highgate School and to extend their opportunities. There have been no material changes in the policies adopted by the Charitable Company.

The affairs of the Charitable Company are administered by its Governing Council, which includes Governors, the Head, Old Cholmeleians (old pupils of Highgate), parents and other friends of the School. The Friends' income is derived from the investment of bequests, covenants and donations from supporters of the School. The governing instrument of the Charitable Company is to be found in its Memorandum and Articles of Association.

Public Benefit

The Governing Council has given due consideration to the Charity Commission published guidance on the operation of the public benefit requirement. The Governing Council considers the public benefit provided to be the provision of funding to enable education to be provided for students who could otherwise not afford the fees to attend the School, and to provide free of charge further facilities at the School for the benefit of the students generally.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Over the last year the charitable grants made by the Friends of Highgate School have returned to the levels that were more typical in the years prior to the pandemic (during which time applications were much higher). The Charitable Company and the Governing Council continue to review the income and expenditure of the Charitable Company to achieve a general year on year balance. The Charitable Company continues to be in a position to assist those students who meets its eligibility criteria, and the Governing Council therefore considers the objectives of the Charitable Company to have been satisfactorily met. During the year under review the Charitable Company assisted eight students with educational grants varying from 53% to 100% of school fees, and continued to fund an annual full bursary for a pupil in the Senior School. In addition, the Charitable Company have made a series of other smaller grants for the benefit of pupils and the school’s wider educational and partnership practices (including for the School’s partner school The London Academy of Excellence Tottenham).

FINANCIAL REVIEW

Reserves policy

The Charitable Company does not consider that it holds any reserves surplus to requirements as the funds are held for the purpose of generating income for the purposes of making grants and loans. The Charitable Company is occasionally in receipt of legacies and donations but is not dependent on these. At the year end the Charitable Company had total reserves of £2,490,739, of which £902,560 were restricted funds and £1,588,179 unrestricted funds. Free reserves at the year-end amounted to £Nil. , “

Funds in deficit None of the restricted funds were in deficit.

Investment policy and objectives, including any relevant ethical policy

The Charitable Company's investment policy is to achieve a balance between income and the opportunity for capital appreciation over a period of time. None of the individual investments comprise more than 5% of the total investment portfolio. The Charitable Company's investments have met the principal objective of maintaining their total value whilst income has been maintained.

FINANCIAL REVIEW

Review of the Charitable Company's financial position

The gross income for the year amounted to £146,664 (2022- £173,565) and from this sum and the reserves brought forward the Governing Council were pleased to be able to approve expenditure totalling £130,649 (2022- £199,746) for educational grants, loans and funding for school projects. These are detailed in the notes to the accounts. After dealing with Governance and administrative expenses, there was a deficit of income over expenditure for the year of £41,283 (2022- Deficit £70,293). It is necessary to recognise in the accounts the movement in the values of the investments and after taking account of the decrease in stock market values during the year of£77,159 (2022- decrease £162,484) and the realised gains on investments sold of £22,581 (2022- gains £28,259) there is an overall decrease in investment funds from 31st July 2022 to 31st July 2023 of £99,740 (2022- decrease £134,225) as shown in the Statement of Financial Activities.

PLANS FOR FUTURE PERIODS

There are no present plans for any changes to the Charitable Company's objectives or activities. - 3 -

THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST JULY 2023

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of The Friends of Highgate School Society for the purposes of company law) 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).

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, - 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, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on26 4 °2024 and signed on its behalf by:

JS Dodd KC - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

Opinion

We have audited the financial statements of The Friends Of Highgate School Society (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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, 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 charitable company’s affairs as at 31 July 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; 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 Auditor’s 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 trustees’ annual report , other than the financial statements and our auditor’s report 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

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 trustees’ report (incorporating 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.

Matters on which we are required to report by exception

In the light of our 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 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 directors’ 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 prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes ofcompany 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.

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.

We obtained an understanding of the legal and regulatory framework applicable to both the charity itself and the environment in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), Charities Act 2011 and relevant tax legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

making enquires of trustees and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
obtaining an understanding of the interna] controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
assessing the risk of management override including identifying and testing journal entries;
challenging the assumptions and judgements made by management in its significant accounting estimates.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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.

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 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 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.

Susan Plumb ACA (Senior Statutory Auditor) for and on behalf of Haines Watts Chartered Accountants and Statutory Auditors Old Station House Station Approach Newport Street Swindon Wiltshire SN1 3DU

Date:

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2023

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|||||||| |---|---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|funds|Total|funds| |funds|funds| |Notes|£|£|£|£| |INCOME|FROM:| |Donations|4|73,706|-|73,706|111,226| |Investments|5|55,072|17,886|72,958|62,339| |Total|income|128,778|17,886|146,664|173,565| |EXPENDITURE|ON:| |Investment management|costs|6|8,787|2,928|LL,715|13,166| |Charitable|activities|7|176,232|-|176,232|230,692| |Total expenditure|185,019|2,928|187,947|243,858| |Net gains/losses|on|investments|(81,476)|(18,264)|(99,740)|(134,225)| |NET INCOME|(137,717)|(3,306)|(141,023)|(204,518)| |RECONCILIATION|OF|FUNDS| |Total|funds|brought forward|1,725,896|905,866|2,631,762|2,836,280| |TOTAL FUNDS CARRIED|FORWARD|1,588,179|902,560|2,490,739|2,631,762|

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The notes form part of these financial statements

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

BALANCE SHEET AT 31ST JULY 2023

			2023	2022
			Total funds	Total funds
	Notes		£	£
FIXED ASSETS
Investments	11		2,411,406	2,521,726
CURRENT ASSETS
Debtors	12		1,000	48,777
Cash at bank			85,233	67,599
			86,233	116,376
CREDITORS
Amounts falling due within one year	13		(6,900)	(6,340)
NETCURRENT ASSETS			79,333	110,036
TOTAL ASSETS LESS CURRENT
LIABILITIES			2,490,739	2,631,762
NETASSETS			£2,490,739	£2,63 1,762
FUNDS		14
Unrestricted funds			1,588,179	1,725,896
Restricted funds
Chipp fund			726,720	730,026
Griffith			175,840	175,840
			902,560	905,866
TOTALFUNDS			£2,490,739	£2,631,762

The notes form part of these financial statements - 9 .-

continued...

THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

BALANCE SHEET - CONTINUED AT 31ST JULY 2023

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees RULE a D anna and were signed on its behalf by:

J S Dodd KC -Trustee

“Mr M Michon -Trustee

The notes form part of these financial statements

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023

L. GENERAL INFORMATION The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Highgate School, North Road, Highgate, London, N6 4AY.

2: STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties regarding the charity continuing as a going concern.

Cash flow Statement The financial statement comply with FRS 102 1A (applying Up-date Bulletin 1) and thus a cash flow statement has not been included.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. No judgements in applying the accounting policies or key assumptions about the future are considered to have a significant effect on the amounts recognised in the financial statements.

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charitable Company is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Donations and covenanted income are included in the accounts when received. - Legacies are included when the Charitable Company is advised by the personal representative of the estate that a payment will be made and the amount can be quantified.
- Investment income is included when receivable.

Resources expended

Expenditure is recognised whena liability is incurred. Contractual arrangements are recognised as goods or services are supplied or where a constructive obligation arises. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates. Educational loans are made to applicants in lieu of educational grants where a loan is considered more appropriate. They are treated as non-recoverable expenditure in the year in which they are made and any subsequent repayments are included as income in the year in which they are received.

Cost of generating funds

Costs of generating funds are those costs incurred in attracting voluntary income.

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023

3: ACCOUNTING POLICIES — continued

Charitable activities

Charitable expenditure comprises those costs incurred by the Charitable Company in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charitable Company and include the audit fees and costs linked to the strategic management of the Charitable Company.

Taxation

As a registered charity, the Charitable Company is exempt from corporation tax and capital gains tax on investment income and gains and income derived from and applied to charitable activities.

Fund accounting

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of their receipt. Restricted funds include a revaluation reserve representing the restatement of restricted fund investment assets at market value.

Unrestricted funds are available for use at the discretion of the Governing Council in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of general fund investment assets at market value.

Designated funds are unrestricted funds that have been set aside by the Governing Council for particular purposes.

Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors

Creditors 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 are recognised at their settlement amount.

Fixed asset investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities. The cumulative net revaluation surplus within each fund is identified and shown separately from accumulated income.

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023

4,	DONATIONS
				2023	2022
		Unrestricted	Restricted	Total	Total
		funds	Funds	Funds	Funds
		£	£	£	£
	Loan repayments	-	-	-	-
	Parental and other donations	73,706	-	73,706	111,226
		74,706	-	73,706	111,226
5.	INVESTMENT INCOME
				2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
	Dividends from investments	54,384	17,886	72,270	62,302
	Depositaccount interest	688	-	688	37
		55,072	17,886	72,958	62,339
6.	INVESTMENT MANAGEMENT COSTS
				2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	funds	Funds	Funds
		£	£	£	£
	Portfolio management	8,787	2,928	11,715	13,166
T	CHARITABLE ACTIVITIES COSTS
				Direct costs	Totals
				£	£
	Education grants			130,649	130,649
	LAET grants			39,478	39,478
	School equipment			=	=
	Governance costs (note 8)			6,105	6,105
				176,232	176,232

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023

8.	GOVERNANCE COSTS
					2023	2022
		Unrestricted funds	Restricted funds		Total Funds	Total Funds
		£	£		£	£
	Accountancy	3,600		-	3,600	3,300
	Administrative cost	85		-	85	104
	Auditors' remuneration	2,420		-	2,420	2,100
		6,105		-	6,105	5,504
9.	NET INCOME
	Net income is stated after charging/(crediting):
					2023	2022
					£	£
	Auditors’remuneration				2,420	2,100

TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31st July 2023 nor for the year ended 31st July 2022.

Trustees' expenses There were no trustees’ expenses paid for the year ended 31st July 2023 or for the year ended 31st July 2022.

11.	FIXED ASSETINVESTMENTS
		Listed
		investments
		£
	MARKET VALUE
	At Ist August2022	2,521,726
	Additions	200,355
	Disposals Revaluations	(233,516) (77,159)
	At 31st July 2023	2,411,406
	NET BOOKVALUE
	At 31st July 2023	2,411,406
	At31stJuly2022	2,521,726

The market value of investment assets held outside the UK was £1,420,204 (2022- £1,421,232).

The total revaluation reserve at 31st July 2023 included in the above amounted to £340,816 (2022 -£405,005).

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023

FIXED ASSET INVESTMENTS -— continued

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|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Restricted| |Listed|investments|Total|funds|funds|funds|funds| |Griffith| |General|fund|Chipp|Bequest|Bequest| |£|£|£|£| |Market|value|at|beginning|of the|year|2,521,726|1,895,655|626,071|-| |Acquisitions|at|cost|200,355|164,391|35,964|-| |Disposal|cost|at|carrying|value|(233,516)|(187,464)|(46,052)|-| |Net unrealised|gains/(losses)|on revaluation|(77,159)|(66,437)|(10,722)|-| |Market value|at|end|of year|2,411,406|1,806,145|605,261|-| |Cost|at year|end|2,070,590|1,532,626|537,964|-| |DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE YEAR YEAR| |2023|2022| |£|£| |Highgate|School|-|47,777| |Tax|1,000|1,000| |1,000|48,777| |Loans made made|to students students|are|expensed|as|charitable|expenditure|in|the year in which they year in which they in which they which they they|are made and subsequent made and subsequent and subsequent subsequent| |loan|repayments|are|recognised|as|voluntary|income|in|the|year|in which which|they|are|received.| |During|the|year|student|loans|of £Nil £Nil|were|made|to|students|which,|as|per the the|accounting|policy,|were|treated| |a|non-recoverable|expenditure.| |CREDITORS:|AMOUNTS|FALLING DUE DUE|WITHIN|ONE YEAR YEAR| |2023|2022| |£|£| |Accruals|6,900|6,340| |MOVEMENT|IN|FUNDS| |Net movement|Transfers| |At|1.8.22|in|funds|between|funds|At|31.7.23| |8|£|£|£| |Unrestricted|funds| |General|fund|1,725,896|(137,717)|-|1,588,179| |Restricted|funds| |Chipp|fund|730,026|(3,306)|-|726,720| |Griffith|175,840|-|-|175,840| |905,866|(3,306)|-|902,560| |TOTAL|FUNDS|2,631,762|(141,023)|-|2,490,739|

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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR YEAR

Loans made made to students students are expensed as charitable expenditure in the year in which they year in which they in which they which they they are made and subsequent made and subsequent and subsequent subsequent loan repayments are recognised as voluntary income in the year in which which they are received.

During the year student loans of £Nil £Nil were made to students which, as per the the accounting policy, were treated as a non-recoverable expenditure.

CREDITORS: AMOUNTS FALLING DUE DUE WITHIN ONE YEAR YEAR

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023 14, MOVEMENT IN FUNDS - continued

Prior year:-

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||||||| |---|---|---|---|---|---| |At|1.8.21|Net movement|Transfer|At 31.7.22| |in|funds|between|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|1,913,976|(188,080)|-|1,725,896| |Restricted|funds| |Chipp|fund|746,464|(16,438)|-|730,026| |Griffith|175,840|-|-|175,840| |922,304|(16,438)|-|905,866| |TOTAL FUNDS|2,836,280|(204,518)|-|2,631,762|

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CONTINGENT LIABILITIES

There were no known contingent liabilities at the balance sheet date.

STATUS, MEMBERS GUARANTEE LIABILITIES AND CONTROL

The Friends of Highgate School Society is a company incorporated in England, limited by guarantee and has no share capital. It is a registered charity (number 1056624).

Each member is liable to contribute up to £1 under the guarantee liability.

The Charitable Company is considered to be under the collective control of the directors, all of whom act in a stewardship capacity.

17. EE CHIPP AND C C GRIFFITH BEQUESTS

The income generated from the restricted capital funds of the Chipp and Griffith Bequests can only be applied by the Charitable Company to assist students in the costs of their education at Highgate School. The terms of the Chipp Bequest restrict assistance to those cases where without such financial assistance education could not commence.

Accumulated unspent income in the above Funds is:

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|||||| |---|---|---|---|---| |Chipp|Griffith| |£|£| |At beginning|of year|85,466|69,396| |Movement|in|year|14,958|-| |At|end|of year|100,424|69,396|

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THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JULY 2023

18. ANALSYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Investments Current assets	1,806,145 (211,066)	605,261 297,299	2,411,406 86,233
Creditors less than 1 year	(6,900)	-	(6,900)
Netassets	1,588,179	902,560	2,490,739

19. RELATED PARTY TRANSACTIONS

Details of related party transactions are set out in the Trustees’ Report.

= 7 =

THE FRIENDS OF HIGHGATE SCHOOL SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2022

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||||||||| |---|---|---|---|---|---|---|---| |2022|2021| |Unrestricted|Restricted|Total|funds|Total|funds| |funds|funds| |Notes|£|£|£|£| |INCOME|FROM:| |Donations|4|111,226|-|111,226|113,685| |Investments|5|47,648|14,691|62,339|60,041| |Total|income|158,874|14,691|173,565|173,726| |EXPENDITURE|ON:| |Investment|management|costs|6|10,013|3,153|13,166|13,300| |Charitable|activities|230,692|-|230,692|559,495| |Total|expenditure|240,705|3,153|243,858|572,795| |Net|gains/losses|on|investments|(106,249)|(27,976)|(134,225)|491,531| |NET INCOME|(188,080)|(16,438)|(204,518)|92,462| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|1,913,976|922,304|2,836,280|2,743,818| |TOTAL|FUNDS|CARRIED FORWARD|1,725,896|905,866|2,631,762|2,836,280|

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This page does not form part of the statutory financial statements

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