REGlS'fERED COMPANY NL.NIBER: 00400695 {Englgnd and Wales) REC.ISTERED CHARITY NUMBER: J056624 REPORT OF THE TRLSTEES Ft)AYCIAL STATENIEITS FOR THE YE.AR E)DED 31ST JLI.Y 2024 FOR THE FRIE.NDS OF HIGHGATE SCHOOL SOCIETY
THE FRIEINDS OF HIGHGATE SCHOOL SOCIETY CONTENTS OF THE FIN.4NCIAL sTATEIE.Ts FOR TIIE YEAR EjDED.IIST JULY 2024 Page Report of the TTU5tees to4 Report of the Independeni Audirors 5t06 Statement of Financial Activities Balance Sheet 8t09 oies to the Financial Sr21ements Ioto 17 Detailed Sraiement of Financial Acii%'iiies ?072 18
THE FRIEI)DS UF HIGEIGATE SCHOOL SOCIETI. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024 The Governing Council (Trustees) present their annual report (which incorpornies the directors. report for Ihe purposes ofcompany law) and Ihe audited financial 51alL Tllents for ihc ycar endcd 31 st Julv 2024. Referencc and administrative inforniation sct out on page l above fomis part of this repurt. The financial statements comply with Lurrent statutory rcquircmcnis. the Memorandum and Articlcs of Association and the Statement of Recotnmended Praclice= CharitiLS SORP (FRS 10?). The Council Menibers are Trnstees 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 Charitv nurnber 1056624 Registered office Highgare School North Road Highgate London N6 4AY Trustee5 SJHBovcy G Catnpbell JSDoddKC P J Epstein S Fernando J A Hender50n M A B M Lmicholl J Imorelle J Oyeyi A S Pettitt J M Polledri N Il'ong Secreiary Chainnan (appointed 19 June ?0?41 lappoinied 19 June 70241 {appointed 19 June2024) Company Secretary S J 11 Bovey Senior Statutory Auditor Susan Plumb ACA .4uditors Haines Warts Chartered Accountants and sfatuiory auditor Old Station House Staliun Approach New'port Streei Swindon Wilishire SNI 3DU
TFIE F'RIENDS OF HIGHGATE SCIIOOL SOCIETY REPORT OF TEIE TRknSTEES FOR THE YF.AR ENDED 31ST JULY 2024 REFERENCE ND ADIMILNISTRATIVF. DETAII.S Bankers Ndlional Westminster Bank PIC PO Box 192 116 Fenchurch Street Lnndon EC3M SAN STRLCTL'RE. GOv'EILN.4YCE.N'D MAIAGE.IIENT Governing document The Charity is a company limited by guardntee as defined b). thc Companies Act 2006. incorporated on 17th November 1945 and rcgistered as a charity on 24th August 1965. Thc Charitable Company was cstablished under a Memorandum of Association which established the objects and powers of ihe Charitable Company and is governed under its Artieles of Association. In the event of the Charitable Company beino wound up members are required io contribute an amount not exceeding £1 each. Recruitment and gppointment of neiTr trustee5 New appoinirnenis are made by majority decisions of ihc GOem]ng Council in accoidance with company law having regard 10 ihe rel¢vanee of the applicant's experience and the needs of the Clkriiable Company. Appointments are for a renn of three years. Induction and training of neTh' trus¢ees Ne. meTnbers receii'e an induciion pack w'hich includes a copy ol the imemordndum & Articles of Association, general inlorniation about the charibIe Company and irs hisiorv. past minutes of the Governing Council meetings and Ihe lates1 set of accounts. Mi ember5 ariend a meetin¢F of thc GoN'crning Council as an observer before being fornially invited to become a member. Council members are rccnjited for iheir relek'ant expertise and previous experience. Organiy#tional structure The Goieming Council meets six-tnonilkly to adminisier the Charitable Cornpany. Duties atid functions are delegated to individual metnbers of the GoN'eming Council who w]dertake Ihese on an unpaid voluntary basis in conjunction with the Head and oiher olTicials of Highgaie School and w'here appropnate through free uiilisation of the School's facilities. There are no paid ernployees of the Chariiable Cornpan. Relkited parties Th¥ Lharitable Company work5 in conjunction with Highgatc School, whose students arc lis principal beneficiaries. Charitable Company has the benefii ofthe free usc of adminislraiive faciliiies at Highga¢e School to cnable it lo carry oul its aims and objectivcs. Risk management Risk assebsment is built into Ihe Charitable Company's managemeni sysiem. currcnl income and expenditure arc budgeied annually and tnonitored at the six monthly Governing Council meeiings. The Chari(able Company has funds to cover unexpecied expenditures in the short-tertn. The Governing Council has and 5ceks 10 maintain a membership of wide professional experience. The longer-term risk thai investment income leve15 Tnay fall is kept under rcview. The Governing Council has reviewed thc cxposure of the Charitable Company to risk and believes th2t the only significant risk lo which the Charitable Company is open relates 10 fluctuatÉons in the market value of investTncnlS. In the event of 1055 uf income from Ihesc invcstments the CJoverning Council would correspondingly be obligcd lo adjusl ihe grnnts made or make SULh grants out of retained funds. Thc Chantable Company has the bencfst of donated time frum the Council mcrnbers and as such has no cmployee cosi commimients at the presenl tirne. OBJECTIVES AND ACT["1T1Es Objectives and aims The Charitable Company'5 objcctivcs and principal aciivtties are to provide funds to support the continued educarion at Flighgate School of Any student whose parents had died. or whosc family financial circumstances had. for any reason. unexpectedly dctcriorated and 10 proN'ide scholarships for students whose family could othen¥ise not afford thc fces to send them to the School in the first place.
TEIE FRIEI)DS OF HIGHGATE SCHOOL SOCIETY REPORT OF THE TRUSTEES FOR"I'FIE YLAR ENDED 31ST JULY 2024 OBJECTIN'ES AND ACTIVITIES A fullhLr aim of thè Charitable Company is financc each year a numbcr of projects which add facilities or CqUiPTnenl In those Pro Ided by thc Govcrnor5. so as to enrich ihe life of students at Highgaie SLhool and to extend Iheir opportunities. There have bccn no material changes in the policies adopted by the Charitable Company. The affairs of Ihe Charitablc Company are administered by its. Governing L ouncil. which includes Governors, Ihe Head. Old L holmelei£ins (old pupils of Highgaie). parenis and other friends ofthe School. The Friends, inLome is derived from the investmeni of bcquesls. covenants and donations from supporters of the S¢hool. The goveming instrument of the Charitable Company is to be found in it5 Mcmordndum and Articles of A55(Kiation. Public Benefit The Goveming Council has oiven due consideration to the Charit). Commission published guidance on the opcration of the public benefit requirement. The Governing Council considers Ihe public bencfit proN'idcd to bc ihe provision of funding to enable ¢ducalion lo be provided for sludcnLs who could othelwise not afford thc fees to attend the School. and to provide free of chargc furthir facilities ai Ihe School for the benefit of the students generally. ACHIEIIEMI ENT kiYD PERFOR.11.4.NCE CharitAblc aclivities Thc Charitable Lornpany and the Governing Council continue to review the ineome and experkditure of the Charitable Company to achieve a general year on year balance. The Charitable Company conlinues ro be in a position to asslst those students who meets its eligibiliry cllieria. and the Governing Council thcrcfore considers the objectives of the Charitable Companv 10 have beLn satisfactorily met. During the year under rei'iew Ihe Charitable Company assisted seven studenis with educational (Frants varying from 2) /0 to 10(P/o of school fees. and continued to fund an annual full bursary for a pupil in rhe Senior School as well as a sixih fonn bursary paid from Ihe Chipp bequest. In &ddiiion, the Charitable Company have made a serics of other smaller granrs for Ihc benefit of pupils and rhe school's wider educational and partnership practices (including for the School's partner school The London Academy of F.xcellence Totlenham). FtNANCIAI, REVILW Reserves polic). The Charitable Company docs not consider thal li holds any reseTres surplus to requirements as the funds are held for the purpose of generating income for the purposes of making grants and loans. The Chariiable Company is occasionally in reLeipi of legacies and donations bul is nul depcndent on these. Ai Ihe year cnd ihc Charilablc Company had total rcscrvc5 of £2,606,644, of whÈch £931.953 were restricted funds and £1.674.691 unrestricted funds. Frcc Ic5erves at the year-end amounied to £N' il. unds in deficit None of the restricted funds were in deficil. Investment poliev and objective5, including any relevant ethie*l politv The Charifable Company's invebtmcnl policy is io achievc a balance between income and the opportunity for capital appreciation over a period of time. None of Ihe individual investments comprise MO than i % of the toial invc5tment portfolio. The Chariiable Company's investments hai'c mct the principal objective of maintaining their total value ivhilst income has bcen maintained. FI)AYCIAL REVIEW Review of the Charitable Company'5 financial p051tion The gross inC()e for the year amounied io £?09.26i (?023- £146.664) and from this sum and the reserves brought forward ihe Goveming Council were pleased to be able to approve expenditure totslling £189,182 120?3- £130.649) for educational grants. loan5 and funding for school projecis. Thcse are detailed in ihe notes lo the accounts. After dealing with Govcrnance and admlnisirati'e expenses. Iherc was a dcficit of income oi'er expenditure for the year of £44.384 (2023- Deficii £41.283). It is necessary to recogni%e in thc accounts the movcmeni in the values of the investmenis and after taking account of Ihc incrcase in stock markei values during the year of £171.634 (2023- decrease £77.159) and the realised losses on inveslTnents sold of £11.3451?023- gains £?2.581) therc is an okerall increase in investment funds frotn 31 st July 20?3 10 31 si July ?024 of £160,?89 (2023- decre&%e £99.7401 as Shown in the Statement of Financial Activities.
THE FRIEIYDS OTr. IIIGHGATE SCIIOOI. SOCIETI. REPORT OF THE TRUSTEES FOR THE YE.4R ENDED 31ST JULY 2024 PI,ANS FOR FLTLRE PERIODS Ther¢ are no prcsent plans for any changes to the Chariiable Company's objeclives or aclivities. .STATEMEINT OF I'RLSTEES RESPONSIBILITIES The tr1151ecs (who are also the direciors of The Friends of Highgale School Socicty for the purpo.ses of Lompany law} are responsible for preparing the Report of ihe Tn]5tees and IhL finanLial stalemcnls in accordancc wilh applicable law and United Kingdom ALcuunting Standard5 (Uniied Kingdotn Generally Accepied AcLounting Practice). Compdny requires thc trnstecs tu prepare financial siatements for each financial year which give a true and fair view of thL slate ol'affairs of Ihc chariiable company and of Ihe incoming resources and application of resources. incliiding the income and exndItUre. of the chariiable company lor thal period. In preparing those financial staiements. the tn15tces are rcquired lo select suiiable accounting policies and then apply them consisiently- observe the rntthods and principles in the Chariry SORP: make judgcTncnt5 3Ttd csiimatcs Ihal are reasonable and pruden( prepare the financial statetncnls on the going concern basis unless it is inappropriate to presume thal 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 posilion of the charitable Company and io enable tbcm io ensure that the linancial Statements comply with the Companies Act 2006. They arc also responsibl¢ for safegLwding the assets of ihe charitable company and hence for taking reasonable sieps for the prcyeniion and dctcction of Irdud and other irregulariiies. KD so far as the Iru5tees are aware= there is no relevant audit intonnation ofwhich the charitable cotnpany's auditors are unaware,. and the trusiees have keft all steps that ihey oughi 10 ha%'e taken to make themsel.eS aware of any relevani audit information and to esiablish Ihat Ihe auditor5 are aware of that infornation. ALTDITORS The auditors. Haines Watts. will be proposed for re-appointment ai the forthcoming Annual General Meeiing. This rcport has been prepared in accoidance with the spccial pvISIOnS of Part 15 of the Companics Act 2006 relating to small companies. Approved by order of the board Ortnlee8 on ?02) and signcd on its behalf by= s )611 J S Dodd KC - Trustee Lfj.S.Qs-
REPORT OF THE INDEPENDE)T.4UDITORSTOTHE NIEIIBERS OF THE FRIF..4DS UF TrIIGHGATE SCHOOL SOCIETI, Opinion We havc auditcd rhc financial statements of The Friends Of Highgate School Society {Ihe 'challtable company,) for the ycar cndld 31 July 2024 which comprise ihe Statemcnt of Financial Aclivitics, Ihc Balance Sheei and notes to the financial statements, including a summary of significant accounting policies. The finanLial reporting frdmcwork that hds been applied in their preparation 15 applicable law and Lnited Kingdom Accounting Sthndards. including Financial Rcporting Standard l O? The Financial Rcporting Standard applELablc in Ihe LK and Republic ()f Ircland {Unitcd Kingdoni Generally ALcepted Accounting Practice). In our opinion the financial statement5: give a Irue and fair &'2LW of the stat¢ of ihc charitable company's atTairs as al 31 July 2024, and of its incorning resourcis and application of resource5, including its income and cxpenditure, for the ycar thcn ended: have been properly prepared in accordance with Uniicd Kingdom Generally Accepted Accounting Prdctice. and have been p Pared in accordancc with thc rcquirements of thc Covnpanies Act 2(X)6. Basis for opinio We conducied our audit in accordance with Inrernaiional Standards on Audilino (LK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audii of the tinancial statements section of our report. We are independent of Ihe charitable company in accordance with the ethical requirerllents that are relevant to our audit of the financial statement5 in the UK. ittcluding the FRC'S Ethical Siandard, aDd we have fulfilled our other eihical iespousibililies in accordance with These requirements. We believe that the audit evidence we have obimincd is sufficient and appropriate to provide a basis for our opinioft. Conclusion5 relating to going concern In auditing the financial staiemenls, we hae ioncluded thai the twsiees, use of the going concern basis of accounting in the preparation of the finaticial siatemenrs is appropriaie. Based on the work w¢ haTre perfornied, w¢ hae not identified any material uncertainties relaiing EO events or conditions that, individually or collecti&ely, may cast significant doubt on the charitable companv's abiliry to continue as a going concern for a pcriod of ai Ica51 twclvc mon(hs frotn when the financial statcments ale authorised for issue. Our rcsponsibililicb and Ihc rcsponsibilitics of ihc trustee5 with rcspcct lo goin¥ concem are described in the relevant scclions of(his report. Other information The trustees are respunsible for thL Other infom]alion. The other infomiation Comprises the information included in the truslccs. annual report. other than the financial staleTncnts and our auditor's report ihereon. Our opinion on the financial stalcmenis does not cover Ihc oiher infomaiion and, cxcepl to Ihe exteni otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion Ihereon. Tn Lonnection 1th our audit of the financial slaiements. our responsibility is to read the other information and, in doing so, consider whether the oiher infomialion is materially inconiistent with the financial statements or our knowlcdge obtained in the audit or otherwise appears lo be materially misstated. If we idenlify such material inconsibiencies or apparent matenal misstatctnents. wc arc rcquircd to detertnine whcther there 15 a material misstatement in the financial statements or a m41terial missiaiemeni OF the other information. If. based on the work we have performed. wc concludc that there is a rnaterial misstatement of Ihis other infornlation, e are required to report that fact. We have nothing to report in this regard.
REPORT OTr""1'14E I.NDEPENDENT ALDITORS TO TIIE TrIENIBERS OF THL fr'RIE)DS OF HIGHGATE SCIIOOL SOCIETI. Opitjions on other matter5 prescribed by the CompaDie5 Act 2006 In our opinion. based on the work undertsken in the course of the audir- the infomiation gTven in Ihe Slee5. report {incorpordting the d1ctOrS. report) for the financial year for which Ehe financial statements are prcparcd is consistenl with thc financial sle1CnI$,. and the directors report has been prepared in accordance with applicable legal requirements. Matters on which Ive are required to report b!. exception In the lighi of our knowledge and understanding of the charitable company and ils environmenl obtained in the course of the aiidil. we hafv'e not idcntified material misstatemcnls in the director5, report. We have noihing lo report in respect ofthc following matteTS in relation to which the Companics Act 2006 requires us lo report to you it, in our opinion.. adcquate accounting records haN-c not been kept. or returns adequat¢ foT our audil have not been rcccived from branches not visited by us.. or the financial statements are not in agreement with the accounting records and reiurns- or certain disclosures of directors. remuneration specified by law are not made: or we have not recei*ed all the infoTrnation and eiplanalions we require for our audii - or Ihe trusiees were not enlitled to prepare the Iinancial >taiements in accordance w'iih the small companies. regime and lake advantage of the small companics. exempiions in preparing ihe directors report and from Ihe requirement io prepare a strategic report. Responsibilities of trustee5 As explained more fully in the inJsrees responsibilitie5 Staiemenl sel out on page 4, the irusiees Iwbo arc also the directors of the charilablc company lor the purposes of company lawl are responsible for the preparation of thc financial staiementS and for being saiisfied iELai they give a true and Fair N'iew. and for such iniernal control as tbe Irusiees detennine is necessary to enable Ihc preparaiion of financial staicmcnls that arc frcc fn)m tnatcrial misstatemcni, whether due to fraud or error. In preparing the financial statements. Ihc Irusitts are r¢sponsiblc forassessing ihe charitable company s ability to continue a5 a going concern. disclosing, as applicable, maiters relatcd to going conccrn and using the going conccrn basis or acLounting unless the trustee5 eiiher intend to liquida(e the charitable compan). or to cease operatiunb. or have no r¢alisliL alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives arc to obtain reasonable assurance about whcther the financial statemen(s as a whole are free from material misstatement, whether due 10 frdud or crror. and 10 issue an audiior's retK)ri that in¢ludc5 our opinion. Reasonable assurance is a high level of assurance. but is nol a guaranlce ihai an audit conducted in accordance with ISAS (UK) will always dctcct a material misstatCTnent when it exisis. Mis5taiements can arise from frdud or error and are considered material if. individually or in thc aggregate. Ihey could reasonably be expccted to influence the onoMiC decisions of useri taken on the basis of these financial statements. We obtained an understanding of the legal and regulatory framework applicable to both the charity iiself and the environment in which li operaie5. We idcntificd areas of law5 and regulaiions that could reasonably be expectcd to have a material effect on the financial 5taiLments from our secior experiencc and Ihrough discussion with ihc directors and other managcmeni. The most significant were identified as the Companics Act 2006. LK GAAP (FRS102). Charities Act 201 l and relevant tax legislation. We considcred 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 managemeni as io where they consider there to bc a susceptibility to fraud and wheihcr they have any knowlcdge or suspicion of fraud-
REPORT OF THE l*iDEPE.NDENT ALDITORS TO THE MEMBERS OF THE FRIE.NDS OF HIGHGATE SCIIOOL SOCIETY obtaining an understanding of the internal controls cstablished to milig3te risks relaLed to fraud or non-compliance with laws and regulations.. a8SC5sing thc risk of managcmcnt OveIde including idcntifying and testing journal cniries. challenging the assumptions and judgcments made by management irt its signifiLant accounting e5timaies. Despite thc audii being planned and conducted in accordance wilh ISAS (UK) Ihere remains an tknavoidable risk that material MisslernelS in ihe Financial siatements may not be deiecied owing to inherent limitations ol the audit. and that by their very nature. any such instances of fraud or irregularity likely involvc collusion. forgery. inteniional misrepresentation5. or the override of internal controls. A further description of our responsibilities for the audit of the financial staicments is located on the Financial Reporting Colincil's wcbsiic at www.frc.org.uk/auditorsrc5pon5ibilitics. This de5CriPtion fomis part of our Report of the Indcpend¥nl Audiiors. This rcport is tnadc 501cly to ihe charitablc company's Tncrnbcrs. as a body. In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undenaken so that we might state to (he chariiable company's member5 those Tnatters we dre required to statc to them in an auditor s report and lor no other purpose. To the fullest extent pemiitled by lam.. we do not accept or assume responsibility ro anyone other than the charitable company and the charitable Company's m¢mb¢rs as a body, for our audit work. for this report. or for the opitlions we haN'e fornied. Nc/¥ Susan Plumb ACA (Senior Sixtutory Audiior) for and on behaifof HaiDes Ivaiis Chartered Accountants and Siaiulory Audiiors Old Starion Flouse Station Approach Newport Street Swindon Wiltshire SNI 3DU Dale=
TFIE FRIEIND5 OF IIIGIIGATE SCHOOL SOCIETY SI".41'ETrIE.N'T OF FI)ANCI,IL tiCTII'ITIF.S (INCORPOIL4TING .4N IICOIIE .4ND EXPENDITLIRE ACCOL%T) FOR THE I'E.4R LNDED 31SI" JULTr 2024 20?4 Toial funds 2023 Totsl funds nrestricted fundb" Restricted funds INCOMF. FROM: Dunulions Investments 129,758 60.635 129.758 79,505 73.706 72,958 18.870 Total income 190,393 18.870 209.263 146,664 EXPF.YDITURE ON: In&'estment management costs chanble activiiies 8,685 216.545 2.902 25.515 11.587 242.060 11,715 176,232 Total expenditure 225.230 28.417 253.647 187,947 Net gainsllosses on invesmients 121,349 38.940 160,289 {99.740) ET IYCOTrIE 86,512 29.393 115.905 (141.0?31 RECONCILIATION OF FLNDS Total funds brought forward 1588.179 90?.560 2.490,739 2.631.762 TOTAL FUNIDS C.4RRIED FORWARD 1.674.691 931.953 2.606.644 2,490,739 The Thotes forn] part of these financial statements
THE FRIENDS OF HIGIIGATE SCHOOL SOCIEI" BALANI CF. SHEET AT.IISI" JLLY 2024 2024 Toial funds 2023 Total fund8 FIXED AS,SETS Investments 2.ii3.692 2.411.406 cuRRET ASSETS Debtors Cash at bank 12 1.000 85,233 147.380 147,380 86,233 CREDITORS Arnounts falling due within onc year (94.4281 (6.9001 IET CURRE)T ASSETS 52,952 79,333 TOTAL ASSF.TS LESS CURREtIT LIABILITIES 2.606.644 2,490.739 ET ASSF.TS £?.606,644 £?,490,739 14 Unresiricied funds 1.674.691 1,588.179 Restricted full¢L% Chipp fund Gri ftrith 756.113 17i.840 7?6.720 175.840 931.953 902.560 TOTAL TrulD5 £2.606.644 £2.490.739 The notes foun part of these financial statements continued...
TIIL fr"RIEINDS OF HIGHGATE SCEIOOI. SOCIETY B¢KLA.NCE S'FIEET- CONI'INLED AT 31ST JLLY 2024 Thesc financial statemenls have been preparcd in aLcordanLe with iht special provisions of Part 15 of the Companies Act 2006 relating Lo stnall charilable companics. The financial statemcnts were approied by the Boatd of Tntte$ on ?0?5 and were signed on its behalf by.. J S Dodd kC-Trustee on -TnLStee ,103Jzs The notes lomi part olthese financial slatements 10
THE b'RIEJDS OF HIGHGATE SCHOOL SOCIETY IIOTES TO THE FIN.4)ClplL STATENIENTS FOR TIIE YLAR ENDED 3151. JLLY 2024 GENER.4L lFoRNIA7.10 The Lharity is a privatc company limited by guardntee. registered in England dnd Wales and a reqistered chariiy in England and Walcs. The address of thc regisiered otTicc is Highgate School. North Road, Flighgate. London, N6 4AY. STAI'EIIEINT OF CONI IPLIA.NCE These financial statements haN'e been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the Statement of Recornrnended Practice applicable (o charitics preparing Iheir accounts in accordance wilh the Financial Reporting Standard applicablc in the UK and Republic of Ireland IFRS I O?) (Charities SORP IFRS 10211 and the Chariiies Act 2011. ACCObNTI)G POLICIES Accounting convention The linaiicial statctnenis have been prepared on the historical cost basi5. as modified by the reiwaluaiion of cenain financial assets and liabilitiC5 and investment propcrties measured a( faiT value through income or eKpenditure. The financial statements are prepared tn sterling, which is the nctIOnal currency ofthe entity- Going Concern There are no material uncertainties regarding the cIlty continuing as a going conccm. Cash now Statement Thc financial Slalctnent comply wilh FRS 102 1 A (applying L'Fd2te Bulletin I l and Ihus a cash flow statement ha5 not b¢¢n included. The significant accounting policies applied in ihe preparntson of these financial siatements are set out below.. These policies have been consistently applied to all year5 presented unless otherwise Stated. No judgemenis in applying the accouniing policies or key assumptions aboui Ihe future are considered to haN'e a significant effect on the amounts recognised in the financial statements. Incoming resources All incoming rcs0urcL are included in the Siaicment of Financial Activilics when the Charitable Company is Icgally entitled lo thc incorTrc and ihc amount can bc quanlificd with reasonable accuracy. The following specific policics are applicd io particular calcgories of incomc". Donations and covenanted illcome are includcd in the accounts when receI.ed. Lcgacics are included when the Charitable Compan). 15 advised by the personal represenlalive of the estate thal a payment will be Tnade and Ihe amounl can be quanlified. Investrnenl incotne is included when receivablc. Re50urees expended F.xpcndilurc is rccogni5ed whcn a li3bility 15 inCUed. ConlrdLiual arrangements are recognised as goods or services arc 5upplicd or whcrc a constructive obligation ari5cs. Expenditure includes any VAT which cannot be recovered. and is reported as parl of the expendiiure which IL relaies. Educational loans are Tnadc to applicants in lieu of educational grants where a loan is considered more appropriate. Thcy arc trcatcd as non-recoN"erable expenditure in the year in which they are made and any subsequent repayTncnts arc included &5 illLomc in thc yrar in which thcy arc received. Cost of generating funds Costs of generating funds arc ihose costs incurred in attracting voluntary income.
THE FRIEiIDS OF IIIC.IIG.41'Tr: SCHOOL SOCIETY NOTES TO THE FIN.4NCI.4L STATEMENTS - CO.NTINLED FOR THE YEAR ENDED 31s"r JLLI. 2024 ACCOLNTIN'G POLICIES- continued Charitable Ydctivities Charitable expendiiure comprises those costs inLurrcd by the Charitable Company in the delivery of ils aLtivilieS and serviLe.% fur lis benefiiiaries_ It includLS both costs that Can be allocated directly to such altivities and ihosc osts ol-an indireLt nature ncce55ary to suppon them. Governance costs Governance costs include those costs associated wilh mecting the constitutional and slatutory requirements of the Charitable Company and include the audit Icc5 and Cosis Itnked 10 the strnteoic management of the Charitable Company. Taxation As a registered charity, the Charitable Company is exempt from corpordlion tax and Capital gains tax on invesimcni income and gains and income derived from and applicd to charitable activities. Fund 4ccounting Restricied funds are subjcLied io iestrictions on their expendituie imposed by the donor or through the terms of their reccipl. Resiricted fiinds include a re.alUatIOft teseTh'e representing the restatement ol restricted fund investment assets at market value. Unre51ricted fvnds are available for use al ihe discreiion ol the Governing Council in [lbenCe of the gencral objeclives of the chariry. LnrestricLed funds include a reialuaiion reserve represcnting thc resiaiemeni of general fund invesimeni asse at market value. Designated funds are Ltnreslricted fund5 that have been set aside by the Governing Council for particular putposes. Debtor5 Trade and other debrors are recognised at the settlement amount due. PrepaymenES are valued ai Ihe amount prepaid. Creditors Creditors are rccognised where the charity has a prE5cnl obligaiion resulting from a past cveni Ihal will probably result in the transfer of funds lo a Lhird party and ihe amount due to 5cttlc ihc obligaiion can be measured or Cslimaied reliably. Crcdilor5 are recognised ar their settlemeni amount. Fixed asset investment5 Invesiments held as fixed asset5 are revalued ai mid-market value at the balance sheet date and the gain or loss iaken to Ihe Statcmcnt ol Financial Activities. The cumulalive net revaluaiion surplus within each fund is identified and shown separdEely from accumulated income. 12
THE FRIENDS OTr IIIGHGATE SCHOOL SOCIETY IOTES TO THE FIN'.4.NCIAL STATE.MENTS - CONTINLED FOR TFIE YE.4R EN4DF.D 31ST JtJLY 2024 DONATIONS 2024 2023 T(yial Funds Lnrestricied funds Restricted Funds Funds L.oan repayments Parental and other donations 58.309 71.449 58.309 71.449 73.706 129.758 129.758 73.706 INVE.5TlENT INCO,NIF. 2024 Total Funds 2023 I'otal Funds Unrestricied Funds Restricted Funds Dividends from investmen Deposit aLcouni interest 58.500 2.135 18.8?0 50 77,320 2,185 72.270 688 60.63) 18.870 79,505 72,9)8 INVESTMEYT IMANAGF.NIENT COSTS 2024 Total Funds 2023 Total Funds Lnrestricted Funds Restricted funds Portfolio management 8.685 1.587 11.715 CHARITABLE AcfiN'ITIES COSTS Direct costs Tota15 F.ducaTion grdnt5 LAET grants School grants Govemance costs {note 8) 189,18? 40.945 5.299 6.634 189.18? 40,945 6.634 242.060 242.060 13
THE FRIENDS OF HIGHGAI'L SCIIOOI. SOCIETY OTES TO THE FINANCIAL STATEMENT,S- CoTI)LED FOR THE YEAR E.NDED 31ST JULY 2024 GON'ER).4.NCE COSTS 20?4 To(al Funds 2023 Total Funds Unrestricied nds Restricted nds Accountancy Administrdtive c05t Auditors, remunerdtion 3.900 134 3.900 134 2,600 3,600 85 2.420 6.634 6.634 6,105 NF.T INCOME Nct income is stated after chargingl(crcditing)- 2024 Audiiors, retnuncrdtion 2,600 2.420 io. TRLSTEES, REML*ERATION AYD BEThEFITS There were no trustees, remuncraiion or other benefits for thc year ended 31 st July 20?4 nor for ihc year ended 31 st July 2023. Trustees. expen5e$ There were no trusiees, expenses paid for thc ycar ended 3 Isi July 2024 01 for the year ended 31 si July ?023. FIXF.D.4SSET INVESTIIENTS Listcd invesmicnis MARKET VALL'E Ai I st Aiiuusi 20?3 Additions Disposals Revaluations 2.411.406 419,226 1448.574) 171,634 At 3 Isl July 2024 2.553,692 YET BOOK VALL Ai 31 st July 2024 2.i53,692 At 3 1st July 2023 2,411.406 The markei value of investment assets hcld outside the UK was £ 1.224.592 (2023- £1.420,204). The total rcvaluatTon r¢serve at 315t July 2024 included in the above amounied to £427,730 {20?3 -£340,816). 14
THE FRIE,NDS OTr" HIC.H(:ATE SCHOOL SOCIETY PiOTF.S TO THE FIN.4NCIAL STATEMF.NaTS- CONTINLED FOR"I'FIL YF'AR ENDED 31ST JLPLY 2024 FIXED ASSF.T INI VEST%I£NTS- continued UnreslriLted funds Restricted fundi Restricted funds GritTiih Bequcst Listed investments Tothl ndS General fund Chipp Bequest Market value ai beginning of the yLar Acquisitions al cost Disposal cost al carrying i'alue Nei unrealised gainslllosses) on revaluaiion 2.411,406 419.226 (448.5741 171,634 1.806.145 373.9?6 (34?.046) 130.505 60i.261 95,300 (106,5?8) 41.129 Markel value at cnd of year ?.j53.692 1.918.530 635.162 Cost at year end 2.125.962 1,565,747 560.215 12. DEBTORS: AI¥IOLNI'S FALLING DUE WITHIN OIE YEAR 2024 2023 Tax 1,000 1,000 Loans made io siudenls are expensed as charilable expenditure in Ihe year in which thcy are made and subsequent loan PaYrnLnts iirc rccolsed as voluntary in¥ume in the year in which they are rcccived. During Ihe )'ear sludcnt loans ol £Nil were made lo studcnis ivhich, as pcr the accounling policy, were treated as a non-recoverable expendiiure. 13. CREDITORS: .4hlOLJTS F.4LLING DUE II'ITHIN ONE 'E.R 2024 2023 Highgate School Othcr Creditors Accruals 66.563 20.465 94.4?8 6,900 14. ON'EMEKf IN FUNDS Nei movement Transfers in funds between funds Ai 1.8.23 Ai 31.7.24 Drestricted funds General tund 1.588.179 86,512 1,674,691 Restricted funds Chipp fund GritTith 726.720 175.840 29.)93 756.113 175.840 902.560 29.393 931.953 TOTAL FL'L%DS 2.490.739 115.905 7.606,644 15
THE FRIEN'DS OF HIGHGATL SCEIOUI. SOCIETY OTES TO THE FlINANCI.4L STATE.IIENTS- CONTINLED FOR"I"IIE YF.AR E.NDED.I15T JLILY 2024 14. I ION'EML EINT IN FLINDS- continued Prior year'.- At 1.8.?3 Net movement Transfer in funds between funds At31.7?4 Unrestricted funds General fund 1.72i.896 (137.717) 1.588.179 Restricted funds Chipp fund Griftith 7JO.026 175,840 (3.306) 726.720 175.840 905.866 (3.3061 90?.560 TOTAL FUNDS 2,631.76? 141.0?3) 2,490,739 15. COITIISGENT LIABILITIF.S The were no known contingeni liabilities ai the balance sheet date. 16. STATL'S. NIF.MBF.RS GUAR.ANTEE LI.4BII.ITIES AND CONTROL The Fricnds of Highgaie School Society is a compan J. incorporated in England. limitcd by guarantec and has no share Capi1. It is a registered charity (number l Oi66?4). Each member is liable to contr5bute up to £ l under the guarnntee liability. The Charitable Company is considered io be under the collective control of the direetors. all of whom act in a stewardship capaciry. 17. E E CFIIPP C C GRIFFITH BEQLESTS The income generdted from ihe resiricied capiial funds of the Chipp and Gn"ffith Bequests call only be applied by the Charitable Cotllpany ro a55isi siudenis in the costs ol their education at Highgate School. The lenns of the Chipp Bequest restrict assisiance to those cases Th'here M'ithout such financial assisiance education could noi commence. Accumulaied unspeni income in the above Funds is= Chipp Griffith At bcginning of year Movement in year 100,4?4 19.547) 69,396 Ai end of year 90,877 69,396 16
THE FRIELYDS OF HIGHGATE SCHOOL SOCIETI, OTF.S TO TIIE FIN.INCIAI. STtlTEIMEN'IS- CONTINL'ED FOR THE YEAR EN4DF:D 31ST JLILY 2024 18. AIYALSI'S1.S OF NET ASSETS BETWEEN FL"NDS Unresiricied Funds Restricted Total Funds Funds 2024 Investmenls Current assets Credilors less ihan l year 1,918,530 {157.9161 (85.923) 635.162 30i,296 (¥.505) 2.5i3.692 147.380 (94.4281 ei assets 1,674,691 931,953 2,606.644 19. RELATED PARTY TIL4NSACTIONS Dclails of related party iransaclions are sei out in the Ttustees. Report. 17
THE FRIE*4DS OF HIGHGATE SCHOOL SOCIETI, DETAILED STIlTE,NIENT OF FIJANCI.4L ACTIVITIES FOR THE YE.4R ENDED 31ST JL'LY 2023 2023 Total funds 2022 Total funds nrc5triclcd fun(ts Restncted funds INCO,ME FROM: Donations Investments 73.706 55.072 73.706 72.958 17.886 62.339 Totxl income 128.778 17.886 146.664 173.565 EXPENDITLRE ON,: Ini'L&lmeni manaacmcnt costs Charitable activiiie 8.787 176.232 ?.928 11.715 176.232 13,166 230,692 Total expenditure 185.019 2.928 187.947 243.858 Net gainsllosses on investments 181.476) (99.740) (134,2251 ET INCOThIE {137.717) (3,306} (141.023) 1204.5181 RF.CONCILI.4TION OF FLNDS Total lunds brought forward 1.7?5.896 905,866 2.631.76? 2,836,280 TOT.&L FUIIDS C.4RIUED FORW.4RD l.i88.179 90?.560 2.490.739 2,631.762 This page does not fortn part of the statutotv financial 5tateTnenlS 18