REGISTERED COIIP.4NI' NLIIIBER: IW0069? (England and Il'alesl REGISTERED CHARITI. NUIIBER.. 1056624 REPORT OF THE TRUSTEES AND FINANCIAL STATF.IIF.NTS FOR THE YEAR ENDED 31ST JLII.Y 2025 FOR THE FRIEND5 OF HIGHGATE SCHOOL SOCIETY THE FRIENDS OF HIGHGA TE SCHOOL SOCIETY CONTENTS OF THE FIN.4NCIAL STA TEMENTS FOR THE YEAR ENDED 31ST JULY 2025 Pa8e Report ofihe Trus￿5 1104 Repon of Ihe Indek*nd¢DI A￿j11￿5 5106 Sthtemeni of FinaDcial Aciiviiies Balanc¢ Sheei 8109 Noies 10 Ihe Financial St*ements 1010 17 Dethiled Siaiemeni ol Finaftcial Aciiviiies 2022 18 THE FRIENDS OF HICHCATE SCHOOL SOCIETY REPORT OF THE TRLSTEES FOR THE YEAR ENDED 31STJULY 2025 The Governing Ctsurhcil ITTU￿eeSl pws¢rti their annual rep)rt l*hich irtcorpora*s Ihe di￿LorS. re[￿ for the purtx)ses of company lawl and the thudited financia] staiemertis lor the year ended 31st July 2025. Reference and adrninistraiive information sei oui on pa47e l alK)ve fonns pan o( thi5 retKbrt. The financial staietnenis cotnply wilh curreni siaiuiory requiremen￿ Ihe Memorandum and Anic1¢5 of A55(Kiaiion and the Siatetnenl or Recommended ]¥aciice.' Charilies SORP IFRS 1021. Th¢ CounLII Membews are T￿%￿S for ￿ pun)os¢s of Chariiy r¢8ulaiioThs and Directors for the purtx)ses of Company Law re8ulations. REFERENCEAND ADIIINISTRATIVE DETAI[ Registered Company number On4(M1695 IFn¥land and Wales) Registered ChArity nllmber 1050624 Registered office Hi¥hgthiL Sch(￿1 NL>rih Rc>ad Hi8hgate London N6 4AY Trustees S J H Bi)vey G Campbell J S Dixld KC P J Epsieln S Ferndndo J A HendLrson MABMMiLhon S¢(¥e¢ary ChaimiJn lapw)inied 18th June 20251 Chairn)an ITesign¢d 18th June 2025) ITre&5urerl T Nc?riham J Oyeyi A S Peiiilt J M Pi)Iledri N Wong lappoin*d 18 June 2025) Ire518r*d 18 June 2025} Cornpany SecrEt*ry SJHBov¢y Senkor Sl#tutory A￿ditOr Maritn GurnL'y FCA Auditors HainLS Watis Chariered Accountsn15 and s￿ulOry audiior Old Sialion Hou5¢ Sialinn Approach Newpon SITeei Swjndon Wilishi SNI IDU THE FRIENDS OF HIGHG.4TE SCHOOL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31STJULY 2025 REFERENCE AND ADMINISTRATII'E DETAIIS Bankers National Wesimin5t¢r Bank P]c tx) Box 19? 110 FenLhuT¢h Sireei Lc)rtd()n ECIM SAN STRUCTLRE. GOVERNANCE AND MANAGEMENT Governing dnrument The Charli> 14 h cc)mpany limiied by guaran*e a5 d¢fined by ihe Companies A¢1 2(K>6. inCOr￿ra1cd 17ih NoveinbL'r 1945 r¢gisi¢red as a charhiy OTh ?4th Augu%1 I¢X)S. Ihe Charithble Company w&s established urmler a Memorandum of A$S￿l￿tiOn whsch esthblished lh¢ obj¢L¢s and powers of lh¢ ChaTJthble Company and is govern¢d undLr Jis Articles ol Ass￿latiOn. In ihe eveni of the Chariiable Company being wound up members are re9uhr¢d io LvntrLbuiL an amouni noi exceedLng £1 each. Recruitment and 4ppoin¢ment of new tTUStets N¢w ( Ihl Gov¢rnin8 Council meeling5 and th¢ Idiesi sei c)f aLLc¥unis. MLmbeTS aiiL'nd a m¢¢iing thf lh¢ Governing Couth¢il tys an observer kfore k'iJ)g formally inviied 10 become a member. Council members are r¢¢rui*d (or Ihcir r¢le¥ani ¢xwiise and pr¢vious ¢xp¢ri¢nce. Organisational Structure ThL Gi)￿trning7 Ciiuniil mi¢is six-monthly ￿ wJmini$L¢r the Chariiable Company. Duiies and funciion5 are delegoied 10 indivitlual tn¢mkrs c>f th¥ Governing Council who underthke ihc5¢ Ort an unpaid voluniary b&si% in ci)r)junLliiin wilh IhL' HLil(l niher c)ffi¢ial% c)f Hi8h8aie Sch(K>l and wh¢r¢ atv(y)riai< Ihrough fre¢ uiilisaiion of lh¢ Schoul's fi￿11111¢￿. ThL'fL are nci paid employL￿'s of IhL Charilabl¢ Ccimpany. Related partie5 ThL ChariiJhle Ciimpany works in conjunciion wilh HighgaiL. SLhool. wh05¢ 51ud¢ni% dre lis prinLipal kn¢l'iciaii¢s. Th¢ Lhariiable Liitnp*llly ha5 th¢ beThefii of the frec u5¢ 0(admiThtsiraiive fxilili¢5 ai High&￿e SLhool 10 ¥Thabl¢ il Iv ¢4rry ()ui its #im% 4Dd IihjeLiives. Risk management Risk assL'ssmL'nt is buili inio ih¢ CharLtshle Company's mana8¢m¢ni sysiem: CUfTeni inromv 3nd expendiiure are budgcicd nnually and niorLiiofLd al lh¢ six mortihly Governing COU￿11 meeiin8s. The ChaTitshle Company has funds io COV¢T neKrKLILd expendiiur¢s In the short-terni. The Governing Council has and s¢ek$ 10 maintain a memkrship of wide professional txpciienc¢. Th¢ 10Th8er-term risk ihai inv¢sthieni incom¢ l¢vc15 m•y lall is kepi uthder rn"view. Th¢ Goverrting C()llnLiI h&s reviewed IhetiFx)sur¢ of Ihecharitsble CompaDy ii) risk and belie￿¢5 ihai the ortly SLBnificani T15k Ici which the ChariiablL Company 15 open relaies 10 fluclualions in th¢ markei value of inve51tn¢nts. In Ihe eveni of lo55 of inL()me from these in￿eSt￿ents lh¢ Governin8 Council would Lorreswndlngly be obliged lo adjus1 the granis made or mdke SULh Brants oui of retained fur￿5. The Charitable Ctrmpany has ihe ￿ner11 of dona¢¢xl lim¢ Irom the Council members and as such ha5 employee cost commiiments ai the prcscni lime. OBJECTtVES AND ACTIVITIES Objective5 and aims The Chariiable Company's objeeiives and principal activities are io provid¢ funds io suprth ihc coniinued ￿v¢0t10￿ ai Highg3t¢ 8Lhool c)f any siudeni Who￿ p￿t￿LS had died. or wh(bS¢ famLly fLnancial CLrcuin51anc¢s hdd. for any reason. unex￿Lied1Y deieriordied and io piovid¢ s¢holarships for siud¢nts whose lamily eould otheTWiS¢ not Afford ihe fees 10 send them to the School in ihc first plxe. THE FRIENDS OF HIGHGATE SCHOOL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2015 OBJECTIVFS AND ACTIN"ITIES A furiher aim of Ihe ch￿11&bIL Company is io finance exh year a n￿rn￿r of projects which add facili¢i¢s or equipment 10 Ihose PrO￿Ld<￿ by the co￿¢rn0rs. 50a5 ioenrich Ihe life of Mudent5 ￿ Higbgate Sch(M)l and ioexiend theiropportttniiies. There have been no Ma￿Tial changes in the policie5 adopt¢d by the Chan"table Company. The 4fi.airs of lh¢ ChaTiiabl¢ coM￿nY are adminiS￿red by its GoverniTh8 Council. which iThcludes GovernoTS. the Head. Old Chi)ItD¢leians (old pupils ol Highgaiel. parents and o¢her friends of Ihe SchLKJI. The Friend5. inco]Tbe 15 derived frorn th¢ i￿￿e￿i[￿ent of be4uesis. covenartts artd dotsaiions from sUp[￿ne[S of the Sch(x)l. The governing instrutneni of the Chariiable Company Es 10 ￿ found iTh its MemoraThJum and Anicles of Ass(Kraiioll. Public Benefit Th¢ Governing Council has given due ¢onsid¢raiiort to th¢ Chariiy Commission published 8ULdance on Ihe operaiion of the public ben¢fii r¥quirtm¢rht. Th¢ Governin8 Council considers ihe public ￿ner]I Provided 10 be the pro￿lS1on of fundin¥ Ici ¢nable educaiLon 10 ￿ provided for students who could oiherwise noi afford the fees lo ai*nd ihe &-hool, aJ)d io provid¢ fre¢ of charge funher faciliiies ai the Sch(x)I for the benefii of the 51udcnts gcncTaJly. AcHlF.VTr.￿1F.NT AND PERFORMANCE Charitable activities Th¥ Chmpany have mode J s¢ries (Ff (xher 8fdnis for Ihe benelLI or pupi15 and lh¢ 5Lhool'5 wider edu¢aiiot)al and partnership praciices (including a Year 7 Irip 10 Nonhumberland and for Ih¢ School'5 partner s¢hotsl Tr London Academy of Excellence Tot￿nhaM). FINANCIAL REVIEW Reserves polity ThL ChdrLidhlL Company d(￿5 noi consider ihai il holds Ytserves In reqviremeni4 Ihe funds are held for the PUryK)5L pf gLneraiing incomc for Ihe puryK>ses of mokin8 8raThts and loans. IhL ChariiablL. Company is oica5i(Inally in Ter¢ipl o( leBaci¢5 and donalions bui is Doi dependeni on ihese. Ai ihc year end ihL Chariiable Company had to￿1 Tf5¢fv¢5 of £2.192.567. IFf which £910.(VJl were resiricied furmls and £1.48?.474 unresiriciLd funds. Free reserves ai the year-¢nd amoun*d io £1.482.474. und5 in deficit None ol the rL51ricted fund5 were irt deficil. Investment policy and objec¢ivt& iDrlwiing amy rdtvant ethical polity ThL Chariiable Cvtnpany s i5)￿¢51[￿¢￿t pi?II¢y 15 Iv aLhieie a btildnie ￿1Ween i1￿Orne and the opportunity for capital aPPTeriaiion ober a &￿TI(￿ ()r lim¢. Non¢ ol the individual In￿e51mentS comprise more ihaTh 5% 0( Ihe ioial invesiffleni pi)rili)Iic). The ch￿table Company's inves1￿*￿tS have mei the prLncLpal objeciivc of mainthining iheir iotal valu¢ whi15t income ￿en mainiainL•d. Review of the Charitable Company's fiDancial positio The gros5 inLome for the year amounied 10 1148.088 120?4- £2(Pg.2611 and from th15 sum and the reserves brought I'orward the Governing Couniil ￿lrl pleakd io k abl¢ lo approve ex￿nditI1t¢ lotalling £171.9(rf>12024- £189.1821 for ¢ducalional granis. loans and funding foi *h(w)I wojects. These are deiailed in the notes 10 Ihe accounts. Afier dealin8 with Governance and administyalive ¢xpens¢s, there was a defieii of income over expendiiure for ihe year of L157.958 12024- D¢ficil £44,3841. li is rtecessary to recogrtise in the *counis the movemeni in the values of Ihc inveslmcn15 and after iaking accoun¢ of lh¢ itLciease in sirtk market values during the year of £1.25112024- incTea5e £171.6141 and ihe Teali5ed Ios5e5 on I￿VestMents sold 01 £57.172 12024- losses £1 1.3451 the￿ is an overall increase in invesimeni fund5 fri)m I Isl July 2024 lo a l%1 Joly 2025 01 £50.119 12024- iThcre&se £IEAJ.21191 as sho¥¥n in Ihe Sui¢meni of Financial Aciiviiies. THE FRIENDS OF HIGHGA TE SCHOOL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3IST JULY 2025 PLANS FOR FUTURE PERIODS Th¢r¢ Jr¢ no preseni plans lor an> ihathges io the Charithbl¢ Compatly's objeciives or Xiivi¢i¢S. STA TE￿1F.NT OF TRUSTEES RESPONSIBILITIES The Irusie¢% i %4'hc) dre Jl%c) IhL dirL'Liors of The Fri¢ndi c¥1 Highg￿t Schwl Society [¢￿ the purposes of company lawl are Tespon5ibl¢ foi preparLng the Repon tkf lh¢ Tws*¢s and ihe rinarbc1￿ s￿lements in accordaThce with applicable law and Unii¢d Kingdom ALcouniing Siandards Iuniwl kn"n8dom Generally A¢¢epied Accouniing Pt&tic¢l. Company law requLre5 the trusi¢¢s to prepare flnancial 5tstements for each firkancial year which 8ive and fair view of Ihe siaie L)f al'fairs of th¢ Lharitable Lompany and of th¢ incoming resources and application of re50urL¢5, including the incorne and expendiluie, of the ¢haritsble company th41 In preparin8 those financial $￿TeMents. the trusiee5 are T¢qU)T¢d 10 select sutiable accouniing p)li¢ies w)d then apply ihcm consisi¢DIly- observe ihe meihiThJ5 and principles in Ihe Chariiy SORP.. make judgemenis estima*s thai are reasonabk and ￿thnI. prepure Ihe finanLial siaiemenis on Ihe going con¢¢rn basis unle55 li is inappropria* 10 presume thai ¢h¢ ¢h8riiable eompany will ¢oThiinue in business. The Iwsi¢¢s are resrx>nsible for keeping pryr ￿CoU￿11ng r¢¢or(Is whhch disclose with I￿50ndble accuracy ai any lime the finanLiJI posiiioTh of the ¢haTiiabl¢ company and io enable Ihem 10 ensure thai ihe fingncial siaiemenis cornply wi¢h the Ci)mpanies ALI ?(M)6. They ar¢ also reS￿￿51b1¢ for saf¢guardiTh8 the asseis of Ih¢ ¢hariiable company and h¢th¢¢ for (akin8 reasonable Meps for ihe PT¢v¢ntion and deie¢iion of fraud and other irre8ulariiies. In so far as the Ints*e$ ￿ aware.. there is no relevant audii inforn)*ion of which th¢ charitsble company's auditors ar¢ unaware: and Ihe Irusiee5 have iak¢J) all si¢ps thai Ihey oughi io have tsken 10 make Ihemselves aware of any relevani Judii inl'(ITmuiion arHI 10 establish that the audiiors ar¢ aware of Ihai informaiion. AUDITORS Th¥ dudilcir%. Haines Waits. will be prO￿5¢d re-apTX)inimeni ￿ the (orthcoming Ann[￿] G¢neral Meeiing. This report h&s been prepared in x¢ord￿e with ihc $FrtI￿ provisions ofPart 15 of th¢ Companies Aci 2(M)6 rel#¢in8 to small Lompanies. Approved by t)rd¢T of ihe IxTrard of Irusiees on 2111 January 2026 aml signe4 on irs behalf by: bell . Tru51ee REPORT OF THF. INDF.PF.NDF.WT ALIDITORS TO THE MENIBERS OF THL FRIEIYDS OTr HIGHGATE SCHOOL SOCIETI. OpinioD W¢ hav¢ audii¢d Ihe financial 5th1em¢nts of The Frierbds Of Highv31¢ SchiK)I SIKi¢i) (the '¢haritable Company I foT the ¥nd¢(13 l July 2025 whirh co¥npii5¢ lh¢ Siai¢Tn¢lll of FiDaD¥ial A¢iii ilies. lh¢ Balance Sh¢¢i and n()i¢s l() Ihe finanlial staiements. illLluding a summary of signifiLani ￿LO￿ni￿ng policies. The finaftcial reponin8 tramework Ihai has been appliLd in ihLir preparaiion Js applicablL law and UThiied Klngdom ACC￿n11n8 Siathdards. including Financial Reporiing Siandard 104 ThL Financial Re￿nIng Standard applicable in the UK and Republic of Ireland (Uniied Kingdom Generally Accepted Accouniing Praciicel. In our opinion the flnancial slatements: Biv¢ a we and fair view of th¢ sthi¢ of tb¢ charitabl¢ ¢ompany's affairs &s ai 31 July 2025. and of its incoming resources and application of resources. including its income and expenditure. the year then ended: have been properly prepared in xcordance with Unl￿￿ Kingdom Generally Accep*d Accouniing Praciicc: and have been prepared irt acLordance with the requiremertts of the Companies Aci 21X)O. B￿15 for opinion We conduLied our audii in accordance wilh Iniernaiional Sthndards on Audiiing IUKI IISAS IUKII and applicable law. Our r¢5pI)nsibiliiies uThdeT Ihos¢ siandard5 are funher d¢KrilKd in the Audiior 5 T¢SP0115ibiliii¢5 foT ihr audii of ih¢ rinanLiiil 51al¢m¢n15 S¢Ciion of our rew)rt. We are in(Je￿nde￿I of ihe charitabl¢ company in a¢¢ordaJL¢ wilh lh¢ ¢ihiLal r¢quirL'mLnis ihai are relevani 10 our audil (if ihe finanLial siai¢m¢nis in Ih¢ UK. in¢1￿1n8 lh¢ FRC'S Eihiial S1Jrtd￿d. and w¥ hav¢ fulfilled i)ur oih¢r ¢iihi¢al r¢sponsibiliii¢s iTh a¢¢ord8n¢e with ihese Tequirem¢nis. We believe thai Ihe audii LVLdLncL we have obiainLsd is suffkciLni and •ppropriai¢ 10 provide a b&si$ for our opinion. Conclusions re1¥4ting to ¥Oin8 concern In dudiling lh¢ financial slai¢m¢n15. we have ¢onLluded Ihai Ihe tyu$ttts' use of the 8oiri8 ¢on¢¢rn basis of accouniing in Ihe pr¢parJiii)n ()I' lh¢ finaniial siai¢m¢nis is appropnaie. Based on ihe work we h)v¢ perfornwd. we have noi identified any maierial uncertainite5 relaiing 10 events or condiiions Ihai. individually or colleciively. may cam si8nificani doubl on Ihe chariiable rotnpany'5 abiliiy 10 continu¢ as a going oncern for a per1￿j ol ￿ lea51 Iwelve monihs fTom whert the finanrial statem¢nts ￿¢ auth￿l$¢d for issuc. Our re.%ponsibiliii¢s and the responsibiliiies of the ￿￿¢¢5 wilh restrt¢i io going corK¢rn 8Tt d¢￿rI￿d in Ihe relevathi s¢Liions c)fihis re￿rt. Other inforniatlOD The Iru51LfS are responsible lor Ihe oihL'r informaiion. The ￿her informaiion compTise5 Ihe informaiion included in Ihl Iru51eLs' annual rewn. oiher Ihan ihe financial siaiemcnis and our audiiot 5 rciknrt Iher¢on. Ouropinion on Ihe financial slalctncnis d(t5 noi cover Ihc oiher informaiion and. exc¢pl 10 Ihe eileni oiherwise expli¢iily siat¢d in OUT rekK)rt, w¢ do not ¢xpYss any f(¥m of h55UT#nr¢ ¢onclu5ion the￿ort. In ¢onn¢¢iivn wilh Qui audii of ib¢ finan¢ial statements. our responsibiliiy is io read the other Inlorn￿lion and. in doin¥ so. ci)nsider whether the other infi)maiion is ma*rially inconsisieni with the financial siaiemenis or our knowledg¢ obtained in the audit or oiherwise ap￿arS 10 be maierjally miss(aied. If we ideniify such maierial inLoThsisiencies or apparLni material missiatemenis. we are required io deierniine wheiher there is a ma*rial mi5SLqiemcni in (he financial siaiemcn15 or a material missiaierneni of Ihe oiher informaiion. If. basd on th¢ Work we have ￿rfor[￿Cd. we conclude thai there is a material missiaiemeni of this other hnfornjaiion. wc are rquired to re￿1 that fx¢. We have nothing lo report ITh thhs rc8ard- REPORT OF THE INDF.PENDENT .4LIDITORS TO THE,ME%IBERS OF THE FRIENDS OF HIGHGATE SCHOOL SOCIEn' OpinioD5 on other matter5 preseribed by the Companies Art 2 In our opinioTh. b&8ed on ihe work und¢rtsken in the COUTse of the audii.. the infotmation gLveth in the misi¢es' re￿n lincowraiing the direciors. reF￿nI for th¢ financial year for which the finarJcial siatemenis are prepared is Consisteni with rhe financial siaiements.. and lh¢ direciors. repon ha5 been ptepared in accoTdaJ)¢¢ with applicable legal Tequiiymeijis. Matters on which we are required to report by exceplion In ihe lighr of our k￿￿w]¢dge and undersianding i)f th¢ charhiable company atkl its enviTonmeni obtsined in the course of Ihe audii, we have nol ideniified material mi*sia*menis in Ihe wte¢s r¢pM lincorwraiing dir¢¢tors' rewil. W¢ hav¢ nothing 10 r¢pori in re5￿cl of The followin8 mai*rs in relation io which Ihe Companies Aci 2(X)O require5 U$ 10 r¢pi?rt Iv you If, in our opiThion'. adequate accounting records hav¢ rK)i Ixen k¢0, or r￿UrnS adequa￿ for our audii have noi been received from branche5 noi vi5iied by us; or thc finanrial $ia*m¢nis are not in A8￿men1 wilh the ￿(￿n[ing rKords ar￿ reiurns: or c¢rtain disLlosures of dircctors. r¢muneraiion specif￿d by law are not rn*k; or we have nol Teceived all the InfO￿all0￿ and explan￿1¢￿$ wc for our audit . (T lh¢ ITU51¢¢5 w¢rt not eniiiltd 10 prepare lh¢ financial 51aiemeDts in accordance with th¢ 5moll companie5 Tvgim and takc a(IvJniag¢ of th¢ small compani¢s' ¢xcmpiion5 in pr¢panng ihe diTeci(ws and from ihe rLguircmeni io prepare a ¥iroiegiL r¢port. Respo￿51b11ities of trwte A5 ¢xplaiThcd more fully in ihe Irusiecs resw)nsibiliiies S￿￿Ment seioui on pa8e4. ihe truslccs (who are a150 Iht direciors of thr iharilabl¢ ¢c?mpdny IOT the PUTtK)s¢s of ¢ompany lawl ar¢ responsible for Ihe prep￿￿1110￿ of the finaniial siai¥m¢nis and li)r king sotisfied thai they giv¢ a tyy¢ and (air view. and for such iThiernal coniri)l #s Ihe trusices d¢i¢Tmine Is n¢Le55ary iv enable Ihc Prcparalion rinaThcial S￿lements thai are free from mai¢rio1 missiaiemcni. whrih¢r Jue Ili fraud or error. In preparing Ihe fir>aJ)cial siatemLnts. Ihe Irus1¢¢S ar¢ responsible for a$5¢ssin8 ihe Charl￿b]e coynpany's abiliiy 10 coniinue a5 a going conE¢rn. disclosin8. as appliLabl¢. mai*rs rel￿￿ ICF goin8 eoThcern and using th¢ goin8 concern basi5 of ar¢ouniin8 unless Ihe irusite5 Clthcr intend 10 liquidaie Ihe ¢haritsble company OT to ¢¢45¢ operdiions. OT havc no realisiic aliernaiive but 10 do so. Allditor'5 res￿nsIbIlitieS for ihe audit ofthe fin4n¢ial sthterneDts Our objeciLVC5 arc to obtain reasonable 8ssur#n¢e whether ihc finath¢ia] S￿lementS as a whole are free from material jS51a¢em¢nl. wheiher due io fraud or error. and 10 i55ue an audit￿'S rew)n thai inrlud¢5 (?ur opinion. Reasonabl¢ a55uiance 15 a high leiel of &55uranr¢. bu¢ is noi a guaranice thai an audit Conduc￿ in a¢L￿r[l￿n¢t wilh ISA5 IUKI will alway% d¢i¢¢l a material missiai¢m¢ni when IL exi51s. Mi5sts*menis can arise from fr3ud or error and are c(Insider¢d maierJdS if. Individually or in lh¢ aggr¢gate. they could r¢350nably k expecied io irtfluence the economic decisii)nfj of users iaken on the basi5 of Ihes¢ financial sthiemeni5. The exieni to which (w pr(K¢dures are capable of de*ciing irregulwities. in¢ludin8 fraud. 15 detailed b¢low. We Oblain￿ an unde￿￿dIn8 of the lega] regul￿Ory fTam¢wcKk applicable to b(*h the ¢haTiiy itself and the en￿lT0￿Men¢ in which Il uperaiLS. We ideniifi¢d we&s of law5 3Thd reglllaiions ihai could i¢a5onably ￿ expecied io have a rnaierial effwt on the fjnancjal 51a*M¢n￿ Irom our secior ex￿￿eThee and ihrough Ji5CU5519n wilh the dire£lor5 and oih¢r management. The mosi significani We￿ iden(ified as Companies Aci 2W6. UK GAAP IFRS1021. ChaJiiit5 Art 2011 and ￿levant tax legislaiion. We Lonsidered the exieni of compliance whth thoK laws and re8U1￿10n5 as part of our Pr￿edureS on the ￿la￿d financia] siaiemenis. OUT audii pr[redU￿S included-. making cnqutres of Iru51ees and mana8emeni as io where they considei there io be a suscepiibiliiy to f13ud and wheiher Ihey have any knowledge or suspicion of frawl. REPORT OF THF. INDF.PF.IYDF.NT .4LIDITORS TO THE MEIIBERS OF THE F'RIENDS Ob. HIGHGA TE SCHOOL SOCIETY obiaining an undersianding of the in*rnaJ controls tsthblished io miiigaie risks relaied io fraud or non-compliance with laws and T¢gulaiioThs: - Issessing ihe risk of manag¢m¢Tht override In¢I￿ling tdeniifying aNI i¢$iing journal eDITi¢S- challenging Ihe assumpiions and judgernenis made by mana8emeni in its si8nifieani aceouniin8 esiimaies. Despi1¢ ih¢ audii ￿]ng planned and conducid in accordance wilh ISAS IUKI Ihere remains an unavoidable risk Ihai mai¢ii4l yn5551aiemen15 in ihe financial S￿1¢￿¢￿￿ may noi k d¢i¢cied owing 10 inhereni limiiaiiiins (Il. Ihe audii. and Ihai by their v¢ry na¢ur¢. any suih Insta￿.¢$ of flawl ¥)r irr¢gul*ily likely Involv¢ collusion, fLYgery. Inieniitsrtal rnisTepresL'niaiions. or th¢ ov¢rride of inierna] ¢ontrols. A furtherdescripiion ofourresw>nsibiliiies the audiiof the finaneial sthiements is I￿ated￿n the Financial RerM)rting CounLil'5 websiie ai www.frc.0rg.uklaudii(￿s[esw￿￿51b1lI1les. This descripiion forms pan of our RerK>n of the Indep¢n4J¢ni Audiiors. This rL'wrt Is mthle sol¢ly ti) Ihe lhariuhle Lompany's m¢mbers. as a b(xly. in a¢¢ordanL¢ wilh Chtspier l thf PaTI 16 or Ihe Companies A¢1 2(K)6. Our )ydii work h&s tt¢n undertak¢n so thai w¢ mighi stale 10 the Charl￿b]e ¢ompJny's m¢mbers Ihose maiiLrs we are required 10 siaie io them in an audi[(￿'S re[￿ a￿1 for no other puwse. To the fullesi exi¢rtl P¢TrniIILd by law. we do noi accept or &ssume responsibiliiy ￿ anyone other than the chantable company and th¢ Lhariluniat)Is and S¢aiutory Audiiors ()Id Siaiion Hi)u&¢ 8iaii(In Approach NewpoTI Sire¢i Swindnn Wilishir¢ SNI IDU Dale.. 21 .f•J _ 2¢gX THE FRIENDS OF HIGHGATE SCHOOL SOCIETY STA TENIENT OF FIN.4NCLIL ACTTrITIES IINCORPORA TINC. AN IYCOIIE .4ND EXPENDITURE ACCOUNTI FOR THF. TrEAR ENDED 31ST JLILY 202) 2025 Tothl fund5 2024 Total funds Unrestricted funds R¢S￿l¢led lunds No￿S INCOIIF, FRO￿1. 67.79) 61.4(A) 67.799 80.889 129.758 79.505 Inv¢sitnenis 19.429 Totsl income 129.259 19.429 148.688 209,261 EXPENDITURE ON: Invesimeni ynaniig¢m¢rtl costs ChaTiiable iiL¢ivilL¢S 8.888 269.757 11.587 242.()611 25.018 294.775 Tot*l expenditure 278.fA5 28,1K)I 25.1.617 N¢1 881n￿ Iloss¢sl on invesiments 142.8111 111.2881 156.1191 l()0.289 NET DEFICIT 1192,2171 1214.0771 115.4M)5 RECONCILIA TION OF FUNDS Total funds brought forward 1.674.691 9.41.951 2,fA)6.644 2.490.719 TOTAL FUNDS CARRIED FORII'ARD 1.482.474 2.192.567 2.0()6,644 The notes form pan of these financial statements THE FRIENDS OF HIGHGA TE SCHOOL SOCIETY BALANCE SHEET AT31ST JULY 2025 2025 To￿1 (und5 2024 Totsl lunds Notes FIXED ASSETS Invesimenis 2.161.710 2,551,692 CURRENT ASSETS Debiors Cash ai bank 12 212,561 147.180 212.561 147.180 CREDITORS Amounis (alling due within one year 1181,724} 194.4281 NET CLIRRENT ASSETS 30.817 52.952 TOTAL ASSETS LLSS CURRENT LIAiIILITIES 2.192.567 2.fA)6.644 NET ASSETS £2.192.567 £2,tAK).644 14 UnT¢siri¢ied funds 1,482,474 1.674.691 R¢s¢ri¢¢¢d fynds Chipp fund Grifllih 714 ?51 175.840 756.111 175.840 9.11.951 TOTAL FUNDS £2.192.567 £2.000.644 The f(*m part o( these financial ststements coniinued... THE FRIENDS OF HIGHGATE SCHOOL SOCIETY BALANCE SHEET- CONTINUED AT 31ST JULY 2025 These tjnancial 5uiemenis have prepaJed in ¥tordance with Ihe 5pwiaJ provisions of Pan 15 of ihe Compani¢s Aci 2006 relaiing tv small chariiable companie5. The fjnancial siaietnents were approwed by the Board of Tnst¢¢s on 21* January 2026 and were sh8ned on its khalf by: 11-Trnsiee Mr M Mi¢hon-Trusiee The no￿ f(m p￿1 o( thes¢ financial sthtrrneots 10 THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FtNANCIAL STATE%IENTS FOR THE YEAR ENDED31ST JULY 2025 GENERAL INFORMATION The chariiy 15 a pris'aie rojnpany limited by gukrartiee. re8isiered in England and Wales and a regisiered charity in England and Wal¢s. The addTe&s of the regisiered offjce is Highgaie sch￿[. Nonh Road. Highgaie. London. N64AY. STATE￿IENT OF CO￿lPLIANcE These financial 51aiements have prepared in ¢omplianc¢ with FRS 102. The Financial ReTM)ning Siandard applicable in the UK and ihe Republic of Irelw)d'. the Ststemertt of Recommended Practice applicable to chariiics preparing Iheir XC(MJnis in accordance wilh the Financial Rewrtin8 Siandard applicable in the UK and Republic of Ireland IFRS 1021 IChaTiIi¢s SORP IFRS 10211 and the ChaTili¢S Aci 901 l. ACCOUNTING POLICIFS The si8nifJcani accouniiThg policies applied in thc P￿parall0￿ of th¢se finan¢ial staiemenis are sei oui below. These policies have been consisienily applied TO all years pr¢s¢t)*d urtless otherwise Sla￿d. No judgemenis in applying lh¢ accounting w)licie5 OT key a5sumpiiops aF*)yi the fuiyre ar¢ considered io have a 518nificani effect on ihe amounis reLognised in th¢ fInar￿la1 $¢ai¢m¢Dts. Accounting convention ThL I"JnAnLial siaiLmLnis have been preparcd i)n thc hhsiori¢a] ¢osi basi$. as m(xlifi¢d by ihe r¢valuaiion of Certain rlnancial and liabiliiies and invc51mcTht proF¢rties measured ￿ fair v4lu¢ through inwme or expenditure. The financial slaiemenis are pr¢paY¢d in Sl¢Tling. which is the funciiorhal currency of the eniiiy. rounded 10 the nearest povnd. Gotng Concern ThL'rL' arL no maierial uncertainiies reBarding the charity continuin8 ￿ a 80in8 ¢on¢ern. ba%d on the Chariiy's biliiy 10 conven its invesimcnis into cash. CAsh now S¢*¢em¢nt The financial statements do not include a cash flow as li 15 not r4uired on ihc ¥rounds Ihai Ihe charity is noi ¢onsidL'red lar8e under Charities SORP IFRS 1021. Incoming re50urce5 All incoming re50UTfCS inrludcd in the Siaiemeni of FLnanLial Aciiviiies when Ihe Chariiablc Company 15 legally cniiiled io the income aod Ihe ¥mouni can be quaniified wtth reasonable accuracy. The following specific policies are #ppli¢d 10 pani¢ular ¢oie8ories ol income.. tk)naiions atmj ¢ov¢nanied income are included in ihe accounts when rcceived. t*gaLies are included when ihe Charitable Company 15 advised by th¢ ￿￿onal ￿￿¥S¢￿tatiVe of the esiaie thai a paymeni will ￿ madt and Ihe amouni can ￿ quaniified. Invesuneni income 15 incI￿jed when rttei*able. Resourres expended Exptndiiure 15 recogni5¢d when a liabiliiy is iThCUTred. Contractual arran8emenis are recognised as BO(xJs or 5ervice5 are supplid 01 where a tonsinjctiwe obli8aiion ari*s. ExrKndiiure includes any VAT which cannoi be recovered, and is rep￿¢&j as part of the eX￿ndit￿re io which li rela￿5. Educttiional loans are m*le io applicants iTh lieu of educaiional grants where a loan 15 con5ideted Tnore appToprial¢. They aTe treated as notl-recoverable ex￿ndliUTe in ihe year in which they and any 5ub5¢qU¢DI repdymet)ts are included as income in the year in which they are re£eived. C05t ofgenerating funds Costs of generaiing fund5 are tho% costs in¢urr¢d in aitrxiing voluntary irthme. THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEIIENTS- CONTINUED FOR THE YEAR ENDED 31ST JULY 21125 ACCOUNTING POLICIES- t•ntinued Charitable 4rtivxties ChJniJble expendiiure compri￿5 those Costs i￿Urred by thc Clwithble Company in the delivery of its aciiviiie5 and s¢rviLes (or lis beneficiaties. li in¢ludes trxith costs thai ¢aD be all￿atrd dirccdy io such aciiviiies and Ihos¢ costs of an indireci Thaiur¢ necessary io suppon them. Governance costs G()%'ernanie Lcisls in¢lude those costs a5S(Ki¥t¢d with mceiing the COnSiiiuiional and 5181uiory Te4uiremenis of Ihe Cha¥iiable CtsmpaThy and include ihe audii fees arwj coms linked ￿ the stra*8ic management of Ihe Chariiable Cc)mpany. TgxAtion As a r¢gisiercd chariiy. the Charhthble Company is exempt from ¢i)ryx)raiion tax a￿j captial gains tax on iThve51meni income and gains and incomc den'v¢d frnm and applied io chan"¢abl¢ ¥ihviiies. Fund •¢eountin8 R¢striii¢d lunds are subjec*d 10 resiriciions on iheir ex￿nditUre IM￿Sed by the donor or Ihrou8h Ihe ierms or IhLIT fLYLlPI. RLsiTicied funds include a reva]ualion Teserwe represeniing ih¢ r¢staiemeni of re5fTicied fund invesimeni asse￿ Al mark¢i value. Unre%iricied funds ￿ available for usc ai ihe discreiion of the GoverniD8 Council in funh¢T￿nce of th¢ genLrdl ohj¢LlivL% c)f Ihe Lhariiy. Unre51riclcd funds InLILMk a ￿ha]U￿1￿n reserve represeniing ihe Tesiailmeni Df genLral fund invlsimeni &s5e15 ai markei walue. Desi8naied funds aT¢ unr¢Mrie*d funds thal have be¢D sei ￿lde by ihe Goven)in8 Council lor panicular Purposes. Debior5 TradL oiher d¢biors are recoBnis¢d ai lh¢ seitlement amourti due. l¥epayments are walued ai th¢ amouni pripaid. Creditors CrLJii()r% arc re¢ognis¢d where Ihe charily has a weseni obli8aiion re$uliinB from a p351 event ihal will probably result in lh¢ iransf¢r of lunds io a Ihird party and ihe amouni due io s¢til¢ Ihe dJli8aiion can b¢ measur¢d or e51ifflaied r¢liJhly. Crediiors arc r¢rogn15¢d ai iheir sciil¢m¢ni amouni. Vixed asset investments In￿<,￿1mLnI￿ hLld a) liied assets are revalued ￿ mid.maTkd value ai ihe balan¢¢ sheet da￿ and ihe gain or1055 taken (o IhL Stsi¢m¢ni of FinanLial Acii%ilies. Th¢ cumulaiive nei revalualion surplus wiihin each fund is ideniified and shown %paraiely from accumula*d income. Cash •Nd C&sh e4uivalents Cash Jnd id%h L4ul￿a]enl5 are c￿h and shm ￿rrn highly liquid in¥e$tments wilh a Short ma¢uriiy of ihreL' monih5 QT less from the da￿ of acquisition ￿ ynin8 of th¢ de￿$bI or similar account. 12 THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FINANCIAL STATE%IENTS- CONTINUED FOR THE YEAR ENDED 31ST JULY 2025 DONATIONS 2025 Tothl FuJ)ds 2024 Total Funds Unrestriaed fund5 Restrickd Funds Loan repayments Parental and oiher don￿1005 58.-309 71.449 67.79) 67.799 67.799 67.799 129.758 INVESTI¥IENT INCONIE 20?5 Toial Funds 2024 To￿1 Funds Unrestricted Funds Restricted Fund5 Diwide¢Kls from inv¢sim¢nts D¢pc)sii thccouni In￿re51 59.629 78.987 I.¢A)2 71 2.185 61.4( 19.429 80.889 79.505 INvEsT￿lENT MANAGEMENT COSTS 2025 Tothl Fund5 2024 Toial Fund5 Uor¢Mrici¢d Funds Restricted funds Portfolio managemeni 8.888 11,587 CHARITABLE AcfIvITIES COSTS Dire¢t ¢osts To%al$ Education grants LAET granis School grants Governance cos15 Inotc 81 171.¢Jfll 44.250 171.9fKI 44.250 6.912 6.912 294.775 294.775 13 THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FINANCIAL ST ATEMENTS- CONTINUED FOR THE YEAR ENDED 31STJULY 202) GOVERNANCE COSTS 2025 Total Funds 2024 Totsl Funds Unre51ricied funds Restricied futlds Accouniancy Administraiive cost Audiiors. remuneration 4.2(M) 14? 2.570 4.2(X) 142 2.570 1.14 6.912 6.912 6,6A4 NET INCO￿lE Nei income is sthted afier char8in8llcreditill81: 2025 2024 AUdI￿r$, Tcmuneraiion 2.570 2,600 TRUSTEES, REMUNERATION AND BENEFITS Thcrc were no tyusiees, remuneration or other ben¢fiis for the year endtyj Il$1 July 2025 nor for thc ycar ended 315¢ July 2024. Trustees, expense5 There were no misiecs. expenses paid for the year cnded Ilsi July 2025 or for Ihe year end¢d I Isi July 2024. ii. FIXED ASSET INVESTMENTS inv¢simenis IARKET I'AI,UF. Ai Isi Augu5120?4 Addiiion5 DisP05a15 R¢balualiOnS 2.551,692 110.5?1 1501,7181 1,251 Ai 1151 July 2025 2.361.7.10 NET BOOK VALUE Ai I Isi Julj ?1)•.5 2._161.710 Ai Ilsl July 2024 2.551,692 The market value of inv¢stsnent assets held outside the UK w&s £1.027.Y8112024- £1.224.5921. The total revaluation ieserve ai Ilsi July 2025 included in alKbve amoun*d 10 £454.565 12024-£427,7301. 14 THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FINANCIAL STATE%IE+4TS- CONTNJED FOR THE YEAR ENDED 31STJULY 2025 ii. FtXED ASSET INVESTIIENTS- ¢ODtiDutd UDi¢stricted (unds Restricied funds Resiricied funds Grilfi(h Bwuesl Lis(ed investments T(Kai futyjs General fund Chipp Bequest MaTkei value a¢ beglrtning of the year Ac4UISIILons ai ¢osi Disposal cosi ai carryin8 value NLiI unrealised 8ainsiilos5esl on rewaluaiion 1,918.530 21P).926 1192.2821 -3.450 635.162 IIMIJ97 1501.7181 1.251 2.197 Markei value ai end of year ? 161.710 1.7_19.624 022.11)6 Cosi at year eThd 1,907,165 1.170.042 517,121 12. DEBTORS: AMOUNTS FALLIYG DUE WITHIN OliE YEAR 2025 2024 Tax Loans made 10 siud¢nts are expensed as charithble expendiiure in the year in which they are made and subsequeni loan repaymenis are reco8nised as volunthry income in the year in whi¢h they are received. DurinB Ihc ycar 51ud¢ni loans of £Nil were mad¢ io students which. a5 per thc Kcounling policy, were treAied is a non-reLoverabl¢ eX￿o￿lI￿re. 13. CREDITORS: ANIOUNTS FALLING DUE WITHIN ONE YF.AR 2025 2024 Hi8h8ait Sch(K)I Oiher CrLdilor5 Accruals 158.481 15.491 20,465 181.724 94,428 14. MOVEMENT IN FUNDS Nei movemeni Transler5 in funds between fund5 Ai 1.8.24 Ai 11.7.25 Unre5tric¢ed funds General fund 1.674.691 192.2171 1.482.474 REstrirted funds Chipp fuDd Grilfith 756.11.1 175.840 (21.8ti) 714.251 175.840 911.951 21,8EAII 910.093 TOTAL FUNDS 2.fAK).t￿l4 1214.0771 2,392.567 15 THE FRIENDS OF HIGHGATE SCHOOL SOCIETY NOTES TO THE FINANCIAL STA TEIIENTS- CONTINUED FOR THE I'EAR ENDED 31STJULI' 20L 14. IOI'EMENT IN FLlTrqDS- continued Prior year'.- At 1.8.2_1 Nei movemetLI Tiansf¢r in funds beiween funds Ai 11.7.24 Unrestricted funds General fuNI 1.588.179 86J12 1.674.691 Restricted Chipp t.und 726.720 175.840 29.39.1 756.111 175.840 2.5( 29.191 911,951 TOTAL FUNDS 2.4￿,779 I l5.(X)5 2.(J(16.644 15. CONTINGENT LIABILITIES Th¢r¢ wer¢ no known coniinBelll liabiliiiLS ai rhe balanie shL&l dale. 16. STATUS. MEMBERSGUARANTEE LIABILITILS AND CONTROL The Friends of Highgaie Sch(x>l S(Kicly is a Company incorpora￿￿ in Engl8nd. limited by guaraniee and has no shar¢ ¢#pitsl. Ii is a re8is*red charity Inumb¢r 10366241. Each member 15 liable io Contribu* yp 10 £ l under guaraniee liabiliiy. The Charilablc Compdny is wnsidercd to be under ihe colkctive contyol of ihe direeiors. all of whom aci in a 51eward4hip rapa¢iiy. 17. E E CHIPP AND C C GRIFFrrH BEQUESTS The Incume 8eneraied Irom the rc5th¢ted eapiLg1 fund5 of the Chipp and GTirriih BLquests can ()nly ￿ applied by the Chariiable Company 10 05515L siudenis in thc Costs of their educaiion ai Highg01e sch￿1. The ierrn5 Ot. the Chipp BLquc51 re51rirl assistanLe 10 ih05c ca5¢$ where without such finan¢ial assisthnce edueaiion could no¢ commence. Acrumulatd unspent income in the Funds is= Chipp Grifflth At beginnitL8 of year MovLmeni in year .877 18.572 Ai end of year 82.105 16 THE FRIENDS OF HIGHGATE SCH(K)L SOCIETY NOTES TO THE FINANCIAL STATE￿IENTs- CONTINUED FOR THE YEAR ENDED 31ST JULY 2025 18. ANALSYSIS OF NET ASSETS BETW'EETri FUNDS Unre51ricied Resiticied Tot*1 Funds Funds Funds 2U25 Inv¢siTnen Curreni &sseis CTedii(kT5 less Iharb l year .7.19.624 75,6761 1181,4741 6?2.106 ?88,?A7 12501 2.361,7aO 212,561 1181.7241 Nei assets 1.482.474 2.192.567 19. RELA TED PARTY TRANSACTIONS Deiails of related party transaciions art Sei oui in the Trusitts. Report. 17