## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2023**
**Registered Charity No. 1076273**
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **CONTENTS**
||**Page No**|
|---|---|
|Legal and Administrative Details|1|
|Trustees Report|2 - 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Accounts|8 - 11|
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **LEGAL AND ADMINISTRATIVE DETAILS**
|**Charity Name**|Highworth Grammar School Trust, School Fund|
|---|---|
|**Registered Number**|1076273|
|**Trustees**|Mr Amer Khalil (Chairman)|
||Mrs Visalakshi Brahmandam|
||Mr Duncan Beer|
||Mr Daniel Valentine|
||Mrs Rachael Dray|
||Mrs Lynn Wilson|
||Miss Karen Britton|
|**Principal Address**|Highworth Grammar School|
||Maidstone Road|
||Ashford|
||Kent|
||TN24 8UD|
|**Independent Examiner**|M Wilkes FCA|
||Azets Audit Services|
||5th Floor|
||Ashford Commercial Quarter|
||1 Dover Place|
||Ashford|
||Kent|
||TN23 1FB|
|**Bankers**|National Westminster Bank Plc|
||20 High Street|
||Ashford|
||Kent|
||TN24 8SH|
- 1 -
**HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **ANNUAL TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 JULY 2023**_
The trustees present their report and financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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 published in October 2019.
## **Objectives and activities**
The objects for which the school fund is established are:
To advance the education of Highworth Grammar School by providing or assisting in the provision of educational, recreational and other charitable facilities in augmentation of such facilities financed by the Department for Education.
## **Public Benefit Statement**
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
## **Achievements and performance in the year**
The school fund account continues to be primarily a holding account for student’s payments for trips, purchasing and activities but also includes parental donations on which gift aid is claimed. The general school fund is used for enrichments activities, coach hire to competitions and matches, membership to clubs and societies, and various school resources.
In 2022-23 the school supported Papyrus UK, Teenage Cancer Trust, Rape Crisis England & Wales, Demelza House Children’s Hospice, Little Lifts and Taylor Made Dreams. The total amount the students raised for these charities was £12,770.91. Various other events took place during the year to raise money for different good causes, which are initiated, promoted and organised by students, Action Aid & Alzheimer’s Association from the music department holding a carol service in London, also, Breast Cancer, the Turkish Earthquake Appeal and ARC Bereavement Support.
## Significant activities during the year included:
- Art Department took Year 10 students to Tate Britain and A Level students to National Portrait Gallery & Tate Modern. Years 8-13 went to V&A Museum for an exhibition on African Clothing.
- Chemistry Department took Year 13 students to Kent University to attend a conference on Chemistry in Action. - The English Department took Years 10 & 11 students to see An Inspector Calls and Year 9 students to Harry Potter studios.
- The Geography Department took A Level students to Blencathra to complete field studies and to Aldwych theatre in London to a Hazards student conference. Year 9 & 11 students went to Iceland. The new year 7’s students visited Wye Downs.
- The History Department took Year 13 students to Hampton Court Palace. Year 10 students went to Detling showground for a CEMA exhibition which was to support the GCSE students in experiencing medicine through time related to injuries and trenches. Year 9 students visited the Imperial War Museum. Year 8 students were taken to the war graves in Ypres.
- Dance Department went on trips to the Marlowe Theatre to see Sleeping Beauty with A Level students, also, to watch the Breakin Company and to attend a Workshop. A Level students went to London to attend Archivist Sessions and later to see Grease at the Dominion Theatre. Year 10 students went to the Jasmin Vardimon studios.
- Drama Department took Year 10 students to Fortune Theatre London to see Woman In Black and Noughts & Crosses at Kingston-Upon-Thames. A level students attended Lyric Theatre to see Othello.
- The Music department took groups out to see the musicals Wicked, Six and Oklahoma. Professional musicians visited as part of the year 8 Gamelan project, and for the A level course. Matthew King, from the Guildhall in London ran workshops with the year 13 students. The Leon String Quartet visited to perform student compositions in September. The Hall was packed with over 300 singers and junior school children from 10 schools enjoyed the annual Primary Singing Day, led by student ambassadors.
- 2 -
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **ANNUAL TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2023**_
Significant activities during the year included:
- The Psychology Department took A Level students on a trip to Folkestone to attend a lecture on Psychology of a Serial Killer and then Howlett’s Zoo to study Psychology of Animal Behaviour.
- Modern Foreign Language Department took Year 8 German students to Rhineland for the German Xmas Markets. Year 7 French students went to Ashford picture house to see a screening of Ratatouille, while Year 8 students went to Rue. Year 8 & 9 Spanish students were taken to Santander.
- The Careers Department took Year 12 students to Detling Event ground for a careers fair & Year 13 students to an Apprenticeship in Brighton.
- DT Department took Years 10 & 12 to the New Designers Exhibition in London.
- A joint department trip to Thorpe Park happened in March for Year 10 & 12 Business Studies and Economics students.
- Media Studies Department took Year 13 to Southbank to attend a BFI Revision Study
- DofE Bronze & Silver events took place during the year.
## **Financial review**
Income for the year amounted to £467,351 (2022: £296,198). Expenditure amounted to £493,851 (2022: £265,187). As a result of these movements, net funds have decreased by £26,500 (2022 increase: £31,011) and total £107,691 at 31 July 2023 (2022: £134,191).
## **Reserves policy**
At 31 July 2023 unrestricted reserves amounted to £71,930 (2021: £87,578). The trustees believe that holding an average of two month's budgeted expenditure, which amounts to £82,000 (2022: £44,000) is reasonable as funds are required to pay for certain costs in advance in respect of residential and day trips before the associated income is received from the students.
At 31 July 2023 designated reserves amounted to £35,761 (2022: £46,613) and further details are given in note 7.
## **Pay policy for key management personnel**
The trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year.
## **Risk management**
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable the charity to lessen or mitigate those risks.
Various risks have been assessed to ensure that they do not impact upon the school’s ability to offer enrichment activities together with interesting trips to support the curriculum for the students. The major risk is the ability of parents to continue to pay for students to attend organised visits. Funds have been allocated in the school budget to allow the academy to offer help to parents who are suffering hardship.
## **Going Concern**
The financial statements have been prepared on a going concern basis as the Trustees believes that no material uncertainties exist. The Trustees has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **Plans for the future**
The plans for the future are to make provision to ensure that it is possible to arrange ongoing activities to enrich the school life of the students. School fund is an extremely valuable voluntary contribution which funds many extracurricular student related resources and activities that add to the quality of school life, which otherwise would be difficult to provide. Families will continue to be encouraged to contribute as all students benefit during their time at Highworth Grammar School through the enrichment activities offered.
- 3 -
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **ANNUAL TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2023**_
## **Structure**
The charity which is registered with the Charity Commission under number 1076273, is established under a Trust Deed dated 26 November 1998.
## **Governance and management**
During the year the following were Trustees of the charity:
Mr Amer Khalil (Chairman) Mrs Rachael Dray Mr Daniel Valentine Miss Karen Britton Mr Duncan Beer Mrs Visalakshi Brahmandam (appointed 12 July 2023) Mrs Lynn Wilson
The governing document does not specifically contain details as to the minimum or maximum number of trustees. In addition, it does not specify as to how these trustees shall be appointed.
## **Governance and management**
The governing document allows the day-to-day management to be delegated to the head teacher of the school or other such persons as the trustees think fit, provided that all acts and proceedings of such persons be reported to the trustees.
## **Trustees responsibilities**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures, disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By Order of the Board
………………………………………………………………… D Valentine Date: 6 March 2024
- 4 -
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES**
I report to the trustees on my examination of the accounts of the Highworth Grammar School Trust, School Fund for the year ended 31 July 2023 as set out on pages 6 to 11.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- (1) accounts records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
………………………………….
## **M A Wilkes (FCA)**
## **For and on behalf of Azets Audit Services**
5th Floor, Ashford Commercial Quarter 1 Dover Place, Ashford, TN23 1FB
Date: 13 March 2024
- 5 -
**HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 JULY 2023**_
|**Note**
**Income from:**
Donations
Raising funds
**2**
Charitable activities
**2**
Investment income
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**3**
**Reconciliation of funds:**
Fund balances brought forward at 1 August 2022
**Fund balances carried forward at 31 July 2023**
**Net movement in funds**|**2023**
**2022**
**£**
**£**
11,951
20,090
21,776
20,454
432,058
255,581
1,566
73
467,351
296,198
493,851
265,187
493,851
265,187
(26,500)
31,011
134,191
103,180
107,691
134,191
**Unrestricted Funds**|
|---|---|
All income and expenditure in 2023 was derived from unrestricted income.
- 6 -
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **BALANCE SHEET** _**AS AT 31 JULY 2023**_
|**Note**
**CURRENT ASSETS**
Stock
Debtors
**5**
Cash at bank and in hand
**Creditors**: amounts falling due within one year
**6**
**Net current assets**
**NET ASSETS**
**INCOME FUNDS**
Unrestricted funds
Designated funds
**7**
**8**|**£**
**£**
1,564
19,323
144,055
164,942
57,251
107,691
107,691
71,930
35,761
107,691
**2023**|**£**
**£**
1,684
19,828
216,028
237,540
103,349
134,191
134,191
87,578
46,613
134,191
**2022**|
|---|---|---|
The financial statements were approved and authorised for issue by the Committee of Trustees on 6 March 2024 and signed on its behalf by:
## **……………………………………………**
D Valentine
**Trustee**
- 7 -
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 JULY 2023**_
## **1 Accounting policies**
## **1.1 Basis of preparation**
Highworth Grammar School Trust, School Fund is a registered charity with the Charity Commission in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities "is to advance the education of the students Highworth Grammar School by providing or assisting in the provision of educational, recreational and other charitable facilities in augmentation of such facilities financed by the Department for Education".
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
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.
## **1.2 Funds**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Designated funds represent funds invested in specific projects. The designated fund balance has been represented to ensure that fund balance stated accurately reflects the designation policy adopted by the Trustees.
## **1.3 Income recognition**
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
- Voluntary income including donations and gifts is included in the Statement of Financial Activities when receivable.
- Income is mainly for school visits and day trips which are accounted for in the period in which the trip or visit takes place.
## **1.4 Expenditure recognition**
- All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of generating funds are those costs incurred in attracting voluntary income.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
- Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements.
## **1.5 Stock**
Stock is included at the lower of cost and net realisable value.
-8-
**HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 JULY 2023**_
## **1 Accounting policies**
## **1.6 Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **1.7 Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **1.8 Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believes that no material uncertainties exist. The Trustees has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **1.9 Judgements and key sources of estimation uncertainty**
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty.
|**2**
**Income**
**Generated funds**
Fundraising
**Charitable activities**
School visits
Activities
Income from school shops etc.
Other income
**3**
**Expenditure**
**Charitable activities**
Fundraising
School visits
Activities
Purchases
Other
**Governance costs**
Independent examiner's fee|**2023**
**£**
21,776
21,776
240,505
73,161
41,538
76,854
432,058
**Direct Costs**
**Support costs**
**Total**
**£**
**£**
**£**
46,517
-
46,517
242,440
-
242,440
75,610
-
75,610
42,910
-
42,910
84,274
-
84,274
491,751
-
491,751
-
2,100
2,100
491,751
2,100
493,851
**2023**|**2022**
**£**
20,454
20,454
40,798
120,918
20,687
73,178
255,581
**2022**
**Total**
**£**
34,638
40,683
105,712
20,831
62,243
264,107
1,080
265,187|
|---|---|---|
The above expenditure includes £99,061 (2022: £98,074) paid as a donation to Highworth Grammar School.
-9-
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 JULY 2023**_
- **4 Staff costs and Trustee remuneration**
During the year, the charity had no employees (2022: None).
No trustee received remuneration or reimbursement of expenses during the year (2022: None).
|**5**
**Debtors**
Prepayments and accrued income
Other debtors
**6**
**Creditors:**amounts falling due within one year
Creditors
Deferred income
Accruals|**2023**
**£**
4,538
14,785
19,323
**2023**
**£**
19,209
35,942
2,100
57,251|**2022**
**£**
4,090
15,738
19,828
**2022**
**£**
65,730
36,539
1,080
103,349|
|---|---|---|
|**7**
**Designated funds - 2023**
Fundraising
School visits
Activities
Purchases
Other
**Designated funds - 2022**
Fundraising
School visits
Activities
Purchases
Other|**As at 1**
**August 2022**
**New**
**Designations**
**Designation**
**Released**
**£**
**£**
**£**
17,760
11,663
(17,760)
10,446
8,051
(10,446)
13,512
13,286
(13,512)
621
626
(621)
4,274
2,135
(4,274)
46,613
35,761
(46,613)
**As at 1**
**August 2021**
**New**
**Designations**
**Designation**
**Released**
**£**
**£**
**£**
12,469
17,760
(12,469)
10,495
10,446
(10,495)
9,804
13,512
(9,804)
775
621
(775)
3,562
4,274
(3,562)
37,105
46,613
(37,105)|**As at 31 July**
**2023**
**£**
11,663
8,051
13,286
626
2,135
35,761
**As at 31 July**
**2022**
**£**
17,760
10,446
13,512
621
4,274
46,613|
|---|---|---|
Fundraising School visits
Activities
Purchases
Other
This relates to competition prizes to be used within the school
This relates to school visits where excess funds are to carried into the following year to be used for the same trip This relates to activities where excess funds are to carried into the following year to be used for the same activity
This relates to funds which have been held to be used to purchase items for the school in the following year
This includes funds that are to be used in the following year on Duke of Edinburgh, Hockey and Equestrian
-10-
## **HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 JULY 2023**_
|**8**
**Analysis of net assets between funds - 2023**
Current assets
Liabilities
**Analysis of net assets between funds - 2022**
Current assets
Liabilities|**Unrestricted**
**Designated**
**£**
**£**
129,181
35,761
(57,251)
-
71,930
35,761
**Unrestricted**
**Designated**
**£**
**£**
190,927
46,613
(103,349)
-
87,578
46,613|**Total**
**£**
164,942
(57,251)
107,691
**Total**
**£**
237,540
(103,349)
134,191|
|---|---|---|
## **9 Related party transactions**
During the year A Khalil, D Valentine, D Beer, S Wellard (resigned 6 November 2023) R Dray, K Britton and V Brahmandam (appointed 12 July 2023) were trustees of the Highworth Grammar School Trust which received £99k (2022: £98k) from the charity.
-11-