HIGHWORTH GRAMMAR SCHOOL TRUST. SCHOOL FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Registered Charity No. 1076273 HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND CONTENTS Page No Legal and Administrative Details Trustees Reporl Independent Examinerfs Report Statement of Financial Activities Balance Sheet Cashflow stalement Notes to the Accounts 9-12 HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND LEGAL AND ADMINISTRATIVE DETAILS Charity Name High￿￿rth Grammar School Trust, School Fund Registered Number 1076273 Trustees Mr Amer l**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
General funds
Designated funds
**7**
**8**|**£**
**£**
4,197
70,813
154,047
229,057
134,098
94,959
94,959
40,911
54,048
94,959
**2024**|**£**
**£**
1,564
19,323
144,055
164,942
57,251
107,691
107,691
71,930
35,761
107,691
**2023**| |---|---|---| The financial statements were approved and authorised for issue by the Committee of Trustees on 20 March 2025 and signed on its behalf by: ## **……………………………………………** I Duffy **Trustee** - 7 - HIGHWORTH GRAIAMAR SCHOOL TRUST. SCHOOL FUND CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JUL Y 2024 Note 2024 2023 Cash flow from operating activities 6.488 173,539) Cash flow from investing aclivities Investment Income 3,504 1,566 Net cash flow from investing activities 3,504 1.566 Net increase l (decrease) in cash and cash equivalents 9,992 (71.973) Cash and cash equivalents at 1 August 2023 144,055 216,028 Cash and cash equivalents at 31 July 2024 154,047 144,055 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 July 2024 154,047 154,047 144,055 144,055 HIGHWORTH GRAMMAR SCHOOL TRUST. SCHOOL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 1 Accounting pollcies 1.1 Basis of preparation Highworth Grarnmar School Trust, School Fund is a registered charitywith Ihe Charity Commission in England and Wales. The address of the registered office is given in the charrty informalion on page 1 of these financial statements. The nature of the charitys operdtions and principal activities 'is to advanGe the education of the sludeiitb Highworth Grarnrnar School for GINS by provlolng or assisting in rhe provision of educalional, recreational and other charitable facilities in aUgmentsI￿n of such facilities financ￿1 by the Department for Education.. The charity conslilules a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicabte lo chartties 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 Irelarbd IFRS 102), the Charitres Act 2011 and UK Generally Accepted Accounting Practice. The financial staleThenls are prepared on a going concem basls 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 oftha 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 consislentiy applied to all years presented unless otherwise stated. 1.2 Funds Unre8tricted income funds Gompri3e those funds which the truslee5 are free to Use for aiiy purpose iii fuilli¢iilll of the charitable objeclives. Unrestricted funds include designated fvnds 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 rttpreseriled to ensu￿ thal fund balance slaled accuratety reflects the designatlon pollcy adopted by the Trustees. 1.3 Income recognition All income is included in Ihe Statement of Finanual Aclivities (SOFA) when the charity is legalw entitled to the income after any perrormance conditions have been met. the amount can be measured reliably and tt is probable th21 the income will be received. Voluntary income including donations and gifts is included in Ihe Statement of Financial Activities when receivable. Income is mainly for school vistts and day trips which are accounted for in the period in which the p or visit takes place. 1.4 Expenditure recognition All expenditure 15 aGGounted for on an a￿[ual5 basis aiid liÈ￿& i5￿11 LlÈJbbifi¢d liecirjirigb Ilidl dggregale all costs related to the G4legory. Expendilure is recognised where there is a legal or constructive obligation to make payments to third partièg, it ig probable that the settlemenl will be required 2nd the 2mount of the obligation can ba measured reliably. It is categorised under the following headings: Losts of generating tunds are those costs incurred in attracting voluntary income. Charitable expenditure cfjmpriseg those costs inCu￿ed by the charity in Ihe delivery of its activities and se￿FCes for tts beneficiaries. It includes both costs allocated directly to such activtttes and Ihose costs ot an indirect nature necessary to support them. Govemance costs include those inCu￿ed in the govemance of the charity and 2re primarity av4Jocialcd with con*Jtitutional and statutory requirements. 1.5 Stock Stock is included 2t the lower of cost and net rèaltsable value. HIGHWORTH GRAMMAR SCHOOL TRUST. SCHOOL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 1 AGcounting policie3 1.6 Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising fmm impaim*nt are recognised in expenditure. 1.7 Tax The charity is an exempt charty 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 concem basis as the Trustees believes that no material uncertainties exist. The Trustees has considered the tevel 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 concem. 1.9 Judgements and key sources of estimation uncertainty Accounling estimates and judgements are continually evaluated and are based on histortcal experience and other factors, including expectations of future evenls that are believed to be reasonable under the Gircumstances. There are no judgements or key sources of estimation uncertainty- 2 Income 2024 2023 Generated funds Fundraising 18,486 18,486 21,776 21,776 Charitable activities School visits Activities Income from school shops elc. Other income 256,180 68,210 47,429 240,505 73,161 41,538 49?,048 Expenditure 2024 Total 2023 Total Direct Costs Support costs Charitable activities Fundraising School visits Ablivilie Purchases athp.r 37.769 261.869 57.423 38,777 113.791 509,629 37.769 261.869 57,423 38,777 113.791 509.629 46.517 242,440 75,610 42,910 84,274 491,751 Governance costs Independent examinerfs fee 2.226 2,226 2,226 511.855 2.100 493,851 509.629 The above expenditure includes £118,425 (2023: £99.061) paid as a donakn'on to Highworth Grammar School. -10- HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y2024 4 Staff costs and Trustee remuneration During the year, the chartty had no employees (2023: None). No trustee received remuneration or reimbursement of expenses during the year {2023: None). Debtots 2024 2023 Prepayrnents and accrued income Other debtors 9.958 60,855 70,813 4.538 14.785 19,323 6 Creditors". amounts falling due within one year 2024 2023 Creditors Deferred income Accruals 21.168 110.704 2,226 134,098 19,209 35,942 2,100 57.251 7 Designated funds -2024 Asat1 New August 2023 Designallons Designation Released As at31 July 2024 Fundraising School visits Activilies Purchases Other 11.663 8.051 13.286 626 2.135 35.761 14,138 5,440 28.865 665 4.940 54.048 (11,663) (8,051) (13,286) (6261 2,135 35.761 14,138 5.440 28,865 665 4,940 54,048 Designated funds - 2023 Asat1 New August 2022 Designations Designatlon Released As at 31 July 2023 Fundraising School visits Activities Purchases other 17,760 10,446 13,512 621 4,274 46,613 11.663 8.051 13.286 626 2.135 35.761 (17,760) (10,446} (13.5121 (621) 4.274 (46.613)_ 11,663 8,051 1.2.2116 626 2,135 35,761 Fundraising School visits Thi8 relates to competition prizes to be used within the school Thls relates to school visits where excess funds are to carried Into the tollowing year to be used for the same trtp ThiknTr relat￿ to activities where exce88 funds are to carried into the following year trj be used for Ihe same aclivity This relates to fund% whir.h havp. hp_p.n hp.ld In hp. ijsed to purchase itemg for tho school in the folkiwing year This indudes funds that are to be used In the tollowng year on Duke of Edinburgh, Hop.kg.y 2nd Fqiipstrian Activities Purr.ha.qg.8 Other -11- HIGHWORTH GRAMMAR SCHOOL TRUST, SCHOOL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 37 JUL Y 2024 8 Analy515 of net assets between funds - 2024 Unrestricted Designated Total Current assets Liabilities 175,009 134,098 40,911 54.048 229,057 134,098 94,959 54.048 alysis of net assets bètween funds -2023 Unrestricted Designated Total Cu￿ent assets Liabilities 129.181 57,251 71,930 35,761 164,942 57.251 107,691 35,761 g Reconciliation of net income to net cashflow from operating activities 2024 2023 Nel income for the year Investment income Ilncreaseydecrease in debtors Increasel{decrease) in creditors (Increaselldecrease in stocks Ncl cash inflowlloufflow) from operating adivitses (12.7321 13,504) (51.490) 76,847 2,633 6,488 (26.500) 11.5661 505 (46,0981 120 73,539 10 Related party transaetions During the year, A Khalil, l Duffy, K Britton, R Dray, D Beer, V Brahmandam and D Valentine were also trustees of the Highworth Grammar School Trust. The School Fund donated an amount of £118k (2023= £99k) lo the Trust during the year. -12-