THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 Charit), no. 312718
THE HIGHFIELD SCHOOLCENTENARY BURSARIES FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Reference and Adminisirative Details TTUStees' Annual Report Independent Examiner's R¢FK)rt to the Tne¢S StAtement of Financial Activities Balance Sheet Ni)tes to the Financial Statements
THE HIGHFIELD SCHOOLCENTENARY BURSARIES FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2020 Regi5teTed Charity n*me Th¢ Highfield School Centenary Bursaries Fund Charity registrntion number 1114845 Principal office Highfi¢ld School Highfield Lane LIphk Hampshire GU30 7LQ THE TRUSTEES J H D Carey (Chainnan) P A Greenivimy S Mason N Denton K Na)'lor Independent examintr Ha>smacint}Te LLP 10 Queen Streei Place London EC4R IAG Bankers HSBC Bank PIC 54 Clarenee Street Kingston upon Thames Surre). KTI INS
THE HIGHFIELD SCHOOLCENTENARY BURSARIES FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020 STRUCTURE GOVERANCE AND MANAGEMErfr The Highfield School Cenienary Bursaries Fund (the "Fund- or th¢"Charity") Ivas ¢5tsbli5h¢d under a Trust De¢d dated 8 May 2(N)6 as amended on 5 (ktober 2011. The Board of Truslees regularly meets ihr¢e limes a year and more frequently. ifrequired. In addi110 there is an investment sub-cotnmittee, Ivhich also meets &s least three limes artnually io revieiv the investi)ient and the Énvesm)en¢ p)licyof the Fujhl. There are currently five Tn1$, all of ivhom have had or have close connections iiith Highfield School. None ofthe Trustee5 have any financial interest in ihe School. although one is a Current teacher. It is a150 intended to retain the current policy of onl). cippointing Trustees, ii'ho have had or have conneciion iviih ihe School and also that there should be one Trustee ivho currently teaches at the school. 11,IF.CTIVES AND ACTIVITIES "I Iii l.und iv&s created to advance education b). contributing toiyards ih¢ fees of pupils ifrho. for financial assisthnce. Ivould ii(A bL able ro attend and be educaied ai Highfield School. TIIL "fNsiees have given due regard io ihe Charity Commission's guidance publi¢ benefit iihen r¢vieiTriing the aims and objLCtives and in planninv future aciiviiies of the Chariry. I".uÈLifL, Fun received ii'ill aulornaiically applied Eo Ihe Unrestricied Fund unless il is specifically requeed that a Donation sliould be used as a Bursary ivithin a specified riO(L in iihich case it i¥ill be applied to ihe Distribution Fund and this Fund li ill, therefore, be Restricted. Such Bursaries iiill coniriixiie ioii'ards the fees of pupils ih0. but for financial assistance. IIOLild noi b¢ able to atteThi or ci)ntinue lo atterKI and be educated at the Sch(M)l. the Year, specific Bursaries (inrludin. Gift Aid) of £44.347 iirre received out of i%hich £9.337 INere uiilised. Ir is eipLcied ihat the Balance ii.ill be utilised during the Year ending 31 Augusi 2021. No donic lions (2019 - £3,Oi2) from a marathon eveni in the )'ear iirre re¢¢ived. No external fundraiser5 have been used and no ¢oinplainis have been received in ihe year. ACHIEVEMEf4TS AND PERFORMANCE Diiring ihe )ear significani emphasis li'as placed on ndraISIng and donations i(xallino £38,566 (2019: £91.403) ii.ere raised. t)urirtg the }'ear, bursarie5 totalling £77,880 (2019= £77,2i8) ii.ere aiiarded. Tlie niimberof pupils that iiere sUPPOrted ii-ith bursaries in th¢ )eor ii¢r¢ 9 (2019.. 6). The bursaries provided financial support to cover beiivttn 8i°.o and of fees for pupils requiring financtal assistance. FINANCIAL REVIEW Nei deficit for the }'eor is £29,273 (2019.. 5urplu5 £37,907) includinu a nei loss on inyesimenrs of £3i.487 {2019: surplus £9,216). As ai 31 Aiioust 20?0, Ihe Fund's assets iotalled £69i,274 {2019= £724,547) The Trustees do not have a forn1 resetves policy. The aim of the Tntte5 plan is io aii?rd N%0 Bursaries a year oui of the Fund. Th¢ aim is to ra15e Sufficient donations in a panicular year. iooeiher iiirh investmeni incom< io exceed Ihe Bursaries paid in the )'ear and w to grgil" the Fund until li reaches its torgei of £1 million.
THE HIGHFIELD SCHOOLCENTENARY BURSARIES Fvf4D TRUSTEES REPORT (CONTif4UED) FOR THE YEAR ENDED 31 AUGUST2020 PLANS FOR FUTURE PERIODS A neil, fijnd-raising straie8y is beino develo[ ivith a wgei to raise £1 million. The Tnjsiees, Annual Rerrt)rt ifyas approved on Iilz 2021 and signed on behalf of the Board of Trustees by". JHD Trust ha
THE HIGHFIELD SCHOOLCENTENARY BURSARIES FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HIGHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2020 I report to the TTUSttts on my examination of the accounts of The Highfield Scl)wl Centenary Burwi¢s Fund for the period ended 31 August 2020 Ivhich are sei out on pages 5 10 12. Respecliye responsibilities of Trusttt5 ¥4nd Exami*er The Charity's Trustees are resEx)nsible for the prerAration of the accounts. The Charity's Trnsiees consider thai an audit is not required for this year under section 144(2) of the Charkiies Aci 2011 (the 2011 Act) and that an independent examination is needed. I report in respect of my examinaiion of the Funds accounts as caled out under section 44 (1) ( c) of the 21M)5 Act and section 145 0(the 201 l Act. In carr)'in. o out my examination I have folloived the applhcable Direciions given by the Charity Coiiimi5sion under seciion 145(5Xb) of the 2011 ACL Independen¢ ExamineT'S statemenl I Iiavt complel¢d my examination. l confirm that no matters have ¢ome to my attention givintr me Cause io believe that in n). Inaierial respect: accouniing records ivere not kept in respecr of ihe Chi?rity as required by section 130 of the 2011 Art- or th¢ accounts do noc accord i%iih those records- or the accounts do not ¢ompl}' ii.ith the applicabl¢ requir¢ments concerning the lorni and C(lent of accounts sei oui in the Charities {A¢wunis and Report5) Regulations 2008 other than any requirement that the accounts give a inje and fair vieii %vhich is noi a maii¢r consid¢Ted as pan of an ind¢peDd¢nt examination. I Ii¢ive no concerns and have come acr055 no other mailers in connection li.irh the examination lo i%hich attention should be drLiiin in ihis Tewjrt in order io enable a prOr understsnding of the accounts io be reached. ThoTllc15 Wi150n ACA Ha}51nacintyTe LLP l O Qiieen Streei Platt London EC4R IAG Date.. 16 February 2021
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND STATEMENT OF FINANCIAL AcrlvEs FOR THE YEAR ENDED 31 AUGUST 2020 2020 2020 2020 20]9 UDre51ricted Fund5 Restrieted Futhds Tot1 Fullds Total Funds Note lTriCOIIE AND EXPENDITURE Donations and legacies Inve5trnent income 38.566 10.940 44J47 82,913 10,940 93 J92 12,625 Total iucome 49.506 44.347 93.853 106.017 EXPENDITURE Eipendirure on charitable actLVLlies (78.302} (9.3371 {87.639) 177.3261 Total ekpeDditurt 178.302) (9,3371 187.639) 177,3261 N¢t g8in51{I059es) on iDI'e5tments {35.487) (35,4871 9,216 et Income net rno%'emeDt ID FuDd5 (61,283> 35,010 {29.27J) 37.907 REc0cILIATIOl OF FUNDS Total Funds Broughi FoThvard 724.547 724.547 686.(AO Total Funds tarried fornArd 660.264 35,010 695.274 724.547 The statement of financial actiiiiies includes gain5 and k)5se5 recognised in ih¢ lear. All incom¢ and exp¢nditure deri1¢ from coniinuin8 aciiiities. The noies pgt$ 7 tts 12 form prt ofthtse fiTh*tttial stgtemtnts
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND BALANCE SHEET AT 31 AUGUS[ 2020 Total 2020 Totsl 2019 Note FIXED ASSETS Invesun¢nls 6Jl.615 627.102 CURRENT ASSETS D¢bLors Cash at bank and in hand 12 13.076 50.583 97.445 63.659 97.445 NF"I' CURRENT ASSETS 63.659 97.445 .1 ()'rAL ASSETS LESS CURRENT LIABILITIES 695.274 724.547 I."I.'NDS OF THE CHARITI. LltiresiTicied Funds Resiricied Funds 660,2 35.010 724,547 Total Chtsrlty. Futtd$ 13 695,274 724,547 Th¢se financial 51atements iiere approved by the Board of Trusi¢es atKI authori5ed for issue on and 4w¢ signed on b¢ha f th¢ Board by: J H D Care). (Chairn)an) Tru5t¢e Notes 7 to 12 forrn part of the5t account&
THE HIGHFIELD SCHOOL CEiYfENARY BURSARIES FUND r40TES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 2020 Gener1 information The Highfield School Centenary BuTsaries Fund is an unincoTP)rated Chariry governed by a Trust Deed and regisiered i%'ith the Charity Commission in England and Wale5 underregistered nurnr 1114845. The principal address is Highfield School, Highfield Lane, Liphook, Hampshire, GU30 7LQ. The objectives of the Charity are s¢1 out on page 2. Statement of compli4nc¢ These fmancial staiemenis have been prepared in cornpliance i"ith FRS 102, 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statetnent of Rccomrnended Practice for Charilies ISOIiP 2015) (Second Edition. effective l January 2019) applicable to charities preparin their accounts in aceordance ivith the Financial Reporting Standard applicable in ihe UK and Republic of Irelan(t Attounting policies Basis of preparation The fanCIal staiements have Ixen wepared on the historical cost basis, as modified b). the revaluation of certain financial assets and liabilities measured at fair value ihrough income or expenditur¢. The fmancial stateTnents are prepared in trI]n> ii.hirh is the fvnclional CUTrency of the entity. The Charity mttts the def]nition of a public berit ¢ntit)' under FRS 102. Going concern There are no material uncertaintie5 aboui ihe Charit)-'s ability to coniinue as a going concern for at last (iTrelve monihs frorn approving the accounts. Di5elosure exemptions The Charit). has iaken advaniage of the exempiion in '"Bulletin I.. Amendments io Accouniino and Reportin Charities.. Siaremeni of Recommended Praciice applicable io chariiies preparino their aecounis in accordance iliih the Financial Reporting Srandard applicable in the UK and Republic of Ireland-. from the requirement to produce a cash floii. statement on the grounds that it 15 a small Charl. by Judgements and k'e). sources of estimation ncertain. The preparation of the financial sratements requires manavernenr to rnake judoemenis, estimates and assumptions thai affect the aTnounts reponed. These esiirnates and judoemenrs are coniinuallj. revieii'ed and are based on experience and other factor5, including expertaiions of furure evenis thar are believed io be reasonable under Ihe circumstances. There are no areas involvinu a hiuher degTe¢ of judgement or Complexi.. or areas iihere assumptions and esiimaie5 are sitsnificant to the fiTJancial ivfi)rwnation. Fund aceounling The Unrestricted Fund comprises the capital accoun¢ ii.hich tna} be used for the pa)qnents of bursaries at ihe discretion of the Trnsiees. Income received during the )¢ar is uedited to lh¢ Unre5tricied Fund unless o[her4]Se specified by ihe donor. li is the Trusrees. intention thai fuiure bursaries ii'ill be paid out of the Distrll )ulion FuT)d ii.hich comprises income from specified donations %hen funds alloii.. Income is applied io ihe Disiribulion Fund ii.hen it is 5cificallY requ¢sied that a donaiion should be used in a specified period.
THE HIGHFIELD SCHOOLCENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMEf4TS FOR THE YEAR ENDED31 AUGUST 2020 Income All income is included in the siaiemeni of financial aciivitie5 Ivh¢n ¢ntitl¢n]cnt has passed to the Chariry, it is probable that the economic benefiis associated with the trdnsaction ivill floiv to the Charity and the amouni can be reliably wneasured. Donations. are recognised ivhen the Trust has been notified in ivriiing of boih the amouni and settlement date. Interest on funds held on deposil is Tncluded i%hen receivable and ihe amounl can be measured reliably by the Charity; this 15 normally upon notification of the interest paid or payable by the bank. Dividends are reco]Sed once the dividend has been declared and notification has been received of the dividend due. This is nomiall} uwn noiificaiion by our inveSthnI advisor of the divid¢nd yield of ihe invemmeni ponfolio. Eipenditure Expenditure is rt¢ognised on¢e ihere is a legal or construciive obl110n io mak-e a payment to a third party, it is probable Ihat seitleTnent i%ill be required and the amouni of the obligation Can be measwed reliably. Lxpendiiure on charitable aeiivities irKludes all costs incurred by a Chariry in undertaking activities ihat further its hariiable aims for the benefii of lis beneficiarie& including ih05e 5UPPOrt costs and costs re7ing lo rhe govemance of the Charity apportioned io Charlble a¢tiviiies. Bursaries are payments madc to pupils in the furtherance of the charitable obj¢ciives of che Chariiy. Governancecosts include ihosecostsasSOCi&ted iiith etin the eonstitutional and siaiuiory requirement50f the Charity and include costs linked to the strdtegic Matement of the Charity. Irrecovernble VAT is charged as a co# against the activiiy for iihich the e.xpenditure ilas Incurr1. Inv¢5tment5 Investments are a forni of basic financial instrument and are initiall> recoonised ai their transaction value and SLibsequenily measured at their fair value as at ihe balance sheet date using the closino quoted ma¥K'ei price. The TTht does not aequire pur options. derivatives or oiher ¢omplei financial instruments. All gains and loses are taken lo the Statement of Finil ncial Aaiviiies as t. arise. Realised gains and losses on investmenis are calculated as the difference betii.een salL% proceeds and their openino can)'ing value or their purchh5e Vc11ue if a¢quired subsequent to the fkrst da}. of ihe financial year. Unrealiscd g*Lins and losses are calculaled a5 the ditrerence behveen the fair value ai the >'ear end and their caryino value. ReJli5ed and unrealised investment gains and losses are Combined in the Siatemeni of Financial Aciiviiies. Financial in5trum¢nls The Chariry. only has financial assets and financial liabilities of a kind thai qualify. as basic flljancial inslrumenls. Basi financial in51rument5 are iniriall)" recotFnised ai transaction value and subsequenil}' nieasured at their setileipent value iiiih the exception of bank" loans iihich art subsequentl>' measured ai amortised cosi using ihe ¢ffe¢rive interest method. Cash at Bank Cash ai bank and cash in hand includes cash and short ierrn highli liquid investments iviih a short maruriiy of three months or less from the date of acquisition or openino of the deposii or similar ac¢¢)uni. Creditors and prolision Creditors and provisions are recognised ii'here the Charity. ha5 a presertt obligaiion resuliino from a past event that ii'ill probabl), resuli in ihe irnnsfer of funds to a third party and the amount due ro se(tle rhe oblioJiion can be measured or e5timaied reliabl}'. Creditors and provisions are rrnlI}. reco8nised ai Their senlement amount afier alloil'ing for an) trade dIOunts due.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 DONATIONS AND LEGACIES Utsrestrided FuDds 2020 Restrleted Fund5 2020 Tot*1 Funds 2020 TotAI Fund5 2019 DONATIONS Donations Gift Aid 32,907 5,659 36,930 7.417 75.496 7.417 91.403 1,989 38.566 ¢U,347 82,913 93,392 There 1¥&8 no restricted income in 2019. INVESTMENT INCOME Unrt5tricted FuThds 2020 RestrRcted Funds 20211 Total FuDds 2020 TotAI Funds 2019 Ineome from ltsted investments Bank interest Teceivable 10.833 107 10,833 107 12.507 10.9M) 10.940 12.625 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUNDTYPE Unresirlcied Restrki¢d Futtd$ 2020 Totgl Fuvds 2020 Tol41 Funds 2019 20211 Bursary Aiiards Support Costs 77.879 423 9.337 87,216 423 77,258 68 78.302 9.337 87.639 77,326 There ivas no e.Ipendiiure income in 2019.
THE HIGHFIELD SCHOOL CEf4TEIY ARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202 EXPENDITURE ON CHARITABLE AcfiviTIES BY ACTIVITY TYPE Grnl fundi•g ofattiTrities Total Fund$ 2020 Total Fund5 2019 Support tosts Bursary Aivards Governance eosL4 77,879 77.879 423 77.258 68 423 77.879 423 78.302 77.326 Biirsary are made to pupils ivho. but for financial assistance, ilould not be able to attend and be educated ai Highfield ANALYSIS OF SUPPORT COSTS Bursar). AM"grd5 Total 2020 Totsl 2019 Govern8nee cos 423 423 68 NET GAINS ON INVESTMENTS Unrestrltted Furbds 2020 lIreStrIcted Funds 2019 Gainsl{105s) on listed invesimenis {35.487) 9.216 10. TRUSTEE REMUNERATION AND EXPENSES None of the Tnislees. or persons connected iiith them. received an), remunerdiion or reimbursement of ¢Apen5es during the )rear or prior >'ear. The Charir). did not have anj emplo>es during ihe >ear. 10
THE HIGHFIELD SCHOOL CENTEf4ARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 11. INVESTMENTS Ll$ted Jn%estments Cost or i#luatlo At I September 2019 Additions Disposals Fair value movemenis 627.102 80,000 140,0001 135.4871 A131 August 2020 63 1,615 Carrying 8moLLni Al 31 Augusi 2020 63 1,615 Al 31 Augus¢ 2019 627.102 All invesimenis shoiln #bove are held at valuation. Finaneial assets held at fir i'alue Investments in equitie5 and bond5 are all traded in quoted public markets, primaril}. the London Stock Exchang¢. The basis of fair value for quoted investment5 i5 equivalent to the mark¢1 value, using the bid price. Asset sales and purchase5 are recognised at ihe dale of trade ai cosi (that is their transaction valu¢). The investments are anal>'sed 85 follois'. 2020 2019 UK quoted securities 631.315 627,102 The invesknent portfolio ar¢ ma(k up of the lolloii.ing invesmienis . 2020 2019 Pimco Loii Average Duration Fund Jupiier Siraiegic Bond Fund Neii1on Groiith and Incorne Fund H¢nd¢rson UK Equitj Income & Gr0i11h Fund HSBC MSCI World ETF Vanguard FTSE2iO UCITS ETF 20,139 102.068 247.769 140.433 89,40) 31,802 60,839 82.146 239,989 109.889 134.239 The main forni of financial risk faced b). the Charii). is that olvolatilii>' in investnent markets due 10 ii'ider economic condiiions and variabilit)" of investtnent rethrn5. This risk 15 mi(igated by mainrainino a diverse investment portfolio. 12. DEBTORS 2020 2019 Other debtors 13,076
THE HIGHFIELD SCH(K)LCENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST2020 13. ANALYSIS OF CHARITABLE FUNDS At I Stpternber 21119 At 31 Augknsi 2020 Gains 2nd L05se5 Incomt Expettdit¥r¢ Unrestricted Fund 724.547 49.506 (78.302) (35,487) 660264 Resirlcted Fund *1.7 {9,337) 35.010 724J47 93,853 (87,639) (35.487) 695,274 At 31 August 20J9 I September 2018 G#Sns and Losse5 Income Expenditure Ilnresirieied Fund 11&017 (77,326) 9.216 724.547 686.640 106.017 (77.3261 9.216 724 J47 Restrscted nd - this relates io income received to coniribuie toii'ard5 the fees of pupils ii"ho. bui for financial assistance, ii.ould noi be able io allend or continue to attend and be educated ai Ihe School. 14. ANALYSIS OF f4ET ASSETS BETWEEN FUNDS Unrestricted Fund5 Rtstricted Fwn(15 Total 2020 Investment5 Ciirrent a55e15 631,615 28,fA9 631,615 63.659 35.010 Net 455ets 660264 35.010 695274 UDrestrlc¢¢d Fund$ 2019 Investmenis Curreni asseis 627,102 97.3 627,102 97.44) Net a55etS 724547 724.547 15. RELATED PARTIES Simon Mason. a Trusiee. is emplo}'¢d b). Highfield School as a teacher ai ihe Sch¢x)l. He retired as a teacher from the school in December 2020. He remains as a Tru51ee and anoiher Highfi¢ld S¢h¢)ol teacher is in Ihe process of being oppoinied as an additional Trll51¢¢. Highfield School {Liphook) Limited 15 considered a related party of the Charit). the Charity's principal aciivit}' is that of contiibuiing ioivards ihe fee5 of pupils iiho. bui for financial assistance, i%ould noi be able to attend and be educated at Highfield or Brookham Sch1$. During the )'ear the Charit). paid to Hitshfield sch)1 (Liphook) Limited ihe arnount of £77,880 (2019.. £77.258) on behalf of pupils atrendino ihe School. Independent examination fres of £1.090 (2019= £1.040) Ivere paid bs. Highfi¢ld School (Liphook) Limited. There ii'ere no other relaied parry transactions in the J'ear. 12