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 Tn￿e¢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
LIph￿k
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 Tn￿1￿$, 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 reque￿ed 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 i￿h0. 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 forn￿1 resetves policy. The aim of the Tn￿tte5 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 ca￿led 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 prO￿r 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 Acrlv￿Es
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2020
2020
20]9
UDre51ricted
Fund5
Restrieted
Futhds
Tot*1
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
REc0￿cILIATIO￿l 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 p*rt 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
Gener*1 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 nurn￿r 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 f￿anCIal 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 be￿rit ¢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 5￿cificallY 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 inveSth￿nI advisor of the divid¢nd yield of ihe invemmeni ponfolio.
Eipenditure
Expenditure is rt¢ognised on¢e ihere is a legal or construciive obl1￿10n 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 re7￿ing lo rhe govemance of
the Charity apportioned io Charl￿ble 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 Mat￿￿ement of the Charity.
Irrecovernble VAT is charged as a co# against the activiiy for iihich the e.xpenditure ilas Incurr￿1.
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 TTh￿t
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 r￿rn￿lI}. reco8nised ai Their senlement amount afier alloil'ing for an)
trade dI￿Ounts 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
Gr*nl 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
lI￿reStrIcted
Funds
2019
Gainsl{105￿s) 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 f*ir 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 folloi*s'.
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 Sch￿1$.
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