THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REPORT AIYD FILYAIYCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022 Charlty no. 1114845
THE HIGHFIELD SCHOOL CENTEI¥ARY BURSARIES FUND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Reference and Administrative Details Tru8tee8' Annual Rq)ort Independent Examina's Report to the Trustees Stalemcnl of Financial Aclivitics Balance Sheet Notes to the Financial Sialemcn15
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REFERENCE AND ADMINISTIL4TtVE DETAILS FOR THE YEAR ENDED 31 AUGUST 21J22 RegItered Charlty natne The Highfield School Centenary Bursaries Fund Cbarity reglstratlon number 1114845 Prlncipal otflce Highfield School Hi8hfield Lane Liph4)ok Hampshire GU30 7LQ THE TRUSTEES J H D Carey (Chaimian) P A Grcenwood S Mason N Denton K Naylor K Wilkes IndepeDdeDt ex#mln¢r Hay5macintyre LLP 10 Queen Street Place London EC4R I AG Bankers HSBC Bank PIC 54 Clarence Sireei Kingston upon Thame$ SUeY KTI INS
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FULYD TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTtJRt GOVERAI¥CE AND MANAGEMENT The Highfield School Centenary Bursaries Fund (the "Fund" or the-charity") w&s established under a Trust Deed dated 8 May 2006 as atnended on 5 October 2011. The Board of Trustees regularly meeis thrce times a year and more frequcntly, if required. In addition, th¢rc 18 an invesiment sub•committec. which a150 meets as least three tim¢s annually to review the investment and the investsnent policy of the Fund. There are currently six Trustees, all of whom have had or hav¢ closc connections wilh Highfield School. None of the Tru5tee$ have any financial interest in the school, although one is a currcnl t¢a¢h¢r. It is also intended to retaiTJ the current poli¢y of ojjly appointing Tjustees, who have had or have cotmection with the 8ciwol and olso iha¢ ihere should b¢ one TnL%tee who curr¢nily teaches at the school. OPJECTIVES AND ACTIVITIES The Fund wa8 ¢realed to advance education bycontributing towards the ftts of pupils who. but for flnancial al81anCe, would not be able to attend and be ¢ducat¢d at Highfield School. The TnJstee8 have given due reBard to the Clwity Commission's guidan¢¢ ort public benefit when r¢viewin8 the aims and objectives and in planning future actlVLties of the Charity. Future Funds received will automatically be #pplied io the Unrestiicted Fund unl¢85 it ig specifically requ¢5ted that a Donation should be used as a Bursary within A specified period, in which case it will b¢ applied io the DiNtribution Fund and thig Fund will, IhercEore, be Restricted. Su¢h BursarLCS WLII contribute towards thc f¢¢s of pupils who, but for financiAI a81l$thnce. would not be able to atlcnd or continue lo attend and be educated at th¢ School. During the Year, spwifL¢ Bur8arie¥ (includin8 Gift Aid) of £Nil (2021.. £2,545) were received and £Nil (2021.. £28.235) were utilised. As at 31 Au8usI 2022, there were no Sp1[1¢ Bursarie5 to be utilised during the year ending J l August 2023 (2021.. £9,320). ACHIEVEMEIYTS AND PERFORMANCE During the year yignifjeant empha¥is wa¥ placed on fvndraiying and unrestricted donations tO¢alliAg £80,011 (2021.. £28,150) were raised. Durin8 ihe year, bursaries tolalling £75,711 {2021: £99.402) were award¢d. The number of pupils that were supported with bursaries in the year were 812021.. 91. The bursaries provided financial support io cover between 85/v and IOO/o of fees lor pupils requiring finan¢ial assistance. FINANCIAL REVIEW Net los¥ for the yw is (£43.173) (gain 2021.. £46,087) including a1055 on inv¢slment8 of (£43,030) (gain 2021.. £129,804). As at 31 Augusi 2022, the Fund's a58ets totslled £698,188 {2021.. £741,361) The Trustees do noi have a fornial reserves policy. The aim of the Trnstees is to award two Bur5arieg a year out of the Fund. Their fiwther aim is to raiK sufficient dotIonS in a particular y¢ar, together with investment income, to excecd the Bursaries paid in the year $0 to grow the Fund until it reaches ils larget of £1 million. A new fiJnd-Taising strategy 15 being developed with a tatget to raise at £1 million, although COVID has delayed the fund- raising pmcess over the last ¢wo years The Trustees, Annual Report was approved on 2023 and signcd on behalf of the Board of Ttustees by: JHDC Trustee
THE HIGHFIELD SCHOOL CENTENARY BURSAIUES FUND II¥DEPEI¥DENT EXAMILYER'S REPORT TO THE TRUSTEES OF THE HIGHFIELD SCHOOL FOR THE YEAR EIYDED 31 AUGUST 2022 I report to the Trusrees on my examinalion of the accounts of The Highfield School Centenary Bursaries Fund for the penod ended 31 Augu$t 2022 which are set oui on pages 4 to I l. Respective responlibilities of TTll$tees #nd Examiner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider thai an audit is not required for thi8 year under section 144{2) of the Charitie8 Act 2011 (the 2011 Act) and that an independent examination is needcd. I report in regpect of my ¢xamination of the Funds accounts as carried out Lmder scction 44 {1)(cl ofthe 2005 Act and seciion 145 of the 2011 Act. In carying out my examination I have followed the applicable Directions given by the Charity Commis8ion under Section 14515)(b) of thc 2011 Act. Independ¢t Examiner'y itatement I have completed my examiTTration. I confirn? that no matters have corne to my alt¢nLion giving m¢ ¢au8¢ to beli¢ve that in any material respeci.. aoUntIng records were not kept in regpect ofthe Charity as required by 8ection 130 of the 2011 Act: or 2. the accounts do not accord with thoge record8; or 3. the accounts do not comply with the applie&ble requirement8 ¢on¢eming the foTm and content of accoun18 set out in the Charities {Accoun18 and Reports) Regulètions 2008 other than any requirement that the ac¢ouD18 give a tn and fair view which 18 twl a motter ¢onsidered as part of an independent examination. I have no concern8 and hove Come a¢ro$$ no other matter8 in connection with the examinAtion to which atteniion $hould be in this report in order to enable a prop¢r undmtanding of the account5 to be reached. Thomas Wi150n ACA Haysmacintyre LLP 10 Queen Street Place Lx)ndon EC4R IAG Date.. 14 March 2023
THK HIGHFIELD SCHOOLCENTENARY BURSAIUES FUND STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR EiYDED 31 AUGUST 2022 2022 2022 2022 2021 UDre5tricted Rutrirt¢d Fun Total Funds Total FDnd5 Nots INCOME AND EXPENDITURE Donatiorts and lega¢i¢s Inveslmcnt income 80,311 10,825 80JII 10,825 33.220 10.808 Total In¢ome 91.136 91.136 44,028 EXPENDITURE Expenditure on charitable Activities {81.959) 19.320) 191,279) {127,7451 Total expendltsre 181,9591 19,320) 191,2791 {127,7451 Net OwiuygAlns IDv¢iith¢ttts 911 {43.030} 143.030) 129,804 et Incowe nel movement ID Fundo 133.853) 19,320) 143.1731 46.087 RECONCILIATION OF FUNDS Toial Funds Broughi Forward 732.041 9,320 741.361 695.274 Total farrled fonv8rd 698.188 098.188 741.361 Thc statement of financial 1VitteS includcs all 88in5 &rMI loss wo8nised in th¢ ye. All income and exdiEUre derive from continuin8 activities. The notes on pages 6 to 11 form part rfthese IlnADtlal statemtllts
THE HIGHFIELD SCHOOL CENTEL¥ARY BURSARIES FUND BALANCE SHEET AT 31 AUGUST 2022 Total 2022 Total 2021 IYot¢ FIXED ASSETS Inv¢sLm¢nts 658.311 706,34 CURRENT ASSETS Cath at bsnk and in hand 39,877 35,020 39.877 35,020 NET CURRENT ASSETS 39.877 35,020 TOTAL ASSETS LFSS CURRENT LIABILITIES 098.188 741.361 FUNDS OF THE CHARITY Unrestricted Funds Restricted Fund$ 698,188 732.041 9.320 Tot&1 Charlty Funds 12 698.188 741.361 These flnancial statemen15 were approved by the Board of TTU$tees and authorised for i$¥u¢ on and are 8Lgned OTJ bchalf of the Board by.. il Fl.& 2-9 JHDCar Trust¢¢ Notes 6 to 11 form part of these Accounts.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General informatio The Highfield School Cenienary Burwies Fund 1$ 8n uninco4)orated Charity gov¢rn¢d by a Tn1 Deed and registered with thecharitycommission in England and Wale5 und¢rr¢gisiered number 1114845. The principal address isHighfield School, Highfield tArte, Liphook, Hampshire, GU30 7LQ. Th¢ objectives of the Clwity are set out on page 2. Statement of eompli#n¢e These financial statements have been prepared in compliance with FRS 102, 'th¢ Fit]ancial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statcm¢lll of Recommended Practi¢¢ for Charities (SORP 2015) (Second Edition, effective l January 2019) applicable to ¢h3rities preparing their ac¢ountg in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland. Aecountlng policles BA8 of preparation Th¢ financial 51alemenls have been prcparcd on the hi8torical ¢$t basis, as modified by the revalua¢ion of certain financial assets and liabilities measured ar fair value through income or expenditure. The finan¢ial 8taternenLS are prepared in sterling, which is the nctiOnal currency of the entity. The Chority meet8 the defjnition of a public b¢n¢fit eniiiy under FRS 102. Goln8 eoneern There Are no ma(erial uncertaintie5 au¢ the Chaftiy'8 ability ro conlinue a5 8 going concern for at last tw¢lv¢ month8 from approving the accounig. Dlgclo8ure exemptlons The Charity has taken advantage of the exemption in "Bulletin l.. Am¢ndm¢nts to Accouniing and Reportin8 by Charities.. Statemen( of Recommended Practice 4)pli¢able io ¢haritie5 preparing their accounts in a¢cordunce with the Financial Reporting St&ndArd applicabl¢ in the UK and Republic ol Ireland" from the requirement to produce a cash flow Statement on the grounds that it 1$ a gmall Charity. JudgemeDts and key sources ol tBtlm*tlon un¢¢rt8lnty The preparailon of the financial statements requires inanageTnent to make judgements, estimate8 and assumptions that affect the arnourttg reported. These e5timale5 and judgcmcnts are coniinually revi¢w¢d and are based on experience and other factors, including expectations of future events that ar¢ believed to be reasonable under the cirGumstance5. There are no areas involving a higher degree of judgement or ¢omplexity, or areas where &ssumptions and estimatey are significant to the financial inforntion. Fund accounting The Unresiricled Fund comprises the capital aOUnt, which may be used for the paellts of Bursaries at the discrction of the Trugteeg. Income rtteivvj during the year is ¢r¢di(ed to the UTJrestricled Fund unle55 otherwise 5pecifi¢d by the donor. It is the Truste¢s' inl¢ntion that future Bursaries will be paid out of the Rcstri¢ted Fund which comprises income from specified donations when fund¥ allow. Income is applied to the Restricted Fund when it is specifically r4uested that a donation should be used in a specifi¢d peiiod.
THE HIGHFI£LD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINAL¥CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 1022 Income All income is included in the statement of financial activities when entitlement has passed io the Charity. it is probable that the economic benefits associaled with the transaction will flow to the Charity and tbe amount ean be reliably measured. Donations are recogni5ed when the Trust has been notified in writing of both the amount and settlement date. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Ch8riry' thi8 is nOmllY upon notifLcatlOD of the interest paid or pyable by the bank. Dividend5 are rccognised once the divRdend has been declared and notification has been received of the dividend due. This is nornjally upon noiificaiion by our investment advise of ihe divide yield of the investTnenl portfolio. Expendlture Expenditte is recognised onee there is a legal orconsiruetive tsbligalion to make a payment lo a third party. it is probable that se¢tlemenL will be required, and ihe amount of th¢ obligation can bc measured reliably. Expenditure on Charitable activities includ¢8 all cos18 incurred by a Charity in undertakittg A¢liviti¢s that further it8 chariiable aims for che benefii of its beneficiaries, including those sUPPOrt costs and costs relatiug to th¢ governance of the Charity apponioned to charitable aetivitses. Bursorie8 are payments made io pupilj in ihe furfh¢rance of the charitabl¢ obje¢¢ives of the Charity. Governance cosis include those c08t5 associated wilh meeting the constitutional and statytory requirements ofthe Chan'ty and include cost8 linked to the strategic management of ihe Chan'ty. ltt¢¢overable VAT 18 charged a ¢05t against the activity for which the expenditure was incurred. Investments Investrnenl8 are a fomi of basie finan¢i&l instrument and are initially reco8nised at their tran8a¢tion value and subgequenily measured Ai their fair value a5 at the balance Sheet date using the closing quoted inarket price. The Charity does not acquire put options. derivative8 or other complex financial insinjmenis. All gain$ 108ses are taken to the Statement of Financial Activities AS they hri$e. Realised gain5 and 1058es on invt%Lments are calculated a.% the difference between 8&1es proceeds and their opening ckrying value or their purchase value if acquired subsequent the first day of the financial year. Unrealised gaitts and losses Are calculated as the difference between the fair value at th¢ year end and iheir carrying value. R¢41is¢d and unall8 investment gains and losses are combined in the Statement of Financial A¢livitie8. FlnaD¢l41 In¥trument8 The Charity only has financial wet8 and financial liabilities of a kind that qualify as basic financial in5tTuments. Basie financial instsumentg are initially recognised at transaction value and subsequently measured at their settlcrnent valuc with the exception of bank loa% which are subsequently measured at amorti5ed cost using the effective interest meth¢)d. Cayh at Bank Cash at bank and cash in hand includes ¢ash and Short temi highly liquid invc5tments with a short Maturity of three month8 or less from the dat¢ of acquisition or opening of the dcp051t or Similar account. Credltor5 and provi$ion Creditors and provisi¢)n5 are recognised where the Charity has a present obligation resulting frotn a past evcnt that will probably result in the transfer of fimds to a third paty and the amount due to settle the obli8ation can be m¢a$ur¢d or estimated reliably. Creditors and provisions arc nornjally recognised at their settlcrnent arnount after allowing for any trade di%counts due.
THE HIGHFIELD SCHOOL CEIYTENARY Bu]AlEs FUND NOTES TO THE Fif4ALYCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 DONATIONS AND LEGACILS Unrestricted Fund5 2022 Restrlcted Funds 2022 Total Funds 2022 Totsl Fund6 21121 DONATIONS Donaiions Gift Aid 80.011 31K 80,011 300 30,695 2.525 80,311 80,311 33.220 2021 Te8tri¢ted sncomc consisted of £2,545 from donations. INVESTMEIYT INCOME Ullrostrlettd Futtdi 2022 Rutr(¢¢¢d Funds 2022 Totsl Fund8 2022 TotAI FuDds 2021 Income from listed inve51menls Bank intere51 receivable 10,817 10,817 10,806 10,825 10,825 10.808 EXPEIYDITURE OI¥ CHARITABLE ACTIVITIES BY FUND TYPE Unrestrlcted Fund$ Z022 Restrlcted Funds 2022 Total Total Funds 1021 2022 Bursary Awards Support ¢0815 75.711 6.247 9.321 85,032 6,247 127,638 107 81,958 9,321 91.279 127,745 2022 rc5tricted expenditure consisted of £9.32112021.. £9,337) from Bursary awards.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINAI¥CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding of Attivltles To(*1 Funds 2022 TotAI Funds 2021 Support Costs Bursary Awards Governance cosis 75,711 75,711 6.247 99.403 107 6,247 75,711 6.247 81.958 99,510 Bursary are made to pupi15 who, bui for fin8neiAI &&51st4n, would noi be able to attend and be educated at Hi8hfield School. ANALYSIS OF SUPPORT COSTS BuriAry Avlardi TotAI 2022 Totsl 2021 Governance e05ts 6,247 0.247 107 NET GAINS ON INVESTMENTS Unrestrieted Funds 2022 UDre8trleted Funds 2021 (LossesyGain5 on ILsl¢d inv¢stmM 143.0301 129,804 10. TRUSTEE REMUNERATION AND EXPENSES None of the Tru8te¢s, or persons co[c¢ted with them. received aoy remuneration or reimbur8em¢nl of ¢xpen5es during the year or prior year. The Charity did noi have any employe durtng the year.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUEYD NOTES TO THE FtNAI¥CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. INVESTMENTS Llsted Cost or valuation At I Seplemb¢r 2021 Additions Di5P05als Farr value movement9 706.341 45,000 (50,(KMJ) {43.030) A¢ 31 Augllst 2022 658.311 Iniiial ¢081 of investments At JI Amgugt 2022 464,217 At 31 Au8USt 2021 469,217 All invegtments shown above are held at valuation. Finan¢lAI ameti held at falr value Invcstmcnts in equitie8 and bonds are all traded in quoted public mark¢ls, pnnvdrily the London Stock Exchange. The basi8 of fair value for quoted investrnenis is equivalent to the market value, using the bid pric¢. Asset leS and pur¢h4w Are re¢ognss¢d at ihe dAte of trade Bi cosi (that 18 their transaction value). The inve8tments are analy5ed as follows,. 2022 2021 UK quoted gecuritieg 658.311 706.341 The investment portfolio is made LP of the following investsn¢nts'. 2022 2021 Jupiter Strategic Boryd Fund Newton Growth and Income Fund Henderson UK Equity Income & Gr0h Fund HSBC MSCI World ETF Vanguard FTSE250 UCITS ETF ABRDN 56,279 255,048 118,515 172,916 34.155 21.398 67,33 1 298,716 173,805 122,899 43,590 The main forni of fttmllcial risk faced by the Clwiiy 1$ that of volatility in snvc5tment tnarkets due to wider economi CODditiow and variability of investment returns. This risk 18 mÈti¥&ted by ttMint&ining a th'verse iuv¢stm¢n¢ portfolio. 10
THE HIGHFIKLD SCHOOLCEI¥TENARY BURSARIES FULYD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. ANALYSIS OF CHARITABLE FUNDS At I September 21121 At Galns aDd Lo88eg Income Expendlture 2022 Unrestri¢t¢d Fund 732.041 91,136 (81,9591 (43,030) 698.188 R¢strlcted Fund 9.320 (9,320) 741,361 91,136 {91,279) (43,030) 698.188 At I September 2020 At 31 Augmlt 2021 GalD$ and Lomes Incomo Expendlture Unrutrleted Fund 660,264 41.483 (99,5101 129,804 732,041 Restrleted Fund 35,010 2,545 128,235) 9.320 695,274 44,028 (127,745) 129.804 741,361 Restricted fund- this relates to income Te1ved from Specified donAiions where the donor has Bpecifically requegfrd thal they should be us¢d in a specified period. 13. ANALYSIS OF NET ASSETS BETWEEN FUIYDS UDrestrl¢t¢d Fundj Rutrleted FuDd$ Totsl 2022 Inveslmenis Curreni assets 658Jll 39,877 658.311 39.877 Net aits 698,188 9,320 698,188 UDregtrl¢ted Fund$ Unrestrlcted Fulld5 2021 Investments Current assets 706,341 25,700 706,341 35,020 9,320 Net 8set$ 732.041 9.320 741,361 14. RELATED PARTIES Highfield School (Liphook) Limited is considered a related party of the Clwity as the Charity's principal actlVLty is that of contributing towards the fees of pupils who, but for financial al$lae. would not be able to atlend and b¢ educated at Highfield or Brookham Schools. DurJll8 the year the Charity paid io Highfield School (Liphook) Limited the amount of £85.03] (2021.. £99,403) on behalf of pupils attending the s¢hool. Indq)endent examination fees oFEI,275 {2021'. £1,175) were paid by Highfield School (Liphook) LTmited. There w¢r¢ no other related party ttaiisactions in the year.