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
RegI￿tered 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$
SU￿eY
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 a￿l81anCe, 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 Sp￿1[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 do￿tIonS 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..
a￿oUntIng 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 ex￿diEUre 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 Tn￿1 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
BA￿8 of preparation
Th¢ financial 51alemenls have been prcparcd on the hi8torical ¢￿$t basis, as modified by the revalua¢ion of certain
financial assets and liabilities measured ar fair value through income or expenditure.
The finan¢ial 8taternenLS are prepared in sterling, which is the ￿nctiOnal currency of the entity.
The Chority meet8 the defjnition of a public b¢n¢fit eniiiy under FRS 102.
Goln8 eoneern
There Are no ma(erial uncertaintie5 a￿u¢ the Chaftiy'8 ability ro conlinue a5 8 going concern for at last tw¢lv¢ month8
from approving the accounig.
Dlgclo8ure exemptlons
The Charity has taken advantage of the exemption in "Bulletin l.. Am¢ndm¢nts to Accouniing and Reportin8 by
Charities.. Statemen( of Recommended Practice 4)pli¢able io ¢haritie5 preparing their accounts in a¢cordunce with the
Financial Reporting St&ndArd applicabl¢ in the UK and Republic ol Ireland" from the requirement to produce a cash
flow Statement on the grounds that it 1$ 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 inforn￿tion.
Fund accounting
The Unresiricled Fund comprises the capital a￿OUnt, which may be used for the pa￿ellts 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 nOm￿llY 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
Expenditt￿e 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$e. Realised gain5 and 1058es on
invt%Lments are calculated a.% the difference between 8&1es proceeds and their opening ckrying value or their purchase
value if acquired subsequent ￿ the first day of the financial year. Unrealised gaitts and losses Are calculated as the
difference between the fair value at th¢ year end and iheir carrying value. R¢41is¢d and un￿all8￿ investment gains and
losses are combined in the Statement of Financial A¢livitie8.
FlnaD¢l41 In¥trument8
The Charity only has financial wet8 and financial liabilities of a kind that qualify as basic financial in5tTuments. Basie
financial instsumentg are initially recognised at transaction value and subsequently measured at their settlcrnent valuc
with the exception of bank loa￿% which are subsequently measured at amorti5ed cost using the effective interest meth¢)d.
Cayh at Bank
Cash at bank and cash in hand includes ¢ash and Short temi highly liquid invc5tments with a short Maturity of three
month8 or less from the dat¢ of acquisition or opening of the dcp051t or Similar account.
Credltor5 and provi$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]￿A￿lEs 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 & Gr0￿h 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 T￿e1ved 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 ai*ts
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 a￿l$la￿e. 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.