THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 Charlty no. 1114845 THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND UNAUDITED FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Reference and AdmI￿lStrative Dclails Tn￿te¢s. ADJwal Report Independent Examiner's Report to the Tru5te¢s Statemenl of Financial Activities Balat￿e Sheet unting poli¢i¢s Nolcs to the Financial Statements THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023 Regl•tered Charlty name The Highf￿la School Centrnary BursarAes Futtd Ch*rlty regtstritlon number 1114845 PrlllelpAi offlee Highfield School Highfield Lane Liphook Hanjpshire GU30 7LQ THE TRUSTEES J H D Carey (Chairman) P A Greenwood S Mason N Denton K Naylor K Wi]k¢$ Independent eumlDer H4y&TnacintyT¢ LLP 10 Quvn Stre¢i P14rK London EC4R IAO B*nkerb HSBC Bank PIC 54 Clarence Street Kingston upon Thame$ Surrey KTI INS THE UIGHFJELD SCHOOL CENTENARY BURSARIES FUND TRUSTEES REPORT FOR THE YEAR EI¥DED 31 AUGUST 2&23 STRUCTURE, GOVERANCE AND MANAGEMENT The Highfield School Ccntensry Bursaries Fund (the "FuTJd" or the "Charity") wa5 e51ablish¢d under a Trust Deed dated 8 May 2006 as aniended on 5 October 2011. The Board of Trnstees regularly meets three tim¢s a y¢ar and mor¢ frequently. if r¢quir¢d. In addition, there is an inv¢stment sub-cominittee, which also mcels as least three times annually to review the invcstment and the invesknnent policy of the Fund. There are ellrr¢ntly six TnJste&s, all of whom have had or have elose ¢ottnections wth Highfield School. None of th¢ Trustcts h&vc any finAncial iThtere5( ITh the school, although one is a ell￿ent teacher. It is Also intended to retain thc eutrcnt policy of only appointing Trust¢¢s. who have had or have ¢onn¢¢tion with the school also that th¢r¢ should be one Trustee who currently tedches at th¢ school. OBJECflVES AND ACTIVITIES Thc Fund was ereated to advance education by ¢ontributing towards the fe¢s of pupils who, bu¢ for financial assistance. would not be able to Altertd and be educakd at Hi8hfL¢ld School. The Truslee8 have yivert due r¢gard to the Charity Cornmi55ion's guidance on public benefit when reviewing the aims and objective.4 and in planning futur¢ activilies of the Cltsriry. Future Funds received will automatically be applied ¢0 the Unrestricied Fund un1¢s5 it 15 8p¢cifically requested that A Don8tion should be used as a BuTSdry Wlthin u 5pecificd pcriod, in which case il will be applied to the Distribuiion Fund aiJd this Fund will, therefore, be Rc51ricled. SuLh Bursari¢5 will contribuie ttswards the fee5 of pupils whu, but for fInancial assistance. would not bc able lo atiend or cohtinuc to Bttend and be educated #l th¢ scbool. ACHIEVEMENTS AND PERFORMANCE During the year significtsnt emph&sis was placcd on fundraising and unre5tl'Lcl¢d donations totallin8 £69,371 (2021.. £80,011) were raised. During the year, bursaries ttstulling £74,12312021.. £75,711) wcr¢ award¢d. The number of pupils th81 werc 5UPPOrted with bllfsllrics in the year were 7 (2022.. 8). The bursaries provid¢d fittan¢ial ¥upport to cover betw¢¢n 850/0 and l OOO/D of fees for pupils requiring financial assistance. FJNANCJAL REVIEW Net1055 for the year is {£24,133)1105s 2022.. £43.173) including a gfiin on investments of £7.075 (loss 2022.. £43,030). As at 31 August 2023, the Fund's assets totallcd £674,05512022.. £698,188) The TtU5tees do not have a forni￿ resetves policy. The aim of the TnJstee5 IS to award ttvo Burwies a year out of the Fund. Their fvrther aim 15 to raise sutTicient donations in a particular year, together with investment incomc. to exceed the Bursaries paid in the year 8nd so to grow the Fund until it rcaches its iarg¢t of £1 inillion. A new fund-raising strategy is beiny developcd with & target to raise at £1 rnillion, although covfD has delaycd the fund- Taibill8 process ovw the last three years The Tnjstees, Annual Report was approved on 1£ tL.L 2024 and Signed on behalf of the Board of Trustees by.. J H D CoTry (Chnin?￿l THE HIGHFIELD SCHOOL CENTENARY BURSAIUES FUND DEPEI¥DENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HIGHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2023 I report to the T￿￿tres on my examination of the accounts of The Highfi¢ld S¢hool C¢n¢enary Burwi49 Fwid for the period ended 31 August 2023 whtch are set out on ￿8t$ 4 to I l. Respeetlve respon$ibilities of Trll5te￿ Examln¢r The Charily's Trll8te￿ 4r¢ r¢sponsible foT the preparation of the aCCOUDts. The Charity's Trustees consider that an audit is not required for thi8 year under section 144121 of the Charities Aci 2011 (the 2011 A¢t) and that an i1￿¢￿end¢n1 examination 1$ needed. l Tepori in respect of my examination of the Funds accounti &s ¢arricd out undcr x¢tion 44 (1)(cl of the 2005 Act at section 145 of the 2011 Act. In catrying out my examination I hav¢ followed the applicable Directions given by the Clwity Commi$$ion u￿r section 145(5Xbl of the 2011 Act. Independent Examlner'i 8tAtement I have completed my examination. I confirn? that no matt¢rs hav¢ ¢om¢ to my attention giving me cause to believe that in any material respect.. aceounting rKords were noi kept in resp¢¢t of the Chan'ty as required by section 130 of the 2011 A¢1; or the accounts do nol accord with those r¢cord8,' or 3. the occounts do not comply with the 4)plicable r¢qulreu￿nts Concerning the forni and content of accounts 8e¢ out in the Charitics (Accounts and Reports) Regulations 2008 other than any requirement thai the accounts Biv¢ a true and fair vicw which is noi a matter considered as part of an independent examination. I hav¢ no Goncerns and have come acro81 no other matters in connection with the examination to thich attentson should be drawn in this report in order to enable a prot)er unders1￿￿1￿% of the accounts to be reached. T. LJL Thomas Wilson ACA Haysm￿InIyr¢ LLP 10 Queen Street Pl￿e tnndon EC4R IAG Date. 16/04/24 THE IIIGHFIELD SCHOOL CENTENARY BURSARIFS FUND STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 AUGUST 2023 2023 2023 21123 2022 Uttre5tTlcted Funds Restricted FuDds T•tal FllDds Total Fund8 INCOME AIYD EXPENDITURE DonAtIons and legaci Arts Sales Donaiions General Donations and legacies 52,032 17.339 52.032 17J39 80311 69,371 12,291 69,371 12.291 80.311 10.825 lrtvestmen¢ income 81.062 81.662 91.136 EXPENDI'fuR C05t ofart sales Expenditure on charitable activities (38.5501 174.320) {38J501 174,3201 191,279) Total expendltsr• 1112,8701 (112.8701 191279) Realised105su on investments Change in value for investments (Unrealised gain5 1(Losse8)) 1225} 7,300 {2251 7 JOO 143,0301 Net IOOIMI) Invtstm¢uts 7.07S 7,075 {43,030) Net Ineome Ind net movewent ID FuDdi {24,133) 124.1331 143.173} RECONCILIATION OF FUNDS Toial Funds Brought Forward 698.188 698.188 741.361 Total Fvndi earrled forward 074,0SS 674055 69&188 Th¢ $WEm￿l of tlnancial i¢tivilies include5 &11 s&ins and loss¢s rtto8nis¢d in ih¢yeor. All in¢oTn¥ and e¥p¢nditur¢ dcrive from conlinuin8 activitiÈs. The noteJ on page4 8 to 10 form part of these flDandal statementi THE HEGHFIELD SCHOOL CENTENARY BURSARtES FUND BALANCE SHEET AT 31 AUGUST 2023 Tota) 2023 Totsl 2022 Note FIXED ASSETS Investm¢nts 635.386 658,311 cirRRENT ASSETS Cash at bank end its hand 38,669 39.877 NET CURBxiYf ASSETS 38.669 39,877 TOTAL ASSETS LESS CURRENT LIABILlnES 674.055 694188 FUi¥DS OF THE CIL4IUTY Unre8trict¢d Futtds 674.055 698,188 Totsl Charlty Fun 674.053 694188 Tha8¢ f￿an￿al ststements wtre Appn)ved by the Board of TnLqtets Atsd autborised for issue on nd arc 5igncd oll bebalf of th¢ Board by.. J H D CAr¢y Ichoiniift Trnst¢e Note8 8 to 10 fonn part of these Account& THE HIGHFIELD SCHOOL CENTENARY BUHSARIES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2023 General information The Highfield School Centenary Bursaries Fund is an unincorporated Charity gov¢rncd by 4 Trust Deed and re8iStered with the Charity Commission in England and Wales under registerednumber 1114845. Thcpri￿1pal addT¢SS is Highfield School. Hi8hfield Lane. Liphool Hampshire, GU30 7LQ. The objectives of the Charity arc 5Ct out on page 2. S¢*tement tsf compiian¢e These fJnan¢ial slatements have been prepared in compliance with FRS 102, 'th¢ Finawial ReportiDg Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended PTa¢ti¢c for ChaTiti¢s ISORP 2015) (Second Edition, effective l January 2019) applicable to charities preparing thcir a¢¢ounts in accordance wi¢h the Financial Reporting Standard appIl￿ble iti the UK and Republic of Ireland. A¢¢ouDtln8 poil¢l B*ils of prep*rAtlon Th¢ financial s¢at¢menls hav¢ been prepared on the historical Cost basis, a8 modified by the revaluation of certain rlnancial &w¢¥ and liabilLti¢s measured at fair value through incom¢ or ¢xpenditure. The flljancial $t&t¢m¢nts are prepared in sterling. which is the fi￿ctIonal ¢urreney of the entity. The Chariiy meet8 the definition of a public btrtefit entity under FRS 102. Golng eoneern There no ma￿n&t uncert&irtti¢s •boui th¢ Charity's ability to continue 0$ a going concern for at last twelve months froln approvin8 the accounts. Dlieloiure exemptlons The Charity has taken &dv&ntage of the exemption in "Bulletin l.. Amendment5 to Accounting and Reporting by Charities.. Staiemenl of Recommended Practice applicable to charities preparing their accounL8 in accordance with the Financial Reportin8 Standard appli¢&ble in the UK and Republic of Ireland" from the requircment to produce a c&$h flow statement on the grounds thai it is a srnall Charity. Judgementj and key ￿urCES of ￿tImatIOn uncerlalnty The preparation of the financial statEments requires mana8cment lo make judsements, e8tiin&tes and a85umplion5 that affect the amunis reportEd. These estitnate8 and jud8cmcnts are continually reviewcd and are ba%d on experience and other factors, including txpectations of future ¢vtnt5 that arc believed to be re&sonablr uThJer the circumstances. There are no areas imvolvin8 a highcr de8rce of judgement or complexity, or hreos where assumptions and estimates are 518nificaTht to the fiijancial inforn?ation. Fund ACCOUDling The Unrestricled Fund comprises the capital accoun¢ which may be used for the pa￿entS of Bursarics at the di5¢retion of the T￿￿te¢s. Income received durin8 the year is credited ts the Unrestricted Fund unless otherwi5¢ sp¢¢ifi¢d by the donor. It 15 the TrustCC5' inlcntion that futurc Bur5ari¢s will be paid ou( of the Restricted Fund which ¢omprises income from Specified donations when fund5 allow. Incorne is applied to the Restricted Fulld when it is specifically requested tha¢ a donation should be u8cd ID a spccificd pcriod. THE HIGHFIELD SCHOOL CENTEL¥ARY BURSARtES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2023 lttcome All incorn¢ IS I￿luded in thc stat¢m¢nt of financial activilies when entitlem¢n¢ h&8 p&wd to th¢ Ch4rity, it is probhbl¢ that the ¢conomic benefits aS8ociaied with the transaction will flow to the Charity and the amount can be reliably easurcd. Donations are recognised when the Trust has been notified in ￿Til]llg of bo¢h th¢ anwunt and 5¢tt1ement date. Inler¢$t on funds held on deposit 15 included when receivable and the amount can be measured reliably by the Charity. this is nomially upon notific8ttoll of the interesi p4id or payabl¢ by the bank. Dividends Are T¢¢0￿U8¢d once the dividend has been declared and notification ha5 been received of th¢ dividend du¢. ThL'$ 1$ normally upon notificalion by our inve8tment advise of the dividend yield of the investment portfglio. Expendlture Exp¢ndiNre is recogniged once there is a legal or constructive obligation io make apayment to a third party. 11 15 probable that set(lement will be requiTed, and ihe amount of thc obligation ¢an b¢ m¢4sured reliably. Expenditure on charitabl¢ activities in¢lud¢s all costs incurred by a Charity in undertaking activiti¢8 that further its charitable aims for the b¢nefi¢ of its b￿¢ficIaTI¢5, including those support ¢08ts and ¢05ts r¢latin¥ to the governance of the Charity&pportion¢d to charitable activities. Bursaries are payments made to pupils in the furth¢ranGe of the charitable objectives of the Charity. Governance costs include I1￿8e costs a88 7,075 A¢ JI Aygult 2023 635J86 All InV￿tMents 8hown above ar¢ held r4t faii valu¢. Th¢ initial oosts of these investments were £451.753 (2022- £464,217). Included in current year 8aitJs is reali5cd loss of £225 and un-realised gain of £73(KJ. Prior yeBr thc total loss relate5 to unrealised loues. FlnAllelAI *s•et$ htld At fAlr v4lue. tnvestments in equities and bonds are all traded ill quoted public markets? primarily the iLTrndon Sto¢k Ex¢hang¢. Th¢ basi8 of fair value for quoted investments 18 equivaleni to the market Yalue, using the bid price. Asset ￿leS and puTcha3¢s are rewgThi8￿l at th¢ date of ¢T4de at ¢08t (thal their tr¥A8action value). The inv¢$tm¢nts ar¢ ar]alys¢d as follows.. 2023 2022 UK quoted 8ecuriiies 635 J86 658,311 The main fonn of financial risk faced by the Charity is thai of volatility in investment markets due to wider economi¢ conditions and variability of investment returns. This risk is mitigated by maintaining a diverse investhient potrrfolio. THE HIGHFIELD SCHOOL CENTEL¥ARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. ANALYSIS OF CHARITABLE FUNDS At I September At Galns and 31 Auguil 2022 Income Expendltsre Lo¥$eJ 2023 Unrestrlcted Futhd 698.188 81,662 (112,870) 7,075 674,055 698.188 8J,662 (112.870) 7075 674,055 At I September 2021 At 31 Augujt 2022 G•ln8 Losses Infome ExpeDdlture Unrutrl¢ted Fund 732,041 91.130 (81,959) {43,030) 698,188 Re¥trlcted Fllnd 9,320 (9.320) 741 J61 91,136 (91279) (43,030) 098,188 Reytrickd fund- thi8 relate8 10 income received from gpeeified donatrons where the donor has spKifically requested that they should be used in a specified period. 11. AIY ALYSIS OF NET ASSETS BETWEEN FUNDS Unrutrlcted Funds R¢strl¢t¢d Total 2023 Invemtments Currertt wet& 635,386 38,669 635.386 38,669 674,055 674,055 Uoreitrltted Fund¥ Reitricted Fullds Total 2022 Investments Cutrent ￿￿18 658,311 39.877 658,311 39,877 L¥¢t wetg 698.188 698,188 IL RELATED PARTIES Highfield School {Liphook) Limited 1$ consid¢Ted a related paty of the Charity a8 the Charity'5 principal activity 18 that of contrkbuting towards the fees of pupi15 who, but for financial a&8istance. would not bc ablc to attend and be educated at Highfield or Brookbam S¢hools. During the year the Cbarity paid to Highfield School (Liphook) Limited the amouni of £74.123 (2022.. £85,031) on b¢hatf of pupils attending ihe school. Independent cxamination fees of £1,21)0 (2022.. £1.275) were paid by Highfjeld Sihool (Liphook) Limited. There were no other r¢lat¢d paty transactions in the ye￿. 10