THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Charlty no. 1114845
THE HIGHFIELD SCHOOL CENTENIIRY BURSARIES FUND UIYAUDITED FLYANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Reference and Administrative Details Tte¢s, Annual Report Independent Exarniner's Report to the Trustees Statement of Financial Activities Balance Sheet Accounting policies Notes to the Financial Statements
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2024 Registered Charity name The Highfield School Centenary Bursaries Fund Charity reglstratlon number 1114845 Principvdl office Highfield School Highfield Lane Liphook Hampshire GU30 7LQ THE TRUSTEES J H D Carey (Chairn]an) P A Greenwood S Mason N Denton (Resigned 1410612024) K Naylor K Wilkes H Alexander (Appointed 1410612024) F Dumas (Appointed 0311012024) Independent examiner Haysmac LLP 10 Queen Street Place London EC4R I AG Bankers HSBC Bank PIC 54 Clarence Street Kingston uwn Thames Surrey KTI INS
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERANCE AND MANAGEMENT The Highfield School Centenary Bursaries Fund (Ihe "Fund" or the "Charity") was established under a Trust Deed dated 8 May 2006 as amended on 5 October 2011. The Board of Trnstees regularly meets three times a year and more frequently, if required. In addition, there is an investment sub-commit*e, which also meets as least three times annually to review the investhient and the investment policy of the Fund. There were six Trustees at the end of the reporting period, all of whom have had or have close connections Wlth Highfield and Brookham School (the'school"). None of the Trustees have any fmancial interest in the School, although one is a Cuent teacher. It is also intended to retain the current policy of only appointing Trustees, who have had or have connection with the School and also that there should be one TTU8lee who CUTrently leaches at the School. OWECTIVES AND ACTIVITIES The Fund was created to advance education by contributing towards the fees of pupils who, but for financial assistance, would not b¢ able to attend and be educated at the School. The Trustees have given due regard to the Charity Commission's guidance on public benefit when rcviewing the aims and obje¢tive8 and in planning activities of the Charity. Future Funds received will automatically be applied to the Unrestricted Fund unless it Is specifically requested that a Donation should be used as a Bursary within a specified period, in which case it will be applied to the Distribution Fund and this Fund will, therefore, be Restricted. Such Bursaries will contribute towards the fees of pupi15 who, but for fmancial assit•tan¢e, would not be able to attend or continue to attend and be educated al Ihe School. ACHIEVEMENTS AND PERFORMANCE The charity continue to place 8ignificant emphasis on fundraising and unrestricted donations totalling £54,824 (2023.. £69,371) were raised. During the year, bursariei> totalling £91,408 (2023: £74,123) were awarded. The number of pupi18 that were supported with bursaries in the year were 7 (2023.. 7). Thc bursaries provided financial support to rov¢r b¢twe¢n 85 /0 and l 00 % of fees for pupils requiring financiaE assistance. FINANCIAL REVIEW Net surplus for the year is £63,967 (loss 2023: £24,133) including a gain on investments of £87,918 (2023: £7,075). As at 31 August 2024, the Fund's assets totalled £738.022 (2023: £674,055) The Trustees do not have a forn]al reserves policy. The aim of the Trustees is to award two Bursaries a year out of the Fund. Their further aim is to raise sufficient donations in a particular year, together with investment income, to exceed the Bursaries paid in the year and so to grow the Fund until it reaches its target of £1 million. A new fund-ratsing strategy is being developed with a target to raise at £1 million, although COVID has delayed the fimd- raising process over the last three years
STATEMENT OF TRUSTEES9 RESPONSIBILITIES The Trustees are responsible for preparing the Tstee$, Report and Financial Statem¢nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial yeai., which give a tNe and fair view of the state of affairs of the charity, and of the incorning resources and application of resources of the charity during that period. In prepar2ng those financial statements. the trnstees are rcquiTcd to.. Select suitable accounting policies and th¢n apply them consistentty. Observe the methods and principles in the Applicable Charities SORP. Make judgments and estimates that are reasonable and prudent. State whether applicable accounting >taftdards have been followed, subject to any material departures that must be disclosed ld explained in the finallci&l stalemenls. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the tnJ8t deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other Arregularities. The Trustees are rc8ponsible for the maintenance and integrity of the charity and financial infomiation included on the charity's websitc. Lcgislation in the United Kingdom goveTning the PTeparation and dissemination of financial slatcments mdy differ frorTh legisLation in other jurisdictions. The Trnstees, Annual Report wa5 approved on 2025 and signed on behalf of the Board of Trustees by: J H D Carey (Chaii Trustee
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND INDEPEIWENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HIGHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 I report to the Trustees on my examination of the accounts of The Highfield School Centenary Bursaries Fund (the "Fund" or the'charity") for the period ended 31 August 2024 which are set out on pages 4 to l l. Respeetive responsibilities of Trustees and Examiner The Charity's TSteeS are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination is needed. I report in respect of my examination of the Funds accounts as carried out under section 44 (1)(c) of the 2005 Act and se¢tion 145 of the 2011 Act. In carying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)Ib) of the 2011 Act. Independent Examiner's statement I have completed my examination. I confjrni that no matters have come to my attention giving rne cause to believe that in any material respect: accounting records were not kept in resp1 of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records. or 3. the accounls do not comply with the applicable requirements concerning the fonn and content of accounls sel out in the Charities (Accounts and ReporL8) Regulations 2008 other than any requirement that the account8 give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other tnatters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Thomas Wilson ACA Haysmac LLP 10 Queen Street Place London EC4R LAG Date: 20 June 2025
THE HIGHFIELD SCHOOL CENTENARY BURSAIUES FUND STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2024 2023 Unrestrleted Fynds Total Funds Total Funds Note INCOME AND EXPENDITURE Donatlons and legaeles Arts Sales Donations General Donations and l¢ga¢ies 52.032 17.339 54,824 54,824 54,824 12,762 54,824 12,762 69.371 12.291 Investment income Total Income 67,586 67586 81.662 EXPENDITURE Cost of art sales Expenditure on charitable activities (38.5501 (74,320) (91.537) (91.537) Totydl expenditure (91,537) (91,537) (112.870) Realised gains/(losscs) on inveslmcnts Change in value for investments {unrealised gains) 33,562 54.356 33.562 54.356 (225) 7,300 Net gain8 on investments 87,918 87,918 7.075 Net income and net movement in Funds 63.967 63,967 (24,133) RECONCILIATION OF FUNDS Total Funds Broughi Forward 674,055 674,055 698.188 Tot81 Funds C2rrled Forward 738,022 738,022 674,0SS The statement of financial activities includes all gains and10&5es 08n1$ in the year, All income and expenditure derive from ¢onlinuin8 activities. The note5 on pages 8 to 10 form part of these financial statement5
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND BALANCE SHEET AT 31 AUGUST 2024 Total 2024 Tolal 2023 Note FIXED ASSETS Invcbtments 713,268 635.386 CURRENT ASSETS Cash at bank and in hand 24,754 38,669 NET CURRENT ASSETS 24,754 38.669 TOTAL ASSETS LESS CURRENT LL4BILITIES 738,022 674,055 FUNDS OF THE CHARITY Unrestricted Funds 738,022 674,055 Total Charlty Fund5 10.1 I 738,022 674,055 These financial statemettts were approved by the Board of Trustses and authorised for issue orl and are signed on behalf of tiic Boai'd by.. J H D Carey (Clitlii'nian Trnstce Notes 8 to 10 form part of these VéCCOUllt5.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 General information The Highfield School Centenary Bursaries Fund is an unincorporated Charity governed by a Tst Deed and registered with the Charity Commission in England and Wales under registered number l 114845. The principal address is Highfield School, Highfield Lane, Liphook, Hampshire, GU30 7LQ. The objectives of the Charity are set out on page 2. Statement of eompliance These financial statements have been prepared in compliance with FRS 102, 'the Financial Reporting Standard applicable in the UK and th¢ Republic of Ir¢land', th¢ Statement of Recomrnended Practice for Charities (SORP 2015) (Second Edition, effective l January 2019) appli¢abl¢ to charities prq)aring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Accounting polleles Basis of preparation The financial 8tatemcnts have been prepared on the historical cost basis, as modified by the revaluation of Gertain rmancial &gsets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, which i8 the functional currency of the entity. The Charity meets the defmition of a public bencfit entity under FRS 102. Going concern There are no material uncertainties about the Charity's ability to continue as a going concern for at last twelve months from approving the accounts. Di8c105ure exemptlony The Charity has taken advantage of the exempiion in "Bulletin I: Amendments to Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" from the requirement to produce a Cash flow statement on the grounds that it is a small Charity. Judgements V4nd key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgemenL8, estimates and assumptions that affect the arnounts reported. These estimates and judgements are continually reviewed and are based on experience and other factor5, including expectations of future events that are believed io be reasonable under the ¢ircumslances. There are no ar¢as involving a higher degree of judgement or complexity, or areas where assumptions and e8timates are significant to the financial inforn]ation, Fund accountlng The Unrestri¢ted Fund comprises the capital account, which may be used for the payments of Bursaries at the dis¢retion of the Trustees. Incorne received during the year is credited to the Unrestricted Fund unless otherwise specified by the donor. It is the Trustees, intention that tUre Bursaries will be paid out of the Restricted Fund which comprises income from specified donations when ndS allow. Income is applied to the Restricted Fund when it is specifically requested that a donation should be used in a specified period.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 Income All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount Can be reliably measured. Donations are recognised when the Trnst 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 Charity. this is nonnally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and noliftcation has been received of the dividend due. This is nomally upon notification by our investment advise of the dividend yield of the investment portfolio. Expenditure Expenditure is recognised once there is a legal or constrnclive obligation to make a payment to a third paty, it is probable that s¢ttlcment will be r¢quir¢d, and th¢ amount of the obligation Can be measured reliably. Expenditure on charitable activities includes all costs incurred by the Charity in undertaking activitie8 that further its charilable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charily apportioned lo charilable activities. Bursaries are payments rnade io pupils in the furtherance of the charitable objectives OF the Charity. Governance costs include those costs associated with meeting the ¢onstittLlional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity. Irrecoverable VAT is charged as a cost against the activity for which the cxpenditure was incurred. Investments Investments are a fom) of basic financial in$trument and are initially recognised at their transaction value and Subsequently measured at their fair value as at the balance sheet dalc using the closing quoted rnarket price. The Charity does not acquire put options, derivatives or other complex fmancial instruments. All gains and losses are taken lo the Sialement of Financial Activities as Ihey arise. Realised gains and losses on investments are calculaied as the difference between sales proceeds and their opening carying value or their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated a8 the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Flnanelal Instruments The Charity only has financial assets and financial liabililies of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exc¢ption of bank loans which are subsequently measured at amortised cost using the effective interest method. Cash at Bank Cash at bank and cash in hand includes Cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provision Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of ndS to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally iecognised at their settlement amount after allowing for any trade discounis due.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUCUST 2024 DONATIOIYS AIND LEGACIES Unrestrictsd Futtds 2024 Restrtcted Funds 2024 Total Funds 2024 Totsl Funds 2011 IK)NATIONS General Donations and Legacies Arts Sales Donations 54,824 54,824 17,339 52,032 54.824 $4,824 69,371 INVESTMENT ILYCOME Unrestricted FuDds 2024 Restricted Funds 2024 Totfdl Funds 2024 Total Funds 2023 Income from listed investments B8nk interest re1vable 12.336 426 12.336 426 12,180 12,762 12,762 12,291 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding of activities 2024 Support costs Total Funds 2024 Totgl Funds 2023 2024 Bursary Award5 Govcmance costs 91,408 91,408 129 74,123 197 129 91,408 129 91.537 74J20 Bursary are made to pupils who would not be able to attend and be educated at Highfield School without financial support. All expenses are unrestricted in nature.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7. NET GAINS OIY INVESTMENTS Unrestricted Funds 2024 Unrestricted FuDd5 2023 Net gains on listed investments 87,918 7.075 Included in current year gains are realised gains of£33,562 (2023: Loss £225) and unrealised gains of £54,356 (2023: £7300). TRUSTEE REMUNERATION AND EXPENSES None of the Trustees. or persons connected with them, received any remuneration or reimbursement of expenses during the year or prior year. The Charity did not have any employees during the year. 9. INVESTMENTS Llsted Investments Valuatlon At I September 2023 Additions Disposals Fair value movements (realised and unrealised gains) 635,386 85,000 (95,036) 87.918 At 31 August 2024 713,268 All investments shown above are held at fair value. The initial Costs of these investments were £475,279 (2023 £451,753). Financial assets held at fair value. Investments in equities and bonds are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the dale of trade at cost (that is their transaction value). The investments are analysed as follows: 2024 2023 UK quoted securities 713,268 635J86 The main forn] of fmancial risk faced by the Charity is that of volatility in investment markets due to wider economic conditions and variability of investment returns. This risk is mitigated by maintaining a diverse investment portfolio. io
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. ANALYSIS OF CHARITABLE FUNDS At I September At 31 August Gains 2023 Income Expenditure 2024 Unrestrieted Fund 674,055 67,586 (91.537) 87,918 738,022 674,055 67J86 (91,537) 87,918 738,022 At I September At 31 August Gains 2022 Income Expenditure 2023 Unrestricted Fund 698,188 81,662 (I l2,870) 7,075 674,055 698,188 81,662 (112170) 7075 674,OSS 11. ANALYSIS OF NET ASSETS BETWEEIY FUNDS Unrestrlcted Funds Total 2024 Investsncnts Current assets 713.268 24.754 713.268 24,754 Net assets 738,022 738,022 Unrestrlcted Funds Total 2023 Tnveslments Current assets 635.386 38,669 635.386 38,669 Net assets 674.055 674,055 li
- RELATED PARTIES Highfield School (Liphook} Limited is considered a related paty of the Charity as the Charity's principal activity is that of contiibuting towards the fees of pupils who, but for fmancial assistance, would not be able to attend and be educated at Highfield or Brookham Schools. During the year the Charity paid to Highfield School (Liphook) Limited the amount of £91,408 (2023: £74,123) on behalf of pupils attendAng the h0O1. Independent examination fees of £1,450 (2023: £1,200) were paid by Highfield School (Liphook) Limited. There were no other related party transactions in the year. 12