THE HIGHFIELD SCHOOL CENTENARY BURSARIES Fuf4D REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 Charlty no. 1114845
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND UNAUDITED FINAI¥CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Reference and Administrative Details Trustees. Annual Report Indep¢ndent Examiner's Report to the TSteeS Siaternent of Financial Aetivities Batancc She AOunting policies Nolas to the Financial Statements
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND REFERENCE AND ADMINISTIL4TIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2025 Re8i$tered Charlty The Highfield School Centenary Burwies Fund Charlty re8lstrhtlon nurnber 1114845 Princlpal office Highfield School Highfield Lane Liphook Hampshire GU30 7LQ THE TRUSTEES J H D Carey (Chairnian) P A Greenwood S Mason K Naylor K Wilkes H Alexander F Dumas (Appointed 0311012024) Independent examlner HaysMa¢ LLP 10 Qu¢¢n Street Pl¢ London EC4R IAG Bankeri HSBC Bank Pl¢ 54 Clarence Street Kingston upon Tham¢ Surrey KTI INS
THE HIGHFIELD SCHOOL CENTENARY BURSAIUFS FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Highfield School Centenary Bursarieg Fund {the"Fund" or ihe'clwity") was establithed under a Trnst Deed datrd 8 M4y 2006 a¥ amended on 5 (ktober 2011. The Board of Tnjsiees regularly meets three times a year and more frequently, rfrcquired. In addilion, thcre is an investment suIFcommiitee, which also meets as least three times annually to review ¢he investment and the investment policy of thc Fund. There were seven Trustees during the year. all of whom have had or have close connectlODS with Highfield and Brookham School (the'school"). None of the TNste¢s have any fjnancial interest in the school, although one is a current tc4chcr. It is also intended relain ihe current policy of only appoinring TTuslee¥, who have had or have connection with the School and also that there should be one TnJ8tee who currently traches at the School. 0ECTIVEs AND AcfIvITIES The Fund was Created io supwn the School through periodic donations enable the school to provid¢ &ssi$tan¢e to pupils that would not othetlVi8e be able to enjoy a Highfield edu¢aiion. The Tnj&e$ have given due regard to the Charity Commi88ion'8 guidan¢e on publi¢ benefit when reviewing the aims and objective8 and in plamiing fure activitie8 of the Charity. Future Funds received will auiomaiically be applied to the UnrestTiCted Fund unle8$ il 1$ specifically requested that a Donation should be uged wiihin a Apecified period, in which case i( will be applied to the DislribuLion Fund and thiy Fund will, therefore, b¢ Re8triCted. ACHIEVEMENTS AND PERFORMANCE The charity continues to place significant emph&ii& on EundraiSLng and westriCted donations totalling £76,947 {2024.. £54,824) were raised. During the year, bursaries totalling £89,841 (2024.. £91.408) were awarded. There were seven children that the were yupported in the year (2024: 71. FINANCLAL REVIEW Nei SLuplus for the year is £33,331 (2024.. £63,967) including a gain on inv¢%tm¢nt$ of £28,094 (2024.. £87.918). As at 31 August 2025, the Fund's assets totalled £771,35312024.' £738,022) The TN8tees do not have a formal reserves policy. The aim of the Trustees is to provide support for two fvll Bur8aries a y¢8r out of the Fund. Their further alm is to raise sufflcient donations in a particular y¢ar, togeiher with investsnent income, to x¢d thc Bur5arics paid in the year and 50 to grow the Fund until it reaches its larget of £1 million. A new fund-raisin¥ strategy ig bein8 developed with a target to raise at £1 million, although COVID ha8 delayed the fun& raising process over the last four years
STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trnsiees are responsible tor preparing the Trustees, Report and Financial Statemellt$ in accordance with applicable law and United KitJgdom A¢counting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable (o charities in England and Wales requires the Trustees to prepare financial statements for each fllMncial year, which give a trne and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity during that period. In preparing those financial 8t8tcmcnts, thc trusttts are required to.. Selcct suitable accounting policics and then apply them Consistently. ObS¢e tbe meth¢)ds and principles in the Apptseabl¢ Charities SORP. Make judgments and estimates that are reasonable and pNdent. Stste whether applicable accounting standards have been followed, subject any mg4trrial departur&8 that must be disclosed and explained in the financial sta(ements. Prepare the financial StsMents on the going con¢em basi5 unles8 il is inappropriate to presume that the chArity wtll ontinue in business. The TAteeS are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them io ertsure that the fInancial statem¢nls comply with the Charities Act 2011, the Applicable Charities (Accounts and RqK)rts) Regulations 2008 and the provisions of the Int deed. They are also responsible for saf¢guarding the assets of the chtirity and taking reasonable Steps for the prevention and d¢CtIOn of fraud and oih¢r irrcgularities. The Tnjsiees are re8pon8ible for the maintenance and integrity of the chtirity and fjnawial inforniation included on the charity's web8iie, Le¥islation in the United Kingdom governing the prepAra¢ion and disseminatton of fllwicial s(&iement8 may differ from le¥i¥14tion in other jurisdictions. The Trusttts, Ar]nual Rort wa5 approved on 2026 8nd 8igned on behalf of the Board of Tnttt9 by.. J H D Carey (Chairnian) TTUStee
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND INDEPELYDKNT EXAMINER'S REPORT TO THE TRUSTEKS OF THE HIGHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025 I report to the TNstres on my examination of th¢ aoWits of The HhfIeld School Centenary Bursaries Fund lthe"Fund" or the'charity") for the p¢riod ended 31 August 2025 which are get ouc on pag¢8 4 to I l. Respective r¢$pon5ibilities of Trllste #Dd Examlner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees c¢)nsider th818n audit is not required for this year under seclion 144(2) of the chariti Aet 2011 (the 2011 Act) and that an indepcndent examination is needed. l Teport in respect of my examinaiion of the Funds accounts AS carried out undcr 3¢¢tion 44 (1)(c) of the 2005 Act and swtion 145 of thc 2011 Act. In Carrying out my examination I have follow th¢ applicable Directions given by the Charity Commission under secuon 145(5)Ibl of the 2011 Art. Independent Examln¢r'$ $t*tement I hav¢ completed rny examinhtion. I confirni that no matters have come to my attention giving me cause to believe that in any material respect.. accounting r¢wrd8 w¢r¢ not kept in respect of the Charity as required by section 130 of the 2011 Act. or 2. the accounts do no¢ accord wi¢h thos¢ records,. or 3. the ac¢ounts do not eomply with the applicable requirementN conceming the fom hrtd eontent of accounls Set out in the Charitie$ (Aecounts and Reports) Regul&tions 2008 other than any requiremcnt that thc accounts 8ive a and fair view which is rtot a matter considered as part of an Independent examinatitsn. I have no concem5 and have come Across no other m8tters in connection with the examination io which itl¢ntion Should b¢ drawn in this report in order to enabl¢ a prop¢r UTJd¢rstsnding of the accoLmts to be reached. Thoma8 Wi180n ACA Haysmac LLP 10 Queen Streei Place London EC4R IAG Date.,
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND STATEMENT OF FINANCIAL ACTIVITLS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2025 2024 Unrestricted Funds Total Funds Total Funds Nott INCOME AND EXPENDITURE Don•don$ And legacie General Donations and legaci 76.947 76.947 54,824 7&947 18.252 76,947 18,252 54,824 12.762 Inv¢slm¢nt income T•tAI Ineome 9&199 67J86 EXPENDITURE Expcnditure on ¢hariiable 8¢1ivities 189.9621 189.962) 191,S37) Total ¢%p¢ndltrJre (89,9621 (89,962) 191.537) Rcalised gains on invesimcnts Change in value for invesiments (Unr¢ali8ed Bain81 28,069 25 28.069 25 33.562 $4,356 Net g4ln• /l108$esl on Inve¥tmenti 2B,094 28,094 87,918 N¢t1Come aDd Det movemtttt In Fundg 33 J31 33J31 63,967 RECONCILIATIOIY OF FUNDS Total Funds Brought Forward 738,022 738.022 674.055 Total FMDds CArrled F•rw&rd 771 J53 771 JS3 738.022 The statement of financiAI 11111¢8 includu all 8a2ns and losses recognisd in the year. All income and expenditur¢ d¢Tive from coniinuirtg a¢tivitl¢5. The notes on pagu 8 to 12 form prt of tbeje flD&n¢il s**tements
THE HIGHFI£LD SCHOOL CENTENARY BURSARIES FUND BALAI¥CE SHEET AT 31 AUGUST 2025 Tots] 2025 Tot 2014 No FIXED ASSETS Investment5 740.437 713,268 CURRENT ASSETS Cash at bank and in hand 30.916 24,754 NET CURRENT ASSETS 30.916 24,754 TOTAL ASSETS LESS CURRENT LIABILITIES 771 J53 734022 FUNDS OF THE CHAIUTY Unrestricted Fundg 771,353 738,tr22 TotAI Cbarlty Fundi 771 J53 738,022 These finon¢i418laMtnts were approved by the Boud of Tntee9 and authoriged for issue on nd Are 8l¥rted on behalf of the B0d by: Z4 JHDC8rcy{ Trus¢¢e hai ian) Note$ 7 tts 12 form pirt of Ihese *¢¢ounts.
THE HIGHFIELD SCHOOL CENTEIYARY BURSARIES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2025 GeDerAI information The Hi8hfield S¢hool C¢nlenary Bursaries Fund 15 an unincorporated Charity governed by a Trust Deed regiglered with the Charity Commission in EnEland and Wales under registered number 1114845. The principal address is Hi8hfield School, Highfi¢ld Lane, Liphook, Hampshire. GU30 7LQ. The objectives of the Cbarity are sct out on page 2. Statement of tomplixnc¢ These fLn4n¢ial siatemenls have been prcp8red in complianee with FRS 102, 'the Financial Reporting SAdrd applicable in the UK and the Republic of Ireland,, the Statement of Recommended Prd¢tice for Chatities ISORP 2015} (sOnd Edition, effective l January 2019) applicable io chariiies preparing their occounts in accordance with the Financial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland. AecountlnR poll¢lei Bails of prepar#tlOD The fm2ncial Statements have been prepared on th¢ historical cost basis, as modified by the revaluation of certain rinAnciAI a¥sets and liabiliiiey meayured ai fair value through income OT expenditure. The financial statements are prepared in 8terlin8, which 18 the functional Cumcy of the entity. Th¢ Charity m¢et8 the defmiiion of a public benefit entity under FRS 102. Golng coocern Thcr¢ ar¢ no material uncenainties aboui the Charity's abilily to continue as a going concern for at last twelve month8 Erom approving the accounis. DI101re extmptlons The Charity has takcn advanta8e of the ex¢mption in "Bulletin l- Amenthnents to Accounting and Reporting by Charitie5.' Statcment of Recommended Practice 2pplicabl¢ to charitie4 preparing their accounts in accord8nce with the Financi41 Reporting Standard applicabl¢ in th¢ UK and Rcpublic of Ireland" from the requirement to produce A cash flow statement on the grounds that it is a $m&ll Chari¢y. Judgementy #nd key ure of eAtlm4tion untertainty The preparalion of the financial statements requires management io make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgcments are continually reviewed and are based on expert¢n¢e and other factors, including exp¢clations of future cvents that are believed to be reasonabl¢ under th¢ circumslan¢es. There are t)0 area8 involving a higher degree of jud8ement or complcxity, or ar wh¢r¢ &s8umption$ and ¢slimates are 518nificant to the fuwicial inforniation. FllDd accounting The Unresiricted Fund cornpri8es the capital account, which may be used for donations to the s¢hiM)l at the discretion of the Trustees. Income rcccivcd during the ycar is credited to the Unrestricted Fund unle85 otherwi8c specified by th¢ donor.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2025 IDcome All income is included in the statement of financtal activiiies when entitlement h&s passed to the Charity, it is probabl¢ that the economic benefits Lqsociated with the tran110n will flow io the Charity and the amount ¢an be reliabty easured. Donaiions arc rccognis¢d wh¢n the Trust has been notified in writing o(both the amount and s¢ttlement dal¢. Interest on funds held on dep)sit is included when r¢¢¢ivable and (he amounl can bc measured reliably by the Charity; this is nornially upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of th¢ dividend due. This i¥ norn)ally upon notification by our investment advise of the dividend yield of the investment portfolio. Expendlture Expenditure 15 recognised once there is a legal or constru¢tive obligation to make a payment to a third party. it is probabl¢ that 5e1¢I¢ml will bc rcquired. and the am¢)unt of the obligation ¢an be measured reliably. Expendiwre on clwitable a¢¢iviltes includcs all costs incurred by the Charity in undertaking activitie8 that fvrther its charitable aimq for the b¢n¢fit of ils bcneflciaries, including those support costs and costs relating to th¢ goveman¢e of the Charity apportioned ¢0 charitable a¢tlVLties. Governance costs include those w5ts associaled with mtttin8 the constilutional and ststuiory requirement5 of the Chartty and include cosis linked to the slrategic rnanagement of the Charity. Irrecoverable VAT 18 charged 49 4 cost against the activity for which the expenditur¢ incurred. InveJtmellt$ Inves¢menl8 ar¢ a forni OF bL8ic fLrtart¢ial insirnmeni and are initially recognised ai their traniac¢ion valuc and subsequently measured ai their fair value as at the balance sheet date Using the closin8 quoted markc¢ price. The Charity does not a¢quir¢ put opti0rt8, deriv8tive8 or other complex fmancial instruments. All 84in$ and logs¢8 4r¢ takeft to the Statement of Financial A¢tLVlti¢$ as they arise. Realised gains and IoA8es on inv¢stment5 or¢ ¢alculaled as the difference between sales procc¢ds 4nd their openin8 carying value or their purchage valu¢ if awuired subsequent to the fir%t doy of the financial ycar. Unr¢alised Bains and losses are colculated as the difference between ihe fair value at the year end and th¢ir carying value. Realised and unreali8ed investment gains and loss¢J ar¢ cotnbined in the Statement of Finatjcial Acliviu¢8. Fin¥n¢ial in$truments The Charity only ha5 r]nan¢ial a3sets and fthartti&l liabilities of a kind that qualify as ba51G financial instrument5. B¥45i¢ rinan¢ial instruments are initially reco8nised at transaciion value and .ubSeqUentIY e&SUred at their 8ettlemeDt value with the exception of bank loans which arc subsequently measured at amortlsed cost U8ifL8 the effecliye interest method. Cash at Bank Cash at bank and cash in hand includes cash and short tern] highly liquid investments with a short maNrity of three motttbs or less from the date of acqui51tion or opening of the dcposit or Similar account. Creditors xttd provision Creditors and provisions are re¢ogni5¢d where the Charity has a present obligotion resuliing from a past event that will pr¢Trbably result in th¢ transf¢r of funds to a third party and the am¢)unt due to scttie the obligation can b¢ mea8ured or estimated reliably. Cr¢ditor5 and provisions are nornially recognised at their 5Cttlement amount after allowing for any trade discounts due.
THE HIGHFIELD SCHOOL CEP4TENARY BURSAIUES FUL¥D NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 DONATIONS AND LEGACIES Uthrestrleted Funds 2025 Restrlcted FuDd5 2025 Totsl Funds 2025 Total Funds 2024 DONATIONS General Donations and Legacies 76.947 76,947 54.824 7A947 76.947 54024 INVESTMENT INCOME Unrestrleted Funds 2025 R¢Jtrl¢t¢d undi 1025 Total Fundi 2024 Fundi 2025 In¢ome from listcd invc5tmen15 Bank ini¢rest re¢eivablc 17,860 392 17,860 392 12.336 426 18252 18.252 IL762 EXPENDITURE OI¥ CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant fuDdlllg of i¢rfvltlei 2025 Support cwts Total Funds 2Q25 Total Fllnds 2024 2025 Bursary Awards Governance costs 89,841 89,841 121 91,408 129 121 89.841 89,962 91,537 Bursary 8re made to pupils whts would not be able to attend and be educated * Highfjeld S¢hool without fJnan¢ial support. All rxpenscs arc unrestricted in nature.
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2D25 7. NET GAINS ON INVESTMEIYTS UDregtrlcted Funds 2025 UDrestiicted Funds 2024 (L05sesyGains on listed inVlMentS 28.094 87.918 lrtcluda in cunent year gains ar¢ realised glins of £28.069 (2024.. £33,562) and unrealised 88ins of £25 (2024.. £54.356). TRUSTEE REMUNERATION AND EXPENSES None of the Tn)8tee8, or person8 connected with th¢rn, re¢¢iv¢d any remuneration or reimbursement of exp¢rt8e$ during thc year or prior yeor. The Charity did not have any employees during the yeAr. 9. INVESTMENTS Llsted Investrnettts Viluatloll At I September 2024 Addiiions Disposals Fair value movemenis Irealised and urtrcalised gains) 713,208 106,IX)O (106.9251 28,094 At 31 Awg¥•t 2025 740,437 All investments shown above are held hi fair value. The initial co8t5 of these invesim¢nl$ were £502,422 {2024 £475.279). Flnancl&l •s¥¢t8 h¢ld It falr valwe. Investtnents in equities and bondy are all traded in quoted public marke¢5, primarily the London Stock Exchange. Th¢ basis of fair value for quoted investtnents is equivalent to thc market value, uging the bid price. Asse¢ sales and purchases aTe recogni5ed at the date of trade at eost {that is their transaction value). Th¢ investments are onAiy8ed as follows.. 2025 2024 UK quoted seeurities 740.437 713.268 The JnaiD forni of fancIAl risk fKed by the Chariry is that of volalility in investrnetlt Tnarktts due to wider economic conditions and variability of investment returns. This risk is mItigad by maintaining a div¢Tre investment portfolio. 10
THE HIGHFIELD SCHOOL CENTENARY BURSAIUES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. ANALYSIS OF CHARITABLE FUNDS At I September At 31 2024 llltome Expendltsre 2025 Ullrutricted Fud 738.022 95,199 (89,962) 28,094 771.353 738022 9S199 189,962) 28,094 771 J53 At I September At 31 August 2023 Ineome Expeuditure 2024 Unrutrl¢t¢d Fund 674.055 67.586 (91.537) 87.918 738,022 674,0 67 191 J37) 87,918 738,022 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrutrlcted FuDd8 Totsl 202S Inve8tm¢Dts Current ¢t8 740,437 30,916 740,437 30,916 Net $get$ 771 J53 771 J53 UDre8trlcted Fulld$ Tot41 2024 Investments Curr¢nl assets 713,268 24,754 713,268 24,754 Net 48set 738,022 738,022
THE HIGHFIELD SCHOOL CENTENARY BURSARIES FUND NOTES TO THE FllYANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 AUGUST 2025 12. RELATED PARTIES Highfield Sch[ {Liphook} Limited 15 considercd a related party of the Charity as the Charity's prineipal activity 19 that of contributing towards the fees of pupils who, but for fmanctal assislance, would Thot be able to attend and be educated at Highfield or Brookh Schools. DurRng the year (he Charity paid to Highfield School (Liphookl Limited the amount of £89,841 (2024.. £91,408) on behalf of pupils attending the school. Indq)¢nd¢n( examination fee5 of £1,510 (2024.. £1,450) were paid by HIghrId School (Liphookl Limited. There were no other related party tr8rt8aCtions in the year. 12