VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..$5 BST (UTC +11 D212 P 1 Registered number: 00589055 Charity number.. 307331 HORRIS HILL FOUNDATION (FORMERLY KNOWN AS HORRIS HILL PREPARATORY SCHOOL TRUST LIMITED) (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33.. BST (UTC +11 D212 P¥ HORRIS HILL FOUNDATION (A company limited by guarantee) CONTENTS Page Roference and administralive details of tho Company. its Trustees and advisers Trustaes. report Independent auditors. report on the financial slatsrnents 9-11 Statement of financial activities 12-13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-34
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33.. BST (UTC +11 D212 P HORRIS HILL FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trustees Ms M B Lund (resigned 29 September 2021) D E Armstrong Mrs A J Block R M CurtirMJ S H Dalrymple l E Fraser M A Grenier S L Hayes Mrs L C Lee {resigned 30 September 20211 A F J Rce, Chairman E G Woods Company ragistered numbar CK)589055 Charity registered number 307331 RÈgist&rad offica Horris Hill, Newtown, Newbury, Berkshire, RG20 gDJ Company secretary Zedra TTUSt Company IUKI Limited Independent auditors James Cowper Kreston. 2 Communications Road. Greenham Business Parf(. Greenham. Newbury. Berkshire. RG19 6AB Bankers National Westminster Bank Plc, 105 High Street, Winchester, Hampshire, S023 9AW Solicitors Veale Wasborough Vizards LLP, Narrow Quay House, Narrow Quay, Bristol, BS14QA Insurance brokers Zurich Municipal Insurance plc. Zurich House, 3000 Parkway, Fareham. Hampshire, P015 7JZ Page 1
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..51 BST (UTC +11 D212 P¥ HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees {who are also directors of the charity for the purposes of the Companies Act) present their annual report together wth the audited financial statements of Horris Hill Foundation for the year ended 31 August 2021. The Trustees confirm that the Annual rekY)rt and financial statements of the company comply wth the Charities Act 2011. the Companies Act 2006. the requirements of the governing documents and Accounting and Reporting by Charities." Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 1021 (effective 1 January 2019}. REFERENCE AND ADMINISTRATIVE INFORMATION Horns Hill Preparatory School was founded in 1888 and in 1956 became a Charitable Trust {charity registration number 307331 and company registration number 5890551 wrth the liabilty of its members limited lo £1 each by guarantee. In Juty 2021, Horris Hill Preparatory School and its assets were sold to Forfar Hampshire Ltd. Post completion of the sale in May 2022, the Charity updated its objects and name to Horris Hill Foundation to reflect its new charitable focus. Details of the Trustees, executive officers. Professional adviscKs and the registered office are listed on page 1. The Charity is governed by its Memorandum and ArtleS of Asscciation. last amended in May 2022. AIMS The Objects of the Charity, in accordance with ils Articles of Association. are to advance education for the public benefit in or near Newtown in Hampshire, in particular but not exclusively by promoting the education of children attending independent schools in the area. The objects were updated in May 2022 to refiect the aims of the charity post the sale of Horns Hill Preparatory School. The Charity will continue to support the educational environment and help to promote academic, rnoral and physical development of pupils at independent sthLxJls in the Newtown area. OBJECTIVES The objectives are set to rellect the educational ams and ethos of the Chanty, as well as to maintain and enhance academic success- this latter objective is, however, placed in the context of the broader goals set for the NeOwn area_ In setting objectives and planning activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in pacUlar to its supplementary public benefit guidance on advancing education and on fee charging. The key objectives for the Charity are as follows: maintain and enhance academic excellence Mlhin the Newtown area", enhance and improve the co-curricular provision for pupils at independent Schools in the Newtown area., provide continuing support for pupils already in receipt of fee assistance through bursarie5', - contribute to the life of the local community through community access and Service programmes. STRATEGIC REPORT Sale of the School The Charity entered into a sale and purchase agreement for the business of Horns Hill Preparatory Schod to Forfar Hampshire Ltd IFHLI on 17 June 2021. The business and specific assets were transferred on completion on 9July2021. The Trustees had considered the future position of Horris Hill Preparatory School and had identified that il would be possible to sell the School on favourable lerms that would avoid the risk of closure (due to an increasingly challenging market). The sale would secure the ongoing operation and legacy of the School whilst combining the resources of both the School. and those wthin the Forfar group to become more resilient to adverse demographic and market trends, improve operational efficiency and make the best use of the a5set5 and resources of the School. The sale would also provide a surplus to the charity to be able to continue supporting Page 2
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..51 BST (UTC +11 D212 PS HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 independent education wthin the Newiown area. Total consideration for the transaction was £5,500,000 and induded specific key obligations on Forfar.. .To operate the School from the existing site for no less than 3 years- .To honour any existing scholarships and discounts (including sibling and staff discounts) for no less than 2 years provided that the criteria in relation to the grant of such scholarships is met; The School's assets including all fixed assets were transfeffed on sale of the business to Forfar Hampshire Ltd. Fixed investments were retained as well as debts that did not relate lo the transferred business or students. As part of the transactions there were a number of existing 3rd paty contracts which were retained and continued by Forfar. Any remaining liabilities on contracts thal were not transferred have been provided for within the accounts and will be brought to a dose in the year to 31 August 2022. After all of the costs of the transaction have been expensed, a loss on disposal of the s01 has been recognised within the accounts for £961k. As part of the transaction, the Charity entered into a non-binding letter of comfort which sel out terms for post- sale support that the Charity would provide to Horris Hill Preparatory School l Forfar Hampshire over a five year period. School Achievements and Perfomance Pupil Numbers and Fees From the beginning of the year and up lo the date of sale, bettveen 125 and 128 boys were on the school roll. Fees for the 2020121 academic year were held in line wth 2019120 wth no annual increase. Termly fees for the 20121 year were as follows.. Full Boarding Weekly Boarding Transition Boarding Day (Years 6 to 81 Day {Years 4 and 5} Day (Year 3) Day {ReptiOn to Year 2} £9,550 £9,150 £8,300 £6.800 £5.800 £4,800 £3,800 Fees for the Summer temi were reduced by 15% of net fees for boarders and 5% of net fees for day pupils as the school was forced to OFerate in remote mode due to Govemment restrictions associated wth the Covid-19 pandemic. Academic Every care is taken ir¢ the assessment Process to ensure that boys who come to Horris Hill wll thrive academically. Al the academic subjects examined by the ISEB are laughl., Music, Art. PE, DT and ICT are also taught. The boys go on to lop independent schools and Horris Hill is proud of the standards achieved by the boys in their final exams. In 2021 from a leaving group of 29 boys the destination schools were.. Winchester (6}. Radley (51, Harrow (31. Elon 121, SheoMe 121, Oundle {11, Rugby {1), Chertenham 111, Stowe 111. The Clere {11, Queen Elhelburga's11). Abingdon111. Sevenoaks {1). Uppingham111. Sherfield11). Haileybury Astana111. There were a number of 5cholar5hip5 achieved from the Schools Year 8 boy5 in the 2020121 academic year wth: sport to Cheltenham, Sherbome and Radley,. Music to Harrow and Eton: Academic lo Harrow. EXtra¢U1cu1ar A huge variety of activities are available to encour4e the boy5 to broaden their outlook and interests, and on most evenings a specific time is set aside for this. There are facilities and teaching available in, amongst others, chess. ard games, joumalism. model making. photography and pottery. Boys are also able to have expert Page 3
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..51 BST (UTC +11 D212 P6 HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 coaching in go, judo, fencing, tennis and drama. In addition, the wonderful grounds and wcland at Horris Hill give scope for cycling, camping and bush craft. Music and Drama Music lessons are taught throughout the school, wth the majority of pupils receiving trNo timetabled lessons each week. Drama, since offered, has been enthusiasts"calty taken up. Horris Hill believes experience in the dramatic arts is a key element in the development of a child. The whole school comes together often and 'taking part, is critical expression of the school ethos. The school has developed a teaching association with The Watemiill Theatre and many pupils lake LAMDA exams each year. The new David Brownlow Theatre has been fully operational since September 2020 for drama lessons. assemblies and lectures. Covid-19 unfortunately prevented the School from enjoying plays and concerts for the majority of the academic year however the relaxing of Covid-19 restrictions meant that the inaugural production of 'School of Rock, was able to take place. Sport Horns Hill has a strong tradition of excellence at sport, notably football. rugby and cricket. Other sport5 such as hockey, squash, cross county, golf, tennis, athletics, swmming. judo and orienteering also form part of the sporting calendar. Matches are arranged at all levels. Al sport is under the direction of a fully qualified and experienced Director of Sport and extemal coaching in the major sports is provided. The Environment Horns Hill Preparatory School has been audited by the Carbon Trust in previous a¢ademi¢ years and each year examines the feasibility of energy saving and recycling initiatives. The School hopes that by setting a gocKI example as an instituts"on, the expectations and behaviour of its pupils as future cib.zens and leaders can be positively influenced. FUTURE PLANS Strategy The Trustees are responsible for setting a strategy for achieving the objectives they have set. During the year and up lo the sale of the school, the focus of that strategy was on the development of pupils, their continued high levels of academic and cTrcurricular achievement and a further widening of access lo education. Post the sale of the school, the strategy is now fwjsed on providing support to independent schools and education in Newtown area via the form of grants, support and cooperation. Al fijture grants will be financed from reserves due to the removal of fee income from the sale ofthe school. In taking forward the strategy, the TTUStees: •continue to support and award bursaries to ensure wider access to pupils from all backgrounds., "enable participation in extra-curricular undertaken for educational purposes- "improve buildings and other falItIeS of any educational institution., and •CO-operate and share resources with local schools. Access It 15 important that access lo the education on offer is not restricted lo those who can afford the fees. The Charity believes that pupils benefit from leaming wthin a diverse community. A great deal of learning occurs through social interaction. conversation and shared expellences, which helps pupils to develop an understanding of the perspectives of other people that wll be vital in their adult lives. The Charity supports independent schools in the Newtown area that contribute to a wqdening of access lo education and the facilib.es on offer. Page 4
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..58 BST (UTC +11 D212 P7 HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Bursaries The Trustees are of the view that bursary awards are an essential means of ensuring that children from families who would otherwtse not be able to afford the fees can access the education on offer. Bursary awards are available lo all who meet the general entry requirements and are made solely on the basis of parental means. or to relieve hardship where a pupil's education and future prospects would otheiSe be at risk.. for example, in the event of redundancy. The provision of bursaries remains a core objective of the Charity in and around the Newtown area. FINANCIAL REVIEW The financial statements show income from charitsble activities for the year of £2,742.088 12020= £2,958,331 }. School fees represent the principal source of this revenue. accounting for 920/012020.. 900kn1 of lotal income. Costs of operating the school for the Charity fell during the year with support costs of sch¢)oling at £641.594 {2020.. £819.1021 and staff cost5 at £1,952.28012020- £2.155,1881. Income and costs were both impacted by the sale of the school with 2021 onty containing a part year (Approx. 10 months) compared to a full year in 2020. Nel assets at the balance sheet date were £1,669,663 (2020= £4,765,250). The movement is driven by main factors.. the sale of the school and the future grant commitments of the charity. Linked to the sale of the school was the de-registration for VAT as the Charity no longer had the ability to make taxable supplies. The final payment to HMRC is held on the balance sheet and was paid after the balance sheet date. Financial Health The Trustees regulady review budgets, forecasts of income and expenditure and other relevant schedules. tcKJether wth a regular cash flow analysis, as part of the effective adminislration of the Charity. Post the sale of the school to Forfar Hampshire Ltd. the Charity was able to repay all of its outstanding loan commitments and it now has sufficient resources to sustain its future grant making plans. Current global events such as the RUS-UKR war and the cost of living crisis in the UK are deemed to have a low impact on the Charity however the Trustees do expect some potential uplift in the value of bursary requests made and given. The Trustees continue to monitor the national and international situation dosely. Reserves Policy The Trustees consider that, given the strength of the Chariws balance sheet post the sale of the schc#)I, it has sufficient cash reseNes which can be called upon if the need arises. there is no need to build up a free reserye. The Trugtees ro¢ognise that the level of reserves fluctuates 2nd arrangements fjth the Charitys bankers are in place to provide an adequate 'safety net, should it be required. Investment Policy and Performance The Charity has limited investments in low risk Charity Funds which provtde through dividends a contribution to the provision of bursaries. These are monitored by the Seeretsry on behalf of the Trustees. The long-tem investment target is to preserve the real value of investments against infflation. Current year perfomiance reflected upward market movements during the year due to the recovery p05t the height of the global Coronavirus pandemic. Page 5
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..58 BST (UTC +11 D212 P8 HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Fundraising Policy It is the Charitys policy to be fully compliant with the Code of Fundraising Practice (overseen by The Fundraising Regulator) to ensure that the conduct of the Charitys fijndraising activities is legal, open, honest and respecttul. During the year and prior to the sale of the School. employees and any person acting on the School's behair were expected to operate in accordance wth the Code. The TSteeS are not aware of any failure to comply the Code. After the sale of the school and up lo the date of signing of the accounts, there have been no speafic fvndraising activities completed by the Charity. The Trustees have ensured continued accordan(t with the Code and are not aware of any failure to comply Wllh the Code. Employeas All employees of the Charity were either transferrèd lo Forfar Hampshire Ltd or were made redundant on completion of the sale. There are no longer any employees within the charity and all administration is now being completed by the Board of Tru51ees Inon-paid roles) and selected professional advisors. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees, are responsible for the overall management of the Charity meet three times a year. The Trustees are responsible for all pcAicies which represent the framework Mqthin which the Charity is managed. Implementing these poliaes is the worf( of the secretary, professional advisors and the Trustees. The Finance and Eststes Committee Works under the chaimianslyp of a Trustee appointed at the first Trustees, meeting each calendar year. The secretary acts as Clerk to the Trustees and the Finance and Estates Committee and prepares papers and the management accounts and is concerned wth matters arising. trustees give of their time freely and no remuneration or expenses were paid in the year. No Trustee or person connected with Trustee reiVed any benefit from either means tested bursaries or scholarships awarded lo pupils at local independent schools. Organisational Management During the year and up to the sale of the school. the Trustees have detemined the strategy of the Charity and the sel01 th its implementation delegated lo the Headmaster. supported by senior staff. Post the sale of the school, the ongoing administration of the Charity has been implemented by the Trustees and Secretary. Financial matters are administered and managed by the Trustees and the secretary. The Trustees hold regular board meetings to review the financial position of the Charity. Al significant expenditure decisions and capital projects are referred to the Board for review and approval. Risk Management The Trustees are responsible for the management of the risks faced by the Charity. Prior to the sale of the school, detailed considerations were delegated to Senior Management however post sale, this now fvlly resides with the Trustees. Risks are identified and assessed throughout the year, with proper controls being established and regulady reviewed. A fomial review of the Charity's risk management processes is undertaken by the Trustees on an annual basis. Risk is managed undei the headings of strategic risk. operational risk, ffinanal risk and compliance risk. Given the risk management processes established for the Charity, the Trustees are satisfied that the major risks idenlffied have been adequately mitigated where necessary. 11 is recognised that systems can only provide reasonable. but not absolute. assurance that major risk5 have been adequately managed. Three critical risks have been htghlighted that impact the charity.. Affordability, Cash Flow and Legislative Change= As a Charity prowding support lo independent schools in the Newtown area, affordability, particularly within the current economic climate is vital in ensuring that children from families who would otherlse not be able to afford independent school fees are able lo access edijcalion on offer. The ongoing Coronavirus pandemic, the outbreak of the RUS-UKR war and the subsequent impact on global fcy)d and energy markets have hehtened the risk of affordability and the Charity is ensuring that the provision of Bursaries continues to Page 6
VrbJJkgunurvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..$9 BST (UTC +11 D212 PW HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 meet the demands of the NeW(own area. A small charity must pay particular attention lo ils cash flow to ensure continuing viability. Risks to cash flow are mitigated by carefijl control and monitoring of expenditure by the secretary, Trustees, auditors and the school's bankers. The sale of the school and its assets during the year has provided the required finanal stability that will enable the charity lo maintain ils objectives into the future. Charities are facing a number of legislative changes and associated with this is the possibility of significant fines and damage to reputation. The Charitys Policy Audit Committee keeps abreast of such legislative changes and monitors the Charitys actions to ensure compliance. Trustee Recruitment and Training The Trustees are charity tfustees. as well as dIreCtS and members of the company, and are appointed at the Annual General Meeting. A Nominations Committee considers and rewmmends new appointments, taking into account the individual's competence, specialist skills and local availability. Setvice on the Board is for a temi of five years. but retiring Trustees can be re-elected for a second term. The Charity requires breadth and depth of experien¢ in a Trustee to ensure they are able to carry out their duties effectively and efficiently. When seeking new member5, arguabfy the most important attribute sought is recognition of the valLte of educational experience. which the furtherance of in the Newtown area is the primary focus of the objects. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees Iwho are also directors of Horris Hill Foundation for the purposes of company lawl are responsible for preparing the Trustees. report linduding the Strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢Unting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the TNslees are required to" select suitable accounting policies and Ihen apply them consistendy,. observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to eharilies preparing their aCUnIS in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland.. make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inapproprtate to presume that the charity Mqll continue in business. The Trustees are responsible for keeping adequate accounting records which disclose wth reasonable accuracy at any time the financial rx)sition of the charitable company and enable them to ensure that the financial statements comply with company and charity law. They are also responsible for safeguarding the assets of the ¢haritable company and hence for taking reasonable steps for the prevention and detection of fraud and other iegUlarltie$. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit infomiation of which the Charity's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any infomiab.on needed by the Charitys auditor in connection with preparing ils report and to establish that the Charitys audrtor is aware of that infomiation. Page 7
VkiuaBunatLnTrarffjxlvM Ref. 466y-jBM2G7Y 24Jun 2022 15..33..59 BST (UTC +11 D212 P 10rJ6 HORRIS HILL FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 AUDrroR The auditor, James Cowper Kreston. wll be proposed for re appointment in accordance with section 485 of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. AFJRoo Chairman Dale: 24 ju 2022 Page 8
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..33..$9 BST (UTC +11 D212 P 11136 HORRIS HILL FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HORRIS HILL FOUNDATION Opinion We have audited the financial statements of Horris Hill Foundation (the '¢haritsble companll for the year ended 31 August 2021 which comprise the Statement of Financial Activities. the Balance sheet, the Statement of cash flows and the related notes, incILing a summary of significant accounting poliaes. The financial reporting framewotk that has been applied in their Pfeparalion 15 appliGable law and Untted lfjngdoni AGwunting Standards, including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial staternents= give a true and fair view of the state of the charitable companys affairs as at 31 August 2021 and of rts incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the United lthngdom. including the Financial Reporting Counal's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our cpinion. Conclusions relating to going concern In auditing the financial slatements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the ffinanal statements is appropriate. Based on the woth we have perfom)ed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least trNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this rewL Other information The other infomialion comprises the information included in the Annual report other than the finanal statements and our Auditors. report thereon. The Trustees are responsible for the other infom7alion contained within the Annual report. Our opinion on the finanaal slatemenls does not cover the other informalion and. except to the extent othewse expliatly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other infomation ané, in doing so. consider whether the other infomiation is materially inconsistent wth the financial statements or our knovdedge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other informats"on, we are required lo report that fact. We have nothing to report in this regard. Page 9
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..(X) BST (UTC +11 D212 P 12136 HORRIS HILL FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HORRIS HILL FOUNDATION (CONTINUED) Opinion on other matters prescribed by tha Companies Act 2006 In our opinion, based on the work undertaken in the ¢ourse of the audit". the information given in the Trustees, Report inGluding the otrategiG Report for the finanGial year for whith the financial statements are prepared is consistent with the financial statements. the Trustees. Rewt and the Strategic Rep)rt have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not idenb'fied material rnisstatements in the Trustees. ReF)Ort induding the Strategic Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if. in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and retums" or certain disclosures of Trustees, remuneration specified by law are not made., or we have not ieceived all the information and explanations we require for our au¢Jit. Rosponsibilitifrs of trustees As explained more fully in the Trustees. responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for suth intemal control as the Trustees delerniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or eOr. In preparing the financial statements, the Trustees are responsible for assessing the charitable companls abilty to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going ncem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operats'ons. or have no realistic alternative but lo do $0. Auditors. rosponsibilitios for the audit of the financial ststoments Our ct)jectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audr( conducted in accordance ISAS (UK) wll apways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individualty OT ifb the aggregate, they could reasonably be expected to influence the ec4)nomic decisions of users taken on the basis of these financial staterrEnts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilth"es, oudined above, to detect material misstatements in respect of irregularib"es, including fraud. Page 10
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..(X) BST (UTC +11 D212 P 13n6 HORRIS HILL FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HORRIS HILL FOUNDATION (CONTINUED) The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities. including fraud. were as follows.. Enquiry of management and those charged with governance around actual and potential litigation and claims- Enquiry of managèmènt and thosè tharged with govemanee to identify any material instaneès of non- compliance with laws and regulations.. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations", Performing audit work to address the risk of irregularities due lo management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of signfficant transactions outside the nomial course of business and reviewng accounting estimates for evidence of "as. Because of the inherent limitations of an audit. there is a risk that we Mqll not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law OY regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complian. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further descTipts'on of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". ww¢4 Thi5 de5Ctiption form5 part of our Auditors, report. Use of our report This Teport is made solely to the charitable companls members, as a body. in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable companls members those matters we are required lo state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work. for this report. or for the opinions we have fomied. Miehael Fanyell MA FCA DChA (Senior ststutory auditor) for and on behalf of James Cowper Kreston Chartered AcGountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Date: 29 June 2022 Page 11
HORRIS HILL FOUNDAMON (Acompany limit•d byguaraM4•1 STATEMENT OF FINANC ACMVThIES {INCORPORANG INCOMEAND EXPENDrruREACCOUPffj FOR THE YEAR ENDED 31 AUGUST 2021 Unr•strltt4d R•strict&d SeIll[U nd5 fvnd5 operation5 •pera¢ion5 2V21 Totsi thsconbnued fuTvJ5 )20 2021 2021 In¢rffle from.. 2Z9.704 2M100 £741088 294100 2,742,088 7.868 456,250 .737 2,958,331 g55.737 2,958,331 12.523 2,74108B 107 456,25D 7.761 7.868 12.523 Otherincome 3361641 237,515 7,66B 4491488 3,500,356 12,52 4,054,404 4,046,927 Expendthre on.. 5.655,656 960.829 7,761 1301096 4354,321 5.663,417 960.829 3,811,399 3,811,3 OtherexpetwSiwe 10 Toial•xp•ndkur• 6,616,485 7,761 2.301096 4315,150 6,624,246 3,811,399 3,811,3 Net9rlossts1 18 24303 28,303 129,307) 129,3071 N•tl•xp4ndltur4Vlncom• 13,353,6441 2,534,189 250.057 5341891 2,2719251 IB2I6621 13,095,587) 116.7841 1,(123.5 1.[.221 1819,4551 11276.1321 12,2719251 IB2ifA21 I3,Q95,58n 116.7&11 1.023.5 1.6.221 PaF 12
HORRIS HILL FOUNDAMON (Acompany limit•d byguaraM4•1 STATEME1oF FINANCl4LACvlES IINCORPORAIING INCCIE W4D EXPENDITUREACCOUNT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Llnrestricted Restricted Continuing Di5COntinued funds Jnds 2021 Total &mtitutvJ fiscontsnL furKts 2020 2021 2021 RecOnlia1n otfunds: Total tunts bWI fcnyard NetrrK)Yrynl ID fUJ5 I97,332 1767,918 1819.4551 271¥2) 12.2T19251 4765,250 4,765,250 1821WI 13.095.58n 3,759,029 1,,(J5 3,759,0 1,(W,221 116,7841 Toialknds cath4dforwar 1,177,877 491,n6 12.2719251 4941588 1,669.663 116,7811 4,782,034 4,765,2) rx*e50n pwJ2s 18to34fM partd5efin statenrt. PaF 13
VkiuaBunatLnTrarffjxlvM Ref. 466y-jBM2G7Y 24Jun 2022 15..34..01 BST (UTC +11 D212 P 16rJ6 HORRIS HILL FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 00589055 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed assets Tangible assets Investments 15 16 6,162,707 172,076 200.379 200,379 6,334,783 Current assets stocks 17 10.412 716,487 701,796 Debtors 63,618 3,936,267 Cash at bank and in hand 3,999,885 1,428,695 Creditors.. amounts falling due within one year 19 (1,345,601) 12,057.3481 Net current assets I (liabilities) 2,654.284 1628,653) Total assets less current liabilities 2,854,663 5,706,130 Creditors.. amounts falling due after more than one year 11,185.000) 1940,880) Total net assats 1,669.663 4,765,250 Charity funds Reslricled funds unresth.cted funds 21 21 491.786 1,177.877 2,767,918 1,997,332 Total funds 1,669,663 4,765,250 The Trustees acknovAedge their responsibilities for complwng with the requirements of the Act wth respect to accounting records and preparation of financial statements_ The financial stslements were approved and authorised for issue by the Trustees and signed on their behalf by.. AFJRoe Trustee Dale: 24 June 2022 The notes on pages 16 to 34 fomi part of these financial statements. Page 14
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..01 BST (UTC +11 D212 P 17136 HORRIS HILL FOUNDATION (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2021 2021 2020 Noi8 Cash flows from operating activitios Nel cash used in operating activities 24 11,293,940) 87,950 Cash flows from investing activities Dividends, interests and rents from investments Proceed5 from the sale of tangible fixed asset5 Net proceed5 from the Sale of School Purchase of tangible fixed assets 7,868 450.000 5.082.518 159.146} {1,869.015) 12,523 880,336 Not cash provided byl{used inl investing activitias 5,481.240 1976.1561 Cash flows from financing activities Cash inflows from new borrowng Repayments of borrowng 250,000 114,217) (952.829) Net cash {used inllprovided by financing activities (952.829) 235.783 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 3.234.471 1652,4231 1,354.219 701.796 Cash and cash equivalents al the end of the year 25 3.936,267 701,796 The note5 on pages 16 to 34 fomi part of these financial statements Page 15
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..02 BST (UTC +11 D212 P 18136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Accounting polieies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Horris Hill Foundation meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise slated in the relevant accntIng policy. 1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have ken sel aside by the Twslees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or Md)ich have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the SFecific fvnd. The aim and use of each restricled fund is set out in the notes lo the financial stalemenls. Investment income. gains and losses are allocated to the appropriate fund. 1.3 Income Al income is recognised once the Company has entitlement to the income. it is probable that the income wqll be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing enlitlemenl, the probabilty of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient emdence that a gift has been left to them (through knoedge of the existen of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy daims in the estale. Receipt of a legacy must recognised '4Yhen it is probable that it wll be received and the fair value of the amount weceivable. wliicli will generally be the expected casli amount to be distributed to the Company. can be reliably measured. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fund5 ori the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlemenl occurs before income is received. the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donaticn. Page 16
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..02 BST (UTC +11 D212 P 19n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Accounting polieies {continuodl 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it 15 probable thal a transfer of eGOllOtniG benefits will be required in 5ettletnent and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betrween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciab.on charges allocated on the porb.on of the assefs use. Expendrture on charitable actiwties is inajrred on directly undertaking the activib'es further the Companys objectives, as well as any associated support costs. Grants payable are charged in the year Mhen the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, but not accrued as expendilure. AJI expenditure Is indu5ive of Irrecoverab VAT. 1.5 Tangible fixed assets and depreciation Tangible fixed assels costing £100 or more are capitalised and recognised Md)en future eeonomic benefits are probable and the c051 or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incued to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefvl lives. Depreciation is provided on the following bases= Freehold propety 20A, 50kn and 10% straight line Tractors 250k straight line Motor vehicles 25% straight line Fumiture, fixtures & equipment 100k and 25% straight line Library fumiture 100A straight line 1.6 Investments Fixed asset investments are a fom) ol financial instrument and are inilialEy recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in Mthich case it is measured at cost less impaimient. Investment gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. Page 17
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..02 BST (UTC +11 D212 p%Jn6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Accounting polieies {continuodl 1.7 Interest ro¢eivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Cotnpany," this 15 nornially uwn notifiGation of the interest paid or payable by the institution with whom the funds are deposited. 1.8 Operating lease5 Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease lemi. 1.9 Stocks stocks are valued at the lower of cost and nel realisable value after making due allowan for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable ovetheads. 1.10 Debtors Trade and other debtor5 are recognised at the Settlement amount after any trade discount offered. Prepayments are valued al the amcHJnt prepaid nel of any trade discounts due. 1.11 Cash at bank and in hand Cash at bank and in hand indudes cash and sl)ort-temi highly liquid investments wth a short maturity of three monlh5 or less from the date of acquisition or opening of the deposit or similar account. 1.12 Liabilities Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 1.13 Financial instruments The Charity only enters into basic financial instruments transactions that resu in the recwnition of financial as5et5 and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. 1.14 Pensions The Company operates defined contribution pension schemes and the pension charge represents the amounts payable by the Company to the funds in respect of the year. Page 18
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..03 BST (UTC +11 D212 P21136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Critical accounting estimates and areas of judgement The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts repyjrted for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The followng judgement5 (apart from those involving estimates} have had the most significant effect on amounts recognised in the financial statements. Critical accounting estimates and assumption5.' Tangible fixed assets {see note 151 Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors_ Residual value assessments consider issues such as the remaining life of the asset and projecled disposal values. Income from donations and legacies Unrestrictad ReStri0d funds funds 2021 202 Total funds 2021 Total funds 2020 Donations 4.755 59.641 229.754 234.509 59.641 845.461 150.276 Government grants 64,396 229,754 294,150 995,737 Total 2020 162,552 833,185 995,737 Ineoma from charitable activities Unrestricted funds 2021 Total funds 2021 Total funds 2020 Gross school fees billed Other anallary income 2,524.917 217,171 2.524.917 217.171 2,660,084 298.247 2,742,088 2,742.088 2,958.331 Total 2020 2,958,331 2,958,331 Page 19
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..03 BST (UTC +11 D212 P22n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Other ancillary income 2021 2020 Disbursèmènts 91.125 7.299 10.825 70,678 7,405 2.934 17.930 8.975 164.222 12.942 12,295 84,505 11,482 3,801 Registration fees Accommodation income Music departmerrt Extra tuition HH Society- Subscriptions HH Society- Events income Deposit retsined 9.000 217.171 298.247 Investment income Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Investment income 107 7.761 7.868 12,523 Total 2020 2,637 9,886 12,523 Other incorning resources Unrestricted funds 2021 Total funds 2021 Total funds 2020 Propety sales Insuran claim 450,OCNJ 6,250 450,000 6,250 880,336 456.250 456,250 880.336 Total 2020 880.336 880,336 Page 20
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..04 BST (UTC +11 D212 P23n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Analysis of grants Grants to Insiitutions 2021 Total funds 2021 Total funds 2020 Grant and funding commitments 2,309,096 2.309.096 During the year the Charity sold the business and assets of the HoNis Hill Preparatory School to Forfar Hampshire Limited, under an agreement dated 17 June 2021. As part of the transaction, the Trustees provided a comfort letter to Forfar Hampshire Limited stating their intention to continue to support the school by. the grant of monies to contribute towards capital projects, rna1ntenan and improvements at the school,. the ftjnding of bursaries, scholarships and other discounts,. and providing other finar¢cial support lo the school at the discretion of the Tnjstees. The amounts shown above represent the amount payable under the comfort letter where a reliable estimate can be made by the Trustees at the balance sheet date. Analysis of expenditure on charitable activities Summary by fund typ8 Unrastrictad Restricied funds funds 2021 2021 Total funds 2021 Total funds 2020 Teaching Welfare 1,307,471 652,679 496,158 2,499,920 641,594 28,729 1,307,471 652.679 496.158 2.507.681 641.594 28.729 1.475,139 642.538 550.035 221.375 819,102 38,117 50,000 15.093 Premises Grants, awards & prizes Supwrt costs of schooling Interest Bad debt provision Expenditure on govemance 7,761 29.105 29.105 5,655,656 7,761 5.663,417 3,811,399 Total 2020 3,801,513 9,886 3,811,399 Page 21
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..04 BST (UTC +11 D212 P24136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 Analysis of oxponditura on ehariiable activities (continued) Summary by expanditure typa Total funds 2021 Total funds 2020 Staff costs Deprociation Othar costs 2021 2021 2021 Teaching Welfare Premises 1.176,506 470.616 64.827 87,854 11.704 78,948 43,111 170,359 352,383 2,507,681 401,263 28.729 1.307.471 652.679 496.158 2.507.681 641,594 28.729 1,475.139 642.538 550.035 221.375 819,102 38,117 50,000 15.093 Grants, awards & prizes Suppjrt costs of schooling Interest Bad debt provision Expenditure on govemance 240,331 29,105 29.105 1.952,280 178,506 3,532,631 5,663.417 3,811,399 Total 2020 2.155,188 177,240 1,478,971 3,811.399 Support Costs of schooling 2021 2020 Sundry expenses Office expenses Membership & subscriptions IT costs Advertising Website 6,631 38.978 7.763 129.022 44.344 868 7,807 35.993 7.161 93.835 65.669 16,468 176,404 36.574 123.428 3,448 2,600 249,715 Professional fees 48.940 31.658 83.530 8.899 630 240,331 Travel and vehicle expenses Clothing. excursions and activity prcgrammes HH Foundation & HH Soaety Conference costs Wages & salaries 641.594 819,102 Page 22
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..04 BST (UTC +11 D212 P2sn6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 10. Other axpendituro Unrestricied funds 2021 Total funds 2021 Total funds 2020 Loss on disposal of school 960,829 960.829 11. Auditors. rernuneration 2021 2020 Fees payable lo the Compan¥s auditor for the audit of the Company's annual accounts 12.000 11.220 Fees payable to the Companys auditor in respect of.. All non-audit services not included above 5.105 3.759 12. Staff costs 2021 2020 Wages and salaries Social security costs Pension costs 1.607.038 152.290 192.952 1,781,643 159,826 213.719 1,952.280 2.155,188 Staff costs include redundancy costs of £76,076 {2020.' £nill. The average number of persons employed by the Company during the year was as follows: 2021 No. 2020 No. Teaching staff Others 37 40 42 43 79 83 Page 23
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..05 BST (UTC +11 D212 P2&36 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 12. Staff costs Icontinuad) The average headcounl expressed as full-lime equivalents was.. 2021 No. 2020 No. Teaching staff Other5 25 26 25 26 50 52 The number of employee5 whose employee benefits (excluding employer pension costs} exeded £60,000 was.. 2021 2020 In the band £70.001- £80,000 In the band £80,001- £90,000 The higher paid employees were rUIng pension nefIts in both 2021 and 2020. Both employees were under a defined contribution pension scheme into 1¢h contribLrtions of £26,438 {2020.' £27,882) were tnade in the period. The key management personnel of the Schrxsl comprise Trustees and the Senior Management Team. The totsl employee Ixnefils of the key management personnel were £201.423 {2020.' £213,730). 13. Trustees. remuneration and expanses During the year. no Trustees received any remuneration or other benefits {2020- £NIL}. During the year ended 31 August 2021, no Trustee expenses have been incurred12020 - £NILI. 14. Transfers between funds 2021 2020 Depreaation of the cricket pavilion from restricted funds Depreaation of the electronic scoreboard from restricted funds Funds spent on the cricket pavilion Funds spent on new lower school & design technology projects Transfer of theatre restricted fund to general fund 1.015 2.581 1.218 3.097 1742) 15,72S 2,530.593 2,534,189 19,298 Page 24
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..05 BST (UTC +11 D212 P27136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 15. Tangible fixod assets Freehold property Motor Fixtures and vehicles fittings Total Cost or valuation At 1 September 2020 Additions 7,264.897 20.718 17,285,615) 69.759 1,062.571 8.397,227 38.428 59,146 {69,7591 11,100,999) {8,456,3731 Disposals At 31 August 2021 Depreciation At 1 September 2020 Charge for the year On disposals 1,344,768 127,811 11,472.579) 68,111 821,641 2,234,520 50,007 178.506 {871.6481 {2.413.0261 {68,7991 At 31 August 2021 Not book value At 31 Augus12021 At 31 August 2020 5,920,129 1,648 240,930 6,162,707 Page 25
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..05 BST (UTC +11 D212 P28136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 16. Fixed asset investments Listed securities Cost or valuation At 1 September 2020 Revaluations 172,076 28,303 At 31 August 2021 200,379 Material investments 2021 2020 BlackRock Investments 53.322 144.006 54.676 114.154 M&G Charifund 197,328 168,830 17. Stocks 2021 2020 Consumables 10,412 18. Debtors 2021 2020 Trade debtors 60,082 3.536 546,205 5,289 164.993 Other debtors Prepayments and accrued income 63.618 716.487 Page 26
VrbJJkgunurvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..( BST (UTC +11 D212 P29n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 19. Craditors: Amounts falling due wilhin one year 2021 2020 Bank loans Trade creditors Other taxation and social security Fees in advance other creditcKs Accruals and deferred income Grant5 38,876 63.577 36.603 1,247,499 327,483 343,310 24.748 93.594 114,871 45,388 1,067,000 1.345,601 2,057,348 2021 2020 Deferred income at 1 September 2020 Resources deferred during the year Amounts released from previous periods 1,330.235 1.290,856 1,234,388 11.330.235} {1,195.009) 1,330,235 Page 27
VrbJJkgunurvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..( BST (UTC +11 D212 P y)n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 20. Craditors: Amounts falling due aftar more than one year 2021 2020 Bank loans Fees in advance Grants 913,953 26.927 1,185.000 1.185.000 940.880 Included wthin the above are amounts falling due a5 follows.. 2021 2020 Between one and two years Bank loans 69,135 Botwoen two and five years Bank loans 633,613 Over five years Bank loans 211,205 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is.. 2021 2020 Payable or repayable by instalments 225.952 Interest was charged on the business temi Is, as follows.. 20 year loan wlth expiry July 2035- 1.94% over National Westminster Bank plc's base rate. 5 year loan wlh expiry November 2023- 2.25% over National Westminster Bank plc's base rate. 5 year loan with expiry September 2024 - 2.25'/Tr over National Vveslminster Bank plc's base rate. All of the bank loans were secured on Specif properties owned by the School and included within ffxed assets. Page 28
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..07 BST (UTC +11 D212 P 31136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 21. stsiemeni of funds Staiement of funds - Current year Balance at 1 Seplemb6r 2020 Balance at Gainsl 31 August (Losses) 2021 Transfers inlout Income Expendtture Unrestricted funds Designated funds Designated property 887.581 (887.581) Ganoral funds General fvnd 1,109.751 3.262.841 16.616,485) 3A21.770 1.177.877 Total Unrestried funds 1,997.332 3.262,841 16.616,4851 2,534.189 1.177.877 Restricted funds Bursary Presentation Development Theatre 194.169 60.548 133.608 2,379.593 32.533 8,300 45,682 151,000 17.761) 28.303 247.244 65.252 179,290 {3.596) 12,SJO,593) 2,767,918 237,515 17,7611 12,534,189) 28.303 491.786 Total of funds 4,765.250 3,500,356 16,624,246) 28.303 1.669,663 Page 29
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..07 BST (UTC +11 D212 P 32n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 21. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 1 September 2019 Balance at 31 August 2020 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Designated property 922.751 150,895} 15.725 887.581 Ganoral funds General fvnd 852.940 4.003.856 13,750,618} 3.573 1.109.751 Total Unrestried funds 1,775.691 4.003,856 13,801,513} 19,298 1,997,332 Restricted funds Bursary Presentation 201.383 60.791 91.328 1.629.836 31,979 3,330 58.IX)5 749.757 19,886) 129,3071 194,169 60.548 133.608 2.379.593 13.5731 115.7251 Development Theatre 1,983.338 843,071 19,886} 119,2981 129,3071 2,767,918 Toial of funds 3,759.029 4.846.927 13,811.399} 129,3071 4.765.250 Page 30
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..07 BST (UTC +11 D212 P 3 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 21. stsiemeni of funds {continuad) These funds have been established for the folbwng purposes: Designated Property Represented property developments completed in current and previous years. less related depreciation. Bursary To provide bursaries to pupils. This is funded by donation5 and income from investments. Presentation To assist Mqth the education and wetfare of pupils. This is funded by donations from boy3 leaving the school. The transfers comprise depreciation charged on assets purchased with the funds. Development To assist with the future development of the School. This is fvnded by donations from parents. Theatre To assist with the development of a new theatre. This was funded by restricted donations. Summary of funds Summary of funds - Gurrent year Balance at 1 September 2020 Balance at Gainsl 31 August IL055e51 2021 Transfers inlout Incorne Expendtturè Designated funds General funds 887.581 1,109.751 2,767.918 (887,581) (6.616,485) 3,421.770 17.T61) 12,534.189) 3.262.841 237.515 1.177.877 491,786 Restricted funds 28.303 4,765,250 3,500,356 16,624,246) 28,303 1,669,663 Summary of funds - prior year Balance at 1 Soptombor 2019 Balance at 31 August 2020 Transfors inlout Gainsl (Losses) Income Expenditure DeSnated ftjnds 922.751 852,940 1,983.338 (50,895} 13,750,618} 19,886) 15,725 3,573 119,2981 887,581 1,109,751 129,3071 2,767,918 General funds 4,003,856 843.071 Restricted funds 3,759.029 4.846,927 13,811,399} 129,3071 4,765.250 Page 31
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..08 BST (UTC +11 D212 P 34136 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 23. Analysis of nei assets between funds Analysis of net assats betwaan funds- currant year Unrestricied R6siriCted funds funds 2021 2021 Total funds 2021 Fixed asset investments Current assets 200.379 291.407 200,379 3,999.885 {1.345.6011 {1.185.0001 3,708,478 11,345,601) 11.185,0001 Creditors due within one year Creditors due in more than one year Total 1,177,877 491,786 1.669,663 Analysis of net assats between fun(ts - prior year Unre51ricted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments 3,452,119 2.710.588 6,162,707 172,076 172.076 129,835 1,428.695 1244,5811 {2,057,348) 1940,880) Current assets 1,298,860 11,812,767) (940,8801 Creditors due Mothin one year Creditors due in more than one year Total 1,997,332 2,767.918 4,765,250 Page 32
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..08 BST (UTC +11 D212 P 35n6 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 24. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Not incomoloxponditura for tho yoar las por Statemont of Financial Activities) 13.095.587) 1.006.221 Adjustments for: Depreciation charges L05s on sale of school 178,506 960,829 128.303) {7.868} (450.000} 10.412 652,869 485,202 177,240 {GainlAoss on investments Dividends. interests and rents from investments Profit on the sale of propety Decrease in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors 29.307 112,523) 1880.336) 1134,628) 197,3311 Net cash provided byl{u5ed inl operating activities 11,293,940} 87,950 25. Analysis of cash and cash equivalents 2021 2020 Cash in hand 3,936.267 701,796 Total cash and cash equivalents 3.936.267 701.796 Anatysis of changes in net debt At1 September At31 2020 Cash flows August 2021 Cash at bank and in hand 701,796 138.876) (913,953) 3,234,471 38.876 913.953 3.936,267 Debl due within 1 year Debt due after 1 year (251,033) 4,187,300 3.936,267 Page 33
VrbJJkgun*urvTrarwoCbc Ref. 466jJBmlQT 24Jun 2022 15..34..09 BST (UTC +11 D212 P 3&36 HORRIS HILL FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 27. Contingent liabilities As disclosed in note 7. the Trustees provided a comfort letter to Forfar Hampshire Limited slating thr intention to provide other financial support to the school at the discretion of the Trustees. No amounts have been included in the financial statements in respect of such support as no reliable estimate can be made of the amounts payable at the balance sheet date. 28. Pension comrnitments The School operated defined contribution pension schemes. The assets of the schemes are held separately from those of the School in independenty administered fijnds. The pension cost charge represents contributions payable by the School to the funds and amounts of £3,603 12020.. £27.1541 were payable lo the funds at the balance sheet date and are included in creditors. Operatingloase commitments At 31 August 2021 the Company had commitments to make future minimum lease payments under non- CanlIable operating lease5 as follows: 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years 64,374 126,802 191,176 Related party transactions Two12020.' two) Trustees had children who attended the Schwl. All transactions are carried out at arms length. During the year Trustees provided donations lotalling £nil {2020= £111.9401. 31. Controlling party Horns Hill Foundation is controlled by ils Board of Trustees. Accordingly. there is no single individual that can. or does, exert control over the charity. Page 34