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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

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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

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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
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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 Art￿leS 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 Ne￿Own 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 pa￿cUlar 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
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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 s￿￿01 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 {Re￿ptiOn 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, She￿oMe 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¢U￿1cu1ar
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
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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 wc￿land 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 fa￿lItIeS 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.
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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 othe￿iSe 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.
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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 T￿SteeS 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 re￿iVed 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 sel￿01 ￿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, ffinan￿al 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 other￿lse 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 he￿htened the risk of affordability and the Charity is ensuring that the provision of Bursaries continues to
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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 finan￿al 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 dIreCt￿S 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 aC￿UnIS 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
i￿egUlarltie$.
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.
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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
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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, incIL￿ing 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 ffinan￿al 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 finan￿al 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.
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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 kno￿edge 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 e￿Or.
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

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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 {INCORPORA￿NG INCOMEAND EXPENDrruREACCOUPffj
FOR THE YEAR ENDED 31 AUGUST 2021
Unr•strltt4d R•strict&d ￿Se￿Ill[￿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
Net9￿r￿l￿ossts1
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
STATEME1￿oF FINANCl4LAC￿vl￿ES IINCORPORAIING INCC*IE W4D EXPENDITUREACCOUNT) ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
Llnrestricted Restricted Continuing Di5COntinued
funds
Jnds
2021
Total &mtitutvJ fiscontsnL
furKts
2020
2021
2021
RecOn￿lia1￿*n otfunds:
Total tunts bWI fcnyard
NetrrK)Yryn￿l ID fU￿J5
I￿97,332
1767,918
1819.4551 ￿27￿1¥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 18to34f￿M partd￿￿5efin￿￿￿ statenrt.
PaF 13

VkiuaBunatLnTrarffjxlvM Ref. 466y-jBM￿2G7Y 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

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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

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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 acc￿ntIng 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 kno￿edge 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

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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 incu￿ed 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

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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

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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 ReStri￿0d
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

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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

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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

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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

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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

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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} ex￿eded
£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
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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
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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
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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
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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 I￿s, 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.
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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
Unrestri￿ed
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
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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
Unrestri￿ed
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
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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
DeS￿nated
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
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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
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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
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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 th￿r
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-
Can￿lIable 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